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6
|UNE I998 <***> VOLUME 78 NUMBER
SURVEY of CURRENT BUSINESS
I N THIS ISSUE . . .
Gross State Product by Industry, 1977-96
U.S. DEPARTMENT OF COMMERCE < ^ ECONOMICS AND STATISTICS ADMINISTRATION
BUREAU OP ECONOMIC ANALYSIS
JUNE I998
VOLUME 7 8 NUMBER
6
SURVEY 0/
CURRENT BUSINESS
SURVEY OF CURRENT BUSINESS (ISSN
0039-6222). Published monthly by the
Bureau of Economic Analysis of the U.S.
Department of Commerce.
Editorial
correspondence should be addressed to the
US. Department of Commerce
WiEiam M, Daley, Secretary
mm • •
WMA
Economics and Statistics Administration
Robert J* Shapiro, Under Secretaryfor Economic Affairs
Editor-in-Chief, SURVEY OF CURRENT
BUSINESS, Bureau of Economic Analysis,
U.S. D e p a r t m e n t of C o m m e r c e ,
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THIS ISSUB ofthe SURVEY wentto the printer on June 9*199%*
Itincorporates data from the following monthly BEA news releases:
U.S. International Urade in Goods and Services (May 20),
Gross Domestic Product (May 28), and
Personal Income and Outlays (May 29)*
June 1998
SURVEY OF CURRENT BUSINESS
TABLE
OF
CONTENTS
l\egular features
1
Business Situation
Real GDP increased 4.8 percent in the first quarter 0/1998 after increasing 4.2
percent in the fourth quarter 0/1997; the price index/or gross domestic purchases was unchanged after increasing 1.4 percent. Corporate profits increased
$4.4 billion in the first quarter after decreasing $9.2 billion in the fourth. For
the year 1997, property income's rate 0/return /or domestic nonfinancial corporations increased to 9.8 percent, the highest in nearly 30 years. The fiscal
position o/the Federal Government shifted from a current deficit of $12.1 billion
in the/ourth quarter to a current surplus of $49.0 billion in the first quarter,
the first surplus in nearly 30 years; the State and local government current
surplus decreased $2.5 billion, to $107.6 billion.
15 Gross State Product by Industry, 1977-96
estimates of gross state product (GSP) have been updated to reflect the
most recent annual revisions of the NIPA'S, of the national estimates of gross
product by industry, and of the estimates of State personal income. In 1996,
real GSP increased in all States except Alaska and Hawaii; the five States
with the fastest growth rates were Utah, Nevada, Delaware, Oregon, and New
Hampshire. In 1996, thefiveStates with the largest shares of nominal GSP were
California, New York, Texas, Illinois, and Florida. From 1989 to 1996, the per
capita GSP estimates by region show the same trend of convergence toward the
U.S. average that was evident in the estimates of per capita personal income
by region.
BEA'S
39 Foreign Direct Investment in the United States: New Investment
in 1997 and Affiliate Operations in 1996
Outlays by foreign investors to acquire or establish businesses in the United
States decreased from a record $79.9 billion in 1996 to $70.8 billion in 1997,
the first decrease since 1992; the decrease reflected a reduction in the number of very large investments and a sharp decline in new investment from
Japan. In 1996, most measures of the operations of U.S. affiliates of foreign
companies increased. The gross product of affiliates increased 5 percent after
increasing 3 percent in 1995, and employment by affiliates increased 1 percent
after increasing 2 percent.
— Continued on next page —
SURVEY OF CURRENT BUSINESS
2 • June 1998
the first-quarter changes in these price measures
was a large decrease in the prices for imports of
goods and services, which are included in gross
domestic purchases prices but not in GDP prices.
that presented by the advance estimates. As in
the advance estimates, real GDP growth accelerated in the first quarter, and the acceleration was
more than accounted for by a sharp step-up in
consumer spending and by an upturn in business
spending for equipment.2 However, the "preliminary5' estimates show faster accelerations in
real GDP and in real gross domestic purchases
and a slower acceleration in real final sales of
domestic product than were shown by the advance estimates.3 According to the preliminary
estimates, real gross domestic purchases increased
7.3 percent after increasing 3 4 percent, and real
final sales of domestic product increased 3.4 percent after increasing 2.3 percent; the advance
first-quarter estimates had indicated a 6.1-percent
increase in real gross domestic purchases and a
4.1-percent increase in real final sales of domestic
product.
The price index for gross domestic purchases
was unchanged in the first quarter after increasing 1.4 percent in the fourth. The price index
for GDP increased 1.0 percent after increasing 1.4
percent. The major reason for the difference in
Personal consumption expenditures
Real personal consumption expenditures (PCE)
increased 6.1 percent in the first quarter after increasing 2.5 percent in the fourth (table 2). The
large first-quarter increase continues a pattern
of strong growth that began in the first quarter
of 1997 after modest growth in 1995 and 1996.
Over the past five quarters, real PCE increased at
an annual rate of 4.1 percent, compared with a
2.4-percent rate over the preceding 2 years.
The recent strength in real PCE reflects strength
in several of the factors usually considered in
analyses of PCE. Since the fourth quarter of 1996,
real disposable personal income has increased at
an annual rate of 3.9 percent, compared with a
2.2-percent rate over the preceding 2 years. The
unemployment rate fell to 4.7 percent in the first
quarter of 1998—the lowest rate in more than
25 years—from 5.3 percent in the fourth quarter
of 1996; 2 years earlier, the unemployment rate
was 5.6 percent. The Index of Consumer Sentiment (prepared by the University of Michigan's
Survey Research Center) has increased at an annual rate of 8.4 percent since the fourth quarter
of 1996, compared with a 2.3-percent rate over
2. NIPA table 8.2 (on page D-25 in this issue) shows the contributions of
the major components to the quarter-to-quarter percent change in real GDP.
3. Gross domestic purchases—a measure of purchases by U.S. residents
regardless of where the purchased goods and services are produced—is calculated as GDP less exports of goods and services plus imports of goods and
services. Final sales of domestic product is calculated as GDP less the change
in business inventories.
Table 2.—Real Personal Consumption Expenditures
[Seasonally adjusted at annual rates]
Billions of chained (1992) dollars
Percent change from preceding
v^ucti i c i
Level
Change from preceding quarter
1QQ7
1997
1998
I
Personal consumption expenditures
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
II
III
IV
1
4,999.5
11.3
66.8
29.9
73.4
0.9
5.6
2.5
6.1
684.1
241.9
79.4
62.0
324.5
125.5
-8.8
-10.3
-5.9
-2.7
4.9
-1.7
27.1
15.6
8.6
5.8
8.8
2.0
3.2
-1.4
-3.0
3.5
3.8
1.4
24.8
4.6
.1
.8
19.6
2.4
-5.4
-16.6
-26.6
-18.1
7.0
-5.3
18.4
31.2
55.7
52.9
12.7
6.7
1.9
-2.4
-13.6
25.8
5.1
4.7
15.9
8.0
.4
5.8
28.3
8.2
1,484.2
690.7
291.6
118.1
9.1
377.6
-7.8
-6.4
-3.3
1.4
.7
-.3
15.5
1.3
7.5
.1
.3
6.6
-4.6
-2.9
-1.7
.8
-.5
-.2
23.3
4.1
12.0
1.1
-.8
7.8
-2.1
-3.6
-4.7
5.3
32.5
-.3
4.3
.8
11.5
.4
13.4
7.5
-1.2
-1.7
-2.4
2.6
-17.9
-.2
6.5
24
18.3
3.7
-30.0
8.7
2,834.0
723.4
297.1
111.4
185.1
209.3
722.0
882.4
25.9
26.3
30.3
27.6
4.1
-3.0
-5.5
2.2
2.5
5.1
18.4
3.9
3.9
2.1
8.9
14.7
5.3
3.3
2.5
5.1
2.0
2.1
-6.9
8.2
6.1
3.1
6.2
4.4
2.1
6.1
4.2
7.2
5.6
1.5
8.2
4.0
2.3
-3.9
-17.5
5.0
50
29
8.8
Durable goods
Motor vehicles and parts
Of which: New autos
New trucks
Furniture and household equipment.
Other
Nondurable goods
I
IV
III
II
1QQQ
1990
1998
NOTE.—See note to table 1 for an explanation of chained (1992) dollar series. Chained (1992)
dollar levels and residuals are in NIPA tables 2.3, 8.5 (autos), and 8.7 (trucks). Percent changes
in major aggregates are in NIPA table 8.1.
3.7
6.2
4.0
2.2
1.6
4.4
10.2
3.6
1.5
-2.1
3.5
3.0
5.4
12.6
3.7
4.4
1.2
3.2
2.9
2.7
16.9
SURVEY OF CURRENT BUSINESS
the preceding 2 years (chart 2). In addition, consumer spending may have been stimulated by the
large increases in stock market prices that have
increased consumer wealth.
In the first quarter of 1998, expenditures
for durable goods accelerated sharply, and expenditures for nondurable goods turned up;
in contrast, expenditures for services increased
somewhat less than in the fourth quarter. Expenditures for durable goods jumped 15.9 percent
in the first quarter after increasing 1.9 percent in
the fourth. Motor vehicles and parts increased
after decreasing; the upturn mainly reflected
upturns in used and new autos, as trucks increased less than in the fourth quarter. Furniture
and household equipment increased substantially more than in the fourth quarter; most of
the acceleration was accounted for by consumer
electronics, including computers.
Expenditures for nondurable goods increased
6.5 percent after decreasing 1.2 percent. The upturn mainly reflected an upturn in clothing and
Selected Factors
Affecting Consumer Spending
Percent change
10
REAL DISPOSABLE PERSONAL INCOME'
I Nl.I Illll
Percent
10
I UNEMPLOYMENT RATE'
Illllllllllll
Index
110
CONSUMER SENTIMENT1
100
^ ^
90
-^
:>->»——-"''
80
70
60
,
,
,
1995
i
,
,
1996
,
i
,
,
,
1997
i
,
,
Nonresidential fixed investment
Real private nonresidential fixed investment
jumped 17.2 percent in the first quarter after edging down 0.8 percent in the fourth (table 3).
Producers' durable equipment (PDE) more than
accounted for the upturn; structures decreased
more than in the fourth quarter.
Factors that affect investment spending have
been generally favorable over the past four
quarters: Real final sales of domestic product
increased 3.2 percent; long-term interest rates
decreased—for example, the yield on high-grade
corporate bonds decreased to 6.64 percent from
7.67 percent; domestic corporate profits increased
6.1 percent; and the capacity utilization rate in
manufacturing was little changed at 81.5 percent.
PDE jumped 27.5 percent in the first quarter after edging down 0.3 percent in the fourth. All
components except trucks, buses, and truck trailers contributed to the upturn, but by far the
largest contribution was from computers and peripheral equipment, which accelerated sharply to
a record quarterly increase.
Structures decreased 7.4 percent after decreasing 2.3 percent. The larger first-quarter decrease
was more than accounted for by a downturn
in "other" structures that reflected the fourthquarter sale of the Naval Petroleum Reserve at Elk
Hills, California, by the Federal Government to a
private business. (For more information on this
sale, see the "Business Situation" in the March
1998 SURVEY OF CURRENT BUSINESS.) Nonresidential buildings and mining exploration, shafts,
and wells decreased less than in the fourth quarter, and utilities increased more than in the fourth
quarter.
,
1998
1. Disposable pe
e in chained (1992) (Mars: seasonaJy adjusted annual rales.
2. M dvian waters, seasonally adjusted
Data: US. Department of Labor, Bureau of Labor Statistics
3. Data: University of Mchigan-s Survey Research Center.
U.S. Department of Commerce, Bureau of Economic Analysis
shoes, but "other" nondurable goods and food
also turned up.
Expenditures for services increased 4.0 percent
after increasing 4.4 percent. The deceleration
reflected a downturn in household operation,
particularly in electricity and gas; the decrease in
electricity and gas reflected a decrease in demand
for heating services due to warmer-than-normal
winter weather. In contrast, medical care and
"other" services, primarily brokerage and investment counseling, increased more than in the
fourth quarter.
Residential investment
Real residential investment increased 16.1 percent
in the first quarter after increasing 9.1 percent
in the fourth (table 3). The acceleration was accounted for by single-family structures and by
June 1998
SURVEY OF CURRENT BUSINESS
June 1998
"other" residential investment, both of which
increased more than in the fourth quarter.4
Single-family structures increased 22.2 percent
after increasing 8.4 percent. Single-family housing starts increased more than in the fourth
quarter, to a level of 1.20 million units (seasonally
adjusted annual rate) (chart 3).'
"Other" residential investment increased 9.4
percent after increasing 6.3 percent. The acceleration was accounted for by step-ups in home
4. "Other" residential investment includes home improvements, new mobile home sales, brokers' commissions on home sales, residential equipment,
and other residential structures (which consists primarily of dormitories,
fraternity and sorority houses, and nurses' homes).
