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JUNE 1992
VOLUME 72 NUMBER
SURVEY of
IN THIS ISSUE . . .
• International Investment Position of the
United States in 1991
• U.S. International Transactions,
including Revised Estimates for 1976-91
U.S. DEPARTMENT OF COMMERCE <^ ECONOMICS AND STATISTICS ADMINISTRATION
BUREAU OF ECONOMIC ANALYSIS
JUNE 1992
VOLUME 72 NUMBER
6
SURVEY of CURRENT BUSINESS
U.S* Department of Commerce
Barbara Hackman Franklin, Secretary
Economics and Statistics
1
Business Situation
2 Corporate Profits
3
National Income and Product Accounts
3 Selected NIPA Tables
22 NIPA Charts
24 Reconciliation and Other Special Tables
I Antonio Vfflamil, Acting
Under Secretary for Economic Affairs
and Administrator
25
Pollution Abatement and Control Expenditures, 1972-90
• Estimates for 1990
• Revised Estimates for 1972-89
42
The Composite Index of Coincident Indicators and
Alternative Coincident Indexes
46
The International Investment Position of the United States in 1991
60
U.S. International Transactions
• First Quarter 1992
• Revised Estimates for 1976-91
Carols.Carson, Director
Allan H. Young, Acting
Deputy Director
Managing Editor: leland L Scott
Publication Steffi W, Ronnie Foster,
M, Gretchea Gibson, Eric B* Manning,
Donald J. Parschalk
SURVET o* CUKBENT BUSINESS. Published
monthly by the Bureau of Economic Analysis of the
U*S. Department of Commerce* Editorial correspondence should be addressed to the Editor-in-Chief,
SURVEY OF CURRENT BUSINESS, Bureau of Economic
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114
Subject Guide
C-pages: Business Cycle Indicators
(Seepage C-l for contents)
S-pages: Current Business Statistics
(Seepage S~36for contents and subject index)
Inside back cover: BEA Information
NOTE.—This issue of the SURVEY went to the printer on July 8,1992.
It incorporates data from the following monthly BEA news releases;
Gross Domestic Product (June 25),
Personal Incorhe and Outlays (June 26), and
Composite Indexes of Leading, Coincident, and lagging
Indicators (June 30)*
SURVEY OF CURRENT BUSINESS
June 1992
THE BUSINESS SITUATION
Daniel Larkins
prepared this
article.
HE FINAL estimate of growth in real gross
domestic product (GDP) for the first quarter of 1992 was 2.7 percent, 0.3 percentage point
higher than the preliminary estimate released last
month (table i).1 Residential and nonresidential
fixed investment, the change in business inventories, and net exports of goods and services were
revised up; personal consumption expenditures
and government purchases were revised down.
For real gross domestic purchases, the final estimate of a 2.6-percent increase is o.i percentage
point higher than the preliminary estimate. The
upward revision in gross domestic purchases was
smaller than that in GDP because gross domestic
purchases does not include net exports.
The final estimates of a 3.o-percent increase in
the fixed-weighted price index for gross domestic
purchases and a 3.3-percent increase in the fixedweighted price index for GDP reflect downward
revisions of o.i percentage point.
Gross national product (GNP).—Real GNP increased 3.4 percent in the first quarter. GNP
equals GDP plus net receipts of factor income
from the rest of the world. Net receipts of factor
income increased in the first quarter, reflecting
an increase in profits from the rest of the world
and a decrease in interest payments to the rest of
the world.
i. Quarterly estimates in the national income and product accounts are
expressed at seasonally adjusted annual rates, and quarterly changes are differences between these rates. Quarter-to-quarter percent changes are annualized.
Real, or constant-dollar, estimates are expressed in 1987 dollars and are based
on 1987 weights.
Looking Ahead...
• National Income and Product Accounts Revision. Revised estimates for the 3-year period beginning with the first
quarter of 1989 will be presented in the July SURVEY. Selected
data will be available as of July 30.
• Revision of Annual State Personal Income. The results
of a comprehensive, or benchmark, revision of the annual estimates of State personal income for 1969-91 will be presented
in the August SURVEY.
In estimating real GNP, the current-dollar value
of exports of goods and services is deflated by
export prices, the current-dollar value of imports
of goods and services is deflated by import prices,
and the current-dollar value of most factor income is deflated by the deflator for net domestic
Table 1. —Revisions in Selected Real NIPA Components,
First Quarter 1992
[Seasonally adjusted at annual rates]
Billions of
1987 dollars
Percent change
from preceding
quarter
Final estimate minus Prelimi- Final espreliminary nary es- timate
timate
estimate
Gross domestic product
4.0
2.4
2.7
Less: Exports of goods and services
Plus: Imports of goods and services
4.7
2.5
-.9
-.2
2.5
1.5
1.8
2.5
2.6
Equals: Gross domestic purchases
Personal consumption expenditures
Durables
Nondurables
>
Services
-2.9
-2.3
5.4
18.4
5.0
15.9
5.3
2.5
-.4
-.1
5.4
2.5
Fixed investment
Nonresidential
Residential
Change in business inventories
Nonfarm
Farm
3.2
1.8
1.4
1.8
1.8
0
3.5
1.7
8.4
Government purchases
-.4
-.6
.3
3.1
1.7
3.9
2.9
1.1
4.1
-.1
3.4
3.3
-.1
3.1
3.0
Federal
State and local
5.4
3.1
11.7
Index
numbers,
1987=1 00 ]
GDP price index (fixed weights)
Gross domestic purchases price index (fixed
weights)
1. Not at annual rates.
NOTE—For the first quarter of 1992, the following revised or additional major source data
were incorporated.
Personal consumption expenditures: Revised retail sales for January through March.
Nonresidential fixed investment Revised construction put in place for February and March,
revised manufacturers' shipments of equipment for January through March, and newly available
estimates of shipments of complete civilian aircraft for March.
Residential investment Revised construction put in place for February and March.
Change in business inventories: Revised manufacturing and trade inventories for January
through March.
Net exports of goods and services: Revised merchandise exports and imports for March
and revised exports and imports of services for the quarter.
Government purchases: Revised State and local government construction put in place for
February and March.
Net interest Financial assets held by households for the quarter and net interest from the
rest of the world for the quarter.
Corporate profits: Revised domestic book profits and profits from the rest of the world for
the quarter.
GDP prices: Revised housing prices for the quarter.
NIPA National income and product accounts
GDP Gross domestic product
SURVEY OF CURRENT BUSINESS
2 • June 1992
product. Another measure of U.S. production,
command-basis GNP, is calculated by deflating exports of goods and services and receipts of factor
income by the implicit price deflator for imports
of goods and services and payments of factor
income. Thus, command-basis GNP measures
U.S. production in terms of its purchasing power.
(Command-basis GNP is shown in table 1.11 of
the "Selected NIPA Tables.") In recent quarters, command-basis GNP has presented much the
same picture of the U.S. economy as GNP: In the
first quarter, command-basis GNP increased 3.8
percent, compared with the 34-percent increase
in GNP; in the fourth quarter of 1991, it increased
o.i percent, compared with a o.4-percent increase
in GNP; and in the third quarter, it increased 2.1
percent, compared with a 2.0-percent increase in
GNP.
Corporate Profits
Profits from current production—profits before
tax plus inventory valuation adjustment (IVA)
Table 2.—Corporate Profits
[Seasonally adjusted at annual rates]
Level
Change from
preceding
quarter
1992:1
1991:1V
1992:1
Billions of dollars
Profits from current production
Domestic
Financial
Nonfinancial
Rest of the world
.. .
IVA
CCAdj
Profits before tax
Profits tax liability
Profits after tax
355.4
284.4
46.2
238.2
70.9
-4.0
10.6
348.8
137.6
211.2
....
Profits by industry:
Profits before tax with IVA
Domestic
Financial
Nonfinancial
Manufacturing
Trade
Transportation and public utilities
Rest of the world
Receipts (inflows)
Payments (outflows)
•.
344.8
273.8
50.6
223.3
93.5
45.0
48.4
36.3
70.9
70.1
-.8
9.5
7.5
-1.4
8.9
2.0
39.3
33.8
10.1
23.8
5.9
5.5
6.0
-2.1
-2.2
.1
-4.7
11.9
32.7
11.2
21.5
3.5
1.5
-2.2
3.6
.6
1.8
-.3
1.6
2.0
-1.0
-3.0
27.9
21.9
9.3
12.8
8.8
-1.4
4.4
.8
5.9
8.2
2.3
Dollars
Unit prices, costs, and profits of domestic
nonfinancial corporations:
Unit price
Unit labor cost
Unit nonlabor cost
Unit profits from current production
1.140
.760
.292
.087
-0.001
-.002
-.002
.003
0.003
-.003
-.003
.008
NOTE.—The levels of these and other profits series are found in tables 1.14, 1.16, 6.16C,
and 7.15 of the "Selected NIPA Tables."
IVA Inventory valuation adjustment
CCAdj Capital consumption adjustment
and capital consumption adjustment (ccAdj)—
increased $39.8 billion in the first quarter of 1992
(table 2). This was the fifth consecutive increase
in profits, and it was much larger than the preceding four increases, which averaged $4.9 billion.
Despite these increases, profits were still 6.1 percent below their level in the fourth quarter of
1988, their most recent cyclical peak.
Profits from the domestic operations of nonfinancial corporations increased $23.8 billion in
the first quarter after increasing $8.9 billion in
the fourth quarter of 1991; the first-quarter increase mainly reflected an increase in profits per
unit that resulted from both higher prices and
lower unit costs. Profits from the domestic operations of financial corporations increased $10.1
billion after decreasing $1.4 billion. Profits from
the rest of the world increased $5.9 billion after
increasing $2.0 billion.
Cash flow from current production, a profitsrelated measure of internally generated funds
available to corporations for investment, increased $26.5 billion after increasing $13.3 billion.
Cash flow as a percentage of nonresidential fixed
investment increased for the sixth consecutive
quarter, to 85.6 percent, its highest level since
1977.
Profits by industry.—Profits before tax (PBT) with
IVA is the best measure of industry profits because estimates of the CCAdj by industry do not
exist. According to this measure, profits arising
from domestic operations increased $21.9 billion
after increasing $1.5 billion. The first-quarter increase was accounted for by both financial and
nonfinancial corporations.
Among nonfinancial corporations, manufacturing accounted for about two-thirds of the increase. Motor vehicle manufacturers contributed
the most to the increase in manufacturing profits,
but manufacturers of food and kindred products, of petroleum and coal products, and of
"other durable" goods also posted higher profits.
Among nonfinancial corporations, commercial
banks and savings and loan associations more
than accounted for the first-quarter increase in
profits.
Profits from the rest of the world increased
$5.9 billion. This component of profits measures
profits received by U.S. parents from their foreign
affiliates less profits paid to foreign parents by
their U.S. affiliates. In the first quarter, receipts
Text continues on page 24.
SURVEY OF CURRENT BUSINESS
June 1992
NATIONAL INCOME AND PRODUCT ACCOUNTS
Selected NIPA Tables
New estimates in this issue: First quarter 1992, revised.
The selected set of national income and product accounts (NIPA) tables shown in this section presents quarterly estimates, which are updated monthly. (In most tables, the annual estimates are also shown.) Alternative
quantity and price measures and a few series for tables 1.10 and 1.16 are not yet available; leaders are shown for
these parts.
The tables shown are available on the day of the gross domestic product (GDP) news release on printouts
and diskettes on a subscription basis or from the Commerce Department's Economic Bulletin Board. Most
shown in this section are available, beginning with 1959, on diskette or magnetic tape. For order information,
write to the National Income and Wealth Division (BE-54), Bureau of Economic Analysis, Washington, DC 20230,
or call (202) 523-0669.
NOTE.—This section of the SURVEY is prepared by the National Income and Wealth Division and the
Government Division.
Table 1.1.—Gross Domestic Product
Table 1.2.—Gross Domestic Product in Constant Dollars
[Billions of dollars]
[Billions of 1987 dollars]
S>easonal y adjuste d at ann ual rates
Seasonally adjusted at annual rates
1990
1991
1990
IV
Gross domestic
product
Personal consumption
expenditures
Durable goods
Nondurable goods
Services
Gross private domestic
investment
Fixed investment
Nonresidential
Structures
Producers' durable
equipment
Residential
Change in business
inventories
Nonfarm
Farm
Net exports of goods and
services
Exports
Imoorts
Government purchases
Federal
National defense
Nondefense
State and local
I
II
III
IV
3,742.6 3,889.1 3,812.0 3,827.7 3,868.5 3,916.4 3,943.7 4,020.6
465.9 445.2 451.9 440.7 440.0 452.9 447.3 465.7
1,217.7 1,251.9 1,246.4 1,246.3 1,252.9 1,257.4 1,251.1 1,272.7
2,059.0 2,191.9 2,113.6 2,140.7 2,175.6 2,206.1 2,245.2 2,282.1
802.6
726.7
750.9
709.3
708.8
740.9
747.9
728.4
802.7
587.0
198.7
745.2
550.1
174.6
787.4
585.2
191.2
748.4
560.0
184.0
745.8
554.6
180.0
744.5
546.8
169.0
742.0
539.0
165.2
750.2
541.7
165.8
388.3
215.7
375.5
195.1
394.0
202.2
375.9
188.4
374.7
191.2
377.8
197.7
373.8
203.0
375.9
208.5
-37.1
-34.0
-3.5
-36.5
-28.9
76
-39.2
-35.0
-4.2
-3.1
-74.4
-30.7
-76.6
-36.8
-17.2
-37.3
-31.4
-24.2
550.4
624.8
591.3
622.0
572.6
649.2
565.9
602.7
589.8
607.0
597.0
634.3
612.5
643.8
617.7
641.9
-2.0
2.0
-18.5
-15.0
-3.6
-3.2
-.4
6.0
12.1
-6.1
-2.9
1,042.9 1,087.5 1,071.2 1,088.8 1,092.5 1,089.1 1,079.5 1,095.9
424.9
313.4
111.5
618.0
445.1
323.5
121.6
642.4
434.5
320.6
113.9
636.7
451.5
332.3
119.2
637.3
452.1
328.4
123.7
640.4
444.9
322.3
122.6
644.2
432.0
311.0
121.0
647.5
NOTE—Percent changes from preceding period for selected items in this table are shown in table 8.1.
-21.8
-18.9
440.6
313.7
127.0
655.3
IV
Gross domestic
product
Personal consumption
expenditures
Durable goods
Nondurable goods
Services
Gross private domestic
investment
Fixed investment
Nonresidential
Structures
Producers' durable
equipment
Residential
Change in business
inventories
Nonfarm
Farm ..
Net exports of goods and
services
Exports
Imports
Government purchases
Federal
National defense
Nondefense
State and local
19 91
1990
1991
I
5,513.8 5,672.6 5,557.5 5,589.0 5,652.6 5,709.2 5,739.7 5,820.6
0
1990
1992
1991
I
II
1992
IV
III
4,884.9 4,848.8 4,855.1 4,824.0 4,840.7
4,862.7
I
4,868.0 4,900.9
3,262.6 3,259.0 3,251.8 3,241.1 3,252.4 3,271.2 3,271.1 3,311.3
4277
4122
4089 4183
4240 4108
4389 4125
1,050.8 1,043.0 1,044.7 1,043.9 1,046.2 1,046.1 1,035.8 1,049.2
1 773.0 1 8034 1 7831 1 786.3 17972 1 8068 1 ,823 1 1,8344
744.5
673.7
696.6
657.0
656.3
686.5
694.9
679.7
744.2
5488
177.9
687.6
689.8
686.8
686.5
5124
1540
727.8
5445
5148
1589
5100
1484
696.3
5095
1704
5191
1633
687.2
5056
3708
195.5
3583
175.2
3740
183.3
3558
170.7
3558
172.0
361 6
176.5
-13.9
-13.9
-31.2
-25.7
-30.4
-30.8
-55
-32.8
-31.1
-1 7
4
.2
-1.5
.1
1454
1463
3601
3632
186.8
181.7
-16.6
-16.3
29
7.6
9.2
-1 6
-2.8
17
o
-51.3
-20.9
-31.2
-18.6
-12.3
-31.1
-21.3
-20.1
505.7
5570
537.8
5587
522.5
5537
512.5
531 1
535.7
5480
545.2
5763
558.0
5793
561.4
581 5
929.1
937.1
937.9
944.5
944.3
936.1
923.3
930.0
380.9
281 3
384.9
281 4
382.6
2820
391.7
2894
392.7
2870
384.5
2804
370.7
2687
371.7
2664
996
5482
-3
1035
1006
1023
1057
1041
1020
1053
5522
5553
5527
551 7
551 6
5527
5583
NOTE—Percent changes from preceding period for selected items in this table are shown in table 8.1.
SURVEY OF CURRENT BUSINESS
4 • June 1992
Table 1.3.—Gross Domestic Product by Major Type of Product
Table 1.4.—Gross Domestic Product by Major Type of Product
in Constant Dollars
[Billions of dollars]
[Billions of 1987 dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1991
1990
1990
IV
Gross domestic
product
Final sales of domestic
product
Change in business
inventories
Goods1
1992
1991
II
I
III
IV
5,513.8 5,691.1 5,594.0 5,628.2 5,689.6 5,712.8 5,733.8 5,842.5
-18.5
-36.5
-39.2
-37.1
-3.6
6.0
-21.8
2,167.6 2,193.2 2,158.0 2,169.4 2,186.1 2,210.5 2,206.8 2,221.3
Final sales
Change in business
inventories
Durable goods
Final sales
Change in business
inventories
Nondurable goods
Final sales
Change in business
inventories
Services l
2,167.6 2,211.7 2,194.5 2,208.6 2,223.2 2,214.1 2,200.8 2,243.1
0
-18.5
-36.5
-39.2
-37.1
-3.6
927.7
934.6
901.3
926.5
897.7
927.2
873.0
916.4
906.1
939.5
920.3
929.4
906.1
920.5
909.1
936.1
-7.0
-25.1
-29.4
-43.5
-33.5
-9.2
-14.5
-27.0
6.0
-21.8
1,239.9 1,291.9 1,260.2 1,296.4 1,280.1 1,290.3 1,300.7 1,312.2
1,233.0 1,285.2 1,267.3 1,292.1 1,283.7 1,284.7 1,280.3 1,307.1
6.9
6.7
-7.1
4.3
-3.6
5.6
5.2
20.4
2,834.0 3,012.9 2,905.5 2,951.7 2,999.0 3,035.1 3,065.7 3,121.4
512.2
Structures
466.5
494.0
467.9
467.4
463.5
467.3
1990
IV
I
5,513.8 5,672.6 5,557.5 5,589.0 5,652.6 5,709.2 5,739.7 5,820.6
0
1991
1990
478.0
Gross domestic
product ... .
Final sales of domestic
product
Change in business
inventories
Goods1
Final sales
Change in business
inventories
Durable goods
Final sales
Change in business
inventories
Nondurable goods
Final sales
Change in business
inventories
Services1
Structures
1992
1991
II
I
I
IV
III
4,884.9 4,848.8 4,855.1 4,824.0 4,840.7 4,862.7 4,868.0 4,900.9
4,884.7 4,862.7 4,886.3 4,856.8 4,871.2 4,862.6 4,860.3 4,917.5
.2
-13.9
-31.2
-32.8
-30.4
.1
7.6
-16.6
1,958.0 1,929.0 1,928.6 1,917.0 1,922.0 1,940.5 1,936.4 1,942.2
1,957.8 1,942.9 1,959.8 1,949.8 1,952.4 1,940.4 1,928.8 1,958.8
-13.9
-31.2
-32.8
-30.4
.1
7.6
886.2
892.9
850.1
873.0
857.5
884.8
827.0
866.4
852.8
883.3
865.5
873.9
855.1
868.6
857.9
882.5
-6.7
-22.9
-27.3
-39.4
-30.5
-8.4
-13.4
-24.5
.2
-16.6
1,071.8 1,078.8 1,071.1 1,090.0 1,069.2 1,074.9 1,081.3 1,084.3
1,065.0 1,069.8 1,075.0 1,083.4 1,069.1 1,066.5 1,060.2 1,076.3
6.9
9.0
6.6
-3.9
.1
8.4
8.0
21.1
2,464.8 2,504.6 2,481.8 2,487.6 2,502.7 2,511.8 2,516.2 2,532.4
462.0
415.3
444.6
419.4
416.1
410.4
415.3
426.3
1. Exports and imports of certain goods, primarily military equipment purchased and sold by the Federal
Government, are included in services.
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
1. Exports and imports of certain goods, primarily military equipment purchased and sold by the Federal
Government, are included in services.
NOTE—Percent changes from preceding period for selected items in this table are shown in table 8.1.
Table 1.5.—Relation of Gross Domestic Product, Gross Domestic
Purchases, and Final Sales to Domestic Purchasers
Table 1.6.—Relation of Gross Domestic Product, Gross Domestic
Purchases, and Final Sales to Domestic Purchasers in Constant
Dollars
[Billions of 1987 dollars]
[Billions of dollars]
Gross domestic product
Less: Exports of goods and
services
Plus: Imports of goods and
services
Equals: Gross domestic
purchases l
Less: Change in business
inventories
Equals: Final sales to
domestic purchasers2
5,513.8 5,672.6 5,557.5 5,589.0 5,652.6 5,709.2 5,739.7 5,820.6
5504
591 3
5726
5659
5898
5970
6125
6177
624.8
622.0
649.2
6027
607.0
6343
643.8
641.9
5,588.1 5,703.3 5,634.0 5,625.8 5,669.8 5,746.5 5,771.1 5,844.8
Gross domestic product
Less: Exports of goods and
services
Plus: Imports of goods and
services
Equals: Gross domestic
purchases l
-21.8
Less: Change in business
inventories
5,588.2 5,721.8 5,670.6 5,665.0 5,706.8 5,750.1 5,765.1 5,866.6
Equals: Final sales to
domestic purchasers2
0
-18.5
-365
-392
-37.1
-36
6.0
4,884.9 4,848.8 4,855.1 4,824.0 4,840.7 4,862.7 4,868.0 4,900.9
5057
5378
5225
5125
5357
5452
558.0
561.4
557.0
558.7
553.7
531.1
548.0
576.3
579.3
581.5
4,936.2 4,869.7 4,886.3 4,842.6 4,853.1 4,893.8 4,889.3 4,921.0
.2
-13.9
-31.2
-32.8
-30.4
.1
7.6
-16.6
4,936.0 4,883.6 4,917.5 4,875.4 4,883.5 4,893.7 4,881.7 4,937.6
1. Purchases by U.S. residents of goods and services wherever produced.
2. Final sales to U.S. residents of goods and services wherever produced.
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
1. Purchases by U.S. residents of goods and services wherever produced.
2. Final sales to U.S. residents of goods and services wherever produced.
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
Table 1.7.—Gross Domestic Product by Sector
Table 1.8.—Gross Domestic Product by Sector in Constant Dollars
[Billions of dollars]
[Billions of 1987 dollars]
Gross domestic
product
Business
5,513.8 5,672.6 5,557.5 5,589.0 5,652.6 5,709.2 5,739.7 5,820.6
4,699.4 4,803.3 4,722.3 4,734.7 4,786.8 4,835.0 4,856.8 4,921.3
Nonfarm
46056 47039 46404 46401 46872 47301 4,758.0 4,805.9
Nonfarm less housing .... 4,155.8 4,230.9 4,180.6 4,175.7 4,217.6 4,256.0 4,274.3 4,320.0
Housing
449.8 472.9 459.8 464.3 469.7 474.1 483.7 485.9
79.2
81.2
85.7
80.4
79.8
76.6
83.1
82.9
Farm
34.2
19.6
2.1
16.5
22.0
19.0
Statistical discrepancy
8.1
18.0
246.4
233.3
237.5
243.7
249.9
254.3
259.3
9.1 I 95
216.1 236.8
9.1
224.2
9.2
228.3
9.5
234.2
9.6
240.2
9.8
244.5
9.9
249.4
General government
589.2
622.9
601.9
616.8
622.0
624.3
628.6
640.0
Federal
State and local
179.4
409.8
188.8
434.1
181.0
420.9
189.4
427.4
188.7
433.2
188.4
435.9
188.6
440.0
195.8
444.2
Households and institutions
Private households
Nonprofit institutions
Addendum:
Gross domestic business
product less housing
225.1
42451
Gross domestic
product
Business
4,884.9 4,848.8 4,855.1 4,824.0 4,840.7 4,862.7 4,868.0 4,900.9
4,180.4 4,134.7 4,145.1 4,111.4 4,126.4 4,148.6 4,152.4 4,184.3
Nonfarm
4,101.9 4,045.1 4,071.2 4,024.6 4,040.1 4,055.6 4,060.2 4,079.7
Nonfarm less housing .... 3,711.3 3,650.4 3,678.3 3,631.2 3,645.9 3,660.4 3,664.0 3,682.5
Housing
390.6 394.8 392.9 393.4 394.2 395.2 396.3 397.2
Farm .
75.4
75.5
714
73.2
71.1
72.1
74.1
720
16.4
15.7
16.8
Statistical discrepancy
7.2
1.9
14.3
18.9
29.1
195.7
202.1
197.9
198.8
201.1
203.1
205.4
207.0
8.6
187.1
8.6
193.5
84
189.4
8.4
190.4
8.6
192.6
8.6
194.5
8.6
196.7
8.7
198.3
General government
508.8
512.0
512.1
513.9
513.2
511.0
510.2
509.6
Federal
State and local
1557
3531
1551
1562
1570
1544
356.9
3560
356.9
155.5
357.7
153.5
356.6
152.4
357.2
Households and institutions
Private households
Nonprofit institutions
Addendum:
Gross domestic business
product less housing
3,785.8
356.6
SURVEY OF CURRENT BUSINESS
June 1992
Table 1.9.—Relation of Gross Domestic Product, Gross National
Product, Net National Product, National Income, and Personal
Income
Table 1.10.—Relation of Gross Domestic Product, Gross National
Product, Net National Product, and National Income in Constant
Dollars
[Billions of dollars]
[Billions of 1987 dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1990
1990
1991
IV
Gross domestic product
Plus: Receipts of factor
income from the rest of the
world l
Less: Payments of factor
income to the rest of the
world2
1991
II
I
IV
147.7
135.0
158.3
147.9
131.6
132.0
128.6
128.5
137.0
121.8
132.6
125.2
123.5
121.0
117.6
108.5
Equals: National income
Less: Corporate profits with
inventory valuation and
capital consumption
adjustments
Net interest
Contributions for
social insurance
Wage accruals less
disbursements
Plus: Personal interest income
Personal dividend
income
Government transfer
payments to
persons
Business transfer
payments to
persons
Equals: Personal income
Addenda:
Net domestic product
Domestic income
Gross national income
471.0
451.2
461.6
464.5
475.6
482.3
487.9
Plus: Receipts of factor
income from the rest of the
world l
Less: Payments of factor
income to the rest of the
world2
Equals: Gross national
product
Less: Consumption of fixed
capital
I
II
III
I
IV
4,884.9 4,848.8 4,855.1 4,824.0 4,840.7 4,862.7 4,868.0 4,900.9
130.2
114.5
137.4
126.8
111.8
111.4
108.0
107.0
120.4
103.1
114.7
107.0
104.7
102.2
98.6
90.2
4,894.6 4,860.2 4,877.7 4,843.7 4,847.8 4,872.0 4,877.3 4,917.8
550.5 568.4 556.7 561.9 565.3 569.0 577.2 574.9
Equals: Net national product 4,344.2 4,291.8 4,321.0 4,281.8 4,282.5 4,303.0 4,300.1 4,342.9
Less: Indirect business tax
and nontax liability plus
business transfer payments
less subsidies plus current
surplus of goverment
enterpris
Statistical discrepancy
7.2
16.4
1.9
15.7
14.3
18.9
29.1
16.8
Equals: National income
27.7
8.1
4.8
31.2
19.0
.6
28.5
2.1
10.8
29.6
18.0
2.7
30.7
16.5
1.$
31.8
22.0
-7.1
32.8
19.6
4.9
33.7
34.2
3.0
4,459.6 4,542.2 4,506.8 4,489.8 4,530.8 4,559.8 4,588.3 4,662.6
319.0
490.1
306.8
480.2
296.1
506.4
302.1
492.6
303.5
481.6
306.1
480.1
315.6
466.5
355.4
453.1
501.7
527.4
509.3
522.9
525.7
529.5
531.5
540.8
.1
721.3
-.1
718.6
.2
736.9
.2
730.1
-.4
721.8
0
716.7
0
705.7
0
688.8
124.8
128.5
127.0
128.7
127.4
128.7
129.4
129.4
661.7
733.2
682.2
712.5
725.7
736.8
757.6
798.6
23.2
26.3
23.6
24.7
25.8
26.9
27.8
28.7
4,679.8 4,834.4 4,764.7 4,768.0 4,821.1 4,853.3 4,895.3 4,958.9
4,919.0 5,049.7 4,952.1 4,973.6 5,032.6 5,085.5 5,107.1 5,195.4
4,448.9 4,529.0 4,481.1 4,467.1 4,522.8 4,548.9 4,577.3 4,642.5
5,516.5 5,666.7 5,581.1 5,593.7 5,644.1 5,698.1 5,731.1 5,806.4
1. Consists largely of receipts by U.S. residents of interest and dividends and reinvested earnings of foreign
affiliates of U.S. corporations.
2. Consists largely of payments to foreign residents of interest and dividends and reinvested earnings of U.S.
affiliates of foreign corporations.
Gross domestic product
1992
1991
1990
IV
5,513.8 5,672.6 5,557.5 5,589.0 5,652.6 5,709.2 5,739.7 5,820.6
439.2
1991
I
Equals: Gross national
5,524.5 5,685.8 5,583.2 5,611.7 5,660.6 5,720.1 5,750.7 5,840.7
product
Less: Consumption of fixed
594.8 622.9 605.4 615.4 620.0 623.7 632.7 625.2
capital
Capital
consumption
548.5 562.4 547.0 550.8 556.2 564.6 577.8 586.8
allowances
Less: Capital
consumption
-46.2 -60.6
-58.4
adjustment
-64.5
-63.8
-59.1
-54.9
-38.4
Equals: Net national product 4,929.8 5,062.8 4,977.8 4,996.3 5,040.6 5,096.4 5,118.0 5,215.4
Less: Indirect business tax
and nontax liability
Business transfer
payments
Statistical discrepancy
Plus: Subsidies less current
surplus of government
enterprises
1990
1992
III
Addenda:
Net domestic product
Domestic income
Gross national income
4,334.4 4,280.5 4,298.3 4,262.0 4,275.4 4,293.7 4,290.7 4,326.1
4,887.5 4,843.9 4,875.9 4,828.2 4,833.7 4,853.2 4,860.7 4,889.0
1. Consists largely of receipts by U.S. residents of interest and dividends and reinvested earnings of foreign
affiliates of U.S. corporations,
2. Consists largely of payments to foreign residents of interest and dividends and reinvested earnings of U.S.
affiliates of foreign corporations.
Table 1.11.—Command-Basis Gross National Product in Constant
Dollars
[Billions of 1987 dollars]
Gross national product
Less: Exports of goods and
services and receipts of
factor income from the rest
of the world
Plus: Command-basis exports
of goods and services and
receipts of factor income 1 .
4,894.6 4,860.2 4,877.7 4,843.7 4,847.8 4,872.0 4,877.3 4,917.8
635.8
652.3
659.9
639.3
647.5
656.6
666.0
668.4
620.8
646.2
625.0
625.8
644.5
654.7
659.8
667.9
Equals: Command-basis
gross national product .... 4,879.7 4,854.1 4,842.8 4,830.2 4,844.9 4,870.1 4,871.1 4,917.3
Addendum:
99.7
94.7
97.9
Terms of trade2
97.6
99.1
99.6
99.1
99.9
1. Exports of goods and services and receipts of factor income deflated by the implicit price deflator for
imports of goods and services and payments of factor income.
2. Ratio of the implicit price deflator for exports of goods and services and receipts of factor income to the
corresponding implicit price deflator for imports 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.
SURVEY OF CURRENT BUSINESS
June 1992
Table 1.14.—National Income by Type of Income
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
[Billions of dollars]
Seasonally adjusted at annual rates
1990
1991
1990
IV
1991
II
I
Seasonally adjusted at annual rates
1992
1990
I
IV
III
1991
1990
National income
Proprietors' income with
IVA and CCAdj
Farm
Proprietors' income with
IVA
CCAdj
Nonfarm
Proprietors' income
IVA
CCAdi
Rental income of persons
with CCAdj
Rental income of persons ..
CCAdj
Corporate profits with IVA
and CCAdj
Corporate profits with IVA ..
Profits before tax
Profits tax liability
Profits after tax
Dividends
Undistributed profits
IVA
w>
CCAdi
" "*j
Net interest
Addenda:
Corporate profits after tax
with IVA and CCAdj
Net cash flow with IVA
and CAdj .
Undistributed profits
with IVA and CCAdj
Consumption of fixed
capital
Less- IVA
Equals: Net cash flow ....
551.4
580.0
561.6
571.8
577.2
582.9
588.1
596.8
277.3
274.0
289.4
290.6
281.7
279.9
287.5
284.2
288.7
288.5
290.2
292.8
291.1
297.0
295.7
301.1
373.2
379.7
373.9
364.2
380.0
382.5
392.0
403.6
42.5
35.1
41.2
32.8
39.6
32.0
36.1
36.4
50.3
-7.9
42.7
-7.6
49.0
-7.8
40.5
-7.7
47.1
76
76
330.7
308.9
-.8
344.5
325.4
-.3
332.7
313.0
-.5
331.4
312.5
-.3
340.4
321.6
-.3
22.7
19.5
20.2
19.1
-12.9
-12.7
-9.5
40.6
42.5
44.0
-53.4
-55.2
39.6
43.6
-7.5
43.7
350.5
331.5
-.5
355.9
335.8
-.1
367.2
346.8
-.7
19.2
19.4
20.1
21.0
-11.9
-11.7
-14.2
-13.1
-9.3
41.9
42.6
40.9
44.7
45.0
-53.5
-53.8
-54.2
-55.1
577
-54.3
73
319.0
306.8
296.1
302.1
303.5
306.1
315.6
355.4
318.2
332.3
135.3
197.0
133.7
315.5
312.4
124.5
187.9
137.8
304.9
326.1
127.1
199.0
136.2
315.7
309.1
119.4
189.7
137.8
316.1
306.2
123.5
182.7
136.7
313.4
318.2
128.6
189.6
138.1
316.9
316.1
126.4
189.7
138.5
344.8
348.8
127.6
211.2
138.6
63.3
50.2
62.8
51.9
46.1
51.5
-4.8
51.2
72.6
-4.0
142
.8
490.1
III
IV
I
3.1
-21.2
6.7
9.9
-8.7
-8.8
-13.6
126
73
480.2
506.4
492.6
481.6
480.1
.7
-1.3
10.6
466.5
453.1
Billions of dollars
Gross domestic
product of corporate
business
Consumption of fixed capital ..
Net domestic product
Indirect business tax and
nontax liability plus
business transfer
payments less subsidies
Gross domestic
product of financial
corporate business ..
182.3
169.0
182.7
180.0
177.5
189.1
217.8
415.4
428.2
405.4
425.1
426.5
423.9
437.2
463.7
49.9
44.6
32.8
45.0
43.4
39.4
50.6
79.2
365.5
-14.2
429.5
383.6
3.1
425.1
372.7
-21.2
426.7
380.1
6.7
418.4
383.2
9.9
416.6
384.6
-4.8
428.7
386.6
.7
436.5
384.5
-4.0
467.7
365.5
383.6
372.7
380.1
383.2
384.6
386.6
384.5
2,915.5 2,961.5 2,919.0 2,915.6 2,950.5 2,979.6 3,000.2 3,046.7
307.2
331.3
315.4
324.0
325.9
335.6
339.7
344.1
272.0
290.8
277.5
283.9
289.8
294.0
295.7
312.0
Gross domestic
product of
nonfinancial
corporate business .. 3,008.9 3,054.2 3,014.2 3,011.8 3,043.9 3,070.1 3,091.1 3,119.1
Net domestic product
183.6
3,280.9 3,345.1 3,291.6 3,295.7 3,333.7 3,364.1 3,386.8 3,431.2
Domestic income
2,608.3 2,630.2 2,603.5 2,591.6 2,624.6 2,643.9 2,660.5 2,702.6
Compensation of
employees
2,186.8 2,231.1 2,215.9 2,202.4 2,223.9 2,242.8 2,255.3 2,268.4
Wages and salaries ... 1,833.3 1,868.0 1,857.2 1,844.0 1,862.3 1,877.7 1,887.9 1,897.7
Supplements to wages
353.5 363.1 358.7 358.4 361.5 365.1 367.4 370.7
and salaries
Corporate profits with
258.8 240.7 223.3 227.5 241.7 243.1 250.6 284.4
IVA and CCAdj
272.1 246.3 253.3 234.5 244.5 255.2 251.1 277.9
Profits before tax
126.4 137.6
119.4 123.5
128.6
127.1
124.5
135.3
Profits tax liability ..
140.3
126.6 124.7
121.0
115.1
126.3
121.9
Profits after tax
136.8
134.5 119.6
121.9 124.0
126.8 120.7
116.7 125.3
Dividends
Undistributed
20.7
-9.8
2.6
-.9
-.6
-3.4
-5.5
20.1
profits
.7
6.7
IVA
-4.8
9.9
3.1 -21.2
-14.2
-4.0
—1 3
-7.3
-13.6 -12.6
-8.8
-8.7
.8
CCAdj
10.6
162.7 158.4 164.4 161.7 159.0 158.1 154^6 149.7
Net interest
Consumption of fixed capital ..
CCAdj Capital consumption adjustment
IVA Inventory valuation adjustment
II
4,459.6 4,542.2 4,506.8 4,489.8 4,530.8 4,559.8 4,588.3 4,662.6
Compensation of employees 3,290.3 3,388.2 3,340.0 3,342.9 3,377.4 3,405.3 3,427.4 3,459.8
Wages and salaries
2,738.9 2,808.2 2,778.3 2,771.1 2,800.2 2,822.4 2,839.3 2,863.0
Government
541.8 544.2 552.4
514.0 540.5 525.4 536.0 540.1
Other
2,224.9 2,267.7 2,253.0 2,235.1 2,260.1 2,280.6 2,295.1 2,310.6
Supplements to wages and
salaries
Employer contributions
for social insurance ...
Other labor income
1992
1991
I
IV
Indirect business tax and
nontax liability plus
business transfer
payments less subsidies
327.3
342.9
333.1
339.6
342.5
343.8
345.5
342.9
2,681.6 2,711.4 2,681.1 2,672.2 2,701.4 2,726.3 2,745.6 2,776.2
285.5
308.1
293.2
301.3
303.0
312.2
315.8
319.8
Domestic income ...
2,396.1 2,403.3 2,387.9 2,370.9 2,398.5 2,414.1 2,429.8 2,456.5
Compensation of
2,023.3 2,052.8 2,043.8 2,028.0 2,046.1 2,063.5 2,073.5 2,080.9
employees
Wages and salaries ... 1,694.5 1,716.7 1,710.9 1,696.0 1,711.5 1,725.5 1,733.6 1,738.7
Supplements to wages
328.8 336.1 332.8 332.0 334.7 338.0 339.9 342.1
and salaries
Corporate profits with
224.3 205.2 193.3 194.4 206.4 205.5 214.4 238.2
IVA and CCAdj
232.5 204.6 216.9 194.4 202.4 211.7 209.8 227.3
Profits before tax
85.7
84.1
93.7
87.2
83.6
79.9
89.0
96.1
Profits tax liability ..
124.1
136.4 120.5 127.9
114.5
Profits after tax
133.6
124.5
118.9
112.7
127.8
115.3 117.3
118.6 119.9 114.1
112.2
Dividends
Undistributed
-3.7
.4
8.0
20.9
7.2
3.6
1.9
24.2
profits
IVA
.7
6.7
-4.0
-4.8
9.9
3.1 -21.2
-14.2
-2.4
3.9
-1.4
-6.6
5.9
CCAdj
14.9
-5.9
-2.5
Net interest
137.4
145.1 141.9
145.3 150.9 148.4 145.9
148.5
Billions of 1987 dollars
Gross domestic
product of
nonfinancial
corporate business .. 2,717.4 2,691.8 2,697.6 2,668.1 2,682.1 2,699.0 2,717.9 2,737.0
315.1 316.4
Consumption of fixed capital .. 303.0 312.3 305.7 309.1 311.3 313.6
2,414.4 2,379.5 2,391.8 2,359.0 2,370.7 2,385.4 2,402.9 2,420.6
Net domestic product
Indirect business tax and
nontax liability plus
business transfer
payments less subsidies
Domestic income
CCAdj Capital consumption adjustment
IVA Inventory valuation adjustment
June 1992 • J
SURVEY OF CURRENT BUSINESS
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
1990
1990
1991
1991
IV
Personal income
Wage and salary
disbursements
Commodity-producing
industries
Manufacturing
Distributive industries
Service industries . ..
Government
.'.
Other labor income
Proprietors' income with
inventory valuation and
capital consumption
adjustments
Farm
Nonfarm
Rental income of persons
with capital
consumption
adjustment
Personal dividend income
Personal interest income
Transfer payments to
persons
&ld-age, survivors,
disability, and health
insurance benefits
Government
unemployment
insurance benefits
Veterans benefits
Government employees
retirement benefits
Other transfer payments
Aid to families with
dependent children
Other
Less: Personal
contributions for social
insurance
Less: Personal tax and
nontax payments
Equals: Disposable personal
income
Less: Personal outlays
Personal consumption
expenditures
Interest paid by persons ....
Personal transfer payments
to rest of the world (net)
Equals: Personal saving
Addenda:
Disposable personal
income:
Total, billions of 1987
dollars
Per capita:
Current dollars
1987 dollars
Population (mid-period,
millions)
Personal saving as
percentage of
disposable personal
income
I
II
III
IV
1990
I
1991
IV
1992
1991
1990
I
II
III
I
IV
4,679.8 4,834.4 4,764.7 4,768.0 4,821.1 4,853.3 4,895.3 4,958.9
2,738.9 2,808.3 2,778.2 2,770.9 2,800.6 2,822.4 2,839.3 2,863.0
745.4
555.8
634.6
845.0
514.0
738.7
556.5
641.2
887.8
540.6
745.2
557.3
639.0
868.8
525.2
733.4
549.3
635.1
866.5
535.8
735.2
552.3
642.0
883.0
540.5
742.3
559.9
644.0
894.4
541.8
744.1
564.3
643.9
907.2
544.2
738.2
559.4
648.2
924.3
552.4
274.0
290.6
279.9
284.2
288.5
292.8
297.0
301.1
373.2
379.7
373.9
364.2
380.0
382.5
392.0
403.6
42.5
35.1
41.2
32.8
39.6
32.0
36.1
36.4
330.7
344.5
332.7
331.4
340.4
350.5
355.9
367.2
-12.9
-12.7
-9.5
-11.9
-11.7
-14.2
-13.1
-9.3
124.8
128.5
127.0
128.7
127.4
128.7
129.4
129.4
721.3
718.6
736.9
730.1
721.8
716.7
705.7
688.8
684.9
759.5
705.8
737.2
751.5
763.7
785.4
827.4
352.0
380.0
358.4
373.1
377.2
381.7
388.1
403.4
17.9
17.8
26.6
18.4
20.5
17.9
23.6
18.0
27.0
18.7
26.5
18.4
29.4
18.3
38.8
20.5
93.1
99.7
94.6
98.9
99.3
203.9
234.8
214.4
100.3
222.2
229.7
237.8
100.3
249.4
104.5
260.2
19.8
21.8
20.5
20.9
21.7
22.1
22.6
22.7
184.2
212.9
193.9
201.2
208.0
215.7
226.8
237.5
Personal consumption
expenditures
Durable goods
Motor vehicles and parts ....
Furniture and household
equipment
Other
Nondurable goods
Food
Clothing and shoes
Gasoline and oil
Fuel oil and coal
Other
Services
Housing
Household operation
Electricity and gas
Other household
operation .
Transportation ...
Medical care
Other
3,742.6 3,889.1 3,812.0 3,827.7 3,868.5 3,916.4 3,943.7 4,020.6
465.9
445.2
451.9
440.7
440.0
452.9
447.3
465.7
203.7
184.1
192.5
180.7
179.3
188.4
188.0
195.7
173.2
172.0
170.4
171.1
172.8
173.9
170.0
177.3
89.0
89.2
89.1
88.9
87.8
90.7
89.4
92.8
1,217.7 1,251.9 1,246.4 1,246.3 1,252.9 1,257.4 1,251.1 1,272.7
595.8
208.7
106.8
619.3
211.0
102.8
604.8
206.8
123.2
616.3
208.2
105.0
620.5
212.8
102.0
620.4
214.6
101.7
620.0
208.4
102.5
628.7
218.7
12.5
11.7
13.1
12.2
11.4
11.7
11.2
99.1
11.4
293.9
307.2
298.6
304.5
306.2
309.0
308.9
314.8
2,059.0 2,191.9 2,113.6 2,140.7 2,175.6 2,206.1 2,245.2 2,282.1
574.7
225.4
103.0
559.3
216.5
97.2
99.6
565.7
218.6
•99.8
571.7
225.4
103.7
577.0
226.5
102.4
584.2
230.9
106.1
591.7
227.8
100.8
115.6
147.6
523.1
628.4
122.3
155.9
576.9
659.1
116.9
151.7
543.4
642.8
118.8
152.2
555.9.
648.2
121.6
153.9
570.0
654.7
124.1
157.4
583.5
661.6
124.8
160.1
598.1
671.9
127.0
164.0
609.0
689.6
547.1
212.7
Table 2.3.—Personal Consumption Expenditures by Major Type of
Product in Constant Dollars
[Billions of 1987 dollars]
224.3
238.0
227.5
235.4
237.0
239.3
240.4
245.1
621.0
616.1
627.2
617.1
613.6
615.1
618.4
611.1
4,058.8 4,218.4 4,137.5 4,151.0 4,207.5 4,238.2 4,276.8 4,347.8
3,853.1 3,999.1 3,922.5 3,938.4 3,978.7 4,025.7 4,053.5 4,131.2
3,742.6 3,889.1 3,812.0 3,827.7 3,868.5 3,916.4 3,943.7 4,020.6
106.3
107.5 106.8 107.6 107.5 107.1
106.3 106.7
2.9
3.2
2.9
3.1
3.1
2.9
3.5
4.0
205.8
219.3
215.0
212.6
228.8
212.5
223.4
216.5
3,538.3 3,534.9 3,529.5 3,514.8 3,537.4 3,539.9 3,547.5 3,580.9
16,236 16,695 16,479 16,492 16,678 16,752 16,855 17,091
14,154 13,990 14,058 13,965 14,022 13,992 13,981 14,076
250.0
252.7
251.1
251.7
252.3
253.0
253.7
254.4
5.1
5.2
5.2
5.1
5.4
5.0
5.2
5.0
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
Seasonally adjusted at annual rates
1992
Personal consumption
expenditures
Durable goods
Motor vehicles and parts ....
Furniture and household
equipment
Other
Nondurable goods
Food
Clothing and shoes
Gasoline and oil
Fuel oil and coal
Other
Services
Housing
Household operation
Electricity and gas
Other household
opearation
Transportation
Medical care
Other
3,262.6 3,259.0 3,251.8 3,241.1 3,252.4 3,271.2 3,271.1 3,311.3
438.9
412.5
424.0
410.8
408.9
418.3
412.2
427.7
191.4
167.9
179.8
166.7
164.2
170.9
169.7
176.6
1706
1705
1680
1689
171 1
1725
74.9
1694
1757
75.4
769
742
762
751
73.6
731
1,050.8 1,043.0 1,044.7 1,043.9 1,046.2 1,046.1 1,035.8 1,049.2
518.7
181.7
515.8
187.4
517.2
182.9
85.0
10.0
83.0
84.0
81.8
83.0
9.6
2503
89
251 7
9.3
2525
9.8
2503
2526
515.9
184.1
517.0
186.1
517.4
184.7
83.6
10.1
2503
515.6
179.0
83.6
9.4
2482
519.9
186.2
82.3
10.1
2507
1,773.0 1,803.4 1,783.1 1,786.3 1,797.2 1,806.8 1,823.1 1,834.4
474.5
202.1
4789
206.8
4769
203.7
4773
201.7
4783
207.1
4794
208.0
4807
210.4
481 8
206.0
92.2
94.9
93.5
91.7
95.6
95.2
96.9
92.0
1099
1120
1102
1100
1129
1135
1139
129.0
424.3
5430
128.3
439.6
5497
128.7
429.6
5443
127.0
432.9
5475
128.9
441.7
5489
129.5
447.0
5555
129.1
449.2
5683
111 5
127.9
436.9
5471
8 • June 1992
SURVEY OF CURRENT BUSINESS
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
1990
1990
1991
IV
Receipts
Personal tax and nontax
receipts
Income taxes
Estate and gift taxes
Nontaxes
Corporate profits tax accruals
Federal Reserve banks
Other
Indirect business tax and
nontax accruals
Excise taxes
Customs duties
Nontaxes
Contributions for social
insurance
Expenditures
Purchases
National defense
Nondefense
Transfer payments (net)
To persons
To rest of the world (net) ...
Grants-in-aid to State and
local governments
Net interest paid
Interest paid
To persons and business
To rest of the world (net)
Less: Interest received by
government
Subsidies less current surplus
of government enterprises .
Subsidies
Less: Current surplus of
government enterprises ..
Less: Wage accruals less
disbursements
Surplus or deficit (-),
national income and
product accounts
Social insurance funds
Other
1,104.8 1,120.1
1991
II
I
1,110.7
Seasonally adjusted at annual rates
1990
1992
IV
I
IV
III
1,115.2 1,114.3 1,124.6 1,126.2 1,133.7
482.2
469.7
470.4
458.4
485.5
474.0
473.9
462.1
468.8
457.2
469.9
457.0
469.0
457.2
461.0
449.0
11.6
11.0
10.7
10.9
10.6
11.8
10.7
10.9
.9
1.0
.8
112.1
102.9
105.7
23.6
88.5
22.8
80.1
24.0
81.7
65.8
36.2
17.5
12.2
78.8
46.3
17.2
15.3
444.7
468.0
1.0
1.0
1.1
1.1
99.0
23.3
75.7
102.0
106.2
104.4
112.9
22.6
79.5
23.0
83.2
22.6
81.8
21.0
91.9
68.5
39.0
17.4
12.1
78.2
46.6
16.6
15.0
77.1
46.4
16.1
14.6
78.7
46.0
17.1
15.6
81.2
46.1
18.9
16.2
79.6
46.5
17.1
16.0
451.1
464.1
466.3
469.9
471.6
480.3
.9
1,270.1 1,321.7 1,304.4 1,261.6 1,321.0 1,334.8 1,369.3 1,418.1
424.9
313.4
111.5
445.1
323.5
121.6
434.5
320.6
113.9
451.5
332.3
119.2
452.1
328.4
123.7
444.9
322.3
122.6
432.0
311.0
121.0
440.6
313.7
127.0
510.8
498.2
523.8
511.1
12.7
457.5
535.3
-77.8
505.1
543.0
-37.9
534.9
547.4
-12.5
556.6
560.9
12.6
513.5
546.6
-33.1
-4.3
600.0
594.3
5.6
132.2
152.8
137.3
143.7
151.0
153.3
163.3
164.5
177.5
209.2
171.4
188.7
220.1
181.1
177.7
216.5
177.4
185.7
217.4
178.2
189.7
220.3
181.2
187.9
220.4
181.4
191.4
222.3
183.7
188.2
219.3
180.7
37.9
39.0
39.1
39.3
39.1
39.0
38.6
38.6
31.8
31.5
38.8
31.7
30.6
32.5
31.0
31.1
24.7
27.5
21.5
27.8
31.2
33.0
23.4
28.6
22.7
29.7
13.9
20.6
26.0
32.4
24.9
31.0
2.8
6.3
1.9
5.1
7.0
6.8
6.4
6.2
.1
-.1
.2
.2
-.4
0
0
0
-165.3 -201.6 -193.6 -146.4 -206.7 -210.2 -243.1 -284.4
60.6
43.4
58.2
47.9
44.6
44.4
1990
1991
36.7
15.7
-225.9 -245.0 -251.8 -194.4 -251.3 -254.6 -279.9 -300.1
Receipts
Personal tax and nontax
receiots
Income taxes
Nontaxes
Other
Corporate profits tax accruals
Indirect business tax and
nontax accruals
Sales taxes
Property taxes
Other
Contributions for social
insurance
Federal grants-in-aid
Expenditures
Purchases
Compensation of
employees
Other
Transfer payments to persons
Net interest paid
Interest paid
Less: Interest received by
government
Less: Dividendsl received by
government
Subsidies less current surplus
of government enterprises .
Subsidies
Less: Current surplus of
government enterprises ..
Less: Wage accruals less
disbursements
Surplus or deficit (-),
national income and
product accounts
Social insurance funds
Other
1991
II
I
1992
I
IV
III
724.5
771.7
741.3
749.4
764.1
777.4
795.8
808.2
138.8
106.1
145.7
110.8
141.8
108.2
143.2
109.1
144.9
110.3
145.2
110.0
149.5
113.7
150.2
113.8
15.5
17.3
16.7
18.2
15.9
17.6
16.2
17.9
16.5
18.1
16.8
18.4
17.2
18.6
17.5
18.9
23.2
21.6
21.4
20.4
21.4
22.4
22.0
24.7
373.4
181.4
152.1
392.2
188.8
162.1
382.6
185.0
156.1
383.4
183.9
158.6
387.3
186.3
161.0
397.0
192.4
163.3
401.1
192.7
165.7
408.3
196.7
168.1
39.8
41.2
41.5
40.9
40.0
41.2
42.7
43.6
57.0
59.4
58.2
58.8
59.4
59.6
59.9
60.5
132.2
152.8
137.3
143.7
151.0
153.3
163.3
164.5
698.8
741.7
723.3
729.0
736.5
745.6
755.6
769.3
618.0
642.4
636.7
637.3
640.4
644.2
647.5
655.3
409.8
208.2
434.1
208.2
420.9
215.7
427.4
209.9
433.2
207.2
435.9
208.3
440.0
207.5
444.2
211.1
163.5
186.5
171.0
177.2
182.7
189.4
196.7
204.3
-53.7
-57.1
-54.8
-55.7
-56.7
-57.6
-58.4
-59.2
61.1
64.5
62.4
63.2
64.0
64.9
65.8
66.7
114.9
121.6
117.2
118.9
120.7
122.5
124.2
125.9
9.0
9.2
9.2
9.1
9.2
9.4
9.1
9.2
-20.0
.4
-20.9
.4
-20.4
.4
-20.8
.4
-20.8
.4
-21.0
.4
-21.1
.4
-21.9
.4
20.3
21.3
20.8
21.1
21.2
21.4
21.5
22.3
0
0
0
0
0
0
0
0
25.7
30.0
18.0
20.4
27.6
31.8
40.3
38.9
63.8
65.3
64.9
65.0
65.6
65.6
65.1
65.1
-38.1
-35.3
-46.9
-44.7
-38.0
-33.8
-24.8
-26.2
SURVEY OF CURRENT BUSINESS
June 1992
Table 3.7B.—Government Purchases by Type
Table 3.8B.—Government Purchases by Type in Constant Dollars
[Billions of dollars]
[Billions of 1987 dollars]
Seasonally adjusted at annual rates
1990
1991
1990
IV
Government purchases
Federal . .
National defense
Durable goods
Nondurable goods
Services
Compensation of
employees
Military
Civilian
Other services
Structures
Nondefense
Durable goods
Nondurable goods
Commodity Credit
Corporation
inventory change ...
Other nondurables
Services
Compensation of
employees
Other services
Structures
State and local
Durable goods
Nondurable goods
Services
Compensation of
employees
Other services
Structures
I
Seasonally adjusted at annual rates
1990
1992
1991
II
III
IV
IV
I
1,042.9 1,087.5 1,071.2 1,088.8 1,092.5 1,089.1 1,079.5 1,095.9
424.9
445.1
434.5
451.5
452.1
444.9
432.0
440.6
313.4
323.5
320.6
332.3
328.4
322.3
311.0
313.7
85.9
12.7
89.5
12.9
87.5
18.6
91.5
14.8
93.9
11.2
88.6
12.4
84.1
13.3
81.9
11.6
208.4
216.3
208.7
220.8
217.9
217.0
209.3
215.2
124.5
131.7
126.2
132.6
131.8
131.3
131.0
135.0
82.7
41.8
83.9
87.3
44.4
84.6
83.9
42.2
82.5
88.5
44.1
88.2
87.4
44.4
86.1
86.7
44.6
85.7
86.4
44.6
78.3
89.0
45.9
80.3
6.4
4.8
5.8
5.1
5.4
4.3
4.3
5.0
111.5
5.7
5.1
121.6
5.9
6.2
113.9
6.0
5.4
119.2
5.7
8.5
123.7
6.3
8.6
122.6
6.0
5.1
121.0
5.9
2.6
127.0
6.1
4.3
1.9
6.6
.5
5.7
-.8
6.2
3.3
5.2
-1.2
99.6
94.3
96.9
98.8
-.5
5.6
101.4
-2.7
92.5
5.4
101.3
5.5
105.8
54.9
37.6
57.1
42.5
54.8
39.5
56.8
40.1
-1.7
6.8
1990
1991
8.2
9.9
8.2
8.1
56.9
41.9
10.1
57.1
44.3
10.1
57.6
43.7
11.1
60.9
44.9
10.8
618.0
642.4
636.7
637.3
640.4
644.2
647.5
655.3
33.7
54.9
35.7
55.2
34.7
58.2
35.3
56.1
35.6
55.0
35.7
55.1
36.0
54.8
36.3
54.0
439.2
462.5
450.4
457.1
462.3
464.2
466.5
470.1
409.8
434.1
420.9
427.4
433.2
435.9
440.0
444.2
29.4
90.1
28.4
89.0
29.5
93.4
29.6
88.9
29.1
87.6
28.3
89.2
26.6
90.2
25.9
94.8
Government purchases
Federal
National defense
Durable goods
Nondurable goods
Services
Compensation of
employees
Military
Civilian
Other services
Structures
Nondefense
Durable goods
Nondurable goods
Commodity Credit
Corporation
inventory change ...
Other nondurables
Services
Compensation of
employees
Other services
Structures
State and local
Durable goods
Nondurable goods
Services
Compensation of
employees
Other services ..
Structures
1992
1991
I
II
IV
III
929.1
937.1
937.9
944.5
944.3
936.1
923.3
930.0
380.9
384.9
382.6
391.7
392.7
384.5
370.7
371.7
281.3
281.4
282.0
'289.4
287.0
280.4
268.7
266.4
80.5
82.3
11.3
81.2
12.2
83.7
12.1
86.3
10.2
81.7
11.2
77.5
11.6
75.6
10.8
9.9
185.4
184.2
183.7
189.7
186.4
184.4
176.2
176.1
108.1
108.4
109.1
110.2
108.9
107.9
106.7
105.2
72.1
36.1
77.3
72.3
36.1
75.8
72.9
36.1
74.6
74.0
36.2
79.5
72.7
36.2
77.5
71.7
36.2
76.6
70.8
35.9
69.4
69.8
35.4
70.9
5.5
99.6
5.5
5.1
-1.0
6.2
3.6
4.9
3.9
4.2
3.1
3.4
4.0
103.5
5.7
5.7
100.6
5.9
5.3
102.3
5.4
7.6
105.7
5.9
7.9
104.1
5.7
4.8
102.0
5.7
2.7
105.3
6.0
4.6
.8
4.9
-.4
5.8
3.2
4.4
2.1
5.8
-.1
4.8
-2.0
4.6
83.4
82.1
82.0
83.0
84.7
83.9
85.2
47.6
33.9
46.7
36.7
47.1
35.0
46.8
35.2
46.6
36.4
46.6
38.2
46.8
37.1
47.2
38.0
7.4
8.7
7.4
7.2
8.9
8.9
9.8
9.5
548.2
552.2
555.3
552.7
551.7
551.6
552.7
558.3
31.2
47.5
32.1
47.9
31.7
48.0
31.9
48.0
32.1
48.0
32.2
47.8
32.2
47.6
32.2
47.4
387.2
392.1
390.5
392.1
392.9
391.6
391.5
392.2
353.1
356.9
356.0
356.9
357.7
356.6
356.6
357.2
34.1
82.4
35.1
80.2
34.6
85.1
35.3
80.6
35.2
78.6
35.1
80.0
34.9
81.4
35.0
86.5
Table 3.11.—National Defense Purchases in Constant Dollars
[Billions of dollars]
[Billions of 1987 dollars]
313.7
320.6
332.3
328.4
895
87.5
91.5
93.9
886
841
81.9
79.3
77.7
83.3
78.7
82.3
76.5
73.5
72.8
306
154
125
47
267
166
121
43
322
171
141
44
275
181
115
41
272
161
126
51
266
161
121
45
258
161
122
34
236
151
121
35
7.3
88
6.6
6.6
11 4
7.7
78
4.2
6.9
106
7.4
140
6.1
11 1
6.1
99
313.4
323.5
85.9
12.7
11.8
12.9
18.6
322.3
311.0
12.9
11.6
12.1
10.6
6.1
124
9.0
14.8
11.2
12.4
13.3
11.6
62
53
11 5
65
40
55
51
46
31
4.1
3.5
4.9
3.8
3.4
4.4
3.3
3.4
3.5
3.6
3.4
3.4
3.6
3.7
3.7
208.4
216.3
208.7
220.8
217.9
217.0
209.3
215.2
1245
82.7
41.8
131 7
1262
83.9
42.2
1326
88,5
44.1
131 8
131 3
131 0
87.4
44.4
86.7
44.6
86.4
44.6
1350
89.0
45.9
80.3
87.3
44.4
839
846
825
882
861
857
783
28.7
23.7
26.2
23.7
11.0
12.2
26.8
23.4
26.0
24.7
11.1
13.0
27.4
21.3
11.4
12.7
26.7
25.7
11.1
12.4
24.6
23.1
10.3
10.8
9.6
13.5
8.5
13.8
49
4.0
-.6
6.5
5.7
-.7
6.3
4.4
-.6
7.6
6.2
-.4
7.6
6.1
-.5
6.4
4.8
5.8
5.1
5.4
3.7
27
2.3
2.5
3.0
2.8
2.5
2.7
2.8
2.5
24.9
22.9
9.6
11.6
5.0
5.0
-.5
6.2
5.4
-.4
4.3
4.3
5.0
1.8
2.4
1.9
2.4
2.3
2.8
5.6
5.5
-1.3
1. Includes utilities, communications, rental payments, maintenance and repair, and payments to contractors to
operate installations.
2. Includes depot maintenance and contractual services for weapons systems, other than research and
development.
3. Includes compensation of foreign personnel, consulting, training, and education.
National defense
purchases
Durable goods
Military equipment
Aircraft
Missiles
Ships
Vehicles
Electronic equipment
Other
Other durable goods
Nondurable goods
Petroleum products
Ammunition
Other nondurable goods ....
Services
Compensation of
emolovees
«ary
.'i: I"'
Civilian
Other services
Contractual research and
development
Installation support!
Weapons support23
Personnel support
Transportation of
material
Travel of persons
Other
Structures
Military facilities
.
Other
-.2
4.7
81.5
Table 3.10.—National Defense Purchases
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 support23
Personnel support
Transportation of
material
Travel of persons
Other
Structures
Military facilities
Other
I
281.3
281.4
282.0
289.4
287.0
280.4
268.7
266.4
80.5
82.3
81.2
83.7
86.3
81.7
77.5
75.6
748
722
24.9
16.6
72.7
25.7
17.2
76.4
25.1
16.4
71.4
25.2
16.2
682
28.4
15.8
77.6
30.0
16.7
23.7
16.7
67.4
21.8
15.7
11 4
104
40
127
41
101
39
108
48
104
41
104
30
103
31
6.2
7.2
6.9
3.6
6.5
9.4
6.9
5.8
9.7
5.7
8.6
9.3
10.7
44
6.9
7.9
5.8
10.0
10.1
9.9
11.3
12.2
11.0
12.1
12.4
9.8
10.2
10.3
11.2
11.6
5.7
8.2
10.8
4.0
3.9
5.7
4.2
3.3
4.3
3.7
3.9
28
41
32
48
3.7
3.5
45
35
3.0
3.3
3.2
3.1
3.2
3.3
3.4
3.4
185.4
184.2
183.7
189.7
186.4
184.4
176.2
176.1
1081
1084
1091
72.9
1102
74.0
1089
72.7
1079
71.7
1067
70.8
1052
69.8
721
361
723
361
77.3
361
362
362
362
359
354
75.8
74.6
79.5
77.5
76.6
69.4
70.9
270
240
249
20.5
25.1
19.0
10.2
10.1
24.2
22.6
228
20.9
24.0
21.8
10.0
10.6
225
21.4
20.2
20.0
8.9
11.5
9.8
9.7
7.7
11.3
53
66
67
79
77
3.8
-.5
5.2
-5
4.0
5.5
-3
5.7
-.4
9.9
9.9
9.0
8.3
8.3
8.9
59
51
62
5.1
4.7
-.4
5.0
-.3
-1.0
5.5
3.6
4.9
3.9
4.2
3.1
3.4
4.0
34
21
2.0
2.8
21
2.3
2.6
1.6
1.7
16
16
15
17
2.0
20
16
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.
SURVEY OF CURRENT BUSINESS
1O • June 1992
Table 4.1.—Foreign Transactions in the National Income and Product
Accounts
Table 4.2.—Exports and Imports of Goods and Services and
Receipts and Payments of Factor Income in Constant Dollars
[Billions of dollars]
[Billions of 1987 dollars]
Seasonally adjusted at annual rates
1990
1991
1990
IV
Receipts from rest of the world
698.2 726.3
1991
I
II
Seasonally adjusted at annual rates
1992
III
IV
730.9 713.8 721.4 728.9 741.1 746.3
550.4
398.2
262.6
135.6
152.2
591.3 572.6 565.9 589.8 597.0 612.5 617.7
427.2 410.0 412.3 426.7 427.3 442.4 442.5
283.8 266.2 265.2 287.3 287.2 295.5 295.6
143.4 143.8 147.2 139.5 140.1 146.9 146.9
164.1 162.6 153.5 163.1 169.7 170.1 175.2
Receipts of factor income 2
147.7
135.0 158.3
Payments to rest of the world ...
0
0
0
698.2 726.3
624.8
507.4
314.3
193.1
117.4
Payments of factor income 3
137.0 121.8 132.6
Net foreign investment
0
0
622.0 649.2 602.7 607.0 634.3 643.8
500.5 525.0 485.4 488.3 511.1 517.1
316.0 320.0 304.6 304.8 325.7 328.7
184.5 205.1 180.7 183.5 185.4 188.4
121.5 124.1 117.3 118.7 123.2 126.8
-25.1
2.9
3.2
12.6 -33.1
4.5
4.9
20.0
-83.6
0
0
730.9 713.8 721.4 728.9 741.1 746.3
Imports of goods
and services
Merchandise l
Durable
Nondurable
Services l
Transfer payments (net)
From persons (net)
From government (net)
From business
147.9 131.6 132.0 128.6 128.5
0
7.6 -71.3
641.9
514.8
332.4
182.5
127.1
125.2 123.5 121.0 117.6 108.5
-69.8 -30.0 -4.7
2.9
3.1
3.1
2.9
12.7 -77.8 -37.9 -12.5
4.9
4.9
4.9
4.9
20.4
55.7
20.8
4.1
3.5
-4.3
4.9
1991
14.6
1990
IV
I
Exports of goods
and services
Merchandise l
Durable
Nondurable
Services l
Capital grants received by the United
States (net)
1990
Exports of goods
and services
Merchandise l
Durable ..
Nondurable
505.7
369.4
249.3
120.1
136.2
Services l
537.8 522.5
397.4 379.4
268.9 254.5
128.5 124.9
140.4 143.1
1992
1991
I
II
III
IV
I
512.5
379.9
251.2
128.7
132.6
535.7
395.8
271.0
124.8
139.9
545.2
400.3
272.8
127.6
144.8
558.0
413.7
280.6
133.1
144.3
561.4
413.8
279.6
134.2
147.6
108.0
107.0
Receipts of factor income2
130.2
114.5
Imports of goods and services
Merchandise l
Durable
Nondurable
Services l
557.0
458.5
290.0
168.4
558.7 553.7 531.1 548.0 576.3 579.3 581.5
459.8 453.0 435.9 451.2 475.7 476.6 478.4
293.2 293.0 278.9 283.2 304.8 306.0 308.6
166.6 160.0 156.9 168.0 170.9 170.6 169.9
100.7 95.3 96.8 100.6 102.8 103.0
98.9
Payments of factor income3
120.4
98.5
103.1
137.4 126.8 111.8 111.4
114.7
107.0
104.7 102.2
98.6
90.2
1. Exports and imports of certain goods, primarily military equipment purchased and sold by the Federal
Government, are included in services.
2. Consists largely of receipts by U.S. residents of interest and dividends and reinvested earnings of foreign
affiliates of U.S. corporations.
3. Consists largely of payments to foreign residents of interest and dividends and reinvested earnings of U.S.
affiliates of foreign corporations.
4.0
5.6
4.9
-21.8 -24.5 -18.7
1. Exports and imports of certain goods, primarily military equipment purchased and sold by the Federal
Government, are included in services.
2. Consists largely of receipts by U.S. residents of interest and dividends and reinvested earnings of foreign
affiliates of U.S. corporations.
3. Consists largely of payments to foreign residents of interest and dividends and reinvested earnings of U.S.
affiliates of foreign corporations.
Table 4.3.—Exports and Imports of Merchandise by End-Use Category
Table 4.4—Exports and Imports of Merchandise by End-Use Category
in Constant Dollars
[Billions of dollars]
[Billions of 1987 dollars]
Exports of merchandise
Foods, feeds, and beverages
Industrial supplies and materials
Durable goods
Nondurable goods
Capital goods, except automotive
Civilian aircraft, engines, and parts ...
Computers, peripherals, and parts ....
Other
Automotive vehicles, engines, and parts
Consumer goods, except automotive
Durable goods
Nondurable goods
Other
Durable goods
Nondurable goods
Imports of merchandise
Foods, feeds, and beverages
Industrial supplies and materials, except
petroleum and products
Durable goods
Nondurable goods
Petroleum and products
Capital goods, except automotive
Civilian aircraft, engines, and parts ...
Computers, peripherals, and parts ....
Other
Automotive vehicles, engines, and parts
Consumer goods, except automotive
Durable goods
Nondurable goods ..
Other
Durable goods
Nondurable goods
Addenda:
Exports of agricultural products l
Exports of nonagricultural products ...
Imports of nonpetroleum products
1. Includes parts of line 2 and line 5.
398.2 427.2 410.0
35.3
36.8
102.0 106.3
35.7
66.3
37.3
69.0
153.3
166.9
32.2
25.9
95.2
36.5
42.8
36.6
27.3
32.5
412.3 426.7 427.3 442.4 442.5
36.4
110.2 109.8
37.0
73.2
36.5
73.3
155.0 155.8
30.8
27.3
97.7
34.2
45.9
34.5
37.0
106.7 103.9
38.1
68.6
38.0
65.9
170.5 165.7
38.9
27.3
35.6
26.7
39.4
41.0
104.8 104.1
36.4
68.3
36.2
67.9
175.3 175.4
41.0
27.9
42.8
27.3
40.6
45.9
30.8
26.2
98.0
35.4
45.3
40.3
44.5
44.9
44.8
42.9
48.3
44.1
48.1
229
237
230
236
232
231
250
250
19.9
22.2
22.3
22.3
21.3
21.7
23.3
23.1
284
308
31 7
302
301
31 1
31 7
298
142
142
15.4
15.8
15.1
15.1
15.5
15.8
14.9
154
158
151
151
155
158
149
103.0
104.4 103.5 106.5 105.3
517.1
514.8
27.9
26.3
26.3
26.7
776
370
406
402
408
48.3
41.0
507.4 500.5 525.0 485.4 488.3 511.1
26.7
776
390
387
62.3
116.0
10.5
23.0
82.5
87.7
26.5
26.0
25.6
759
365
394
787
395
392
742
359
383
758
362
397
762
369
393
51.2
72.8
52.9
51.7
52.0
121.6 120.2 119.3 121.1 122.6 123.3 126.8
11.9
26.1
83.5
85.4
12.6
23.3
84.2
86.5
11.2
24.2
83.9
82.1
12.4
26.0
82.7
78.7
105.3 107.9 107.2 100.5 100.3
557 566 570 520 52.5
496
514
31.8
31.9
159
159
40.2
81 0
50.3
33.4
48.5
31.0
159
167
155
164
15.9
16.7
15.5
16.4
40.5
37.7
39.8
47.8
32.7
38.2
12.5
27.6
82.5
92.1
11.6
26.7
85.0
88.8
12.3
27.7
86.8
88.3
110.5 120.5 117.5
58.4
52.1
31.4
15.7
15.7
40.6
63.5
57.0
32.4
60.4
57.1
33.5
162
162
168
43.5
16.8
43.6
358.0 386.7 372.3 372.6 388.5 386.7 398.9 398.9
445.1 449.2 452.2 432.5 436.6 459.1 468.8 473.8
Exports of merchandise
Foods, feeds, and beverages
Industrial supplies and materials
Durable goods
Nondurable goods
Capital goods, except automotive
Civilian aircraft, engines, and parts ...
Computers, peripherals, and parts ....
Other
Automotive vehicles, engines, and parts
Consumer goods, except automotive
Durable goods
Nondurable goods
Other
Durable goods
Nondurable goods
Imports of merchandise
Foods, feeds, and beverages
Industrial supplies and materials, except
petroleum and products
Durable goods
Nondurable goods
Petroleum and products
Capital goods, except automotive
Civilian aircraft, engines, and parts ...
Computers, peripherals, and parts ....
Other
Automotive vehicles, engines, and parts
Consumer goods, except automotive
Durable goods
Nondurable goods .. .
Other
Durable goods
Nondurable goods
Addenda:
Exports of agricultural products ]
Exports of nonagricultural products ...
Imports of nonpetroleum products
1.Includes parts of line 2 and line 5.
369.4 397.4 379.4 379.9 395.8 400.3 413.7
413.8
34.1
96.9
32.1
64.7
35.8
97.6
31.6
65.9
30.7
90.1
31.3
58.8
32.4
95.8
32.5
63.3
29.5
94.3
33.0
61.3
32.1
95.1
31.3
63.9
30.4
95.9
33.2
62.6
32.8
95.4
33.4
62.0
149.8 164.6 151.8 153.8 167.0 164.4 173.4 173.1
26.6
35.7
26.5
38.7
33.0
40.1
29.7
42.0
34.2
45.5
896
886
938
926
938
34.0
39.3
30.9
41.6
92.2
36.5
40.7
34.2
41.4
31.1
41.0
36.4
39.3
40.3
39.8
38.2
42.9
35.4
45.7
92.1
39.1
41.8
21 5
21 6
21 4
21 7
209
209
227
225
17.8
19.2
20.0
19.3
18.4
18.9
20.2
19.3
255
128
128
274
137
137
281
141
141
268
134
134
268
134
134
277
139
138
281
141
141
264
132
132
28.3
33.9
876
458.5 459.8 453.0 435.9 451.2 475.7 476.6 478.4
255
246
245
239
256
242
245
248
664
660
674
624
655
674
687
32.6
31.4
33.3
29.9
30.9
32.3
32.4
34.8
338
346
485
341
431
325
448
346
514
351
363
459
362
462
30.1
38.6
31.5
33.9
41.3
43.9
738
746
734
730
752
767
79.1
93.3
75.0
95.1
77.4
93.9
72.7
87.9
37.5
73.5
69.3
88.8
41.7
748
81.0
98.1
76.8
75.5
500
503
505
458
524
434
286
143
143
448
282
141
141
435
296
148
148
421
272
136
136
469
41 9
290
145
35.4
35.8
34.4
35.0
71 1
51 9
51 5
114.0 122.5 117.0 116.9 121.6 125.2 126.2 130.7
9.2 10.1
9.7 10.1
10.4
9.6 10.6
10.9
105.8 100.9
562 529
496
286
143
143
480
292
146
14.5
457
280
140
140
33.6
36.3
38.3
39.0
14.6
334.0 361.6 345.0 344.9 362.2 364.1 375.3 374.8
407.0 411.3 409.9 391.0 399.8 423.8 430.7 432.2
SURVEY OF CURRENT BUSINESS
11
June 1992
Table 5.1 .—Gross Saving and Investment
[Billions of dollars]
Seasonally adjusted at annual rates
1990
1990
1991
IV
Gross saving
Gross private saving
Personal saving
Undistributed corporate
profits with inventory
valuation and capital
consumption adjusments
Undistributed profits
Inventory valuation
adjustment
Capital consumption
adjustment
Corporate consumption of
fixed capital
Noncorporate consumption
of fixed capital
Wage accruals less
disbursements
Government surplus or
deficit (-), national
income and product
accounts
Federal
State and local
Capital grants received by
the United States (net)
Gross investment
Gross private domestic
investment
Net foreign investment
Statistical discrepancy
1992
1991
I
IV
III
II
I
710.9
715.2
677.5
746.9
713.1
697.2
703.8
675.4
850.4
205.8
886.8
219.3
853.1
215.0
873.0
212.6
892.1
228.8
875.5
212.5
906.6
223.4
920.9
216.5
49.9
63.3
44.6
50.2
32.8
62.8
45.0
51.9
43.4
46.1
39.4
51.5
50.6
51.2
79.2
72.6
-14.2
3.1
.8
-21.2
6.7
9.9
.7
-4.8
-4.0
-8.7
-8.8
-13.6
-12.6
-7.3
-1.3
10.6
365.5
383.6
372.7
380.1
383.2
384.6
386.6
384.5
229.3
239.3
232.7
235.3
236.8
239.1
246.1
240.7
0
0
0
0
0
0
0
0
-139.5 -171.6 -175.6 -126.1 -179.1 -178.4 -202.9 -245.5
-165.3 -201.6 -193.6 -146.4 -206.7 -210.2 -243.1 -284.4
30.0
25.7
0
0
20.4
18.0
0
0
27.6
0
31.8
0
38.9
40.3
0
0
719.0
734.3
679.6
764.9
729.6
719.1
723.4
709.7
802.6
-83.6
726.7
7.6
750.9
-71.3
709.3
708.8
55.7
20.8
740.9
-21.8
747.9
-24.5
728.4
-18.7
18.0
16.5
22.0
19.6
34.2
8.1
19.0
2.1
Table 5.4.—Fixed Investment by Type
Table 5.5.—Fixed Investment by Type in Constant Dollars
[Billions of dollars]
[Billions of 1987 dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1990
1991
1990
IV
Fixed investment
Nonresidential
Structures
Nonresidential buildings, induding
farm
Utilities
Mining exploration, shafts, and
wells
Other structures
Producers' durable equipment
Information processing and related
equipment
Computers and
peripheral
eauioment J
Other
Industrial equipment
Transportation and related
eauioment
Other
Residential
Structures
Single family
Multifamily
Other structures
Producers' durable equipment
II
III
IV
587.0 550.1 585.2 560.0 554.6 546.8 539.0 541.7
198.7 174.6 191.2
148.2
30.4
11.3
8.8
124.5
31.7
9.5
8.8
184.0 180.0 169.0 165.2 165.8
140.7 134.2
128.6
119.0
31.7
31.4
31.9
31.8
10.4
10.3
10.0
8.4
8.2
9.5
9.2
9.1
116.4
31.7
8.5
8.7
114.9
32.8
7.8
10.3
388.3 375.5 394.0 375.9 374.7 377.8 373.8 375.9
129.2
129.5
132.3
136.2
37.3
91.9
91.6
37.7
94.3
84.1
38.7
94.1
92.2
36.6
93.3
87.4
36.7
92.8
84.0
37.6
94.6
82.0
39.9
96.3
82.8
41.4
97.2
81.2
83.5
84.0
84.8
74.7
83.6
85.4
82.1
76.5
85.5
75.6
89.2
74.3
82.1
72.6
82.2
73.8
215.7
132.0
132.8
129.9
195.1 202.2 188.4 191.2
208.8 188.4 195.4 181.7
108.7
98.2
95.8
87.5
19.3
80.8
6.9
15.3
77.3
6.7
18.5
78.8
6.8
17.5
76.8
6.7
138.7
197.7 203.0 208.5
184.4 190.9 196.4 201.6
110.6
100.9
105.8
88.9
15.5
80.0
6.8
14.1
75.9
6.8
13.9
76.7
6.6
1991
12.9
78.0
7.0
1990
IV
I
802.7 745.2 787.4 748.4 745.8 744.5 742.0 750,2
1. Includes new computers and peripheral equipment only.
I
1990
1992
1991
Fixed investment
Nonresidential
Structures
Nonresidential buildings, induding
farm
Utilities
Mining exploration, shafts, and
wells
Other structures
Producers' durable equipment
Information processing and related
equipment . ...
Computers and
peripheral
equipment1
Other
Industrial equipment
Transportation and related
eauioment
Other
Residential
Structures
Single family
Multifamily
Other structures
Producers' durable equipment
1991
I
II
1992
III
IV
I
744.2 687.6 727.8 689.8 686.8 686.5 687.2 696.3
548.8 512.4 544.5 519.1 514.8 510.0 505.6 509.5
177.9
154.0 170.4 163.3 158.9 148.4 145.4 146.3
133.6
110.9 126.2
26.8
9.5
8.0
27.4
7.8
7.9
27.9
8.7
7.6
120.1
27.4
8.5
7.3
114.7 105.5
27.6
8.2
8.4
27.4
7.5
8.1
103.3
27.3
7.0
7.8
102.3
28.2
6.5
9.3
370.8 358.3 374.0 355.8 355.8 361.6 360.1 363.2
141.9
148.4
155.1
159.8
48.8
88.3
80.9
57.2
89.2
71.4
52.1
89.7
79.8
51.6
88.7
74.7
53.9
88.0
71.6
58.9
89.5
69.5
64.3
90.8
69.6
68.3
91.5
68.1
76.9
75.9
74.8
65.8
76.1
76.2
73.0
67.7
75.7
66.7
78.5
65.2
71.9
63.4
71.2
64.1
172.0 176.5 181.7
186.8
137.1
146.4
141.8
140.4
195.5 175.2 183.3 170.7
188.9 168.7 176.9
98.1
17.4
73.4
6.6
86.4
13.7
68.7
6.5
1. Includes new computers and pen'pheral equipment only.
88.8
16.6
71.4
6.5
164.3 165.4 170.0
79.5
15.8
69.0
6.4
80.6
13.9
70.9
6.6
90.5
12.5
66.9
6.5
175.3 180.0
95.0
12.4
67.9
6.4
99.7
11.6
68.8
6.7
SURVEY OF CURRENT BUSINESS
12 • June 1992
Table 5.10.—Change in Business Inventories by Industry
Table 5.11.—Change in Business Inventories by Industry in Constant
Dollars
[Billions of dollars]
[Billions of 1987 dollars]
Seasonally adjusted at annual rates
1990
1991
1990
1991
IV
Change in business inventories
Farm
Nonfarm
Change in book value
Inventory valuation adjustment
Manufacturing
Durable goods
Nondurable goods
Wholesale trade
Durable goods
Nondurable goods
Merchant wholesalers
Durable goods
Nondurable goods
Nonmerchant wholesalers
Durable goods
Nondurable goods
Retail trade
Durable goods
Automotive
Other ..
Nondurable goods
Other
Durable goods
Nondurable goods
II
I
1990
1992
III
0 -18.5 -36.5 -39.2 -37.1
-4.2 -3.1
2.0 -3.5
-7.6
-2.0
150 -28.9 -35.0 -34.0
19.2 -18.8
-.4 -47.8 ^5.1
3.8 -28.5 12.8
11.2
-21.3
-1.7
.5 -15.8
-8.0 -16.2
-3.1
11 3 108 -8.8 -15.2
1.4
3.2 -5.4
9.3
-.5
3.4
1.0 -14.8
.3
1.6
3.2 -14.3
2.0
1 5 -.9
1.4
1.7
2.5 -2.1
-.6
3.4 -14.2
2.2
1.1
3.8
2.2 -1.3
2.4 -12.8
.6
-.1
3.2
1.0 -1.4
2.5
-2.4
1.3
-.8 -2.2
-.6
.7 -1.5
-.2 -.1 -1.5
-.7
-.7 -3.1
1.5
.9
-7.4
-9.7 -30.7 -3.6
-4.6
-6.4
-8.7 -13.4 -28.4 -1.5
-6.4
-8.3 -10.4 -23.2 -1.2
-.4 -3.0
-5.2
0
-.4
-1.1
3.7 -2.3
-2.1
4.1
.2
-4.5
-5.8
3.6 -2.6
-4.2 -9.4
24
.5 -3.7
3.6
2.7
3.1
1.1 -.3
Seasonally adjusted at annual rates
IV
-.4
I
6.0 -21.8
-3.6
-6.1
-2.9
12.1
13.7
-1.6
-18.9
-12.2
-4.4 -12.5
-4.4 -16.6
-8.9
-3.2
3.9
-7.1
17.0
9.7
7.3
2.4
-3.6
-5.8
2.1
1.6
1.4
.3
7.1
2.0
0
2.0
5.1
-3.9
-2.5
-1.4
-6.7
-13.3
4.2
4.4
-.1
-2.0
-4.4
18.9
10.8
8.2
-2.0
-1.1
-.9
8.8
-7.0
-9.0
-3.9
-7.0
3.1
-2.9
-6.1
3.2
-1.0
-.9
-.1
-8.7
-4.7
-6.6
2.0
2.0
15.8
-4.0
-1.1
2.6
21
4.7
5
-.6
1990
1991
II
I
IV
Change in business inventories
Farm .
Nonfarm
Manufacturing
Durable goods
Nondurable goods
Wholesale trade
Durable goods
Nondurable goods
Merchant wholesalers
Durable goods
Nondurable goods
Nonmerchant wholesalers
Durable goods
Nondurable goods
Retail trade
Durable goods
Automotive
Other
Nondurable goods
Other
Durable goods
Nondurable goods
1992
1991
.2 -13.9 -31.2 -32.8
-1.7
1.7
0
-5.5
-1.5 -13.9 -25.7 -31.1
.5
-1.3
-7.3 -13.7
-2.9 -10.2 -10.1
-7.8
8.2
1.6
2.9 -3.6
3.1
.4
.9
1.9
1.8 -1.3
-.9
3.1
1.3
1.7
1.8 -1.1
2.3
3.8
3.5
1.0
2.4
2.1 -1.2
.6
.2
2.1
3.2
1.1
-1.6
.8
-.6 -2.9
-.1 -1.5
.7
-.2
1.1
-2.2
-.5 -1.4
-6.8
-4.5
-8.9 -28.3
-6.0
-8.0 -12.4 -26.2
-7.7
-9.7 -21.5
-6.0
-4.7
0
-.4 -2.7
-.8
3.6 -2.1
3.5
-5.2
3.6 -2.5
-4.0
.5 -3.4
39 -8.6
-.1
3.4
3.1
.9
III
.1
2.9
-30.4
.4
-30.8
-14.2
-13.9
-.3
-13.7
-13.1
-.7
-13.2
-11.7
IV
7.6 -16.6
-.3
-2.8
9.2 -16.3
-4.1 -11.4
-8.1
-4.0 -15.2 -12.1
-.1
3.8
4.0
-1.5
-3.9
-1.6
14.7
8.6
6.1
2.4
-3.0
-5.2
2.2
1.6
1.3
.2
6.2
1.8
0
1.7
4.4
-1.5
-.6
-1.4
.8
-3.0
-1.4
-1.1
-.3
-1.7
.2
-3.4
-2.2
-1.2
-2.2
2.3
16.5
9.7
6.8
-1.8
-1.1
-.7
7.2
-6.3
-8.1
l
Inventories
Farm
Nonfarm
Durable goods
Nondurable goods
Manufacturing
Durable goods
Nondurable goods
Wholesale trade
Durable goods
Nondurable goods
Merchant wholesalers
Durable goods
Nondurable goods
Nonmerchant wholesalers
Durable goods
Nondurable goods ...
..
Retail trade
Durable goods
Automotive
Other
Nondurable goods
Other
Final sales of domestic business2
Final sales of goods and structures of
domestic business2
Ratio of inventories to final sales of domestic
business
Inventories to final sales
Nonfarm inventories to final sales
Nonfarm inventories to final sales of goods and
structures
IV
I
II
III
IV
1,010.3
582.3
428.1
416.6
268.8
147.8
234.3
149.9
1990
I
IV
95.6
98.0
96.2
88.8
92.8
992.1
570.5
421.7
410.3
265.3
145.1
233.3
150.7
983.1
563.3
419.8
404.8
260.7
144.1
229.1
147.4
982.8
560.1
422.7
403.7
259.2
144.5
229.1
146.1
985.1
557.9
427.2
400.4
255.7
144.8
233.3
149.3
982.6
552.4
430.2
397.5
251.8
145.7
234.1
148.7
84.4
82.6
81.8
82.9
84.0
85.5
206.2
133.2
206.5
133.9
202.5
130.9
201.9
129.4
206.6
132.6
208.0
132.4
73.0
28.1
16.7
11.4
72.6
26.8
16.8
10.0
71.6
26.6
16.4
10.2
72.6
27.1
16.8
10.4
74.0
26.7
16.6
10.1
75.6
26.1
16.3
248.8
117.8
241.5
111.0
242.1
111.8
243.9
112.4
245.9
110.7
9.9
244.5
110.0
59.1
58.7
53.5
57.6
53.6
58.1
53.7
58.7
51.4
59.3
49.9
60.0
131.0
110.7
394.4
130.5
106.9
395.9
130.4
107.0
401.3
131.5
106.1
402.3
135.2
105.4
403.3
134.5
106.4
410.3
224.0
223.0
224.2
223.1
222.3
226.8
1.7
-3.3
2.4
4.3
l
Inventories
Farm
Nonfarm
Durable goods
Nondurable goods
Manufacturing
Durable goods
Nondurable goods
Wholesale trade
Durable goods
Nondurable goods
Merchant wholesalers
Durable goods
Nondurable goods
Nonmerchant wholesalers
Durable goods
Nondurable goods
Retail trade
Durable aoods
Automotive
Other
Nondurable goods
Other
Final sales of domestic business2
Final sales of goods and structures of
domestic business2
1992
1991
I
II
III
IV
I
984.5
976.3
968.7
968.7
970.6
82.7
82.2
82.3
83.1
82.7
82.6
901.9
531.5
370.3
372.5
245.9
126.6
205.6
134.0
894.1
521.7
372.4
372.6
244.0
128.6
206.1
134.8
886.4
514.1
372.3
369.1
240.5
128.5
202.6
131.5
885.7
512.0
373.7
368.0
239.5
128.5
202.3
130.6
888.0
508.6
379.3
365.2
235.7
129.4
205.9
132.7
883.9
502.5
381.4
363.2
232.7
130.4
205.2
131.2
966.5
71.6
71.3
71.1
71.7
73.2
74.0
181.1
118.9
182.0
119.5
178.7
116.6
177.9
115.3
182.0
117.7
181.5
116.4
62.2
24.5
15.1
62.5
24.1
15.3
62.1
24.0
15.0
62.6
24.4
15.3
64.3
23.9
15.0
65.2
23.7
14.8
9.4
224.2
109.6
8.8
217.2
103.1
9.0
216.4
102.8
9.1
217.9
103.2
8.9
219.8
101.6
8.8
217.9
100.6
55.9
53.7
50.5
52.6
50.3
52.5
50.3
52.9
48.2
53.4
46.7
53.8
114.6
114.1
113.6
114.7
118.1
117.3
99.5
98.2
98.3
97.4
97.1
97.7
346.1
343.7
345.8
344.9
344.6
348.7
200.4
197.4
197.4
195.9
195.3
198.8
2.84
2.61
2.84
2.60
2.80
2.56
2.81
2.57
2.82
2.58
2.77
2.54
4.50
4.53
4.49
4.52
4.55
4.45
Ratio of inventories to final sales of domestic
business
\
2.80
2.56
2.75
2.51
2.69
2.45
2.68
2.44
2.66
2.44
2.62
2.39
4.51
4.45
4.38
4.40
4.43
4.33
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
GDP. 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. Final sales of domestic business equals final sales of domestic product
less gross product of households and institutions and general government and includes a small amount of final
sales by farm.
-7.6
-4.3
-6.0
Seasonally adjusted quarterly totals
1992
1,103.4 1,087.8 1,081.0 1,079.0 1,073.9 1,075.4
93.1
-.9
-.1
-1.9
[Billions of 1987 dollars]
*
3.3
-1.0
-.7
[Billions of dollars]
1991
3.2
-2.1
-5.4
-1.3
Table 5.13.—Inventories and Final Sales of Domestic Business
by Industry in Constant Dollars
Seasonally adjusted quarterly totals
-3.0
-6.2
1.8
13.6
Table 5.12.—Inventories and Final Sales of Domestic Business
by Industry
1990
I
Inventories to final sales
Nonfarm inventories to final sales
Nonfarm inventories to final sales of goods and
structures
1. Inventories are as of the end of the quarter. Quarter-to-quarter changes calculated from this table are at
quarterly rates, whereas the constant-dollar change in business inventories component of GDP is stated at annual
rates.
2. Quarterly totals at monthly rates. Final sales of domestic business equals final sales of domestic product
less gross product of households and institutions and general government and includes a small amount of final
sales by farm.
SURVEY OF CURRENT BUSINESS
Table 6.1 C.—National income Without Capital Consumption Adjustment
by Industry
June 1992 • 13
Table 6.16C.—Corporate Profits by Industry
[Billions of dollars]
[Billions of dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1990
1991
1990
IV
National income
without capital
consumption
adjustment
Domestic industries
Private industries
Agriculture, forestry, and
fisheries
Mining
Construction
Manufacturing
Durable goods
Nondurable goods
Transportation and public
utilities
Transportation
Communications
Electric, gas, and
sanitary services ....
Wholesale trade
Retail trade
Finance, insurance, and
real estate
Services
Government
Rest of the world
1991
I
II
1990
1992
III
IV
I
4,497.5 4,594.2 4,556.7 4,545.8 4,586.1 4,610.4 4,634.6 4,692.6
4,486.7 4,581.1 4,531.0 4,523.1 4,578.0 4,599.4 4,623.7 4,672.5
3,828.9 3,886.0 3,858.2 3,834.7 3,884.3 3,902.3 3,922.6 3,958.9
97.1
38.1
90.2
38.2
95.8
41.9
87.7
40.4
94.6
38.0
87.1
38.1
91.5
36.5
92.1
36.0
234.4
221.4
230.0
219.7
217.5
223.7
224.7
224.8
846.9
484.3
362.6
835.7
466.1
369.6
834.1
471.3
362.8
820.9
457.7
363.1
831.9
465.9
366.0
842.4
469.2
373.3
847.7
471.7
376.0
849.4
472.3
377.1
328.7
139.4
333.2
140.4
326.7
140.1
332.2
139.8
336.9
141.9
333.1
139.9
330.7
139.9
334.6
141.7
96.4
98.5
97.5
98.3
98.2
99.5
97.8
99.5
92.9
94.4
89.0
94.0
96.8
93.7
93.0
93.5
263.6
392.1
269.8
397.8
265.9
391.5
268.7
392.5
271.2
398.3
270.2
398.5
269.2
402.0
269.3
405.7
679.8 697.2
948.3 1,002.3
694.3
978.2
695.5
977.0
700.0 698.7 694.6 704.3
995.9 1,010.6 1,025.8 1,042.7
657.9
695.1
672.8
688.4
693.8
10.8
13.2
25.7
22.7
8.1
1991
697.2
701.1
713.6
10.9
10.9
20.0
IV
Corporate profits with inventory
valuation and capital
consumption adjustments
Domestic industries
Financial
Nonfinancial
Rest of the world
Receipts from the rest of the world ...
Less: Payments to the rest of the
world
Corporate profits with inventory
valuation adjustment
Domestic industries
Financial
Federal Reserve banks
Other
Nonfinancial
Manufacturing
Durable goods
Primary metal industries
Fabricated metal products ....
Industrial machinery and
equipment
Electronic and other electric
equipment
Motor vehicles and
equipment
Other
Nondurable goods
Food and kindred products ...
Chemicals and allied
products ...
Petroleum and coal products
Other
Transportation and public utilities ..
Wholesale and retail trade
Other
Rest of the world
1991
1990
319.0 306.8 296.1
I
302.1
II
1992
III
303.5 306.1
IV
I
315.6
355.4
258.8 240.7 223.3 227.5 241.7 243.1 250.6 284.4
34.5
30.0
33.1
224.3 205.2 193.3
194.4
60.2
64.9
4.7
35.5
35.3
66.1
63.8
72.8
67.2
74.6
70.7
61.7
59.5
-2.3
-5.6
-3.9
-2.2
318.2 315.5
304.9 315.7
37.5
36.1
46.2
206.4 205.5 214.4 238.2
316.1
63.0
62.9
1
65.0
61.9
70.9
70.1
8
31
313.4 316.9 344.8
258.0 249.5 232.1 241.2 254.4 250.4 251.9 273.8
39.6
21.3
18.3
41.7
20.7
21.1
36.4
21.7
14.7
40.1
21.0
19.1
42.1
20.4
21.7
43.5
20.8
22.7
41.3
20.5
20.8
50.6
19.1
31.5
218.3 207.7 195.7 201.0 212.3 206.9 210.5 223.3
95.7
37.2
4.6
5.6
10.2
7.9
81.7
23.7
78.9
24.6
75.0
20.4
82.9
26.5
84.1
24.0
84.7
23.9
93.5
31.7
2.1
4.6
4.3
3.7
2.9
3.0
1.7
4.9
1.1
4.9
2.8
5.4
1.5
4.8
8.7
9.3
9.5
9.4
6.8
9.2
9.2
6.6
5.7
7.2
7.0
5.3
6.9
7.2
-7.1
16.0
58.5
12.6
-11.0
-12.3
-14.9
-11.4
14.0
54.2
13.9
12.7
54.5
15.0
14.9
56.4
15.8
-8.3
14.2
60.0
17.1
-9.5
12.8
57.9
15.4
60.7
13.8
-1.9
10.9
61.7
16.0
20.3
20.2
17.0
16.6
18.7
21.5
24.2
21.6
6.5
19.2
44.5
39.8
38.4
60.2
3.9
18.4
45.8
45.8
34.4
66.1
8.0
15.4
37.5
38.2
41.1
72.8
8.7
14.2
45.7
45.3
35.1
74.6
2.9
19.1
49.2
46.9
33.3
61.7
.8
20.6
44.3
44.6
33.9
63.0
9.2
3.2
19.5
44.0
46.4
35.5
65.0
5.0
19.1
48.4
45.0
36.3
70.9
SURVEY OF CURRENT BUSINESS
14 • June 1992
Table 7.1 .—Fixed-Weighted and Alternative Quantity and Price Indexes
[Index numbers, 1987=100]
Seasonally adjusted
Seasonally adjusted
1990
Gross domestic product:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights ....
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights ....
Benchmark-years weights
Implicit price deflator
Personal consumption expenditures:
Current dollars
Quantity indexes:
PivoH 1 QR7 w/oinhte
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Implicit price deflator
Durable goods:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Implicit price deflator
Nondurable goods:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weignts
Price indexes:
Fixed 1987 weights
Chain-type annual weignts
Benchmark-years weights
Implicit price deflator
Services:
Current dollars
... .
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
ImnliHt nn'rp Hoflatnr
Gross private domestic investment:
Current dollars
Quantity indexes:
Fixed 1987 weights
1991
IV
I
II
III
IV
I
121.5 124.9
122.4
123.1
124.5
125.8
126.4
128.2
107.6 106.8
107.6
107.5
106.9
106.3
106.6
107.1
107.2
108.0
113.1
112.8
113.0
112.9
117.6 114.8
116.3
117.3
118.0 118.7 119.6
117.0
114.5 115.9
116.8
117.4 117.9
118.8
122.6
127.4
124.9
125.4
126.7
128.3
129.2
131.7
106.9
106.8
106.8
106.8
106.5
106.2
106.6
107.2
107.2
108.5
115.0 119.7
1148
1149
114.7 119.3
117.6
118.5
119.3 120.1
121.0
122.0
117.2
118.1
118.9
119.7
120.6
121.4
115.4
110.3
111.9
109.2
109.0
112.2
110.8
115.4
108.7
1084
108.4
102.2
105.0
101.8
101.3
103.6
102.1
105.9
106.8
106.4
106.5
106.1
109.4
107.4
108.4
109.0
109.9
110.2
110.8
107.9
106.6
107.3
107.6
108.3
108.5
108.9
120.4
123.8
123.3
123.3
123.9
124.4
123.7
125.9
103.9 103.2
1039
1038
103.3
103.2
103.5
103.5
102.4
103.8
116.2 120.5
116.0
116.0
115.9 120.0
119.8
119.8
120.6
121.2
121.7
119.3
119.4 119.8 120.2
120.8
121.3
125.7
133.9
129.1
130.7
132.9
134.7
137.1
139.4
108.3
108.2
108.2
110.1
108.9
109.1
109.8
110.3
111.3
112.0
120.2
116.3 121.8
116.2
1162
116.1 121.5
118.7
120.1
121.4
122.4
123.5
124.9
118.5
119.8 121.1
122.1
123.2
124.4
107.1
97.0
100.2
94.7
94.6
98.9
99.8
97.2
99.4
89.9
93.0
87.7
87.6
91.6
92.7
90.7
99.1
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Implicit price deflator
Fixed investment:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights .
Imolicit orice deflator
Nonresidential:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Implicit price deflator
Structures:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights .
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights .
Implicit price deflator
Producers' durable
equipment:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights .
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights .
Implicit price deflator
Residential:
Current dollars
Quantity indexes:
Fixed 1987 weights
1990
1992
1991
IV
I
II
111
IV
I
117.9 110.5
117.6
112.5
111.4
109.9
108.3
108.8
110.2 102.9
1096
1097
109.4
104.3
103.4
102.5
101.6
102.4
107.9 110.2
1076
1075
107.0 107.4
108.9
109.8
110.0
110.3
110.5
110.7
107.5
107.9
107.7
107.2
106.6
106.3
116.0
101.9
111.6 107.4
105.0
98.7
96.5
96.8
103.8
103.6
103.8
89.9
99.5
95.3
92.8
86.6
84.9
85.4
111.9
111.9
111.8
111.7
113.6
112.4
112.9
113.4
114.1
113.8
113.6
113.3
112.2
112.7
113.2
113.9
113.6
113.3
118.9
115.0
120.7
115.2
114.8
115.7
114.5
115.1
113.6
112.9
112.9
109.8
114.6
109.0
109.0
110.8
110.3
111.3
105.9
105.4
105.3
104.7
108.1
107.1
107.9
107.9
108.1
108.5
108.9
104.8
105.3
105.7
105.3
104.5
103.8
103.5
95.8
86.6
89.8
83.7
84.9
87.8
90.1
92.6
86.8
77.8
81.4
75.8
76.4
78.3
80.7
82.9
110.4 111.4
110.4
110.4
110.4 111.3
110.4 110.4
111.1
112.1
111.8
111.8
110.3
110.4
111.2
112.0
111.7 111.7
151.2
162.5
157.3
155.5
162.1
164.0
168.3
169.7
138.9 147.7
1381
138.3
143.5
140.8
147.1
149.8
153.3
154.2
109.8
1096
109.3
108.9
111.6
110.6
111.8
111.7
111.0
111.9
112.5
109.9
109.6
110.4
110.1
109.5
109.8
110.0
123.2
122.7
128.0
118.9
119.7
125.1
127.0
126.6
109.8 110.2
1091
1093
109.2
104.7
108.1
113.7
114.3
114.7
113.3
113.0
112.7
112.2
113.6
119.0
115.3
113.0
112.5
113.8
113.6
111.3
117.2
113.5
110.8
110.1
111.1
110.4
oe 7
QQ A
Rpnrhmflrk voarc w/pinntQ
1990 1991
1992
1991
1990
111.0
103.1
108.9
103.5
103.2
103.0
102.6
103.8
102.9
102.4
1025
95.1
100.7
95.4
95.0
94.9
95.1
96.3
108.7
108.4
1083
107.9
110.5
109.4
110.0
110.3
110.9
110.9
111.0
108.4
108,? 108.5
1086
108.5
108.0
107.7
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights ....
Benchmark-years weights
Implicit price deflator
Exports of goods and services:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Implicit price deflator
Imports of goods and services:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weiohts
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Implicit price deflator
86.8
SURVEY OF CURRENT BUSINESS
June 1992 • 15
Table 7.1 .—Fixed-Weighted and Alternative Quantity and Price IndexesContinued
Table 7.2.—Fixed-Weighted and Alternative Quantity and Price Indexes
for Domestic Product, Final Sales, and Purchases
[Index numbers, 1987=100]
[Index numbers, 1987=100]
Seasonally adjusted
1990
Government purchases:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Implicit price deflator
Federal:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Implicit price deflator
National defense:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights ....
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Implicit price deflator
Nondefense:
Current dollars
Quantity indexes:
Fixed 1987 weights .
Chain-type annual weights
Benchmark-years weights . ...
Price indexes:
Fixed 1987 weights
Chain-type annual weights .
Benchmark-years weights
Implicit price deflator
State and local:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weignts
Implicit price deflator
1991
1990
Seasonally adjusted
IV
I
II
III
IV
I
118.3
123.4
121.5
123.5
123.9
123.6
122.5
124.3
105.4
106.3
106.4
107.1
107.1
106.2
104.7
105.5
112.4 116.3
112.2
112.3
112.2 116.1
114.3
115.5
116.0
116.5
117.2
118.2
114.2
115.3
115.7
116.4
116.9
117.8
110.4
115.6
112.9
117.3
117.4
115.6
112.2
114.5
99.0
99.1
98.7
100.0
99.4
101.8
102.0
99.9
96.3
96.6
112.1
1055
1053
116.4
113.8
115.9
116.0
116.4
117.4
119.3
111.8
111.6
115.7
113.6
115.3
115.1
115.7
116.5
118.6
107.3
110.8
109.8
113.8
112.4
110.4
106.5
107.4
96.3
96.1
95.9
96.3
96.6
99.1
98.3
96.0
92.0
91.2
112.2 116.3
111 7
111.8
111.4 115.0
114.1
116.0
115.8
116.1
117.3
119.1
113.7
114.8
114.4
114.9
115.8
117.7
120.1
131.0
122.7
128.3
133.2
132.1
130.2
136.7
107.2
111.5
108.4
110.2
113.8
112.1
109.8
113.4
1114
1085
107.5
111.5
116.8
113.0
115.8
116.6
117.1
117.6
120.2
1106
111.8
112.0
117.5
113.2
116.5
117.1
117.9
118.6
120.6
124.4
129.4
128.2
128.3
129.0
129.7
130.4
131.9
110.4
111.2
111.8
111.3
111.1 111.1
111.3
112.4
112.7 116.2
112.7
112.7
112.7 116.3
114.6
115.2
116.0
116.7
117.1
117.4
114.7
115.3
116.1
116.8
117.2
117.4
1104
110.4
NOTE.—The quantity and price indexes in this table are calculate from weighted averages of the detailed output
and prices used to prepare each aggregate and component. The fixed weighted measures use as weights the
composition of output in 1987. For the alternative indexes, the chain-type indexes with annual weights use weights
for the preceding and current years, and the indexes with benchmark-years weights use weights of 1959, 1963,
1967, 1972, 1977, 1982, and 1987 and the most recent year Percent changes from preceding period for selected
items in this table are shown in table 8.1.
1990
1992
1991
Gross domestic product:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weignts
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Implicit price deflator
Final sales of domestic product ':
Current dollars
Quantity indexes:
Fixed 1987 weights .
Chain-type annual weignts ....
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Implicit price deflator
Gross domestic purchases2:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weignts
Implicit price deflator .
Final sales to 3domestic
purchasers
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weignts
Implicit price deflator
1991
1990
1992
1991
IV
I
II
III
124.5
IV
I
121.5
124.9
122.4
123.1
125.8
126.4
128.2
107.6
107.6
1075
106.8
106.9
106.3 106.6 107.1
107.2
108.0
113.1 117.6
112.8
1130
112.9 117.0
114.8
116.3
117.3
118.0
118.7
119.6
114.5
115.9
116.8
117.4
117.9
118.8
126.1
123.9
124.7
126.1
126.6
127.0
129.4
108.2 107.7
1081
108.0
108.3
107.6
107.9
107.7
107.7
108.9
113.2 117.6
1130
113.1
112.9 117.0
114.9
116.4
117.4
118.1
118.7
119.6
114.5
115.9
116.8
117.5
118.0
118.8
122.2
119.3
121.8
120.3
120.1
121.1
122.7
123.2
124.8
105.4
1054
1053
104.0
104.3
103.4
103.6
104.5
104.4
105.1
113.4
113.2
1133
113.2
117.6
115.6
116.5
117.2
117.9
118.6
119.4
117.1
,115.3 116.2
116.8
117.4
118.0
118.8
416 3,598 7,152 -3,738 20,866
24,204 1,857 7,968
123.8
126.0
120.0 122.9 121.8 121.7 122.5 123.5
104.9
105.6
104.7
104.9
105.1
104.8
106.0
113.5 117.6
113.3
113.4
113.2 117.2
115.7
116.6
117.3
118.0
118.7
119.5
115.3
116.2
116.9
117.5
118.1
118.8
106.0
1059
1058
1. Equals GDP less change in business inventories.
2. Equals GDP less net exports of goods and services or the sum of personal consumptions expenditures,
gross private domestic investment, and government purchases.
3. Equals gross domestic purchases less change in business inventories or the sum of personal consumption
expenditures, gross private domestic fixed investment, and government purchases.
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
SURVEY OF CURRENT BUSINESS
l6 • June 1992
Table 7.3.—Fixed-Weighted and Alternative Quantity and Price Indexes
for Gross National Product and Command-Basis Gross National
Product
Table 7.6.—Price Indexes for Fixed Investment by Type, Fixed
1987 Weights
[Index numbers, 1987=100]
[Index numbers, 1987=100]
Seasonally adjusted
Seasonally adjusted
1990
1991
1990
IV
1990
1991
I
II
1992
III
121.6 125.1 122.9 123.5 124.6 125.9 126.5 128.5
107.7 106.9 107.3 106.6 106.7 107.2 107.3 108.2
107.7
107.6
113.1 117.6 114.8 116.3 117.3 118.0 118.7 119.6
112.8
1130
112.9 117.0 114.5 115.9 116.8 117.4 117.9 118.8
Less: Exports of goods and services
and receipts of factor income:
Current dollars
Quantity index, fixed 1987 weights
148.9 154.9 155.8 152.2 153.8 155.4 158.0 159.1
135.5 139.1 140.7 136.3 138.0 140.0 142.0 142.5
Plus: Command-basis exports of
goods and services and receipts
of factor income:
Current dollars
Quantity index, fixed 1987 weights
151.2 162.5 157.3 155.5 162.1 164.0 168.3 169.7
132.4 137.8 133.3 133.4 137.4 139.6 140.7 142.4
Equals: Command-basis gross
national product:
Current dollars
Quantity index, fixed 1987 weights
121.6 125.1 122.9 123.5 124.6 125.9 126.5 128.5
107.4 106.8 106.6 106.3 106.6 107.2 107.2 108.2
NOTE—Percent changes from preceding period for selected items in this table are shown in table 8.1.
Table 7.4.—Price Indexes for Personal Consumption Expenditures
by Major Type of Product, Fixed 1987 Weights
[Index numbers, 1987=100]
Personal consumption
expenditures
Durable goods
Motor vehicles and parts
Furniture and household equipment ..
Other
Nondurable goods
Food
Clothing and shoes
Gasoline and oil
Fuel oil and coal
Other
Services
Housing
Household operation
Electricity and gas
Other household operation
Transportation
Medical care
Other
Addenda:
Price indexes for personal
consumption expenditures:
Chain-type annual weights
Benchmark-years weights
115.0
119.7
117.6
IV
118.5
119.3 120.1
121.0
115.7 120.1 1174 1191 120.4 120.2
111.4 115.4 112.3 114.6 114.4 116.3
1256 1238 1465 1283 122.9 1216
125.5 121.0 149.1 132.7 116.6 115.6
1235
116.3 121.8
115.3
105.7
105.4
106.0
114.5
123.6
115.9
120.1
109.6
108.5
110.6
122.0
131.8
120.3
1207
I
II
III
IV
I
108.7
Nonresidential
Structures
Nonresidential buildings, including
farm
Utilities
Mining exploration, shafts, and
wells
Other structures
Producers' durable equipment
Information processing and related
equipment
Computers and peripheral
equipment l
Other1
Industrial equipment
Transportation and related
equipment
Other
110.5
107.9 110.2
111.9
113.6
110.3
110.9
110.9
111.0
108.9 109.8 110.0
110.3
110.5
110.7
113.4 114.1
113.8
113.6
109.4 110.0
112.4
112.9
111.0 112.3 111.5 111.7 112.1 112.8 112.6 112.3
113.3 115.6 113.7 114.6 115.3 116.2 116.2 116.5
118.7 122.1 119.6 121.4 122.3 123.0 121.6 121.0
109.9 112.2 110.5 111.5 112.8 112.7 112.0 111.1
108.5 108.9
105.9
108.1
107.1
107.9
107.9
108.1
96.0
94.2
95.9
95.2
94.6
93.7
93.4
93.4
78.0
68.8
75.9
73.0
70.3
66.7
65.2
63.8
100.4 105.7 104.9 105.3 105.6 105.9 106.2 106.7
113.5 117.9 115.9 117.2 117.5 118.2 118.8 119.3
108.0 112.7 109.6 111.8 112.1 112.9 114.1 115.2
111.0 114.3 112.6 113.6 113.9 114.6 115.2 115.8
110.4
111.4
110.4
110.4
111.1
112.1
111.8
111.8
Structures
Single family
Multifamily
Other structures
110.6
110.9
110.7
110.2
111.6
110.8
111.7
112.6
110.5
110.5
111.4
110.3
110.6
110.0
110.9
111.3
111.3
110.3
111.2
112.8
112.3
111.5
112.4
113.4
112.1
111.4
112.3
112.9
112.0
110.9
111.8
113.5
Producers' durable equipment
104.1
104.2 104.9 104.3 103.6 105.5 103.6
104.4
Addenda:
Price indexes for fixed investment:
Chain-type annual weights
Benchmark-years weights
1084
1083
Residential
Table 7.9.—Price Indexes for Exports and Imports of Goods
and Services and for Receipts and Payments of Factor Income,
Fixed 1987 Weights
[Index numbers, 1987=100]
119.8 120.2 120.6 121.2 121.7
1220
1229
1240
120.6 121.2
116.5 117.5
1226 120.4
119.2 112.3
1253
1262
118.7 120.1
121.4 122.4 123.5 124.9
117.3
106.8
106.5
107.2
118.1
127.0
118.3
119.6
109.4
108.3
110.5
120.8
131.0
120.1
1187
109.0
108.8
109.2
1204
129.0
118.8
120.5
109.6
107.6
111.5
122.6
132.8
120.9
122.9
111.3
109.4
113.0
1242 128.1
136.4
134.5
121.4 122.1
121.6
110.4
109.5
111.3
1148
114.9
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
122.0
106.4 109.8 107.1 1086 109.4 110.4 110.8 111.0
102.4 102.9 102.5 102.7 102.8 103.2 102.9 103.7
1159 120.5 1172 1186 119.4 121.2 1228 1235
1174
1992
1991
1. Includes new computers and peripheral equipment only. Prior to 1982, all computers and peripheral
equipment are included in other information processing and related equipment (line 11).
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
106.8 109.4 107.4 108.4 109.0 109.9 110.2 110.8
116.2 120.5 119.8
1990
I
IV
Fixed investment
Gross national product:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weignts
Price indexes:
Fixed 1987 weights
Chain-type annual weignts
Benchmark-years weignts
Implicit price deflator
1991
Exports of goods and services
109.8
Merchandise 1
Durable
Nondurable
Services l
Receipts of factor income2
109.1 109.6 109.3 1102
109.8 108.8 109.5 110.0
1068
1083
113.5
118.0
115.2
116.7
117.7
118.4
119.0
120.0
Imports of goods and services
113.3
113.6
119.0
115.3
113.0
112.5
113.8
113.6
Merchandise l
Durable
Nondurable
Services l .
111.6
1083
110.6
1062
111.8
1082
111.7
111.0
1081
111.9
1086
112.5
1095
113.0 111.8 114.6 113.8 112.3 110.0 111.1 1109
111 7 1165 1136 1157 1163 1164 1177 1185
111.8 111 5 1180 1134
1103 111 8 111 6 1122
114.5 111 0 1290 1154
1199
1232
1239
Payments of factor income3
113.8
118.3
115.6 117.0
Addenda:
Price indexes for exports of goods
and services:
Chain-type annual weights
Benchmark-years weights
Price indexes for imports of goods
and services:
Chain-type annual weights
Benchmark-years weights
109.6
109.3
1240
110.8 110.4 111 5
111 5 111 5 1122
109.5 1086 1104
1232 121 6 1241
111 4
118.7
120.2
1180
119.3
1135
1077
1236
113.0
112.7
1. Exports and imports of certain goods, primarily military equipment purchased and sold by the Federal
Government, are included in services.
2. Consists largely of receipts by U.S. residents of interest and dividends and reinvested earnings of foreign
affiliates of U.S. corporations.
3. Consists largely of payments to foreign residents of interest and dividends and reinvested earnings of U.S.
affiliates of foreign corporations.
NOTE.— Percent changes from preceding period for selected items in this table are shown in table 8.1.
SURVEY OF CURRENT BUSINESS
June 1992
Table 7.10.—Price Indexes for Exports and Imports of Merchandise
by End-Use Category, Fixed 1987 Weights
Table 7.11.—Price Indexes for Government Purchases by Type,
Fixed 1987 Weights
[Index numbers, 1987=100]
[Index numbers, 1987=100]
Seasonally adjusted
Seasonally adjusted
1990
Exports of merchandise
Foods, feeds, and beverages
Industrial supplies and materials
Durable goods
Nondurable goods
Capital goods, except automotive
Civilian aircraft,, engines, and parts ...
Computers, peripherals, and parts ....
Other
Automotive vehicles, engines, and parts
Consumer goods, except automotive
Durable goods
Nondurable goods
Other
Durable goods
Nondurable goods
1991
1990
IV
I
II
III
IV
I
109.1
109.6
109.3
110.2
109.8
108.8
109.5
110.0
115.2
113.2
114.4
112.6
104.0
113.9
114.9
110.9
115.1
108.9
105.1
118.4
110.0
116.6
112.4
118.6
104.4
115.6
112.5
115.1
116.6
114.5
104.8
116.3
115.4
111.3
115.1
109.5
105.2
117.6
113.5
108.9
114.9
106.2
104.8
119.6
118.1
108.2
113.9
105.6
105.5
120.0
117.2
106.9
115.3
103.1
106.4
121.0
77.7
68.2
74.8
72.1
70.1
66.2
64.3
62.9
109.8
107.3
110.3
109.4
111.0
111.3
111.3
111.3
113.3
111.1
114.1
111.6
116.2
112.4
112.4
112.4
110.9
103.6
110.3
110.1
110.4
112.7
112.7
112.7
112.2
110.0
113.4
111.5
114.9
112.8
112.8
112.8
113.1
110.8
114.9
112.4
117.1
112.3
112.3
112.3
113.2
111.3
113.9
111.2
116.3
111.8
111.8
111.8
114.9
112.2
114.2
111.4
116.6
112.6
112.6
112.6
116.5
112.8
120.6
112.9
127.4
112.8
112.8
112.8
111.8
111.5
118.0
113.4
110.8
110.4
111.5
111.4
Imports of merchandise
Foods, feeds, and beverages
Industrial supplies and materials, except
petroleum and products
Durable goods
Nondurable goods
Petroleum and products
Capital goods, except automotive
Civilian aircraft, engines, and parts ...
Computers, peripherals, and parts ....
Other
Automotive vehicles, engines, and parts
Consumer goods, except automotive .....
Durable goods
Nondurable goods
Other
Durable goods
Nondurable goods
79.4
71.9
77.7
74.6
72.8
70.9
69.3
67.6
110.9
110.5
113.2
112.0
114.6
111.3
111.3
111.3
114.4
113.6
114.2
113.9
114.5
113.1
113.1
113.1
113.8
111.5
114.6
113.9
115.6
112.8
112.8
112.8
115.3
112.7
114.9
114.6
115.2
113.7
113.7
113.7
113.6
113.1
113.6
113.2
114.0
112.9
112.9
112.9
114.1
113.5
113.4
113.1
113.9
112.6
112.6
112.6
114.4
115.2
114.9
114.7
115.1
113.3
113.3
113.3
115.4
116.8
117.8
116.0
119.9
114.7
114.7
114.7
Addenda:
Exports of agricultural products l
Exports of nonagricultural products ...
Imports of nonpetroleum products
113.9 113.0 109.3 111.7 114.2 111.5 114.6 113.1
108.4 109.1 109.3 110.0 109.2 108.4 108.9 109.6
110.8 112.2 112.1 112.9 112.0 111.6 112.3 114.0
1. Includes parts of line 2 and line 5.
104.2 108.5 105.8 107.8 109.1 108.2 108.7 111.7
116.4
117.7
115.0
120.9
104.9
114.0
114.5
114.5
114.5
106.0
106.4
118.4
116.8
117.7
115.9
168.8
107.0
115.6
117.4
116.2
118.8
118.0
107.6
116.3
115.3
115.3
115.3
100.5
105.9
117.7
1990
1992
1991
113.0
113.7
112.2
100.2
106.0
119.6
112.3
112.7
111.8
105.3
105.9
120.0
114.2
115.8
112.4
88.8
106.3
121.1
Government purchases
.....
Federal
National defense
Durable goods
Nondurable goods
Services
Compensation of employees
Military
Civilian
Other services
Structures
Nondefense
Durable goods
Nondurable goods
Commodity Credit Corporation
inventory change
Other nondurables
Services
Compensation of employees
Other services
Structures
State and local
Durable goods
Nondurable goods
Services
Compensation of employees
Other services
Structures
Addenda:
Price indexes for government
purchases:
Chain-type annual weights
Benchmark-years weignts
Price indexes for Federal national
defense purchases:
Chain-type annual weights
Benchmark-years weights
Price indexes for Federal nondefense
purchases:
Chain-type annual weights
Benchmark-years weignts
Price indexes for State and local
purchases:
Chain-type annual weights
Benchmark-years weights
1991
112.4
116.3
112.1
116.4
112.2
109.4
124.7
112.8
115.2
114.9
115.9
109.3
115.7
116.3
111.1
119.1
118.1
121.6
120.9
122.9
113.1
129.1
1990
1992
1991
IV
I
114.3
113.8
114.1
115.5
116.0
116.5
117.2
118.2
115.9
116.0
116.4
117.4
119.3
116.0
111.1
125.8
117.0
120.4
119.8
121.7
112.1
134.2
115.8
110.9
115.2
117.6
121.2
120.4
122.6
112.6
128.2
116.1
110.3
115.7
118.3
121.8
121.2
123.2
113.4
130.1
117.3
112.2
119.6
119.4
122.8
122.2
124.0
114.5
124.0
119.1
111.9
112.4
122.7
128.4
127.9
129.6
114.6
123.2
110.6
143.3
114.0
115.8
115.2
116.9
111.4
116.3
II
III
IV
I
111.5 116.8 113.0 115.8 116.6 117.1 117.6 120.2
104.1 106.5 104.6 107.6 106.6 106.1 105.7 102.5
109.2
113.2
115.4
110.2
110.6
110.5 109.1
119.1 114.6
122.3 116.3
114.7 112.3
113.2 111.3
108.3
118.0
121.4
113.4
112.4
109.9
118.7
122.2
113.9
113.3
111.7
119.3
122.6
114.8
113.6
112.0
120.4
123.2
116.6
113.4
112.3
124.0
128.9
117.1
113.2
112.7
108.2
115.6
113.3
116.1
116.2
111.2
115.3
117.8
121.7
114.6
109.4
121.5
115.1
118.3
115.2
110.7
116.7
116.4
119.8
116.0
110.9
114.4
117.4
121.2
116.7
111.2
115.2
118.3
122.3
117.1
112.0
115.1
118.9
123.5
117.4
112.7
113.9
119.7
124.4
82.1
74.5
80.0
78.1
76.3
74.2
69.6
67.3
109.8 110.3 111.5
111.5
110.7
109.6
109.4 111.0
112.2
112.3
111.7
111.8
110.6
111.8
112.7
112.7
SURVEY OF CURRENT BUSINESS
l8 • June 1992
Table 7.12.—Price Indexes for National Defense Purchases, Fixed
1987 Weights
Table 7.14.—Implicit Price Deflators for Gross Domestic Product
by Sector
[Index numbers, 1987=100]
[Index numbers, 1987=100]
Seasonally adjusted
1990
1991
1990
IV
National defense purchases
112.2
Durable aoods .
Military equipment
Aircraft
Missiles
Ships
Vehicles
Electronic equipment .
Other
Other durable goods
Nondurable goods
I
II
III
IV
I
117.3
119.1
116.3
114.1
116.0 115.8
116.1
109.4 111.1
110.6
111.1
110.9
110.3 112.2 111.9
109.4
112.4
101.0
110.0
110.5
105.9
113.0
108.8
110.7
113.1
104.5
111.0
112.1
106.2
113.8
109.7
111.3
111.2
108.9
114.8
112.5
106.8
114.7
109.4
111.0
111.6
104.2
117.2
113.7
106.8
115.6
109.3
110.5
109.9
103.7
117.2
115.9
107.1
116.3
108.5
111.3
111.6
104.9
116.8
115.4
107.0
115.8
109.2
124.7 119.1
Petroleum products
Ammunition
Other nondurable goods
Seasonally adjusted
112.5
113.8
102.6
118.0
119.5
107.6
116.6
109.5
112.2
112.9
102.9
118.3
119.6
107.8
116.6
108.6
143.3 125.8 115.2 115.7 119.6
112.4
146.3 133.2 198.5 152.6 120.1 125.0 135.3 114.2
112.1 109.5 111.5 109.3 112.4 108.0 108.2 109.6
113.2 112.8 113.5 112.4 112.7 112.9 113.3 113.2
Services .
Compensation of employees
Military
Civilian
Other services
Contractual research and
development
Installation support2l
Weapons support ..
Personnel support3
Transportation of material
Travel of persons
Other
112.8
118.1
114.0 117.0
117.6
118.3 119.4 122.7
115.2
114.9
115.9
109.3
121.6
120.9
122.9
113.1
115.8
115.2
116.9
111.4
120.4
119.8
121.7
112.1
121.2
120.4
122.6
112.6
121.8
121.2
123.2
113.4
122.8
122.2
124.0
114.5
128.4
127.9
129.6
114.6
108.9
113.1
114.1
126.0
96.3 105.4
107.4 109.1
107.2
112.8
111.4
123.1
107.8
112.5
111.9
124.0
97.9 102.4
109.8 112.6
108.9
112.2
113.0
125.6
104.9
108.3
109.8
113.6
113.8
125.3
105.2
108.1
109.0
114.3
117.5
129.1
109.2
107.3
108.8
114.1
117.6
130.3
108.5
109.0
106.2
110.7
109.7
117.9
Structures
115.7
Military facilities
Other .
129.1
116.3 134.2 128.2 130.1 124.0 123.2
107.3 110.5 108.1 108.2 109.9 111.8 112.3 113.3
131.0 163.3 131.4 182.1 161.9 163.6 145.5 141.4
Addenda:
Price indexes for national defense
purchases:
Chain-type annual weights
Benchmark-years weights
111 7
111.8
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, other than research and
development.
3. Includes compensation of foreign personnel, consulting, training, and education.
Table 7.13.—Implicit Price Deflators for the Relation of Gross
Domestic Product, Gross National Product, Net National Product,
and National Income
[Index numbers, 1987=100]
Gross domestic product
Plus: Receipts of factorl income from
the rest of the world
Less: Payments of factor
income to the
rest of the world2
112.9 117.0
1135
117.4
114.5
115.9
116.8
117.9 1152
1167
117.7 1184
117.9
11RB
119.0 120.1
113.8 118.2 115.6 117.0 118.0 118.5 119.3 120.3
114.5 115.9
116.8 117.4 117.9
118.8
Equals: Gross national product
112.9
Less: Consumption of fixed capital
108.0 109.6 108.7 109.5 109.7 109.6 109.6 108.8
Equals: Net national product
113.5
Less: Indirect business tax and nontax
liability plus business transfer
payments less subsidies plus current
surplus of government enterprises ....
Statistical discrepancy
112.4 116.2 1139
117.0
118.0
115.2
116.7
117.7
115.2 1160
118.4 119.0
1?01
1170
1176
1165
Equals: National income
Addenda:
Net domestic product
Domestic income
113.5 118.0 115.2 116.7 1177
118.4 119.0
i?m
1. Consists largely of receipts by U.S. residents of interest and dividends and reinvested earnings of foreign
affiliates of U.S. corporations.
2. Consists largely of payments to foreign residents of interest and dividends and reinvested earnings of U.S.
affiliates of foreign corporations.
1990
1992
1991
Gross domestic product
1991
1990
1992
1991
IV
I
II
III
IV
I
117.9
118.8
112.9
117.0
114.5
115.9
116.8
117.4
Business
Nonfarm
Nonfarm less housing
Housing
Farm
Statistical discrepancy
112.4
112.3
112.0
115.2
120.1
112.4
116.2
116.3
115.9
119.8
109.9
116.2
113.9
114.0
113.7
117.0
110.8
113.9
115.2
115.3
115.0
118.0
107.7
115.2
116.0
116.0
115.7
119.1
115.3
116.0
116.5
116.6
116.3
120.0
Households and institutions
Private households
Nonprofit institutions
115.1 121.9 117.9 119.5 121.2 123.0 123.8 125.3
106.0 111.4 108.6 109.8 110.9 111.8 113.2 113.8
115.5 122.4 118.3 119.9 121.6 123.5 124.3 125.8
General government
Federal
State and local
115.8 121.7 117.5 120.0 121.2 122.2 123.2 125.6
115.2 121.7 115.9 120.6 121.4 122.0 122.9 128.5
116.1 121.6 118.3 119.8 121.1 122.3 123.4 124.4
Addendum:
Gross domestic business product
less housing
112.1
117.0
117.2
116.7
122.1
105.0
;m.9
11:6,5 117.0
117.6
117.8
117.3
122.3
107.6
117.6
Table 7.15.—Current-Dollar Cost and Profit Per Unit of ConstantDollar Gross Domestic Product of Nonfinancial Corporate Business
[Dollars]
Current-dollar cost and profit
per unit of constant-dollar
gross domestic product 1
1.107
1.135
1.117
1.129
1.135
1.138
1.137
Consumption of fixed capital
.120
.127
.123
.127
.128
.127
.127
.125
Net domestic product
.987
1.007
.994
1.002 1.007
1.010
1.010
1.014
.105
.114
.109
.113
.113
.116
.116
.117
882
893
885
889
894
894
894
897
.745
.763
.758
.760
.763
.765
.763
.760
.083
.035
.076
031
.072
.033
.073
.030
.077
.031
.076
.032
.079
.032
.087
.034
.047
.055
.045
.054
.039
.056
.043
.056
.046
.054
.044
.054
.047
.052
.053
.050
Indirect business tax and nontax
liability plus business transfer
payments less subsidies
Domestic income
Compensation of employees
Corporate profits with inventory
valuation and capital
consumption adjustments
Profits tax liability
Profits after tax with inventory
valuation and capital
consumption adjustments
Net interest .
1.140
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
June 1992
•
Table 8.1 .—Percent Change From Preceding Period in Selected Series
[Percent]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1990 1991
1990
IV
Gross domestic product:
Current dollars . ..
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights .
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights .
Personal consumption expenditures:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Durable goods:
Current dollars ..
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
9
II
2.3
4.6
4.1
2.2
5.8
-2.5
1.4
1.8
.4
2.7
III
IV
I
2.9
1.0
1.0
1.0
-.7
4.3
4.2
4.3
3.9
3.2
5.4
3.3
2.6
2.1
3.3
6.4
3.9
2.9
1.7
4.3
5.0
2.8
8.0
1.2
1.2
12
-.1 -3.5
1.4
2.3
0
5.0
5.2
51
51
4.1
2.8
2.8
3.3
-1.3
6.8
3.1
2.9
1.3
-4.4 -12.4
-9.6
-.6
-.4
-6
-6.0 -14.0 -11.9
-1.8
-4.9
17.5
9.5
-5.7
15.9
1.3
12.3
1.9
2.4
2.3
3.9
2.1
3.5
6.2
2.8
6.0
0
2.1
1.4
-2.0
7.1
.1
1
.1
-.7
-3.4
-.3
.9
0
-3.9
5.3
6.2
6.0
3.7
10.3
0
1.3
1.3
2.0
1.7
7.7
6.5
4.7
5.2
6.7
5.7
7.3
6.7.
2.3
2.3
2.3
1.7
-.9
.7
2.5
2.2
3.7
2.5
5.4
5.3
53
4.8
5.7
4.9
4.1
3.5
3.6
4.5
2.1
1.9
0 f\
£.U
Nondurable goods:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Services:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Gross private domestic investment:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Fixed investment:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Nonresidential:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights ....
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights ....
Benchmark-vears weiahts
c •«
Producers' durable
equipment:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights .
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights .
Residential:
Current dollars
Quantity indexes:
'[. Fixed 1987 weights
' Chain-type annual weights ....
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights ....
Benchmark-years weights
Exports of goods and services:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
II
I
2.9 -12.1 -19.3 -14.2
III
-8.4 -22.3
.3 -13.4 -19.7 -15.7 -10.3 -23.9
.2
.2
2.6
2.7
2.7
1.5
.6
1.7
1.9
2.4
IV
I
-8.7
1.5
-7.8
2.5
-1.0
-.9
2.8
-3.3
-.7 -17.1
-1.3
3.4
-4.2
2.3
1.6
1.1
1.3
-3.4
-1.6 -18.1
0
6.7
-1.6
3.5
2.2
1.7
1.8
2.1
0
.7
3.9
2.9
-9.6 -16.3 -24.6
1.7
1.5
6.1
14.3
11.2
11.3
-8.7 -10.4 -15.0 -24.8
-8.8
-8.7
3.1
10.9
12.3
11.7
2.5
-6.6
2.4
2.4
2.4
.9
-1.7
.2
9.0
7.4
18.6
-4.6
18.0
5.0
7.8
73
7.5
6.3
17.7
-7.4
19.4
7.3
1.6
16
1.6
1.6
6.3
-.4
2.2
2.0
2.1
.3
-9.3 -15.4
4.3
.3
26.0
-11.9
4.3
10.0
6.7
1.4
-5.4
2.9
2.0
2.3
3.4
-6.2 -11.1
8.2
-.5
3.6
-.9
10.8
-.3
3.4
9.7
2.5
4.6
-.4
-2.4
3.0
1.9
-25.7
2.9
19.2
6.1
-1.2
13.3
22.3
2.1
1.5
-7.7
-2.0
3.6
-.6
1 2 -3.5
6.2
Imports of goods and services:
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
11.9
A 1)
4.2
-4.2
-9.5
-30.3 -20.4
-.3
19.4
3.8 -10.0
-5.7
-9.5 -29.5 -20.9
-.4
19.7
5.0
-sq
Structures:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights .
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights .
1992
1991
1990
IV
5.1
-3.9
1990 1991
1992
1991
I
-8.5
-5,8
Government purchases:
Current dollars
Quantity indexes:
PiypH 1Q87 wpinhte
RpnHimflrk-vPsrct wpinhtQ
7.4
3.2
3.2
3.2
.9
4.6
2.8
-.1 -3.4
4.2
40
41
3.5
4.9
4.5
1.6
5.9
4.8
9.6
1.6
15
15
1.1
4.5
9.9
1.0
-8.1
136
1.1
4.5
43
44
3.9
4.1
7.5
.1
1.3
3.7
6.7
4.5
3.2
Price indexes:
Fiypri 1QR7 u/oinhtc
Chain-tvoe annual weiohts
Benchmark-vears weiohts
.1
-7.2
-9.7 -18.4
-1.6
-1.9
-1.8
-7.6
-9.6
2.3
2.1
2.2
1.7
1.3
-1.4
-.7
-1.3
4.5
193
17
-.2
.4
5.4
2.3
1.3
2.0
.1
.3
2.9
-6.3
-7.2 -16.1
-3.8
-5.5
-5.6
2.0
1.2
.8
1.0
-6.6
-7.7 -17.4
-3.3
-3.7
-3.4
3.1
2.3
2.0
?1
2.1
1.3
.7
.6
2.7
3.2
.7
Federal:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weiohts
Benchmark-years weicjhts
Price indexes:
Rxed 1987 weights
Chain-type annual weights
Benchmark-years weights
National defense:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights ....
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
16.6
.5
12.8
15.4
-4.6
-7.2 -13.3
3.5
10.9
-3.3
-8.9
-15.7
-3.4
4.3
6.0
.2
.1
1
0
5.9
4.6
44
44
3.6
4.1
6.7
-.7
1.2
SURVEY OF CURRENT BUSINESS
2O • June 1992
Table 8.1 .—Percent Change From Preceding Period in Selected
Series—Continued
Table 8.2.—Selected Per Capita Product and Income Series in
Current and Constant Dollars and Population of the United States
[Percent]
[Dollars]
Seasona lly adjuste d at annual rates
Seasonally adjusted at annual rates
1990
1991
1990
IV
Nondefense:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights ....
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights ....
Benchmark-years weignts
State and local:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights .
Benchmark-years weignts
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Addenda:
Final sales of domestic product:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weignts
Price indexes:
Fixed 1987 weights
Chain-type annual weignts
Benchmark-years weights
Gross domestic purchases:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weignts
Final sales to domestic purchasers:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Gross national product:
Current dollars
•.
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Command-basis gross national
product:
Quantity index, fixed 1987 weights ...
Disposable personal income:
Current dollars
1987 dollars
9.9
9.1
1.1
5.5
5.7
5.6
3.9
.8
4.3
4.0
4.1
4.8
4.0
8.4
3.9
4.4
44
4.4
.7
3.9
3.9
3.9
3.2
5.9
3.2
2.7
1.7
1.6
1.6
-.5
-.3
4.3
4.2
43
3.9
4.9
2.1
.5
.5
.5
-1.3
1992
1991
10.2
4.6
5.5
3.0
-1.3
-6.5
1990
I
II
III
IV
I
20.0
16.0
-3.5
-5.1
21.4
14.0
-5.9
-7.8
13.6
6.9
10.4
.4
-1.9
2.2
2.5
-2.4
2.8
1.7
1.7
9.0
2.0
2.4
2.1
4.9
-.1
.8
4.1
2.5
1.3
.9
4.4
1.6
1.5
7.8
1.2
-.7
-.2
4.8
5.4
3.4
2.6
2.1
3.2
-.6
3.2
5.5
1.7
5.2
.9
3.4
-.4
2.6
-3.5
4.5
44
4.5
3.6
5.8
3.2
2.4
2.5
2.2
3.0
5.6
2.4
2.3
-.4
3.0
3.1
1.0
7.2
.7
.8
3.2
2.4
2.5
2.2
2.9
2.1
3.5
4.3
2.2
6.4
.3
2.0
.4
3.4
3.3
2.6
2.1
3.3
1.2
2.1
.1
3.8
5.6
2.6
3.0
.3
3.7
.9
6.8
3.8
1.1 -1.1
11
11
4.5
45
45
3.6
-3.0
5.6
.5
-3.4
5.3
2.9
1.1
11
1.1
-.7
4.3
41
4.2
3.9
3.2
.8
-.5
-4.7
-1.0
4.5
3.9
-.1 -2.0
-1.7
7.1
1.9
-2.5
-2.8
5.4
1.3
-1.0
4.7
NOTE—Except for disposable personal income, the quantity and price indexes in this table are calculated from
weighted averages of the detailed output and prices used to prepare each aggregate and component. The fixed
weighted measures use as weights the composition of output in 1987. For the alternative indexes, the chain-type
indexes with annual weights use weights for the preceding and current years, and the indexes with benchmarkyears weights use weights of 1959, 1963, 1967, 1972, 1977, 1982, and 1987 and the most recent year.
Current dollars:
Gross domestic
product
Gross national
product
Personal income .
personal
income
Personal
consumption
expenditures ...