5. The estimate of single-family structures for a quarter largely reflects
starts in the first 2 months of that quarter and in the last 2 months of the
preceding quarter; therefore, structures in the first quarter largely reflected
starts from November 1997 through February 1998, and structures in the
fourth quarter largely reflected starts from August 1997 through November
1997-
CHART 3
CHART 4
Housing Starts
Selected Interest Rates
Millions of units
2.0
Percent
12
10
Prime Rate
V
Mortgage Commitments'
^3-Month Treasury Bills
,
I,,,,
I
1
I
1996
1997
1998
Seasonally Adjusted at Annual Rates
Data: Bureau of tie Census
U.S. Department of Commerce, Bureau of Economic Analysis
1995
1996
1997
1998
Data: Federal Reserve Bunt
U.& Department of Commerce, Bureau of Economic Analysis
Table 3.—Real Gross Private Domestic Fixed Investment
[Seasonally adjusted at annual rates]
Percent change from preceding
Billions of chained (1992) dollars
Level
Change from preceding quarter
1QQQ
1990
1QQ7
1998
I
Gross private domestic fixed investment
II
IV
III
I 33 (
1998
1997
II
I
IV
III
1
1,200.5
32.4
37.9
5.3
45.9
12.6
14.4
1.8
16.9
908.0
191.8
144.9
29.2
12.6
28.1
-2.4
-3.0
37.5
-1.8
-1.2
-3.2
35.3
-3.7
-2.0
19.2
-.8
6.7
8.3
-2.3
-8.1
.2
-.6
2.4
-.2
-2.5
14.6
-4.7
-7.6
17.4
-18.3
11.3
-8.2
13.9
34.0
-15.8
372.9
17.2
-7.4
-5.4
14.8
-6.5
-80.0
42.9
32.0
50.3
23.0
24.0
48.4
4.3
2.8
8.0
3.5
6.0
24.8
29.5
-7.0
12.1
Nonresidential
Structures
Nonresidential buildings, including farm .
Utilities
Mining exploration, shafts, and wells
Other
Producers' durable equipment
Information processing and related equipment.
Computers and peripheral equipment
Other
Industrial equipment
Transportation and related equipment
01 which: Motor vehicles
Other
Residential
Single-family structures
Multifamily structures
Other
NOTE.-See note to table 1 for an explanation of chained (1992) dollar series. Chained (1992)
dollar levels and residuals are in NIPA tables 5.5, 8.5 (autos), and 8.7 (trucks). Percent changes
in major aggregates are in NIPA table 8.1.
5.0
727.7
357.9
299.8
136.2
129.4
151.1
123.5
117.0
297.2
145.5
21.9
130.3
1.2
-.6
.1
3.2
3.0
-.7
.4
.4
32.7
15.5
20.3
36.0
23.6
24.4
-.5
5.4
2.9
6.7
8.5
7.1
2.1
.4
1.0
9.0
10.8
-3.7
3.0
5.4
3.0
-1.1
4.9
.3
.8
4.0
1.9
-.8
-.8
3.6
6.2
2.7
1.5
1.9
-2.1
0
1.0
10.9
7.1
.8
2.9
9.8
7.4
.7
17.6
14.4
24.1
35.8
53.3
25.0
7.2
2.8
-.3
6.9
16.0
1.2
3.2
35.8
20.5
11.4
-9.6
2.7
9.1
8.4
-2.3
-15.6
12.4
-.2
-3.6
27.5
45.5
108.4
13.8
8.9
24.4
12.3
23.2
34.8
16.1
22.2
17.0
6.3
9.4
SURVEY OF CURRENT BUSINESS
improvements and in brokers' commissions. The
step-up in brokers' commissions reflected an
acceleration in home sales to a level of 5.42
million units (seasonally adjusted annual rate)—
4.57 million-unit sales of existing residences and
0.85 million-unit sales of new residences. The
commitment rate on 30-year, fixed-rate mortgages decreased slightly to 7.10 percent from 7.20
percent (chart 4).
Multifamily construction increased 17.0 percent
after increasing 34.8 percent.
June 1998
apparel, and in "other nondurables" Among
nonmerchant wholesalers, a step-up was mainly
accounted for by an upturn in durable goods.6
Retail trade inventories increased $16.3 billion
after increasing $17.0 billion, as a slowdown in
durable goods was nearly offset by a step-up in
nondurable goods. The slowdown in durable
goods was dominated by inventories of motor vehicle dealers. The step-up in nondurable goods
was widespread.
"Other" nonfarm inventories increased somewhat more than in the fourth quarter.7
Farm inventories increased $8.9 billion after increasing $9.8 billion. As in the fourth quarter,
an increase in crop inventories more than offset
a small decrease in livestock inventories.
The ratio of real nonfarm inventories to real
final sales of domestic businesses increased from
2.29 in the fourth quarter to 2.31 in the first, its
highest level since the fourth quarter of 1991; the
ratio has trended up over the past six quarters,
increasing 0.06 over that time. A ratio in which
final sales include only goods and structures increased to 4.17 from 4.14. This ratio has also
trended up over the past six quarters, increasing
0.10 over that time; however, this ratio was no
higher in the first quarter than it had been in the
second quarter of 1995.
Inventory investment
Real inventory investment—that is, the change
in business inventories—increased $26.7 billion
in the first quarter, as inventory accumulation
picked up to $100.7 billion from $74.0 billion
(table 4). Inventory investment had increased
virtually the same amount in the fourth quarter,
as accumulation had picked up from $47.5 billion
in the third quarter.
Manufacturing inventories increased $38.3 billion in the first quarter after increasing $21.5
billion in the fourth. Most of the step-up was in
durable goods industries, reflecting an upturn in
motor vehicles and step-ups in fabricated metals, in electronic machinery, and in industrial
machinery. In the nondurable goods industries,
the largest step-ups were in petroleum and in
chemicals.
Wholesale trade inventories increased $29.3
billion after increasing $19.7 billion. Among merchant wholesalers, a sharp step-up in durable
goods was partly offset by a slowdown in nondurable goods. In durable goods, sizable increases followed relatively small decreases in
professional and commercial equipment (which
includes computers), in motor vehicles, and
in electrical goods. In nondurable goods, inventories turned down in farm products, in
Exports and imports
Real exports of goods and services decreased 3.0
percent in the first quarter after increasing 8.3
percent in the fourth (table 5). Real imports
6. Nonmerchant wholesalers, in contrast to merchant wholesalers, do
not take title to the goods they sell; nonmerchant wholesalers include sales
offices and branches of manufacturing, refining, or mining enterprises that
are separate from their plants and mines, as well as agents, brokers, and
commission merchants.
7. "Other" nonfarm inventories includes inventories held by the following industries: Mining; construction; public utilities; transportation;
communication; finance, insurance, and real estate; and services.
Table 4.—Real Change in Business Inventories
[Billions of chained (1992) dollars; seasonally adjusted at annual rates]
Level
Change from preceding quarter
1997
II
I
Change in business inventories
.
Farm
Nonfarm
...
Manufacturing
;
Wholesale trade
Retail trade
Of which. Motor vehicle dealers .
Other
.
NOTE.-See note to table 1 for an explanation of chained (1992) dollar series. Chained (1992)
dollar levels and residuals are in NIPA table 5.11.
1997
1998
IV
III
I
II
III
1998
IV
I
63.7
77.6
47.5
74.0
100.7
13.9
-30.1
26.5
5.3
7.5
9.5
9.8
8.9
2.2
2.0
.3
-.9
58.3
20.9
22.9
.6
-2.5
13.7
70.1
29.0
24.6
7.7
-3.7
8.9
38.3
14.8
14.9
2.8
-.6
5.7
64.5
21.5
19.7
17.0
10.6
6.3
91.8
38.3
29.3
16.3
-5.2
8.1
11.8
8.1
1.7
7.1
-1.2
-4.8
-31.8
-14.2
-9.7
-4.9
3.1
-3.2
26.2
6.7
4.8
14.2
11.2
.6
27.3
16.8
9.6
-.7
-15.8
1.8
26.7
SURVEY OF CURRENT BUSINESS
June 1998
for by computers, peripherals, and parts; by automotive vehicles, engines, and parts; and by
industrial supplies and materials. Imports of
services jumped 20.0 percent after edging up 0.3
percent; most of the acceleration was accounted
for by upturns in "other private services" and
in royalties and license fees, primarily reflecting
payments for the Winter Olympics.
of goods and services jumped 17.7 percent after
increasing 5.3 percent.
Real exports of goods decreased 5.4 percent
after jumping 14.1 percent; exports of both
nonagricultural and agricultural goods turned
down. The weakness in nonagricultural exports was widespread among all goods except
computers, peripherals, and parts. Exports of
services increased 3.3 percent after decreasing
5.1 percent; most of the upturn was accounted
for by upturns in transfers under U.S. military
agency sales contracts and in "other private services" (which includes education, financial, and
telecommunications services).
Real imports of goods jumped 17.3 percent after
increasing 6.2 percent; imports of nonpetroleum
products accelerated, and imports of petroleum
and products turned up. Most of the acceleration in nonpetroleum products was accounted
Government spending
Real government consumption expenditures and
gross investment decreased 3.0 percent in the
first quarter after edging up 0.3 percent in the
fourth (table 6). Federal Government spending
decreased more than in the fourth quarter, and
State and local government spending increased
less.
Table 5.—Real Exports and Imports of Goods and Services
[Seasonally adjusted at annual rates]
Billions of chained (1992) dollars
Percent change from preceding
quarter
Change from preceding quarter
Level
1997
1997
1998
I
II
985.0
Exports of goods and services ...
Goods
Agricultural goods
Nonagricultural goods
Services
745.8
49.8
699.9
243.8
1,199.8
173.6
50.2
47.1
5.9
40.6
3.4
Addendum: Net exports of goods and services
-214.7
-10.3
959.9
III
-42
20.6
-3.2
-7.7
-10.5
-3.2
-6.8
2.0
38.0
34.3
1.1
33.4
4.0
14.7
14.9
-1.7
16.8
.1
48.0
40.2
.9
39.4
7.7
20.5
22.9
44.5
21.1
8.9
-27.5
5.0
-55.6
10.5
6.0
2.3
3.3
4.2
Imports of goods and services .
Goods
Petroleum and products
Nonpetroleum products
Services
1,027.8
68.4
II
IV
39.8
39.6
-.5
41.2
1.9
1998
1998
19.7
24.5
3.5
18.4
25.1
28.2
3.2
IV
4.4
3.4
20.6
1.9
7.2
8.3
14.1
31.9
12.5
-5.1
-3.0
-5.4
-21.7
-0.8
3.3
14.6
5.3
6.2
17.7
17.3
5.4
18.2
20.0
15.4
6.3
16.2
10.1
-9.5
7.7
.3
NOTE.-See note to table 1 for an explanation of chained (1992) dollar series. Chained (1992)
dollar levels and residuals are in NIPA table 4.4. Percent changes in major aggregates are in
NIPA table 8.1.
Table 6.—Real Government Consumption Expenditures and Rea1 Gross Investment by Type
[Seasonally adjusted at annual rates]
EBillions of chained (1992) dollars
Level
Percent change from preceding
Change from preceding quarter
1997
1998
I
1997
II
III
1998
1998
II
I
IV
IV
III
I
1,264.6
9.6
3.3
1.0
-9.8
3.1
1.1
.3
-3.0
444.5
7.3
-1.3
-2.7
-11.6
6.6
-1.1
-2.3
-9.8
National defense
Consumption expenditures
Gross investment
....
295.6
261.0
34.6
5.5
3.6
1.9
.9
-.3
1.3
.8
.3
.5
-15.5
-12.9
-2.6
7.5
5.4
25.3
1.2
-.4
15.3
10
.4
5.2
-184
-17.5
-25.2
Nondefense
Consumption expenditures
Gross investment
148.3
127.7
20.7
1.7
.5
1.4
-2.2
-.4
-1.9
-3.2
-1.2
-2.5
3.5
1.1
2.9
4.9
1.7
29.8
-5.7
-1.5
-31.1
-86
-3.7
-39.9
101
3.5
80.8
820.2
2.4
4.6
3.6
1.9
1.2
2.3
1.8
.9
676.4
143.8
3.2
-.8
4.3
.3
3.9
-.3
3.9
-2.0
1.9
-2.4
2.6
.9
2.3
-.6
2.3
-5.4
Government consumDtion exDenditures and aross investment
Federal
State and local.
Consumption expenditures
Gross investment
NOTE.—See note to table 1 for an explanation of chained (1992) dollar series. Chained (1992)
dollar levels and residuals are in NIPA table 3.8B. Percent changes in major aggregates are in
NIPA table 8.1.
SURVEY OF CURRENT BUSINESS
Federal defense spending fell 18.4 percent after increasing 1.0 percent. Both consumption
expenditures and investment decreased after increasing. The downturn in consumption expenditures was mostly accounted for by contractual
services other than compensation of employees. The downturn in investment spending was
accounted for by equipment, primarily aircraft.
Federal nondefense spending increased 10.1
percent after decreasing 8.6 percent. Both consumption expenditures and investment increased
after decreasing. The upturn in investment
spending was attributable to structures.
State and local government spending increased
0.9 percent after increasing 1.8 percent. Investment spending decreased more than in the fourth
quarter, reflecting a larger decrease in structures
in the first quarter than in the fourth. Consumption expenditures increased the same amount in
both quarters.
June 1998
The preliminary estimate of the price index
for gross domestic purchases shows no change
from the fourth quarter, the same as the advance
estimate, and the preliminary estimate of the increase in the GDP price index was 1.0 percent,
0.1 percentage point higher than the advance
estimate.
The preliminary estimate of the increase in
real disposable personal income (DPI) was 4.7
percent, 2.1 percentage points lower than the advance estimate. Current-dollar personal income
was revised down slightly; current-dollar DPI was
revised down more, reflecting a large upward
revision to personal tax and nontax payments
that reflected the incorporation of newly available
data from the Monthly Treasury Statement on
Table 7.—Revisions to Real Gross Domestic Product and Prices, First Quarter 1998
[Seasonally adjusted at annual rates]
Percent change from
preceding quarter
Revisions
As noted earlier, the preliminary estimate of
a 4.8-percent increase in real GDP in the first
quarter is 0.6 percentage point higher than the
advance estimate (table 7); for 1976-97, the average revision, without regard to sign, from the
advance estimate to the preliminary estimate was
0.5 percentage point. The upward revision to
GDP in the first quarter reflected a sharp upward
revision to inventory investment that was partly
offset by an upward revision to imports. Revisions to other components of GDP were relatively
small.