Durable goods
Nondurable
goods
Services
Constant (1987)
dollars:
Gross domestic
product
Gross national
product
Disposable
personal
income
Personal
consumption
expenditures ...
Durable goods
Nondurable
goods
Services
Population (midperiod,
thousands)
19 91
1990
IV
-.7
2.7
1991
I
II
1992
III
IV
I
22,056
22,450
22,135
22,206
22,406
22,567
22,620
22,881
22,099
18,720
22,502
19,133
22,237
18,977
22,296
18,944
22,438
19,110
22,610
22664
19,292
22960
19,494
16,236
16,695
16,479
16,492
16,678
16,752
16,855
17,091
14,971
1,864
15,392
1,762
15,183
1,800
15,208
1,751
15,334
1,744
15,481
1,790
15,542
1,763
15,805
1,831
4,871
8,236
4,955
8,675
4,964
8,418
4,952
8,505
4,966
8,624
4,970
8,720
4,931
8,849
5,003
8,971
19,540
19,190
19,337
19,166
19,188
19,221
19,185
19,266
19,579
19,235
19,428
19,245
19,216
19,258
19,222
19,332
14,154
13,990
14,058
13,965
14,022
13,992
13,981
14,076
13,051
1,756
12,898
1,633
12,952
1,689
12,877
1,632
12,892
1,621
12,930
1,653
12,891
1,624
13,017
1,681
4,203
7,092
4,128
7,137
4,161
7,102
4,148
7,097
4,147
7,124
4,135
7,142
4,082
7,185
4,125
7,211
249,992 252,676 251,074 251,689 252,281 252,990 253,742 254,388
SURVEY OF CURRENT BUSINESS
June 1992 • 21
Table 8.3.-Auto Output
Table 8.4.—Auto Output in Constant Dollars
[Billions of dollars]
[Billions of 1987 dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1990
1991
1991
1990
IV
Auto output
130.3 118.0
Final sales
135.0 121.1
Personal consumption expenditures .. 132.4 115.5
New autos
96.6
79.5
Net purchases of used autos
35.8
36.0
Producers' durable^equipment
35.5
37.3
New autos .......1
55.0
59.3
Net purchases of used autos
-19.6 -22.0
Net exports
-35.4 -33.7
Exports
12.4
10.5
Imports
45.9
46.1
Government purchases
2.5
2.1
Change in business inventories of
new and used autos
-4.7
-3.1
New
-4.2 -3.8
Used
.7
-.6
Addenda:
l
Domestic output of new autos
99.7
94.0
Sales of imported new autos2
59.3
54.0
I
II
III
118.5 109.8 115.5 125.2
IV
78.4
36.7
35.3
55.5
78.2
33.9
37.4
59.6
79.0
38.7
39.9
64.7
121.4 121.7
82.4
34.7
36.5
57.2
85.9
37.2
37.0
57.1
-19.7 -20.2 -22.2 -24.7 -20.7 -20.2
-38.3 -35.7 -29.9 -36.8 -32.6 -31.0
11.7
14.3
12.9
13.4
9.0 10.5
47.3
46.3
3.0
-7.7
-6.9
3.0
-7.8
-7.0
-.7
-.7
89.1
58.5
86.8
50.4
41.5
51.1
1.9
1.8
-6.0
-8.2
2.5
2.1
.4
2.2
89.4
55.8
102.1
57.8
45.4
1.6
-1.3
-2.0
.7
97.7
51.9
44.3
2.0
-9.5
78
-1.7
95.6
54.9
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.
Auto output
121.1 106.0
Final sales
126.5 109.4
Personal consumption expenditures .. 124.9 105.8
New autos
72.6
91.5
33.4
33.2
Net purchases of used autos
33.1
Producers' durable equipment
32.9
54.1
New autos
52.1
Net purchases of used autos
-19.0 -21.2
Net exports
-33.8 -31.1
Exports
9.7 10.9
Imports
43,6
42.0
Government purchases
2.3
1.8
Change in business inventories of
new and used autos .
-3.5
-5.3
New
-4.2
-4.8
Used
.7
-.5
Addenda:
l
Domestic output of new autos
93.5
84.9
Sales of imported new autos2
56.2
49.3
1. Includes new trucks only.
IV
I
II
110.7
99.3
104.5
112.3 107.8 108.4
119.3 108.0
118.0 106.8
109.7
103.1
109.8
107.3
71.5
31.6
32.9
54.5
71.9
35.3
35.3
58.9
84.7
33.4
33.4
52.6
72.2
34.5
31.4
51.2
III
I
IV
110.2 117.7
106.2 111.9
74.8
31.4
32.2
51.9
77.6
34.2
32.1
51.6
-19.2 -19.8 -21.6 -23.6 -19.7 -19.5
-34.9 -32.6 -27.9 -34.4 -29.6 -28.1
11.6
8.9
9.3 10.3
12.5
11.3
43.8
41.9
2.8
2.5
-8.6
-8.0
-8.7
-8.1
-.6
-.6
83.5
55.2
78.4
46.4
38.2
1.7
-5.2
-7.4
2.2
81.2
51.0
46.9
1.6
2.5
2.0
.5
92.6
52.6
40.9
1.4
-2.4
-3.2
.8
87.6
47.1
39.7
1.8
-9.3
-7.8
-1.5
85.4
49.6
Table 8.6.—Truck Output in Constant Dollars
r
[Billions of dollars]
72.8
73.8
1992
1991
1990
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.
Table 8.5.-Truck Output
Truck output l
Final sales
Personal consumption expenditures ..
Producers' durable equipment
Net exports
Exports
Imports
Government purchases
Change in business inventories
1991
I
126.2 117.6 121.5 122.6 122.7 131.1
125.4 115.0 112.1 117.7 117.1 123.1
89.7
35.7
36.1
55.8
1990
1992
67.7
67.1
56.8
68.2
72.3
73.6
76.6
39.5
33.4
69.2
35.7
31.4
69.6
35.9
32.7
65.6
32.8
29.4
69.3
34.2
30.4
70.8
38.3
31.4
71.1
37.5
34.5
70.5
37.1
33.9
-54
4.2
96
6.3
-38
5.3
9.1
5.9
-42
4.5
8.7
5.3
-35
4.5
8.0
6.8
-26
5.8
8.4
7.3
-42
5.3
9.5
5.4
-50
5.3
4.1
-62
4.6
108
5.6
-1.0
-1.5
-2.5
-B.8
-1.1
1.4
2.5
6.1
10.3
[Billions of 1987 dollars]
Truck outout *
Final sales .
Personal consumption expenditures ..
Producers' durable equipment
Net exports
Exports
Imports
Government purchases
Change in business inventories
1. Includes new trucks only.
67.4
60.4
61.2
51.2
61.7
64.1
64.6
66.7
68.3
36.5
30.9
61.8
31.5
28.1
-50
3.9
89
58
-32
4.7
79
53
63.5
32.7
29.9
-3.9
59.2
29.3
26.6
-2.9
62.6
30.4
27.6
-2.0
62.9
33.6
28.1
-3.7
62.4
32.8
30.3
-4.3
61.4
32.3
29.6
-5.4
-1.0
-1.3
4.1
80
48
-2.3
4.1
70
61
-7.9
5.3
73
66
-1.0
4.7
84
48
4.7
90
36
4.0
94
49
1.3
2.2
5.3
22 • June 1992
SURVEY OF CURRENT BUSINESS
NIPA Charts
Dec. Nov.
P T
Nov. Mar.
P
T
Jan. July July
P T
P
Nov.
T
Billion 1987 $; seasonally adjusted annual rates
Personal consumption expenditures- -
Gross p nvate dom sstic inves ment—
Change in business inventories
Net exports of goods and services—
Governn ient purclu ses—
1964 65
66
67
68
70 71
I I I I I I I 4"H.,trt II
I IIIII I
I I I I I I I 4 1 I I I l,£'-.tr-U-l I I I
I M I II 1 I I I I I I I I I I I I I I
72
76 77
78 79
84
73
74 75
81
82 83
85
87
88
90
91 1992
June 1992 • 23
SURVEY OF CURRENT BUSINESS
Peraent Change
10
Percent Change
10
REAL GROSS DOMESTIC PRODUCT'
GROSS DOMESTIC PURCHASES PRICE INDEX
(FIXED WEIGHTS)1
i
F
-to
1990
1901
1990
1992
Percent Change
1901
1992
BHMon $
500
REAL GROSS DOMESTIC PURCHASES1
CORPORATE PROFITS WITH IVA AND CCAdj2
400
I
300
aoo
100
1900
1991
199£
Percent Change
10
1990
1991
1992
1991
1992
Percent
10
REAL DISPOSABLE PERSONAL INCOME1
1 ill.
I
PERSONAL SAVING RATE3
I .1
-s
1989
1990
1991
1992
1, percent change at annual rate from preceding Barter; based on seasonally adjusted estimates, - -2, Seasonally aolusted annual ratt; IVA fe inventory valuation adjustment, and CCAdj is eapttaf consumption adjustment.
Department of Ctommeree, Bufeau of Economic Analysts
1990
SURVEY OF CURRENT BUSINESS
24 • June 1992
Reconciliation and Other Special Tables
Table 1.—Relation of Net Exports of Goods and Services and Net Receipts of Factor Income in the National
Income and Product Accounts (NIPA's) to Balance on Goods, Services, and Income in the Balance
of Payments Accounts (BPA's)
[Billions of dollars]
Seasonally adjusted at annual rates
Line
1992
1991
1991
1
Exports of goods, services, and income, BPA's
2
3
4
Less: Gold, BPA's
]
Statistical differences
Other items2
5
6
7
Plus: Adjustment for grossing of parent/affiliate interest payments
Adjustment for U.S. territories and Puerto Rico
Services furnished without payment by financial intermediaries except life insurance carriers
and private noninsured pension plans
I
II
III
IV
I
704.9
697.0
699.6
703.3
719.6
724.9
3.6
4.1
3.2
3.4
3.6
17.5
-0.7
5.5
27.9
20.8
-0.9
5.1
27.3
17.8
-1.2
5.5
27.7
13.9
-0.8
5.6
28.1
17.2
0
5.6
28.3
3.8
16.9
-0.5
4.6
28.5
8.4
8.4
8.4
8.4
8.4
8.5
8
Equals: Exports of goods and services and receipts of factor income, NIPA's
726.3
713.8
721.4
728.9
741.1
746.3
9
Imports of goods, services, and income, BPA's
716.6
705.1
706.4
723.6
731.4
719.1
3.3
4.5
3.0
5.2
2.3
10
11
12
Less: Gold, BPA's
Statistical differences l
Other items2
13
14
15
16
P/us:Gold, NIPA's
Adjustment for grossing of parent/affiliate interest payments
Adjustment for U.S. territories and Puerto Rico
Imputed interest paid to rest of world
8.4
8.4
8.4
8.4
8.4
8.5
17
Equals: Imports of goods and services and payments of factor income, NIPA's
743.8
727.9
730.5
755.4
761.5
750.3
18
Balance on goods, services, and income, BPA's (1-9)
-11.7
-8.1
-6.8
-20.3
-11.8
19
20
21
Less: Gold (2-10+13)
Statistical differences (3-1 1 )]
Other items (4-12) 2 ....
-1.7
15.6
-2.1
16.3
-1.8
12.6
-0.1
-0.9
15.3
-2.2
18.3
22
Plus: Adjustment for U.S. territories and Puerto Rico (6-15)
23
Equals: Net exports of goods and services and net receipts of factor income, NIPA's (8-17) ...
2.9
1.9
. .
1,
1. Consists of statistical revisions in the NIPA's that have not yet been incorporated in the
BPA's (1992:1) and statistical revisions in the BPA's that have not yet been incorporated in the
NIPA's (1991:1-1991:IV).
2. Includes a current-cost (replacement-cost) adjustment to factor income in the BPA's, that
will not be included in the NIPA's until the annual NIPA revision in July 1992.
Text continues from page 2.
increased $8.2 billion and payments increased
$2.3 billion. The sharp increase in receipts reflected, in part, increased profits of financial
affiliates in the United Kingdom; the increase
in payments reflected increased profits of petroleum and manufacturing affiliates in the United
States.
Profits before tax and related measures.—PBT in-
3.1
2.2
-1.1
-1.1
-1.1
-1.4
-1.1
-1.1
-1.1
-0.4
-1.1
-2.4
-2.9
-2:0
-2.0
-2.7
-1.1
5.5
19.4
5.1
18.9
0.4
0.2
8.5
8.4
-17.5
-14.1
5.5
19.3
5.6
19.6
5.6
19.7
0.3
1.1
8.4
8.5
8.6
-9.1
-26.5
-20.4
4.6
19.9
5.8
0.5
17.3
0.6
8.6
-4.0
NOTE.—Three changes have been made to the BPA's that eliminate differences between the
BPA's and the NIPA's. The BPA's now present service transactions on a gross basis, include
estimates for nonresident taxes paid and received, and exclude capital gains and losses from
direct investment income. See "U.S. International Transactions, First Quarter 1992 and Revised
Estimates, 1976-91" in this issue of the SURVEY OF CURRENT BUSINESS.
creased $32.7 billion. The difference between
the $39.8 billion increase in profits from current
production and the $32.7 billion increase in PBT
reflects changes in the IVA and in the ccAdj. In
the first quarter, the IVA decreased $4.7 billion,
and the ccAdj increased $11.9 billion. The IVA and
the ccAdj convert the value of inventory withdrawals and of depreciation, respectively, that
are reported by business to a basis that is consistent with the national income and product
accounts. H
SURVEY OF CURRENT BUSINESS
June 1992
Pollution Abatement and Control
Expenditures, 1972-90
• Estimates for 1990
• Revised Estimates for 1972-89
By Gary L Rutledge and Mary L Leonard
(j\ EAL SPENDING for pollution abatement and
jL\control (PAC) increased 2.2 percent in 1990,
following a i.3-percent increase in 1989 (table i).
Prices of PAC goods and services, as measured by
the PAC fixed-weighted price index, increased 4.4
percent, slightly more than in 1989.
Over nine-tenths of all PAC spending is for
pollution abatement (PA); the rest comprises
two components—regulation and monitoring expenditures and research and development expenditures. Real PA expenditures increased 2.3
percent in 1990, up from a 1.2-percent increase
in 1989. Real spending for regulation and monitoring decreased 1.3 percent after an o.9-percent
increase. Real spending for research and development was unchanged after a 2.7-percent
increase.1
In addition to the estimates for 1990, this article presents revised estimates of PAC expenditures
for 1972-89. The revised estimates do not substantially alter the overall picture of PAC spending
throughout the economy (chart 3). The revised
current-dollar estimates primarily incorporate revisions in estimates for business operation of
facilities for air and water PA, for new plant and
discharge. Regulation and monitoring is a government activity that stimulates
and guides action to reduce pollutant emissions. Research and development
by business and government not only supports abatement but also helps
increase the efficiency of regulation and monitoring.
PAC spending covers most, but not all, PAC activities, which are defined as
those resulting from rules, policies and conventions, and formal regulations
restricting the release of pollutants into common-property media such as
the air and water. PAC spending excludes (i) PAC activities that do not use
productive resources (for example, plant closings due to PAC, delays in plant
construction, or curtailments in the use of chemicals in manufacturing and
agriculture) and (2) PAC activities that do use productive resources but that
are nonmarket activities (for example, volunteer litter removal).
For the purpose of concise presentation, solid waste management—which
includes the collection and disposal of solid waste and the alteration of production processes to generate less solid waste—is categorized as solid waste
PAC in the tables in this article. These estimates mainly cover spending
for collection and disposal by means acceptable to Federal, State, and local
authorities; in the text, they are referred to as "solid waste disposal" spending.
i. The expenditures discussed in this article are for goods and services
that U.S. residents use to produce cleaner air and water and to manage solid
waste. PA directly reduces pollutant emissions by preventing the generation of
pollutants, by recycling the pollutants, or by treating the pollutants prior to
Table 1.—Constant-Dollar Spending for Pollution Abatement and Control by Sector: Summary for Recent Years
Percent
Billions of constant (1987) dollars
Change from preceding year
Level
1987
Pollution abatement and control
Pollution abatement
....
.
.
1988
1990"
1989
1988
79.1
80.1
81.8
2.4
77.5
2.3
1.0
1.2
-.2
1.5
.5
.9
-.2
-.3
1.0
1.8
.2
-.5
.8
-.1
1.6
1.9
1.1
-.2
1.4
-.1
.9
-.1
.7
.7
-.3
-.3
-.7
1.6
.3
.3
.5
-.6
.5
.7
-.3
.3
.8
.3
.5
1.3
.9
.4
72.5
74.8
75.7
10.9
11.8
10.1
Business
Capital
Motor vehicle emission abatement devices
Plant and eauioment
. . . . .
Other
Current account
Operation of motor vehicle emission abatement
devices
Operation of plant and equipment
Operation of public sewer systems
Costs recovered
Other
44.5
14.8
8.6
2.2
5.1
7.3
2.4
29.7
1.6
19.0
7.8
-1.5
1.3
9.8
2.0
46.0
15.2
,
6.0
7.1
2.1
30.7
9.2
.9
47.8
15.4
5.5
7.9
2.0
32.4
8.4
-1.8
1.1
49.7
16.4
5.3
9.3
1.8
33.2
.8
1.5
19.7
8.7
8.5
.2
21.3
8.7
-1.5
1.5
.2
21.8
9.4
-1.7
1.8
7.1
9.4
7.6
8.6
-1
-.7
.5
Regulation and monitoring
1.5
1.6
1.7
1.6
.1
Research and development
2.6
2.7
2.7
2.7
p Preliminary.
NOTE—Based on tables 9 and 10.
17.1
10.1
17.0
17.8
9.7
8.2
19.1
10.6
0
1.0
1990"
76.7
Personal consumption
Motor vehicle emission abatement devices
Operation of motor vehicle emission abatement devices ..
Government
Public sewer system construction
Other
1989
Change from preceding year
1988
1.7
3.1
.9
1.8
3.1
-1.7
6
-1.1
-1.5
-.7
-.7
8.8
0
.1
1990"
1989
1.3
1.2
-14.2
2.2
2.3
-14.6
13.8
-6.3
-8.1
-10.5
-53.3
-79.0
3.3
3.2
18.0
-2.5
-11.2
3.4
-8.5
3.9
8.4
20.9
-19.8
-.8
-6.7
7.6
3.9
1.0
-8.1
10.7
-6.2
4.0
6.9
-4.4
18.3
-6.7
5.4
2.7
-49.2
8.3
3.4
-17.8
-71.5
2.2
7.6
43.5
4.9
3.0
7.1
17.9
17.6
7.3
9.4
4.9
0
8.2
.9
-1.3
0
.4
2.7
0
SURVEY OF CURRENT BUSINESS
26 • June 1992
equipment expenditures by business for PA, for
purchases of septic systems and laterals (that is,
connectors to public sewers) for water PA, and for
construction of public sewer systems by government for water PA. The revised constant-dollar
estimates incorporate a shift in the base period
from 1982 to ipS/.2
The first section of this article examines real
PAG spending and PAC prices in 1990. The second section describes trends in the estimates of
PAC expenditures. The third section discusses the
sources and the size of the revisions for 197289, and the fourth discusses the sources used in
preparing the estimates.
Recent estimates
Real PAC spending in 1990.—Real PAC spending increased $1.7 billion, or 2.2 percent, to $81.8 billion
in 1990 (table i, with detail in tables 9 and 10). It
had increased 1.3 percent in 1989. Real spending
for air PAC decreased 6.5 percent in 1990, following an 8.4-percent decrease in 1989 (table 2).
The 1990 decrease was attributable to declines
in personal and business spending for purchasing and operating emission abatement devices on
motor vehicles. Real spending for both water PAC
and solid waste disposal rose in 1990. Water PAC
spending increased 8.9 percent, following an increase of 5.1 percent. The 1990 increase reflected
increases in new plant and equipment spending
and in purchases and operation of public sewer
systems. Solid waste disposal spending increased
2. The shift in the base period puts these estimates on the same basis as
the constant-dollar national income and product accounts estimates, which
shifted from a 1982 to a 1987 base as part of the 1991 comprehensive revision.
For more information, see "The Comprehensive Revision of the U.S. National
Income and Product Accounts: A Review of Revisions and Major Statistical
Changes," SURVEY OF CURRENT BUSINESS 71 (December 1991): 32-36.
5.8 percent, following an increase of 10.5 percent.
The 1990 increase reflected increases both in business spending to operate plant and equipment
and in government spending.
By sector, personal consumption PA spending
decreased in 1990, while business and government PA spending increased. The largest increase,
$1.4 billion, was in business PA spending to purchase new plant and equipment. The second
largest increase, $0.9 billion, was in government
PA spending for the construction of public sewer
systems.
Personal consumption PA expenditures, all of
which is for the purchase and operation of motor vehicle emission abatement devices, decreased
$1.5 billion (14.6 percent) in 1990 after a similar
drop the previous year. Purchases of these devices (for example, catalytic converters) decreased
$0.7 billion (8.1 percent), reflecting a fall in unit
sales of vehicles. The cost of operating these devices also decreased $0.7 billion (79.0 percent); in
1990, the price gap between unleaded and leaded
gasoline narrowed for the fifth consecutive year,
sharply cutting the cost of operating these devices
(see the box on page 33).
Business PA expenditures increased $1.9 billion
(4.0 percent) in 1990. PA spending on capital
account increased $1.1 billion, reflecting the increase in purchases of new plant and equipment.
PA spending on current account increased $0.9
billion, largely reflecting increases in the operation of plant and equipment and of public sewer
systems.
Government PA expenditures increased $1.3 billion (7.3 percent). The increase was primarily for
Table 2.—Pollution Abatement and Control Expenditures
by Type in Current and Constant Dollars and FixedWeighted Indexes: Percent Change
1972-90
average
annual
growth
rate
Acknowledgments
Gary L. Rutledge, Chief of the Environmental Economics Division, supervised the preparation of the
estimates. Mary L. Leonard planned and coordinated
the compilation and analysis of the estimates. Mohamad F. Moabi and Christine R. Vogan assisted in
compiling the estimates and formatting selected tables.
The preparation of estimates involved the following
staff: Personal consumption—Frederick G. Kappler;
business—David M. Bratton, Frederick G. Kappler,
Mary L. Leonard, Mohamad F. Moabi, Nikolaos A.
Stergioulas, Christine R. Vogan, and Howard J. White;
and government—David M. Bratton, Mary L. Leonard,
Christine R. Vogan, and Howard J. White. Shirley
D. Tisdale and Sonia R. Jones provided statistical and
secretarial services, respectively.
Change from preceding
year
1988
1989
Total:
Current dollars
. .
1987 dollars
Fixed-weighted price index
9.7
3.2
6.2
5.8
3.1
2.6
Air:
Current dollars
1987 dollars
Fixed-weighted price index
8.8
2.2
6.0
6.0
3.9
2.1
Water:
Current dollars
1987 dollars
Fixed-weighted price index
9.6
3.2
6.3
Solid waste:
Current dollars
1987 dollars
Fixed-weighted price index
f Preliminary
NOTE—Based on table 9.
11.7
4.8
6.6
.4
-1.8
2.3
17.2
12.7
4.0
5.3
1.3
4.0
-5.1
-8.4
3.8
8.8
5.1
3.5
16.3
10.5
5.3
1990^
5.3
2.2
4.4
-4.4
-6.5
5.9
11.5
8.9
2.3
11.3
5.8
5.4
SURVEY OF CURRENT BUSINESS
June 1992, •
the construction of public sewer systems; State
and local government spending for solid waste
disposal also increased.
by type in table 4; the types are in accordance with definitions in Federal legislation.3
PAC prices in 1990.—The fixed-weighted price index for total PAC spending increased 4.4 percent
in 1990, following a 4.o-percent increase in 1989
(table 2). Prices for air PAC and for solid waste
disposal increased more in 1990 than in 1989, and
prices for water PAC increased less.
Real spending by sector.—During 1972-90, real
PAC spending increased $35.5 billion. Business
spending accounted for $19.7 billion of the increase, government spending for $10.6 billion,
and personal consumption spending for $5.2
billion (chart i).
Within business PAC spending, most of the
dollar increase was in current-account spending,
which declined only in 1982. Current-account
spending increased at an average annual rate
of 4.2 percent during 1972-81 and 3.4 percent
during 1981-90. Capital-account spending increased little overall; declines in 1982 and 1983
were followed by a limited recovery. Capitalaccount spending increased at an average annual
rate of 1.3 percent during 1972-81 and 0.5 percent
during 1981-90. The declines in 1982 (for currentaccount and capital-account spending) and in
1983 (for capital-account spending) reflected relatively weak general business conditions coupled
with some relaxation of environmental regulatory
concern in the early 1980'$.
Within government PAC spending, most of the
dollar increase was in spending for public sewer
system construction, one of the most volatile PAC
components. Large declines in spending for pub-
Real PAC spending in 1991.—According to the
information available in June 1992, real PAC
spending in 1991 remained close to the 1990
level. Increases in spending to operate PA plant
and equipment and in PA spending by State and
local governments for solid waste disposal are expected to have offset decreases in PAC components
such as spending to purchase and operate motor
vehicle emission abatement devices.
Trends in real PAC spending, 1972-90
Total PAC spending increased at a 3.2-percent average annual rate during 1972-90; it increased
faster (4.1 percent) during 1972-81 and slower
(2.3 percent) during 1981-90. As a percent of
GDP, real spending for PAC rose slightly before reaching a peak of 1.8 percent in 1976,
fell to a low of i.o percent in 1984, and rose
to 1.7 percent in 1990. The estimates of real
spending are presented by sector (for example, business) in table 3; the sectors are in
accordance with national economic accounting conventions. The estimates are presented
27
3. For air PA, the Clean Air Act classifies sources of pollutants as mobile (for example, automobiles) or stationary (for example, factories). For
water PA, the Federal Water Pollution Control Act classifies sources of pollutants as point (for example, factories) or nonpoint (for example, highway
construction projects).
Table 3.—Constant-Dollar Spending for Pollution Abatement and Control by Sector: Historical Perspective
Percent
1972-81
average
annual
growth
rate
4.1
Pollution abatement and control
Personal consumption
Durables
Nondurables
Business
On capital account
Motor vehicle emission abatement
Plant and equipment ... .
Other
On current account
Motor vehicle emission abatement
Plant and equipment
Public sewer systems *
Other2
Government
Public sewer system construction
Other3
10.5
21.9
.6
3.0
1.3
24.2
-.1
.
-4.2
4.2
6.2
4.6
5.8
. .
-2.6
4.6
6.2
3.1
Millions of constant (1987) dollars
1981-90
average
annual
growth
rate
1981
1983
1984
1985
1986
1987
1988
1989
1990"
2.3
66,536
63,219
65,052
69,981
72,656
76,384
76,672
79,086
80,106
81,838
.2
4.1
-24.9
8,494
5,913
2,581
8,518
5,854
2,664
10,016
7,119
2,898
10,967
8,119
2,848
11,780
8,832
2,948
12,685
9,604
3,081
10,875
8,642
2,233
11,831
9,832
1,999
10,147
9,213
934
8,665
8,469
197
2.4
.5
5.4
-.9
3.4
-21.9
2.9
6.7
7.9
41,796
15,754
3,286
10,460
2,008
26,041
2,011
16,879
5,297
1,854
39,105
14,447
3,149
9,684
1,614
24,658
2,024
14,858
5,616
2,160
39,860
13,342
3,792
7,325
2,225
26,439
2,125
15,596
5,959
2,759
42,988
15,280
5,124
7,648
2,508
27,708
2,118
16,750
6,149
2,691
44,264
15,476
5,414
7,555
2,507
28,788
2,166
16,897
6,550
3,175
45,728
14,886
5,259
7,018
2,609
30,842
2,211
18,155
7,285
3,191
46,488
14,771
5,083
6,580
3,108
31,716
1,644
18,954
7,792
3,326
47,952
15,238
5,998
7,130
2,110
32,714
1,505
19,688
8,269
3,252
49,740
15,384
5,510
7,894
1,980
34,356
764
21,329
8,554
3,709
51,694
16,449
5,267
9,336
1,846
35,246
218
21,805
9,534
3,689
3.2
2.8
3.5
16,246
8,270
7,976
15,596
7,679
7,917
15,177
7,063
8,114
16,027
7,791
8,236
16,613
8,124
8,489
17,972
8,807
9,165
19,310
10,053
9,257
19,304
9,376
9,928
20,220
9,661
10,559
21,478
10,566
10,912
-1.3
p Preliminary.
1. Spending to oprerate public sewer systems is classified in the national income and product accounts as business spending. Construction of public sewer systems is classified in the national income and product accounts as
government spending.
1982
2. For this table, private purchases for research and developmant are included with business pollution abatement
spending on current account.
3. For this table, government regulation and monitoring, and research and development are included with government pollution abatement spending.
28 • June 1992
SURVEY OF CURRENT BUSINESS
lie sewer system construction in 1981 and 1982
contributed to large declines in total PAG spending in those years. Spending for public sewer
system construction increased at an average annual rate of 6.2 percent during 1972-81 and 2.8
percent during 1981-90.
Within personal consumption PAC spending,
most of the dollar increase in spending was for
purchases of motor vehicle emission abatement
devices (durables), which increased at an average
annual rate of 21.9 percent during 1972-81 and 4.1
percent during 1981-90. Since 1981, yearly purchases have been relatively volatile—declining in
1982, increasing through 1986, declining in 1987,
increasing in 1988, and declining in 1989 and 1990.
Spending to operate these devices increased at an
average annual rate of 0.6 percent during 1972-
81 and then declined at an average annual rate
of 24.9 percent during 1981-90. Since the mid1980'$, this spending has declined sharply. (For a
discussion of spending for operation of emission
abatement devices on motor vehicles, see the box
on page 33.)
Real spending by type.—Of the overall increase in
real PAC spending during 1972-90, $34.4 billion
was for pollution abatement, $0.7 billion was for
regulation and monitoring, and $0.5 billion was
for research and development. The increase for
pollution abatement included $8.4 billion for air
PA, $14.8 billion for water PA, and $11.5 billion for
solid waste disposal (chart 2).
Air PA spending increased at an average annual rate of 5.4 during 1972-81 and declined 0.8
percent during 1981-90 (table 4). Within air
Table 4.—Constant-Dollar Spending for Pollution Abatement and Control by Type: Historical Perspective
Percent
1972-81
average
annual
growth
rate
Pollution abatement and control .
Pollution abatement
Air
1
Mobile sources2
Devices
Operation of devices
Stationary sources
Facilities
Industrial3
Other4
Operation of facilities
1983
1984
1985
1986
1987
1988
1989
1990'
2.3
66,536
63,219
65,052
69,981
72,656
76,384
76,672
79,086
80,106
81,838
2.4
62,556
59,457
60,870
65,996
68,802
72,163
72,506
74,785
75,720
77,472
5.4
-.8
.3
4.6
-23.5
.4
.4
-.9
26,872
13,791
9,199
4,593
13,080
6,547
5,951
596
6,533
6,295
238
25,656
13,691
9,003
4,688
11,965
6,132
5,501
631
5,833
5,601
232
26,563
15,934
10,911
5,023
10,629
4,426
3,893
533
6,203
5,911
292
28,971
18,209
13,243
4,966
10,763
4,333
3,820
513
6,431
6,151
279
29,916
19,359
14,246
5,113
10,556
3,940
3,539
401
6,616
6,320
296
31,067
20,154
14,863
5,292
10,914
3,950
3,573
377
6,964
6,732
232
28,519
17,601
13,725
3,876
10,918
4,119
3,728
391
6,800
6,575
225
29,675
19,334
15,830
3,504
10,341
3,665
3,342
323
6,676
6,436
240
26,982
16,421
14,723
1,698
10,561
3,762
3,463
299
6,799
6,553
246
25,053
14,150
13,736
414
10,903
4,137
3,900
237
6,766
6,546
220
3.6
3.9
2.1
1.2
2.8
-.1
6.0
4.5
6.7
9.6
-.5
24,250
22,586
12,971
3,405
8,270
1,296
9,615
4,025
5,297
294
1,664
23,337
21,783
12,017
3,284
7,679
1,054
9,766
3,844
5,616
306
1,554
23,752
21,912
11,155
2,666
7,063
1,425
10,757
4,264
5,959
534
1,840
25,381
23,440
12,233
2,865
7,791
1,577
11,208
4,482
6,149
577
1,941
26,541
24,634
12,634
2,879
8,124
1,632
12,000
4,658
6,550
792
1,907
27,765
25,828
12,897
2,392
8,807
1,698
12,931
4,866
7,285
780
1,937
29,694
27,907
14,008
2,354
10,053
1,601
13,899
5,383
7,792
724
1,788
29,106
27,521
13,253
2,381
9,376
1,496
14,269
5,310
8,269
690
1,585
30,618
29,042
14,024
2,923
9,661
1,441
15,017
5,777
8,554
686
1,576
33,435
31,840
15,650
3,799
10,566
1,285
16,191
5,988
9,534
668
1,595
5.1
4.0
6.5
13,042
7,665
5,377
11,697
6,312
5,385
11,734
6,188
5,546
12,917
7,080
5,838
13,313
7,056
6,257
14,342
7,610
6,732
15,470
8,228
7,243
17,408
9,349
8,059
19,257
10,508
8,749
20,393
10,908
9,485
-968
16.2
2.1
2.3
-3.3
3.0
3.5
2.4
Point sources
Facilities 3
Industrial
Public sewer systems
Other7
Operation of facilities
Industrial
Public sewer systems
Other5
Nonpoint sources
1982
4.1
2.7
1.4
.7
-.1
Water6
1981
4.2
11.7
22.7
Industrial
Other5
Millions of constant (1987) dollars
1981-90
average
annual
growth
rate
-1.4
6.2
-3.8
5.3
4.8
5.8
3.9
-2.7
-2.0
-5.0
-4.6
-9.7
Solid
Industrial
Other8
4.4
6.8
1.7
Other9
4.1
-1.5
-1,608
-1,233
-1,178
-1,274
-1,012
-1,177
1,403
-1,138
-1,408
7.3
1.6
6.8
-1.1
1,810
445
677
286
401
1,709
400
606
294
409
1,608
383
548
186
491
1,507
390
525
202
390
1,361
376
566
277
143
1,589
429
606
323
230
1,519
410
583
300
226
1,643
430
617
371
225
1,657
452
616
369
220
1,636
446
597
372
220
2,170
1,215
297
82
576
2,053
1,190
297
83
483
2,574
1,595
354
111
513
2,478
1,616
327
106
430
2,493
1,731
315
112
334
2,633
1,758
326
133
416
2,648
1,776
339
129
404
2,658
1,787
328
136
407
2,730
1,786
347
170
426
2,730
1,814
359
173
384
Regulation and monitoring
Air
Solid
Other9
Research and development
Air
Water
Solid
Other9
25.9
10.7
-.5
.
-2.1
-2.9
1.1
6.3
0
-1.4
3.0
-6.5
2.6
4.6
2.1
8.6
-4.4
p Preliminary.
1. The Clean Air Act classifies sources of pollutants as either mobile, such as passenger cars, or stationary,
such as factories.
2. Cars and trucks only.
3. Consists of new plant and equipment expenditures for pollution abatement according to results from the Pollution Abatement and Costs Expenditures and the Structures and Equipment Survey—Supplement for Pollution Abatement by the Bureau of Census, as well as indirect estimation by 8EA for selected nonmanufacturing industries.
4. Consists of spending for fixed capital of government enterprises such as the Tennessee Valley Authority.
5. Consists of spending to operate government enterprises and all spending by government; separate data on
spending to acquire and operate government pollution abatement facilities are not available.
6. The Federal Water Pollution Control Act defines point sources as facilities that discharge to a body of water
through a pipe or ditch.
7. Consists of spending for private connectors to public sewer systems, capital spending by owners of feedlots,
and spending for fixed capital of government enterprises such as the Tennessee Valley Authority.
8. Consists of spending by Federal, State, and local government for the collection and disposal of solid waste
and of spending by households for collection and disposal of solid waste by business.
9. Consists of "other and unallocated" spending from table 9.
NOTE.—Based on tables 9 and 10.
June 1992 • 29
SURVEY OF CURRENT BUSINESS
PA spending, most of the dollar increase was in
spending to abate emissions from mobile sources
(primarily cars and light trucks). Mobile sources
spending generally increased until 1986; it declined through 1990 except for an increase in 1988.
The uptrend through 1986 and the increase in
1988 mainly reflected increases in purchases of
emission abatement devices; the downtrend after 1986 mainly reflected decreases in spending to
operate these devices. During 1972-81, stationary
source spending (the other major component of
air PA spending) increased at an average annual
rate of 1.4 percent, mainly reflecting an uptrend
in spending to operate industrial facilities. During 1981-90, it decreased at a 2.o-percent rate,
mainly reflecting declines in spending to purchase
industrial facilities.
Water PA spending increased at an average annual rate of 3.0 percent during 1972-81 and 3.6
percent during 1981-90. Almost all of water PA
spending consists of spending to abate pollution emissions from point sources. Within point
source spending, most of the increases during
1972-90 were accounted for by growth in the
operation of both public sewer systems and industrial water PA facilities and in the construction
of public sewer systems.
Solid waste disposal spending increased at an
average annual rate of 4.4 percent during 197281 and 5.1 percent during 1981-90. It increased
each year except in 1982; often strong increases
during 1981-90 reflected increased waste flow
from an expanding economy after 1982, together
with increased regulatory interest after 1984 in
the disposal of wastes (particularly hazardous
wastes).
Real Expenditures for Pollution
f xpendttures for P<^Iutldn
Abatement by type, 1972*10
by Sector,
Billion 1907 $
35 AIR PA
Billion 1087$
14
12
PERSONAL
30
10
25
8
20
15
6
Purchases of
Motor Vehicle Devices
4
"' 2
0
60
10
^
•---?
5
Operation of Motor Vehicle Devices s
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
N
50
BUSINESS
50
40
40
30
00
;20
WATER PA
Total
Point Sources
Capital Account
20
10
25
Nonpoint Sources
i
i i
25
GOVERNMENT
Total
20
15
n n-rrrr r r r r -i
i i i i i i i i i i i i i i i i
Public Sewer System Construction
10
SOLID WASTE PA
20
•15
10
5
I
i97g 74 , 76 78 80 82 B4 86
Note; Expericfittufte categories ajbcwe, m the satne as tftose, stoown i
U,& Department of Commerce, Bureau of Economic Analysts
I I I I I I I I I I I I I I I I I I
74 70 78 80;; £2 84 86 i'.te r%
Note: Bfpendfitee categories above am ir# samea$ ftose shown inTafe|Je,4,::
;& Department Commer^
/ ;
SURVEY OF CURRENT BUSINESS
3O • June 1992
Sources and size of revisions
for air and water PA plant and equipment, and
by government for public sewer systems (table 5b). For nonmanufacturing establishments
except electric utilities, spending to operate air
and water PA plant and equipment was revised to
incorporate revised estimates of the stock of PA
facilities in operation; the stock estimates were
revised down, so operating costs were revised
down. For electric utilities, spending for air and
water PA plant and equipment was revised upward, reflecting an upward revision in the Census
Bureau estimate of total plant and equipment
spending. Spending for public sewer systems
was revised to incorporate revised estimates from
the Census Bureau for construction put in place,
which were revised downward for each year
before 1981 and generally upward thereafter.
Revisions due to changes in methodology
mainly reflected downward revisions in the estimates of spending by nonmanufacturing establishments except electric utilities for air and water
PA plant and equipment and for solid waste disposal capital and its operation. Spending by
nonmanufacturing establishments (except electric utilities) for PA capital had previously been
estimated mainly by adjusting enterprise data
from the Structures and Equipment Survey—
Supplement for Pollution Abatement to an establishment basis; however, because the Census
Bureau reduced the industry coverage of this
The revisions in PAC spending for 1972-89
are statistical in origin; definitions, concepts,
and coverage were not changed. Revisions in
current-dollar estimates resulted from changes in
methodology—that is, new source data and/or
estimating procedures—and the incorporation of
revised data from regularly used sources. Revisions in constant-dollar estimates resulted from
three main sources: (i) The revisions in the
current-dollar estimates, (2) the shift in the base
period from 1982 to 1987, and (3) "other" revisions that result from such sources as revisions
in prices and the interaction of redistributions of
current-dollar levels within components, which,
in effect, reweight the constant-dollar component
detail.
Current-dollar revisions.—The current-dollar estimates for all years were revised down; the
largest downward revision was $5.9 billion in 1989
(table 5a). For 1972-80, the revisions mainly
reflected revisions in the source data. For 198189, the revisions mainly reflected changes in
methodology.
Revisions due to changes and updates in source
data mainly affected the estimates of spending
by nonmanufacturing establishments except electric utilities to operate air and water PA plant
and equipment, by electric utility establishments
Table 5a—Sources of Current-Dollar Revisions in Pollution Abatement and Control Expenditures, 1972-89
Revision in current-dollar
spending
Methodology ]
Source data2
-2,351
-1,009
-87
-1,104
1980
1979
1978
-3143
-1,753
-1944
-2443
-870
-883
-979
-965
-911
-3,249
-1,265
-1,373
-1 532
-1 984
-1 770
1983
-1 094
1977
1976
-315
-1 637
1982
-998
-624
-374
1975
-1,952
-809
1 542
-922
1981
Revision in current-dollar
spending
Methodology21 .
Source data
1974
1973
1972
1984
1987
1986
1985
-2060
-704
-1 356
1989
1988
-1,777
-1,600
-2,484
-1,887
-3,695
-2432
-4,539
-2805
-4,814
-3527
-4,982
-3875
-5,941
-5115
-177
-597
-1263
-1734
-1287
-1137
-826
-10
See footnotes at end of table 5b.
Table Sb.-Selected Detail in Current-Dollar Revisions for 1981-89
1981
1982
1983
1984
1985
1986
1987
1988
1989
-2,307
-2,257
-2,791
-1 156
-150
-1 330
-144
-144
-1 561
-139
-624
1
Methodology:
Air and water pollution abatement plant & equipment
(P&E), nonmanufacturing except electric utilities
Solid waste nonmanufacturing P&E, and operation of
P&E
Purchases of septic systems and laterals
Other
Source data:2
Operation of air and water pollution abatement P&E
owned by nonmanufacturing, except electric utilities
Electric utilities P&E for air and water pollution
abatement
Public sewer systems
Other
-595
-758
-1,474
-1,528
-1,667
-1,822
-45
-25
51
-32
-189
-402
-284
-182
-694
-132
-849
-174
99
-23
86
108
61
40
86
-928
-941
-1,110
-1,382
-1,570
-1,742
-2,126
-2,084
-2,282
498
15
31
671
259
1
559
365
9
628
123
34
529
465
-253
-482
31
25
631
177
31
553
427
-34
1,010
-101
1. Revisions due to development of improved estimating methods and incorporation of new
source data.
2. Revisions due to incorporation of revised data from regular sources.
547
SURVEY OF CURRENT BUSINESS
survey, BEA adopted indirect estimation methods to use the limited information still available
(for further details, see the discussion of other
sources in the section "Sources of the estimates").
This adoption of indirect methods for estimating
spending for air and water capital led to alterations of the methods for estimating spending
for solid waste disposal capital and, in turn, its
operation.
The estimates of purchases of septic systems
and laterals were also generally revised downward.
The method used to prepare these
estimates begins with the limited information
available about the extent and patterns of use of
septic systems and laterals, and it fills data gaps
by interpolations and trend analyses. In this revision, the trend analyses were improved, and
some updated or new data were incorporated (for
example, the decennial housing census).
Constant-dollar revisions.—The preceding section
examined the revisions in the current-dollar estimates in terms of the differences between the
revised and the previously published levels. This
approach is not as useful for the constant-dollar
estimates, because the shift in the base period
changes the prices in which these series are measured; the differences in the levels of the revised
and the previously published series primarily reflect this shift. More analytically useful is an
examination of the constant-dollar revisions in
terms of rates of change.
On the whole, the revised constant-dollar estimates do not appear to have substantially altered
the view of PAC spending throughout the economy (chart 3). The revised PAC estimates show
a pattern of growth similar to that shown by the
previously published estimates: Real PAC spending rose steadily through 1980, declined from 1980
through 1982, and increased continuously from
1983 through 1989. During 1972-89, PAC spending increased at an average annual rate of 3.3
percent for both the revised and the unrevised
series (table 6). In general, the effects on growth
rates in constant-dollar estimates that are noticeable largely reflect the current-dollar revisions;
the base year shift had only a minor effect on
growth rates.
In terms of the average annual rates of change
in constant-dollar PAC spending, the largest revision was for the government sector. Real PAC
spending by government increased 3.7 percent on
the revised basis, up from 2.0 percent previously.
The revision reflects spending on public sewer
system construction: The spending levels were
revised downward for the early 1970'$ and up-
June 1992
ward for the late 1980'$. Revised rates of change
for the other sectors, as well as for PAC spending
by type, are similar to those previously published.
Thus, a noticeable change in the composition of
total PAC spending was in the share of spending
accounted for by government (table 7).
Sources of the estimates
Some estimates of PAC expenditures are based directly on data from surveys or censuses; others
are prepared by indirect methods. PAC estimates
derived from direct sources typically account for
about three-fifths of total PAC spending; the re-
Expenditures, Real Expenditures, and
Fixed-Weighted Price Index for Pollution
Abatement and Control, 1972-90
;>
Bffffort9$ (Ratio Spate)
100
EXPENDITURES
80
i
•-
,/>;-•
Previously Published
60
50
40
Revised
30
20
10
I
I
I I
I I I
I
I
I
I I
I I I
I
I
I I
Billions $ (Ratio Scale)
150 f
—'~~~~
REAL EXPENDITURES
100
80
60
50
40
30
Revised (1987$)
I I I I I I ! I I I I I I I I I I I I
index (Ratio Scale)
150 FIXED-WEIGHTED PRICE INDEX
Previously Published (1982=100)
100"
80
Revised
60
(1987=100)
50
40
30 I I I I I I I I I I I I I I I I I I I
1972 74 76 78 80 82 84 86 88 90
Note: Pollution Abatement and Control (PAG) expenditures consist of expenditures
for the direct abatement of pollution (PA), for reguiation<and monitoring, and for
research .and development
U.S. Department of Commerce, Bureau of Economic Analysis
• 31
SURVEY OF CURRENT BUSINESS
32 • June 1992
Table 6.—Pollution Abatement and Control and Its Major Components: Revisions in Average Annual Rates
of Change for 1972-89
[Percent]
Current dollars
Previously
published
Pollution abatement and control
Pollution abatement
Regulation and monitoring
Research and development
By sector:
Personal consumption
Business
Government
Revised
10.0
9.8
7.8
12.9
10.3
12.9
9.3
8.4
Revision
3.3
3.3
3.4
3.2
1.2
3.4
3.3
1.1
.1
-.1
0
2.0
6.3
3.3
2.0
6.6
2.6
3.7
.3
-.7
1.7
6
.8
-.5
3.3
2.2
5.2
2.7
2.9
4.8
6
.7
-.4
-1.0
10.4
Revised
-.1
0
0
-0.1
10.0
9.8
7.8
Previously
published
Revision
9.9
10.1
Source of constant-dollar revision
Constant dollars
0
0
Currentdollar revision
Base period shitt1
-0.1
-.1
0
0
0
-.1
0
.1
.11
.2
.1
-.2
0
2.0
-.2
-.1
.1
.5
.4
-.4
6
.8
-.5
1
.1
0
.1
-.2
.1
-1.0
Other2
By type:
Air
Water
Solid waste
Other
9.6
9.5
10.2
8.7
12.2
11.7
1. Measures the difference in the average annual rates of change between the previously published estimates restated in 1987 dollars and the previously published estimates in 1982 dollars.
2. Obtained as a residual. Revisions in constant-dollar estimates resulted from three main
sources: (1) The revisions in current-dollar estimates, (2) The shift in the base year period from
mainder is based on other sources that provide
more general survey information and on assumptions made to utilize this information. Table 8
shows the breakdown of PAG spending by type of
estimate for 1990.
Surveys.—The most important direct sources are
the Pollution Abatement Costs and Expenditures (PACE) Survey (for PA capital and operating
spending by manufacturing establishments) and
surveys of government finances (for government
spending to operate sewer systems and for solid
waste disposal) and of new construction put
in place (for government spending to construct
sewer systems). These key surveys, as well
as the Structures and Equipment Expenditures
Survey—Supplement for Pollution Abatement
(for PA capital spending by electric utilities and,
to a lesser extent, by mining and petroleum enTable 7.—Composition of Real Spending for Pollution
Abatement and Control, 1972-89
Average percentage
composition, 1972-89
Previously
published
Pollution abdtement and control
Pollution abatement . ...
Regulation and monitoring ...
Research and development
Revised
100.0
100.0
94.4
93.8
2.0
3.5
2.3
3.9
By sector:
Personal consumption
Business
Government
12.8
63.2
23.9
12.5
62.3
25.2
42.4
41.2
17.3
-1.0
41!2
40.1
19.4
By type:
Air
Water
Solid waste
Other
-.7
1982 to 1987, and (3) "Other" revisions that result from such sources as revisions in prices and
the interaction of redistributions of current-dollar levels within components, which, in effect,
reweight the constant-dollar component detail.
terprises), are all conducted by the Bureau of
the Census. In addition, BEA collects data on
Federal agency funding for PAG and information
from the Environmental Protection Agency (EPA)
regional offices on State and local government
spending for regulation and monitoring. Finally,
BEA relies on the Energy Information Agency of
the U.S. Department of Energy to collect data on
PA operating spending by electric utilities from
its Steam-Electric Plant Operation and Design
Report.
Other sources.—Half of the remainder of PAC
spending is attributable to the indirect estimation of spending for motor vehicle emission
abatement devices and their operation (fuel consumption penalty, maintenance cost, and fuel
price penalty—see the box on page 33). Information on unit sales of motor vehicles is from
the Motor Vehicle Manufacturers Association of
the United States, Inc., and the dollar value per
emission abatement device at time of purchase
is derived from selected Bureau of Labor Statistics (BLS) information. Components of operating
spending are based on information from a variety of sources, including studies by EPA (for the
fuel consumption penalty and maintenance cost
for pre-1975 model year vehicles), data from BLS
(for the prices of unleaded and leaded gasoline
and the amount of unleaded gasoline purchases
to which the fuel price penalty applies), and data
from R.L. Polk, Inc. (for the inventory, or stock,
of motor vehicles by model year).
The second most important indirect PAC estimate is for residential and commercial solid waste
disposal by business. The method used to pre-
SURVEY OF CURRENT BUSINESS
pare this estimate relies on (i) studies by EPA
about the volume of solid waste disposed and
the relative costs of private versus government
disposal and (2) surveys of government disposal.
Since 1988, PA spending by nonmanufacturing
establishments except electric utilities has become increasingly hard to estimate. Because of
a cutback in the number of industries covered
by the Structures and Equipment Expenditures
Survey—Supplement for Pollution Abatement,
BEA designed new indirect estimation methods
that rely less heavily on this particular survey
source. The cutback affected every nonmanufacturing PA spending estimate except that for
electric utilities capital and operating spending;
however, all the affected estimates have benefited
from the development of new methods. The new
methods, although far from ideal, appear to give
improved estimates for PA plant and equipment
spending, which, in turn, appears to improve
the data inputs (for example, the estimates of
the stock of PA facilities operated) for estimating
PA operating spending. The estimates of mining PA capital spending and of nonmanufacturing
June 1992 • 33
Table 8.—Pollution Abatement and Control Expenditures
for 1990, by Type of Estimate
Percent of
PAC expenditures
Surveys
Pollution Abatement Costs and Expenditures (MA-200), BOG
Government Finances BOC
Value of New Construction Put in Place, BOC
Federal Funding for Pollution Control BEA
Structures and Equipment Expenditures Survey—Supplement for
Pollution Abatement, BX
Steam-Electric Plant Operation and Design Report DOE
63
23
19
12
4
Other sources
Motor vehicle emission abatement
Residential and commercial solid waste collection and disposal
by business
Nonmanufacturing operation and maintenance for pollution
abatement
Residential systems water pollution abatement investment and
operation
Electric utilities—extra cost of cleaner fuel
Nonmanufacturing plant and equipment, air and water
All other
37
17
2
3
11
3
3
1
1
3
BOC Bureau of Census
BEA Bureau of Economic Analysis
DOE Department of Energy
(except electric utility) PA capital spending are
now based on a variety of data sources, including the Structures and Equipment Expenditures
Survey—Supplement for Pollution Abatement
Operating Costs of Emission Abatement Devices on Motor Vehicles
In 1972, real consumer spending to operate motor vehicle emission
abatement devices was $2.5 billion and accounted for 71.2 percent
of personal consumption pollution abatement (PA) spending. After
reaching a peak of $3.6 billion in 1978, this spending fell to less than
$0.2 billion by 1990 and accounted for less than 2.3 percent of personal consumption PA spending. For business spending, a similarly
dramatic drop occurred. This box discusses the developments that
have shaped motor vehicle emission abatement spending since 1972
and explains the decline in operation costs for these devices.
The decline in spending for the operation of emission abatement
devices on motor vehicles (that is, cars and light trucks) is consistent with the technological solutions selected by manufacturers
in response to Federal legislation. The Clean Air Act of 1965 authorized the setting of standards to reduce motor vehicle exhaust
emissions of hydrocarbons and carbon monoxide; the Clean Air Act
of 1970 (with further amendments in 1977) encouraged manufacturers to investigate new technologies to meet motor vehicle emission
standards stated in terms of specific percentage reductions for hydrocarbons, carbon monoxide, and oxides of nitrogen. For model year
1968-74 vehicles (and earlier vehicles for California), manufacturers
placed mainly "low-tech" (for example, spark timing recalibration
and positive crankcase ventilation) devices on vehicles. For model
year 1975, manufacturers began to place catalytic devices on vehicles;
by the early 1980*5, they began to add computer controls on vehicle
emissions.
The emission abatement devices used in model years prior to 1975
were relatively inexpensive but had high operating costs that consisted of a fuel consumption penalty (the value of the extra gallons
of gasoline used as a result of emission abatement devices) and a
maintenance cost (the added engine maintenance cost resulting from
the use of the devices, including the continued use of leaded fuel).
In contrast, catalytic devices and, later, computer controls had relatively high purchase costs but had operating costs that consisted
only of a fuel price penalty (that is, the price difference between
unleaded and leaded gasoline multiplied by the gallons of unleaded
gasoline used). Although these catalytic devices required the extra
expense of using unleaded gasoline, they tended to improve the fuel
economy of vehicles and reduce overall vehicle maintenance costs
(for example, extending the exhaust system life and reducing the
need for frequent tune-ups).
Over time, the purchase costs associated with catalytic devices
and computer controls led to substantial increases in spending, as
unit sales of vehicles with these devices increased. The associated
operating costs, however, tended to flatten rather than grow, as increases in the fuel price penalty (as new vehicles were added to the
stock of vehicles) were offset by decreases in the fuel consumption
penalty and in maintenance costs (as older vehicles dropped from
the stock of vehicles).
By the mid-i98o's, markets for gasoline were transforming: Fewer
and fewer vehicles could use leaded gasoline, and economies of scale,
as well as technological improvements (for example, improvements
in the production of nonlead octane-boosting additives), were reducing the price differential between leaded and unleaded gasoline.
Because of this market transformation, the fuel price penalty—which
had been rising each year—began to decline.
The narrowing in this price difference accelerated in the late
1980*5, leading to sharp reductions in operating costs of emission
abatement devices. Operating costs plummeted in 1988 and 1989
and are expected to reach a level close to zero in 1991. In the future,
one can expect the stock of emission abatement devices to continue
growing, but the initial purchase price is expected to be the only
measurable cost attributable to pollution abatement.
34 • June 1992
SURVEY OF CURRENT BUSINESS
(for the few industries still covered, for example, mining and petroleum), an environmental
protection expenditures survey by the American
Petroleum Institute, and the Census of Mineral
Industries.
Estimates of residential systems water PA
spending consist of purchases of septic systems
and laterals and spending for cleaning septic systems. Data sources for these estimates include
surveys of housing conducted by the Census
Bureau; related construction-activity indicators,
such as housing permits and housing starts; and
information from telephone contacts with technical experts about the cost of installation and
cleaning of PA residential systems.
The extra cost of cleaner fuel used by electric utilities that adopt a fuel-switching strategy to lessen emissions is estimated primarily
from information on the cost and quality of
oil and coal that utilities consume, which is reported by the Energy Information Agency of the
U.S. Department of Energy in its Electric Power
Monthly.
Notable among the remaining sources is the
indirect method to estimate private purchases for
research and development PA spending. This
method uses findings concerning total research
and development spending from the Industrial
Research and Development (R&D) Survey by the
National Science Foundation (NSF), together with
fixed ratios that identify the PA portion of total research and development spending. The PA ratios
are computed from data for the early 1980*5, before motor vehicle companies stopped reporting
all items on NSF'S Industrial R&D Survey.
Tables 9 and w follow. H
SURVEY OF CURRENT BUSINESS
June 1992
35
Table 9.—Expenditures for Pollution Abatement and Control by Sector and Type in Current and Constant Dollars and Selected
Fixed-Weighted Price Indexes, 1972-90
Total1
1981
Line
1972
1973
1974
1975
1976
1977
1978
1979
1980
1
Total
Water
Air
Solid
waste
Other and
unallocated
Millions of current dollars
1
2
3
4
5
Pollution abatement and control
Pollution abatement
Personal consumption
Durable goods ....
Nondurable goods
6
7
8
9
10
11
Business
On capital account
On current account
Private
Government enterprise
Costs recovered
12
13
14
15
Government
Federal
State and local
Government enterprise purchases of fixed capital
16
17
18
Reaulation and monitorina
Federal
...
State and local
19
20
21
22
Research and development
Private
Federal
State and local
'
•.
17,037
19,401
23,614
28,424
31,917
35,123
39,457
45,593
51,478
56,472
26,250
20,827
10,248
-852
15,848
18,008
22,031
26,668
29,913
32,812
36,860
42,750
48,432
53,346
24,933
20,073
9,965
-1,625
1,349
473
876
1,867
679
1,187
2,330
702
1,628
3,231
1,384
1,847
3,777
1,863
1,914
4,286
2,211
2,075
4,772
.2,512
•%259
5,423
2,854
2,569
6,568
3,565
3,003
8,140
4,839
3,301
8,140
4,839
3,301
11,090
5,476
5,613
4,508
1,151
-45
12,219
6,081
6,138
5,224
1,342
14,689
7,044
7,646
6,548
1,635
16,531
7,812
8,719
7,516
1,896
18,457
8,446
10,011
8,678
2,221
21,101
9,253
11,847
10,206
2,608
-1,787
-887
-966
34,453
13,406
21,047
18,134
4,701
-1,788
7,160
956
6,203
6,203
-693
30,618
12,073
18,545
16,076
4,078
-1,610
12,900
4,462
8,438
3,873
4,565
-538
27,285
11,342
15,943
13,781
3,522
-1,360
16,180
7,988
8,192
8,057
135
-428
' 23,266
9,855
13,411
11,433
3,053
-1,075
3,409
139
1,311
1,959
3,923
203
1,433
2,286
5,012
294
1,592
3,126
6,906
432
1,752
4,722
7,679
469
1,834
5,376
7,426
490
1,965
4,971
8,822
472
2,212
6,139
10,042
548
2,461
7,033
11,246
494
2,778
7,973
10,752
506
3,053
7,194
612
85
2,806
53
2,752
162
148
14
528
7,173
220
286
6,666
367
200
167
490
278
212
595
346
248
653
381
272
725
402
323
833
429
404
949
507
442
1,067
593
474
1,296
793
502
1,378
818
560
334
108
226
516
296
220
218
143
75
311
272
39
823
519
205
99
903
569
269
65
988
608
342
39
1,104
609
448
47
1,279
706
528
45
1,478
849
578
51
1,647
999
592
57
1,777
1,143
564
71
1,751
1,096
591
64
1,749
1,076
646
28
984
852
131
238
108
119
11
66
18
44
4
462
97
352
13
-1,787
1
-1,788
Millions of constant (1987) dollars
23
24
Pollution abatement and control
Pollution abatement
25
26
27
Personal consumption
Durable goods
Nondurable goods
28
29
30
31
32
33
Business
On capital account
On current account
Private
Government enterprise
Costs recovered
34
35
36
37
Government
Federal
State and local ....
Government enterprise purchases of fixed capital
38
39
40
Regulation and monitoring
41
42
43
44
Research and development
Private
Federal
State and local
State and local
. ..
.
46,298
49,764
52,324
57,333
60,504
62,011
64,863
66,796
67,291
66,536
28,532
25,224
13,410
-631
43,080
46,246
48,687
53,673
56,595
57,792
60,296
62,424
63,005
62,556
26,872
24,250
13,042
-1,608
3,449
994
2,455
4,541
1,425
3,117
4,948
1,395
3,553
6,165
2,528
3,637
6,725
3,199
3,526
7,147
3,606
3,541
7,412
3,804
3,608
7,156
3,999
3,157
7,311
4,620
2,691
8,494
5,913
2,581
8,494
5,913
2,581
30,533
13,969
16,564
14,328
.3,364
-1,128
32,136
14,400
17,737
15,137
3,674
-1,074
32,627
14,690
17,937
15,175
3,773
-1,011
33,113
14,681
18,432
15,786
3,840
-1,194
34,877
15,033
19,844
17,124
4,176
-1,455
37,101
15,453
21,648
18,609
4,534
-1,494
38,151
15,252
22,899
19,531
4,910
-1,543
40,224
15,958
24,266
20,811
5,171
-1,716
40,148
15,567
24,581
21,016
5,349
-1,783
40,470
15,754
24,715
21,061
5,464
-1,810
17,686
9,237
8,450
8,306
143
15,190
5,330
9,861
4,541
5,320
9,402
1,188
8,214
8,214
-1,809
9,098
402
3,669
5,028
9,569
539
3,689
5,341
11,113
688
3,617
6,807
14,395
937
3,737
9,720
14,993
953
3,707
10,333
13,545
917
3,726
8,902
14,734
809
3,892
10,032
15,044
840
3,931
10,273
15,546
679
4,051
10,816
13,592
627
3,984
8,981
691
95
3,640
67
3,573
201
184
18
596
9,060
282
393
8,385
959
483
476
1,190
628
562
1,340
735
605
1,346
741
606
1,403
736
666
1,514
736
778
1,788
992
796
1,624
906
718
1,873
1,110
763
1,810
1,040
770
445
137
309
677
376
301
286
182
105
401
346
56
2,259
1,443
549
268
2,327
1,485
676
166
2,297
.1,423
782
92
2,313
1,283
926
104
2,507
1,392
1,022
93
2,705
1,563
1,043
99
2,779
1,686
990
103
2,747
1,760
870
117
2,414
1,500
816
97
2,170
1,326
805
39
1,215
1,051
164
0
297
134
148
15
82
22
54
5
576
119
439
18
-1,809
1
-1,810
Selected fixed-weighted price indexes
45
46
Pollution abatement and control
Pollution abatement
.
37.5
39.8
45.5
49.9
53.1
56.9
61.2
68.1
76.4
84.4
90.8
82.8
76.6
91.4
37.6
39.8
45.6
50.0
53.2
57.0
61.3
68.4
76.7
84.7
91.6
82.9
76.6
95.6
47
Personal consumotion
45.1
45.9
50.8
55.1
58.3
61.4
65.7
74.7
86.3
92.8
92.8
48
49
50
Business
On capital account
On current account
35.6
41.3
32.8
38.0
43.4
35.3
44.6
48.0
42.8
49.5
53.1
47.7
52.8
56.5
51.0
56.8
60.0
55.1
60.8
64.7
58.9
67.6
70.8
65.9
76.2
77.1
75.7
84.9
84.0
85.3
90.9
84.9
97.3
85.1
83.4
85.6
76.4
80.5
75.8
98.6
51
Government
37.8
40.8
45.1
48.1
51.2
54.7
59.6
66.4
72.0
78.9
88.4
79.3
77.1
80.3
98.6
52
Regulation and monitoring
37.9
40.6
43.7
48.4
51.8
55.3
58.8
63.3
69.8
76.7
74.6
78.9
74.2
78.4
53
Research and development
36.3
38.6
42.9
47.6
50.9
54.5
59.3
64.8
72.9
80.8
81.0
80.3
80.2
80.5
Addendum: Business capital consumption allowances (millions of dollars)4
54
55
Valued at replacement cost in current dollars
Valued at replacement cost in constant (1987) doilars .
See footnotes at end of table.
1,760
4,340
2,198
4,991
2,793
5,707
3,514
6,500
4,195
7,363
4,952
8,184
5,828
8,951
6,970
9,733
8,159
10,461
9,569
11,144
SURVEY OF CURRENT BUSINESS
36 • June 1992
Table 9.—Expenditures for Pollution Abatement and Control by Sector and Type in Current and Constant Dollars and Selected
Fixed-Weighted Price Indexes, 1972-90-Continued
1982
Line
Total
l
Air
Water
1984
1983
Solid
waste
Other and
unallocated
Total1
Air
Water
Solid
waste
Other and
unallocated
Total1
Water
Air
Solid
waste
Other and
unallocated
Millions of current dollars
1
2
3
4
5
Pollution abatement and control
Pollution abatement
Personal consumption
Durable goods
Nondurable goods
56,576
26,112
21,090
9,879
-505
60,002
27,580
22,466
10,280
-323
66,445
30,446
24,749
11,835
-584
53,395
24,749
20,337
9,565
-1,256
56,283
25,800
21,673
10,022
-1,212
62,746
28,566
23,967
11,555
-1,342
8,309
4,981
3,328
8,309
4,981
3,328
9,758
6,214
3,545
9,758
6,214
3,545
10,771
7,293
3,478
10,771
7,293
3,478
15,760
7,876
7,884
7,748
136
13,306
4,206
9,100
3,923
5,177
35,357
12,278
23,079
18,675
5,805
-1 402
15,393
7,031
8,362
8,220
143
14,622
4,485
10,138
4,475
5,663
6,743
763
5,981
5,980
39,467
14,417
25,050
20,385
6,228
-1,562
17,159
8,396
8,763
8,618
146
15,966
5,056
10,910
4,829
6,082
7,903
965
6,939
6,939
j""-
B
7
8
9
10
11
Business
On capital account
On current account
Private
Government enterprise
Costs recovered
34,151
12,926
21,225
17,375
5,314
-1 463
12
13
14
15
Government
Federal
State and local
Government enterprise purchases of fixed capital
10,935
550
3,274
7,111
680
87
0
594
7,032
238
276
6,517
6,548
844
5,704
5,704
-1,463
0
-1,463
-1 463
-1,402
-1,402
-1,402
-1,562
-1,562
-1,562
57
2,960
206
168
38
11,167
795
3,547
6,825
648
136
4
508
7,051
443
290
6,317
3,279
119
3,161
189
97
92
12,508
944
3,886
7,679
636
115
14
507
8,000
492
337
7,172
3,652
197
3,455
220
140
80
3017
16
17
18
Regulation and monitoring
Federal
State and local
1,397
820
577
324
93
230
497
272
225
242
190
52
335
265
70
1,3§5
806
579
327
88
239
473
241
232
158
72
85
427
405
22
1,362
743
619
351
101
250
475
219
256
180
76
104
355
346
9
19
20
21
22
Research and development
Private
Federal
State and local
1,783
1,151
604
28
1,039
912
126
2
257
116
131
10
71
20
48
4
416
104
300
13
2,335
1,659
640
35
1,453
1,315
133
6
320
167
143
10
100
28
66
6
462
149
299
14
2,337
1,714
590
32
1,528
1,359
165
4
307
172
120
14
99
29
65
5
403
154
240
9
Millions of constant (1987) dollars
23
24
Pollution abatement and control
Pollution abatement
63,219
27,246
24,241
12,074
-342
65,052
28,541
24,654
12,031
-174
69,981
30,977
26,232
13,226
-454
59,457
25,656
23,337
11,697
-1,233
60,870
26,563
23,752
11,734
-1,178
65,996
28,971
25,381
12,917
-1,274
8,518
5,854
2,664
8,518
5,854
2,664
10,016
7,119
2,898
10,016
7,119
2,898
10,967
8,119
2,848
10,967
8,119
2,848
16,414
8,650
7,764
7,625
138
38,042
13,421
24,621
19,897
6,125
-1 401
15,865
7,686
8,179
8,036
143
41,178
15,280
25,898
21,103
6,317
-1 521
17,356
8,944
8,413
8,269
144
16,486
5.286
11,200
5,027
6,173
8,856
1,050
7,806
7,806
25
26
27
Personal consumption
Durable goods
Nondurable goods
28
29
30
31
32
33
Business
On capital account
On current account .
Private
Government enterprise
Costs recovered
37,790
14,447
23,343
19,041
5,776
-1 475
34
35
36
37
Government
Federal
State and local
Government enterprise purchases of fixed capital
13,150
649
4,068
8,434
724
93
14,820
4,816
10,004
4,367
5,638
8,030
981
7,049
7,049
-1,474
-1,474
-1 475
15,665
4,886
10,779
4,797
5,982
7,913
849
7,064
7,064
-1,401
-1,401
-1401
-1,521
-1,521
1
-1,521
3,667
67
3,600
242
197
45
12,813
911
4,203
7,698
682
145
4
533
8,087
517
404
7,166
3,821
137
3,685
223
113
110
13,851
1,048
4,381
8,422
648
119
16
513
8,895
557
429
7,910
4,061
215
3,846
247
157
90
631
8,517
291
423
7,803
38
39
40
Peculation and monitorina
1,709
982
727
400
112
288
606
325
281
294
228
66
409
317
91
1,608
922
685
383
101
282
548
275
273
186
83
103
491
464
28
1,507
814
693
390
111
279
525
240
285
202
84
119
390
379
10
41
42
43
44
Research and development
Private
Federal
State and local
2,053
1,315
701
36
1,190
1,042
146
2
297
132
152
13
83
22
56
5
483
119
347
17
2,574
1,818
713
43
1,595
1,441
148
7
354
183
159
12
111
31
73
7
513
164
333
17
2,478
1,810
632
37
1,616
1,435
177
5
327
181
129
16
106
31
69
6
430
163
257
10
* State
Saiand .local
. :!z::::::::::::::::::::::::::::::::::::
Selected fixed-weighted price indexes
45
46
Pollution abatement and control
Pollution abatement
88.4
93.8
86.2
83.4
93.9
91.3
95.1
91.1
85.5
95.4
94.4
97.4
94.3
89.5
98.4
88.6
94.4
86.3
83.4
96.9
91.5
95:5
91.2
85.5
97.6
94.4
97.7
94.4
89.5
100.3
96.4
96.4
85.3
89.8
100.0
95.6
94.2
98.5
93.9
97.0
95.6
89.3
91.9
102.6
84.6
100.0
96.3
103.3
97.5
89.0
102.6
47
Personal consumption
94.0
94.0
94.9
94.9
48
49
50
Business
On capital account
On current account
89.4
88.2
94.7
89.1
88.4
87.1
83.9
86.0
99.2
92.3
91.0
95.9
90.8
90.1
100.7
88.9
83.6
99.2
93.0
101.2
93.6
91.8
94.2
51
Government
83.0
93.6
82.8
82.3
85.4
87.1
94.9
87.4
85.8
85.4
90.2
98.2
90.1
89.9
88.8
,
,
,
52
Regulation and monitoring
82.2
80.9
84.0
79.8
83.3
85.7
85.5
85.9
84.2
87.2
90.0
90.0
90.4
88.7
91.2
53
Research and development
87.1
87.3
86.5
86.3
86.7
90.8
91.1
90.2
90.0
90.4
94.4
94.6
93.9
93.6
93.9
Addendum: Business capital consumption allowances (millions of dollars)4
54
55
Valued at replacement cost in current dollars
Valued at replacement cost in constant (1987) dollars .
See footnotes at end of table.
10,627
11,773
11,353
12,275
12,258
12,829
SURVEY OF CURRENT BUSINESS
June 1992 • 37
Table 9.—Expenditures for Pollution Abatement and Control by Sector and Type in Current and Constant Dollars and Selected
Fixed-Weighted Price Indexes, 1972-90-Continued
Total '
Air
Water
1987
1986
1985
Line
Solid
waste
Other and
unallocated
1
Total
i*= Air
Water
Solid
waste
Other and
unallocated
1
Total
Air
Water
Solid
waste
Other and
unallocated
Millions of current dollars
1
2
3
4
5
Pollution abatement and control
Pollution abatement
Personal consumption
Durable goods
Nondurable goods
6
7
8
9
10
11
Business
On capital account
On current account
Private
Government enterprise
Costs recovered
12
13
14
15
Government
Federal
State and local
Government enterprise purchases of fixed capital
16
17
18
Regulation and monitoring
19
20
21
22
Research and development
Private
Federal
State and local
.....
State and local
70,941
32,062
26,682
12,728
-531
74,178
32,118
28,163
14,252
-355
76,672
30,705
30,616
15,899
-548
67,250
30,032
25,844
12,363
-989
70,074
29,986
27,257
13,812
-981
72,506
28,519
29,694
15,470
-1,177
11,839
8,188
3,651
11,839
8,188
3,651
12,244
9,282
2,961
10,875
8,642
2,233
10,875
8,642
2,233
41,559
14,836
26,723
21,193
6,761
-1,232
17,683
8,540
9,143
8,954
189
12,244
9,282
2,96-1
[
17,284
8,643
8,642
8,502
140
44,501
14,771
29,729
23,251
7,939
-1,460
17,159
8,810
8,349
8,218
130
18,388
4,622
13,767
5,959
7,808
10,413
1,339
9,074
9,073
13,852
1,225
4,324
8,304
510
98
12
399
9,020
725
391
7,904
239
3,842
242
164
79
15,195
1,346
4,793
9,056
458
67
14
377
9,832
727
426
8,679
4,558
281
4,278
346
271
75
17,130
1,237
5,356
10,538
486
80
15
391
11,305
707
452
10,147
5,057
250
4,807
282
200
82
1,279
575
705
353
103
250
534
244
290
257
98
159
135
130
5
1,532
715
817
413
106
307
587
258
329
311
135
176
221
216
5
1,519
700
819
410
110
300
583
250
333
300
120
180
226
220
6
2,412
1,801
591
20
1,677
1,427
247
3
304
181
110
13
108
31
75
2
323
162
159
2
2,573
1,891
651
31
1,719
1,499
217
4
318
190
111
18
130
32
95
3
405
170
229
7
2,648
1,987
630
31
1,776
1,574
200
2
339
199
120
20
129
35
90
4
404
179
220
5
16,824
5,131
11,694
5,122
6,572
8,283
1,166
7,117
7,117
-1,231
-1,231
i
-1,232
4081
42,636
14,606
28,030
22,004
7,354
-1,328
17,425
4,833
12,592
5,379
7,214
9,253
1,131
8,123
8,123
-1,327
-1,327
i
-1,328
-1,459
-1,459
1
-1,460
Millions of constant (1987) dollars
23
24
Pollution abatement and control
Pollution abatement
72,656
32,022
27,422
13,702
-490
76,384
33,255
28,698
14,799
-367
76,672
30,705
30,616
15,899
-548
68,802
29,916
26,541
13,313
-968
72,163
31,067
27,765
14,342
-1,012
72,506
28,519
29,694
15,470
-1,177
12,685
9,604
3,081
12,685
9,604
3,081
10,875
8,642
2,233
10,875
8,642
2,233
43,797
14,886
28,911
22,836
7,447
-1,372
17,923
8,832
9,091
8,943
149
17,635
4,904
12,731
5,434
7,297
9,611
1,151
8,460
8,460
44,501
14,771
29,729
23,251
7,939
-1,460
17,159
8,810
8,349
8,218
130
18,388
4,622
13,767
5,959
7,808
10,413
1,339
9,074
9,073
-1,459
25
26
27
Personal consumption
Durable goods
Nondurable goods
11,780
8,832
2,948
11,780
8,832
2,948
28
29
30
31
32
33
Business
On capital account
On current account
Private
Government enterprise
Costs recovered
42,408
15,476
26,932
21,405
6,751
-1 223
17,622
8,953
8,670
8,486
184
17,075
5,294
11,781
5,215
6,566
8,933
1,229
7,705
7,704
34
35
36
37
Government
Federal
State and local
Government enterprise purchases of fixed capital
14,615
1,300
4,646
8,668
513
99
13
401
9,466
776
423
8,267
4,380
253
4,127
255
172
83
15,681
1,402
4,990
9,289
460
69
14
377
10,130
765
453
8,912
4,732
287
4,444
359
281
78
17,130
1,237
5,356
10,538
486
80
15
391
11,305
707
452
10,147
5,057
250
4,807
282
200
82
-1,223
-i",223
1
-1,223
-1,371
-1,371
1
-1,372
-1,459
1
-1,460
38
39
40
Regulation and monitoring
Federal
State and local
1,361
608
754
376
109
267
566
258
308
277
103
173
143
137
6
1,589
744
845
429
110
319
606
268
338
323
140
183
230
225
5
1,519
700
819
410
110
300
583
250
333
300
120
180
226
220
6
41
42
43
44
Research and development
2,493
1,856
615
22
1,731
1,471
257
3
315
186
115
15
112
32
78
3
334
167
165
2
2,633
1,931
670
32
1,758
1,531
223
4
326
194
114
18
133
33
98
3
416
174
235
7
2,648
1,987
630
31
1,776
1,574
200
2
339
199
120
20
129
35
90
4
404
179
220
5
Private
Federal
State and local
Selected fixed-weighted price indexes
45
46
Pollution abatement and control
Pollution abatement
97.1
99.3
97.4
92.9
98.9
97.2
96.6
98.2
96.3
96.8
100.0
100.0
100.0
100.0
100.0
97.2
99.5
97.4
92.8
100.0
97.2
96.6
98.2
96.3
96.7
100.0
100.0
100.0
100.0
100.0
98.9
96.5
96.5
100.0
100.0
100.0
47
Personal consumption
98.9
48
49
50
Business
On capital account .
On current account
97.7
98.7
92.7
101.0
97.4
104.4
96.9
99.3
94.9
92.4
'ioi"o
98.1
97.1
96.5
97.9
95.0
98.9
98.5
99.0
96.3
98.3
96.0
96.8
95.9
98.5
96.8
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
51
Government
94.8
99.3
95.3
93.2
95.0
96.9
99.5
97.1
96.4
96.3
100.0
100.0
100.0
100.0
100.0
99.9
95.6
100.0
52
Regulation and monitoring
94.0
93.9
94.5
92.9
94.5
96.4
96.2
96.9
96.0
96.2
100.0
100.0
100.0
100.0
100.0
53
Research and development
96.7
96.9
96.4
96.2
96.4
97.7
97.8
97.5
97.4
97.5
100.0
100.0
100.0
100.0
100.0
Addendum: Business capital consumption allowances (millions of dollars)4
54
55
Valued at replacement cost in current dollars
Valued at replacement cost in constant (1987) dollars .
See footnotes at end of table.
13,028
13,491
13,809
14,044
14,432
14,432
SURVEY OF CURRENT BUSINESS
June 1992
Table 9.—Expenditures for Pollution Abatement and Control by Sector and Type in Current and Constant Dollars and Selected
Fixed-Weighted Price Indexes, 1972-90-Continued
1988
Line
1
Total
Water
Air
1990'
1989
Solid
waste
Other and
unallocated
1
Water
Air
Total
Solid
waste
Other and
unallocated
1
Total
Water
Air
Solid
waste
Other and
unallocated
Millions of current dollars
1
Pollution abatement and control
2 Pollution abatement
81,081
32,535
30,726
29,749
18,626
-806
85,407
30,864
80,630
28,424
33,422
10,636
9,599
1,037
10,636
9,599
1,037
50,817
16,275
34,542
26,889
9,250
-1,597
17,374
9,508
7,866
7,693
173
20,763
5,016
15,747
6,672
9,075
14,276
1,751
12,525
12,525
21,666
-545
89,967
-1,250
85,087
26,969
9,247
8,952
295
9,247
8,952
295
54,674
17,689
36,984
28,579
10,346
-1,941
29,499
37,260
24,110
-902
36,202
23,504
-1,589
17,369
9,852
7,517
7,363
154
23.473
5,877
17,596
7,406
10,190
15,770
1,960
13,810
13,810
-1,939
76,605
30,222
Personal consumption
Durable goods
Nondurable goods
12,044
10,036
2,009
12,044
10,036
2,009
fj; (
6
7
8
9
10
11
Business
On capital account
On current account
Private
Government enterprise
Costs recovered
46,928
15,654
31,274
24,586
8,540
-1,851
17,760
9,620
8,141
7,980
161
18,817
4,473
14,344
5,967
8,377
12,201
1,562
10,639
10,639
12
13
14
15
Government
Federal
State and local
Government enterprise purchases of fixed capital
17,633
1,402
6,149
10,082
418
65
10
343
10,932
707
486
9,739
5899
300
5,599
385
330
55
19,177
1,381
7,076
10,720
414
70
12
332
11,612
731
493
10,388
6,806
300
6,506
345
280
65
21,166
1,394
8,015
11,757
352
71
13
268
12,729
737
503
11,489
7,735
304
7,431
349
281
68
3
4
5
18,099
-1,465
-1,850
-l"850
2
-1,851
32,375
21,081
-1,595
-i"595
2
-1,597
-1,939
2
-1,941
16
17
18
Regulation and monitoring
Federal
State and local
1,695
850
845
440
120
320
635
300
335
385
200
185
235
230
5
1,803
860
943
490
130
360
670
310
360
400
180
220
243
240
3
1,784
877
907
476
133
343
649
307
342
408
191
217
250
245
5
19
20
21
22
Research and development
Private
Federal
State and local
2,781
2,088
665
28
1,873
1,652
220
1
342
209
115
18
142
39
100
3
424
188
230
6
2,974
2,171
770
33
1,950
1,718
230
2
377
217
140
20
184
40
140
4
462
195
260
7
3,097
2,269
777
51
2,053
1,820
231
2
409
220
151
38
197
42
151
4
437
186
244
7
Millions of constant (1987) dollars
23
24
Pollution abatement and control
Pollution abatement
79,086
31,892
30,050
17,915
-771
80,106
29,221
31,581
19,796
-491
81,838
27,313
34,391
20,938
-804
74,785
29,675
29,106
17,408
-1,403
75,720
26,982
30,618
19,257
-1,138
77,472
25,053
33,435
20,393
-1,408
10,147
9,213
934
10,147
9,213
934
8,665
8,469
197
8,665
8,469
197
47,755
15,384
32,371
25,083
8,738
-1,450
16,460
8,973
7,487
7,317
170
19,703
4,773
14,931
6,364
8,566
13,040
1,639
11,402
11,402
49,688
16,449
33,240
25,258
9,691
-1,710
16,077
9,167
6,910
6,763
147
21,621
5,499
16,122
6,579
9,543
13,699
1,783
11,916
11,916
-1,708
25
26
27
Personal consumption
Durable goods
Nondurable goods
11,831
9,832
1,999
11,831
9,832
1,999
28
29
30
31
32
33
Business
On capital account
On current account
Private
Government enterprise
Costs recovered
45,963
15,238
30,725
24,039
8,451
-1 765
17,448
9,340
8,108
7,941
167
18,545
4,370
14,174
5,892
8,283
11,734
1,527
10,207
10,207
34
35
36
37
Government
Federal
State and local
Government enterprise purchases of fixed capital
16,991
1,340
5,875
9,777
396
64
10
323
10,561
675
432
9,454
5,674
292
5,382
361
309
52
17,818
1,273
6,502
10,043
375
66
11
299
10,915
672
499
9,744
6,217
283
5,934
311
252
59
19,118
1,232
6,994
10,893
310
62
11
237
11,814
660
498
10,656
6,695
269
6,425
300
241
59
-1,764
-1,764
2
-1,765
-1,449
-1,449
2
-1,450
-1,708
2
-1,710
38
39
40
Regulation and monitoring
Federal
State and local
1,643
814
829
430
115
315
617
287
329
371
192
180
225
220
5
1,657
780
877
452
118
334
616
281
334
369
163
206
220
218
3
1,636
771
865
446
117
330
597
270
327
372
168
204
220
216
4
41
42
43
44
Research and development
Private
Federal
..
State and local
2,658
1,989
643
27
1,787
1,574
213
1
328
199
111
17
136
37
97
3
407
179
222
6
2,730
1,985
715
30
1,786
1,571
213
2
347
199
130
18
170
37
130
4
426
178
241
6
2,730
2,006
681
43
1,814
1,609
203
1
359
195
132
33
173
37
133
3
384
165
214
6
Selected fixed-weighted price indexes
45
Pollution abatement and control
46
102.6
102.1
102.3
104.0
104.9
106.6
106.0
105.9
109.4
110.0
111.3
112.2
108.4
115.3
113.9
102.5
102.0
102.3
104.0
105.2
106.5
105.8
105.8
109.5
110.3
111.3
112.2
108.3
115.4
114.0
105.5
105.5
114.8
114.8
47
Personal consumotion
101.9
101.9
48
49
50
Business
102.1
102.8
101.8
101.9
103.2
100.6
101.5
102.4
101.2
104.0
102.2
104.2
104.9
106.4
106.0
106.6
105.8
106.3
105.3
105.4
105.1
105.5
109.5
106.9
109.9
110.1
iib".i
111.0
108.2
112.4
110.5
107.2
113.9
108.6
106.6
109.3
115.4
111.6
116.0
113.5
104.9
51
Government
103.7
105.4
103.5
103.9
106.7
107.5
110.3
106.4
109.4
111.0
110.4
113.5
107.8
115.5
116.2
On current account
113.5
52
Regulation and monitoring
103.0
102.4
102.7
103.5
104.0
108.8
108.5
108.8
108.3
110.2
109.0
106.7
108.5
109.5
114.0
53
Research and development
104.6
104.8
104.4
103.9
104.1
109.0
109.2
108.9
108.3
108.5
113.4
113.2
113.7
113.9
113.7
Addendum: Business capital consumption allowances (millions of dollars)4
54
55
Valued at replacement cost in current dollars
Valued at replacement cost in constant (1987) dollars .
15192
14,787
p Preliminary.
* Less than $500,000.
1. Includes expenditures for air and water pollution abatement and control. Includes expenditures for solid waste
collection and disposal by means acceptable to Federal, State, and local authorities. Excludes agricultural production
except feedlot operations.
15791
14,961
16,056
14,986
2. "Other" includes expenditures for abatement and control of noise, radiation, and pesticide pollution;
"unallocated" includes business expenditures not assigned to media.
3. Expenditures are attributed to the sector that performs the air or water pollution abatement or the solid waste
collection and disposal,
4. To facilitate conversion of expenditures to a cost basis.
June 1992 • 39
SURVEY OF CURRENT BUSINESS
Table 10.—Business and Government Expenditures for Air and Water Pollution Abatement in Current and Constant Dollars, 1972-90
Total1
|
1972
1973
|
1974
1975
1981
1977
1976
1978
Total1
1980
1979
Air
Water
Millions of current dollars
Business (line 6)
On capital account (line 7)
Motor vehicle emission abatement 2
Plant and equipment3 expenditures
Residential systems
Agricultural business4
On current account (line 8)
Private (line 9)
Motor vehicle emission abatement 2
Operation of plant and
equipment
Residential systems 3
Agricultural business4
Government enterprise (line 10)
Publicly owned electric5 utilities
Public sewer systems
Government (line 12)
Federal (line 13)
Federal excl. highway erosion abatement
Highway erosion abatement
State and local (line 14)
State and local excl. highway erosion abatement
Highway erosion abatement
Government enterprise fixed capital (line 15)
Publicly owned electric5 utilities
Public sewer systems
9,024
10,247
12,383
14,199
15,892
18,018
19,918
23,245
26,049
29,080
16,180
5,204
220
3,954
1,027
3
3,820
2,670
419
2,033
218
6,621
416
5,103
1,095
7
5,762
4,129
922
2,957
248
1
1,634
62
1,571
1
7,407
747
5,902
751
7
6,792
4,898
1,098
3,535
264
2
1,895
53
1,842
0
7,996
939
6,137
912
8
7,895
5,676
1,160
4,232
281
2
2,220
66
2,153
1
8,715
1,160
6,361
1,185
8
9,303
.6,697
'1,305
E
5,085
304
3
2,607
69
2,537
9,274
1,423
6,409
1,437
5
10,644
7,592
1,455
5,803
329
4
3,053
83
2,970
1
10,598
1,780
7,235
1,579
4
12,647
9,126
1,786
6,979
357
5
3,521
118
3,403
1
11,204
1,998
7,636
1,567
3
14,845
10,767
2,231
8,141
390
5
4,078
161
3,917
12,450
2,690
8,173
1,584
3
16,631
11,931
2,500
9,007
417
6
4,700
153
4,547
1
7,988
2,690
5,298
26
1,124
0
5,741
334
4,263
1,141
3
4,506
3,164
601
2,328
234
1
1,342
33
1,308
1
2,261
2,638
3,567
5,291
5,942
5,545
6,763
7,740
8,642
7,785
612
7,173
181
176
5
171
252
248
4
189
358
353
5
211
1
210
4,722
169
4,553
362
357
5
205
1
204
5,376
234
5,142
385
379
6
189
1
188
4,971
285
4,687
406
400
7
218
450
442
9
257
369
362
7
299
305
293
12
286
85
85
220
208
12
286
257
7,033
418
6,615
7,973
545
7,429
286
7,194
627
6,567
528
528
286
6,666
99
6,567
ufl
131
126
5
171
,fl
1,959
92
1,867
,8
2,286
137
2,149
18
3,126
182
2,945
n
28
6,139
356
5,783
n
n
aS
n
8"l92
8,057
2,500
5,558
135
135
8
12,900
4,462
2,875
1,584
3
8,438
3,873
3"450
417
6
4,565
18
4,547
1
Millions of constant (1987) dollars
Business (line 28)
On capital account (line 29)
Motor vehicle emission abatement 2....;
Plant and equipment3 expenditures
Residential systems
Agricultural business4
On current account (line 30)
Private (line 31)
Motor vehicle emission abatement2
Operation of plant and
equipment
Residential systems3
Agricultural business4
Government enterprise (line 32)
Publicly owned electric5 utilities
Public sewer systems
Other
Government (line 34)
Federal (line 35)
Federal excl. highway erosion abatement
Highway erosion abatement
State and local (line 36)
State and local excl. highway erosion abatement
Highway erosion abatement
Government enterprise fixed capital (line 37)
Publicly owned electric utilities
Public sewer systems5
See footnotes at end of table.
25,916
27,149
27,175
27,911
29,459
30,967
31,803
33,203
32,692
32,877
17,686
15,190
13,195
469
9,855
2,866
6
12,721
9,358
1,174
7,754
430
13,655
840
10,357
2,448
10
13,520
9,752
1,985
7,312
453
2
3,769
152
3,614
3
13,806
1,374
10,922
1,500
10
14,106
10,267
2,143
7,662
459
2
3,839
116
3,722
1
14,126
1,623
10,809
1,685
10
15,332
11,159
2,125
8,564
466
3
4,174
141
4,032
1
14,454
1,902
10,510
2,032
10
16,513
11,982
2,221
9,283
475
4
4,532
132
4,399
1
14,266
2,163
9,824
2,273
6
17,537
12,628
2,325
9,815
484
4
4,910
145
4,763
1
14,812
2,499
10,061
2,247
4
18,391
13,221
2,209
10,514
494
5
5,170
172
4,997
1
14,365
2,592
9,707
2,064
2
18,327
12,979
2,041
10,430
503
5
5,348
200
5,148
14,567
3,286
9,356
1,923
3
18,310
12,847
2,011
10,320
511
5
5,463
166
5,297
1
9,237
3,286
5,951
5,330
0
3,363
165
3,197
1
13,479
711
10,044
2,718
6
13,670
9,997
1,575
7,979
442
1
3,673
161
3,510
2
5,983
6,341
7,857
10,995
11,543
10,011
11,071
11,345
11,716
9,751
691
9,060
380
363
17
576
480
466
14
521
1
520
5,341
204
5,136
591
581
10
459
1
458
6,807
356
6,451
780
768
12
496
1
495
9,720
294
9,426
731
718
13
480
2
478
10,333
388
9,945
717
704
13
393
1
392
8,902
446
8,456
695
684
11
344
686
674
13
386
504
494
10
397
377
360
17
394
95
95
282
265
17
393
344
10,032
525
9,508
386
10,273
562
9,710
397
10,816
668
10,148
393
8,981
711
8,270
sK
5,028
227
4,801
n
n
n
n
n
8,450
8,306
2,011
6,295
143
143
8
596
596
3,405
1,923
3
9,861
4,541
4,025
511
5
5,320
23
5,297
1
393
8,385
114
8,270
SURVEY OF CURRENT BUSINESS
4O • June 1992
Table 10.—Business and Government Expenditures for Air and Water Pollution Abatement in Current and Constant Dollars, 1972-90—Continued
1982
Total1
1984
1983
Air
Water
Total1
Air
Water
Total1
1986
1985
Air
Water
Total1
Air
Water
Total1
Air
Water
Millions of current dollars
Business (line 6)
On capital account (line 7)
Motor vehicle emission abatement 2
Plant and equipment3 expenditures
Residential systems
Agricultural business4
On current account (line 8)
Private (line 9)
Motor vehicle emission abatement
Operation of plant and
equipment2
Residential systems3
4
Agricultural business
Government enterprise (line 10)
Publicly owned electric utilities
Public sewer systems5
Other
Government (line 12)
Federal (line 13)
Federal excl. highway erosion abatement
Highway erosion abatement
State and local (line 14)
State and local excl. highway erosion abatement
Highway erosion abatement
Government enterprise fixed capital (line 15)
Publicly owned electric5 utilities
Public sewer systems
29,065
15,760
13,306
30,015
15,393
14,622
33,126
17,159
15,966
34,507
17,683
16,824
34,709
17,284
12,081
2,682
8,078
1 319
3
16,984
11,671
2,469
8,760
436
6
5,313
153
5,159
2
7,876
2,682
5,194
4,206
7,031
3,312
3,718
4,485
5,056
5,131
4"584
529
8
6,572
12
6,557
3
13,475
5,086
5,913
2,474
3
21,234
13,881
2,125
11,217
530
8
7,353
149
7,201
3
8,643
5,086
3,557
4,325
495
9
6,082
20
6,059
2
13,670
5,022
6,282
2,364
3
20,837
14,076
2,642
10,897
529
8
6,760
201
6,557
3
8,540
5,022
3,518
4,010
460
7
5,663
18
5,642
2
13,452
4,607
6,504
2,338
3
19,673
13,446
2,540
10,403
495
9
6,227
165
6,059
2
8,396
4,607
3,789
3,481
436
6
5,177
17
5,159
2
11,515
3,312
6,140
2,061
2
18,500
1,2,695
! !2,5.54
' 9,675
460
7
5,805
161
5,642
2
7,884
7,748
2,469
5,280
136
136
£884
1,319
3
9,100
3,923
8,362
8,220
2,554
5,666
143
143
2"42"i
2,061
2
10,138
4,475
8,763
8,618
2,540
6,077
146
146
2,715
2,338
3
10,910
4,829
9"i43
8,954
2,642
6,311
189
189
2,764
2,364
3
11,694
5,122
8,642
8,502
2,125
6,378
140
140
17,425
4,833
2"356
2,474
3
12,592
5,379
4,840
530
8
7,214
10
7,201
3
7,712
680
7,032
7,699
648
7,051
8,637
636
8,000
9,530
510
9,020
10,290
458
9,832
325
316
8
277
87
87
238
230
8
276
579
572
8
294
4
290
6,825
603
6,222
136
136
443
436
8
290
607
599
8
351
14
337
7,679
622
7,057
115
115
492
484
8
337
823
816
7
403
12
391
8,304
539
7,765
98
98
725
717
7
391
67
67
727
721
6
426
399
399
391
7,904
140
7,765
795
788
6
440
14
426
9,056
481
8,575
&
7,111
703
6,407
8
594
594
276
6,517
110
6,407
4
4
508
508
290
6,317
956,222
14
14
507
507
337
7,172
115
7,057
12
12
14
14
377
377
426
8,679
104
8,575
Millions of constant (1987) dollars
Business (line 28)
On capital account (line 29)
Motor vehicle emission abatement 2
Plant and equipment3 expenditures
Residential systems
Agricultural business4
On current account (line 30)
Private (line 31)
Motor vehicle emission abatement 2
Operation of plant and
equipment
Residential systems3
Agricultural business4
Government enterprise (line 32)
Publicly owned electric5 utilities
Public sewer systems
Other
Government (line 34)
Federal (line 35)
Federal excl. highway erosion abatement
Highway erosion abatement
State and local (line 36)
State and local excl. highway erosion abatement
Highway erosion abatement
Government enterprise fixed capital (line 37)
Publicly owned electric5 utilities
Public sewer systems
See footnotes at end of table.
31,235
16,414
14,820
31,529
15,865
15,665
33,842
17,356
16,486
34,697
17,622
17,075
35,558
17,923
17,635
13,467
3,149
8,785
1,530
2
17,768
11,992
2,024
9,446
517
5
5,776
159
5,616
2
8,650
3,149
5,501
4,816
7,686
3,792
3,893
4,886
5,286
5,294
4,904
4,659
549
8
6,566
12
6,550
3
13,736
5,259
5,965
2,509
3
21,822
14,377
2,211
11,598
559
9
7,446
158
7,285
3
8,832
5,259
3,573
4"482
538
7
6,173
21
6,149
3
14,247
5,414
6,418
2,413
3
20,450
13,700
2,166
10,977
549
8
6,750
197
6,550
3
8,953
5,414
3,539
4"264
527
5
5,982
21
5,959
2
14,230
5,124
6,685
2,418
3
19,613
13,296
2,118
10,634
538
7
6,316
165
6,149
3
8,944
5,124
3,820
3,844
517
5
5,638
20
5,616
2
12,572
3,792
6,559
2,219
2
18,957
12,832
2,125
10,176
527
5
6,125
164
5,959
2
9,241
724
8,517
8,769
682
8,087
9,543
648
8,895
9,980
513
9,466
10,590
460
10,130
385
372
13
423
0
423
8,434
755
7679
93
93
291
279
13
423
661
651
10
409
4
404
7,698
635
7,063
145
145
517
506
10
404
676
665
11
445
16
429
8,422
631
7,791
119
119
557
546
11
429
875
867
8
436
13
423
8,668
545
8,124
99
99
776
768
8
423
834
827
7
467
14
453
9,289
482
8,807
69
69
765
759
7
453
7,764
7,625
2,024
5,601
138
138
8
631
631
3"284
1,530
2
10,004
4,367
423
7,803
124
7,679
8,179
8,036
2,125
5,912
143
143
4
4
533
533
2,666
2,219
2
10,779
4,797
404
7,166
102
7,063
MIS'
8,269
2,118
6,152
144
144
16
16
513
513
2"865
2,418
3
11,200
5,027
429
7,910
118
7,791
8,670
8,486
2,166
6,321
184
184
13
13
401
401
2,879
2,413
3
11,781
5,215
423
8,267
144
8,124
9,091
8,943
2,211
6,731
149
149
14
14
377
377
2,392
2,509
3
12,731
5,434
4,867
559
9
7,297
10
7,285
3
4,553
8,912
105
8,807
]une 1992 • 41
SURVEY OF CURRENT BUSINESS
Table 10.—Business and Government Expenditures for Air and Water Pollution Abatement in Current and Constant Dollars, 1972-90—Continued
1987
Total J
1988
Water
Air
Total '
|
1990'
1989
Water
Air
Total1
Water
Air
Total '
|
Water
Air
Millions of current dollars
Business (line 6)
On capital account (line 7)
Motor vehicle emission abatement2
Plant and equipment3 expenditures
....
Residential systems
Agricultural business4
On current account (line 8)
Private (line 9)
Motor vehicle emission abatement 2
Operation of plant and
equipment
Residential systems34
Agricultural business
Government enterprise (line 10)
Publicly owned electric utilities
Public sewer systems5
Other
Government (line 12)
Federal (line 13)
Federal excl. highway erosion abatement
Highway erosion abatement
State and local (line 14)
State and local excl. highway erosion
abatement
Highway erosion abatement
Government enterprise fixed capital (line 15)
Publicly owned electric5 utilities
Public sewer systems
35,547
17,159
18,388
36,577
17,760
18,817
38,137
17,374
20,763
40,843
17,369
13,432
5,083
6,081
2,265
3
22,115
14,177
1,644
11,958
568
8
7,938
143
7,792
3
8,810
5,083
3,728
4,622
9,620
6,121
3,499
4,473
5,016
161
161
6,034
627
10
9,075
11
9,061
3
15,730
5,569
8,369
1,789
3
25,113
14,769
301
13,809
649
9
10,344
162
10,180
2
9,852
5,569
4,283
599
8
8,377
12
8,363
2
14,525
5,741
6,859
1,921
4
23,613
14,364
847
12,880
627
10
9,248
184
9,061
3
9,508
5,741
3,768
5J382
568
8
7,808
13
7,792
3
14,093
6,121
5,947
2,022
3
22,485
13,947
1,516
11,824
599
8
8,538
173
8,363
2
11,791
486
11,305
11,350
418
10,932
12,026
414
11,612
13,082
352
12,729
787
780
7
467
80
80
707
700
7
452
772
765
7
496
65
65
707
700
7
486
801
795
6
505
70
70
731
725
6
493
809
802
7
516
71
71
737
730
7
503
452
10,147
95
10,053
10
486
10,082
425
9,657
486
9,739
82
9,657
12
493
10,720
422
10,298
332
332
493
10,388
90
10,298
13
503
11,757
367
11,390
15
452
10,538
485
10,053
8"349
8,218
1,644
6,574
130
130
15
2,354
2,265
3
13,767
5,959
15
391
391
8,141
7,980
1,516
6,464
10
2,448
2,022
3
14,344
5 967.3?
5,3W
10
343
343
7"866
7,693
847
6,846
173
173
12
3,091
1,921
4
15,747
6,672
12
7,517
7,363
301
7,062
154
154
13
23,473
5,877
4,085
1,789
3
17,596
7,406
6,748
649
9
10,190
8
10,180
2
13
268
268
503
11,489
99
11,390
Millions of constant (1987) dollars
Business (line 28)
On capital account (line 29)
Motor vehicle emission abatement 2
Plant and equipment3 expenditures
Residential systems
Agricultural business4
On current account (line 30)
Private (line 31)
Motor vehicle emission abatement 2
Operation of plant and
equipment
Residential systems 3
Agricultural business4
Government enterprise (line 32)
Publicly owned electric utilities
Public sewer systems5
Other
Government (line 34)
Federal (line 35)
Federal excl. highway erosion abatement
Highway erosion abatement
State and local (line 36)
State and local excl. highway erosion
abatement
Highway erosion abatement
Government enterprise fixed capital (line 37)
Publicly owned electric utilities
Public sewer systems 5
35,547
17,159
18,388
35,993
17,448
18,545
36,163
16,460
19,703
37,698
16,077
21,621
13,432
5,083
6,081
2,265
3
22,115
14,177
1,644
11,958
568
8
7,938
143
7,792
3
8,810
5,083
3,728
4,622
9,340
5,998
3,342
4,370
4,773
5,499
5,777
580
8
8,566
10
8,554
2
14,666
5,267
7,699
1,697
3
23,032
13,342
218
12,533
584
7
9,690
153
9,534
2
9,167
5,267
3,900
5,311
574
7
8,283
12
8,269
2
13,745
5,510
6,385
1,847
3
22,418
13,682
764
12,330
580
8
8,737
180
8,554
2
8,973
5,510
3,463
5,382
568
8
7,808
13
7,792
3
13,710
5,998
5,723
1,987
3
22,282
13,833
1,505
11,746
574
7
8,449
178
8,269
2
11,791
486
11,305
10,957
396
10,561
11,291
375
10,915
12,124
310
11,814
787
780
7
467
80
80
707
700
7
452
738
732
6
442
64
64
675
669
6
432
738
732
6
509
66
66
672
666
6
499
722
715
7
509
62
62
660
653
7
498
15
452
10,538
485
10,053
15
10
499
9,744
83
9,661
11
498
10,893
327
10,566
11
432
9,454
78
9,376
11
499
10,043
383
9,661
11
452
10,147
95
10,053
10
432
9,777
401
9,376
8,349
8,218
1,644
6,574
130
130
is
391
391
2,354
2,265
3
13,767
5,959
f Preliminary.
* Less than $500,000.
1. Consists of air and water pollution abatement expenditures only.
2. Consists of manufacturing companies and of privately and cooperatively owned electric utilities and other
nonmanufacturing companies.
8,108
7,941
1,505
6,436
167
167
16
323
323
2"38l'
1,987
3
14,174
5,892
7,487
7,317
764
6,552
iTo
170
11
299
299
2,923
1,847
3
14,931
6,364
6,910
6,763
218
6,546
147
147
11
237
237
3,799
1,697
3
16,122
6,579
5,988
584
7
9,543
7
9,534
2
498
10,656
90
10,566
3. Consists of private septic systems and sewer connections linking household plumbing to street sewers.
4. Feedlot operations only; see footnote 1 to table 9.
5. Consists of treatment plants, collection sewers, interceptor sewers, pumping stations, and dry-waste disposal
plants.
NOTE—Line numbers correspond to those in table 9.
SURVEY OF CURRENT BUSINESS
June 1992
The Composite Index of Coincident Indicators
and Alternative Coincident Indexes
By George R. Green and Barry A. Beckman
W. Clifton Baldwin
and Charles S.
Robinson prepared
the alternative
coincident indexes.
* HE COMPOSITE index of coincident indiJL cators (ici) is designed to approximate
movements in aggregate economic activity; in
particular, it is designed to have turning points
that coincide with those of the business cycle.
The Bureau of Economic Analysis (BEA) constructs the ici from four components: Employees on nonagricultural payrolls (employment),
real personal income less transfer payments (income), industrial production (production), and
real manufacturing and trade sales (sales).
This article reviews the cyclical patterns of the
ici and describes a characteristic of the method
for calculating the ici that has distorted its recent
movements; it then discusses a modification to
the methodology and presents several alternative
coincident indexes.1
Cyclical patterns of the ici
In the last eight business cycles, all but one of the
turning points in the ici were in the same quarter as, or in an adjacent quarter to, the business
cycle turning points, which are designated by the
National Bureau of Economic Research (NBER).
For the most recent cycle, the peak designated
by NBER was in July 1990, and the ici peak was
in June 1990; NBER has not yet designated the
trough, but the ici shows an apparent cyclical
low in January 1992. Two ici components—
employment and income—have cyclical lows in
that month; the cyclical low for production is in
March 1991, and the low for sales is in January
1991 (chart i).
One way of assessing the plausibility of the recent ici low as a signal of the cyclical trough is
to compare its timing with that of the trough of
real gross national product (GNP), a broad measure of economic activity.2 With one exception
(1970), the cyclical lows-for the ici and for GNP
have occurred in the same or adjacent quarters in
Coincident Index Components
Millions
111
EMPLOYEES ON NONAGRICULTURAL PAYROLLS
110
109
-ma I I I I I I I I I I i l l I I I
Billion 1907$
3520
3470
3420
PERSONAL INCOME LESS TRANSFER
PAYMENTS (Annual Rate)
3370 I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I
Index: 1907«100
111
107 -
Billion 1982$
500
MANUFACTURING AND TRADE SALES
400
460
1. BEA is indebted to James H. Stock (of Harvard University) and Mark
W. Watson (of Northwestern University) for pointing out the characteristic
in the ici methodology and for suggesting a modification.
440
2. The timing of peaks and troughs in real GNP and real gross domestic
product (GDP) is virtually identical. Real GNP is used here because it is used
to establish the trend in the currently published ici.
U,S. Department of Commerce, Bureau of Economic Anatysis
| i i ii | ii M i I i i i i i Ii i i i i Ii i i i i /
1991
1992
June 1992
SURVEY OF CURRENT BUSINESS
each of the past eight recessions. In the current
business cycle, the cyclical low for GNP occurred
in the first quarter of 1991, much earlier than that
for the ici.
The disparity in the timing of the apparent
cyclical lows for the two series is traceable to
a characteristic of the method used to calculate
the ici. In the current cycle, the effects of this
characteristic have become noticeable because of
an extended period of very slow growth in the
ici components. In past cycles, the ici components generally made more rapid and sustained
recoveries from their cyclical lows.
be separated into a trend part and a cyclical part.
The use of (combined) weights that sum to more
than 1.0 overweights the cyclical part (which has
been weak in recent months) relative to the trend
part. The modified methodology described in the
box constrains the sum of the weights to i.o and
gives the same weight to the cyclical and trend
parts of changes in the ici.
Alternative coincident indexes
Chart 2 shows the patterns during the current
cycle for the currently published ici (index A)
ici methodology
The method used by BEA to calculate the ici is
based on the standard composite index methodology developed by NBER researchers Geoffrey H.
Moore and Julius Shiskin in the i95o's. Briefly,
that method consists of the following steps:
(1) Monthly symmetrical percent changes are
calculated for each of the four component
series.
(2) To prevent the more volatile component series from dominating the index, each series
of changes is standardized so that its average absolute value is i.o; this standardization
is accomplished by dividing each series of
changes by its average absolute value.
(3) For each month, the standardized component changes are averaged.
(4) The series of average standardized changes is
cumulated into a preliminary ici, beginning
with a value of 100 for the initial month.
(5) The trend of the preliminary ici is subtracted
from the trend in real GNP to derive a trend
adjustment factor.
(6) The trend adjustment factor is added to the
average standardized changes calculated in
step 3.
(7) The trend-adjusted average standardized
changes from step 6 are cumulated into an
ICI.
(8) The final ici is calculated by dividing each
month of the ici in step 7 by its average value
in 1982.
A characteristic of this methodology is that
steps 2 and 3, taken together, implicitly apply
two sets of weights to symmetrical component
changes. For the currently published ici, the sum
of these combined weights is 1.833. The technical
description of the ici methodology in the accompanying box shows that the change in the ici can
Alternative Coincident indexes
fndex;19&2«100
CURRENT METHODOLOGY
V As Currently Published
(Index A)
132
;128
124
120
With Revised Data
(Index B)
I I I i i I I I I I I I I | I I i I I i|II I i I I I I|
Index: 1982*100
158
CURRENT METHODOLOGY EXCLUDING
TREND ADJUSTMENT (Index C)
156
154
152
150
148
index: 1082*100
128
MODIFIED METHODOLOGY (Index D)
127
126
125
124
i i i i i I i i i i i I i
i I i i i i i I i i i i i i
Index: July 1982«100
1341
EXPERIMENTAL STOCK AND WATSON
METHODOLOGY (Index E)
132
130
128
126
1990
1991
U.S. Department of Commerce, Bureau of Economic Analysis
1992
•
43
44 • June
SURVEY OF CURRENT BUSINESS
and four alternative coincident indexes (indexes
B, C, D, and E). The four alternative indexes incorporate revised component data and updated
parameters that are estimated using data for the
period 1948-85. Indexes B and C were prepared
using the same methodology as index A, but the
trend of index C was not forced to equal that of
real GNP. Index D was prepared using a modified
ici methodology that forces the sum of weights
on component changes to equal i.o. Index E was
prepared by applying a very different, experimental methodology developed by James H. Stock
and Mark W. Watson to the four components
used by BEA.3
As shown in chart 2, the levels and patterns of
the indexes A and B are very similar—each shows
a downward drift in recent periods. Indexes A,
B, and C each show a cyclical peak in June 1990.
However, indexes A and B each show an apparent
cyclical low in January 1992, but index C shows an
apparent cyclical low in March 1991. The timing
of the cyclical low in index C agrees closely with
that in real GNP; however, the trend of index C
from the first quarter of 1959 to the fourth quarter
of 1990 is 5.24 percent at an annual rate, much
higher than the 2.99-percent trend of real GNP or
the trends for any of the four ici components for
3. Stock and Watson's methodology for calculating their experimental
ici involves complicated and advanced statistical methods. (See James H.
Stock and Mark W. Watson, "A Probability Model of the Coincident Economic Indicators," in Leading Economic Indicators* edited by Kajal Lahiri and
Geoffrey H. Moore (Cambridge, UK: Cambridge University Press, 1991).) For
example, determination of appropriate weights involves maximum likelihood
estimation using Kalman filters and gamma functions. Three of the four
components they use are identical to those used by BEA, and their fourth
component, employee hours in nonagricultural establishments, is similar to
the employment component used by BEA. Recent estimates of their experimental indexes of coincident (and of leading) indicators are released each
month by NBER.
the same period. (Comparable estimates of GNP
are not yet available for periods before 1959.)
Index D shows a cyclical peak in June 1990 and
an apparent cyclical low in March 1991. After
increasing during the second and third quarters
of 1991, this index declines to a January 1992 level
that is 0.3 percent higher than its March 1991
level. Since January, this index has increased.
The trend of index D is 2.83 percent at an annual
rate, close to the 2.99-percent trend of real GNP.
The overall pattern of index E is similar to that
of index D. Index E declines from a cyclical peak
in August 1990 to an apparent cyclical low in
March 1991. After increasing during the second
and third quarters of 1991, this index declines to a
January 1992 level that is 1.3 percent higher than
its March 1991 level. Since January, this index has
increased. The trend of index E is 3.25 percent at
an annual rate.
The percentage increase from March 1991 to
January 1992 is larger in index E than in index D
because of differences in the component weights
used in the two indexes. In index E, over 70
percent of the weight is assigned to production,
so it closely mirrors the pattern of production. In
index D, over 70 percent of the weight is assigned
to employment and income; these are the two
components that have the lowest standardization
factors, and they are the two that do not show a
clear uptrend after March 1991.
BEA will examine the properties of indexes D
and E and their performance in past business cycles. While that examination is being carried out,
a chart for these indexes will be included in the
"Business Cycle Indicators" section (C-pages) of
future issues of the SURVEY. S
SURVEY OF CURRENT BUSINESS
June 1992
• 45
Technical Description of Coincident Index Methodology
The methodological description that follows is derived primar^
ily from an NBER research memorandum by James H. Stock and
Mark W. Watson.1
i948-85> the Sj values are ^employment = 0.318, 5income = 0.481,
^production = 0.901, and 5saies = 1.0; these Sj values imply (see
equation 3) fa values of Employment = 0-786, Ar,Come = °'52O,
^production = 0.277, and /^ = 0.250. Thus, Y,j Pi = 1-833-
Current methodology
One implication of £V fa > i.o can be seen by substituting
the definition for TADJ into equation 4:
Let Yjt denote the value of the j>th component of the ici in
period t, and let yjt denote its monthly percentage change (sometimes called a symmetrical percent change), which is calculated
as
(1)
*-1 for * = 1, 2, 3, .... T.
yjt = 200
j,t-i
Define S,, the average absolute value of the monthly percentage
changes (also called the standardization factor) for each of the j
components, as
(2)
Now let 0j, the weight for each component, be defined as
t*
(3)
ft
l
& = :r*-'
where J is the number of components.
Let ct, the monthly percentage change in ici in period t, be
defined as
TADJ,
(4)
where TADJ is a trend adjustment factor that is defined as the
difference between the trend in real GNP and the trend in an ici
computed without the TADJ term. That is, TADJ = ft—Y^fijVj =
^g°P ~~ ^' PjVjy where // is the mean (trend) in the final ct
values (set equal to the trend in real GNP, ^gnp)> and where //j
is the mean (trend) in component j. The TADJ term ensures that
the trend in the final index will equal that in real GNP.
The level of the coincident index in period tf, icit, is calculated
as
(5)
icio
=
100
ici,
=
icit
^t = (p - X^w) +
(6)
j
Equation 7 is stated in the form usually used for standard timeseries analysis. A consequence of the sum of weights being greater
than i.o is that the methodology, in effect, uses different weights
for the trend and cyclical parts of the ici. For the currently published ici, the weight for the trend part is i.o, and the weight for
the cyclical part is 1.833.
A modified methodology
A modified methodology, suggested by Stock and Watson, uses
the same weights for the trend and cyclical parts and forces the
sum of these weights on component changes to equal i.o. The
modification is straightforward—simply replace equations 3 and 4
with the following two equations (8 and 9), in which wj denotes
the weight for each of the j components:
for t = 1,2,3,. ..,T.
-, where (as before) fa =
(8)
It should be noted that the component weights, fay used in
equations 3 and 4 are defined differently from the "weights" usually referred to in descriptions of composite index methodologies.
In those descriptions, "standardized" changes for each component
are usually calculated in two steps: Each yjt is divided by its standardization factor, Sj, and is then averaged using "weights" that
sum to i.o (the "weights" are 1/J if equal weight is assigned to
each component). Equations 3 and 4 are equivalent to these steps;
however, the terms have been rearranged, and standardization
factors have been incorporated into the definition of fa.
The definition of fa does not ensure that ]T\ fa = 1.0. For
the published ici, which uses parameters estimated using data for
i. Their research memorandum, "An anomaly in the trough of the Department
of Commerce Coincident Index," (May 14,1992) to the NBER Business Cycle Dating
Committee is available from the National Bureau of Economic Research, Inc., 1050
Massachusetts Avenue, Cambridge, MA 02138.
3
In a period of very slow or no growth in the components (as
in recent months), ]T\ fa yjt will be approximately zero, and ct
will be equal to the value of the term in parentheses. This term
will be zero only if the value of /z is equal to J^ fa^j- If the fa
values were scaled so that ]>r\ fa — i.o, then, given the present
components of the ici, the value of J^ fapj would be quite
close to the value of p, = ^gnp> and the value of fi — ]TV fa Hi =
TADJ would be approximately zero. However, for the currently
published ici, ^ .fa = 1.833, and TADJ = —0.186 percent. Thus,
the ici will fall at close to the trend rate of 0.186 percent per
month or 2.2 percent per year.
Regrouping terms in equation 6 into a mean (trend) part and
a cyclical part (defined as deviations from means) yields
1
J-S4
Note that the ^ .wj = i.
The percentage change in the ici, c t , is
(9) ct
=
=
l*> +
- PJ-), where // =
The trend in the index, by design, will equal a weighted average
of the trends in the components. Given the components of the
ici, this trend in the ici is likely to be quite close to the trend
in real GNP. Thus, application of a trend adjustment factor would
either be unnecessary or would have a negligible effect on the
movements in the ici.
SURVEY OF CURRENT BUSINESS
June 1992
The International Investment Position of the
United States in 1991
By Russell B. Scholl, Raymond J. Mataloni, Jr., and Steve D. Bezirganian
Scholl wrote the
first part of the
article; Mataloni
and Bezirganian
wrote the second
part. Harlan W.
King contributed
to the preparation
of estimates other
than those of direct
investment with
assistance from
Christopher A.
Gohrband, Dena
A. Holland, and
Lori A. Trawinski.
HE NET international investment position
of the United States at yearend 1991 was
a negative $361.5 billion when direct investment
is valued at the current cost of replacing plant,
equipment, and other tangible assets, and it was
a negative $381.8 billion when direct investment
is valued at the current stock-market value of
owners' equity.
The negative position valued at current cost—
or replacement cost—increased $66.7 billion from
$294.8 billion at yearend 1990, and the negative position valued at market value—or current
stock prices—increased $109.8 billion from $272.0
billion.
The increase in both measures of the negative
U.S. net position was mainly due to the stronger
recovery in the stock and bond markets in the
United States than in those markets abroad in
1991, resulting in large price appreciation in the
market basis of foreign direct investment in the
United States and foreign-held U.S. securities.
Net capital inflows continued to decline and had
little impact on the net position; at $4.8 billion,
T
net capital inflows were well below their 1987 peak
of $167.6 billion. Although there was a strong rebound in foreign demand for U.S. securities, the
inflow was mostly offset by record U.S. purchases
of foreign stocks. Bank and other capital flows
for the year were subdued, in large part because
of the retrenchment of U.S. banks from international markets and weak bank credit demand at
home and abroad.
In current cost, the 1991 change in position was
mainly due to $58.6 billion in price appreciation,
mostly in foreign-holdings of U.S. securities, and
to $4.8 billion in net capital inflows, as foreign
assets in the United States increased more rapidly
than U.S. assets abroad. Exchange rate changes
and other changes combined were $3.3 billion,
mostly due to depreciation of U.S. assets payable
in European currencies that declined against the
dollar.
In market value, the change in the position
reflected price appreciation of $108.0 billion, capital inflows of $4.8 billion, and exchange rate and
other changes of $2.9 billion.
Methodological Improvements in the Position Estimates
Improvements have been made in definitions, estimating methodologies, and source data to parallel those made in the
international transactions accounts. For the international investment position, there were three changes:
(1) Claims on foreigners reported by U.S. nonbanking concerns were revised to substitute foreign-source data for
claims reported to the U.S. Treasury. Data from Canada and the United Kingdom on bank liabilities to U.S.
nonbanks were substituted for U.S. Treasury-reported data on U.S. nonbank claims on foreign banks. In addition,
data from the Federal Reserve Board on liabilities of foreign branches of U.S. banks in the Bahamas and British
West Indies (Cayman Islands) were substituted for Treasury-reported data. The substitutions were made from
1979 for the Canadian data, from 1983 for the British data, and from 1984 for the Federal Reserve data. The
substitutions were made because of the broader coverage of the new source data than the Treasury-reported data.
(2) Revisions to the position estimates of U.S. holdings of foreign securities reflect an improved methodology to
revalue foreign securities through the application of more country- and area-specific market-price and exchangerate indexes. Revisions also reflect improved estimates of bond redemptions. Revisions begin in 1980.
(3) Direct investment capital flows are now measured on a current-cost (replacement-cost) basis after adjustment to
reported depreciation, depletion, and expensed exploration and development costs; the current-cost adjustment,
which is the sum of these three items, is classified as a valuation adjustment. Also, capital gains and losses are
removed from the capital flow data and classified as a valuation adjustment. Revisions begin in 1982.
For a further discussion of these changes, see "U.S. International Transactions" elsewhere in this issue.
June 1992 • 47
SURVEY OF CURRENT BUSINESS
This article first discusses the major changes
in U.S. assets abroad and then major changes
in foreign assets in the United States on both
a cur rent-cost and market-value basis. A third
section presents detailed estimates on the U.S. di-
rect investment position abroad and the foreign
direct investment position in the United States
for which data by country, by industry, and by
account are available only on a historical-cost
basis.
Table 1.—International Investment Position of the United States at Yearend, 1990 and 1991
[Millions of dollars]
Changes in position in 1991 (decrease (-))
Attributable to:
Line
Position
1990r
Type of investment
Capital
flows
Total
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
Net international investment position of the United States:
With direct investment positions at current cost (line 3 less line 24)
With direct investment positions at market value (line 4 less line 25) ....
U.S. assets abroad:
With direct investment positions at current cost (lines 5+10+15)
With direct investment positions at market value (lines 5+10+16)
U S official reserve assets
Gold
Special drawing rights
Reserve position in the International Monetary Fund
Foreign currencies
U S Government assets other than official reserve assets
US credits and other long-term assets5 ...
Repayable in dollars
U S foreign currency holdings and U S short-term assets
U.S. private assets:
With direct investment at current cost (lines 17+19+22+23)
With direct investment at market value (lines 18+19+22+23)
Direct investment abroad:
At current cost
At market value
Foreign securities
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
Foreign assets in the United States:
With direct investment at current cost (lines 26+33)
With direct investment at market value (lines 26+34)
26
27
28
29
30
31
32
Foreign official assets in the United States
U S Government securities . ....
U S Treasury securities
Other
Other US Government liabilities7
U S liabilities reported by U S banks not included elsewhere
Other foreign official assets
..
33
34
Other foreign assets:
With direct investment at current cost (lines 35+37+38+41+42)
With direct investment at market value (lines 36+37+38+41 +42)
35
36
37
38
39
40
41
42
Direct investment in the United States:
At current cost
...
At market value
..
U S Treasury securities
U S securities other than U S Treasury securities
Corporate and other bonds
Corporate stocks
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking
concerns.
U S liabilities reported by U S banks not included elsewhere
(b)
r
Revised.
p Preliminary.
1. Represents gains or losses on foreign currency-denominated assets due to their revaluation
at current exchange rates.
2. Includes changes in coverage, statistical discrepancies, and other adjustments to the value
3. Reflects changes in the value of the official gold stock due to fluctuations in the market
price of gold.
4. Reflects changes in gold stock from U.S. Treasury sales of gold medallions and commemorative and bullion coins; also reflects replenishment through open market purchases. These de-
(d)
(c)
(a+b+c+d)
-294,836
-272,027
-4,760
-4,760
-58,627
-107,976
-5,592
1,232
2,313
1,697
1,884,199
1,977,053
62,220
62,220
19,796
64,674
-7,060
1,147
3,331
174,664
102,406
10,989
9,076
52,193
-5,763
-9,848
-9,848
167
82,230
81,787
80,462
1,325
443
-3,397
-4,399
-4,284
1,627,305
1,720,159
71,379
71,379
29,644
74,522
-7,124
1,145
-300
3,329
623,587
716,441
241,748
131,715
110,033
109,821
27,135
27,135
45,017
14,861
30,156
-5,526
9,850
54,728
19,794
2,892
16,902
-6,551
273
3,423
652,149
4,753
2,179,035
2,249,080
66,980
66,980
78,423
172,650
371,101
296,971
286,702
10,269
17,212
39,880
17,038
18,407
17,116
15,815
1,301
1,600
-1,668
1,359
7,937
4,918
4,358
560
1,807,934
1,877,979
48,573
48,573
70,486
164,713
466,515
536,560
130,716
471,888
240,713
231,175
45,379
11,497
11,497
16,241
34,918
25,743
9,175
9,534
103,761
6,635
54,317
12,025
42,292
693,436
-13,678
3
177
367
-6,307
-236
4
3
3
-103
-32
-32
71
-115
-1
-1
-49
48
1,239
-673
-1,856
1,183
100
52
-146
-1,468
-1,468
-66,667
-109,808
1,166
1,634
-838
-987
-987
-15,441
-9,845
-6,259
159,223
92,561
11,240
9,488
45,934
-3,501
-4,432
-4,333
78,729
77,355
76,129
-99
931
1,226
1,374
95,044 1,722,349
148,930 1,869,089
31,673
85,559
64,138
15,897
48,241
-5,374
655,260
802,000
305,886
147,612
158,274
104,447
4,607
656,756
142,769 2,321,804
239,796 2,488,876
25,506
21,047
19,186
1,861
1,600
149
3,019
-1,468
-1,468
-361,503
-381,835
76,102 1,960,301
129,988 2,107,041
251
412
74
45
48
1,002
-405
1991^
Exchange Other
Price
rate l changes2
changes changes
(a)
1
2
Position
Valuation adjustments
-1,519
4,378
396,607
318,018
305,888
12,130
18,812
38,361
21,416
-328
2,472
117,263 1,925,197
214,290 2,092,269
-524
2,276
-1,213
20,507
117,534
23,949
87,767
36,300
51,467
-1,618
487,022
654,094
154,665
559,655
277,013
282,642
43,761
336
-13,342
680,094
1,073
-1,468
-1,468
monetizations/monetizations are not included in international transactions capital flows.
5. Also includes paid-in capital subscriptions to international financial institutions and outstanding amounts of miscellaneous claims that have been settled through international agreements to
be payable to the U.S. Government over periods in excess of 1 year. Excludes World War I
debts that are not being serviced.
6. Includes indebtedness that the borrower may contractually, or at its option, repay with its
currency, with a third country's currency, or by delivery of materials or transfer of services.
7. Primarily U.S. Government liabilities associated with military sales contracts and other transactions arranged with or through foreign official agencies.
SURVEY OF CURRENT BUSINESS
48 • June
Changes in U.S. Assets Abroad
based capital requirements on U.S. banks and
poor U.S. loan performance in the weakened
economic environment.
U.S. banks' own claims on foreign banks increased $13.8 billion, to $435.4 billion; these
claims were down most of the year except late in
the second and fourth quarters, when interbank
demand for dollars and foreign currencies increased temporarily. Foreign-owned banks in the
United States increased their claims on foreign
banks in Western Europe and Caribbean banking centers. Claims on banks in Japan changed
little, as large repayments of credits throughout
most of the year were almost offset by a sudden
surge in new credits at yearend. A sustained large
drop in dollar claims on Japan for much of the
year, primarily by U.S. offices of Japanese banks,
represented further curtailment of international
business by Japanese banks, as they adjusted to
Bank claims
U.S. claims on foreigners reported by U.S. banks
increased $4.6 billion, to $656.8 billion, in 1991,
reflecting only intermittent short-term lending
to the overseas interbank market (table i, line
23). The downturn in economic growth in a
number of industrial countries and further falloff
in cross-border merger-related financing substantially weakened international credit needs. In
addition, as an alternative to some bank financing, many international borrowers increased
issuance of international bonds as interest rates
dropped by substantial amounts. Moreover, bank
credit expansion was constrained by intensified
assessments of borrowers' credit worthiness due
to the December 1990 imposition of new risk-
Table 2.—U.S. Assets Abroad and Foreign Assets in the United States by Area
[Millions of dollars]
Amounts outstanding, by area
Line
Western Europe
Type of investment
1990'
1991*
1990'
Latin America and
Other Western
Hemisphere
Japan
Canada
1990'
1991*
1991*
1990'
1991*
Other countries,
international organizations, and
unallocated t
1990'
1991*
122,471
102,406
10,989
9,076
113,289
92,561
11,240
9,488
U.S. assets abroad:
1
2
3
4
5
U.S. official reserve assets
Gold
Special drawing rights
Reserve position in the International Monetary Fund
Foreign currencies
34,483
28,518
34,483
28,518
8,347
8,328
8,207
121
19
7,693
7,636
7,530
106
57
(3)
141,571
79,393
62,178
59,769
172,652
(3)
166,998
86,426
80,572
57,047
166,151
170,189
8( )
3,367
173,767
(6)
(6)
(6)
3,492
8
8
8
8
0
n
17,710
17,416
.
6
7
8
9
10
U.S. Government assets, other than official reserve assets
U.S. loans and other long-term assets *
Repayable in dollars
Other2
U S foreign currency holdings and U S short-term assets
11
12
13
14
15
16
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
..
n
n
17,710
17,416
247
249
249
201
199
199
29
26
-2
2
29
26
67,896
52,322
15,574
15,816
20,004
(3)
78,189
61,186
17,003
14,010
19,951
8( )
(3)
(4)
(4)
30,795
2,129
127,023
4
15,353
1,922
126,289
19,063
18,783
18,421
362
280
17,702
17,447
17,125
322
255
54,544
54,427
53,585
842
117
53,107
52,073
51,275
798
1,034
S
8( )
8( )
(4)
4
4
8
2,202
28,169
257,855
8,551
26,834
272,392
14,726
4,145
75,349
21,353
4,427
71,239
2,573
21,852
(6)
(6)
(6)
700
8
8
8
34,459
(6)
(6)
(6)
777
(6)
(6)
8
8
8
8
8
8
8
8
Foreign assets in the United States:
17
18
19
20
21
22
23
Foreign official assets in the United States
U.S. Government securities
U S Treasury securities
Other
Other US Government liabilities7
U S liabilities reported by U.S. banks not included elsewhere
Other foreign official assets
24
25
26
27
28
29
30
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
r
Revised.
p Preliminary.
t Includes U.S. gold stock valued at market price.
* Less than $500,000 (±).
1. Also includes paid-in capital subscriptions to international financial institutions and outstand- ing amounts of
miscellaneous claims that have been settled through international agreements to be payable to the U.S. Government
over periods in excess of 1 year. Excludes World War I debts that are not being serviced.
2. Includes indebtedness that the borrower may contractually, or at its option, repay with its currency, with a
third country's currency, or by delivery of materials or transfer of services.
6
300,596
168,140
132,456
21,276
(5)
344,558
188,234
156,324
20,307
(5)
9,029
8
3$
(6)
6
( )
(3)
(5)
41,697
7,926
33,771
1,659
(5)
7,973
(6)
(«)
§
402
2,104
8
8
8
8
53,403
9,655
43,748
1,535
(5)
59,292
36,536
22,756
7,163
(5)
§
71,850
43,887
27,963
7,381
(5)
42,152
14,067
28,085
5,167
(5)
(3)
(5)
52,554
17,265
35,289
5,475
P)
10,664
11,568
28,151
14,044
14,107
10,114
(5)
37,290
17,972
19,318
9,063
(5)
3. Positions at current cost or market value are not available by area; country detail are available only at historical
costs in either table 6 or 7 of this article.
4. 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.
5. Details not shown separately.
6. Details not shown separately are included in totals in line 17.
7. Primarily U.S. Government liabilities associated with military sales contracts and other transactions arranged
with or through foreign official agencies.
SURVEY OF CURRENT BUSINESS
tightened capital requirements, weakened asset
positions in real estate and stocks, and slowing
economic growth at home. U.S.-owned banks
ran down their positions with foreign banks dur-
June 1992 • 49
ing most of the year; however, they resumed
lending to their offices in the Caribbean late in
the year, which left their external positions with
own foreign offices nearly unchanged.
Table 3.-lnternational Investment Position of the United States at Yearend, 1977-1991
[Millions of dollars]
Line
1
?
3
4
R
6
7
8
q
10
11
1?
13
14
15
16
17
1R
19
?n
21
22
23
24
?R
26
?7
28
?q
30
31
32
33
34
3"}
3fi
37
38
39
40
41
42
Type of investment
Net international investment position of the
United States:
With direct investment positions at current
cost (line 3 less line 24).
With direct investment positions at market
value (line 4 less line 25).
U.S. assets abroad:
With direct investment at current cost
(lines 5+10+15).
With direct investment at market value
(lines 5+10+16).
r
1977'
1978'
1979'
1980'
1981
190,548
228,421
342,929
392,547
374,254
519,032
627,261
792,908
1982'
1983'
1984'
378,933
337,376
232,852
138,950
18,735
264,774
267,553
175,910
142,205
109,146
1985'
1986'
1987'
1988'
1989'
1990'
1991^
-26,630 -183,715 -312,286 -294,836 -361,503
54,240
-37,988 -158,782 -272,027 -381,835
936,275 1,004,162 1,119,178 1,169,162 1,177,532 1,252,535 1,410,190 1,564,748 1,654,582 1,794,727 1,884,199 1,960,301
958,577 1,068,263 1,081,766 1,244,460 1,507,734 1,648,367 1,817,494 2,049,801 1,977,053 2,107,041
U.S. official
reserve assets
Gold1
Special drawing rights
Reserve position in the International
Monetary Fund.
Foreign currencies
. ...
53,376
45781
2,629
4,946
69,450
62471
1,558
1,047
143,260
135476
2,724
1,253
171,412
155816
2,610
2,852
124,568
105644
4,096
5,054
143,445
120635
5,250
7,348
123,110
100484
5,025
11,312
20
4374
3,807
10134*
9774
102'12
6289
6656
12856
17322
U.S. Government assets, other than official
reserve assets.
U.S. credits and other long-term assets2
Repayable in dollars
Other3
U.S. foreign currency holdings and U.S.
short-term assets.
48,567
53,187
57,419
63,865
68,774
74,682
79,626
84,971
87,752
89,637
47,749
45154
2,595
818
52,252
49817
2,435
935
56,477
54085
2,392
942
62,023
59799
2,224
1,842
67,201
64959
2,242
1,573
72,884
70948
1,936
1,798
77,814
75991
1,823
1,812
82,883
81 103
1,780
2,088
85,814
84087
1,727
1,938
88,710
87112
1,598
927
88,099
86486
1,613
781
417,089
504,624
592,229
700,998
810,820
901,051
966,426
987,521
740,450
865 527
891 755 1 038 778 1 278222 1 397117 1 587 455 1 796 534 1 720 159 1 ,869 089
U.S. private assets:
With direct investment at current cost
(lines 17+19+22+23).
With direct investment at market value
(lines 18+19+22+23).
Direct investment abroad:
At current cost45
At market value6
Foreign securities
..
Bonds
Corporate stocks
U.S. claims on unaffiliated foreigners
reported
by U.S. nonbanking concerns7.
U.S. claims reported by U.S. banks, not
included elsewhere *
Foreign assets in the United States:
With direct investment at current cost
(lines 26+33).
With direct investment at market value
(lines 26+34).
Foreign official assets in the United States
U.S. Government securities
U S Treasury
securities9
Other9
Other U.S. Government liabilities 10
U.S. liabilities reported by U.S. banks, not
included elsewhere.
Other foreign official assets9
Other foreign assets in the United States:
With direct investment at current cost
(lines 35+37+38+41+42).
With direct investment at market value
(lines 36+37+38+41+42).
Direct investment 5inHthe United States:
At current cost 12
At market value
US Treasury securities9
U.S. securities other than U.S. Treasury
securities9.
Corporate and other
bonds9
Corporate stocks9
U.S. liabilities to unaffiliated foreigners 13
reported by U.S. nonbanking concerns .
U.S. liabilities reported by U.S. banks, not
included elsewhere8.
5641
11,541
117,930
85834
7,293
11,947
139,875
102428
8,395
11,730
162,370
127 648
10,283
11,349
174,664
102406
10,989
9,076
144,179
107434
9,637
9,745
168,714
105164
9,951
9,048
13,090
17363
44,551
52,193
45,934
88,880
85,860
84,553
82,230
78,729
85,388
83923
1,465
.U472
84,225
82743
1,482
328
81,787
80462
1,325
443
77,355
76129
1,226
1,374
1,046,853 1,180,678 1,313,498
159,223
92561
11,240
9,488
1,424,543 1,541,460 1,627,305 1,722,349
252 832
291,039
343,940
396,249
412,418
49439
39,329
10110
22,256
53384
42,148
11 236
29,385
56769
41,966
14803
34,491
62454
43,524
18930
38,429
62142
45,675
16467
42,752
387,239
226638
74 046
56,604
17442
35,188
371,667
270768
84723
58,569
26154
75,531
361 588
265822
88804
62810
25994
91,498
387183
379108
114670
73655
41 015
97,637
421,167
518711
145 878
82,880
62998
106,295
493,341
576 960
164717
95,091
69626
105,983
515,702
678614
183061
97,071
85990
117,744
552,822
807 896
220 865
101,004
119861
106,052
623,587
716441
241 748
131,715
110033
109,821
655,260
802 000
305 886
147,612
158274
104,447
92,562
130,816
157,029
203,866
293,508
404,578
434,505
445,631
447,363
507,338
549,457
608,036
661,721
652,149
656,756
328,484
398,840
449,979
543,728
629,908
740,245
831,786
944,680 1,113,585 1,391,455 1,591,378 1,838,297 2,107,013 2,179,035 2,321,804
693,803
800,710
905,856 1,102,255 1,398,588 1,594,127 1,855,482 2,208,583 2,249,080 2,488,876
194,468
136,987
129716
202,482
145063
138438
6625
15803
26,734
241,226
178916
173310
5606
17,993
27,920
283,058
220,548
213713
6835
15,667
31,838
322,036
260,934
252 962
7972
15200
31,520
337,277
265,708
256 137
14,231
25,534
199,678
144665
138168
6497
14959
26,090
17716
13964
14882
16397
15005
14382
140,867
105,386
101 092
4294
10,260
18,004
7217
187,617
173,057
128,511
123991
4520
12,749
23,327
159,852
106,640
101 748
4892
12,749
30,540
176,062
118,189
111 336
6853
13,367
30,381
180,425
125,130
117004
13,029
26,737
189,109
132,587
124 929
7658
13,639
24,989
8470
9923
14125
15529
17894
225,783
290,127
367,666
449,483
551,136
637,318.
745,002
911,103
504 694
606 242
706178
899 773 1 157362 1 31 1 069 1 533 446 1 871 306 1 877 979 2 092 269
8126
7271
1,150,229 1,308,320
15346
36,495
371,101
296,971
286 702
10269
17212
39,880
396,607
318018
305 888
12130
18812
38,361
19728
17038
21 416
1,516,261 1,769,736
1,807,934
1,925,197
9571
56,715
69,581
88,335
125,944
159,926
7562
51,235
8910
53,554
14210
58,587
16113
74,114
18505
75,085
176,870
130,428
25758
92,988
184,394
153,318
33846
113,811
211,201
172377
62121
128,477
231,326
219,996
87954
207,868
265,833
272 966
96078
309,803
313,451
316,200
82588
341,732
374,345
391 ,530
100877
392,292
433,164
534,734
134488
484,418
466,515
536,560
130716
471,888
487,022
654,094
154665
559,655
11,456
39,779
11,921
11,457
42,097
16,019
10,269
48,318
18,669
9,545
64,569
30,426
10,694
64,391
30,606
16,709
76,279
27,532
17,454
96,357
26,937
32,421
96,056
31,024
82,290
125,578
29,458
140,863
168,940
26,902
166,089
175,643
29,818
191,314
200,978
35,003
223,830
260,588
40,549
240,713
231,175
45,379
277,013
282,642
43,761
60,184
77,719
110,326
121,069
165,361
227,988
278,330
312,179
354,497
451,613
540,731
613,744
677,117
693,436
680,094
p Preliminary.
1. U.S. official gold stock valued at market price.
2. Also includes paid-in capital subscriptions to international financial institutions and outstanding amounts of miscellaneous claims that have been settled through international agreements to be payable to the U.S. Government
over periods in excess of 1 year. Excludes World War I debts that are not being serviced.
3. Includes indebtedness that the borrower may contractually, or at its option, repay with its currency, with a
third country's currency, or by delivery of materials or transfer of services.
4. Estimates for 1982 forward are linked to both the 1982 and 1989 U.S. Department of Commerce benchmark
surveys. Estimates for 1977-1981 are linked to both the 1977 and 1982 Commerce benchmark surveys.
5. Estimates from 1977 forward reflect new 1987 base-year price indexes for tangible assets, which replace the
1982 base-year price indexes previously used in the national income and product accounts (NIPA's).
6. Estimates are linked to both the 1982 and 1989 U.S. Department of Commerce benchmark surveys.
7. Breaks in series reflect the following: in 1978, expanded reporting coverage by U.S. compilers and the introduction of Canadian-source data; in 1982, an increase in reporters' exemption levels; in 1983, the introduction of United
Kingdom-source data; and in 1984, the introduction of Federal Reserve Board data for the Bahamas and British
West Indies (Cayman Islands).
105,040
81 202
8. Breaks in the series reflect the following: 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.
9. Estimates include results of 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 for 1980 forward are linked to both the 1980 and 1987 U.S. Department of Commerce benchmark
surveys. Estimates for 1977-1979 are linked to both the 1974 and 1980 Commerce benchmark surveys.
12. Estimates for 1982 forward are linked to both the 1980 and 1987 U.S. Department of Commerce benchmark
surveys.
13. Breaks in the series reflect the following: in 1978, expanded reporting coverage; and in 1982, an increase
in reporters' exemption levels.
NOTE—Revised area tables for 1977-91 are available upon request from the Balance of Payments Division (BE58), Bureau of Economic Analysis, U.S. Department of Commerce, Washington, DC 20230.
SURVEY OF CURRENT BUSINESS
• June 1992
U.S. banks' other dollar claims declined
sharply; claims on foreign public borrowers decreased $4.9 billion, to $37.2 billion, and claims
on other nonbank foreigners decreased $6.0 billion, to $41.8 billion. Claims on Latin American
borrowers were further reduced, as repayments,
loan sales, and small writeoffs exceeded new
lending. Several major Latin American debtor
countries made significant headway in reducing
their external indebtedness through further privatization sales of national enterprises, payment
of interest arrears to commercial banks, and economic reforms. However, U.S. bank regulators
required increased special transfer-risk reserves
for Brazil and Argentina, two countries that made
relatively little progress in reducing their external indebtedness. Since 1987, U.S. banks have
more than halved their claims on foreign public
borrowers. The decrease in claims on nonbank
foreigners mostly reflected reversals of repurchase
agreements by security firms in the United States
with investment funds in the Caribbean.
U.S. banks' customers' claims payable in dollars decreased $1.4 billion, to $66.0 billion, largely
reflecting a decline in overseas deposits by U.S.
money market mutual funds. U.S. banks reduced
their deposits with banks in Japan and cut back
on deposits in the United Kingdom, mostly in
the first quarter.
Bank-reported foreign currency claims increased $3.3 billion, to $76.4 billion, when interbank demand, particularly from Japan, surged
late in the year.
Foreign securities
U.S. holdings of foreign securities increased $64.1
billion, to $305.9 billion, in 1991; these holdings
were bolstered by record net purchases of foreign
stocks, substantial market price appreciation, and
strong demand for foreign bonds (table i, line
19). Price changes were significant for corporate stocks. Exchange rate gains were small and
offsetting.
U.S. holdings of foreign stocks increased $48.2
billion, to $158.3 billion; the large increase reflected record net purchases of $30.2 billion, stock
price appreciation of $16.9 billion, and modest
exchange rate appreciation of $1.2 billion, mostly
in Japanese stocks. U.S. demand for foreign
stocks had slowed during the uncertainties over
the crisis in the Persian Gulf in 1990, but demand rebounded strongly in early 1991 with the
successful outcome of the war and recovering
stock prices abroad. The net purchases in 1991—
nearly double the 1989 record—included $13.7
billion from Western Europe, where stock prices
advanced, on average, 12 percent, and $13.3 billion from Japan. Purchases were largest, at $7.8
billion, from the United Kingdom, where stock
prices appreciated nearly 15 percent; the increase
was partly offset by a 2-percent decline in the foreign exchange value of the British pound. Strong
purchases from France and Germany—at $1.4 billion each—were bolstered by French and German
stock-price gains of 18 percent and 8 percent,
respectively, and little exchange rate loss. U.S. demand for Japanese stocks, which had been flat for
2 years, rebounded with large purchases in 1991
despite a 6-percent decline in prices; exchange
rate gains offset some of the price decline. U.S.
investors were drawn to lower stock prices following a 38-percent decline in Japanese stock prices
in 1990.
U.S. holdings of foreign bonds increased $15.9
billion, to $147.6 billion; net purchases were $14.9
billion, price appreciation was $2.9 billion, and
exchange rate losses were $1.9 billion. Strong
foreign borrowing in the U.S. dollar bond market was partly offset by stepped-up redemptions
of dollar bonds. Foreign new issues of bonds
in the United States, at $21.0 billion, remained
strong; they were only $2.4 billion below their
record 1990 level despite the absence of large
Latin American issues for debt restructuring that
had been present in 1990. A 50-basis-point
decline in U.S. interest rates was a significant
factor in maintaining the attractiveness of the
U.S. bond market. New issues by Western Europeans more than doubled to $7.1 billion, with the
Netherlands accounting for one-half of the total.
Canadian issues increased $1.2 billion, to $7.8 billion, as Canadian long-term rates fell less than
comparable U.S. rates. Latin American issues
were $0.6 billion, following nearly $9.0 billion in
debt refinancing issues in 1990. U.S. holdings
of outstanding bonds were boosted $13.6 billion,
mostly in British gilt-edged securities; these securities became relatively attractive to U.S. investors
in the second half of the year, when interest
rates in the United States fell faster than those
in the United Kingdom and the British pound
appreciated against the dollar.
U.S. direct investment abroad and other private
assets
U.S. direct investment abroad valued on a
current-cost basis increased $31.7 billion, to $655.3
billion, in 1991; on a market-value basis, it increased $85.6 billion, to $802.0 billion (table i,
lines 17 and 18, respectively). Capital outflows
SURVEY OF CURRENT BUSINESS
slowed to $27.1 billion on both bases: A sharp decrease in reinvested earnings to $17.9 billion and
a shift in intercompany debt flows to net inflows
of $2.4 billion were only partly offset by a step-up
in net equity outflows to $11.7 billion. Exchangerate adjustments reduced the current-cost basis
by $6.6 billion and had little effect on the marketvalue basis. Buoyant stock-market prices in most
foreign markets added $54.7 billion to the level
of direct investment on the market-value basis.
Price changes added $9.9 billion to the level on
the current-cost basis. (For details of 1991 direct
investment developments, see the section on U.S.
direct investment abroad later in this article.)
Claims on unaffiliated foreigners reported by
U.S. nonbanking concerns decreased $5.4 billion,
to $104.4 billion (table i, line 22), as U.S. firms
drew down Eurodollar deposits at banks in the
United Kingdom, Canada, and the Caribbean.
Declining interest rates on deposits and weak
growth in international banks' demand for funds
contributed to the decline. U.S. financial claims
decreased $6.9 billion, to $87.5 billion; this decrease was offset partly by growth in commercial
claims, largely trade-related, which increased $1.4
billion, to $16.9 billion.
U.S. official reserve assets and other U.S.
Government assets
U.S. official reserve assets decreased $15.4 billion,
to $159.2 billion, in 1991; the decrease mostly resulted from a drop in the market price of gold
and from sales of foreign currency assets (table i,
line 5). The drop in the market price of gold reduced the value of U.S. gold reserves $9.8 billion.
Sales of foreign currencies, mostly German marks
and Japanese yen, reduced currency holdings $6.3
billion. In the first quarter, sales of currencies
by U.S. monetary authorities were to support the
dollar in exchange markets; during the rest of
the year, sales were off-market transactions with
foreign monetary authorities to adjust U.S. holdings. U.S. holdings of special drawing rights and
of reserves at the International Monetary Fund
increased $0.3 billion, to $11.2 billion, and $0.4
billion, to $9.5 billion, respectively.
U.S. Government assets other than reserve assets decreased $3.5 billion, to $78.7 billion, as
repayments substantially exceeded disbursements
(table i, line 10). Foreign repayments included
a rescheduling of Polish and Egyptian debt and
debt forgiveness to developing countries in subSaharan Africa and Latin America. The decrease
in net long-term credits was partly offset by the
acquisition of short-term claims on Iraq from
private U.S. banks resulting from the payment of
guarantees on loans to Iraq.
Changes in Foreign Assets
in the United States
Foreign official assets
Foreign official assets in the United States increased $25.5 billion, to $396.6 billion, in 1991; the
increase included $18.4 billion in net acquisitions
of assets and $7.9 billion in price appreciation of U.S. Treasury bonds and U.S. corporate
stocks (table i, line 26). Non-opEC developing
countries, primarily Latin American and newly
industrialized countries in Asia, increased their
dollar assets by a substantial $32.3 billion, mostly
in U.S. Treasury bonds. Some Latin American countries bolstered their official reserves by
privatization sales of government-owned enterprises and capital inflows due to an improved
investment climate. The increases by newly in^
dustrialized countries in Asia were encouraged by
their continuing trade surpluses with the United
States. OPEC members sold $5.3 billion of dollar
assets, as several members made payments to the
United States associated with Operation Desert
Storm. Industrial countries sold $8.6 billion of
dollar assets.
Bank liabilities
U.S. bank-reported liabilities to private foreigners
and international financial institutions decreased
$13.3 billion, to $680.1 billion, in 1991 (table i,
line 42); a large decrease in the first half of
the year was offset partly in the second half as
foreign-owned banks in the United States resumed borrowing from the overseas interbank
market. A sharp cutback in foreign deposits
in the United States, despite the dollar appreciation in exchange markets in the first half of
the year, was encouraged by a substantial widening in interest-rate differentials, which favored
depositing abroad rather than in the United
States.
U.S. banks' liabilities to foreign banks, payable
in dollars, decreased $0.9 billion, to $457.3 billion; liabilities fell sharply in the first half of the
year and rebounded in the second half, when
foreign-owned banks borrowed overseas interbank funds. Foreign-owned banks curtailed the
use of funding from unaffiliated banks overseas in the first half, when U.S. credit demand
was weak, and they expanded issuance of time
deposits in the United States after U.S. bank
June 1992
• Jl
SURVEY OF CURRENT BUSINESS
52 • June 1992
regulators removed reserve requirements on nonpersonal time deposits in December 1990. While
U.S. credit demand remained weak in the second
half, foreign-owned banks borrowed funds from
abroad to relend to the foreign interbank market
and to finance the rebooking of loans from offices
in the Caribbean to offices in the United States.
A substantial reduction in liabilities to banks in
Japan reflected the further scaling down of international activities by Japanese home offices with
their U.S. affiliates; Japanese banks suffered declining asset values, tightened capital standards,
and slowing economic growth at home.
U.S. banks' liabilities to other private foreigners
and international financial institutions decreased
$2.1 billion, to $82.0 billion, mostly to several
Latin American countries.
U.S. banks5 liabilities payable in foreign currencies increased $4.5 billion, to $74.9 billion, as
Japanese offices in the United States borrowed
yen from their home offices in Japan to meet a
surge in overseas interbank demand in the fourth
quarter.
Banks' custody liabilities decreased $14.8 billion, to $65.9 billion, following increases in the
past several years, when U.S. residents borrowed
from Eurodollar markets. The decrease reflected
both weak U.S. demand for bank credit and loans
rebooked to U.S. offices from Caribbean banking centers by foreign-owned banks in the United
States.
U. S. Treasury securities
U.S. Treasury securities held by private foreigners
and international financial institutions increased
$23.9 billion, to $154.7 billion, in 1991; $6.6 billion
of the increase was due to price appreciation (table i, line 37). International investment funds in
the Caribbean made unusually large investments
at the time of the Treasury's long-term bond auction in May. Western European and Japanese
purchases occurred early in the year, when the
long-term interest-rate differentials favored holdings of dollar assets and when investors' concerns
over the Persian Gulf war contributed to the
attractiveness of U.S. Treasury bonds. Other
Asian investors also added to holdings of Treasury bonds in the first half of the year. In the
second half, when the interest-rate differentials
turned against dollar assets and the dollar depreciated in exchange markets, Western Europeans
offset their earlier net purchases with net sales.
Canadians sold off relatively lower yielding U.S.
Treasury bonds.
Other U.S. securities
Foreign holdings of U.S. securities other than
U.S. Treasury securities increased $87.8 billion, to
$559.7 billion, in 1991 (table i, line 38). Large price
appreciation of U.S. corporate stocks and strong
foreign demand led to a 19-percent increase in
foreign portfolio holdings.
Foreign-held U.S. corporate and federally
sponsored agency bonds increased $36.3 billion,
to" $277.0 billion; $25.7 billion of the increase
was in net purchases, and $12.0 billion was in
market price appreciation. Foreign demand was
strong throughout most of the year, accommodating a high volume of new issues placed abroad
by U.S. borrowers. U.S. corporations increased
their overseas borrowing to $21.2 billion, largely
as industrial corporations and nonbank financial corporations raised substantial amounts by
straight fixed-rate bonds and Euro medium-term
notes. Foreign purchases of U.S. new issues were
partly offset by $4.0 billion in sales of outstanding corporate bonds. Foreign holdings of U.S.
federally sponsored agency bonds increased $11.6
billion, to $59.1 billion, reflecting a strong increase in net purchases, especially by Japanese
investors.
Foreign holdings of U.S. stocks increased $51.5
billion, to $282.6 billion; price appreciation was
$42.3 billion, and net purchases were $9.2 billion. Foreign demand surged in the first half of
the year with the quick conclusion of the Persian Gulf war, signs of U.S. economic recovery,
and the advance of the dollar in foreign exchange
markets; U.S. stock prices rebounded 12 percent
over the prior yearend level. Canadian purchases
increased especially strongly—to four times the
previous year's level—because of steady buying
throughout the year as U.S. stock prices outpaced
those in Canada. Japanese holdings were augmented by buying early in the year as Japanese
stock prices fell. Western European investors
shifted from net purchases in the first half of the
year to net sales in the second half.
Foreign direct investment in the United States
and other liabilities
Foreign direct investment in the United States
valued on a current-cost basis increased $20.5 billion, to $487.0 billion, in 1991; on a market-value
basis, it increased $117.5 billion, to $654.1 billion
(table i, lines 35 and 36, respectively). Capital
inflows slowed markedly on both bases to $11.5
billion; sharply reduced equity inflows of $27.9
billion and intercompany debt inflows of $3.6
SURVEY OF CURRENT BUSINESS
billion were partly offset by continued large negative reinvested earnings associated with losses
on U.S. operations. Foreign capital inflows were
slowed by continued weakness in the U.S. economy, sharply reduced foreign demand for new
capital investments in the United States, and a
decline in the U.S. cost of funds. The level of
direct investment on the current-cost basis was
increased by a $9.5 billion valuation adjustment
for price changes of plant, equipment, and other
tangible assets; the level on the market-value bar
sis was augmented by a $103.8 billion gain due to
the rise in U.S. stock prices. (For details of 1991
direct investment developments, see the section
on foreign direct investment in the United States
later in this article.)
Liabilities reported by U.S. nonbanking concerns decreased $1.6 billion, to $43.8 billion,
primarily because of sharply reduced trade financing and a negative valuation adjustment
(table i, line 41). Trade payables decreased $1.5
billion, to $9.0 billion, in the first half of the
year; the decrease was partly offset by an increase
of $0.8 billion, to $16.1 billion, in advance receipts. Financial liabilities were nearly unchanged
at $18.7 billion; relatively low and declining U.S.
interest rates generally discouraged borrowing
abroad.
abroad valued on a current-cost basis rose $31.7
billion, to $655.3 billion; on a market-value basis,
it increased $85.6 billion, to $802.0 billion. The
foreign direct investment position in the United
States valued on a current-cost basis rose $20.5
billion, to $487.0 billion; on a market-value basis,
it increased $117.5 billion, to $654.1 billion.
This section of the article presents estimates of
the direct investment positions on a historicalcost basis because detailed estimates of the positions by country, by industry, and by account,
which are discussed here, are only available on
this basis. (For consistency, estimates of earnings and reinvested earnings used in analyzing
changes in the historical-cost positions also are
on this basis; detailed estimates of these items, as
well as of the positions, are not available on the
current-cost or market-value bases.)
As noted elsewhere in this issue, capital gains
and losses have been removed from direct investment income.1 This methodological change
1,13
i. See page 73 of "U.S. International Transactions."
Table 5.—U.S. Direct Investment Position Abroad and
Foreign Direct Investment Position in the United
States on a Historical-Cost Basis, 1982-91
[Millions of dollars]
U.S. direct investment
position abroad
Yearend
Direct Investment
The direct investment positions are valued on
three alternative bases: the two current-price
bases discussed earlier—current cost and market
value—and a historical-cost basis (tables 4 and
5). In 1991, the U.S. direct investment position
June 1992 • 53
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
.
..
Foreign direct investment position in the
United States
124677
137061
164,583
184615
220414
263,394
314,754
368 924
396 702
407,577
207 752
207 203
211,480
230 250
259 800
314307
335,893
372419
424 086
450,196
Table 4.—Alternative Valuation Methods for Direct Investment: Changes and Amounts Outstanding, 1990 and 1991
[Millions of dollars]
Changes in 1991 (decrease (-))
Attributable to:
Amounts
out-
Valuation method
Valuation adjustments
standing
1990'
Capital
flows
Total
Price
changes l
Exchange
rate
changes2
Other
changes 3
(a)
(b)
(c)
(d)
424,086
623,587
716,441
28,197
27,135
27,135
9,850
54,728
396,702
466,515
536,560
12,619
11,497
11,497
9,534
103,761
Amounts
outstanding
1991*
(a+b+c+d)
U.S. direct investment abroad:
Historical cost
Current cost
Market value
-2,264
-6,551
273
177
1,239
3,423
26,110
31,673
85,559
450,196
655,260
802,000
-1,744
10,875
20,507
117,534
407,577
487,022
654,094
Foreign direct investment in the United States:
Historical cost
Current cost
Market value
.
. . . .
.
1. For current cost, the price change adjustment reflects changes in the average price of the
affiliates' tangible assets. For market value, the price adjustment reflects changes in stock market
prices after removing the effects of reinvested earnings.
2. Represents gains or losses on foreign currency-denominated assets and liabilities due to
-524
2,276
their revaluation at current exchange rates.
3. Includes changes in coverage, statistical discrepencies, certain capital gains and losses, and
other adjustments to the value of assets.
SURVEY OF CURRENT BUSINESS
54 • June 1992
does not affect the direct investment positions,
but it does affect the two major components of
the change in the position. Previously, capital
gains and losses had been included in reinvested
earnings and thus entered the position as capital
flows; now, they enter the positions as valuation
adjustments.2
U.S. direct investment abroad
The U.S. direct investment position abroad valued at historical cost was $450.2 billion at the end
of 1991 (table 6).3 The positions in Canada and
in the United Kingdom, at over $68 billion each,
were by far the largest. The position in Germany,
at $32.9 billion, was the third largest.
In 1991, the position increased $26.1 billion, or
6 percent. This modest increase contrasts sharply
with the double-digit rates of growth in the 2 preceding years. Both components of the change in
the position—valuation adjustments and capital
flqws—contributed to the slowdown. However,
a shift in valuation adjustments, from $17.6 billion in 1990 to —$2.1 billion in 1991, was most
important.4 Most of this shift was, in turn, accounted for by a shift in currency translation
adjustments from $13.7 billion to —$2.3 billion.5
The shift in translation adjustments largely reflected divergent movements in exchange rates:
In 1990, the dollar fell sharply in relation to
major European currencies, which boosted the
dollar value of affiliates' net assets denominated
in those currencies; in 1991, the dollar recovered
somewhat, which lowered these dollar values.
Capital outflows decreased $5.9 billion, to $28.2
billion, in 1991. The decrease reflected sluggish
2. For income on U.S. direct investment abroad, the capital gains and
losses referred to here do not include gains and losses resulting from currency
translation, which had previously been removed from such income. For
foreign direct investment in the United States, these gains and losses, known
as "currency translation adjustments," were not previously removed from
income because they could not be segregated from other capital gains and
losses; however, they are believed to have accounted for only a small portion
of total capital gains and losses of U.S. affiliates. In any event, both types of
capital gains and losses have now been removed from income. For details, see
"U.S. International Transactions, First Quarter 1989," SURVEY OF CURRENT
BUSINESS 70 (June 1990): 72.
3. 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.
4. Valuation adjustments to the historical-cost position are made to reconcile changes in the position, which is measured at book value, with capital
flows, which are recorded at transactions value.
5. Currency translation adjustments are made to reflect the effect of
changes in exchange rates on the dollar value of affiliates' foreign-currencydenominated net assets. The precise effects of currency fluctuations on
translation adjustments depend on the value and currency composition of
affiliates' assets and liabilities. In general, positive translation adjustments
are usually associated with depreciation of the dollar because affiliates' assets
denominated in foreign currencies tend to exceed their liabilities. Likewise, negative translation adjustments tend to be associated with dollar
appreciation.
worldwide economic conditions, which dampened the earnings of both U.S. parents and
foreign affiliates and limited the supply of capital
that parents could invest in affiliates. Most of the
decrease in capital outflows was accounted for by
a shift to net intercompany debt inflows, but a
decline in reinvested earnings also contributed;
an increase in equity outflows was a partial offset.
Net intercompany debt flows shifted to net inflows of $2.4 billion in 1991 from net outflows of
$5.8 billion in 1990. This shift to net intercompany debt inflows, which followed several years
of net outflows, was more than accounted for
by a shift to net inflows on U.S. parent receivables. (Net inflows on U.S. parent receivables
occur when affiliate repayments of existing loans
from their U.S. parents exceed the parents' new
loans to affiliates.) In 1991, as well as in 1990, a
sharp drop in the operating earnings of U.S. parents limited parents' ability to provide new loans
to their affiliates.
Reinvested earnings of foreign affiliates declined to $18.9 billion in 1991 from $20.9 billion in
1990. Affiliates reinvested about the same share
of their total earnings in 1991 as they did in 1990,
but their total earnings decreased. The lower
earnings reflected sluggish economic conditions
abroad, particularly in U.S. multinationals' most
important foreign markets1—Europe and Canada.
Net equity capital outflows increased to $11.7
billion in 1991 from $7.5 billion in 1990; in 1989,
in contrast, there were net inflows of $1.8 billion. The 2-year growth in equity capital outflows
primarily reflected diminishing sales of equity,
rather than rising equity investments, in foreign
affiliates. Equity decreases (primarily sales) fell
sharply, from $21.7 billion in 1989 to $10.0 billion
in 1991, while equity increases (investments) rose
only slightly, from $20.0 billion to $21.7 billion.
Change in the position by account.—The $26.1
billion increase in the U.S. direct investment position abroad consisted of capital outflows of
$28.2 billion and valuation adjustments of —$2.1
billion. Within capital outflows, reinvested earnings of $18.9 billion and equity outflows of $11.7
billion were partly offset by intercompany debt
inflows of $2.4 billion.6 Within valuation adjustments, translation adjustments of —$2.3 billion
and "other" valuation adjustments of -$2.2 billion were partly offset by capital gains of $2.4
billion.
6. For data on capital flows by account, see table 5 in "U.S. International
Transactions" on page 100 of this issue.
SURVEY OF CURRENT BUSINESS
June 1992 • 55
Table 6.—U.S. Direct Investment Position Abroad on a Historical-Cost Basis at Yearend
[Millions of dollars]
19JM
1990
All industries
Petrole- Manuum
facturing
Wholesale
trade
Finance
(except
bankOther inBanking ing), in- Services
dustries
surance,
and real
estate
All industries
Petrole- Manuum
facturing
Wholesale
trade
Banking
Finance
(except
banking), insurance,
and real
estate
Services
Other industries
All countries
424,086
56957
164466
38,217
19,783
112,374
11,401
20,888
450,196
59,160
175,413
43,218
18,756
117,094
13,368
23,187
Developed countries
318,156
40,810
131,567
31,521
10,474
79,674
9,411
14,699
335,433
41,229
139,082
35,421
8,895
83,952
11,227
15,628
Canada
67033
11 388
31 790
4138
1 032
11 378
1 927
5379
68510
10847
32360
4388
1 047
12208
2206
5455
Europe
211,194
22,475
83,333
21,751
8,110
64,434
6,820
4,271
224,554
22,829
89,090
24,875
6,947
67,423
8,159
5,231
177642
9,050
1,597
18,874
27,259
288
6,880
13,117
1,390
22,658
598
7,704
68,224
17732
368
80508
4,129
280
11,338
16,275
86
5,032
8,442
814
6,801
292
5,124
21,893
13308
2,042
537
3,033
1,456
71
(D)
1,749
(D)
1,091
111
1,017
2,167
6413
5954
196
98
549
279
P)
336
394
0
1,425
4073
188710
8,838
1,835
20,495
32,942
291
7,450
13,825
1,455
24,711
893
7,712
68,261
17,810
294
P)
(D)
3,621
26
159
569
15
1,822
39
40
9,540
85,664
4,002
313
11,952
20,086
101
5,258
8,730
784
7,715
437
5,436
20,851
16243
2,145
616
3,769
2,008
34
P)
2,173
P)
1,560
132
831
2,940
5200
D
)
51,486
1,778
306
2,170
4,289
7,258
438
5,048
157
1,520
81
4
361
301
149
(D)
879
2,704
49653
2,107
295
2,198
3,831
(D)
1,531
1,016
235
11,203
33,552
889
551
3,815
1,600
25,199
494
1,004
4,743
8,444
320
387
352
367
6,805
106
106
8
35,845
1,238
418
4,248
1,693
26,443
510
1,295
5,018
3,186
16
(D)
173
48
2,825
165
78
124
1,120
1,087
117
133
P)
836
104
54
3,426
223
53
104
1,213
1,249
282
303
Japan
20,997
3,800
9,910
Australia, New Zealand, and South Africa
Australia ....
New Zealand
South Africa
18,932
14,846
3,131
956
3,146
2,659
102,360
European Communities (12)
Belgium
Denmark
France .. .
Germany
Greece .. .
Ireland ..
Italy
Luxembourg
Netherlands ,
Portugal
Spain ....
United Kingdom
8
2,901
14
-41
703
22
1,541
(D)
116
10,598
8
B
fi
3
fiP)
P)
453
(D)
448
(D)
162
1,462
D
D
)
1,466
93
-2
137
203
112
165
904
1,813
27,191
2,209
1,697
42
P)
24
(D)
1,149
57
398
14,780
(D)
0
(D)
32
14,329
866
19
-1
8
17
3969
222
2,343
328
425
22,918
4,195
10,437
4,851
6,534
5,764
298
472
1,662
1,460
151
51
1,110
8
336
300
23
14
4,625
P)
2,088
P)
19,451
15,627
2,809
1,015
3,359
2,828
7,195
6,141
558
496
1,307
1,179
57
70
870
P)
0
1,519
1,215
250
54
13,643
32,900
6,696
9,309
32,700
1,989
5,123
111,608
15,526
36,331
7,797
71,593
4,140
23,733
2,684
6,387
29,440
1,632
3,577
77,342
4,339
25,687
South America
Argentina
Brazil
Chile
Colombia
Ecuador
Peru
Venezuela
Other
23760
2,956
14918
1,368
1,728
2099
15026
1,676
11 021
797
125
326
67
19
35
73
117
34
1474
1 971
1 017
1 376
2,252
385
688
332
203
1 202
-3
58
159
140
P)
52
P)
69
132
15441
1,907
11 002
64
70
826
P)
13
(*)
P
45
4
25998
3,412
15222
1,555
1,744
Central America
Mexico
Panama
Other
17719
9398
7,409
238
149
31
57
1 305
1 025
912
100
39
47
14
6089
80
843
220
931
508
410
12
Other Western Hemisphere
Bahamas
Bermuda
Jamaica
Netherlands Antilles
Trinidad and Tobago
United Kingdom Islands Caribbean
Other
30,113
3309
21,737
898
244
-58
793
60
4,814
1 852
21,380
(D)
442
38
127
19
107
P)
9
-3
P)
-2460
2684
1 966
270
179
327
72
44
0
28
255
136
51
P)
-1
P)
85
149
-4
-4
0
42
68
106
104
0
1
-37
(*)
-93
56
152
38
0
115
377
-32
134
38
P)
-1
53
P)
107
93
P)
P
0
14
895
11
20,756
604
956
245
464
70
P)
P
13
145
380
108
831
-4
/D(
)D(
3496
2,050
Other Europe
Austria ..
Finland ..
Norway .
Sweden
Switzerland
Turkey ..
Other ....
Developing countries
Latin America and Other Western Hemisphere
Other Africa
Saharan
Eavot
Libya .""
Other
Sub-Saharan
Liberia
Niaeria
Other
387
410
1490
503
"" ....'
Middle East
Israel
Saudi Arabia
United Arab Emirates
Other
Other Asia and Pacific
Hono Kono
India
'
Indonesia
Malaysia
Philippines
Singapore
.
South Korea
Taiwan
Thailand
Other
International
Addendum—OPEC *
-2229
438
695
P)
P)
121
-18
202
174
1 144
4800
1384
P
P
H
295
3905
1,849
1465
2914
1,453
1 127
240
144
230
96
2,056
1,461
193
161
56
166
1 702
1 239
3973
1476
508
'
275
747
157
78
973
97
7913
7196
272
446
o
o
67
188
756
(D)
1,981
84
519
717
886
907
304
579
13
12
5114
7933
221
11
952
385
135
768
791
22890
6,187
513
3,226
1,384
1 629
3,385
2178
2014
1,585
P)
2,662
788
425
149
734
7
-9
718
196
3570
8470
2,504
4383
* Less than $500,000 (±).
Suppressed to avoid disclosure of data of individual companies.
D
R
48
18
P)
(Dl
g
930
3
6
o
251
/D\
g
P)
H
204
79
69
1055
266
106
304
m\
286
P)
227
P)
43
2281
1,849
1926
139
141
3
2746
-1
(P)
43
92
40
58
127
23
P)
a
64
3
59
g
528
173
975
21
-161
124
393
236
290
135
126
1 315
400
5,668
-15
61
41
-25
-91
681
110
79
4
318
182
915
248
148
60
1,911
88
28
427
37
197
29
-6
o
2
P)
56
66
P)
P
P
H
330
P)
260
P)
98
59
P)
P
P)
218
1,066
941
-4
669
337
352
2785
590
23408
11570
10,980
£
a
463
859
P)
385
P)
-37
262
171
1 176
858
P)
900
P)
27,935
3319
20,737
-165
667
911
272
188
845
169
58
1,164
108
9302
8,493
369
440
945
67
0
510
8,632
603
281
339
342
6,929
P) u
P)
u
9,862
33,142
2,141
3,381
6,838
29,888
1,741
5,467
1,067
1481
2398
2,420
164
395
87
P)
40
109
P)
65
392
691
324
P)
-7
P)
9
78
939
69
719
P)
14
0
P)
65
4
1 033
149
D
)
88
P)
299
188
35
76
1,985
1,641
503
4
P)
39
P)
-1
81
P)
116
99
92
P)
P
17
8
3
5
1,063
681
402
-49
1,280
111
713
78
-8
20
181
184
231
74
2,489
1,879
177
856
1457
61
865
953
92
181
44
4715
1 928
1 192
201
1 135
1 245
429
746
14
5
22
64
P)
25180
6,430
5965
9,104
342
P)
950
373
206
687
952
544
533
3,458
1,440
1,672
4,313
2,392
2470
1,787
2,869
684
516
168
905
P)
-4
889
240
3,155
11 028
2,405
5383
153
63
m(
P)
90
4,062
2,299
(D
9465
392
9,047
26
18,026
P)
8
_2
P)
-3919
2895
1 444
276
130
48
145
145
0
(*)
-97
237
-5
-5
0
n
P
H
121
D
)
D
)
-3
P)
2,855
492
224
2,392
353
179
960
531
17
P)
P
97
-3
19,535
129
141
437
346
374
162
119
1,642
348
1 379
5,208
2030
721
136
71
14
300
110
987
264
173
78
2,619
P)
89
-5
38
449
238
128
718
g
%8
4,493
2,684
1,659
150
347
74
44
0
31
273
2,317
17
38
817
184
460
P)
3294
1,415
1 110
o
901
P)
Q
3
P,
2,087
1,766
1,508
P)
P)
4371
1,882
1 515
98
P)
P
142
1,091
122
P)
30
3<S
2,667
3
513
1,042
(")
401
4706
1 549
526
R(°)
15,937
1
0
P)
(D)
15,432
0
308
430
14
257
403
0
1,754
2,555
P)
P
P
40
321
-3568
1,748
42
P)
1,761
1,325
425
11,028
12
P)
28,362
£
827
3
7
o
242
P)
0
P)
920
P)
P
P
M
B
6,809
68
178
278
52
P)
P
166
140
204
7
10
177
90
P)
0
P)
87
16
3
67
-12
62
36
-30
-80
365
P)
258
P)
97
-2
42
50
-63
106
86
131
21
-5
297
96
0
P)
P)
59
88
-11
16
18
P)
800
290
2
220
P)
116
49
P)
47
33
P)
1,059
3
1,659
2,097
1,731
750
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.
$6 • June 1992
SURVEY OF CURRENT BUSINESS
Change in position accounts by industry.—
Reinvested earnings were largest in manufacturing, at $7.5 billion. Within manufacturing, the
chemical industry accounted for most of the total.
The reinvested earnings of affiliates in "finance
(except banking), insurance, and real estate,"
were second largest, at $7.4 billion.
Equity capital outflows were largest, at $4.2 billion, in finance (except banking), insurance, and
real estate. These outflows were mainly capital
contributions to British affiliates and to Bermudan affiliates serving as financial conduits for the
global operations of their U.S. parent companies.
Equity capital outflows in manufacturing,
"other industries," and petroleum were each between $1 billion and $2 billion. In manufacturing,
most of the outflows were accounted for by three
large transactions: A U.S. parent swapped equity
capital for a large loan that it had extended to its
Canadian affiliate (thus, this transaction had no
net effect on the position), and two other U.S.
parents acquired controlling stakes in existing
European manufacturing companies.
In "other industries," most of the equity outflows were in the communications industry. In
communications, outflows were largely related to
the acquisition or establishment of new affiliates; in this industry, unlike in other industries,
acquisitions and establishments of new affiliates increased in 1991. U.S. parents in the
communications industry were encouraged to invest abroad by rising domestic profits, which
provided a low-cost source of funds, whereas
parents in other industries generally scaled back
their investments because of capital constraints.
In addition, the domestic business activities
of U.S. communications companies—specifically,
U.S. regional telephone companies—have been
legally constrained since their creation in 1984,
while overseas investment opportunities have
been created by the privatization of some foreign
Government-owned telephone companies.
In petroleum, equity capital outflows of $1.7
billion consisted mainly of capital contributions.
These investments, which occurred in both the
upstream and downstream operations of the industry, reflected two factors: U.S. oil companies'
recent tendency to concentrate their exploration
and development efforts overseas, where accessible oil and gas deposits are generally larger and
more profitable, and a robust demand for gasoline and other petroleum products in the rapidly
growing Pacific Rim economies.
Intercompany debt inflows occurred in both
U.S. parent receivables from and payables to their
foreign affiliates. In receivables, repayments of
loans to U.S. parents by affiliates in finance (except banking), insurance, and real estate more
than accounted for the $1.1 billion in inflows. In
payables, loans from British affiliates in the petroleum industry to their U.S. parents more than
accounted for the $1.3 billion in inflows.
Change in the position by country.—The $26.1
billion increase in the U.S. direct investment
position in 1991 was spread among all major
geographic areas. The largest increases were
in Europe, in "Latin America and Other Western Hemisphere," and in the Asia and Pacific
countries (including Australia, Japan, and New
Zealand).
In Europe, the position increased $13.4 billion,
or 6 percent, to $224.6 billion. Growth occurred
in nearly all of the European Communities (12)
countries, but it was largest in Germany, the
Netherlands, and France. In Germany, the position increased $5.7 billion, mainly through intercompany debt outflows and reinvested earnings.
Earnings, and reinvested earnings, of German affiliates probably were boosted by the upturn in
German consumer spending that followed the reunification. In France and the Netherlands, the
increases in the position were each less than onethird as large as that in Germany. In France, the
increase reflected intercompany debt outflows; in
the Netherlands, it reflected reinvested earnings.
In "Latin America and Other Western Hemisphere," the position increased $5.7 billion, or
8 percent, to $77.3 billion. The increase was
more than accounted for by a $6.4 billion increase in reinvested earnings of affiliates and by
a $3.2 billion increase in equity capital outflows.
Nearly all of the reinvested earnings occurred
in Panama and the Caribbean and in Mexico.
In Panama and the Caribbean, the reinvested
earnings probably consisted largely of investment
income, because a common activity of affiliates in those countries is to invest funds. In
Mexico, the large reinvested earnings reflected
continued growth in the total earnings of Mexican affiliates since the mid-i98o's: After zero
net earnings during 1982-86, their earnings rose
each year, reaching $2.3 billion in 1991. The
turnaround in Mexican affiliates' earnings has
corresponded with, and probably is related to,
the wide-ranging economic liberalizations instituted in that country. The increase in equity
capital outflows to "Latin America and Other
Western Hemisphere" reflected a large capital
contribution to a Bermudan finance affiliate and
SURVEY OF CURRENT BUSINESS
the acquisition of minority interests in previously
Government-owned telephone companies.
In the Asia and Pacific countries, the position increased $4.7 billion, or 8 percent, to $66.5
billion. The increase was primarily in Japan
and "Other Asia and Pacific." In Japan, the
position was bolstered by positive valuation adjustments related to dollar depreciation against
the yen. In "Other Asia and Pacific," the position increased at double-digit rates in both
manufacturing and petroleum, as U.S. parent^
expanded their presence in the region. Within
manufacturing, producers of computer compo-
June 1992 • 57
nents accounted for most of the increase in the
position. Within petroleum, U.S. oil companies
increased their investments in both upstream and
downstream operations.
Foreign direct investment in the United States
The foreign direct investment position in the
United States valued at historical cost was $407.6
billion at the end of 1991 (table 7) 7 The United
7. 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.
Table 7.—Foreign Direct Investment Position in the United States on a Historical-Cost Basis at Yearend
[Millions of dollars]
1991
1990
All industries
All countries
Canada
Europe
Austria
Belgium
Denmark
Finland
France
Germany
Ireland
Italy
Liechtenstein
Luxembourg
Netherlands
Norway
Spain
Sweden
Switzerland
United Kingdom
Other
...
. .
Trade
59,627
18,731
10,129
24,922
34,552
49,144
407,577
39,955
162,853
59,692
9,652
1,309
1,762
1,987
4,030
4,687
5,215
30,002
913
9662
271
250,973
33,608
121,292
27,533
8,241
18540
10,602
28,538
258,127
31,989
126809
25873
132
54
-93
40
(D)
2619
~~~
o
o
306
o
Ro
3,866
1,366
140
971
819
203
(D)
1 008
13669
15695
38
1 047
7,735
115
360
58
56
675
0
_7
H
-21
6,356
2,361
2057
62
354
-2
54
(D)
151
7
69
-5
1218
772
(D\
-3223
-1 125
(D)
215
768
49
g
63938
12686
24717
773
790
8
374
123
5467
17,745
102,790
213
124
15,841
5238
10,393
47,304
1,452
7,669
1,983
299
(D\
29
83
110
19,616
2,368
5,423
3,835
1,567
(D)
6,020
1,010
913
(D)
(D)
147
-4
94
42
-12
26
1,344
378
550
573
-65
211
472
_5
-41
13,596
1 508
1,517
12584
-2,935
1,359
923
/D\
512
10
502
(D)
489
503
4,423
n
3
578
387
1,831
-18
1,803
97
85
D
( )
165
(D)
(D)
415
153
426
4,850
3,689
(D)
(D)
222
0
15
294
D
(D)
m\
4450
209
(D)
20,811
2,106
339
17,153
91
32
-7
11
495
442
149
26,608
(D)
390
26,389
(D)
14
48
8
46
93
55
6,618
-37
178
5,931
146
8
(D)
42
(D)
143
172
7,313
-1,231
23
8,605
104,068
(D)
24,740
396
7,955
174
2,417
^
()
-1
D
33,153
2,420
0
0
(D
0
224,447
4,246
-4567
1
0
2
34
71
(°)
-5
(D)
291
(D)
396
(D)
14
0
(D)
(D)
-2
o
(D)
0
o
3717
H
(D)
691
3,600
6,855
o
(D)
o
o
(D)
0
o
(D)
(°)
-21
o
(D)
-196
552
443
(D)
S
12
852
1
48
133
o
1,329
o
363
-45
(D)
(D)
_3
(D)
V
(b)
(D)
-12
2,630
2,612
(D)
11
3,739
-9
_3
-6
o
91,141
6,539
1,199
81,775
-1,000
56
138
74
1,147
824
389
( )
770
625
(D)
(1
141
2837
(D)
59
p2
0
n0
1
<ri
-28
0
203
(D)
0
1
63
21
244
(D)
(D)
(D)
626
. .
Petrole- Manuum
facturing
157,431
4,099
Middle East
Israel
Kuwait ....
Lebanon .
Saudi Arabia
United Arab Emirates
Other
All industries
1,394
2118
Africa
South Africa
Other
Banking
Real es- Other intate
dustries
Insurance
42,165
181
Other Western Hemisphere
Bahamas
Bermuda
Netherlands Antilles
U. K. Islands, Caribbean
Other
Trade
Finance,
except
banking
30,037
1 513
18665
28309
1 208
1 869
South and Central America
Brazil
Mexico
Panama
Venezuela
Other
Manufacturing
396,702
623
Latin America and Other Western
Hemisphere
Asia and Pacific
Australia .
Hong Kong
Japan
Korea
Malaysia .
New Zealand
Philippines
Singapore
Taiwan ....
Other
Petroleum
-127
(D)
3
(D)
0
o
o
o
o
0
0
0
0
0
§
388
5
0
78
(D)
0
0
(D)
(D)
21
80
143
4832
D
( )
4
172
206
y
PI
472
3,653
1 219
1 547
22740
28,171
1 292
2859
(I
|D\
13
2980
(D)
98
974
559
5
-88
(D)
43
7,212
63,848
12,254
(D)
31
20
80
_3
556
H
o
139
1225
560
920
14821
16546
217
2428
39
38
24137
339
108
114
853
(D)
73
942
7613
134
460
52
(D)
5532
D
( )
167
638
Banking
9,196
33,306
33,747
2,462
ii,
-1,357
/D)
5,294
4,086
5,337
25,192
10,653
30,388
8579
62
(D)
63
84
1 286
838
829
1
-2
1933
-4
621
71
40
15,895
14,238
1,444
7,257
2,269
21
(D)
282
(D)
47
72
89
2226
(D)
17,673
2,385
3,664
4,268
256
6
57
132
26
36
(D)
6,466
1,030
-23
20
91
488
608
(D)
527
-75
225
407
-13
-17
172
26
81
60
-8
13
1970
16
53
1 345
(D)
H
4,477
(D)
67
4162
499
57
189
(D)
-12
188
o
-12
4,367
544
458
11 208
1 195
1,323
7948
309
-10
319
249
201
0
(D)
60
2
4,798
1 085
2,000
-27
1,588
97
55
8,213
96,668
6,626
1,272
86,658
<<•!
-542
(D)
25
(D)
72
-10
85
131
50
914
1,115
360
10,134
999
27,903
276
232,007
4,275
20
n
(D)
no
(D)
(D)
-2009
-4,193
4,774
1370
o
1
60
0
_1
127
1,174
3,186
5,171
5,090
(D)
3,956
7,826
1 564
2,445
D
( )
4
341
111
(D)
62
-8
-266
561
3,482
18,428
20
(D)
1,945
1,991
1,508
(D)
P
0
210
6
54
96
23
31
(D)
-11
12
84
20
(D)
-8
o
1,813
99
1,581
903
495
223
276
125
462
12
904
4
-16
o
860
6,544
175
0
0
158
3222
(D)
/D\
20
26
100
972
4
-49
13
(D)
/D\
R
(
339
(D)
(D)
m\
-2
48,173
(D)
o
-1
(D)
o
4096
231
-805
-9
12
110
/D(
(D)
-199
1 390
2746
1 325
144
285
271
-3
578
(D)
(D)
-2228
0
(D)
2
49
-9
-3
-6
8
0
8
0
839
763
275
0
1,199
16
0
-28
35
53
3
0
()
0
0
0
0
0
1,230
-34
11
2
-8
7,709
875
9,120
3
572
10,628
1,858
153
8,413
l
5
0
75
n
( )
0
0
(D)
15,867
392
161
14,948
18
2
33
-1
292
23
1
-1,434
(D)
19,707
D
10,169
1,271
29,966
177
1 356
(D)
-466
945
-26
19
3
-2
16,110
401
171
15,084
14
2
28
-1
2
(D)
393
1,208
939
-1
(D)
138
n
4<oo
(D)
3,504
773
Real es- Other intate
dustries
1978
5343
9,781
50,120
(D)
Insurance
20,655
1 161
5597
17,594
106,064
-288
Finance,
except
banking
(D)
o
(D)
(°)
o
(D
6D
()
7
3137
(D)
V
n
(°)40
-3
(D)
(D)
n
28,924
(D)
453
28,037
(D)
61
51
-11
17
83
93
7,455
-90
154
6,797
174
2
23,281
(D)
8,387
219
3
31,733
2,228
110,198
-22
<<-0i
-3
(°)
16
0
(D)
22,412
2,055
209
18,657
109
28
-8
10
543
729
81
2,798
2,696
-8
113
14
(D)
W
o
(
S
n
160
184
(D)
-117
(D)
o
o
o
(D)
0
0
D
1
0
24
p
1 781
54
146
820
719
42
-50
0
-50
-2
(D)
H
99
(D)
81
(D)
/D)
/D\
/D\
0
B
-1
1
(D)
Addenda:
European Communities (12)
OPEC1
* Less than $500,000 (±).
D
Suppressed to avoid disclosure of data of individual companies.
1. See footnote 1, table 4.
(D)
14,076
0
• June 1992
SURVEY OF CURRENT BUSINESS
Kingdom had the largest position, at $106.1 billion; Japan had the second largest position, at
$86.7 billion; and the Netherlands had the third
largest, at $63.8 billion.
In 1991, the position increased $10.9 billion, or 3
percent, down from an 8-percent increase in 1990.
The slowdown was more than accounted for by a
substantial decline in capital inflows—from $46.1
billion to $12.6 billion. Valuation adjustments
(see footnote 4) were -$1.7 billion, compared
with -$18.3 billion in 1990.
The decline in capital inflows was almost entirely due to a sharp drop in equity inflows, which
had increased sharply in recent years. Equity
inflows dropped $29.1 billion in 1991, to $27.9 billion, the lowest level since 1986. The drop in
equity inflows reflected several factors, including continued economic weakness in the United
States, which made new investments and expansions less attractive, and economic weakness and
bank restructuring in several industrialized countries, which reduced the availability of funds for
investment. Total outlays by foreign investors
to acquire or establish U.S. businesses—including
outlays financed by equity capital inflows—were
down considerably in 1991.8
By industry, the decreases in equity capital inflows were widespread. The largest decreases
were in manufacturing (down $10.7 billion, to
$11.8 billion), services (down $5.6 billion, to $2.0
billion), and wholesale trade (down $4.7 billion,
to $2.2 billion).
Decreases in the other two major components
of capital inflows were much smaller than the
decrease in equity capital inflows. Intercompany
debt inflows decreased $0.8 billion, to $3.6 billion, as increases in affiliates' payables (inflows)
decreased by a larger amount than did increases
in affiliates' receivables (outflows). Reinvested
earnings decreased $3.6 billion, to -$18.9 billion.
The decrease was more than accounted for by
8. For a discussion of these and other factors affecting new foreign direct investment in the United States, see "U.S. Business Enterprises Acquired
or Established by Foreign Direct Investors in 1991," SURVEY OF CURRENT
BUSINESS 72 (May 1992): 69—79. Preliminary data from BEA'S survey of new
foreign direct investments, summarized in that article, indicate that total outlays to establish or acquire U.S. businesses were $22.6 billion in 1991, down
from $65.9 billion in 1990. These figures differ from those on changes in the
foreign direct investment position presented here, largely because they cover
only transactions involving the acquisition or establishment of new U.S. affiliates and because they include financing other than that from the foreign
parent, such as local borrowing by existing U.S. affiliates. In contrast, changes
in the position reflect transactions of existing, as well as new, U.S. affiliates
(but only if the transactions are with the foreign parent or other members
of the foreign parent group) and valuation adjustments.
However, the two types of data are related. Any outlays to acquire or
establish U.S. businesses 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. Data on the sources of funding of outlays to acquire
or establish new U.S. affiliates indicate that foreign parent groups provided
$13.1 billion in outlays in 1991, down from $32.5 billion in 1990.
an increase in losses from — $6.0 billion in 1990
to -$11.3 billion in 1991; distributed earnings fell
from $9.3 billion to $7.6 billion.
Change in the position by account.—The $10.9
billion increase in the foreign direct investment
position in 1991 was more than accounted for by
capital inflows of $12.6 billion. Within capital
inflows, equity inflows of $27.9 billion and intercompany debt inflows of $3.6 billion were partly
offset by reinvested earnings of —$18.9 billion.
Valuation adjustments were -$1.7 billion.
Change in position accounts by industry.—Equity
capital inflows were particularly large in manufacturing, real estate, and banking. In manufacturing, most of the inflows were in "other manufacturing," in chemicals and allied products, and
in machinery. In "other manufacturing," two
very large inflows resulted from the acquisition
of a U.S. company by a French firm and from
a capital contribution to a rubber products affiliate by its Japanese parent. In chemicals, there
were several sizable inflows from European parents; the largest inflow involved the acquisition
of a chemical company by a German firm. In
machinery, several European and Japanese parents made sizable capital contributions to their
U.S. computer affiliates, and a Japanese company
acquired an electrical machinery manufacturer.
In real estate, most of the equity capital inflows
were to affiliates of Japanese parents. Some of
the larger of these flows involved conversions of
debt to equity, which had no effect on the position because such inflows are offset by outflows
on intercompany debt. In banking, there were
numerous small capital contributions to affiliates
with parents located in various countries; a few of
the larger of these contributions were to affiliates
of British parents.
Intercompany debt inflows were largest in insurance, where several large inflows from the
Netherlands and France were related to recent
acquisitions. Partly offsetting the large inflows
in insurance were large outflows in petroleum,
most of which were to the United Kingdom and
represented the repayment of debt.
Reinvested earnings were negative in most industries, largely reflecting losses associated with
the U.S. economic downturn. Negative reinvested earnings were largest in manufacturing
and real estate. In manufacturing, they were
accounted for by "other manufacturing" and machinery. In both manufacturing and real estate,
they were fairly widespread by country.
SURVEY OF CURRENT BUSINESS
Change in the position by country.—In 1991, parents in Japan, France, and the United Kingdom
had the largest increases in position. Parents in
the Netherlands Antilles had the largest decrease
in position.
The position of Japanese parents increased $4.9
billion, to $86.7 billion. By industry, manufacturing and wholesale trade accounted for much
of the increase. In manufacturing, a large increase in "other manufacturing" was more than
accounted for by a very large capital contribution
to a rubber products affiliate. In wholesale trade,
Japanese parents made several sizable capital
contributions to their affiliates.
The position of French parents increased $4.1
billion, to $22.7 billion. By industry, the increase
was concentrated in finance (except banking),
in insurance, and in manufacturing. In finance
(except banking), the increase was more than accounted for by the repayment of loans that were
previously extended by U.S. affiliates to their foreign parent groups. In insurance, the increase
was due to a large loan from a French parent to a
new affiliate. In manufacturing, much of the increase was in "other manufacturing," which had
an equity inflow associated with the acquisition
of a large U.S. company.
The position of British parents increased $3.3
billion, to $106.1 billion. The largest increases
were in manufacturing and services. In manufacturing, much of the increase was in chemicals
and reflected new loans to U.S. affiliates; in services, the increase also reflected new loans to
affiliates. These increases were partly offset by
decreases in petroleum and finance (except banking). In petroleum, a few U.S. affiliates repaid
intercompany loans. In finance (except banking), a few U.S affiliates made sizable loans, and
another affiliate had a large negative valuation
adjustment.
The position of Netherlands Antilles parents
declined $4.6 billion, to $7.9 billion. By industry,
services and manufacturing accounted for most
of the decrease. S
u
June 1992 • 59
6o
June 1992
SURVEY OF CURRENT BUSINESS
U.S. International Transactions
• First Quarter 1992
• Revised Estimates for 1976-91
By Howard Murad
A decrease in the merchandise trade deficit and
an increase in the surpluses on services and on
investment income all contributed to the decline.
An increase in unilateral transfers was a partial
offset.
In the capital account, net recorded private
capital transactions shifted to inflows of $1.5 billion in the first quarter from outflows of $8.8
billion in the fourth. U.S. private assets abroad
decreased $1.7 billion, in contrast to an increase
of $44.9 billion. Most of the change was due to a
shift in U.S. claims reported by U.S. banks, which
decreased $21.7 billion after an increase of $23.2
billion. Net U.S. purchases of foreign securities
were $8.7 billion, compared with $11.3 billion.
Foreign private assets in the United States decreased $0.3 billion in the first quarter, in contrast
to an increase of $36.1 billion in the fourth. Most
of the change was due to a shift in U.S. liabilities reported by U.S. banks, which decreased $4.8
billion after an increase of $23.5 billion.
The estimates presented in this article incorporate a
number of major improvements, including changes in
definitions, estimating methodologies, and new source
data. Several of these changes were initiated as part
of the "1992 Economic Statistics Initiative" to improve
the quality of statistics. Others respond to suggestions
of recent International Monetary Fund and National
Academy of Sciences working groups. The first part
of the article presents preliminary estimates for the
first quarter of 1992, and the second part describes
the methodological improvements and revisions in the
estimates for 1976-91.
First Quarter 1992
The U.S. current-account deficit was $5.3 billion
in the first quarter of 1992, down from $7.2 billion
(revised) in the fourth quarter of 1991 (table A).1
i. Quarterly estimates for U.S. current- and capital-account components
are seasonally adjusted when statistically significant seasonal patterns are
present. The accompanying tables present both adjusted and unadjusted
estimates.
Table A.—Summary of U.S. International Transactions
[Millions of dollars, seasonally adjusted]
1 inp
1
2
3
4
Lines in tables 1 and 10 in which transactions are included are indicated in ()
Exports of goods, services, and income (1)
Merchandise, excluding military (2)
Services (3)
Income receipts on investments (11)
5 Imports of goods, services, and income (15)
6
Merchandise, excluding military (16)
1
Services (17)
8
Income payments on investments (25)
9
10
11
12
1990
1QQfl
-738,401
-497,558
-116,583
-124,261
Change:
1992
1991 IV
I
680,890
388,705
148 638
143547
1991
1QQ1
II
III
IV
I
II
III
IV
\P
19921
165,130
94,981
35,145
35,004
167,407
96,654
36,167
34,586
169,194
96,544
37,513
35,137
179,160
100,526
39813
38821
174,262
100,636
38,128
35,498
174,910
103,324
40,371
31215
175,832
104,151
41777
29904
179,911
107,851
43362
28698
181,217
107,825
44,501
28,891
1,306
-26
1,139
-716,624 -180,977
-489,398 -122,360
-118,341
-27,941
-30,676
-108,886
-181,331
-121,461
-28,484
-31,386
-185,971
-125,434
-29,624
-30,913
-190,126
-128,303
-30,534
-31,289
-176,268
-118,962
-28,773
-28,533
-176,594
-119,721
-29,589
-27,284
-180,907
-124,325
-29,754
-26,828
-182,856
-126,390
-30,226
-26,240
-179,776
-125,293
-30,302
-24,181
3,080
1,097
2,059
704,914
415,962
163637
125315
193
-76
Unilateral transfers (29)
-32916
8028
-6538
-7401
-7201
-11778
14199
4115
-6012
-4273
-6744
-2471
U.S. assets abroad, net (increase/capital outflow (-))
(33).
U.S. official reserve assets, net (34)
U.S. Government assets, other than official reserve
assets, net (39).
U S private assets net (43) .
-56,321
-62,220
42,141
-30,682
-30,964
-36,816
-640
-7,050
-10,368
-44,158
555
44,713
-2,158
2,304
5,763
3,397
-3,177
371
1,739
-1,091
4,179
-353
1,014
-1,057
-420
3,877
3,180
1,225
1,073
-437
-112
-2,282
325
-56 467
-743
-794
-337
-71,379
46,061
-30,259
-32,366
-39,903
-1,360
-7,644
-17,426
-44,947
1,724
46,671
99,379
66,980
-30,965
30,853
51,386
48,108
-7,840
2,959
22,933
48,929
20,474
-28,455
33908
65471
18407
48,573
-6,450
-24,515
6134
20127
27,981
5650
-13490
-4178
7,137
18,818
12819
36,110
20,747
24,719
14097
37,289
4115
16
Foreign assets in the United States.net (increase/
capital inflow (+)) (48).
Foreign official assets net (49)
Other foreign assets net (56)
7,928
-36,383
17
18
Allocations of special drawing rights (62)
Statistical discrepancy (63)
47370
11 209
21 154
3556
11 452
1 660
1 478
2447
-15726
-18 173
19
Memorandum:
Balance on current account (69)
-22385
-21 325
-23 978
-22 744
-7218
-5303
1 915
13
14
15
f Preliminary.
-90 428
1 078
-3682
3713
12193
2431
-1 1 087
-273
SURVEY OF CURRENT BUSINESS
The statistical discrepancy (errors and omissions in recorded transactions) was an outflow of
$15.7 billion in the first quarter, in contrast to an
inflow of $2.4 billion in the fourth.
June 1992 • 6l
ble B, chart i). Appreciation of the dollar was
supported by growing evidence of economic recovery in the United States, which was in contrast
to moderating performance in major overseas
economies. A narrowing of interest-rate differentials also supported the dollar (chart 2);
these differentials had strongly favored the holding of foreign-currency-denominated assets in
previous quarters and had led to a depreciation
of the dollar in every month from August to
December 1991. In the first quarter, a sharp
reduction in these interest-rate differentials at-
U.S. dollar in exchange markets.—When measured from the end of December 1991 to the end
of March 1992, the dollar appreciated 6 percent against the currencies of the 10 industrial
countries and 5 percent against the combined
currencies of the 22 OECD countries and the 4
newly industrialized countries in the Far East (ta-
Indexes of Foreign Currency Price of the U.S. Dollar (December 1980=100)
TRADE-WEIGHTED AVERAGES
110
1PQ
90
,1088
1990
1989
1991
1992
1. Currencies of 32 OE00 countries -~ Australia, Austria, Belgium-iyxembdurfl, Canada, Denmark, Finland, France, Germany, 0r$ece, Iceland, Ireland;, JfetJy, J .
Netherlands, New Zealand, Noway, Portugal Spain, Sweden, Switzerland, Turkey, United Kingdom'— plus
Hong Kong, Republic of Korea, Singapore, and Taiwan,
;
Data: U.& Department of the"Treasury, End-ofi-rrionth rates.
2. Currencies of'&etgium, Canada, France, Germany, Italy, Japan, Netherlands, Sweden, Switzerland, and United Kingdom.
Data; Federal Reserve Board; Monthly average rate$. index rebased by B£A, ..
, ;
:'
U,$, Department of Commerce, Bureau of Economic Analysis
Table B.—Indexes of Foreign Currency Price of the U.S. Dollar
[December 1980=100]
19 91
I
]
95.8
Trade-weighted average against 10 currencies2
93.0
96.7
99.8
Trade-weighted average against 26 currencies
Selected currencies:3
Canada
European Monetary System currencies:4
Belgium
France
Germany
Italy...
:
".
Netherlands
United Kingdom
Switzerland
Japan
114.6
II
III
IV
I
99.9
98.7
95.5
97.2
99.7
102.3
102.6
96.9
97.0
96.9
96.0
95.6
94.9
98.4
96.8
112.7
129.1
113.2
129.9
105.7
121.8
105.3
121.1
104.9
120.5
Mar.
May
June
99.4
99.2
101.0
99.8
99.4
97.0
96.8
96.2
93.7
96.0
97.3
98.4
100.6
101.5
104.7
104.7
102.8
100.3
99.8
96.8
94.2
94.7
96.9
99.5
96.4
96.1
95.6
96.1
95.7
95.1
94.3
94.5
95.9
96.7
98.9
99.7
110.6
126.4
111.7
128.0
115.9
132.8
116.1
133.1
113.4
130.1
110.2
126.5
109.9
126.5
105.5
121.6
101.7
117.3
102.7
118.3
105.3
121.0
108.0
123.9
90.8
88.7
86.1
85.9
82.4
79.5
80.3
82.3
84.5
139.0
135.4
891
136.3
130.5
855
131.9
125.9
127.4
130.5
133.8
82.5
83.2
85.3
87.6
128.5
129.8
132.1
136.2
83.0
62.2
80.5
61.7
77.8
60.9
78.8
59.7
81.7
60.8
84.7
63.2
Apr.
July
1992
Aug.
Sept.
78.0
88.3
88.5
82.6
82.4
82.0
86.6
87.5
90.7
123.1
81 4
123.3
138.4
91 5
137.6
139.0
91 8
139.2
130.6
857
132.2
130.6
854
132.7
128.9
137.2
907
136.2
142.7
940
142.3
142.7
94.2
92.0
128.9
135.4
898
134.2
142.2
139.4
135.4
893
136.0
73.6
63.7
82.8
65.9
85.1
64.9
80.4
61.6
81.7
61.2
78.1
65.4
80.8
65.3
81.8
65.8
85.9
66.5
86.9
65.6
85.3
65.1
83.1
63.9
1. Currencies of 22 OECD countries—Australia, Austria, Belgium-Luxembourg, Canada, Denmark, Rnland, France,
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-of-month rates for quarters.
19 91
1992
85.1
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
2. Currencies of Belgium, Canada, France, 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.
4. Beginning October 1990, includes United Kingdom.
62 • June 1992
SURVEY OF CURRENT BUSINESS
tracted foreign investors to long-term U.S. assets,
especially corporate bonds. Finally, continuing
political uncertainty in Eastern Europe and in the
Commonwealth of Independent States2 may have
encouraged movement into dollar assets.
Against the currencies in the European Monetary System, the dollar appreciated 6 percent
from the end of December 1991 to the end of
March 1992. It appreciated i percent in January,
2 percent in February, and 3 percent in March.
This appreciation followed depreciation of 4 percent in November and in December of 1991.
Appreciation occurred against a background of
moderating economic activity in Europe, particularly in Germany, where there were also concerns about wage inflation and increased credit
demands.
The dollar appreciated 4 percent against the
Japanese yen from the end of December to
the end of March. It depreciated 2 percent
in January, when heightened concern about the
2. The Commonwealth of Independent States refers to the former Soviet
Union excluding the Baltic republics (Estonia, Latvia, and Lithuania). The
republics included in the Commonwealth of Independent States are Armenia, Azerbaijan, Byelarus, Georgia, Kazakhstan, Moldova, Russia, Tajikistan,
Turkmenistan, Ukraine, and Uzbekistan.
interest Rate Differentials
(Pius (+) Indicates Differentials in Favor of U.S. Dollar Assets)
Percentage Points
LONG TERM 1
^
Germany
_ -* -^ _
• ^ ^ ^x *
^'^**
- — *~^
\ united
united Kinadom
Kingdom
SHORT TERM 2
Germany
United Kingdom
-8
i i i i i I i i i i i I i i i i i Ii i i i i I i i i i i I
1990
1991
1992
1, Interest rate on U.S. Government bonds (composite over 10 years) Jess interest
rate on Japanese Central Government .bonds. Interest rate on U.S. Government
bonds {composite over 10 years) less interest rate on German 7-tS year public
sector bonds, Interest rate on U,S, Government bonds (composite over 10 years)
less interest rate on United Kingdom 20-year government obnds. Data; GECD.
2. Interest rate on 90-day Eurodollar deposits less Japanese CD rate, interest rate
on 90-day Eurodollar deposits less German Interbank rate. Interest fate on
90-day Eurodollar deposits less United Kingdom Interbank rate. Data: Federal
Reserve Board.
U.S. Department of Commerce, Bureau of Economic Analysis
U.S.-Japan trade imbalance led traders to anticipate that both countries would accept further
depreciation of the dollar. However, the dollar
appreciated 2 percent in February and 4 percent in March, when it became evident that there
would be no concerted intervention in exchange
markets to prevent appreciation of the dollar
against the yen.
The U.S. dollar appreciated 4 percent against
the Canadian dollar from the end of December
to the end of March. It increased in every month
of the quarter. Interest-rate differentials favoring the Canadian dollar were sharply reduced,
and continued economic weakness in Canada
contributed to the appreciation.
Against the currencies of the newly industrialized countries in the Far East, the U.S. dollar
appreciated 2 percent against the South Korean
won from the end of December to the end of
March, and it appreciated i percent against the
Singapore dollar. In contrast, the U.S. dollar depreciated i percent against the Taiwan dollar and
was unchanged against the Hong Kong dollar.
Current account
Merchandise trade.—The merchandise trade
deficit decreased to $17.5 billion in the first quarter from $18.5 billion in the fourth. The decrease
in the deficit was due mainly to a large decrease
in petroleum imports, as average prices decreased
sharply.
Exports.—Exports were unchanged at $107.8 billion in the first quarter of 1992; volume, measured
in constant (1987) dollars, was also unchanged
(table C). Current-dollar exports were 7 percent
higher in the first quarter of 1992 than in the
first quarter of 1991, but this rate of increase
represents a deceleration from growth rates in
earlier periods (chart 3). At $97.0 billion, nonagricultural exports were unchanged in the first
quarter from the fourth quarter of 1991; volume, measured in constant (1987) dollars, also
was unchanged. Most commodity categories
changed little. By area, increases in exports to
Western Europe, Mexico, and Canada were offset by decreases in exports to Australia, Latin
America (except Mexico) and "Other Western
Hemisphere/' and China. Exports to Japan and
to the newly industrialized countries in the Far
East were unchanged. Nearly all of the increase
to Western Europe was in civilian aircraft, engines, and parts, and the increases to both Mexico
and Canada were in automotive products, mostly
parts to U.S. plants in both countries.
SURVEY OF CURRENT BUSINESS
Agricultural exports were unchanged at $10.8
billion in the first quarter of 1992; volume increased i percent. Increases in exports of wheat
and tobacco were offset by decreases in cotton,
corn, and soybeans. By area, increases in exports
to the Commonwealth of Independent States,
Western Europe, and Canada were offset by decreases to Mexico and the newly industrialized
countries in the Far East. The increase to the
Commonwealth of Independent States resulted
primarily from U.S. Government credit guarantees, which continue to be made available, and
to the sharp decline in agricultural production
there.
June 1992 • 63
flected decreases in imports from Germany and
South Korea; imports from Canada and Mexico
increased, and imports from Japan were unchanged. Domestic sales of passenger cars in the
first quarter increased i percent, with sales increasing 3 percent for domestic nameplates and
i percent for Japanese transplants and Japanese
imports. Japanese cars, both transplants and imports, accounted for 34 percent of total sales,
down for the second consecutive quarter from the
peak of 37 percent in the third quarter of 1991,
Petroleum imports decreased $1.8 billion, or
15 percent, to $10.4 billion in the first quarter.
The decrease was more than accounted for by
a sharp drop—to $15.28 from $18.04—in the average price per barrel. The average number of
barrels imported daily increased slightly to 7.42
million from 7.40 million. Prices were affected
by a weakening in demand due to mild worldwide weather conditions and a relatively weak
worldwide economic recovery. In addition, OPEC
production was at its highest level in more than"
a decade, while supplies from other sources were
Imports.—Imports decreased $1.1 billion, or i
percent, to $125.3 billion in the first quarter of
1992; volume, measured in constant (1987) dollars, decreased less than i percent (table C). The
current-dollar decrease was more than accounted
for by petroleum imports; nonpetroleum imports
increased. Current-dollar imports were 5 percent
higher in the first quarter of 1992 than in the first
quarter of 1991, a sharp contrast to the recessioninduced 3-percent decline of the previous year
(chart 3).
Nonpetroleum imports increased $0.7 billion,
or i percent, to $114.9 billion in the first quarter of 1992; volume decreased less than i percent.
Imports of capital goods and of nonpetroleum
industrial supplies and materials increased. The
increase in capital goods was mostly in computers, peripherals, and parts and in completed
civilian aircraft, and the increase in industrial
supplies and materials was mostly in chemicals.
Partly offsetting these increases, imports of both
consumer goods and of automotive products decreased. Despite the decrease, there has been
a step-up in consumer goods imports since the
third quarter of 1991, mainly reflecting the increase in personal consumption expenditures for
goods excluding motor vehicles and parts. The
decrease in imports of automotive products re-
First-Quarter Year-Over-Year
Percent Change in Merchandise
Exports and imports
Percent
— Exports
• - - Imports
— Nonagricultural Exports
- - - Nonpetroleum Imports
1993
1989!
19901
19911
U.S. Department of Commerce, Bureau of Economic Analysis
Table C.-U.S. Merchandise Trade, Current and Constant (1987) Dollars
[Balance of payments basis, millions of dollars, quarters seasonally adjusted]
Constant (1987) dollars
Current dollars
1992
1991
1990
I
II
III
IV
1992
1991
1990
1991
1991
\P
I
II
III
IV
\P
Exports
Agricultural products
Nonagricultural products
388,705
40,186
348,519
415,962
40,127
375,835
100,636
9,800
90,836
103,324
9,366
93,958
104,151
10,170
93,981
107,851
10,791
97,060
107,825
10,803
97,022
360,836
35,127
325,709
388,712
35,444
353,268
93,130
8,627
84,503
96,206
8,230
87,976
98,046
9,080
88,966
101,330
9,507
91,823
101,362
9,646
91,716
Imports
Petroleum and products
Nonpetroleum products
497,558
62,297
435,261
489,398
51,178
438,220
118,962
12,924
106,038
119,721
12,937
106,784
124,325
13,122
111,203
126,390
12,195
114,195
125,293
10,355
114,938
452,796
52,077
400,719
451,896
48,503
403,393
107,461
10,953
96,508
111,115
12,873
98,242
116,179
13,096
103,083
117,141
11,581
105,560
116,995
11,661
105,334
7
Preliminary.
64 • June 1992
SURVEY OF CURRENT BUSINESS
nearly unchanged. OPEC'S share of world crude
oil production reached a record 41 percent in the
first quarter of 1992.
Balances by area.—The deficit with the industrial countries decreased to $8.1 billion in the first
quarter from $8.8 billion in the fourth. An increase in the surplus with Western Europe and
a decrease in the deficit with Japan were partly
offset by an increase in the deficit with Canada.
The deficit with members of OPEC decreased
to $1.9 billion from $2.9 billion, as a decrease in
petroleum imports more than offset a decrease in
exports.
The deficit with all other countries increased
to $7.4 billion from $6.9 billion. Decreases in
the surpluses with Eastern Europe and with Latin
America (except Mexico) and "Other Western
Hemisphere" were partly offset by a decrease in
the deficit with the newly industrialized countries
in the Far East and an increase in the surplus
,with Mexico.
Service transactions.—The surplus on services increased to $14.2 billion in the first quarter from
$13.1 billion in the fourth. Receipts increased $1.1
billion, to $44.5 billion, and payments increased
$0.1 billion, to $30.3 billion.
Travel receipts increased to $13.6 billion from
$13.2 billion; an increase in overseas visitors was
partly offset by decreases in visitors from Canada
and Mexico. Travel payments increased to $10.7
billion from $10.0 billion; an increase in U.S.
travelers overseas and to Canada was partly offset by a decrease in U.S. travelers to Mexico.
Passenger fare receipts decreased to $4.2 billion
from $4.3 billion, while passenger fare payments
increased to $2.9 billion from $2.8 billion.
Other transportation receipts increased to $6.0
billion from $6.1 billion. The decrease was more
than accounted for by port expenditures and
freight receipts and resulted mainly from decreased tonnage carried by foreign-flag vessels.
Air freight receipts increased slightly. Other
transportation payments decreased to $5.7 billion
from $5.8 billion. Freight payments, both ocean
and air, decreased.
Receipts from other private services increased
to $12.8 billion from $11.9 billion. Payments for
other private services decreased to $6.2 billion
from $6.5 billion.
Transfers under U.S. military agency sales contracts increased to $3.1 billion from $3.0 billion.
U.S. direct defense expenditures abroad decreased
to $3.4 billion from $3.6 billion, reflecting the
reduction in U.S. forces stationed abroad.
Investment income.—The surplus on investment
income increased to $4.7 billion in the first quarter from $2.5 billion in the fourth. Payments of
income on foreign assets in the United States decreased slightly, while receipts of income on U.S.
assets abroad increased slightly.
Direct investment income.—Receipts of income on
U.S. direct investment abroad increased to $13.3
billion in the first quarter from $11.3 billion in
the fourth. Operating earnings increased to $12.9
billion from $11.0 billion. The increase was in
earnings of manufacturing and of banking and
finance affiliates; earnings of petroleum affiliates
decreased, partly reflecting the sharp drop in oil
prices.
Income on foreign direct investment in the
United States was a loss of $0.5 billion in the first
quarter, compared with a loss of $0.8 billion in
the fourth. The reduction in losses was more
than accounted for by a reduction in operating
losses of manufacturing affiliates and by a shift to
operating profits, from losses, for petroleum affiliates. Losses increased for affiliates in banking,
finance, and wholesale trade.
Portfolio investment income.—Receipts of income
on other private investment abroad decreased to
$14.1 billion in the first quarter from $15.8 billion in the fourth. Most of the decrease was in
bank income receipts, reflecting sharp declines
in short-term interest rates. U.S. Government
income receipts decreased slightly to $1.5 billion.
Payments of income on other private investment in the United States decreased to $15.1
billion from $17.5 billion. The decrease was due
to sharply lower short-term interest rates, which
led to a drop in bank income payments, and to a
decrease in U.S. bonds held by foreigners, which
led to a decrease in bond payments. At $9.6
billion, U.S. Government income payments were
unchanged.
Unilateral transfers.—Unilateral transfers were
net payments of $6.7 billion in the first quarter,
compared with net payments of $4.3 billion in the
fourth. The increase in net payments was more
than accounted for by the winding down of cash
contributions received from coalition partners in
Operation Desert Storm. These contributions
decreased to $0.5 billion from $3.6 billion.
Capital account
Net recorded capital inflows were $21.0 billion in
the first quarter, up from inflows of $4.8 billion in
SURVEY OF CURRENT BUSINESS
the fourth. Both U.S. assets abroad and foreign
assets in the United States recorded net inflows.
L7.S. assets abroad.—U.S. assets abroad shifted to
inflows of $0.6 billion in the first quarter from
outflows of $44.7 billion in the fourth. A large
shift in bank claims accounted for nearly all of
the change.
U.S. official reserve assets.—U.S. official reserve
assets increased $1.1 billion in the first quarter, in
contrast to a decrease of $1.2 billion in the fourth.
Claims reported by banks.—U.S. claims on foreigners reported by U.S. banks decreased $21.7
billion in the first quarter, in contrast to an increase of $23.2 billion in the fourth. The decrease
reflected a reversal from yearend interbank lending in dollars and foreign currencies as well as
sluggish demand for bank credit; the sluggishness
was due partly to a further slowing in economic
activity abroad and partly to the attractiveness of
long-term international bonds, rather than bank
borrowing, as a source of funds.
Bank claims payable in dollars decreased $1.3
billion, in contrast to an increase of $14.0 billion. The decrease was more than accounted
for by a decrease in foreign-owned banks' claims
both on their own foreign offices and on unaffiliated foreign banks, mostly reflecting decreases
in claims on Japanese and British banks. Most
of the decrease occurred in January as a result
of repayment of yearend lending; these repayments were followed by additional reductions of
claims of Japanese banks in the United States on
their home offices. Partly offsetting these reductions, U.S.-owned banks' claims on their own
foreign offices in Western Europe and Caribbean
banking centers increased in March to replenish
funds withdrawn from those offices by foreign
banks. Claims on foreign nonbank borrowers
increased $1.8 billion, in contrast to a decrease
of $3.0 billion. The increase was the result of
lending in January and February that reflected
mostly repurchase arrangements and repayments
of international mutual funds based in Bermuda.
Banks' own claims payable in foreign currencies decreased $14.8 billion, in contrast to an
increase of $9.6 billion. Most of the decrease
was in claims on Japan, as Japanese banks in the
United States reduced their yen claims on home
offices. In part, the shift may have been related
to the close of the Japanese fiscal year in March.
The combined reductions in dollar and yen
claims on banks in Japan were possibly due to
curtailment of international business, as banks
in Japan suffered sharp asset losses resulting
from steep first-quarter declines in Japanese stock
prices.
Banks' domestic customers' claims decreased
$5.7 billion, compared with a decrease of $0.4
billion. Most of the first-quarter decrease was in
negotiable instruments in Japan and the United
Kingdom. This decrease was partly offset by an
increase in deposit claims on banks in the United
Kingdom and the Caribbean.
Foreign securities.—Net U.S. purchases of foreign
securities were $8.7 billion in the first quarter,
down from $11.3 billion in the fourth. The decline
was more than accounted for by a decrease in
purchases of foreign bonds.
Net U.S. purchases of foreign bonds were $1.2
billion in the first quarter, compared with $5.6
billion in the fourth. New issues in the United
States declined to $4.7 billion from $6.2 billion.
A rise in U.S. long-term interest rates and a
decrease in foreign rates throughout the quarter reduced the interest-rate differentials favoring
borrowing in the United States. The decrease
in U.S. purchases of foreign bonds was widespread by area except for bonds from Canada,
where interest-rate differentials continued to favor borrowing in the U.S. market. In addition,
trading in outstanding bonds reversed to net sales
of $2.0 billion from net purchases of $2.8 billion. U.S. demand for foreign debt instruments
weakened as U.S. interest rates increased; with
major stock markets recovering, except in Japan,
and with the U.S. dollar appreciating, investors
shifted to sales of outstanding bonds as foreign
interest rates declined.
Net U.S. purchases of foreign stocks increased
to $7.5 billion from $5.7 billion. Purchases from
Latin America and the Far East except Japan
increased sharply, as U.S. investors stepped up
their purchases of foreign equities, particularly
as bond yields declined. Purchases from Japan
decreased $1.0 billion, largely reflecting the 21percent decrease in Japanese stock prices during
the quarter.
Direct investment.—Net outflows for U.S. direct
investment abroad were $11.3 billion in the first
quarter, compared with $11.7 billion in the fourth.
Decreases in equity capital outflows and in reinvested earnings were nearly offset by an increase
in intercompany debt outflows. Equity capital outflows decreased to $3.3 billion from $6.4
billion, reflecting decreases in outflows to the
United Kingdom and Latin America following
acquisitions in the fourth quarter. Reinvested
June 1992 • 65
66 • June 1992
SURVEY OF CURRENT BUSINESS
earnings decreased to $3.5 billion from $4.7 billion. Intercompany debt outflows increased to
$4.6 billion from $0.6 billion, mostly reflecting
shifts to outflows to Canada and Japan.
mained weak in the United States and overseas. Short-term interest-rate differentials continued to strongly favor borrowing U.S. funds for
placement overseas.
Banks' own liabilities payable in dollars inForeign assets in the United States.—Foreign ascreased
$2.0 billion, compared with an increase
sets in the United States increased $20.5 billion
of
$15.5
billion.
Foreign-owned banks' liabilities
in the first quarter, compared with an increase of
to
affiliated
and
unaffiliated foreign banks de$48.9 billion in the fourth. A shift to a reduccreased
$15.5
billion,
largely reflecting continued
tion in U.S. bank-reported liabilities accounted
weak
U.S.
and
foreign
loan demand; foreignfor most of the change.
owned banks' assets in the United States were
Foreign official assets.—Foreign official assets in
virtually unchanged between December 1991 and
the United States increased $20.7 billion in the
March 1992. In contrast, foreign-owned banks in
first quarter, compared with an increase of $12.8
the United States increased their lending abroad,
billion in the fourth (table D). Assets of indusreflecting the lower cost of short-term funds in
trial countries increased $6.6 billion, compared
the United States than in overseas markets. U.S.with an increase of $3.2 billion. Assets of OPEC
owned banks' liabilities to affiliated and unaffilimembers increased $2.8 billion, compared with
ated foreign banks increased $18.3 billion, as U.S.an increase of $1.4 billion; increased oil producowned banks drew on funds available at foreign
tion offset a drop in oil prices and, with payments
offices in Western Europe and Caribbean bankto the United States for Operation Desert Storm
ing centers to fund an end-of-quarter increase in
completed, more funds were available for investlending.
ment. Assets of other countries increased $11.4
Banks' liabilities payable in foreign currencies
billion, compared with an increase of $8.8 bil- decreased $7.4 billion, in contrast to an increase
lion. Dollar assets continued to be accumulated
of $11.9 billion. The decrease was in liabilities
by countries in Latin America, where sales of
to Japan, as Japanese banks substantially reduced
government-owned assets to the private sector
yen-based business in the United States.
bolstered government holdings of dollar assets.
In addition, continuing export growth in the Far
U.S. Treasury securities.—Transactions in U.S.
East and the relative attractiveness of dollar assets
Treasury securities shifted to net sales of $0.5 bilsupported the accumulation of official holdings.
lion in the first quarter from net purchases of $1.5
billion in the fourth. The shift to net sales, which
Liabilities reported by banks.—U.S. liabilities reoccurred mostly in March, reflected a decrease
ported by U.S. banks, excluding U.S. Treasury
in
demand for U.S. Treasury bonds by Japanese
securities, decreased $4.8 billion in the first quarinvestors
and by international investment funds
ter, in contrast to an increase of $23.5 billion
in the Caribbean. Partly offsetting were large net
in the fourth. The shift reflected a reducpurchases
of Treasury bonds by British investors
tion in U.S. banks' foreign borrowing, mostly
early
in
the
quarter.
in the interbank market, as loan demand reTable D.—Selected Transactions with Official Agencies
[Millions of dollars]
1990
1 inp
19 90
1991
1992
1991
I
II
IV
III
1
II
III
IV
\r
Change:
1991 IV
19921
1
33,908
18,407
-6,450
6,134
14,097
20,127
5,650
-4,178
4,115
12,819
20,747
7,928
2
25,399
-6,991
3,130
-2,589
6,246
13,133
-1,617
2,581
13,011
-8,682
1,707
6,802
-8,629
-5,304
32,340
-56
660
7,172
13,672
-3,309
-2,699
1,830
158
-4,288
8,245
3,204
1,023
8,592
6,120
2,452
12,175
2,916
1,429
3,583
-2,158
5,763
-3,177
371
1,739
-1,091
-353
1,014
3,877
1,225
-1,057
-2,282
80
-463
-827
-35
40
1,325
-40 -1,245
153
9
-(?16
-8^6
143
143
-143
Changes in foreign official assets in the United States, net (decrease -) (table 1,
line 49).
Industrial countries 2*
3
Members of OPEC
4
Other countries
5
Changes in U.S. official reserve assets, net (increase -) (table 1, line 34)
250
-362
Activity under 3U.S. official reciprocal currency arrangements with foreign monetary
authorities:
6
6a
6b
Foreion drawinas or repayments (—) net
Drawings
Repayments
. . .
. . . . .
f 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.
-1,245
1,487
-2,732
-35
40
-40
143
3. Consists of transactions of the Federal Reserve System and the U.S. Treasury Department's Exchange Stabilization Fund.
SURVEY OF CURRENT BUSINESS
Other U.S. securities.-—Net foreign purchases of
U.S. securities other than U.S. Treasury securities
were $4.5 billion in the first quarter, compared
with $4.8 billion in the fourth.
Net foreign sales of U.S. stocks were $3.2 billion, up from $1.8 billion; the increase was mostly
due to liquidation of U.S. holdings by Japanese
investors. Net selling was strong in January, as
U.S. stock prices reached a plateau and foreign
markets began to advance.
Net foreign purchases of U.S. bonds were $7.6
billion, compared with $6.6 billion. New issues
of bonds sold abroad by U.S. corporations remained strong, accounting for two-thirds of the
step-up in net foreign purchases. Volume was
strongest in February, when interest-rate differentials widened further in favor of placements in
the Euromarket, where rates fell to their lowest
levels in several years.
Direct investment.—Net inflows for foreign direct investment in the United States were $0.7
billion in the first quarter, compared with $5.7
billion in the fourth. A shift to intercompany
debt outflows and a decrease in equity capital
inflows more than offset a reduction in reinvested earnings. Equity capital inflows decreased
to $5.0 billion from $7.6 billion, mostly reflecting reduced inflows from Western Europe and
Japan. Intercompany debt transactions shifted to
outflows of $0.1 billion from inflows of $3.5 billion. The shift was mainly in Western Europe
and reflected increased outflows on U.S. affiliates' receivables. Reinvested earnings were —$4.3
billion, compared with —$5.4 billion.
Revised Estimates, 1976-91
As is customary each June, the estimates of U.S.
international transactions have been revised to
incorporate definitional, conceptual, and statistical changes. This year, a number of substantial
changes result in revisions that extend back 10
years or more. Several of these changes involve
improvements in source data and methodologies that reflect the "1992 Economic Statistics
Initiative."3
Major definitional and conceptual changes introduced in this year's revisions include the
following: The adjustment of direct investment
income to a current-cost (replacement-cost) basis
and to remove capital gains and losses; and the
restatement of various categories of services from
3. See "Improving the Quality of Economic Statistics: The 1992 Economic
Statistics Initiative," SURVEY OF CURRENT BUSINESS 71 (March 1992): 4.
a net to a gross basis so as to better highlight
the total international flow of resources. Many
of these changes increase the consistency between
the U.S. national and international accounts and
between the U.S. international accounts and the
international accounts of other nations. The
changes are directly responsive to efforts by the
United Nations and the International Monetary
Fund (IMF) to harmonize statistical standards
around the world.
Major statistical changes introduced in this
year's revisions include the expanded use of
data provided by other countries, such as source
data on travel from Mexico and Canada and
source data on capital stocks and flows from
the United Kingdom and Canada. With the
increasing integration of world markets, it has become increasingly clear that such data exchanges
between countries can significantly improve statistical quality and reduce respondent burden.
Some of these source data improvements are in
response to recommendations by an IMF working
group on ways to improve U.S. capital flow data.
Other statistical changes include improved methods for estimating personal remittances by the
foreign-born population in the United States and
improved methods for estimating income yields
on U.S. and foreign assets.
Acknowledgments
The estimates were prepared under the general direction of Anthony DiLullo, with the assistance of Cynthia
McPherson. Joan Bolyard and Laura Brokenbaugh
prepared the new estimates on Canadian and Mexican travel, Ed Dozier on passenger fares and other
transportation, and John Sondheimer on selected services. William McCormick prepared the new estimates
on cruise travel and remittances of the foreign-born
population. Ann Lawson, Dannelet Teske, and the
Special Studies Branch of the Balance of Payments Division prepared the restatement of direct investment to a
current-cost basis and the new estimates of nonresident
taxes. Lori Trawinski prepared the new estimates for
foreign securities, and Christopher Gohrband the new
estimates on U.S. nonbank claims on foreign banks.
Harlan King and Mike Mann prepared the new estimates of dividend receipts on foreign stocks, and
Barbara Cohen and Dena Holland the new estimates
of income receipts and payments on banks' foreign
currency liabilities and claims. The revised estimates
of direct investment income and capital flows and the
benchmark survey of selected services were prepared
under the general direction of Betty Barker, Chief of the
International Investment Division; Jeffrey Lowe oversaw all aspects of the revisions, with the assistance of
the staff of the International Investment Division.
June 1992 • 67
68 • June 1992
SURVEY OF CURRENT BUSINESS
Most of the revisions are carried back to 1982,
and some are carried back even further. The
revisions to exports, imports, unilateral transfers,
and the balance on current account are shown in
table F; table G shows the sources of revisions for
1991 by account.
Table i presents revised annual estimates of
U.S. international transactions for 1960-91 and
revised quarterly estimates (both unadjusted and
adjusted for seasonal variation) for 1978-91. Table 2 presents revised annual merchandise trade
estimates for 1978-91 and revised quarterly estimates for 1990-91. Tables 3-10 present revised
account and area detail for annual estimates for
1989-91 and revised quarterly estimates for 199091. The presentation of direct investment in
table 5 is changed to highlight the new treatment
of direct investment income and to assist data
users who are familiar with direct investment operations in contexts other than in a balance of
payments framework.
Quarterly seasonally adjusted series are revised
to incorporate updated seasonal adjustment factors. The seasonal factors are recomputed by
extending through 1991 the period used to derive
them. For series that are redefined, seasonal factors are reestimated from the point at which the
change was introduced.
the average annual growth rate was revised up 0.8
percentage point to 4.2 percent. The upward revision was largely due to the incorporation of (i)
improved source data and methodologies for estimating income on portfolio investments abroad,
(2) new estimates of income on banks' foreigncurrency-denominated assets, and (3) new source
data for estimating income on U.S. nonbanking
concerns claims on foreign banks. The change to
present direct investment income before deduction on nonresident taxes also contributed to the
revision of the growth rate.
For services, the average annual growth rate
was revised up 0.6 percentage point to 11.0 percent. The revision was mainly in travel, passenger
fares, and other private services. In travel, the revision was due to improved and updated source
data from Statistics Canada and the Bank of
Mexico; in passenger fares, to improved survey
data on inter-airline passenger settlements; and
in other private services, to the incorporation of
the results from a benchmark survey of selected
services. The introduction of gross recording for
various service transactions also contributed to
the revision of the growth rate.
Table E.—Merchandise Trade: Revised Rates of Change
for 1982-91
Summary of the revisions
Percentage point
Percent
Exports.—For 1982-91, the average annual growth
rate of the revised estimates of exports of goods,
services, and investment income is 7.7 percent,
0.3 percentage point higher than the growth rate
of Ae previously published estimates (table E).
Growth in investment income and in services
were both revised up; growth in merchandise exports was not revised. For investment income,
Exports of goods, services, and income
Merchandise, excluding military
Services
Income receipts on investments
Imports of goods, services, and income
Merchandise, excluding military
Services
Income payments on investments
Previous
Revised
7.4
7.8
7.7
7.8
Revision
in change
3.4
4.2
0.3
0
.6
.8
8.0
7.9
9.7
7.1
8.1
7.9
9.6
7.6
.1
0
-.1
.5
10.4
11.0
Table F.—Historical Revisions
[Millions of dollars]
Exports of goods, services, and
income
Previous
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
172,002
184,479
220,230
287,261
343,241
379,414
356,060
343,877
379,318
366,049
384,135
431,890
533,441
606,593
652,936
676,498
Revised
172,090
184,655
220,516
287,965
344,440
380,928
361,436
351,613
391,435
380,051
398,583
445,216
550,323
629,468
680,890
704,914
Amount of
revision
88
176
286
704
1,199
1,514
5,376
7,736
12,117
14,002
14,448
13,326
16,882
22,875
27,954
28,416
Imports of goods, services, and
income
Previous
Revised
-162,109
-193,764
-229,869
-281,659
-333,774
-364,192
-352,154
-374,065
-465,703
-472,908
-513,519
-577,418
-644,735
-697,407
-722,730
-704,842
-162,109
-193,764
229 870
-281,657
-333,774
-364,196
-355,804
-377,495
-469,647
-478,821
-521,937
-585,637
-652,109
-705,005
-738,401
-716,624
Unilateral transfers
Amount of
revision
1
2
'^4
-3,650
-3,430
-3,944
-5,913
-8,418
-8,219
-7,374
-7,598
-15,671
-11,782
Previous
-5,686
-5,226
-5,788
-6,593
-8,349
-8,331
-9,775
-9,956
-12,621
-15,473
-16,009
-14,674
-14,943
-15,491
-22,329
19,728
Revised
-5,686
-5,226
-5,788
-6,593
-8,349
-11,702
-17,075
-17,741
-20,612
-22,950
-24,176
-23,052
-24,869
-25,606
-32,916
8,028
Balance on current account
Amount of
revision
Previous
4,207
-14,511
-15,427
-991
-£371
-7,300
-7,785
-7,991
-7,477
-8,167
-8,378
-9,926
-10,115
-10,587
-11,700
1,119
6,892
-5,868
-40,143
-99,006
-122,332
145393
-160,201
-126,236
-106,305
-92,123
-8,616
Revised
4,295
-14,335
15143
-285
2,317
5,030
-11,443
-43,623
-98,824
-121,721
-147,529
-163,474
-126,656
-101,143
-90,428
-3,682
Amount of
revision
88
176
284
706
1,198
-1,862
-5,575
-3,480
182
611
-2,136
-3,273
-420
5,162
1,695
4,934
June 1992 • 69
SURVEY OF CURRENT BUSINESS
Imports.—For 1982-91, the average annual growth
rate of imports was revised up o.i percentage
point to 8.1 percent. An upward revision in the
growth of investment income was partly offset by
a downward revision in the growth of services;
growth of merchandise imports was not revised.
For investment income, the average annual
growth rate was revised up 0.5 percentage point
to 7.6 percent. The revision was mainly due
to new estimates of income on banks' foreigncurrency-denominated liabilities. The change to
present direct investment income before deduction of nonresident taxes also contributed to the
revision of the growth rate.
For services, the average annual growth rate
was revised down o.i percentage point to 9.6 percent. The revision reflected changes in travel,
passenger fares, and other private services due
to new source data, improved surveys, and the
selected services benchmark survey. The introduction of gross recording for various service
transactions also contributed to the revision of
the growth rate.
Unilateral transfers.—Net unilateral transfers
were revised up substantially throughout the
1982-91 period. The average annual revision was
$8.6 billion. The upward revisions were the result
of improved estimates of personal remittances by
the foreign-born population in the United States
and the inclusion of an item in unilateral transfers for net taxes paid by U.S. residents to foreign
governments.
Balance on current account.—-The pattern of the
balance on current account since 1982 is not
greatly altered on the revised basis. The peak year
for the U.S. current-account deficit remains 1987;
however, the level of the current-account deficit
is raised somewhat for 1982-87 and is reduced
somewhat for 1987-91.
Capital flows and errors and omissions.—Capital
inflows to the United States were revised significantly in some years, but over 1982-91, these
revisions are largely offsetting. The statistical discrepancy was also revised significantly in some
years; over 1982-91, there continues to be large
unrecorded net inflows.
Major sources of revisions
The major sources of the revisions to the U.S.
international accounts are the following:
• Definitional changes. The lines for royalties
and license fees and for other private services
have been redefined to present transactions
on a gross basis for both exports and imports;
previously, these transactions were presented on a net basis. In addition, the lines
for royalties and license fees, other private
services, and direct investment income have
been redefined to record transactions before deduction of nonresident taxes withheld;
previously, these transactions were presented after deduction of taxes withheld. New
estimates of nonresident taxes withheld are
introduced.
Table G.—Sources of Revisions, 1991, and Beginning Dates for Revisions
[Billions of dollars]
Imports,
unilateral
(Credits +; debits-)1
Exports and transfers,
changes in
and
U.S. assets changes in
Beginning dates
for revisions
foreign
assets
Services, previous
Travel—Mexico
Travel—Canada
Travel and passenger fares—cruise
Passenger fares—interline settlements
Other transportation—rail transport
Other private services—benchmark survey
Gross recording:
Royalties and license fees
Other private services ..
Nonresident taxes:
Royalties and license fees
Otner private services
Statistical changes2
Services revised
Direct investment income, previous
Current-cost adjustment
Capital gains and losses
Nonresident taxes
Statistical changes 2
Direct investment income revised
Portfolio investment income, previous ..:
Dividend receipts on U.S. holdings of foreign stocks
Interest receipts on U.S. holdings of foreign bonds
Interest receipts and payments on U.S. banks' claims and
liabilities denominated in foreign currencies.
Interest receipts on U.S. nonbanking concerns' claims on
foreign banks.
Nonresident taxes on dividends and interest
Statistical changes2
Portfolio income, revised
144.7
1.2
1.9
0.2
2.0
0.5
2.1
-1.1
1984
1990
1984
1990
1986
1991
0.5
9.2
-0.5
-9.2
1982
1982
0.9
-0.2
-0.1
1982
1982
0.4
163.6
2.3
-118.3
51.8
1.1
-2.3
1.3
1.1
1.9
-0.4
56.0
-66.7
2.2
1.4
2.1
-5.4
0.2
68.0
1982
1982
1982
1976
1980
1986
1979, 1983, and
6.1
-0.2
-1.3
1984
1982
-73.6
19.7
-4.3
-6.9
-0.5
1982
1981
8.0
-29.5
1.1
2.3
Foreign securities, previous
Redemptions of foreign bonds
Transactions in outstanding
bonds
Statistical changes2
Foreign securities, revised
-46.2
2.4
Statistical changes
U.S. nonbanking concerns' claims, revised
-0.4
1.5
3.7
Direct investment capital, previous
Current-cost adjustment
Capital gains and losses
Statistical changes2
Direct investment capital revised
2
-0.7
-1.6
-0.5
49.2
Unilateral transfers net previous
Nonresident taxes
Personal remittances of the foreign-born population
Statistical changes2
Unilateral transfers, net, revised
U.S. nonbanking concerns' claims, previous
U S. nonbanking concerns' claims on banks
-108.8
1.6
-1.0
271
-2.4
22.2
-1.1
-1.9
1982
1982
77
11.5
1980
1980
1.2
^5.0
-8.2
11.8
1979, 1983, and
1984
1.9
5.5
1. Credits +: Exports of goods, services, and income; unilateral transfers to the United States; capital inflows (increase in foreign
assets (U.S. liabilities) or decrease in U.S. assets).
Debits -: Imports of goods, services, and income; unilateral transfers to foreigners; capital outflows (decrease in foreign assets
(U.S. liabilities) or increase in U.S. assets).
2. Statistical changes reflect newly available data from regularly used sources.
SURVEY OF CURRENT BUSINESS
• June 1992
• Services. New estimates are introduced for
travel, passenger fares, and other transportation. The estimates of other private services reflect the incorporation of benchmark
survey results for 1991.
• Direct investment income.
This income is now measured on a current-cost
(replacement-cost) basis after adjustment to
reported depreciation, depletion, and expensed exploration and development costs;
previously, direct investment income was
measured on a historical-cost basis. In addition, capital gains and losses are removed
from direct investment income. (Currency
translation gains and losses had previously
been removed).
• Portfolio investment income. New estimates
are introduced for several components of
portfolio income.
• Unilateral transfers. New estimates of nonresident taxes withheld are introduced and
entered as offsets to entries in the service and
investment income accounts. In addition,
new estimates are introduced for personal remittances of the foreign-born population of
the United States.
• Direct investment capital. Reinvested earnings are adjusted to offset changes made in
direct investment income. They are now
measured on a current-cost (replacementcost) basis, and they now exclude capital
gains and losses.
• Foreign securities. New estimates are introduced for redemptions of foreign bonds
and for transactions in outstanding foreign
bonds.
• U.S. claims on unaffiliated foreigners reported
by U.S. nonbanking concerns. New estimates
are substituted to more accurately record
changes in U.S. nonbanking concerns' claims
on foreign banks.
Definitional changes
Gross recording.—Until now, the transactions of
direct investors in royalties and fees and in other
private services with affiliated foreigners have
been presented on a net basis in table i—that is,
receipts and payments have been netted against
each other and entered as exports for U.S. direct investors and as imports for foreign direct
investors in the United States. Effective with
this revision, these transactions are presented on
a gross basis—that is, all receipts for royalties
and fees and for other private services are now
recorded as exports, regardless of whether they
are receipts of U.S. or foreign direct investors, and
all payments are now recorded as imports, also
regardless of whether they are payments of U.S.
or foreign direct investors. This change is made
for estimates beginning with 1982. Although
gross exports and imports are changed significantly, the current-account balance is unaffected
by this change.
For transactions in direct investment income
with affiliated foreigners, dividends have previously been recorded gross in table i and remain
so. An exception to the gross recording principle
is made for interest income, which will continue
to be recorded net as at present. Thus, interest
receipts and payments on U.S. direct investment
abroad will continue to be netted against one another and the net amount recorded as exports,
and interest receipts and payments on foreign
direct investment in the United States will continue to be netted against one another and the
net amount recorded as imports. The rationale
is that net interest income, for some purposes,
must be related to the direct investment position
estimates to measure the cost of debt capital; it
would be impossible to make such a comparison
if the interest income estimates were presented
on a gross basis.
Users should also note that royalties and fees,
other private services, and direct investment interest income will continue to be presented net
(as they have been previously) in table 5. This
table serves the supplementary purpose of presenting the combined activity of direct investors
outside of the balance of payments framework.
Nonresident taxes.—Until now, estimates for several components of the current account have been
presented after deduction of nonresident taxes
withheld by either the U.S. Government or foreign governments. These components include
royalties and fees, other private service payments,
direct investment income (both dividends and
interest), and portfolio dividend payments. Effective with this revision, these components are
presented before deduction of nonresident taxes
withheld. Offsetting entries for nonresident taxes
withheld are made in the unilateral transfers
account. The change is made beginning with estimates for 1982 and is made to both the receipts
and payments sides of the accounts. Because
it is not possible to prepare precise regional
and country-specific information for the taxes
withheld, no geographic allocation of taxes is
made in table 10; in that table, the aggregate
amount of taxes withheld by account is entered in
SURVEY OF CURRENT BUSINESS
the "international organizations and unallocated"
column.
Source data for most of the estimates of taxes
withheld are obtained from the Internal Revenue
Service. An exception is taxes withheld on direct investment dividends, which are reported to
BEA on its direct investment surveys. For the
most recent years, BEA prepares estimates of taxes
withheld.
Services
Travel—Mexico.—Bilateral travel payments and
receipts between the United States and Mexico
have until now been estimated independently by
the two countries. However, some of BEA'S estimates are based on outdated surveys, and other
key source data are believed to be erroneous.
Therefore, in consultation with balance of payments statisticians at the Bank of Mexico and
after a careful evaluation of the strengths and
weaknesses of the Mexican estimates, BEA has
accepted the Mexican estimates and will substitute them into the U.S. accounts. The Mexican
estimates are substituted beginning with 1984.
BEA has for many years incorporated key subcomponents of the Mexican estimates, particularly for U.S. payments associated with travel to
the Mexican interior. However, a major change
that comes with full-scale substitution is a significant reduction in the estimated number of U.S.
travelers to the Mexican border area and, thus,
in the estimates of U.S. expenditures there. The
previously used U.S. source data are believed to
have overstated the number of U.S. travelers by
a significant margin.
On the U.S. receipts side of the accounts, BEA
had previously used the Mexican estimates for
border-area transactions. The adoption of Mexican estimates of expenditures in the U.S. interior
shows significantly more expenditures than did
the U.S. estimates, which were based on outdated
surveys.
The revisions lower U.S. payments $1.6 billion
and increase U.S. receipts $1.2 billion for 1991.
Travel—Canada.—Canadian authorities have
substantially revised their estimates of Canadian
expenditures in the United States for 1990 and
1991 to account for the surge in Canadian expenditures here, particularly in the area just south of
the U.S.-Canadian border. Economic conditions
conducive to making consumer purchases in the
United States, as well as the introduction of a new
goods and services tax at the beginning of 1991,
encouraged these expenditures, which previously
were grossly underestimated. These expenditures
include purchases of used automobiles amounting to $193 million in 1990 and $310 million in
1991, which are not recorded in the merchandise
trade statistics of either country. The revisions
increase U.S. receipts (Canadian expenditures)
$1.4 billion for 1990 and $1.9 billion for 1991.
Travel and passenger fares—cruise.—New estimates of U.S. international cruise transactions
are introduced beginning with 1984. The estimates are derived from information on passenger
fares, discounts, commissions, number of passengers who travel on foreign cruise lines, and
foreign ship operators. The estimates are divided
into three components: Fares, on-board spending, and passengers' expenditures at ports of call,
and each is estimated separately for both receipts
and payments. Fares are entered in the passenger fare accounts, and on-board spending and
passengers' expenditures at ports of call in the
travel accounts. The estimates are limited to activity in the North American market (those along
the Atlantic and Pacific coasts of North America) plus the Caribbean and Hawaii. Residency
of the operator is determined by the location of
a company's headquarters for cruise operations.
Payments to foreigners for fares were $280 million in 1991; for on-board spending, $67 million;
and for spending in foreign ports, $299 million.
Receipts from foreigners for fares were $156 million in 1991; for on-board spending, $31 billion;
and for expenditures in U.S. ports, $23 million.
The net impact on the passenger fare and travel
accounts is to increase net payments $436 million
for 1991.
Passenger fares—interline settlements.—Passenger
fare receipts and payments are revised to include
new estimates of interline settlements between
U.S. and foreign airlines beginning with 1990.
Receipts from these transactions occur when passengers purchase tickets on foreign airlines but
must transfer to U.S. airlines to reach their final destinations; in such cases, a portion of the
total fare paid initially to foreign airlines is subsequently assigned to U.S. airlines in the settlement
process. Payments occur when passengers purchase tickets on U.S. airlines but must transfer to
foreign airlines, in which case a portion of total
fares paid initially to U.S. airlines is assigned to
foreign airlines in the settlement process.
Source data are obtained from BEA Form BE-37,
"U.S. Airline Operators' Foreign Revenues and
Expenses." On this form, U.S. airlines are asked
to separately identify interline settlements and to
June 1992 •
72 • June 1992
SURVEY OF CURRENT BUSINESS
report them quarterly. Allocations of receipts and
payments by major country or area are developed
by BEA from estimates of international travel receipts and payments. As a result of the new
estimates, receipts are increased $2.0 billion, and
payments $1.6 billion, for 1991. It is not possible
to construct estimates of receipts and payments
prior to 1990 because of the lack of survey data.
Other transportation—rail transport.—Other
transportation receipts are revised to include new
estimates of U.S. rail carriers' revenues for transporting foreign-owned goods shipped in transit
in the United States beginning with 1986. These
shipments consist mainly of containerized goods
that arrive by ship at U.S. ports and that are then
hauled by rail to another U.S. port for transport
to final destinations in other countries. Such
shipments are often referred to as "landbridge"
shipments.
Source data are obtained from the Interstate
Commerce Commission (ice) and the U.S. Department of Transportation (DOT). Sample data
on freight revenues and shipping weights are obtained from railroad waybills and are expanded
by ice and DOT to cover all such shipments. The
data are adjusted by BEA to exclude transactions
of U.S. ship operators with U.S. rail carriers for
the shipment of foreign-owned goods. Allocations of revenues by major country or area are
developed by BEA from Census Bureau data on
in-transit exports and imports.
As a result of the revision, receipts are increased
$475 million in 1991.
Other private services—benchmark survey.—
Estimates of other private services have been
revised to incorporate preliminary results from
the benchmark survey of selected transactions
with unaffiliated foreigners for 1991. The previous
benchmark survey covered 1986. As a result of
the new benchmark survey, other private services
receipts are increased $2.1 billion, and payments
$1.1 billion, for 1991.
The coverage of the benchmark survey was
expanded by introducing a new exemption
criterion, and by adding new types of services.
On the benchmark survey for 1991, the basis for qualifying for exemption was changed
from a per-transaction basis to an overall basis; respondents were required to report all sales
or purchases with unaffiliated foreigners for any
covered service for which total transactions exceeded $500,000. On the 1986 benchmark survey
and on the annual surveys for 1987-90, respondents were only required to report individual
transactions in excess of $250,000. The new basis
for exemption resulted in more complete coverage of services for which individual transactions
tended to be small but for which the total value
of transactions may have been sizable. In particular, coverage of legal services and of database
and other information services was significantly
enhanced.
One new services group covered by the 1991
benchmark survey was "miscellaneous disbursements," which include outlays to fund newsgathering costs of broadcasters and the print
media; production costs of motion picture companies and companies engaged in the production
of broadcast program material other than news;
and costs of maintaining tourism, business promotion, sales, and representative offices, including costs for participating in foreign trade shows.
Another newly covered service was payments for
the use or lease of rights to natural resources,
such as oil, or of mining production royalties and
lease payments.
Direct investment income
Current-cost adjustment.—Effective with this revision, direct investment income (and the reinvested earnings component of direct investment capital) is measured on a current-cost
(replacement-cost) basis after adjustment to reported depreciation, depletion, and expensed
exploration and development costs. This adjustment is made primarily to ensure that these
charges reflect current-period prices, as well as
to more closely align income earned in a given
period with charges against income in the same
period, as required by economic accounting principles. The amount of the adjustment is the
difference between depreciation, depletion, and
expensed exploration and development costs valued for financial accounting purposes and their
values on a current-cost (replacement-cost) basis, as required for the national and international
economic accounts. The restatement of income
begins with estimates for 1982.
Previously, direct investment income was based
on U.S. generally accepted accounting principles
(GAAP), which companies use as the basis for
reporting data to BEA. Under U.S. GAAP, depreciation is valued in terms of the historical costs of
assets and reflects a mix of prices for the various
years in which capital investments were made.
This is not the proper concept for measuring
production and charges against production from
an economic accounting perspective. From this
perspective, these charges should be valued in
SURVEY OF CURRENT BUSINESS
prices of the current period. Accordingly, a capital consumption adjustment is made to income
estimated from BEA surveys so that depreciation
will be stated in prices of the current period.
The method used to estimate depreciation on a
current-cost (replacement-cost) basis is the same
as that used in BEA'S estimates of U.S. fixed reproducible tangible wealth; however, unlike those
estimates, no inventory valuation adjustment is
attempted in the international accounts.4
Another adjustment is made for depletion.
Under U.S. GAAP, depletion—which is a charge
for using up natural resources—is expensed over
several accounting periods as natural resources
are extracted or developed. However, from an
economic accounting perspective, depletion is
not a cost of production. Accordingly, an adjustment is made to remove the depletion reported
on BEA surveys from current-period income.
A final adjustment is made for expensed exploration and development costs. Under U.S.
GAAP, certain expenditures for mining exploration, shafts, and wells can be charged as current
expenses. For economic accounting purposes,
these expenses should be treated as capital formation and written off over their economic lives.
Accordingly, an estimate of these expenses is removed from income estimates derived from BEA
surveys.
In 1991, the current-cost adjustment for depreciation, depletion, and expensed exploration
and development costs lowered income receipts
on U.S. direct investment abroad $1.1 billion and
increased income losses on foreign direct investment in the United States $1.1 billion. Because no
geographic allocation is possible, the adjustment
is entered in the "international organizations and
unallocated column" in table 10.
Capital gains and losses.—Capital gains and losses
are removed from the reinvested earnings component of direct investment income accounts
beginning with estimates for 1982. The change
is made to both the inward and outward direct
investment accounts because capital gains and
losses are not income (or returns) on investments
from current operations but are part of the value
of the investments (or capital). Capital gains and
losses associated with currency translation gains
and losses had previously been removed from
U.S. direct investment abroad income and capital.
4. J. Steven Landefeld and Ann M. Lawson, "Valuation of the U.S. Net
International Investment Position," SURVEY OF CURRENT BUSINESS 71, May
1991. U.S. Department of Commerce, Bureau of Economic Analysis, FixeeL
Reproducible Wealth in the United States, 1925-85 (Washington, D.C.: U.S.
Government Printing Office, June 1987).
Nonresident taxes.—New, separate estimates of
nonresident taxes withheld are made for both direct investment interest and dividends for both
receipts and payments. The estimates are based
on data from the Internal Revenue Service and
on estimates by BEA, as well as on data reported
to BEA for dividends; they are made beginning
with 1982. Income is presented before deduction of these taxes paid by investors; previously
it was presented after deduction of taxes. Offsetting entries for taxes withheld are made in the
unilateral transfers account. Estimates of taxes
withheld now included in the direct investment
income accounts were $1.3 billion in U.S. tax receipts and $0.4 billion in U.S. tax payments for
1991.
Portfolio investment income
Dividend receipts on U.S. holdings of foreign
stocks.—New estimates of dividend receipts on
U.S. holdings of foreign stocks are introduced,
based on a new estimating methodology that
applies updated dividend yields by major countries to outstanding U.S. holdings of stocks in
those countries. The previous methodology was
based on a cumulated flow of dividend receipts
from an outdated benchmark survey and outdated dividend rates, both of which severely
underestimated the flow of dividend receipts to
the United States. Use of more recently determined position estimates and variable dividend
rates corrects much of the underestimate.
Several adjustments are made to improve the
position estimates by country and by area to
more clearly identify the nationality of foreign
stock holdings before the application of dividend
yields. This permits a more accurate derivation of
the geographic source of dividends than has been
previously possible. However, the country and
area position estimates may still contain an element of significant error because of the lack of a
recent benchmark survey of holdings. A comprehensive benchmark survey is currently planned
for December 1993, with preliminary results expected to be available in 1995. Lacking such a
benchmark survey, changes have only been made
in the geographic distribution of the U.S. investments abroad, and no changes have been made
in the overall position.
The position estimates are redistributed and
revalued based on country- and area-specific information on stock holdings, transactions, and
stock prices. The redistributed estimates differ
significantly from the previously published positions, which reflected data on cumulated flows
June 1992
• 73
74 • June 1992
SURVEY OF CURRENT BUSINESS
based on country of transactor rather than country of issuer (and payer of dividends). The
largest redistributions were from financial centers
in the United Kingdom and the Caribbean, where
trading in nonresident stocks is particularly
prevalent.
Dividend receipts are derived by applying new
country- and area-specific stock yields to the
revised position estimates to produce revised
country, area, and global estimates. These dividend receipts are presented before deduction
of taxes withheld in the income account, with
an offsetting entry for taxes withheld in the
unilateral transfers account.
The new estimates are made for 1976 forward
and result in significant revisions to both global
dividend receipts and to the geographic distribution of those receipts. For 1991, dividend receipts
are increased from $1.9 billion to $4.1 billion. By
geographic area, the largest changes were with
Canada and the original six members of the
European Community.
Interest receipts on U.S. holdings of foreign
bonds.—Interest receipts on bonds are revised
as a result of new estimates of foreign bond redemptions and transactions of outstanding bonds
introduced in the capital accounts. The changes
in the capital account were made to correct an incomplete identification of bond redemptions and
to restate transactions in outstanding bonds. The
revisions were made beginning with 1980.
In addition, new estimating methodologies to
determine interest yields are introduced. These
new interest yields permit the estimation of interest receipts on bonds on a much more detailed
level by country and area than previously possible for each component of the foreign bonds
account.
Interest receipts are presented before deduction
of nonresident taxes withheld in the income account, with an offsetting entry for taxes withheld
in the unilateral transfers account.
For 1991, the revisions increase interest receipts
$1.4 billion.
Interest receipts and payments on U.S. banks3
claims and liabilities denominated in foreign currencies.—New estimates are introduced of interest
income received and paid on U.S. banks' claims
and liabilities denominated in foreign currencies. Although the amounts of foreign-currencydenominated claims are small relative to those
denominated in dollars, only partial estimates of
interest receipts were previously included in the
accounts. The estimates are made beginning with
1986. For 1991, the result was to increase interest
receipts on foreign-currency-denominated claims
$2.1 billion, to $5.7 billion, and to increase interest payments on foreign-currency-denominated
liabilities $5.4 billion.
Interest receipts on U.S. nonbanking concerns'
financial claims on unaffiliated foreign banks.—
Interest receipts are reestimated based on new
source data from Canada, the United Kingdom,
and the Federal Reserve Board on U.S. nonbanking concerns' financial claims on unaffiliated
foreign banks. The substitution of these new estimates in the capital account necessitated this
revision of interest receipts in the current account. The methodology used to make the
reestimates is unchanged from that used previously. The reestimates are made beginning with
1979 for Canadian receipts, 1983 for British receipts, and 1984 for receipts from the Bahamas
and British West Indies (Cayman Islands). For
1991, the result was to add $6.1 billion to interest
receipts.
Nonresident taxes.—New, separate estimates of
nonresident taxes withheld are made for both
portfolio interest and dividends and for both receipts and payments. The estimates are based
on data from the Internal Revenue Service and
on estimates by BEA; they are made beginning
with 1982. Income is presented before deduction
of these taxes paid by investors, as it was previously, with the exception of dividend payments,
which were previously presented after deduction
of taxes. Estimates of taxes withheld now included in the portfolio accounts are $3.7 billion in
tax receipts and $1.2 billion in tax payments. Offsetting entries are made in the unilateral transfers
account.
Unilateral transfers
Nonresident taxes.—New entries are made as offsets to the value of nonresident taxes introduced
in several service and investment income components of the current account. New estimates
of taxes withheld are introduced for royalties and
fees, other private services, direct investment income (both dividends and interest) and portfolio
income (both dividends and interest) beginning
with estimates for 1982. Estimates are made for
both receipts and payments.
Taxes paid by U.S. private residents to foreign
governments are recorded as transfer payments
to foreign governments in table i, line 32. Taxes
paid by private nonresidents to the U.S. Government are recorded as transfer receipts and are
SURVEY OF CURRENT BUSINESS
netted against payments in the same line. The net
amount is a component of the "other transfers"
part of the line, which is redefined to include
transactions of both private individuals and governments. The recording of these transactions
as a single net amount is consistent with other
entries in the unilateral transfers account, which
are normally presented on a net basis by type of
transaction.
^j
Although both the credit and the debit ^ntries
are within the current account and are therefore
offsetting, the excess of payments over receipts
results in the addition of net payments to the
unilateral transfers account. Unilateral transfers
now include tax payments of $6.1 billion and tax
receipts of $1.8 billion for 1991.
Personal remittances of the foreign-born population.—New estimates of personal remittances of
the foreign-born population of the United States
are introduced beginning with 1981. The estimates are based on population characteristics of
the foreign-born population extracted from the
1980 Census of Population, 1981-90 immigration
data from the Immigration and Naturalization
Service, and Census estimates of the annual flow
of undocumented aliens. A simulation model
based on family status, age, and length of U.S.
residency forecasts demographic changes in the
size and composition of the foreign-born population over the decade. Census records also
provide income levels for the foreign-born population, arrayed by family status and duration of
U.S. residency.
These data are combined with data on dollar
remittances of the foreign-born population from
a sample survey of legalized aliens conducted by
the Immigration and Naturalization Service for
1987. The data show that the proportion of income remitted is significantly higher for persons
from developing countries than from developed
countries, that the proportion of income remitted
is highest in the initial years of residency in the
United States and drops sharply thereafter, and
that the proportion of income remitted is higher
for single than for married foreign-born persons.
Outward personal remittances of the foreignborn population in the United States were $6.9
billion in 1991. The new estimates, which replace
the previous estimates, result in the addition of
$6.5 billion in personal remittances to the accounts for 1991. These new estimates do not cover
inward remittances of the foreign-born based on
income, or transfers of assets into or out of the
country at the time of migration, all of which
should in principle be included in the accounts.
A lack of source data prevents the preparation of
such estimates.
Direct investment capital
Current-cost adjustment.—Effective with this revision, the reinvested earnings component of direct investment capital is measured on a currentcost (replacement-cost) basis after adjustment to
reported depreciation, depletion, and expensed
exploration and development costs. This adjustment is the offset to changes made in direct
investment income. For 1991, the adjustment
reduced U.S. direct investment abroad capital
outflows $1.1 billion and reduced foreign direct
investment capital inflows $1.1 billion.
Capital gains and losses.—Effective with this revision, capital gains and losses are removed from
the reinvested earnings component of direct investment capital. This adjustment is the offset to
changes made in direct investment income.
Equity capital.—A new methodology is introduced to account for equity increases and decreases of delinquent reporters on both sides
of the accounts, beginning with estimates for
1990. Previously, the preliminary estimates of
equity capital increases and decreases for both
foreign direct investment in the United States
and U.S. direct investment abroad have persistently understated the flows eventually provided
by quinquennial benchmark surveys. Although
successive annual revisions bring the published
estimates closer to benchmark estimates, a large
number of quarters and years may elapse before
these capital flows are accurately recorded in the
transactions accounts. This understatement has
been largely due to the lack of a methodology to
account for delinquent reporters.
The new procedure creates a ratio of the
current quarter's reported equity capital flows
(including reported births of new affiliates and
information from several BEA surveys) to the
prior quarter's equity positions of all affiliates who
reported in the current period. This ratio is multiplied by the equity position in the prior quarter
of affiliates that did not report in the current
quarter (after deduction of the equity position in
the prior quarter of affiliates exempt from reporting). The result is added to the current quarter's
reported flows to derive total equity increases and
decreases.
This expansion is performed only on aggregate data. The estimated equity flows are then
allocated to the largest country and industry
June 1992 • 75
76 • June 1992
SURVEY OF CURRENT BUSINESS
cells—that is, those accounting for about 75 percent of the total equity position at the end of the
previous year.
Foreign securities
Redemptions of non-Canadian foreign bonds issued
in the United States.—Until now, these redemptions have been identified only incompletely. It
has been possible to substantially improve this
estimate by reexamining the information made
available at the time each bond was originally issued. For nearly all years since 1980, the new
series on redemptions substantially exceeds the
old, reflecting the incomplete coverage of the previous estimates. For 1991, redemptions were $7.4
billion on the new basis, up from $5.0 billion on
the old basis. Interest income received from foreign bonds was also reduced to reflect the larger
amount of redemptions.
Transactions in outstanding bonds.—Because the
newly constructed series on redemptions is subtracted from total transactions in foreign securities, which is unchanged, a revised series on
transactions in outstanding bonds is also introduced. For 1991, transactions in outstanding
bonds were $1.3 billion in net U.S. purchases on
the new basis, in contrast to $1.1 billion in net
U.S. sales on the old basis. The new data on
country of issuer also made it possible to extend
to 1980-87 a more detailed application of interest
rates by major country; this more detailed application had previously been used for 1988-91
transactions.
17.S. nonbanking concerns' claims on
unaffiliated foreigners
U.S. nonbanking concerns' claims on unaffiliated
foreign banks.—Claims on unaffiliated foreigners
reported by U.S. nonbanking concerns are revised to substitute key foreign source data for
data previously published. The substitution was
made because of major problems in the adequacy of coverage of certain capital transactions
by nonbank reporters in the U.S. statistical reporting system. Statistical reports on nonbanking
concerns' capital transactions with unaffiliated
foreigners are returned by only a few hundred
large corporations, whereas the universe of potential reporters is believed to be close to 1,000.
U.S. compilers are taking steps to enhance the
coverage of the U.S. nonbank reporting system,
but these steps are expected to take several years.
As one interim measure, it is possible to gauge
the amount of undercoverage of one class of
transactions—U.S. nonbanking concerns' claims
on unaffiliated foreign banks—by looking at
counterparty data collected by key financial partners abroad on liabilities owed by their banks to
U.S. nonbanking concerns. In this year's revisions, banking data from the United Kingdom
and Canada have been utilized to improve U.S.
capital transactions and position data. Together
with data on the Caribbean area, which is discussed below, these three areas account for a
large share of U.S. nonbanking concerns' claims
on unaffiliated foreign banks. Adjustments have
been made to the British and Canadian data to
match various subcomponents in the U.S. statistical system. Canadian bank-reported liabilities
to U.S. nonbanks, after removal of floating-rate
notes, marketable securities issued by banks in
Canada, and Canadian-issued negotiable CD'S,
closely approximate what should be reported by
U.S. nonbank residents as deposits and other
financial claims (in both U.S. dollars and foreign currencies). British bank-reported liabilities
to U.S. nonbanks—the sum of time, sight, and
negotiable deposits owned by U.S. nonbanks,
plus British banks' custody holdings of negotiable
CD'S and British Treasury bills—closely approximate what should be reported by U.S. nonbank
residents as deposits and other financial claims
(in both U.S. dollars and foreign currencies).
Thus, these data collected by foreign authorities
have been substituted for those collected by U.S.
authorities until more comprehensive reporting
can be implemented by U.S. compilers. A lack
of comparability in statistical reporting systems
makes more extensive substitution impossible at
the present time.
As another interim measure, data collected by
the U.S. Federal Reserve System on liabilities of
foreign branches of U.S. banks in the Bahamas
and British West Indies (Cayman Islands) to
U.S. nonbanks closely approximate what should
be reported by U.S. nonbank residents and are
substituted into the accounts.
These substitutions are made beginning with
1979 for the Canadian data, 1983 for the British
data, and 1984 for the Federal Reserve data. The
average annual revision to the change in claims
for the past 4 years (to take account of the large
volatility from year to year) was a decrease of $1.2
billion for U.S. claims on Canada, an increase of
$0.3 billion for U.S. claims on the United Kingdom, and a decrease of $1.0 billion for U.S. claims
on branches of U.S. banks in the Bahamas and
British West Indies (Cayman Islands). Changes
to the position estimates were much larger. U.S.
SURVEY OF CURRENT BUSINESS
nonbanking concerns' claims on unaffiliated foreigners are now $101.7 billion in 1991, up from
$41.4 billion.
Corresponding adjustments are made to portfolio income receipts earned on U.S. nonbanking
concerns' claims on unaffiliated foreigners.
Because of much greater difficulty in establishing comparability between U.S.-reported nonbanking concerns' liabilities to foreigners and the
counterparty claims of foreigners on the United
States, it is not possible to substitute foreign
source data on the liabilities side of the U.S.
nonbanking concerns' account.
Although substitution of foreign source data
eliminates one source of undercoverage of capital
flows in the U.S. accounts, capital flows in general remain underreported, and the proportion
of the total problem that has been corrected remains unknown. Also, because the substitution is
made only on the claims side of the accounts with
no corresponding changes on the liabilities side,
the true impact of the change on the statistical
discrepancy remains unknown.
Tables i through loa follow. E3
June 1992 • 77
SURVEY OF CURRENT BUSINESS
June 1992
Table 1.—U.S. International
[Millions
(Credits +; debits-)1
Line
1 Exports of goods, services, and income
2
Merchandise adjusted, excluding military2
3
4
Services3
Transfers under U.S. military agency sales contracts4
5
6
7
8
g
10
Travel
Passenger fares
Other transportation
Royalties and license fees5
Other private services 5
U S Government miscellaneous services
11
12
13
14
Income receipts on U S assets abroad
15
Imports of goods, services, and income
Other private receipts
U.S Government receipts
16
Merchandise, adjusted, excluding military2
17
18
Services 3
Direct defense expenditures
19
20
21
Travel
Passenger fares
Other transportation
22
23
24
Royalties and license fees5
Other private services5
U.S. Government miscellaneous services
25
26
27
28
29
30
31
32
Income payments on foreign assets in the United States
Direct investment payments
Other private payments
.
.
U.S. Government payments
Unilateral transfers, net
U S Government grants4
U.S. Government pensions and other transfers
Private remittances and other transfers6
1960
1961
30,556
19650
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
31,402
33,340
35,776
40,165
42,722
46,454
49,353
54,911
60,132
68,387
72,384
81,986
113,050
20108
20781
22272
25501
26461
29310
30666
33626
36414
42469
43319
49381
71 410
6290
2,030
6295
1,867
6941
7840
2,086
8824
2,465
9616
2,193
7348
2,219
2,721
10667
3,191
11 917
3,939
12806
4,138
14171
4,214
16358
5,472
17841
5,856
19832
5,369
919
175
1 607
947
183
1 620
957
191
1 764
1 015
205
1 898
1 207
241
2076
1 380
271
1 646
371
2426
1 775
411
2548
2043
450
2652
2331
2534
615
3299
2817
3412
2175
1 590
317
2333
699
3579
975
4465
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
2019
2331
1 294
332
2545
1 546
347
2770
1 160
343
357
3225
1 985
401
6157
6824
7528
5260
1 669
599
5603
1 781
636
9367
6'59'1
10913
7649
2338
925
12707
5106
1256
7437
5506
11 748
4636
1 022
499
8169
2671
9160
2641
14765
10949
2949
866
21 808
16542
4330
936
-23,670 -23,453 -25,676 -26,970 -29,102 -32,708 -38,468 -41,476 -48,671 -53,998 -59,901 -66,414
-79,237
-98997
-14,758 -14,537 -16260 -17,048 -18 700 -21,510 -25,493 -26 866 -32 991 -35 807 -39,866 -45,579
-55 797
-70 499
-16868
14
-4 784
-18843
14
-4 629
-5526
-1 790
-4694
4616
3,621
646
349
4999
3823
793
383
5618
4241
904
473
-9,111 -10,494 -1 1 863 -12302 -13322 -14520 -15,400
-2952 -3764 -4378 -4535 -4856 -4855 -4819
-1750
-1 785
-1 939
-2 114
-2211
-2438
-513
1402
-506
1437
-567
-612
-753
-829
-885
-1 701
-642
1817
-717
-1 558
-1951
-2161
-2157
-2367
-3373
-1 080
-2455
-3980
-1 215
-2843
-4373
-1 290
-3130
-5042
-1 596
-3520
-74
-89
-112
-493
-370
-135
-461
-457
-140
-506
-513
-166
-565
-561
-186
-668
-631
-221
-751
-586
-224
-827
-576
-241
-956
-592
-294
-385
-1 043
-1 180
'-415
-589
-640
-1238
-1245
-1 324
-1 560
-1 783
-2,088
-2,481
-2747
-3378
-4869
-5515
-394
-511
-332
-432
-535
-278
-399
-586
-339
-459
-701
-401
-529
-802
-453
-657
-942
-489
-711
-821
-876
-848
-875
-1 221
-1 328
-1 800
-3244
-549
-598
-702
-777
-3617
-1,024
-5,435
-1 164
-2428
-1,844
-6,572
-1 284
-2604
-2,684
-9,655
-1 610
-4209
-3,836
-4,062
-4,127
-4,277
-4,392
^»,240
-4,583
-4,955
-5,294
-5,629
-5,735
-6,156
-7,402
-8,544
-6,913
-3320
-3453
-3479
-3227
-3444
-3802
-3844
-4256
-4259
-4449
-5589
-6665
-4748
-273
-423
-373
-434
-347
-A77
-339
-575
-399
-614
-463
-677
-499
-655
-571
-879
-537
-836
-537
-939
-611
-696
-770
-915
-1,096
-1,117
-1,109
-1,250
-4,099
-5,538
-4,174
-7,270
-9,560
-5,716
-7,321
-9,337 -12,475
-14,497
-22,874
378
461
171
125
1 225
1,665
570
571
2349
866
-4
547
158
-261
-245
-447
-5144
-2940
-5235
-2653
-4623
-2851
-663
-762
-394
-558
-1,148
-1,261
2,294
1473
61
-127
-527
-3367
U S private assets net
Other foreign assets in the United States net
Direct investment
U S Treasury securities
U S securities other than U S Treasury securities
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking
concerns
U.S. liabilities reported by U.S. banks, not included elsewhere
-3030
-100
-528
-296
43
44
45
46
56
57
58
59
60
-3207
-588
-268
1 928
1,279
Foreign official assets in the United States net
U.S. Government securities
US Treasury securities9
:
Other10
Other U.S. Government liabilities11
U.S. liabilities reported by U.S. banks, not included elsewhere
Other foreign official assets12
-2657
-593
-254
U.S. Government assets, other than official reserve assets, net
-1,100
U S credits and other long—term assets
.
. . . . -1,214
Repayments on U.S. credits and other long-term assets8
642
U.S. foreign currency holdings and U.S. short-term assets, net
-528
49
50
51
52
53
54
55
2145
1 703
607
857
1 535
890
-9,757 -10,977 -11,585
53
1 170
-870
-1 179
1 173
-967
64
65
66
67
68
69
2481
787
-851
442
-135
-115
626
19
-910
-1,085
-2128
1,288
29
266
-94
537
-94
-1 023
-1 173
-1,034
822
2156
-2,423
-3,638
1,005
209
-2,274
-3,722
1,386
62
-2,200
-3,489
1,200
89
-7,386
-4805
-1,308
-7,833
-5295
-1,569
-779
-495
-1,203
233
-112
-220
-346
-538
-1,662
-2,204
988
-1,680
-2,382
720
-19
-1,605
-2,463
874
-16
-1,543
-2,513
1,235
-8,050
-3760
-5,336
-5011
-6,347
-5418
-969
-5,986
-3483
-1,105
-677
-759
-720
-354
-450
157
-1,556
-1,108
-2,505
341
93
-442
2,705
1,911
3,217
3,643
742
3,661
7,379
25
508
1,986
816
803
12
429
742
1,660
432
434
-2
298
930
-672
215
603
1,270
1,409
1,410
-1
152
134
655
655
765
233
233
-7
65
210
-1,527
-1,548
21
113
742
3,451
2,261
2,222
39
83
1,106
821
315
1,231
231
1,983
322
607
415
4,333
425
3,928
698
-149
-146
-356
-135
282
1 939
311
151
324
-90
678
226
928
-364
-291
641
346
-66
134
-110
336
287
-85
-37
898
75
1,818
-141
-134
-131
-358
178
503
-265
233
-870
-1,884
-4,181
2,115
182
-1,568
-3,819
2,086
165
-2,644
-4,638
2,596
-8,206 -10,229
-5960 -7,590
-1,549 -1,076
-12,940
-7618
-1,113
-12,925
-7,747
-20,388
-11,353
-618
-671
-596
-967
-1,229
-2,980
-1,054
-3,506
-2,383
-5,980
9,928
12,702
6,359
22,970
21,461
18,388
-774
-769
-798
29
-15
10
-1,301
-2,343
-2,269
-74
251
792
6,908
9,439
9,411
28
26,879
26,570
26,578
-8
-456
-510
-2,075
10,475
8,470
8,213
257
182
1,638
185
6,026
641
59
582
936
4,126
323
14,002
1,263
-68
3,130
1,464
81
2,189
-3,909
367
-24
2289
10,986
949
-39
4,507
12,362
2,800
2,014
-6,298
369
-6,911
815
4,754
1,035
4,702
906
1,016
10,703
807
136
4,414
476
2,882
584
1,765
1,475
3,871
792
8,886
438
-1,516
-550
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)n ..
717
710
-1,879
-2,654
2603
6,233
-2,260
957
7,272
-6,416
973
8,192
911
989
12,153
8,486
-6,156
2,331
5,969
-7,402
-1,433
2,749
-8,544
-5,795
14,053
-6,913
7,140
See footnotes on page 99.