The upward revision to inventory investment primarily reflected the incorporation of
newly available Census Bureau inventory data for
February (revised) and March, which showed a
large increase; for the advance estimates, BEA
had assumed a small decrease. In addition, the
revision reflected the incorporation of revised
Census Bureau inventory data for wholesale and
retail trade that are based on annual surveys for
1996; BEA incorporates data from such surveys
on a "best-change" basis, which allows the use
of newly available data for the preceding quarter
in the calculation of change from that quarter to
the current quarter. The revised Census Bureau
data for 1995-97 will be incorporated at the time
of the annual NIPA revision at the end of July.
The upward revision to imports reflected the
incorporation of newly Available Census Bureau data for imports of goods for March,
which showed a large increase; for the advance
estimates, BEA had assumed little change.
7
Advance
estimate
Preliminary
estimate
Preliminary estimate
minus advance
estimate
Percentage
points
Billions of
chained
(1992)
dollars
4.2
4.8
0.6
9.6
Less: Exports of goods and services
Goods
Services
-3.4
-6.1
3.7
-3.0
-5.4
3.3
.4
.7
-.4
.9
1.2
-.3
Plus: Imports of goods and services
Goods
Services
11.6
10.2
19.2
17.7
17.3
20.0
6.1
7.1
.8
16.0
16.0
.3
Equals: Gross domestic purchases ..
6.1
7.3
1.2
22.1
Personal consumption expenditures ,
Durable goods
Nondurable goods
Services
5.7
18.4
5.2
3.5
6.1
15.9
6.5
4.0
.4
-2.5
1.3
.5
4.9
-3.6
4.6
3.5
Fixed investment
Nonresidential
Structures
Producers' durable equipment.
Residential
17.6
17.6
-8.9
28.8
17.6
16.9
17.2
-7.4
27.5
16.1
-.7
-.4
1.5
-1.3
-1.5
-1.7
-.7
.8
-1.8
-1.0
Gross domestic product
Change in business inventories .
Nonfarm
Farm
Government consumption expenditures and gross investment
Federal
National defense
Nondefense
State and local
Addenda:
Final sales of domestic product
Gross domestic purchases price index l
GDP price index l
23.7
24.8
-1.4
-2.0
-8.3
-16.7
11.0
1.7
-3.0
-9.8
-18.4
10.1
.9
-1.0
-1.5
-1.7
^3.5
-1.9
-1.6
-.3
-1.7
4.1
0
.9
3.4
0
1.0
-.7
0
.1
-12.5
1. Based on chained-type annual (1992) weights.
NOTE.—The preliminary estimates for the first quarter of 1998 incorporate the following revised or additional major source data
that were not available when the advance estimates were prepared.
Personal consumption expenditures: Revised retail sales for January through March, consumers' share of new-car purchases for
March, revised average unit value for domestic new autos for March, consumers' share of new-truck purchases for March, and
residential electricity usage for January.
Nonresidential fixed investment: Construction put in place for January and February (revised) and March, manufacturers' shipments
of machinery and equipment for February and March (revised), and exports and imports of machinery and equipment for February
(revised) and March.
Residential fixed investment: Construction put in place for January and February (revised) and March.
Change in business inventories: Manufacturing inventories for February (revised) and March; and retail trade and wholesale trade
inventories for October 1997 through February (revised) and March.
Exports and imports of goods and services: Exports and imports of goods for February (revised) and March.
Government consumption expenditures and gross investment: Monthly Treasury Statement detailed data for March, Department
of Defense detailed financial reports for the quarter, State and local government construction put in place for January and February
(revised) and March.
Wages and salaries: Employment, average hourly earnings, and average weekly hours for February and March (revised).
GDP prices: Detailed merchandise export and import price indexes for January through March (revised), values and quantities
of petroleum imports for February (revised) and March, and housing prices for the first quarter.
SURVEY OF CURRENT BUSINESS
8 • June 1998
Federal nonwithheld income taxes through April.
The preliminary estimate of the personal saving
rate—personal savings as a percentage of currentdollar DPI—was 3.7 percent, 0.5 percentage point
lower than the advance estimate.
Corporate Profits
Profits from current production increased $4.4
billion in the first quarter after decreasing $9.2
billion in the fourth (table 8).8 Profits of domestic industries increased $1.7 billion after decreasing $5.7 billion. Profits of domestic nonfinancial
corporations edged up $0.7 billion after decreasing $10.7 billion, as an increase in real product
offset a decrease in unit profits; the decrease in
unit profits resulted from an increase in unit labor costs, while unit prices changed little. Profits
of domestic financial corporations increased $1.0
billion after increasing $5.0 billion. Profits from
the rest of the world increased $2.7 billion after decreasing $3.6 billion; receipts turned up,
8. Profits from current production is estimated as the sum of profits
before tax, the inventory valuation adjustment, and the capital consumption
adjustment; it is shown in NIPA tables 1.9,1.14,1.16, and 6.16c (see "Selected
NIPA Tables," which begin on page D-2 of this issue) as corporate profits
with inventory valuation and capital consumption adjustments.
while payments decreased about as much as in
the fourth quarter.9
Cash flow from current production, a profitsrelated measure of internally generated funds
available for investment, increased $11.2 billion after decreasing $4.5 billion. The ratio of cash flow
to nonresidential fixed investment, an indicator
of the share of the current level of investment that
could be financed by internally generated funds,
decreased for the fourth consecutive quarter, to
79.7 percent from 81.0 percent. This ratio, which
averaged 84.7 percent in 1990-97, was last below
80 percent in the first quarter of 1995.
Industry profits and related measures,—Industry
profits increased $2.1 billion after decreasing $10.6
billion.10 Profits of domestic nonfinancial corporations decreased less than in the fourth quarter,
largely reflecting an upturn in trade profits. In
contrast, profits of domestic financial corporations increased less than in the fourth quarter. As
already noted, profits from the rest of the world
turned up.
Profits before tax (PBT) decreased $18.9 billion
after decreasing $16.1 billion. The difference between the $18.9 billion decrease in PBT and the
$4.4 billion increase in profits from current production mainly reflected a $21.0 billion decrease
in inventory profits.11
Table 8.—Corporate Profits
[Seasonally adjusted at annual rates]
Level
Change from preceding quarter
1997
1998
I
II
1998
III
I
IV
Billions of dollars
Profits from current production
Domestic industries
Financial
Nonfinancial
Rest of the world
Receipts (inflows)
Payments (outflows)
.
IVA
CCAdj
Profits before tax
Profits tax liability
Profits after tax
Cash flow from current production
.
Corporate profits with IVA
Domestic industries
Financial
Nonfinancial
Rest of the world
822.5
723.5
115.3
608.2
99.0
146.0
47.0
15.5
12.2
.9
11.3
3.4
8.4
5.0
32.2
33.1
1.6
31.5
-.9
2.2
3.1
-%2
-5.7
5.0
-10.7
-3.6
-5.5
-1.9
4.4
1.7
1.0
.7
2.7
1.0
-1.7
30.2
73.9
718.4
245.4
473.0
2.4
1.7
11.4
-2.3
.9
33.6
13.7
19.9
5.6
1.3
-16.1
-4.6
-11.5
21.0
2.3
-18.9
-8.2
-10.7
714.6
11.3
17.7
-4.5
11.2
748.6
649.7
125.7
524.0
99.0
13.8
10.4
1.0
9.4
31.4
32.3
1.9
30.4
3.4
-.9
-10.6
-7.0
5.1
-12.1
-3.6
3.3
8.1
2.1
-.5
1.2
-1.7
2.7
Dollars
Unit price, costs, and profits of nonfinancial corporations:
Unit price
Unit labor cost
Unit nonlabor c o s t . . .
.
Unit profits from current production .
1.073
.705
.226
.142
0.003
.001
0
.001
NOTE.-Uvels of these and other profits series are in NIPA tables 1.14,1.16, 6.18C, and 7.15.
IVA Inventory valuation adjustment
CCAdj Capital consumption adjustment
0
-.003
-.001
.005
Rates of Return for Domestic Nonfinancial
Corporations, 1960-97
0.001
.007
-.001
-.004
0
.003
-.001
-.003
For domestic nonfinancial corporations, property
income's rate of return increased to 9.8 percent
in 1997 from 9.5 percent in 1996, and property
income's share of domestic income edged up
to 19.2 percent from 19.1 percent (chart 5 and
table 9). For both measures, the 1997 levels were
the highest in almost 30 years.
9. Profits from the rest of the world is calculated as (1) receipts by U.S.
residents of earnings from their foreign affiliates plus dividends received by
U.S. residents from unaffiliated foreign corporations minus (2) payments by
U.S. affiliates of earnings to their foreign parents plus dividends paid by U.S.
corporations to unaffiliated foreign residents. These estimates are derived
from BEA'S international transactions accounts.
10. Industry profits, which are estimated as the sum of corporate profits before tax and the inventory valuation adjustment, are shown in NIPA
table 6.16c (on page D-16 of this issue). Estimates of the capital consumption adjustment are available only for total financial and total nonfinancial
industries.
11. As prices change, companies that value inventory withdrawals at original acquisition (historical) costs may realize inventory profits or losses.
Inventory profits—a capital-gains-like element in profits—result from an increase in inventory prices, and inventory losses—a capital-loss-like element
in profits—result from a decrease in inventory prices. In the NIPA'S, inventory profits or losses are shown as adjustments to business income (corporate
profits and nonfarm proprietors' income), as reported on tax returns of businesses; they are shown as the inventory valuation adjustment with the sign
reversed.
SURVEY OF CURRENT BUSINESS
The rate of return is defined here as the ratio of
property income to the stock of net reproducible
tangible assets—the replacement-cost value of
structures, equipment, and inventories. For purposes of this article, property income is defined
as the sum of profits from current production—
corporate profits with inventory valuation and
capital consumption adjustments—and net interest payments (table 10).12 In other contexts,
different definitions may be appropriate. For
12. Corporate profits and net interest are based on tabulations of "company" data rather than "establishment" data. As a result, property income for
domestic nonfinanci.il corporations may include income earned by financial
establishments of those corporations; similarly, it may exclude income earned
by nonfinancial units of financial corporations.
For a discussion of the industrial distribution of NIPA series, see Eugene
P. Seskin and Robert P. Parker, "A Guide to the NIPA'S," Survey 78 (March
1998): 42-43. For a discussion of the wealth estimates, which are on an
establishment basis, see Arnold J. Katz and Shelby W. Herman, "Improved
Estimates of Fixed Reproducible Tangible Wealth, 1929 95," Survey 77 (May
1997): 69-92.
June 1998
example, in "Foreign Direct Investment in the
United States" in this issue, rates of return for
nonfinancial U.S. affiliates are calculated on the
basis of all assets, not just reproducible tangible assets, and in "Gross State Product, 1977-96,"
property income is defined to include proprietors' income, rent, and consumption of fixed
capital.
This measure of rate of return has several useful features. First, it captures the total return to
investment, regardless of the mix of equity and
debt used to finance the investment. Second,
Table 9.—Rate of Return and Income Share, Domestic
Nonfinancial Corporations, 1960-97
[Percent]
Share of domestic
income
Rate of return
Property income
Property income
Profits from current
production
Year
Total
Rate of Return and Property Income's
Share of Domestic Income, Domestic
Nonfinancial Corporations, 1960-97
Percent
19.6
19.
21.1
22.1
22.
23.9
23.3
21.9
21.3
19.3
18.1
18.0
19.3
20.3
20.9
22.0
21.3
19.5
18.9
16
1.5
1.7
1.8
1.8
1.8
1.9
2.1
2.3
2.5
3.0
2.9
2.9
3.0
3.2
2.9
2.5
2.8
2.9
2.9
2.6
3.3
3.8
4.2
3.8
2.2
3.3
3.5
3.9
3.8
2.9
16.6
1.6
1.7
16.6
12.8
14.1
14.7
14.2
11.3
13.8
14.7
15.3
14.8
12.7
3.8
3.7
3.5
3.7
4.3
4.1
3.4
3.4
3.5
3.9
4.3
4.7
3.9
4.8
6.0
5.8
5.2
5.7
6.2
5.5
2.2
1.9
1.3
1.6
1.9
1.7
1.7
2.1
2.1
2.0
2.1
2.8
2.6
3.2
4.2
4.2
3.5
3.7
4.0
3.5
1.9
2.1
2.2
2.0
2.2
2.2
2.3
2.3
2.5
2.9
15.1
16.5
15.6
16.8
18.7
18.0
16.8
17.5
18.4
17.8
10.4
11.4
9.9
11.8
13.7
13.1
11.7
12.4
13.0
11.7
4.7
5.1
5.7
5.0
5.0
4.9
5.1
5.1
5.4
6.2
5.2
5.0
5.4
6.1
7.3
7.5
8.2
8.6
1
1.6
1.7
1.8
2.1
2.2
2.3
2.4
3.4
3.4
3.7
4.2
5.1
5.3
5.9
6.2
2.8
2.5
1.9
1.7
1.6
1.6
1.3
1.2
17.1
16.2
15.4
16.1
18.0
18.4
19.1
19.2
11.1
10.8
11.4
12.7
14.8
15.2
16.5
16.8
6.0
5.4
4.0
3.5
3.3
3.3
2.7
2.4
4.1
2.9
1.9
2.0
5.7
3.5
3.4
4.7'
1.0
1.7
2.3
1.8
21.5
17.5
17.1
17.4
19.5
13.8
11.9
13.7.
2.0
3.7
5.2
3.8
8.0
8.0
9.2
9.9
10.6
11.7
11.5
10.1
9.9
8.4
3.8
3.8
3.9
4.1
4.2
4.4
4,
3.9
4.3
3.!
8.8
7.1
7.5
7.8
8.3
8.2
7.3
6.;
6.7
7.2
7.0
5.1
5.8
6.4
6.8
6.7
5.6
1987
1988
1989
6.2
6.8
6.1
6.8
8.2
8.0
7.5
8.1
8.7
8.4
1990.