629
5571
4521
6801
-779
3,817
-1,151
4,294
5224
-1,014
4,596
4,951
-1,376
3,755
-287
-877
-516
-349
5,350
5,047
3,800
-1,196
5,274
-385
5,041
5,990
6,044
7664
-4,277
3,387
8806
-4,392
4,414
11 063
-4,240
6,823
10,014
-4,583
5,431
7,987
-4,955
3,031
7,878
-5,294
2,583
6,240
-5,629
611
6,135
-5,735
399
6886
-4,062
2,824
7949
-4,127
3,822
635
607
-216
4,041
-9,779
-457
4892
-1385
3,379
819
-213
-907
-205
-602
-126
-570
-360
-989
9
-33
182
-1,589
-3,293
1,721
-16
-1,124
-1,019
-703
153
-1
389
867
Statistical discrepancy (sum of above items with sign reversed)
-249
1,350
382
62
63
906
-8619
-2880
39
40
41
42
Foreign assets in the United States, net (increase/capital inflow (+))
907
-8362
-2961
US official reserve assets net7
Gold
Special drawing rights
Reserve position in the International Monetary Fund
Foreign currencies
48
756
-8092
-3105
U.S. assets abroad, net (increase/capital outflow (-))
47
2021
1764
-7,671
-2998
34
35
36
37
38
Direct investment
510
8021
3125
-7,674
-3087
33
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
462
1421
544
1973
1972
SURVEY OF CURRENT BUSINESS
June 1992 •
Transactions
of dollars]
1974
1975
1976
1977
1978
1979
1980
1981
1982
148,484
157,936
172,090
184,655
220,516
287,965
344,440
380,928
98,306
107,088
114,745
120,816
142,075
184,439
224,250
237,044
22,591
5,197
25,497
6,256
27,971
5,826
3t,485
7,554
36,353
8,209
39,692
6,981
47,584
9,029
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
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
27,587
19,157
7,356
1,074
25,351
16,595
7,644
1,112
29,375
18,999
9,043
1,332
32,354
19,673
11,057
1,625
42,088
25,458
14,788
1,843
63,834
38,183
23,356
2,295
72,606
37,146
32,898
2,562
-137,274
-132,745
-162,109
-193,764
-229,870
-281,657
-333,774
-364,196
-355,804
-377,495
-103,811
-98,185
-124,228
-151,907
-176,002
-212,007
-249,750
-265,067
-247,642
-268,901
-21,379
-5,032
-21,996
-4,795
-24,570
-4,895
-27,640
-5,823
-32,189
-7,352
-36,689
-6,294
-41,491
-10,851
-45,503
-11,564
-51,749
-12,460
-54,894
-13,087
-5,980
-2,095
-5,942
-6,417
-2,263
-5,708
-6,856
-2,568
-6,852
-7,451
-2,748
-7,972
-8,475
-2,896
-9,124
-9,413
-3,184
-10,906
-10,397
-3,607
-11,790
-11,479
-4,487
-12,474
-12,394
-4,772
-11,710
-13,149
-6,003
-12,222
17
1983
1984
1985
361,436
351,613
391,435
211,157
201,799
219,926
57,354
10,720
64,079
12,572
64,199
12,524
12,913
3,111
12,560
12,393
3,174
12,317
10,947
3,610
12,590
7,284
10,250
517
5,603
17,444
576
5,745
18,117
666
86,529
32,549
50,300
3,680
86,200
23,922
58,160
4,118
17
85,614
26,528
54,255
4,832
1987
1988
380,051
398,583
445,216
215,915
223,344
250,208
71,094
9,969
73,026
8,718
86,241
8,549
17,320
4,058
13,809
17,920
4,382
14,674
6,098
19,126
714
6,550
19,904
878
100,415
30,581
64,607
5,227
1990
1991
550,323
629,468
680,890
704,914
1
320,230
361,697
388,705
415,962
2
98,434
11,106
110,636
9,289
127,080
8,526
148,638
9,833
163,637
10,691
3
4
20,529
5,545
15,784
23,718
6,966
17,334
29,665
8,925
19,456
36,571 •
10,525
21,095
43,418
15,140
22,942
48,757
15,627
23,625
5
6
7
7,927
27,31 2
595
9,914
28,869
526
11,802
30,835
664
13,064
36,711
587
16,470
40,166
668
17,799
46,444
693
8
9
10
91,110
29,630
55,981
5,499
88,998
30,850
51,735
6,413
96,574
38,080
53,183
5,311
119,456
50,436
62,318
6,703
140,692
54,490
80,567
5,635
143,547
55,428
77,612
10,508
125,315
49,221
67,990
8,104
11
12
13
14
-469,647
-478,821
-521,937
-585,637
-652,109
-705,005
-738,401
-716,624
15
-332,418
-338,088
-368,425
-409,765
-447,189
-477,365
-497,558
-489,398
16
-67,657
-12,516
-72,859
-13,108
-79,892
-13,730
-90,243
-14,918
-97,930
-15,643
-101,314
-15,364
-116,583
-17,651
-118,341
-16,215
17
18
-22,913
-5,724
-14,843
-24,558
-6,484
-15,643
-25,913
-6,554
-16,715
-29,310
-7,318
-17,788
-32,114
-7,768
-19,534
-33,418
-8,258
-20,664
-37,349
-10,608
-23,401
-36,958
-10,636
-23,297
19
20
21
-1,392
-13,901
-1,686
-1,844
-17,172
-1,893
-2,585
-18,365
-1,921
-2,602
-19,137
-1,871
-3,133
-22,522
-1,919
-3,984
-25,154
-2,097
22
23
24
-73,620
-7,058
-42,491
-24,071
-85,629
-7,425
-52,913
-25,291
-106,991
-11,693
-65,133
-30,164
-126,326
-6,643
-83,827
-35,856
-124,261
-1,083
-85,308
-37,870
-108,886
3,675
-73,575
-38,986
25
26
27
28
17
17
17
17
17
-650
-795
-941
-8,159
-1,460
-7,924
-1,568
-1,164
-8,963
-1,534
-1,165
-10,166
-1,735
-56,412
-1,943
-35,187
-19,282
-53,700
-4,206
-30,501
-18,993
-69,572
-8,723
-39,694
-21,155
-67,875
-7,213
-37,689
-22,972
-472
-482
-504
-671
-831
-724
-1,551
-2,006
-2,190
-722
-789
-911
-951
-2,573
-1,099
-2,822
-1,239
-2,909
-1,214
-32,961
-6,357
-15,481
-11,122
-42,532
-8,635
-21,214
-12,684
-53,626
-6,898
-29,415
-17,313
• Line
1989
-3,562
-1,287
-346
-1,262
17
17
1986
17
17
-12,084
-1,331
-6,491
-4,262
-12,564
-2,234
-5,788
-4,542
-13,311
-3,110
-5,681
-4,520
-14,217
-2,834
-5,841
-5,542
-21,680
-4,211
-8,795
-8,674
-9,249
-7,075
-5,686
-5,226
-5,788
-6,593
-8,349
-11,702
-17,075
-17,741
-20,612
-22,950
-24,176
-23,052
-24,869
-25,606
-32,916
8,028
29
-7,293
-939
-5,101
-1,068
-3,519
-1,250
-2,990
-1,378
-3,412
-1,532
-4,015
-1,658
-1,017
-906
-917
-859
-844
-920
-5,486
-1,818
-1,044
-5,145
-2,041
17
-4,51 6
-6,087
-2,251
17
-8,738
-6,469
-2,207
-9,066
-6,696
-2,159
-9,756
-11,268
-2,138
-9,545
-11,867
-2,197
-10,112
-10,287
-2,221
-10,544
-10,506
-2,501
-11,863
-10,773
-2,517
-12,316
-17,597
-2,945
-12,374
24,487
-3,462
-12,996
30
31
32
15
-34,745
-39,703
-51,269
-1,467
-849
-2,558
-172
-66
-78
-2,212
-34,785
-375
-118
-121
-294
17
-61,130
-66,054
-86,967
-114,147
-122,335
-58,856
-29,224
-34,069
-91,069
-62,402
-92,708
-114,944
-56,321
-62,220
33
732
-65
1,249
4,231
-4,683
-1,133
-65
-1,136
-8,155
-4,965
-1,196
-3,131
-3,858
312
9,149
-3,912
-25,293
-2,158
5,763
-1,371
-2,552
-1,041
-66
-4,434
3,304
-979
-995
-697
-246
-509
908
-3,869
1,501
2,070
7,588
127
1,025
-5,064
-192
471
-25,229
731
-2,697
-177
-367
257
-16
-1,667
-6,472
-5,175
(*)
-1,824
-2,491
-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
-5,006
-9,967
5,012
-51
-5,489
-9,599
4,490
-2,821
-7,657
4,719
117
-2,022
-9,084
6,089
973
1,006
-6,506
7,625
2,967
-7,680
10,370
277
1,271
-5,580
6,725
126
2,304
-8,417
10,853
6,307
34
35
36
37
38
3,397
-12,123
16,522
-1,002
39
40
41
42
-56,467
-32,694
-28,765
-71,379
-27,135
-45,017
43
44
45
11,398
-51,255
-2,477
7,469
5;526
-4,753
46
47
219,489
213,693
99,379
66,980
48
39,758
43,050
41,741
1,309
-2,506
8,489
1,532
149
1,383
146
4,976
1,835
33,908
30,243
29,576
667
1,866
3,385
-1,586
18,407
17,116
15,815
1,301
1,600
-1,668
1,359
49
50
51
52
53
54
55
184,585
58,219
-7,643
42,120
179,731
57,278
20,239
26,353
205,204
67,872
29,618
38,767
65,471
45,137
-2,534
1,592
48,573
11,497
16,241
34,918
56
57
58
59
-405
60
61
-535
-1,265
-30
-466
-317
366
-5,001
15
4,826
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
-33,643
-9,052
-1,854
-35,380
-14,244
-6,247
^4,498
-11,949
-8,885
-30,717
-11,890
-5,460
-57,202
-16,056
-3,626
-61,176
-25,222
-4,726
-73,651
-19,222
-3,568
-103,875
-9,624
-5,699
-111,239
17
991
-7,983
-52,654
-4,889
-6,762
-20,605
-10,948
-4,756
-27,391
-13,401
-7,481
-89,360
-17,090
-4,271
-72,556
-27,181
-5,251
-91,762
-15,448
-7,846
-90,922
-28,995
-22,070
-3,221
-19,516
-1,357
-13,532
-2,296
-21,368
-1,940
-11,427
-3,853
-33,667
-5,014
-26,213
-4,023
-46,838
-4,377
-84,175
6,823
-111,070
-11,075
-29,928
6,226
-11,127
-5,186
-1,323
-8,024
-59,975
1,995
-42,119
-12,146
-56,322
34,241
15,670
36,518
51,319
64,036
38,752
58,112
83,032
92,418
83,380
102,010
130,966
223,191
229,972
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
4,960
6,322
5,019
1,303
3,593
5,085
5,779
5,845
6,496
6,972
-1,119
-1,139
-694
-476
605
-1,747
602
545
-1,798
3,140
4,703
4,690
13
739
555
-2,857
844
645
-1,469
35,648
33,150
34,364
-1,214
2,195
1,187
45,387
44,802
43,238
1,564
-2,326
3,918
-1,007
23,696
4,760
697
378
8,643
2,603
2,590
2,503
18,826
4,347
2,783
1,284
14,503
3,728
534
2,437
30,358
7,897
2,178
2,254
16
77,534
10,457
8,689
8,164
98,870
24,748
23,001
12,568
132,084
20,010
20,433
50,962
187,543
35,623
3,809
70,969
1,844
16,017
319
628
-578
1,086
6,719
1,889
16,141
1,621
32,607
-118
10,990
1,139
1,152
1,093
-1,458
5,917
10,455
-2,199
12,236
26,449
25,386
-5,505
1,213
15,503
8,903
3,501
12,787
-9,483
3,401
16,063
-31,091
3,845
18,137
-33,927
4,164
20,408
-27,568
3,003
30,873
11,210
-9,249
1,962
25,191
-7,075
18,116
9,982
-5,686
4,295
-9,109
-5,226
-14,335
-9,355
-5,788
-15,143
6,308
-6,593
-268
158
-131
16
-189
52,416
11,877
4,960
1,351
-285
-159
3,145
42,615
16,918
2,645
5,457 !
16
6,852
10,743
-861
-360
-338
-3,670
2,646
78,072
25,195
2,927
6,905
16
-350
17
88,826
12,464
7,027
6,085
16
16
-1,156
-379
-838
-301
-942
-884
-113
-467
-319
-131
-2,383
65,633
50,342
4,704
33,849
41,045
-2,641
79,783
2,863
89,026
5,626
70,235
5,565
63,382
4,906
16,370
-13,678
24,992
41,359
19,099
26,038
24,825
15,407
-4,096
-126
2,394
47,370
-1,078
63
-25,500
6,093
30,073
-28,023
11,852
32,903
-36,485
12,329
29,788
-67,102
9,306
31,915
-112,492
3,437
30,843
-122,173
167
23,235
-145,081
6,350
15,378
-159,557
8,191
10,945
-126,959
12,707
12,466
-115,668
25,766
14,366
-108,853
32,055
19,287
-73,436
45,296
16,429
64
65
66
10,666
-8,349
2,317
16,732
-11,702
5,030
5,632
-17,075
-11,443
-25,882
-17,741
^3,623
-78,212
-20,612
-98,824
-98,771
-22,950
-121,721
-123,354
-24,176
-147,529
-140,421
-23,052
-163,474
-101,787
-24,869
-126,656
-75,537
-25,606
-101,143
-57,511
-32,916
-90,428
-11,710
8,028
-3,682
67
68
69
917
42,128
-366
62
SURVEY OF CURRENT BUSINESS
8o • June 1992
Table 1.—U.S. International
[Millions
Not seasonally adjusted
(Credits +; debits -) l
Line
1978
I
1
Exports of goods, services, and income
2
Merchandise adjusted excluding military2
3
4
Services3
Transfers under U.S. military agency sales contracts4
5
6
7
8
9
10
11
12
13
14
Travel
Passenger fares
Other transportation
Royalties and license fees5
Other private services5
U S Government miscellaneous services
.
. .
Income receipts on U S assets abroad
Direct investment receipts
Other private receipts
U.S. Government receipts
15
16
Merchandise adjusted excluding military2
17
18
Services3
Direct defense expenditures
19
20
21
Travel
Passenger fares
Other transportation
22
23
24
Royalties and license fees5
Other private services5
U S Government miscellaneous services
25
26
27
28
29
30
31
32
.
.. ..
Income payments on foreign assets in the United States
Direct investment payments
Other private payments
U.S. Government payments
II
33
U.S. assets abroad, net (increase/capital outflow (-))
34
35
36
37
38
US official reserve assets net7
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 assets8
U.S. foreign currency holdings and U.S. short-term assets, net
43
44
45
46
....
53,747
62,480
64,620
70,081
71,727
81,537
85,439
85,218
83,241
90,543
40,103
41,662
45,172
44,957
52,648
54,468
57,401
53,528
58,853
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
10,595
1,845
11,636
2,074
13,184
2,695
12,170
2,415
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
2,425
502
2,699
2,691
637
2,880
3,140
888
2,994
2,332
564
3,045
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
1,589
1,450
84
1,740
1,537
77
1,734
1,608
125
2,022
1,681
112
9,561
5,869
3,311
382
9,935
5,978
3,438
519
9,589
5,532
3,664
394
13,002
8,079
4,376
548
13,630
8,044
5,097
489
15,063
9,294
5,256
512
16,334
9,879
5,889
565
18,808
10,967
7,113
728
20,376
11,773
8,102
501
16,180
7,501
8,139
541
16,529
8,644
7,245
640
19,520
9,228
9,412
880
-53,159
-57,525
-58,947
-60,240
-61,891
-68,580
-72,908
-78,278
-84,901
-83,777
-81,148
-83,948
-41,862
-44,114
-44,184
-45,842
-46,717
-51,402
-54,099
-59,789
-64,956
-62,870
-59,176
-62,748
-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
-9,537
-2,635
-10,553
-2,569
-11,368
-2,695
-10,034
-2,952
-1,523
-2,176
-2,994
-1,782
-1,708
-2,575
-3,187
-1,943
-2,026
-882
-798
-576
-669
-975
-889
-651
-740
-2,236
-2,382
-r2,439
-2,378
-2,656
-2,899
-2,972
-2,946
-2,680
-1,099
-3,036
-3,526
-1,042
-2,882
-2,165
-640
-2,066
-169
-160
-631
-271
-167
-175
-203
-698
-325
-141
-703
-334
-231
-734
-299
-185
-676
-303
-200
-687
-281
-197
-655
-275
-725
-280
-742
-286
-126
-747
-273
-695
-298
-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
-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
-1,394
-1,480
-1,375
-1,539
-1,398
-1,461
-1,744
-1,990
-2,149
-1,638
-1,882
-2,680
-846
-369
-179
-880
-848
-434
-882
-334
-182
-958
-976
-1,199
-1,485
-961
-1,178
-1,863
-379
-222
-838
^351
-186
-313
-191
-566
-203
-446
-345
-436
-227
-445
-233
-468
-236
-469
-348
-15,399
-5,775
-9,455
-30,501
-9,502
-15,709
-26,687
187
248
115
182
-65
1,412
3,275
-4,440
-3,585
322
2,779
-1,142
-86
-2,357
6
-78
394
-959
-1,163
-1,900
783
-47
-918
-602
-863
-1,906
972
17
-1,808
965
41
-4,755
-5,918
-15,114
-7,417
-612
-249
-16
324
-256
-1,199
-1,998
787
12
-1,431
-2,161
708
22
-1,640
804
-4,824
-3,947
-1,094
-8,139
-2,468
-29,724
-4,753
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
-14,515
-4,889
-1,115
-2,241
-6,270
315
-98
-29
-5,132
-1,898
-22,167
48
Foreign assets in the United States, net (increase/capital inflow (+))
18,183
851
16,882
28,120
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
2,735
1,355
881
396
5,964
2,313
793
1,082
507
Other foreign assets in the United States, net
Direct investment ..'.
U S Treasury securities
U S securities other than U S Treasury securities
.. ..
U.S. liabilities to unaffiliated foreigners reported by U.S.
nonbanking concerns
U.S. liabilities reported by U.S. banks, not included elsewhere
61
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 1 1 and 25)
Balance on13goods, 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) 13 ..
See footnotes on page 99.
IV
III
34,534
-1,071
-1,671
643
-43
56
57
58
59
60
II
36,772
437
-85
Foreign official assets in the United States, net
U 5 Government securities9
US. Treasury securities
Other 10
Other U.S. Government liabilities11
U.S. liabilities reported by U.S. banks, not included elsewhere
Other foreign official assets 12
I
IV
55,615
-43
195
-37
49
50
51
52
53
54
55
1980
III
30,666
-630
U S Government grants4
U.S. Government pensions and other transfers
Private remittances and other transfers6
II
I
48,674
-4,358
Unilateral transfers, net
1979
IV
III
-121
-104
-122
-350
-726
-2,926
-14,564
-24,828
-19,060
-28,516
-3,268
502
-1,109
-4,279
-1,152
-34
-2,082
112
-99
489
-261
-294
-554
1,285
-1,240
-4,324
-2,083
1,205
14
-1,530
-2,611
918
164
-1,131
-2,350
1,171
49
-1,394
-2,576
1,173
9
-1,108
-2322
1,195
20
-9,766
-5,849
-23,130
-7,045
-14,155
-649
-65
-52
2,831
27
-611
-995
-787
-24,198
-2,790
-1,387
-16,557
-3,538
-492
-28,664
-6,675
-2,331
-12,643
-5,213
-908
-3,854
5,926
716
-7,921
-1,826
-17,833
-50
-6,385
-1,927
-1,203
144
-20,165
365
-12,440
-2,605
-13,030
2,307
6,862
24,449
5,134
8,582
9,873
14,430
25,226
-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
1,694
3,240
264
-8,697
-8,837
-8,832
-5
-31
-51
222
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
4,656
545
-7,413
-4,556
-5,357
801
-19
-3,198
360
11,979
2,620
-1,068
296
9,681
1,608
16
1,572
480
11,004
1,553
16
2,564
409
16,637
3,353
-57
524
18,413
3,382
1,502
166
6,362
3,588
16
951
252
15,995
3,321
16
3,300
2,435
2,142
5,756
-1,271
496
6,866
4,713
263
17,612
3,128
894
2,263
-404
304
1,472
912
9,219
166
5,854
6,773
799
12,018
210
13,153
908
663
340
6,599
1,671
^,509
1,252
916
3,590
7,737
3,095
8,314
-853
1,680
4,726
8,808
5,164
7,751
6,440
15,153
4,418
-624
-11,196
1,507
5,204
-7,342
799
4,633
-9,650
480
3,971
-5,739
1,378
6,601
-5,055
1,403
6,381
-6,230
479
7,252
-9,142
140
7,821
-7,141
981
9,420
-10,488
1,058
9,967
-5,469
1,083
5,826
-5,648
1,816
5,925
-3,895
2,136
8,354
-4,485
-1,394
-5,879
-1,910
-1,480
-3,390
-5,200
-1,375
-6,575
2,240
-1,539
701
2,729
-1,398
1,331
1,500
-1,461
39
-1,181
-1,744
-2,925
3,260
-1,990
1,270
537
-2,149
-1,611
1,441
-1,638
2,094
-1,882
212
6,595
-2,680
3,915
-510
-907
-125
-296
-701
-944
-278
-450
-460
469
1,152
1,139
-198
SURVEY OF CURRENT BUSINESS
June 1992 • 8l
Transactions—Continued
of dollars]
Not seasonally adjusted
1981
1982
II
III
IV
I
II
ill
IV
94,687
97,783
92,564
95,894
92,653
95,709
87,664
60,356
61,682
55,856
59,150
55,259
56,685
50,078
13,523
2,267
14,336
2,862
15,556
3,173
13,940
2,418
15,943
3,025
16,084
3,279
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
1,721
2,795
82
1,792
2,320
154
1,780
2,493
151
1,991
2,642
131
20,808
8,631
11,337
840
21,765
8,516
12,468
781
21,152
6,545
13,605
1,002
22,804
8,857
12,890
1,057
-89,122
-93,604
-91,137
-65,902
-67,930
-64,608
-10,561
-2,778
-11,999
-3,097
-2,347
-1,014
-3,020
-224
-885
-293
17
17
I
II
85,410
85,206
49,135
49,633
16,572
3,093
15,479
3,174
3,331
821
3,135
3,446
1,003
3,117
1,396
4,471
159
1,410
3,985
123
21,451
6,439
13,973
1,038
-90,333
-66,627
-12,385
-2,709
-2,948
-1,365
-3,287
-102
-862
-339
Line
1984
1983
I
III
IV
I
II
III
87,166
86,378
92,863
94,025
98,660
98,129
100,622
1
50,598
48,052
53,516
53,657
55,991
53,443
56,835
2
16,261
3,703
15,933
3,162
16,703
3,110
15,303
2,549
16,990
2,663
17,806
2,495
18,790
2,566
17,508
2,246
3
4
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
3,494
834
3,237
4,706
1,117
3,434
5,126
1,204
3,550
3,994
902
3,588
5
6
7
1,427
4,287
200
1,371
4,702
93
1,332
4,714
159
1,431
4,199
252
1,395
4,413
142
1,587
4,791
113
1,394
5,210
157
1,481
4,387
186
1,470
4,697
178
1,752
4,832
193
8
9
10
22,940
6,037
15,961
942
21,014
4,874
15,110
1,030
20,795
6,572
13,116
1,108
19,312
5,719
12,463
1,130
20,635
5,994
13,331
1,311
21,623
6,315
14,003
1,305
24,044
8,501
14,458
1,086
23,378
7,423
14,728
1,227
24,863
7,673
15,874
1,315
25,896
6,917
17,625
1,354
26,279
8,568
16,380
1,331
11
12
13
14
-68,540
-49,958
-91,828
-85,478
-83,140
-92,827
-99,649
-101,879
-108,371
-120,471
-121,469
-119,337
15
-62,660
-61,432
-63,535
-60,015
-58,852
-65,614
-70,304
-74,131
-78,202
-84,913
-83,772
-85,531
16
-10,558
-2,980
-11,914
-2,954
-13,704
-3,168
-13,876
-3,144
-12,256
-3,193
-11,979
-3,227
-14,204
-3,249
-15,321
-3,291
-13,391
-3,320
-14,407
-3,053
-17,707
-3,215
-19,337
-3,014
-16,206
-3,233
17
18
-3,870
-1,218
-3,194
-2,314
-2,506
-1,126
-2,923
-3,409
-1,473
-3,087
-3,912
-1,231
-2,931
-2,567
-2,317
-1,185
-2,779
-3,461
-1,924
-2,957
-4,572
-1,637
-3,228
-2,799
-1,257
-3,258
-6,419
-1,549
-3,770
-7,793
-1,770
-3,867
^,527
-1,296
-3,823
19
20
21
-177
-880
-337
-147
-936
-317
22
23
24
-14,144
-1,826
-7,886
-4,432
17
-890
-2,974
-942
-2,769
17
17
17
17
17
17
^,174
-1,1 09
-3,384
IV
-190
-186
-186
-232
-203
-215
-229
-294
-268
-255
-296
-344
-1,909
-2,007
-2,038
-2,204
-1,883
-1,951
-1,974
-2,117
-2,070
-2,114
-2,182
-2,598
-306
-374
-433
-348
-385
-447
-390
-346
-349
-384
-415
-386
-15,762
-2,075
-8,740
-4,946
-17,851
-2,587
-10,187
-5,077
-18,360
-2,012
;--1 0,943
! -5,405
-17,599
-2,049
-9,824
-5,727
25
26
27
28
-5,932
-4,452
-4,335
-5,097
-6,729
29
-2,557
. -1,498
-1,557
-2,273
-3,368
-2,567
30
31
32
-12,660
-1,717
-6,895
-4,048
-13,675
-1,948
-7,365
-4,362
-2,712
-2,713
-3,062
-3,215
-4,090
-3,893
-4,113
-4,978
-3,673
-1,142
^96
17
-1,074
-1,192
-1,462
-1,349
-1,582
-1,350
-1,923
-1,045
-448
-455
-643
-595
-736
-485
-450
-445
-827
-470
-445
-450
-795
-1,074
-1,145
-1,224
-2,055
-1,231
^t67
-2,195
-2,169
-2,319
-2,143
-2,127
-2,248
-2,549
-2,484
-2,333
-2,374
-23,501
-24,053
-17,398
-49,195
-36,004
-42,593
-22,873
-20,864
-27,343
-716
-11,272
-19,525
-1,863
-24,558
-4
262
-1,089
-1,132
-794
-1,950
-787
-400
-547
-142
-241
-814
-434
-459
99
-98
-2,139
1,450
-303
-212
-77
-297
-732
-920
531
-886
-899
-1,849
1,013
-63
-2,549
-3,452
955
-52
-960
-2,295
1,267
143
-1,724
-2,524
1,025
-2,238
1,300
-21
-1,225
-2,378
1,229
-77
-48,572
-1,004
-2,966
-34,017
17
-2,266
-19,530
1,602
-3,397
-17,955
424
-3,488
-25,330
626
-1,549
^fi
-1,441
-707
-2,381
-905
-23
-225
-647
-780
-102
868
-13,147
-1,407
-7,269
^1,471
-134
-358
754
-13,966
17
17
-14,822
-14,417
-13,208
-12,310
-725
-575
-429
-214
-502
-8,537
-4,703
-9,669
-4,578
-9,010
-4,978
-7,970
-5,023
-7,089
-4,719
-453
-13,009
-1,035
-7,306
-4,668
-14,024
-1,480
-7,799
-4,746
-14,357
-1,190
-8,307
-4,860
-3,849
-4,287
-1,272
-1,595
15,284
-18,087
33
-953
-657
-566
-799
-1,110
-88
826
545
-1,996
498
-226
-200
-231
-288
-321
-271
-331
-197
-194
-143
-772
34
35
36
37
38
-1,246
-2,421
1,213
-38
-1,207
-2,755
1,511
38
-1,328
-2,413
1,058
27
-2,153
-2,792
892
-1,295
-2,695
1,397
3
-1,408
-2,190
912
514
-17,244
-1,347
-1,093
947
-1,176
758
-22,698
-1,668
-2,813
-10,594
-3,398
-1,308
16
529
-209
-1,469
-2,594
958
168
-1,482
-2,365
1,060
-17,503
-2,422
-21,666
-5,613
-1,564
-16,133
-2,944
-11,664
513
-15,002
458
-15,310
-2,404
-42,199
2,220
-33,343
-1,095
-39,403
3,670
-21,405
2,028
-16,919
-4,104
-20,303
578
3,518
-2,272
-3,616
-5,277
-9,527
2,922
-1,557
8,719
14,465
17,330
42,518
27,166
33,430
17,985
13,837
15,403
15,130
19,203
33,644
21,807
5,502
7,696
7,242
454
87
-3,109
828
-3,159
-1,542
-2,078
536
-5,992
-4,071
-4,615
544
8,609
4,239
4,470
-3,265
-1,629
-1,327
2,694
4,662
4,854
2,629
3,887
4,346
-38
2,641
3,012
1,612
1,825
1,995
-2,689
-192
-459
-516
-2,380
975
309
3,867
194
-1,684
181
-11
-1,870
-87
-371
-404
-170
-218
-990
-454
6,960
3,003
2,576
427
523
3,560
-2,956
-2,048
649
1,534
-1,835
-2,094
259
562
2,797
10
3,217
3,146
1,386
2,357
17,623
5,294
741
3,512
23,323
5,505
704
33,909
11,251
16
1,248
332
30,431
17
2,080
1,297
1,263
31,896
3,215
16
2,093
2,486
15,291
2,871
16
1,391
555
121
-3,793
13
8,063
1,084
16,478
21,380
-65
25,856
-2,023
26,125
-473
-177
-1,261
-2,420
1,128
31
-585
-697
16
-448
-231
-301
-628
-302
-133
-225
-39,738
1,231
-471
-770
-252
44
-1,922
1,289
1
39
40
41
42
17,491
-2,080
-1,106
-16,345
-6,024
-3,644
43
44
45
-20,146
2,860
17,817
564
-7,241
46
47
41,849
2,177
36,178
48
-156
-125
-271
-884
7,136
5,586
5,806
-764
-120
-130
-633
-126
-593
-970
-724
-570
49
50
51
52
53
54
55
11,208
4,298
16
2,246
1,781
15,441
1,191
16
2,913
2,873
13,518
3,592
16
3,116
2,470
21,892
4,142
16
1,008
1,777
26,684
1,533
1,652
1,044
24,763
4,889
1,950
1,333
42,005
9,003
6,336
362
3,060
4,558
5,303
1,447
29,042
6,298
9,412
9,426
56
57
58
59
, 10,756
-13
2,896
-2,763
11,227
-64
4,404
1,311
13,654
1,398
21,057
5,066
11,525
4,714
21,590
-3,056
-5,192
-2,020
5,926
60
61
13,547
-4,904
9,627
829
-1,146
8,855
10,976
7,353
63
-282
186
-1,893
-382
382
231
-826
-973
-611
-362
101
-1,353
-464
-271
-274
3
150
-2,242
146
576
363
^87
-571
84
-73
400
-220
86
2,034
62
1,093
10,835
8,123
1,702
4,332
8,815
7,306
13,165
12,074
-5,546
2,962
8,149
-6,248
2,337
8,090
-8,752
3,171
7,008
-7,477
3,381
9,657
-7,401
4,030
7,485
-4,747
2,380
8,118
-13,457
2,696
6,597
-10,880
3,224
7,588
-9,219
4,282
7,003
-15,016
1,729
7,626
-22,252
1,382
7,599
-20,615
1,912
9,687
-24,545
2,583
7,616
-28,922
99
7,011
-30,329
7,536
-28,696
1,301
8,680
64
65
66
5,565
-2,712
2,853
4,179
-2,713
1,465
1,427
-3,062
-1,635
5,561
-3,215
2,346
4,114
-4,090
23
5,751
-3,893
1,858
-4,164
-4,113
-8,277
-69
-4,978
-5,047
2,066
-3,673
-1,607
-5,661
-3,849
-9,510
-13,271
-4,287
-17,558
-9,016
-5,932
-14,948
-14,346
-4,452
-18,798
-21,811
-4,335
-26,146
-23,340
-5,097
-28,437
-18,715
-6,729
-25,444
67
68
69
-547
82 • June 1992
SURVEY OF CURRENT BUSINESS
Table 1.—U.S. International
[Millions
Not seasonally adjusted
(Credits ^debits-)1
Line
1985
I
1
Exports of goods, services, and income
2
Merchandise, adjusted, excluding military2
3
4
Services3
Transfers under U.S. military agency sales contracts4
5
6
7
Travel
Passenger fares
Other transportation
8
9
10
Royalties and license fees5
Other private services5
U.S. Government miscellaneous services
11
12
13
14
Income receipts on U.S. assets abroad
Direct investment receipts
Other private receipts
. .
U.S Government receipts
.
;
...
:
Imports of goods, services, and income
II
1987
1986
IV
III
I
II
I
IV
III
II
IV
III
95,996
96,523
90,938
96,593
97,937
101,143
97,852
101,651
102,737
109,827
111,719
55,338
55,553
50,701
54,323
54,037
58,017
53,730
57,560
57,646
61,683
61,614
69,265
17,830
2,609
17,922
2,268
18,874
1,954
18,400
1,887
20,353
1,908
20,511
1,955
23,100
2,120
22,277
2,566
23,033
3,113
24,282
3,235
26,427
2,584
24,693
2,174
3,940
842
3,515
4,772
1,112
3,568
5,247
1,351
3,707
3,961
1,077
3,885
4,462
1,122
3,823
4,955
1,257
3,912
6,317
1,850
4,061
4,795
1,316
3,987
4,781
1,311
4,023
5,864
1,776
4,251
7,341
2,218
4,516
5,732
1,661
4,545
1,422
5,284
218
1,517
4,455
231
1,485
4,856
275
2,127
5,309
154
1,704
7,1 74
161
1,912
6,370
151
1,926
6,697
129
2,385
7,072
155
2,187
7,515
103
2,322
6,710
124
2,448
7,145
177
2,958
7,500
122
22,828
7,127
14,415
1,287
23,048
7,696
14,212
1,140
21,364
6,148
13,542
1,674
23,871
8,659
13,813
1,398
23,546
8,374
13,589
1,583
22,615
8,052
13,265
1,298
21,022
6,501
12,384
2,137
21,815
7,923
12,498
1,394
22,058
8,322
12,353
1,384
23,862
9,679
12,904
1,279
23,678
8,972
13,201
1,505
26,976
11,107
14,726
1,143
17
120,933
-111,281
-121,819
121 271
-124,450
-122,913
-131,515
-133,363
-134,146
-132,382
-145,791
-151,396
-156,068
16
Merchandise adjusted excluding military2
-78,579
-85,585
-83,734
-90,190
-87,114
-92,674
-92,524
-96,113
-93,587
-101,248
-104,400
-110,530
17
18
Services3
Direct defense expenditures
-15,805
-3,246
-19,198
-3,170
-20,509
-3,053
-17,347
-3,640
-17,774
-3,434
-19,867
-3,510
-22,990
-3,320
-19,261
-3,467
-19,200
-3,613
-23,322
-3,608
-25,197
-3,788
-22,524
-3,910
-4,681
-1,253
-3,563
-7,169
-1,818
-3,984
-8,182
-2,055
-3,922
-4,526
-1,358
-4,175
-5,045
-1,406
-3,913
-6,445
-1,616
-4,107
-8,879
-2,055
-4,428
-5,544
-1,477
-4,267
-5,521
-1,496
-3,808
-8,221
-1,907
-4,410
-9,302
-2,245
-4,605
—6,266
-1,670
-4,965
15
19
20
21
Travel
Passenger fares
Other transportation ....
22
23
24
Royalties and license fees5
Other private services5
U.S. Government miscellaneous services
25
26
27
28
29
30
31
32
Income payments on foreign assets in the United States
Direct investment payments
Other private payments
U.S. Government payments
Unilateral transfers, net ....
U.S. Government grants4
U S Government pensions and other transfers
Private remittances and other transfers6
33
U.S. assets abroad, net (increase/capital outflow (-))
34
35
36
37
38
US official reserve assets net7
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 assets8
U.S. foreign currency holdings and U.S. short-term assets, net
43
44
45
46
U S private assets, net
Direct investment
Foreign securities
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking
.
-276
-270
-308
-311
-2,354
-2,357
-2,523
-2,932
-466
-406
-433
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 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 i , 15, arid 29 or lines 67 and 68) 13 ..
See footnotes on page 99.
-355
-357
-362
-380
-462
-456
-547
-3,446
-3,475
-3,767
-4,004
-4,278
-4,262
-4,628
-389
-476
-376
-379
-436
-540
-446
-538
-18,024
-1,487
-10,519
-6,018
-18,974
-2,640
-10,411
-5,923
-17,849
-1,440
-10,367
-6,042
-18,773
-1,491
-11,194
-6,088
-19,595
-2,024
-11,304
-6,267
-21,221
-1,989
-12,945
-6,287
-21,799
-2,337
-13,183
-6,280
-23,014
-1,075
-15,482
-6,457
-6,544
-5,203
-6,118
-6,351
-6,504
-5,224
-5,283
-5,525
-7,020
-3,348
-2,102
-3,274
-3,481
-3,010
-2,111
-2,275
-2,241
-3,660
-484
-416
-459
-779
-456
-511
-435
-794
-496
-460
-527
-737
-2,258
-2,354
-2,417
-2,645
-2,333
-2,434
-2,700
-2,616
-2,547
-2,757
-2,623
-3,512
-554
-3,095
-26,909
-12,658
-21,450
-27,318
-29,644
13,370
-25,150
-23,475
-27,146
-233
-356
-121
-3,148
-115
16
280
132
1,956
3,419
32
3,741
-264
-180
-264
-189
-274
163
508
-31
283
76
606
1,274
-171
-210
335
3,255
-165
72
388
344
-104
-250
-248
-245
168
-3,126
-185
-246
-391
-120
-920
-437
-462
-381
-158
-1,790
940
-70
-1,002
-2,553
1,285
266
-1,733
1,278
18
-1,581
1,217
-98
-1,826
1,423
22
-1,637
1,436
43
-1,576
-4,265
1,736
953
93
-1,356
1,494
-44
-2,359
-2,764
-2,474
804
-3,601
-2,219
-2,537
-3,576
-1,572
-23,299
-3,460
-1,217
-12,162
-9,030
-5,930
-21,308
-7,102
-1,051
-26,021
-4,088
181
-29,869
3,131
2,529
3,298
3,325
-1,236
3,847
-9,843
-8,779
-2,118
4,916
505
-13,660
-3,205
-18,909
-3,206
-32,322
24,466
35,087
55,320
38,446
50,608
70,772
2,506
-1,165
-2,168
-1,997
2,712
3,061
3,238
15,918
13,896
14,540
15,789
11,895
12,171
281
16,093
62
-3,093
-317
-3,213
17
-2,515
Fnreinn accotc in the United Qtatoc net fincrease/canital inflow (±\\
61
-5,906
-2,591
-2,236
48
Other foreign assets in the United States, net
Direct investment
U S Treasury securities
U S securities other than U S Treasury securities
*
U.S. liabilities to unaffiliated foreigners reported by U.S.
nonbanking concerns
U.S. liabilities reported by U.S. banks, not included elsewhere
-5,265
-5,235
U.S. claims reported by U.S. banks, not included elsewhere
56
57
58
59
60
-16,914
-1,420
-9,726
-5,768
-17,036
-1,945
-9,392
-5,698
47
Foreign official assets in the United States, net
U S Government securities
U S Treasury securities9
Other10
Other US Government liabilities11
U.S. liabilities reported by U.S. banks, not included elsewhere
Other foreign official assets12
-17,028
-1,952
-9,308
-5,768
-16,897
-1,896
-9,263
-5,738
2,595
284
49
50
51
52
53
54
55
-431
-10,962
-7,499
-7,177
-322
-343
-3,007
-113
8,502
8,886
8,750
136
560
-358
-414
-120
-824
56
320
2,927
-171
-383
-149
307
845
366
-177
-644
-276
423
-1,131
359
1,081
1,472
1,153
3,043
-531
-302
407
-205
722
3,225
-92
-2,118
1,867
159
289
-2,067
2,360
-4
929
-1,343
2,388
11,534
-6,107
-1,749
-28,478
-6,926
-23,797
-7,222
-1,159
-31,816
-6,927
-2,056
-847
20,237
1,608
-22,873
1,444
-16,860
-22,623
63,364
38,157
52,402
78,203
61,210
1,229
4,298
4,415
10,445
11,340
11,084
256
-1,228
615
764
1,555
841
714
19,980
19,776
19,120
656
148
-2,197
14,199
12,t31
12,193
-62
-1,115
3,543
-410
-360
-283
-625
41,958
9,029
-2,431
15,960
77,439
20,894
-2,835
12,676
41,231
15,500
449
-4,888
-117
-462
-121
-978
1,010
-153
-287
-131
-35
-116
-210
-205
261
32,580
4,993
7,736
11;669
56,484
5,414
4,919
22,484
35,734
3,420
5,820
18,730
34,690
5,923
3,820
22,752
54,984
8,929
-1,754
17,107
62,135
17,351
-4,077
12,380
23,957
12,796
-2,826
18,372
-1,778
650
870
7,312
2,690
20,977
-1,933
9,697
-1,131
3,326
1,122
29,580
-699
37,180
2,153
-6,538
1,045
18,355
109
46,595
30,614
7,939
6,650
4,246
5,991
4,391
7,331
-1,592
5,278
-16,657
13,995
-9,525
8,090
-23,241
2,025
5,931
-30,032
-1,276
6,012
-33,033
1,635
4,336
-35,867
1,053
6,957
-33,077
2,579
5,522
-34,657
644
3,641
-38,794
110
3,172
-38,553
3,016
3,042
-35,941
3,832
2,463
-39,565
960
2,641
-42,786
1,230
1,878
-41,265
2,169
3,962
-15,285
-5,235
-20,520
-25,296
-5,265
-30,561
-30,332
-5,906
-36,238
-27,857
-6,544
-34,401
-24,976
-5,203
-30,179
-30,372
-6,118
-36,490
-35,512
-6,351
-41,863
-32,495
-6,504
-38,998
-29,645
-5,224
-34,869
-35,964
-5,283
-41,247
-39,677
-5,525
-45,203
-35,135
-7,020
-42,155
27,056
4,893
2,590
9,615
15,964
4,710
5,188
7,194
-2,148
12,106
v
-444
June 1992
SURVEY OF CURRENT BUSINESS
Transactions—Continued
of dollars]
Not seasonally adjusted
1988
I
1989
III
II
IV
I
II
II
III
I
IV
II
Line
1992
1991
1990
I
IV
III
IV
III
\P
131,493
137,116
136,895
144,818
152,116
160,498
155,386
161,468
165,463
169,471
166,663
179,293
174,434
176,942
173,604
179,935
180,578
1
77,006
81,222
77,852
84,150
88,468
93,988
86,919
92,322
96,197
99,447
92,758
100,303
101,589
106,310
100,141
107,922
108,732
2
25,748
2,448
27,009
2,536
30,236
2,534
27,644
1,771
29,556
2,166
30,314
2,028
34,634
2,427
32,576
1,906
34,164
2,174
35,418
2,313
40,016
2,791
39,040
2,555
37,085
2,569
39,430
2,517
44,640
2,556
42,482
3,049
42,980
3,127
3
4
5,969
1,813
4,733
7,163
2,220
4,917
9,275
2,914
4,945
7,259
1,978
4,861
7,630
2,243
5,158
8,720
2,456
5,336
11,110
3,350
5,236
9,111
2,476
5,365
9,362
3,161
5,554
10,644
3,630
5,563
12,576
4,484
5,932
10,837
3,866
5,893
9,608
3,064
5,618
12,121
3,778
5,812
14,841
4,917
6,114
12,188
3,868
6,082
12,050
3,817
5,864
5
6
7
2,608
8,053
124
2,815
7,179
179
2,804
7,576
189
3,575
8,027
173
3,011
9,194
155
3,123
8,504
146
3,103
9,266
143
3,827
9,748
144
3,533
10,236
145
3,909
9,160
200
4,091
9,973
170
4,938
10,797
153
4,094
11,932
200
4,262
10,796
145
4,288
11,713
212
5,155
12,003
137
4,346
13,640
137
8
9
10
28,739
11,894
14,120
2,725
28,886
13,178
14,500
1,207
28,808
11,325
16,159
1,323
33,024
14,038
17,539
1,447
34,093
13,317
19,626
1,150
36,196
14,302
20,906
988
33,833
12,163
19,809
1,860
36,571
14,708
20,226
1,637
35,102
13,768
19,255
2,079
34,606
13,757
19,013
1,835
33,890
12,434
19,420
2,035
39,951
15,468
19,924
4,558
35,760
14,367
18,613
2,780
31,202
12,232
17,259
1,712
28,822
10,458
16,339
2,026
29,530
12,164
15,779
1,587
28,866
13,149
14,140
1,577
11
12
13
14
-153,983
-162,458
-165,344
-170,325
-167,147
-179,870
-179,172
-178,815
-175,600
-182,213
-188,769
-191,820
-170,584
-177,292
-184,249
-184,500
-173,896
15
-107,442
-111,540
-110,605
-117,602
-113,925
-120,776
-119,217
-123,447
-119,793
-121,224
-124,969
-131,572
-115,920
-119,427
-124,329
-129,722
-122,757
16
-22,232
-3,834
-25,005
-3,877
-27,134
-3,858
-23,559
-4,074
-22,723
-3,966
-25,726
-3,914
-28,190
-3,727
-24,675
-3,756
-25,585
-4,046
-29,249
-3,940
-32,621
-4,483
-29,127
-5,182
-26,624
-5,133
-30,210
-3,944
-32,798
-3,550
-28,709
-3,588
-27,471
-3,355
17
18
-6,293
-1,658
-4,847
-8,498
-2,015
^,996
-10,388
-2,337
-4,898
-6,935
-1,758.
-4,793
-6,438
-1,747
-4,911
-8,827
-2,166
-5,128
-10,749
-2,557
-5,323
-7,404
-1,788
-5,301
-7,267
-2,186
-5,552
-10,288
-2,793
-5,613
-11,935
-3,251
-6,033
-7,859
-2,378
-6,203
-6,189
-2,044
-5,603
-10,150
-2825
-5,763
-12,190
-3,278
-6,082
-8,429
-2,489
-5,848
-6,374
-2,445
-5,605
19
20
21
-999
22
23
24
-600
-€37
-660
-689
-624
-658
-593
-727
-714
-705
-800
-915
-941
-975
-4,532
-4,524
-4,464
-4,594
-5,358
-5,416
-5,609
-6,065
-1,012
-6,056
-1,056
-6,791
-6,218
-431
-439
-515
-463
-494
-510
-6,139
M51
-6,242
-530
-4,754
^86
-5,184
-459
-4,846
^63
-4,605
-468
-472
-489
-629
-507
-475
-24,308
-2,754
-14,636
-6,918
-25,913
-3,293
-15,251
-7,369
-27,605
-2,958
-16,827
-7,821
-29,164
-2,688
-18,420
-8,056
-30,499
-1,878
-19,914
-8,707
-33,368
-2,881
-21,565
-8,922
-31,766
-2,001
-20,657
-9,108
-30,693
117
-21,691
-9,119
-30,222
-31,740
-1,077
-21,303
-9,360
-31,178
-20,693
-9,204
-21,148
-9,530
-31,121
820
-22,164
-9,776
-28,040
1,667
-19,840
-9,867
-27,655
750
-18,690
-9,715
-27,122
254
-17,532
-9,843
-26,069
1,005
-17,513
-9,561
-23,668
969
-15,083
-9,554
25
26
27
28
-5,979
-5,352
-5,656
-7,882
-5,957
-5,343
-6,222
-8,083
-6,650
-7,068
-$,985
-12,213
14,044
4,546
-5,869
-4,693
-6,682
29
-2,300
-1,974
-2,383
-3,849
-2,366
-1,959
-2,672
-3,777
-2,813
-3,578
-3,106
18,181
8,214
-1,986
-2,490
-698
-600
-687
-3,439
-3,069
-3,196
78
-1,478
-3,292
30
31
32
-6,628
-11,690
-40,544
-314
33
1,014
3,877
1,225
-1,057
6
-23
17
1,232
-172
3,986
34
35
36
37
38
3,204
-8,382
12,055
-447
-1,051
877
-182
-952
-325
-500
-501
-592
-536
-871
-597
-485
-582
-853
-658
-583
-658
-3,178
-2,786
-2,737
-3,161
-2,995
-2,899
-2,969
-3,453
-3,179
-2,907
-3,220
-8,100
-1,046
-3,067
5,404
-21,816
-45,936
-30,360
-37,884
-394
-43,272
-33,394
41,178
-32,571
-32,221
-32,707
-1,358
1,503
39
-7,380
1,925
-4,000
-5,996
-3,202
-3,177
371
1,739
-1,091
-353
180
69
-35
202
-7,547
-173
-188
307
1,791
316
-4,128
363
8
1,368
-93
-4
-341
-12,004
-995
155
446
901
-210
-12,095
68
-159
-211
-204
-247
337
-6,122
-23
-2,975
234
-3,164
-216
493
94
31
-43
-190
72
1,132
-114
-1,675
-2,814
1,031
108
1,988
-1,458
3,386
60
3,474
-1,388
4,776
86
896
-1,007
1,896
6
52
-1,264
1,223
93
-835
-332
-1,174
834
56
607
-2,136
2,772
-29
-703
-2,021
1,177
23
-1,869
1,240
-74
-2,016
1,169
13
-1,348
1,044
-28
4,174
-3,183
7,400
-43
1,143
-1,635
2,836
-58
-1,056
754
5,576
-5,438
-4,539
-21,034
-3,268
1,333
-40,545
-6,843
-1,592
-35,759
101
-3,047
-34,779
-8,710
-2,225
11,984
-8,902
-6,192
-37,883
-7,497
-9,149
-30,245
-3,887
-4,504
45,058
-11,000
-8,580
-32,107
-4,094
-11,037
-33,628
-18,039
-1,037
-35,790
439
-8,111
-2,148
-12,782
-9,526
-9,138
2,188
-11,783
-18,771
-8,473
-12,403
469
15,085
-6,643
-12,456
-3,680
-28,430
-2,292
-30,521
2,452
-26,296
3,261
23,817
3,627
-24,864
2,058
-23,912
7,451
57,187
-6
-16,970
-4,780
-9,772
-5,142
-22,976
2,251
17,909
2,304
-1,846
24,569
65,440
51,904
77,576
67,497
1,613
74,350
70,233
-31,111
31,745
52,150
46,595
-«,188
24,925
27,568
27,730
6,006
6,055
5,853
202
-1,974
-3,197
-3,769
572
7,684
5,355
4,634
721
-5,016
-9,823
-9,726
-97
412
3,823
572
13,037
12,966
12,776
190
-7,216
-6,966
-7,535
569
418
-6,450
-6,698
-6,177
6,134
4,081
3,735
346
1,087
1,240
14,097
12,469
12,335
134
20,127
20,391
19,683
708
1,251
1,886
10,801
12,624
11,927
697
178
-1,264
643
165
-274
-265
-594
-921
5,650
1,096
1,125
-29
868
2,920
766
-162
-820
-283
-521
-224
-504
-203
-468
-273
-644
-3,548
111
-996
942
-172
39
40
41
42
43
44
45
-41,322
-6,067
-11,305
925
-12,104
-8,679
2,403
1,269
-23,219
21,708
3,656
23,545
47,967
20,007
48
-4,178
-3,772
-3,553
12,819
13,694
12,619
1,075
115
4,115
6,098
5,624
474
654
-2,732
95
20,747
15,171
14,631
540
-32
5,495
113
49
50
51
52
53
54
55
-741
56
57
58
59
-219
421
-298
n.a.
46
47
-48
-1,751
-442
-844
-417
-508
-737
2,197
455
-356
8,021
5,911
2,423
59,435
14,020
5,473
9,702
53,878
13,962
3,443
7,464
66,775
21,276
5,412
6,764
59,813
18,186
9,561
8,544
6,629
15,661
2,489
9,365
61,313
11,710
12,544
10,270
77,450
22,316
5,024
10,588
-24,661
13,962
-1,891
1,311
25,611
11,360
1,857
2,114
38,053
8,235
544
-2,874
26,468
11,580
-3,044
1,041
-13,838
-1,880
2,850
4,862
7,834
8,019
13,289
15,212
19,430
641
-1,306
10,012
35,148
4,718
1,408
4,832
4,459
1,535
-18,246
139
30,101
2,822
26,187
1,130
32,193
5,531
17,991
-189
-20,697
-1,934
28,723
2,157
37,365
1,026
-39,069
813
9,467
4,728
27,420
-1,661
18,552
-1,430
-18,240
-1,275
-27,411
1,575
8,508
725
23,465
-4,778
-1,505
-12,931
28,138
-13,828
-8,626
23,498
-1,069
-11,409
6,720
20,636
9,161
10,852
-8,349
777
4,659
1,835
-19,693
63
-30,436
3,516
4,431
-30,318
2,004
2,973
-32,753
3,102
1,203
-33,452
4,086
3,860
-25,457
6,833
3,594
-26,788
4,588
2,828
-32,298
6,445
2,067
-31,125
7,901
5,877
-23,596
8,579
4,880
-21,777
6,170
2,865
-32,211
7,395
2,711
-31,269
9,912
8,830
-14,331
10,461
7,720
-13,117
9,219
3,547
-24,188
11,842
1,701
-21,800
13,774
3,461
-14,025
15,509
5,198
64
65
66
-22,490
-5,979
-28,468
-25,342
-5,352
-30,694
-28,449
-5,656
-34,105
-25,507
-7,882
-33,388
-15,031
-5,957
-20,988
-19,373
-5,343
-24,716
-23,786
-6,222
-30,009
-17,347
-8,083
-25,430
-10,137
-6,650
-16,787
-12,742
-7,068
-19,811
-22,105
-6,985
-29,090
-12,527
-12,213
-24,740
3,850
14,044
17,894
4,546
4,195
-10.645
-5,869
-16,514
-4,565
-4,693
-9,258
6,681
-6,682
67
68
69
810
-155
-323
-361
-211
-833
598
-126
-248
2,141
-942
-344
-914
383
227
-649
n.a.
60
61
62
-350
n
SURVEY OF CURRENT BUSINESS
84 • June 1992
Table 1.-U.S. International
[Millions
Seasonally adjusted
(Credits +; debits-)1
Line
1978
I
1
Exports of goods, services, and income
I
II
III
IV
61,399
64,530
68,445
74,411
80,577
85,274
83,441
86,148
89,578
39,408
41,475
43,885
47,104
51,975
54,237
55,967
55,830
58,216
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
10,997
1,845
11,491
2,074
12,543
2,696
12,554
2,415
Travel .
Passenger fares
Other transportation
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
2,547
612
2,771
2,534
642
2,843
2,737
682
2,935
2,770
655
3,069
Royalties and license fees 5
Other private services 5
U S Government miscellaneous services
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
1,678
1,450
94
1,784
1,537
77
1,783
1,608
102
1,839
1,681
125
9,673
5,917
3,311
445
9,767
5,841
3,438
488
10,332
6,231
3,664
437
12,318
7,469
4,376
473
13,391
7,742
5,097
552
14,847
9,063
5,256
528
17,371
10,882
5,889
600
18,224
10,496
7,113
615
20,040
11,348
8,102
590
15,983
7,253
8,139
591
17,775
9,849
7,245
681
18,808
8,696
9,412
700
-54,471
-56,513
-58,300
-60,587
-63,492
-67,584
-71,856
-78,726
-86,559
-82,734
-79,906
-84,577
-42,487
-43,419
-44,422
-45,674
-47,582
-50,778
-54,002
-59,645
-65,815
-62,274
-59,010
-62,651
-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
-10,335
-2,635
-10,106
-2,569
-10,292
-2,695
-10,760
-2,952
-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
-2,603
-840
-3,055
-2,481
-891
-2,998
-2,611
-951
-2,813
-2,702
-925
-2,924
-169
-612
-267
-160
-631
-271
-167
-655
-270
-175
-676
-290
-200
-687
-301
-203
-698
-322
-197
-703
-331
-231
-734
-285
-185
-725
-292
-140
-742
-285
-126
-747
-349
-273
-695
-289
^,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
-7,261
-1,424
-3,067
-2,770
-7,846
-1,624
-3,464
-2,758
-8,525
-1,769
-3,991
-2,765
-9,330
-1,542
-4,959
-2,829
-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
-1,396
-1,477
-1,425
-1,491
-1,462
-1,552
-1,632
-1,949
-2,174
-1,648
-1,909
-2,618
-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
-1,485
-440
-249
-961
-443
-244
-1,178
-467
-264
-1,863
-468
-287
-15,219
-5,606
-9,703
-30,601
-8,980
-15,565
-27,156
-14,353
-13,814
-24,724
-19,666
-28,761
187
248
115
-3,585
322
2,779
-649
-65
-3,268
502
-1,109
-4,279
-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
-1,152
-34
-2,082
112
-99
489
-261
-294
-554
1,285
-1,240
-4,324
-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
-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
Income receipts on U.S. assets abroad
Direct investment receipts
Other private receipts . . .
U.S. Government receipts
Imports of goods, services, and income
17
18
Services3
Direct defense expenditures
19
20
21
Travel .
Passenger fares
Other transportation
22
23
24
Royalties and license fees5
Other private services 5
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
33
IV
56,058
Merchandise, adjusted, excluding military2
30
31
32
1980
III
36,523
16
25
26
27
28
II
35,674
Services3
Transfers under U.S. military agency sales contracts4
15
I
54,213
3
4
11
12
13
14
IV
30,470
Merchandise, adjusted, excluding military2
8
9
10
1979
III
48,847
2
5
6
7
ii
4
US Government grants
U.S. Government pensions and other transfers
Private remittances and other transfers6
U.S. assets abroad, net (increase/capital outflow (-))
;
34
35
36
37
38
U.S. official reserve assets, net7
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 assets8
U.S. foreign currency holdings and U.S. short-term assets, net
43
44
45
46
-14,397
-4,771
-1,115
-4,597
-3,720
-1,094
-8,424
-2,753
-510
-29,784
-4,812
-907
-4,301
-5,465
-908
-14,917
-7,220
-492
-29,156
-7,166
-2,331
-12,800
-5,370
-995
-9,105
-5,188
-787
-24,067
-2,659
-1,387
-17,175
-4,156
-944
-23,304
-7,219
-450
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
-2,241
-6,270
315
-98
-29
-5,132
-1,898
-22,167
-3,854
5,926
716
-7,921
-1,826
-17,833
-50
-6,385
-1,927
-1,203
144
-20,165
365
-12,440
-2,605
-13,030
48
Foreign assets in the United States, net (increase/capital inflow (+))
18,184
851
16,882
28,120
2,307
6,863
24,449
5,134
8,582
9,873
14,430
25,226
49
50
51
52
53
54
55
Foreign official assets in the United States, net
U.S Government securities 9
US Treasury
securities
Other10
. . .
Other U.S. Government liabilities11
U.S. liabilities reported by U.S.
banks,
not
included
elsewhere
Other foreign official assets 12
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
-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
56
57
58
59
80
Other foreign assets in the United States net
Direct investment
U S Treasury securities
U.S. securities other than U.S. Treasury securities
U.S. liabilities to unaffiliated foreigners reported by U.S.
nonbanking concerns
U.S. liabilities reported by U.S. banks, not included elsewhere
2,736
1,356
881
396
5,964
2,313
793
1,082
11,979
2,620
-1,068
296
11,004
1,554
2,564
409
16,638
3,354
-57
524
18,413
3,382
1,502
166
15,995
3,321
3,300
2,435
2,143
5,756
-1,271
496
6,866
4,713
-278
263
17,612
3,128
894
2,263
507
-404
304
1,472
912
9,219
166
5,854
-296
6,773
799
12,018
210
13,153
908
663
340
6,599
1,671
-4,509
1,252
916
3,590
7,737
4,055
960
8,532
218
-3,512
-2,659
3,160
1,480
5,958
1,232
9,393
585
1,784
-3,380
9,317
1,566
7,539
1,099
15,792
640
903
-3,515
1,152
1,776
-7,745
1,004
4,441
-7,899
955
4,702
-6,266
1,112
5,966
-6,107
1,015
6,130
-6,893
753
7,001
-6,898
607
8,846
-7,670
627
8,894
-11,578
662
9,631
-6,307
1,385
5,629
-3,180
2,251
7,171
-4,435
1,794
7,642
-2,300
-1,477
-3,777
-2,242
-1,425
-3,667
812
-1,491
-679
1,038
-1,462
-424
861
-1,552
-691
2,555
-1,632
923
1,851
-1,949
-98
-1,285
-2,174
-3,459
707
-1,648
-941
6,242
-1,909
4,333
5,001
-2,618
2,383
61
62
63
63a
64
65
66
67
68
69
16
9,680
1,608
1,572
480
Allocations of special drawing rights
Statistical discrepancy (sum of above items with sign reversed)
Of which seasonal adjustment discrepancy
6,362
3,588
951
252
16
1,139
Memoranda:
-12,017
Balance on merchandise trade (lines 2 and 16)
Balance on services (lines 3 and 17)
1,092
Balance on investment income (lines 11 and 25)
5,301
Balance on goods,
services, and income (lines 1 and 15 or lines 64, 65,
13
a n d 66)
.
.
. -5,624
Unilateral transfers, net (line 29)
-1,396
Balance on current account (lines 1,15, and 29 or lines 67 and 68) 13 ..
-7,020
See footnotes on page 99.
16
16
1152
SURVEY OF CURRENT BUSINESS
June 1992 •
85
Transactions—Continued
of dollars]
Seasonal!/ adjusted
1981
1982
II
III
IV
I
II
III
IV
94,665
96,294
95,013
94,958
92,646
94,629
89,512
60,317
60,141
58,031
58,555
55,163
55,344
52,089
13,684
2,267
14,392
2,862
14,835
3,173
14,446
2,419
16,032
3,025
16,187
3,279
3,108
734
3,180
3,102
804
3,108
3,228
804
3,137
3,475
769
3,135
3,280
805
3,129
1,819
2,474
102
1,817
2,562
137
1,826
2,535
132
1,822
2,679
147
20,664
8,427
11,337
900
21,761
8,415
12,468
878
22,147
7,554
13,605
988
21,957
8,153
12,890
914
-91,024
-92,303
-S9.787
-67,004
-67,181
-64,407
-11,360
-2,778
-11,447
-3,097
-2,913
-1,127
-3,119
-225
-884
-314
17
17
II
III
IV
I
II
84,650
84,759
86,011
88,849
91,999
93,616
97,636
100,389
99,799
1
48,561
49,198
49,340
50,324
52,937
52,991
54,626
55,893
56,416
2
16,003
3,094
15,857
3,174
16,217
3,703
16,068
3,162
16,2713,110
15,646
2,549
17,331
2,664
18,030
2,495
17,913
2,566
17,826
2,246
3
4
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
3,881
990
3,332
4,586
1,060
3,436
4,364
996
3,500
4,488
1,014
3,541
5
6
7
1,478
4,176
139
1,427
4,274
120
1,461
4,385
192
1,236
4,610
125
1,415
4,372
147
1,462
4,530
241
1,440
4,524
132
1,430
4,691
147
1,483
4,832
149
1,510
4,742
201
1,521
4,802
164
1,584
4,756
197
8
9
10
21,451
6,420
13,973
1,058
23,098
6,137
15,961
1,000
21,420
5,336
15,110
974
20,232
6,030
13,116
1,086
19,344
5,670
12,463
1,211
20,603
6,101
13,331
1,171
22,254
7,019
14,003
1,232
23,416
7,740
14,458
1,218
23,294
7,356
14,728
1,210
24,980
7,669
15,874
1,437
26,583
7,703
17,625
1,255
25,557
7,852
16,380
1,325
11
12
13
14
-91,082
-90,276
-88,258
-90,886
-86,380
-85,062
-91,087
-98,484
-102,867
-111,681
-118,268
-119,389
-120,307
15
-66,475
-63,502
-60,580
-63,696
-59,864
-59,757
-64,783
-70,370
-73,991
-79,740
-83,798
-63,918
-84,962
16
-11,236
-2,709
-11,460
-2,980
-12,749
-2,954
-13,096
-3,168
-12,794
-3,144
-13,109
-3,193
-12,935
-3,227
-13,535
-3,249
-14,109
-3,291
-14,319
-3,320
-16,115
-3,053
-16,859
-3,215
-17,141
-3,014
-17,541
-3,233
17
18
-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
-5,704
-1,490
-3,663
-5,992
-1,428
-3,782
-5,750
-1,492
-3,848
19
20
21
-101
-870
-329
-177
-882
-330
-147
-926
-314
-190
-198
-197
-210
-205
-227
-1,959
-2,039
-2,070
-2,091
-1,916
-1,980
-323
-361
-416
-359
-405
-438
22
23
24
-13,675
-1,948
-7,365
-4,362
-14,144
-1,826
-7,886
-4,432
-2,678
-2,763
-3,145
-1,143
-1,192
-1,462
-480
-13,147
-1,407
-7,269
-4,471
-14,582
-3,117
-4,091
-1,349
-1,582
-478
-542
-542
-1,093
-1,141
-1,226
-23,015
-24,158
-17,945
-4
^-1,441
-707
-2,381
-905
-23
-780
-102
-225
-647
17
-5,467
-1,313
-3,550
17
-270
-274
-269
-305
-318
-2,020
-2,094
-2,137
-2,230
-2,501
-356
-364
-381
-390
-399
-14,005
-1,460
-7,799
-4,746
-14,557
-1,390
-8,307
-4,860
-15,826
-2,140
-8,740
-4,946
-17,611
-2,347
-10,187
-5,077
-18,330
-1,982
-10,943
-5,405
-17,804
-2,253
-9,824
-5,727
25
26
27
28
-4,071
-4,453
-5,546
-4,431
^1,550
-5,220
-6,412
29
-1,271
-1,595
-2,557
-1,498
-1,557
-2,274
-3,368
30
31
32
-12,769
-335
-408
-414
-562
-795
-9,669
-4,578
-9,010
-4,978
-7,970
-5,023
-7,089
-4,719
-7,306
-4,668
-4,080
-4,160
-4,744
-3,672
-1,231
-1,350
-1,923
-1,045
-577
-574
-591
-542
-559
-550
-557
-536
-555
-524
-544
-2,236
-2,230
-2,085
-2,241
-2,308
-2,432
-2,397
-2,438
-2,422
-2,500
-49,028
-34,975
-41,323
-22,133
-23,903
-26,454
222
-10,982
-21,643
-956
-23,550
15,447
-20,162
33
262
-1,089
-1,132
-794
-1,950
-787
16
529
-953
-657
-566
-799
-1,110
-400
-547
-142
-241
-814
-434
-459
-98
-2,139
1,450
531
-88
826
545
-1,996
498
-226
-200
-231
-288
-321
99
-297
-732
-920
-303
-212
-77
-271
-331
-197
-194
-143
-772
34
35
36
37
38
-1,727
-2,524
1,022
-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
-2,033
-2,792
1,011
-1,392
-2,190
928
-252
-1,342
-2,695
1,350
3
-18,815
2,317
-3,397
-20,874
-2,495
-3,488
-24,531
1,425
-1,549 ,
1,469
186
-2,813
-10,340
-3,144
-1,308
-19,254
-3,357
-1,093
1,734
-21,643
-134
-358
754
-1,268
-2,420
1,121
31
-976
-800
-2,295
1,176
143
-1,849
1,112
-63
-48,314
-33,086
17
-1,335
-17,125
-2,044
-21,762
-5,709
-1,564
-16,673
-1,124
513
-15,002
458
-15,310
-2,404
-42,199
-2,944
-11,664
-12,370
-369
17
-2,272
17
868
-697
-13,407
-239
-2,010 \
17
-509
-1,491
-2,365
1,051
-473
-14,396
17
17
IV
III
-2,000
-1,361
-2,594
1,065
168
-177
17
-14,025
17
-785
-8,537
-4,703
-1,055
-4,529
Line
1
-12,660
-1,717
-6,895
-4,048
17
1984
19 83
1
-745
-2,966
-628
-225
-38,464
2,505
-471
-209
-389
758
44
-613
-764
-1,922
1,201
1
39
40
41
42
17,638
-1,933
-1,106
-18,333
-8,012
-3,644
43
44
45
46
47
-130
-720
2,220
-33,343
-1,095
-39,403
3,670
-21,405
2,028
-16,919
-4,104
-20,303
578
3,518
-2,272
-3,616
-5,277
-9,527
2,922
-1,557
-20,146
2,860
17,817
564
-7,241
41,552
2,115
36,477
48
-156
-125
-271
-884
-487
-571
7,136
5,586
5,806
8,719
14,464
17,331
42,519
27,184
33,100
17,921
14,212
15,449
14,839
19,158
33,934
21,865
5,502
7,696
7,242
454
87
-3,109
828
-3,159
-1,542
-2,078
536
-5,992
-4,071
-4,615
544
8,609
4,239
4,470
-3,265
-1,629
-1,327
2,694
4,662
4,854
2,629
3,887
4,346
-38
2,641
3,012
1,612
1,825
1,995
-2,689
-192
-459
-516
-2,048
649
-2,380
975
309
3,867
194
-11
-1,870
-87
-371
-404
-170
-218
-302
-133
-990
-454
6,960
3,003
2,576
427
523
3,560
-2,956
-231
1,534
-1,835
-2,094
259
562
2,797
10
30,449
2,098
1,297
1,263
31,566
2885
16
2^093
2,486
15,227
2,807
i6
1,391
555
-1,684
181
186
11,583
4,673
16
2,246
1,781
-1,893
-382
15,487
1,237
16
2,913 •'
2,873
382
231
-826
13,227
3,301
16
3,116
2,470
-120
-126
-593
-970
-724
-570
49
50
51
52
53
54
55
21,847
4,097
16
1,008
1,777
26,974
1,823
1,652
1,044
24,821
4,947
1,950
1,333
41,708
8,706
6,336
362
2,999
4,497
5,303
1,447
29,341
6,597
9,412
9,426
56
57
58
59
60
61
-973
-611
-362
101
-1,353
-464
-271
-274
3
150
-2,242
146
576
363
84
-73
400
-220
86
2,034
3,217
3,146
1,386
2,357
17,623
5,294
741
3,512
23,323
5,505
16^48
704
33,910
11,251
16
1,248
332
121
-3,793
13
8,063
1,084
16,478
21,380
-65
25,856
-2,023
26,125
10,756
-13
2,896
-2,763
11,227
-64
4,404
1,311
13,654
1,398
21,057
5,066
11,525
4,714
21,590
-3,056
-5,192
-2,020
5,926
12,240
1,405
8,466
343
-1,467
-3,169
5,750
1,418
9,512
697
5,932
-1,374
9,746
-3,419
16,165
4,091
14,980
1,434
-5,914
-1,010
5,912
-3,715
4,123
3,294
1,587
2,733
7,180
-1,675
6,658
-4,318
10,605
3,252
63
63a
-6,687
2,324
8,004
-7,040
2,945
8,086
-6,376
3,599
8,003
-7,920
2,986
8,810
-8,339
3,283
7,426
-5,236
3,091
8,516
-11,607
3,209
7,024
-11,303
2,748
6,825
-10,559
3,282
6,974
-15,443
2,533
7,834
-20,046
2,162
8,249
-21,054
1,327
8,859
-26,749
1,216
7,468
-29,172
1,171
7,369
-28,025
772
8,253
-28,546
285
7,753
64
65
66
3,641
-2,678
963
3,991
-2,763
1,228
5,226
-3,145
2,081
3,876
-3,117
759
2,370
-4,091
-1,721
6,371
-4,080
2,291
-1,374
-4,160
-5,534
-1,730
-4,744
-6,474
-3,672
-3,975
-5,076
-4,071
-9,147
-9,635
-4,453
-14,088
-10,868
-5,546
-16,414
-18,065
-4,431
-22,496
-20,632
-4,550
-25,182
-19,000
-5,220
-24,220
-20,508
-6,412
-26,920
67
68
69
-301
17
-282
62
1,093
-303
SURVEY OF CURRENT BUSINESS
86 • June 1992
Table 1.-U.S. International
[Millions
Seasonally adjusted
(Credits +; debits-)1
Line
1985
I
1 Exports of goods, services, and income
II
1986
I
IV
III
1987
III
II
I
IV
II
IV
III
95,819
95,588
92,745
95,898
97,927
100,304
99,215
101,138
102,239
108,780
113,732
2
Merchandise, adjusted, excluding military2
54,866
54,154
52,836
54,059
53,536
56,828
55,645
57,335
56,696
60,202
64,217
69,093
3
4
Services3
. .
Transfers under U.S. military agency sales contracts4
18,197
2,609
18,189
2,268
17,913
1,954
18,727
1,886
20,900
1,908
20,791
1,955
21,861
2,120
22,691
2,566
23,531
3,113
24,689
3,235
24,929
2,584
25,284
2,174
Travel
Passenger fares
Other transportation
4,394
991
3,595
4,645
1,062
3,572
4,440
1,114
3,642
4,444
1,216
3,865
5,033
1,336
3,882
4,849
1,211
3,890
5,295
1,504
3,994
5,353
1,495
4,016
5,365
1,532
4,066
5,811
1,739
4,232
6,148
1,795
4,443
6,395
1,899
4,594
Royalties and license fees5
Other private services5
U.S. Government miscellaneous services
1,516
4,862
230
1,559
4,850
233
1,551
4,968
244
1,921
5,224
171
1,820
6,732
189
1,962
6,791
133
2,013
6,808
127
2,132
6,982
147
2,325
7,021
109
2,379
7,161
132
2,564
7,250
145
2,645
7,436
141
22,756
7,076
14,415
1,265
23,245
7,747
14,212
1,286
21,996
6,904
13,542
1,550
23,112
7,902
13,813
1,397
23,491
8,324
13,589
1,578
22,685
7,973
13,265
1,447
21,709
7,349
12,384
1,976
21,112
7,203
12,498
1,411
22,012
8,310
12,353
1,349
23,889
9,583
12,904
1,402
24,586
10,034
13,201
1,351
26,088
10,153
14,726
1,209
5
6
7
8
9
10
11
12
13
14
15
Income receipts on U.S. assets abroad
Direct investment receipts
Other private receipts
U.S. Government receipts
Imports of goods, services, and income
17
120,465
-114,991
-119,637
-119,052
-125,146
-127,170
-129,489
-130,966
-134,315
-136,977
-144,026
-148,782
-155,854
16
Merchandise adjusted excluding military2
-80,319
-84,565
-83,909
-69,295
-89,220
-91,743
-92,801
-94,661
-96,023
-100,648
-104,412
-108,682
17
18
Services3
Direct defense expenditures
-17,698
-3,246
-18,278
-3,170
-18,148
-3,053
-18,738
-3,640
-19,808
-3,434
-19,025
-3,510
-20,369
-3,320
-20,692
-3,467
-21,166
-3,613
-22,438
-3,608
-22,658
-3,788
-23,982
-3,910
-6,105
-1,488
-3,750
-6,374
-1,758
-3,883
-6,273
-1,670
-3,826
-5,807
-1,569
-4,184
-6,566
-1,658
-4,131
-5,730
-1,548
-4,009
-6,732
-1,659
-4,313
-6,884
-1,689
-4,262
-7,094
-1,752
-3,920
-7,360
-1,828
-4,408
-7,187
-1,829
-4,524
-7,668
-1.-910
-4,937
19
20
21
Travel
Passenger fares
Other transportation
22
23
24
Royalties and license fees5
Other private services 5
U.S. Government miscellaneous services
25
26
27
28
29
30
31
32
33
^
:..'
Income payments on foreign assets in the United States
Direct investment payments
Other private payments
U S Government payments
Unilateral transfers net
U.S. Government grants4
U S Government pensions and other transfers
Private remittances and other transfers6
1
U.S. assets abroad, net (increase/capital outflow (-))
34
35
36
37
38
U.S official reserve assets net7
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 assets8
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 (+))
-281
-279
-312
-293
-2,378
-2,382
-2,578
-2,828
-436
-417
-450
-432
17
-325
-362
-361
-346
-390
-470
-461
-522
-3,231
-3,470
-3,540
-3,661
-4,012
-4,311
-4,361
-4,488
-463
-396
-383
-385
-453
-508
-547
-444
-16,794
-1,704
-9,392
-5,698
-16,995
-1,919
-9,308
-5,768
-17,113
-1,619
-9,726
-5,768
-18,142
-1,605
-10,519
-6,018
-18,721
-2,387
-10,411
-5,923
-17,796
-1,387
-10,367
-6,042
-18,962
-1,680
-11,194
-6,088
-19,788
-2,217
-11,304
-6,267
-20,940
-1,708
-12,945
-6,287
-21,712
-2,249
-13,183
-6,280
-23,190
-1,251
-15,482
-6,457
-5,174
-5,489
-6,033
-6,255
-5,148
-6,278
-6,485
-6,267
-5,149
-5,526
-5,641
-6,736
-2,236
-2,591
-3,093
-3,347
-2,102
-3,274
-3,482
-3,010
-2,111
-2,275
-2,241
-3,660
-16,974
-1,973
-9,263
-5,738
-542
-522
-531
-544
-517
-521
-489
-670
-551
-547
-565
-558
-2,396
-2,376
-2,409
-2,364
-2,529
-2,483
-2,514
-2,587
-2,487
-2,704
-2,835
-2,518
220
-2,822
-28,924
-11,862
-20,015
-26,472
-32,720
13,900
-23,652
-22,908
-29,743
-233
-356
-121
-3,148
-115
16
280
132
1,956
3,419
32
3,742
-264
-180
-264
-189
-274
104
76
606
1,274
-210
-185
-31
283
120
-171
168
-3,126
163
508
335
3,255
-165
-2,543
281
72
388
-250
-248
-245
-760
-1,053
-2,553
1,234
266
-453
-555
-1,790
1,100
-70
-1,733
1,262
18
-1,581
1,124
-98
-1,550
-1,955
-2,474
1,629
-2,775
-2,219
-2,248
-3,287
-1,572
-25,222
-5,383
-1,217
2,595
284
3,298
3,325
-1,236
3,847
344
366
-246
-391
-266
-230
-1,826
1,538
22
-1,637
1,364
43
-1,554
-4,265
1,758
953
29
-1,356
1,429
-44
-11,481
-8,349
-5,930
-19,801
-5,595
-1,051
-25,198
-3,265
181
-32,881
118
2,529
11,949
-5,692
-1,749
-26,903
-5,351
-9,843
-8,779
-2,118
4,916
505
-13,660
-3,205
-18,909
-3,206
-32,322
-847
-5
407
-205
722
3,225
310
-2,067
2,381
-4
868
-1,343
2,327
-23,250
-6,675
-1,159
-34,353
-9,464
-2,056
20,237
1,608
-22,873
1,444
-16,860
-22,623
-978
1,126
-153
-168
-2,118
1,791
159
-287
-116
-210
16,137
24,168
35,008
55,655
38,525
50,292
70,649
63,726
38,267
51,911
77,968
61,826
49
50
51
52
53
54
55
Foreign official assets in the United States, net
U.S. Government securities 9
U S. Treasury
securities
Other10
Other U.S. Government liabilities "
U.S. liabilities reported by U.S. banks, not included elsewhere
Other foreign official assets12
.
-10,962
-7,499
-7,177
8,502
8,886
8,750
136
560
2,506
-1,165
-2,168
-1,997
2,712
3,061
3,238
15,918
13,896
14,540
15,789
11,895
12,171
1,229
4,298
4,415
19,980
19,776
19,120
656
148
-2,197
10,444
11,340
11,084
256
-1,228
615
764
1,555
841
714
-113
-120
-824
14,199
12,131
12,193
-62
-1,115
3,543
56
57
58
59
60
Other foreign assets in the United States, net
Direct investment
U.S. Treasury securities
U S. securities other than U.S Treasury securities
U.S. liabilities to unaffiliated foreigners reported by U.S.
nonbanking concerns
U.S. liabilities reported by U.S. banks, not included elsewhere
27,099
4,936
2,590
9,615
61
62
63
63a
64
65
66
67
68
69
-358
-414
56
320
2,927
-171
-383
15,666
4,412
5,188
7,194
-2,148
12,106
-322
-177
-644
-276
1,081
1,472
1,153
3,043
-149
423
-1,131
359
-531
-302
-410
-360
-283
-625
32,502
4,915
7,736
11,669
56,820
5,750
4,919
22,484
35,813
3,499
5,820
18,730
34,374
5,607
3,820
22,752
54,860
8,805
-1,754
17,107
62,497
17,713
-4,077
12,380
24,068
12,907
2,826
18,372
41,467
8,538
-2,431
15,960
77,204
20,659
-2,835
12,676
41,846
16,115
449
-4,888
-1,778
650
870
7,312
2,690
20,977
-1,933
9,697
-1,131
3,326
1,122
29,580
-699
37,180
2,153
-6,538
1,045
18,355
109
46,595
—444
30,614
10,752
2,813
5,150
-1,500
154
-4,092
8,772
2,781
7,728
3,337
5,186
-2,145
-5,941
-4,349
8,438
3,160
-12,280
4,377
12,513
-1,482
-14,369
-4,844
10,042
1,952
-25,453
499
5,782
-30,411
-89
6,451
-31,073
5,001
-35,236
-11
5,999
-35,684
1,092
5,349
-34,915
1,766
3,964
-37,156
1,492
3,913
-37,326
1,999
2,150
-39,327
2,365
2,224
-40,446
2,251
2,949
-40,195
2,271
2,874
-39,589
1,302
2,898
-19,172
-5,174
-24,346
-24,049
-5,489
-29,538
-26,307
-6,033
-32,340
-29,248
-£,255
-35,503
-29,243
-5,148
-34,391
-29,185
-6,278
-35,463
-31,751
-6,485
-38,236
-33,177
-6,267
-39,444
-34,738
-5,149
-39,887
-35,246
-5,526
-40,772
-35,050
-5,641
-40,691
-35,389
-6,736
-42,125
-343
-3,007
307
845
-117
-462
-131
-35
-205
261
Allocations of special drawing rights
Statistical discrepancy (sum of above items with sign reversed)
Of which seasonal adjustment discrepancy
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 on13goods, 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) 13 ..
See footnotes on page 99.
-235
SURVEY OF CURRENT BUSINESS
June 1992 •
87
Transactions—Continued
of dollars]
Seasonally adjusted
1988
I
1989
II
III
IV
I
II
1990
I
IV
III
II
I
IV
II
Line
1992
1991
III
IV
III
\P
130,840
135,776
139,343
144,361
151,773
158,821
157,497
161,375
165,130
167,407
169,194
179,160
174,262
174,910
175,832
179,911
181,217
1
75,655
79,542
80,941
84,092
87,228
91,831
90,143
92,495
94,981
96,654
96,544
100,526
100,636
103,324
104,151
107,851
107,825
2
26,498
2,449
27,458
2,536
28,329
2,534
28,349
1,771
30,431
2,166
30,953
2,028
32,328
2,427
33,366
1,906
35,145
2,173
36,167
2,313
37,513
2,791
39,813
2,555
38,128
2,569
40,371
2,517
41,777
2,556
43,362
3,049
44,501
3,127
3
4
6,729
2,103
4,765
7,147
2,210
4,911
7,766
2,347
4,866
8,023
2,264
4,914
8,553
2,553
5,185
8,726
2,473
5,342
9,323
2,685
5,154
9,967
2,814
5,414
10,423
3,471
5,585
10,620
3,674
5,589
10,612
3,718
5,842
11,763
4,278
5,926
10,758
3,379
5,651
12,150
3,878
5,858
12,608
4,063
6,017
13,244
4,308
6,099
13,612
4,216
5,954
5
6
7
2,771
7,532
149
2,895
7,587
172
2,940
7,704
172
3,193
8,013
171
3,199
8,609
166
3,204
9,031
149
3,247
9,374
118
3,415
9,696
154
3,761
9,587
145
4,020
9,751
200
4,296
10,084
170
4,394
10,744
153
4,365
11,206
200
4,370
11,453
145
4,484
11,838
212
4,578
11,948
137
4,619
12,836
137
8
9
10
28,687
11,861
14,120
2,706
28,776
12,967
14,500
1,309
30,073
12,709
16,159
1,205
31,920
12,899
17,539
1,482
34,114
13,377
19,626
1,111
36,037
14,093
20,906
1,038
35,026
13,392
19,809
1,825
35,514
13,628
20,226
1,660
35,004
13,809
19,255
1,940
34,586
13,609
19,013
1,964
35,137
13,728
19,420
1,989
38,821
14,282
19,924
4,615
35,498
14,260
18,613
2,625
31,215
12,125
17,259
1,831
29,904
11,539
16,339
2,026
28,698
11,297
15,779
1,622
28,891
13,260
14,140
1,491
11
12
13
14
-158,920
-160,591
-162,765
-169,835
-172,373
-178,286
-176,334
-178,007
-180,977
-181,331
-185,971
-190,126
-176,268
-176,594
-180,907
-182,856
-179,776
15
-109,963
-110,836
-110,901
-115,489
-116,625
-120,308
-119,329
-121,103
-122,360
-121,461
-125,434
-128,303
-118,962
-119,721
-124,325
-126,390
-125,293
16
-24,359
-3,834
-24,154
-3,877
-24,409
-3,858
-25,010
-4,074
-24,867
-3,966
-24,950
-3,914
-25,451
-3,727
-26,043
-3,756
-27,941
-4,046
-28,484
-3,940
-29,624
-4,483
-30,534
-5,182
-28,773
-5,133
-29,589
-3,944
-29,754
-3,550
-30,226
-3,588
-30,302
-3,355
17
18
-7,990
-1,944
-4,952
-7,692
-1,925
-4,973
-8,081
-1,893
-4,848
-8,351
-2,006
-4,762
-8,154
-2,071
-5,011
-8,083
-2,063
-5,119
-8,404
-2,082
-5,274
-8,777
-2,042
-5,260
-9,197
-2,524
-5,665
-9,490
-2,678
-5,642
-9,385
-2,745
-5,922
-9,278
-2,662
-6,172
-7,927
-2,383
-5,723
-9,445
-2,706
-5,806
-9,622
-2,755
-5,953
-9,963
-2,792
-5,816
-10,693
-2,861
-5,729
19
20
21
-1,002
-6,197
^89
-1,013
-6,232
-1,015
-6,545
-1,013
-6,176
-629
-507
-475
22
23
24
-27,284
1,121
-18,690
-9,715
-26,828
547
-17,532
-9,843
-26,240
834
-17,513
-9,561
-24,181
456
-15,083
-9,554
25
26
27
28
-6,012
-4,273
-6,744
29
-1,986
-2,490
30
31
32
-612
-640
-666
-666
-637
-669
-602
-694
-728
-720
-804
-880
-955
-4,535
-4,574
-4,567
-4,691
-4,586
-4,664
-4,898
-4,987
-5,318
-5,520
-5,775
45,909
-6,180
-492
-473
-496
-460
-442
-438
-464
-527
-463
-494
-510
-451
-472
-24,598
-3,044
-14,636
-6,918
-25,601
-2,981
-15,251
-7,369
-27,455
-2,807
-16,827
-7,821
-29,336
-2,860
-18,420
-8,056
-30,881
-2,260
-19,914
-8,707
-33,028
-2,541
-21,565
-8,922
-31,554
-1,789
-20,657
-9,108
i -30,861
-51
-21,691
-9,119
-30,676
-20,693
-9,204
-21,303
-9,360
-21,148
-9,530
-31,289
651
-22,164
-9,776
-28,533
1,174
-19,840
-9,867
-6,000
-5,595
-5,833
-7,441
-5,877
-5,660
-6,380
-7,691
-6,538
-7,401
-7,201
-11,778
14,199
-2,300
-1,975
-2,366
-1,959
-3,778
-2,812
-3,578
-3,106
-8,100
-779
-31,386
-723
-30,913
-235
4,115
-627
-625
-625
-632
-604
-649
-632
-740
-740
-731
-735
-794
-796
-793
-3,073
-2,995
-2,825
-2,969
-2,879
-3,097
-3,060
-3,281
-2,986
-3,083
-3,364
-2,943
-3,188
-3,303
-3,233
78
-1,080
-3,271
6,684
-18,982
-44,940
-35,472
-36,436
1,799
-41 ,207
-39,104
42,141
-30,682
-30,964
-36,816
-640
-7,050
-10,368
-44,158
555
33
1,502
39
-7,380
1,925
-4,000
-12,095
-5,996
-3,202
-3,177
371
1,739
-1,091
-353
1,014
3,877
1,225
-1,057
180
69
-35
202
-7,547
316
-4,128
-93
-4
-341
-12,004
363
8
1,368
6
307
1,791
-995
3,986
-23
17
1,232
-996
34
35
36
37
38
1,960
-1,458
3,358
60
3,457
-1,388
4,759
86
966
-1,007
1,967
6
3,180
-8,382
12,030
-1,051
887
-40,854
-4,994
-3,047
155
446
901
-1,597
-2,814
1,109
108
-2,383
-210
-654
-2,021
1,144
23
-3,849
-623
-173
68
-2,671
j
18,181
31
-211
-204
-247
337
-6,122
-23
-2,975
234
-3,164
505
-2,136
2,670
-29
102
-1,264
1,273
93
-743
-794
-337
-1,174
815
56
-1,869
1,200
-74
-2,016
1,209
13
-1,348
1,039
-28
4,179
-3,183
7,405
-43
1,073
-1,635
2,766
-58
-1,056
839
-33,402
-7,333
-2,225
14,197
-6,689
-6,192
-35,716
-5,330
-9,149
-36,004
-9,646
-4,504
46,061
-9,997
-8,580
-30,259
-2,246
-11,037
-32,366
-16,777
-1,037
-39,903
-3,674
-8,111
-1,360
-11,994
-9,526
-7,644
3,681
-11,783
-17,426
-7,128
-12,403
3,261
23,817
3,627
-24,864
2,058
-23,912
7,451
57,187
-6
-16,970
-4,780
-9,772
-5,142
-22,976
2,251
17,909
2,304
-1,846
-188
-159
-303
-216
493
94
-43
6,779
-4,236
-4,539
-18,167
1,333
-39,520
-5,818
-1,592
469
15,085
-6,643
-12,456
-3,680
-28,430
-2,292
-30,521
2,452
-26,296
24,822
65,015
51,622
78,029
67,828
1,195
74,050
70,620
-30,965
30,853
51,386
48,108
-7,840
24,925
27,568
27,730
6,006
6,055
5,853
202
-1,974
-3,197
-3,769
572
7,684
5,355
4,634
721
-5,016
-9,823
-9,726
-97
412
3,823
572
13,037
12,966
12,776
190
-7,216
-6,966
-7,535
569
418
-6,450
-6,698
-6,177
6,134
4,081
3,735
346
1,087
1,240
14,097
12,469
12,335
134
20,127
20,391
19,683
708
1,251
1,886
10,801
12,624
11,927
697
178
-1,264
643
165
-274
-265
-594
-921
5,650
1,096
1,125
-29
868
2,920
766
-162
-401
8,214
-521
-224
-190
72
1,132
-420
-203
-114
-468
-437
-273
-856
-3,398
-172
111
-112
-952
1,012
-172
39
40
41
42
-44,947
-11,692
-11,305
1,724
-11,305
-8,679
2,403
1,269
-23,219
21,708
46
47
2,959
22,933
48,929
20,474
48
-4,178
-3,772
-3,553
12,819
13,694
12,619
1,075
115
4,115
6,098
5,624
474
654
-2,732
95
20,747
15,171
14,631
540
-32
5,495
113
49
50
51
52
53
54
55
-273
56
57
58
59
-219
421
-298
n.a.
43
44
45
-48
-1,751
-442
-844
-417
-508
-737
2,197
455
-103
8,274
5,911
2,423
59,009
13,594
5,473
9,702
53,596
13,680
3,443
7,464
67,228
21,729
5,412
6,764
60,144
18,517
9,561
8,544
6,211
15,243
2,489
9,365
61,013
11,410
12,544
10,270
77,836
22,702
5,024
10,588
-24,515
14,108
-1,891
1,311
24,719
10,468
1,857
2,114
37,289
7,471
544
-2,874
27,981
13,093
-3,044
1,041
-13,490
-1,532
2,850
4,862
7,137
7,322
13,289
15,212
18,818
29
-1,306
10,012
36,110
5,680
1,408
4,832
4,459
1,535
-18,246
139
30,101
2,822
26,187
1,130
32,193
5,531
17,991
-189
-20,697
-1,934
28,723
2,157
37,365
1,026
-39,069
813
9,467
4,728
27,420
-1,661
18,552
-1,430
-18,240
-1,275
-27,411
1,575
8,508
725
23,465
-4,778
2,574
4,079
-15,623
-2,692
22,573
-5,565
-9,642
4,186
-4,915
3,711
22,131
-1,367
-7,626
-6,557
-7,193
4,216
11,209
4,489
21,154
518
3556
-5,605
11,452
600
-3,713
4,636
1,660
883
-1,478
-6,137
2,447
613
-15,726
3,967
63
63a
-34,308
2,139
4,089
-31,294
3,304
3,175
-29,960
3,920
2,618
-31,397
3,339
2,584
-29,397
5,564
3,233
-28,477
6,003
3,009
-29,186
6,877
3,472
-28,608
7,323
4,653
-27,379
7,204
4,328
-24,807
7,683
3,200
-28,890
7,889
4,224
-27,777
9,279
7,532
-18,326
9,355
6,965
-16,397
10,782
3,931
-20,174
12,023
3,076
-18,539
13,136
2,458
-17,468.
14,199
4,710
64
65
.66
-28,080
-6,000
-34,080
-24,815
-5,595
-30,410
-23,422
-5,833
-29,255
-25,474
-7,441
-32,915
-20,600
-5,877
-26,477
-19,465
-5,660
-25,125
-18,837
-6,380
-25,217
-16,632
-7,691
-24,323
-15,847
-6,538
-22,385
-13,924
-7,401
-21,325
-16,777
-7,201
-23,978
-10,966
-11,778
-22,744
-2,006
14,199
12,193
-1,684
4,115
2,431
-5,075
-6,012
-11,087
-2.945
-4,273
-7,218
1,441
-6,744
-5,303
-155
810
-323
-361
-211
-833
598
-126
-248
2,141
-942
-344
-914
383
695
-649
n.a.
60
61
62
67
68
69
SURVEY OF CURRENT BUSINESS
88 • June 1992
Table 2.-U.S. Merchandise
[Millions
Line
A
Balance of payments adjustments to Census trade
1
Merchandise exports, Census basis l including
reexports and including military grant shipments
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
143,661
181,801
220,701
233,739
212,275
201,708
218,743
212,621
226,471
253,904
323,335
363,820
392,923
1991
EXPORTS
421,729
Adjustments:
2
Private gift parcel remittances
3
Gold exports, nonmonetary
4
5
6
Inland U S freight to Canada2
U S -Canadian reconciliation adjustments nee net3
Merchandise exports transferred under U.S. military
agency sales
contracts identified in Census
documents4
Other adjustments net5
7
8
Equals: Merchandise exports, adjusted to balance of
payments basis excluding "military" (table 1, line 2)
102
108
156
178
163
166
169
194
174
257
253
265
291
293
37
159
317
1 285
882
350
330
406
457
718
593
544
740
225
1 298
1 607
1 845
1 980
-4549
-5686
-5221
-4667
-507
-592
-575
-245
756
2118
899
4663
1 043
1 151
5103
5109
967
4485
1 164
1 373
1 345
5014
5164
6812
-6546
-5719
-5461
-4970
-1 315
-4720
-3229
-3318
-4921
121
38
248
503
142,075
184,439
224,250
237,044
211,157
201,799
219,926
215,915
223,344
250,208
320,230
361,697
388,705
415,962
174,692
209,406
245,519
261,309
243,942
261,723
330,510
336,383
365,672
406,283
441,926
473,647
495,200
487,125
623
664
2772
940
1 816
910
1 462
1,118
999
1 067
1 021
986
82
290
474
559
-7369
-246
-57
-134
-2
-5162
-87
IMPORTS
9
Merchandise imports, Census basis * (general imports)
Adjustments:
10
11
12
13
14
15
Electric energy
Gold imports nonmonetary .
Inland freight in Canada2
U.S.-Canadian reconciliation adjustment, n.e.c., net3 ...
Merchandise imports of U.S.
military agencies identified
in Census documents4
Other adjustments, net67
16
Equals: Merchandise imports, adjusted to balance of
payments basis, excluding "military" (table 1, line
16)
B
Merchandise trade, by area and country, adjusteds to
balance of payments basis, excluding military:
422
844
-246
-162
1407
403
-225
420
-394
623
-307
114
-427
1325
1,292
1504
-841
1376
-859
-446
-774
-1 005
872
2163
2133
826
3577
2131
1,643
1830
2120
2120
87
1 348
2264
2,525
-1,330
-1 686
-1 086
-1 050
-1,190
87
949
-645
-1,199
426
471
409,765
447,189
477,365
497,558
489,398
223,344
250,208
320,230
361,697
388,705
415,962
60,367
51,841
5,456
86,409
74,464
7,385
10,461
4,748
7,190
11,152
5,715
8,526
68,582
59,504
6,1.43
7947
11,525
5,465
8026
13,749
6,649
9,078
18,064
8,466
11,945
98,397
84,513
8,446
11 582
16,394
7,089
11249
20,346
9,407
13,884
111,383
96,284
10,371
13682
18,299
7,853
12770
22,929
10,380
15,099
116,802
101,278
10,692
15,338
20,759
8,449
13,259
21,515
11,266
15,524
55425
22,148
6966
5,060
56,495
26,352
62009
27,630
74290
37,185
80657
43,864
82866
47,807
85006
47,213
5,073
5,289
6,809
8,101
8,303
8,255
3249
2070
2259
3805
5534
4337
4838
452
393
769
686
523
3,718
478
613
-81
176,002
212,007
249,750
265,067
247,642
268,901
332,418
338,088
368,425
142,075
184,439
224,250
237,044
211,157
201,799
219,926
215,915
39,510
31,735
3,681
4264
7209
3,359
54120
41,611
5,225
5630
8709
4,451
6279
10703
67,585
52,657
6,770
7587
11 463
5,630
7485
12,823
65,106
51,355
5,631
55,404
47,746
5,055
899
8642
3,941
7273
10,567
6,249
7,658
56,907
49,944
5,202
6055
8773
4,315
7503
12202
5,894
6,963
56,006
48,418
4,803
6086
614
59,709
46,904
5,173
7,227
9250
4,665
7479
10,692
2,418
12,805
53035
23,230
7849
4,858
-137
-291
-98
EXPORTS
1 Total, all countries (A-6)
2
3
4
5
6
7
8
g
10
11
Western Europe
European Communities
Belgium and Luxembourg
France
Germany9
12
13
14
15
Canada3
japan
Australia New Zealand and South Africa 10
Australia
16
Eastern Europe
17
18
Latin America and Other Western Hemisphere
Brazil
Mexico
Venezuela
Other
24
25
26
27
28
29
30
31
Other countries
in Asia and Africa810
Asia8 10
Members of OPEC
China
Hong Kong
Korea Republic of
Sinoaoore
Taiwan
'.
Africa810
Members of OPEC
32
International organizations and unallocated
19
20
21
22
23
iNetherlands
taiy ...........:....:: :..: ::....::...:::....:::....::....:::....:
United Kingdom
Other
Western Europe, excluding EC
6019
7119
9913
14,252
6,670
12,509
14,928
2,183
38737
17,624
5438
3,497
41 633
20,810
7,111
1,555
46011
21,788
8,963
2,736
39172
20,692
7,525
4,357
44521
21,792
6,604
3,885
3864
5913
4148
4435
3747
2984
22,034
2,698
6694
3,393
9249
28,565
3,430
9,947
3,913
11275
38,828
4,316
15,234
4,576
14,702
42,799
3,779
18,207
5,441
15,372
33,151
3,446
11,736
5,192
12,777
25,640
2,556
9,093
2,707
11 284
29,765
2,746
12,020
3,387
11 612
30,796
3,310
13386
3,063
11 037
30,762
3,878
12,310
3,095
11479
34,949
4,084
14,551
3,530
12,784
43,659
4,244
20,583
4,532
14,300
48,842
4,768
24,678
2,964
16432
54,286
5,043
28,109
3,055
18079
63,233
6,137
33140
4,596
19360
29,129
20,747
7,902
34,042
29,169
8,341
1 732
2085
3834
2257
3,092
4,707
44,102
37,436
9,672
3823
2682
4405
3,029
4,090
6,473
2,306
47,854
39,523
11,628
3628
2633
4999
2,967
4,024
7,575
3077
47,095
39,799
11,987
2920
2449
5286
3,206
4,006
6,930
2446
44,776
38,649
10,218
2227
2572
5732
44,806
39,028
8,412
41,147
35297
6,215
3860
2753
5728
3444
4,568
5,600
1 534
42,225
36,329
5,780
3065
68,021
60,514
7,399
76,129
68,039
8,366
5773
90,225
81 184
11,196
5863
3344
5,115
5,639
49,490
43,685
5,780
3507
3975
7647
4048
7,097
5,596
908
783
33
88
66
78
33
178
137,139
17,388
69,690
141,868
21,091
73,997
127,098
20,638
63,355
128321
15,257
58,143
141 021
13,775
65,097
140545
11397
63,795
4815
7,283
1,124
7,775
31 276
12,971
3291
815
'.
7413
10,398
5,403
7399
12,487
2,624
13,751
1 493
2693
1 349
1,963
4,158
1 725
1589
3715
4,291
5,873
1 733
4301
3016
3120
5887
3686
4,766
5,541
1326
4,556
7250
11 088
5,679
7,588
2981
9714
5665
10637
5757
12,066
7,183
1 170
10,983
7,727
1 343
79,165
70,889
8,052
4790
6784
13955
8003
11,139
7,990
1 616
52
173
558
390
207317
13,777
99,084
233 788
13,310
114,426
253217
13401
121,529
260 389
18439
136,744
5100
6281
13107
7315
6261
8099
14876
8727
12684
8,660
1 703
Memoranda:
33
34
35
Industrial countries88
Members of OPEC
Other countries8
See footnotes on page 99.
87048
14859
40,168
115919
14529
53,991
154793
10,386
58,165
165613
10714
73,881
SURVEY OF CURRENT BUSINESS
89
June 1992
Trade
of dollars]
Not seasonally adjusted
Seasonally adjusted
1990
I
II
1991
I
IV
III
97,299
100,532
71
65
71
132
85
325
93,682
101,410
II
1992
IV
III
1990
\P
I
102,759
107,641
101,468
109,861
111,004
84
71
66
70
86
198
184
38
3
96,083
97,739
71
71
65
71
84
12
132
85
325
198
97,468
101,633
II
Line
1992
1991
I
IV
III
II
IV
III
\P
104,655
105,477
109,791
110,097
71
66
70
86
71
184
38
3
101,806
12
2
3
4
5
-1,256
-1,218
-1,272
-1,416
-49
-17
-48
27
96,197
99,447
92,758
119,396
120,699
21
119
586
22
294
561
-253
-263
-76
-89
119,793
121,224
96,197
-1,137
-1,126
-1,159
-1,548
-1,954
-288
-309
-241
-477
-401
100,303
101,589
106,310
100,141
107,922
124,336
130,769
115,261
118,882
123,828
22
457
539
22
478
578
21
299
654
22
203
650
22
216
591
-284
-250
-284
104,151
107,851
107,825
8
124,801
127,501
118,302
119,176
123,825
125,822
124,876
9
22
457
539
22
478
578
21
299
654
22
203
650
22
216
591
22
231
630
21
701
10
11
12
13
129,154
122,340
121,963
120,935
22
231
630
21
701
21
119
586
22
294
561
-25
-31
-21
-28
-18
-17
14
15
125,434
128,303
118,962
119,721
124,325
126,390
125,293
16
96,654
96,544
100,526
100,636
103,324
104,151
107,851
107,825
1
27,101
23,716
2,283
3,303
4,466
1,958
3,284
5,826
2,596
3,385
28,158
24,295
2,566
3,165
4,663
2,041
3,081
5,909
2,870
3,863
26,590
22,856
2,697
3,469
4,315
1,762
2,904
5,318
2,391
3,734
29,534
25,417
2,825
3,745
4,855
2,092
3,501
5,876
2,523
4,117
30,288
26,125
2,967
4,100
5,073
2,099
3,382
5,571
2,933
4,163
29,521
25,634
2,638
3,679
5,608
2,209
3,319
5,466
2,715
3,887
27,250
23,755
2,608
3,773
5,132
1,800
2,726
4,955
2,761
3,495
29,743
25,764
2,479
3,786
4,946
2,341
3,832
5,523
2,857
3,979
30,898
27,302
2,483
4,125
5,497
2,341
3,802
5,912
3,142
3,596
2
3
4
5
6
7
8
9
10
11
22,020
12,200
20,723
11,691
22,068
10,933
19,746
12,456
20,329
12,727
20,078
11,898
21,962
11,590
21,247
11,846
21,719
11,879
21,899
12,040
2,310
1,811
2,059
1,867
2,322
2,055
1,843
1,821
2,278
2,313
1,805
12
13
14
15
1,509
1,261
1,458
1,523
626
730
1,323
936
1,109
1,470
1,208
16
16,514
1,861
8,495
1,182
4,976
17,387
1,707
9,153
1,256
5,271
17,689
1,357
9,757
1,217
5,358
12,284
1,236
6,364
12,741
14,697
1,439
7,471
14,564
1,399
7,471
13,247
1,144
6,979
17,147
1,921
8,821
1,225
5,180
17,366
1,706
9,150
1,256
5,254
17,555
1,354
9,677
1,210
5,314
17
18
19
20
21
22,659
20,448
2,743
1,591
1,997
3,656
2,361
3,144
2,115
22,194
20,036
2,852
1,587
2,110
3,541
1,880
3,334
2,078
23,357
20,959
3,173
1,721
2,062
3,778
2,071
3,242
2,288
22,642
20,571
3,305
1,604
1,948
3,858
2,061
3,182
1,989
385
458
468
400
22
23
24
25
26
27
28
29
30
31
134
57
61,023
4,720
34,264
66,303
5,156
36,406
-309
-300
-297
-288
-253
-263
124,969
131,572
115,920
119,427
124,329
129,722
122,757
122,360
121,461
99,447
92,758
100,303
101,589
106,310
100,141
107,922
108,732
94,981
27,352
23,935
2,300
3,327
4,502
1,977
3,329
5,857
2,643
3,417
29,001
25,018
2,649
3,267
4,804
2,098
3,163
6,096
2,941
3,983
25,633
22,030
2,612
3,360
4,161
1,694
2,785
5,136
2282
3,603
29,397
25,301
2,810
3,728
4,832
2,084
3,493
5,840
2,514
4,096
30,465
26,282
2,980
4,115
5,099
2,113
3,411
5,591
2,973
4,183
30,387
26,384
2,720
3,795
5,779
2,270
3,399
5,638
2,783
4,003
26,267
22,896
2,520
3,652
4,951
1,731
2,611
4,785
2,646
3,371
29,683
25,716
2,472
3,776
4,930
2,335
3,838
5,501
2,864
3,967
31,109
27,491
2,496
4,144
5,525
2,360
3,845
5,935
3,186
3,618
20,879
11,915
22,730
11,231
19,032
11,900
20,225
12,761
20,205
12,077
22,618
11,881
20,506
11,313
21,677
11,942
2,074
1,932
2,250
2,047
1,852
1,884
2,209
1,534
1,508
573
722
1,384
941
1,004
12,445
1,245
6,446
13,136
1,004
7,013
14,148
1,397
7,191
14,557
1,397
7,459
13,392
1,153
7,058
570
780
796
909
950
4,184
4,339
4,764
4,792
4,231
15,940
1,416
8,434
1,208
4,882
19,719
17,869
2,120
1,255
1,621
3,456
1,828
2,963
1,786
19,630
17,596
1,954
1,226
1,969
3,569
1,997
2,801
1,977
19,222
17,087
1,700
1,158
1,604
3,284
2,160
2,544
2,065
20,594
18,337
2,278
1,151
1,590
3,646
2,018
2,831
2,162
22,015
19,741
2,428
1,362
1,930
3,901
2,415
2,964
2,179
332
420
375
489
392
199
103,324
96,544
-89
65,404
3,986
32,000
100,636
96,654
-76
65,265
3,855
31,183
100,526
94,981
-17
59,535
3,054
30,169
-401
108,732
-18
65,540
3,326
30,302
-1,954
-477
27
-28
62,877
3,166
29,875
-1,548
-241
-1,416
-48
-21
279
-1,159
-309
-1,272
-17
-31
279
-1,126
-288
-1,218
-49
-25
-101
6
7
-1,137
-1,256
67,659
4,577
34,074
67,914
5,131
35,687
-284
-101
-250
-284
-309
-300
-297
-288
560
755
832
908
943
4,124
4,214
4,955
4,786
4,181
15,473
1,366
8,190
1,172
4,745
19,386
17,587
2,083
1,229
1,604
3,384
1,815
2,918
1,736
19,085
17,098
1,906
1,191
1,914
3,476
1,932
2,727
1,932
20,107
17,858
1,779
1,221
1,674
3,458
2,227
2,666
2,173
20,587
18,346
2,284
1,149
1,592
3,637
2,029
2,828
2,149
21,760
19,535
2,404
1,342
1,910
3,848
2,411
2,921
2,132
22,021
19,865
2,658
1,549
1,940
3,558
2,290
3,059
2,063
23,140
20,857
2,961
1,650
2,190
3,704
1,943
3,482
2,196
23,304
20,927
3,173
1,720
2,059
3,766
2,083
3,222
2,269
22,420
20,383
3,283
1,585
1,932
3,814
2,055
3,149
1,956
396
487
379
378
483
463
393
134
57
63,375
4,906
35,736
66,348
5,150
36,296
969
6,803
320
413
279
279
62,225
3,104
29,373
63,651
3,242
29,482
199
61,858
3,197
31,489
65,483
3,858
31,185
64,909
3,941
31,587
65,757
4,442
33,125
32
67,412
5,094
35,319
33
34
35
SURVEY OF CURRENT BUSINESS
9O • June 1992
Table 2.-U.S. Merchandise
[Millions
Line
B
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
Merchandise trade, by area and country, adjusted to
balance of payments basis, excluding
military "Continued:
IMPORTS
176,002
212,007
249,750
265,067
247,642
268,901
332,418
338088
368 425
409,765
447,189
477,365
497,558
489,398
37
38
39
40
41
42
43
44
45
46
Western Europe
European Communities
Belgium and Luxembourg
France
9
Germany
Italy y
Netherlands
United Kingdom
Other
Western Europe, excluding EC
36627
28904
41834
33042
46520
36190
1768
1734
1924
4,083
10001
4,123
1 598
6469
862
7,723
4,772
10912
4,910
5,287
11 847
4,343
52877
41 390
2276
5,826
11 344
5,170
52912
42340
2388
5,534
11917
5293
56184
45767
2484
6,233
13101
77455
62595
3270
8908
19526
9354
1915
2341
2471
4125
4121
9907
967
10,330
12742
1 691
11487
13042
1 695
10572
13294
1 937
10417
14418
14475
109161
91 353
4585
13,042
27999
12,665
4930
19,960
2941
14280
14860
17,210
6845
14,674
102387
85508
4,536
12,909
24675
"11,895
4937
17,965
2715
102597
86036
4504
12,498
26313
11,513
5950
17,651
7607
16,561
101 884
85700
4,110
13,181
26025
11,675
8005
864
8,792
88959
74163
3938
9542
24526
10347
4097
15056
6657
14796
96129
81455
4223
10,506
26941
10,916
1845
5701
3017
72064
57784
3089
7,957
17425
8,055
16,879
17,808
18,258
7600
16,184
47
48
49
50
Canada3
Japan
Australia New Zealand and South Africa 10
Australia
33759
24539
4436
1,656
39278
26,253
5487
2,165
43087
31275
6534
2,510
48213
37590
55249
43348
5363
2,215
67628
60210
70244
65653
69693
80753
73600
84578
84612
89,800
89934
93,531
93099
89,594
93008
91,502
5631
5601
2,440
48520
37681
5027
2,287
2,752
2697
2595
2,961
3,519
3,854
4,409
3,970
51
Eastern Europe
1,507
1,891
1,440
1550
1,066
1,384
2,217
1847
1 979
1,919
2,165
2,067
2,267
1,799
52
53
54
55
56
Latin America and Other Western Hemisphere
Brazil
Mexico
Venezuela
Other
23,039
2827
6,091
3,633
10488
30,561
37,645
3794
12,640
5,338
15873
39,096
4474
13768
5,563
15291
38,551
4808
15,556
4,760
13427
42,372
5069
16,595
4,901
15807
48,352
7754
18,077
6,660
15861
46,110
47,295
19104
6,520
13293
42,015
6990
17665
4,812
12548
51,451
9462
23,312
5,168
13509
57,502
8438
27,128
6,759
15177
64,354
7963
30,508
9,496
16387
62,971
6843
31,495
8,177
16,456
57
58
59
60
61
62
63
64
65
66
Other countries in Asia and Africa810
Asia810
Members of OPEC
China
Hong Kong
Korea, Republic of
Sinaaoore
Taiwan
Africa810
Members of OPEC
51,344
37414
17,931
327
3478
3,747
1 067
65,517
44155
21,088
595
4,011
4,047
80,140
55287
23374
1 892
63,862
47894
14,776
2284
76,316
64422
11,631
71,178
61 054
82,431
72262
8613
8319
3114
5419
5531
5,141
5,668
65,001
52640
10,789
2274
6658
7,445
3830
7935
9,978
5,946
4689
8782
12,804
4589
19757
10064
4,309
103,283
91 259
11,557
6299
9,830
16,963
24611
11 950
5,938
113,045
102,098
11,325
8540
10,243
20,160
7,947
24864
10865
5,287
128,090
113810
14,843
12005
9,710
19,803
8966
25481
14148
7,565
134,674
118,603
17,887
15204
9,475
18,436
9,799
22643
15934
9,472
134,264
119,717
15,185
18969
9,279
16,973
9,947
23,020
14286
8,381
67
International organizations and unallocated
218 953
22834
96301
245 352
18893
104 180
292,476
30711
154178
299,143
38230
160,185
293,305
33071
163,022
-115,668 -108,853
-73,436
14,918
15,578
6,582
36
Total, all countries (A-16)
3134
8,811
5,251
13365
5601
5179
1467
5913
16348
13,433
24150
20,712
81,962
50,628
24,211
1 060
4,741
4,244
1,921
6858
33263
28,355
751
1,186
1,287
99,361
35648
40,242
112,852
47893
50076
127,416
58803
62244
144,281
49977
70 809
—33,927
-27,568
-25,500
2,883
2,831
1,913
181
-2792
12,286
8,569
3,491
858
-2203
21,065
16,467
4,846
2300
-764
3217
-459
7193
4814
8177
20,289
5,652
13177
8591
8172
2114
2193
3012
8047
24647
20,019
8893
15933
10,840
11 548
12237
7,788
8355
9,857
3959
15430
11 793
6,801
144,140
31 510
71 969
160,144
24919
83838
205 533
26853
100032
259,666
24416
125683
283,229
23016
140,944
-28,023
-36,485
-67,102 -112,492 -122,173 -145,081 -159,557
-126,959
12,229
9,965
3,355
6,797
4,564
2,785
1 693
-2667
-27,547
-21,951
1,920
-2559
-15,416
-5,451
-3,990
2,381
816
-2,995
2,222
4,931
5,786
640
-9,700
-4,812
7,840
2,969
2,208
-2,709
4126
15482
9891
6149
4851
23
Memoranda:
68
69
70
Industrial countries8
Members of OPEC8
Other countries8
...
.
.
BALANCE (EXCESS OF EXPORTS +)
71
Total, all countries
72
73
74
75
76
77
78
79
80
81
Western Europe
European Communities
Belgium and Luxembourg
France
9
Germany
Italy y
Netherlands
United Kingdom
Other
Western Eurooe excludina EC
82
83
84
85
Canada3
Japan
Australia New Zealand and South Africa10
Australia
86
Eastern Europe
87
88
89
90
91
Latin America and Other Western Hemisphere
Brazil
Mexico
Venezuela
Other
92
93
94
95
96
97
98
99
100
101
102
Other countries in Asia and Africa810
Asia810
Members of OPEC
China
Hong Kong
Korea Reoublicof
Sinaaoore
Taiwan
Africa810
Members of OPEC
WMII^Uf*VIV
International organizations and unallocated
814
262
52
4434
2,698
-250
3717
-384
1287
5570
2,916
-68
4598
-1 454
-10,465
577
1587
-946
233
5058
-628
-6270
-5,596
-11,591
-56,948
-10,322
-52,615
-9,277
-49,667
-10,233
-41,787
-8,002
-44,289
2,363
2,478
2,328
3,290
4,247
3,894
4,285
2,084
1,402
91
340
1,640
3,467
2,070
3,039
-16,732
-2,513
-7,502
-2194
-4,523
-18,587
-5,008
-6,057
-3273
-4249
-15,314
-3883
-5,718
-3457
-2256
-11,253
-3,112
-5,355
-1 717
-1 069
-12,346
-4,093
-5,738
-2122
-7,792
-5,218
-2,729
-8,660
-3,670
-2,450
-3795
1,255
-10,068
-2,920
-2,399
-6,441
1,692
1,645
-3,581
2,904
-20,225
-13,991
-30,031
-25 757
-2398
30
-5,182
-4250
-40,206
-35 933
-2539
-1624
-5,801
-6941
-1 245
-14642
-4,425
-3401
-53,793
-47,574
-5,777
-2,792
-5,855
-9316
-2,101
-17,514
-6,354
-5,155
-45,024 -51,961
-41 584 -45,771
-6,477
-3,926
-3,440
-6,232
-3,429
-4,578
-9523
-6696
-2190
-1,651
-12798 -14,498
-3,682
-6,421
-fi???
-4,117
-55,509
-47,714
-9,835
-10,414
-2,691
-4481
-1,796
-1 1 ,504
7,944
-7,856
-44,039
-38,533
-3,989
-12,708
-1,180
2097
-1,220
10,336
-5,626
-6,678
-214
-4459
-1 760
4256
-2,727
4,312
-2759
-2202
-15,802
3,362
296
-9,348
-16,989
2,498
2,070
-10,728
-21,556
1,241
1,670
-14 593
-36,980
2218
1365
2,106
2,357
4,022
2,708
2,885
2,681
1,600
-1,005
-1,996
296
1,136
-1 338
-2,090
1,183
522
2,594
3,703
4,439
-762
-122
-5,400
-1,362
-3,820
432
-129
603
-240
-1239
-22,215
-16667
-10,029
488
-1,985
-1054
282
-3,216
-12,190
-11,708
-751
-695
-1 171
81
-32,286
-15764
-11,746
1,736
-2,786
142
853
-4,023
-17,072
16,942
-16,767
-8,095
-2,789
636
-3,082
790
-2,821
-19,443
-19,123
-37,860
-13192
-14539
2,763
-2,059
161
1 108
-2,768
-26,790
-26,049
-1 186
-1,254
3067
-33,364
3,915
9723
-41,415
7,446
-31,475
-14,986
-12,747
1,137
-1,926
-213
-1902
-8652
-3740
3378
-2,216
5008
-2,350
723
2233
-8,629
-49
1,332
-955
2113
-21,449
-14,177
1,533
-2822
-10 570
-4798
933
2264
-255
-650
-28,592
-22322
-13198
-54,401
1,979
2,571
-2483
-11,568
-1 145
527
-541
-15157
-7,840
-16,188
-11,572
2,881
-2585
-12,061
-4,843
3764
413
859
-4,616
-780
3179
7317
3129
-3,387
2738
-7272
-14819
-43,505
-382
1713
-31,510
-25394
-3219
-98
-5,235
-3970
1,013
-4,887
-9,003
-8,394
703
-7,257
-6,364
-6,055
-10664
-6,252
-5,475
-10914
-4,291
-4,412
88
43
78
33
178
-2413
-28,886
3,188
-17042
-10,872
-8,614
-31 823
-9662
-25,695
-64512
-13 078
-34,935
-78 408
-11,437
-32,506
-571
-47
-4,086
-273
-682
1518
-2423
-14 065
-5599
3093
-3,904
-942
3212
-3,461
-196
-393
-636
791
-995
3,910
-1 327
-8,281
-4,806
6312
2157
-5,266
-3,226
8,408
3,257
3,666
-660
262
-706
52
173
558
390
-75912
-9,239
-41,860
-58688
-17,401
-39,752
-45,926
-24,829
-38,656
-32,916
-14,632
-26,278
Memoranda:
103
104
105
Industrial countries8
8
Members of OPEC
Other countries8
See footnotes on page 99.
-12313
-20,789
-74
-90 559
-8,507
-46,015
-94053
-13,702
-51,802
SURVEY OF CURRENT BUSINESS
June 1992 • 91
Trade—Continued
of dollars]
Not seasonally adjusted
Seasonally adjusted
1990
I
II
1991
III
I
IV
II
1992
III
1990
\P
IV
II
I
1992
1991
I
IV
III
IV
fll
II
Line
\P
119,793
121,224
124,969
131,572
115,920
119,427
124,329
129,722
122,757
122,360
121,461
125,434
128,303
118,962
119,721
124,325
126,390
125,293
36
26,303
22,063
1,170
3,067
6,865
3,124
1,229
4,662
1,946
4,240
27,158
22,629
1,124
3,291
6,924
3,207
1,244
4,708
2,131
4,529
26,724
22,390
1,123
3,114
6,990
3,137
1,270
4,717
2,039
4,334
28,976
24,271
1,168
3,570
7,220
3,197
1,187
5,873
2,056
4,705
24,900
20,903
1,030
3,153
6,576
2,876
1,023
4,410
1,835
3,997
25,388
21,332
1,060
3,315
6,371
2,851
1,115
4,675
1,945
4,056
24,848
21,055
25,069
21,181
1,015
3,387
6,408
2,797
1,170
4,569
1,835
3,888
26,894
22,560
1,196
3,138
7,021
3,193
1,254
4,770
1,988
4,334
27,216
22,678
1,125
3,299
6,936
3,213
1,246
4,723
2,136
4,538
26,850
22,499
1,127
3,132
7,025
3,152
1,275
4,741
2,047
4,351
28,201
23,616
1,137
3,473
7,017
3,107
1,155
5,726
2,001
4,585
25,581
21,475
1,058
3,240
6,759
2,954
1,053
4,527
1,884
4,106
25,442
21,378
1,062
3,322
6,384
2,857
1,119
4,685
1,949
4,064
24,851
21,058
3,341
6,072
2,922
1,375
4,539
1,878
3,793
26,748
22,410
1,092
3,372
7,006
3,026
1,338
4,634
1,942
4,338
3,342
6,074
2,922
1,376
4,537
1,879
3,793
26,010
21,789
1,062
3,277
6,808
2,942
1,303
4,509
1,888
4,221
25,622
21,648
' 1,036
3,463
6,552
2,858
1,195
4,669
1,875
3,974
37
38
39
40
41
42
43
44
45
46
22,341
21,530
24,392
21,566
22,306
21,903
24,060
24,595
21,862
22,687
24,312
20,885
22,532
23,241
24,302
24,689
24,050
23,217
22,821
22,029
24,434
21,619
22,394
22,027
23,450
23,919
22,427
23,320
24,369
20,930
22,534
23,253
23,678
23,999
24,544
23,737
989
1,040
1,272
1,108
945
1,070
1,058
897
928
1,011
1,042
1,277
1,079
971
1,071
1,057
871
949
47
48
49
50
607
466
543
651
496
404
444
455
484
620
467
544
636
509
405
443
442
494
51
15,601
2,019
7,498
2,029
4,055
15,013
2,070
7,253
1,892
3,798
16,137
2,086
7,574
2,271
4,206
17,603
1,788
8,183
3,304
4,328
14,980
1,706
7,191
2,083
4,000
15,851
1,817
7,995
1,856
4,183
15,844
1,597
7,891
2,189
4,167
16,296
1,723
8,418
2,049
4,106
15,956
1,899
8,144
1,709
4,204
15,908
2,061
7,652
2,060
4,135
15,038
2,072
7,265
1,897
3,804
16,163
2,092
7,596
2,261
4,214
17,245
1,738
7,995
3,278
4,234
15,332
1,751
7,374
2,111
4,096
15,889
1,820
8,018
1,861
4,190
15,825
1,596
7,891
2,175
4,163
15,925
1,676
8,212
2,030
4,007
16,246
1,940
8,305
1,717
4,284
52
53
54
55
56
32,422
27,965
4,716
3,091
2,122
4,292
2,203
5,436
4,428
2,731
31,589
27,903
3,529
3,471
2,190
4,665
2,423
5,566
3,665
2,132
36,084
32,288
4,831
4,493
2,669
4,940
2,593
6,034
3,728
2,222
34,579
30,447
4,811
4,149
2,494
4,539
2,580
5,607
4,113
2,387
30,050
26,473
3,766
3,550
1,955
3,899
2,266 '
5,091
3,418
2,161
31,517
27,763
3,687
4,010
2,013
4,104
2,406
5,410
3,719
2,260
36,362
32,696
3,904
5,622
2,653
4,538
2,519
6,325
3,625
2,014
36,335
32,785
3,828
5,787
2,658
4,432
2,756
6,194
3,524
1,946
33,053
30,191
3,640
5,043
2,070
3,855
2,524
5,719
2,821
1,343
33,077
28,554
4,784
3,163
2,171
4,389
2,254
5,557
4,493
2,766
31,645
27,956
3,534
3,481
2,195
4,673
2,429
5,575
3,670
2,133
36,179
32,398
4,808
4,518
2,684
4,964
2,607
6,063
3,711
2,206
33,773
29,695
4,761
4,042
2,425
4,410
2,509
5,448
4,060
2,367
30,822
27,189
3,824
3,659
2,013
4,009
2,331
5,237
3,474
2,186
31,615
27,853
3,696
4,032
2,021
4,114
2,413
5,426
3,727
2,265
36,362
32,714
3,883
5,637
2,658
4,541
2,522
6,332
3,606
2,000
35,465
31,961
3,782
5,641
2,587
4,309
2,681
6,025
3,479
1,930
33,701
30,811
3,669
5,153
2,117
3,941
2,580
5,847
2,846
1,347
57
58
59
60
61
62
63
64
65
66
928
928
67
71,849
9,805
38,139
74,904
7,841
38,479
72,925
9,736
42,308
79,465
10,848
41,259
71,151
8,307
36,462
72,509
8,175
38,743
72,389
8,467
43,473
77,256
8,122
44,344
73,929
6,991
41,837
73,457
9,945
38,958
75,060
7,854
38,547
73,272
9,687
42,475
77,354
10,744
40,205
73,075
8,425
37,462
72,667
8,194
38,860
72,404
8,417
43,504
75,159
8,035
43,196
75,532
7,038
42,723
68
69
70
-23,596
-21,777
-32,211
-31,269
-14,331
-13,117
-24,188
-21,800
-14,025
-27,379
-24,807
-28,890
-27,777
-18,326
-16,397
-20,174
-18,539
-17,468
71
1,049
1,872
1,130
1,843
2,389
1,525
-1,091
421
5,565
5,379
1,950
4,999
5,052
1,660
1,419
1,841
1,592
2,935
3,306
1,380
6,040
6,310
1,481
207
942
1,156
1,087
1,617
1,441
1,333
1,801
1,688
4,707
4,650
1,909
4,079
4,256
1,576
2,399
2,697
1,680
3,733
3,975
1,417
5,276
5,654
1,447
72
73
74
75
76
77
78
79
80
81
-360
1,489
1,030
1,642
260
-24
246
158
962
-2,363
-1,147
2,100
1,195
-2,120
-1,109
1,919
1,388
-2,829
-1,443
1,515
-2,388
-1,113
2,306
-1,477
697
810
419
243
-33
458
-763
2,388
1,181
1,138
480
-592
-581
2,284
311
404
-1,121
-1,191
1,236
-2,076
246
768
867
922
-691
2,500
757
-883
-437
2,675
1,366
1,351
165
-2,273
-1,172
1,835
1,186
608
734
186
963
838
-53
-1,462
-9,615
-1,662
-10,335
-3,274
-10,003
-3,835
-11,834
-1,657
-10,610
-1,694
-9,004
-2,026
-11,928
-2,625
-12,747
-2,030
-11,017
-2,098
-10,338
1,085
892
978
939
907
814
1,151
1,413
883
888
537
560
1,054
777
89
670
264
604
1,091
1,733
-16
735
-542
-825
1,613
-1,288
-1,500
-823
927
-546
1,042
-1,877
-1,066
-731
30
-609
71
-422-^
-371
-270
-134
-2,555
-1,235
2,030
1,056
-949
-675
-260
357
1,570
337
272
860
-2,710
-1,390
1,629
-2,162
-1,015
2,346
-1,686
577
344
150
522
-617
-468
-855
2,329
1,044
1,049
57
-2,366
-10,686
-2,648
-9,571
-3,121
-11,192
1,048
825
1,045
838
1,056
82
-3,624
-2,297
-1,103
-1,466
^653
-2,681
-2,085
-462
-125
-339
-524
-607
-395
-1,142
-1,429
-2,370
-1,168
509
662
-942
-1,862
-1,055
-601
-517
2,200
-1,122
1,350
781
766
418
882
2,529
1,014
2,607
1,243
1,267
357
-776
-648
-177
431
-298
969
-242
-378
-2,407
-9,340
-1,287
-11,407
-1,959
-12,120
976
872
750
1,221
1,442
856
94
814
531
666
1,028
714
86
1,322
1,441
1,309
30
938
1,372
87
88
89
90
91
-2,645
-11,697
-1,989
-3,046
-1,588
-240
-689
-383
-391
-724
-553
-133
-401
-1,052
-1,459
-1,112
-1,475
-2,395
-1,133
-648
129
541
558
464
231
699
809
t',165
1,154
-11
410
741
552
85
555
1,017
1,247
1,030
-13,985
-12,110
-2,533
-2,998
-8,035
-6,732
-1,338
-2,188
-8,858
-7,315
-14,168
-12,660
-1,052
-4,035
-12,978
-11,826
-10,411
-9,620
-13,691
-10,967
-2,701
-1,934
-12,560
-10,858
-1,628
-2,290
-16,072
-14,540
-3,029
-3!,297
-1,010
-i,506
f380
-3,397
-1,538
-1,810
-13,186
-11,349
-2,477
-2,893
-9,062
-7,654
-1,420
-2,317
-9,594
-7,988
-1,038
-2,483
-13,222
-11,857
-12,161
-11,034
-11,281
-10,428
-3,156
-774
-12,703
-10,096
-2,596
-1,836
-11,959
-10,307
-1,575
-2,245
-221
-16,862
-15,201
-3,131
-3,335
-1,065
-1,656
-904
-501
-836
-375
-1,096
-426
-433
-893
-562
-2,473
-2,642
-2,399
-2,765
-1,688
-1,712
-3,490
-1,663
-1,847
-2,776
-1,951
-1,898
279
279
-8,972
-6,639
-8,264
-9,364
-4,515
-8,177
-25
2
149
-2,127
-1,239
-1,769
439
-944
-2,419
-16
-448
-45
-2,266
-1,604
-1,875
199
-13,390
-6,682
-12,139
-14,200
-6,993
-10,076
-5,747
-4,321
-4,462
-4,850
-3,598
-4,669
-1,007
-793
-492
-655
-335
-4,066
-3,439
-543
-997
-639
-596
-654
-685
-122
-2,991
-1,547
-1,556
-2,952
-1,236
-1,478
134
57
-11,366
-3,747
-9,209
-10,953
-2,966
-7,938
-567
-281
-1,005
-1,197
-463
-439
-497
-2,537
-2,639
-2,757
-2,446
-2,848
-1,738
-1,720
279
279
-11,232
-6,841
-9,585
-11,409
-4,612
-9,065
3
-832
-943
-6,015
-1,860
-6,150
-833
-773
-480
—103
-2,620
-1,911
-1,880
-2,316
-1,342
-1,807
-161
80
-416
-454
172
-689
-11,871
-6,886
-9,020
-8,166
-4,484
-5,875
325
930
-950
-774
-586
-507
-922
-609
-386
-3,987
-3,921
-3,568
-556
-123
-468
-837
-579
-528
-543
-598
-185
-127
-525
-2,367
-1,664
-1,887
-2,850
-1,410
-1,517
-2,803
-1,210
-1,467
-2,698
134
57
-9,029
-3,511
-7,768
-8,811
-2,885
-6,900
-81
199
-11,414
-6,490
-10,986
82
83
84
85
-2,349
-11,422
-6,910
-3,752
-5,735
-890
-954
92
93
94
95
96
97
98
99
100
101
102
-8,120
-1,944
-7,404
103
104
105
SURVEY OF CURRENT BUSINESS
June 1992
Table 2.—U.S. Merchandise
[Millions
Line
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1 Merchandise exports, balance of payments basis,
excluding military (A-8)
142,075
184,439
224,250
237,044
211,157
201,799
219,926
215,915
223,344
250,208
320,230
361,697
388,705
415,962
2
3
Agricultural products
Nonagricultural products
29,895
112,180
35,464
148,975
42,043
182,207
44094
192,950
37,259
173,898
37135
164,664
38,430
181,496
29,631
186,284
27,174
196,170
29,847
220,361
38,810
281,420
42,185
319,512
40,186
348,519
40,127
375,835
4
Foods feeds and beverages
25680
30501
36,278
38840
32195
32091
32196
24566
23522
25229
33770
37429
35117
35737
24,497
13381
29,114
16602
5582
7,024
5704
33,998
18099
6,121
6,851
3973
31,357
14819
4,016
6,274
3570
3335
5,635
3,998
31,746
13284
3,483
5,228
3993
3,872
5,979
4,618
3,991
3270
C
Merchandise trade, by principal end-use category,
adjusted to balance of payments basis, excluding
military:
5
6
7
8
9
10
11
12
Agricultural
Grains and oreoarations
13
14
Nonagricultural (fish, distilled beverages, etc.)
Fish and shellfish
15
wheai *.T1. :
Corn
::"":::::: :
Soybeans
Meat products and poultry
Vegetables, fruits, nuts, and preparations
Other agricultural foods, feeds, and beverages
Industrial supplies and materials
16
17
18
19
20
Agricultural ....
Raw cotton
Tobacco, unmanufactured
Hides and skins, including furskins
Other agricultural industrial supplies
21
22
23
24
25
Nonagricultural
Energy products
Fuels and lubricants11
Coal and related fuels
Petroleum and products
4601
5,298
5,210
1 044
2,074
2,788
1,183
917
6921
1 599
3,646
3,992
5,650
6,221
1 396
3,104
3,144
30860
17914
6656
6532
5940
1 286
2,853
2,867
1,448
1 177
1,344
1 098
1,231
990
1,170
921
31,026
17947
6672
7,045
5424
1 312
2,889
3,454
23,219
12525
3866
5,213
3733
1264
2,854
2,843
1,347
1 104
21,738
9795
3288
2,677
4306
1 559
3,238
2,840
1,784
1 507
23,059
10505
3,272
3,267
30,788
15398
4311
1897
4915
5105
5,120
3141
3,484
2,862
2698
4,148
3,629
2,170
1 843
2,982
2550
3,431
2887
3,760
5,028
3,757
3102
72,088
70188
64050
58936
64120
61 159
64720
70,052
90019
99907
105,682
109,977
6291
7013
2,884
1,343
1,050
1,736
1,836
6328
1,985
1,557
1,029
1,757
6193
2,218
1,194
1,328
1,551
6620
2,281
1,467
1,844
7329
2,493
1,554
1,385
1,897
6346
1,617
1,509
1,319
1,901
5358
842
1,220
1,544
1,752
6,389
1,660
1,106
1,762
1,861
7388
1,988
1,261
1,868
2,271
8,009
2,265
1,300
1,776
2,668
8629
2,798
1,461
1,761
2,609
8,163
2,516
1,421
1,381
2,845
34,245
52,207
4891
7012
4,883
2,150
1 949
6,998
3,548
2443
65,075
9430
9,380
4,825
63,568
11887
11,853
6,062
4558
57,722
14,339
14,323
6,118
6874
52,743
11,201
11,186
4,181
5586
56,791
11 299
11,276
4,281
5434
54,813
11 800
11,774
4,599
5707
59,362
9945
9,911
4,123
4430
63,663
9,207
9,180
3,490
4633
82,631
9660
9,580
4,193
4480
91,898
12,229
12,007
4,670
5785
97,053
14,525
14,009
5,040
7649
101,814
14,407
14,339
5,288
7592
3374
3,738
14,300
3,953
3326
4985
4,242
17,480
4,053
4072
4960
4,296
17,157
3,608
4302
2,856
15,622
3,332
4143
4883
3,272
17,862
3,592
6106
4019
4623
3,139
17,820
3,201
4423
3,077
17,155
3,183
4261
4345
3,311
15,863
3,321
3,968
3,711
20,987
4,562
5,537
7672
4,595
26,116
6,105
6969
8447
5,575
27,678
7,377
8,035
8463
6,272
28,374
7,613
9,079
8769
6,566
31,309
7,628
9,666
16,504
20,813
1 640
3,042
11,886
12,575
851
2,074
5,860
2,251
465
3,144
3,790
11,411
937
1,661
5,407
12,286
1 281
1,530
5,880
13,553
21,514
2,321
5,426
4,245
17,399
988
2,861
9,032
4468
678
3,886
4,518
22,557
2470
4,086
10,910
2,960
889
7,061
5,091
22,727
2,104
3,711
11,507
3,730
794
6,983
5,405
23,469
1,713
4,486
11,201
3,563
892
6,746
6,069
31
32
33
34
35
36
37
38
Metals and nonmetallic products
Steelmaking materials
Iron and steel products
Nonferrous metals
Nonmonetary gold
Other precious metals
Other nonferrous metals
Other metals and nonmetallic products
8,881
947
1,694
3,431
1 177
246
2,008
2,809
48
49
50
51
52
1,319
996
30,851
16986
8154
8018
6190
58,498
2607
2,520
9,993
2,762
42
43
44
45
46
47
1,387
1 095
1218
37392
21965
5346
1,757
1,371
922
1,296
Paper and paper base stocks
Textile supplies and related materials
Chemicals, excluding medicinals
Building materials, except metals
Other nonmetals
40
41
2,562
3,028
34,959
20709
6658
8,555
5886
1 394
3,311
3,659
39591
26
27
28
29
30
39
1991
2591
1494
2,189
9,324
5206
723
3,395
3,497
3571
4139
1036
1,854
1,477
1018
4144
4713
15,095
1 394
1,412
9,007
1807
2194
777
2,823
3,406
540
3,146
3,595
11,311
1 303
1,411
5,377
1 769
418
3,190
3,220
1284
1752
441
2,875
3,282
1,546
6,841
2,627
580
3,634
3,882
2,443
12,535
5,811
701
6,023
4,784
5691
47,496
60,180
76,283
84,173
76,501
71,660
77,007
79,322
82,815
92,707
119,103
139,563
153,279
167,029
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
39,156
48,413
60,366
68,086
64,137
58,674
65,069
63,963
65,469
74,641
96,014
111,010
119,450
128,944
4257
34,899
6830
2',684
1,520
2,043
5381
43,032
7,635
3,516
1,806
2,625
6647
53,719
9,658
4,391
2,278
3,296
7490
60,596
11,413
4,826
2,693
3,841
7,462
56,675
10,096
4,449
2,088
3,835
7043
51,631
6,199
3,601
1,533
3,730
7786
57,283
6,079
3,371
1,648
4,063
7030
56,933
6,643
3,285
1,737
4,175
7390
58,079
5,647
3,061
1,999
4,052
8,596
66,045
4,974
3,133
2,178
4,438
11,210
84,804
6,564
4,026
2,638
5,412
11,313
99,697
8,635
5,954
3,116
5,402
12,660
106,790
9,145
6,428
3,128
5,760
13,559
115,385
10,051
7,644
3,098
6,021
10901
13368
16282
17755
15,271
13000
13,898
13058
13163
14,975
19,472
22,757
23,661
24,967
Computers, peripherals, and parts
Semiconductors
Telecommunications equipment
Other office and business machines
Scientific, hospital, and medical equipment and
parts
4,287
1,662
2,228
1,046
5,726
2,351
2,533
1,271
7,808
3,157
2,844
1,454
8,914
3,189
3,340
1,580
9,352
3,435
3,590
1,503
11,057
4,171
3,777
1,527
14,223
5,532
3,752
1,569
14,703
4,412
4,170
1,444
15,649
5,054
4,438
1,315
18,817
6,560
5,097
1,647
23,965
9,035
6,534
1,787
24,477
11,795
8,366
2,232
25,888
13,324
9,602
2,136
27,293
14,349
10,467
2,487
Capital goods, except automotive
1,698
2,201
2,551
3,045
3,056
3,036
3,148
3,306
3,701
4,226
5,371
6,963
7,718
9,008
53
54
55
Civilian aircraft, engines, parts
Civilian aircraft, complete, all types
Other transportation equipment
7,266
3,649
1,074
10,564
6,247
1,203
14,120
8,340
1,797
13,894
8,741
2,193
10,070
4,940
2,294
11,145
5,837
1,841
10,162
4,221
1,776
13,528
6,897
1,831
15,449
7,476
1,897
16,387
7,717
1,679
21,209
10,538
1,880
26,624
13,712
1,929
32,184
18,402
1,645
36,448
22,624
1,637
56
Automotive vehicles, engines, and parts
15,162
17,897
17,443
19,693
17,230
18,461
22,422
24,945
25,097
27,583
33,397
34,940
36,504
40,045
9972
2,805
1,158
1,217
4,792
11,497
3,699
1,643
1,384
4,771
10,339
3,488
1,152
1,287
4,412
11,563
3,605
1,245
1,536
5,177
10,598
2,740
877
1,567
5,414
13,783
4,298
1,225
1,828
6,432
17,111
5,020
1,862
2,068
8,161
19,383
6,322
2,312
2,236
8,513
19,368
6,649
2,734
2,098
7,887
20,250
6,610
3,169
2,109
8,362
22,948
7,275
3,113
2,508
10,052
22,598
6,922
2,158
2,801
10,717
21,761
5,890
2,584
2,580
10,707
22,499
6,311
2,845
2,944
10,399
5190
6400
1,557
1,733
706
2,404
7104
8130
1,159
1,601
541
1,889
1,168
1,937
830
3,169
1,102
2,135
922
3,971
6,632
801
1,725
877
3,229
4678
482
946
728
2,522
5,311
446
757
957
3,151
5562
389
677
949
3,547
5,729
590
642
920
3,577
7,333
1,313
779
953
4,288
10,449
2,747
1,187
1,246
5,269
12,342
3,877
1,248
1,624
5,593
14,743
4,648
1,646
1,601
6,848
17,546
5,379
2,568
1,807
7,792
11,381
13,980
17,751
17,697
16,128
14,925
15,085
14,593
16,730
20,307
26,981
36,565
42,779
45,944
5,415
6,654
7,918
8,653
8,290
8,049
8,271
8,130
9,058
10,756
13,539
16,625
19,665
21,935
1574
1763
2114
5,137
6,316
8,647
2359
8,004
2,480
6,992
2,710
6,068
2,852
6,071
2,950
5,722
3,304
6,703
3,483
8,379
4,303
11,907
4,440
18,173
4,835
21,118
5,381
22,056
2175
2,576
3,201
3,483
2,997
2,697
2,709
2,341
2,455
3,031
4,193
6,338
7,078
8,370
743
741
969
1,172
1,535
1,767
1,996
1,953
13,293
15,344
17,230
57
58
59
60
61
To Canada
62
63
64
65
66
To other areas
Passenger cars, new and used
Trucks, buses, and special purpose vehicles
Engines and engine parts
Other parts and accessories
67
68
69
70
71
72
73
Trucks, buses, and special purpose vehicles
Engines and engine parts
Other parts and accessories
Consumer goods (nonfood), except automotive
Consumer nondurable goods, manufactured
Medical, dental, and pharmaceutical preparations,
including vitamins
Consumer durable goods, manufactured
Household and kitchen appliances and other
household goods
Unmanufactured consumer goods (gem stones,
nursery stock)
Exports nee
See footnotes on page 99.
829
2,765
1,010
3,383
1,186
4,407
1,040
6,453
846
5,053
808
5,726
9,096
11,330
10,460
14,330
16,960
SURVEY OF CURRENT BUSINESS
June 1992 • 93
Trade—Continued
of dollars]
Not seasonally adjusted
Seasonally adjusted
1990
1
1!
1992
1991
III
I
IV
II
IV
III
1990
I
\P
II
II
96,197
99,447
92,758
100,303
101,589
106,310
100,141
107,922
108,732
11,634
84,563
10,011
89,436
8,589
84,169
9,952
90,351
10,630
90,959
9,199
97,111
8,841
91,300
11,457
96,465
11,550
97,182
10,740
84,241
10,126
86,528
9,853
86,691
9,467
91,059
9,800
90,836
9,817
8,834
8,151
8,315
8,970
8,109
8,596
10,062
10,335
9,414
9,007
8,567
8,129
8,987
4,450
1,267
1,819
1,468
7,956
4,062
1,026
1,945
6,868
3,240
7,546
3,067
7,979
3,466
7,110
2,851
7,392
3,277
763
721
906
998
1,318
1,192
660
812
500
816
942
899
1,516
1,182
8,063
3,954
1,026
1,811
7,115
3,051
725
8,491
4,303
1,267
1,808
1,050
7,688
3,511
998
901
803
941
1,420
1,002
1,272
1,040
9,099
3,771
1,240
1,145
1,394
1,066
1,592
1,276
830
680
878
714
25,598
2,588
94,981
96,654
107,851
107,825
1
9,366
93,958
10,170
93,981
10,791
97,060
10,803
97,022
2
3
8,627
8,285
9,175
9,650
10,039
4
7,529
3,299
7,232
2,765
8,364
3,592
725
763
721
906
1,456
1,199
1,483
719
862
811
973
1,030
1,012
1,487
1,095
8,691
3,662
1,240
1,170
900
828
1,406
1,043
1,486
8,621
3,628
1,093
1,228
1,075
1,043
1,606
1,269
1,098
1,639
1,296
5
6
7
8
9
10
11
12
1,131
1,333
934
748
914
618
931
1,623
1,015
1,391
1,006
1,490
1,107
1,348
1,218
953
1,400
1,005
1,283
1,110
769
598
991
830
999
829
1,204
1,032
797
579
1,236
1,027
923
773
944
779
879
706
26,160
25,449
28,475
28,759
28,253
26,246
26,719
27,122
25,401
25,295
1,991
1,686
2,364
2,024
1,409
2,142
2,011
645
333
467
546
491
200
424
571
700
490
382
792
336
399
718
603
473
367
581
214
233
314
648
564
379
301
898
2,384
794
436
371
783
2,201
962
438
488
700
2,588
1,135
684
375
442
700
23,010
3,052
2,877
1,088
1,532
24,169
3,159
3,023
1,313
1,335
23,763
3,690
3,556
1,383
1,802
26,111
4,624
4,553
1,256
2,980
26,171
4,031
4,021
1,136
2,581
26,229
3,339
3,328
1,301
1,617
24,837
3,320
3,289
1,481
1,535
24,577
3,717
3,701
1,370
1,859
24,738
3,263
3,231
1,191
1,595
23,200
3,260
3,084
1,295
1,532
2,129
1,536
6,897
1,956
2,201
2,173
1,631
7,243
2,007
2,313
2,124
1,529
6,734
1,804
2,282
2,037
1,576
7,500
1,846
2,283
2,229
1,579
8,273
1,818
2,383
2,309
1,749
8,170
2,015
2,484
2,142
1,605
7,568
1,878
2,395
2,089
1,633
7,298
1,917
2,404
2,299
1,677
7,618
1,916
2,524
2,091
1,533
6,794
2,015
2,167
5,239
5,643
5,600
6,245
5,858
6,163
5,929
5,519
489
858
639
919
494
875
2,599
2,651
2,914
658
188
889
188
919
216
1,753
1,293
1,574
1,434
1,320
482
390
535
389
399
1,059
3,343
1,264
1,055
3,001
1,021
1,250
2,840
1,151
2,793
1,030
2,567
202
231
789
206
857
240
896
215
1,779
1,317
1,877
1,361
1,749
1,412
1,845
1,538
1,696
1,596
1,456
1,523
5,441
359
1,027
2,563
942
247
1,374
1,492
842
\P
IV
III
104,151
96,544
9,265
3,690
1,093
1,248
1,445
1,093
1,750
1,287
808
Line
1992
1991
I
IV
III
100,526
100,636
103,324
996
906
950
997
1,424
1,022
1,440
1,109
1,509
1,218
1,014
1,098
1,053
937
883
811
639
1,029
844
811
1,348
1,139
13
14
26,113
28,873
28,580
27,408
26,875
27,114
26,976
15
2,116
2,301
2,220
2,082
1,751
2,110
2,057
645
360
460
546
749
339
457
571
720
387
402
792
867
271
364
718
653
487
361
581
379
386
338
648
617
277
318
898
566
369
339
16
17
18
19
20
23,284
3,081
2,944
1,235
1,335
23,997
3,588
3,455
1,281
1,802
26,572
4,596
, 4,526
M1.229
2,980
26,360
4,254
4,245
1,360
2,581
25,326
3,254
3,242
1,215
1,617
25,124
3,213
3,183
1,375
1,535
25,004
3,686
3,669
1,338
1,859
24,919
3,508
3,476
1,436
1,595
21
22
23
24
25
2,108
1,563
6,952
1,874
2,230 '
2,141
1,579
6,895
1,856
2,313
2,123
1,597
7,733
1,868
2,369
2,196
1,581
8,158
1,879
2,352
2,246
1,676
7,864
1,881
2,394
2,158
1,659
7,780
1,926
2,426
2,169
1,650
7,507
1,942
2,494
2,245
1,679
7,510
1,981
2,487
26
27
28
29
30
5,340
5,476
5,625
6,286
5,940
6,011
5,962
5,556
5,509
580
860
529
921
497
866
2,599
2,651
2,914
658
188
889
188
919
216
202
231
789
206
857
240
896
215
942
247
1,753
1,301
1,574
1,375
1,779
1,348
1,877
1,381
1,749
1,422
1,845
1,475
1,696
1,636
1,456
1,536
1,373
1,497
31
32
33
34
35
36
37
38
1,343
.783
498
458
443
395
417
419
1,064
3,343
1,264
1,059
3,001
1,021
1,253
2,840
1,138
2,793
1,036
2,567
1,031
2,562
37,890
39,272
37,266
38,851
39,184
43,043
40,641
44,161
44,345
37,659
38,594
38,275
38,751
38,925
42,345
41,683
44,076
44,074
39
29,487
30,247
29,085
30,631
31,077
32,911
31,497
33,459
33,301
29,268
29,570
29,997
30,615
30,832
32,205
32,456
33,451
33,030
40
3,106
26,381
2,119
1,632
3,399
26,848
2,311
1,555
3,036
26,049
2,223
1,456
3,119
27,512
2,492
1,785
3,266
27,811
2,329
1,690
3,480
29,431
2,699
1,873
3,370
28,127
2,629
1,877
3,443
30,016
2,394
2,204
3,084
26,184
2,096
1,632
3,296
26,274
2,228
1,555
3,118
26,879
2,287
1,456
3,162
27,453
2,534
1,785
3,248
27,584
2,306
1,690
3,373
28,832
2,608
1,873
3,451
29,005
2,700
1,877
3,487
29,964
2,437
2,204
3,532
29,498
2,362
1,943
824
765
791
748
721
796
774
807
842
1,402
1,402
1,447
1,509
1,400
1,498
1,541
1,582
1,554
41
42
43
44
45
46
820
801
754
753
717
829
742
810
1,393
1,439
1,411
1,517
1,394
1,544
1,494
1,589
3,569
29,732
2,371
1,943
841
1,556
5,817
6,239
5,710
5,895
5,857
6,502
6,089
6,519
6,450
5,870
5,934
5,904
5,953
5,929
6,174
6,273
6,591
6,517
47
6,576
3,230
2,350
6,238
3,389
2,454
6,280
3,366
2,479
6,794
3,339
2,319
6,989
3,515
2,452
6,759
3,737
2,579
6,338
3,497
2,668
7,207
3,600
2,748
6,401
3,241
2,350
6,262
3,278
2,454
6,649
3,388
2,479
6,576
3,417
2,319
6,791
3522
2,452
6,803
3,626
2,579
6,712
3,529
2,688
6,987
3,672
2,748
6,839
3,772
2,673
516
520
516
584
634
649
595
609
7,035
3,764
2,673
618
519
513
526
578
632
641
616
598
609
48
49
50
51
1,928
1,902
1,854
2,034
2,234
2,260
2,178
2,336
2,481
1,849
1,883
1,952
2,034
2,141
2,234
2,295
2,338
2,387
52
8,021
4,654
8,620
5,253
7,799
4,277
7,744
4,218
7,715
4,246
9,678
6,299
8,775
5,478
10,280
6,601
8,009
4,654
8,619
5,253
7,896
4,277
7,660
4,218
7,701
4,246
9,686
6,299
8,858
5,478
10,203
6,601
10,661
7,386
382
405
382
476
392
454
369
422
10,662
7,386
382
382
405
382
476
392
454
369
422
383
53
54
55
9,177
10,450
7,963
8,914
8,952
10,992
9,525
10,576
10,875
8,818
9,522
9,331
8,833
8,783
9,926
10,918
10,418
10,726
56
5,670
1,708
6,565
1,983
4,642
1,173
4,884
1,026
5,220
1,577
6,249
1,745
5,291
1,407
5,739
1,582
5,506
1,277
573
780
2,876
5,271
1,580
5,868
1,698
5,678
1,574
4,944
1,038
5,014
1,584
5,475
1,414
6,242
1,775
5,768
1,538
5,211
1,194
57
58
59
60
61
653
614
857
693
532
591
542
682
666
646
780
853
660
720
739
725
2,695
3,032
2,346
2,634
2,331
2,871
2,504
2,693
3,507
1,271
3,885
1,305
3,321
4,030
1,314
3,732
1,230
4,743
1,463
4,234
1,080
4,837
1,606
344
411
388
404
540
405
530
374
867
441
621
456
550
536
633
568
755
623
615
697
581
692
647
609
678
760
741
832
779
743
570
744
2,490
2,792
2,792
2,633
2,174
2,623
2,894
2,708
2,703
3,547
1,195
3,654
1,193
3,653
1,098
3,889
1,162
3,769
1,138
4,451
1,313
4,676
1,537
4,650
1,391
5,515
1,912
344
419
388
385
374
396
540
401
530
382
867
419
621
474
550
532
576
605
1,481
1,788
1,808
1,771
1,598
1,972
2,077
2,145
5,369
1,968
576
571
2,254
1,589
1,688
1,785
1,786
1,719
1,852
2,044
2,177
2,422
62
63
64
65
66
10,156
11,192
10,314
11,117
11,602
11,579
10,902
11,861
12,088
10,076
10,797
10,614
11,292
11,540
11,131
11,233
12,040
11,983
67
5,523
5,412
5,346
5,654
5,673
4,500
4,803
4,870
5,492
5,554
5,268
5,369
5,744
5,692
68
1,544
5,931
1,158
5,075
1,232
5,516
1,173
5,216
1,272
5,311
1,287
5,472
1,348
5,411
1,366
5,363
1,380
5,810
1,524
5,821
69
70
4,494
4,925
758
374
381
4,834
5,412
1,178
5,153
1,283
5,744
1,145
5,000
1,229
5,221
1,311
5,552
1,403
5,674
1,326
5,102
1,341
5,728
1,786
1,869
1,684
1,739
1,911
2,152
2,054
2,253
2,359
1,746
1,784
1,771
1,777
1,865
2,047
2,162
2,296
2,303
71
509
523
480
484
527
493
454
479
484
501
478
528
489
514
452
501
486
470
72
3,559
3,539
3,615
4,631
4,122
4,334
4,231
4,543
3,967
3,613
3,439
3,644
4,648
4,181
4,229
4,267
4,553
4,027
73
SURVEY OF CURRENT BUSINESS
94 • June 1992
Table 2.-U.S. Merchandise
[Millions
Line
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
C Merchandise trade, by principal end-use category,
adjusted to balance of payments basis, excluding
militaryContinued;
74
176,002
212,007
249,750
265,067
247,642
268,901
332,418
338,088
368,425
409,765
447,189
477,365
497,558
489,398
75
76
Petroleum and products7
Nonoetroleum oroducts
42,554
133448
60,430
151 577
79,514
170236
78,374
186693
61,952
185690
55088
213813
58,050
274 368
51 384
286 704
34,279
334 146
42,944
366 821
39,632
407 557
50,920
426445
62,297
435 261
51,178
438220
77
Foods, feeds, and beverages
15825
18029
18564
18557
17477
18824
21 879
21 850
24376
24809
24928
25077
26653
26467
12,096
5,127
3,728
2,176
1,595
832
2,369
3,729
2,194
912
14,167
5,359
3,820
2,838
2,040
987
2,945
3,862
2,652
1,028
14,566
6,263
3,873
2,652
1,948
1,083
2,621
3,998
2,593
1,138
14,171
5,237
2,622
2,247
2,861
1,170
2,657
4,386
2,943
1,230
12,889
3,922
2,729
2,447
2,785
1,256
2,479
4,588
3,124
1,256
13,721
3,961
2,562
2,427
2,959
1,419
2,956
5,103
3,558
1,235
16,606
4,865
3,098
2,534
3,852
1,561
3,794
5,273
3,683
1,312
16,318
4,433
3,081
2,706
3,806
1,606
3,766
5,532
3,928
1,273
17,735
5,387
4,263
2,815
4,076
1,759
3,699
6,641
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
7,461
5,423
1,504
17,741
3,275
2,274
3,311
4,877
1,799
4,478
7,336
5,405
1,591
19,377
3,009
1,766
4,019
5,736
1,865
4,748
7,276
5,207
1,730
18,874
2,908
1,738
3,961
5,328
1,773
4,907
7,593
5,651
1,595
excluding military (A-16)
78
79
80
81
82
83
84
85
86
87
Agricultural
Coffee, cocoa, and sugar
Green coffee
Meat products and poultry
Vegetables, fruits, nuts, and preparations
Wine and related products
Other agricultural foods, feeds, and beverages
Nonagricultural (fish, distilled beverages, etc)
Fish and shellfish
Whiskey and other alcoholic beverages
88
Industrial supplies and materials
83,225
107,975
132,472
134,508
110,598
108,794
124,109
114,008
104,210
113,746
122,684
135,112
144,831
132,032
89
90
91
92
Agricultural
Nonagricultural products
Energy products
Fuels and lubricants711
1,569
81,656
46,354
45,932
1,787
106,188
65,171
64,547
1,952
130,520
85175
84,511
2,872
131,636
84,279
83,336
2,632
107,966
68,413
67,502
2,749
106,045
61 028
60,026
3,076
121,033
64,056
62,991
2,728
111,280
56885
55,866
2,722
101,488
38,550
37,680
3,107
110,639
46781
45,796
3,404
119,280
43703
42,878
4,003
131,109
54,804
54,165
3,734
141,097
66,472
65,922
3,985
128,047
55,664
55,091
3902
2,158
4690
2,126
4554
5,105
1,352
5155
5,465
2,838
5948
3,986
1,870
5,137
2,559
5623
3,438
1,952
5383
3,076
6853
4,918
2,423
7,090
4,046
8652
5,679
3,223
6906
3,957
8608
6,240
3,640
7,372
4,642
8936
7,427
4,428
10211
5,499
12380
7,401
5,027
9,633
5,511
13240
7,663
5,841
9,472
5,674
14330
7,351
6,337
8,450
6,143
14859
6,843
7,224
27,090
27,250
2,092
9,929
12,561
4,016
1,940
2420
4,185
2,668
20,844
1,091
7,706
9,654
3,403
1,545
2026
2,680
2,393
22,364
1 146
7,828
10,636
2,433
2,958
28,287
1,389
11,577
11,430
3,356
2,000
2743
3,331
3,891
25,044
35,059
3,239
4,031
12,587
15,476
4,861
2,026
3669
4,920
5,075
34,417
1,925
11,981
15,600
3,651
2,168
3735
6,046
4,911
31,461
1,795
11,195
13,659
2,452
2,521
3525
5,161
4,812
28,864
1,611
10,112
12,809
2,897
2,342
2,747
3,686
30,133
1,190
9,961
15,243
7,856
2,156
2645
2,586
3,739
28,023
1,277
10,822
11,893
3,784
1,889
3,266
2,656
23,190
2,156
7,629
10,300
2,914
1,871
1 729
3,786
3,105
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
Paper and paper base stocks
Textile supplies and related materials
Chemicals excluding medicinals
Building materials, except metals
Other nonmetals
Metals and nonmetallic products
Steelmaking materials
Iron and steel products
Nonferrous metals
Nonmonetary gold
Other precious metals
Bauxite and aluminum
Other nonferrous metals
Other metallic and nonmetallic products
.......
3871
4,591
1,127
:
19,653
1,900
7,356
7,741
1,763
893
1819
2,229
5268
3,971
1,632
1730
7,403
15,067
5,567
2,923
2072
4,505
2,890
2171
3,074
2,754
1244
10,083
10,031
3,176
1,988
2120
5,417
9812
7,391
4,546
2981
1921
3152
4,418
4,332
19,289
24609
31576
37134
38447
43735
60367
61287
71990
85128
102202
112453
116040
120 735
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
18,107
22,696
27,210
32,819
34,492
39,865
55,503
54,647
64,850
77,408
93,540
101,538
104,545
108,009
1-805
16,302
1,365
1,163
1,733
480
2478
20,218
1,434
1,574
2,617
611
2801
3316
4544
35,321
1,460
1,616
1,729
1,109
49,462
3,121
2282
2,261
1,514
6740
47,907
3,249
2,341
2,845
1,717
8025
56,825
3,108
2,668
3,435
2,024
9518
29,503
3,481
2,142
2,129
870
3707
30,785
3,779
1,721
2,028
847
6041
24,409
1,798
1,753
1,968
731
67,890
3,502
3,215
3,320
2,472
11 539
82,001
4,231
3,963
3,686
2,944
11 479
90,059
4,340
4,316
4,212
2,588
12785
91,760
4,066
4,582
4,064
2,589
12922
95,087
3,322
4,600
4,098
2,788
5247
6211
8115
8924
8643
9353
12344
12985
15776
18073
20908
22470
22673
21 630
Computers, peripherals, and parts
Semiconductors
Telecommunications equipment
Other office and business machines
Scientific, hospital, and medical equipment and
parts
965
1,785
1 673
1,20,5
1,238
1,472
3347
2,695
4,579
3854
1,534
5,528
5,588
8,365
5,596
14,839
7,784
18,358
10,963
9408
4,134
21,556
12,331
9,518
4,436
23,022
12,169
9402
4,153
26,111
13,083
9,824
4,197
Capital goods except automotive
Transportation equipment, except automotive
Civilian aircraft, engines, parts
Civilian aircraft, complete, all types
1,407
1,945
3,873
3572
1,577
1,875
8,299
7,846
7428
2,592
2,686
10,989
5,939
6920
3,310
686
772
857
990
1,105
1,449
1,775
2,092
2,656
2,951
3,406
4,292
5,040
5,434
1,182
856
271
1,913
1,370
519
4,366
3,122
1,016
4,315
3,844
1,339
3,955
3,518
1,132
3,870
3,130
1,012
4,864
3,717
1,082
6,640
5,314
1,833
7,140
6,085
1,903
7,720
6,577
2,081
8,662
7,889
3,030
10,915
9,619
2,927
11,495
10,486
2,708
12,726
11,742
3,326
2521
2024
1,216
2961
5614
6031
8129
3,605
25,039
26,628
28,257
30,990
34,294
43,044
56,521
64,905
78,061
85,174
87,947
87,380
87,695
84,941
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
10453
4,107
2,283
1,104
2959
9844
3,744
2,151
830
3,119
8907
3,840
2,016
544
2507
10,792
4,350
2,738
789
17496
7,464
3,673
1,469
4890
22716
10,039
4,673
1,871
24355
11,090
4,769
1,795
2915
13312
5,815
3,288
945
3264
6133
6701
24618
11,764
4,213
1,577
7064
24531
10,185
5,261
1,720
7365
29198
13,256
6,081
1,977
7884
29545
12,879
6,974
2,033
7659
29861
13,701
6,925
1,775
7460
28782
14,047
6,725
1,373
6637
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
14586
9545
1,473
744
2,824
16784
11135
1,679
782
3,188
19,350
13138
2,123
832
3,257
20,198
13,473
2,202
874
3,649
20,982
14,475
1,994
1,002
3,511
25,548
16,475
2,335
1,658
5,080
33,805
20,601
3,604
2,225
7,375
40,550
24897
4,775
2,541
8,337
53,443
33,469
6,198
3,035
10,741
60,643
37738
5,483
3,696
13,726
58749
33797
4,267
4,558
16,127
57,835
31,600
3,547
5,474
17,214
57,834
32,208
2,680
5,357
17,589
56,159
31553
2,448
5,082
17,076
29,372
11,212
5,262
2,634
15,812
31,262
12,008
5,563
2,955
16,932
34,268
13,022
6,362
2,526
18,347
38,373
14,803
7,580
2,728
20,625
39,671
16,016
8,205
3,017
21,055
47,277
19,579
9,881
3,636
24,400
61,094
25,906
13,447
4,553
31,444
66,336
27,681
14,519
4,562
34,708
79,355
33,355
17,432
4,878
41,451
88,824
39,432
20,292
5,558
44,893
96,425
43,118
20,775
5,904
47,763
103,453
46,491
22,647
5,973
50,957
105,294
49,082
23,786
6,625
50,516
108,024
50,636
24,562
6,575
51,648
4,545
4,981
5,643
6,286
6,830
8,183
10,501
11,161
13,604
16,066
17,218
18,385
18,599
18,771
1,774
2063
2,157
2,507
1 397
2,808
3,224
3,311
2155
2146
3198
4,377
5327
4,647
6780
5,773
8,091
7,196
6,410
7,984
5,824
8,886
6,862
9,743
6,380
9,410
6,662
5,991
124
135
136
137
138
139
140
141
142
143
144
145
146
147
Automotive vehicles, engines, and parts
Consumer goods (nonfood), except automotive
Consumer nondurable goods, manufactured
Textile apparel and household goods, except rugs
Footwear of leather, rubber, and other materials ...
Consumer durable goods, manufactured
Household and kitchen appliances and other
household goods
Toys, shooting, and sporting goods, including
bicycles
Television and video receivers
Radio and stereo equipment, including records,
tapes and disks
Unmanufactured consumer goods (gemstones,
nursery stock)
Imports, n.e.c., and U.S. goods returned
U S goods returned
Other products, including balance of payments
adjustments not included above (minimum value
shipments and miscellaneous imports)
See footnotes on page 99.
2167
2290
1962
1929
2463
2286
2513
3,432
3446
4,222
4,851
5,634
5,624
5,330
2,348
2,322
2,899
2,945
2,600
3,298
3,744
3,947
4,549
4,499
5,544
6,005
5,696
5,740
3,252
2,549
3,504
2,879
4,613
4,316
5,505
4,531
7,155
5,203
7,227
5,016
8,448
5,795
9,702
6,222
10,433
6,450
12,084
7,191
13,003
7,878
13,890
9,237
17,045
10,331
17,199
10,576
703
625
297
974
1,952
2,211
2,653
3,480
3,983
4,893
5,125
4,653
6,714
6,623
SURVEY OF CURRENT BUSINESS
95
June 1992
Trade—Continued
of dollars]
Not seasonally adjusted
Seasonally adjusted
1990
I
II
1991
III
I
IV
II
1992
IV
III
I
IP
III
II
II
I
IV
Line
1992
1991
1990
IV
III
IP
119,793
121,224
124,969
131,572
115,920
119,427
124,329
129,722
122,757
122,360
121,461
125,434
128,303
118,962
119,721
124,325
126,390
125,293
74
15,588
104,205
12,801
108,423
15,562
109,407
18,346
113,226
12,769
103,151
12,904
106,523
13,217
111,112
12,288
117,434
10,328
112,429
15,795
106,565
12,825
108,636
15,461
109,973
18,216
110,087
12,924
106,038
12,937
106,784
13,122
111,203
12,195
114,195
10,355
114,938
75
76
7,084
6,644
6,191
6,734
6,426
6,897
6,329
6,815
6,740
6,929
6,711
6,481
6,532
6,405
6,903
6,567
6,592
6,702
77
5,422
4,871
4,400
4,684
4,794
4,968
4,360
4,752
5,045
5,140
4,888
4,682
4,667
4,627
4,937
4,607
4,703
4,882
876
552
999
831
452
717
362
944
585
400
850
538
981
732
427
678
337
938
648
436
933
837
521
996
876
552
999
831
452
717
362
944
585
400
850
538
981
732
427
678
337
938
648
436
933
837
521
996
1,325
1,360
1,302
361
382
395
592
305
356
415
519
327
416
441
410
463
354
413
434
394
380
78
79
80
81
82
83
84
85
86
87
35,791
33,649
36,195
39,196
32,611
33,292
33,063
33,066
31,465
36,019
33,362
36,302
39,148
32,852
33,045
33,115
33,020
31,457
88
1,047
34,744
16,688
16,585
943
882
862
938
901
927
35,061
16,791
16,689
32,425
13,740
13,622
35,364
16,504
16,331
38,247
19,437
19,280
31,925
13,805
13,701
1,029
32,016
14,035
13,916
991
32,131
14,250
14,063
1,136
30,329
11,685
11,537
937
38,334
19,627
19,470
1,001
32,065
13,757
13,594
958
35,313
16,492
16,320
1,041
32,251
13,932
13,813
932
32,706
13,665
13,547
1,011
31,600
13,725
13,621
32,124
14,255
14,068
1,038
31,982
13,569
13,406
1,052
30,405
11,596
11,448
89
90
91
92
2,416
1,388
3,706
1,812
1,528
2,425
1,424
3,617
2,026
1,573
2,353
1,445
3,423
1,914
1,592
2,278
1,417
3,584
1,599
1,644
2,254
1,365
3,742
1,470
1,572
2,133
1,505
3,825
1,764
1,659
2,028
1,591
3,565
1,895
1,970
2,035
1,682
3,727
1,714
2,023
1,940
1,683
4,204
1,918
1,925
2,446
1,414
3,580
1,926
1,534
2,430
1,386
3,550
1,902
1,549
2,351
1,450
3,550
1,825
1,597
2,245
1,424
3,650
1,698
1,657
2,284
1,403
3,638
1,564
1,586
2,138
1,467
3,754
1,649
1,638
2,020
1,580
3,684
1,803
1,966
2,008
1,693
3,783
1,827
2,034
1,959
1,705
4,058
2,032
1,933
93
94
95
96
97
7,370
7,868
8,087
8,136
7,645
6,816
7,068
7,122
2,111
1,003
1,381
1,050
1,073
1,194
1,515
1,109
1,485
1,062
1,266
1,596
1,700
1,003
1,375
1,342
1,073
1,319
1,212
368
468
476
553
376
443
436
518
371
448
460
479
478
463
435
430
445
448
1,069
1,662
1,224
1,188
1,773
1,302
1,213
1,791
1,313
1,278
2,050
1,368
1,072
1,632
1,248
1,200
1,929
1,488
1,247
1,969
1,468
1,388
2,063
1,447
1,246
1,695
1,274
1,117
1,789
1,296
1,219
1,823
1,293
1,200
1,799
1,306
1,212
1,865
1,312
1,122
1,778
1,345
1,231
1,966
1,468
1,236
1,960
1,440
1,318
1,889
1,398
1,300
1,820
1,346
1,109
1,431
354
471
503
467
303
454
432
422
311
441
434
473
447
376
418
411
406
388
2,616
3,016
2,854
3,402
2,876
3,546
2,849
3,695
2,643
3,421
2,534
3,338
2,392
2,949
2,543
3,101
2,627
2,964
2,686
3,016
2,811
3,402
2,877
3,546
2,821
3,695
2,729
3,421
2,496
3,338
2,385
2,949
2,502
3,101
2,696
2,964
413
569
823
532
536
950
609
929
814
807
823
814
693
841
742
618
817
575
536
800
766
495
694
560
472
784
413
569
823
532
536
950
693
609
929
814
807
823
814
693
841
742
618
817
575
536
800
766
495
694
560
472
784
1,211
1,220
1,384
1,249
1,315
1,169
1,251
1,174
1,073
1,105
1,161
1,107
1,038
1,059
1,146
1,061
1,148
1,072
1,211
1,227
1,384
1,221
1,315
1,191
1,251
1,173
1,073
1,119
1,161
1,083
1,038
1,071
1,146
1,059
1,148
1,074
98
99
100
101
102
103
104
105
106
27,803
28,845
28,773
30,619
29,099
30,074
30,336
31,226
30,892
28,353
28,788
28,919
29,980
29,809
30,090
30,321
30,515
31,298
107
25,274
25,964
26,137
27,170
26,131
26,769
26,981
28,128
27,626
25,824
25,907
26,283
26,531
26,841
26,785
26,966
27,417
28,032
108
2,941
22,333
1,028
1,142
3,310
22,654
1,140
1,139
3,231
23,939
3,213
22,918
3,246
23,523
3,200
23,781
3,263
24,865
3,231
24,395
3,167
23,618
3,183
23,783
3,248
24,169
3,296
24,736
978
729
684
680
920
930
952
736
704
678
1,169
1,010
1,166
1,032
1,147
1,163
1,129
1,158
1,235
1,195
1,211
652
652
934
742
992
650
946
631
1,103
1,163
695
926
772
1,157
1,032
633
977
712
1,202
1,010
1,145
946
623
3,301
22,982
1,021
1,152
1,116
3,324
23,517
931
3,231
22,676
1,101
1,092
3,220
23,311
889
3,033
22,791
1,024
1,136
992
638
3,303
22,834
1,009
1,132
1,116
651
657
675
663
977
721
926
729
934
751
109
110
111
112
113
114
7,206
7,976
8,094
693,
8,185
7,472
7,433
6,832
7,127
6,974
7,335
5,717
5,731
5,485
5,740
5,594
5,457
5,139
5,440
5,451
5,663
5,614
5,647
5,749
5,567
5,362
5,259
5,442
5,371
115
5,594
2,971
2,129
1,039
5,544
3,079
2,212
1,036
5,660
3,050
2,448
1,006
6,224
3,069
2,613
1,072
5,941
3,070
2,255
6,285
3,210
2,334
999
969
6,785
3,366
2,527
1,035
7,100
3,437
2,708
1,194
6,759
3,620
2,433
1,176
5,797
3,062
2,278
1,054
5,684
3,014
2,301
1,084
5,702
2,998
2,395
1,006
5,839
3,095
2,428
1,009
6,203
3,172
2,417
1,021
6,443
3,148
2,437
1,013
6,768
3,306
2,472
1,029
6,697
3,457
2,498
1,134
6,928
3,684
2,577
1,185
116
117
118
119
1,083
1,204
1,295
1,458
1,278
1,328
1,382
1,446
1,365
1,135
1,209
1,294
1,402
1,343
1,334
1,370
1,387
1,417
120
2,529
2,265
2,881
2623
2,636
2,437
3,449
3,161
2,968
2,695
3,305
3,045
3,098
2,870
3,266
3,021
2,529
2,265
2,881
2,623
2,636
2,437
3,449
3,161
2,968
2,695
3,305
3,045
3,098
2,870
3,266
3,021
551
765
525
867
582
882
3,355
3,132
1,000
862
770
551
765
525
867
582
882
3,355
3,132
1,000
862
770
121
122
123
21,157
22,899
20,511
23,128
20,205
20,473
20,636
23,627
21,830
21,245
22,204
22,554
21,692
20,311
19,771
22,708
22,151
21,961
124
7,220
3,260
1,669
8,554
3,893
1,939
6,749
2,879
1,667
7,338
3,669
1,650
5,909
2,741
1,376
7,828
4,079
1,668
7,021
3,502
1,552
8,024
3,725
2,129
7,596
3,361
2,106
7,234
3,161
1,731
7,751
3,458
1,783
7,971
3,671
1,877
6,905
3,411
1,534
5,958
2,673
1,437
7,014
3,574
1,532
8,285
4,386
1,759
7,525
3,414
1,997
7,737
3,340
2,213
125
126
127
128
129
455
566
421
333
275
388
351
359
347
458
510
479
328
278
344
395
356
352
1,836
2,156
1,782
1,686
1,517
1,693
1,616
1,811
1,782
1,884
2,000
1,944
1,632
1,570
1,564
1,745
1,758
1,832
13,937
7,734
14,345
7,703
13,762
7,326
15,790
9,445
14,296
8,483
12,645
6,610
13,615
7,549
15,603
8,911
14,234
7,738
14,011
7,869
14,453
7,902
14,583
7,971
14,787
8,466
14,353
8,572
12,757
6,815
14,423
8,205
14,626
7,961
14,224
7,763
637
699
690
654
596
536
641
675
569
637
699
690
654
596
536
641
675
569
1,325
4,241
1,417
4,526
1,297
4,449
1,318
4,373
1,244
3,973
1,269
4,230
1,197
4,228
1,372
4,645
1,293
4,634
1,301
4,204
1,352
4,500
1,367
4,555
1,337
4,330
1,224
3,961
1,208
4,198
1,260
4,317
1,390
4,600
1,277
4,615
130
131
132
133
134
24,020
11,523
5,657
1,554
11,077
25,011
11,707
5,445
1,636
12,018
28,935
13,885
7,087
1,865
13,512
27,328
11,967
5,597
1,570
13,909
23,453
11,491
5,526
1,518
10,547
24,185
11,386
5,163
1,488
11,440
29,829
14,251
7,241
1,876
14,040
30,557
13,508
6,632
1,693
15,621
27,020
13,300
6,636
1,702
12,348
25,876
12,067
5,836
1,611
12,394
26,220
12,325
5,983
1,710
12,595
26,814
12,537
6,183
1,693
12,730
26,384
12,153
5,784
1,611
12,797
25,459
12,103
5,765
1,582
11,947
25,406
11,959
5,668
1,556
12,076
27,478
12,792
6,247
1,687
13,138
29,681
13,782
6,882
1,750
14,487
29,065
13,865
6,840
1,754
13,837
135
136
137
138
139
4,327
4,672
4,941
4,659
4,180
4,343
5,089
5,159
4,652
4,579
4,671
4,735
4,614
4,468
4,348
4,816
5,139
4,889
140
1,975
1,400
2,332
1,413
2,771
1,648
2,665
1,919
1,642
1,316
1,955
1,390
2,667
1,842
3,146
2,114
2,250
1,548
2,395
1,607
2,519
1,550
2,466
1,560
2,363
1,663
2,058
1,529
2,136
1,546
2,347
1,752
2,869
1,835
2,744
1,786
141
142
1,118
1,242
1,464
1,506
1,100
1,312
1,702
1,877
1,403
1,322
1,300
1,346
1,362
1,315
1,385
1,577
1,714
1,665
143
1,420
1,286
1,538
1,452
1,415
1,359
1,538
1,428
1,372
1,415
1,300
1,547
1,434
1,409
1,371
1,548
1,412
1,363
144
3,938
2,366
4,176
2,642
4,364
2,534
4,567
2,789
4,126
2,357
4,506
2,835
4,136
2,581
4,431
2,803
4,810
2,983
3,938
2,366
4,176
2,642
4,364
2,534
4,567
2,789
4,126
2,357
4,506
2,835
4,136
2,581
4,431
2,803
4,810
2,983
145
146
1,572
1,534
1,830
1,778
1,769
1,671
1,555
1,628
1,827
1,572
1,534
1,830
1,778
1,769
1,671
1,555
1,628
1,827
,147
SURVEY OF CURRENT BUSINESS
96 • June 1992
Table 3.—Selected
[Millions
Not seasonally adjusted
1989
Line
1990
1990
1991
I
1
Exports of selected services
il
IV
Hi
117,966
138,136
152,252
31,846
32,906
37,056
36,331
Travel (table 1 line 5)
Passenger fares (table 1 , line 6)
Other transportation (table 1, line 7)
Freight
Port services
Other
36,571
10,525
21,095
6,326
13,901
868
43,418
15,140
22,942
7,179
14,730
1,033
48,757
15,627
23,625
7,237
15,332
1,056
9,362
3,161
5,554
1,703
3,595
256
10,644
3,630
5,563
1,707
3,598
258
12,576
4,484
5,932
1,891
3,782
258
10,837
3,866
5,893
1,877
3,756
260
8
9
10
11
12
13
14
Royalties and license fees (table 1, line 8)
Affiliated
U.S. parents' receipts
U.S. affiliates' receipts ..
Unaffiliated
Industrial processes l
Other2
13,064
10,207
9,858
349
2,857
2,051
806
16,470
13,081
12,705
376
3,389
2,452
937
17,799
14,014
13,500
514
3,785
2,586
1,199
3,533
2,736
2,660
76
797
581
217
3,909
3,074
2,995
79
835
609
226
4,091
3,225
3,144
81
866
627
239
4,938
4,046
3,906
140
892
635
257
15
16
17
18
19
20
21
22
23
24
25
26
27
Other private services (table 1 , line 9)
Affiliated services
:
U S parents' receipts
U.S. affiliates' receipts
Unaffiliated services
Education
Financial services .
Insurance, net
Premiums received
Losses paid
Telecommunications
Business, professional, and3 technical services
Other Unaffiliated services
36,711
11,542
8,363
3,179
25,169
4,575
5,036
1,572
5,259
3,687
2,519
6,152
5,315
40,166
13,307
9,267
4,040
26,859
5,127
4,338
1,834
5,766
3,932
2,660
6,787
6,112
46,444
14,639
9,614
5,025
31,805
5,752
4,689
2,063
6,169
4,106
2,794
10,403
6,104
10,236
2,936
2,079
857
7,300
2,018
1,161
438
1,400
963
657
1,542
1,484
9,160
3,233
2,232
1,001
5,927
663
1,056
452
1,430
978
662
1,569
1,526
9,973
3,236
2,262
974
6,737
1,278
1,058
466
1,457
991
668
1,719
1,549
10,797
3,903
2,694
1,209
6,895
1,168
1,064
479
1,479
1,000
674
1,956
1,554
84,079
97,013
100,029
21,077
24,815
27,628
23,494
33,418
8,258
20,664
11,705
8,176
784
37,349
10,608
23,401
12,586
9,920
896
36,958
10,636
23,297
11,947
10,421
929
7,267
2,186
5,552
3,188
2,141
224
10,288
2,793
5,613
3,107
2,275
231
11,935
3,251
6,033
3,171
2,646
217
7,859
2,378
6,203
3,120
2,859
224
2,602
1,778
146
1,632
824
612
212
3,133
2,196
265
1,931
937
715
222
3,984
2,857
183
2,674
1,127
881
246
714
505
76
429
208
165
43
705
477
63
414
227
173
54
800
556
58
498
244
183
61
915
656
67
589
259
194
65
19,137
7,150
4,022
3,128
11,987
586
2,056
823
9,909
9,086
5,172
1,971
1,379
22,522
8,702
4,910
3,792
13,821
658
2,342
1,845
10,147
8,302
5,500
1,990
1,486
25,154
9,570
5,163
4,407
15,585
737
2,430
2,639
11,428
8,789
5,563
2,642
1,575
5,358
2,090
1,091
999
3,268
132
570
328
2,492
2,164
1,356
475
409
5,416
2,016
1,217
799
3,399
164
587
432
2,501
2,069
1,372
500
344
5,609
2,069
1,199
870
3,540
203
591
514
2,541
2,028
1,384
528
320
6,139
2,526
1,403
1,123
3,613
159
593
572
2,613
2,041
1,388
487
413
2
3
4
5
6
7
28
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)
42
43
44
45
46
47
48
49
50
51
52
53
54
Other private services (table 1, line 23)
Affiliated services
U.S. parents' payments
U S affiliates' payments
Unaffiliated services
U.S. parents' payments
U.S. affiliates' payments
Unaffiliated
Industrial processes *
Other2
Financial services
Insurance net
Premiums paid
Losses recovered
Telecommunications
Business professional and technical services
Other Unaffiliated services3
See footnotes on page 99.
.
.
'
.
.
..
.
...
.
June 1992 • 97
SURVEY OF CURRENT BUSINESS
Services Transactions
of dollars]
Not seasonally adjusted
Seasonally adjusted
1991
I
II
1992
IV
III
1990
I
\"
11
II
Line
1992
1991
I
IV
III
IV
III
\f
34,316
36,769
41,873
39,296
39,717
32,827
33,654
34,552
37,105
35,359
37,709
39,010
40,177
41,237
1
9,608
3,064
5,618
1,792
3,561
12,121
3,778
5,812
1,861
3,686
14,841
4,917
6,114
1,829
4,024
12,188
3,868
6,082
1,755
4,061
12,050
3,817
5,864
1,760
3,821
10,423
3,471
5,585
1,703
3,625
10,620
3,674
5,589
1,707
3,625
10,612
3,718
5,842
1,891
3,693
11,763
4,278
5,926
1,877
3,790
10,758
3,379
5,651
1,792
3,594
12,150
3,878
5,858
1,861
3,732
12,608
4,063
6,017
1,829
3,927
13,244
4,308
6,099
1,755
4,078
13,612
4,216
5,954
1,760
3,911
2
3
4
5
6
7
265
265
261
266
283
256
258
258
260
265
265
261
266
283
4,094
3,184
3,066
4,262
3,329
3,222
4,288
3,331
3,224
5,155
4,171
3,989
4,346
3,332
3,129
3,761
2,964
2,880
4,020
3,185
3,101
4,296
3,430
3,338
4,394
3,502
3,386
4,365
3,454
3,324
4,370
3,437
3,322
4,484
3,527
3,408
4,578
3,594
3,446
4,619
3,605
3,386
118
911
633
278
107
933
638
295
107
957
649
309
182
984
666
318
203
84
797
581
217
84
835
609
226
92
866
627
239
116
892
635
257
130
911
633
278
115
933
638
295
119
957
649
309
148
984
666
318
11,932
3,521
2,374
1,147
8,411
2,269
1,155
10,796
3,572
2,479
1,093
7,224
11,713
3,641
2,360
1,281
8,071
1,442
1,123
12,003
3,905
2,401
1,504
8,099
1,301
1,197
9,587
3,079
2,151
9,751
3,232
2,213
1,019
6,519
1,255
1,056
10,084
3,316
2,291
1,025
6,768
1,309
1,058
10,744
3,681
2,612
1,069
7,063
1,337
1,064
11,206
3,684
2,456
1,228
7,522
1,380
1,155
11,453
3,565
2,454
1,111
7,888
1,404
1,214
11,838
3,732
2,383
1,349
8,106
1,477
1,123
11,948
3,659
2,322
1,337
8,289
1,492
1,197
1,014
690
324
219
1,014
690
324
8
9
10
11
12
13
14
684
693
703
714
724
963
657
684
693
703
714
724
2,306
1,508
2,572
1,501
2,732
1,547
2,793
1,548
2,777
1,639
1,542
1,484
1,569
1,526
1,719
1,549
1,956
1,554
2,306
1,508
2,572
1,501
2,732
1,547
2,793
1,548
2,777
1,639
15
16
17
18
19
20
21
22
23
24
25
26
27
21,019
25,778
28,618
24,613
23,641
23,432
24,050
24,631
24,901
23,168
25,156
25,575
26,131
26,472
28
6,189
2,044
5,603
2,903
2,474
10,150
2,825
5,763
3,030
2,504
12,190
3,278
6,082
3,056
2,798
8,429
2,489
5,848
2,958
2,645
8,374
2,445
5,605
2,755
2,596
9,197
2,524
5,665
3,188
2,251
9,490
2,678
5,642
3,107
2,308
9,385
2,745
5,922
3,171
2,531
9,278
2,662
6,172
3,120
2,831
7,927
2,383
5,723
2,903
2,591
9,445
2,706
5,806
3,030
2,550
9,622
2,755
5,953
3,056
2,664
9,963
2,792
5,816
2,958
2,615
10,693
2,861
5,729
2,755
2,718
226
229
229
245
254
227
228
220
222
228
226
233
243
29
30
31
32
33
34
941
673
37
636
268
206
62
975
697
53
644
278
217
61
1,012
1,056
720
493
63
430
227
173
54
804
561
58
503
244
183
61
880
621
67
554
259
194
65
955
687
37
650
268
206
62
1,013
1,015
762
55
707
294
232
62
728
520
76
444
208
165
43
1,002
726
38
688
287
225
62
999
699
42
657
300
236
64
724
53
671
278
217
61
726
38
688
287
225
62
721
55
666
294
232
62
713
42
671
300
236
64
6,242
2,482
1,229
1,253
3,761
6,065
2,259
1,229
1,030
3,806
6,056
2,175
1,220
6,218
2,026
1,054
5,318
2,046
1,120
5,520
2,099
1,263
5,775
2,239
1,261
972
926
836
978
4,193
3,272
3,421
3,536
5,909
2,317
1,265
1,052
3,592
6,180
2,414
1,266
1,148
3,766
6,197
2,366
1,276
1,090
3,831
6,232
2,358
1,285
1,073
3,874
6,545
2,431
1,336
1,095
4,114
6,176
1,971
1,087
3,881
6,791
2,654
1,486
1,168
4,137
4,205
146
627
619
185
562
647
230
558
674
176
683
699
162
733
724
160
570
328
166
587
432
165
591
513
167
593
572
179
627
619
187
562
647
187
558
674
185
683
698
198
733
725
2,723
2,104
1,380
2,820
2,173
1,378
2,906
2232
1,399
2,979
2,281
1,406
3,045
2,320
1,430
2,492
2,164
1,356
2,501
2,069
1,372
2,541
2,028
1,384
2,613
2,041
1,388
2,723
2,104
1,380
2,820
2,173
1,378
2,906
2,232
1,399
2,979
2,281
1,406
3,045
2,320
1,430
584
405
664
370
677
343
717
456
717
427
475
383
500
364
528
355
487
385
584
377
664
393
677
379
717
425
717
402
740
1,214
13,640
4,070
2,394
1,676
9,570
2,565
1,289
928
6,508
1,227
1,161
489
505
524
546
576
438
1,503
1,014
1,528
1,022
1,554
1,031
1,585
1,039
1,620
1,045
1,400
955
452
1,430
466
1,457
978
662
991
668
12,836
4,263
2,476
1,787
8,573
1,568
1,289
479
489
505
524
546
576
1,479
1,000
1,503
1,014
1,528
1,022
1,554
1,031
1,585
1,039
1,620
1,045
674
255
1,013
884
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
• June 1992
SURVEY OF CURRENT BUSINESS
Table 4.—Selected U.S. Government Transactions
[Millions of dollars]
Line
19*90
loon
1QRQ
I
A1 U.S. Government grants and transactions increasing Government ' i»sets, total
19 31
1992
1QQ1
II
III
IV
II
1
III
IV
\P
1,246
3,613
-78
2,490
1,209
1 734
-453
16,227
26,145
-11 361
4756
5,581
4,482
11,326
-16,488
-6,956
10773
3,408
7365
17597
6,163
15694
-4260
-24487
3,833
14220
-42539
2813
3578
1,694
1 884
3106
1,104
2003
8100
2,483
9877
-4,260
-18181
1,420
3073
-22,674
-8214
483
551
1930
2915
-11,612
6039
-4,604
1,379
2193
-3,650
5,580
1,173
3,824
8,417
1,301
6522
12,123
1,499
10089
1,869
324
1433
2,016
304
1,568
1,348
461
691
3,183
212
2830
1,635
283
1,236
8,382
341
7,897
1,051
455
455
952
116
467
124
471
31
505
115
24
122
83
113
21
121
4
112
1,056
420
501
19
122
10
125
-126
-35
131
-11
1,002
10
74
40
-13
5
28
-43
43
-13
58
8
203
_5
468
21
273
-14
172
-7
25
22
59
11
37
84
10
56
95
5
g
21
3
8
17
3
11
22
0
9
24
3
13
22
4
10
17
1
17
47
1
16
9
0
8
31
29
48
50
29
6
4
9
2
15
0
34
5
10
36
11
2
3
26
5
3
3
6
(*)
10
159
155
189
23
25
57
49
29
48
39
73
41
23
(*)
114
0
954
(*)
1
(*)
9
(*)
12
(*)
91
(*)
88
(*)
177
0
391
0
300
0
181
0
-114
28
38
33
-28
58
-36
-37
31
57
-13
-3
1,173
1,514
10,977
1,301
1,999
22,434
2510
1029
-3640
1,499
5,270
16,621
1 604
4656
-41558
324
375
2,965
304
560
3,474
1 018
461
606
2,816
212
458
13,180
283
418
4,305
420
368
3,058
341
4,165
5,853
455
320
3,405
314
307
2,805
437
373
150
884
10,837
By category
?
3
4a
4h
5
6
7
8
g
10
11
1?
13
14
1«>
16
17
18
19
20
21
22
23
Grants net (table 1 line 30 with
sign reversed)
Financing military purchases1
Other grants
Cash contributions received from coalition partners for Persian Gulf operations
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
Foreign currency holdings and short-term assets, net (table 1, line 42, with sign reversed)
Foreign currency holdings (excluding administrative cash holdings) net
Receipts from:
Sales of agricultural commodities
Interest
Repayments of principal
Reverse grants
Other sources8
Less currencies disbursed for:
Grants and credits in the recipient's currency
Other grants and credits
Other U S Government expenditures8
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 net2
Other short-term assets (including changes in administrative cash holdings), net
883
-4
_2
137
1 986
11
133
314
503
By program
24
25
?6
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
Other foreign currency assets acquired (lines A1 3 A14 and A16)
Less foreign currencies used by U.S. Government other than for grants or credits (line A19)
Other (including changes in administrative cash holdings) net
776
806
666
109
197
285
114
194
-3510
-246
169
201
751
8
149
60
41
36
41
65
58
44
159
364
155
498
189
535
23
147
25
96
57
172
49
83
29
74
48
168
39
183
73
110
41
123
10,603
4,767
2703
2361
24,092
6,820
5747
3330
22,684
4,349
3127
3098
3,330
1,327
4,460
1317
2,970
1,515
3,095
1,273
3,042
937
129
610
437
103
826
328
49
630
901
106
1 084
593
387
1 400
748
603
586
96
4,859
716
1 061
1 432
12,612
t,545
868
13,333
2,662
3311
2,118
815
965
569
297
2711
11,147
272
441
1 328
334
85
279
843
2,737
7,686
941
197
124
693
1 165
58
0
0
0
0
g
116
31
304
5
139
37
1 007
508
-4043 -22457
3702
161
-1 1 273 -4318
By disposition3
33
?4
35
36
37
38
39
40
41
42
43
44
45
Estimated transactions involving no direct dollar outflow from the United States
Expenditures on U.S. merchandise
Expenditures on U S services4
Financing of military sales contracts by U S Government 5 (line C6)
By long-term credits l
By short-term credits
By grants *
U.S. Government grants and credits to repay prior U.S. Government credits14 6
U.S. Government long- and short-term credits to repay prior U.S. private credits and other
assets .
.
. . . . . .
Increase in liabilities associated with U.S. Government grants and transactions increasing
7
Government assets (including changes in retained accounts) (line C11)
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
R1 Repayments on U.S. Government long-term assets, total (table 1, line 41)
2
Receipts of principal on U.S. Government credits
3
Under Agricultural Trade Development and Assistance Act and related programs
4
Under Foreign Assistance Act and related programs
5
Under Export-Import Bank Act
6
Under Commodity Credit Corporation Charter Act
7
Under other credit programs
8
Receipts on other long-term assets
total, net increase (+) (table 1, line 53)
C1 U.S. Government liabilities other than securities,
2
Associated with military sales contracts2
U.S. Government cash receipts from foreign governments 1(including principal repayments on
3
credits financing military sales contracts) net of refunds
4
Less U S Government receipts from principal repayments
Less U.S. Treasury securities issued in connection with prepayments for military purchases in
5
the United States
6
Plus financing of military sales contracts by U.S. Government5 (line A36)
7
By long-term credits l
8
By short-term
credits
g
By grants 1
Less transfers of goods and services (including transfers financed by grants for military
10
purchases and by credits) 1 29 (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
Associated with other liabilities
Sales of nuclear material by Department of Energy
13
Sales of space launch and other services by National Aeronautics and Space Administration ..
14
Other sales and miscellaneous operations
15
See footnotes on page 99.
1 613
72
775
128
675
143
524
491
219
6,502
1 303
1,516
9,480
795
65
382
112
141
168
221
472
303
190
(*)
0
0
0
(*)
0
0
0
646
36
28
13
7
4
g
7
5
4
159
5,624
155
2,053
189
-34,046
23
1,426
25
1,121
57
1,513
49
-2,007
29
-21,347
48
-9,074
39
-1,776
73
-1,849
41
572
6,725
6,276
10,853
10,345
16,522
16,014
3,953
6570
1,864
3,505
1,240
1,116
1,169
1,044
1,044
2,836
2,703
421
214
1
133
754
630
38
318
273
0
1
125
12,055
11,929
3,716
4012
122
508
101
380
545
17
1
125
918
211
346
332
26
4
126
7,400
7,267
68
466
561
18
4
124
4
126
877
753
133
241
256
8
116
125
942
812
119
414
196
82
1
131
355
578
3860
1,395
7341
1,834
igs
6150
397
408
114
133
67
1999
4
915
0
548
119
449
469
123
508
146
288
1,866
2,158
1,600
1,418
-224
-188
1,087
1,234
-248
-149
1,251
1,261
868
830
421
278
654
651
-344
-341
-32
-54
7929
1952
9018
8559
1 014
1 635
2162
1928
3293
1 840
1 735
2776
2209
2196
134
145
197
70
510
40
362
102
177
-425
2,361
-189
3,330
-1,466
3,098
-130
1,400
-324
-637
1,432
-664
-465
593
387
437
103
328
49
301
901
106
1,084
748
83
569
297
1 303
334
279
795
941
546
72
586
96
182
775
128
491
646
129
3,283
30
143
1 613
2737
2711
272
1 328
8474
9833
10691
2174
2313
2791
2555
2569
2517
2556
3049
3127
0
0
0
182
-68
0
-35
-15
(*)
-147
-78
0
-99
7
(*)
-10
-46
0
38
-1
(*)
143
-33
(*)
3
-18
n
A3
(*)
22
10
115
134
-15
-6
19
-88
-24
-62
36
0
38
2
28
149
16
4
-143
-48
-21
-73
-292
-133
17
-176
-16
34
-21
28
-16
SURVEY OF CURRENT BUSINESS
FOOTNOTES TO U.S.
INTERNATIONAL TRANSACTIONS TABLES 1-1OA
General notes for all tables: P Preliminary. 'Less than $500,000 (±)
n.a. Not available.
D
Suppressed to avoid disclosure of data of individual companies.
Table 1:
1. Credits, +: Exports of goods, services, and income; 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, services, and income; 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, these lines are presented on a gross basis. The definition of exports is revised to exclude
U.S. parents' payments to foreign affiliates and to include U.S. affiliates' receipts from foreign parents. The definition
of imports is revised to include U.S. parents' payments to foreign affiliates and to exclude U.S. affiliates' receipts from
foreign parents.
6. Beginning in 1982, the "other transfers" component includes taxes paid by U.S. private residents to foreign
governments and taxes paid by private nonresidents to the U.S. Government.
7. For all areas, amounts outstanding March 31,1992, were as follows in millions of dollars: Line 34,74,657; line
35,11,057; line 36,10,947; line 37,8,994; line 38,43,659. 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) includes adjustments for the different geographical
treatment of transactions with U.S. territories and Puerto Rico, and (c) includes services furnished without payment
by financial pension plans except life insurance carriers and private noninsured pension plans. A reconciliation of the
balance on goods and services from the international accounts and the NIPA net exports appears in 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 1972.1V 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, June 1990, and June 1992 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,
in the June 1988 SURVEY, and in the June 1991 SURVEY). Prior to 1983, annual data are as published by the Census
Bureau, except that for 1975-80 published Census data are adjusted to include trade between the U.S. Virgin Islands
and foreign countries.
2. 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 adjustment 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 A1.
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 197481; 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. 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."
g.lncludes the former German Democratic Republic (East Germany) beginning in fourth quarter of 1990. In earlier
periods, the German Democratic Republic was included in Eastern Europe.
10. 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."
11. 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,
June 1992 • 99
and subsequently authorized (for many recipients) under similar legislation—are included in line A3. Deliveries against
these military sales contracts are included in line C10; 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 nor 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 C10 that was delivered
without prepayment by the foreign purchaser. Also includes expenditures of appropriations available to release foreign
purchasers from liability to make repayment.
6. Includes purchases of loans from U.S. banks and exporters and payments by the U.S. Government under
commercial export credit and investment guarantee programs.
7. Excludes liabilities associated with military sales contracts financed by U.S. Government grants and credits and
included in line C2.
8. Lines A16 and A19 exclude offsetting amounts for the receipt and near immediate conversion into dollars of cash
contributions in foreign currencies from two coalition partners for Persian Gulf operations. The amounts were $6,475
million in 1991:1 and $2,147 in 1991:11.
9. 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. Petroleum includes, and manufacturing and "other" industries exclude, the exploration, development, and
production of crude oil and gas, and the transportation, refining, and marketing of petroleum products, exclusive of petrochemicals. "Other" industries includes wholesale trade; banking; finance (except banking), insurance, and real estate;
services; and other industries—agriculture, forestry, and fishing; mining; construction; transportation, communication,
and public utilities; and retail trade.
2. Acquisition of equity holdings in existing and newly established companies, capital contributions, capitalization
of intercompany debt, and other equity contributions.
3. Sales (total and partial), liquidations, returns of capital contributions, and other dispositions of equity holdings.
Table 6:
1. Primarily provincial, regional, and municipal.
2. Largely transactions by International Bank for Reconstruction and Development (IBRD), International Development Association (IDA), International Finance Corporation (IFC), Asian Development Bank (ADB), and 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 A30.
Table 7:
1. Deposits include other financial claims for the United Kingdom, Canada, Bahamas, and British West Indies
(Cayman Islands) due to the commingling of these categories in foreign source data.
2. Primarily mortgages, loans, and bills and notes drawn on foreigners.
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.
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
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, Germany (includes the former German Democratic
Republic (East Germany) beginning in the fourth quarter of 1990), Italy, Luxembourg, Netherlands, European Atomic
Energy Community, European Coal and Steel Community, and European Investment Bank.
16. includes, as part of international and unallocated, the estimated direct investment in foreign affiliates engaged in
international shipping, in operating oil and gas drilling equipment internationally, and in petroleum trading. Also includes
taxes withheld, current-cost adjustments associated with U.S. and foreign direct investment, and small transactions in
business services that are not reported by country.
17. Details not shown separately; see totals in lines 49 and 56.
18. Details not shown separately are included in line 61.
Table 10a:
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.
SURVEY OF CURRENT BUSINESS
1OO • June 1992
Table 5.—Direct Investment: Income, Capital, Royalties and
[Millions
Not seasonally adjusted
Line
(Credits +; debits -)
1989
1990
1990
1991
II
I
IV
III
U.S. direct investment abroad:
1
2
3
4
5
6
7
Income with current-cost adjustment, before deduction of withholding taxes (table 1 line 12)
Earnings
Distributed earnings
Reinvested earnings
Interest
U.S. parents' receipts
U S parents' payments
8
9
Less:1 Current-cost adjustment
Less Withholding taxes
....
10
11
12
13
Equ3ls' Income without current-cost adjustment after deduction of withholding taxes
Petroleum
Manufactured
Other
14
15
16
17
18
19
20
21
Capital with current-cost adjustment (table 1, line 44)
Equity capital
Increases in equity capital23
Decreases in equity capital
Reinvested earnings
..
...
..
l
U.S. parents' receivables
U S parents' payables
22
Less" Current-cost adjustment (line 8 with sign reversed)
23
24
25
26
27
28
29
30
31
32
33
34
35
Equals: Capital without current-cost adjustment1
Equity capital (line 15)
Petroleum
Manufacturing
Other
Reinvested earnings without current-cost adjustment (line 18 less line 22)
Petroleum
Manufacturing
36
37
38
Royalties and license fees before deduction of withholding taxes net
U S parents' receipts (table 1 part of line 8)
U S parents' payments (table 1 part of line 22) .
.
39
40
41
Other private services before deduction of withholding taxes net
U S parents' receipts (table 1 part of line 9)
U S parents' payments (table 1 part of line 23)
Intercompany debt (line 19)
Petroleum
Manufacturing
Other
..
54,490
54,356
39,578
14,778
134
3,365
-3,231
55,428
53,660
34,192
19,468
1,768
4,708
-2,940
49,221
47,834
29,947
17,887
1,387
4,548
-3,161
13,768
13,435
6,930
6,505
333
1,105
13,757
13,357
8,170
5,188
400
1,091
12,434
11,938
5,956
5,981
497
1,194
15,468
14,931
13,136
1,795
538
1,317
-771
-691
-698
-779
-1,172
1,862
-1,417
1,728
-1,062
1,312
-313
-355
-379
-371
317
462
391
53,800
6,640
26,394
20,766
55,117
10,230
23,651
21,236
48,970
10,055
18,651
20,264
13,764
2,436
6,204
5,124
13,650
1,838
6,424
5,388
12,422
2,061
5,156
5,206
-28,995
1,755
-19,982
21,737
-14,778
-15,971
-18,216
2,244
-32,694
-7,455
-19,642
12,186
-19,468
-5,770
-10,582
4,812
-27,135
-11,650
-21,693
10,043
-17,887
2,402
1,130
1,271
-11,000
-1,664
-4,967
3,303
-6,505
-2,831
-1,446
-1,386
-4,094
1,647
-2,280
3,926
-5,188
-18,039
-5,728
-7,367
1,639
-5,981
-6,331
-10,263
3,932
439
-1,711
-5,029
3,317
-1,795
3,946
416
3,530
1,172
1,417
1,062
313
355
379
371
-30,167
1,755
5,517
-34,111
-7,455
-11,313
-1,664
-1,216
-4,449
1,647
1,013
475
159
-5,542
-18,418
-5,728
48
69
-1,711
-3,252
-15,950
829
-13,046
-3,733
-15,971
86
215
-16,273
-6,773
-20,886
-2,834
-9,504
-8,548
-5,770
-1,104
-1,255
-3,411
-28,197
-11,650
-1,689
-1,895
-8,066
-18,949
-2,653
-7,474
-8,822
2,402
2,981
-2,943
2,363
9,712
9,858
12,440
12,705
13,317
13,500
-146
-265
-183
4,342
8,363
-4,022
4,357
9,267
-4,910
-6,643
570
-7,958
8,528
-7,213
-9,117
1,903
1,138
-510
.. .
..
.
.
-554
711
-1,264
558
15,281
3,897 '
5,867
5,518
-302
-380
-110
-338
-6,818
-843
-4,933
-6,360
-148
98
-1,661
-2,166
-630
-779
-585
-3,929
-2,258
-2,831
-3,058
-1,706
-554
-2,354
-3,420
-6,331
-889
83
-1,317
681
514
-6,311
-1,163
3,946
236
1,197
2,513
2,583
2,660
-76
2,932
2,995
-63
3,086
3,144
-58
3,839
3,906
-67
4,451
9,614
-5,163
989
2,079
-1,091
1,015
2,232
-1,217
1,063
2,262
-1,199
1,291
2,694
-1,403
-1,083
6,967
-9,320
16,287
-8,049
-9,951
1,902
3,675
12,399
-7,648
20,046
-8,723
-11,018
2,295
-325
-1,077
779
-1,443
2,222
-1,857
-2,26T
404
-500
1,399
-1,974
3,372
-1,723
-2,142
419
1,343
-1,218
2,561
-1,843
-2,395
552
820
3,446
-4,686
8,132
-2,626
-3,154
527
971
^489
1,122
244
-65
236
-68
239
-64
-7,491
-2,862
-5,496
867
-1,565
-2,955
-3,312
4,703
2,907
-1,170
4,994
668
67,872
51,776
59,257
-7,481
-8,528
24,624
26,117
-1,494
45,137
57,041
62,880
-5,840
-16,287
4,383
18,368
-13,985
11,497
27,925
32,192
^,267
-20,046
3,618
5,238
-1,620
13,962
16,102
17,186
-1,084
-3,372
1,232
3,850
-2,619
-1,649
-294
-533
-840
-163
Foreign direct investment in the United States:
49
50
Income with current-cost adjustment before deduction of withholding taxes (table 1 line 26)
Earnings
Distributed earnings
Reinvested earnings
Interest
U S affiliates' payments
U S affiliates' receipts
Less" Current-cost adjustment
Less* Withholding taxes
51
52
53
54
Equals' Income without current-cost adjustment after deduction of withholding taxes l
Petroleum
Manufacturing
.
Other
55
56
57
58
59
60
61
62
Capital with current-cost adjustment (table 1 line 57)
Equity capital
Increases in equity capital ^3
Decreases in equity capital
Reinvested earnings
Intercompany debt
U S affiliates'1 payables
U S affiliates receivables
63
Less: Current-cost adjustment (line 49 with sign reversed)
-1,138
64
65
66
67
68
69
70
71
72
73
74
75
76
Equals' Capital without current-cost adjustment l
Equity capital (line 56)
Petroleum
Manufacturina
69,010
51,776
1,872
26,320
23,585
-7,390
-1,113
31
-6,308
24,624
100
12,253
12,271
46,108
57,041
1,118
22,497
33,426
-15,316
1,354
-5,593
-11,076
4,383
-2,104
6,735
-6,273
-11,910
3,618
-1,624
1,097
4,145
77
78
79
Royalties and license fees, before deduction of withholding taxes net
U S affiliates' payments (table 1 part of line 22)
U.S. affiliates' receipts (table 1 , part of line 8)
-1,284
-1,632
349
-1,555
-1,931
376
80
81
82
Other private services, before deduction of withholding taxes, net
U S. affiliates' payments (table 1 part of line 23) .
U.S. affiliates' receipts (table 1, part of line 9)
51
-3,128
3,179
249
-3,792
4,040
42
43
44
45
46
47
48
..
See footnotes on page 99.
.
..
...
other
Reinvested earnings without current-cost adjustment (line 59 less line 63)
Petroleum
Manufacturina
Other
Z7.
'..7.
Intercompany debt (line 60)
Petroleum
Manufacturing
Other
-290
:' ' "
71!
Z
..
..
:
:
'. 77....: '.". Z.'"
".
-971
-248
-354
-917
-503
-745
-425
-1,245
253
-292
859
-378
-675
-883
-1,347
480
-1,070
1,279
2,276
11,360
13,232
13,704
8,235
10,445
11,641
-1,196
-2,561
351
6,468
-6,117
11,580
17,261
20,349
-3,088
-8,132
2,451
4,716
-2,265
-472
-2222
350
3,334
-2,984
-948
-469
-1,122
-244
-236
-239
-253
12,619
27,925
113
11,794
16,018
18924
14,205
16,102
420
6,346
9,337
-3,128
466
-1,268
-2,326
1,232
-1,086
-2,746
5,064
11,596
13,232
391
7,121
5,720
-1,986
38
19
-2,043
350
8,474
10,445
115
3,409
6,921
-2,322
524
1,090
-2,532
351
1,321
780
-1,750
11,833
17,261
192
5,621
11,448
-7,879
325
-4,030
-4,175
2,451
-2,142
2,262
2,332
-2,161
-2,674
514
-354
-429
-335
-414
-417
-498
-449
-589
618
-4,407
5,025
-142
-999
-741
76
857
-196
-544
-314
79
81
140
201
104
86
-1,123
1,209
-799
1,001
-870
974
SURVEY OF CURRENT BUSINESS
101
June 1992
License Fees, and Other Private Services
of dollars]
Not seasonally adjusted
Seasonally adjusted
1992
1991
I
II
14,367
13,941
7,153
6,788
12,232
11,904
6,417
5,486
10,458
10,154
5,591
4,563
I
\P
IV
III
12,164
11,836
10,786
1,050
II
13,149
12,779
8,511
4,268
13,809
13,476
7,974
5,502
370
936
13,609
13,209
9,870
3,339
13,728
13,231
8,512
4,719
II
I
IV
III
14,282
13,745
7,836
5,909
14,260
13,833
7,833
6,000
IV
III
12,125
11,796
7,803
3,993
Line
1992
1991
1990
11,539
11,235
8,018
3,217
\P
11,297
10,969
6,294
4,675
13,260
12,890
9,421
3,470
427
328
304
329
333
400
497
538
427
328
304
329
1,185
1,163
1,144
1,055
1,105
1,091
1,194
1,317
1,185
1,163
1,144
1,055
-758
-835
-840
-727
-567
-771
-691
-698
-779
-758
-835
-840
-727
-567
-378
-309
-226
-149
-148
-313
-355
-379
-371
-378
-309
-226
-149
-148
370
936
1
2
3
4
5
6
7
313
354
240
406
348
371
484
513
359
362
370
313
268
421
8
9
14,433
3,655
4,623
6,155
12,187
1,967
5,202
5,018
10,444
2,312
3,852
4,280
11,907
2,121
4,975
4,811
12,949
1,903
5,078
5,968
13,751
2,263
6,364
5,124
13,480
2,046
6,045
5,388
13,593
2,499
5,889
5,206
14,294
3,423
5,354
5,518
14,276
3,320
4,802
6,155
12,064
2,152
4,894
5,018
11,452
2,769
4,404
4,280
11,178
1,814
4,553
4,811
12,987
1,723
5,296
5,968
10
11
12
13
2,188
-8,473
-3,355
-4,680
1,325
-4,563
-8,067
-6,448
-9,523
3,076
-1,050
-12,104
-3,260
-4,613
1,353
-4,268
-4,576
-9,997
-1,664
-4,967
3,303
-5,502
-2,831
-1,446
-1,386
-2,246
1,647
-2,280
3,926
-3,339
-16,777
-5,728
-7,367
1,639
-4,719
-6,331
-10,263
3,932
-3,674
-1,711
-5,029
3,317
-5,909
3,946
-11,994
-2,405
-4,495
2,090
-6,000
-3,589
-2,669
3,681
-7,128
-3,355
-4,680
1,325
-3,217
-11,692
-6,448
-9,523
3,076
-4,675
-11,305
-3,260
-4,613
1,353
-3,470
-4,576
-5,162
14
15
16
17
18
19
20
21
-12,782
-2,405
-4,495
2,090
-6,788
-3,589
-2,669
-920
557
-2,995
3,552
-5,486
7,117
-1,877
8,994
-556
-4,693
4,138
-570
10,370
-10,940
586
-5,162
-554
711
-1,264
416
3,530
-920
557
-2,995
3,552
-3,993
7,117
-1,877
8,994
-556
-4,693
4,138
-570
10,370
-10,940
586
378
309
226
149
148
313
355
379
371
378
309
226
149
148
22
-13,160
-2,405
1,879
-8,699
-3,355
-8,216
-6,448
-12,252
-3,260
-4,045
-1,711
-12,372
-2,405
3,372
-7,354
-3,355
-11,841
-6,448
-11,454
-3,260
-712
-2,600
1,647
1,013
-17,156
-5,728
-598
-10,310
-1,664
-1,216
-1,468
-1,289
-4,789
-1,115
-1,166
-2,508
-1,448
-4,288
-1,199
23
24
25
26
27
28
29
30
31
32
33
34
35
-401
-152
-1,852
-7,166
-1,221
-2,300
-3,645
-3,589
557
21
1,173
-637
-5,795
-535
-2,834
-2,426
7,117
503
9
-242
-556
-570
1,425
1,044
-2,534
-1,559
-582
-236
7,689
-1,744
3,029
3,066
3,169
3,222
-37
-53
1,146
2,374
-1,229
1,250
2,479
-1,229
1,667
3,786
-1,817
5,603
-2,119
-2,691
750
254
2,892
-1,533
4,425
-2,142
-2,729
571
275
-80
1,472
218
-1,175
409
2,414
-1,244
3,658
-2,161
-2,676
1,005
3,306
-3,054
6,360
-2,301
-2,922
3,004
-1,760
4,764
-2,035
-2,561
587
516
621
285
-62
285
-67
278
26
-2,326
-3,028
-3,653
-1,247
759
-428
950
1,030
2,291
-1,261
1,347
2,612
-1,265
1,190
2,456
-1,266
1,178
2,454
-1,276
1,098
2,383
-1,285
986
2,322
-1,336
1,389
2,476
-1,087
39
40
41
651
-235
456
-2,281
3,226
-1,723
-2,142
1,121
3,264
-1,859
5,122
-2,142
-2,729
834
3,278
-3,342
6,619
-2,626
-3,154
1,174
3,293
-1,963
5,256
-2,119
-2,691
547
1,609
-1,716
3,325
-1,843
-2,395
2,707
-1,563
4,270
-2,161
-2,676
3,135
-2,263
5,398
-2,301
-2,922
2,491
-1,805
4,296
-2,035
-2,561
526
419
404
552
527
571
587
516
621
526
42
43
44
45
46
47
48
275
-62
244
-65
236
-68
239
-64
253
275
-80
285
-62
285
-67
278
275
-62
49
50
243
51
52
53
54
756
945
-957
-745
-879
-890
-378
-992
-409
-683
-805
-292
690
-948
-637
3,334
-2,984
6,468
-6,117
5,440
5,043
6,060
-1,017
^,764
-51
-109
2,460
-2,512
-278
-275
4,995
7,615
503
5,043
-472
979
1,176
1,413
7,322
7,493
8,557
-1,064
-5,122
4,950
-1,424
6,374
-513
-755
-4,270
-1,142
2,304
-3,446
-5,398
3,463
3,572
-285
786
-4,439
-244
-236
-239
-253
-275
-285
10,703
13,232
7,710
10,445
13,346
17,261
-1,258
7,376
7,606
7,493
146
221
420
391
115
192
257
2,522
4,947
-6,082
1,732
3,090
-4,489
6,346
9,337
-2,982
7,121
5,720
-2,879
3,409
6,921
-3,086
5,621
11,448
-6,366
2,352
4,767
-4,981
-537
-644
-581
-688
107
326
-955
1,281
202
466
-1,189
-3,501
665
-1,374
1,026
1,771
27
1,295
-1,122
-2,326
1,232
-1,086
-2,746
5,064
-525
-707
-454
-657
-360
-444
182
336
-1,168
1,504
-51
203
704
-972
1,676
84
2
-926
928
38
-874
-2,043
350
-196
-544
524
325
26
-1,078
-2,532
-2,517
-4,175
2,451
-2,142
2,262
2,332
-1,979
-3,028
-3,653
-1,247
351
1,321
780
1,090
-1,750
-346
-430
-411
^38
-503
-554
84
183
92
47
-836
-978
1,019
1,025
116
701
-90
-1,532
7,376
9,312
-1,936
-5,256
-3,653
14,352
16,102
-2,460
-3,189
3,463
329
-219
-616
437
138
27
-53
899
-145
-227
-287
-635
1,822
3,480
-3,373
-433
-538
-723
-779
351
925
409
1,134
-1,980
3,114
-1,857
-2,261
969
350
-518
-636
36
37
38
-3,114
-184
-730
63
-42
2,276
-2,459
-1,142
-1,030
1,093
3,344
3,386
-55
13,093
17,261
20,349
-3,088
-6,619
2,451
4,716
-2,265
-1,116
-107
3,391
3,446
-38
1,279
6,656
-1,253
1,147
3,370
3,408
-53
7,471
10,445
11,641
-1,196
-3,325
-150
-756
107
3,269
3,322
-37
480
-3,166
118
3,287
3,324
-67
10,468
13,232
13,704
-3,235
4,950
-1,070
-636
3,319
3,386
-58
668
-285
5,097
2,824
-4,140
3,280
3,338
14,108
16,102
17,186
-1,084
-3,226
1,232
3,850
-2,619
-285
1,044
-63
227
8,304
7,493
-570
1,425
3,038
3,101
1,503
-275
-556
9
-2,649
1,242
-1,605
7,376
-331
-2,023
4,718
7,615
8,369
-755
-2,331
-2,162
-1,113
-1,744
641
-6,360
3,463
3,572
-967
-2,112
-2,233
7,117
-769
-2,401
-3,618
1,616
-2,761
-2,473
-4,576
-1,389
7,689
1,163
-513
-1,448
-4,288
-4,824
-6,311
-461
-286
-3,658
-1,142
2,304
-3,446
43
-1,468
-1,289
-3,443
-1,363
-90
-236
-280
5,440
5,953
-637
-712
-582
2,213
-1,263
1,340
2,394
-1,054
1,173
-4,302
-598
503
1,031
2,151
-1,120
915
2,401
-1,486
-152
-1,852
-6,378
-1,000
-2,065
-3,313
-3,589
557
21
-2,534
-1,559
-76
1,141
2,360
-1,220
98
-1,661
-6,280
-1,328
-1,882
-3,070
3,946
-401
236
2,804
2,880
-42
-148
1,197
2,513
-533
681
3,087
3,129
872
-90
83
514
-55
36
-554
-1,317
3,934
3,989
1,413
257
-889
-38
8,019
7,493
8,557
-1,064
-4,425
4,950
-1,424
6,374
2,352
4,767
-5,328
-652
-2,151
-2,295
-6,331
3,187
3,224
1,176
786
-380
-1,868
-1,446
-294
527
-843
-4,933
-5,098
-476
-2,649
-145
475
159
-3,694
48
-3,603
-1,736
-2,831
-2,023
-1,880
7,376
9,312
-1,936
-5,603
-3,653
-4,439
-110
-338
-5,815
-1,649
-219
-909
931
-769
-2,401
-4,417
1,600
-2,995
-3,022
-4,576
-1,389
-538
-227
-659
-635
-90
759
-428
5,097
2,824
-4,837
-451
-461
-799
1,163
1,242
1,503
29
5,680
7,615
8,369
5,440
5,953
314
5,440
-51
-109
2,460
-2,512
-278
-275
5,958
7,615
970
5,043
138
146
221
1,822
3,480
-3,985
2,522
4,947
-5,120
1,732
3,090
-4,021
202
-150
-184
-433
-1,453
-3,235
4,950
-1,070
-1,342
-2,459
-1,142
-1,498
-3,189
3,463
-3,501
27
-53
1,295
-452
-671
6,656
-1,116
-520
-650
-555
-671
-569
-688
-518
-666
115
119
-51
-1,374
-3,166
-636
-722
665
1,026
1,771
130
695
5,043
6,060
-1,017
-4,297
148
27
219
17
80
21
276
242
903
-1,052
1,069
-1,148
1,228
-1,090
1,111
-1,073
1,349
-1,095
1,337
1,787
-884
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
SURVEY OF CURRENT BUSINESS
1O2 • June 1992
Table 6.—Securities Transactions
[Millions of dollars]
LiriG
(Credits +' debits )
A1
2
3
4
5
6
7
8
g
10
11
12
13
14
15
16
17
18
Foreign securities, net U.S. purchases (-), (table 1, line 45 or lines 2 + 13 below) ...
Stocks, net U.S. purchases
New issues in the United States
Of which Western Europe
Canada
Latin America
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 1
Private corporations
Internationalfinancialinstitutions2
19
20
21
22
23
24
By area:
Western Europe
Canada
Japan
Latin America
Other countries
International financial institutions2
25
26
27
28
29
Redemptions of U.S.-held foreign bonds3
Western Europe
Canada
Other countries
International financial institutions2
30
31
32
33
34
35
Other transactions in outstanding bonds net3
Western Europe
Of which United Kingdom
Canada
B1
2
3
4
5
6
7
8
9
OtSer1
U.S. securities, excluding Treasury securities and transactions of foreign official
agencies, net foreign purchases (+), (table 1, line 59 or lines 2 + 10 below)
Stocks, net foreign purchases
By area:
Western Europe
Of which Germany
Switzerland
Canada
Japan
Other
19<jo
1989
1990
19<)1
I
II
IV
III
III
IV
\P
-28,765
-45,017
-8,580
-11,037
-1,037
-8,t11
-9,526
-11,783
-12,403
-11,305
-8,679
-7,404
-30,156
-22
-6,130
-547
-705
-6,747
-9,145
-8,532
-5,732
-7,500
-7798
-7,366
(D)
-1 887
-1,465
-5946
-595
-482
-378
-242
-692
-332
-1 945
-1 291
-388
-610
-2378
-1,082
-9415
-7,690
-3550
-1 095
-339
-291
-5517
-2,156
122
-52
-27
-3282
-24210
-11,343
-6391
608
-13275
-4,857
-21,361
-14,861
-8,558
-6622
-23 353
-20 993
-9,971
-2008
-2008
-1,164
-1,442
-9618
-6616
-4,039
-3,080
-1 452
-6000
-10,099
-3,442
-6632
-1 326
-105
-517
-2,512
-1,550
-1,496
-593
-1 043
-2703
-3113
-6674
-7054
-7840
-298
-1423
-1 571
-2566
-284
-892
-347
-618
—2495
-8,989
-1 150
-605
1442
-3080
6,025
944
3789
928
364
-4260
-6,878
-7,929
-3501
3247
2,872
5,144
1256
2496
899
493
-3152
-2,015
-200
-1 692
-3442
-???
8
200
-141
162
-457
1458
-660
(D)
(D)
-159
-1455
-2322
-2390
-2503
-1241
-30
38,767
1,592
34,918
1,311
2,114
6958
-14,520
9,175
-3,274
-3,608
111
-6775
-150
-1 287
145
-2343
-939
-763
-273
-729
-985
-119
-774
-438
-242
-651
-372
-398
-296
-496
-150
-197
-1,280
1,784
-101
-159
-1 197
-2162
-268
-513
-1,104
-860
-455
748
81
447
213
7
1,396
696
581
119
1,822
344
1 153
20
305
3,435
483
2254
291
407
1,483
187
864
361
71
1 734
732
339
283
-3149
-7,630
-6,353
-2836
-9,957
-9,258
-1,223
2,006
6,338
-3,620
-2,768
881
1,683
3,068
15,212
10,012
4,832
4,459
1,416
7,453
2,062
-1,756
-3,161
-2617
-2528
-250
-659
-862
-973
-325
-834
3423
94
1 160
1,071
1,177
99
69
74
148
591
-2,699
73
-1687
-170
-559
-629
253
-1,514
860
-3336
1,002
-1,114
685
93
-1 137
292
2,986
-1 539
-723
-614
197
779
-928
806
4,603
-1,664
1,184
2012
-184
-632
628
-1 737
-1,530
2,256
974
1,372
-140
-101
-403
6,208
3,446
7,759
7,950
6,588
7,620
4,703
3,432
2,437
339
3,241
851
8,092
1,556
-1,889
4,176
3,785
-11
5,422
2,631
-1,465
6,077
2,699
-1,156
3,229
1,748
261
459
563
557
218
772
151
5,183
449
476
3,589
682
992
1,080
2,757
259
74
2,408
3,383
600
4,460
991
313
3,454
-178
-134
-3,442
-29
-88
854
2,092
-4,185
-338
16,106
5,583
-5,577
20,931
8,823
-4,011
3,146
2,690
-1,251
4,825
1,123
-600
18422
9,181
-384
13,071
1,569
569
9,370
1 292
5,706
5,667
7
1,195
-248
-521
3,925
-3
341
3,665
862
832
206
-88
1,078
76
-914
-804
-552
2262
1 301
410
949
15,571
-5,064
-209
-695
-1 968
-2319
-455
4,862
18,711
13698
-418
816
149
478
189
-350
-1 078
1484
-1,706
-1,722
1,041
New issues sold abroad by U.S. corporations
U S federally-sponsored agency bonds net
Other outstanding bonds, net
1,844
5
-298
-991
-696
-347
-791
-2,343
-2,468
-1,104
-5,167
11
12
13
710
4,748
-2,287
-643
-257
-2,874
5,722
1891
-274
-460
-2,471
4,585
276
10,463
389
-4884
80
1,333
25,743
17,715
1 104
6,363
5,559
361
-627
833
843
777
16,112
-226
-846
-2389
-6415
-2,000
2982
3,238
1,010
-2531
201
2,074
31,809
24
1,907
823
852
1,924
-4,674
-695
-662
-456
-1,179
-6,172
-1,742
-732
3,731
1 093
4,501
-5,573
-2,544
-1 100
-1,495
-3,726
-55
-1,013
-1,850
4,642
-3,871
-7,016
-95
1 519
-2,163
-1,484
1 628
-1,400
-1,984
-229
-248
-2,638
-2386
-2,332
-1,376
-332
-2931
-3,177
798
-3024
-3,519
-2,779
-5261
-495
-446
-596
1269
-3374
3,481
-451
-7,085
1,102
166
529
401
6
-89
-3380
-544
-7,406
1,481
437
695
199
150
-394
-6573
-2,881
-1 761
321
-1543
-2470
-3354
-1,935
-1 478
373
-2507
715
-490
1,745
504
794
110
337
-866
-7241
-2,950
-1 821
-7200
-4,458
-2465
306
-2504
-1,537
7,401
1 604
4435
643
719
-19
-868
-4,907
-991
(D)
-203
-4,760
-13
905
1 192
173
-927
-100
-674
-174
-917
-593
-221
-198
(D)
-795
165
597
203
258
1496
106
682
(D)
-1 424
-910
-3154
-1,358
3,375
-166
(D)
-169
-122
-6,552
-80
(D)
-5535
-3,085
-1 829
29
-1 569
-13,617
-14,262
-4399
2,399
14,348
-986
3191
..
II
-22,070
Corporate and other bonds, net foreign purchases
By area:
Western Europe
Of which Germany
Switzerland
United Kingdom
Canada
Japan
...
Other countries
I
-17,213
10
14
15
16
17
18
19
20
21
1992
1991
-667
-4,439
45
-131
-1
3,813
130
1,576
1,532
-259
-646
-646
1879
n
-166
3,240
2,253
-440
2,810
219
1,256
1,562
168
-143
-181
3,425
59
Memoranda:
Other foreign transactions in marketable, long-term U.S. securities included elsewhere in
international transactions accounts:
Foreign official assets in the United States (lines in table 9):
1
U S Treasury marketable bonds (line A4)
2
Other U S Government securities (line A6)
3
U S corporate and other bonds (part of line A14)
....
4
U S stocks (part of line A14)
5 Other foreign transactions in U.S. Treasury bonds and notes (table 9, line B4)
See footnotes on page 99.
26,840
1 383
23,214
667
-196
-153
2,031
26,838
-1,433
-5,791
-521
12
-138
-2,667
3827
346
-46
11,109
134
-89
-228
-220
-176
288
13,342
708
-30
-891
-3,192
-219
102
13
15,069
474
210
-115
-1,581
10,227
1,075
186
197
-9
5,083
540
217
-104
-346
SURVEY OF CURRENT BUSINESS
June 1992 • 103
Table 7.—Claims on and Liabilities to Unaffiliated Foreigners Reported by U.S. Nonbanking Concerns
[Millions of dollars]
A1
?
3
4
5
6
7
8
g
10
11
12
13
14
(Credits +; increase in U.S. liabilities or decrease in U.S. assets.
Debits-; decrease in U.S. liabilitiesor increase in U.S. assets.)
Claims total (table 1 line 46)
Denominated in U S dollars
Denominated in torsion currencies
Bv type: Deposits1
Other claims12
By area* Industrial countries3
Of which United Kingdom
Canada
Caribbean bankina centers4
Other
;
.".'
Commercial claims
Denominated in US dollars
Denominated in foreign currencies
Z
Z1!.Z!Z'
1990
11398
-2477
5526
7451
_$
-4780
-5142
2,251
2304
-298
1,269
n.a.
104,447
13100
13703
-961
-3947
-3296
-425
2,682
5678
-2996
-718
-44
-674
2,436
-555
2,991
n.a.
-2309
-4266
-4???
-44
2565
-603
6928
7709
781
324
1348
6965
7390
87,504
72744
14,760
2,779
2,966
-284
-718
n
2,970
-534
na
2179
1,341
1 015
569
-66
-1919
-1,909
345
1 245
-44
2405
2,340
231
-35
66
n.a.
na
n.a.
n.a.
420
478
-58
-1,167
-1011
n.a.
na
-156
n.a.
16,943
16132
811
677
-869
-298
n.a.
na
14,104
2839
-877
-149
-141
n.a.
n.a.
n.a.
10,883
1,112
4,948
1991
II
I
13598
-498
-926
-35
7997
-1 032
6719
8098
6,870
894
5209
-207
-3965
-1,496
-1461
2737
267
5459
3,995
4644
4,316
488
-1,702
-1 551
-1,516
-1627
111
-1,439
1 175
-151
1916
1 525
19
209
2015
269
-583
-856
505
18
17
18
19
By area: Industrial countries53
Members of OPEC
Other
-1,363
103
-442
-942
-1,120
255
76
192
61
Liabilities, total (table 1 line 60)
•>
6
7
8
q
10
11
By area: Industrial countries3
Of which United Kingdom
Caribbean banking centers4
Other
„
Commercial liabilities
Denominated in U S dollars
Denominated in foreign currencies
26
5,565
4906
3372
3427
-55
588
353
235
2730
2,285
510
132
-2,206
-2,794
2,059
735
2193
4318
4114
2964
-771
-223
-96
-405
223
449
-226
238
-69
450
-465
1026
-81
-275
134
-941
-446
684
176
1 089
1,250
-5018
-2,948
-1967
-4680
-4,114
390
460
-46
2794
2,223
325
-876
-685
-314
-296
-372
-744
-21
72
100
26
-42
-314
1006
65
-833
-794
-341
9
-39
-766
-67
-625
35
-243
778
-98
-598
-43
-235
-254
25
-18
-378
-346
-32
-128
-186
-263
-115
-417
-47
150
-248
-11
-119
813
4728
-1661
-1430
1,275
847
321
526
-1 880
-1322
-910
-549
-277
-260
-558
-361
662
505
755
285
-1,198
786
283
-1 705
-1,655
-166
-9
-619
-445
236
-527
-520
-565
45
-9V>
69
132
38
3706
175
-697
-214
-889
-927
3881
-17
65
152
-341
-1
-998
-926
-72
I
IV
III
1 702
1 569
133
204
1 107
975
254
-3925
219
360
-141
—628
2311
-3889
-58
-230
-247
-651
II
I
169
155
-264
1 269
-600
1 157
-833
-330
-402
-1 163
-539
IV
III
523
454
69
By type: Trade receivables
Advance payments and other claims
Financial liabilities
Denominated in U S dollars
Denominated in foreign currencies
Amounts
nutstanding
Dec. 31,
1991
1989
15
16
2
T
4
1992
19 31
19$)0
Line
-257
422
-16
14
na
n.a.
n.a.
na
84,499
3005
62983
47,384
12779
23665
856
1,575
725
n.a.
43,761
895
758
137
515
500
15
na
n.a.
n.a.
18690
15186
3,504
760
666
175
-40
32
-442
380
103
n.a.
n.a.
n.a.
n.a.
13,679
5,955
3,839
1,172
680
210
n.a.
815
-21
na
231
n.a.
25,071
23850
1,221
-135
1?
13
By type: Trade payables i,
Advance receipts and other liabilities
1,565
628
2,424
1894
-1,475
847
-160
1267
-654
-235
3,705
176
-467
686
-1,652
1 132
-142
-856
340
-21
231
n.a.
na
9,018
16053
14
15
16
By area: Industrial countries3
Members of OPEC5
Other
1,205
517
471
2,188
442
1 688
-309
-561
242
888
-204
423
-413
-290
-186
975
1967
939
738
-1 031
512
198
-608
-110
-1,243
164
81
515
180
-15
221
-297
286
n.a.
na
na
16,680
2138
6,253
See footnotes on page 99.
340
SURVEY OF CURRENT BUSINESS
1O4 • June 1992
Table 8.—Claims on Foreigners Reported by U.S. Banks
[Millions of dollars]
19<31
19<)0
Line
(Credits +; increase in U.S. assets. Debits -; decrease in U.S. assets.)
1989
1990
I
1 Total (table 1, line 47)
-51255
By type:
Banks own claims
2
3
4
5
6
7
8
g
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
Payable in dollars
By borrower:
Claims on:
own foreign offices
unaffiliated foreign banks
foreign public borrowersl
other private foreigners
By bank ownership:2
U.S.-owned banks' claims on:
own foreign offices
unaffiliated foreign banks
other foreigners
Foreign-owned banks' claims on:
own foreign offices
unaffiliated foreign banks
other fbreioners
By area:
Industrial countries3
Western Europe
Of which United Kingdom
Canada
Japan .
..
Other
27
Caribbean bankina centers
28
29
30
31
32
33
Other areas
Of which Members of OPEC, included below5
Latin America
Asia
Africa 6
Other ..
standing
March
31, 1992
\P
-9772
-22 976
17909
-1,846
2,403
-23,219
21,708
635009
-40133
19178
-9192
50,059
-7322
-5780
-17779
13669
-2512
3223
-23,572
16,057
571,289
-43990
20846
-2889
45969
-1 626
-3902
-19595
12278
-7383
6207
-13,991
1,298
512,911
-38 576
-5459
-8303
-14534
21,019
12625
-25 331
6485
4794
-6950
-4411
4175
-197
1953
1 052
4586
-1 384
-14,331
-2662
-1 031
4,033
520
-3220
4939
5992
-5143
1 591
2446
1 152
17481
16755
-5,087
175
-1,929
318,432
113911
37043
43,525
-4,094
-714
4946
-6,079
1 398
2088
-8,786
-6380
-5,189
150,348
37007
46,102
6047
1 766
-1 744
-8252
-4060
914
9306
8,912
3435
168084
76904
34466
4,871
-2,984
-9,581
14,759
58,378
666
-820
-120
-122
353
5651
5,239
-2282
7299
63720
60,858
17522
30619
12,717
2862
710
7115
5210
-18,384
-1,598
557
1 857
10781
7945
9276
21,388
4597
7974
-6705
6700
3723
-15091
-2456
-1,669
-6,303
-7316
567
3857
4
IV
III
-16 970
-20192
!
II
57187
-522
Payable in foreign currencies
I
IV
III
-4753
-1 441
Banks' domestic customers' claims
Payable in dollars ...
Deposits
Negotiable and readily transferable instruments
Outstanding collections and other
Payable in foreign currencies
II
Amounts
out-
7469
1486
..
1992
1991
3166
1 659
-11 122
-7979
-4731
-2191
-1,057
-3143
-11 708
-8905
-1 354
-10350
2,799
-2803
-1,147
3035
-19648
20537
-10129
-6407
11,978
-6201
697
4377
-15595
-2,229
-315
28873
2,108
4439
1 404
-866
3417
5531
6501
83
-668
-385
-520
1 087
-2921
3922
-4896
6107
-6856
116
-22012
4232
1239
-2475
1 207
-369
-9065
8028
-245
6048
-3336
-3319
2253
-1 956
4351
1 836
687
641
-2191
5717
750
-5696
-1 878
1816
1,391
-9648
-8685
-3980
-4680
-3992
-5197
-1 730
2868
-3480
-1,118
-3467
4240
2306
-2680
5907
-5751
7025
3,997
1 858
-25
-963
-3761
5509
-9215
-55
-231
-921
1934
3745
1468
2239
-10695
-5879
1 739
-2061
-2336
280
-5
94
-92
2727
-700
10682
6942
3,634
-1 439
5470
-291
-4234
-2,927
2392
2384
-256
-12559
-6542
-6009
-2592
-1 977
1 363
-571
-1 681
10401
2,065
-3231
3008
18695
7002
62
175
209
-25434
-5141
-18115
3088
-1,359
5587
2,174
3,646
3708
32206
18255
15,090
1485
-194
-6*410
-6329
2867
-15432
-11 159
2029
1 595
-6358
-988
18290
5,419
7,256
-6634
12579
3,024
22952
2,376
14,375
8638
-2816
-1,818
1,007
-3975
95
57
-1437
1,209
21,098
-3267
277
-136
-1,095
6187
-1,324
164
295
7,841
7553
231
-3,046
-29158
38586
17321
24006
-1 742
-26 030
-7591
0.99?
241
10669
9788
10958
6178
-4632
15118
3,011
6051
-5765
-23,393
6698
28025
10,561
8929
8,392
6886
-286
1 014
3
7129
5271
-22863
6,179
6985
4,089
-31 358
-30619
6731
-2791
3540
-72
11
-104
-515
-409
4,412
5,820
-7415
19962
14432
14609
1,279
4272
-2864
-129
-926
2532
222
412
811
-13
-15,524
26,491
-47
641
284403
159971
88,800
19964
100532
3,936
-1 597
1,990
-4,895
224,574
3714
263
-416
2262
190
1,946
3,989
-6695
-4,067
-2,169
-4082
126032
12,393
54,847
56147
286
-25 399
-10639
-3,338
33298
6179
4,890
105
33
519
66
1,322
622
1 064
27
1,375
-1,872
1,835
-4,384
-550
11,227
10135
22825
-2771
3296
-6029
5362
228792
16335
5408
2295
-5065
-1 008
106772
2683
-664
804
-6664
-980
2066
-451
-202
5,292
663
-182
18,666
4633
-7,404
1 333
1 817
1,479
1 912
-1 ,209
-4,820
1 996
-5,938
11,300
60334
168,458
6506
106
3811
Memoranda:
1 International banking facilities' (IBFs) own claims, payable in dollars (lines 1-
2
3
4
5
6
7
8
13 above)
By borrower:
Claims on:
own foreign offices
unaffiliated foreign banks
foreign public borrowers
all other foreigners
By bank ownership:2
U S -owned IBFs
Foreign-owned IBFs
Banks' dollar acceptances payable by foreigners
See footnotes on page 99.
-729
180
132
9250
7001
1,577
15277
8,729
-685
7169
1 954
122
1 837
931
-3311
1 896
433
3727
4384
70
639
443
313
-2,055
664
4609
7826
2,309
3688
19,137
1578
89
-797
1 645
817
454
912
81 ,364
21 990
SURVEY OF CURRENT BUSINESS
June 1992
• 1O5
Table 9.—Foreign Official Assets and Other Foreign Assets in the United States Reported by U.S. Banks
[Millions of dollars]
19 30
19 91
1992
Amounts
\P
standing
March
31, 1992
out-
Line
A1
2
3
4
5
6
7
8
9
10
11
1?
13
14
(Credits +; increase in foreign assets. Debits-; decrease in foreign assets.)
Foreign official assets in the United States (table 1, line 49)
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 dollars 1
Demand deposits
Time deposits J
Other liabilities2
Banks' custody liabilities, payable in dollars13
Other foreign official assets (table 1 line 55)
1989
1990
1991
I
II
20,127
5,650
-4,178
4,115
12,819
20,747
417,353
3735
12335
1 153
11,109
73
134
19683
5564
13,342
777
708
-3553
536
-4,185
96
5624
5869
12619
2298
10,227
94
1,075
14,631
-248
1251
1 125
4567
-3,442
90
-29
868
5,083
97
540
-32
320,518
102143
213,420
4955
12,670
18780
2141
-594
2,262
879
1 397
-14
43856
39,756
1,342
17657
20757
4,100
21529
18,407
-6,450
149
-26 736
26,840
45
1 383
146
29576
2439
23^214
3923
667
1 866
15815
13270
2,262
373
1 301
-6177
-4114
-5,064
4976
3,998
279
727
2992
978
1 835
3385
3,802
-273
-1 668
2,612
718
3864
211
-3367
-417
-984
597
1 893
-1526
1 927
246
-1 586
1 359
-126
-274
-121
-265
93,000
13,836
2,563
-40,960
11,324
1965
IV
III
14,097
33908
3001
-521
-224
II
6,134
8,489
1600
I
IV
III
-164
3,827
72
346
1 087
598
2,124
1240
-366
-211
-722
994
-219
421
-338
93
474
654
-344
9451
862
-2350
706
115
-2732
-2,913
103
-1 372
-1 644
181
95
997
2373
-3747
383
5495
5,380
-1,300
1 183
5497
115
113
-15,390
-14,122
7,202
24,873
-5,427
829,333
-1,578
2920
4,254
1,648
-575
-222
-160
2592
-3595
984
-921
102
4374
-1,334
766
27,964
15,508
-942
-914
-377
-537
By area (see text table B):
B1
Other foreign assets in the United States (table 1, lines 58 and 61)
?
U.S. Treasury securities (line 58)
29,618
-2,534
16,241
-1,891
1,857
544
-3,044
2,850
13,289
-1,306
1,408
-649
154,017
3
4
By security:
Bills and certificates
Marketable bonds and notes
2780
26838
3257
-5791
670
15571
776
-2667
2077
256
288
148
-3192
758
2092
-1 780
15069
275
-1 581
1417
-303
-346
17739
136,278
5
6
7
By holder:
!
Foreign banks
Other private foreigners
International financial institutions4
1 765
25827
2,026
1 302
-4166
330
-3198
17891
1,548
_g
-1 066
2945
-950
-684
410
1,084
-2622
262
-2010
15210
89
-503
-445
-358
-690
-888
-200
12
2,086
873
-2022
500
8344
133,805
11,868
63,382
51831
58976
16,370 -13,678
1 078
-1 381
-4023
-3388
8
9
10
U.S. liabilities reported by
U.S. banks (line 61)
Banks' own liabilities1
Payable in dollars
13
14
By account:
Liabilities to own foreign offices
Liabilities to unaffiliated foreigners:
demand deposits
time deposits1
other liabilities2
15
16
17
18
By holder:
Liabilities to:
own foreign offices
unaffiliated foreign banks
other private foreigners
international financial institutions4
11
12
19
?n
21
??
23
24
25
26
?7
28
?9
30
31
32
33
34
35
36
37
38
6
7
8
.
Banks' custody liabilities, payable in dollars 13 ..
.
Of which negotiable and readily transferable instruments
.
By area:
Industrial countries6
Western Europe
Canada
.
.
Other
Caribbean banking centers7
Other areas
Of which Members of OPEC, included below8
Latin America
Asia
Africa 9
Other
By holder:
Liabilities to:
own foreign offices
unaffiliated foreign banks
foreign official agencies
other private foreigners
and international financial
institutions4
By bank ownership:5
U S -owned IBF's
Foreign-owned IBF's
29735
15,047
13443
751
2854
1,393
-9531
6043
-6,946
-4388
1262
1902
13,111
1,124
2,237
-117
3154
-13,451
1,752
5
3114
-269
-9
-39,069
-48639
-44162
9,467
8,262
2907
27,420
21,399
18991
18,552
17,597
18241
-18,240
-15986
-10323
-27,411
-23445
-17944
8,508
13103
9354
23,465
27406
15525
-4,778
-5,415
1969
675,316
608,795
541 193
-20,628
2,932
12,207
8,343
-6,513
3,620
1,207
7,729
10,628
338,451
-1 201
-14216
-8117
90
-3,461
3346
872
6,925
-1 013
202
6,124
3572
-1 223 -1 316
-4,150 -16,221
-4027
1 563
984
2,972
-567
6,936
267
-13,070
4191
1427
4144
17,944
130,300
54498
-20 628
-19,329
-4313
109
2932
890
-1954
1 039
12207
8,337
-2238
685
8343
11,495
-1 026
1207
7729
7,534
10,628
-7,892
-2254
1,487
338,451
121,819
72643
8,280
-16767
1,245
390
1,603
17,040
1,218
144,363
25,660
3620
-17,997
-2866
-571
-6513
-4,830
751
269
-702
8,347
-1 747
1,547
5,757
1,349
10,503
-1,960
-6,454
3,461
-1,975
-2,842
-4,793
652
-526
788
-229
481
9635
-9486
-451
-5953
-63
-1 145
-2325
701
-1994
925
-83
2172
49468
16,624
13923
2,971
-3,861
-20 574
2,542
-844
19,494
-8698
6,450
6988
-2,160
13455
-59
-8291
5,595
-15155
6,000
7695
7,958
7053
-6,412
-9110
194,088
96159
4,559
1,217
-2,035
1,749
31,455
-7,145
2642
4466
-4477
11551
2,202
17751
-1,687
-14756
1,973
9570
774
39852 -24 047
38,022
12,025
-1 648 -1992
3,478 -34,080
39340
32146
5737
13808
3,119
1,075
-734
3525
4,802
5,996
721
320
3967
896
-8986
-3,371
364
-5,979
11 838
-36 050
-14,145
-3118
-18,787
-3046
-1864
-1,025
1 170
-1,981
48,176
-18,832
-16,877
-25,217
29,052
13,681
4,497
-19,973
2,461
563
-5,730
-9,605
805
-7,098
-18,731
-1,042
443
662
148
946
-1,883
-2,347
1,654
5,754
42422
-15,309
-3523
-18,432
1 555
383
-289
-728
-5962
1,974
196
3473
-165
-888
-713
-852
-408
5355
2408
1205
-996
6021
-692
4598
9,344
1 395
-6,141
4086
2640
1,097
-39
1,841
7
813
11 365
7,453
-557
4,469
10863
5736
1,035
-486
4,447
314
1 427
728
-644
955
-773
-3960
9,373
288
-13,621
20243
-775
2,012
-1 379
495
565
-456
319
-1,574
-1,125
345
-2,939
-5663
-5,501
3,749
11,881
-7,384
67,602
-2,254
1,256
-3,966
-4,595
-1,151
-3,941
2,096
637
66,521
14,410
-10913
-9,242
2467
-4,138
-8332
3855
-22366
-14,317
1 292
-9,341
9965
-1721
-1,590
27504
18,550
-3448
12,402
-2938
307
1,191
-4793
1,926
130
3,044
-8199
4,378
-1 489
-11,088
1 460
3,529
-3483
2,124
603
2,080
382010
286,177
21934
73,899
305 877
141446
54,370
51781
62,374
4,395
22,896
-228
3,669
61
529
-4,987
-52
-1 303
-3211
1,638
53
-4,902
13143
-2730
-77
-5356
1,366
57
1,203
-252
-404
4591
-375
1324
4,767
2,322
-9,508
-23,020
5,647
10,004
-8,158
290,168
-3,475
8,636
203
-9,843
11,894
1,254
-2,839
-6,183
-6,475
-16,996
1,862
368
7,934
-1,858
3.216
5,640
1,532
720
-8,141
1,765
146,063
102,470
20,151
-1,957
-597
-983
245
-1,411
-797
-384
-2,502
21,484
-5,058
-20159
-1,720
1 016
-894
5661
-7,637
9959
-4,409
-5,099
-8,360
-14,660
-4,601
10,248
-1,062
11,066
3,765
-11,923
58,079
232 089
560
-1,273
667
275
838
-86
552
8,008
-704
-731
1
Negotiable certificates of deposit held for foreigners (in lines A13 and B27
above)
See footnotes on page 99.
-2122
-10463
15888
13463
Memoranda:
1 International banking facilities' (IBF's) own liabilities, payable in dollars (in
lines A9 and B10 above)
2
3
4
5
6,043
-37
-4628
-2212
-110
By bank ownership:5
U.S.-owned banks' liabilities to:
own foreign offices
unaffiliated foreign banks
other private foreigners
and international financial
institutions4
Foreign-owned banks' liabilities to:
own foreign offices
unaffiliated foreign banks
other private foreigners
and international financial
institutions4
Payable in foreign currencies
2,854
29,735
-816
-220
790
-129
-83
-644
SURVEY OF CURRENT BUSINESS
1O6 • June 1992
Table 10.—U.S. International
[Millions
European Communities (1 2) 14
Western Europe
(Credits +; debits-)1
Line
1990
1991
57,( )55
168,686
188,621
191,:148
49,914
48,665
101,2>78
26,282
26,384
66
2,1 38
9,920
516
11,156
550
78
1,868
894
1,451
2,723
1,232
1,402
8,()51
2,081
3,087
23
2,134
3,100
15
13,712
7,232
5,680
801
11,125
5,214
5,254
658
1991
III
IV
\P
197,455
219,590
222,233
58,050
56,295
51,755
56,134
II
1991
1989
1990
I
1 Exports of goods, services, and income
1992
1991
1989
I
II
2
Merchandise, adjusted, excluding military2
98,397
111,383
116,802
30,465
30,387
26,267
29,683
31,1 09
84,513
96,284
3
4
Services3
Transfers under U.S. military agency sales contracts4
45,001
3,782
51,159
3,393
55,996
3,120
12,109
715
13,473
770
15,619
845
14,794
790
14,( )14
e539
37,447
2,873
41,983
2,433
46,4
Travel
Passenger fares
10,733
4,003
7,039
12,253
5,626
7,679
13,945
5,841
7,473
2,460
1,026
1,859
3,451
1,391
1,816
4,585
1,977
1,906
3,449
1,447
1,892
3,1 91
1,1 58
UJ32
8,393
3,531
5,592
9,439
5,004
5,920
11,1
Royalties and license fees5
Other private services5
U.S. Government miscellaneous services
7,023
12,289
132
9,323
12,743
143
9,995
15,472
150
2325
3,696
29
2,377
3,647
20
2,329
3,898
80
2,964
4,231
21
2,'103
4,J560
6,215
10,732
111
8,306
10,763
118
54,057
26,968
25,221
1,868
57,048
29,539
24,466
3,043
49,435
24,136
22,239
3,060
15,475
8,511
6,093
872
12,435
6,068
5,668
698
9,868
3,872
5,217
780
11,657
5,685
5,261
710
11,*)33
6,5267
4 )24
-:
46,726
21,640
23,508
1,578
50,354
24,897
22,681
2,776
-205,704 -220,147 -208,323
-49,035
-53,796
-53,703
-51,790
-49,-n4 -174,251 -186,799 -177,(>86
-41,551
-46,067
-102,387 -109 161 -101,884
-24,900
-25,388
-24,848
-26,748
-25,()69
-85,508
-91,353
-«5,"'00
-20,903
-21,332
5
6
7
8
9
10
11
12
13
14
Income receipts on U.S. assets abroad
Direct investment receipts
Other private receipts
U.S. Government receipts
15
16
Merchandise adjusted, excluding military2 .
17
18
Services3
Direct defense expenditures
19
20
21
Travel
Passenger fares
Other transportation
22
23
24
Royalties and license fees 5
Other private services5
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 grants4
U.S. Government pensions and other transfers
Private remittances and other transfers6
33 U.S. assets abroad, net (increase/capital outflow (-))
32
'42
5,5SO
5,-'95
13,(
)47
127
43,< 504
20,( )17
20,- '61
2,<J26
-43,088
-10,484
-50,992
-11,786
-52,642
-11,657
-11,142
-3,546
-14,031
-2,846
-15,169
-2,626
-12,299
-2,639
-11,!>09
-2,<131
-38,029
-9,865
-44,399
-10,912
-45,-'33
10(595
-9,789
-3,330
-12,152
-2,604
-11,668
-4,028
-7,360
-13,615
-5,578
-6,568
-12,835
-5,499
-7,928
-1,380
-4,020
-1,610
-2,021
-4,928
-1,886
-1,999
-2,507
-1,158
-1,985
-2,J 572
-1,( 399
-1,«m
-10,454
-3,526
-5,832
-11,968
-4,946
-6,669
-11,1549
-1,311
-6, 28
-1,505
-3,601
-1,405
1,535
1 822
-7,098
-627
-2,233
-8,569
-644
-2,831
-11,003
-668
-2,670
-196
-751
-2,681
-298
755
-3,037
-218
'23
209
-1,396
-6,449
-508
-1,779
-7,600
-525
-2, 90
-2,J599
-60,229
-8,485
-36,924
-14,820
-59,994
-4,155
-37,706
-18,133
-53,797
-1,375
-33,832
-18,590
-12,993
281
-8,845
-4,429
-14,377
-961
-6,622
^,794
-13,686
-976
-7,980
-4,730
-12,743
279
-8,385
-4,637
-13, 35
-1,( 306
-7, 115
-4, 714
-50,714
-7,467
-31,555
-11,692
-51,046
-4,394
-32,208
-14,444
-46, 252
-889
-845
-1,922
-658
-2,615
-177
—:
-4,( J17
-731
-9,< 518
738
-514
-2,335
-145
-159
238
330
-10,859
185
-7,608
-3,436
-12,582
-1,195
7,488
-3,899
252
-V384
-29,
-15,
-520
-2,247
361
591
4,844
5,423
-290
-89
-200
107
857
1,379
6, m
5,755
-261
-850
1,471
-261
-916
1,768
4,169
5,239
-232
416
-318
-284
402
230
112
-90
-684
1,631
160
-716
1,934
5, 314
755
1, 319
5,479
-972
-282
-232
425
— ; 289
1,647
-470
-224
404
465
449
-9
-188
-189
-51,918
-35,320
-34,754
2,098
8,602
-18,487
-26,967
-6, 326
-45,258
-29,043
-30, 584
1,283
4,807
-12,412
-720
4,660
301
1,529
1,254
1,576
-I307
-12,570
-514
5, 495
538
1,965
-12,412
-720
4,660
301
1,529
1,254
1,576
-4B07
-12,570
-514
5, 495
538
1,965
570
-942
1,502
111
-542
669
653
463
136
512
-8
-«2
80
122
-56
199
76
-149
225
-41
167
124
355
-378
724
41
-333
392
509
258
789
468
-45
515
-56
-62
29
34
35
36
37
38
US official reserve assets, net7 .
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 assets8
U.S. foreign currency holdings and U.S. short-term assets,
net
9
-17
-39
-13
-6
-21
1
1
8
-18
-22
-1
-3
43
44
45
46
U S private assets net
Direct investment
Foreign securities
U.S. claims on unaffiliated foreigners reported by U.S.
nonbanking concerns
.
.
.
U.S. claims reported by U.S. banks, not included elsewhere ...
-40,076
-18,022
-22,032
-34,710
-14,120
-7,490
-40,067
-16,566
-32,821
1, 334
-12, 448
-2, 974
7,080
2,481
-3,302
-19,863
-1,718
-12,086
-28,619
-4,882
-14,459
-5, 378
-3, 364
-7, 593
-33,043
-17,372
19,793
-28,569
-9,443
-7,686
-36, 588
-14, 23
-32, 779
278
-11,467
-2,390
2,899
2,151
-5,274
6,135
-6,157
-2,972
-10,128
2,817
6,503
2, 353
14, 403
929
6,972
-1,825
-4,234
1,360
-10,638
n.a.
6, 179
6,003
-1,881
-2,562
-8,878
2, 320
7, 394
2,362
11,773
793
5,229
111,882
67,120
18,570
-9,185
-5,891
5,411
28,235
17,210
94,327
64,036
21, )72
-8,689
-5,599
8,906
34,167
1,249
-1,526
-2,908
869
4,915
(17)
R
Ry
9, 540
(17)
47
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 US Government liabilities11
U.S. liabilities reported by U.S. banks, not included elsewhere
Other foreign official assets12
56
57
58
59
60
Other foreign assets in the United States, net
61
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
R
J3
FJ
H
-424
1,116
17)
17)
17)
S
R
$
17,321
8,188
-7,558
1, 381
11
17)
;
R
18)
4^
12, 315
-1,650
42,269
18_ 350
-44,362
-38,195
-10,527
-6,713
-2,059
6,040
2,504
-1,203
-995
-582
-3,988
4,931
-2,416
-692
15,578
733
-2,649
5,379
131
2,853
5,052
-997
-1,457
4,344
-200
7,342
-107
-5,565
857
1,823
1,379
13,662
6,378
8,363
5,755
2,598
252
4,144
7,235
-4,707
3,202
20,040
14,118
2,850
-7,351
-4,920
15,113
-5,412
-18,419
14,918
3,354
-4,363
5,565
967
2,483
4,999
-558
-1,942
1,419
450
-3,817
2,935
2,495
-1,086
591
13,910
4,844
9,015
5,423
2,499
-290
-1,948
-89
33
18,754
14,438
2,209
-2,037
-651
-J515
-52,077
-31,833
-3,990
1,914
-6,172
-8,248
361
(17)
-2,570
2222
167
-2,947
-558
(17)
Q
2,963
n.a.
-758
17
( )
(18)
(18)
21,297
-98
(")
3,270
(17)
8
3
(18)
970
(17)
07)
774
17
( )
10
3
F'l
J18J
20,484
-1,008
(17)
12,920
4,542
-1,125
-624
P
R
(18)
2,856
404
-2,982
3,773
(17)
8,606
(.7)
J3
(18)
(18)
(18)
35,699
7, 569
32,953
21,431
('*)
1
F?
23,320
4,159
(17)
684
102,976
43,055
(17)
18,533
n
R
(17)
(18)
607
(17)
2,774
n
(18)
18
2,822
35,1 32
(18)
18
8,
378
(18)
2,590
(18)
(18)
6,872
1,363
18
-250
-10,102
719
-14,348
18
62
63
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) 13
Unilateral transfers net (line 29)
Balance
on current account (lines 1, 15, and 29 or lines 67 and
68) 13
-7,887
June 1992 • lO?
SURVEY OF CURRENT BUSINESS
Transactions, by Area
of dollars]
European Communities (12)14
1991
1992
1992
1991
1989
1990
1990
1989
I
\P
44,820
47,949
49,903
57,845
60,003
54,674
14,716
22,896
25,716
27,491
20,346
22,929
21,515
5,591
13,149
526
12,242
547
11,540
600
12,905
500
13,555
551
14,903
636
3,860
1,817
1,492
2,727
1,288
1,450
2,451
1,014
1,412
3,311
1,522
1,172
3,601
2,045
1,305
2,090
3,290
74
2,646
3,570
16
2,172
3,870
22
1,535
4,811
54
8,775
3,167
4,903
705
9,991
4,405
4,924
663
10,872
5,573
4,613
686
II
Line
1992
1991
1991
IV
III
European Communities (6) 15
United Kingdom
1991
III
IV
\P
13,965
13,191
12,803
14,417
92,397
108,426
115,410
29,801
5,638
4,785
5,501
5,935
54,760
62,975
68,497
17,718
3,079
147
3,717
201
4,282
144
3,824
143
3,708
178
19,307
1,459
22,819
1,270
25,222
1,036
4,160
2,048
1,131
716
374
279
1,055
479
272
1,365
694
295
1,024
502
286
912
414
269
4,140
1,767
3,146
4,750
2,600
3,388
1,788
4,199
67
1,954
4,879
95
433
1,117
12
485
1,219
6
451
1,266
67
584
1,277
9
473
1,451
12
4,104
4,645
45
24,594
7,500
17,044
49
23,519
7,525
15,945
49
18,257
3,865
14,346
46
6,046
1,894
4,150
2
4,609
1,132
3,476
1
4,124
628
3,495
1
3,477
211
3225
42
4,773
1,497
3,275
1
II
III
IV
\P
29,492
26 320
29,797
29,702
1
17,963
15,465
17,351
18,370
2
5,427
259
5,917
265
7,106
268
6,772
245
6,220
286
3
4
5,797
2,799
3,346
953
459
853
1,379
656
799
2,058
981
846
1,407
703
848
1,259
522
833
5
6
7
5,621
5,149
40
5,886
6,332
26
1,431
1,466
7
1,366
1,443
8
1,355
1,593
5
1,734
1,830
6
1,413
1,901
6
8
9
10
18,330
11,173
5,893
1,265
22,632
14,126
6,040
2,466
21,691
13,364
5,774
2,553
6,657
4,594
1,363
700
5,612
3,365
1,607
639
3,749
1,879
1,260
610
5,673
3,525
1,544
604
5,112
3,322
1,198
592
11
12
13
14
1
-46,042
-44,026
-42,332
-61,399
-67,795
-63,131
-14,537
-16,715
-16,377
-15,502
-14,892
-97,740
-102,913
-98,034
-23,243
-25,079
-25,149
-24,564
-23,592
15
-21,055
-22,410
-21,181
-17,965
-19,960
-18,258
-4,410
-4,675
-4,539
-4,634
-4,569
-58,952
-63,221
-59,842
-14,658
-14,712
-14,638
-15,834
-14,777
16
-13,126
-2,371
-10,666
-2,390
-9,872
-2,182
-11,072
-1,437
-12,575
-1,179
-13,852
-1,273
-2,871
-3,618
-4,058
-3,304
-3,072
-414
-303
-287
-270
-220
-22,861
-7,855
-26,447
-8,894
-26,594
-8,583
-5,877
-2,572
-7,114
-2,107
-7,354
-1,910
-6,249
-1,994
-5,767
-1,835
17
18
-4,329
-1,660
-1,561
-2,308
-1,021
-1,527
-2,308
-3,319
-1,230
-1,724
-3,657
-1,900
-1,965
-3,599
-1,775
-1,618
"-529
-1,048
-765
-406
-401
-799
-381
-381
-6,015
-1,628
-2,934
-6,543
-2,160
-3,475
-6,261
-2,166
-3,284
-660
-327
-854
-2,053
-2,350
-1,198
-1,229
-646
-801
-741
-808
-452
-821
-411
-772
19
20
21
-1,048
-4,380
-586
-571
-2,360
-2,675
-259
-175
-11,861
-1,143
-6,845
-3,873
-967
-1,442
212
159
-89
-571
-710
-2,718
-73
-3,099
-65
-6,412
-3,924
-32,362
^,726
-23,414
-4,222
-35,260
-5,788
-23,817
-5,655
146
670
784
-165
-11,279
-10,950
169
-7,297
-3,822
-67
-547
-2,261
!
-943
•
!
-127
-191
-271
-247
-292
-256
-239
-792
-287
-309
-301
-1,189
-18
-1,039
-13
-3,305
-1,117
-4,697
-260
-1,095
-1,040
-3,981
-261
-1,079
-16
-1,100
-1,124
-1,130
-1,343
-1,093
-333
-354
-487
-103
-123
-127
-134
-126
-31,021
-3,355
-21,959
-5,707
-7,256
-6,422
-1,322
-5,670
-1,430
-7,780
-1,179
-5,146
-1,455
-7,563
-7,251
-822
-5,536
-1,434
-4,873
-1,556
-15,927
-2,605
-7,398
-5,924
-2,708
393
-1,827
-1,274
-3,253
83
-1,658
-1,678
-3,157
-20
-1,535
-1,602
-2,480
682
-1,623
-1,539
-3,049
-593
-5,607
-1,388
776
191
205
217
163
203
547
129
144
166
160
-,8
2
n
-261
464
774
894
894
-29
221
-16,248
-20,427
-5,295
-21,500
-10,642
-9,473
8,716
1,372
1,620
511
-5
-6
-5
-2
i[372
1,620
29
-51
96
68
-79
149
-105
-110
-593
-428
-253
437
-189
-1,257
-1,018
-17
-159
468
-189
-505
-421
-368
-118
-B
-108
-sS
234
-29
247
-30
193
7,011
-13,085
-12,115
-1
-1
-1
-1
-12,565
-1
-12,565
-29
232
-875
-13,246
1,258
-7,720
-6,783
996
6,107
5,669
274
5,502
5,500
-107
-3,084
-7,907
-2,540
33
539
1,966
1,374
1,621
512
34
35
36
37
38
236
-21,820
-14,007
-18,785
-6,215
-508
5,500
-508
-107
-109
I
511
-5
-6
-5
-2
-1
-1
-1
5,500
539
1,966
1,374
1,621
512
108
111
126
14
4
-1
109
63
37
-16
-7
-4
-2
-4
-1
!
-8
-98
88
109
111
113
113
52
52
22
9
6
6
1
1
-1
n
12
14
4
-1
-4
-5,797
-4,060
-5,949
-21,603
-10,427
-18,492
-10,747
606
-1,251
-9,593
-1,723
-23,555
8,704
-7,152
-1,114
7,009
4,536
-2,326
-13,082
646
-8,901
-12,223
248
-11,214
-1,038
-4,726
-1,874
-2,789
1,639
-6,819
6,619
697
-1,695
-8,407
3,707
11,978
2,361
14,609
1,165
3,634
-1,900
-2,927
2,081
-3,338
n.a.
-608
4,212
4,890
-1,985
860
,,-7,158
28,201
10,472
54,473
20,014
8,502
-4,945
-1,038
3,011
11,473
11,565
35,866
27,775
18\
18\
18)
n.a.
(18)
(18)
-33
-30
R :•!
& 43
2,S
223
18
20,438
268
-1,580
275
-2
8\
*)
36
47
13
(18)
R
-8
9,123
760
4,660
986
18
-5,864
-52
18
-8,296
R
(18)
(18)
18)
(18)
18,939
5,226
4,210
2,648
(18)
(18)
2,075
21,197
7,286
2,476
18
11, 929
-2,939
18
10,406
9,396
(18)
(18)
18
18J
i
(18)
n.a.
18
-68
!
a
*
18)
(18)
-288
18
-4,705
18)
18)
18\
18)
-874
1
45
3
-23
18)
1,508
18
-1,259
1
2,118
61
n
2,556
18
11
-14
-38
-16
-9
-8
-5
-1
42
-13,537
-8,080
-5,461
-24,269
-11,105
-8,120
-6,747
-3,959
-1,202
-3,542
-1,106
-2,620
-4,456
-2,145
-2,411
-9,524
-3,895
-1,887
-3,052
-2,525
-1,179
43
44
45
-24
-1,562
-412
-4,617
-14
-9,365
-4,794
-856
n.a.
652
13,713
-2,981
-27
°i
aR
-76
:-i
n
M
R
(18)
(18)
(18)
18)
3,213
161
2,364
(18)
18)
18)
15,630
15,146
3,379
3,251
-1,288
-4,732
n.a.
116
1,177
18
16,249
18
433
(18)
(18)
(18\
-207
-3,535
-64
1,940
9,647
(18)
18
216
-116
294
1,147
18
\
596
18)
(18)
8,396
-427
!88j
18)
-182
39
40
41
-9,317
-5,152
-1,572
18)
18J
3
1
29
271
-427
1,032
-22,115
-3,461
^13,474
25
26
27
28
251
-$
-408
1,131
-16
1,424
18
3,062
-112
-1,414
-1,523
30
31
32
939
-17,650
-1,346
-11,641
i
3
2, %
-11,598
1,138
-6,643
-6,093
22
23
24
(18)
21 ,702
(18)
-2,359
(18)
-506
18
-6,1 10
8
18
-6,933
8
tfi
-237
-398
18
-9,571
-344
18
435
( 8)
j
R
°!
(18)
-928
(18)
3
473
18
9,959
120
n.a.
18
-2,103
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
^1,684
3,353
1,833
8,655
-1,372
10,093
3,060
-3,628
9,387
3,949
3,251
-1,197
2,359
-5,343
547
5,512
996
17,376
6,107
6,559
5,669
4,413
129
-4,796
6,508
23,483
12,227
4,541
10,101
-11,857
-12,896
-30,089
-2,364
8,651
-4,141
-3,428
13,042
3,179
-10,418
-9,250
-20,276
1,841
23
-3,087
3,306
1,576
6,310
1,668
-958
-407
2,381
1,833
-7,768
2,969
980
-11,741
3,257
1,050
-12,764
1,181
208
-1,210
963
99
-3,812
246
224
-3,656
867
520
-4,086
1,366
636
-2,477
-4,192
-3,555
2,404
-1,222
212
3,924
159
7,571
146
-3,554
670
-7,792
784
-8,456
776
179
191
-2,750
205
-3,186
217
-2,699
-475
-1,011
4,083
7,718
-2,885
-7,008
-7,680
370
-2,546
-2,969
-2,536
163
203
-273
-246
-450
-748
63
592
1,517
523
3,193
3,593
453
2,063
64
65
66
1,171
144
5,233
166
6,109
160
67
68
1,315
5,399
6,269
69
1,337
-11,206
827
-248
SURVEY OF CURRENT BUSINESS
1O8 • June 1992
Table 10.-U.S. International
[Millions
Eastern Europe
Line
(Credits +; debits -) »
1 Exports of goods, services, and income
1,442
1,849
1,589
107,746
110,820
113,517
27,266
30,007
941
1,004
1,509
1,261
80,657
82,866
85,006
20,205
22,618
743
1,026
1,101
1
231
250
322
298
263
13,402
163
16,222
102
17,982
129
4,392
27
4,524
36
Travel
Passenger fares
Other transportation
271
84
169
349
105
341
387
105
309
67
19
70
101
26
56
113
26
109
106
34
74
81
20
68
5,385
811
989
7,093
979
1,079
8,499
1,040
1,094
2,097
299
243
2225
260
259
Royalties and license fees5
Other private services5
U S Government miscellaneous services
15
195
9
19
196
16
18
260
21
5
67
3
5
58
5
4
65
4
4
70
9
5
85
4
1,044
4,966
43
1,179
5,726
65
1,215
5,955
50
265
1,448
12
288
1,446
10
793
10
240
543
931
-1
302
631
830
-7
186
651
620
52
2
50
0
116
5
51
61
42
-14
55
65
-12
61
16
13,687
6,475
7,185
27
11,732
4,665
7,042
25
10,529
3,075
7,433
21
2,669
776
1,882
11
-2,749
-3,234
-2,844
-683
-706
-773
-683
-684
-100,966 -104,910 -103,504
-24,215
-26,818
-2,067
-2,267
-1,799
-496
-404
-444
-455
-484
-89,934
-93,099
-93,008
-21,862
-24,312
-612
-830
-629
-134
-252
-273
-171
-153
-7,546
-6,003
-8,339
-269
-286
-246
-1,557
-67
-2,085
-66
-972
n
Income receipts on U S assets abroad
Direct investment receipts
Other private receipts
U.S. Government receipts
-3
19
20
21
Travel
Passenger fares
Other transportation
22
23
24
Royalties and license fees5
Other private services5
U.S Government miscellaneous services
-299
-37
-153
Income of payments on foreign assets in the United States
Direct investment payments
Other private payments .
U S Government payments
Unilateral transfers net
-137
n
-70
U S Government grants
U.S. Government pensions and other transfers
Private remittances and other transfers6
U.S. assets abroad, net (increase/capital outflow (-))
7
-22
-20
-670
-237
-9
-3
-137
-28
-22
-216
-1
-93
-43
-1,063
-2,454
-330
-1,697
-28
-50
-16
-60
-45
-10
-57
-3,396
-3,541
-3,705
-436
-28
-69
-224
-633
-255
-835
-249
-837
-184
-1
-32
-4
-1
-34
-6
-1
-36
-5
-1
-36
-8
-1
-34
-5
-93
-2,802
-67
-2,836
-93
-3,035
-773
-129
-183
-175
-53
-50
0
-19
-31
-56
-58
-20
-36
-20
-38
-47
1
-18
-30
-3,486
855
-2,742
-1,599
-3,808
395
-2,755
-1,448
-2,157
1,841
-2,806
-1,192
-289
-294
-318
-88
-70
-340
-364
-389
-207
n
n
-1,827
-216
-1,637
-7
-217
-24
-7
-19
-7
-43
-16
-39
-796
167
-666
-297
-66
-204
-24
-718
-35
-421
614
-734
-301
-183
-185
-191
51
70
70
-97
9
-97
27
-633
-685
-274
1,331
-1,005
-474
1,076
-12,040
-6,683
-3,886
-5,473
1,334
-2,502
3,831
5
-191
-319
1,558
-2,145
3,697
7
-1
-2
32
43
-1
42
2
46
23
1
-1,169
520
11
50
-4
24
-1
1
856
-1,967
-494
-12,082
-2,894
-7,438
-6,729
-1,276
-7,399
-3,909
-1,214
-1,203
-5,474
793
-4, 230
794
4,377
-1,435
-315
1,863
83
189
-1,681
988
-1,439
374
1,156
2,836
3,494
3,461
-1,336
(7)
201
761
n
(7)
q
4,172
-1,324
3, 595
-62
305
43
44
45
46
157
9
-60
-159
-33
-22
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
-17
225
-68
1,116
-1,668
-398
48
Foreign assets in the United States, net (increase/capital inflow (+)) ..
323
592
2,085
1,207
86
86
-66
-637
3
i18)
(18)
(18)
-9
,,,
8
18
54
599
:>!
R
S
(18)
18)
3
2,053
-31
-201
254
;:
18J
3
15
18)
18
-28
1,220
18)
16
235
18
-457
-49
n.a.
-477
-860
362
262
R
R
R
ni°!
n
(18)
(18)
-2
11
(18)
-68
430
n
-1,004
-80
-15
<">
18
-18
-18
1
5
~'>09
3
3
1
18
-33
18\
24
3
-227
-72
Sj
/18\
-242
-17
-7
-116
()
18)
18\
-32
-35
5
-2
129
-1
-161
((i8iais))
18\
6
309
-18
-7
-134
-178
U.S. Government assets, other than official reserve assets, net
U S credits and other long—term assets
Repayments on U S credits and other long— term assets8
U.S. foreign currency holdings and U.S. short-term assets, net
18
-203
-18
-7
39
40
41
42
U.S. liabilities reported by U.S. banks, not included elsewhere
-125
-20
-33
U S official reserve assets net
Gold
Special drawing rights
Reserve position in the International Monetary Fund
Foreign currencies
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
-1
n
-182
-86
Foreign official assets in the United States net
U.S Government securities9
U S Treasury securities
Other10
Other U S Government liabilities "
U.S. liabilities reported by U.S. banks, not included elsewhere
Other foreign official assets12
-1
, 2,866
997
1,868
}
-728
-25
-708
-314
385
-366
558
22
n
-1
-2
n
1
-79
-138
n
-26
-59
-32
-14
-50
-84
-81
-70
-1
-341
-381
-106
n
30
590
-5
-220
-2
-92
-26
-712
4
-5
n
n
34
35
36
37
38
61
II
I
1,243
Services3
Direct defense expenditures
56
57
58
59
60
1991
1,384
17
18
49
50
51
52
53
54
55
1990
\P
2,235
Merchandise, adjusted excluding military2
33
IV
III
6,769
16
30
31
32
II
4,838
15
29
I
6,295
Services3
Transfers under U.S. military agency sales contracts4
25
26
27
28
1991
1989
1991
4,337
3
4
11
12
13
14
1990
5,534
Merchandise adjusted excluding military2
8
9
10
1989
1992
7,070
2
5
6
7
Canada
1991
18
83
168
17
3
176
R
R
(">
n
'!!]
q
18
n.a.
174
30
3
1,043
-474
-3,654
-6
R
<al
(17)
(17)
-773
(17)
!?
40
17
( )
17
( )
382
1,793
1,928
1,414
120
2,689
5,S
117
-183
17
( )
( )
n
17
( )
i'l
(
17
( )
107
17
1,
1
2, 701
426
17
3
1,360
-47
17
)
-25
17
)
( )
62
63
64
65
66
67
68
69
Statistical discrepancy, and transfers of funds between foreign
areas, net (sum of above items with sign reversed)
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
See footnotes on page 99.
-5,618
-2,895
-2,924
-1,867
3,467
131
723
2,070
196
794
3,039
273
614
888
98
567
4,321
3,060
-1,063
1,998
3,925
-2,454
1,472
1,553
-712
3,609
-207
1,345
-315
-535
-207
537
-2
2
560
49
61
1,054
127
-16
538
670
-1,827
-1,158
1,165
-203
335
-216
949
-7,941
5,268
-5,848
-2,571
-1,108
777
111
18
-9,277
5,856
10,201
-10,233
8,219
7,924
-8,002
9,643
8,372
-1.657
2,835
1,873
-1,694
2,439
2,444
906
6,780
5,910
10,013
3,051
-88
2,963
3,189
-70
3,119
-391
-217
689
-289
-294
-318
6,491
5,616
9.695
SURVEY OF CURRENT BUSINESS
June 1992 •
1O9
1992
Line
Transactions, by Area—Continued
of dollars]
Canada
1991
Latin America and Other Western Hemisphere
1992
1989
III
IV
Japan
1991
1992
1991
1991
1990
1989
\P
I
II
III
IV
I"
1990
1991
I
II
HI
IV
\?
27,781
28,462
29,461
102,213
109,463
118,762
26,747
29,538
31,304
31,173
31,080
78,351
85,258
83,965
20,962
20,757
21,012
21,234
21,237
1
20,506
21,677
22,020
48,842
54,286
63,233
13,392
15,940
16,514
17,387
17,689
43,864
47,807
47,213
12,077
11,881
11,313
11,942
12,200
2
4,669
38
4,397
28
5,037
32
18,300
282
22,081
288
24,806
313
5,464
72
5,893
62
6,668
77
6,781
102
6,483
59
19,582
346
22,215
332
24,685
431
5,469
122
5,879
100
6,981
98
6,355
112
6,753
142
3
4
2,251
233
287
1,926
247
306
2,279
335
429
8,666
1,590
2,631
10,645
2,152
3,359
11,668
2,258
3,734
2,345
489
808
2,810
555
873
3,295
669
883
3,217
546
1,170
2,821
600
1,128
7,053
2,517
3,056
7,844
3,894
2,956
8,561
4,070
3,105
1,616
820
779
2,006
940
797
2,718
1,244
807
2,222
1,066
722
2,356
1,186
682
5
6
7
307
1,535
19
355
1,527
9
314
1,640
7
312
4,700
120
458
5,073
106
622
6,083
128
136
1,590
26
157
1,401
34
155
1,551
38
174
1,542
31
172
1,668
36
2,567
4,014
30
2,944
4,212
34
3,352
5,151
14
760
1,371
1
814
1,218
5
857
1,255
3
921
1,307
5
819
1,566
2
8
9
10
2,606
789
1,807
10
2,388
512
1,876
2,404
790
1,606
9
35,070
9,332
25,214
525
33,096
9,379
23,031
687
30,723
9,977
19,961
784
7,891
1,857
5,666
367
7,705
2,616
5,009
81
8,121
2,915
4,945
262
7,006
2,590
4,341
75
6,907
3,008
3,793
106
14,905
2,083
12,478
344
15,235
1,639
12,546
1,051
12,067
2,363
8,356
1,348
3,416
642
2,455
319
2,997
484
2,110
403
2,718
475
1,965
278
2,937
761
1,826
349
2,283
529
1,556
199
11
12
13
14
-25,821
-26,650
-26,363 -103,432
-113,838 -110,309
-27,301
-27,528
-27,818
-27,662
-26,754
-123,562
-117,509
-115,863
-28,771
-26,644
-29,219
-31,229
-27,720
15
-22,532
-24,302
-24,050
-57,502
-64,354
-62,971
-14,980
-15,851
-15,844
-16,296
-15,956
-93,531
-89,594
-91,502
-22,687
-20,885
-23,241
-24,689
-23,217
16
-2,902
-54
-1,795
-60
-1,576
-60
-18,194
-20,125
-20,800
-5,067
-96
-5,011
-87
-5,136
-69
-5,585
-62
-5,688
-82
-10,725
-1,734
-12,278
-1,679
-12,703
-1,441
-3,066
-3,029
-3,340
-3,269
-3,232
-388
-344
-373
-336
-336
17
18
-1,724
-92
-573
-447
-2,210
-2,304
-219
-229
-22
-734
-58
-387
617
-684
-320
-84
n
-48
-31
-811
-43
-552
444
-722
-274
-77
-44
-211
-28
-767
-20
-736
59
-565
-230
-90
-398
-322
-353
-9,399
-1,817
-2,055
-10,274
-2,112
-2,031
-10.955
-2,157
-2,206
-2,632
-2,625
-2,736
-2,963
-3,008
-1,872
-531
-523
-514
-537
-567
-489
-545
-656
-670
-628
-498
-555
-555
-458
-112
-560
-140
-654
-155
-632
-148
-672
-141
-3,753
-4,349
-4,738
-1,132
-1,090
-1,322
-1,194
-1,166
-41
-4,172
-37
-5,054
-51
-4,775
-9
-1,160
-87
-17
-1,247
-74
-12
-1,207
-81
-750
-2,338
-70
-2,835
-87
-2,864
-51
-196
-771
-200
-679
-171
-651
-182
-763
-180
-726
-303
-14
-1,159
-76
-563
-295
-10
-1,209
-67
-459
-312
-6,666
-86
-5,592
-6,838
-5,781
260
-4,954
-1,087
-5,111
57
-4,205
-19,306
-15,637
1,234
-9,395
-7,476
-27,736
284
-26,512
-1,508
-29,359
246
-27,150
-2,455
-26,538
155
-22,437
-4,256
-7,253
92
-6,380
-965
-988
-5,511
-1,216
-963
-9,544
-9,092
-7,763
-8,261
-10,125
-2,030
-2,119
-3,842
-2,134
-2,268
-176
-1,717
-1,913
-3,630
-554
-118
-2,216
-608
-123
-111
-97
14
-97
20
-98
7
-473
-558
-613
-421
-135
-134
-439
-224
-5,574
-5,790
-5,883
-1,474
-1,446
-1,492
-1,471
-1,537
927
1,749
-j380
-28,194
-26,203
-17,848
-784
-15,935
-3,079
1,951
-12,998
-1,111
1,159
-1,111
1,159
140
-1,095
1,203
32
-663
-2,074
1,474
-62
1,321
-1,822
3,129
14
-897
-687
-197
-27,223
-9,010
1
-26,698
-10,727
-8,396
-19,168
-6,134
659
3,238
747
n.a.
-1
17
25
-3
-1
19
-2
905
-791
1,749
1,522
-1,052
-914
22
-17
-96
-616
-230
-72
-715
85
-261
-292
218
-5
2,217
3
199
-10
374
3
-15,918
37
-1,924
-4,584
^,465
733
2,023
-4,944
1,103
-13,083
-5,643
438
495
26
-689
1,505
-372
-670
1
-36
-141
-9
-15
-14
-14
-12
22
23
24
-11,657
1,484
-7,076
-6,065
-3,018
586
-1,981
-1,623
-2,730
601
-1,861
-1,470
-2,638
390
-1,543
-1,485
-3,271
-93
-1,691
-1,487
-1,271
1,455
-1,313
-1,413
25
26
27
28
231
8,800
6,153
2,123
567
-42
-82
29
429
-49
9,009
-40
6,218
-10
-55
2,147
-10
-14
624
-10
-47
21
-10
-53
3
-12
-74
30
31
32
895
3,335
726
-15,360
-149
-24,911
22,166
-10,403
25,991
33
-3,221
1,647
-343
-397
2,732
-345
-389
-11,620
-3,221
1,647
-343
-397
2,732
-345
-389
34
35
36
37
38
n
3
1
3
1
6
-1
-4
-1
n
-12,050
1,232
-2,001
-1,423
-2,921
-15,014
1,019
26,380
-401
140
-41
2,384
-227
-837
2,643
-2,143
1,335
-15,028
-4,518
-14, 469
1,167
-2,019
5,978
-7,068
-15,595
28,873
67
-4,186
-1,165
53,325
54,046
23,517
-6,648
22,211
12,653
-4,699
5,597
23,523
-26,551
392
-2,287
-319
18)
18)
18)
8)
17)
17)
18J
18)
17\
17)
18)
18)
13
11
17\
R
-326
-867
18)
17)
R
-1,898
31
-846
-73
ll9
(18)
4,069
R
ffl
116
n.a.
6,0
644
18
41 ,91 8
18)
^180
18)
8)
(18\
=!