1991 .
1992.
1993.
1994.
1995.
1996 .
1997.
8.0
7.5
7.3
7.7
8.9
9.1
9.5
9.8
1962
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
20
4
4.3
5.3
5.8
6.5
7.2
7.0
6.3
5.6
4.5
8.8
10.0
10.8
11.5
12.
12.6
11.3
11.2
1961
1964
1965
PROPERTY INCOME'S SHARE
OF DOMESTIC INCOME
(7)
(2)
1960
1986
(3)
18
Average:
1960-69
1970-79
1980-89
16
1990-97
10.8
8.0
7.5
8.5
(8)
(6)
d)
1963
Percent
Profits
from
Net
Net
Profits Profits interesl Total curren
produ- interest
after
tax
Total
ction
liability tax
(4)
(5)
17.8
18
17.8
15.6
17.8
18.2
18.6
18.2
Source: Table 10.
I I I I [ I I
14
1960 64 68 72 76
I
80
I
I
84
U.S. Department of Commefce, Bureau of Economic Analysis
I I
88
92 96
NOTE.—Columns 1-5 are percentages of the stock of net reproducible assets (averages of
end-of-year values for adjacent years) valued at current-replacement cost. (Rates of return
shown in me June 1997 SURVEY, which are generally 0.1 or 0.2 percentage point lower than
shown here, were inadvertently based on end-of-year values.) Columns 6^8 are percentages
of domestic income.
1O • June 1998
SURVEY OF CURRENT BUSINESS
the numerator is not affected by inventory profits
or by depreciation schedules used in preparing the underlying tax returns; rather, it reflects
the current-replacement costs of inventory withdrawals and of capital used up in production.
Third, because assets in the denominator are also
measured at current-replacement cost, the ratio
is an estimate of the current average profitability
of investment. (Alternative measures of rate of
return were described in the June 1997 Survey,
page 10.)
The ratio of property income to domestic income is property income's "share"—that is, the
portion of domestic income that is not used to
compensate labor.
Table 10.—Property Income and Related Series, Domestic
Nonfinancial Corporations, 1960-97
[Billions of dollars]
Q-type ratios
A related ratio of analytical interest is "Tobin'sQ," or simply "Q," which compares the valuation of assets in financial markets with the
replacement cost of assets.
In principle, the par value of the q-ratio is 1. At
that value, financial markets would simply be reflecting the current prices of the assets to which
stocks and bonds are titles. Values above 1 would
encourage, and values below 1 discourage, companies' acquisitions of newly produced physical
assets, especially assets similar to the existing ones
the markets are evaluating.
The precise formula for calculating Q varies
from analyst to analyst (but the general pattern
of the ratio over time is relatively insensitive to
the fine points of measurement). All analysts
would include the market value of equities outstanding in the numerator; estimates for these
Property income
Net
reproDomestic
ducible
Net
income
tangible
Profits Profits interest
assets 1
after
tax
tax
liability
Profits from current
production
Year
Total
Total
(1)
(2)
(3)
(4)
(5)
(6)
(7)
44.1
45.6
53.6
59.7
66.5
77.5
83.4
81.8
87.6
85.6
40.7
41.6
49.1
54.9
61.2
71.4
76.1
73.0
77.5
72.5
19.2
19.5
20.6
22.8
24.0
27.2
29.5
27.8
33.6
33.3
21.5
22.2
28.4
32.1
37.2
44.2
46.6
45.2
43.9
39.1
3.5
4.0
4.5
4.8
5.3
6.1
7.4
8.8
10.1
13.2
225.3
230.9
253.7
270.8
293.2
324.0
357.4
374.1
410.8
444.5
512.8
524.6
542.5
561.2
590.5
632.2
692.0
750.6
819.6
902.8
1970
1971
1972
1973
1974
1975
1976
1977 ..
1978
1979
75.4
86.9
99.5
109.6
103.1
126.0
145.9
170.1
190.3
192.3
58.3
68.8
80.4
87.1
74.8
97.3
118.4
139.4
154.0
147.2
27.2
29.9
33.8
40.2
42.2
41.5
53.0
59.9
67.1
69.6
31.1
38.8
46.6
46.9
32.6
55.8
65.4
79.5
86.9
77.6
17.1
18.1
19.2
22.5
28.3
28.7
27.5
30.6
36.3
45.1
454.0
488.9
546.6
615.5
659.9
706.3
803.3
912.6
1,043.2
1,160.4
983.7
1.067.8
1,164.7
1,327.6
1,597.4
1,772.7
1,950.1
2,170.7
2,457.9
2,825.3
1980
1981
1982
1983
1984
1985
1986
1987 .
1988
1989
188.3
232.3
224.6
258.1
326.9
334.1
324.1
363.8
415.3
422.7
130.1
160.3
142.1
181.5
239.0
243.5
226.0
258.6
294.3
276.7
67.0
63.9
46.3
59.4
73.7
69.9
75.6
93.5
101.7
98.8
63.1
96.4
95.8
122.0
165.4
173.6
150.5
165.1
192.6
178.0
58.2
71.9
82.5
76.6
87.8
90.6
98.1
105.3
121.0
145.9
1,246.8
1,403.7
1,441.6
1,538.6
1,748.6
1,856.0
1,927.3
2,079.3
2,262.0
2,372.7
3,223.9
3,589.1
3,764.8
3,860.3
4,085.0
4,264.1
4,388.8
4,619.9
4,902.6
5,149.6
1990
1991
1992
1993
1994
1995
1996
1997
422.8
403.4
399.8
441.0
533.4
576.6
634.3
683.1
275.3
269.7
295.6
346.4
437.1
474.6
545.8
596.9
95.7
85.4
91.1
105.0
128.8
139.4
154.8
165.4
179.6
184.3
204.5
241.4
308.3
335.2
391.0
431.5
147.5
133.7
104.2
94.5
96.3
102.0
88.5
86.2
2,478.8
2,493.9
2,595.1
2,731.6
2,960.1
3,132.1
3,317.2
3,549.9
5,377.0
5.439.4
5,574.7
5,845.2
6,178.6
6,506.1
6,810.6
7,130.0
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
13. James Tobin, "Clinton's Bull Market," Wall Street Journal, November
30. 1993> page AI6. Q was developed in a series of articles in professional
journals; see especially the following: William C. Brainard and James Tobin,
"Pitfalls in Financial Model Building," American Economic Review 58 (2), May
1968: 99-122; James Tobin, "A General Equilibrium Approach to Monetary
Theory," Journal of Money, Credit, and Banking 1 (1), February 1969: 1529; James Tobin, "Monetary Policies and the Economy: The Transmission
Mechanism," Southern Economic Journal 44 (1), January 1978: 421-31.
CHART 6
Q-type Ratios, Domestic Nonfinancial
Corporations, 196047
Ratio
1.8
Market value of equities outstanding
Replacement cost ot reproducible tangible assets
1.6
Market value of equffies outstanding + corporate bonds
Replacement cost of reproducible tangible assets
1.4
Market value ot equities outstanding + corporate debt
Replacement cost of reproducible tangible assets + financial assets
1.2
0.6
0.4
1. Structures, equipment, and inventories, valued at current-replacement cost at end of year.
Structures and equipment are from U.S. Departmental Commerce, Bureau of Economic Analysis,
Fixed Reproducible Tangible Wealth ol the United States. 1925S6. CD-ROM (Washington, DC:
Bureau of Economic Analysis, 1998). Inventories are from legal-form and industry detail underlying NIPA table 5.13.
NOTE.—Property income is profits from current production plus net interest. Profits from current production is corporate profits with inventory valuation adjustment and capital consumption
adjustment. Profits after tax is also shown with inventory valuation adjustment and capital consumptran adjustment.
I I I I I I 1II I I I I I I I I I
1960 64 68 72 76 80 84 88 92' 98
0.2
US. OepsrtnwtofCoomefC*, Bureau of Economic Aralyiii
SURVEY OF CURRENT BUSINESS
data are readily available in the flow of funds accounts maintained by the Federal Reserve Board.
Many analysts (Tobin included) would also include the value of corporate bond obligations in
the numerator; including bonds makes the ratio
invariant to shifts in the mix of equity and debt
used to finance investment. Alternatively, the numerator could include all corporate debt, not just
bonds.14
The denominator of Q should certainly include
reproducible tangible assets valued at replacement cost; estimates for this series were used in
calculating the rate of return.15 The denominator
might also include other assets, such as land and
financial assets; it might also include intellectual
property (including software), which is not, in
general, capitalized.
However, these additional series, which might
be used to augment the market value of equities (in the numerator) and the replacement-cost
value of reproducible tangible assets (in the denominator), are generally available only on a
historical-cost basis. The use of historical-cost estimates is obviously inconsistent with the underlying rationale for Q—a comparison of market
valuation and replacement costs. However, analysts may differ on whether it is preferable to use
some historical-cost components or to omit them
and thereby exclude some potentially important
variables.
Fortunately, ratios constructed from various
definitions all display quite similar patterns, and,
in light of measurement problems for both
numerators and denominators, the patterns of
movement may be more important than the levels of the ratios. Three variants of the measure for
domestic nonfinancial corporations are shown in
chart 6; others could be added without changing
the overall picture. All the ratios drop sharply in
the early 1970^, stay relatively low until the early
1980^, and then increase more or less rapidly
through 1997. In 1997, two of the ratios were
at historic highs, and all three describe dramatic
improvements in recent years in the climate for
business investment in newly produced tangible
assets.
14. The market value of equities outstanding and other financial measures
mentioned in this paragraph are available from the Federal Reserve Board,
Flow of Funds, release z.i.
15. In calculating Q, it is appropriate to use yearend estimates of the stock
of assets because the numerator consists of stocks at the end of the year. In
contrast, in calculating rate of return, it is appropriate to use the average
stock of assets for the year (approximated by the average of yearend estimates)
because the numerator consists of income flows over entire years.
Government Sector
The combined current surplus, which measures
the net saving of the Federal Government and
State and local governments, grew $58.6 billion,
to a record $156.6 billion, in the first quarter after declining $2.6 billion in the fourth (table 11).l6
The strong first-quarter rebound was attributable
to the Federal sector, which also registered a
record surplus17. The State and local government
current surplus decreased slightly.
Federal
Fueled by a sharp downturn in current expenditures and an acceleration in receipts, the fiscal
position of the Federal Government shifted from
a current deficit of $12.1 billion to a current surplus of $49.0 billion—the first current surplus
since the first quarter of 1969. In the fourth
quarter, the deficit had edged up $1.3 billion.
Receipts,—Federal receipts increased $43.0 billion
in the first quarter after increasing $25.6 billion in
the fourth. The acceleration resulted from accelerations in personal tax and nontax receipts and
in contributions for social insurance that more
than offset a larger decrease in corporate profits
tax accruals in the first quarter than in the fourth.
Personal tax and nontax receipts increased
$34.8 billion after increasing $19.1 billion. Receipts from income taxes increased $32.9 billion
after increasing $18.4 billion; the acceleration
was attributable to a pickup in "estimated income tax payments and final settlements, less
refunds" that more than offset a deceleration in
withheld income taxes.18 "Estimated income tax
payments and final settlements, less refunds" increased $22.5 billion after increasing $1.5 billion;
the pickup was tempered only slightly by the
effect of provisions of the Taxpayer Relief Act
of 1997—primarily the provision that modified
the estimated-tax requirements for high-income
taxpayers. The deceleration in withheld income
taxes mainly reflected the effect of the annual
16. Net government saving equals gross saving, less consumption of fixed
capital. Estimates of gross saving are shown in NIPA table 5.1.
17. The NIPA estimates for the government sector are derived from financial statements for the Federal Government and for State and local
governments but differ from them in several respects. The major differences
are shown in NIPA tables 3.18B and 3.19, which reconcile the NIPA estimates
with government financial statements; these tables were published in the
October 1997 SURVEY on pages ,'11-13.
18. The first-quarter estimate for "estimated income tax payments and
final settlements, less refunds" is based on data for January through April
from the Department of the Treasury in conjunction with projections for
the rest of 1998 that are based on historical relationships between monthly
and annual collections. Earlier first-quarter estimates were largely based on
information from the Executive Office of the President, Office of Management and Budget, Budget of the United States Government, Fiscal Year 1999
(Washington, DC; U.S. Government Printing Office, 1998).
June 1998 •
11
12 • June 1998
SURVEY OF CURRENT BUSINESS
indexation for inflation on the 1998 withholding tables and the effect of certain provisions of
the Taxpayer Relief Act of 1997—primarily the
provisions that established child tax credits.
Contributions for social insurance increased
$15.0 billion after increasing $10.4 billion. The
acceleration primarily reflected the effect of an increase in the social security taxable wage base that
boosted contributions by employers, employees,
and the self-employed to the old-age, survivors,
and disability insurance trust funds.