4,941
1
(18)
41
(18)
J
8)
(18)
8)
-86
(18)
63
(18\
Q
1, A
-2,730
2,
(18)
2,838
4,439
1,796
239
18
19,242
196
18
-5,951
186
-112
18
-150
18,744
(18)
1,
158
72
18
10,191
18)
-11,073
-5,448
3,733
544
-2,303
-207
-668
-80
7,002
22
5,470
-10,565
-5,466
3
18)
-102
-3,201
(18)
(18)
(18)
:?
469
R
/IS)
87
3,513
9,554
-2,314
n
6,801
121
18
-3,742
n.a.
499
18
-5,241
1,062
18
-42,926
438
18
-16,092
(18)
18
2,670
(18)
17,355
(18)
*
5>
1
"ll
18)
409
1,617
18)
(18)
-428
-67
18
-10,389
n.a.
-108
26,491
13,512
-14,243
-681
(18)
(18)
(18)
18
18
39
40
41
42
43
44
45
46
47
48
oyo
-fa
124
R
R
?
49
50
51
52
53
54
55
(18)
(18)
"n
-3,518
56
57
58
59
18)
18)
18)
-251
-15,524
(IS)
CQC
~981
(18)
18,653
(18)
-242
(18)
-Q
-1,186
IS)
-510
181
18
18J
1
(18)
2,603
18
43,751
21
20
n
-1
-4
25,384
2,669
-10,244
n.a.
-1
n
5,155
-23,369
-114
6
-13,291
-13
-156
-168
-11,620
330
811
356
2,392
19'
20
21
1,477
1,680
(.8)
2,871
3,241
-66
18
-9,857
281
18
-6,578
(18)
1,117
18
290
10,732
18
n.a.
-10,331
60
61
62
-963
-16,149
-15,207
-3,997
10,017
-6,166
-9,218
1,370
5,344
46,675
36,406
36,701
11,326
5,895
7,594
11,886
-5,183
63
-2,625
2,602
1,836
-2,030
3,461
1,668
-6,660
107
7,334
-10,068
1,955
3,737
262
4,006
4,185
-1,588
397
637
89
882
1,039
670
1,532
1,284
1,091
1,196
1,225
1,733
796
1,796
^9,667
8,857
-4,401
-41,787
9,937
-44,289
11,982
410
-10,610
2,404
397
-9,004
2,850
267
-11,928
3,642
80
-12,747
3,086
-11,017
3,521
1,012
64
65
66
1,813
-77
1,736
3,099
-90
3,008
-1,219
-7,763
-8,982
-4,376
-8,261
-12,636
8,453
-10,125
-1,673
2,010
-2,119
3,486
-3,842
-109
-357
3,511
-2,134
1,377
4,325
-2,268
2,058
-45,212
-2,030
-2,584
-32,252
231
-32,020
-31,897
8,800
-23,097
-7,809
6,153
-1,656
-5,887
2,123
-3,764
-8,207
567
-7,639
-9,995
-42
-10,038
-6,484
-82
-6,566
67
68
69
-2,871
702
-2,026
1,767
2,220
1,960
-84
1,877
-554
-176
-45,387
-402
-334
SURVEY OF CURRENT BUSINESS
11O • June 1992
Table 10.—U.S. International
[Millions
Australia
(Credits +; debits-)1
Line
1992
1991
1989
1 Exports of goods, services, and income
. .
1990
1991
I
II
III
IV
\P
14,356
14,832
13,394
3,115
3,044
3,504
3,731
3,118
2
Merchandise adjusted excludina military2
8,101
8,303
8,255
1,852
1,884
2,209
2,310
1,811
3
4
Services3
Transfers under U.S. military agency sales contracts4
3,209
422
3,693
402
3,445
209
727
53
892
61
933
54
893
42
859
71
877
637
289
1,013
882
367
1,053
763
372
212
147
83
278
211
94
299
208
102
264
197
94
254
174
88
421
561
3
452
574
5
394
651
3
82
150
0
88
160
0
107
164
0
116
177
3
97
173
1
3,046
2,236
804
6
2,836
1,925
904
8
1,694
910
781
3
536
324
212
1
268
67
201
362
176
184
2
528
343
184
1
448
304
144
0
5
6
7
8
9
10
11
12
13
14
Travel
Passenger fares
Other transportation
,
».
Royalties and license fees 5 .
Other private services5
U S Government miscellaneous services
Income receipts on U.S. assets abroad
Direct-investment receipts
Other private receipts
U.S. Government receipts ..
-€,347
-7,122
-6,933
-1,567
1,696
-1,944
-1,725
-1,683
16
Merchandise, adjusted, excluding military2
-3,854
-4,409
-3,970
-945
-1,070
-1,058
-897
-928
17
18
Services3
Direct defense expenditures
-1,828
-46
-2,349
-39
-2,550
-34
-615
-592
-666
-677
-625
19
20
21
Travel . . . .
Passenger fares
Other transportation .
-726
-258
-527
-867
-292
-765
-673
-317
-655
22
23
24
Royalties and license fees5
Other private services5
U S Government miscellaneous services
15
25
26
27
28
Imports of goods services, and income
..
.
-22
-215
-35
Income payments on foreign assets in the United States
Direct investment payments
Other private payments
U S Government payments
-665
U S Government grants4
.
U S Government pensions and other transfers
Private remittances and other transfers6
33
U.S. assets abroad, net (increase/capital outflow (-))
-62
-364
-52
-412
466
329
-197
-545
-269
-561
-61
-11
-84
-22
-19
-83
-11
-7
188
-45
-34
152
-51
-64
-228
-89
-80
-217
-216
-209
-21
-11
-91
-9
-8
-78
-16
-100
-10
-220
-152
-130
32
-52
-42
-49
12
-42
-131
-128
-136
-7
-233
-246
-199
-211
-150
7
10
-100
-52
-59
-69
-16
-14
-17
-21
-28
-20
-32
-21
-38
-23
-46
-6
-11
-6
-9
-6
-11
-6
-16
-6
-23
-5,001
1,088
31
32
24
7
18
12
34
-2
26
-2
5
2
-5,032
-1,842
1,056
-431
-876
-427
-111
-1,078
1,308
-2,652
-22
22
1,932
-27
1,211
.
. . .
U S official reserve assets net7
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 assets8
U o 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
129
-407
456
-507
223
-485
.
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 § Government securities9
US Treasury securities
.
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 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
.. .
.
!
. . . .
.
-164
. .
Allocations of special drawing rights
63
Statistical discrepancy, and transfers of funds between foreign areas, net (sum of above items with sign reversed) .
Memoranda:
64 Balance on merchandise trade (lines 2 and 16)
65 Balance on services (lines 3 and 17)
.
.
.
.
.
66 Balance on investment income (lines 1 1 and 25)
67 Balance on goods services and income (lines 1 and 15 or lines 64 65 and 66) 13
68 Unilateral transfers net (line 29)
69 Balance on current account (lines 1 15 and 29 or lines 67 and 68) 13
1,109
-818
n
H
18)
(18)
(18)
(18)
186
-49
-26
R
(18)
711
-2,929
-9,950
-7,094
4,247
1,381
2,381
8,008
-52
7,957
3,894
1,344
2,472
7,710
-59
7,651
4,285
895
1,282
6,461
-69
6,392
18
12
2
1
8
-6
1
3
13
-1
444
-41
660
-5
^487
-510
-11
-246
6
-259
284
18)
1,367
-614
-103
3
18)
«i
336
94
-211
253
-66
430
-128
-533
21
78
18
804
18
122
-475
•3
R
-150
i°!
S
(18)
.
62
-211
-8
.
34
35
36
37
38
See footnotes on page 99.
195
-83
-358
-39
254
-337
-582
29
30
31
32
-35
-312
-9
(18)
187
1,456
-2,607
18)
18)
18)
18)
18)
3
I
R
n
(18)
23
R
R
(18)
128
(18)
838
-393
a
(18)
S
-689
228
-80
18
-352
-57
18
-192
-843
-1,111
-2,186
-2,955
978
814
301
234
1,348
-14
1,151
267
142
1,560
17
1,543
1,413
216
377
2,006
-21
1,984
883
233
319
1,435
-28
1,406
-268
18
n.a.
833
-534
-170
;>
(18)
—385
641
-43
. 13
501
222
-227
-551
215
907
111
529
1,548
16
1,531
1334
-242
18
2,037
n.a.
-3,733
18
SURVEY OF CURRENT BUSINESS
June 1992 • 111
Transactions, by Area—Continued
of dollars]
International organizations and unallocated 16
Other countries in Asia and Africa
1991
1989
1990
1992
I
1989
II
III
IV
1990
1991
I
IP
II
111,398
123,083
135,457
33,345
34,199
34,508
34,326
10,880
11,551
10,818
2,714
76,129
79,165
90,225
22,015
22,659
22,194
23,357
22,642
173
558
390
199
21,928
3,531
26,948
5,317
31,053
6,487
7,463
1,580
7,331
1,489
8,349
1,443
7,909
1,976
8,518
1,984
4,915
5,294
4,569
1,229
3,587
883
5,307
4,222
1,504
5,757
4,644
1,550
6,159
811
264
1,374
1,248
396
1,514
1,581
560
1,690
1,004
330
1,582
1,068
343
1,407
i',616
i"405
i"378
925
7,447
247
1,184
8,666
298
1,276
10,610
326
302
3,005
128
310
2,305
71
308
2,699
67
356
2,602
60
309
3,353
54
757
2,541
2
910
2,977
2
13,342
6,543
5,221
1,578
16,970
7,735
5,074
4,161
14,179
8,200
4,517
1,463
3,867
2,253
1,218
396
3,415
1,892
1,184
339
3,656
2,141
1,063
452
3,241
1,914
1,052
275
3,166
1,967
868
331
5,791
843
4,204
744
-158,551
-167,668
-165,528
-38,097
-39,295
-44,167
-43,968
-40,267
-3,694
-128,090
-134,674
-134,264
-30,050
-31,517
-36,362
-36,335
-33,053
-16,735
-2,430
-19,370
-3,535
-18,235
-2,480
-4,396
-1,027
-4,621
-4,756
-4,462
-4,227
-592
-398
-463
^138
-6,058
-1,396
-4,301
-6,461
-1,735
-4,781
-5,945
-1,775
-4,958
-1,056
-1,649
^08
-1,224
-1,769
-1,471
^t85
-1,228
-1,402
-43
-1,836
-52
-2,166
-26
-2,449
-672
-641
-603
-416
-1,119
-9
-466
-1,386
-7
-592
-149
-572
-160
-671
-140
-657
-133
-3,171
-51
-1,278
-1,843
330
243
231
928
2,262
1
219
607
223
562
222
547
n
265
547
1
227
595
n
8
9
10
5,700
549
4,247
904
5,858
567
4,517
774
1,286
5
1,057
225
1,465
105
1,169
191
1,375
85
1,107
182
1,733
372
1,184
176
1,659
297
1,188
174
11
12
13
14
-3,972
-3,321
-915
-809
-805
-793
-712
-2,587
-2,635
-2,243
-648
-589
-556
-451
-461
-1,882
-1,853
-1,539
-462
-417
-381
-279
-268
-119
-585
-136
-644
-168
-535
-146
-36
-65
-64
-67
-1,334
-1,294
-1,848
-1,477
29
1,026
-1,344
-90
-581
-448
-681
-661
-810
-747
-304
-118
-118
-233
^,460
-4,172
-4,370
-1,029
-47
-1,169
-189
-471
-978
-199
-111
-984
-1,187
30
31
32
-6,383
-1,447
-1,355
-1,429
411
-1,361
2,696
-3,175
234
33
-64
538
-118
-109
-7
-61
34
35
36
37
38
-918
-378
-802
2,985
3,739
2,748
-5,992
-9,356
-4,806
-1,501
-2,054
625
111
648
14,350
-977
-437
-198
-6,382
-2,851
8,755
-3,148
4,117
-25
7,810
22,624
2,294
21,220
-300
1,127
-193
-670
1S
18\
18\
7
223
-407
-251
214
133
218
-411
-402
-397
-79
-1,166
-341
-977
-977
-1,164
-1,164
-205
-205
-325
-325
-285
-285
-349
-349
-509
-916
278
1,329
214
-13
-1,252
926
430
-1,519
-8
2,023
-918
1,726
-1,742
15
413
495
-5
-1,820
3,090
326
800
5
1,959
-2,820
161
438
-5
-3,414
-34
1,788
-192
731
31
72
-23
17
6
-190
-114
-172
111
-232
-232
425
446
-257
-174
2,850
-6,390
-1,352
3,111
^50
3,464
-331
-312
-273
2,302
-74
3,908
1,463
40
2,292
962
-4,203
871
332
-9
-1,702
-9,734
5,433
11,172
13,251
1,567
-835
n.a.
-102
|J
( )
-220
195
-406
-177
-367
-875
-875
-243
-267
-310
471
-102
-290
-1
-544
-535
275
-5,180
5,903
^48
-342
-914
528
2
560
n.a.
843
-23
-1,464
114
2,215
9
16
-21
n
-44
1
22
9
16
-21
0
-44
1
22
-23
-1,420
113
2,193
1,788
-278
-275
-489
18
714
1,952
R
i£t
R
3$
1,333
15,529
43
43
2,081
-375
18
s §
!! 5
S3 £
n
5,sa
18
-642
14,961
18
1,441
-1,275
13,853
£2
18
418
-43
-11, 040
H
(18)
(18)
37
897
(18)
(18,
18
1,739
459
3,063
I
i«l
„
217
9,085
(18)
Q
ifi
18
1,559
-1,138
18
n.a.
12,462
115
18
-398
2,980
-504
-971
42
150
18
702
864
-1,122
-275
B
18
23
1,410
-285
(18)
18
210
91
-49
•3
81
-1,207
18
-285
Q
-145
18
418
a
8
18
-4
2,248
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
18
I )
18
I )
18)
22
23
24
-56
-684
451
-249
-43
-151
-1,452
1,723
-89
-125
-384
-128
-221
7,229
-91
-358
-44
-43
-132
-5,927
17,445
1,571
-79
-129
19
20
21
-122
-14,842
1,135
-41
-40
17
18
-5,514
-8,194
1,182
-6,212
8,371
15
-212
717
4,394
-3,654
8,114
-66
n
-5,489
6,454
1,759
-1,703
3,413
48
n
5
6
7
-2,413
6,261
464
402
-155
13,277
9,937
403
3
4
25
26
27
28
-18,549
-4,962
1,053
-1,079
769
-1,626
-11,487
-4,233
1,055
-1,337
482
-1,697
-3,049
157
-1,343
-1,863
-650
1,099
-1,107
848
-1,743
-3,157
207
-1,405
-1,959
-3,518
1,187
2
-2,987
178
-1,128
-2,037
-3,652
159
-1,497
-2,314
-352
57
-1
-13,029
472
-5,522
-7,979
-3,355
1
2,845
134
-1
-13,624
251
-6,243
-7,632
-331
2,712
2,608
-1
-13,726
272
-5,955
-8,043
-2,963
2,652
If
16
-6
-614
-155
7,468
-93
-1,113
IV
111
-401
-1,191
-4
-5
Line
1992
1991
1991
18
n.a.
2,1 02
56
57
58
59
60
61
62
40,249
65,803
-14,363
-16,324
6,185
80
-4,304
1,486
-1,817
-222
-983
-736
2,317
-3,319
755
-2,545
63
-51,961
5,193
-55,509
7,578
3,346
-44,585
-18,549
-63,134
-44,039
12,818
1,150
-30,071
13,277
-16,794
-8,035
3,068
215
-4,752
6,261
1,509
-8,858
2,710
258
-5,890
6,454
564
-14,168
3,592
607
-9,969
717
-9,252
-12,978
3,448
70
-9,460
-10,411
4,292
179
-5,941
-2,413
-8,353
173
2,328
4,684
7,185
-5,489
1,696
558
2,659
4,362
7,579
-5,514
2,066
390
2,326
4,780
7,496
-5,927
1,569
199
581
1,019
1,799
-1,452
348
598
1,245
1,842
-1,334
508
134
544
1,126
1,803
-1,294
509
57
604
1,391
2,052
-1,848
204
591
1,409
2,000
-1,477
523
64
65
66
67
68
69
-385
-47,153
-11,487
-58,640
-155
-9,615
SURVEY OF CURRENT BUSINESS
112 • June 1992
Table 10a—U.S. International Transactions,
[Millions
Belgium-Luxembourg
(Credits +; debits-)1
Line
1989
1 Exports of goods services and income
1991''
1990
Germany
France
1991*
1990
1989
1991'
1990
1989
12,903
15,337
15,305
20,668
24,092
25,443
28,743
33,841
37,792
2
Merchandise adjusted excluding military2
8,446
10,371
10,692
11,582
13,682,
15,338
16,394
18,299
20,759
3
4
Services3
Transfers under U.S. military agency sales contracts4 ..;
1,632
179
1,941
194
2,101
175
4,725
65
5,682
81
6,170
36
6,949
694
8,086
538
9,235
398
Travel
Passenger fares
Other transportation
198
83
374
266
160
415
302
181
445
1,069
700
653
1,236
997
628
1,389
1,013
669
1,862
570
950
2,093
865
1,045
2,690
1,002
983
Royalties and license fees5
Other private services 5
U S Government miscellaneous services
373
424
1
475
430
1
445
552
1
1,073
1,157
8
1,483
1,250
7
1,462
1,598
3
1,254
1,592
27
1,746
1,778
21
1,943
2,201
18
2,825
1,346
1,478
1
3,025
1,612
1,412
1
2,512
1,207
1,305
n
4,361
2,203
2,154
4
4,728
2,523
2,202
3
3,935
1,908
2,025
2
5,400
3,385
763
1,252
7,456
4,137
861
2,458
7,798
4,413
837
2,548
-7,509
-7,854
-7,557
-19,976
-19,725
-19,677
-43,451
-48,537
-44,729
-4,536
-t,585
-4,110
-12,909
-13,042
-13,181
-24,675
-27,999
-26,025
-1,025
181
-1,226
207
-1,360
-3,682
^,364
^1,274
-215
-128
-148
-117
-12,965
-6,832
-14,590
-7,719
-14,400
-7,363
-207
-231
-175
-284
-238
-184
-283
-1,552
-1,788
-1,651
-2,664
-2,671
-2,520
-315
-473
-410
-538
-389
-526
-562
-748
-767
-1,149
-1,349
-1,236
-168
-965
-223
-227
-411
-436
-492
-1,151
-1,195
-1,202
-1,527
-106
-169
-145
-140
-1,866
156
-5,811
-1,779
-3,727
-5,948
228
-1,809
-4,367
-4,304
924
-1,591
-3,637
984
1,406
6,517
1
272
5,500
5
6
7
8
9
10
11
12
13
14
15
Income receipts on U S assets abroad
Direct investment receipts
Other private receipts
U S Government receipts
.
Merchandise, adjusted, excluding military2
17
18
Services3
Direct defense expenditures
22
23
24
25
26
27
28
29
30
31
32
. . . . .
Im rts of oods services and income
16
19
20
21
.
.
.
..
.
.
.
.
Travel
Passenger fares
Other transportation
-91
-266
5
-190
-196
-3,385
-206
-209
-1,204
-2,381
-2,319
935
-2,461
-2222
590
-1,959
-517
-603
-677
-795
-793
-853
.
.
.
.
-9
-16
-10
-22
3
-11
-28
-39
-81
'-^46
-51
-144
-149
-156
-40
1,127
1,283
1,173
508
-1,446
-7,173
-1,311
-7,331
-12,472
-€,051
n
-1
-1
-12,565
-507
5,501
-507
5,501
1,145
U.S official reserve assets net7
Gold
Special drawing rights
Reserve position in the International Monetary Fund
Foreign currencies .
.
.
0
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 assets8
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 assets in the United States net (increase/capital inflow (+))
Foreign official assets in the United States, net
U S Government securities9
..
U S Treasury
securities
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 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
. . .
.
n
-1
-1
-12,565
-7
1
-3
n
9
6
3
14
20
14
-21
8
-7
-3
15
-27
1,136
493
-1,449
-7,207
-1,205
-2,378
-1,303
-1,466
-7,331
-1.994
-3,977
96
-5,559
-1,536
-2,889
-325
-609
-5,501
-5,736
360
-95
-30
6,329
-79
9
.
14
62
Allocations of special drawing rights
63
Statistical discrepancy, and transfers of funds between foreign areas, net (sum of above Hem with sign
reversed)
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) 13
.
.
-365
-603
-322
-63
2,113
118
-17
714
2,623
1,087
.
.
£2
-254
2,472
(14)
-3,399
117
2,534
14
-563
-3,380
1,034
-1,168
2,383
-59
-1,232
-901
6,993
9,554
4,166
13,398
14)
( )
(4)
14)
43
-214
-9,137
-9,046
-5,365
3,910
607
877
5,394
-25
5,369
5,786
715
982
7,483
-32
7,451
6,582
741
425
7,748
-36
7,712
n
&
-1,170
14)
(14)
5,726
3,705
-ft
43
14
787
3,944
i<
20
(14)
4
3
1,303
"!
"!
"!
-15
-33
14
-192
H 3
a
"1
14)
(14
1,874
-390
-481
14)
P
P
-39
-996
-244
82
P
.
-27
34
15
~
.
n
-42
3
9
-53
..
.
-120
n
-573
-341
49
50
51
52
53
54
55
-97
-82
-36
.
.
-305
-32
-25
U S assets abroad net (increase/capital outflow (-))
-2,087
-159
Unilateral transfers, net
See footnotes on page 99.
-2,043
-1,281
34
35
36
37
38
64
65
66
67
68
69
-61
-236
33
48
-65
-1,195
-1,948
U S Government grants4
U S Government pensions and other transfers
Private remittances and other transfers6
-326
-42
-41
Income payments on foreign assets in the United States
Direct investment payments
Other private payments
U S Government payments
.
.1
-49
-97
-43
Royalties and license fees
Other private services5
U.S. Government miscellaneous services
(14)
4
( 44
(
-90
P
P14
I'
R
3,738
(14)
£3
160
-555
-27
15
-1,111
&
4356
ri
<3
(14)
(14)
(14)
1,258
(14)
1,481
331
4,342
14
-392
-12,528
-2,504
12,798
13,012
526
640
1,318
2,409
4,367
-62
4,285
2,157
1,896
1,713
5,766
-97
5,669
-8,281
-6,016
-9,700
-6,504
1,508
-14,696
1,406
-13,290
-5,266
-5,165
3,494
-6,937
6,517
-1,327
1,043
976
692
-120
572
14
14
-482
11,343
-411
-14,708
984
-13,724
14
6,312
14
-297
2577
-420
SURVEY OF CURRENT BUSINESS
June 1992 • 113
by Selected Countries (published annually)
of dollars]
Netherlands
Italy
Venezuela
Mexico
South Africa
Line
1989
1991"
1990
1990
1989
1991"
1991"
1990
1989
1991"
1990
1989
1991"
1990
1989
12,228
14,337
15,330
17,859
20,820
21,542
35,289
39,716
46,145
5,279
5,223
6,880
2,476
2,376
2,931
1
7,089
7,853
8,449
11,249
12,770
13,259
24,678
28,109
33,140
2,964
3,055
4,596
1,656
1,731
2,115
2
2,813
3,420
3,775
3,190
3,690
3,942
6,265
7,692
1,043
1,268
1,646
417
117
368
363
62
435
395
310
8
8,282
86
18
10
15
19
24
3
4
663
350
449
749
481
568
948
506
510
348
64
720
406
97
733
468
97
739
4,247
5,519
5,741
85
260
376
307
428
773
930
1,155
694
563
8
948
605
7
956
735
3
712
910
1
970
1,081
1,246
159
222
1,086
1,194
1,181
3
1
21
17
2,326
1,495
3,064
2,180
3,106
2,250
3,420
2,745
4,360
3,674
4,341
3,586
825
6
881
3
855
1
673
2
684
2
752
3
4,346
1,488
2,736
3,915
1,873
1,811
122
231
149
-16,622
-18,053
-17,140
-10,183
-6,747
-8,932
-35,223
-39,850
-41,157
-11,895
-12,665
-11,675
-4,937
-4,930
-4,851
-27,128
-30,508
-31,495
-3,470
-4,125
-4,209
-1,719
-2,144
-2,352
-6,708
-7,560
-7,941
-560
-631
-668
-154
-189
-220
-4
-3
-6
-1,425
-1,631
-1,653
-418
-426
-199
-437
-438
-5,149
-389
-801
-222
-442
-4,879
-385
-877
-167
-325
-4,276
-335
-628
-518
-379
-649
-342
-687
-363
-132
-511
-221
-631
-289
-737
-8
-16
-1
-1,409
-1,567
-1,639
-114
-104
-1,387
-1,782
-60
-65
-38
-573
-483
-430
-54
-53
-65
-12
-13
-1,257
-1,263
-1,256
-3,527
-2,027
-1,111
-1,673
-102
-423
-1,257
-1,078
-389
-314
-228
253
355
171
-932
-496
-912
-706
-811
-698
-270
-269
-247
1
(*)
-74
-45
-10
-10
-11
-16
-1,246
-3,663
-2,942
-5,908
-202
-196
-189
-81
-379
-1,729
-27
-20
(*)
-32
I*}
\ i
-28
-12
-16
-6,319
*
n
\/
27
29
-2
n
-3,673
-1,047
424
70
474
-85
-626
-19
149
-20
-1,233
3,066
2,952
19
-2,21 3
-58
-969
-1,000
-79
-26
-18
-27
-19
-28
-24
22
23
24
-11
3
-14
-18
3
-21
-6
4
-10
25
26
27
28
-*
-857
-9
-108
-802
-847
19
20
21
-92
-102
99
245
-748
-100
1,048
4,628
-1,306
403
-1,084
1,084
145
_9
154
-111
-350
-477
-1,352
10
11
1,027
9,215
-7,195
-2,183
-2,567
. -199
-2,246
2,710
7,208
893
-236
4
4)
4
4
4)
4
-61
-79
-70
5
-3
14)
R
14
784
14
R
(i
a
(3
4i
152
14
2,428
95
11
81
840
n
2
n
3
-1,320
-1,248
406
254
39
29
84
99
-48
30
-12
129
242
-89
45
-6
292
43
44
45
46
47
14
18
14
n
-148
2
£2
-162
14
7,084
-50
4
juj
M
6,917
-170
2,941
1,650
(14)
14)
(14)
M
14
M
)
(14)
14)
31
(14)
-11
14)
-40
(4
(4
(4
(4
[:"
§
(14
166
-34
-5
3,031
n
14)
(14)
£«a
14
14)
_8
(14)
R
47
14)
(14)
/14)
—36
n
§
-293
(14)
(14)
R
i4262
122
-24
-2,109
(J )
n
39
40
41
42
18
4,610
14
M
R
112
-174
(14)
)
n
si3
21
21
0
4)
•3
£3
25
-111
136
0
-2,035
-7,421
33
34
35
36
37
38
242
-3
14
-2,068
-1,721
(
-9
-7,170
1,084
14
507
-694
-664
-501
-1
-7
-67
496
-416
-1,084
14
479
>
n
30
31
32
14
14
17
18
-57
14
148
-164
-48
14
-240
-145
n
-3
-51
14
14
-136
-19
-217
14
185
-713
-19
-2,872
14
913
-683
-35
-205
1,854
14
-536
-2,890
-203
-875
1,483
16
-197
4)
14
-1,728
-2,774
(14)
14
-1,694
29
14)
28
-1,534
-33
-2
-34
14)
116
-8,177
-69
-103
14)
-9,496
-23
-2
-29
-157
(14)
15
-6,759
n
-54
523
6,397
-1,898
-21
-2
-25
-6,316
-1,964
-3,274
14)
-1,857
-48
-5,893
-3,206
-2,724
(14)
-1,681
n
-U
-2,937
-1,825
-1,710
7,323
-9,747
-61
n
14)
-11,179
(*)
-3
~*$
-8,264
n
1,342
12
&69
399
137
262
-33
-2,045
14)
n
282
134
148
0
-33
6,733
£3
638
267
369
2
452
265
187
7
900
141
756
3
173
1,092
-46
8,839
!
11
12
13
14
1,272
-90
-1,156
R
8
9
10
-51
4,075
!
62
162
2
-43
-15
14)
53
126
2
406
-54
-5
;:;
54
130
1
289
-3,122
4,017
56
61 1
11
240
-529
140
l?
5
6
7
-3,128
755
8
85
-220
-1,981
)
)
)
)
_2
87
-3,017
-219
(
30
15
1,328
4,723
2,391
2,183
106
13
85
{
-924
-739
-241
)
)
)
(
—43
310 1
/
14 '
95
\
I
-96
-1,316
-3
-15
-5
14
-4
29
-1,275
-1,550
-406
-554
14
10
29
I
373 >
506 J
14
1,495
'^42
14
-240
-35
148
3
48
-132
)
()
ii
14
-81
3
-46
14 _2
49
50
51
52
53
54
55
56
57
58
59
60
61
62
1,026
1,156
6,876
-13,553
-12,871
-4,218
2,025
56
-4,806
-4,812
-3,226
1,069
-4,394
1,801
-3,716
7,540
1,546
2,687
12,073
8,408
1,590
2,612
12,610
-2,399
-705
6,312
1,471
-2,450
-657
-270
-269
-247
-4,664
-3,985
-2,057
-3,017
-2,951
^34
1,850
-1,810
-107
7,676
-20
-27
-28
7,656
12,046
12,582
-443
2,959
66
-1,904
1,098
-1,562
2,584
-6,441
-3,581
1,645
-3,795
132
341
2,133
3,002
4,988
-3,122
1,866
507
303
-134
-3,128
-3,262
-2,985
585
933
-100
-219
-5,956
-2,867
-54
-51
-61
-3,039
-6,007
-2,928
-862
122
232
441
795
-48
747
-524
37
218
264
519
-54
465
-1,077
63
387
253
393
64
65
66
67
68
69
1,033
-69
964
SURVEY OF CURRENT BUSINESS
SUBJECT
June 1992
GUIDE
VOLUME 72 (1992), NUMBERS 1-6
This guide lists articles and "Business Situation" sections by subject, giving the title, issue
number, and beginning page number.
Gross domestic product
General
Sir Richard Stone and the Development of National Economic
Accounts. 3:27.
User's Guide to BEA Information. 2:37.
Business Situation: Advance Estimates. Fourth Quarter and
Year 1991,1:1; First Quarter 1992, 4:1.
Business Situation: Final Estimates. Fourth Quarter 1991, 3:1;
First Quarter 1992, 6:1.
Business Situation: Preliminary Estimates. Fourth Quarter
1991, 2:1; First Quarter 1992, 5:1.
Input-output
National
Business cycle indicators
Composite Index of Coincident Indicators and Alternative
Coincident Indexes. 6:42.
Corporate profits
Preliminary Estimates. Fourth Quarter 1991, 3:2; First Quarter
1992, 57.
And Property Income in 1991. 4:5.
Revised Estimates. First Quarter 1992, 6:2.
Fixed capital stock
Fixed Reproducible Tangible Wealth Series in the United
States, Revised Estimates. 1:106.
Summary Fixed Reproducible Tangible Wealth Series, 192590. 1:136.
Government transactions
Federal Budget Estimates, Fiscal Year 1993. 3:29.
Government Sector. Fourth Quarter 1991, 3:2; First Quarter
1992, 5:8Relationship Between Personal Income and Adjusted Gross
Income: New Estimates for 1989-90 and Revisions for 195988. 5:33State and Local Government Fiscal Position in 1991. 3:36
Annual Input-Output Accounts of the U.S. Economy, 1987.
4:55.
National income and product accounts
(NIPA'S)
Index to the NIPA Tables. 1:86.
National Income and Product Accounts Tables. Selected NIPA
Tables: 1:5; 2:8; 3:5; 4:9; 5:10; 6:3. NIPA Tables, 1987-90: 1:23.
Errata. 2:29; 4:30.
Summary National Income and Product Series, Annually and
Quarterly. 1959-90, 2:30; Errata, 4:31.
Pollution abatement and control
Pollution Abatement and Control Expenditures: Estimates for
1990 and Revised Estimates for 1972-89. 6:25.
Quantity and price indexes
Alternative Measures of Change in Real Output and Prices.
4:32.
Economic Theory and BEA'S Alternative Quantity and Price
Indexes. 4:49.
Reconciliation and other special tables
Reconciliation of BEA Compensation and BLS Earnings. 2:28;
5:31.
Reconciliation of NIPA Net Exports of Goods and Services and
Net Receipts of Factor Income and BPA Balance on Goods,
Services, and Income. 3:26; 6:24.
SURVEY OF CURRENT BUSINESS
June 1992 •
Reconciliation and other special tables
International
Balance of payments
U.S. International Transactions. Fourth Quarter and Year
1991,3:51; First Quarter 1992 and Revised Estimates for 197691, 6:60.
Reconciliation of NIPA Net Exports of Goods and Services and
Net Receipts of Factor Income and BPA Balance on Goods,
Services, and Income. 3:26; 6:24.
U.S. direct investment abroad
Capital Expenditures by Majority-Owned Foreign Affiliates of
U.S. Companies, Plans for 1992. 3:43.
Foreign direct investment in the United States
U.S. Affiliates of Foreign Companies: Operations in 1990. 5:45.
U.S. Business Enterprises Acquired or Established by Foreign
Direct Investors in 1991. 5:69.
Investment position
International Investment Position of the United States in 1991.
6:46.
Regional
Personal income
County and Metropolitan Area Personal Income, 1988-90.
4:81.
Personal Income by Region and State. Third Quarter 1991,
1:138; Fourth Quarter 1991 and Per Capita Personal Income
for 1991, 472.
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C-l
SURVEY OF CURRENT BUSINESS
June 1992
BUSINESS
CYCLE
Data tables
Footnotes for pages C-l through C-5
Charts
INDICATORS
,
C-l
C-6
C-7
NOTE TO USERS: An article that describes a characteristic of the method for calculating the ici that has distorted its recent
movements appears on page 42 of this issue; the article also presents several alternative coincident indexes.
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 Business Cycle 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 Business Cycle Indicators Branch.
Series
no.
Year
1992
1991
Series title and timing classification
1991
May
Apr.
June
Aug.
July
Sept.
Oct.
Dec.
NOV.
Jan.
Feb.
Mar.
Apr.
May*
'147.9
'.7
'148.5
.4
'149.0
'.3
"149.9
".6
1. COMPOSITE INDEXES
The Leading Index
910 •
•
1•
5*
8*
32 •
20*
29*
92*
99*
19*
106 •
83*
950
•
Composite index of leading indicators, 1982=100 (L.L.L) ....
Percent change from previous month
Percent change over 3-month span AR
Leading index components:
Average weekly hours mfg (L L L) §
Average weekly initial claims for unemployment
insurance, thous. (L,C,L)! $.
Mfrs.1 new orders, consumer goods and materials,
bil.1982$ (L,L,L)§.
Vendor performance, slower deliveries diffusion index,
percent (L,L,L).
Contracts and orders for plant and equipment, bil. 1982$
(L,L,L)§.
Index of new private housing units authorized by local
building permits, 1967=100 (L,L,L).
Change in mfrs.' unfilled orders, durable goods, bil.
1982$, smoothed (L,L,L)t§.
Change in sensitive materials prices, percent, smoothed
(L,L,L)f.
Index of stock prices, 500 common stocks, 1941-43=10,
NSA (L.L.L).
Money supply M2 bil 1982$ (L L L)
Index of consumer expectations, U. of Michigan,
1966:1=100, NSA (L,L,L)©2.
Diffusion index of 1 1 leading indicator components:
Percent rising over 1 -month span
Percent rising over 6-month span
143.6
.3
4.7
141.9
.3
7.6
143.0
.8
7.0
143.9
.6
40.7
444
'40.4
467
'40.5
443
'40.7
434
1,048.27
'86.63
'88.28
'85.47
47.3
487.41
75.5
-1.31
44.9
'"38.24
72.8
'-1.38
45.9
'38.88
78.8
'-1.82
10.8
47.1
'38.21
76.2
'-2.43
'146.9
145.6
1.2
7.5
145.6
0
4.5
145.5
-.1
.3
145.7
.1
-.3
145.5
-.1
-.5
145.3
-.1
'3.3
'1.1
'6.8
40.7
'40.9
431
'40.9
435
40.9
411
422
'40.9
436
'41.0
435
'40.9
424
'91.30
'91.00
'91.06
'90.62
'89.73
'85.92
'88.10
50.4
'44.72
77.4
'-1.70
48.8
'40.68
49.4
'38.52
75.0
77.7
'-.96
'-.99
50.3
'41.58
79.3
'-1.15
50.6
'43.77
78.1
'-1.41
49.5
'37.00
85.6
'-1.73
"5.5
41.1
41.1
41.1
431
414
"41.3
415
'89.08
'88.60
'90.16
"89.60
48.7
'43.02
88.2
'-1.85
'5.8
427
48.0
'42.92
'9.1
91.4
'-2.22
47.4
49.5
'45.17
'44.57
84.4
87.2
'-2.54
49.9
"44.08
'-2.53
84.1
"-2.61
-.65
-.69
-.59
-.56
-.50
-.60
-.75
-.82
-.72
-.53
.15
.56
.83
376.18
379.68
377.99
378.29
380.23
389.40
387.20
386.88
385.92
388.51
416.08
412.56
407.36
407.41
414.81
2,409.3
2,419.7
2,422.2
2,419.7
2,414.9
2,407.8
2,400.8
2,399.8
2,400.9
2,401.5
'2,406.1
'2,418.6
'2,404.2
'-.39
-.26
'2,395.0 "2,392.8
70.3
74.7
71.5
75.9
74.4
75.3
76.4
70.5
61.9
61.5
59.1
61.8
70.3
70.5
53.0
64.0
63.6
90.9
72.7
86.4
72.7
63.6
72.7
72.7
36.4
63.6
50.0
63.6
40.9
36.4
40.9
63.6
50.0
72.7
63.6
59.1
72.7
40.9
'54.5
"63.6
126.2
-.3
125.9
.2
.6
126.5
.5
3.5
126.8
.2
2.9
126.8
0
0
126.5
-.2
-.6
126.6
.1
126.2
-.3
125.4
-.6
124.8
-.5
124.2
-.5
71.2
"45.5
The Coincident Index
920*
•
41 •
51*
47*
57*
951
•
Composite index of coincident indicators, 1982=100 (C,C,C)
Percent change from previous month
Percent change over 3-month span AR
Coincident index components:
Employees on,nonagricultural payrolls, thous. (C,C,C)§ .
Personal income less transfer payments, bil. 1987$, AR
(C,C,C).
Index of industrial production, 1987=100 (C,C,C)
Manufacturing and trade sales, mil. 1982$ (C,C,C)
Diffusion index of 4 coincident indicator components:
Percent rising over 1 -month span
Percent rising over 6-month span
-2.9
-1.9
-3.4
-5.6
-6.2
108,310 '108,178 '108,265 '108,227 '108,190 '108,267 '108,293 '108,285 '108,139 '108,154
3,412.4
3,416.2
3,418.3
3,398.1
3,417.6
3,411.0
3,422.6
3,431.5
3,410.6
3,414.8
106.4
107.1
105.5
5,628,568 '466,955 '470,785
107.3
472,140
108.1
476,145
108.0
473,586
108.4
475,039
108.4
475,506
108.1
474,764
47.9
40.6
50.0
62.5
100.0
87.5
75.0
62.5
87.5
50.0
62.5
100.0
'25.0
37.5
0
75.0
0
25.0
114.6
-.6
117.5
115.8
113.6
-1.4
-1.4
-1.9
113.1
-.4
-11.9
112.2
-.8
111.4
-.7
111.2
-.2
-7.5
-6.6
-4.6
110.9
-.3
'-2.5
13.9
1.43
14.1
1.44
14.2
1.43
14.6
1.44
14.9
1.44
107.4
466,352
37.5
25.0
-1.6
124.9
.6
'.3
'124.9
'0
'124.8
3
'-.1
3
'1.9
124.8
3
0
-.3
>1 08,1 00 '108,142 '108,200 '108,382 "108,450
3,400.2 "3,395.8
'3,389.3 '3,409.6 '3,407.9
'107.7
'108.1
107.2
106.6
474,169 '478,598 '479,666 "478,526
'37.5
'50.0
'87.5
3
'87.5
'50.0
'107.8
'107.3
"108.8
3
66.7
66.7
The Lagging Index
930*
•
91*
77*
62*
109*
101*
95*
120*
952
*
940*
Composite index of lagging indicators, 1982=100 (Lg,Lg,Lg)
Percent change from previous month
Percent change over 3-month span AR
Lagging index components:
Average duration of unemployment, weeks (Lg,Lg,Lg) $ .
Ratio, mfg. and trade inventories to sales in 1982$
(Lg,Lg,Lg).
Change in labor cost per unit of output, mfg., percent,
AR, smoothed (Lg.Lg.Lg) f .
Average prime rate charged by banks, percent, NSA
(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) §.
Change in Consumer Price Index for services, percent,
AR, smoothed (Lg.Lg.Lg) t.
Diffusion index of 7 lagging indicator components:
Percent rising over 1-month span
Percent risino over 6*month span
Ratio, coincident index to lagging index, 1982=100 (L.L.L) .
-7.3
13.8
1.46
2.6
8.46
-11.2
-17.5
-14.2
13.4
1.47
13.1
1.45
14.0
1.44
5.5
9.00
3.8
8.50
1.9
8.50
-.5
8.50
-1.2
8.20
-.3
8.00
-.2
7.58
'-.2
'109.3
-1.3
'-6.7
'-9.4
15.3
1.47
16.4
1.44
1.6
7.21
'108.2
-1.0
'-10.1
17.0
1.42
1.1
1.5
6.50
6.50
'-.4
'-7.1
4
'-.5
-7.9
17.1
17.0
'1.42
"1.42
'.4
6.50
M
390,773
387,520
389,228
379,222
374,562
373,050
372,429
369,110
15.11
'15.30
'15.16
'15.07
'15.08
'14.98
'14.93
'14.93
'14.93
'14.78
'14.82
'14.66
14.58
"14.49
4.6
5.0
4.5
4.0
3.8
3.8
3.9
4.0
4.1
4.3
4.3
4.1
4.2
4.2
'35.7
'35.7
'115.9
'116.3
21.4
14.3
0
0
110.3
107.1
109.2
7.1
0
50.0
28.6
0
0
ni!e.
112.1
112.7
106.0
4
-1.2
18.3
"-.6
6.50
'366,724 '367,904 '367,979 '364,764 "361,357
397,216
35.7
15.5
4
6.50
385,475
NOTE.—The following current high values were reached before April 1991: November 1983—BCI-32 (67.5) and
BCI-99 smoothed (2.09); February 1984-BCI-29 (158.5); March 1984-BCI-83 (97.7) and BCI-92 smoothed (4.61);
August 1984-BCI-109 (13.00); March 1986-BCI-77 (1.58); July 1987-BCI-5 (286); May 1988-BCI-106 (2,473.4);
December 1988-BCI-8 (100.42); June 1989-BCI-91 (11.1); September 1989-BCI-95 (16.04); October 1989-BCI-
0
8.50
'110.7
21.4
21.4
28.6
42.9
42.9
50.0
28.6
42.9
28.6
'28.6
113.6
113.5
113.1
'112.7
'113.6
21.4
4
3.9
4
10.0
0
'115.4
"117.7
930 (120.3); December 1989-BCI-20 (48.56); June 1990-BCI-41 (110,304) and BCI-920 (134.6); July 1990-BCI51 (3,509.8) and BCI-101 (409,650); August 1990-BCI-57 (489,996); September 1990-BCI-47 (110.6) and BCI120 smoothed (6.6); and February 1991-BCI-62 smoothed (7.1).
See page C-6 for other footnotes.
SURVEY OF CURRENT BUSINESS
C-2 • June 1992
441
442
451
452
453
1•
21*
5*
46 •
60
484
42
41*
963
40*
90 •
37
43 •
45
91 *
44
Labor force:
Civilian labor force thous
Civilian employment thous
Civilian labor force participation rates (percent):
Males 20 years and over
Females 20 years and over
Both sexes 16-19 years of age
Marginal employment adjustments:
Average weekly hours, mfg. (L,L,I_) §
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 unemployed (L,Lg,U) ...
Employment:
Employee hours in nonagricultural establishments,
bil. hours, AR(U,C,C)§.
Persons engaged in nonagricultural activities, thous.
(U,C,C).
Employees on nonagricultural payrolls, thous. (C,C,C) § .
Diffusion index of employees on private nonagricultural
payrolls, 356 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) $
Average weekly
insured unemployment rate, percent
1
(Llg.U) *.
Average duration of unemployment, weeks (Lg.Lg.Lg) t .
Unemployment rate, 15 weeks and over, percent
(Lg,Lg,Lg)t
125,303
116,877
77.3
57.9
51.7
77.8
58.1
52.3
r
407
3.6
444
113,644
39.6
23,830
52.0
r
467
r
41 3
33.0
'23,860
r
r
125,004
116^84
77.5
58!l
51.5
77.4
57.8
50.4
77.2
407
40.7
'3.6
'40.9
'3.6
434
411
96
92
5/8
49.5
'3.7
431
91
41.1
'3.8
'40.9
3.7
435
40.9
'40.9
3.7
436
'41 0
3.7
422
'198.61
'199.53
'200.22
'199.68
113,485
113,230
113,806
113,663
'3.7
435
90
85
89
431
93
126,830
117,675
127,160
117,656
77.5
77.9
58^5
58^3
49.9
51.2
41 1
'41.3
'3.9
'4.0
414
415
90
.283
.286
.299
.292
'91
f. 285
'199.74
'200.14
'199.45
'201.05
'200.64
'200.24
r 201 .00
113,500
113,545
113,951
113,811
114,155
114,465
114,478
89
.308
108,265 '108,227 '108,190 '108,267 '108,293 '108,285 '108,139 '108,154
50.0
'469
126,046
117^117
.301
88
113,623
'463
41 1
3.7
427
58^2
51.1
'200.27
'51.4
'40.9
3.6
424
77.0
573
51.4
199.46
'487
77.3
58.5
50.5
77.0
577
113,474
'47.2
'23,792
77.1
58.2
52.1
77.1
.303
'45.1
'44.0
'23,809
51.6
77.2
57.8
51.7
.322
38.9
'23,864
126,590
117348
77.5
57!s
51.5
.318
r
507
r
126,287
117,043
125,508
116^867
92
125,374
116772
125,619
116,728
125,590
117',089
.323
r
114,201
r
125,204
116729
.331
.328
198.60
r
405
3.4
443
94
95
.342
108,310 ' 108,1 78
450
573
'3.4
93
125,524
116,909
77.5
404
.329
199.67
125,259
116,730
125,644
117,388
'47.1
'46.8
'461
'440
'23,791
'23,755
'23,704
'23,613
'469
'43.4
'23,584
'108,100 '108,142 '108,200 '108,382 '108,450
'47.9
'50.0
'23,525
'47.5
''57.4
'51.8
''46.6
'23,527
'23,532
'23,531
'23,523
'435
61.6
62.0
61.6
61.6
61.5
61.3
61.6
61.4
61.3
61.2
61.4
61.3
61.4
61.6
61.5
8,426
6.7
3.1
8,256
6.6
3.3
8,529
6.8
3.2
8,615
6.9
3.2
8,475
6.8
3.1
8,520
6.8
3.1
8,501
6.8
3.1
8,641
6.9
3.1
8,602
6.9
3.1
8,891
7.1
3.1
8,929
7.1
3.2
9,244
7.3
3.1
9,242
7.3
3.1
9,155
7.2
3.2
9,504
7.5
3.1
13.8
13.4
13.1
14.0
13.9
14.1
14.2
14.6
14.9
15.3
16.4
17.0
17.1
17.0
18.3
1.9
1.7
1.8
2.0
1.9
1.9
1.9
2.0
2.1
2.3
2.4
2.5
2.5
2.4
2.6
'108.1
'107.7
'110.7
'1098
'108.8
'109.1
'110.8
'110.4
3. OUTPUT, PRODUCTION, AND CAPACITY UTILIZATION
55*
50
49
47*
73*
74*
75*
124
82*
Output:
Gross domestic product, bil. 1987$, AR (C,C,C)§
Percent change from previous quarter, AR §
Gross national product bil 1987$ AR (CCC)§
Value of domestic goods output, bil. 1987$, AR (C.C.C)
Industrial production indexes, 1987=100:
Total (C.C.C)
Durable manufactures (C,C,C)
Nondurable manufactures (C L,L)
Consumer goods (C L C)
Capacity utilization rates (percent):
Total industry (L C U)
Manufacturing (L,C,U)
4,840.7
1.4
48478
1,922.0
4,848.8
-.7
48602
1 ,929.0
4,862.7
1.8
48720
1,940.5
'4,900.9
4,868.0
.4
48773
1 9364
107.1
107.1
105.5
106.0
106.4
106.7
107.3
107.3
108.1
108.1
108.0
107.8
108.4
108.4
108.4
108.2
108.1
107.8
1079
1075
1059
1055
1065
1066
1076
1080
1086
1083
1090
1084
1096
1094
1101
1097
1096
1100
'2.7
'4,917.8
'1,942.2
107.4
107.1
109.5
106.6
105.8
109.5
107.2
107.0
'109.6
'107.7
'107.1
'110.3
1091
1081
1088
1095
783
'77.4
'78.5
794
786
791
796
800
798
799
798
793
787
780
78.2
77.5
77.8
78.3
78.7
78.6
78.8
78.7
78.2
77.7
77.0
77.5
'79.0
'78.1
78.7
77.7
4. SALES, ORDERS, AND DELIVERIES
57*
59*
7*
8*
92*
32*
Sales:
Manufacturing and trade sales, mil. 1982$ (C.C.C)
Sales of retail stores, mil. 1982$ (U.L.U)
Orders 1and 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$ 0§
Change from previous month, bil. 1982$ §
Change from previous month, bil. 1982$, smoothed
(L,L,L)t§.
Vendor performance, slower deliveries diffusion index,
percent (L,L,L).
5,628,568 '466,955 '470,785
1,457,408 '121,436 '122,299
472,140
122,270
476,145
122,625
473,586
121,500
475,039
121,807
475,506
121,900
474,764
121,046
466,352
121,289
'94.68
'88.28
'92.48
'85.47
'103.63
'91.30
'99.94
'91.00
'94.89
'91.06
'97.83
'90.62
'97.76
'89.73
'92.39
'85.92
1,145.58
1,048.27
'93.01
'86.63
474,169 '478,598 '479.666 '478.526
124,356 '125,395 '123,531 '124,054 '124,077
'95.63
'88.10
'95.34
'89.08
'97.08
'88.60
'98.88
'90.16
'96.24
'89.60
392,358 '404,362 '402,030 '397,601 '403,259 '403,913 '399,487 '397,414 '395,078 '392,358 '391,162 '387,088 '384.088 '383,001 '379,868
'-4.07
'-4.43
'5.66
'.65
'-2.07 '-2.34
'-2.72
'-1.20
'-3.00
'-1.09 '-3.13
-1.59 '-3.69
'-2.33
'-4.43
'-2.22
'-2.54
'-1.82
'-2.43
'-1.70
'-.96
'-1.41
'-1.73
'-1.85
'-2.53 '-2.61
-1.31 '-1.38
'-.99
'-1.15
47.3
44.9
45.9
47.1
50.4
48.8
49.4
50.3
50.6
49.5
48.0
48.7
49.5
47.4
49.9
5. FIXED CAPITAL INVESTMENT
12*
13*
10
20*
27*
9*
11
97
61
100 *
Formation of business enterprises:
Index of net business formation 1967=100 (L L L)
Number of new business incorporations (L L L)
Business investment commitments:
Contracts and orders for plant and equipment, bil.$
(L,L,L)§.
Contracts and orders for plant and equipment, bil. 1982$
(L,L,L)§.
Mfrs.' new orders, nondefense capital goods, bil. 1982$
(L,L,L)§.
Construction contracts awarded for commercial
and
industrial buildings, mil. sq. ft. (L.C.U)©2.
New capital appropriations mfg bil $ (U Lg U)
Backlog of capital appropriations mfg bil $ (C Lg Lg) 0
Business investment expenditures:
New plant and equipment expenditures by business
bi!.$, AR (C,Lg,Lg).
New plant and eouipment expenditures by business
bil.1987$,AR(C,Lg,Lg).
1154
629 901
1150
1157
1161
1155
1161
1155
1154
1160
52235
52327
52071
52803
53315
52284
53892
54165
403.13
'32.55
'31.14
'30.28
'38.55
'32.79
'31.67
'33.11
'35.94
'29.81
'33.83
'33.94
'35.72
'34.85
'33.27
487.41
'38.24
'38.88
'38.21
'44.72
'40.68
'38.52
'41.58
'43.77
'37.00
'42.92
'43.02
'45.17
'44.57
'44.08
452.63
'34.03
'35.32
'36.08
'41.93
'38.07
'36.24
'38.70
'41.50
'34.75
'39.96
'39.49
'42.38
'40.70
'41.78
532.30
51.98
47.11
36.51
39.12
42.28
33.96
52.08
39.50
39.94
39.37
46.93
41.43
41.60
35.27
'3329
3206
'9912
9812
52920
52457
52786
52888
'53649
"558.50
49297
48706
49241
49614
'50374
a
NOTE.-The following current high values were reached before April 1991: November 1983-BCI-32 (67.5); March
1984-BCI-92 change (8.67) and BCI-92 smoothed (4.61); September 1985-BCI-9 (93.19); December 1986-BCI13 (65,691); July 1987-BCI-5 (286); November 1987-BCI-46 (162); December 1988-BCI-7 (115.84), BCI-8
(100.42), and BCI-60 (0.736); January 1989-BCI-40 (25,411) and BCI-82 (85.1); March 1989-BCI-12 (126.5), BCI37 (6,189), and BCI-43 (5.0); 1st Q 1989-BCI-11 (50.01); April 1989-BCI-124 (85.0); May 1989-BCI-45 (2.0);
'1151
'52898
526.13
June 1989-BCI-44 (1.0) and BCI-91 (11.1); 2d Q 1989-BCI-97 (117.90); December 1989-BCI-10 (43.89), BCI20 (48.56), and BCI-27 (43.50); March 1990-BCI-90 (63.1); April 1990-BCI-92 level (415789); May 1990-BCI42 (115,095): June 1990-BCI-41 (110,304) and BCI-48 (204.60); 2d 0 1990-BCI-49 (1.973.8): August 1990BCI-57 (489,996); September 1990-BCI-47 (110.6) and BCI-73 (113.8); and 3d Q 1990-BCI-55 (4,903.3).
See page C-6 for other footnotes.
SURVEY OF CURRENT BUSINESS
Series
no.
1992
1991
Year
Series title and timing classification
Apr.
1991
May
June
|
Aug.
July
C-3
June 1992
Sept. |
Oct. |
Nov. | Dec.
Jan.
Mar.
| Feb.
Apr.
May*
5. FIXED CAPITAL INVESTMENT-Continued
69*
76*
86*
87 •
88 •
284
29*
89*
Business investment expenditures—Continued:
Mfrs.' machinery and equipment sales and business
construction expenditures, bil.$, AR (C.Lg.Lg) §.
Index of industrial production, business equipment,
1987=100 (C,Lg,U).
Gross private nonresidential fixed investment, bil. 1987$,
AR:
Total (C.Lg.C)
j
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. 1987$, AR
(L.L.L).
436.36
'440.50
121.5
121.3
' 437.1 7 '443.12
121.7
121.9
'431.00
'433.59
'437.03
'•444.26
'443.54
'416.30
'424.17
' 434.37
'447.58
122.5
121.3
122.2
122.3
121.8
121.4
119.9
'121.0
'121.7
r
122.9
P 124.5
'1,340
'1,108
^1,230
5124
1540
5148
1589
5100
1484
3583
3558
361 6
1,014
75.5
978
983
1,036
1,053
1,053
72.8
78.8
76.2
77.4
75.0
172.0
1752
r
5056
5095
r
1463
r
1454
3601
1,020
111
3632
1,085
1,085
1,118
1,180
1,257
79.3
78.1
85.6
88.2
91.4
r
181.7
1765
'433.31
87.2
84.4
84.1
186.8
6. INVENTORIES AND INVENTORY INVESTMENT
70
77*
30*
31 *
Inventories on hand:
Mfg and trade inventories bil 1982$ (Lg Lg Lg)0
Ratio, mfg. and trade inventories to sales in 1982$
(Lg,Lg,Lg).
Inventory investment:
Change in business inventories, bil. 1987$, AR (L,L,L) ...
Change in mfg. and trade inventories bil.$, AR (L L L)
68399
68721
1.46
-139
-87
68363
1.47
r
-74
1.45
r
-30.4
-744
68076
-553
68308
68297
68399
r
1.43
1.44
1.43
1.44
1.44
1.47
681 50
1.44
' -36
.1
-1 8
377
388
7.6
105
33.4
-443
118.20
-1.43
116.63
-1.33
115.94
68067
1.44
68011
681 05
'68077
1.42
r
680 08 P 680 58
'1.42
M.42
r
-16.6
2.2
'30.6
P5.Q
118.71
120.31
7. PRICES
99*
98
23*
336
4
337
4
334
333
^
4
332
+
331
^
311
320
323
^
120*
Sensitive commodity prices:
Index of sensitive materials prices, 1982=100
Percent, change from previous month
Percent change from previous month, smoothed
(L,L,L)f.
;
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.c., 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)©1.
Copper scrap $ per Ib ©
Lead scrap, $ per Ib. ©
Steel scrap $ per ton ©
Tin, $ per Ib., NSA©
Zinc, $ per Ib., NSA©
Burlap, $ per yd NSA©
Cotton, $ per Ib.©
Print cloth $ per yd NSA ©
Wool tops, $ per Ib., NSA©
Hides, $ per Ib NSA ©
Rosin $ per 100 Ib ©
Rubber, $ per Ib ©..
Tallow $ per Ib ©
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-month 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
Fixed-weighted price index gross domestic business
product, 1987=100.
Percent chanoe 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 chanqe over 6-month span AR
Services, 1982-84=1 00
Percent change from previous month AR
Percent change from previous month, AR, smoothed
(Lg,Lg,Lg)t.
.15
.56
121.34
.86
.83
135.84
'136.08
138.98
141.31
141.40
141.74
163.7
134.3
163.7
136.4
172.5
142.6
166.2
145.0
160.7
145.3
168.9
145.6
94.1
52.9
91.2
52.8
89.3
52.5
84.8
52.3
82.5
57.0
85.6
58.4
154.2
143.9
165.8
125.4
124.0
129.8
957
168.7
'138.8
'89.7
'53.2
'155.1
'138.2
'1557
'1237
'122.6
129.7
919
151.3
137.3
161.9
136.9
127.8
129.2
874
*72.5
262.8
152.7
142.9
161 5
141.7
133.6
130.5
848
"87.1
268.0
152.7
141.6
159.0
147.3
136.9
129.9
153.4
140.0
162.0
145.5
135.9
130.0
120.30
119.92
-.24
-.69
-.05
-.59
-.78
-.56
-.32
-.50
-.60
-.75
-.59
-.82
-.72
136.19
136.25
136.39
136.68
136.60
134.47
134.59
134.66
134.82
173.4
174.3
131.0
110.0
171.6
1622
161.4
157.1
1354
135.1
105.3
98.5
61.5
1326
95.9
54.9
1541
155.5
133.3
121.31
1321
1840
1282
101.7
112.7
64.1
1652
76.3
1770
138.9
1684
1313
1672
1394
1656
1396
132.1
128.2
132.9
128.7
132.5
129.0
133.9
129.9
129.2
58.1
1336
67.5
1231
75.5
1149
79.0
1029
72.6
1059
72.5
294.7
290.2
285.4
279.8
276.9
271.9
147.6
151.0
1735
1548
135.8
128.7
144.2
128.1
131 6
283.0
848
.156
96257
3.417
.601
.282
.698
886
.192
99001
3.224
.620
.288
.795
834
4.172
847
60226
457
130
810
4.260
958
61 538
453
135
121 7
1214
o
1
131.1
.3
28
2
-20
130.6
.3
23
1205
1202
_1
-6
126.7
.2
22
114.4
-.2
-23
101.2
-1.0
-106
2
-29
126.2
0
18
114.1
1708
143.3
140.5
128.1
.826
.180
95286
3.282
846
.148
90292
3.285
.865
.129
89749
3.506
147.0
1649
1285
1639
1256
127.5
129.4
999
126.3
129.6
948
67.0
66.0
66.9
72.5
271.0
269.2
265.6
.817
.138
.811
.123
95755
3.628
97097
3.585
.808
.137
96907
3.555
.598
.284
.642
.855
.518
.272
.639
.880
.505
.272
.591
.880
.546
.271
.563
.880
4.300
4.525
4.270
3.962
3.852
3.670
3.738
.992
.965
.880
.772
.742
.752
.755
59701
60362
61 350
61 856
61 287
60914
.449
.446
.427
.431
.437
.457
121
117
124
144
137
136
121 6
2
-2
130.8
.2
22
120.4
2
_7
126.6
.3
16
114.0
121 4
-2
10
130.8
0
23
120.1
-2
7
126.7
.1
14
114.2
121 2
-2
12
131.1
.2
22
119.8
-2
10
126.8
.1
18
113.8
121 5
2
10
131.3
.2
22
120.2
3
8
126.9
.1
14
114.1
-.1
.2
-.3
-.4
-.2
.3
0
-231
-9.9
-45
-2.9
99.3
0
.2
117.0
-.2
-1.0
1218
1221
2
12
131.7
.3
25
120.4
2
10
127.1
.2
16
114.3
2
'1 2
132.0
.2
'31
120.8
3
.2
-.5
-.3
r
-1 1
100.5
2.1
98.4
-.7
-2.0
r j
127.3
.2
'24
114.0
r
-40
1177
136.0
3
3.0
142.0
.3
39
145.9
3.3
4.0
136.2
.1
3.0
142.4
.3
37
146.5
5.0
3.8
136.6
.3
3.3
143.0
.4
40
147.0
4.2
3.8
59880
.469
132
1222
784
.141
98319
3.545
.593
271
.567
816
3.980
710
58997
460
126
1221
1
8
132.2
.2
26
120.9
1
5
127.5
.2
17
114.0
_1
.8
132.4
.2
2.4
120.7
-.2
5
127.7
.2
19
113.9
0
-4
100.4
-.1
.6
-1
-.7
98.3
-2.1
-1.0
.825
.149
90326
3.677
.573
.271
.552
.782
3.888
.706
59172
.435
122
'1219
'-2
7
'133.1
'.5
24
'120.2
'-4
3
'128.3
'.5
19
'113.2
'-.6
0
'97.3
'-1.0
-4.1
137.4
.2
3.1
143.9
.2
38
148.1
4.1
4.0
137.8
.4
3.1
144.4
.3
38
148.6
4.1
4.1
.854
.161
89321
3.769
.562
.271
.529
.730
3.775
.678
58997
.429
120
1220
.827
.168
89510
3.756
.601
.271
.529
.758
4.040
.696
59113
1.35
85.6
87.1
88.2
90.8
278.1
281.5
.825
.177
91 185
3.870
.640
.271
.534
.787
4.000
.768
59406
.873
.175
91.241
4.032
.665
.269
.520
.782
4.000
.800
59821
.434
.456
.465
124
134
139
1223
1225
1230
2
.2
.4
'-.1
133.3
.2
133.6
.2
134.4
.6
34
120.5
120.7
121.0
.2
121.4
.3
'-.2
128.3
.2
128.5
.2
129.2
.5
27
113.9
113.9
114.0
114.4
•• 1
13
133.0
8
128.0
'.6
.7
99.4
'2.2
-1.2
0
.1
97.9
98.4
.4
99.8
—1 5
.5
1.4
139.3
g
139.5
.2
139.7
.1
146.4
5
146.8
.3
147.1
.2
150.7
5.7
4.2
151.2
4.1
4.2
151.4
1.6
3.9
'27
20
137.2
.4
3.1
143.6
.4
38
147.6
5.0
3.9
-.26
2.24
119.1
1182
24
32
135.6
.2
2.5
141.6
.2
36
145.5
3.4
4.5
99.1
116.48
.24
271.7
.620
.288
.678
.850
99.3
-1.6
135.2
2
22
141.3
.3
41
145.1
2.5
5.0
.863
.126
91 707
3.645
1609
151 8
146.4
.620
.288
.736
.832
100.9
.5
36
142.9
143.0
145.8
1337
91.6
53.7
1461
116.20
.22
.620
.288
.809
.820
-.3
-44
100.4
-.3
1172
136.2
2
30
142.1
.4
42
146.3
4.6
4.6
63.4
1682
92.3
54.4
162.5
142.2
1700
1430
1160
68.6
74.8
175.0
146.0
NOTE.-The following current high values were reached before April 1991: November 1983-BCI-99 smoothed
(2.09); February 1984-BCI-28 (2,260) and BCI-29 (158.5); 1st Q 1984-BCI-30 (79.9); 2d Q 1985-BCI-87 (199.1);
March 1986-BCI-77 (1.58); 3d Q 1986-BCI-89 (231.3); October 1986-BCI-99 change (3.37); December 1988BCI-31 (98.6); March 1989-BCI-99 index (135.83); April 1989-BCI-23 (335.0); November 1989-BCI-70 (705.14);
February 1990-BCI-69 (461.57); August 1990-BCI-98 (142.13); September 1990-BCI-76 (126.4) and BCI-120
116.11
'-.03
-.53
'116.14
'-.29
'-.39
121.25
-.50
-.65
119.49
137.9
.2
3.4
144.7
.2
39
149.2
5.0
4.3
138.1
.1
3.4
145.1
3
41
149.7
4.1
4.3
138.6 '
2.9
145.7
.4
38
150.0
2.4
4.1
smoothed (6.6); 3d Q 1990-BCI-86 (555.5) and BCI-88 (375.5); and January 1991-BCI-120 change (9.7).
See page C-6 for other footnotes.
SURVEY OF CURRENT BUSINESS
C-4 • June 1992
Series
no.
Year
1992
1991
Series title and timing classification
Apr.
1991
|
May | June
July
| Aug. | Sept. | Oct.
Nov.
| Feb.
Jan.
Dec.
Apr.
Mar.
| May*
8. PROFITS AND CASH FLOW
16*
184
22*
81 •
26 *
35
Profits and profit margins:
Corporate profits after tax, bil.$ AR (L L L)
Corporate profits after tax, bil. 1987$, AR (L,L,L)
Ratio, corporate domestic profits after tax to corporate
domestic income, percent (L,L,L).
Ratio, corporate domestic profits after tax with IVA and
CCAdj to corporate domestic income, percent (U,L,L).
Ratio, implicit price deflator to unit labor cost, all
persons, nonfarm business sector, 1982=100 (L,L,L)§.
Corporate net cash flow, bil. 1987$, AR (L,L,L)
1879
1827
1578
162.2
46
4.4
r
102.4
392.2
1896
1634
r
211 2
1897
1628
r
1825
46
48
47
4.5
4.3
47
54
1025
'1033
r
102.3
r
1024
383.7
'5.2
r
404.4
395.3
437.9
9. WAGES, LABOR COSTS, AND PRODUCTIVITY
345
346
53*
63
62*
370
•
4
358
Wages and compensation:
Index of average hourly compensation, all employees,
nonfarm business sector, 1982=1 00 §.
Percent change from previous quarter, AR §
Index 'of real average hourly compensation all
employees, nonfarm business sector, 1982=1 00 §.
Percent change from previous quarter, AR §
Wages and salaries in mining, mfg., and construction,
bil. 1987$, AR(C,C,C).
Unit labor costs:
Index of unit labor cost, all persons, business sector,
1982=100 (Lg,Lg,Lg)§.
Index of labor cost per unit of output, mfg., 1987=100 ...
Percent change from previous month, AR
Percent change from previous month, AR, smoothed
(Lg,Lg,Lg)t. <
Productivity:
Index of output per hour, all persons, business sector,
1982=1 00 §.
Percent change over 1 -quarter span AR §
Percent change over 4-quarter span AR §
Index of output per hour all persons nonfarm business
sector, 1982=1 00 §.
r
r
1023
2.3
607.9
607.8
107.1
-2.2
3.8
r
1107
r
1091
0
1.9
106.6
-33
-1.2
107.3
82
603.9
594.7
108.1
13.1
107.4
-7.5
1.6
1.5
595.6
r
107.3
-1.1
1.1
'111 5
' 596.3
'597.9
107.1
-2.2
r
'106.9
r
'.4
107.2
r
1.1
'.1
'-3.3
'-.6
'1122
'28
'1 8
r
595.4
'132.6
132.8
107.0
-3.3
-.2
-.3
'1 9
/>21
'1094
'1 4
600.2
r
132.5
111 0
1090
'-.7
-1.2
609.4
r
20
/>21
'1021
r
608.0
106.9
4.6
-.5
106.5
-4.4
1105
r
7
106.9
-2.2
'1469
23
'1023
609.6
r
'131.9
5.5
r
r.7
607.5
107.3
-1.1
1461
34
'1026
r
604.5
132.0
107.1
.9
2.6
r
4.9
1024
r
1453
r
4.5
.3
607.2
r
144.1
144.4
1098
'1105
10. PERSONAL INCOME AND CONSUMER ATTITUDES
52
51*
58
83*
122
123*
Personal income:
Personal income, bil. 1987$, AR (C.C.C)
Personal income less transfer payments, bil. 1987$, AR
(C.C.C).
Indexes of consumer attitudes:
Consumer sentiment, U. of Michigan, 1966:1=100, NSA
(L.L.L)©1.
Consumer expectations, U. of Michigan^ 1966:1=100,
NSA(UU)©1.
Consumer confidence, The Conference Board, 1985=100
(L,L,L).
Consumer expectations, The Conference Board,
1985=100 (L,L,L).
!
4,051.1
3,414.8
4,040.5
3,411.0
4,055.0
3,422.6
4,065.3
3,431.5
4,047.8
3,412.4
4,055.3
3,416.2
4,057.3
3,418.3
4,059.0
3,410.6
4,044.1
3,398:1
4,077.5
3,417.6
r
4,067.5
'3,389.3
r
r
4,092.6
3,409.6
r
r
4,090.7
3,407.9
r
4,087.0 '4,088.4
3,400.2 ' 3,395.8
77.6
81.8
78.3
82.1
82.9
82.0
83.0
78.3
69.1
68.2
67.5
68.8
76.0
77.2
79.2
70.3
74.7
71.5
75.9
74.4
75.3
76.4
70.5
61.9
61.5
59.1
61.8
70.3
70.5
71.2
68.5
79.4
76.4
78.0
111
76.1
72.9
60.1
52.7
52.5
,50.2
47.3
56.5
65.1
71.9
85.8
99.7
95.5
100.9
100.3
96.8
95.4
79.5
69.7
72.6
68.7
63.5
76.7
89.7
96.9
11. SAVING
290
295
292
298*
293*
Gross saving bil $ AR
Business saving bil $ AR
Personal saving bil $ AR
Government surplus or deficit, bil.$, AR
Personal saving rate percent
7152
7131
6972
6676
6634
2288
-179.1
5.4
6631
2193
-171.6
52
212.5
-178.4
5.0
r
675.4
704.4
'216.5
'•-245.5
7038
6833
223.4
-202.9
5.2
:
r
r
5.0
12. MONEY, CREDIT, INTEREST RATES, AND STOCK PRICES
85*
102*
105
106*
107
108
93
94
112*
113*
111
110 *
14
39
Money:
Percent change in money supply M1 (L,L,L)
Percent change in money supply M2 (L,C,U)
Money supply M1 bil 1982$ (LLL)
Money supply M2 bil 1982$ (LLL)
Velocity of money:
Ratio gross domestic product to money suppy M1
(C,C,C).
Ratio, personal income to money supply M2 (C.Lg.C) ....
Bank reserves:
Free reserves mil $ NSA (L U U) *
Member bank borrowings from the Federal Reserve,
mil.$, NSA (L,Lg,U).
Credit flows:
Net change in business loans, bil.$, AR (L,L,L)
Net change in consumer installment credit bil $ AR
(L,L,L)§.
Percent change in business and consumer credit
outstanding, AR(L,L,L)§.
Funds raised by private nonfinancial borrowers in credit
markets, mil.$, AR (L,L,L).
Credit difficulties:
Current liabilities of business failures mil $ NSA
(L,L,L)t.
.70
.25
6092
24093
.97
.32
605.2
24222
.05
.23
600.6
24197
.75
.18
608.0
24197
609.5
24149
.31
-.13
6648
6595
.76
.06
611.9
2,407.8
.63
.06
613.7
2,400.8
.17
618.6
2,399 8
1.02
1.19
.40
623.8
2,400.9
.75
.23
627.2
2,401.5
635.3
'2,406.1
1.37
'.26
.86
'-.04
649.8
'2,404.2
.42
'1.23
'-.17
'.05
651.2
P 658.3
'2,395.0 '2,392.8
'6.280
6.448
6.591
2.26
'.80
647.9
'2,418.6
1.421
1.412
1.417
1.420
1.418
1.424
1.428
1.429
1.422
1.432
1.426
'1.430
'1.437
'1.440
'1.443
882
373
886
231
815
303
676
340
345
607
622
764
586
645
834
261
785
108
788
192
771
233
990
77
939
91
'1,049
90
'846
'155
-69.48
'1 66
-7.63
'21.31
-8.68
'-15.18
-68.50
'-1.93
'-46.39
'9.83
'38.45
'-2.68
-9.3
'-1.5
'-3.2
'-5.6
'-3.9
-754
-91.91
r
54
-5.7
'-3.9
-39.46
r
-66.24
-1804
'-6.3
-50.14
-1938
r
-7.9
r
9.85
-1543
'-9.2
r 183 676
182554
-134.86
'-18.14
'-13.9
'116540
.6
'1.04 '-36.05 '-12.85
'-11.88 P -45.85
'-7.4
'-6.3
'221 264
'128464
87 750 8 '50691 p 12 2480 P 4 930 5 M 734.1 P 3,2021 P 5,963.0 '1 0,1 26.2 '' 5,260.2 '6,659.9
258
265
265
273
279
279
274
258
262
258
294
284
286
days and over (L,L,L) 0 $.
NOTE.-The following current high values were reached before April 1991: January 1983-BCI-102 (2.82); May
1983-BCM23 (124.3); July 1983-BCI-14 (829.2);, February 1984-BCI-39 (1.78); March 1984-BCI-58 (101.0) and
BCI-83 (97.7); 1st Q 1984-BCI-22 (7.0); May 1984-BCI-93 (-2,380); June 1984-BCI-111 (22.7); August 1984BCI-94 (8,017); 4th Q 1984-BCI-107 (7.058); March 1985-BCI-113 (138.85); 3d Q 1985-BCI-81 (8.3); 4th Q
1985-BCI-110 (978,568); 1st Q 1986-BCI-26 (105.1); December 1986-BCI-85 (2.50); May 1988-BCI-106
(2,473.4); October 1988-BCI-53 (671.2); 4th Q 1988-BCI-16 (226.0), BCI-18 (215.1). and BCI-35 (460.4); February
1989-BCI-122 (120.7); May 1989-BCM12 (119.74); July 1990-BCI-51 (3,509.8) and BCI-52 (4,107.1); December
1990-BCI-62 change (28.2); and February 1991-BCI-62 smoothed (7.1).
See page C-6 for other footnotes.
SURVEY OF CURRENT BUSINESS
Series
no.
Year
June 1992 •
1992
1991
Series title and timing classification
1991
Apr.
May
| June
July
Aug.
C-5
Oct.
| Sept.
Nov.
Dec.
| Feb.
Jan.
Mar.
Apr.
May *
12. MONEY, CREDIT, INTEREST RATES, AND STOCK PRICES-Continued
66
72
101 •
95*
119*
114*
116*
115*
117
118
109*
19*
Outstanding debt:
Consumer installment credit outstanding, mil.$
(Lg,Lg,Lg)0§.
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) §.
Interest rates (percent, NSA):
Federal funds rate (L.Lg.Lg)
Discount rate on new 91 -day Treasury bills (C,Lg,Lg)
Yield on new 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)
Index of stock prices, 500 common stock's, 1941-43=10,
NSA (L.L.L).
727,799 - 733,227
r
r
731 ,724
730,1 09 '728,823
r
727,311 -727,449 '729,225 '727,960 '727,799
'728,618 '728,395 '727,404 "723,583
449,234
460,771
455,251
451,073
451,894
440,656
434,866
434,230
433,507
427,799
'423,933 '427,137 '427,224 '424,220 "423,149
385,475
397,216
390,773
387,520
389,228 ' 379,222
374,562
373,050
372,429
369,110
'366,724 '367,904 '367,979 '364,764 "361,357
'1493
'1478
'1482
'1466
1458
"1449
481
4.43
4.12
8.55
7.58
6.69
8.10
7.21
4.03
3.84
8.36
7.48
6.54
8.72
6.50
4.06
3.84
8.65
7.78
6.74
8.74
6.50
3.98
4.05
8.62
7.93
6.76
8.85
6.50
3.73
3.81
8.59
7.88
6.67
8.79
6.50
3.82
3.66
8.57
7.80
6.57
8.66
6.50
407.36
407.41
414.81
'6,730
'85.6
'8,126
'85.1
"5,873
"85.3
1511
r
1530
r
1516
r
1507
r
1508
'1498
5.69
5.41
9.05
8.16
6.92
9.25
8.46
591
578
590
582
566
5.67
9.07
8.29
7.02
9.61
9.00
5.51
9.13
8.33
6.95
9.62
8.50
5.60
9.37
8.54
7.13
9.71
8.50
5.58
9.38
8.50
7.05
9.59
8.50
5.39
8.88
8.17
6.90
9.14
8.50
376.18
379.68
377.99
380.23
389.40
6041
14379
'9,448
378.29
r
1493
5.45
5.25
8.79
7.96
6.80
9.06
8.20
r
1493
5.21
5.03
8.81
7.88
6.68
8.71
8.00
4.60
8.72
7.83
6.73
8.69
7.58
387.20 ' 386.88 ;, 385.92
388.51
416.08
412.56
16848
'5,059
11 134
'8,075
"11 262
'6,126
13. NATIONAL DEFENSE
525
548
557
570
564*
Defense Department prime contract awards mil $
.. .
Manufacturers' new orders, defense products, mil.$§
Index of industrial production, defense and space
equipment, 1987=100.
Employment defense products industries thous §
Federal Government purchases, national defense, bil.$, AR
93,877
91.1
1 159
323.5
'7,627
10276
'7,926
9355
'8,825
10201
'10,960
'8,462
'4,946
'8,425
92.5
91.5
91.0
90.0
89.8
89.1
89.1
88.8
88.1
86.7
86.2
'1 177
'1 168
3284
'1 156
'1 148
'1 146
3223
'1 141
'1 137
'1 129
311.0
'1 124
'1 116
'1 108
'313.7
36052
3,594
7749
41,674
3,968
5539
35,466
3,292
7352
41,266
3,391
6066
108.1
111
123.8
118
110
100
107.4
109
122.0
113
109
100
106.6
111
121.5
119
111
99
109.5
'95.5
'120.6
120
110
100
'112.0
'95.8
'1 098 "1 086
14. EXPORTS AND IMPORTS
602
604
606
612
614
616
618*
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 $ '
Merchandise imports, adjusted, excluding military, mii.$ l ....
Balance on merchandise trade mil.$!
422389
38,533
89427
487,129
50,154
68941
415962
489,398
-73 436
35461
3,048
7732
39,744
4,195
5553
35018
3,052
7440
40,000
4,303
5202
103324
119,721
-16397
34715
3,111
7439
39,384
4,352
5464
35188
3,229
7555
40,823
4,141
5860
34463
3,209
7258
41,078
4,381
35,280
3,254
7609
41,757
3,958
36840
3,502
7656
42,712
4,041
37268
3,290
7996
41 ,'382
3,736
6314
6161
6150
5941
107851
126,390
-18539
104151
124,325
-20 174
37653
3,610
7948
40,948
3,312
5644
"107825
"125,293
"-17,468
'37,083
3,112
'42,668
3,464
6005
107.2
'107.7
'108.1
117.7
"118.2
7318
36,386
3,584
7522
43,355
4,202
6036
15. INTERNATIONAL COMPARISONS
47*
721 *
728*
725*
726*
722*
727*
723*
320
+
738
4
735
4
736
4
732
4
737
733 •
4
19*
748*
745*
746*
742*
747*
743*
750*
758*
755*
756*
752*
757*
753*
Industrial production indexes (1987=100):
United States
OECD European countries2
japan ..
Federal Republic of Germany
France
United Kingdom
Italy
Canada
Consumer price indexes (1982-84=100):
United States NSA
Percent change over 6-month span, AR
Japan NSA
Percent change over 6-month span AR
Federal Republic of Germany, NSA
Percent change over 6-month span AR
France NSA
Percent change over 6-month span, AR
United Kingdom NSA
Percent change over 6-month span AR
Italy NSA
Percent change over 6-month span, AR
Canada NSA
Percent change over 6-month span, AR
Stock price indexes (1967=100, NSA):
United States
....
Japan
Federal Republic of Germany
France .
United Kinodom
uniieoNngoom
x
Canada
Exchange rates:
Exchange value of U.S. dollar, index: March 1973=100,
NSA^
Foreign currency per U.S. dollar (NSA):
Japan (yen)
...
Federal Republic of Germany (d mark)
France (franc)
United Kingdom (pound)
Italy (lira)
Canada (dollar)
...
107.1
110
124.1
118
110
100
1081
96.5
1044
1062
1050
1088
'96.3
'96.8
111 5
'97.1
108.4
111
123.9
117
111
101
106.6
'97.3
'97.1
'97.7
97.1
1125
96.7
'95.2
1362
1352
1356
1360
1362
1366
1372
1374
1378
1379
105.5
109
123.3
118
110
'98
106.4
'109
126.0
117
110
98
107.3
112
122.8
121
110
108.1
111
126.6
119
111
'101
'101
1074
108.0
109
122.8
117
111
100
108.4
110
123.7
117
110
100
1056
"108.8
'111
"118
"110
"99
" 1 1 1 .0
"96.2
139.7
138.1
3.4
138.6
2.9
139.3
139.5
1150
1147
1153
1148
1147
1149
1151
1164
1166
1160
1158
1157
1163
1175
23
116.0
41
7
114.7
50
14
115.2
51
.2
115.8
59
23
116.8
60
35
116.8
60
28
117.0
47
2.5
117.4
28
23
117.9
34
35
118.0
38
3.1
118.5
34
119.2
119.7
120.0
1372
1363
1366
1369
1374
1377
1380
1386
1389
1391
1394
1398
1402
1405
2.9
156.9
42
2.5
156.4
49
'1680
24
156.9
46
'1702
3.4
157.2
42
'171 4
3.2
158.7
37
'1723
3.7
159.3
40
'1735
3.4
159.4
40
'1740
2.8
159.3
46
160.1
43
160.6
163.1
163.7
43
'1703
3.5
158.1
39
'171 0
1759
176.6
1773
1783
'8.2
1423
'5.7
1430
3.1
157.6
43
'1696
5.5
'5.6
1438
'3.9
1439
'5.3
1437
'4.1
1434
'5.0
1440
5.6
144 1
.8
1446
1446
1449
3.0
1700
5.8
1431
2.2
2.5
3.0
1437
3.0
3.3
35
1576
3.1
3.1
3.1
2.8
1.6
2.6
2.1
1.1
1.8
.8
1.3
.3
409.2
1,668.4
411 2
1,776.2
3279
840.7
1 1583
331 6
4007
411.5
1,712.1
339.3
810.1
1 157.1
3559
391.6
413.6
1,639.9
420.8
1,694.0
419.8
1,631.8
3158
3132
810.1
1 1680
3352
4000
4236
1,593.0
3263
832.6
1 2005
3258
3975
421.2
1,612.8
3302
871.7
1 221 6
3921
413.0
1,803.2
3242
820.1
1 168.0
3420
3920
3828
861.7
1 2071
3047
3973
89.73
91.41
92.29
95.18
95.19
93.47
91.18
90.69
3170
814.2
1 1455
321 7
3291
3152
3.4
'5.4
,1434
7
1754
'5.4
1440
1.8
856.9
1 1776
3064
3903
4226
1,533.4
301 3
809.7
1 1306
2994
3969
891.2
1 1776
321 3
4063
87.98
85.65
86.09
130.77
128.04
137.11
138.22
139.75
137.83
136.82
134.30
129.63
134.51
17027
1.7828
1.7852
1.6893
1.6585
1.7199
1.7435
1.6933
1.6208
1.5630
5.9244
5.7621
5.8282
6.0483
6.0596
5.7583
5.5391
5.3406
5.6388 5.7540
.5667
.6062
.6056
.5792
.5803
.5619
.5715
.5801
.5938
.5473
1 239 62 1 261 57 1 275 67 1 325.09 1 32955 1 303 31 1 266.25 1 263 20 1 221 04 1,18221
1.1493
1.1499
1.1439
1 1452
1.1279
1.1302
1 1460
1 1535
1.1370
1.1467
452.6
1,474.7
3151
4431
4432
451.2
4488
1,426.0
1,333.0 1,176.0 "1,225.6
3267
331 6
"331 9
"3376
920.4
907.8
951.3
"983.3
1 1957 '1 1800 '" 1 202 9 " 1 287 6
3262
"2955
"3087
"3050
3792
3828
4047
3856
88.04
90.44
89.84
88.30
133.54
130.77
125.46
127.70
132.86
1.5788
1.6186
1 6616
1 .6493
1.6225
5.3858
5.5088
5.6400
5.5773
5.4548
.5625
.5801
.5693
.5526
.5528
1 18976 1 21592 1 248 28 1 241 55 1 220 95
1.1571
1.1874
1.1991
1.1825
1.1928
16. ALTERNATIVE COMPOSITE INDEXES
990*
991*
CIBCR long-leading composite index, 1967=1 004
CIBCR short-leading composite index, 1967=1 004
237.8
204.6
235.4
200.4
237.6
'202.8
239.0
'204.5
NOTE.-The' following current high values were reached before April 1991: May 1984-BCM18 (15.01); June
1984-BCI-115 (13.00), BCI-116 (14.49), and BCI-117 (10.67); August 1984-BCI-109 (13.00), BCI-114 (10.49), and
BCI-119 (11.64); September 1989-BCI-95 (16.04); July 1990-BCI-101 (409,650); October 1990-BCI-72 (476,867);
240.3
'207.6
239.7
'207.5
240.9
208.7
241.5
209.3
and November 1990-BCI-66 (736,742).
See page C-6 for other footnotes.
242.4
'209.8
241.6
207.8
'244.0
210.8
'246.5
'212.4
'246.2
'213.7
'245.8
'214.4
"247.9
"217.8
SURVEY OF CURRENT BUSINESS
C-6 • June 1992
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
«
§
o
Not seasonally adjusted.
Preliminary.
Revised.
Graph included for this series.
Major revision-see notes.
End of period.
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.
J Cyclical indicator series denoted by J 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
SURVEY OF CURRENT BUSINESS and "Business Cycle Indicators: Revised Composite Indexes" in the January 1989 SURVEY.
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. Diffusion index data are centered within the spans:
1-month indexes are placed in the ending month and 6-month indexes are placed in the 4th month.
High values reached by cyclical indicators since the last reference cycle trough (November 1982) are shown ih boldface type; high values reached prior to the period shown in
the table are listed at the bottom of each page. 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 1992 SURVEY.
Page C-1
NOTE.—Major data revisions:
Series based on establishment employment (BCI-1 and BCI-41)—see note for page C-2.
Manufacturers' new orders in 1982 dollars for consumer goods and materials (BCI-8), contracts and
orders for plant and equipment in 1982 dollars (BCI-20), and change in manufacturers' unfilled orders
in 1982 dollars for durable goods (BCI-92)—see note for page C-2.
Ratio, consumer installment credit outstanding to personal income (BCI-95)—see note for page C-4.
* Preliminary June 1992 values: BCI-19 = 408.50 and BCi-109 = 6.50.
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, Survey Research Center, P.O. Box 1248, Ann Arbor, Ml 48106-1248.
3. Excludes BCI-57, for which data are not available.
4. Excludes BCI-77 and BCI-95, for which data are not available.
Page C-2
NOTE.—Major data revisions:
Series on establishment employment (BCI-1, -21, -40, -41, -48, -570, and -963) have been revised
by the source to reflect the adoption of a new benchmark and new seasonal adjustment factors. Periods
covered by these revisions are as follows: BCI-48 from 1976 forward; BCI-1, -21, -40,41, and -963 from
1987 forward; and BCI-570 from 1990 forward. For further information, contact the U.S. Department
of Labor, Bureau of Labor Statistics, Office of Employment Structure and Trends, Division of Monthly
Industry Employment Statistics, Washington, DC 20212.
Gross national product in 1987 dollars (BCI-50) and gross domestic product in 1987 dollars (BCI-55)
have been revised for the period 1959 to 1971 to incorporate corrections made by the source. For
further information, contact the U.S. Department of Commerce, Bureau of Economic Analysis, National
Income and Wealth Division, Washington, DC 20230.
Series that include data from the survey of "Manufacturers' Shipments, Inventories, and Orders"
(BCI-7, -8, -10, -20, -27, -69, -92, and -548) have been revised by the source from 1978 forward.
These revisions reflect (a) benchmarking the shipments and inventory data to the 1989 and 1990 Annual
Surveys of Manufactures with adjustments to unfilled orders; (b) corrections to data for late response,
^classification of reports, and reporting and processing errors; (c) recalculation of new orders; and
(d) updating the seasonal adjustment factors. For further information, contact the U.S. Department of
Commerce, Bureau of the Census, Industry Division, Washington, DC 20233.
* Anticipated 3d quarter 1992 values: BCl-61 = 557.55 and BCI-100 = 526.96; anticipated 4th quarter
1992 values: BCl-61 = 562.89 and BCI-100 = 533.74.
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 McGraw-Hill
Information Systems Company, F.W. Dodge Division, 1221 Avenue of the Americas, New York, NY
10020.
Page C-3
NOTE.—Major data. revision: Manufacturers' machinery and equipment sales and business
construction expenditures (BCI-69)—see note for page C-2.
* Preliminary June 1992 value: BCI-23 = 283.7.
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
NOTE.—Major data revisions:
Series on productivity and costs (BCI-26, -63, -345, -346, -358, and -370) have been revised by
the source to reflect the adoption of a new benchmark and new seasonal adjustment factors. Periods
covered by these revisions are as follows: BCI-26, -63, -345, and -346 from 1987 forward; and BCI-358
and BCI-370 from 1988 forward. For further information, contact the U.S. Department of Labor, Bureau
of Labor Statistics, Office of Productivity and Technology, Division of Productivity Research, Washington,
DC 20210.
Series based on consumer installment credit (BCI-66, -95, -111, and -113) have been revised by the
source from 1985 forward to reflect benchmarks for some holders of credit and recalculation of seasonal
factors. For further information, contact the Board of Governors of the Federal Reserve System, Division
of Research and Statistics, Mortgage and Consumer Finance Section, Washington, DC 20551 (BCI-66
and BCI-113) and the U.S. Department of Commerce, Bureau of Economic Analysis, Business Outlook
Division, Washington, DC 20230 (BCI-95 and BCI-111).
* Preliminary June 1992 values: BCI-122 = 71.7, BCI-123 = 96.1, and BCI-85 = 0.25.
1. Copyrighted. This series may not be reproduced without written permission from the University
of Michigan, Survey Research Center, P.O. Box 1248, Ann Arbor, Ml 48106-1248.
Page C-5
NOTE.—Major data revisions:
Series based on consumer installment credit (BCI-66 and BCI-95)—see note for page C-4.
Manufacturers' new orders, defense products (BCI-548)—see note for page C-2.
Employment, defense products industries (BCI-570)—see note for page C-2.
* Preliminary June 1992 values: BCI-119 = 3.76, BCI-114 = 3.71, BCI-116 = 8.49, BCI-115 = 7.75,
BCI-117 = 6.52, BCI-109 = 6.50, BCI-19 (1941-43=10) = 408.50, BCI-19 (1967=100) = 444.4, BCI-748
= 1,144.6, BCI-745 = 340.7, BCI-746 = 935.8, BCI-742 = 1,236.6, BCI-747 = 290.0, BCI-743 = 382.4,
BCI-750 = 86.51, BCI-758 = 127.14, BCI-755 = 1.5862, BCI-756 = 5.3403, BCI-752 = 0.5432, BCI-757
= 1,199.72, and BCI-753 = 1.1964.
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. Each country is weighted by its 1972-76 global trade. For a
description of this index, see the August 1978 Federal Reserve Bulletin (p. 700).
4. This index is compiled by the Center for International Business Cycle Research (CIBCR), Graduate
School of Business, Columbia University, New York, NY 10027.
SURVEY OF CURRENT BUSINESS
June 1992 • C-7
Composite Indexes
Aug. Apr.
PT
Apr. Feb.
P T
Dec. Nov.
P T
1955 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 89 90 911992
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 1992
Composite Indexes: Rates of Change
Aug. Apr.
Apr. Feb.
P T
P
T
Percent change over 3-month span, annual rate
Composite Indexes: Diffusion
Percent of components rising over 6-month span
1955 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 89 90 911992
NOTE.—Current data tor these series are shown on page C-1.
SURVEY OF CURRENT BUSINESS
June 1992 • C-9
Composite Indexes: Leading Index Components
Aug. Apr.
PT
Apr. Feb.
P T
weekly hours of pro lucti
5. Average weekly i litial claims fi >r
factu ing (hours)
, State pmgra
8. Mi mufac Hirers'
sand materials
iesdiffusiohincte)*
Contracts and orders for i
1955 56 57 58 59 60 61 62 63 64 65 66 67
NOTE.—Current data for these series are shown on page C-1.
70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 911992
C-10
June 1992
SURVEY OF CURRENT BUSINESS
j Composite Indexes: Leading Index Components—Continued
Aug. Apr.
Apr. Feb.
P T
P
T
sing mils a thorizjdby
led or tiers in 1982 < ollars, durabl e goo( s
sens live materials price?
1955 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 89 90 911992
1. This series is smoothed by an autoregressive-rnoving-average filter developed by Statistics Canada.
2. This is a copyrighted series used by permission; it may not be reproduced without written permission
from the University of Michigan, Survey Research Center.
NOTE.—Current data for these series are shown on page C-1.
SURVEY OF CURRENT BUSINESS
Aug. Apr.
JuneiQ92
Apr. Feb.
P T
P T
incc me les s trans fer m ments
Inc ustrial produi rtion (i idex
Mi nufacturing e nd trai le sales i
1955 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 89 90 911992
NOTE.—Current data for these series are shown on page C-1.
• C-ll
C-12
SURVEY OF CURRENT BUSINESS
June 1592
Composite Indexes: Lagging Index Components
Aug. Apr.
P T
Apr. Feb.
P T
loym nt(we3ks—invertec
120. Change in
(arm. ra e,
1955 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 89 90 911992
1. This series is smoothed by an autoregressive-moving-average filter developed by Statistics Canada.
NOTE.—Current data for these series are shown on page C-1.
SURVEY OF CURRENT BUSINESS
June 1992
Employment and Unemployment
Dec. Nov.
P
Nov.
Mar.
P
T
T
Jan. July July
F T P
Nov.
T
manufacturing (hour
Average weekly overtime hours
46. Help-wanted
Employee hours n nonag Icultura establishments (pn
Employees on nonag icultural payrolls
ucmc industries (millions)
civil an employment to population of working agi* (percent)
Civil an unemployment rate (pejrcent—inverted scale)
1964 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 SO 81 82 83 84 85 86 87 88
NOTE.—Current data for these series are shown on page C-2.
90
91 1992
C-13
C-14
•
June 1992
SURVEY OF CURRENT BUSINESS
Output, Production, and Capacity Utilization
Dec. Nov.
P
T
ross domestic product!
Industrial produc i
nondurable manufactures (i
manufactures (index
Industrial production consumer goods (index; 1987=100)
82. Capa city utilization rat», manufacturing
1964 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 S3 84 85 86 87 88 89 90 91 1992
NOTE.—Current data for these series are shown on page C-2.
SURVEY OF CURRENT BUSINESS
June 1992
• C-15
Sales and Orders
Dec. Nov.
P
T
Nov.
P
Mar.
T
Jan. July July
P T
P
Nov.
T
July
P
140-
59. Sales of 'etail stores in 19 32 dollars (bil. dol.)
12010080-
60-
7. Manufacturers' new c rders in
Wages and Consumer Attitudes
1964 65
66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89
NOTE.—Current data for these series are shown on pages C-2 and C-4.
91 1992
C-16 •
June 1992
SURVEY OF CURRENT BUSINESS
Fixed Capital Investment
Net jusiness formatic n (i
Number of new business
Manufacturers
nor defense capital g sods
nstruction contra cts awarded for
of floor space
1964 6 5 6 6 6 7 6 8 6 9 7 0 7 1 7 2 7 3 7 4 7 5 7 6 7 7 7 8 7 9 8 0 8 1
1. This is a copyrighted series used by permission; it may not be reproduced without written
permission from McGraw-Hill Information Systems Company, F.W. Dodge Division.
NOTE.—Current data tor these series are shown on page C-2.
828384858687
90
91 1992
SURVEY OF CURRENT BUSINESS
June 1992 • C-17
Fixed Capital Investment—Continued
Dec. Nov.
P
T
Nov.
P
Mar.
T
Jan. July July
P T
P
Nov.
T
jxpendit ires byfcusiness
New pla
1987 do
machinery and < equipment sales t nd expend! ures (an i. rate, b I. dol.)
76. Industrial production business equipit ent (inde x: 1987= 100)
-
nonresidential fixec mvestm jnt in 1917 dollar^—
.}
rable ee uipment
1964 65
66 67 68 69 70 71 72 73 74 75 76 77 78 79
1. Dotted line represents anticipated expenditures.
NOTE.—Current data for these series are shown on pages C-2 and C-3.
81 82 83 84 85 86 87 88
90
91 1992
C-18 *
SURVEY OF CURRENT BUSINESS
June 1992
Fixed Capital Investment—Continued
Deo. Nov.
P
T
Nov. Mar.
P
T
Jan. July July Nov.
PT
P
T
investn ent in 1 £ 87 dollai s
Inventories and Inventory Investment
n business invent ories IR|
klit ! I I I
1964 65
66 67 68 69 70
I I I
i I listW&yU.I.I
NOTE.—Current data for these series are shown on page C-3.
i u.. I j i
.III
71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 1992
June 1992 • C-19
SURVEY OF CURRENT BUSINESS
Prices and Profits
Dec. Nov.
P T
Jan. July July
F T P
Nov. Mar.
P
T
July
P
Nov.
T
1
23, Spot me rket prices, raw ir dustrial nateriaU (index: 1967=101))
400-1
350300250-
200150-
100-
18. Corporate prof its after tai in 1987 ilollars, Q (ann. ra «iM!i
280240200160-
120-
Corpora te profit; after ta>
40J
22.
ci >rporate lomestic profits 2 fter tax t) corpor; ite dome stic
141210-
42-
corporate domestic mcorpe
LL
108-i
106104102100-
1964 65
66 67
68 69 70
71 72 73 74
75 76 77
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 from Commodity Research Bureau, Inc.
NOTE.—Current data for these series are shown on pages C-3 and C-4.
78 79 80 81 82
83
84 85
86
87 88 89 90
91 1992
C-20 •
June 1992
SURVEY OF CURRENT BUSINESS
Money, Credit, and Interest Rates
Dec. Nov.
P T
1964 65
66 67 68 69 70
71 72
73 74 75 76 77
NOTE.—Current data for these series ate shown on page C-4.
78 79
80 81 82 83 84 85
86 87
88 89 90
91 1992
SURVEY OF CURRENT BUSINESS
June 1992 • C-21
Money, Credit, and Interest Rates—Continued
Dec. Nov.
P T
Nov.
Mar.
P
T
Jan. July July
P T
P
Nov.
T
Federal funds rate (percent)
"POT V
rybi Is (percent) | C.LgLg
field on new issues of hig -grade corporate bonds (| ercent)
ion long-term Ti easury bonds (percent)
Alternative Composite Indexes
990. CIBCR long-leading composite inde:t (1967=
991. CIBCR short-leading composite index (1967=100)
100J
1964 65
66 67 68
70
71 72 73 74 75 76 77
CIBCR Center for International Business Cycle Research (Columbia University).
NOTE.—Current data for these series are shown on page C-5.
78 79 80 81 82 83 84 85
86 87
88
90
91 1992
C-22
•
SURVEY OF CURRENT BUSINESS
June 1992
\ Prices
Jan.July
P T
July
P
Other Measures
Nov.
T
Jan. July
P T
July
P
July
P
Nov.
T
Percent change at annual rate
311 c. Fixed-weighted price index, gr
domestic bus ness product (1-Q span)
I saving rate, Q (percen)
108642-
6-month span
Consumer Price Indexes for all urban consumers—
320c. AH items
298. Government surplus or deficitjQ
323c. All items less food and energy
\
ProdHeeffrice ndexes+
336c. Finished
370q. Change in output per ho r, all persons,
business sectoi (ann. ra e, percent)
4-quarter span
v
337c. Finished goods less foods and energy
400-40-80-120-160-200-240-
1050-
-5-
334c. Finished consumer goods
564. Federal Government pu chases for national
defence, Q (an ti. rate, b I. dol.)
333c. Capital equipment
400
350300250-
200150-
332c. Inlermediate materials, supp
650550-
620. Merchandise imports
450-
331 c. Crude materials for further processir g
350250-
61j8. Merchandise exports, a justed,
rateTM
1980 81 82 83 84 85 86 87 88 89 90 91 1992
NOTE.—Current data for these series are shown on pages C-3, C-4, and C-5.
1980 81 82 83 84 85 86 87 88
90 91 1992
150-
SURVEY OF CURRENT BUSINESS
June 1992 • C-23
i
International Industrial Production
Jan.July July Nov.
P T
P
T
International Consumer Prices
L_
Jan. July July
P T
P
Nov.
T
Percent change over 6-month span, annual rate
Consimer prices—
320c. United States
721. OECD European countries
Federal•tepuMcofGermimy
1980 81
82 83
84
85
86
87
88
89
NOTE.—Current data for these series are shown on page C-5.
90
91 1992
1980 81
82 83
84 85
86 87
90
91 1992
C-24
June 1992
SURVEY OF CURRENT BUSINESS
International Stock Prices
Jan. July July
F T P
!
International Exchange Rates
Nov.
T
Forei jn curret icy per U .8
1980 81 82 83 84 85 86 87 88 89 90 91 1992
NOTE.—Current data for these series are shown on page C-5.
1980 81 82 83 84 85 86 87 88 89 90 91 1992
SURVEY OF CURRENT BUSINESS
June 1992
S-l
CURRENT BUSINESS STATISTICS
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, 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 Business Statistics Branch.
Unless otherwise stated in footnotes below, data
through 1988 and methodological notes are as shown in
BUSINESS STATISTICS, 1961-88
1992
1991
Annual
1990 |
1991
Apr. |
May |
June
July |
Aug.
Sept. |
Oct. |
Nov.
Dec.
48772
4 925.6
2852.7
745.2
565.6
6464
915.1
546.0
298.3
Jan. |
Feb. |
Mar. |
Apr. |
May
1. GENERAL BUSINESS INDICATORS
PERSONAL INCOME BY SOURCE t
[Billions of dollars]
Seasonally adjusted, at annual rates:
Total personal income
Wage and salary disbursements total
Commodity-producing industries, total
Manufacturing
Distributive industries
Service industries
Government
Other labor income
Proprietors' income: ?
Farm
Nonfarm
Rental income of persons with capital consumption
adjustment
Personal dividend income
Personal interest income ... .
Transfer payments to persons
Less: Personal contributions for social insurance ...
Total nonfarm income
46798
27389
745.4
555.8
6346
8450
514.0
2740
48344
28083
738.7
556.5
6412
8878
540.6
2906
47920
27794
731.0
548.8
6358
8737
538.8
2872
48255
27995
735.8
552.4
641 7
881.5
540.5
2886
48458
28228
738.7
555.8
6483
893.7
542.0
2899
48331
28081
739.4
557.7
6393
886.3
543.1
291 3
4854.2
28236
743.3
560.7
6443
894.5
541.5
2927
48728
28359
744.4
561.6
6483
902.3
540.8
2942
48830
28302
747.5
566.4
6405
8998
542.3
2956
28350
739.4
561.0
6446
906.7
544.2
2970
3445
39.4
43.4
36.0
32.0
31.0
33.0
42.4
27.1
38.9
3307
3362
3408
3443
3479
3503
3533
3539
3553
358.4
-129
1248
-127
1285
-117
1272
-11 5
129.1
715.5
7674
240.2
4,815.7
129.3
710.5
1295
723.8
7465
235.9
4,729.1
128.3
718.1
7587
238.3
4,777.3
-14.2
128.6
716.6
765.0
239.4
4,799.3
-191
718.6
7595
238.0
4,775.5
-11 6
127.6
719.8
755.5
238.3
4,786.2
-155
721.3
6849
224.3
4,614.5
-11 6
127.5
721.7
7526
237.0
4,758.5
239.8
4,816.6
705.8
779.1
240.1
4,825.8
129.4
700.9
797.1
241.4
4,862.5
4,679.8
621 0
4,058.8
3,853.1
37426
465.9
1,217.7
20590
107.5
4,834.4
4,792.0
4,825.5
42.5
35.1
-129
7801
-8.6
r
4 91 7.6
2 837.0
734.7
555.9
6404
911.3
550.6
299.7
r
4 968.4 "49907 "4,994.3
28706 "2881 5 "2,879.8
"743.9
7382
741.6
"564.5
561.7
560.6
"6512
6524
6518
"930.1
9272
"934.3
"554.6
552.9
"553.8
3024
303.8
301 1
r
36.9
'3682
5,008.3
2,891.3
747.2
567.0
653.7
935.0
555.5
305.2
"45.4
"372.6
373.9
r
-9.7
"-10.8
"-9.3
-8.8
129.4
129.7
130.8
129.1
r
"679.8
6942
688.5
"683.8
r
"839.2
829.1
819.9
"833.1
"246.4
246.3
243.3
245.6
"4,866.5 "4,907.3 "4,920.8 "4,924.5
132.0
676.3
848.5
247.1
4,946.7
r
26.9
362.9
45.5
"3704
r
r
37.1
-8.9
DISPOSITION OF PERSONAL INCOME t
[Billions of dollars, unless otherwise indicated]
Seasonally adjusted, at annual rates:
Total personal income
Less" Personal tax and nontax payments
Equals: Disposable personal income
Less: Personal outlays
Personal consumption expenditures
Durable goods
Nondurable goods
Services
Interest paid by persons
Personal transfer payments to rest of the world
(net)
Equals* personal saving
Personal saving as percentage of disposable
personal income §
Disposable personal income in constant (1987)
dollars
Personal consumption expenditures in constant
(1987) dollars
Durable goods
Nondurable goods
Services
Implicit price deflator for personal consumption
expenditures, 1987=100
2.9
2058
6161
6127
6132
4,218.4
3,999.1
38891
4452
1,251.9
21919
4,179.3
3,952.3
3841.7
434.0
1,243.8
21639
107.5
4,212.3
3,983.7
3,873.5
437.3
1,259.1
2,1771
107.1
4,845.8
615.0
4,230.8
4,000.1
3,890.2
448.6
1,255.8
2,185.9
106.8
4,833.1
612.0
4,221.1
4,017.6
3,908.0
453.8
1,262.0
21922
106.6
4,854.2
615.2
4,239.0
4,020.0
3910.7
449.0
1,258.5
2 203.3
106.4
4,872.8
618.1
4,254.7
4,039.5
3,930.6
456.0
1,251.7
2,222.8
106.0
4,883.0
618.1
4,264.9
4,032.1
3,922.7
449.4
1248.2
2,225.0
105.9
4,877.2
617.5
4,259.7
4,061.8
3,952.1
447.1
1,254.2
2,250.9
106.2
4,925.6
619.7
4,305.9
4,066.5
3,9562
445.5
1,250.9
2,259.8
106.8
3.1
227.1
3.1
228.6
3.1
230.7
2.9
203.5
2.9
218.9
2.9
215.2
3.5
232.8
3.5
197.9
3.5
239.4
1068
3.2
2193
r
4,91 7.6
614.9
" 4,302.7
r
4,1 15.4
" 4,004.7
r
463.3
r
1270.4
r
2,271.0
r
106.7
" 4,968.4
" 620.4
r
4,348.1
" 4,141 .8
" 4,031.1
" 473.6
" 1,2792
r
2,278.3
r
106.7
'4.0
'4.0
r
187.3
4.9
r
206.3
r
"4,990.7
"598.1
"4,392.6
"4,136.5
"4,025.9
"460.4
"1,268.6
"2,296.9
"106.6
"4.0
"256.1
"4,994.3
"602.1
"4,392.2
"4,153.8
"4,043.9
"462.0
"1,275.0
"2,306.9
"105.9
"4.0
"238.5
5,008.3
603.3
4,405.1
4,172.2
4,062.3
4712
1,276.1
2,315.0
105.9
4.0
232.9
5.5
51
52
5.2
5.4
5.2
5.1
5.0
5.2
5.1
5.2
4.9
3,538.3
3,534.9
3,524.1
3,538.5
3,549.7
3,535.5
3,541.4
3,543.1
3,545.1
3,532.8
3,564.5
r
3,559.9 "3,5812 "3,601.3 "3,593.6
3,596.9
3,262.6
438.9
10508
17730
3,258.9
3,239.4
3,253.9
406.2
4032
1 041 5 1,051.2
1 794.7 1,796.5
3,263.9
417.4
1,045.9
1,800.6
3,273.3
419.6
1 052.5
1,801.2
3,267.1
415.0
1 046.2
1,805.9
3,273.2
420.1
1,039.6
1,813.4
3,260.6
413.1
1,036.8
1,810.7
3,277.7
411.1
1,037.3
1,829.3
327S.&
412.2
1,033.4
1,829.4
"3,313.4 "3,320.1 "3,300.6 "3,308.6
r
427.1
"434.4
"422.0
"421.6
T
1,051 .9 "1,054.8 "1,041.0 "1,045.9
r
1,834.3 "1,830.8 "1,838.0 "1,840.7
3,317.0
428.7
1,046.1
1,8422
114.7
119.3
118.6
119.0
119.2
119.4
119.7
120.1
120.3
120.6
120.8
120.9
"121.4
"122.0
"1222
122.5
109.2
107.0
104.4
104.7
1092
106.6
110.4
111.4
109.8
107.5
105.2
104.9
107.5
107.3
"106.7
'107.0
1026
101 1
107.1
107.9
110.4
107.1
105.1
109.7
100.6
105.7
113.0
110.8
115.7
111.7
110.4
113.5
102.0
105.6
108.2
107.8
108.7
100.0
117.2
104.6
104.4
104.9
126.2
103.5
103.1
104.0
100.5
121.2
106.9
106.8
"107.0
"98.8
"111.7
"107.7
107.7
"107.7
"98.6
"101.9
"107.9
"107.5
"108.6
r 109.1
111.6
107.8
105.8
106.4
105.2
100.6
109.7
111.4
108.8
114.8
99.3
1092
1074
100.9
106.8
110.3
109.6
111.1
101.4
1099
100.2
100.0
105.2
106.1
104.1
98.0
108.0
1092
107.1
105.5
106.4
107.3
108.1
108.0
108.4
108.4
108.1
107.4
106.6
107.2
"107.7
"108.1
'108.8
110.1
108.1
106.9
108.7
105.5
107.7
109.3
106.6
108.6
110.1
108.0
108.7
110.2
108.3
108.5
109.8
108.4
108.9
110.4
109.4
109.0
110.6
109.7
109.0
110.6
110.0
108.4
109.9
109.1
107.5
108.7
108.1
108.1
"109.4
108.8
108.6
"109.9
109.5
"109.0
"110.5
"109.8
'109.7
'111.3
'110.4
4125
1 0430
18034
5.0
"5.3
INDUSTRIAL PRODUCTION 0
[1987=100]
Not seasonally adjusted:
Total index
By industry groups:
Mining
Utilities
Manufacturing
Durable
Nondurable
Seasonally adjusted:
Total index
By market groups:
Products, total
Final products
Consumer aoods
See footnotes at end of tables.
1108
1096
107.3
107.5
98.5
97.9
97.5
"97.2
'94.0
'108.8
'109.4
SURVEY OF CURRENT BUSINESS
5-2 • June 1992
Unless otherwise stated in footnotes below, data
through 1988 and methodological notes are as
shown in BUSINESS STATISTICS, 1961-88
|
1992
1991
Annual
1990
1991
Apr.
May
June |
July |
Aug. |
Sept. |
Oct. |
Nov. |
107.7
106.5
103.0
108.7
107.5
106.7
105.1
108.1
106.0
103.6
99.0
109.8
107.8
952
117.3
124.8
106.7
111.8
110.3
107.8
111.1
108.1
Jan. |
Feb. |
Mar. |
Apr. | May
104.6
101.3
101.3
942
105.3
101.6
-106.2
103.3
96.7
1072
84.3
94.3
-107.6
-106.4
102.5
-108.7
-110.4
-107.5
-95.1
-120.5
-125.1
-107.6
-111.4
-122.9
-137.5
-167.1
-101.6
-131.8
-101.3
-85.1
792
-100.7
-104.3
-96.9
-109.5
-106.8
-108.7
-109.0
-101.4
'110.8
' 109.8
' 107.8
'111.5
' 110.3
' 107.4
'95.5
' 120.7
"125.2
' 106.6
'112.5
' 124.5
* 137.8
'168.9
'104.8
'134.1
'105.6
'85.3
'79.3
'103.3
'104.7
'97.3
'109.8
'107.3
'109.9
'109.1
'1012
-99.1
-152.4
-104.0
'98.8
'149.8
'107.0
'93.4
Dec.
1. GENERAL BUSINESS INDICATORS-Continued
INDUSTRIAL PRODUCTION 0-Continued
[1987=100]
Seasonally adjusted—Continued
By market groups—Continued
Final products—Continued
Consumer goods—Continued
Durable
Automotive products
Autos and trucks
Other durable goods
Nondurable
Foods and tobacco
Clothing
Chemical products
Paper products
Enerav oroducts
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 #
Crude oil
Natural gas
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
Nondurable
Foods
Tobacco products
Textile mill products
Apparel products .,
Paper and products
Chemicals and products
Petroleum products
Rubber and plastics products
Leather and products
106.1
102.2
972
109.3
107.6
105.9
95.7
113.2
119.6
105.9
102.4
98.3
90.8
99.3
94.2
85.0
105.7
103.4
108.9
106.8
107.2
105.3
105.5
102.3
92.5
98.1
98.6
90.2
107.3
108.1
108.3
109.0
106.9
109.0
106.9
109.6
107.1
108.1
1062
92.0
93.9
94.3
94.8
115.4
122.1
109.4
112.8
121.3
131.5
155.6
109.3
124.1
117.4
122.6
109.5
111.6
121.3
130.3
153.1
108.6
126.7
89.2
84.4
87.9
90.8
91.0
94.1
85.4
92.5
91.5
91.0
105.1
101.3
103.0
115.5
123.0
127.2
149.6
115.2
130.0
96.7
97.3
90.6
100.4
114.3
123.3
110.0
112.8
121.9
130.9
154.0
109.1
128.0
90.6
115.0
122.7
104.4
107.7
105.2
109.4
1042
97.4
892
104.1
113.9
121.8
109.0
112.7
121.7
131.8
155.6
109.3
125.9
93.5
115.9
123.4
108.0
112.3
121.6
131.5
155.6
108.1
127.2
109.3
104.0
101.1
103.3
112.8
122.5
131.1
156.0
109.0
1312
96.6
83.1
86.6
90.8
90.0
97.8
86.5
101.2
102.7
104.0
104.0
1222
130.3
1522
1082
132.7
86.2
99.3
89.8
86.7
90.3
89.1
80.1
104.4
862
104.3
108.0
106.9
110.0
107.3
130.5
96.5
96.1
84.9
94.7
95.0
88.8
78.1
87.0
88.1
75.8
87.5
86.7
71.8
98.3
862
-85.6
762
103.9
103.8
103.9
96.3
96.5
117.0
125.6
108.5
111.9
122.3
131.7
156.0
106.8
133.1
101.1
117.9
126.4
112.0
111.4
121.8
133.4
157.8
89.1
79.0
86.3
104.1
1042
95.0
118.1
126.8
106.8
109.4
119.9
134.1
160.6
100.7
124.2
96.1
94.9
95.8
97.4
96.9
96.7
96.5
95.4
95.9
95.0
95.5
107.5
104.5
106.2
103.7
102.4
108.5
105.4
106.7
104.9
103.4
109.0
107.0
109.7
109.7
1072
108.1
104.1
109.1
107.8
103.3
107.5
109.3
108.3
103.6
110.0
105.8
108.1
107.1
100.4
109.9
1082
110.1
107.4
108.8
109.6
103.1
109.4
107.8
111.8
106.0
102.1
105.6
103.4
104.9
103.1
101.1
102.5
152.8
113.4
101.1
150.2
109.3
100.9
145.7
105.9
100.2
148.0
103.4
102.1
157.0
102.7
153.0
116.0
101.3
155.5
110.8
101.4
153.1
110.1
100.7
146.5
107.9
99.6
98.8
151.5
108.4
154.0
107.6
97.8
1442
95.5
87.5
95.8
88.4
96.6
88.7
96.0
87.6
104.6
119.3
107.8
108.5
108.9
112.7
106.3
107.0
105.9
109.8
107.5
107.5
111.4
116.4
108.0
110.8
106.6
108.6
107.7
1022
1052
107.0
107.3
100.4
95.2
-118.3
124.7
106.4
-1102
-121.0
-134.6
162.4
-101.3
-1292
73.9
101.7
-104.0
-96.0
-109.6
-105.8
108.1
107.1
100.5
107.3
-98.4
152.9
107.9
92.4
88.0
1042
92.7
86.9
1062
104.8
103.5
106.4
109.0
96.4
88.3
95.7
88.7
96.0
88.8
96.0
88.9
94.1
87.4
93.0
87.5
110.1
106.4
109.0
107.8
112.4
105.9
109.4
112.2
105.6
106.4
110.9
116.6
112.5
107.3
109.7
113.4
109.1
105.8
111.5
117.1
108.8
107.0
110.7
115.6
107.9
109.9
100.5
106.8
109.3
97.7
95.0
91.6
92.8
90.7
89.7
92.4
95.8
98.9
111.0
112.7
104.7
97.5
96.9
109.9
107.5
105.9
107.5
108.3
108.4
108.6
108.1
107.4
108.1
107.1
106.0
107.3
108.1
107.8
92.5
98.5
95.1
96.9
94.0
96.7
99.4
95.0
96.4
92.9
107.1
952
100.6
105.8
92.7
98.3
1082
93.8
107.8
94.1
99.1
95.0
99.6
98.2
108.9
108.4
952
101.2
109.0
111.6
101.1
105.9
105.8
108.2
109.7
106.1
105.8
126.5
111.4
105.5
106.6
106.7
107.0
-98.8
101.0
101.5
96.8
116.9
107.8
107.6
101.6
100.4
123.5
110.1
942
94.5
91.6
98.5
98.0
123.5
109.7
98.8
90.8
97.2
86.2
118.1
107.9
108.6
100.1
100.6
118.6
89.8
118.2
106.5
107.8
98.7
99.2
98.8
96.1
105.4
112.0
110.1
108.3
110.2
105.0
112.1
110.9
107.6
110.1
101.3
110.7
109.0
105.7
106.6
99.9
88.1
90.0
100.7
99.8
123.4
111.5
105.9
107.6
97.6
97.2
93.2
98.7
99.1
123.6
110.6
982
952
101.3
110.6
1092
107.5
1092
89.5
99.7
92.5
117.3
107.6
108.6
99.4
101.7
962
105.3
94.8
95.3
100.5
101.3
95.8
1012
99.5
103.5
100.9
123.9
111.0
101.3
96.7
116.5
108.6
108.3
102.6
1042
97.8
95.5
94.4
94.4
102.6
100.6
105.5
101.4
123.3
111.5
102.3
100.8
104.4
101.9
123.1
111.0
102.6
102.4
102.9
101.9
123.5
109.8
102,4
100.4
118.2
110.1
109.4
99.0
91.6
1022
99.5
116.9
109.0
108.7
103.1
104.7
118.1
109.6
109.5
102.7
103.2
98.3
98.1
109.6
109.6
110.5
108.1
111.9
111.5
108.3
110.1
106.5
112.3
112.3
107.3
112.6
108.0
113.3
112.6
108.6
113.8
90.9
91.0
87.1
85.8
1112
100.5
96.4
99.9
92.8
103.5
105.6
100.5
101.8
122.8
110.7
93.0
101.3
101.7
100.8
1012
121.9
110.6
97.4
98.7
92.8
102.5
105.0
98.9
99.7
121.4
110.0
99.7
95.9
98.0
94.6
93.8
87.1
118.7
119.0
109.6
110.1
109.5
109.6
118.3
109.5
109.2
1022
97.7
94.7
98.8
105.5
104.4
102.5
103.1
98.7
98.8
99.0
97.5
109.0
114.4
113.5
106.0
106.1
107.0
114.5
112.6
108.6
113.0
832
107.1
114.8
112.7
106.6
113.2
1132
83.9
-108.5
-110.4
-108.0
952
-119.4
-124.6
-107.7
-110.5
-121.7
-136.0
-164.9
-101.3
-128.9
110.3
107.0
962
118.0
126.8
109.3
110.9
121.4
134.0
159.1
102.3
129.5
108.3
105.5
107.1
106.0
102.3
1102
96.9
87.6
-108.3
109.8
-107.4
95.7
1142
113.0
106.7
112.6
84.3
83.0
98.1
-94.6
-102.7
-103.7
-1012
100.5
-121.9
r
110.7
-96.8
93.8
-118.6
-109.6
" 109.6
-99.4
-104.7
-97.7
-104.6
' 114.4
-113.4
106.9
114.0
81.4
99.7
-104.4
-96.6
-109.9
-106.3
108.3
-108.8
100.5
-97.9
-152.3
103.0
-92.7
-86.3
106.2
-107.4
-108.1
-110.7
-98.6
-108.6
-107.1
-99.1
-99.0
-94.9
-103.2
-105.4
-100.1
-99.9
-123.1
"110.7
-96.5
-94.2
-118.6
-110.3
'110.2
-101.6
-105.2
-97.9
-105.6
-114.1
-114.6
-109.0
-115.5
-82.4
-94c
863
109.8
-106.1 ""'105.7
-107.7 '107.3
-110.3 '109.8
-982
'982
109.0
-107.7
-99.1
-101.0
-95.3
-102.1
-103.5
" 100.2
-100.4
124.0
"111.0
-97.9
-98.7
-119.0
-110.7
'109.9
'109.8
'109.1
'99.0
'102.4
'96.6
'102.2
'102.9
'101.3
'101.8
'126.6
'112.3
'99.7
'102.4
'118.9
'110.8
'109.8*
'98.4
'106.0
'98.4
'105.7
'114.5
'115.7
'110.6
'117.5
'82.5
'992
'105.4
'97.9
-106.7
-114.4
-115.2
-109.8
-117.1
-83.1
BUSINESS SALES
jMHSons of dollars; constant (1982) dollar series
in billions of dollars]
Manufacturing and trade sales (unadj.), total
Manufacturing and trade sales (seas, adj.), total
Manufacturino total
Durable goods industries
Nondurable goods industries
Retail trade, total
Durable goods stores
Nondurable goods stores
Merchant wholesalers, total
Durable goods establishments
Nondurable goods establishments
Manufacturing and trade sales in constant (1982)
dollars (seas adj ) total
Manufacturing
Retail trade
Merchant wholesalers
See footnotes at end of tables.
'6,533,420 -6,447,956
-'6,533,420 -'6,447,956
'2,917,465 ' 2,863,603
1,504,650 1,459,051
1,404,552
1,412,815
-'1,825,507 -'1,842,739
-652,951
-660,779
-1,164,728 -1,189,788
"'1,790,448 -'1,741,614
-846,466
-890,261
-900,187
-895,148
-532,277 -553,355 -553,290
-532,495 -537,808 -539,300
234,886 238,289 239,118
119,721 121,024 122,240
115,165 117265 116,878
-153,009 -154,708 -154,671
-54,265 -54,759 -55,011
-98,744 -99,949 -99,660
-144,902 -144,811 -145,511
-69,790 -69,504 -70,476
-75,112 -75,307 -75,035
468.7
219.3
123.2
126.2
472.6
222.0
1242
126.5
473.9
222.8
124.1
127.1
-522,491
-542,306
240,193
122,994
117,199
-154,875
-54,819
-100,056
-147,238
-71,195
-76,043
-552,773
-541,423
241,894
124,459
117,435
-153,819
-54,080
-99,739
-145,710
-70,935
-74,775
478.2
2237
124.7
129.8
476.4
2245
123.7
128.2
-551,964 -566,435 -545,459
-542,673 -545,469 -544,882
242,240 245,134 245,480
124,965 126,404 126,547
117,275 118,730 118,933
-154,330 -154,569 -154,092
-55,223 -55,450 -54,722
-99,107 -99,119 -99,370
-146,103 -145,766 -145,310
-72,174 -71,204 -70,855
-73,929 -74,562 -74,455
-556,120 -494,124 -514,053 -561,528
-535,186 -540,097 -547,802 -550,370
235,997
236,367 241,683 -244,182
119,795
121,615 125,378 -126,639
116,202
114,752 116,305 -117,543
-154,280 -157,808 -159,753 -157,873
-55,406 -56,919 -57,961 -57,122
-98,874 -100,889 -101,792 -100,751
-144,909 -145,922 -146,366 -146,867
-70,467
-71,280 '71,644 -72,807
-74,642 -74,722 -74,060
-74,442
547,039
550,151
244,743
126,305
118,438
158,541
57,363
101,178 ••»•••"•••"••
144,763
70,915
73,848
SURVEY OF CURRENT BUSINESS
1990
Apr.
1991
May |
June
Aug.
July
Oct. |
Sept.
Nov. |
Dec.
Jan.
Feb.
Mar.
Apr.
1. GENERAL BUSINESS INDICATORS-Continued
BUSINESS INVENTORIES
[Millions of dollars; constant (1982) dollar series in
billions of dollars]
Manufacturing and trade inventories, book value
(non-LIFO basis), end of period, (unadjusted),
total .
Manufacturing and trade inventories, book value
(non-LIFO basis), end of period, (seas, adj.),
total
Manufacturing, total
Durable goods industries
Nondurable goods industries
Durable goods stores
Nondurable goods stores
Merchant wholesalers total
Durable goods establishments
Nondurable goods establishments
Manufacturing and trade inventories in constant
(1982) dollars end of period (seas adj ) total
Manufacturing
Retail trade
Merchant wholesalers
r
81 5 881
r
825,945
388,81 1
252 836
135,975
r
240,21 7
r
119,331
r
120,886
r
196917
'130,793
r
66 124
r
808 026
r
820 885 r813 609 '802 770
81 7,842 r 81 7,590 r 81 3,344
375,701 385,145 381,877
240 292 249 546 246 964
135,409
135,599 134,913
r
r
243, 162
236,1 77 r 235,890
T
r
117,454 r 115,745 r 115,333
r
120,432 '1 20,557
125,708
r
198 979 r 196 593 r 195 577
r
r
130,566 r130,91 2 M 29,421
r
68413
65 681 r66 156
r
r
809 287
379,968
245 642
134,326
r
234 736
'114,017
M 20,71 9
r
194 583
'1 28,777
'65 806
r
r
803 683 r 802 050 808 871 '829161 '833111 '808 026
r
808 869
378,002
244 467
133535
r
235 650
r
11 4,364
'121,286
r
195217
r
128,903
'66314
r
809 234
377,388
243616
133,772
r
236
523
r
115,121
r
121 ,402
r
195 323
r
129,01 3
'66310
6872
329.6
6836
327.5
6808
326.2
6807
324.7
6796
323.7
1868
1708
1865
1697
1862
1683
1867
1692
1865
1694
r
81 1,686 '814,181
378,837 378,064
244310 242816
134,527 135,248
r
'240,746
238,842
r
116,582 '117,293
r
122,260 '123,453
r
194 007 '195371
'127,492 '127,192
'66515 '68179
'815,046
377,820
242 290
135,530
'240 879
'116,873
'124,006
'196347
'128,126
'68221
'817842
375,701
240292
135,409
'243 162
'117,454
'125,708
'198979
'130,566
'68413
'813954 '817708
818910
'813,708 '814,155 '817,108
373,992 372,801 '372,762
238891 237534 r'236 898
135,101 135,267 135,864
'240986 '241,938 '244,288
'115,918 '117,259 '119,827
'125,068 '124,679 '124,461
'198730 '199416 '198677
'129,517 '129,834 '129,059
'69213 '69582 '69618
817,135
371,547
235 664
135,883
246,91 1
121,847
125,064
'808 588
197689
128,006
69683
BUSINESS INVENTORY-SALES RATIOS
Manufacturing and trade, total
Manufacturing, total
Durable goods industries
Materials and supplies
Work in process
Finished goods
Nondurable goods industries
Materials and supplies
Work in process
Finished aoods
Retail trade, total
Durable goods stores
Nondurable goods stores
Merchant wholesalers total
Durable goods establishments
Nondurable goods establishments . . .
Manufacturing and trade in constant (1982) dollars,
total
Manufacturing
Retail trade
Merchant wholesalers
1.54
1.51
1.50
1.49
1.49
1.50
'1.49
1.50
1.53
1.51
1.49
'1 48
1.64
2.08
1.60
2.04
1.59
2.01
1.57
1.99
1.56
1.96
1.56
1.96
1.54
1.92
1.54
1.91
1.59
2.01
1.58
1.96
1.54
1.89
1.53
1.87
149
1 52
1.87
58
99
52
57
97
51
55
96
.49
54
95
.49
54
93
.48
54
93
.48
53
91
48
53
91
48
55
95
50
54
93
.49
52
90
.48
51
89
47
51
88
48
1 18
.43
19
55
1 15
.42
19
54
1 15
.42
19
54
1 14
.42
19
53
1 14
.42
19
53
r
1.54
1 15
.42
19
53
1 14
.42
19
53
1 14
41
19
54
1 17
.43
19
55
1 18
.43
20
55
1 16
.42
20
54
1 16
42
19
54
1 15
.42
19
53
'1.55
'1.56
'1.56
'1.58
'1.53
'1.51
'211
'212
'125
'214
'202
'1 25
'212
'127
'204
'1 23
'1 24
'1 22
'1.33
'1 77
'90
'1.34
'1 79
91
'135
'1 37
'136
'1 81
92
'185
'1 82
93
1 36
'1 81
'93
M.54
r
213
r
1.22
r
1.36
'1 88
87
147
150
r
1.52
r
1.35
'1 86
r
88
1.52
r
207
'1.21
r
1.34
'1 83
r
88
145
148
144
146
'211
r
1.21
r
M.52
r
209
M.21
'1.33
'1 81
87
1 42
r
213
'1.22
r
1.34
'1 82
r
89
92
'1.55
210
'1 24
135
'1 77
'94
1.56
212
1 24
1 35
1 77
94
143
144
1.52
1.50
1.50
1.45
1.50
1.51
1 35
1 34
1 32
1 30
1 32
2 863 603
235 069
240 483
254 733
257 962
120571
4757
10966
4,327
15017
20,557
16,197
31,591
18,767
9,632
114,498
32152
123418
4756
10,764
4,385
15,367
20,366
17,006
33,179
20,605
9,920
117,065
33700
2906
133092
5209
10,949
4,463
16144
24,383
18,360
34,310
19,809
10,774
121,641
34635
3,130
5938
10738
24,992
14,136
8,298
239118
218827
107332
4765
9,836
3,970
13,541
17,876
15,251
25,671
14,233
9,067
111,495
31 765
1,792
4773
242 053
1 459 051
56464
127,830
51,777
181 275
250,080
205,789
375,221
219,886
119,586
1,404,552
398110
30042
64406
122340
133506
5239
11,272
4,561
16,143
22,726
19,094
35,448
20,827
10,599
124,456
35140
2,954
9964
22,566
13,672
7,559
240193
10406
24,037
14,394
7,997
241 894
10563
25,047
14,406
8,378
242 240
10411
24,115
14,587
8,388
245134
122,994
5,006
10,611
4,296
14,895
20,511
17,166
32,692
19979
9,933
117,199
32981
2,556
5,546
10251
24,062
13714
7,927
124,459
4,884
10,754
4426
15,401
20,526
17,114
33,198
19879
10,291
117,435
33273
2,547
5,598
10266
24,027
13687
7,930
124,965
4,853
10,857
4,480
15,291
20,683
17,343
33,836
20041
9,964
117,275
33246
2,585
5,634
10317
24,025
13348
8,064
126404
4,744
10,754
MANUFACTURERS' SHIPMENTS, INVENTORIES,
AND ORDERS t
[Millions of dollars]
Shipments (not seas adj ) total
Durable goods industries total
Stone clay and glass products
Primary metals
Blast furnaces, steel mills
Fabricated metal products
Industrial machinery and equipment
Electronic and other electrical equipment
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
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
Industrial machinery and equipment
Electronic and other electrical equipment
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 elastics oroducts
See footnotes at end of tables.
2917465
1 504 650
62897
144,185
58,921
188115
263,573
200,430
377,319
226,050
120219
1,412,815
397 090
28161
63535
128761
285,612
179,357
91,657
122214
288,018
167,342
92,576
1817
5026
5214
9921
9851
24,971
13,509
7,799
234 886
119721
4,556
10,626
4135
14,711
20,890
16755
30,402
17372
10,137
115,165
32854
2095
5,085
9949
24,117
13760
7,527
24,560
14,352
7,807
238 289
121 024
4,617
10,569
4220
14,715
20,735
17218
31,310
18515
10,012
117,265
33316
2,567
5,233
9952
24,543
14331
7,482
122,240
4,762
10,418
4212
15,003
21,142
17,082
31,823
18561
9,962
116,878
33265
2,560
5,437
10284
23,895
14151
7,626
5158
10,854
4,399
15404
19,147
17,061
31 889
19,311
9,968
119,713
33370
2456
5901
S-3
1992
1991
Annual
Unless otherwise stated in footnotes below, data
through 1988 and methodological notes are as
shown in BUSINESS STATISTICS, i96i-88
June 1992 •
6186
253919
130927
5138
11237
4,622
16593
20,731
17,501
36554
23,388
10124
122,992
34441
2390
6194
4451
15,716
20,979
17389
34,713
20954
10,078
118,730
33379
2,597
5,736
10234
24,354
13826
8,032
245 363
125777
4754
10,563
4,257
15525
20,278
18,315
33836
20,181
10,391
119,586
33738
3454
5840
9953
23,034
14,271
7,487
245 480
126547
4,738
10,717
4352
15,847
21,237
17876
33,573
19836
10,235
118,933
33897
3,010
5,661
10199
23,809
13712
7,920
230512
118503
3963
9,394
3,885
13929
22,592
18,344
28918
14,344
10753
112,009
32702
2825
5047
213596
106887
9790
22,590
12,981
6,931
235997
9808
23,347
11,546
7,378
236 367
123565 '134851
4489
'4891
10,908 '11091
4,476
'4,609
15253 '15877
20,060 '24,557
17,026 '18,737
33809 '35891
20,796 '21.559
9,472 '10549
114,319 '119,547
32738 '34137
'3027
1 868
'5942
5485
10286 '10442
24,122 '25,248
11,737 '12.184
'8.309
8,031
241 683 '244 182
119795
4,608
10,412
4,296
15,214
20,410
17766
29,658
17818
9,840
116,202
33233
2,275
5,509
10167
23,726
12897
7,719
121,635
4,697
10,688
4,456
15,145
20,888
17094
30,788
18360
9,705
114,752
32502
2,513
5.605
10088
23,966
12038
7,975
125,378 '126639
'4,884
4,816
10,890 '10,746
'4427
4503
15,228 '15,051
20,838 '21,698
17340 '17,769
33,617 '33,543
19928 '20259
9,867
'9,917
116,305 '117,543
33172 '33341
2,410
'2.531
5.627
'5.720
10206 '10212
23,980 '24,066
12772 '13247
8,046
'8.079
4061
10,143
4,330
13449
17,544
15,213
26763
17,016
8,607
106,709
30025
1 599
4857
237 884 '254398
243611
126325
5036
11,152
4,571
15295
20,829
16,927
34527
21 ,881
9,570
117,286
33218
1 686
5616
10100
25,259
13,363
8,219
244743
126305
4,918
10,876
4,468
15,120
21,408
17586
33,400
20586
10,091
118,438
34062
1.951
5.732
10201
24,448
13735
8.033
May
SURVEY OF CURRENT BUSINESS
S-4 • June 1992
Unless otherwise stated in footnotes below, data
through 1988 and methodological notes are as
shown in BUSINESS STATISTICS, 1961-88
Annual
1990
1992
1991
1991
Apr. |
May |
June |
July
Aug.
Sept. | Oct.
Nov.
Dec.
Jan.
Feb.
Mar. |
Apr. | May
1. GENERAL BUSINESS INDICATORS-Continued
MANUFACTURERS' SHIPMENTS, INVENTORIES,
AND ORDERS-Continued t
[Millions of dollars]
Shipments (seas, adj.)—Continued
By market category:
Home goods and apparel
Consumer staples
Machinery and equipment
Automotive equipment
Construction materials and supplies
Other materials, supplies, and intermediate
products
Supplementary series:
Household durables
Capital goods industries
Nondefense
Defense
Inventories, end of year or month:
Book value (non-LIFO basis) (unadjusted) total
Durable goods industries total
Nondurable goods industries, total
Book value (non-LIFO basis), (seasonally
adjusted) total
By industry group:
Durable goods industries total #
Stone, clay, and glass products
Primary metals
Blast furnaces steel mills
Fabricated metal products
Industrial machinery and equipment
Electronic and other electrical equipment
Transportation equipment
Motor vehicles and parts
Instruments and related products
By stage of fabrication:
Materials and supplies
Work in process
Finished goods
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
By stage of fabrication:
Materials and supplies
Work in process
Finished goods
By market category.
Home goods and apparel
Consumer staples
Machinery and equipment
Automotive equipment
Construction materials and supplies
Other materials, supplies, and intermediate
products
Supplementary sen'es:
Household durables
Capital goods industries
Nondefense
Defense
New orders net (unadj ) total
Durable goods industries, total
Nondurable goods industries total
New orders net (seas adj ) total
By industry group:
Durable goods industries total
Primary metals
Blast furnaces steel mills
Nonferrous and other primary metals
Fabricated metal products
Industrial machinery and equipment
Electronic and other electrical equipment
Aircraft missiles and parts
Nondurable goods industries total
Industries with unfilled orders *
Industries without unfilled orders 0
By market category:
Home goods and apparel
Consumer staples
Machinery and eouipment
Automotive equipment
Construction materials and supplies
Other materials, supplies, and intermediate
products
Supplementary series:
Household durables
Capital Qoods industries
Nondefense
Defense
See footnotes at end of tables.
14639
56143
39,416
8,145
13,503
15069
55635
39,033
8,781
13,743
15129
55830
39,217
8854
13,685
15255
55,842
39,871
8,987
13,655
15532
56,541
40,815
9,318
13,685
15928
57,182
40,870
8,939
13,923
15458
55,439
37,844
8,072
13,723
15591
54,748
38,674
8,108
13,811
15695
55,199
39,930
8,837
14,251
r
13,091
14376
56728
39,163
8237
13,297
16 020
55,741
40,904
r
8,943
r
14,393
16006
56,104
40,244
9,086
14,436
'949793
77875
78647
79570
80245
80551
80331
80815
80336
77809
78665
80,229
r
80,682
81306
77 561
'491,594
'384663
'106,931
'79298
'489,885
'386319
'103566
6460
40,593
31 733
8,860
6445
40,543
32131
8,412
6383
41,398
32848
8,550
6678
39,978
31 732
8,246
6786
41,400
32260
9,140
6,836
41,577
32547
9,030
6,900
42,163
33316
8,847
7,088
42,374
33565
8,809
6,643
39,536
31,148
8,388
6,755
40,303
31,909
8,394
6,794
41,685
32,800
8,885
r
7,016
41,292
32,793
8,499
382135
247615
134,520
369 493
235130
134,363
387458
251 304
136,154
384554
249380
135,174
378,904
245 429
133,475
378 863
245338
133,525
378 749
244736
134,013
377,445
243223
134,222
378,171
242 689
135,482
377,403
241 914
135,489
369,493
235130
134,363
373,463
237 799
135,664
375,181 r373,131
238 945 r237 306
136,236 -135,825
388 81 1
375 701
385 145
381 877
379968
378 002
377388
378 837
378 064
377820
375 701
373,992
372,801
r
372 762 371,547
252 836
8,157
23,651
11 658
24,585
47,724
30067
73,424
13039
24273
240 292
7,968
21359
10476
22,715
45,337
28504
71,138
12777
23333
249 546
8,096
23,029
11216
23,992
48,014
29714
72,985
12867
23743
246964
8,016
22,645
11 023
23,649
47,764
29522
72,109
12447
23,567
245642
8,019
22,509
10943
23,433
46,922
29333
72,071
12479
23,717
244 467
7,968
22217
10851
23,163
46,985
29377
71,612
12488
23638
243616
7,988
22,065
10774
23,101
46,735
29159
71,466
12564
23603
244310
7,905
21,947
10724
23,001
46,580
29035
72,458
12694
23,606
242816
7,860
21,787
10587
22,959
46,448
28886
71,690
12777
23,482
242 290
7,962
21,591
10522
23,018
46,011
28746
71,976
12973
23,233
240292
7,968
21,359
10476
22,715
45,337
28504
71,138
12777
23,333
238891
7,911
20,986
10303
22,975
44,914
28627
70,409
12423
23,013
237,534
7,924
20,872
10334
22,815
44,461
28617
69,956
12297
22,825
r
236,898 235,664
7,864
- 7,879
21,019
-21,011
MO 305
10195
'22,724
22,702
43,885
-44.133
r
28 595 28584
' 69,734
68,701
r
12 399 12344
r
22,540
22,668
71 191
119,169
62,476
66067
114,295
59,930
69274
118,041
62,231
68425
117,308
61,231
67387
117,748
60,507
66936
117,350
60,181
66951
116,308
60,357
66823
115,492
60,501
66555
115,382
60,353
66,067
114,295
59,930
135,975
27,784
5375
8,846
13362
32366
13,175
11 995
135,409
28,837
5,865
8,648
13487
32904
11,032
11 245
135,599
28,321
8,639
13720
32772
11,563
11 801
134,913
28,154
5,788
8,592
13576
32666
11,759
11 652
134,326
28,169
5,803
8,546
13332
32417
11,774
11 537
133,535
27,864
5,987
8,561
13247
32228
11,613
11405
133,772
27,962
5,950
8,579
13098
32476
11,688
11 359
67027
116,762
60,521
134,527
28,494
5,892
8,744
13153
32522
11,778
11,253
135,248
28,852
5,882
8,751
13368
32630
11,402
11,274
135,530
28,867
5,706
8,626
13457
32912
11,500
11,303
135,409
28,837
5,865
8,648
13487
32904
11,032
11,245
65,830
113,401
59,660
135,101
28,674
5,933
8,756
13562
32609
10,648
11,230
64,866
65311 '64841
112,590 r 11 2.088 110,775
59,633 - 59,969
60,023
135,267 -135,864 135,883
r
29,055
28,509
28,795
r
6,074
5,972
5,957
r
8,801
8,800
8,795
r
13684
13562
13589
32861 r 32 771 32815
10,920
10,540 -10,882
11,047
11,092 -11,000
49,710
22,906
63359
49693
22,311
63405
49523
22,296
63780
49,342
22,224
63347
49,305
22,395
62626
49409
22228
61 898
49,237
22,339
62196
49,284
22,786
62457
49,556
22,820
62872
49,326
22,479
63725
49,693
22,311
63405
49,429
22,601
63,071
49,420
22,723
63124
26567
54407
87,135
6,698
23,957
26684
55125
85,919
6,474
22,723
25444
54,796
87,832
6,454
23,341
25406
54,693
87,319
6,316
23,054
25,390
54,578
86,647
6,228
23,123
25244
54,359
86,572
6,209
23,063
25395
54,594
86,662
6,274
23,040
25,925
55,100
86,679
6,369
23,011
26,208
55,335
86,182
6,399
22,870
26,403
55,260
86,114
6,493
22,947
26,684
55,125
85,919
6,474
22,723
27,193
54,657
85,583
6,401
22,652
27,383
54,899
84,676
6,306
22,759
131 364
1
170 871
670 558
'472,748
1
103,865
1
170,750
'178875
'671 622
'467,618
'98020
'161,061
14405
54903
38,623
1
983 829
1
1
7815
5851
r
r
6,957
r
42,271
r
33 882
r
8,389
r
373,964
237 309
136,655
49,587
22,743
63 534
49,744
22,940
63,199
r
27,591
55,324
83,838
'6,345
'22,949
27,812
55,184
83,337
6,257
23,033
r
r
r
r
124552
129945
128,491
127,715
126,666
126,018
126,008
125,775
125,701
124,552
123,845
123,610 '123,556
123,340
12901
121,951
83,334
38617
'2923,715
'1,511,501
7
1 412214
12391
116,530
81,644
34886
1
2 847,458
1
1,441 ,665
1
1 405 793
1
12134
120,871
83,747
37124
237,591
119,718
117873
236,540
12080
119,975
82,869
37106
246,990
125,745
121 245
233,725
11923
119,629
82,925
36704
226,615
114,829
111 786
248,090
11961
118,977
82,985
35992
240,835
120,697
120138
243,160
12,163
119,448
82,727
36,721
253,067
128,355
124712
237,624
12,194
118,224
82,072
36,152
249,441
126,956
122485
242,230
12,312
117,707
81,949
35,758
242,579
123,343
119,236
243,138
12,391
116,530
81,644
34,886
229,451
117,481
111,970
234,102
12,520
115,648
81,309
34,339
215,622
108,873
106,749
'2,923,715
12225
121,727
84,146
37581
231,020
116,644
114376
231,229
235,188
12,497
114,511
80,437
34,074
234,914
120,448
114,466
236,942
'12,490
'113,776
'79,646
'34,130
'253,329
'132,979
'120,350
'241,421
12,504
112,504
79,159
33,345
242,619
125,237
117,382
243,850
1 511 501 1 1 441 665 116139
1
128 836
10490
'143388
1
1
4,279
58,201
50,966
5429
' 73 379
'64875
14874
'180083
'187049
20,243
'245,446
'261,443
17330
'203696
'201 261
1
'370751
27453
393*599
8677
'145798
'130040
'1 412214 ' 1 405 793 115090
1
y
351 172
343 988
27916
' 1 061 805 87174
' 1 061 042
118434
10,377
4,223
5360
14,703
20,955
16911
28781
7,596
117,128
10,782
4,476
5429
14,592
20,137
15371
29814
9,890
130827
11,496
5,088
120,092
10,823
4,483
5525
15,193
20,987
16,830
29352
6,993
123,325
10,493
4,453
5204
15,469
20,259
17,431
32648
10,125
124,046
10,714
4,138
5766
15,652
20,491
17,642
33618
12,664
117,785
9,869
3,635
5328
15,133
19,842
18,281
29018
10,007
120,567
10,099
3,915
5296
15,447
21,002
17,354
29577
9,661
120,862 '123,623
10,955 '10,448
'4,390
4,408
'5134
5753
15,134 '14,835
20,648 '21.370
16,996 '17,404
30039 '32 148
8,322 '10,545
125,265
10,705
4,299
118106
29033
89073
116,597
27958
88639
117,263
28808
88455
125,482
11,318
4,924
5525
15,370
20,374
16174
34404
11,860
117,678
28983
88695
117,532
28,972
88,560
118,905
29217
89,688
119,092
29,042
90,050
116,317
28,740
87,577
114,621
27,917
86,704
116,080 '117,798
27,995 '28,690
88,085 '89,108
118.585
28,579
90,006
14,528
56,698
35251
8262
13,411
14,645
56,249
35301
'98233
'161,632
14,601
54,838
35803
7828
13,199
13,633
15,036
55,692
42265
8,785
14,325
15,409
55,815
37554
8,902
13,716
15,554
55,835
38050
9,308
13,721
15,678
56,592
39392
9,288
13,606
16,108
57,110
42,096
8,886
13,670
15,660
55,380
35,484
7,993
13,719
15,346
54,791
38155
8,125
13,980
15,545
55,186
38561
8,850
14,125
'15,657
'55,725
'40849
'8,901
'14,345
16,192
56,119
39,237
9,147
14,380
980,655
'949,257
77,834
79,391
78,452
83,243
81,450
80,243
79,531
80,406
76,853
78,642
79,647
'79,658
81,391
'77099
'501 797
'408380
'93,417
'79528
'474376
'378012
1
96,354
6580
36538
28748
7,790
6567
37569
28,038
9,531
6367
37563
29282
8,281
6756
46 074
36,689
9,385
6,961
41797
30.993
10,804
6,966
35594
30,078
5,516
7,022
39404
31,098
8,306
7,153
40029
34,876
5,153
6,788
38667
28,909
9,758
6,545
39447
31.636
7,811
6,753
37,576
31.186
6.390
'6.677
'41,093
'34.113
-6.980
7,181
40,132
31,730
8,402
2,847,458
y
1
171 ,099
1
670 41 9
'495458
1
103 683
'170,287
1
'178,994
'671 610
'457 146
8103
5515
14,875
20,522
17523
37882
16,595
5481
14,632
20,893
17,472
34034
10,872
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1988 and methodological notes are as shown
in BUSINESS STATISTICS, i96i-88
Annual
]
1990
1992
1991
Apr. |
1991
May |
June
July |
S-5
June 1992
Aug. |
Sept.
Oct.
Nov.
Dec.
Jan. |
Mar.
Feb.
Apr.
May
1. GENERAL BUSINESS INDICATORS-Continued
MANUFACTURERS' SHIPMENTS, INVENTORIES,
AND ORDERS-Continued tt
[Millions of dollars]
Unfilled orders, end of period (unadjusted), total
Durable goods industries total
Nondurable goods industries with unfilled orders ± .
Unfilled orders, end of period (seasonally adjusted)
total
By industry group:
Durable goods industries, total #
Primary metals
Blast furnaces steel mills
Nonferrous and other primary metals
Fabricated metal products
Industrial machinery and equipment
Electronic and other electrical equipment
Transportation equipment
Aircraft missiles and parts
Nondurable goods industries with unfilled
orders $
By market category:
Home goods and apparel
Consumer staples
Machinery and equipment
Automotive equipment
Construction materials and supplies
Other materials, supplies, and intermediate
Supplementary series:
Household durables
Capital goods industries
Nondefense
Defense
.. .
524,072
504131
19,941
507,927
486 745
21 182
525,210
504516
20694
522,318
500816
21 502
514,575
493 469
21,106
522,363
500 966
21,397
521,145
499 323
21822
516,250
494 172
22078
511,772
490 201
21 571
508,988
487 767
21221
507,927
486745
21 182
509,953
488731
21222
r
505,91 4
506,983
485 614 "483 742
r
21 369
22 172
527,195
511 348
521 085
519 336
513943
521 840
523 106
518490
515586
513243
511348
510169
505 428
r
506,375
23122
8578
11416
489,368
20793
7663
10322
500,678'
20013
6976
10194
498,088
19821
6979
10068
492,976
20185
7243
10156
500,809
21 070
8035
10225
501,832
21 634
8533
10262
496,959
21 600
8536
10281
493,880
21 339
8538
10055
491,378
21 336
8324
10319
489,368
20793
7663
10322
488,320
20204
483,804
20269
7027
10598
r
27411
57,185
49,185
277 502
241 418
26287
52,695
47,280
272 872
238 679
27382
55,351
50,071
278 159
243014
27370
55,571
49,764
275 630
239 781
26959
54,566
48,053
273 621
238 282
26939
54,577
48,410
278811
243995
26908
54,425
47,470
280017
244398
26810
54,729
46,957
275 533
239 601
26563
54,009
46,999
273 468
237 926
26368
53263
46,765
273512
238753
26287
52695
47,280
272 872
238 679
26589
52809
47,540
271 661
237 643
26495
52619
47,196
268083
234191
20820
21,980
20,407
21 248
20967
21031
21 274
21,531
21,706
21865
21 980
21 849
21 624
8,586
1 283
229017
1,843
12,550
9,158
1 271
218526
2,060
13,079
7925
1 239
229362
1,866
12,493
8077
1 209
225450
1,891
12,606
8083
1 315
221 335
1,849
12,737
8331
224567
1,852
13,318
222903
1,900
13,350
8,629
1 350
221 082
2,222
13,415
8776
1 401
219660
2,193
13,336
8956
1 329
220886
2,139
13,083
218 526
2,060
13,079
125773
125091
123829
124 574
123 455
126456
127354
127267
125979
126049
5203
402,026
250310
151 716
5495
387,043
242 055
144988
4674
399,316
251 639
147 677
4796
396 342
247 546
148796
4780
392 507
243 980
148527
4858
398 603
248 937
149666
5033
399 000
247 670
151 330
393,017
245 201
147816
5285
390258
242 983
147275
643022
628 567
55735
52235
56618
52327
51 654
52071
52949
52843
51 838
sa 999
47840
52284
60,432
16063
8072
5090
12,826
4376
87,113
22644
11 783
7,464
7,786
2022
1 023
6,887
7,627
7422
1923
2021
6,833
1,747
16,953
6075
1,449
533
516
468
507
527
522
632
552
436
64044 1
67673
2,905 2
6,829 7
7,716.0
24148
87 750 6
47 421 7
38936
11 103.3
6,984.3
39100
50691
7596
7460
795.8
675.3
2886
122480
601 5
49305
4342
47341
1 2278
350.5
525.2
259.5
3596
32020
6328
393.9
346.7
281.6
3080
59630
5865
199.1
404.7
885.5
101262
8683
200.4
1,252.2
370.6
52601
1 1488
229.2
297.0
227.7
66599
23729
280.9
331.5
687.0
5450
8050
1371
1 357
5163
7122
10296
502 667
480,788
r 19 971
504,922
482 654
22,268
501 774
479,748
19800
r
6990
10 339
10333
26 279
52 291
"46,831
266 688
r
233 564
25791
51 776
46,717
267 322
233 478
r
r
T
r
r
6821
21 879
22026
218007
2,076
13,248
r
8762
8400
1 301
"1 286
216639 r 21 6 585
r
2,047
2^089
r
13,074
13,122
8585
1 300
215578
2,108
13,019
125 091
125069
124488
5350
387912
244294
143618
5495
387043
242 055
144988
5285
386 187
241 782
144405
5244
"4964
382 078 "380900
240 168 r 240 399
141 910 "140501
54000
53892
46419
54165
52951
52898
8,485
2,255
1 137
7,167
1,867
1 044
6,546
1,707
9158
1271
U913
1 315
r
123 463 123548
5129
379 740
239 336
140404
BUSINESS INCORPORATIONS <§>
[Number]
New incorporations (50 States and DC):
Unadjusted
Seasonally adjusted
INDUSTRIAL AND COMMERCIAL FAILURES @
[For failures, number; for liabilities, millions of dollars]
Failures, total
Commercial service
. .
Construction
Manufacturing and mining
Retail trade
Wholesale trade
Liabilities (current) total
Commercial service
Construction
Manufacturing and mining
Retail trade
Wholesale trade
Failure annual rate number per 1 0 000 concerns
6915
1931
1 043
572
630
1549
5951
3741
413.6
241 3
1734
918
510
1320
1704
286.5
335.0
1078
1 052
595
1422
974
628
1 424
879
542
1389
3127
669
562
1,652
1,357
1789
7771
864
545
1282
750
2. COMMODITY PRICES
PRICES RECEIVED AND PAID BY FARMERS t
[1910-14*100]
Prices received all farm products
Crops*
Commercial vegetables
Cotton
Feed drains and hav
Food grains
Fruit
Tobacco
Livestock and products #
Dairy products
Meat animals
Poultry and eggs
.
Prices paid:
Production items
All commodities and services, interest, taxes, and
waqe rates (parity index)
Parity ratio §
681
548
707
548
388
338
694
1,483
820
837
667
681
587
609
560
357
291
667
672
615
759
570
366
298
576
560
565
368
304
593
577
547
367
324
651
544
578
529
363
351
1,488
1,382
1,488
1,308
1,488
1,294
1,444
1,434
1,552
798
691
794
697
783
697
780
722
762
752
1,108
1,086
1,060
1,015
272
273
289
286
754
783
990
283
678
564
742
587
391
303
817
691
593
971
592
385
308
877
1,626
777
748
561
674
553
371
316
1,000
1,542
1,047
1,116
298
285
278
1088
697
989
1 003
1 011
1,000
1 265
1 298
1 303
1298
54
51
52
53
53
52
1,008
1,548
636
537
742
514
365
369
803
628
520
558
469
369
390
772
630
532
682
436
377
400
766
649
552
826
419
388
424
778
653
565
972
421
389
417
754
1,582
1,565
1,530
1,521
1,700
763
820
994
280
739
844
940
275
741
844
935
289
732
826
941
263
750
789
997
254
745
764
998
254
993
998
1298
51
52
50
49
48
r
644
"546
r
729
439
r
391
M08
"780
1,409
r
747
'764
r
644
533
629
431
390
397
753
1,409
760
783
1,002
1,017
253
257
1,004
1,303
1,315
48
49
CONSUMER PRICES
[1982-64=100]
Not seasonally adjusted:
All items, wage earners and clerical workers (CPIAll items, all urban consumers (CPI-U)
Special group indexes:
All items less shelter
All items less food
.
All items less medical care
See footnotes at end of tables.
..
..
129.0
134.3
133.3
133.8
134.1
134.3
134.6
135.2
135.4
135.8
135.9
136.0
136.4
137.0
137.3
137.6
130.7
136.2
135.2
135.6
136.0
136.2
136.6
137.2
137.4
137.8
137.9
138.1
138.6
139.3
139.5
139.7
128.2
130.3
128.8
133.5
136.1
133.8
132.6
134.9
133.0
133.1
135.4
133.3
133.3
135.7
133.6
133.3
136.1
133.8
133.7
136.7
134.2
134.5
137.4
134.8
134.6
137.7
134.9
135.0
138.0
135.2
135.0
138.1
135.3
135.1
138.3
135.5
135.5
138.8
135.9
136.2
139.5
136.5
136.6
139.7
136.7
136.9
140.1
136.9
SURVEY OF CURRENT BUSINESS
S-6 • June 1992
Unless otherwise stated in footnotes below, data
through 1988 and methodological notes are as shown
in BUSINESS STATISTICS, 1951-88
1992
1991
Annual
1990 |
1991
Apr. |
May |
June
July |
Aug.
Sept. |
Oct. |
Nov. |
Dec.
Jan.
Mar. |
Feb.
Apr. |
May
2. COMMODITY PRiCES-Continued
CONSUMER PRICES-Continued
[1982-84=100, unless otherwise indicated]
Not seasonally adjusted—Continued
All items (CPI-U)-Continued
Commodities
Nondurables
Nondurables less food
Durables
Commodities less food
Services
Food*
Food at home
Housing
Shelter #
Rent residential
Homeowners' cost, Dec. 1982=100
Fuel and other utilities #
Fuel oil and other household fuel
commodities
Gas (piped) and electricity
Household furnishings and operation
Apparel and upkeep
Transportation
Private
New cars
Used cars
Public
Medical care
Seasonally adjusted ?
All items, percent change from previous month or
year
Commodities
Commodities less food
Food
Food at home
Apparel and upkeep
Transportation .
Private
New cars
129.1
132,8
128.0
118.4
124.4
150.9
137.4
1228
1266
1264
1268
1267
1262
1264
1271
1272
1278
1275
1272
1276
1284
1288
126.0
119.9
113.4
130.2
123.9
115.5
130.1
124.3
115.9
121.1
147.3
131.0
125.9
115.9
122.1
147.9
131.5
126.7
117.0
131.1
125.5
117.2
1224
1230
1224
148.1
148.3
148.8
130.6
124.2
117.4
121 6
149.6
131.1
124.9
117.6
145.8
129.6
123.0
116.3
120.5
146.8
131.0
126.1
116.3
144.7
130.6
124.6
115.9
121 3
145.0
130.4
123.9
116.0
139.2
130.3
124.5
116.0
121 3
146.3
132.4
126.8
118.2
123.5
150.8
1324
1323
1363
1358
1367
1370
1368
1369
1372
1374
1365
1360
1360
1349
1360
1349
1358
1344
1362
1350
1367
1355
1372
1364
1375
1366
132.1
126.2
117.9
123.0
150.7
138.1
1375
1381
1374
1285
1325
1334
1458
1430
1345
149.2
149.8
150.4
150.2
136.7
150.2
1437
1350
1482
1452
1365
147.3
1347
1479
1450
1366
1437
1347
1477
1446
1361
146.8
1347
1474
1446
1357
1425
1328
1452
1428
1342
1384
1336
1463
1433
1454
1456
1464
1462
1463
144.6
111.6
150.2
115.3
148.8
149.2
149.7
152.1
1158
1168
1157
152.6
115.3
153.0
1142
150.7
116.2
151.6
1131
150.2
116.4
1160
153.2
116.2
153.5
115.9
154.1
115.8
154.2
115.8
154.4
116.8
993
109.3
113.3
946
112.6
116.0
944
109.4
115.9
909
111.5
116.3
893
114.4
115.9
878
115.4
116.3
878
114.7
116.2
889
115.5
116.4
909
112.9
116.4
948
111.2
116.5
947
112.4
116.3
920
112.8
116.7
915
112.0
117.3
905
111.5
117.7
899
111.3
118.0
113.0
117.9
1269
1276
131 3
123.8
1327
1329
1296
1279
1302
1334
1333
1331
124.0
125.0
125.3
124.5
124.1
124.4
125.2
126.3
1220
1221
1241
1224
1250
1234
1220
1222
1229
1243
119.8
120.2
126.6
120.6
1234
1276
1225
125.3
118.8
125.2
123.4
121 7
124.9
120.4
128.1
116.1
128.2
115.7
128.2
117.9
1466
1762
1466
1797
1449
1807
1507
1535
1547
177.5
181 8
128.0
117.8
151 5
184.3
186.2
187.3
188.1
128.4
120.5
151 6
188.7
1174
140.0
1207
145.2
1301
1294
120.5
123.8
122.2
1188
1219
1202
121.0
117.6
125.3
118.1
125.3
115.0
123.3
121 5
125.4
117.0
1426
1489
162.8
177.0
1471
1744
1460
1752
1241
1
5.4
1287
M.2
.2
1262
1208
Services
.2
1265
136.4
136.3
121 1
136.7
136.5
128.6
122.7
120.9
125.0
1209
123.7
1219
.3
1267
1210
1467
.1
1265
123.8
124.4
120.0
1476
1789
.3
.4
.2
1470
.4
120.1
1498
1826
1221
150.1
.1
2
.3
1268
1217
1271
1221
1271
1221
1276
1226
1276
1224
1273
1221
1278
1227
136.3
135.3
136.5
135.4
136.4
135.2
137.0
135.9
137.4
136.4 -
136.8
135.4
.5
.2
1362
89.8
.1
1285
1286
1288
137.2
136.0
123.4
137.9
137.0
123.6
137.8
136.7
124.1
137.3
135.8
131.9
132.7
125.1
123.0
127.2
131.8
125.7
123.5
127.8
132.3
124.2
122.3
126.7
137.3
137.2
121 1
136.6
135.9
128.6
123.1
121.4
125.1
127.8
127.7
129.2
130.0
130.3
131.1
129.6
1234
124.2
122.5
125.9
124.2
122.6
126.3
1240
1245
1248
121.8
125.5
123.6
121.9
125.7
122.5
126.2
122.9
126.3
123.0
126.5
130.0
124.4
122.4
126.6
145.1
145.5
1459
146.5
147.0
147.6
1481
1486
1492
149.7
150.0
150.7
151.2
151.4
117.1
126.1
124.2
128.0
PRODUCER PRICES §
[1982=100 unless otherwise indicated]
Not seasonally adjusted:
All commodities . . .
By stage of processing:
Crude materials for further processing
Intermediate materials, supplies, and
components ...
Finished goods #
Finished consumer goods
Capital equipment
By durability of product:
Durable goods ...
Nondurable goods
Total manufactures
Durable manufactures
Nondurable manufactures
Farm products, processed foods and feeds
Farm products
Foods and feeds, processed
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 equipment #
Motor vehicles and equipment
1163
116.5
116.0
116.5
1164
116.1
116.2
1161
1164
1164
1159
115.6
116.1
116.1
116.3
108.9
101.2
100.8
102.1
99.8
99.5
99.1
98.0
99.9
99.7
97.7
'96.9
99.0
98.6
98.9
101.0
114.5
119.2
118.2
122.9
114.4
121.7
120.5
126.7
113.9
121.1
119.8
126.2
114.0
121.8
120.6
126.5
114.3
121.9
120.7
126.5
114.0
121.6
120.4
126.6
114.2
121.7
120.4
126.5
114.6
121.4
120.2
126.2
114.2
122.2
120.8
127.9
114.0
122.3
120.9
127.9
113.7
121.9
120.3
128.0
113.2
'121.8
120.0
r
128.6
113.6
121.9
120.2
128.3
113.6
122.0
120.4
128.4
113.8
122.2
120.6
128.4
114.4
123.1
121.6
129.0
121.2
112.2
118.1
120.7
115.2
122.9
111.7
119.0
122.7
115.2
116.4
105.7
121.9
116.5
125.6
812
121.2
138.9
132.0
122.8
111.7
118.8
122.5
115.0
118.3
110.4
122.3
116.1
125.3
802
121.2
140.4
132.3
123.1
120.5
117.3
122.7
111.6
118.8
122.6
114.9
117.6
109.1
121.9
116.1
125.0
803
121.2
140.0
136.2
123.1
119.7
117.3
122.7
111.1
118.5
122.6
114.3
116.3
105.6
121.6
116.0
124.4
122.6
111.3
118.7
122.5
114.8
115.2
102.9
121.4
116.3
124.5
122.5
111.3
118.7
122.3
115.0
115.1
103.1
121.1
116.3
124.5
123.3
111.3
119.2
123.3
115.0
115.1
101.5
121.9
116.7
123.2
111.3
119.2
123.2
115.2
123.2
110.5
118.8
123.2
114.4
114.5
100.6
121.4
124.9
124.9
124.1
110.3
119.1
123.9
114.3
116.8
106.4
122.0
115.9
124.5
124.1
110.6
119.5
124.0
115.0
114.8
101.6
121.4
116.7
124.3
111.9
120.2
124.2
116.1
116.8
105.6
122.4
117.2
125.2
1430
1432
115.5
116.0
125.5
121.5
1430
1152
1427
115.2
116.3
126.4
122.1
'123.6
' 109.8
'118.7
'123.6
'113.8
'115.2
'102.8
'121.3
'115.7
124.6
'76.3
121.8
'138.6
'137.6
'123.3
'118.2
117.2
r
144.1
'114.7
M17.4
'129.8
'124.8
123.7
110.5
119.0
123.6
114.4
120.3
117.2
122.9
111.0
118.7
122.6
114.7
118.1
109.6
122,5
115.6
126.0
781
121.2
141.1
129.2
123.1
121.3
117.3
118.6
112.2
121.9
115.8
123.6
822
119.1
141.7
129.7
120.7
123.0
114.7
141 3
113.6
114.9
121.5
118.2
1230
116.0
125.6
120.7
115.0
116.2
125.6
120.6
116.1
125.0
80.1
81.3
81.4
81.3
81.2
79.1
121.2
138.3
136.9
123.0
119.6
117.2
142.3
114.8
116.3
125.7
120.5
121.2
138.1
133.3
123.0
119.5
117.1
142.2
114.7
116.5
126.0
120.6
121.2
136.6
133.4
123.0
119.5
117.2
142.3
114.6
116.6
125.2
119.2
121.4
136.3
133.2
123.0
119.3
117.4
121.4
137.1
133.4
123.1
118.9
117.2
121.5
137.6
134.6
123.2
118.7
117.1
1426
1428
1427
114.7
116.7
129.1
125.8
114.6
116.8
128.9
125.4
114.7
116.9
129.0
124.9
.1
-.1
116.5
105.6
122.0
116.0
124.5
115.8
103.0
122.2
116.3
124.9
77.0
76.2
77.2
79.6
121.9
138.3
141.6
123.5
118.9
117.2
121.9
140.2
144.4
123.5
119.6
117.4
122.1
139.9
146.5
123.4
119.8
116.9
122.1
140.8
147.1
123.4
119.5
117,1
1442
1443
1448
1450
114.3
117.5
129.2
124.7
114.4
117.5
129.4
124.7
114.4
117.6
129.4
124.7
114.8
117.7
130.0
124.6
Seasonally adjusted: *
Finished goods, percent change from previous
month or year
By stage of processing:
Crude materials for further processing
Intermediate materials, supplies, and
components
Finished goods #
Finished consumer goods
Foods
Finished goods exc. foods .
Durable
Nondurable
Capital equipment
. . .
M.9
—.2
'2.1
A
.2
.2
.4
'973
994
979
984
998
114.4
1225
1230
120.5
113.9
122.3
120.7
114.0
120.9
'113.2
'121.9
'120.2
113.9
120.7
121.0
121.4
1231
1230
1225
1238
1232
1228
1223
119.0
'1254
'1149
'128.3
119.0
119.5
119.9
120.7
1253
1256
1155
1258
1161
1257
1173
128.3
128.5
129.2
983
1004
1009
99.3
99.3
99.1
98.4
1005
1004
114.1
114.0
121 6
120.4
114.2
114.1
121.5
120.2
114.3
121.8
120.4
114.0
122.1
120.8
114.0
113.9
1221
1253
1250
1247
113.8
121.2
119.8
124.0
117.7
1222
120.2
1234
1233
1233
118.3
119.0
119.6.
119.8
119.5
1235
1238
1243
114.0
126.8
114.9
126.9
115.3
127.1
1244
1161
1246
1162
127.3
127.5
1247
1158
1277
1214
1214
120.1
117.7
118.1
117.8
1239
1139
1234
1145
1233
1142
126.2
126.6
126.7
r
r
1220
114.9
128.0
PURCHASING POWER OF THE DOLLAR
As measured by:
Producer prices 1982=$1 00
Consumer prices, 1982-84*$1.00
See footnotes at end of tables.
839
822
826
821
820
822
822
824
818
818
820
.766
.734
.739
.737
.735
.734
.732
.729
.728
.726
.725
' 821
.724
820
820
818
812
.722
.718
.717
.716
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1988 and methodological notes are as shown
in BUSINESS STATISTICS, 1951-88
Annual
1990
June 1992 •
1992
1991
| 1991
May
Apr.
June
S-7
July | Aug.
Sept. [
Oct. | Nov.
Jan. |
Dec.
Feb. |
Mar. |
Apr. | May
3. CONSTRUCTION AND REAL ESTATE
CONSTRUCTION PUT IN PLACE *
[Millions of dollars]
New construction (unadjusted) total
Private, total #
Residential
New housing units
Nonresidential buildings, except farm and public
utilities total #
Industrial
Commercial
Public utilities:
Telecommunications
. ...
Public total #
Buildings (excl. military) #
Housing and redevelopment
446,434
403,955
32467
34483
36,043
36,978
38801
38,186
37,707
34,745
30,492
r
337,777
182856
127,987
295187
160561
110792
24120
26,144
14838
9,739
26,600
15266
10,461
27,602
15952
27,051
11,067
22,542
12085
8,763
r
11 007
27,021
15482
10,889
25,399
14446
8048
25162
13608
8894
117971
23,848
62,862
96 682
21 731
8796
8337
8055
8069
8280
6372
1,833
1,787
1,842
r
4392
4239
4,029
3,994
3,637
1,968
3,316
1,639
47994
1,744
4,100
8189
1,970
7332
1 731
8147
1,773
4,144
7620
1954
2,874
r
4280
15611
10418
27,401
'30634
33,270
'22,712
'12524
'9,253
24,447
9565
9034
786
767
775
758
849
746
814
818
707
108657
45,825
3,733
108769
49,315
3548
8347
4,063
9899
10378
4,620
11 199
9346
7950
294
284
11 135
4,610
324
10686
283
9321
4,106
307
4,417
329
4,213
301
3,851
282
3,734
r
288
1 828
1,879
141
152
152
160
181
155
169
147
195
149
234
188
132
98
134
152
134
223
2,669
2,918
3,381
3,402
2,388
1,795
'137
'170
1,346
1,433
Military facilities
12192
2,732
30,593
29,012
. [Billions of dollars]
New construction (seasonally adjusted at annual
rates) total
. ..
Private, total #
Residential
New housing units
Nonresidential buildings, except farm and public
utilities, total #
Industrial
Public utilities:
Telecommunications
Public, total #
Buildings (excl. military) #
Housing and redevelopment
Industrial
Military facilities
. .
1,913
4,167
298
4,795
3,147
3,648
7311
7095
1,834
3,190
671
781
7264
'3,796
'7922
'4,041
8823
4,295
281
'146
'184
'293
298
'1,322
'1,435
1,972
r
r
162
'212
145
195
'4124
'4200
4188
'3026
3044
1701
'1703
'121 9
'1738
1250
1769
1276
'39.7
'876
'222
'41.0
'890
'23.1
'41.1
84
'96
'95
95
111.8
512
109.6
501
' 113.5
r
51 3
'114.8
'117.4
'512
40
36
34
'53.6
'3.5
16
16
16
12
290
18
287
27
290
19411
87
22738
15083
96
82
6,498
7,736
15002
4,240
10843
4032
4070
4088
4055
4008
2934
2966
2963
2937
151 8
1006
1583
1067
1580
1099
1628
1144
1666
1180
1669
1182
1665
1188
291 2
1654
1190
1089
24.3
54.8
990
943
941
20.9
47.6
20.9
47.1
920
204
216
887
217
880
225
46.3
91 8
20.3
45.6
r
20.7
50.2
44.6
42.2
40.8
97
86
94
89
92
87
86
91
108.0
496
108.0
48.9
107.3
468
108.1
502
109.7
501
110.4
504
112.5
526
3.6
22
3.5
20
18
289
34
23
18
300
3.9
28
23
29.2
'7007
'1,849
'3.185
'2977
3984
2903
286
1,634
3,1 02
2962
3982
2909
19
28.8
6602
r
3990
291 0
1546
1032
3.7
18
19
r
14115
10,134
M097
4071
17
18
r
632
r
2990
34
r
20,137
'11 012 '10516
r
r
8,1 26
7,750
27,710
20,399
28.6
91 3
r
r
1204
r
865
224
879
226
39.9
114.4
52.3
35
'34
16
'1 8
20
'22
19
'25
292
'317
'29.4
16277
16077
17038
20510
96
94
100
96
21 746
93
5,880
10397
5,303
10775
5,608
11429
7,003
13507
15329
6833
10,018
4,895
r
r
3.6
17
23
29.9
CONSTRUCTION CONTRACTS
[Millions of dollars, unless otherwise indicated]
Construction contracts (F.W. Dodge Division,
McGraw-Hill):
Valuation, total .
Index (mo. data seas, adj.), 7987=J00§§
Public ownership
Private ownership
By type of building:
Nonresidential
Residential
New construction planning (Engineering NewsRecord) §
22083
20713
19552
89
83
21 283
88
21558
95
74,422
6,923
15160
6,665
14047
6,728
12824
6,881
146 806
14402
7,250
14308
245 396
'95
221 230
'88
72,090
173307
90240
105,509
49,645
76898
96,353
47,978
213389
7781
6,778
6412
8,807
5,495
9,190
8,909
4,745
4,231
9229
17726
9433
997
828
977
845
1034
978
802
913
740
92
12913
I
5819' V 5635
6,670
6,891
3,788
3,551
4,130
5952
9,673
4,885
6,417
6940
9,695
4,648
7454
9764
4,339
6,218
8,941
8,337
9,984
4,252
4,417
7,427
2,552
103.5
87.4
947
78.7
86.6
73.7
101.8
80.9
75.6
62.6
65.6
56.3
71.6
58.4
78.8
69.2
111.6
'90.9
'109.6
868
983
830
1,036
870
1,053
881
1,053
881
1,020
864
1,085
887
1,085
907
1,118
972
1,180
989
1,257
1,109
'1,340
'1,068
'1,108
'952
1,230
1,045
988
761
956
759
971
782
940
764
974
782
994
788
979
792
1,073
1,106
1,146
1,094
1,058
1,051
17.4
15.1
16.9
172
172
111.1
111.8
5103
5649
7,258
HOUSING STARTS AND PERMITS
[Thousands]
New housing units started:
Unadjusted:
Total (private and public)
Privately owned
One-family structures
Seasonally adjusted at annual rates: 0
Total privately owned
One-family structures
New private housing units authorized by building
permits (17,000 permit-issuing places): t
Monthly data are seas. adj. at annual rates:
Total
One-family structures
Manufacturers' shipments of mobile homes:
Unadjusted ..
Seasonally adjusted at annual rates @
1 1927
8948
1 111
798
188.3
1 0145
8412
955
754
170.9
15.2
177
16.6
15.6
14.7
174
173
175
178
1106
111.0
1108
111.1
111 1
111.5
111 3
111.8
111 2
111.9
r
117.4
101.8
'95.2
873
913
946
907
873
13.1
10.9
13.4
13.5
16.1
17.6
171
176
192
197
197
199
110.9
111.4
110.5
111.2
110.4
111.1
'111.0
'111.2
'111.4
'111.6
111.8
112.0
882
CONSTRUCTION COST INDEXES
Bureau of the Census, 1987=100:
Composite fixed-weighted price index *
Implicit price deflator *
Boeckh indexes, 1987=100: tt
Average, 20 cities:
Apartments hotels office buildings
Commercial and factory buildings
Residences
Engineering News-Record, 1967=100:
Building
Construction
Federal Highway Adm.-Highway construction,
1987=100:
Comoosite (ava. for vear or fltr.l ±±
See footnotes at end of tables.
1101
1108
1109
1114
1087
1106
1097
1120
1142
1130
400.0
440.5
4072
401.0
403.1
450.1
443.7
447.0
108.5
107.5
1129
115.6
114.3
1122
1144
113.3
1112
1130
112.1
404.6
448.6
111.8
408.1
451.9
111.4
112.1
113.0
115.7
114.3
413.3
412.3
412.3
413.2
455.4
455.3
455.4
455.8
107.0
114.1
116.6
115.4
113.9
116.4
115.1
412.1
455.1
100.4
412.0
455.1
410.8
414.4
415.9
454.7
458.6
460.5
2
418.6
-462.2
SURVEY OF CURRENT BUSINESS
S-8 • June 1992
Unless otherwise stated in footnotes below, data
through 1988 and methodological notes are as shown
in BUSINESS STATISTICS, igei-ss
Annual
1990
1991
| 1991
Apr.
May
June
July
Aug. |
1992
Sept. |
Oct. | Nov.
Mar. |
Jan. | Feb.
Dec.
Apr. | May
3. CONSTRUCTION AND REAL ESTATE-Continued
REAL ESTATE 0
/Thousands of units]
Mortgage applications for new home construction:
FHA applications
Seasonally adjusted annual rates
Requests for VA appraisals
Seasonally adjusted annual rates
[Millions of dollars]
Home mortgages insured or guaranteed by:
Fed Hous Adm • Face amount .
Vet. Adm • Face amount §
Federal Home Loan Banks, outstanding advances to
member institutions, end of period
New mortgage loans of SAIF-insured institutions,
estimated total @
By purpose of loan:
Home construction
Home purchase
All other purposes
1154
51 863 74
15,787.10
152 230
2
16182
2
127,272
2
8776
74
89
67
74
372318
1 17379
4 070 27
939.10
444438
1 311.15
482899
1 58933
98744
94,740
91,525
90,142
105
106
88
105
64
69
84
80
46 990 04
3 765 79
121077
79,065
102827
117,096
2
83
92
101
117
71
83
94
95
980
2
143 674
2
12 261
2
125,594
2
5819
71
92
87
111
66
102
65
98
72
97
75
98
101
101
94
99
79
86
4 072 77 3 696 55
1 529 80
341986
322630
354948
322296
3 559.84
3 620.34
3910.67
80143
78784
79,065
75,085
76,275
76,008
76,409
21 908
19,603
81
120
83,946
13600
14252
13300
12739
12239
10591
12373
12125
'15096
'13599
1 106
12,007
1246
1205
1,027
9,051
1,077
10,883
914
781
11,498
1,230
10,552
880
12,468
1,283
10,967
10,879
13,601
467
536
597
494
456
513
412
365
582
75,834
r
15 975
r
r
1,138
r
20.230
r
538
1,354
17,795
'140505 '134652 '152557
'65,541
'75,970
'66,410
'69,111 '76,587
'74,095
146033
72,080
73,953
198,862
129,427
69,435
r
12,421
397
'826
r
14,768
r
382
454
4. DOMESTIC TRADE
ADVERTISING
[Millions of dollars]
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 equipment supplies furnishings
Industrial materials
Soaps cleansers etc
Smoking materials
All other
Newspaper advertising expenditures (Newspaper
Advertising Bureau, Inc.):
Total
Classified
National
Retail
32280
11 506
4122
16652
7672
2566
1 070
4075
10567
3928
15914
7,401
2,660
3,081
933
967
3,819
4507
WHOLESALE TRADE t
[Millions of dollars]
Merchant wholesalers sales (unadj ) total
Durable goods establishments
Nondurable goods establishments
Merchant wholesalers inventories, book value (nonLi FO basis) end of period (unadj ) total
Durable goods establishments
Nondurable goods establishments
'1 790448 '1 741 614 '146914 '150985 '142615 '147029 '148825 '145493 '158596 '142820 '142864
r
'71 025 '72743
'72847 '78833
'69291 '68332
890 261 '846466
'71 483 '72072 '69919
r
'76004
'76082
'79763
'73529
'74532
'72696
'72646
'75431 '78913
900 187 '895 148
r 197 554
r 129 004
r
68 550
'199710
'128799
'70911
'197989 '194683 '192556 '193611 '190971 '191 380 '196967 '197793 '199710
'132480 '13061 6 '128366 '129845 '128342 '126800 '126,706 '127,168 '128,799
'62,629
'64,190 '63,766
'64,580
'70,261
'70,625
'70,911
'65509
'64067
'201 522 '201 586 '200 370
'129,586 '130,353 '129.789
'71,233
'70,581
'71,936
1,825,507 '1,842,739
'150,294 '161,887 '155,942 '156,635 '161,895 '148,509 '153,920 '157,276 '182,744
'140,023 '141,517 '153.026
RETAIL TRADE ?
[Millions of dollars]
All retail stores:
Estimated sales (unadj.), total
Durable goods stores #
Building materials, hardware, garden supply,
and mobile home dealers
Automotive dealers
Furniture, home furnishings, and equipment
Nondurable goods stores ..
General merch. group stores
Food stores
Gasoline service stations
Apparel and accessory stores
Eating and drinking places
Drug and proprietary stores
Liquor stores
Estimated sales (seas adj ) total
Durable goods stores #
Bldg. materials, hardware, garden supply, and
mobile home dealers #
Building materials and supply stores
Hardware stores
Automotive dealers
Motor vehicle and miscellaneous auto
dealers
.
Auto and home supply stores
Furniture, home furnishings, and equipment #
Furniture home furnishings stores
Household aooliance. radio, and TV stores
See footnotes at end of tables.
r
'157,395 '163,368
r
660,779
'652951
'55943
'59,740
'57,475
'58,068
'57,510
'54,281
'54,900
'52,399
'58,856
'49,461
'51,137
'56,646
'58,829
1
'95,132
'385,136
'91,937
'96,076
'378,025
'88,927
'8,850
'33,462
'7,040
'9,599
'35,398
'7,402
'9,021
'34,127
'7,242
'9,126
'34,626
'7,454
'8,884
'33,516
'7,586
'8,301
'32,086
'7,062
'8,592
'31,991
'7,328
'7,599
'28,994
"7,852
'7,268
'28,151
'9,798
'6,629
'29,374
'7,010
'6,802
'30,847
'6,924
'8,069
'34.527
'7,325
'9,278
'35,408
'7,207
'10,048
'35.655
'7,466
'98,467
'16,997
'32,541
'10,928
'7,489
'17,229
'6,056
'1,857
'98,567 '104,385
16,153
'18,583
'32,890
'33,432
'11,133
'11,403
'8,904
'7,332
'17,220
'17,881
'6,133
'6,300
'2014
'1,975
'94,228
'16,187
'30,600
'10,406
'7,496
'15,861
'5,947
'1,733
'99,020 '104,877 '123,888
'17,780
'22,376
'32,919
'31,978
'33,428
'31,478
'10,371
'10,300
'10,685
'8,903
'12,599
'7,789
'16,362
'15,842 '16,239
'8,204
'6,309
'6,285
'1,797
'1922
'2325
'90,562
'13,658
'31,112
'9,545
'5,987
'15,380
'6,312
'1,668
'90,380
'15,005
'29,993
'9,128
'6,359
'15,535
'6,238
'1,704
'96,380
'16.901
'31,174
'9,758
'7,397
'16.581
'6,384
'1,741
'98,566 '102,805
'17,717
'18.943
'31,684
'33,404
'9,907
'10,402
'8,199
'8,076
'16,348
'17,362
'6,548
'6,502
1,818
'1,164,728 '1,189,788
'212,287 '217,532
'380,927
'371,580
'126,462
'130,200
'94,455
'95,308
'186,162
'194,005
'69,169
'75,668
'21 618
'22336
'94,351 '102,147
'16,362 '18,111
'33,575
'30,375
'10,232 '11,055
'7,527
'7,990
'15,909 '17,019
'6,366
'6,116
'1 721 '1 876
'153009 '154708 '154,671 '154,875 '153,819 '154,330 '154,569
'54,265
'8,199
'6,076
'1 020
'54759
'8,062
'5,970
'1 022
'55,011
'8,048
'6,065
r
1 001
'54,819
'54,080
'55,223
'55,450
'8,169
'6,109
'7,988
'6,058
'1002
'8,100
'6,127
'8,040
'6,143
'987
'977
'990
'154,092 '154,280
'54,722
'7,905
'5,957
'1 005
60,563
'157,808 '159,753 '157,873 '158,541 '158,818
'55,406
'56,919
'57,961
'57,122
'57,363
'57.599
'8,174
'6,238
'8,497
'6,390
'1,050
'8,757
'6,563
'1,053
'8,692
'6.479
'1,062
'8,813
6,531
1,036
'8,707
'965
'31,166
'31,637
'31,934
'31,560
'31,049
'32,115
'32,521
'32,060
'32,422
'33,163
'33,938
'33,058
'33,184
'33,411
'28,410
'2,756
'28,848
'2,789
'29,169
"2,765
'28,815
'2,745
'28,372
'2,677
'29,419
'2,696
'29,859
'2,662
'29,491
'2,569
'29,798
'2,624
'30,494
'2,669
'31,245
'2,693
'30,373
'2,685
'30,533
'2.651
'30,774
'2.637
'7,461
'3983
'2.687
'7,508
'4008
'2.685
'7,427
'3,927
'2,663
'7,566
'3995
'2,736
'7,474
'3,968
'2.689
'7,425
'3,946
'2,661
'7,333
'3,916
'2,620
'7,295
'3,914
'2,566
'7,446
'4,005
'2,629
'7,628
'4,029
'2,760
'7,660
'4.096
'2.724
'7,677
'4.074
'2.754
'7,625
4,070
2.717
'7,657
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1983 and methodological notes are as shown
in BUSINESS STATISTICS, 1961-88
1991
Apr. |
May |
June
July |
Aug. |
S-9
1992
1991
Annual
1990 |
June 1992 •
Sept. |
Oct. |
Nov. |
Dec.
Jan. |
Feb.
Mar.
Apr.
May
4. DOMESTIC TRADE-Continued
RETAIL TRADE ^-Continued
[Millions of dollars-Continued]
All retail stores-Continued
Estimated sales (seas. adj.)-Continued
r
Nondurable goods stores
General merch. group stores
Department stores excluding leased
departments
Variety stores
r
r
14260
r
616
r
Nondurable goods stores #
General merch. group stores
Department stores excluding leased
departments
Food stores
Apparel and accessory stores
Rrms with 11 or more stores:
Estimated sales (unadj.), total
Durable goods stores
Auto and home supply stores
Nondurable goods stores #
General merchandise group stores
Food stores
Grocery stores .
Apparel and accessory stores
Eating places
Drug stores and proprietary stores
r
8083
'99119
'18252
'99370
'18327
'98 874 '100889 '101 792 '100751 '101,178 '101,219
1
19,154
'17820
'19328 '19731 '19,030 '19,012
'14449
'607
'14441
'604
'14447
'587
'14644
'603
'14173
'594
'31 855 '31 685 '31 805 '31 818 '31 835 '31 956
'29 835 '29 675 '29 808 '29816 '29 860 '29 955
'10454 '10558 '10303 '10264 '10413 '10208
'15050
'574
'15304
'624
'15606
'636
'32 049
'30064
'10165
'31 920 '31 823 '32169
'29953 '29830 '30 119
'10210 '10229 '10203
'15010
'8120
'8062
'7952
'7837
'7869
'7811
'8057
'8277
'8137
'8195
'708
'701
'714
'726
'701
'709
'689
'729
'736
'729
711
2888
'1481
'2815
1,455
'2847
'1,493
'2804
'1493
'2782
'1446
'2766
'1423
'2753
'1407
'2678
'1418
'2726
'1450
'2826
'1498
'2817
'1,436
2858
1450
16162
'6297
r
1861
'16331
'6308
'1846
'16199
'6,342
'1,886
'16315
'6344
'1900
'15973
'6340
'1859
'16297
'6392
'1874
'16366
'6374
'1875
'16736
'16741
'6461
'6435
'1 716 '1851
'16904
'6525
'1930
'16715
'6528
'1,909
'16463
'6561
1938
236,1 92 '•238,823 ' 235,438 '234,372 '231,310 '231,209 '232,330 '240,046 '254,023 '257,915 '238,823 . '233,603 '237,187 '242,743
120 507 r 118 480 '116191 r116352 '114223 '112069 '110617 '113915 '119284 '121 693 '118480 '114791 '117065 '120382
246,084
122270
r
2797
•"1497
r
16 053
6279
1,857
r
r
r
r
15,521
65,936
' 16,907
T
16,363
60,806
"16,937
16,051
63,003
' 17,007
r
r
16,569
60,766
'16,858
'16,432
'59,069
'16,727
'16,049
'57,023
'16,625
'16,034
'55,031
'16,672
'15,952
'56,413
'17,465
'15,874
'59,912
'18,534
'16,000 '16,051
'61,839 '63,003
'18,634 '17,007
r
115685 r 120,343 r 119 247 '118,020 '117,087 '119140 '121,713 '126,131 '134739 M3fi?99 '120343
r
39 873 r42 472 r43 276 '42 305 '41 809 '43081 '44 261 '47120 '51 863 '52356 '42472
r
r
r
r
r
r
r
r
30 044
25509
17902
r
' 240,21 7
•"119331
r
r
r
r
''243,162
117,454
r
r
r
r
125 708
'46311
r
15,749 '15,856
r
60 051 '59653
'17,177 '17,167
r
r
r
r
35 920
26 009
19,491
'33,611
'25109
'20 024
'35,982
'25333
'20 698
'39,968 '40611 '32975
'26423 '26991 '26341
'21 398 '21 486 '17678
'15,907
'58402
'17,103
'16,033
'58583
'17,104
'16,180
'59470
'16,840
'16,244
'60 189
'17,123
'16,348
'60991
'17,177
'16,529
'60 555
'17,190
'16,668
'60454
'17,196
120 432 '120557 '120719 '121 286 '121 402 '122260 '123453 '124006 '125708
43581 '43,742 '44,001 r 44 274 '44379 '44774 '45 206 '45223 '46311
r
r
'32696
'25286
'19154
r
r
32 763
25 212
19,71 6
'31,755
'25 539
'18583
•"236,177 '235,890 '234,736 '235,650 '236,523 '238,842 '240,746 '240,879 '243,162
1 15,745 '115,333 '114,017 '114364 '115,121 '116,582 '117,293 '116873 '117454
r
r
'32,271
'25 501
'18830
r
r
16,668
•"60454
r
17,1 96
16,1 34
63 308
17,061
' 120 886
'43529
33,050
25 234
19177
32 975
26341
17678
r
33 050 '33235
25443 '25 579
19,430 '19,254
r
'16,204
'60,535
'16,500
'17,144
'62,062
'16,241
'17,796
'63,149
'17,064
18,233
63,979
17,288
'118812 '120122 '122361
'42391 '42847 '44807
123814
46105
'35,090
'25571
'19096
35894
25808
19143
'240,986 '241,938 '244,288
'115918 '117259 '119827
246,911
121 847
'17,127
'60456
'16,848
17,549
63 291
17,533
'33023
'25 781
'17358
'16,740
'59605
'16,958
'33486
'25 496
'18624
'17,161
'61 898
'17,341
'125068 '124679 '124461
'46263 '45287 '45626
125064
46457
35930
26026
19,395
'33462
'25 605
'19,317
'33847
'25 575
'19,116
'34019
'25581
'19,107
'34499
'25616
'19,290
'34907
'25 736
'19,191
'34829
'25917
'19,339
'35 920
'26009
'19,491
'35934
'25832
'19,503
'35286
'25 921
'19,604
'35588
'25785
'19,566
661323
705,499
54,982
59,740
57,115
56728
61 046
55,073
58,428
64832
83280
'55,494
'55,993
60853
81,101
8620
83,587
8919
6,626
7,244
6,948
7,045
7130
6,622
6,849
7421
10988
795
794
823
826
754
817
756
716
'7,168
'791
8,040
747
'7,303
'800
604750
180423
202 872
198620
50,189
45,964
40591
621 912
199860
'208 772
205 821
55,396
46,459
46055
48356
14934
16488
16264
4,284
3,812
3597
52496
16,504
18173
17940
4,602
4,005
3787
50167
15,521
17458
17240
4,287
4,050
3639
49683
14688
17718
17494
4,149
4,028
3686
53916
17055
18121
17898
5,202
4,173
3832
48451
14,785
16590
16382
4,319
3851
3624
51579
16,319
17337
17115
4,534
3,966
3814
57411
20732
17786
17546
5,414
3876
3862
72292
30745
18592
18166
7,733
3832
5443
'48191
'12891
'18908
'18599
'3,560
'3589
'3812
'48825
'14,352
'18102
'17750
'3,843
'3,596
'3814
52813
16,093
18724
18387
4,645
3,892
3950
58317
58895
58573
59455
59292
59187
58994
59236
58794
'64846
'943
'15,058
'400
'18636
'5134
'65241
'955
'15,375
'406
'18625
'5184
64706
Estimated sales (sea adj ) total
Auto and home supply stores
Department stores excluding leased departments
Variety stores
Grocery stores
Apparel and accessory stores
Women's clothing, specialty stores, and
furriers
Shoe stores
Drug stores and proprietary stores
741
740
739
753
756
761
752
747
741
14,308
14,412
14,033
14,633
14,521
14,431
14,410
14,590
14,236
453
16942
4,649
455
441
17240
4,608
447
445
431
17177
4641
441
17236
4640
432
17 168
4,725
437
17299
4626
1 652
17184
4,717
1,689
1,649
1 645
1594
1 636
17218
4,628
1 617
1 636
17301
4574
1 586
965
945
922
946
953
913
911
910
884
3,778
3,757
3,806
3,872
3,898
3,918
3,948
3,929
3953
'1 777
'973
'3,979
'1 784
'1 000
'4,019
'15195
601
'8019
r
r
'99107
'18325
'730
742
r
'14526
'614
'99739
'18355
8133
r
Eating and drinking places
Drug and proprietary stores
Liquor stores
Book value (non-LIFO basis), (seas, adj.), total ..
Durable goods stores #
Bldg. materials, hardware, garden supply,
and mobile home dealers
Automotive dealers
Furniture, home fum., and equipment
14 385 '14079
r
617
'610
31 515 32 049 '32 068
'29579 '30 050 '29964
r
10441 r10712 '10620
Apparel and accessory stores #
Men's and boys' clothing and furnishings
stores
Women's clothing, specialty stores, and
furriers
Shoe stores
Nondurable goods stores #
General merch group stores
Department stores excluding leased
departments
Food stores . . . .
Apparel and accessory stores
r
'99660 '100056
'18,002 '18477
r
r
Food stores
Grocery stores
Gasoline service stations
Estimated inventories, end of period:
Book value (non-LIFO basis), (unadjusted), total
Durable goods stores #
Bldg. materials, hardware, garden supply,
and mobile home dealers
Automotive dealers
Furniture, home furnishings, and equipment
98 744 '99 949
18 123 r 18,308
'32114
'30063
MO 188
'8133
1
16 472
6561
y
864
902
14,847
371
18705
5,149
1 762
979
4,055
5. LABOR FORCE, EMPLOYMENT, AND EARNINGS
LABOR FORCE AND POPULATION
[Thousands, unless otherwise indicated]
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
1,637
191 329
126,867
1,564
190,836
126,183
1,456
190,980
126,315
1,458
191,173
128,559
1,505
191,443
128,931
1,604
191589
127,713
1,616
191 746
127,029
1,624
191 903
127,182
1,614
192057
127,001
1,605
192209
126,712
1,604
192358
126,671
1,599
192,469
126,971
1,585
192,607
127,382
1,585
192745
127,455
1,577
192 881
128,279
1,574
188,049
124,787
117,914
6,874
189,765
125,303
116,877
8,426
189,380
124,727
116,678
8,049
189,522
124,857
116,624
8,233
189,668
127,054
118,280
8,774
189,839
127,327
118,751
8,576
189,973
126,097
117,859
8,237
190,122
125,405
117,335
8,070
190,289
125,568
117,555
8,013
190,452
125,396
117,110
8,286
190,605
125,108
116,549
8,559
190,759
125,072
115,122
9,949
190,884
125,386
115,224
10,161
191,022
125,797
116,106
9,691
191,168
125,878
116,933
8,945
191,307
126,705
117,535
9,169
189686
126,424
Seasonally adjusted: 0
Civilian labor force total
Participation rate, percent^
Employed, total
Employment-population ratio,
percent t
Agriculture
Nonagriculture
66.4
66.0
125,644
66.3
117,388
125,259
66.1
116,730
125,524
66.2
116,909
125,204
66.0
116,729
125,004
65.8
116,484
125,590
66.1
117,089
125,508
66.0
116,867
125,374
65.8
116,772
125,619
65.9
116,728
126,046
66.1
117,117
126,287
66.2
117,043
126,590
66.3
117,348
126,830
66.3
117,675
127,160
66.5
117,656
627
3,186
114,728
61.6
3,233
113,644
62.0
3,187
114,201
61.6
3,256
113,474
61.6
3,286
113,623
61.5
3,244
113,485
61.3
3,254
113,230
61.6
3,283
113,806
61.3
3,272
113,500
61.2
3,183
113,545
61.4
3,166
113,951
61.6
3.209
114,465
61.5
3,178
114,478
'1,504
2,323
8,256
2,180
8,529
2,213
8,615
2,488
8,475
2,355
8,520
2,417
8,501
2,422
8,602
2,623
8,891
2,843
8,929
3,059
61.3
3.232
113,811
9,244
3,204
61.4
3.194
114.155
Unemployed total
Long term, 15 weeks and over
61.4
3,204
113,663
8,641
2,570
9.242
3.185
9,155
3,018
9,504
3,361
See footnotes at end of tables.
SURVEY OF CURRENT BUSINESS
S-10 • June 1992
Unless otherwise stated in footnotes below, data
through 1988 and methodological notes are as shown
in BUSINESS STATISTICS, 1951-88
Annual
|
1990
1992
1991
1991
Apr.
May
June |
July
Aug.
Sept. |
Oct. |
Nov.
Dec.
|
Feb. |
71
6.9
5.9
73
7.0
6.1
Jan.
Mar. |
Apr. | May
5. LABOR FORCE, EMPLOYMENT, AND EARNINGS-Continued
LABOR FORCE-Continued
Seasonally adjusted 0—Continued
Civilian labor force-Continued
Unemployed—Continued
Rates i:
All civilian workers .
Men, 20 years and over
Women, 20 years and over
Both sexes, 16-19 years .'.
55
4.9
4.8
15.5
4.7
White
Black
Hispanic origin
Married men, spouse present
Marn'ed 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
67
6.3
5.7
66
6.2
5.5
68
6.4
5.7
69
6.5
5.7
68
6.5
5.4
97
4.4
4.5
9.2
99
4.6
4.6
9.1
96
4.4
4.4
8.5
68
6.5
5.7
190
61
124
100
4.4
4.4
9.4
6.9
149
7.4
8.0
7.1
150
7.4
7.6
7.2
155
7.7
8.0
7.1
162
7.1
7.2
7.1
154
7.2
7.4
10.4
11.3
11.9
11.5
11.8
68
6.5
5.6
18.2
69
6.5
5.8
69
6.4
5.9
18.7
71
66
6.1
193
18.3
20.0
7.3
6.9
6.1
20.6
7.2
6.8
6.3
19.2
75
7.3
6.1
20.0
18.6
18.2
60
124
99
4.4
4.5
9.1
5.8
125
92
4.3
4.5
9.6
5.7
11 1
5.8
5.8
9.7
7.0
154
7.2
7.5
11.6
2.1
2.8
2.4
2.8
2.9
3.1
3.3
3.1
2.9
2.6
2.6
2.9
3.0
2.9
2.8
3.2
4.2
66
5.8
8.6
6.2
5.1
75
7.9
4.9
67
8.2
5.2
74
7.6
9.8
5.8
5.1
75
7.2
5.0
71
7.2
9.9
5.4
5.1
71
7.1
9.2
6.8
5.2
76
7.1
8.7
6.8
5.1
76
6.9
8.8
7.2
5.1
82
7.7
9.6
9.1
5.2
80
8.3
6.0
87
6.0
8.2
5.7
8.1
5.4
8.1
9.1
5.7
8.3
8.3
11.3
80
3.4
3.8
8.2
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
10.5
7.6
11.0
6.4
18.9
6.0
12.8
19.0
6.1
12.7
10.4
5.8
19.9
6.1
11.9
18.9
6.5
12.8
12.3
105
4.2
4.5
9.4
102
4.5
4.6
9.1
63
127
97
4.7
4.9
9.1
7.0
157
6.9
7.0
7.1
161
7.0
7.4
7.2
161
7.4
7.1
74
163
7.2
7.3
7.4
170
7.0
7.0
7.6
174
7.6
7.7
11.2
11.9
12.4
11.5
10.9
11.7
6.1
123
109
4.5
4.5
9.0
6.1
6.2
10.9
8.8
6.2
6.5
6.3
6.5
13.7
13.8
14.1
13.9
14.7
11 3
4.8
4.8
9.0
11 6
5.0
4.8
9.5
11 6
4.8
5.0
103
4.7
5.0
11 3
5.1
4.9
10.0
10.2
10.0
7.8
176
7.3
7.4
9.6
7.5
166
7.6
7.5
7.8
169
7.7
7.7
10.4
13.6
11.3
13.0
11.3
12.0
13.7
11.0
11.2
12.6
8.9
11.4
6.5
10.7
6.3
EMPLOYMENT §
[Thousands]
Employees on nonfarm payrolls by industry:
Total, not adjusted for seas, variation
Private sector (excl government)
Seasonally adjusted:
Total employees nonfarm payrolls
Private sector (excl government)
Nonmanufacturing industries
Goods-producinq
Mining
Construction
.
r
r
-107,932 -108,640 -109,157 -107,926 -108,029 -108,751 -109,094 -109,106 -108,966
-89225 -89 888 -90 674 -90504 -90 805 -90638 -90 438 -90292 -90212
-106,607 -106,866 -107,359 -108,144 '108,830
-88184 -88,108 -88,477 -89,245 p 89,893
109 782 -108310
91 478 -89 930
-71,475
72,361
r
24,960
-23,830
-108178 -108265 -108227 -108,190 -108267 -108293 -108,285 -108139 -108154
-89818 -89 887 -89 834 -89,812 -89 885 -89906 -89,875 -89,715 -89704
-71 363 -71,428 -71,414 -71,387 -71,442 -71,492 -71,487 -71,354 -71,375
-23,860 -23,864 -23,809 -23,792 -23,791 -23,755 -23,704 -23,613 -23,584
-108100 -108,142 -108,200 -108,382 '108,450
-89,643 -89,681 -89,693 -89,833 '89,891
-71,360 -71,391 -71,415 -71,550 '71,618
-23,527 -23,525 -23,532 -23,531 '23,523
r
r
.. .
Production or nonsupervisory workers on private
nonfarm payrolls
Goods-producing
Mining
Construction
. .
Manufacturing
Durable goods
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
Primary metal industries
Fabricated metal products
Industrial machinery and equipment
Electronic and other electrical equipment
Transportation equipment
Instruments and related products
Miscellaneous manufacturing
109,782 -108,310
91 478 -89 930
r
Manufacturing
Durable goods
Lumber and wood products
Furniture and fixtures
Stone, clay and glass products
Primary metal industries
Fabricated metal products
Industrial machinery and equipment
Electronic and other electrical equipment
Transportation equipment
Instruments and related products
Miscellaneous manufacturing
Nondurable goods
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 misc. plastics products
Leather and leather products
Service-producing
Transportation and public utilities
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services
Government
Federal
State
Local
Production or nonsupervisory workers on private
nonfarm payrolls, not seas, adjusted
Manufacturing not seas, adjusted
See footnotes at end of tables.
r
r
710
5133
r
19117
r
11,130
-735
r
507
557
'757
1,423
'2,099
r
1,676
r
1,990
r
1,008
377
r
7988
r
1,666
49
r
692
- 1,039
r
698
-1,575
r
1,088
158
-890
r
133
-691
-704
-699
-697
-693
-686
-4685
-4701
-4706
-4692
-4674
-4662
-18455
-10602
-18420
-10,587
-18425
-10,586
-18443
-10,582
-679
-4662
18414
-10557
-663
-657
-651
-646
-4,642
-4,585
-4592
-4587
-4,582
-4603
-4,602
-18388
-10,530
-18361
-10,498
-18329
-10,466
-18283
-10,422
-18290
-10,430
-18278
-10,417
-18,283
-10,414
-674
-667
-653
'641
'4,609
'18,273
'10,401
-18455
-10,630
-18459
-10,622
-679
-472
-524
-726
-676
-473
-524
-729
-677
-474
-522
-727
-677
-474
-522
-724
-678
-469
-522
-725
-678
-471
-524
-725
-676
-470
-523
-722
-677
-469
-524
-718
-678
-468
-520
-715
-679
-467
-520
-714
-680
-466
-517
-711
-686
-464
-517
-710
-689
-465
-518
-710
-688
-467
-520
-708
'688
'470
'520
'706
1,359
-2,007
-1,598
-1,891
-1,358
-2,027
-1,608
-1,883
-1,356
-2,017
-1,607
-1,894
-1,357
-2,006
-1,600
-1,883
-1,357
-1,998
-1,596
-1,894
-1,356
-1,994
-1,591
-1,901
-1,354
-1,989
-1,586
-1,896
-1,352
-1,981
-1,581
-1,889
1,351
-1,967
-1,578
-1,886
-1,347
-1,958
-1,574
-1,878
-1,344
-1,954
-1,570
-1,850
-1,342
-1,950
-1,564
-1,872
-1,342
-1,948
-1,560
-1,863
1,342
-1,951
-1,557
-1,862
'1,343
'1,956
'1,550
'1,848
-980
-366
-987
-365
-984
-364
-980
-364
-979
-368
-977
-976
-973
-366
-969
-962
-963
-367
-959
-366
-956
-366
-951
-368
'951
'369
-7852
-1,672
-49
-7825
-1,670
-49
-7,837
-1,673
-49
-7833
-1,673
-49
-7,839
-1,661
49
-7861
1,685
50
-7,861
1,672
-50
-7,860
-1,671
-50
-7,861
-1,671
49
-7,869
-1,675
-50
'7,872
'1,672
'50
-672
-667
-993
-688
-670
-671
-675
-673
-674
-676
-677
-679
-678
-681
-682
'680
-1,002
-1,005
-1,016
-1,013
-1,017
-1,021
-1,027
-1,026
-1,024
-1,025
-1,025
-1,023
'1,024
-687
-686
-686
-688
-688
-687
-688
-687
-687
-686
-687
-689
'690
-1,548
-1,072
159
-1,544
-1,070
159
-1,537
-1,070
159
-1,537
-1,068
159
-1,535
-1,071
-1,533
-1,071
159
-1,531
-1,073
159
-1,528
-1,073
-1,527
-1,072
158
-1,524
-1,073
-1,519
-1,073
-1,519
-1,071
-1,522
-1,072
'1,522
'1,074
-855
-124
-859
-124
-859
-124
-861
-127
-865
-124
-867
-123
-158
-871
-124
-158
-874
-123
-157
-877
-123
-157
-875
-124
'156
'880
'124
-1,010
-688
-1,541
-1,072
-159
-864
-125
365
-159
-863
-124
365
-7857
1,676
-50
-7858
1,672
-49
366
-7,863
-1,670
-48
-159
-869
-124
367
-7,863
-1,671
-49
-870
-124
-682
-84,822
-5,808
-6200
-19,677
-6,729
-28103
-18,304
3085
-4305
-10914
-84,480
-5,772
-6069
-19,259
-6,678
-28323
-18,380
2966
-4346
-11 067
-84,318
-5,768
-6,082
r
19,275
-6,688
-28145
-18,360
-2955
-4353
-11052
-84,401
-5,769
-6,081
-19,281
-6,683
-28,209
-18,378
-2,957
-4,350
-11,071
-84,418
-5,763
-6,069
-19,268
-6,674
-28,251
-18,393
-2,970
-4,355
-11,068
-84,398
-5,767
6,064
-19,238
-6,662
-28,289
-18,378
-2,965
-4,339
-11,074
-84,476
-5,773
6,050
-19,244
-6,661
-28,366
-18,382
-2,970
-4,339
-11,073
-84,538
-5,769
6,049
-19,220
-6,663
-28,450
-18,387
-2978
-4,336
-11,073
-84,581
-5,766
-6,040
-19,175
-6,665
-28,525
-18,410
-2,980
-4,337
-11,093
-84,526
-5,761
-6,031
-19,130
-6,666
-28,514
-18,424
-2,981
-4,343
-11,100
-84,570
-5,758
-6,021
-19,112
-6,670
-28,559
-18,450
-2983
-4,342
-11,125
-84,573
r
5,746
-6010
-19,118
-6,665
-28 577
-18,457
-2981
-4347
-11,129
-84,617
-5,753
-6,003
-19,143
-6,673
-28,584
-18,461
2,981
-4,346
-11,134
-84,668
-5,754
-5,997
-19,092
-6,675
-28,643
-18,507
2,989
-4,345
-11,173
-84,851
-5,749
-5,993
-19,175
-6,683
-28,702
-18,549
2,986
-4,362
-11,201
'84,927
'5,748
'5,989
'19,131
'6,689
'28,811
'18,559
'2,980
'4,365
'11,214
-74,108
-12,979
-72,705
-12,467
-72,013
-12,343
-72,665
-12,406
-73,409
-12,512
-73,260
-12,402
-73,558
-12,605
-73,399
-12,630
-73,232
-12,578
-73,111
-12,502
-73,033
-12,423
-71,133
-12,236
-71,067
-12,242
-71,437
-12,263
-72,191
-12,309
'72,803
'12,364
-74,108
-17472
-72,705
-16533
-72,579
-16526
-72,658
-16,544
-72,639
-16,516
-72,622
-16,512
-72,679
-16,524
-72,701
-16,494
-72,670
-16456
-72,538
-16378
-72,539
-16,369
-72,540
-16344
-72,561
-16,348
-72,592
-16373
-72,765
-16379
'72,818
'16,382
-509
-3984
-12979
-7,379
-605
-401
433
-575
1,048
-1,263
-1,056
-1,225
-500
274
-491
-3,575
-12467
-6,988
-503
-3579
-12444
-6990
-498
-3,591
-12,455
-6,991
-495
-3,583
-12,438
-fi,973
-554
-372
-402
-545
-556
-371
-405
-547
-994
-552
-371
-404
-549
-992
-553
-371
-403
-548
-992
-1,198
-1,004
-1,170
-1,212
-1,006
-1,155
-1,205
-1,007
-1,167
992
-1,198
-1,005
-1,161
-482
-264
-487
-262
-484
-261
-482
-262
-493
-3,568
-12451
-6,983
-486
-3,562
-12,476
-6,986
-481
-3,564
-12449
-6,964
-554
-370
-476
-3,548
-12,432
-6,945
-555
-368
-403
-546
-992
-555
-370
-405
-547
-991
-544
-991
-554
-369
-405
-541
-989
-1,192
1,005
-1,177
-1,191
1,004
-1,181
-1,187
-999
-481
-479
264
263
-470
-3,487
-12421
-6,931
-468
-3,498
-12,403
-6,913
-464
-3,494
-12386
-6,895
-462
-3,487
-12,399
-6,906
-557
-367
-400
-535
-984
-563
-365
-399
-536
-984
-1,162
-1,162
-461
-457
'448
-3,506
-12,406
-6,909
-3,509
"12,413
-6,905
'3,518
'12,416
'6,904
-565
-367
-400
-535
-984
-566
-369
-402
-535
-985
'565
'372
'402
'532
'987
-1.161
-1,165
'1,175
-556
-368
-402
-539
-556
-367
-401
-539
-1,180
989
-1,169
985
-1,165
-938
-994
-992
-992
-988
-987
'983
-1,175
-1,171
-1,174
-1,171
-1,161
-1,173
-1,173
-1,165
'1,154
-477
-476
-264
-475
-472
-265
-471
-265
-470
-266
-465
-266
'466
'268
404
263
265
-472
265
-988
June 1992 • S-ll
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1988 and methodological notes are as shown
in BUSINESS STATISTICS, 1961-88
1992
1991
Annual
1990
1991
Apr.
May
June
July |
Aug.
Sept.
Nov. |
Oct.
Dec.
Jan.
Feb. |
Mar.
Apr. | May
5. LABOR FORCE, EMPLOYMENT, AND EARNINGS-Continued
EMPLOYMENT §-Continued
[Thousands]
Seasonally adjusted-Continued
Production or nonsupervisory workers—Continued
Nondurable goods
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 misc. plastics products
Leather and leather products
Service-producing
Transportation and public utilities
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services
r
5,600
'1 198
'37
'594
'871
524
r
874
r
601
103
'689
'110
r
56 636
'4,821
'4,981
r
17 425
'4,876
r
24,534
'5479
'1208
'36
'5454
'1 206
'36
'5464
'1 208
36
'5465
'1 210
36
'576
'845
'518
'850
'579
'103
'663
'101
'571
'830
'517
'853
'584
'574
'837
'517
'849
'580
'103
'659
'101
'575
'840
'516
'846
'578
'56114
'4,793
'4,872
'17022
'4823
'24,604
'56 123
'4,791
4,864
'17005
'4819
'24,644
'56 172
'4,798
'4862
'16987
'4818
'24,707
103
'654
'100
'56053
'4,788
'4,873
'17007
'4826
'24,559
103
'660
'101
'5,468
'5490
'1 196 '1 218
'37
38
'578
'851
'516
'848
'576
103
'661
'102
'56110
'4,798
'4,858
'16970
'4,809
'24,675
'577
'848
'518
'846
'577
103
'664
'101
'56155
'4,800
'4845
'16966
'4804
'24,740
'5485
'1 212
37
'5487
'1 209
'37
'5490
'1 207
'36
'5490
'1 207
'37
'5491
'1 210
37
'5493
'1 210
'37
'5497
'1 211
37
'5508
'1221
'38
'578
'850
'518
'847
'574
'580
'853
'517
'845
'576
'103
'667
'100
'580
'860
'518
'844
'572
'103
'669
'101
'582
'858
'518
'843
'571
'103
'670
'101
'582
'857
'517
'843
'570
'586
'858
'517
'841
'568
'585
'857
'519
'842
'567
'672
'100
'584
'858
'516
'841
'569
'104
'674
'100
'676
'100
'675
'101
'56214
'4,797
'4839
'16888
'4804
'24,886
'56160
'4,797
'4833
'16848
'4809
'24,873
'56170
'4,794
'4823
'16827
'4809
'24,917
'56196
'4,794
'4815
'16821
'4813
'24953
'56213
'4,797
'4808
'16840
'4819
'24,949
'56219
'4,795
'4805
'16808
'4820
'24,991
'56386
'4,797
'4,808
'16871
'4823
'25,087
344
343
343
344
441
'37.8
343
345
342
344
'44.2
'38.2
103
'665
'101
'56207
'4,801
'4845
'16937
'4801
'24,823
103
103
103
'5,512
'1215
P3B
/»584
'859
'520
'842
'570
'103
'680
'101
'56436
'4,797
'4,808
'16841
'4,834
'25,156
AVERAGE HOURS PER WEEK §
[Hours]
Seasonally adjusted:
Average weekly hours per worker on private
nonfarm payrolls: 0
Not seasonally adjusted
Seasonally adjusted
Mining
Construction ?
Manufacturing:
Not seasonally adjusted
Seasonally adjusted
Overtime hours .
. .
Durable goods
Overtime hours
...
. ,.
Lumber and wood products
Furniture and fixtures
Stone, clay and glass products
Primary metal industries
Fabricated metal products
Industrial machinery and equipment
Electronic and other electrical equipment ...
Transportation equipment
Instruments and related products
Miscellaneous manufacturing
Nondurable goods
Overtime hours
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 misc. plastics products
Leather and leather products
Transportation and public utilities
Wholesale trade
Retail trade
Finance, insurance, and real estate $
Services
.
345
343
44.1
38.2
44.4
38.1
408
407
340
'341
'444
37.8
401
'404
36
41 3
3.7
36
41 1
35
40.2
40.0
391
389
41 7
42.0
42.7
41.3
41.9
40.8
42.0
41.1
39.5
40.0
3.6
408
392
39.9
36.4
43.3
379
42.6
44.6
41.1
37.4
38.9
38.1
28.8
35.8
'325
'34
'408
33
'39.4
'387
41 9
'41 2
'41.8
'40.8
'41.5
'40.5
'41.3
41.0
40.8
396
'40.2
37
406
391
406
'39.4
37.0
43.3
'377
42.9
44.1
41.1
'36.6
42.2
41.2
417
40.7
'37.5
'387
381
28.6
'35.7
'324
'341
343
'44.8
'38.3
403
'405
38.6
'38.8
'39.1
409
404
407
'409
'407
409
'3.6
'37
41 2
'41 3
'37
'40.1
'41.8
'40.9
'41.4
40.6
'414
'40.9
'39.4
35
375
'42.5
390
402
'36.8
'43.1
375
'42.6
44.5
45.1
'40.8
'37.2
'40.8
'37.3
^387
322
'346
'344
'442
'36
'404
'385
'380
28.4
35.6
'444
'41 2
'405
42.9
347
343
'44.1
34
39.9
377
345
'342
'44.6
'38.8
'409
'3.4
39.7
'388
41.5
'39.9
'35
'399
347
'345
'3.6
'40.3
'390
42.0
'42.2
'41.1
41.8
40.7
'42.0
'40.9
'3.6
40.0
'391
'41.8
'42.3
'41.2
41.6
'40.6
'42.1
'40.7
395
40.8
36.9
384
'40.9
'393
'412
37.0
'37.2
'43.4
378
'43.0
3.7
42.8
'43.4
376
'42.7
'44.9
'41.0
43.9
41.1
37.6
'37.6
'38.5
'43.3
378
'421
41.0
'405
39.6
40.1
'405
'42.8
'41.4
'41.9
'40.7
'40.0
'40.3
38
405
39.7
40.1
3.7
'390
'417
43.6
'41.3
'37.4
387
382
41 4
'409
37
'414
37
'40.2
391
'41 9
'42.6
'41.4
'42.0
'41 3
37
'40.4
'418
'41 6
'42.6
'41.5
42.5
41.4
41.8
41.8
'391
'37.9
'36.7
'366
41 7
'41 0
'37
'409
'41 4
'37
'41 3
35
40.6
'395
'405
'395
'41.9
406
36
'41 6
42.6
42.4
'41.5
'41.9
'41.1
'41.4
'418
41.0
'412
37.3
43.4
'412
'37.3
'413
37.3
43.4
'43.4
376
'43.1
378
'43.1
'380
'381
379
'43.3
'43.4
44.6
41.2
37.7
44.1
41.4
44.5
41.5
43.2
42.4
'41.5
'37.2
'38.1
43.5
41.5
37.7
'385
'385
'382
'386
'385
'28.7
28.7
36.2
'325
40.3
'38
406
403
322
324
'324
'19861
'161.96
'1.58
'9.26
'38.98
'11.57
11.95
'28.51
'12.24
'47.87
'36.66
'19953
'16300
'1.58
'38.89
'11,64
'1205
'28.68
'12.41
'48.12
'36.70
'200 27
'163.62
'1.62
'9.32
'38.99
'11.68
'12.09
'28.86
'12.58
'48.49
'36.65
'120.3
'103.5
'63.6
'124.5
'101.6
'99.0
'105.3
'127.8
'113.5
'113.8
'119.8
'118.6
'144.7
'121.1
103.8
'63.0
'124.3
'102.2
'99.6
105.8
'128.8
'114.0
'114.2
'120.5
'120.5
'145.8
'119.9
'103.6
'62.0
'123.4
'102.2
36.2
'326
'28.5
37
'41 3
37
'40.1
391
381
'28.5
35.5
324
342
'346
'38
406
394
415
'37.4
'43.5
'42.1
'41.2
'40.0
35.6
35.5
'324
37.9
41 3
'409
338
'343
'437
'41.0
28.6
35.7
'28.6
'38.3
'28.8
'381
41 1
409
37
347
345
'440
'40.7
'42.3
'41.0
398
'40.3
38
406
402
40.7
389
382
'28.6
'36.0
38.9
'440
'392
'41 6
'41.0
442
406
41 1
37
41 6
'37
'41.1
397
419
'42.9
41.6
'421
"41.1
'421
'420
'41.1
'41.1
39.7
40.0
'398
'420
'412
'399
'40.4
38
40.5
'404
40.5
'407
385
35.6
'324
382
37
38
'406
'408
391
41 0
'37.4
'414
43.4
37.6
381
'28.7
35.6
324
371
372
43.6
'380
43.4
43.5
'41.7
'37.1
387
385
'29.0
36.4
'326
44.3
'37.3
409
41 1
'38
41 6
37
'41.0
'344
'345
'44.0
'38.9
404
41 1
'39
'41 1
'41 3
'40
'41 5
'41 9
'3.8
'4.0
'40.6
'40.8
'401
'400
'399
'42.0
43.0
'42.5
'43.2
'41.6
41.3
'42.5
'43.7
'41.9
'42.8
'41.7
'42.2
'41.3
'40.1
42.2
41.2
'42.2
'42.0
'41.8
'40.9
'40.0
40.5
41.2
400
'39
407
'391
'41 3
37.4
43.6
381
'43.1
'43.9
'41.7
37.6
41.1
40.6
41
'40.5
'40
'407
'379
'405
'382
'41.4
'37.2
44.0
'41.5
'37.3
'44.0
381
'381
43.1
'43.3
'42.7
'41.8
'37.8
'43.4
'42.3
'38.0
'385
'383
'383
'384
'38.3
'28.8
28.6
36.2
326
'35.8
325
'38.3
'28.8
'35.7
'20064
'16339
'1.50
'200 24
'16285
'1.48
'326
AGGREGATE EMPLOYEE-HOURS §
[Billions of hours]
Seasonally adjusted:
Employee-hours, wage and salary workers in
nonagric. establishments, for 1 week in the
month seas adj at annual rate
Total private sector
Mining
Construction
Manufacturing
Transportation and public utilities
Wholesale trade
Retail trade
Finance insurance, and real estate
Services
Government
[1982=100]
Indexes of employee-hours (aggregate weekly): 0
Private nonfarm payrolls, total
Goods-oroducino
Mining
Construction
Manufacturing
Durable goods
Nondurable goods
Service-producing
Transportation and public utilities
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services
See footnotes at end of tables.
r
r
'40.49
'11.78
'1227
'29.45
'12.55
'48.14
'36.69
'19976
'16291
'1.59
929
'39.04
'11.64
'1202
'2861
'12.43
'48.29
'3684
'123.5
109.8
'64.0
138.3
'106.7
'105.7
'108.1
'129.6
'1148
'116.2
'123.4
'120.6
' 144.9
'120.5
'103.8
'62.2
'123.7
'102.3
'99.6
'106.1
'128.0
'1135
r
113.5
'119.4
'118.9
'145.2
203 20
166.52
1.63
1021
'19860
'161 94
'1.62
924
'38.83
'11.60
'1202
'28.47
'12.32
'47.84
'36.67
'119.5
'103.0
'63.7
'122.8
'101.3
'98.8
'104.8
'127.0
' 1 12.8
'113.5
'118.9
'118.0
'143.5
'19946
'162.77
'1.64
'935
99.6
'105.8
'127.2
'113.0
112.9
'119.0
'117.6
'144.2
'20022
'16337
'1.56
'19968
'16268
'1.54
'19974
'16272
'1.53
'200 14
'16321
'1.52
'19945
'16227
'1.49
'201 05
'16367
'3.50
'921
'931
'920
'904
'917
'904
'901
'907
'914
'39.12
'11.63
'39.07
'11.70
'39.00
'11.57
'1198
'28.55
'12.42
'48.64
'37.02
'38.98
'11.58
'28.52
'12.54
'48.95
'36.93
'3879
'11.51
'1191
'28.53
'12.40
'48.60
'37.19
'38.94
'11.61
'1202
'28.87
'12.64
'49.09
'37.38
'38.94
'11.54
'11 94
'28.59
'12.63
'49.18
'3725
38.94
'11.50
'11.94
'28.52
'12.38
'48.96
'37.39
'120.4
'103.2
'59.1
'120.0
'102.5
'99.3
'107.1
'128.1
'113.0
'113.2
'119.0
'118.9
'146.3
'120.7
'103.5
'58.7
'121.9
'102.6
'99.3
'107.2
'128.5
'113.2
'112.9
'118.8
'119.9
'147.0
'120.3
'102.8
'57.8
'120.2
'102.1
'98.6
106.9
'128.2
'112.9
'112.5
'118.8
'119.0
'146.7
'121.2
'103.2
'58.2
'119.7
'102.7
'99.5
107.3
'129.3
'113.6
'113.5
'120.2
'120.8
'147.6
'121.0
'103.5
'58.3
' 120.6
'102.9
'99.7
107.4
'128.9
'112.9
'112.8
'119.1
'120.5
'147.9
'120.9
'103.6
'57.6
'121.7
'102.9
'99.4
'107.8
'128.6
'112.4
1202
1202
'28.62
'12.41
'48.41
'36.53
'28.58
'12.48
'48.64
'36.85
'39.02
'11.60
'11 97
'28.42
'12.38
'48.55
'37.00
'120.6
'104.0
'61.5
'122.9
'102.8
'100.0
'106.7
'128.0
'113.6
'113.5
' 119.4
'118.4
'145.5
'120.8
'104.1
'60.6
'124.2
'102.6
'99.8
'106.6
'128.3
'114.2
'113.5
'119.2
'119.0
'146.0
'120.4
'103.6
'59.7
'122.7
'102.5
'99.5
'106.7
'127.9
'113.0
'113.0
'118.4
'118.4
'146.3
1196
r 112.9
'118.7
'118.6
'148.0
'201 00
'163.87
'1.47
'9.32
'39.04
'11.52
'11.93
'28.65
'12.53
'49.41
'37.13
'121.5
'104.4
'56.2
'124.2
'103.4
'100.4
'107.7
'129.2
'112.7
'112.9
'119.3
'119.5
'148.8
S-12 • June 1992
Unless otherwise stated in footnotes below, data
through 1988 and methodological notes are as shown
in BUSINESS STATISTICS, 1951-88
SURVEY OF CURRENT BUSINESS
Annual
1992
1991
1990 | 1991
Apr. |
May |
June
July [
Aug. \
Sept. \ Oct.
Nov.
Dec.
Mar. I
Jan. | Feb.
Apr. |
May
5. LABOR FORCE, EMPLOYMENT, AND EARNINGS-Continued
HOURLY AND WEEKLY EARNINGS §
[Dollars]
Average hourly earnings per worker, not seas.
ad].:0
Private nonfarm 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
Industrial machinery and equipment
Electronic and other electrical equipment ...
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 misc. plastics products
Leather and leather products
Transportation and public utilities
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services
Average hourly earnings per worker, seas, adj.: 0
Private nonfarm payrolls
Mining
Construction
Manufacturing
Transportation and public utilities
Wholesale trade
Retail trade
Finance insurance and real estate
Services
[Dollars per hour]
Hourly wages, not seasonally adjusted:
Construction wages, 20 cities (ENR): §§
Common labor
Skilled labor
Railroad wages (average class I)
[Dollars]
Avg. weekly earnings per worker, private nonfarm: 0
Current dollars, seasonally adjusted
1982 dollars seasonally adjusted *
Current dollars, not seasonally adjusted:
Private nonfarm, total
Mining
Construction
Manufacturing
Durable goods
Nondurable goods
Transportation and public utilities
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services
r
10.01
13.68
r
r
1377
1083
10.37
11 35
10.86
r
9.08
8.52
"11.12
1292
1083
'11.77
10.30
14.08
"1129
8.61
r
10.12
9.69
r
9.62
9.24
r
8.76
'11.37
r
1334
r
11 19
12.16
r
10.71
r
r
1474
"11.65
1624
r
9.76
"6.91
12.97
1079
"6.75
9.97
9.83
r
1001
r
1368
"10.28
"14.09
"10.29
"14.08
"1396
11.11
10.69
"1164
11.22
"9.14
"8.68
"1393
"11 14
10.72
11 70
"11.34
"13.22
"11.35
"11 09
"12.09
"10.61
"14.50
"11.60
"11.26
"9.19
"866
"1323
"11 13
"1029
"1029
"1044
"1043
"1045
"1049
"1050
"1052
"1054
"14.18
"14.13
"14.32
"14.12
"14.27
"14.50
"14.59
"14.52
"14.54
"10.54
"14.52
'14.38
"1385
"11 18
"1070
"11 75
11.26
"9.31
"874
11.40
"1333
"11 19
"1394
11 22
1074
"11 80
"1401
11 17
"1411
11 25
1074
"11 86
"1398
11 31
1079
11 91
"11.37
"1403
11 36
1089
11 92
11.44
"9.34
"8.89
"11.49
'11.49
"9.33
"8.84
"1387
11 32
1087
11 89
11.43
"9.37
"8.85
'1406
f 1 1 44
'1094
'120?
"9.31
"884
"1404
11 29
1084
"11 84
11.39
"9.34
"885
"1402
"11 41
"1096
"11 96
"11.33
"1409
11 38
1085
11 96
11.41
"9.34
"894
"9.35
"8.91
'9.39
'8.9?
"11.60
"13.65
'11.66
"9.30
"8.76
"11 76
1125
"9.32
"8.81
"1412
1127
1073
"1188
11.33
"9.37
"886
"11.43
"11.42
"11.45
"11.42
"11.48
"11.49
"11.46
"11.42
"11.49
"1345
"11 22
"1343
"1121
"1352
"11 31
"1223
1348
"11 29
"1225
1349
"11 35
"1228
1349
"11 39
"1342
"11 29
"1223
"1345
"11 33
13.48
"11 34
12.33
"11.31
"10.66
"12.09
"10.64
"12.15
"10.71
"12.16
."10.75
"12.14
"10.76
"10.81
"10.76
"10.86
"12.33
"10.94
"1468
"1476
"1484
"1477
"1500
"1501
"1505
"1512
"1485
"11.61
"11.62
"11.65
"11.60
"11.67
"11.70
"11.78
10.58
10.15
"10.63
"10.04
"16.69
"10.14
"15.75
"1058
1014
"1008
"10.07
"15.96
"10.13
"16.76
849
"683
"8.49
"685
"8.51
"687
856
"698
'855
'695
"12.90
"11.60
"12.88
"11.59
"14.23
"12.95
"11.68
"13.04
"11.62
"14.39
'13.07
'11.62
9.99
"9.86
"9.94
1042
9.92
"9.84
"9.89
"9.87
"17.44
"17.87
"18.24
"18.16
"16.32
"15.74
"15.76
8.20
"673
"823
"675
828
"678
8.27
"680
836
"682
842
"688
840
"683
"846
"682
849
"688
"12.59
"11.42
"13.91
"12.66
"11.38
"12.69
"11.42
"14.01
"12.81
"11.47
"14.11
"12.75
"11.54
"14.01
"12.83
"11.63
"14.15
"12.83
"11.61
"12.88
"11.61
"12.98
"11.68
"14.28
998
"7.34
"7.39
"13.38
"13.36
"13.47
"13.38
"11 33
"7.05
"11 29
"7.10
"11 36
"7.10
"11 34
"7.11
"7.47
13.42
"11 34
"7.13
"10.52
"10.39
"10.66
"10.48
"10.66
"10.49
"10.81
"10.54
"10.80
"10.53
"10.75
"10.50
r
1680
1716
"1419
"1715
"1422
"1739
"10.08
"10.13
"10.10
"10.14
"7.11
13.26
"11 13
"6.93
"7.20
"1123
"7.03
"720
"1326
"11 18
"7.03
"7.25
"1328
"11 25
"7.06
"7.18
"7.17
"7.17
"13.21
"13.18
"13.17
"11 15
"6.95
"11 11
"6.94
11 11
"6.93
"11 18
"6.94
"7.12
"1326
"11 13
"6.94
"10.40
"10.22
"10.34
"10.18
"10.35
"10.19
"10.40
"10.18
"10.34
"10.12
"10.35
"10.13
"10.51
"10.32
"10.47
"10.32
"1748
"10.23
"1033
"1418
"1026
"1404
"1030
"1412
"1035
"1424
"1034
"1421
"1038
"1423
"1039
"1430
1040
"1425
"1042
"1435
"1046
"1443
13.77
1083
"13.99
"13.98
"13.97
"13.96
"13.99
"14.03
"14.01
"14.01
"13.98
"14.02
11 18
11 12
"13.24
"1122
"696
"1047
"1028
"11 27
"1324
11.21
"702
"1048
"1030
"13.34
"11.13
"1124
"1328
"1120
"699
"1046
"1028
"11 30
"1327
"11 15
"695
"1040
"1022
"11 21
"1327
11.14
"698
"1038
"1023
11 25
13.27
10.79
"675
"13.22
"11.07
"11 14
"1323
"11 17
"12.97
997
983
"691
"1027
"1014
"693
"1034
"1021
"13.24
"11.21
"700
"1051
"1030
10.18
"1426
"1796
"1027
"7.44
1687
"10.08
"13.24
"15.86
"1424
"1755
"1028
"7.37
1685
"10.05
1701
"9.99
"7.20
"13.33
'10.69
'10.21
1062
"1013
10.47
10.00
"9.90
"10.05
'9.07
"10.71
"10.27
"10.20
"17.19
10.54
10.04
1043
"1397
"1690
'11.91
"9.11
1047
1041
1000
"9.95
"10.07
"11.88
9.07
"10.39
"1703
" 1 1 .84
9.11
9.06
1044
9.98
997
'1516
9.08
8.85
997
'12.42
'10.97
"1498
"10.92
"14.99
"11.82
8.83
9.90
11 32
"1046
"1792
"10.24
"1797
"10.33
'10.35
'7.42
'13.40
'11 34
'7.13
'10.74
'10.47
1051
1055
"1053
'1056
"14.45
13.99
"11 27
13.93
"11 34
"14.50
"14.06
"14.46
"14.03
'14.42
'14.10
"11 37
"13.43
"11.33
"13.41
"11.35
"709
"1073
"10.47
"712
"1078
"1050
"11 42
13.42
"1129
"710
"1068
"1046
'11 44
"13.34
"11.27
'13.45
'11.36
"704
"1054
"1035
"1127
"706
"1062
"1039
19.14
2519
15.10
19.14
2519
16.04
19.14
2519
16.13
19.14
2519
16.86
19.30
2521
16.76
2527
"16.61
"11.25
"707
1062
1041
19.24
2518
'713
'1074
'1049
19.32
1833
1888
18.61
18.78
18.85
18.98
19.03
19.07
1911
2476
2437
2454
2464
2484
2493
2500
2509
1608
1568
15.60
15.57
15.66
15.70
16.06
15.96
1549
"354.32
"25564
"349.87
"353.29
"25582
"357.08
"253 90
"258 01
"353.63
"25514
"356.03
"256.32
"357.42
"256.58
356.72
25553
"358.45
"255.85
"360.87
"257.03
"358.78
"255.36
"363.65
'•258.27
363.98
257.23
"36223
r
255.45
'364.32
P 256.56
"354.32
"62959
"533.02
455.03
"48293
"419.69
"512.39
"424.82
"19877
"371.28
"349.52
"618.55
"527.69
445.51
"472.58
"410.41
"508.59
"421.07
"195.71
"368.10
"327.80
"350.89
"625.15
"533.52
"448.94
476.19
414.32
"508.75
423.29
"197.51
"367.43
"328.12
"357.41
"639.45
"537.38
"45726
"487.63
419.29
"51626
"429.31
"202.65
"376.48
"332.89
"355.01
"618.25
"538.08
453.29
"48026
417.75
"515.81
"424.05
"203.34
"368.10
"328.90
"357.06
"628.79
"543.59
456.85
"484.51
422.01
515.81
"425.17
"203.05
"369.50
"33125
"361.22
"641.54
"552.09
466.58
"496.58
"427.58
"52120
"431.23
"201.76
"378.36
"335.40
"358.79
"626.93
"553.11
462.38
"493.38
425.08
"511.84
"427.08
"199.65
"371.69
"333.34
"358.44
"635.02
"528.44
467.10
495.46
430.03
"511.28
"428.63
"200.50
"374.51
"335.60
"364.00
"648.15
"534.01
474.55
504.71
"436.48
"517.81
"435.07
"205.86
"385.89
"341.65
"354.90
"633.21
"51527
458.37
"485.44
"424.26
"506.34
"426.76
"197.38
"379.50
"336.73
"359.78
"637.43
"507.64
459.59
488.68
423.20
"51725
"433.95
"201.64
"393.48
"342.55
"361.52
"636.85
"523.32
464.62
493.49
"427.33
"511.12
"433.19
"201.92
"390.96
"34223
"360.47
"633.07
"535.56
"460.96
"490.36
"425.19
"513.99
"433.19
"203.92
"384.85
"340.20
'362.92
'626.97
'546.93
'470.18
'502.44
'430.81
'513.22
'434.32
'204.63
'383.42
'339.23
r
345.35
r
259 47
r
345.35
603 29
526.01
441.86
46876
404.80
" 504.53
411.10
194 40
356.93
31948
"331 13
[June 1989=100]
Workers, by industry division
Manufacturing
Nonmanufacturinci
Services
Public administration
Wages and salaries: *
Civilian workers f
Workers, by occupational group:
White-collar workers
Blue-collar workers
Service workers
Workers, by industry division:
Manufacturing
Services
Public administration
1102
111.5
1122
113.5
1108
1092
1104
1121
1103
1123
1128
111.1
113 1
113.9
112.6
1141
1100
1103
1120
110.9
111 2
111 7
1138
1122
1122
1123
1146
112.6
1140
113.3
115.5
114.0
108.9
110.0
110.6
111.5
1096
1074
1089
1108
1082
110.6
111.3
108.9
111.3
1122
109.8
111.9
1084
1090
1107
1095
1093
1102
1124
1106
110.3
1107
1130
110.9
111.5
111 5
113.7
111.9
HELP-WANTED ADVERTISING
' 14.42
'1760
2392
Total compensation:
Civilian workers t
Workers, by occupational group:
White-collar workers
Blue*collar workers
See footnotes at end of tables.
'1024
'17.42
1443
EMPLOYMENT COST INDEX @
Seasonally adjusted index, 1967=100
'1365
p
1 1 44
"12.31
"10.97
"8.93
8.88
"1048
"11 40
"11.74
8.85
8.90
"10.87
"12.29
"10.88
"14.94
"11.77
8.86
8.78
r
MO 55
"1030
"14.21
8.85
r
677
"12.73
"11.49
"14.02
r
r
r
657
r
r
11 18
10.71
11 75
1127
r
" 16.68
830
r
r
1033
"14.18
r
1399
" 16.23
8.02
" 12.31
"1124
r
13.54
T
r
128
93
95
94
96
92
91
92
88
89
90
85
89
93
90
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1988 and methodological notes are as shown
in BUSINESS STATISTICS, i96i-88
1992
1991
Annual
1990 | 1991
Apr. J
May [
June |_
July]
S-13
June 1992
Aug.
Sept. |
Oct. |
Nov. | Dec.
Feb. |
Jan.
Mar. |
Apr. | May
5. 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, thousands
Days idle during month or year, thousands
44
40
7
7
5
0
4
3
6
1
3
4
OCQ
009
3
367
14
388
6
295
1,885
4,105
3.9
2,476
14,758
173.38
1,773
4,011
3.8
2,664
15,860
173.87
3
1
0
1
0
393
2
2,922
4,107
3.9
2,724
16,547
171.64
185
5,926
392
4,584
298
823
19
533
37
462
0
272
6
283
4
272
12
306
10
362
1
416
20,184
2,514
2.4
18,058
115,957
161.64
23,222
3,332
3.1
25,446
155,120
169.97
1,868
3,805
3.6
2,486
15,142
170.01
1,642
3,213
3.0
2,236
13,598
170.46
1,497
3,127
2.9
1,864
11,316
170.50
2,028
3,214
3.0
2,135
13,031
169.16
1,519
2,940
2.8
1,911
11,636
169.02
1,359
2,734
2.6
1,681
10,199
170.70
1,736
2,728
2.6
1,831
11,079
17127
1,891
2,779
2.6
1,681
10,206
170.79
2,602
3488
10.0
28.6
16.1
1040
14.1
31.0
18.8
1207
11.6
30.3
17.6
154.46
155.50
UNEMPLOYMENT INSURANCE i
State programs:
Initial claims, thousands
Average weekly insured unemployment, thousands
Rate of insured unemployment, percent @
Total benefits paid mil $
Weeks of unemployment compensated, thousands
Average weekly benefit dollars
Federal civilian employees unemployment insurance
(UCFE):
Initial claims, thousands
Average weekly insured unemployment, thousands
Total benefits paid, mil. $
Weeks of unemployment compensated, thousands
Average weekly benefit, dollars
Veterans unemployment insurance (UCX):
Initial claims, thousands
Average weekly insured unemployment, thousands
Total benefits paid, mil. $
Weeks of unemployment compensated, thousands
Average weekly benefit, dollars
1317
24.1
159.0
1,0775
148.04
132.9
18.4
131.7
773.3
170.58
137.1
30.7
214.0
1,3933
153.71
154.0
22.4
167.8
926.8
17&49
9.7
28.5
16.9
1102
153.41
8.9
16.1
9.7
55.7
174.40
91
24.0
14.7
971
151.69
10.5
14.7
8.9
51.1
174.31
105
24.7
13.1
85.4
153.65
10.8
16.4
8.8
49.4
178.06
16.0
28.9
16.9
109.2
155.02
15.3
19.8
12.2
67.0
181.53
10.0
29:3
17.3
113.6
152.68
15.2
22.8
142
14.4
25.6
15.5
84.7
17.0
28.2
18.6
110.9
158.56
14.2
27.9
17.6
95.6
aS
2,183
13,259
170.99
14.3
35.5
21.2
134.0
157.94
20.0
41.6
28.8
9.1
9.3
15.3
36.5
23.4
34.6
20.2
32.5
20.9
145.4
160.90
123.4
163.98
127.5
163.67
25.4
53.4
39.5
18.3
59.1
39.8
19.6
1,674
3,585
3.6
2,437
14,497 ............."."
174.34
10.0
28.1
18.2
111.8
163.06
18.7
592
548
43.0
40.3
181.83
182.90
102.1
181.06
183.74
151.7
189.87
216.6
182.20
213.4
186.28
232.3
185.31
218.2
184.68
44228
534,052
397,453
206 702
190751
136599
43462
532,107
400,292
213516
186776
131,815
44910
525,624
392,341
211 801
180540
133283
43947
529,699
394,731
213350
181 381
134968
43770
528,124
403,556
221093
182483
124568
43112
535,802
403157
221 310
181 847
132645
41 305
534,540
397,939
216 796
181 143
136601
538.075
401,877
221480
180397
136198
546,398
400,697
226667
174030
145701
78.3
6. FINANCE
BANKING
[Millions of dollars]
Open market paper outstanding, end of period:
Bankers' acceptances
Commercial and financial company paper, total
Financial companies
Dealer placed
Directly placed
Nonfinancial companies
Loans of the Farm Credit System: t
Total, end of period
Long-term real estate loans
Loans to cooperatives
Federal Reserve banks, condition, end of period:
Assets total #
Reserve bank credit outstanding, total #
Loans
U S Government securities
Gold certificate account
Liabilities total #
Deposits total
Member-bank reserve balances
Federal Reserve notes in circulation
All member banks of Federal Reserve System,
averages of daily figures: 0
Reserves held total
Required ..:..
Excess
Borrowings from Federal Reserve banks
Free reserves
Large commercial banks reporting to Federal Reserve
System, last Wed. of mo.:
Deposits:
Demand total #
Individuals, partnerships, and corporations
States and political subdivisions
U S Government
Depository institutions in U S
Transaction balances other than demand
deposits
Nontransaction balances, total
Individuals, partnerships, and corporations
Loans and leases(adjusted),total §
Commercial and industrial
For purchasing and carrying securities
To nonbank depository and other financial
Real estate loans
To States and political subdivisions
Other loans
Investments total
U.S. Treasury and government agency
securities total
Investment account
.
Other securities
See footnotes at end of tables.
54771
557,811
420,398
221 362
119036
137,413
43770
528 124
403556
221 093
182463
124568
47086
553 204
401 510
214 036
187474
151 694
46438
542,315
393,918
206 500
187418
148397
353 061
318978
289 394
218
281 831
11 059
251 848
291
244493
11 058
353061
49783
29413
287,906
318 978
48228
38,658
267,657
59150
57,456
1 665
326
1,362
278 721
218,263
9,315
4,831
28334
91,138
797,701
762,580
1,072,019
321 314
13,129
24,462
398,753
21 054
293,307
238,932
177816
167,790
61.116
44756
543,563
398,313
205510
192803
145250
51,079
29152
11,190
10,737
51,172
29416
10,673
11,083
327 573
262,002
190
252103
11 058
327 573
45539
540,801
396,052
206187
189 865
144 749
51,262
29255
11,389
10,618
51,457
28767
11223
11,467
333357
52,098
28776
10,650
12,671
319763
261,991
844
254959
11 062
319763
31200
23,962
275,210
321 636
264,528
315
258554
11062
321636
36000
27,404
273,809
353061
289,394
218
281 831
11 059
353061
49783
29,413
287,906
272,481
112
266 148
11058
333,129
40,595
29,195
280,117
330347
271,536
62
265 423
11058
330347
36659
30,688
281,605
332 01 1 332729
274,061
153
267 675
11 059
333,357
44,061
25,513
276,792
329519
271,992
106
265213
11 058
329,519
34129
27,246
282,027
335 971
248446
11,062
318,604
34460
22,202
272,000
320 401
258,636
574
250978
11,062
320,401
34,228
27,871
272,962
274,013
52
267 601
11057
335,971
36952
29.480
283,383
274,830
115
267945
11,057
332,01 1
32,960
27,801
286,457
49063
48033
1 029
303
814
50407
49399
1 008
340
676
50660
49,754
906
607
345
50607
49,521
764
622
51 127
50198
929
645
586
51 584
50501
1 083
261
834
53057
52,165
892
108
786
55532
54,553
979
192
788
55812
54809
1 003
233
771
55238
54174
1 065
77
990
56282
55254
1 028
91
939
225187
178,770
6,411
1,401
22864
219504
175,648
7,132
1,602
19573
211 579
171,652
6,626
1,727
18020
216,086
174,760
6,609
1,299
18887
218,221
173,948
7,304
1,610
19243
221 790
177,964
6,984
1,634
20553
244247
194,355
8,342
3,397
22503
255,000
204,158
8,845
2,158
23508
230,582
182,976
7,792
1,787
20130
?m 999
184,674
8,026
1,771
22077
236,975
188,976
8,059
1,535
21 004
318604
256,813
36330
22,081
267,445
317879
254985
206
248111
11 057
317879
33263
26223
271,019
55532
54553
979
192
788
50301
49271
1 030
231
885
255000
204,158
8,845
2,158
23508
214 429
170,191
7,119
3,362
18319
1479
1086
333129
277,354
150
271 052
11,057
332,729
29,527
23,503
289,684
r
50 455 48825
47,825
M9318
M 137
1 000
90
155
r
845
1 049
244,783
194,581
8,107
3,544
21 629
247,41 1
194,793
8,031
1,411
24959
87,272
88,425
90,002
91,751
99,453 100,503 102,383 101,466
96,168 101,757
88311
86,718
89,716
101 757
780,392 778,947 774,935 771,221
788,004
791,541 792,717 788,263 792,527 791,441 784,509 780,087 777,657 788,004
754,812 754,706 751,858 757,146 756,847 750,959 748,624 746,642 758,036 749,284 746,634 744,372 740,092
758,036
1,027,027 1,047,474 1,041,535 1,039,347 1,020,070 1,015,162 1,015,986 1,008,330 1,007,962 1,027,027 1,015,587 1,013,644 1.015,170 1,014,895
316851 312354 308,751 302509 298898 297275 295,727 294318 294246 288,696 288,876 289,163 286,598
294 246
14,104
13,371
14,197
14,096
11,463
14,817
13,767
13,917
14,315
12,672
14,351
14,817
12,979
13,725
21,832
22,499
21,961
21,670
21,987
21,694
22,022
22,205
22,655
22,529
23,032
23,123
23,123
21,928
403,272
402,432
400,247
403,664
404,774
404,012
399,870
396,067
395,619
402,887
400,945
402,887
396,910 396,960
18343
17.167
16,822
18719
17345
17,221
20402
19,199
18578
17866
17876
17876
19910
18091
271,650 268,525 270,813 265,839 264,474 269,042 262,191 262,776 274,078 270,988 271,399 271,897 272,146
274,078
282,554 250,366 250,457 253,286 253,879 259,765 263,841 276,532 279,824 282,554 284,194 288,374 293,551 291,547
101,775
767,467
735,992
999,071
283,940
14,034
21,372
400,688
16,972
262,065
292,835
225344
206,837
57.210
191,684
177,868
58.682
192,765
179,583
57.692
195,194
180,073
58.092
197,169
182,252
56,710
203,357
186,968
56,408
207,410
189,404
56.431
220,133
201,209
56.399
223,497
203,402
56.327
225,344
206,837
57,210
228,768
208,104
55.426
233,951
212,090
54.423
239,304
215,998
54,247
237,039
214,340
54,508
239,486
218,174
53,349
SURVEY OF CURRENT BUSINESS
S-14 • June 1992
Unless otherwise stated in footnotes below, data
through 1 968 and methodological notes are as
shown in BUSINESS STATISTICS, i%i-88
Annual
1990
1991
1991
Apr. |
May |
June |
July |
Aug. |
1992
Sept. |
Oct. |
Nov.
Dec.
Jan. |
Feb. |
Mar. |
Apr. | May
6. FINANCE-Continued
BANKING-Continued
[Billions of dollars]
Commercial bank credit, seas, adj.: §
Total loans and securities 0
U.S. Government securities
Other securities
<-.
Total loans and leases 0
27236
4542
175.6
2,093.8
28360
562.5
178.5
2,095.0
27639 '27648 '27731 '27737 '27767
478.2
'502.4
'493.5
'512.6
'483.9
'174.4
177.5
'176.3
'175.8
'176.8
2,108.3 '2,104.0 '2,103.4 '2,095.4 '2,089.8
'27890 '2 805 4 '28226 '28380
'538.7
'550.8
562.5
'523.0
'178.8
'176.3
'177.9
'179.5
'2,089.6 '2,088.7 '2,093.0 '2,095.9
'28460 '28459 '28522
'564.7
'568.9
'576.5
'1792
'179.3
'176.9
'2,102.1 '2,097.8 '2,098.7
2864.0
588.1
177.5
2,098.4
[Percent]
Money and interest rates:
Prime rate charged by banks on short-term
business loans
10.01
8.46
9.00
8.50
8.50
8.50
8.50
820
8.00
7.58
721
6.50
6.50
6.50
6.50
6.50
6.98
5.45
5.98
5.50
5.50
5.50
5.50
520
5.00
4.58
4.11
3.50
3.50
3.50
3.50
3.50
968
9.73
901
924
912
919
900
878
838
828
817
829
821
9.24
926
923
918
9.04
9.12
9.12
9.10
8.93
8.78
8.43
8.25
8.02
8.15
8.14
7.93
7.95
7.53
5.70
5.85
5.60
5.92
6.07
5.91
5.75
5.94
5.72
5.94
6.16
5.75
5.89
6.14
5.81
5.54
5.76
5.50
5.38
5.59
5.34
521
5.33
5.12
4.85
4.93
4.76
4.42
4.49
4.31
3.97
4.06
3.95
4.00
4.13
3.96
4.19
4.38
4.15
3.92
4.13
3.89
3.76
3.97
3.77
7.510
5.420
5.670
5.510
5.600
5.580
5.390
5250
5.030
4.600
4.120
3.840
3.840
4.050
3.810
3.660
748,300
'742,058
'733,294 '725,882 '721,091
718,440
347466
137450
92',911
43552
45,616
4,822
76,483
r 339 555 '335206 '333352 '331 873 '332541 '333655
'121901 '127672 '127850 '127490 '127414 '128629
"92,254
91,924 '91,490 '92,329
91,413 '91,550
" 44 030 '38938 '37900 '37,812 '37,488 '38,091
'40,315 '45,825 '44,806 '44,008 '43,142 '42,014
4,857
4,357
4,712
4,507
4,591
4,362
'99,631 '84,670 '87,184 '89,463 '89,027 '89243
'333417 '334835 '333,272 '339,565 '335,320 '330,464 '327,697
'125299 '124299 '123,228 '121,901 '119,206 '120,280 '118,353
'92,605 '92,128 '91,849 '92,254 '91,894 '91,469 '91,164
'38,070 '38,147 '39,460 '44,030 '41,567 '40,015 '39,454
'41,138 '41,691 '41,337 '.40,315 '39,448 '38,479 '37,142
4,377
4,151
3,988
4,362
4,388
4,753
4,529
'94,528 '94,153 '96,224 '99,631 '101,482 '101,024 '103,293
326,272
118,364
91,166
39,553
36,364
4,094
102,627
284,813
232,370
20666
210451
'263,108 '274,858 '272,077 '270.87C '269,300 '268,940
'255,895 '227,441 '229,509 '231,228 '232,120 '235,302
(5)
(5)
(5)
(5)
(5)
(5)
'5223 055 "225,782 "225,563 "225,063 "224,394 "224,576
Discount rate (New York Federal Reserve
Bank) @
Federal intermediate credit bank loans
Home mortgage rates (conventional 1st
mortgages):
New home purchase (U S avn )
Existing home purchase (U.S. avg.)
2
2
Open market rates, New York City:
Bankers' acceptances, 3-month
Commercial paper, 6-month *
Finance co. paper placed directly, 6-mo
Yield on U.S. Gov. securities (taxable):
3-month bills (rate on new issue)
CONSUMER INSTALLMENT CREDIT t
[Millions of dollars]
Not seasonally adjusted:
Total outstanding (end of period) #
By major holder:
Commercial banks
Finance companies
Retailers
Savings institutions
Gasoline companies *
Pools of securifeed assets ft
By major credit type:
Automobile *
Revolving *
Mobile home *
Other *
Seasonally adjusted:
Total outstanding (end of period) #
By major credit type:
Automobile
Revolving
Mobile home
Other *
'728,081 '727,149 '727,161 '725,814 '728,818
'733,227 '731,724 '730,109 '728,823 '727,311
'276,963 '273,389 '270,789 '268,897 '266,620
'230,437 '232297 '233,399 '234,654 '236294
(5)
(5)
(3)
(5)
(5)
"225827 "226,038 "225,922 "225,273 "224,396
Total net change (during period) #
By major credit type:
Automobile
Revolving
Mobile home
Other *
H
'-1,503
'-1,615
'-1286
'-1,512
'-3,574
'1,860
(5)
"211
'-2,600
'1102
(5)
"-116
'-1,892
'1,255
(*)
'^9
'-2277
'1,640
I5
63,560
116,926
103,389
105,968
78,593
119,424
_4n ft^i
'^77
'729,810 '729,782 '729,758 '742,058
'267,823 '266,747 '263,249 '263,108 '261,871 '259,723 '259,530 258,244
'237,720 '239,577 '243,349 '255,895 '249,320 '245,088 '242,267 242,680
(5)
(5)
(5)
(5)
(5)
(5)
(5)
(5)
"224267 "223,458 "223,160 "223,055 "222,103 "221,071 "219,294 '217,516
'727,449 '729225 '727,960 '727,799 '728,618 '728,395 '727,404
723,583
'264,621 '264,420 '262,383 '263,003 '263,134 '261,659 '262,125 260,169
'238,987 '241,436 '242,573 '242,785 '244,288 '245,974 '245,259 245,876
(5)
(5)
(5)
(5)
(5)
(5)
(5)
(5)
5
"223,842 "223,369 "223,004 "222,012 "221,196 "220,762 "220,020 217,538
'-223
'-991 -3,821
'819
'138
'1,776 '-1,265
'-161
'-1,999
'2,693
(*)
'^-554
'-201
'2,449
(5
'•*-473
'-2,037
'1,137
(5)
'^-365
'131
'620
'212
'1,503
(5)
'•*-992
'*4l6
H
'-1,475
'1,686
f)
'^-434
-1,956
'466
617
'-715
(5)
(5)
"-742 "-2,482
FEDERAL GOVERNMENT FINANCE
[Millions of dollars]
Federal receipts and outlays:
Receipts (net)
....
Outlays (net)
Federal financing total
Borrowing from the public
Other
Gross amount of debt outstanding
Held by the public
Federal receipts by source and outlays by
agency:
Receipts (net) total
Individual income taxes (net)
Corporation income taxes (net)
Social insurance taxes and contributions
rl
1,054,265
1,031 ,374
1,251 ,683 ''1,323,757
/ oon ARC\ / ncn AM
1
1
1
nn Ann
_ c o OR7
I
t) C7Q
76,426
120,075
—A1RAQ
'109,350
78,068
'116238 114,660
— fiftft?I _ OC
CQO
73,194
117,878
—AA RR4
103,662
106,199
oca?
6,887
44,684
2,537
36,592
40,831
43,649
53,367
2,579
'269,492 -30,009
25,641
32,574
40,657
34,434
27,970
22,825
41,742
10,715
'293239
-9,399
21,141
-6,357 -10,079
4,681 -19,826
20,181
20,732 -11,604
8,255
'25,303
'3,088,716 '3,489,997 3,470,530 3,522261 3,562,942 3,597,294 3,636,298 "3,598,919 3,651,127 3,681,196 3,736,276
1
2,351 ,085 '2,623,699 2,615,217 2,656,959 2,667,674 2,702,107 2,734,682 '2,687,859 2,727,824 2,753,465 2,776,290
1
1
220,460
263 384
1
6,098
1 031 374''1054265
'467,649
M67.243
'98,086
' 93,506
1
(net)
1
62,244
72,917 138,430
62,056
104,091
119,742 111,230 123,629 123,821 109,179
1460* -46935
15650 —49 174 —507U
49,174
50,712 -14,609
46,935
15,650
6,292
20,938
50,1 3f
33,840
11,449
20,901 -13,095
776
-4,253 -27,821
3,743,534 3,762,074 3,811,671 3,822,222 3,865,111
2,788,596 2,809,534 2,859,672 2,867,085 2,900,925
140380
77,768
13,296
'62244
'12,012
'2,691
103,389
44,517
16,540
78,593
38,403
1,770
76,426
34,560
1,306
'109,350
47,979
18,580
78,068
39,332
1,171
73,194
31,987
1,516
103,662
41,722
21,719
104,091
60,451
2,992
62,056
22,213
1,220
72,917
19,503
11,742
31,504
9,056
34,042
8,317
28,435
9,132
31,502
8,189
30,996
9,225
31,832
8,765
32,282
6,342
34,237
7,434
47,461
8,779
120,075
3,085
27,065
43,271
19,136
'116,238
3,525
21,006
39,616
16,044
114,660
6,376
,22,765
42,710
17,457
117,878
5,926
24,780
44,655
21,486
106,199
5,761
23,094
43,576
49,929
119,742
4,372
24,806
44,126
18,296
111,230
3,906
23,262
43,595
20,185
123,629
c
5,462
22,109
43,303
21.375
123,821
-5,080
22,948
45,693
19,756
109,179
5,007
23,379
44,316
22,801
1,148
138,430
67,993
14,198 ZZZ!
42,478
6,838
'40,362
'7,179
34,758
7,574
M6.013
289,773
'438,678
1
254,597
'396,010
'97581
''1,323,757
'54,120
'299,196
'483,936
'276,887
110,371
5,208
20,841
41,445
17,714
116,926
5,061
24,091
43,040
22,821
105,968
3,818
21,090
42,792
47,297
30,360
8,06'
119,424
4,029
23,066
41,897
16,646
1
12,429
'28999
'13,878
'31214
1,220
3,184
1,235
3,668
1,030
1,164
1,089
2,654
1,201
3,659
1,148
1,313
1,251
3,048
1,194
4,039
1,308
2,614
1,035
2,445
1,044
3,114
1,294
1,804
2,89
1,133
2,686
11 061
384.08
11 059
362.04
11 058
358.39
11 057
356.82
11 062
366.72
11 062
367.51
11 062
35623
11 062
348.79
11059
358.68
11 058
359.53
11 057
361.06
11058
354.45
11 058
353.89
11 057
344.34
338.50
33724
4.819
4.040
3.970
4.040
4.390
4.300
3.940
4.03
4.100
4.060
3.910
4.120
4.140
4.100
4.03
4.070
380,047
90 670
1
Other
Outlays (net) total
Agriculture Department
Defense Department, military
Health and Human Services Department ....
Treasury Department
National Aeronautics and Space
Administration
Veterans Affairs Department
140,380
110,371
1251 683
1
GOLD AND SILVER:
Gold:
Monetary stock U S (end of period) mil $
Price at New York, dol. per troy oz. tt .'.....
Silver:
Price at New York. dol. per troy oz. &
See footnotes at end of tables.
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1988 and methodological notes are as shown
in BUSINESS STATISTICS, i96i-ss
Annual
1990 |
1992
1991
1991
Apr. | May
June |
S-15
June 1992
Sept. |
July | Aug.
Oct. |
Nov. | Dec.
Jan.
Feb. |
9182
9168
Mar. |
Apr. |
May
6. FINANCE-Continued
MONETARY STATISTICS
[Billions of dollars]
Currency in circulation (end of period)
Money stock measures and components (averages of
daily figures): f
Measures (not seasonally adjusted):
M1
M2
M3
L (M3 plus other liquid assets)
Components (not seasonally adjusted):
8120
32983
4,092.8
49322
2355
2776
Demand deoosits
Other checkable deposits $$
Overnight RP's and Eurodollars Q
General purpose and broker/dealer money
market funds
Money market deposit accounts
Savings deposits
Small time deposits @
Large time deposits @
Measures (seasonally adjusted):
M2
M3
L (M3 plus other liquid assets)
Components (seasonally adjusted):
Currency
Demand deposits
Other checkable deposits tt
Savings deposits
Small time deposits @
Large time deposits @
287.0
291.0
81.2
8604
34027
4,160.5
49858
8530
34104
4,182.6
49905
841 7
8581
33887
4,1569
49433
4 165.2
2595
2560
2777
2801
312.8
69.5
3332
3629
501.1
9113
1 1605
^9800
525.5
291.5
307.7
1 1299
471.9
34080
49745
307.7
8623
34105
4,158.6
49830
8645
34090
41600
49797
8674
34037
4,144.9
49651
8755
'34127
'4149.6
'49671
r
r
8939
34342
9173
r
34528
4,1 69.0 r4,181.6
r
4 997 2 r 50079
'34559
'4,180.0
'34628
'4,190.1
'5 001 1 '50095
9308
'34746
'4,196.4
'50353
'9548
'34857
4,194.8
50376
2574
2591
2620
2788
2631
2663
2786
315.1
67.3
318.7
66.4
328.8
2695
2964
343.2
349.9
'360.8
68.4
312.1
64.9
2678
3000
342.5
271 0
3021
311.0
67.9
2837
320.6
291 1
3049
2700
3030
336.5
2734
2799
2608
2809
261 7
271 7
311.8
69.6
'69.4
'73.0
'75.3
'76.7
'76.5
'73.0
3730
3651
3642
3586
3581
'3596
&M &„ 1&i
1367
1 1584 1 1477
486.1
3633
3587
3607
%»,
3
990 9
1 1292 1 1200
\ 001 0 31 0133
1 1103 1 0971
4799
470.8
4678
4605
8427
3,394.4
4,168.4
4,978.0
8509
3,405 6
4,1705
4,958.3
8573
3,4118
41677
4,986 4
8600
3 407.4
4 157.3
4991 3
8665
34095
41566
49850
41526
4,974.2
256.3
2566
2784
3078
2576
2801
311 6
3
3
966.1
976 8
1 1594 1 1509 1 1406
3025
3
953.0
4877
4835
4783
2613
2801
3173
2593
2793
3137
J
9861
1 1295
4712
5
9941
1 1208
4655
3574
3
485.0
2761
...
293.4
8720
3,411 5
4502
r
8809
5
1 0285
•M0387
1 0801
1 0634
441.9
435.5
891 4
8981
r
3 430.9 '3,438.9
'41668 '41709
'4 977 3 r 4 989.8 '4,987.7
r
3,41 7 3
41587
2629
2806
3206
3
1,002.4
2648
2838
3245
5
10150
1 111 0 1 0952
4585
4500
2660
2876
3297
J
10287
1 0792
4423
2673
2895
3332
3
1042.6
1 0630
4371
'3690
4™
'1 0461 '1 0224
3
424.9
9104
10781
4194
931 0
3669
5
3129
70.2
'3604
9441
34508
4,161.5
2757
3075
353.1
66.3
3523
1 1005'31 1158 J1 1222
'1 0034
4135
9390
'3474.0
'3,448.0
'41749
'4,983.0
'3,475.5
'50162
'5,0284
2694
2939
3390
271 6
3051
2718
'14948
'15949
'3,431
'19149
'1,363
'4 200 6 '41914
'9845
'404.4
9658
402.6
'9429
'3467.6
'41780
50229
9544
3,468.5
4175.8
2736
2747
3097
'311 3
3152
3462
3494
'3500
3565
J
3
1 061 2 31 0839 31 0980 ' 1 111 3 •M 1222
' 1 042 9'1 0198 ' 1 002 9 '9855
9688
4279
4207
'4129
'4057
401 1
PROFITS AND DIVIDENDS (QTRLY.)
[Millions of dollars]
Manufacturing corps. (Bureau of the Census):
Net profits after taxes all manufacturing
Food and kindred products
Textile mill products
Paper and allied products
Chemicals and allied products
Petroleum and coal products
Stone, clay, and glass products
Primary nonferrous metal
Primary iron and steel
Fabricated metal products
Machinery (except electrical)
Electrical and electronic equipment
Transportation equipment (except motor vehicles
and equipment)
Motor vehicles and equipment
All other manufacturing industries
Dividends paid (cash) all manufacturing
111 319
68888
19552
22965
18499
9132
16074
5160
5431
3969
429
877
202
792
223
882
-220
5363
5807
4592
2591
1 606
103
355
-51
264
274
15
1961
-1543
-178
1 505
1 116
90
93
4,817
23412
17967
-916
2516
583
2,322
21 004
11 047
-1718
918
467
-1,445
3508
-2408
4,740
2,214
2,694
-7,607
15404
55
208
-1,294
4444
-1,678
5699
-2,659
19756
62197
59,852
14867
14606
15766
127933
34,693
171 181
11 995
15279
43,137
2,033
1,950
4638
11205
6,409
5,065
-552
-1,150
386
-1 353
1941
-1288
1,491
2711
SECURITIES ISSUED
[Millions of dollars]
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
.
16402
9,252
13075
3,826
17893
7,508
13859
13905
1,236
1,137
19005
2,364
18826
2,019
'936
71.1
73.0
'18002
'2980
15736
525
SECURITY MARKETS
{Minions of dollars, unless otherwise indicated]
Stock Market Customer Financing
Margin credit at broker-dealers end of year or month
Free credit balances at brokers', end of year or
month:
Margin-account
Cash-account
Bonds
Prices:
Standard & Poor's Corporation, domestic municipal
(15 bonds) dol per $100 bond
Sales:
New York Stock Exchange, exclusive of some
stopped sales, face value, total
See footnotes at end of tables.
28210
8050
19285
66.0
68.8
10,892.70
12,698.11
67.1
1,094.59
68.0
66.9
1,002.50
854.25
68.1
889.76
69.0
924.05
69.5
880.40
71.4
1,104.51
71.0
899.00
1,037.61
1,274.73
77.1
1,251.32
70.6
1.124.58
71.0
924.16
71.7
840.52
SURVEY OF CURRENT BUSINESS
S-16 • June 1992
Unless otherwise stated in footnotes below, data
through 1988 and methodological notes are as
shown in BUSINESS STATISTICS, 1961-88
Annual
1990
1991
1991
Apr. | May
June
July |
Aug. |
1992
Sept. |
Oct.
Nov. |
Dec.
Jan. |
Feb.
Mar. |
Apr. | May
6. FINANCE-Continued
Bonds-Continued
[Percent]
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 %
Stocks
Prices:
Dow Jones averages (65 stocks)
Industrial (30 stocks)
Public utility (15 stocks)
Transportation (20 stocks)
Standard & Poor's Corporation, 1941-43=10
unless otherwise indicated: §
Combined index (500 Stocks)
Industrial, total (400 Stocks) #
Capital goods
Consumer goods
Utilities (40 Stocks)
Transportation (20 Stocks), 1982=100
Railroads
Financial (40 Stocks), 1970=10
(subcategories in 1941-43=10)
Money center banks
Major regional banks
Property-Casualty Insurance
N.Y. Stock Exchange common stock indexes,
12^31/65=50:
Composite . .
Industrial
Transportation
Utility
Finance
NASDAQ over-the-counter price indexes:
Composite 2/5/71=100 .
Industrial
Insurance
Bank
NASDAQ/NMS composite, 7/10/84=100
Industrial
Yields (Standard & Poor's Corp.), percent
Composite (500 stocks) 0
Industrials (400 stocks)
Utilities (40 stocks)
Transportation (20 stocks)
Financial (40 stocks)
Preferred stocks, 10 high-grade
Sales:
Total on all registered exchanges (SEC):
Market value mil $
Shares sold, millions
On New York Stock Exchange:
Market value mil $
Shares sold (cleared or settled), millions ....
New York Stock Exchange:
Exclusive of odd-lot stock sales (sales
effected), millions
NASDAQ over-the-counter:
Market value, mil. $
Shares sold millions
Shares listed, NYSE, end of period:
Market value, all listed shares, bit. $
Number of shares listed, millions
9.77
9.23
9.33
9.32
9.45
9.42
9.16
903
899
893
875
864
875
8.81
877
8.71
932
956
982
1036
877
905
930
980
886
912
929
994
886
915
941
986
901
928
955
996
900
925
951
989
875
899
926
965
861
886
911
951
855
883
908
949
848
878
901
945
831
861
882
926
820
851
872
913
829
869
823
923
835
873
889
925
833
869
887
921
828
863
881
913
977
976
925
921
935
930
934
929
946
944
942
940
916
916
902
903
898
899
893
893
874
876
861
867
873
877
877
884
875
879
870
872
7.31
7.25
8.74
6.90
7.45
8.16
7.01
7.05
829
6.97
6.95
8.33
713
7.09
8.54
700
7.03
8.50
685
6.89
8.17
673
6.80
7.96
669
6.59
7.88
6.78
6.64
7.83
658
6.63
7.58
665
6.41
7.48
674
6.67
7.78
6.77
6.69
7.93
6.69
6.64
7.88
6.58
6.57
7.80
965.24
2,678.94
21153
1,040.24
1 048.27
2,929.32
21032
1,170.22
334.59
390.88
282.47
433.92
14016
254.32
20285
376.17
445.81
300.66
544.04
141 95
288.54
24819
379.68
450.17
306.43
546.89
14313
273.89
9?937
377.99
450.05
302.67
543.40
13866
284.72
23356
378.29
450.87
309.36
540.25
13573
296.23
24613
380.23
453.38
306.25
547.98
13775
294.32
24747
389.40
46326
30928
576.51
14088
295.57
25897
387.20
459.11
303.57
567.52
14284
295.12
26441
386.88
457.39
300.65
564.88
14454
314.42
29059
385.92
454.97
294.10
568.32
14666
315.86
29312
388.51
458.00
290.14
596.37
14881
312.73
291 18
416.08
493.37
320.61
632.83
14970
340.35
30220
412.56
490.89
322.78
630.66
14306
348.31
30454
407.36
484.86
317.67
621.24
13945
346.73
29838
407.41
484.53
312.79
617.42
141 61
344.98
31339
414.81
490.72
319.45
618.26
14725
356.62
33510
26.12
8550
95.53
342.56
29.69
9036
114.67
379.58
30.27
8843
109.72
410.25
29.81
9036
114.71
383.37
30.18
9436
118.00
384.04
29.89
9189
116.79
387.98
31.48
9894
129.37
369.58
31.43
9757
125.96
360.16
31.27
9910
126.29
361.93
31.22
9641
125.65
376.83
3121
9272
127.76
392.32
34.36
10513
141.08
412.66
34.34
11059
145.83
401.84
34.29
10884
145.11
391.26
33.94
10728
146.09
385.42
35.17
11736
154.88
383.81
18346
225.78
15862
9060
13326
20548
257.09
17397
9226
15018
20771
260.14
16689
9292
152.63
20693
260.13
17076
9075
15131
20731
261.16
17704
8900
152.31
20829
262.48
17715
9005
151.59
21333
268.21
17851
9238
157.69
21254
266.21
17799
9371
15768
21309
265.68
19574
9524
15894
21325
264.88
18852
9677
159.77
20411
253.42
17684
9338
15242
22933
286.62
201 55
9930
174.49
228.11
286.09
20552
9617
174.04
22521
282.35
20409
9415
173.49
224.54
281.60
201 28
94.91
171.05
228.54
285.16
20787
98.23
175.89
40921
430.57
47143
31903
179.36
17017
491 56
549.48
53565
31934
217.09
21825
49632
558.44
56243
325.16
219.21
22297
49093
545.97
55437
32981
216.55
21743
49038
545.84
54664
329.37
216.34
21740
489.34
544.01
541 50
324.18
215.87
21661
51325
570.78
54298
339.54
226.77
227.68
52056
582.35
53878
34202
229.72
23195
52892
593.57
531 88
33782
23323
23618
53658
604.36
55699
32883
236.64
24047
54410
617.10
561 90
32663
240.48
23499
61573
707.59
61722
368.12
272.66
30141
632.05
723.85
62469
385.75
279.32
28905
619.60
701.75
61756
393.51
273.67
28000
582.79
642.91
60057
402.24
257.56
25679
581.47
630.97
428.79
614.90
257.43
252.57
3.61
3.16
591
256
482
8.96
3.24
2.82
595
230
369
8.17
3.19
2.77
588
242
3.57
8.43
3.23
2.79
609
233
3.71
8.21
3.23
2.79
623
224
3.68
826
3.20
2.76
611
226
3.70
8.15
3.10
2.67
599
2 19
3.45
8.03
3.15
2.73
595
219
3.48
7.81
3.14
2.74
587
207
338
7.93
3.15
2.75
580
209
3.28
7.81
311
2.73
571
208
3.21
7.62
2.90
2.55
572
200
2.92
7.54
2.94
2.57
595
192
2.86
7.54
3.01
2.62
613
1 93
2.90
7.64
3.02
2.63
608
1 94
2.99
7.75
7.61
1 611 667
53,338
1 776 305
58,031
159472
5,205
149,994
4,677
138,210
4,286
134,465
4,353
156,668
4,923
127 651
4,085
152,760
4,971
157817
5,071
154,862
5,391
213054
6,915
177,051
5,507
172,567
5,389
170,570
5,623
1 389 084
43,826
1 531,813
47,674
137534
4,247
128,620
3,852
120260
3,548
116659
3,610
133,673
4,010
110065
3,346
132,782
4,127
136256
4,175
133,722
4,351
182510
5,440
152,516
4,434
149,951
4,386
147,607
4,227
1,043.14 104929 1,062.35 1,060.65 1,069.71 1 067.44 1 087.94 1,08222 1,077.52
2,925.53 2,928.42 2,968.13 2,978.18 3,006.08 3,010.35 3,019.73 2,986.12 2,958.64
20462
21927
21436 211 18
19964
20442
20803
21354
21667
1,139.05 1,167.55 1,205.08 1,204.56 1,204.66 1,182.39 1,283.07 1237.09 1,233.31
1,16627 1,17423 1,169.58 1,167.58 1,195.56
3227.06 3,25727 3,247.41 3,294.08 3,376.78
21315
21572
20684
20438
20607
1,378.73 1,412.23 1,408.98 1,356.85 1,380.45
39,665
45,267
4,011
3,742
3,259
3,458
3,773
3,247
4,085
3,727
4,156
5,268
4,292
4,082
4,320
3,666
377,468
27,894
27894
693,854
41,264
41264
66,434
4114
4,114
55,906
3378
3,378
46,976
2,854
2854
50,781
3098
3,098
57,699
3,346
55,614
3233
72,688
4078
4,078
64,967
3708
3,708
64,893
3632
3,632
108,835
5509
5,509
79,986
4,264
4264
73,400
4045
4,045
78,144
3942
3,942
57,296
3,126
3126
2,819.78
90,732
3,712.84
99,622
3,229.47 3,360.17 3,216.19 3,381.44 3,455.05 3,400.30 3,470.09 3,352.40 3,712.84
94,204
96,174
93,579
94,821
96,221
97,412
98,683
99,622
96,519
3,664.00 3,71828 3,654.92 3,742.72 3,782.33
100,117 101,214 102,450 103,269 107,148
7. FOREIGN TRADE OF THE UNITED STATES
VALUE OF EXPORTS
[Millions of dollars]
Exports (mdse.), incl. reexports, total @
Seasonally adjusted t
Western Europe
European Economic Community
Belgium and Luxembourg
France
Federal Republic of Germany
Italy
Netherlands
United Kingdom
Eastern Europe
USSR (former)
See footnotes at end of tables.
.
.
393,592.3
421,730.0
112,974.6
98,026.8
10,448.3
13,652.2
2
18,693.3
7,987.3
13,015.8
23,484.1
4,262.6
3,087.7
118,723.3
103,208.5
10,790.8
15,365.4
21,316.5
8,578.5
13,528.1
22,063.4
4,785.5
3,577.6
36,137.0 36,023.6 35,479.8 33,443.9 33,632.7 34,391.3 37,896.5 36,969.6 34,996.1
35,460.9 35,0192 34,715.3 35,189.7 34,4642 35,282.7 36,842.1 37,269.0 36,053.0
10,882.8 10,087.8 9,7862 8,984.9 8,626.4 9,201.0 10,1822 9,978.0 10,178.0
9,383.3 8,753.7 8,620.7 7,956.2 7,514.3 7,927.5 8,828.1 8,678.3 8,784.4
863.7
9042
792.7
979.3
918.0
832.7
879.2
869.1
748.2
1,391.4 1,217.3 1,180.5 1,238.1 1,115.2 1,302.1 1,176.1 1,285.6 1,326.6
2,293.4 1,779.5 1,788.5 1,940.9 1,511.6 1,625.6 1,621.8 1,740.3 1,791.7
720.7
924.4
788.3
787.5
580.3
624.0
7522
570.9
682.5
888.4
1,124.7 1,355.9
982.8
929.9
861.3 1,364.0 1,275.3
1,275.5
1,914.9 1,858.0 1,997.7 1,579.1 1,7272 1,628.6 2,161.0 1,753.5 1,697.6
278.7
260.8
433.8
248.2
321.7
362.1
593.6
419.6
494.0
155.3
203.7
117.0
268.4
304.3
503.0
357.3
233.8
324.8
34,468.8 36,859.8 '39,784.3 37,151.1
35,467.1 37,654.4 r 37,084.7 36,386.3
9,562.0 10,791.5 11,455.0 9,901.2
8,542.9 9,373.7 10201.3 8,776.5
832.4
766.7
793.0
926.1
1,188.1 1,423.7 1,532.0 1,280.5 ZZI
1,962.4
2.050.8
1,771.3
1,765.9
880.4
772.9
740.0
705.6
1,163.9 1,523.1 1,231.4 1,114.8
1,794.6 1,903.0 2.342.4 1.986.3
341.4
4152
485.9
502.1
241.7
*393.3
299.6
287.3
June 1992 • S-17
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1988 and methodological notes are as
shown in BUSINESS STATISTICS, 1961-88
1992
1991
Annual
1990
1991
Apr. [
May [
June [
July |
Aug. [
Sept. |
Oct. |
Nov. [
Dec.