Corporate profits tax accruals decreased $6.8
billion after decreasing $3.8 billion, reflecting
Table 11.—Government Sector Receipts and Current Expenditures
[Billions of dollars, seasonally adjusted at annual rates]
Change from preceding quarter
Level
Receipts
Current expenditures
Current surplus or deficit (-)
Social insurance funds
Other
1998
1997
1998
47.6
21.6
40.2
21.3
49.9
17.4
31.8
34.4
55.0
-3.6
156.6
26.0
18.9
32.5
-2.6
58.6
147.2
9.4
-2.1
28.1
2.1
16.8
3.8
28.8
7.0
-9.7
4.4
54.2
1,810.4
33.7
34.0
32.5
25.6
43.0
835.8
208.7
92.3
21.0
2.8
4.0
6.2
14.0
11.6
.2
6.7
19.1
-3.8
-.1
10.4
34.8
-6.8
0
673.6
29.4
12.9
-22.0
13.3
1,761.4
12.0
15.2
6.6
26.9
-18.1
456.6
4.4
-1.2
5.7
8.6
21.1
-12.4
2.1
-2.9
-.1
6.2
.5
.3
.2
3.1
4.0
-.8
1.7
1.4
-.2
0
0
.3
0
3.7
2.8
.9
15.7
4.1
11.6
6.4
.1
1.1
.2
.5
0
4.9
1.2
5.5
5.0
.3
2.9
.9
-.3
.5
.1
.8
0
-11.8
-13.0
1.2
1.9
13.7
-11.8
-4.7
-3.2
-.3
.3
.3
.5
0
49.0
21.6
18.7
26.0
-1.3
61.1
75.4
-26.4
-1.9
23.5
1.7
17.0
4.0
22.0
6.9
-8.2
4.1
57.0
1,119.0
16.0
9.1
19.1
12.6
7.3
223.8
36.8
542.5
90.0
225.9
3.6
2.4
6.9
1.1
2.1
2.6
.4
2.0
1.2
2.9
4.8
2.1
9.0
1.4
1.7
5.0
-.8
.5
1.6
6.4
2.7
-1.3
1.6
-4.7
1,011.4
11.6
9.0
12.6
13.8
9.9
782.7
323.5
-67.0
5.7
4.4
-.9
.4
.1
0
-.2
0
8.7
4.5
-.7
0
.1
0
-.1
0
10.3
4.7
-.7
.2
-.3
0
.3
0
6.3
4.8
-.7
15.3
-12.5
.3
12.8
0
8.4
4.5
-1.0
.3
.2
0
-.1
0
.4
-.1
0
.1
0
107.6
4.3
6.5
-1.3
-2.5
71.8
35.8
-.1
4.6
-.2
6.7
.1
-1.4
.3
-2.8
2,703.5
2,546.9
Federal Government
Receipts
Personal tax and nontax receipts
Corporate profits tax accruals
Indirect business tax and nontax accruals
Contributions for social insurance
Current expenditures
Consumption expenditures
National defense
Nondefense
Transfer payments (net)
To persons
To the rest of the world
Grants-in-aid to State and local governments
Net interest paid
Subsidies less current surplus of government enterprises
Subsidies
Of which: Agricultural subsidies
Less: Current surplus of government enterprises
Less: Wage accruals less disbursements
Current surplus or deficit (-)
Social insurance funds
Other
301.4
155.2
812.1
802.3
9.8
225.9
228.1
38.7
34.8
8.3
-4.0
0
A
0
.4
15.0
State and local governments
Receipts
Personal tax and nontax receipts
Corporate profits tax accruals
Indirect business tax and nontax accruals
Contributions for social insurance
Federal grants-in-aid
Current expenditures
Consumption expenditures
Transfer payments to persons
Net interest paid
Less: Dividends received by government
Subsidies less current surplus of government enterprises
Subsidies
Less: Current surplus of government enterprises
Less: Wage accruals less disbursements
Current surplus or deficit (-)
9.0
a larger decrease in domestic corporate profits
before tax.
Current expenditures.—Current expenditures fell
$18.1 billion in the first quarter after increasing
$26.9 billion in the fourth.19 The downswing
was accounted for by downturns in consumption
expenditures, in grants-in-aid to State and local
governments, and in net interest paid and by a
deceleration in transfer payments (net).
Consumption expenditures dropped $11.8 billion, the largest decrease since the fourth quarter
of 1995, after increasing $3.7 billion. The downturn was accounted for by defense consumption
expenditures, which dropped $13.0 billion after
increasing $2.8 billion, reflecting a downturn in
"other" services. Within "other" services, defense expenditures for research and development
turned down. Compensation of employees increased $2.1 billion after decreasing $1.0 billion;
it was boosted by the January 1998 pay raise
for defense employees. In contrast, consumption expenditures for nondefense increased $1.2
billion after increasing $0.9 billion. The slight
acceleration mainly resulted from an upturn in
compensation for nondefense employees, who
also received a pay raise in January.
Transfer payments (net) increased $1.9 billion
after increasing $15.7 billion. A sharp downturn
in transfer payments to the rest of the world more
than offset an acceleration in transfer payments
to persons. Transfer payments to the rest of the
world fell $11.8 billion after increasing $11.6 billion; the fourth-quarter increase was attributable
to the yearly payment to Israel of $3.0 billion—
$12.0 billion at an annual rate—in economic
support and other payments. Transfer payments
to persons increased $13.7 billion after increasing $4.1 billion. The step-up mainly reflected a
2.1-percent cost-of-living adjustment in January
that boosted social security (old-age, survivors,
and disability insurance), Federal employee pension, veterans pension, and supplemental security
income benefits by $9.9 billion.
Grants-in-aid to State and local governments
fell $4.7 billion after increasing $6.4 billion. The
downturn was mostly accounted for by grants for
medicaid, which decreased $4.0 billion after increasing $6.1 billion. Grants for family assistance
and health care also turned down, and grants for
highways decreased more in the first quarter than
in the fourth. In contrast, grants for education
and other programs turned up.
19. For information on the definition of current expenditures as well as
Social insurance funds
Other
.3
-.2
of other major NIPA components, see "A Guide to the NIPA'S" SURVEY 78
(March 1998): 27-36.
SURVEY OF CURRENT BUSINESS
Net interest paid decreased $3.2 billion after
increasing $0.1 billion. The downturn mainly reflected a downturn in gross interest paid, which
decreased $3.8 billion after increasing $0.3 billion.
State and local
The State and local government current surplus
decreased $2.5 billion, to $107.6 billion, in the
first quarter after decreasing $1.3 billion in the
fourth. The larger decrease was accounted for by
a larger deceleration in receipts than in current
expenditures.
Receipts increased $7.3 billion after increasing
$12.6 billion. The deceleration was more than
accounted for by the downturn in Federal grantsin-aid; indirect business tax and nontax accruals
accelerated sharply.
Federal grants-in-aid fell $4.7 billion after increasing $64 billion. Personal tax and nontax
receipts increased $2.7 billion after increasing
$5.0 billion; the deceleration was primarily attributable to State tax law changes that reduced
income taxes in several States. Corporate profits
tax accruals decreased $1.3 billion after decreas-
ing $0.8 billion; the larger decrease reflected the
pattern of domestic corporate profits before tax.
Indirect business tax and nontax accruals increased $9.0 billion after increasing $0.5 billion;
the pickup was largely attributable to an upturn
in "other tax and nontax accruals" and to an acceleration in sales taxes. "Other tax and nontax
accruals" increased $2.6 billion after decreasing
$2.8 billion; the turnaround was partly caused
by out-of-court settlement payments of $1.4 billion (annual rate) by tobacco companies to three
States. Settlement payments of $3.7 billion were
made in the third quarter, but none were made in
the fourth. Sales taxes increased $3.8 billion after
increasing $0.9 billion; the acceleration primarily
reflected an acceleration in retail sales.
Current expenditures increased $9.9 billion after increasing $13.8 billion; the deceleration was
accounted for by a slowdown in consumption expenditures. Consumption expenditures increased
$6.3 billion after increasing $10.3 billion; the deceleration reflected a downturn in nondurable
goods, mainly in petroleum, and a deceleration in
services. Transfer payments to persons increased
$4.8 billion after increasing $4.7 billion. £g
June 1998
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• projections to 2045 of gross state product and
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by metropolitan area, and by BEA economic area
For over 3,100 U.S. counties, for 332 metropolitan areas, and for 172 BEA economic areas,
the REIS CD-ROM contains estimates for 1969-96:
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of Economic Analysis, BE-53, U.S. Department of Commerce, Washington, DC 20230.
SURVEY OF CURRENT BUSINESS
June 1998
Gross State Product by Industry, 1977-96
By Richard M. Beemiller and George K. Downey
N THIS article, the Bureau of Economic Analysis (BEA) presents new estimates of gross
state product (GSP) for 1995 and 1996 and revised estimates for 1977-94.1 The new and revised
GSP estimates are consistent with the estimates
of gross product by industry for the Nation that
were published in the November 1997 SURVEY
OF CURRENT BUSINESS.2 The GSP estimates incorporate the results of the most recent annual
revisions of State personal income and of the
national income and product accounts.3
The following improvements have been incorporated into the GSP estimates as part of BEA'S
continuing effort to update and to better integrate these estimates with the national estimates
of gross product originating (GPO) by industry
and the national input-output accounts:4
• Data from BEA'S 1992 benchmark inputoutput accounts were incorporated into
the estimates of purchased services in
manufacturing for 1988-96.5
• New State source data on natural gas output
from the Department of Energy were incorporated into the estimates for transportation
and public utilities for 1992-96.
• Newly available State source data on sales,
on sales taxes, and on gross receipts taxes
were used in the allocations of national
commodity taxes by industry for 1977-96.
1. For the previously published estimates of GSP, see Howard L. Friedenberg and Richard M. Beemiller, "Comprehensive Revision of Gross State
Product by Industry, 1977-94," SURVEY OF CURRENT BUSINESS 77 (June 1997):
15-41.
2. See Sherlene K.S. Lum and Robert E. Yuskavage, "Gross Product by
Industry, 1947-96" SURVEY 77 (November 1997): 20-34.
3. See Wallace K. Bailey, "State Personal Income, Revised Estimates for
1958-96," SURVEY 77 (October 1997): 24-43; a n 4 Robert P. Parker and Eugene
P. Seskin, "Annual Revision of the National Income and Product Accounts,"
SURVEY 77 (August 1997): 6-35.
4. For a discussion of the relationship between the estimates of GPO
by industry and the estimates of value added by industry from the 1992
benchmark input-output accounts, see "Note on Alternative Measures of
Gross Product by Industry," SURVEY 77 (November 1997): 84-85.
5. Purchased services are subtracted from the estimates of value-addedin-production by State from the Bureau of the Census, BEA'S definition of
value added differs from that of the Census Bureau; BEA'S definition excludes the cost of purchased services, includes sales, excise, and other indirect
business taxes, and reflects inventory change valued at replacement cost.
Manufacturing is the only industry for which information from the 1992
benchmark input-output accounts is used to estimate GSP.
• New source data were incorporated into the
State estimates for mining for 1993-94.
GSP for each State is derived as the sum of the
gross state product originating in all industries
in the State. In concept, an industry's GSP, or
its value added, is equivalent to its gross output (sales or receipts and other operating income,
commodity taxes, and inventory change) minus
its intermediate inputs (consumption of goods
and services purchased from other U.S. industries
or imported). Thus, GSP is the State counterpart
of the Nation's gross domestic product (GDP). In
practice, GSP and GPO estimates are measured as
the sum of the distributions by industry of the
components of gross domestic income—that is,
the sum of the costs incurred and incomes earned
in the production of GDP.6
The GSP estimates are prepared for 63 industries (see appendix A). For each industry, GSP
is presented in three components: Compensation of employees, indirect business tax and
nontax liability, and "property-type income."7
The relationship between these components and
6. The difference between private GDP and private gross domestic income
is the statistical discrepancy. In the GSP estimates, insufficient information is
available for allocating the statistical discrepancy to States. In the national
estimates of GPO by industry, the statistical discrepancy is not allocated by
industry. For more information on the statistical discrepancy, see Parker and
Seskin, 19.
7. Property-type income is the sum of corporate profits, proprietors' income, rental income of persons, net interest, capital consumption allowances,
business transfer payments, and the current surplus of government enterprises less subsidies. Property-type income at both the national and State
levels includes proprietors' income as a capital share of production; however,
Acknowledgments
The estimates of gross state product (GSP) were
prepared by staff in the Regional Economic Analysis Division under the direction of John R. Kort, Chief, and
George K. Downey, Chief of the Gross State Product by
Industry Branch. Hugh W. Knox, Associate Director
for Regional Economics, provided general guidance.
Contributing staff members were Richard M.
Beemiller, Gerard P. Aman, Michael T. Wells, Clifford H. Woodruff in, and Tasie Anton. Michael T.
Wells prepared the box on, and the calculations of, the
industry contributions to changes in real GSP.
l6
• June 1998
SURVEY OF CURRENT BUSINESS
components for all industries.8 The estimates of
real GSP are derived by applying national implicit
price deflators to the current-dollar GSP estimates
for the 63 detailed industries. Then, the same
chain-type index formula used in the national accounts is used to calculate the estimates of total
the components of GPO and GDP is shown in
appendix B.
The estimates of GSP are prepared in current
dollars (see table 6> which follows the text) and
in chained (1992) dollars (see table 7). State estimates of GSP and its components for all industries
are "controlled" to national totals of GPO and its
8. If the initial sum of the State estimates differs from the national total
for an industry, the difference between the national total and the sum-of-State
total is allocated to the States.
an unknown portion of proprietors' income represents the labor share of
production.
Table 1.—Percent Change in Real Gross State Product, 1995-96
Private services-producing industries2
Private goods-producing industriesl
Total
gross state
product
Agriculture,
forestry,
and
fishing
Construction
Mining
Manufacturing
Transportation and
public
utilities
Wholesale
trade
Retail
trade
Finance,
insurance,
and real
estate
Services
Government
United States
3.2
0.3
-5.9
4.0
4.0
3.0
7.8
4.2
2.0
3.4
0.7
New England
Connecticut
Maine
Massachusetts
New Hampshire
Rhode Island
Vermont
3.6
2.6
.7
.9
-.1
22.7
15.9
-11.7
19.1
7.5
-2.1
3.3
1.9
5.9
4.7
1.2
-6.3
8.2
9.0
3.5
2.3
2.7
2.1
3.3
3.3
1.3
.9
6.4
1.9
6.4
9.1
1.2
1.4
1.7
.3
4.0
3.8
1.4
.3
6.4
13.0
1.2
7.9
3.4
8.1
2.4
4.4
8.7
5.6
6.1
1.8
4.9
3.4
1.5
3.2
4.1
2.9
-4.4
1.7
3.5
4.5
1.7
33
1.7
2.2
.2
.9
Mideast
Delaware
District of Columbia
Maryland
New Jersey
New York
Pennsylvania
2.4
.5
5.5
1.1
2.2
2.7
6.1
2.6
3.3
1.9
.2
6.3
2.4
2.0
1.7
2.5
2.8
2.4
-4.2
3.3
-1.3
-1.6
1.9
23.4
-17.1
1.1
-23.8
5.7
9.0
14.5
.4
2.5
.2
.7
.6
-2.3
.8
2.4
.1
2.3
3.9
2.5
4.8
4.9
1.9
3.1
1.7
8.0
1.4
7.7
6.7
6.3
4.4
6.1
-1.8
2.5
2.5
2.6
2.7
13.3
15.0
-1.8
1.2
3.7
3.7
6.3
.4
2.2
2.2
18
2.0
2.0
-.8
2.8
-.2
-9
1.3
Great Lakes
Illinois
Indiana
Michigan
Ohio
Wisconsin
3.0
3.5
3.2
2.6
2.6
3.3
5.5
23.3
16.7
-12.6
-3.2
-.1
-1.2
-3.0
8.3
1.2
-2.8
-13.1
4.0
3.0
2.3
7.3
3.2
4.8
2.4
4.3
3.1
-.2
1.9
4.0
2.7
3.5
3.8
2.7
1.2
2.8
6.7
3.8
7.4
9.1
7.9
8.1
4.0
2.2
4.2
5.9
4.3
3.9
2.8
3.2
2.0
2.9
3.1
1.9
3.1
3.5
2.9
3.3
20
3.8
1.2
1.8
.1
1.5
12
.7
Plains
Iowa
Kansas
Minnesota
Missouri
Nebraska
North Dakota
South Dakota
4.2
4.1
2.8
11.7
-.9
-10.7
42.4
32.3
-2.3
-1.4
27.3
4.8
4.7
7.1
3.3
1.9
5.7
3.8
4.7
3.1
2.1
1.5
.3
3.5
3.9
2.3
.8
.4
-2.6
5.8
5.5
4.3
4.6
3.2
4.5
1.6
2.1
7.1
9.8
2.6
.7
3.0
4.3
12.2
3.3
4.6
2.8
4.5
9.5
6.6
9.3
13.2
7.8
7.8
8.3
8.3
4.0
2.6
4.1
3.3
4.6
4.3
5.1
20.4
26.1
4.9
22.4
24.4
18.3
25.3
22.8
3.8
5.8
3.5
3.0
3.0
1.4
-1.6
.3
2.7
4.4
4.2
3.0
3.9
-.1
-2.3
-5.6
Southeast
Alabama
Arkansas
Florida
Georgia
Kentucky
Louisiana
Mississippi
North Carolina
South Carolina
Tennessee
Virginia
West Virginia
3.5
2.6
3.2
3.7
5.2
3.3
2.0
2.9
3.8
3.3
2.4
3.5
2.1
.2
1.5
8.7
-4.0
-1.6
5.7
3.9
10.0
.2
2.9
-5.1
-5.7
-18.3
-1.3
3.8
-1.9
10.4
2.3
3.6
-3.8
-10.0
-2.5
19.2
5.0
.2
.9
5.7
7.1
4.9
5.6
7.3
4.3
7.1
6.0
6.6
9.0
2.4
3.6
3.6
2.4
2.7
1.5
3.3
5.0
2.9
2.7
.9
1.7
2.1
1.1
1.9
1.5
3.9
2.4
3.8
2.9
4.3
4.3
-.4
3.6
5.0
4.9
3.0
7.8
3.7
8.6
7.5
6.3
11.0
10.5
8.1
7.3
6.7
5.5
8.4
7.0
8.8
6.8
5.2
4.7
4.1
6.3
7.5
4.7
3.7
5.6
4.2
5.1
4.5
4.0
2.1
3.7
2.5
2.4
3.2
4.1
2.0
7.5
.8
5.3
3.4
3.0
4.1
.9
3.4
20
3.3
25
6.0
3.3
13
4.5
6.6
24
1.4
44
1.5
1.1
-7
1.8
20
1.6
1.1
0
.7
1.8
2
1.2
2
2.4
Southwest
Arizona
New Mexico
Oklahoma
Texas
3.6
-10.1
4.9
8.0
4.0
3.2
4.6
12
3.9
8.9
-10.2
-7.5
-10.7
-4.3
3.0
6.2
13.3
5.9
7.7
1.7
2.7
9.6
14.6
5.2
.1
5.7
6.6
3.9
49
19
59
8
25
0
2.6
3.5
-11.6
-6.5
-6.7
-14.7
-12.7
4.4
4.4
6.5
9.3
4.4
5.0
1.7
3.1
3.8
4.7
.7
1.2
Rocky Mountain
Colorado
Idaho
Montana
Utah
Wyoming
4.8
5.2
1.6
2.0
8.3
.7
-S.3
-2.9
-6.2
-21.2
-3.2
-16.2
-6.3
-4.7
-11.0
-2.1
-4.2
-6.3
6.2
7.8
-.9
2.8
9.7
-.2
6.6
6.5
-.1
6.7
9.3
38.7
5.1
4.8
6.2
8.1
4.3
4.1
10.2
10.0
10.5
6.9
12.8
6.4
6.1
6.0
5.4
4.2
8.2
3.3
7.6
5.9
-.7
1.2
19.0
5.3
5.0
5.6
1.9
3.8
6.4
-.1
1.6
1.2
1.9
.5
3.6
-.6
3.2
-5.6
2.9
-.1
7.8
5.9
3.7
-2.1
-.8
-2.9
-12.4
6.1
0
.9
-8.8
-14.6
-15.8
-12.4
30.9
-2.1
37.4
3.1
-3.6
.7
-10.6
24.5
12.1
2.4
7.9
-7.9
8.0
-3.7
11.7
11.3
5.5
1.3
-7.5
.7
1.8
7.7
6.5
2.4
7.5
6.9
7.4
3.2
14.0
7.7
6.9
3.8
1.2
3.4
.9
10.4
6.5
3.9
1.2
0
.9
4.9
4.9
1.3
1.2
4.4
.1
4.5
-1.0
2.5
5.3
6.3
-.2
-4.1
-.7
-2.0
4.8
1.7
1.5
Far West
Alaska
California
Hawaii
Nevada
Oregon
Washington
. .
2.4
1.7
4.4
5.9
.2
3.3
1.7
-7
-4.3
-.9
5.5
.
.
.
5.5
2.1
1. Private goods-producing industries are defined to consist of agriculture, forestry, and fishing;
mining; construction; and manufacturing.
2. Private services-producina industries are defined to consist of transportation and public utilities; wholesale trade; retail trade; finance, insurance, and real estate; and "services."
June 1998
SURVEY OF CURRENT BUSINESS
real GSP and real GSP at a more aggregate industry
level.9
Real GSP is an inflation-adjusted measure of
each State's output that is based on national
prices for the goods and services produced within
that State. Real GSP may include a substantial
volume of output that is sold to other States and
countries. To the extent that a State's output is
produced and sold in national markets at relatively uniform prices (or sold locally at national
prices), GSP does a reasonable job of capturing
the differences across States that reflect the relative differences in the mix of goods and services
that the States produce. However, real GSP does
not capture geographic differences in the prices
of goods and services that are produced and sold
locally.
The first part of this article discusses the relative performance of various States and regions
in terms of growth rates, industry shares of State
totals, shares of the Nation, and per capita GSP.
The second part discusses the revisions to the GSP
estimates and the major sources of the revisions.
9. For additional information, see J. Steven Landefeld and Robert P.
Parker, "BEA'S Chain Indexes, Time Series, and Measures of Long-Term
Economic Growth," SURVEY 77 (May 1997): 58-68; and Friedenberg and
Beemiller, 28-29.
Growth Rates, Shares, and Per Capita GSP
Comparisons of GSP growth rates and shares of
GSP across industries or States and of per capita
GSP across regions provide indications of the relative performance of industries, States, or regions.
For example, comparing the growth rate of real
GSP for an industry with the growth rate of total
real GSP indicates whether that industry is raising
or lowering the State's growth rate. Comparing
the share of total GSP in current dollars that is
accounted for by the GSP of an industry over
time indicates whether that industry's claim on
the State's resources is increasing or decreasing.
Comparing per capita GSP for a region with per
capita GSP for the Nation over time provides an
assessment of the long-term trends in the relative
economic performances of regions.
Real growth rates
The rate of growth in real GSP for the Nation in 1995-96 was 3.2 percent (table 1).10
10. The rate of growth in real GDP—BEA'S featured measure of U.S.
output—was 2.8 percent in 1995-96. GSP for the Nation differs from GDP
because GSP, like GPO, is derived from gross domestic income (GDI), which
differs from GDP by the statistical discrepancy. In addition, GSP excludes,
and GDP and GPO include, the compensation of Federal civilian and military
personnel stationed abroad and government consumption of fixed capita) for
military structures located abroad and for military equipment, except office
Real Gross State Product: Percent Change, 1995-96
UNITED STATES 3.2%
H
^
States with fastest growth rates
F | States with slowest growth rates
Z~\ All other States
U.S. Department of Commerce, Bureau of Economic Analysis
•
1J
l8
SURVEY OF CURRENT BUSINESS
• June 1998
GSP increased in all States except Alaska and
Hawaii.
By State, the growth rates ranged from an increase of 8.3 percent in Utah to a decline of
5.6 percent in Alaska. The five States with the
fastest rates of growth in real GSP were Utah (8.3
percent), Nevada (7.8 percent), Delaware (6.3 percent), Oregon (5.9 percent), and New Hampshire
(5.9 percent) (chart 1).
In Utah, the major contributors to the growth
in real GSP were finance, insurance, and real
estate, mainly depository institutions; services,
mainly business services; and manufacturing,
equipment. Finally, GSP and GDP may differ because of differences in revision
schedules. For an accounting of the differences (in current dollars) in 1996
between GSP for the Nation and GPO, GDP, and GDI, see appendix B. For a
discussion of the relationship between GPO and GDP, see Lum and Yuskavage,
mainly industrial machinery and equipment
(table 2).11 In Nevada, the major contributors were construction, retail trade, and mining,
mainly metal mining. In Delaware, the major
contributors were finance, insurance, and real
estate, mainly depository institutions, real es11. The GSP estimates in chained (1992) dollars are usually not additive for
periods other than the base year; for example, see the residual "not allocated
by industry" in table 7, which is calculated as the difference between the
sum of the industry detail of real GSP and total real GSP. The value of "not
allocated by industry" reflects the nonadditivity of detailed real GSP estimates
that results from the formula used to calculate real GSP; it also reflects the
nonadditivity of detailed GPO estimates that results from differences in the
national source data (in both current dollars and prices) that are used to
estimate GPO by industry and the expenditures measure of real GDP.
As one moves further from the base year, the residual tends to become
larger, and using chained-dollar estimates to calculate component contributions to real growth may be misleading. In table 2, an exact formula for
attributing GSP growth to the industries is used, so these estimates provide
accurate measures of the contributions of the industries to the percentage change in real GSP for 1995-96. See the box "Calculation of Industry
Contributions to Changes in Real GSP."
Calculation of Industry Contributions to Changes in Real GSP
For current-dollar GSP, the sum of the component industries is equal to total GSP, SO the changes in total GSP can
be expressed as the sum of the changes in the component industries. This relationship can also be expressed in terms
of percent changes by dividing by total GSP for year t — 1:
100
100
where GSPjotz[
t *s t n e
va ue
^
f° r t o t a ^ G S P
m vear
100..
1 0 0 X
?• G S i «
i
rotaU_1
^> anc^ Q,t *s t n e value of GSP for component industry i in year t.
However, for real GSP, a modified formula is used because chained-dollar measures of GSP by industry are not
necessarily additive to total GSP. Specifically, an industry's contribution to the total percent change in real GSP for years
following the base year is calculated as
C%&itt = 100 x
(2xJPL>f
where IPDf is the implicit price deflator for total GSP in year t,
CDj_i is the chained-dollar value for total GSP in year t — 1,
Pf is the Paasche price index for total GSP in year t,
pift is the price index for industry i in year t, and
C[itt is the quantity produced by industry i in year t.
This formula can be expanded to yield
100 X
.t ~ Pi,tai,t-l
(2xJPDf :
Because the State variables that represent the composites of prices in 1 year and quantities in another (such
as pi,t-lQ.i,t) a r e n o t directly observable, the contributions to growth are actually calculated using the following
algebraically equivalent formula, which consists of combinations of prices and quantities for the same year and indexes
of relative prices for years t and t - 1:
(2xIPDf
xCDf_x)
This formula changes somewhat when the contributions to growth for years preceding the base year are calculated.
For more information, see "A Guide to the NIPAV SURVEY OF CURRENT BUSINESS 78 (March 1998): 38-39.
SURVEY OF CURRENT BUSINESS
tate, and insurance carriers; and services, mainly
health, business, and "other" services. In Oregon and New Hampshire, the major contributors
were manufacturing, mainly electronic and other
electric equipment; and services, mainly business,
health, and "other" services.