Jan.
Feb.
Mar.
Apr.
81950
454.6
35296
493.8
78192
385.4
35099
475.3
637.8
6691
4,352 4
1 3834
610.6
7649
1 209.6
586.6
6708
3,566.1
1 0932
809.6
7328
1,296.3
7. FOREIGN TRADE OF THE UNITED STATES-Continued
VALUE OF EXPORTS-Continued
[Millions of dollars]
Exports (mdse.), incl. reexports—Continued
Western Hemisphere:
Canada 0
Brazil
Mexico
Venezuela
Asia:
China
Hong Kong
Japan
Republic of Korea
Saudi Arabia
Sinaaoore
Taiw«£
::
'
Africa:
Nigeria
Republic of South Africa
Australia
OPEC
Exports of U S merchandise total @
By commodity groups and principal commodities:
Agricultural products, total
Nonagricultural products total
Beverages and tobacco
Crude materials inedible exc fuels #
Mineral fuels lubricants etc #
Oils and fats animal and vegetable
Chemicals
Manufactured goods class, chiefly by material
Miscellaneous manufactured articles
Machinery and transport equipment total
Motor vehicles and parts
r
838655
50619
28 375 3
3,1072
851025
61541
33 275 6
4 668.2
76040
4606
27639
399.0
76791
4954
28438
401.7
74514
4657
2 866 4
424.5
64736
5378
29229
416.4
67636
6197
28428
370.3
74458
6934
27402
407.6
82825
488.8
32235
442.9
70448
617.2
30602
450.7
61249
617.6
29088
385.0
69492
4432
30718
357.4
70277
460.3
32001
3902
48072
68406
485848
14 398 7
40348
80191
11 4823
62868
81405
48 146 5
155184
65722
88078
13191 1
4375
7480
39079
12442
5827
6567
9878
6309
6458
42559
1 3657
5073
8107
1 0692
5058
6104
39588
1 1735
4922
9144
1 1838
5385
5806
3851 3
1 281 6
4972
6661
1 171 3
5601
7887
40208
1 1630
4822
5928
1 2058
4708
7574
3661 7
1 2564
6289
6484
1 1203
5709
6444
42170
1 2651
5662
6923
9978
6215
7450
43481
14031
6097
7054
1 1448
580.6
6838
36020
1 321 1
676.0
7032
12375
503.2
6298
36608
1 4734
6477
6483
1 0297
470.5
6589
44170
12025
621.1
6760
1 141 1
551.5
1 7324
8329
20863
161 1
1526
2703
1452
1738
105.2
1700
1421
1585
1488
67.0
1352
100.6
1341
70.8
1801
82.2
141 8
8,534.7
8,416.2
599.1
581.5
739.1
756.7
726.8
767.0
861.4
806.9
675.4
607.3
607.0
646.3
624.7
18434
20977
602
545
857
634
682
674
979
136787
190835
1 5941
1 5728
15432
1 6369
1 4484
1 7401
1 7770
1 7801
375 454 2
400 839 1
34 433 1
343986
33 869 6
31 887 0
31 906 2
32 700 4
359728
34 654 6
38,783.4
341 914 0
29,280.0
71186
269849
121748
1 1906
38 983 3
31,670.3
39 285 3
1725219
26 656 3
38,462.7
362 379 8
29,555.0
67503
25 462 0
120332
1 1471
42 966 7
35,566.0
431622
1873599
28 175 1
3,084.5
31 271 6
2,303.3
5499
21978
7324
1071
38484
3,108.9
36250
164194
2,571 6
3,030.1
31 402 6
2,285.9
6192
22373
1 0665
39136
3,146.8
36449
160669
26969
2,586.4
2,866.5
2,788.0
31 1598 290359 289101
2,104.7
2,462.4
2,476.8
461 1
4518
4983
18177
1 9808
1 8618
9248
9706
9560
1268
678
993
34552
34397
34695
3,059.7
3,065.0
2,960.6
35194
36833
34983
167329 147028 14 302 7
1,9938
2,569 4
19889
495,3105
487,129 0
39,423 9
39 743 5
40 056 1
40 000 3
39,343.7
393838
108901 1
91 867 5
45785
131240
•*28 108 7
127233
4,971.9
20 288 2
1025965
86 480 9
41387
133721
262293
11 7874
4,827.0
185196
22752
1 0654
1 8098
8129
771
647
18380
1 7897
33 333 0
32 766 9
35 075 3
2,803.0
3,330.1
29 972 6 32 258 7
2,693.4
2,435 5
451 7
601 6
1 7119
19782
9794
8928
1106
874
33203
37541
2,975.0
3,182.6
36573
40090
158772 168459
27872
25300
3,954.7
3,839.7
31 243 2 29 729 7
2,642.0
2,864.3
561 6
4945
22308
23289
1 0075
1 0544
1177
1034
34088
3291 9
2,905.0
2,682.1
36273
3761 1
169165 158335
2,123.7
25556
3,592.0
293058
2,442.1
4543
22179
1 0008
1189
3 594.1
2,946.5
37094
148236
1 997.0
3,786.4
312142
2,959.7
5093
22605
8641
1227
3,466.9
2,895.1
38221
16713.6
2 543.5
41,4778
41 757 3
41,7779
41 382 4
40,758.3
41 674 5
39867.2
41 265 9
39,099.4 r43,252.1 42,764.2
409483 r42 668 3 433551
82637
69309
3397
1 0039
22176
9928
365.3
1 421 6
90666
76204
3126
1 2627
23955
1 0090
450.3
1 5687
1 861 3
r
37 748 7 35,331.3
3,674.9
339650
2,873.1
5796
2,252.8
8170
1134
3 807.3
3,157.2
43543
18301 9
2 874.4
3,634.3
31,697.0
2,777.7
5067
2,036.1
9235
1074
3,751.1
3,073.7
39303
16816.4
2,956.7
VALUE OF IMPORTS
[Millions of dollars]
General imports, total @
Seasonally adjusted f
Western Europe
European Economic Community
Belgium and Luxembourg
France
Federal Republic of Germany
Italy
Netherlands
United Kiradom
Eastern Europe
USSR (former)
Western Hemisphere:
Canada
Brazil
Mexico
Venezuela
Asia:
China
Hong Kong
Japan
Republic of Korea
Saudi Arabia
Sinoaoore
Taiwan
,
Africa:
Nigeria
Republic of South Africa
Australia
OPEC
By commodity groups and principal commodities:
Petroleum and products
Nonpetroleum products
Food and live animals*
Beverages and tobacco .
...
Crude materials inedible exc fuels #
Mineral fuels, lubricants, etc
Oils and fats, animal and vegetable
Chemicals
Manufactured goods class, chiefly by material
Miscellaneous manufactured articles
Machinery and transport eouipment
Motor vehicles and parts
87754
73714
3978
1 161 9
23042
9349
381.8
1 5674
87677
73870
3659
1 0645
21831
9624
407.1
1701 1
1372
1656
80531
67519
3005
1 1508
1 9171
9683
335.1
1 4760
41,296.8
40 823 4
89991
7 750.6
421 7
13181
21535
1 1347
432.2
1 6026
41,0299
41 078 2
79179
68662
2173
1 0284
1 9756
1 0643
503.6
14754
46,466 0
427122
7921 7
65209
3000
1 0185
1 9631
7559
3782
1 5100
96596
80945
4458
1 1533
24605
1 0559
5340
1 6870
1603
957
1742
1598
1153
131 5
1659
566
823
23.9
844
827
382
781
475
674
78676
6 666.0
3019
1 0767
20004
861 1
362.9
1 511 7
8 163 2
6,900.7
381 3
1 082.9
20276
8775
367.7
1 5382
91896
7,747.3
3359
1 249.0
23968
1 0842
441.8
1 5744
197.5
100.2
1295
44.6
156.0
50.2
4
92906
7,862.8
361 3
1,439.2
24869
957.3
369.1
1 576.3
140.8
55.3
91 372 1
79764
30,172.3
94464
91 141 1
67268
31 194.3
82284
78928
6967
2 682.4
5982
80365
5403
2 639.9
6908
78931
5100
2,569.5
5923
69141
585.9
2,473.1
7871
74800
5287
2,660.4
6469
77188
4948
2,683.5
7393
85928
5183
3,161.2
6706
79721
6497
2,787.4
741 3
70402
536.8
2,408.1
6589
71375
622.9
2,493.0
571 9
76883
6263
2,615.2
5349
86598
6246
2,939.1
5995
84571
582.0
2,933.3
5545
15,223.8
9 488.0
89 655.1
18 493.3
9,974.3
98394
22,666.8
18,975.8
9 286.4
91 582.7
170245
10978.2
99763
23,036.3
1,106.6
596.7
7,255.2
13137
832.3
7823
1,708.7
1,374.3
680.2
6,687.7
1 424.4
1 082.7
736.3
1,820.7
1,528.3
736.7
7,190.0
1 370.6
833.2
895.9
1,876.5
1,815.3
909.6
7,648.7
1 6247
832.2
797.3
2,065.2
1,867.3
855.0
7,757.4
1 4869
1 029.0
7936
2,113.9
1,932.3
886.0
7,844.2
1 4432
939.8
9183
2,149.0
2,222.2
1 038.8
8,855.3
1 571 1
885.0
9376
2,211.9
1,961.8
875.7
7,761.3
14596
8051
9052
1,985.5
1,608.6
743.4
8,063.8
1 4179
8152
9263
2,006.7
1,903.8
843.1
7,477.4
1 3683
8967
8591
2,015.7
1,703.9
637.4
7,383.5
1,181.3
7641
7083
1,785.0
1,436.8
592.6
8,338.0
1,313.9
7559
9579
1,921.1
1,678.1
666.9
7,776.1
1,322.2
7595
8388
1,889.5
59772
1 7006
53601
1 7333
4602
161 9
4829
1748
4761
1495
501 7
1531
5045
1370
3800
1164
4564
1525
3945
1079
3055
1166
3406
1167
1429
1197
2666
1291
4546
1532
44417
40100
3368
3430
3975
3405
3374
3806
311 1
3042
2855
3646
2637
3006
3494
380170
32 960 6
25738
29457
25726
27183
28581
2781 9
2901 6
26345
25325
25731
21552
22606
23986
61,3568
433 902 6
21,932.5
46331
145240
64,561.5
802.3
22,468.2
59,914.2
814776
208 095 7
69,382.1
21,952.3
4822.6
13079.0
54,342.7
856.7
24,168.7
57,418.9
833896
2107865
67,525.4
1,998.2
3868
1 1574
4,340.1
68.4
2,064.9
4,930.3
59022
175032
5,510.4
1,952.8
416.2
1,1323
4,926.6
74.9
2,004.8
4,876.5
6,1987
167410
5,286.6
1,862.6
368.8
1,120.6
4,337.4
69.0
1,952.7
4,552.0
6,598.8
171576
5,427.0
1,724.6
394.5
1,132.6
4,289.6
76.4
2,075.0
5,140.3
7,933.5
171855
4,980.5
1,678.4
415.8
1,0771
4,890.4
62.4
1,918.4
4,590.0
7,525.5
174890
5,622.0
1,743.7
393.7
1,0803
4,631.5
71.3
1,937.5
4,638.2
7,7168
178528
5,718.5
1,764.0
553.0
1,095.7
4,524.1
81.9
2,250.0
5,357.3
8,962 1
20 455 4
6,981.7
1,804.3
421.1
1,0578
4,292.8
72.4
1,870.3
4,725.5
7,551.2
182873
6,079.4
1,900.2
453.1
1,033.2
4,285.0
70.1
2,202.1
4,501.4
6,9198
182333
5,768.3
1,959.1
363.0
1,119.1
3,992.2
70.6
2,243.3
4,731.3
7,051.2
169534
5,431.0
1,811.0
349.6
1,091.5
3,489.9
65.4
2,150.9
4,463.6
6,757.8
171994
5,523.4
2,021.9
375.6
1,179.0
3,748.3
87.4
2,362.7
5,014.4
7,071.6
197166
6,331.9
2,050.2
409.3
1,185.8
4,220.2
86.8
2,345.7
5,035.1
6,825.1
190401
6,128.5
101 7182
-653990
MERCHANDISE TRADE BALANCE *
[Millions of dollars]
Trade balance:
Not seasonally adjusted
Seasonally adjusted
[Billions of 1987 dollars]
Seasonally adjusted:
Trade balance
Exports
See footnotes at end of tables.
-8505
365.60
450.64
-56.45
394.06
450.51
r
-3 286 9 -40325 -3 863 9 -7 852 9 -7 397 2 -7 086 5 -85695 -48083 -5 762 2 -53984 -2 239 6 -3 467 8 -5613.1
r
-42826 -4981 1 -46685 -5,633.6 -6,614.0 -6,474.6 -5,870.1 -4,113.4 -5,621.5 -5,798.7 -3,293.8 -5.583.6 -6,968.8
-385
32.87
36.72
-449
32.60
37.09
-4.38
32.38
36.77
-5.32
33.00
38.32
-6.07
32.44
38.51
-5.83
33.14
38.96
-5.05
34.50
39.55
-3.45
34.92
38.37
-4.96
33.91
38.87
-5.26
33.49
38.74
-2.99
35.41
38.40
''-5.37
' 34.82
'40.19
-6.47
34.37
40.84
May
SURVEY OF CURRENT BUSINESS
S-18 • June 1992
Unless otherwise stated in footnotes below, data
through 1988 and methodological notes are as shown
in BUSINESS STATISTICS, 1961-88
Annual
1990
1992
1991
1991
Apr.
May
June
July |
Aug. |
Sept. | Oct.
Nov. |
Jan. | Feb.
Dec.
Mar.
Apr. |
May
7. FOREIGN TRADE OF THE UNITED STATES-Continued
Export and Import Price Indexes *
[1985=100]
All exports
Agricultural exports
Nonagricultural exports
All imports
Petroleum imports
Nonpetroleum imports
1138
108.8
114.9
123.2
874
129.5
1147
1070
116.1
133.7
762
131.6
1151
1078
1164
1148
1081
1160
1147
1079
1160
1139
1038
1157
1143
1071
1155
1142
1058
1156
1150
1095
1159
1151
1092
1161
1144
1062
1158
1139
1052
1153
1235
1233
1224
121 6
719
1220
1223
1233
1238
1235
1232
1305
1304
1307
1314
1317
1323
1331
1336
1320
757
131.7
762
732
131 1
748
688
727
727
743
674
1147
1085
1157
1148
1146
1150
108.5
115.8
1233
122.8
653
133.1
106.6
116.0
122.5
680
132.2
106.8
116.6
122.9
722
132.0
655
Shipping Weight and Value
Waterborne trade:
Exports (incl. reexports):
Shipping weight (nous metn'c tons
Value, mil $..'
372 052
150737
389 562
162346
28757
13861
33299
14061
29658
12657
32275
13163
32972
12866
32171
12658
33234
14178
36101
13770
35172
14302
32709
13388
31791
13944
General imports:
Shipping weight thous metric tons
Value, mil. $
495 239
283392
448852
272 286
37168
21545
41880
21876
38454
21 875
41 033
23556
41 121
23503
40052
23269
37975
25775
34168
22866
37444
22987
37632
23117
32743
21217
8. TRANSPORTATION AND COMMUNICATION
t
TRANSPORTATION
Air Carriers
Certificated route carriers:
Passenger-miles (revenue) billions
Passenger-load factor, percent
Ton-miles (revenue) total millions
Operating revenues (quarterly), mil. $ §
Passenger revenues mil $
Cargo revenues mil $ . .
Mail revenues mil $
Operating expenses (quarterly) mil $ §
Net income after taxes (quarterly) mil $ §
Domestic operations:
Passenger-miles (revenue), billions
Cargo ton-miles, millions
Mail ton-miles, millions
Operating revenues (quarterly) mil $ §
Operating expenses (quarterly) mil. $ §
Net income after taxes (quarterly) mil $ §
International operations:
Passenger-miles (revenue) billions
Cargo ton-miles millions
45793
62.4
340.23
5,075
1,489
r 57 994
r
58 983
r
-3411
332.41
4,946
1,411
5471
513
National narks rerreatinn visits thousands #8
See footnotes at end of tables.
.
62.6
56889
75,023
57055
5508
944
76815
-1 986
11770
Operating revenues (quarterly) mil $ §
Operating expenses (quarterly) mil $ §
Net income after taxes (quarterly) mil $ §
Urban Transit Industry
Passengers carried total millions tt
Motor Carriers
Carriers of property, large, class I, qtrly.:
Number of reporting carriers numbor
Operating revenues total mil $
Net income, after extraordinary and prior period
charges and credits mil $
Tonnage hauled (revenue), common and contract
carrier service mil tons
Freight carried—volume indexes, class I and II
intercity truck tonnage (ATA):
Common carriers of general freight, seas, adj.,
1967-100 tt
Class 1 Railroads ±
Financial operations, quarterly (AAR), excluding
Amtrak:
Operating revenues total mil $#
Freight mil $
Passenger excl Amtrak mil $
Operating expenses mil $
Net railway operating income mil $
Ordinary income mil $ t
Traffic:
Revenue ton-miles qtrly (AAR) billions
Producer Price Index, line haul operations, 12?
84=100
Travel
Lodging industry:
Restaurant sales index same month 1967-100
Hotels' Average room sale dollars 0
Rooms occupied % of total
Motor hotels' Average room sale dollars 0
Rooms occupied % of total
Economy hotels* Average room sale dollars 0
Rooms occupied % of tote/
Foreign travel:
U S citizens' Arrivals (quarterly) thousands
Departures (quarterly) thousands
Aliens* Arrivals (Quarterly) thousands
Departures (quarterly) thousands
Passoorts issued thousands
44780
58342
r
75 984
r
58 430
r
5432
970
r
77 898
r
-3 995
r
3747
4084
4403
63.2
4451
63.4
66.7
5101
68.0
71.2
4729
5426
5728
19,019
14458
1 311
224
18921
356
27.37
387
110
27.80
419
115
11539
5259
493
18858
20124
8671
8484
29.58
424
108
4675
,f
31.63
412
106
33.05
439
115
783
397
37
967
410
39
1126
446
39
723
732
676
3808
3378
61.7
58.4
4958
4479
1241
466
38
1370
458
42
62.5
20,013
15638
1421
1497
217
19689
258
19243
-135
-877
25.76
418
104
27.66
477
123
24.98
444
120
11 18
446
39
674
681
1042
507
43
935
427
60
880
488
49
766
698
442
314
118
143
58
172
178
46
45
47
188.2
189.6
189.4
185.0
27845
26949
94
6,842
''94
24
7,093
6870
24
7,133
6908
24
24 736
2 676
1 953
28062
-38
92
6659
155
76
6763
253
148
8452
1 0398
251 7
266.0
267.0
'28516
'27616
1
189.5
1
7
1 0340
107.5
6617
109.5
109.6
109.5
1 362
1334
1 198
2
l'091
351
••2.945
335
••4.759
329
••7.339
109.3
;
2
;
2
1
2
19 505
19 022
16 908
1
15 024
3689
3,376
56348
••56.750
109.6
315
' 10.624
954
390
39
8.74
10.26
496
39
407
37
675
100
5,840
188.0
28.00
434
127
-340
100
5777
176.2
23.84
391
118
5022
100
5446
176.8
24.50
383
126
4413
100
22091
1802
62.5
4,922
-537
100
1821
57.4
4,211
13996
14,220
21810
1748
3826
3258
56.5
4343
1
28.12
398
166
5653
5545
32
668
3404
3748
4,798
18,409
14064
K144
-168
4729
4853
191
-715
3694
612
4702
14360
14289
14,069
166
56165
56,691
-1 271
17990
18914
r
-584
r
3520
196.0
r
193.9
r
198.3
202.9
266.6
2
-826
-745
109.3
109.2
109.3
109.4
249
••10.606
249
••6.686
293
'4.913
359
'2.070
109.3
r
204
1.565
r
80.4
2
101.1
109.5
109.5
109.8
109.9
109.7
248
1.630
275
1.628
340
2.339
347
313
3.145
June 1992 • S-19
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1988 and methodological notes are as shown
in BUSINESS STATISTICS, 1951-88
Annual
1990 |
1991
1991
May
Apr.
June
July | Aug.
1992
Sept. |
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
8. TRANSPORTATION AND COMMUNICATION-Continued
COMMUNICATION
Telephone carriers:
Operating revenues, mil. ## ....
Station revenues, mil. $
Tolls, message, mil. $
Operating expenses (excluding taxes), mil. $
Net operating income (after taxes), mil. $
Access lines, millions
9. CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Inorganic Chemicals
[Thousands of short tons, unless otherwise indicated]
Production:
Aluminum sulfate commercial (17% AI2Os)
Chlorine gas 100% CI2)
Hydrochloric acid (100% HCI)
.
Phosphorus, elemental
Sodium hydroxide (100% NaOH)
Sodium silicate anhydrous
Sodium sulfate (100% Na2S04)
Sodium tripolyphosphate (100% Na5P3Oio)
Titanium dioxide (composite and pure)
Sulfur, native (Frasch) and recovered:
Production, thous. metric tons
Stocks (producers') end of period, thous. metric
tons
Inorganic Fertilizer Materials
[Thousands of short tons, unless otherwise indicated]
Production:
Ammonia, synthetic anhydrous $
Ammonium nitrate, original solution $
Ammonium sulfate $
Nitric acid (100% HN03) *
Nitrogen solutions (100% N) $
Phosphoric acid (100% P205) $
Sulfuric acid (100% H2S04) $
Superphosphate and other phosphatic fertilizers
(gross weight):
Production . . .
Stocks end of period
Potash sales (K20)
Imports:
Ammonium nitrate thous metric tons
Ammonium sulfate, thous. metric tons
Potassium chloride thous metric tons
Sodium nitrate thous metric tons ..
Industrial Gases
[Millions of cubic feet]
Production:
Acetylene
Hydrogen (high and low purity)
Nitrogen (high and low purity)
Oxygen (high and low purity)
Organic Chemicals §
[Thousands of metric tons, unless otherwise indicated]
Production:
Acetylsalicylic acid (aspirin)
Ethyl acetate
Formaldehyde (37% HCHO)
Glycerin refined all grades mil Ib 0
Methanol, synthetic
Phthalic anhydride
1 180
11324
2799
312
12,197
993
768
1227
11810
3013
346
12,030
879
786
532
1,077
299
638
80
2,946
211
171
118
269
1,093
9,494
10,262
319
2268
728
72
3,129
243
180
2715
776
813
800
1 425
1 481
273
837
1 460
771
778
1 257
1 470
1237
16,958
7,107
2495
7,749
2853
12175
44,281
17020
7,310
2230
7524
4419
4212
1,903
592
3137
12342
43,308
829
3048
10,610
1,735
537
1,807
743
18887
738
5700
19418
689
5460
5,207
147,840
749,525
462 293
4567
141,844
786,727
471 216
y
1
7
128
124.3
2,908.5
2865
1
3,622.2
7
426 7
1
1
7
7
1936
620
227
735
236
687
4889
686
346
791
1 499
r
818
r
1 184
r
748
797
1 209
1 130
4592
1,836
569
1,915
764
M176
1,770
543
r
1 801
758
r
3145
r
10916
3231
11093
M915
r
701
388
304
454
680
406
5
57
299
7795
692
9956
741.6
776
982.6
999
(5)
275
290
Denatured alcohol:
Production mil wine gal
Consumption (withdrawals) mil wine oal
For fuel use mil wine oal
Stocks, end of'oeriod. mil. wine oal.
See footnotes at end of tables.
1 1073
368
1 1988
374
5949
6457
2979
664.9
7027
3546
8.8
17.2
362
374
111 7
391
1055
326
58.3
59.6
55.6
62.3
66.1
47.7
601
328
9.6
481
203
569
315
9.1
61 2
330
8.8
618
336
398
123
12.3
15.1
570
902
532
91.8
534
587
996
496
100.0
363
548
587
320
52.9
56.9
51.9
56.2
581
268
607
327
530
307
770
312
25.4
23.8
19.8
11.2
12.1
1003
1012
1069
10.3
1019
1114
337
772.5
289
801 5
1023
1033
ALCOHOL
Ethyl alcohol and spirits:
Production mil tax gal
Stocks end of period mil tax gal
5009
700
526
1,187
35,776
196,110
117003
32.7
704.8
716
1,107.3
965
3,925.3
7
396 3
1 302
(5)
21.0
2981
1 415
754
1,109
34,981
195,905
116404
(5)
194
760
3119
1,132
36,261
196,735
118588
126.1
2,91 3.7
279
11,025
4813
740
c\
(7)
1422
1474
283
2247
739
70
3089
223
173
278
280
May
S-20
SURVEY OF CURRENT BUSINESS
• June 1992
Unless otherwise stated in footnotes below, data
through 1988 and methodological notes are as
shown in BUSINESS STATISTICS, 1961-88
Annual
1991
1991
1990
Apr. |
May |
June |
July |
1992
Aug. |
Sept. |
Oct.
Nov. |
Dec.
Jan.
|
Feb.
Mar. |
9. CHEMICALS AND ALLIED PRODUCTS-Continued
PLASTICS AND RESIN MATERIALS
[Thousands of metric tons]
Production:
Phenolic resins
Polyethylene and copolymers
Polypropylene
Polystyrene and copolymers
Polyvinyl chloride and copolymers
„.
1
2
943.8
8,550.5
3,524.7
2
4,624.1
'4,112.9
1
1
1
7,51 4.0
1,908.6
8307
1,825.3
3,397.2
8851
1,918.0
8592
3,977.4
1,0798
1,039.2
1 0276
11 761 6
11 391 3
46533
4,242.5
2,495.4
31587
13892
1,093.4
31230
1 3364
1,093.5
2611 2
48621
4,110.5
2,789.1
676.1
693.1
7
PAINTS, VARNISH, AND LACQUER $
[Millions of dollars]
Total shipments
. .
Architectural coatings
Product coatings (OEM)
Special purpose coatings
27702
1 0664
1,130.7
9355
1,095.6
573.1
580.1
10. ELECTRIC POWER AND GAS
ELECTRIC POWER
[Millions of kilowatt-hours, unless otherwise
indicated]
Production:
Electric utilities total .
By fuels
Bv wateroower
. . .
Sales to ultimate customers, total (Edison Electric
Institute)
Commercial §
Industrial §
Railways and railroads
Residential or domestic
Street and highway lighting
Other public authorities
Interdepartmental .
Revenue from sales to ultimate customers (Edison
Electric Institute), mil $
2808151
2,528,225
279 926
2823025
2,547,508
275516
2 667 321
734584
926,161
5297
910296
14895
72399
3689
2710674
175503
183,361
"54539
''50058
M269
r
165
208906
183,219
25687
234217
205,764
28454
248264
222,433
25830
271 787
247,537
24250
267818
246 071
21 747
233710
215,283
18428
223258
205,720
17538
221203
202,904
18299
233585
211 710
21 873
243877
222,342
21 535
217756
199798
17958
652 498
649177
182995
230,832
745612
209303
241,455
1,324
1348
1,410
217039
4049
18966
239100
3984
19373
843
1,312
268 941
3465
20185
950
980
787
43,874
53,094
43078
44,131
55442
50883
4,340
54634
50317
4,303
54916
50440
4,257
54442
50883
4340
171
49
164
50
171
49
9,937
4,639
1,767
720
376
356
282
34
7,908
4356
1,822
1 042
593
96
169
50
1,434
389
251
375
388
31
749 686
921,552
5,420
938517
15204
76713
3,582
210302
3543
19338
666891
178371
223,865
180292
229,825
GASO
Total utility gas, quarterly (American Gas
Association):
Customers end of period total thousands @
Residential
Commercial
Industrial @
Other
48
Sales to customers, total, tril. Btu
Residential
Commercial
Industrial
Electric generation
Other
Revenue from sales to customers total mil. $ .
Residential
Commercial
Industrial
Electric Generation
Other
9,846
M471
r
2193
r
1890
r
1 120
r
171
r
r
45 174
25014
10*610
r
6034
r
2*963
r>
553
r
2241
1 754
1 122
181
45,316
26060
10,802
5372
2537
545
2,929
1 447
674
481
274
53
5,863
13,368
2719
7871
1,218
1 025
831
70
3,158
1 525
649
165
11. FOOD AND KINDRED PRODUCTS; TOBACCO
ALCOHOLIC BEVERAGES
Beer:
Production mil bbl.
Taxable withdrawals, mil. bbl.
Stocks end of period mil bbl
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 mil tax gal
203.65
184.51
1268
202.19
180.99
1264
17.23
14.82
1501
18.90
16.77
1491
19.16
16.93
1499
19.88
17.88
1496
18.63
17.39
1427
16.11
14.51
1403
1665
15.13
1375
1447
13.42
1323
1364
12.84
1264
15.65
13.78
1329
1610
13.60
1600
11834
1047
876
762
640
359
793
1443
852
909
1023
909
374.41
422.49
28.36
444.06
28.79
435.77
28.77
440.08
29.10
441.96
28.25
438.74
26.80
422.30
30.70
437.39
437.52
402.10
437.80
435.43
7991
371 60
7.30
38242
5.47
37335
4.69
38275
4.60
38276
2.38
37944
4.95
36758
6.66
37575
5.06
37533
7.31
34187
7.09
37729
6.60
37795
.13
.74
1.91
19.64
1.69
17.48
2.59
1.10
18.81
2.87
1.63
2024
2.59
2.88
2046
3.91
4.43
18.04
2.52
3.38
16.30
1.02
2.47
16.09
Imports mil proof liters
Wines and distilling materials:
Effervescent wines:
Production mil wine gal
Taxable withdrawals, mil. wine gal.
Stocks end of period, mil wine gal.
Imports, mil. liters
Still wines:
Production mil wine gal
Taxable withdrawals, mil. wine gal.
Stocks, end of period, mil. wine gal,
Imports, mil. liters
Distilling materials produced at wineries, mil.
wine oal
See footnotes at end of tables.
2635
25.50
1760
22.76
23.80
16.09
1.10
1.43
18.56
42715
41725
576.36
39439
376.41
580.09
418
323
934
33.23
518.21
1 68
32.98
524.02
141
34.01
522.56
3016
394.36
3129
415.34
12830
3022
518.66
13790
3237
527.91
6071
3337
554.64
3329
3246
580.09
108.07
110.73
2.75
3.36
1.15
3.39
423
32.35
33.07
10.69
4.41
Apr. |
May
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1988 and methodological notes are as shown
in BUSINESS STATISTICS, 1951-88
|
1991
May
Apr.
June |
July |
Aug. |
S-21
1992
1991
Annual
1990
June 1992 •
Sept.
Oct.
Nov.
Dec.
Jan.
Feb. |
Apr.
Mar.
May
11. FOOD AND KINDRED PRODUCTS; TOBACCO-Continued
DAIRY PRODUCTS
Butter:
Production (factory) mil Ib
Stocks, cold storage, end of period, mil. Ib
Producer Price Index 1982=100 . .
Cheese:
Production (factory), total mil Ib
American, whole milk, mil. Ib.
Stocks cold storage end of period mil Ib
American whole milk, mil Ib
Imports, thous. metric tons
Price, wholesale, Cheddar, single daisies (Chicago),
$ per Ib
1 3363
5394
1348
1248
91 3
864
823
81 9
6205
6467
6627
6598
6294
5972
1023
5671
695
673
673
681
704
704
704
740
60612
2,890.8
4578
3472
60908
2,804.9
5154
5323
4995
2288
4982
223.7
211.0
5103
256.1
5121
5090
233.2
4850
244.7
4153
3178
511 5
4941
4039
4085
521 5
4138
4029
3922
4779
3740
6026
543.1
491
474
470
422
468
420
581
347
906
1071
1091
1102
111 1
959
125,772
89998
125,683
90451
10,918
8202
11,240
8359
10,567
7687
10,472
10,352
7253
13.73
12.38
11.30
M1.30
11.40
12.30
6.5
101 4
8.4
9.3
10.5
9.8
11.0
10.7
669
546
433
9.1
9.2
770
487
533
860
802
781
828
822
10.8
85
r
72
624
86
662
924
1 011
115.1
116.9
117.4
1 3022
4161
71 3
1008
1294
5430
5394
744
703
5210
5023
226.4
4293
3378
2183
5337
247.7
1197
701.0
1560
1320
1299
5686
630.3
655.7
681
609
61 0
606
4971
231.3
r
3191
4153
3178
245.5
4388
3387
4459
3480
542.7
246.4
4490
3355
534.7
244.9
4486
3355
468
391
439
463
45.5
524
54.0
663
442
347
506
587
61 0
607
9,927
6786
10,212
7245
9,926
6725
10,418
7602
10,684
10,230
7620
11,092
8244
12.80
13.40
13.80
13.80
12.90
12.50
4090
5141
601
. .
Condensed and evaporated milk:
Production, case goods, mil. Ib
Stocks, manufacturers', case goods, end of period,
mil Ib
Exports thous metric tons
Fluid milk:
Production on farms, mil. Ib. t
Utilization in manufactured dairy products mil Ib
Price, wholesale, U.S. average, $ per 100 Ib
Dry milk:
Production:
Dry whole milk, mil. Ib
Nonfat dry milk (human food) mil Ib
Stocks, manufacturers', end of period:
Dry whole milk, mil. Ib
Nonfat dry milk (human food) mil Ib
Exports, whole and nonfat (human food), thous.
metric tons
Price, manufacturers' average selling, nonfat dry
milk (human food) $ per Ib
175.1
106.8
8.8
8792
8775
946
7481
11.80
8162
13.50
10.3
9.0
112
85
1146
61 0
844
744
7.0
675
63
698
61
687
56
487
60
396
64
369
61 0
70
608
68
645
948
893
850
854
844
884
895
893
966
991
993
921
932
10.4
r
10,866
11,224
'12.50
^ 12.80
11.8
GRAIN AND GRAIN PRODUCTS
Exports (barley corn, oats, rye wheat) mil bu
Barley:
Production (crop estimate) mil metric tons
Stocks (domestic), end of period, total, mil. metric
tons
On farms mil metric tons
Off farms, mil metric tons
Exports, including malt thous metric tons §
Producer Price Index, No. 2 feed, Minneapolis,
1982-100
Corn:
Production (crop estimate, grain only), mil. metric
tons
Stocks (domestic), end of period, total, mil. metric
tons ..".
On farms mil metric tons
Off farms mil metric tons
Exports including meal and flour mil metric tons
Producer Price Index, No. 2, Chicago, 1982=100 ...
Oats:
Production (crop estimate) mil metric tons
Stocks (domestic), end of period, total, mil. metric
tons
On farms mil metric tons
Off farms mil metric tons
Exports including oatmeal metric tons
Producer Price Index, No. 2, Minneapolis,
1982=100
Rice:
Production (crop estimate) mil metric tons
Southern States mills:
Receipts rough from producers mil Ib
Shipments from mills milled rice mil Ib
Stocks, domestic, rough and cleaned (cleaned
basis) end of period mil Ib
Exports thous metric tons
Producer Price Index, medium grain, milled,
1982=100
2
9192
On farms mil metric tons
Off farms mil metric tons
Wheat onlv. mil. bu.
See footnotes at end of tables.
7
2
201 53
7
176.29
7
12380
75249
4
7
4
108.3
2
189 86
7
166.1 5
7
97.0
5189
tf
2278
1 203
d
1 075
6
2
38.64
3
1756
21 08
76.00
4458
31 42
98.4
101.9
113.4
117.0
2221
112.3
113.9
115.2
115.80
6630
4950
166.15
10909
5707
95.3
90.2
100.4
97.4
97.1
97.5
95.5
100.8
102.2
108.9
102.9
104.6
821
888
111.1
104.1
6
2AB5
6
\ 341
\ 144
6
71 6
682
655
740
71 1
745
763
785
792
936
91 1
629
512
340
519
373
525
289
451
712
514
2871
1 457
518
605
779
554
550
542
'500
6942
10150
6614
464
672
471
562
569
2106
1 904
1 618
1 334
1 041
729
719
2027
2277
2089
1 904
1 788
1 177
1 538
1024
1102
1134
116.2
117.1
114.5
108.9
109.5
109.6
111.3
109.4
112.1
112.4
2
2
71 8
689
61 5
703
733
835
7 080
704
2
258
7 006
51 93
73929
7
1537
72391
7
72077
31 16
2
2
r
111.9
248
74 47
19 20
55 27
6214
7
96.6
3
102.0
<*1 341
6
^ 144
2
2
94.0
4.760
2.539
3 520
665
2
107.1
7.150
4274
2.876
697
10351
2
112.3
5
^2485
761
2
9.579
5900
3.678
1 067
1.881
110.7
10909
7
5707
100.9
2
*2.948
7.150
4274
2.876
7
117.0
Production (crop estimate) mil metric tons
Producer Price Index, No. 2, Minneapolis,
1982-100
Winter wheat mil metric tons
Distribution Quarterly mil metric tons @
Stocks (domestic), end of period, total, mil. metric
10113
6.656
7
3841
7
2.816
Rye:
Wheat:
Production (crop estimate) total mil metric tons
2
7
879
850
53 91
16 56
3734
6743
1463
2215
1645
1548
'23 57
55.54
2253
3300
39.29
24.10
1537
2391
16.61
*929
"M428
750
1289
SURVEY OF CURRENT BUSINESS
S-22 • June 1992
Unless otherwise stated in footnotes below, data
through 1988 and methodological notes are as shown
in BUSINESS STATISTICS, i96i-88
Annual
1990 |
1992
1991
Apr. |
1991
May |
June |
July |
Aug. |
Sept. | Oct.
Nov. |
Jan. |
Dec.
Feb. |
Apr.
Mar.
May
11. 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*1 00
....
Wheat flour:
Production:
Flour thous sacks (1 00 Ib)
Millfeed, thous. sh. tons
Grindings of wheat, thous. bu.
Stocks held by mills, end of period, thous. sacks
(100 Ib.)
Exports, thous. metric tons
Producer Price Index, 6/83=100
863
781
732
764
752
691
775
805
890
905
982
1055
1134
1066
101 0
978
91 1
821
791
805
790
730
795
841
927
932
101 8
1074
1175
1123
1079
1117
29498
r
534
66 157
29504
1090
r
354 348
r
6108
r
788,1 86
r
6,267
r
373 775
r
6603
r
833 491
r
r
31 419
r
546
r
69,684
r
32 351
r
573
r
71 ,938
5899
r
r
30 099
r
532
r
62 886 r 67 252
28 380
M99
r
32 830
r
585
r
73,334
r
31 051
r
551
r
69,780
r
"8423
r
33 234 •"33682
r
r
596
608
r
74 351 r75 487
r
30196
r
541
r
67616
r
6,581
r
29445
r
526
r
65 965
r
r
5899
529
65754
5534
r
930
940
937
91 3
941
963
1001
975
1027
2,129
2,191
2,006
2,210
2,233
2,040
2,363
1,958
708
408
745
453
814
503
892
571
949
626
1 003
667
990
653
644
305
295
280
300
305
315
310
310
305
1886
191 6
157
160
156
161
162
157
15
15
21
16
12
13
15
14
13
14
13
18
10
16
13
16
.760
.714
.676
.609
.634
.731
.713
.688
1,742
32391
1,398
31 887
105
102
90
108
108
115
127
125
131
128
111
120
108
103
2674
2786
2650
2784
2843
2635
2855
2508
2491
2856
2377
2599
2525
2688
8124
98.52
7867
97.06
7453
97.30
7225
95.81
6734
90.06
6918
89.74
7093
8860
7,320
6,948
6,133
6,557
7,098
7,177
8,292
7,744
7,708
8,144
7,153
7,934
7,610
7,610
5142
5483
5479
5574
51 11
4676
4351
3829
21.0
22.7
23.7
22.0
M9.9
r
r
16.6
16.6
152
16.1
15.6
449
471
469
422
1002
945
23,740
24,966
562
306
579
264
310
1097
1206
111 3
1103
1,982
2225
1,950
2172
2,161
579
264
650
325
681
354
700
393
752
431
280
275
280
280
285
285
164
161
167
164
154
168
162
16
17
12
15
21
16
20
20
25
19
28
20
27
19
679
687
.739
.591
557
.557
.574
POULTRY AND EGGS
Poultry:
Slaughter, mil. Ib
Stocks, cold storage (frozen), end of period, total,
mil. Ib
Turkeys mil Ib
Price, in Georgia producing area, live broilers, $
per Ib
Eggs:
Production on farms mil cases §
....
Stocks, cold storage, end of period:
Shell, tfious. cases §
Frozen mil Ib
Price, wholesale, large (delivered; Chicago), $per
doz
r
305
LIVESTOCK
Cattle and calves:
Slaughter (federally inspected):
Calves, thous. animals
Cattle thous animals
Prices, wholesale:
Beef steers $ per 100 Ib
Steers, stacker and feeder $ per 100 Ib.
Calves vealers (So St Paul) dollars
Hogs:
Slaughter (federally inspected), thous. animals
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, avg. (San Angelo, TX),
$per100lb *
7889
9215
82,901
85,952
5472
22.5
20.9
5,469
5,504
5404
r
23.9
18.9
r
16.4
18.2
481
503
374
3,235
436
443
388
431
438
456
501
5400
5445
5288
5542
5431
5325
51 20
3,291
3060
3,253
3,425
3,308
3,708
3,324
3,284
3,622
3,088
3,376
3,259
599
590
578
593
633
650
662
708
691
725
712
MEATS
Total meats (excluding lard):
Production mil Ib
Stocks cold storage end of period mil Ib
Exports (meats and meat preparations), thous.
metric tons
..
Imports (meats and meat preparations), thous.
metric tons
.
Beef and veal:
Production total mil Ib
Stocks cold storage end of period mil Ib
Exports thous metric tons
Imports thous metric tons
Price, wholesale, beef, fresh steer carcasses,
choice (600-700 Ibs )(Central US) $ per Ib
Lamb and mutton:
Production total mil Ib
Stocks, cold storage, end of period, mil. Ib.
Pork (excluding lard):
Production total mil Ib
Stocks, cold storage, end of period, mil. Ib
Exports thous metric tons
Imports thous metric tons
Prices:
Producer Price Index, hams and picnics, except
canned 12/88=100 *
Fresh loins, 8-14 Ib. average, wholesale
(Omaha) $perlb *
38606
39584
3285
566
662
644
22950
23223
2,018
2,099
1,964
2,142
1,839
1,809
2,067
1,732
1,876
1,811
306
292
272
241
254
279
265
282
303
313
292
336
306
320
314
357
362
29
30
25
28
27
29
29
31
31
28
32
33
25
6
7
8
8
7
6
c
32
8
6
7
6
7
7
8
15299
16000
1,361
1,291
1,140
1,207
1,299
1,316
1,534
1,456
1,444
1,524
1,329
1,414
1,287
234
311
340
333
312
278
282
281
300
308
311
341
353
372
362
118.6
1146
111.8
110.7
113.2
114.1
115.8
113.8
117.1
115.8
114.7
105.2
104.7
105.6
104.9
1.0481
1.2048
1.2349
1.2173
1.1754
1.0585
1.0087
275
308
343
349
372
344
1.1752
1,895
611
1,970
1,894
r
1,467
g
MISCELLANEOUS FOOD PRODUCTS
Cocoa (cacao) beans, imports (including shells),
thous metric tons
Coffee:
Imports total metric tons
From Brazil metric tons
U S Import Price Index 1985=100
Fish:
Stocks, cold storaoe. end of oeriod. mil. Ib.
See footnotes at end of tables.
593
546
343
384
53.2
54.9
312
378
52.4
383
394
384
47.6
326
321
1,924
104.3
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1988 and methodological notes are as shown
in BUSINESS STATISTICS, igei-ss
Annual
1990
June 1992 •
1992
1991
1991
Apr. |
May |
June |
July |
Aug. |
S-23
Sept. |
Oct. |
Nov.
Jan. |
Dec.
Feb. |
Mar. |
Apr.
May
112.4
1215
112.6
121.2
112.3
1206
111.3
120.4
11. FOOD AND KINDRED PRODUCTS; TOBACCO-Continued
MISCELLANEOUS FOOD PRODUCTS-Continued
Sugar:
Exports, raw and refined, metric tons
Producer Price Indexes: '
Raw (cane), 1982=100
Refined 1982=100
.
119.2
1227
. . . .
113.7
121 6
113.1
1220
112.8
121 3
113.5
1213
112.9
121 4
114.1
1214
1141
1212
1142
1208
1144
1206
113.5
1204
r
112.6
'1200
Tea, imports, metric tons
TOBACCO
Leaf:
7
Stocks, dealers' and manufacturers', end of period,
mil. ib
„
Exports, incl. scrap and stems, metric tons
Manufactured products:
Consumption (withdrawals):
Cigarettes (small):
Tax-exempt, millions
Taxable millions
Cigars (large) taxable millions
Exports cigarettes millions
1 626
7
1 660
3674
3744
178,742
523094
2233
193778
516338
2133
3075
3744
3428
12,793
40106
14,242
49266
13328
45849
13686
44037
16549
42337
20974
43430
175
169
219
170
206
193
193
163.4
161 5
18535
40464
15,542
57123
15,781
32744
8,173
35718
191
157
139
1624
162.8
M61.3
162.1
163.6
163.5
164.2
r
142.3
124.5
117.2
145.5
126.2
119.9
145.3
126.4
116.4
143.7
126.5
120.4
3,628
4,103
12. LEATHER AND PRODUCTS
LEATHER
Exports:
Upper and lining leather fnous sq ft
Producer Price Index, leather, 1982=100
177.6
168.4
201648
168633
38399
41859
40773
41 184
33436
28,146
6177
4076
28,537
8673
3563
3405
2,482
543
29,126
9113
3620
525
519
135.8
120.9
113.4
141.0
124.0
115.2
172.1
1727
171.7
167.7
165.8
LEATHER MANUFACTURES
Footwear:
Production total thous pairs
Shoes, sandals, and play shoes, except athletic,
thous. pairs
Slippers thous pairs
Athletic ihous pairs
Other footwear tfious pairs
Exports fnous pairs
Producer Price Indexes:
Men's leather upper, dress and casual,
1982=100
Women's leather upper, 1982=100
Women's plastic upper, 1982=100
141.0
124.0
113.6
141.4
124.1
115.6
141.4
124.2
116.9
141.4
124.6
116.8
141.7
124.7
116.8
141.7
124.7
116.8
140.8
124.7
116.9
141.4
124.5
116.9
142.2
124.5
116.9
144.6
125.1
M17.1
r
13. LUMBER AND PRODUCTS
LUMBER-ALL TYPES*
[Millions of board feet, unless otherwise indicated}
National Forest Products Association:
Production, total
Hardwoods
Softwoods
2
...
2
54,638
2
9 480
45 159
2
Shipments total
2
Softwoods .
. .
2
43,976
10213
33763
3,958
3,837
3,762
3,664
3,808
3,682
880
916
803
846
863
825
3078
2921
2959
2818
2945
2857
3,764
3933
3,473
3,254
3,836
828
816
862
952
2438
2974
r
831
2645
2,797
3,151
3,912
r
4,059
46,083
10,1 02
35 981
43860
9,844
34016
4,037
855
876
761
775
890
813
966
808
843
894
3182
3152
3003
2637
3036
2863
3046
2669
2527
3018
4734
4616
4849
4600
4699
4684
4793
4786
4741
4710
4616
8,749
8,489
797
586
737
818
748
680
532
700
734
714
579
475
673
636
751
709
443
707
741
717
695
445
678
693
702
705
465
710
685
727
649
447
653
667
713
144.4
167.0
161.6
131.7
1392
137.3
138.0
4028
3412
3,926
3,676
r
937
2996
4012
3477
3370
3,693
860
951
2833
3108
4603
4567
4 608
725
504
610
668
655
778
590
688
692
651
564
479
675
675
651
795
528
787
746
692
663
542
676
649
719
143.3
'148.7
161.8
166.1
172.1
r
Stocks (gross), mill, end of period, total
Hardwoods
. . .
Exports total sawmill products
Imports, total sawmill products, fnous. cubic meters ...
SOFTWOODS
[Millions of board feet, unless otherwise indicated]
Douglas fir:
Orders new
Orders unfilled end of period
Shipments
Stocks (gross), mill, end of period
Exports total sawmill products fnous cubic meters
Sawed timber tfious cub'C meters
.•
Boards, planks, scantlings, etc., thous. cubic
meters
Producer Price Index, Douglas fir, dressed,
1982=100
See footnotes at end of tables.
452
504
8751
8798
8320
8437
772
655
865
607
803
814
829
136.0
139.6
129.9
168.2
S-24
SURVEY OF CURRENT BUSINESS
• June 1992
Unless otherwise stated in footnotes below, data
through 1988 and methodological notes are as shown
in BUSINESS STATISTICS, 1951-88
Annual
1990
|
1992
1991
Apr. | May
1991
June
July
Aug.
Sept. |
Oct. j
Nov.
Dec.
Jan. |
Feb. |
Mar. |
Apr. | May
13. LUMBER AND PRODUCTS-Continued
SOFTWOODS-Continued
[Millions of board feet, unless otherwise indicated]
Southern pine:
Orders, new
Orders unfilled end of period
Production
Shipments
Stocks (gross), mill and concentration yards, end of
period
Exports, total sawmill products, cubic meters
Producer Price Index, southern pine, dressed,
1982=100
Western pine:
Orders, new
Orders unfilled end of period
Shipments
Stocks (gross), mill, end of period
Producer Price Index, other softwood, dressed,
1982=100
1
12,827
12,287
1 169
1 003
696
821
909
641
1 070
571
968
690
1 113
697
666
678
648
12367
12415
1 102
1 124
1 071
1 146
1 123
1 101
1 021
950
1 049
1 091
1 039
1 060
1 169
1 204
671
992
972
740
571
903
849
2,197
2134
2164
2080
2090
1973
2122
2102
2071
2084
2134
111.0
111 0
1100
1108
1225
1245
1126
1101
1093
111 0
1137
10,582
9,751
916
582
849
882
933
649
826
866
760
550
835
859
772
545
848
777
899
529
914
915
873
544
876
858
888
554
840
878
748
537
762
765
715
493
706
759
1,290
1,250
1,226
1,304
1,303
1,321
1,283
1,280
1,227
'12911
1
12 763
483
493
10452
10605
1,211
9750
9741
1,227
1263
1,059
1275
1425
758
r
1 072
709
1 182
719
1 083
r
1 126
1 160
1 171
2125
2081
2069
1177
1277
1337
1361
859
578
755
774
712
523
775
767
898
524
903
897
684
469
775
739
1,208
1,216
1,222
1,258
„
1425
1560
1650
1730
1688
147
165
82
1250
1 288
r
r
r
1300
1256
131 5
1426
1440
1322
1294
1284
1301
1352
97
171
98
107
164
98
179
109
11 0
11 5
138
101
173
99
131
180
89
131
186
84
150
166
80
158
161
77
163
191
76
182
163
77
182
194
68
177
184
71
427
779
3
362
917
4
357
744
4
389
707
2
1340
HARDWOOD FLOORING
[Millions of board feet]
Oak:
Orders unfilled end of period
Stocks (gross) mill end of period
83
158
2053
199.9
100
77
11 1
14. METALS AND MANUFACTURES
IRON AND STEEL
[Thousands of short tons]
Exports:
Steel mill products
Scrap
Pig iron
Imports:
Steel mil! ore-ducts
Scrap
Pig iron
Iron and Steel Scrap
[Thousands of metric tons, unless otherwise indicated]
Production
Receipts net
Consumption
Stocks end of period
Composite price, No. 1 heavy melting scrap:
American Metal Market, $ per metric ton
Ore
[Thousands of metric tons]
Iron ore (operations in all U.S. districts):
Mine production . . .
Shipments from mines
Imports
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
Pig Iron and Iron Products
[Thousands of short tons, unless otherwise indicated]
Pig iron:
Production (including production of ferroalloys)
Consumption thous metric tons
Stocks end of period thous metric tons
Castings, gray and ductile iron:
Shipments total
For sale
Castings, malleable iron:
Shipments total
For sale
See footnotes at end of tables.
2
627
857
2
495
723
1
606
585
2
486
668
1
427
973
4
447
676
3
1367
1080
1 395
1 032
1 152
1230
1 312
1325
102
11
89
15
114
30
101
39
105
25
123
52
98
43
108
33
1 701
3037
4,795
4,036
1672
2999
4,718
4,035
1754
2972
4836
3,970
1713
2957
4,763
3,907
1 697
3143
4924
3862
1 724
3170
4996
3831
1 777
3333
5,109
3,877
9624
9328
87.56
85.81
88.79
90.22
4754
5264
834
4,846
5678
1485
5,070
5548
1369
4,218
5328
1 395
5210
5506
1 180
6380
5,083
541
21756
10078
10067
1,611
6624
4,971
445
23174
9604
11732
1,838
6765
5,514
356
23319
8510
13044
1,765
595
862
1
4303
12765
6346
10301
16
17
17162
1424
15741
1 183
1571
383
479
83
56
23083
39624
63705
3989
21 281
35193
57455
3950
105.46
91.79
56,408
57010
18054
598
772
1252
1260
(3)
1 584
125
75
112
18
1 717
2752
4507
3950
89.12
84.80
84.32
84.32
85.14
86.61
4,844
5963
1 367
4,582
5421
1 168
4,290
4673
6617
5,564
109
24329
8305
14098
1,926
7075
5,579
723
25148
7096
15768
2,284
6612
5,669
1 021
25117
6256
16711
2,150
6065
5,739
6232
5,641
2897
5,776
2,156
5,720
2,836
5,970
25358
5873
17030
2,455
17,611
2,981
14843
2,553
11 309
1,989
8,175
1,002
4,338
3726
4,390
4,175
4,524
65133
63,658
17611
2,981
5096
4,830
401
20757
10910
8749
1,098
54,925
50019
48,503
44535
3,830
3573
3,885
3615
3,830
3609
4,179
3954
4,121
3961
4,175
3960
4,251
3989
130
218
134
153
158
151
159
157
166
*276
"154
1288
84
69
1 761
3045
4855
r
3,937
73797
73,681
3199
22978
3386
15910
2,273
"8310
''6257
r
1 132
83
4
1 576
r
r
r
4,300
3712
r
202
218
87.24
4,400
4,444
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1988 and methodological notes are as shown
in BUSINESS STATISTICS, i96i-88
Annual
1992
1991
| 1991
1990
June 1992 • S-25
Apr. | May
June |
July | Aug.
Oct. | Nov.
Dec.
Jan. | Feb.
Mar. I
Apr. |
7,457
7,711
7,461
7,347
7,754
7,432
8,043
7,875
7,968
78.5
78.0
78.0
74.4
80.5
82.4
83.5
85.3
83.5
Sept. |
May
14. METALS AND MANUFACTURES-Continued
Steel, Raw and Semifinished
[Thousands of short tons, unless otherwise specified]
Steel (raw):
Production
Rate of capability utilization, percent
Steel castings:
Shipments total
For sale, total
Steel Mill Products
[Thousands of short tons]
Steel products, net shipments:
Total (all grades)
Byproduct:
Semifinished products
Structural shapes (heavy), steel piling
Plates
Rails and accessories
Bars and tool steel, total
Bars: Hot rolled (including light shapes)
Bars: Reinforcing
Bars: Cold finished
Wire-drawn and/or roiled'
Tin mill products
Sheets and strip (including electrical), total
Sheets: Hot rolled .
Sheets: Cold rolled
By market (quarterly):
Service centers and distributors
Construction incl maintenance
Contractors' products
Automotive
Machinery, industrial equipment, tools
Containers packaging ship materials
Other
[Millions of short tons]
Producing steel mills, inventory, end of period:
Total .
Steel in process
Finished steel
Steel service centers (warehouses), inventory, end of
period
98,015
87,310
84.0
74.2
7,089
7,076
7,017
7,338
72.5
70.0
71.7
74.8
7,386
752
3
1,136
^ 034
i
3
84981
78868
6450
6762
6623
6420
6954
6746
7499
6427
6,118
6,867
6,471
7,101
6,949
6,313
6,093
7,945
519
14,727
7,878
5,305
550
465
590
52
1,111
603
392
111
595
469
618
41
647
421
583
32
642
548
599
37
522
498
539
27
498
400
538
59
511
481
622
58
1,162
594
450
115
1,063
551
400
108
1,030
534
395
97
1,099
600
361
132
587
422
635
59
1,167
619
413
130
1,075
590
355
125
411
82
342
2,846
974
922
428
77
365
3,059
1 113
936
383
73
336
3,071
332
75
350
2,918
1,074
906
402
79
359
3,208
1,162
982
360
69
336
3,222
1,141
1,003
1,215
626
457
128
337
80
345
3,696
1,253
1,175
543
479
548
56
1,027
543
356
123
627
445
628
68
1,077
549
420
104
642
520
568
21
1,154
593
444
112
550
486
543
17
1,110
572
425
110
584
479
565
21
1,097
560
434
99
4652
918
4,032
39,784
13388
13,199
6,872
5,722
6,938
486
13,214
6,902
4,934
1 326
4488
864
4,040
36,244
12987
11,356
302
64
310
3,102
1,090
970
300
52
371
2,870
1,008
959
347
75
277
3,398
1,154
1,111
298
77
267
3,177
1,096
1,033
375
86
344
3,426
1,133
1,145
328
87
331
3,361
1,128
1,099
18250
17485
7391
6814
2261
1486
2793
10444
901
2,104
4474
38,378
9445
837
1,648
4278
36100
12.9
14.0
81
59
75
54
6.7
13.8
13.5
1145
924
4218
1711
4484
547
2,379
214
425
1 130
9,235
605
2,416
155
379
13.3
4685
1,684
570
2,604
207
355
1,051
8,888
1790
1087
9,280
13.5
13.0
84
54
81
5.4
81
52
82
53
77
53
5.9
6.4
62
6.1
5.9
5.7
4,048
2393
4,121
2210
340
196
353
186
343
191
354
199
959.6
3403
1,024.7
2565
882
202
6798
437.7
7928
508.7
828
564
713
690
801
44.8
48.4
48.1
44.9
55.4
.7404
.5946
.6388
.5932
.5775
.5896
.5766
14,757
11,960
7,514
'15,298
"11,669
7,518
"1,244
"1,313
"1,028
669
"1,287
639
"1,387
"1,030
673
4212
4,135
4,044
129.5
"1272
925
"34.6
147.7
"1393
136.9
13.1
77
5.4
12.4
12.7
12.9
2
1730
2
541
2
217
2
2
514
2
186
2
841
2
80
2
877
85
150
2
294
2
2,973
2
1,749
2
543
214
2
"13.3
13.5
122
2
7.6
5.9
5.9
6.0
6.1
344
204
320
199
343
191
72
5.5
75
5.4
75
5.5
5.3
5.6
5.6
5.9
350
203
336
190
347
195
337
174
343
167
"7.5
1,639
2
567
2
192
2
947
2
98
2
2
5.8
72
52
2
2
293
2,830
2
2
2
943
86
148
2
356
2
3,060
2
2
13.0
1,606
146
2
2
348
3,01 2
NONFERROUS METALS AND PRODUCTS
[Thousands of metric tons, unless otherwise specified]
Aluminum:
Production, primary (dom. and foreign ores)
Recovery from scrao
Imports:
Metal and alloys, crude
Plates sheets bars etc
Exports:
Metal and alloys crude
Plates, sheets, bars, etc
Price, U.S. market, 99.7% purity, monthly average,
$ per Ib.
Aluminum products:
Shipments:
Ingot and mill prod, (net ship.), mil. Ib.
Mill products, total, mil. Ib.
Sheet and plate, mil. Ib.
Castings mil Ib
Inventories,' total (ingot, mill products, and scrap),
end of period mil Ib
Production:
Mine recoverable copper
Electroivticallv refined &
Electrowon
.
Imports, unmanufactured:
Refined, unrefined, scrap (copper cont.)
Refined
Exports:
Refined and scrap
Refined
Consumotion refined (reported bv mills etc )
Stocks, refined end of period
Price, avg. U.S. producer cathode, delivered, $ per
llj &
.
See footnotes at end of tables.
"997
635
100.7
93.1
21.5
85.1
75.9
97.3
89.0
86.6
90.4
209
208
188
218
219
81.0
22.4
88.0
207
185
20.9
546
680
807
673
508
42.9
50.0
34.5
31.0
48.5
43.8
47.8
.5575
.5246
.5241
.5034
.5367
.5820
.5928
"1,389
"1,048
661
"1,276
"1,371
"1,034
668
"1,265
1,241
"874
620
569
"1,280
"1,017
652
"1233
"943
619
"976
"608
1,340
1,102
702
3,990
3,935
3,919
3,899
3,847
"3,913
"3,872
"3,876
3,900
139.2
"1304
131.5
"1343
"95.1
134.2
"1345
"94.9
"133.7
"1367
"97.4
"39.3
"127.9
"1245
"88.3
141.4
139.6
"999
"975
2134
4013
r
3913
32.1
"37.0
"38.5
38.2
35.7
32.6
33.0
442.0
2886
44.8
30.4
31.6
35.5
31.3
326
592
38.7
309
175
236
237
174
22.9
36.3
268
"679.7
"2632
2058
43.4
16.8
76.3
31.5
52.1
23.9
60.7
20.6
49.3
20.9
562
41.3
13.4
42.9
15.4
"132
"105
"109
"113
"133
"112
"102
"111
"121
"132
"125
"118
1.0933
1.1313
1.0557
1.0388
1.0434
1.0597
1.1111
1.1134
1.1003
1.0297
1.0072
1.0503
441.3
261 7
6472
1.2316
37.3
"39.5
39.6
"1 6344
"1 5773
"1 1362
"441.1
r
41 7.8
2112
2150
*101
"41.8
131.7
"1375
"98.6
"38.9
141.3
"1321
"93.6
"38.5
15872
1 5766
1 1832
393.5
4408
172
99.8
"121 4
84.4
171
171
91.9
144
191
"392
28.5
17.9
184
141.3
"141 0
"992
202
168
35.3
"362
34.1
32.0
18.0
34.5
22.6
24.5
52.1
17.9
57.4
21.7
48.6
18.4
39.6
32.6
154
184
99.6
40.0
39.7
352
180
194
117
1.0618
.6103
::::::.::.:::
.5999
S-26
SURVEY OF CURRENT BUSINESS
• June 1992
Unless otherwise stated in footnotes below, data
through 1988 and methodological notes are as shown
in BUSINESS STATISTICS, 1961-8S
Annual
1990 |
1992
1991
Apr. | May
1991
June
July
Sept.
Aug.
Oct. | Nov.
Jan. |
Dec.
Feb. |
Mar. |
Apr. | May
14. METALS AND MANUFACTURES-Continued
NONFERROUS METALS AND PRODUCTSContinued
[Thousands of metric tons, unless otherwise specified]
Copper-base mill and foundry products, shipments
(quarterly toy):
Brass mill products mil Ib.
Copper wire mill products (copper content) mil Ib
Brass and bronze foundry products, mil. Ib
Lead:
Production:
Mine recoverable lead
Recovered from scrap (lead content) .
Imports ore (lead content)
Consumption total
Stocks, end of period:
Producers', ore, base bullion, and in process
(lead content), ASMS
Refiners' (primary), refined and antimonial (lead
content)
Consumers' (lead content) 0
Scrap (lead-base, purchased), all smelters
(gross weight)
Price, common grade, delivered, $ per Ib. @@
7
7
1
7
4740
9229
984
1 2752
r7
360
761
r
759
1024
927
1025
r
462 5
'8689
378
720
435
364
707
475
698
41 1
72 0
700
361
723
389
746
280
707
1 1952
101 3
984
924
908
101 9
1027
1069
C
261
r
354
665
340
71 5
1033
993
53.9
68.8
59.4
659
736
743
757
73.1
745
709
688
71 5
714
671
255
865
91
461
21 3
162
431
154
380
91
354
66
333
41
302
45
320
91
461
98
508
158
21 6
494
175
489
201
122
122
128
127
129
139
149
135
122
122
.4602
.3348
.3330
.3260
11 2
.3203
.3279
.3286
.3339
.3462
.3448
.3465
33810
17,275
29102
6,181
1946
2554
2006
2,830
3173
1960
3052
2151
554
186
203
478
558
373
522
15
530
15
531
15
472
16
44,363
36900
49,000
36900
4300
3200
4,100
3100
4,200
3200
3,900
3000
4100
3100
4000
3000
4300
3300
4,100
3100
r
541
499
.3449
142
.3429
.3430
2493
2752
2542
356
o
529
17
M99
18
543
17
4000
2900
3800
2800
3,800
2800
3,800
2800
r
700
65.5
.3438
.3427
151
Tin:
Imports (for consumption):
Ore (tin content) metric tons . .
Metal, unwrought, unalloyed, metric tons
Recovery from scrap, total (tin content), metric tons
As metal metric tons
Consumption, total, metric tons
Primary metric tons
Exports (metal) metric tons
Stocks, pig (industrial), end of period, metric tons ..
Price, Straits quality (delivered), $ per Ib
Zinc:
Mine prod recoverable zinc
Imports:
Ores (zinc content)
Metal (slab blocks)
Consumption (recoverable zinc content):
Ores
Scrap all tvoes
Slab zinc: ^
Production, total £
Consumption fabricators
Exports
Stocks, end of period:
Producers', at smelter (ABMS)
Consumers'
Price, high grade, $ per Ib.
658
970
111
129
145
129
71
61
105
63
59
249
4,829
3.8629
3,024
3.6285
6,177
3.6204
5,993
3.6834
5,991
3.6895
6,348
3.6707
6,739
3.6506
6,544
3.6076
6,616
3.5862
6,347
3.5519
3024
3.5427
3,022
3.6786
r
3,369
3.7574
2,980
3.7525
5154
5186
455
494
369
430
474
495
390
334
380
41 5
M88
478
467
454
14
398
45
399
21
466
15
51 4
553
10
61 6
53
539
10
5491
104
360
10
631 7
81
357
45
520
24
24
2
2
2
2
2
2
2
2
2
2
2
2
2549
2528
21 1
2'i 1
21 1
21 1
21 1
21 1
21 1
21 1
21 1
21 1
21 1
21 1
207.8
991 0
194.4
9020
16.8
772
850
58
4.6
61 0
.7459
6.0
M1 6
5289
6.7
370
.5695
4330
1403
4040
87.9
1333
131 9
1351
119
650
15.8
17.7
15.6
16.4
13.6
15.8
17.5
16.2
16.6
17.6
55
678
4
683
7
688
8
736
3
780
4
793
3
859
6
842
4
820
4
938
5
4.6
389
.5277
3.9
437
.5763
4.7
430
.4984
4.2
393
.4840
3.6
381
.4867
2.9
354
.4836
3.7
356
.4978
3.7
345
.4856
4.5
358
.5464
4.6
389
.5729
5.8
381
.5450
r
18.0
4
3.8683
17.2
17.3
5.3
5.7
.6053
MACHINERY AND EQUIPMENT
{Masons of dollars, unless otherwise specified]
Industrial heating equipment, new orders (domestic),
qtrly #
Electric processing heating equipment ...
Fuel-fired processing heating equipment
Materials handling equipment, dollar value bookings
index 1982-100 j
Industrial supplies, machinery, and equipment:
New orders index, seas, adj., 1987=100 @
Industrial suppliers distribution:
Sales index not seas adj 1990=1 00
Inflation index, not seas. adj. (tools, material
handling equipment, valves, fittings, abrasives,
fasteners, metal products, etc.), 1977=100
Fluid power products shipments indexes: §
Hydraulic products, 1990=100
Pneumatic products, 1990=100
Machine tools:
Metal cutting type tools:
Orders new (net) total
Domestic
Shipments total
Domestic
Order backlog end of period
Metal forming type tools:
Orders new (net) total
Domestic
Shipments total
Domestic
Order backloa end of oeriod ..
See footnotes at end of tables.
896
121.1
107.5
824
147
284
837
733
135
131
1084
21 7
21.3
138
440
1225
1402
1148
1327
141 5
1622
1589
1328
107.0
104.1
108.3
109.8
107.6
109.7
107.6
110.0
106.3
102.3
.9369
1.0616
.8974
.8617
.9854
.9298
1 0000
9552
9753
.9976
.9676
.9548
.9670
196.0
1329
110.8
r
116.1
115.1
1.021 3
.9997
189.4
195.9
195.2
195.6
195.7
196.5
196.3
196.3
196.8
195.9
197.6
198.1
198.5
1992
100.0
100.0
87.9
99.3
95.6
104.9
89.0
104.6
87.1
97.1
81.0
91.5
84.1
97.9
87.7
97.1
90.3
108.3
81.8
95.7
78.3
92.5
87.7
97.8
86.9
96.9
96.9
106.1
93.3
' 104.8
2 070 30
1,77195
2,329.60
2 004 45
1 1640
1,89395
1,54920
1,871.80
1 595 35
1 1862
136.45
109.95
145.35
12655
12072
109.60
96.45
173.85
15725
1 1429
130.95
87.70
142.60
10430
1 1312
145.60
123.25
149.40
13735
1 127.4
126.40
117.30
137.35
121 85
1,116.5
174.05
150.25
166.80
14090
1,123.8
155.85
133.90
177.30
15535
1,1023
161.55
140.85
144.35
11870
1 1195
283.65
241.35
217.00
181 65
1 1862
158.55
153.40
106.25
9750
1 2384
159.60
140.65
140.25
12180
12578
183.40
163.20
215.45
18570
1 2258
157.85
134.15
156.45
13050
12272
894.40
760.55
970.30
851 10
304.4
748.15
546.35
801.65
62460
250.9
57.25
37.30
61.70
4705
236.8
43.40
35.05
58.00
4460
222.2
41.95
25.05
69.55
47.15
194.6
47.65
26.90
63.40
35.00
178.8
109.35
87.05
46.00
30.75
242.2
70.75
56.30
49.90
36.05
263.0
68.80
51.35
58.45
48.35
273.4
69.15
41.35
85.90
76.90
256.6
59.25
43.45
65.00
5290
250.9
58.85
50.85
53.55
3805
256.2
56.65
43.35
60.75
46.60
252.1
59.40
47.65
71.05
52.30
240.4
62.10
56.80
36.60
32.70
266.0
90.1
95.4
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1988 and methodological notes are as shown
in BUSINESS STATISTICS, 1951-88
Annual
1990
June 1992 • S-27
1992
1991
1991
Apr.
May
June
July
Aug. Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
14. METALS AND MANUFACTURES-Continued
MACHINERY AND EQUIPMENT-Continued
Tractors used in construction, shipments, qtrly:
Tracklaying (ex shovel loaders) units
Tracklaying (ex shovel loaders) mil $
Wheel (contractors' off-highway), units
Wheel (contractors' off-highway) mil $
Shovel loaders, units
Shovel loaders, mil. $
5
8303
1J 0730
4,058
5
3490
5
57 766
3
1,959.6
3
ELECTRICAL EQUIPMENT
[Thousands]
Batteries (auto.-type replacement), shipments
Radio sets, factory sales, domestic market $$
Television sets (incl. combination models), production,
total market ||
Household major appliances, industry shipments #
Air conditioners (room)
Dishwashers
Disposers (food waste)
Microwave ovens/ranges
Ranges
Refrigerators
Freezers
Washers
Dryers including gas
Vacuum cleaners (cjtrly )
65,187
21,585
66,585
18,530
4,700
1,356
4932
1,186
5,265
1,261
5,541
1,542
6545
1,682
6962
2,125
6833
2,213
6773
1,768
5,729
1,380
4,351
1,388
4,405
1,502
5,116
1,585
4,367
1,404
21779
43,194
4150
3637
4,137
8,126
3444
7101
1296
6192
4,320
11 082
19649
40,997
2807
3,571
4,002
7,234
3309
7273
1414
6197
4,313
10970
1267
3,605
532
305
282
471
278
606
114
519
344
*1235
3,720
613
288
306
509
264
664
109
490
319
1397
3,944
447
304
360
543
275
787
142
546
351
2405
1245
3,384
171
287
294
507
263
774
154
511
347
1569
3,247
63
301
355
548
273
673
138
525
345
2249
3,324
12
286
459
610
280
666
137
513
351
3095
1846
3,515
22
342
312
739
319
648
118
593
418
2009
3,251
31
306
280
854
295
513
106
485
373
2300
3,143
76
296
338
696
282
492
125
468
360
2620
1257
3,163
103
272
349
698
253
466
90
512
386
1586
3,220
227
268
294
680
251
477
91
502
356
1,821
4,107
523
331
350
689
300
614
128
602
435
2913
1,489
3,842
545
321
298
618
302
640
120
508
357
1,619
3,846
557
293
304
650
270
657
132
495
356
1,950
2,429
3,906
2,057
2,401
3,936
120
194
346
110
188
319
162
203
315
157
178
301
196
189
295
238
211
302
239
245
378
208
226
314
224
215
370
153
181
361
163
187
356
158
208
364
213
209
GAS EQUIPMENT (RESIDENTIAL)
[Thousands]
Furnaces, warm air, shipments
Ranges, total, shipments
Water heaters (storage), automatic, shipments
15. PETROLEUM, COAL, AND PRODUCTS
COAL
[Thousands of short tons, unless otherwise specified]
Anthracite:
Production
.
.
Exports thous metric tons
Producer Price Index 1982=100
Bituminous and lignite:
Production
.
.
Consumption total
Electric power utilities
Industrial total
Coke plants (oven and beehive)
Residential and commercial
Stocks end of period total
Electric power utilities
Industrial total
Oven-coke plants
Exports excluding lignite thous metric tons
Producer Price Index 1982=100
3,506
3,175
1055
1056
1 025 569
896 427
773,549
116154
39824
6724
168210
156166
12045
3329
990972
772,315
158004
230
1054
236
313
285
346
299
1064
1064
1057
105.4
76,813
79,745
88,851
81 ,533
90,307
81,730
79,383
84,683
78,938
82,425
79,630
77,555
74,716
65,777
8583
2690
81,245
71,862
8956
2,929
81,244
71,919
8939
73,943
64,652
61,948
63,830
66,718
2916
2,932
158813
158605
158004
8971
365
355
427
387
320
175,696
165483
10214
3232
171,543
161 410
10133
3,283
165,741
155668
10073
3,087
163,244
153231
10013
2,891
164,004
154051
9952
2,695
9,162
9,563
9,577
8,386
9,618
97.5
96.5
96.5
95.8
97.0
3,537
3,575
6256
3J410
3,501
3,505
27616
40,332
24046
41,422
3,303
194
1064
445
9088
209
1063
173,098
162804
10294
972
235
1063
79,835
6275
217
1051
70,214
61,298
971
208
1047
64394
55,483
8466
2675
973
238
1047
79,247
8551
2710
253
1047
1050
3181
95984
224
1050
97.1
8417
97.9
3,527
5706
3^404
96.2
r
93.6
94.1
93.5
3,710
3,266
3,565
1,977
2,084
2,026
95.1
95.1
56.1
59.1
COKE
[Thousands of short tons, unless otherwise specified]
Production:
Beehive and oven (byproduct)
Petroleum coke § .
Stocks, end of period:
Oven-coke plants total
At furnace plants
At merchant plants
Petroleum coke
r
1 918
1 674
2003
1,720
2107
1 856
244
252
1,436
1,953
2172
1,674
1,742
1,856
252
260
1,680
1,638
1,622
3,808
2107
1,912
283
1,646
6117
1,635
1,888
1,953
PETROLEUM AND PRODUCTS
[Millions of barrels, unless otherwise specified]
Crude petroleum:
Producer Price Index 1982-100
Gross input to crude oil distillation units
Refinery operatinn ratio % of capacity
All oils, supply, demand, and stocks:
New supply, total 0
Production:
Crude petroleum
Natural oas plant liouids
Imports:
Crude and unfinished oils
Refined products
Change in stocks all oils
Product demand total
Exports:
Crude petroleum
Refined products
See footnotes at end of tables.
56.3
58.8
56.2
59.3
60.4
60.4
66.3
64.0
55.1
51.3
53.6
51.0
4,106.8
86
398.4
85
425.6
87
423.7
90
432.1
89
433.7
89
416.3
88
406.5
83
394.6
84
422.0
87
407.0
84
369.7
81
412.0
85
6,208.7
6,090.4
497.4
545.9
514.6
568.7
545.4
503.1
513.3
500.0
507.8
520.1
461.8
500.8
26847
5983
2691 3
2240
2284
2771
2254
2200
229.7
219.2
225.7
228.3
213.8
226.8
522
542
2185
50.8
52.5
56.7
50.8
54.3
54.0
55.3
56.5
52.1
55.9
2,325.1
6008
2,272.1
4929
177.8
215.2
199.2
201.4
220.2
190.3
189.3
182.9
182.8
197.4
156.5
180.6
433
482
470
420
400
18.7
50.3
461
5.6
377
-7.8
36.1
11.0
16.7
438
2.9
64390
505.2
534.6
530.5
554.0
557.1
4.9
5.1
2.4
4.3
1.7
70.9
4,981.3
87
39.2
65129
61.9
6341
39.7
42.4
272.4
322.8
17.2
30.5
25.3
25.5
24.3
439
524.6
-18.6
552.2
528.0
-30.2
567.7
3.3
2.8
3.8
4.1
20.3
25.6
24.0
33.5
38.0
-7.4
561.9
3.7
31.8
39.3
37.5
-23.0
514.3
-16.1
548.7
.6
24.0
3.3
25.0
S-28 • June 1992
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
1990 |
1992
1991
Apr.
1991
May
June
July
Aug. |
Sept. |
Oct. | Nov.
Dec.
Jan. | Feb.
5300
2243
5264
33
957
405
463
42
68
592
35
Mar. |
Apr. | May
15. PETROLEUM, COAL, AND PRODUCTS-Continued
PETROLEUM AND PRODUCTS-Continued
[Millions of barrels, unless otherwise specified]
All oils, supply, demand, and stocks—Continued
Domestic product demand total #
Gasoline
'
Kerosene
Distillate fuel oil
Residual fuel oil
Jet fuel
Lubricants
Asphalt
Liquefied petroleum gases
. .
Stocks end of period total
Crude petroleum
Strategic petroleum reserve
Unfinished oils natural gasoline etc
Refined products
Refined petroleum products:
Gasoline (incl. aviation):
Production
Stocks end of period ...
.. .
Prices, regular grade (excl. aviation):
Producer Price Index, 1982=100
Retail, U.S. city average (BLS):
Leaded $ per gal
Unleaded, $ per gal.
Aviation gasoline:
Production
Stocks, end of period
Kerosene:
Production
Stocks end of period
Producer Price Index (light distillate), 1982=100 .
Distillate fuel oil:
Production
Imports
Stocks end of period ..
Producer Price Index (middle distillate),
1982-100
Residual fuel oil:
Production
Imports
Stocks end of period
Producer Price Index, 1982=100
Jet fuel:
Production
Stocks end of period
Lubricants:
Production
Stocks end of period
Asphalt:
62008
2,6496
155
1,1025
4485
5556
597
1763
5680
60739
26338
173
1 0648
4206
5349
532
1609
6031
4831
2148
11
86.1
4990
2325
338
405
45
31 3
2354
380
440
46
189
433
1 6336
1 6339
1 6450
1 661 7
9161
911 0
9138
5685
5685
5685
9096
5685
83.5
6
861
374
473
47
1639
161 0
1592
1583
5370
5565
5637
2198
1737
221 4
1785
5756
25484
25548
2028
181 7
171 9
69.2
63.4
1.140
1 062
1.104
703
501 1
2135
4
821
346
468
51
203
480
1575
5129
5668
21 6
485
2
852
320
446
45
208
492
5237
5002
2261
2107
7
93.9
31 9
460
47
188
485
34
87.5
339
435
41
97
551
2155
1000
4897
2037
5204
2221
21
25
93.9
98.6
407
458
47
58
593
381
403
43
60
594
358
424
46
73
522
1 6084
9097
5685
15854
1 5693
914.8
907.1
1 6431
911.2
16460
912.6
1 6158
8931
568.5
568.5
568.5
1627
1596
1549
1470
151 9
1536
1589
5728
5895
5722
5785
5756
5468
5088
5032
2267
2257
1683
2109
173.3
2285
1728
2121
1791
2098
1735
181 7
2190
1928
1963
191.4
2081
182.9
69.4
66.6
69.2
71.4
69.9
70.1
67.0
60.6
59.9
60.4
64.4
73.2
1.160
1.127
1.140
1.143
1.122
1.134
1.123
1.073
1.054
1.058
1.079
1.136
57.0
61.2
590
62.1
38.8
43.7
568.5
568.5
(3)
1.156
5
1.6
85
17
80
1.5
5
1.7
8
1.7
8
1.7
163
56
140
58
11
43
8
42
8
47
4
49
8
56
64
59
58
21
47
48
42
75.4
65.9
59.5
60.7
61.1
58.9
62.1
66.6
65.5
68.7
63.6
-54.4
59.0
55.8
847
906
882
928
91 7
91 6
942
931
963
874
777
853
60
67
977
1 0675
101 5
1322
1 0806
739
1435
77
1022
57
1070
63
1135
10
2.1
8
51
47
1243
8
1.7
52
1306
8
1.7
66
1395
7
1.7
11
64
1382
39
1.6
16
73
1444
5
1.6
7
1.8
18
78
1435
13
70
1267
r
6
1.6
10
1085
652
600
596
576
581
621
654
676
71 0
622
544
573
560
3466
3409
287
130
270
130
251
142
252
136
299
109
277
141
307
121
45.8
41.2
43.5
43.7
43.4
42.8
44.0
47.9
57.4
48.1
51.9
13.6
49.0
40.5
326
170
44.7
44.3
287
176
456
57.2
1635
49.9
49.1
280
150
269
1838
275
125
49.9
45.2
44.3
'37.9
43.0
57.1
40.4
35.3
5432
5249
386
423
442
442
461
449
439
430
474
41 9
381
41 8
521
488
437
469
486
471
477
496
478
482
488
447
429
438
612
124
570
123
4.6
134
49
132
5.0
132
48
126
47
127
4.9
127
4.5
122
4.2
121
47
123
48
123
45
122
50
123
7.7
248
8.1
277
9.5
305
735
486
1640
Stocks end of period
Liquefied petroleum gases:
Production total
At gas processing plants (L P G )
At refineries (L R G )
Stocks (at plants and refineries)
531 1
2351
1 6280
9270
5685
1470
803
5242
427
1454
1.149
1.164
5
1 5776
907.2
5685
1 6158
8931
1824
5029
2248
407
48
150
422
11 3
1 6206
9084
5857
5685
8
848
187
6384
4562
1822
979
12.1
14.7
15.9
17.0
14.4
10.6
321
323
304
281
176
249
16.8
223
220
184
199
8.9
223
6680
564
597
568
574
572
535
548
535
559
562
551
485.1
1829
91 1
40.0
41.0
38.7
39.5
39.9
38.6
41.6
42.7
39.9
42.7
187
963
181
179
173
148
132
134
135
782
152
1159
41.6
11 9
105.8
42.6
164
201
725
156.5
83.1
106.0
111.6
1164
1155
91.1
628
67.6
16. PULP, PAPER, AND PAPER PRODUCTS
PULPWOOD
[Thousands of cords (128 cu. ft.)]
Receipts
Consumption
Inventories end of period ...
1
99 304
7934
8120
8271
8108
5,082
4,936
7992
4,880
22733
1 754
960
1 763
1 025
1 800
1 076
63,818
5,285
5,188
5,197
98659
98242
5,688
8,097
5961
20 981
915
63,050
'99109
8,385
8239
4,948
8,351
8419
5,100
8125
7871
5,501
8602
8293
7,839
7966
6,126
8095
8006
5,688
8824
8626
6,122
1,801
1,021
1 944
1,014
1 956
1 050
2017
1 065
1 930
1054
1 883
1 076
2024
1 097
1917
1 045
5,604
5,357
5,133
5,483
5,186
5,472
5,681
5,254
5717
WASTE PAPER
[Thousands of short tons]
Consumption
Inventories end of period
7
998
r
2114
1 030
2003
5,525
5,489
1 041
WOODPULP
[Thousands of short tons]
Production:
Total
Dissolving pulp
Paper grades chemical pulp
Groundwood and tnermo-mechanical
Semi-chemical
Inventories, end of period:
Producers' own use
Producers' market
Consumers' purchased
[Thousands of metric tons]
Exports all grades total
Dissolving and special alpha
All other
Imports all grades total . .
Dissolving and special alpha
All other
See footnotes at end of tables.
1
1 293
1 370
115
92
124
129
117
51,192
6345
51,950
6404
4094
4,270
4,232
4,222
4,576
4,392
555
346
528
335
520
331
552
347
532
316
511
330
219
518
451
198
521
394
210
532
389
214
515
351
220
586
353
232
614
366
192
575
348
4219
226
476
392
116
4,176
105
108
121
4,270
4,462
556
372
535
336
546
344
197
547
347
195
513
345
219
518
451
4,451
139
4,631
548
363
r
247
548
450
120
114
4,528
4,499
529
349
537
340
236
480
225
530
434
110
4,301
511
332
r
245
571
410
r
438
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1988 and methodological notes are as shown
in BUSINESS STATISTICS, tgei-ss
Annual
1990
June 1992 •
1992
1991
1991
May |
Apr.
June |
July
Aug. |
S-29
Sept. |
Oct. |
Jan. |
Nov. | Dec.
Mar.
Apr. | May
6988
3376
3,612
6698
134.5
118.2
Feb.
16. PULP, PAPER, AND PAPER PRODUCTS-Continued
PAPER AND PAPER PRODUCTS
[Thousands of short tons, unless otherwise specified]
Paper and board:
Production (API):
Total
Paper
Paperboard
Producer Price Indexes:
Paperboard, 1982=100
Building paper and board, 1982=100
Selected types of paper (API):
Groundwood paper:
Orders new
Orders, unfilled, end of period
Shipments
Coated papers:
Orders, new
Orders unfilled end of period
Shipments
Uncoated free sheet:
Orders, new
Shipments
Unbleached kraft papers:
Shipments
Tissue paper, production
[Thousands of metric tons, unless otherwise specified]
Newsprint:
Canada: t
Production
Shipments from mills
..
Inventory end of period .
United States:
Production
Shipments from mills
Inventory, end of period
Estimated consumption all users 0
Publishers' stocks end of period #
Imports
Producer Price Index, standard newsprint,
1982=100
Paper products:
Shipping containers, corrugated and solid fiber
shipments, mil. sq. ft surf, area
1
78 782
39359
39423
79531
39115
40416
6338
3172
3167
6486
3206
3280
3176
6752
3337
6973
3443
6628
3267
3285
3415
3531
3361
135.9
1284
1270
1272
1271
1278
1122
130.2
111.8
112.7
113.5
113.4
114.6
112.8
131 8
112.2
1 868
221
1 806
1 778
r
230
1 775
130
238
138
146
249
140
178
274
145
148
280
159
184
308
152
7,294
576
7310
582
565
558
601
604
572
623
598
596
646
638
640
11,544
11 552
924
915
2,377
5,802
2,276
5,669
9068
9074
315
5997
6007
46
12127
802
98
11 380
816
1195
1209
7
7
1
7,430
589
7536
'11479
1
11 503
1
1
318,102
6462
r
3510
133.4
' 112.5
133.7
116.7
134.4
119.0
151
255
128
r
r
550
576
566
665
641
597
946
923
813
929
999
969
3173
6619
3145
3357
3474
1327
1328
110.9
110.6
133.2
110.9
156
295
155
138
283
163
105
245
143
129
225
140
685
647
660
669
667
644
660
666
685
527
600
588
6530
r
6816
3314
r
r
r
r
r
r
r
r
616
597
711
579
1,068
1,001
987
972
208
502
470
r
982
974
207
185
190
440
188
484
176
472
195
474
186
477
465
486
176
458
182
464
210
480
466
8977
8,756
536
743
736
506
733
710
529
739
719
550
761
697
614
731
731
614
719
698
635
706
735
606
699
686
619
615
714
536
720
665
618
707
654
671
6206
519
502
79
932
907
521
520
80
958
-905
508
497
91
923
890
532
515
107
886
914
526
512
121
952
904
496
495
122
981
864
530
513
139
1 051
804
527
545
122
1 012
764
528
552
98
952
816
551
546
103
894
902
509
517
95
878
819
121 7
1214
1201
1195
1188
1181
1173
1164
1162
26,953
25,739
27,968
28,297
27,169
31,334
25,150
23,453
6154
320,180
28,023
r
r
627
689
637
685
602
1 079
1 057
1 088
1,068
r
956
r
r
193
r
r
7Q5
737
611
532
532
95
541
541
95
1153
1147
112.5
111.7
111.2
28,934
25,532
27,730
29,178
26,856
RUBBER
2
83903
9434
86034
104 1
101 2
101 7
995
998
1021
211453
1 820 78
40366
TIRES AND TUBES
/Thousands/
Pneumatic casings:
Production
Shipments total
Orioinal eouioment
Replacement equipment
Exports
Stocks end of period
Exports (Bureau of Census)
Inner tubes:
Exports (Bureau of Census)
See footnotes at end of tables.
1
21 0662
260 424
202,390
256 875
48582
188303
18998
17,017
21 165
17,360
22173
54191
188838
17393
4351
4691
15234
1 511
15844
1 566
42649
35533
51 151
50725
16,419
23854
4279
17,868
1 596
47204
14,354
21 574
17,045
25890
16,790
1 523
17,784
23985
4254
17890
1 743
44069
41 610
3178
18,772
19,590
3868
13,925
1 777
18,762
19,895
13846
1 359
15,173
17,661
3064
13,145
1,452
14,076
1 645
20,356
23,702
4783
17,128
1,789
34772
35533
38400
40687
41,212
16,354
19392
19,476
1 803
19,588
25656
5296
18,448
1 826
36773
34567
4519
4106
134.2
119.3
197
737
644
710
r
17. RUBBER AND RUBBER PRODUCTS
[Thousands of metric tons, unless otherwise specified]
Natural rubber: §
Consumption
Stocks end of period
Imports incl latex and guayule
US Import Price Index 1985-100
Synthetic rubber: $
Production
Consumption
Stocks end of period
. ...
Exports (Bureau of Census)
3,437
121
320
127
1 131
1 044
1098
3261
131
'317
r
134
332
116
922
1013
r
117
r
957
1002
r
6553
3191
3362
7049
3528
3522
4175
SURVEY OF CURRENT BUSINESS
5-30 • June 1992
Unless otherwise stated in footnotes below, data
through 1988 and methodological notes are as shown
in BUSINESS STATISTICS, 1961-88
Annual
1991
1990 | 1991
Apr. |
May |
June
July |
1992
Aug. |
Sept. | Oct.
Nov.
Dec.
31 667
26041
Jan. |
Feb. |
24482
24541
Mar. |
Apr. | May
18. STONE, CLAY, AND GLASS PRODUCTS
PORTLAND CEMENT
Shipments, finished cement thous bbl
7
467 211
415203
35379
39876
40037
42577
43363
40294
44163
30474
CLAY CONSTRUCTION PRODUCTS
Shipments:
Brick, unglazed (common and face), mil. standard
Structural tile, except facing, thous. sh. tons
Sewer pipe and fittings, vitrified, thous. sh. tons
Floor and wall tile and accessories, glazed and
unglazed, mil. sq. ft
Producer Price Index, brick and structural clay tile,
12/84=100
68727
r
r
5 404 8
r
1 4462
r
1 5176
1 341 4
1 2721
(2)
(2)
242.0
r
5092
M298
1151
1162
r
1956
r
1162
r
51 3
r
1059
1163
1163
1163
M38
529
r
1064
1164
1164
1164
391
1128
1165
1165
1146
1166
1166
1170
17455
18207
22502
21 054
24193
20545
25982
25557
3843
1173
1179
GLASS AND GLASS PRODUCTS
[Thousand gross, unless otherwise specified]
Flat glass, mfrs.1 shipments, thous. $
Glass containers:
Production
Shipments total
Narrow-neck containers:
Beveraae
Beer
Liquor and wine
Wide-mouth containers:
Food and dairy products
Narrow-neck and wide-mouth containers:
Medicinal and toilet
Chemical household and industrial
1,471,447
382405
345139
1,372196
338261
281 111
277 657
24293
24471
25228
26122
24349
25355
25097
25468
25498
26242
22220
23152
23,546
60261
88,551
26297
23477
2,164
2245
5663
7,702
1 380
4722
4686
3845
7133
2213
2124
6,816
1 885
2033
6511
1831
1,202
3710
5,661
1 673
1,692
3871
8138
2102
2,469
5439
7,736
1 870
5303
6,855
2349
2268
5623
84304
24038
2,356
5822
7,638
2366
2174
57141
71967
74683
6631
6680
6049
6216
6973
6224
7292
6128
4895
13,190
991
78
1,164
1,374
1,210
1 348
1 254
96
109
991
130
1,348
1 174
12816
1 198
43162
44058
48195
47041
46079
45443
1 185
1,324
1,237
1,168
1 192
1,202
1250
1,339
289 704
284986
25331
24498
22898
21 044
1,898
1 941
6,341
1818
2407
4939
7823
2342
5852
5312
6620
1,147
1,139
6,402
153
121
136
95
988
78
149
194
132
44508
43486
44103
45638
44058
45208
48579
49726
1 199
1,168
1204
1,073
1,312
1,294
1 206
1,253
1220
1,421
1 294
GYPSUM AND PRODUCTS
[Thousands of short tons]
Production:
Crude gypsum (exc byproduct)
Calcinea
1
1
15 658
1
14 760
16,272
1
14,688
1
Sales of gypsum products:
Uncalcined
Calcined:
Industrial plasters
Building plasters total (incl Keene's cement)
[Millions of square feet]
Board products total
Lath
Veneer base
Gypsum sheathing
Regular gypsum board
Type X gypsum board
Predecorated wallboard . ...
Vie mobile home board
Water/moisture resistant board
7
1,308
1,176
1233
1,250
1 373
1,401
1
7 634
540
626
706
614
732
762
764
588
717
748
442
7
5 272
383
478
509
480
513
427
467
482
496
425
382
377
'18317
1 521
1508
1 487
1 725
1,665
1 588
1 537
1 862
1
40
42
1070
1092
468
8
61
56
446
8
65
55
1
34
32
985
377
6
53
50
8 726
5310
f4)
H
1
20 445
15
442
268
12
396
227
12268
5978
11286
98
713
662
85
670
608
5033
1
33
19
910
434
7
64
53
1
32
18
907
426
6
66
51
1
33
19
903
418
7
57
49
1
41
20
1
35
19
1
35
20
997
416
8
60
51
1,748
1
39
23
1 435
460
9
62
58
1
31
18
916
368
7
48
46
8,474
13,275
1097
1,363
1,625
1
31
16
865
361
6
40
43
1
38
36
1 034
15,891
16,766
7
J
870
11,748
11,748
403
7
54
53
1 184
460
7
68
59
19. TEXTILE PRODUCTS
FABRIC
[Millions of linear yards]
Woven fabric, finishing plants:
Production (finished fabric)
Cotton
Manmade fiber and silk fabrics
Inventories held at end of period
Cotton
Manmade fiber and silk fabrics
Backlog of finishing orders
Cotton
Manmade fiber and silk fabrics
COTTON AND MANUFACTURES
[Thousands of running bales, unless otherwise
specified]
Cotton (excluding (inters):
Production:
Ginnings 0
Crop estimate thous net weight bales §
Stocks in the United States total end of period #
Domestic cotton total
On farms and in transit
Consumina establishments
See footnotes at end of tables.
15064
15,505
r
r
9875
«8367
13579
13579
1 924
11 075
581
580
68,383
11978
11978
1522
137
17 146
17,61 4
7
2,212
3174
3,174
699
2,478
7
2,215
16,591
1 6,591
7
13798
7
2,223
7
570
2,199
13,579
1 3,579
7
1,924
7
11, 075
7
580
7
7
7
7
7
7
7
7
0
2452
7
722
864
10,290
594
r
r
r
730
10 285
10,285
r
499
r
9,206
'580
J
898
8,516
8,516
7,240
7,240
189
330
264
7,696
6,273
5,063
631
637
628
719
5,955
5,955
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1988 and methodological notes are as shown
in BUSINESS STATISTICS, 1951-88
Annual
1990
1992
1991
1991
Apr.
May |
June |
July
Aug. |
S-31
June 1992
Sept. |
Oct.
Nov. |
Jan. |
Dec.
Feb. |
Mar.
Apr.
May
19. TEXTILE PRODUCTS-Continued
COTTON AND MANUFACTURES-Continued
Cotton (excluding linters)—Continued
Exports thous funning bales
Imports thous net weight bales
Price(farm), American upland, cents per to. 0
Price, Strict Low Middling, Grade 41, staple 34
(IVie"), average 10 markets, cents per to
Spindle activity (cotton system spindles):
Active spindles last working day total millions
Consuming 100 percent cotton, millions
Spindle hours operated all fibers total billions
Average per working day, billions
Consuming 100 percent cotton billions
Cotton cloth:
Cotton broadwoven goods over 12" in width:
Production (qtrly ) mil sq yd
Orders, unfilled, end of period, compared with
average weekly production no weeks' prod
Inventories, end of period, compared with avg.
weekly production no weeks' prod
Ratio of stocks to unfilled orders (at cotton
mills) end of period
Exports, raw cotton equivalent, thous. net weight
bales §
Imports, raw cotton equivalent, thous. net weight
bales §
Producer Price Index, gray cotton broadwovens,
1982=100
^
^67.1
*62.9
69.5
70.1
67.5
66.3
66.9
64.8
62.7
60.9
55.6
51.6
49.6
49.9
52.0
51.0
^74.8
9
79.9
83.9
79.0
71.3
66.4
62.4
58.3
54.7
53.9
51.5
50.8
52.0
55.0
55.4
87
8.7
56.9
97
92
3.8
658
254
258
3.7
604
231
243
4464
4389
113.8
114.9
7
7
94
4.0
150
7
.227
92
3.7
148
7
.224
63
62
59
7
7
7
114.9
115.2
7
c
115.3
115.3
115.4
3.8
5B
4
7
1082
115.3
88
7
7
1 140
114.5
7
96
3.9
157
7
.241
7
7
4
r
87
3.7
r
48
4
3.8
*59
3.8
48
.236
.238
.233
.241
*23
20
424
116.9
116.8
116.8
2.0
1 094
115.8
115.9
r
116.7
116.8
120.9
122.0
MANMADE FIBERS AND MANUFACTURES
[Millions of pounds]
Fiber production, qtrly:
Cellulosic filament yarn . . .
Rayon staple including tow
Noncellulosic, except textile glass:
Yarn and monofilaments
Staple incl tow
Textile glass fiber
Fiber stocks, producers', end of period:
Cellulosic filament yarn
Rayon staple including tow
Noncellulosic'fiber, except textile glass:
Yarn and monofilaments
Staple incl tow
Manmade fiber and silk broadwoven fabrics:
Producer Price Index, gray synthetic broadwovens,
1982-100
2132
2733
2062
299.1
41937
3,9908
r
545
68.7
69.7
1 0663
'962.7
1 1002
1,042.7
104
270
9.4
249
9.8
237
351 1
3337
321 1
3222
3098
321 2
4 282 3
39841
94
173
3042
3470
554
r
115.7
115.5
114.1
114.3
113.9
114.8
116.4
116.5
526
553
r
67.5
66.6
1 121 9
1,067.7
1 0626
1,008.1
10.4
10.9
270
269
351 1
3337
3422
321.2
r
116.5
116.8
118.2
r
120.9
119.0
120.3
7.3
2.0
5.3
10.6
WOOL AND MANUFACTURES
[Millions of pounds, unless otherwise specified]
Wool consumption, mill (clean basis):
Apparel class
Carpet class
Wool imports clean yield t
Unimproved and other grades not finer than 46's
48's and finer *
Wool prices, raw, shorn, clean basis:
Domestic—Graded territory, 64's, staple 2%" and
up delivered to U S mills $ per to
Australian, 64's, Type 63, duty-paid, price at
Australian Wool Corp Charleston SC $ per to
Wool broadwoven goods, exc. felts:
Production (qtrly ) mil so yd
1206
r
r
1372
121
144
71.7
86.5
214
503
r
371
31
8.1
1.5
6.6
9.2
1.5
7.7
346
7.8
2.5
5.4
5.1
1.2
3.9
36
9.0
1.2
7.8
10.2
2.4
7.8
8.1
1.7
6.4
1.67
156
148
148
1.55
1.63
1.77
1.95
1.96
1.99
248
229
215
274
270
259
280
277
264
268
7.3
182
682
256
1 58
\67
203
2.30
370
242
221
271
286
1407
1696
483
41 7
41 5
1 3485
1 2778
3265
3472
3099
18,120
172317
7728
92778
18,618
170844
12132
93067
4,108
44693
2736
23639
5,228
40338
3,120
25,883
5,046
36,453
3,144
21,197
298,988
38761
309,155
38620
83,461
9,945
83,636
9,548
73,661
9,266
17
5.5
2.30
367
46
'339
46
4.4
1.4
3.0
7.0
1.3
5.7
5.5
1.3
4.3
FLOOR COVERINGS
Carpet, rugs, carpeting (woven, tufted, other),
shipments quarterly mil so yd
APPAREL
[Thousands, unless otherwise indicated]
Women's, misses', juniors' apparel cuttings, qtrly:
Coats
Dresses
Suits (incl pant suits jumpsuits)
Skirts
Slacks, jeans, dungarees, and jean-cut casual
slacks
..
Blouses thou doz
See footnotes at end of tables.
3327
2.5
8.1
S-32 • June 1992
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
1990 I
1992
1991
1991
Apr.
May
June
July [ Aug.
Sept.
Nov.
Dec.
31 948
28226
2554
3341
131 209
26031
24191
Oct.
Jan. |
Feb. |
Mar.
Apr. I
May
19. TEXTILE PRODUCTS-Continued
APPAREL-Continued
[Thousands, unless otherwise indicated]
Men's apparel cuttings, qtrly:
Suits
Coats (separate), dress and sport
Trousers slacks jeans pants etc
Shirts, dress and sport, thous doz
Hosiery, shipments, thous. doz. prs
11 302
13,945
458 476
103239
328,622
10,244
14,074
496713
98102
324,867
28,351
27,099
2475
3244
125073
24628
28551
28,153
27696
2451
3522
134731
24335
24996
8
76,978
20. TRANSPORTATION EQUIPMENT
AEROSPACE VEHICLES
[Millions of dollars]
Orders, new (net), total
US Government
Sales (net), receipts, or billings, total
U.S. Government
Backlog of orders end of period #
U S Government
Aircraft (complete) and parts
Engines (aircraft) and parts
Missiles, space vehicle systems, engines,
propulsion units, and parts
Other related operations (conversions,
modifications), products, services
Aircraft (complete):
Shipments
Exports commercial
3
147,380
56 788
142,685
5
3
3
141 ,654
77516
3
J
264 204
3
92,148
^145833
J
28 233
5
32,600
•M9819
(7)
'18444
'22629
2164
1 668
2465
1841
1 633
2006
1 945
2701
1 951
1 890
2711
6050
5502
9499
6898
2,601
5,407
4874
8388
6,137
2,251
460
417
707
510
197
80
56
2.4
518
465
790
581
209
85
61
2.3
485
434
791
593
198
88
66
2.3
360
324
794
585
209
89
66
2.3
417
385
711
503
208
84
62
22
473
424
687
498
189
85
62
23
572
523
719
526
193
83
61
22
462
416
623
458
165
6
83
6
B2
*2.1
378
338
611
438
173
79
59
2.0
404
371
573
417
156
80
59
2.1
444
404
664
497
167
85
6.2
2.3
506
457
735
541
194
83
60
2.3
297.6
1088
283.3
1174
296.7
1196
270.5
312.7
1052
3191
1059
3694
1208
323.6
1051
315.2
2973
779
864
851
2856
1002
314.8
1093
697
282
744
286
792
304
755
291
675
297
737
320
692
283
610
247
628
253
619
245
590
225
665
253
693
260
349
317
MOTOR VEHICLES (NEW)
[Thousands, unless otherwise specified]
Passenger cars:
Factory sales (from U.S. plants):
Total
Domestic
Retail sales total not seas adj
Domestics §
Imports §
Total seas adj at annual rate millions
Domestics millions §
Retail inventories, domestics, end of period: §
Not seasonally adjusted i*
Seasonally adjusted $$
Inventory-retail sales ratio, domestics t?
Exports (Bureau of Census), total
To Canada
Imports (ITC), complete units
From Canada total
Registrations 0 total new vehicles
Imports, including domestically sponsored
Trucks and buses:
Factory sales (from U.S. plants):
Total
Domestic
Retail sales:
Total, not seasonally adjusted *
0-10000 Ibs GVW domestics
0-10,000 Ibs. GVW, imports *
10,001 Ibs. GVW and over t
Total, seasonally adjusted *
0-1 0000 Ibs GVW domestics
0-10,000 Ibs. GVW, imports *
10,001 Ibs. GVW and overt
Retail inventories, domestics, end of period:
Not seasonally adjusted
Seasonally adjusted @
Exports (BuCensus)
Imports (BuCensus), including separate chassis
and bodies
Registrations 0, new vehicles, excluding buses not
produced on truck chassis
Truck trailers and chassis, complete (excludes
detachables) shipments number
Van type number
Trailer bodies (detachable) sold separately number
Trailer chassis (detachable) sold separately number
4
3,9446
*12202
4
3,736.5
*1 1960
r
C
C
9103
3459
8234
3,295
3,719
3448
3,373
3,035
300
263
337
302
323
290
230
209
277
256
326
299
378
347
303
272
244
218
249
232
302
277
376
342
4,649.9
39475
404.0
298.4
4,156.0
35946
319.2
242.2
353.5
3049
26.6
22.1
331.4
2856
25.6
20.3
384.8
3359
28.2
20.7
342.5
2971
26.0
19.4
385.9
3389
26.5
20.5
361.7
3144
27.6
19.7
391.4
338.1
30.8
22.6
349.4
2996
28.2
21.6
353.5
2983
35.9
19.3
345.1
2976
28.0
19.4
375.9
3301
26.3
19.5
389.7
341 2
28.3
20.2
329.6
2832
26.4
20.0
334.8
291 1
25.4
18.4
310.8
2728
21.5
16.5
348.9
3051
24.9
19.0
352.4
3070
23.6
21.9
381.8
3364
23.5
21.9
295.9
2585
19.0
18.4
344.0
3006
23.0
20.4
325.9
2891
17.8
19.0
351.1
3092
20.7
21.1
395.2
3483
23.8
23.0
366.8
3232
21.9
21.7
' 41 7.4
r
3708
21.0
'25.7
'379.4
r
3350
21.1
r
23.3
1,074.3
1 1032
985.5
1 0119
953.5
9349
960.1
9270
965.1
9160
852.5
908.4
857.4
9147
875.8
9303
1,004.3
1 0176
1,054.4
1 0230
985.5
1 0119
1,025.8
1 0097
1,105.2
1 0731
1,166.6
1 1256
1,166.7
1 1475
4798
4345
379
413
394
373
405
370
321
357
351
313
373
406
13007
10,028
14042
10,350
2290
2425
149117
103894
ls\
138319
99,115
r
r
358
10641
7,089
11 311
7,722
10339
7,304
10,335
7,397
12036
9,169
11 236
8559
11 836
8,640
10381
7,914
10448
7843
12279
9220
1 638
1904
1347
924
1097
1 797
2078
2256
2692
2675
r
r
(5)
17,214
19022
32063
32,063
27197
27197
11 328
11 328
32063
32,063
27197
27,197
9215
9,215
RAILROAD EQUIPMENT
[Number, unless otherwise specified]
Freight cars (new), for domestic use; all railroads and
private car lines (excludes rebuilt and export cars):
Equipment manufacturers
New orders
Equipment manufacturers
Unfilled orders end of period
EouiDment manufacturers
Freight cars (revenue), class I railroads (AAR): $
Number owned, end of period thousands
Capacity (carrying) total end of month mil tons
Average per car, tons
See footnotes at end of tables.
506
454
729
546
183
82
6.0
2.2
6003
6,003
5126
5,126
9806
9806
6331
6,331
5300
5300
8775
8775
5943
5,943
6383
6,383
9215
9215
4,660
4,660
8,421
8.421
12975
12.975
(2)
e
747
565
"182
'84
6.3
"2.1
(2)
424.2
381 0
21.3
22.0
400.2
3586
20.1
21.5
1,169.5
1,1309
SURVEY OF CURRENT BUSINESS
June 1992 •
S-33
FOOTNOTES FOR PAGES S-l THROUGH 8-32
General notes for all pages:
r Revised,
p Preliminary,
e Estimated,
c Corrected.
Page S-1
t Revised series. See the article on the comprehensive revision of the national income and product
accounts that appears in the December 1991 issue of the SURVEY.
t Includes inventory valuation and capital consumption adjustments.
§ Monthly estimates equal the centered three-month average of personal saving as a percentage of
the centered three-month moving average of disposable personal income.
0 See note "^" for p. S-2.
Page S-2
1. Based on data not seasonally adjusted.
<x Effective April 1990 SURVEY, the industrial production index has been revised back to 1977 and
has a new base year of 1987. A more detailed explanation of this revision is in the April 1990 Federal
Reserve Bulletin. Historical data are available from the Industrial Output Section, Mail Stop 82, Division
of Research and Statistics, Federal Reserve Board, Washington, DC 20551.
# Includes data not shown separately.
Page S-3
# Includes data for items not shown separately.
t Effective with the April 1991 SURVEY, M3 data have been revised to benchmark the data to the
1987 Census of Manufactures and 1988 Annual Survey of Manufactures, and to convert the series to
the 1987 SIC codes. Revisions related to benchmarking affect all categories back to 1982. Revisions
resulting from the SIC conversion affect about half the categories back to 1958. The coverage for some
of the series in the market category has been changed.
Page S-4
1. Based on data not seasonally adjusted.
# Includes data for items not shown separately.
1 Includes textile mill products, leather and products, paper and allied products, and printing and
publishing industries; unfilled orders for other nondurable goods industries are zero.
0 For these industries (food and kindred products, tobacco, apparel and other textile products, petroleum and coal, chemicals and allied products, and rubber and plastics products) sales are considered
equal to new orders.
f See note "f for p. S-3.
Page S-5
1. Based on data not seasonally adjusted.
@ Compiled by Dun & Bradstreet, Inc.
# Includes data for items not shown separately.
§ Ratio of prices received to prices paid (parity index).
1 See note y for p. S-4.
j In the Feb. and July issues of the SURVEY each year, data for the most recent six to eight years
are subject to revise and are available upon request,
ft See note "f for p. S-3.
Page S-6
§ For producer price indexes of individual commodities, see respective commodities in the Industry
section beginning p. S-19. All indexes subject to revision four months after original publication.
# Includes data for items not shown separately.
| Effective with the Feb. 1992 SURVEY, data have been revised back to 1987 and are available upon
request.
Address requests for data to:
Business Statistics Branch
Business Outlook Division (BE-52)
Bureau of Economic Analysis
U.S. Department of Commerce
Washington, D.C. 20230
of the individual price indexes used in the deflation of VIP, but the prices are weighted by the composition
of VIP each period. As a result, the implicit price deflator reflects not only changes in prices, but also
changes in the composition of VIP, and its use as a measure of price change is discouraged. Effective
July 1991 SURVEY, data have been revised back to 1986.
§§ Effective March 1992 SURVEY, the Construction Contracts Valuation Index has a new base year
of 1987. Data have been revised back to 1983 and are available upon request.
It Effective May 1991 SURVEY, the Boeckh indexes have a new base year of 1987.
tt Effective Sept. 1990 SURVEY, the construction cost index for the Federal Highway Administration
has been revised back to 1986 and has a new base year of 1987=100.
Page S-8
1. Advance estimate.
2. Beginning with Feb. 1989 data, associations in conservatorship are excluded.
^ Home mortgage rates are under money and interest rates on p. S-14.
§ Data include guaranteed direct loans sold.
# Includes data for items not shown separately.
@ Data are for closed mortgage loans of thrift institutions insured by the Savings Association
Insurance Fund (SAIF)—FSLIC-insured institutions prior to Sept. 1989.
t Effective June 1992 SURVEY, estimates of wholesale sales have been revised back to January 1989
and wholesale inventories have been revised back to December 1990. Revised data and a summary
of changes appear in the report Revised Monthly Wholesale Trade, Sales and Inventories January
1986-March 1992, BW/91-RV, available from the Bureau of the Census, Washington, DC 20233.
i Effective June 1992 SURVEY, retail trade data have been revised. Estimates of retail sales have
been revised back to December 1991 and inventories have been revised back to January 1982. Revised
data and a summary of changes will appear in the report Revised Monthly Retail Sales and Inventories,
January 1982-December 1991, BR92-R, available from the Bureau of the Census, Washington, DC
20233.
Page S-9
1. Advance estimate.
# Includes data for items not shown separately.
^ Effective with the January 1992 SURVEY, the seasonally adjusted labor force series have been
revised back to January 1987. The January 1992 issue of Employment and Earnings contains the new
seasonal adjustment factors, a description of the current methodology, and revised data for the most
recent 13 months or calendar quarters. Revised monthly data for the entire 1987-91 revision period
will appear in the February 1992 issue of Employment and Earnings. Effective with the January 1991
SURVEY, the seasonally adjusted labor force series were revised back to January 1986.
f The participation rate is the percent of the civilian noninstitutional population in the civilian labor
force. The employment-population ratio is civilian employment as a percent of the civilian noninstitutional
population, 16 years and over.
@ Data include resident armed forces,
t See note T for p. S-8.
Page S-10
Page S-7
1. Computed from cumulative valuation total.
2. Index as of June 1,1992: building, 420.0; construction, 462.9.
3. Beginning Dec. 1988, series has been discontinued by the Bureau of the Census.
| Effective July 1991 SURVEY, data have been revised back to 1986. Effective July 1990 SURVEY,
data were revised back to 1985. Revised data are available from the Construction Statistics Division at
the Bureau of the Census, Washington, DC 20233.
# Includes data for items not shown separately.
§ Data for Mar., May, Aug., and Nov. 1990, and Jan., May, Aug., and Oct. 1991 are for five weeks;
other months four weeks.
0 Effective Feb. 1990 SURVEY, data for seasonally adjusted housing starts have been revised back
to 1987. These revisions are available upon request.
@ Effective Feb. 1990 SURVEY, data for seasonally adjusted manufacturers' shipments of mobile
homes have been revised back to 1987.
t Effective May 1990 SURVEY, data for seasonally adjusted building permits have been revised back
to 1988 and are available upon request.
# Series first shown in the July 1990 SURVEY. The fixed-weighted price index is a weighted average
of the individual price index series used to deflate the Value of New Construction Put in Place (VIP)
series. In calculating the index, the weights (the composition of current dollar VIP in 1987 by category
of construction) are held constant. Consequently, the index reflects only changes in prices. The implicit
price deflator is a derived ratio of total current to constant dollar VIP (multiplied by 100). it is the average
0 See note "0" for p. S-9.
| The unemployment rates are the number of unemployed in each group as a percent of the civilian
labor force in that group.
§ Effective with the Sept. 1990, June 1991, and June 1992 issues of the SURVEY, data have been
revised, respectively back to April 1988, April 1989, and April 1990, unadjusted, and back to Jan. 1985,
Jan. 1986, and Jan. 1987, seasonally adjusted, to reflect new benchmarks and seasonal adjustment
factors. The Sept. 1990, June 1991, and June 1992 issues of Employment and Earnings contain detailed
descriptions of the effects of these revisions. All of the revised historical series will be published in a
special, supplement to Employment and Earnings. This supplement, when combined with the historical
bulletin, Employment, Hours, and Earnings, United States, 1909-90 will comprise the full historical series
on national data obtained from the establishment survey.
Page S-11
§ See note "§"forp. S-10.
| This series is not seasonally adjusted because the seasonal component is small relative to the
trend-cycle and/or irregular components and consequently cannot be separated with sufficient precision.
^ Production and nonsupervisory workers.
5-34
• June 1992
SURVEY OF CURRENT BUSINESS
PageS-12
Page S-16
1. The railroad average was discontinued by Moody's on July 13,1989. Therefore, the July average
§ See note "§" for p. S-10.
reflects only eight working days.
0 Production and nonsupervisory workers.
| Earnings in 1982 dollars reflect changes in purchasing power since 1982 by dividing by Consumer 2. Effective Oct. 3,1990, the German Democratic Republic (GDR; East Germany) ceased to exist
as a sovereign state and became a part of the Federal Republic of Germany. Accordingly, effective
Price Index. Effective Feb. 1990 and 1991 issues of the SURVEY, this series has been revised, respectively, back to 1985 and 1986 to reflect new seasonal factors for the CPI-W. Revised data are available with the statistics for Oct. 1990, all merchandise imported from or exported to the former GDR will be
included as trade with the Federal Republic of Germany.
upon request.
3. Beginning Jan. 1991 data, Roadway Services, Inc. will be included in the Dow Jones Trans§§ Effective with the June 1991 SURVEY, data have been revised back to 1989 and are available
portation Average replacing Pan Am Corp. Roadway Services is listed on the NASDAQ National Market
upon request. Wages as of June 1,1992: Common, $19.32; Skilled, $25.30.
System. Comparability with earlier averages is not affected by this change.
f Excludes farm, household, and Federal workers.
4. Beginning with Jan. 1992 data, the data include the republics of the former USSR, excluding
@ Effective with the April 1990 SURVEY, the employment cost index is based on June 1989=100, Estonia, Latvia, and Lithuania.
rather than June 1981=100. Historical data for both June 1989 and June 1981 bases are available from
@ See note "4" for p. S-19 regarding the new commodity classification systems introduced Jan.
the Bureau of Labor Statistics, Division of Employment Cost Trends, 441 G Street, N.W., Washington, 1989. Data may not equal the sum of the geographic regions, or commodity groups and principal
DC 20212.
commodities, because the revisions to the totals are not reflected in the component items.
# Series first shown in the July 1991 SURVEY. Wages and salaries are defined as the hourly straight§ Number of issues represents number currently used; the change in number does not affect the
time wage rate or, for workers not paid on an hourly basis, straight-time earnings divided by the continuity of the series.
corresponding hours. Straight-time wage and salary rates are total earnings before payroll deduct For bonds due or callable in 10 years or more.
tions, excluding premium or supplemental pay for overtime and for work on weekends and holidays,
# Includes data for items not shown separately.
shift differentials, and nonproduction bonuses such as lump-sum payments provided in lieu of wage in0 The March through August 1991 issues of the SURVEY showed month-end yields for 1991 rather
creases. Production bonuses, incentive earnings, commission payments, and cost-of-living adjustments
than monthly averages.
are included in straight-time wage and salary rates.
f Effective with the Mar. 1990 SURVEY, seas. adj. exports and imports have been revised back to
Jan. 1988, and are available upon request.
Page S-13
1. Effective Feb. 28,1989, there was a break in the series due to the enlargement of the panel of
reporting dealers to 17 and of reporting direct issuers to 36. End of month figures on the old basis are
as follows: All issuers, 481,734; financial companies, 373,717; dealer placed, 172,330; directly placed,
201,387; and nonfinancial companies, 108,017.
2. Average for Dec.
# Includes data for items not shown separately.
§ Excludes loans and federal funds transactions with domestic commercial banks and includes
valuation reserves (individual loan items are shown gross; i.e., before deduction of valuation reserves).
1 Covers 50 States and the District of Columbia. Only regular benefits are included.
@ Average weekly insured unemployment for 12-month period divided by average monthly covered
employment (lagging 4 full quarters for annual figure and 2 full quarters for monthly figure).
t Effective Oct. 1989 SURVEY, loans by loan type are provided by the Federal Farm Credit Banks
Funding Corporation.
O Effective with the April 1990 SURVEY, the reserves of depository institutions have been revised
back to 1984 and are available upon request.
Page S-17
1. Beginning with Jan. 1989 data, undocumented exports to Canada are now included, resulting in
a break with Dec. 1988 data.
2. Beginning Jan. 1989, buses are excluded from "Motor vehicles and parts" and included in "Other
manufactured goods," resulting in a break with Dec. 1988 data.
3. See note "2" for p. S-16.
4. See note "4" for p. S-16.
@ See note "@" for p. S-16.
t See note "f" for p. S-16.
# Includes data not shown separately.
0 Data include undocumented exports to Canada, which are based on official Canadian import
totals.
# Series first shown in the October 1991 SURVEY. The deflators for the constant dollar series are
primarily based upon the monthly price indexes published by the Bureau of Labor Statistics using
techniques developed for the National Income and Product Accounts by the Bureau of Economic
Analysis.
Page S-14
Page S-18
1. Data are for fiscal years ending Sept 30 and may include revisions not distributed to the months.
2. Weighted by number of loans.
3. Beginning Feb. 1988, data suspended by the Farm Credit Administration, which is revising the
information it collects and amending the reports it distributes.
4. Beginning Sept. 1991, the Federal debt series are net of premium and discount.
5. Outstanding loans for mobile homes are included with other credit.
§ Effective June 1992 SURVEY, data have been revised to reflect new benchmark and seasonal
adjustments and are available from the Banking and Money Market Statistics Section of the Division of
Monetary Affairs at the Federal Reserve Board, Washington, DC 20551.
# Includes data for items not shown separately.
0 Excludes loans to commercial banks in the U.S.
| Rates on the commercial paper placed for firms whose bond rating is Aa or the equivalent.
it Courtesy of Metals Week.
1. Reported annual total; quarterly or monthly revisions are not available.
2. For month shown.
# Series first shown in the October 1991 SURVEY. Source: Bureau of Labor Statistics.
# Includes data for items not shown separately.
§ Total revenues, expenses, and income for all groups of carriers also reflect nonscheduled service.
1 The threshold for Class I railroad status is adjusted annually by the Interstate Commerce
Commission to compensate for inflation.
<> Average daily rent per room occupied, not scheduled rates.
## Data represent entries to a national park for recreational use of the park, its services,
conveniences, and/or facilities.
t Before extraordinary and prior period items.
ft Effective with the Dec. 1989 SURVEY, data for 1981-88 have been revised and are available upon
request.
it Effective with the Mar. 1990 SURVEY, data for 1985-89 have been revised and are available upon
request.
t Effective June 1992 SURVEY, the consumer installment credit series have been revised back to
1985 to incorporate new information and updated seasonal adjustment factors. These revisions are
available from the Mortgage and Consumer Finance Section, Mail Stop 93 at the Federal Reserve Board,
Washington DC 20551.
* Series first shown in the June 1990 SURVEY.
ft This series, first shown in the June 1990 SURVEY, represents the outstanding balances of loans
that the loan originator has sold and are no longer carried on the loan originator's books. The loans are
pooled and securities are issued on the pools.
Page S-15
1. Beginning Jan. 1989, the primary public offering statistics have been discontinued by the
Securities and Exchange Commission.
2. Effective April 1991 SURVEY, the Security Markets series have been discontinued.
3. Money market deposit accounts are included with savings deposits.
f Effective Feb. 1992 SURVEY, the money stock measures and components have been revised and
are available from the Banking Section of the Division of Research and Statistics at the Federal Reserve
Board, Washington, D.C. 20551.
ti Includes ATS and NOW balances at all depository institutions, credit union share draft balances,
and demand deposits at thrift institutions.
^ Overnight (and continuing contract) RP's are those issued by commercial banks to the nonbank
public, and overnight Eurodollars are those issued by Caribbean branches of member banks to U.S.
nonbank customers.
@ Small time deposits are those issued in amounts of less than $100,000. Large time deposits
are those issued in amounts of $100,000 or more and are net of the holdings of domestic banks, thrift
institutions, the U.S. Government, money market mutual funds, and foreign banks and official institutions.
# Includes data for items not shown separately.
Page S-19
1. Reported annual total; monthly or quarterly revisions are not available.
2. Less than 500 metric tons.
3. Rgure suppressed because it did not meet Census publication standards.
4. Beginning with 1989 data, merchandise trade data are based upon two new commodity classification systems; the International Harmonized System and, Revision 3 of the Standard International
Trade Classification and, as a result, data may not be directly comparable to 1988 and earlier years.
5. Data are partially estimated for first three quarters of 1991 and are not available. Value for 4th
quarter 1991 is based on partially estimated production data.
6. Beginning in 1991, data are available only on a quarterly basis.
7. Data withheld to avoid disclosing figures for individual companies.
# Includes data for items not shown separately.
§ Data are reported on the basis of 100 percent content of the specified material unless otherwise
indicated.
t Effective with the Jan. 1990 SURVEY, revisions for 1987-88 are available upon request.
^ Data for 1991 are reported quarterly.
Page S-20
1. Reported annual total; monthly or quarterly revisions are not available.
2. Quarterly data are no longer available.
3. See note 4 for p. S-19.
4. Beginning in 1991, data are available only on a quarterly basis.
§ Data are not wholly comparable from year to year because of changes in classification.
@ Includes less than 500 electric generation customers not shown separately,
t Effective with the Jan. 1990 SURVEY, revisions for 1987-88 are available upon request.
0 Effective with the Dec. 1989 SURVEY, revisions for 1987-88 are available upon request.
SURVEY OF CURRENT BUSINESS
Page S-21
1. Previous year's crop. New crop is not reported until Sept. (crop year: Sept. 1-Aug. 31).
2. Crop estimate for the year.
3. Stocks as of June 1.
4. Stocks as of June 1 and represents previous year's crop; new crop not reported until June
(beginning of new crop year).
5. Series has been discontinued.
6. Stock estimates are available once a year as June 1 stocks and shown here in the May column
and (as previous year's crop) in the annual column.
7. Stocks as of Dec. 1.
8. See note 4 for p. S-19.
§ Excludes pearl barley.
@ Quarterly data represent the 3-mbnth periods Dec-Feb., Mar.-May, June-Aug., and Sept-Nov.
Annual data represent Dec.-Nov.
t Coverage for 21 selected States, representing approximately 85 percent of U.S. production.
Page S-22
1. See note 4 for p. S-19.
§ Cases of 30 dozen.
# Series first shown in the Jan. 1991 SURVEY.
Page S-23
1. Crop estimate for the year.
2. Reported annual total; revisions not distributed to the months.
3. Data suppressed because they did not meet Census publication standards.
4. See note 4 for p. S-19.
5. Data withheld to avoid disclosing figures for individual companies.
6. Beginning in 1991, data are available only on a quarterly basis.
# Totals include data for items not shown separately.
Page S-24
1. Reported annual total; monthly revisions are not available.
2. See note 4 for p. S-19.
3. Less than 500 tons.
4. Beginning in 1990, monthly data have been discontinued.
Page S-25
1. Reported annual total; monthly revisions are not available.
2. For month shown.
3. Beginning in 1990, monthly data have been discontinued.
@ Includes domestic and foreign ores.
§ Source: Metals Week.
Page S-26
1. Reported annual total; monthly revisions are not available.
2. Less than 50 tons.
3. See note 3 for p. S-25.
4. Break in comparability beginning Jan. 1,1991, because of a change in the Metals Week pricing
series for zinc.
<> Includes secondary smelters' lead stocks in refinery shapes and in copper-base scrap.
J Source for monthly data: American Bureau of Metal Statistics. Source for annual data: Bureau of
Mines.
# Includes data not shown separately.
t Effective April 1991 SURVEY, the materials handling index has been revised back to 1982 and now
includes lift trucks. Revised data are available upon request.
@@ Price represents North American Mean.
@ Effective with the Sept. 1990 SURVEY, the new orders index numbers have been converted to a
new base year of 1987=100. Data back to 1988 are available upon request.
§ Effective Mar. 1992 SURVEY, the fluid power indexes have a new base year of 1990. Historical
data are available back to 1960.
Page S-27
1. Annual total includes revisions not distributed to the months or quarters.
2. See note 4 for p. S-19.
3. Beginning in 1990, quarterly data have been discontinued. Annual data will continue to be
available.
4. Beginning with May 1991 data, monochrome production numbers are no longer included.
# Includes data for items not shown separately.
§ Includes nonmarketable catalyst coke.
0 Includes small amounts of "other hydrocarbons and alcohol new supply (field production)," not
shown separately.
ft March, June, September and December are five-week months. All others consist of four weeks.
June 1992 •
S-35
Page S-28
1. Reported annual total; revisions not allocated to the months.
2. See note 4 for p. S-19.
3. Beginning May 1991, the leaded gasoline price is not statistically valid for publication.
# Includes data for items not shown separately.
Page S-29
1. Reported annual total; revisions not allocated to the months.
0 Source: American Paper Institute. Total U.S. estimated consumption by all newspaper users.
See also note "t" for this page.
§ Effective with the October 1990 SURVEY, data have been revised back to 1989 to reflect adjustments
made by the Rubber Manufacturers Association's Rubber Statistical Committee.
J: Effective with the October 1990 SURVEY, synthetic data consisting of Butyl, polyisoprene, polychloroprene, silicone, and other elastomers have been revised in keeping with data provided by the
Census Bureau's MA30A report beginning in 1990. Also see note "§" on this page.
# Compiled by the American Newspaper Publishers Association.
t Effective with the March 1990 SURVEY, Canadian newsprint statistics have been revised back to
Jan. 1982 to exclude supercalendered and some soft-nip calendered paper that was originally classified
as newsprint and is now classified as uncoated groundwood papers. This revision also affects estimated
consumption. Revised data are available upon request.
Page S-30
1. Reported annual total; revisions not allocated to the months.
2. Figure suppressed because it did not meet Census publication standards.
3. Data cover five weeks; other months, four weeks.
4. Beginning Jan. 1989, sales of industrial plasters are included with building plasters.
5. Jan. 1,1992 estimate of the 1991 crop.
6. Total for crop years, 1989/1990 and 1990/1991 respectively.
7. Data are available only on a quarterly basis.
# Includes data for items not shown separately.
0 Cumulative ginnings to the end of month indicated.
§ Bales of 480 Ibs.
Page S-31
1. Less than 500 bales.
2. Annual total includes revisions not distributed to the months.
3. Average for crop year; Aug. 1-Jul. 31.
4. For five weeks; other months four weeks.
5. See note 4 for p. S-19.
6. Beginning in 1991, data are available only on a quarterly basis.
7. Based on weighted marketing price for Aug.-Nov. 1991.
8. Based on the average of Aug. 1991-Feb. 1992.
0 Based on 480-lb. bales, preliminary price reflects sales as of the 15th; revised price reflects
total quantity purchased and dollars paid for the entire month (revised price includes discounts and
premiums).
§ Bales of 480 Ibs.
t The total may include some miscellaneous wool imports.
# Series first shown in the July 1990 SURVEY.
Page S-32
1. Annual total includes revisions not distributed to the months.
2. Production of new vehicles (thous. of units) for May 1992: passenger cars, 544; trucks and
buses, 366.
3. Data are reported on an annual basis only.
4. See note 4 for p. S-19.
5. Beginning Jan. 1989, shipments of trailer bodies are included with trailer chassis to avoid
disclosure of data from individual firms.
6. Effective with the Dec. 1991 SURVEY, data have been revised back to 1988 and are available
upon request.
7. Data withheld to avoid disclosing figures for individual companies.
8. Beginning in 1992, data are available only on a quarterly basis.
# Total includes backlog for nonrelated products and services and basic research.
§ Domestics comprise all cars assembled in the U.S. and cars assembled in Canada and imported
to the U.S. under the provisions of the Automotive Products Trade Act of 1965. Imports comprise all
other cars.
<£ Courtesy of R.L. Polk & Co.; republication prohibited. Because data for some States are not
available, month-to-month comparisons are not strictly valid.
# Series first shown in the August 1990 SURVEY. Effective with the Dec. 1991 SURVEY, seasonally
adjusted retail sales for trucks and buses have been revised back to 1989, and are available upon
request.
t Includes some imported trucks over 10,000 Ibs. GVW.
| Excludes railroad-owned private refrigerator cars and private line cars.
@ Effective with the Mar. 1992 SURVEY, seasonally adjusted retail inventories for trucks and buses
have been revised back to 1977, and are available upon request.
ft BEA has temporarily suspended publishing domestic auto inventories and inventory/sales ratios
because of inconsistencies in the source data used to derive these estimates. BEA is reviewing the
source data and methodology, and will issue improved estimates in July.
S-36 • June 1992
SURVEY OF CURRENT BUSINESS
INDEX TO CURRENT BUSINESS STATISTICS
Sections
General:
Business indicators
Commodity prices
Construction and real estate
Domestic trade
Labor force, employment, and earnings
Finance
Foreign trade of the United States
Transportation and communication
1-5
5,6
7,8
8,9
9-13
13-16
16-18
18,19
Industry:
Chemicals and allied products
Electric power and gas
Food and kindred products; tobacco
Leather and products
Lumber and products
Metals and manufactures
Petroleum, coal, and products
Pulp, paper, and paper products
Rubber and rubber products
Stone, clay, and glass products
Textile products
Transportation equipment
.
Footnotes.
19,20
20
20-23
23
23,24
24-27
27,28
28,29
29
30
30-32
32
. 33-35
Individual Series
_
Aerospace vehicles
Agricultural loans
Air carrier operations
Air conditioners (room)
Aircraft and parts
Alcohol, denatured and ethyl
Alcoholic beverages
Aluminum
Apparel
Asphalt
Automobiles, etc
Banking
Barley
Beef and veal
Beverages
Blast furnaces, steel mills
Bonds, issued, prices, sales yields
Brass and bronze
Brick
Building and construction materials
Building costs
Building permits
Business incorporation (new), failures
Business sales and inventories
Butter
8,12
32
13
18
27
4,5,32
19
8,20
25
2,4-6,8-12,31,32
28
2-4,6,8,9,14,15,17,32
13,14
21
27
22
8,17,20
3-5
15,16
26
30
2,4,5
7
7
5
2,3
21
Carpets
31
Cattle and calves
22
Cement
30
Chain-store sales, firms with 11 or more stores
9
Cheese
21
Chemicals
2-4,10-12,15,17,19,20
Cigarettes and cigars
23
Clay products
2-4,30
Clothing (see apparel)
Coal
2,27
Cocoa
22
Coffee
22
Coke
27
Combustion, atmosphere, heating equipment
26
Communication
15,19
Construction:
Contracts
7
Costs
7
Employment, unemployment, hours, earnings
10-12
Housing starts
7
New construction put in place
7
Consumer credit
14
Consumer aoods output, index
1,2
Consumer Price Index
5,6
Copper and copper products
25,26
Com
21
Cost of living (see Consumer Price Index)
5,6
Cotton, raw and manufactures
5,30,31
Credit, commercial bank, consumer
14
Crops
5,21-23,30
Crudeoil
3,27
Currency in circulation
15
Dairy products
Debt, U.S. Government
Deflator, PCE
Department stores, sales, inventories
Deposits, bank
Dishwashers and disposers
5,21
14
1
9
13,15
27
Disposition of personal income
Distilled spirits
Dividend payments
Drugstores, sales
Earnings, weekly and hourly
Eating and drinking places
Eggs and poultry
Electric power
Electrical machinery and equipment
Employee-hours, aggregate, and indexes
Employment and employment cost
Exports (see also individual commodities)
1
20
1,15
8,9
12
8,9
5,22
2,20
2-5,10-12,15,27
11
10-12
16-18
Failures, industrial and commercial
5
Farm prices
5,6
Fats and oils
17
Federal Government finance
14
Federal Reserve System
13
Federal Reserve member banks
13
Fertilizers
19
Fish
22
Flooring, hardwood
24
Flour, wheat
22
Fluid power products
26
Food products
2-6, 8,10-12,15,17,20-23
Foreign trade (see also individual commodities)
16-18
Freight cars (equipment)
32
Fruits and vegetables
5
Fuel oil
6,28
Fuels
2, 6,17, 27,28
Furnaces
27
Furniture
2,6,8-12
Gas, output, prices, sales, revenues
Gasoline
Glass and products
Glycerin
Gold
Grains and products
Grocery stores
Gypsum and products
Hardware stores
Heating equipment
Help-wanted advertising index
Hides and skins
Hogs
Home loan banks, outstanding advances
Home mortgages
Hotels, motor hotels, and economy hotels
Hours, average weekly
Housefurnishings
Household appliances, radios, and television sets
Housing starts and permits
Imports (see also individual commodities)
Income, personal
Income and employment tax receipts
Industrial production indexes:
By industry
By market grouping
Installment credit
Instruments and related products
Interest and money rates
Inventories, manufacturers' and trade
Inventory-sales ratios
Iron and steel
2,6,20
28
30
19
14
5,21,22
9
30
8
26
12
6
22
8
8
18
11
2, 4-6,8,9
27
7
17,18
1
14
1,2
1,2
14
2-4,10-12
14
3,4,8,9
3
2,15,24,25
Labor force
9,10
Lamb and mutton
22
Lead
26
Leather and products
2,6,10-12,23
Livestock
5,22
Loans, real estate, agricultural, bank (see also Consumer credit). 8,13
Lubricants
28
Lumber and products
2,6,10-12,23,24
Machine tools
26
Machinery
2-6,10-12,15,17,26,27
Manufacturers' sales (or shipments), inventories, orders
3-5
Manufacturing employment, unemployment, production workers,
hours, earnings
10-12
Manufacturing production indexes
1,2
Meat animals and meats
5,22
Medical care
6
Metals
2-6,10-12,15,24-26
Milk
21
Mining
2,10-12
Mobile homes, shipments, installment credit
7,14
Monetary statistics
15
Money and interest rates
14
Money supply
15
Mortgage applications, loans, rates
8,13,14
Motor carriers
18
Motor vehicles
2-4,6,8,9,15,17, 32
National parks, visits
18
Newsprint
New York Stock Exchange, selected data
Nonferrous metals
29
16
2,4,5,15,25,26
Oats
Oils and fats
Orders, new and unfilled, manufacturers'
Outlays, U.S. Government
21
17
4, 5
14
Paint and paint materials
> . . .•
20
Paper and products and pulp
2-4,6,10-12,15,28,29
Parity ratio
5
Passenger cars
2-4,6,8,9,15,17,32
Passports issued
18
Personal consumption expenditures
1
Personal income
1
Personal outlays
1
Petroleum and products
2-4,10-12,15,17,27,28
Pig iron
24
Plastics and resin materials
20
Population
9
Pork
22
Poultry and eggs
5,22
Price deflator, implicit (PCE)
1
Prices (see also individual commodities)
5,6
Printing and publishing
2,10-12
Private sector employment, hours, earnings
10-12
Producer Price Indexes (see also individual commodities)
6
Profits, corporate
15
Public utilities
1, 2,7,15,16,20
Pulp and pulpwood
28
Purchasing power of the dollar
6
Radio and television
Railroads
Ranges and microwave ovens
Rayon and acetate
Real estate
Receipts, U.S. Government
Refrigerators
Registrations (new vehicles)
Rent (housing
Retail trade
Rice
Rubber and products (incl. plastics)
8,27
12,16,18,32
27
31
8,13
14
27
32
6
2,3,5,8-12,14,32
21
2-4,6,10-12,29
Saving, personal
Savings deposits
Savings institutions
Securities issued
Security markets
Services
Sheep and lambs
Shoes and other footwear
Silver
Spindle activity, cotton
Steel and steel manufactures
Stock market customer financing
Stock prices, yields, sales, etc
Stone, clay, glass products
Sugar
Sulfur
Sulfuricacid
Superphosphate
Synthetic textile products
1
13
8,14
15
15,16
6,10-12
22
23
14
31
24,25
15
16
2-4,10-12,15,30
23
19
19
19
31
Tea imports
Telephone carriers
Television and radio
Textiles and products
Tin
Tires and inner tubes
Tobacco and manufactures
Tractors
Trade (retail and wholesale)
Transit lines, urban
Transportation
Transportation equipment
Travel
Truck trailers
Trucks
Unemployment and insurance
U.S. Government bonds
U.S. Government
Utilities
Vacuum cleaners
Variety
v ..
..
,_,stores. .,
Wages and salaries
Washers and dryers
Water heaters
Wheat and wheat flour
Wholesale trade
Wood pulp
Wool and wool manufactures
Zinc
23
19
27
2-4,10-12,15,30-32
26
29
2-4,10-12,23
27
2,3,5,8-12,32
18
6,10-12,15,16,18
2-6,10-12,15,17,32
18
32!
2,32
finance
9,10,13
16
14
2,6,7,15,16,20
27
9,.
1,12
27
27
21,22
2,3,5,8,10-12
28
31
26
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