June 1998
The five States with the slowest rates of
growth in real GSP were Alaska (-5.6 percent),
Hawaii (-0.1 percent), Rhode Island (0.2 percent), Wyoming (0.7 percent), and Idaho (1.6
percent). In Alaska, the major contributors to the
decline were mining, mainly oil and gas extrac-
Table 2.—Contributions to Percent Change in Real Gross State Product, 1995-96
Percentage points
Percent
change
in real
product
Private goods-producing industries
Agriculture,
forestry,
and
fishing
Mining
United States
3.2
-0.1
New England
Connecticut
Maine
Massachusetts
New Hampshire
Rhode Island
Vermont
3.6
2.6
2.4
4.4
5.9
0
0
0
0
0
0
0
,
Construction
l
Private services-producing industries2
Manufacturing
0.7
0.3
0.5
.1
1.0
.8
4
1.0
2.8
.1
-4
.5
.6
.1
.0
.1
.1
0
0
3.0
3.5
3.2
2.6
2.6
3.3
.1
.3
.2
-.1
0
0
0
0
0
0
0
0
Plains
Iowa
4.2
4.1
2.8
5.5
3.3
4.6
4.3
5.1
.8
1.5
.2
.5
.3
1.4
2.1
1.8
.1
0
-.2
.2
.1
0
0
.3
.2
.2
.3
.3
.1
.3
.5
.1
.7
.5
1.0
1.1
.1
.4
.3
1.7
3.5
2.6
3.2
3.7
5.2
3.3
2.0
2.9
3.8
3.3
2.4
3.5
2.1
0
0
0
.4
-.1
0
.1
0
.3
0
0
-.1
-.1
-.1
.1
-.5
-.1
0
0
0
0
.1
.2
.3
.2
.3
.3
.2
.3
.2
.3
.4
.1
.2
.2
.4
.3
.9
.8
.5
.2
.5
.6
.3
.3
.3
Southwest
Arizona
New Mexico
Oklahoma
Texas
3.6
5.5
2.1
2.6
3.5
-.2
-.1
-.1
-.4
-.2
-.7
0
-.8
-.4
-.8
.2
.2
-.2
.1
.3
Rocky Mountain .
Colorado
Idaho
Montana
Utah
Wyoming
4.8
5.2
1.6
2.0
8.3
.7
-.2
-.1
-.4
-1.3
0
-.4
-.2
-.1
-.1
-.1
-.2
-2.0
.3
.4
-.1
.1
.5
0
3.2
-5.6
2.9
-.1
7.8
5.9
3.7
0
0
-.1
-.2
0
0
0
-.1
-3.3
-.1
0
1.0
0
.1
.1
-.1
0
-.6
1.8
Florida
North Carolina .
South Carolina.
Tennessee
Virginia
West Virginia ...
Far West
Alaska
California
Hawaii
Nevada
Washington ....
0
0
0
1. Private goods-producing industries are defined to consist of agriculture, forestry, and fishing;
mining; construction; and manufacturing.
0.4
0.7
0.1
.7
.6
.8
.1
.1
.8
4.6
2.3
-.4
.3
1.1
.7
.4
.4
.3
.5
.5
.3
.6
.7
.4
.6
.3
.6
.6
.8
1.0
-.1
.5
1.1
.1
Services
.2
.2
.4
-.1
.6
Government
1.4
Great Lakes
Illinois
Indiana
Michigan ..,
Ohio
Wisconsin ,
Georgia ...
Kentucky .
Louisiana
0.4
Finance,
insurance,
and real
estate
0
0
0
0
0
0
0
0
.1
Retail
trade
n
.C
2.4
6.3
2.4
2.0
1.7
2.5
2.8
Southeast...
Alabama..
Arkansas .
Wholesale
trade
0.2
Mideast
Delaware
District of Columbia.
Maryland
New Jersey
New York
Pennsylvania
Kansas
Minnesota
Missouri
Nebraska
North Dakota .
South Dakota.
Transportation and
public
utilities
.7
.4
.7
1.0
.3
.2
0
.6
.4
.2
-.2
.1
.6
.6
.4
.9
.5
.8
.7
.5
.6
.3
.5
.6
0
.2
-.3
.5
0
-.1
.1
.1
.2
0
.2
.1
.1
.1
0
-.4
.2
.4
0
-.4
-.5
.1
-.1
.2
.2
.2
.1
0
.1
.2
0
.1
0
.3
.4
.2
.6
.5
.6
.3
.3
.7
.7
.2
.9
.1
.8
.4
.4
.7
.1
1.1
.5
.2
.7
1.0
.4
.3
.9
.3
1.3
1.3
2.0
1.0
1.2
.4
.1
.2
.4
.5
.5
.9
.3
.2
.4
.8
1.2
.1
.7
.8
0
.8
.8
.5
.5
.5
1.0
.4
1.1
1.0
-.1
.2
2.8
.5
1.0
1.2
.3
.7
1.3
0
.2
.2
.3
.1
.6
-.1
.3
1.0
0
1.0
-.2
.8
1.0
1.3
0
-.8
-.1
-.4
.5
.2
.2
0
.5
1.3
1.7
1.0
.1
-.4
1.1
-.1
.5
2.3
.7
-1.2
.1
.2
.6
.5
.2
.5
.4
.8
.2
.3
.1
.3
.1
1.0
0
.2
1.0
.9
.2
.2
.2
.3
.1
.1
2. Private services-producing industries are defined to consist of transportation and public utilities; wholesale trade; retail trade; finance, insurance, and real estate; and "services."
•
SURVEY OF CURRENT BUSINESS
20 • June 1998
tion; transportation and public utilities, mainly
pipelines, except natural gas; and government,
mainly State and local government. In Hawaii,
the major contributors to the decline were construction and government, mainly State and local
government. In Rhode Island, the major contributor to the slow growth was finance, insurance,
and real estate, mainly depository institutions.
In Wyoming, the major contributors to the slow
growth were mining, mainly oil and gas extraction; and agriculture, forestry, and fishing,
mainly farms. In Idaho, the major contributor
to the slow growth was agriculture, forestry, and
fishing, mainly farms.
Shares of current-dollar GSP
Industry shares.—In 1995-96, the share of U.S.
current-dollar GSP accounted for by private
services-producing industries increased 0.2 percentage point, from 62.9 percent to 63.1 percent
(table 3).12 The share accounted for by private
goods-producing industries was unchanged, at
24.7 percent.13 The share accounted for by government declined 0.2 percentage point, from 12.4
percent to 12.2 percent.14
By State, the change in the share of the private services-producing industries ranged from
increases of more than 1.0 percentage point in
Delaware, Utah, and Idaho to a decline of nearly
12. Private services-producing industries are defined to consist of transportation and public utilities; wholesale trade; retail trade; finance, insurance,
and real estate; and "services"
13. Private goods-producing industries are defined to consist of
agriculture, forestry, and fishing; mining; construction; and manufacturing.
14. A decline in share does not necessarily indicate a decline in the level of
GSP. For example, the share of government declined, but GSP for government
increased $31.8 billion (see table 3).
2.0 percentage points in North Dakota. In
Delaware, the largest increase in share was in
services, mainly business and health services;
in Utah, the largest increase was in finance,
insurance, and real estate, mainly depository institutions; and in Idaho, the largest increase was
in wholesale trade. In North Dakota, the largest
declines were in transportation and public utilities, mainly electric, gas, and sanitary services,
and in finance, insurance, and real estate, mainly
depository institutions.
The changes in the share of the private goodsproducing industries ranged from an increase of
3.0 percentage points in North Dakota to declines of more than 1.0 percentage point in Idaho
and Delaware. In North Dakota, the largest increase was in agriculture, forestry, and fishing,
mainly farms. In Idaho and Delaware, the largest
declines were in durable goods manufacturing;
in Idaho, the decline was mainly in electronic
and other electric equipment, and in Delaware,
the decline was mainly in motor vehicles and
equipment.
For government, the change in the share ranged
from an increase of 0.2 percentage point in West
Virginia to declines of more than 1.0 percentage
point in North Dakota and South Dakota. The
increase in share in West Virginia was mainly
in Federal civilian and State and local government. The declines in North Dakota and South
Dakota were mainly in Federal civilian and State
and local government.
State shares.—Chart 2 shows the relative size of
the various State economies in terms of each
State's share of current-dollar GSP and of personal income for the Nation. The 14 States that
Data Availability
This article presents summary estimates of gross state
product (GSP) by major industry group. The following
GSP estimates for 63 industries for 1977-96 for States,
BEA regions, and the United States are available from
BEA on diskette: Current-dollar estimates of GSP and
its three components—compensation of employees, indirect business tax and nontax liability, and property-type
income—and real GSP estimates in chain-type quantity
indexes, in chained (1992) dollars, and in fixed-weighted
(1992) dollars (two diskettes)—product number RDN0197, price $40.00/ The diskettes include a Windows
program so that selected records from the data files can
be imported into computer spreadsheets.
The GSP estimates and other regional economic
information are available on BEA'S Web site at
<http://www.bea.doc.gov>. They are also available by
subscription from the Commerce Department's STAT-USA
on the Economic Bulletin Board and the Internet; to
subscribe, call 202-482-1986, or go to <http://www.statusa.gov>.
1. The GSP estimates will also be available on the State Personal
Income CD-ROM that is scheduled to be released in the fall of 1998.
For further information,
E-mail
bea.doc.gov>, or call 202-606-5340.
To order using Visa or MasterCard, call the BEA Order
Desk at 1-800-704-0415 (outside the United States, call
202-606-9666). To order by mail, send a check made
payable to "Bureau of Economic Analysis, BE-53" to BEA
Order Desk, BE-53, Bureau of Economic Analysis, U.S.
Department of Commerce, Washington, DC 20230.
<gspread@
June 1998
SURVEY OF CURRENT BUSINESS
• 21
Table 3.—Gross State Product By Broad Industry Group in Current Dollars and as a Percentage of Total Gross State Product, 1995 and 1996
Millions of dollars
Percent of total gross state product
1996
1995
Total
gross
state
product
Private
goodsproducing
industries*
PriyateOi
servicesGovernment
producing
industries 2
931,384
24.7
62.9
12.4
24.7
63.1
12.2
42,271
11,126
3,915
19,273
3,088
3,106
1,762
21.0
20.7
25.2
19.5
26.0
21.3
24.7
69.2
9.8
9.0
13.7
9.4
9.2
12.0
12.3
20.9
20.7
24.8
19.3
26.5
21.1
25.0
70.3
61.7
71.5
64.5
66.8
62.9
9.7
9.0
13.6
9.2
9.1
12.1
12.1
1,440,922
28,331
51,197
143,190
276,377
613,287
328,540
257,956
1,003,127
18,399
30,264
179,839
2,673
19,180
25,552
29,773
68,323
34,338
18.1
26.8
3.3
14.6
18.4
15.3
26.3
69.2
12.7
9.4
39.4
17.8
10.9
11.4
10.6
17.9
25.6
3.4
14.6
17.8
15.2
26.1
69.6
64.9
59.1
67.5
71.4
73.7
63.5
12.5
9.4
37.5
17.8
10.8
11.1
10.5
122,246
35,605
14,865
26,473
30,702
14,601
1,233,424
370,778
155,797
263,336
304,353
139,160
385,643
93,254
60,016
85,514
47,972
127,292
37,257
15,289
27,691
31,941
15,114
31.7
25.0
38.9
33.5
33.1
34.8
58.0
64.9
51.1
56.0
56.4
54.2
10.4
240,267
80,492
150,131
173,525
76,074
10.1
10.0
10.5
10.5
11.0
31.3
25.2
38.5
32.5
32.5
34.5
58.4
64.8
51.7
57.0
57.0
54.7
10.3
10.0
9.8
10.5
10.5
10.9
59,204
8,460
9,546
14,721
15,252
6,484
2,344
2,397
514,201
76,315
68,014
141,573
145,123
47,187
15,701
20,289
149,209
27,378
19,258
38,362
40,962
13,203
4,098
5,949
303,625
40,202
39,159
87,837
87,915
27,316
9,229
11,966
61,367
8,735
9,597
15,374
16,246
6,669
2,374
2,373
28.3
34.9
27.0
26.7
28.4
26.2
23.1
26.7
59.4
53.3
58.1
62.1
60.5
58.9
60.7
60.4
12.3
11.9
14.9
11.2
11.1
14.8
16.2
12.8
29.0
35.9
28.3
27.1
28.2
28.0
26.1
29.3
59.0
52.7
57.6
62.0
60.6
57.9
58.8
59.0
11.9
11.4
14.1
10.9
11.2
14.1
15.1
11.7
219,129
15,157
6,365
42,495
25,834
12,439
12,788
8,100
25,559
12,782
16,457
446,930
29,764
19,594
53,624
52,142
35,470
47,536
17,706
68,654
29,393
39,820
41,570
11,656
999,548
54,030
30,158
262,176
136,872
46,995
60,406
30,291
108,608
46,824
83,924
118,888
20,374
228,041
15,395
6,664
44,696
27,019
12,944
13,201
8,410
26,968
13,258
17,005
37,351
5,129
26.9
59.2
36,269
4,886
1,674,519
99,190
56,417
360,496
216,033
95,410
121,143
56,406
204,229
89,476
140,750
197,809
37,160
30.2
34.7
14.9
24.2
37.4
37.8
31.8
34.3
33.4
28.8
21.4
32.3
53.9
53.4
72.5
62.9
48.9
50.8
53.1
52.4
51.6
59.0
59.2
54.2
13.9
16.0
11.9
12.5
12.9
13.7
11.3
15.1
13.3
15.0
12.2
19.4
13.6
26.7
30.0
34.7
14.9
24.1
37.2
39.2
31.4
33.6
32.9
28.3
21.0
31.4
59.7
54.5
53.5
72.7
63.4
49.3
49.9
53.7
53.2
52.3
59.6
60.1
54.8
13.6
15.5
11.8
12.4
12.5
13.6
10.9
14.9
13.2
14.8
12.1
18.9
13.8
778,815
111,520
42,698
72,767
551,830
221,628
21,311
38,377
303,656
94,254
13,755
7,349
11,353
61,798
162,469
458,944
71,049
22,289
40,675
324,930
98,243
14,505
7,545
11,762
64,431
28.1
23.7
29.7
27.5
28.9
59.0
63.1
52.3
55.9
59.1
13.0
13.2
18.0
16.5
12.0
28.5
23.3
30.1
27.9
29.4
58.9
63.7
52.2
55.9
58.9
12.6
13.0
17.7
16.2
11.7
53,520
22,380
9,318
4,138
11,161
6,523
130,177
70,876
14,040
10,722
27,429
7,110
30,127
14,647
3,527
2,862
6,965
2,128
229,833
116,227
27,898
18,509
50,352
16,847
57,313
24,434
9,324
4,169
12,112
7,273
141,090
76,562
14,883
11,391
30,857
7,397
31,430
15,231
3,691
2,948
7,383
2,177
25.0
20.7
34.7
23.4
24.5
41.4
60.9
65.7
52.2
60.5
60.2
45.1
14.1
13.6
13.1
16.1
15.3
13.5
24.9
21.0
33.4
22.5
24.1
43.2
61.4
65.9
53.3
61.5
61.3
43.9
13.7
13.1
13.2
15.9
14.7
12.9
253,309
7,426
840,907
11,469
624,857
24,912
35,878
47,861
95,929
158,441
4,779
108,370
1,323,429
24,161
962,696
36,317
53,687
86,967
159,602
271,759
7,922
192,176
3,350
9,458
25,293
33,560
11,511
659,621
25,216
38,890
51,313
102,219
162,901
4,728
110,900
7,752
5,339
10,361
23,823
20.2
31.4
19.7
9.7
16.1
28.5
20.9
67.1
48.4
68.4
69.1
73.7
59.2
64.0
12.6
20.2
11.9
21.2
10.2
12.3
15.2
20.5
32.8
20.0
9.2
17.6
29.1
21.0
67.2
47.6
68.5
69.4
72.4
59.0
64.0
12.3
19.6
11.5
21.3
9.9
11.9
14.9
1,381,126
26,947
49,686
137,353
266,134
587,714
313,293
250,325
7,222
1,633
20,102
48,887
89,939
82,542
955,189
17,188
28,496
92,761
188,257
430,844
197,643
175,613
2,538
19,557
24,489
28,990
66,931
33,107
Great Lakes
Illinois
Indiana
Michigan
Ohio
Wisconsin
1,178,334
352,932
148,801
251,794
292,103
132,704
373,207
88,248
57,869
84,249
96,724
46,117
682,882
229,079
76,067
141,072
164,677
71,986
481,161
71,362
64,146
131,358
137,483
43,673
14,477
18,662
136,151
24,874
17,338
35,117
39,027
11,459
3,349
4,987
285,806
1,580,725
94,988
53,358
339,033
200,751
90,617
112,944
53,647
192,219
85,270
134,873
186,986
36,039
425,046
936,550
28,679
18,494
50,616
48,661
33,851
42,737
17,047
65,958
28,487
38,872
40,013
11,631
51,152
28,498
245,922
126,256
44,327
57,419
28,501
100,702
44,001
79,545
110,704
19,523
Southwest
Arizona
New Mexico
Oklahoma
Texas
727,527
103,951
40,759
68,611
514,206
204,351
428,922
24,618
12,099
18,881
148,752
65,578
Rocky Mountain
Colorado
Idaho
Montana
Utah
Wyoming
213,825
107,903
26,885
17,722
45,554
15,761
1,252,657
23,674
913,474
36,034
48,670
80,805
150,001
Far West
Alaska
California
Hawaii
Nevada
Oregon
Washington
180,247
3,498
7,846
23,005
31,288
38,028
37,262
81,520
83,205
25,730
8,784
11,278
10,705
3,799
18,439
2,938
3,007
1,701
7,624
4,946
9,939
22,784
208,591
34,108
25,629
14,611
1. Private goods-producing industries are definedtoconsist of agriculture, forestry, and fishing; mining; construction; and manufacturing.
Government
302,428
87,208
17,822
149,106
21,983
17,120
9,191
Mideast
Delaware
District of Columbia
Maryland
New Jersey
New York
Pennsylvania
Southeast
Alabama
Arkansas
Florida
Georgia
Kentucky
Louisiana
Mississippi
North Carolina ...
South Carolina ...
Tennessee
Virginia
West Virginia .....
Government
4,818,020
40,590
Kansas
Mjnnesota
Missouri
Nebraska
North Dakota
South Dakota
Government
Private
goodsproducing industries l
91,181
25,713
7,157
40,212
9,037
5,404
3,658
285,587
83,283
16,943
139,312
20,600
16,715
8,734
Iowa
producing
industriesl
Private
goodsproducing industries 1
1,881,618
4,546,019
86,755
24,607
7,006
38,122
8,264
5,324
3,431
Plains
gross
state
product
Private
servicesproducing
industries2
435,880
124,046
1,782,664
412,932
118,595
27,748
195,874
31,802
25,046
13,867
New England
Connecticut
Maine
Massachusetts
New Hampshire
Rhode Island
Vermont
Private
1996
Private
servicesproducing industries 2
7,631,022
7,228,287
United States
Total
1995
Private
servicesproducing industries 2
7,259
1,752
20,970
49,312
93,033
85,629
25,965
12,864
20,329
96,668
197,292
451,931
208,573
720,489
70.2
61.1
71.1
64.8
66.7
63.0
63.8
57.4
67.5
70.7
73.3
63.1
2. Private services-producing industries are defined to consist of transportation and public utilities; wholesale trade;
retail trade; finance, insurance, and real estate; and "services."
22 • June 1998
SURVEY OF CURRENT BUSINESS
Gross State Product in Current Dollars: Percentage of U.S. Total, 1996
More than 2.0%
1.0 - 2.0%
Less than 1.0%
Personal Income: Percentage of U.S. Total, 1996
More than 2.0%
" ~ . 1.0-2.0%
j
U.S. Department of Commerce, Bureau of Economic Analysis
I Less than 1.0%
SURVEY OF CURRENT BUSINESS
have the largest GSP together accounted for nearly
two-thirds of the U.S. total; the five largest States
are California (12.6 percent), New York (8.0 percent), Texas (7.2 percent), Illinois (4.9 percent),
and Florida (4.7 percent). The 20 States that
have the smallest GSP—mostly States in the West
and in New England—together accounted for less
than 10 percent of the U.S. total. This pattern
of the relative size of the State economies that is
based on GSP is paralleled by the pattern of the
relative size of the State economies that is based
on personal income.
Per capita GSP, 1979-96
From 1989 to 1996, per capita GSP as a percentage of the U.S. average increased from 90
percent to 93 percent in the low-income regions
(the Southeast, Southwest, Rocky Mountain, and
Plains regions) and declined from 108 percent to
106 percent in the high-income regions (the New
England, Mideast, Far West, and Great Lakes regions) (chart 3). In contrast, from 1979 to 1989,
per capita GSP as a percentage of the U.S. average
declined in the low-income regions and increased
in the high-income regions. This pattern of regional convergence in the 1990^ after divergence
in the 1980's is also evident in the estimates of
per capita income.15
15. See Duke Tran, "Personal Income and Per Capita Personal Income by
State and Region, 1997," SURVEY 78 (May 1998): 11.
Per Capita GSP and Personal
Income as a Percentage of the
U.S. Average, 1979,1989, and 1996
Percent
HIGH-INCOME REGIONS
110
Per Capita GSP
100
UNITED STATES
Per Capita GSP.
LOW-INCOME REGIONS
90
Per Capita Personal Income
80
1979
1989
1996
Note.-"H9l!-income" regions (New England, Mideast, Far West, and Great Lakes)
are those wtts per capita incomes above the US. average in 1996, and Townnconie"
regions (Southwest, Southeast, Ftooty Mountain, and Plains) are those with per
U.S. Department of Commerce, Bureau of Economic Analysis
In general, the revisions to GSP as a percentage
of the previously published estimates for 1977-94
are small. However, the revisions for 1992-94 are
larger than those for 1977-91 because of larger
revisions to the more recent source data.
Impact of the revisions
Current-dollar estimates.—For 1994, the five
States with the largest upward percentage revisions were New Mexico, Louisiana, Indiana,
Vermont, and Connecticut (table 4). The five
States with the largest downward percentage revisions were Delaware, Wyoming, Hawaii, Alaska,
and New York. For all 10 States, the revisions
mainly reflect the statistical changes incorporated
into the current-dollar estimates of GSP for these
industries: Mining in Alaska, Louisiana, and
Wyoming; transportation and public utilities in
Wyoming and Alaska; manufacturing in New
Mexico, Indiana, Vermont, and Connecticut; finance, insurance, and real estate in Delaware,
Hawaii, New York, and Connecticut; and services
in Connecticut and New York.
Real growth rates.—For 1993-94, m e States with
the largest upward revisions in the growth rates
of real GSP were Alaska, New Mexico, Louisiana,
and Illinois (table 5). The four States with downward revisions were Delaware, Wyoming, Hawaii,
and Mississippi. The revisions for all these States
mainly reflect the incorporation of statistical
changes into the current-dollar estimates.
Major sources of the revisions
CHART 3
Per Capita Personal Income
Revisions to the Estimates
For the industries that had a major impact on the
States with large revisions to current-dollar GSP,
the sources of the revisions were either revisions
to the national estimates of GPO by industry or
revisions to the State source data.
For finance, insurance, and real estate and for
the transportation portion of transportation and
public utilities, the revisions mainly reflect the
incorporation of the revised estimates of national
GPO for these industries.
For the gas utilities portion of transportation
and public utilities, State estimates for 1992-96
of property-type income are now based on data
for the volume of interstate natural gas movements and on data for deliveries of natural gas
to final consumers from the Department of Energy (DOE). Previously, the estimates for 1992-94
were based on State data for wage and salary
disbursements.
June 1998
•
23
24
SURVEY OF CURRENT BUSINESS
• June 1998
For services, the revisions mainly reflect
the incorporation of the revised estimates of
proprietors' income by State.16
For manufacturing, estimates of the cost of
purchased services for 1992 are now based on
the 1992 benchmark input-output accounts (on
16. See Bailey, 25-26. The incorporation of the revised estimates led to
revisions in proprietors' income for 1994 that ranged from 10.4 percent in
Connecticut to —9.0 percent in Alaska.
a Standard Industrial Classification basis) and
on wage and salary disbursements by State.17
Because of a lack of source data for 1988-91,
the estimates of the cost of purchased services
17. See footnote 5 and see Ann M. Lawson, "Benchmark Input-Output
Accounts for the U.S. Economy, 1992" SURVEY JJ (November 1997): 36-85.
The incorporation of the new estimates of the cost of purchased services
resulted in revisions to manufacturing GSP for 1992 of less than 3.0 percent
in most States.
Table 4.—Revisions to Gross State Product in Current Dollars, 1992-94
[Millions of dollars]
1992
1994
1993
Percent-
Previously
published
Revised
Revision
Revised
391,565
112,620
26,238
185,988
29,288
23,875
13,555
2,305
2,170
169
-211
-105
8
273
.6
2.0
.6
-.1
-.4
0
2.1
-2,491
-647
-256
-35
-881
-1,720
1,048
-.2 1,327,798 1,322,927
26,697
-2.7
24,124
48,028
-.5
48,142
132,703 132,942
0
-.4 254,945 255,777
-.3 570,994 565,161
.4 294,431 296,781
-4,871
-2,573
114
239
832
-5,833
2,350
-.4
-9.6
.2
.2
.3
-1.0
.8
.2 1,030,905 1,033,607
.1 312,582 312,349
127,398 129,667
1.5 217,082
-.5 256,050 217,347
.3 117,793 256,593
117,651
.2
420,498 420,535
0
61,622 61,973
.2
58,194
58,108
-.4
0
115,189 114,637
-.1
118,587 118,301
.1
38,385
38,210
0
12,724
12,656
16,322
.6
16,125
2,702
-233
2,269
265
543
-142
.3 1,111,598 1,121,443
332,853 336,867
-.1
138,190 141,358
1.8
.1 240,390 240,645
.2 274,844 276,742
125,321 125,831
-.1
9,845
4,013
3,169
255
1,898
510
.9
1.2
2.3
.1
.7
.4
37
351
85
-552
-286
175
68
197
0
.6
.1
-.5
-.2
.5
.5
1.2
455,013
68,298
61,758
124,641
128,216
41,357
13,494
17,250
457,639
68,728
61,929
124,617
129,110
42,109
13,680
17,466
2,626
431
171
-24
894
752
186
217
.6
.6
.3
0
.7
,.1.8
1.4
1.3
-.1 1,380,162 1,384,533
-1
82,632
82,998
-.9
46,666
46,452
.2 298,452 300,681
.3 170,102 170,903
80,400
-.7
79,915
94,292
94,656
-1.1
46,062
46,605
0
169,612 168,550
-.5
75,060 75,205
-.3
115,341 116,658
-.1
169,431
169,972
.3
32,112
31,938
-.1
4,371
366
-215
2,229
801
-485
364
543
-1,062
145
1,317
542
-173
.3
.4
-.5
.7
.5
-.6
.4
1.2
-.6
.2
1.1
.3
-.5
1,478,627
88,661
50,575
317,829
183,042
86,485
101,101
50,587
181,521
79,925
126,539
177,708
34,654
1,492,120
89,327
50,364
321,700
185,982
86,059
103,880
50,751
182,268
80,684
127,852
178,788
34,465
13,493
666
-211
3,871
2,940
-425
2,780
164
747
759
1,313
1,080
-189
.9
.8
-.4
1.2
1.6
-.5
2.7
.3
.4
.9
1.0
.6
-.5
.2 1,265,865 1,263,374
23,694
.3
24,340
47,038
-1.1
47,294
124,551
-.3
124,587
.6 244,767 243,886
.1 542,833 541,113
.2 282,044 283,093
2,056
377
1,812
-996
694
1,214,179 1,216,057
23,492
23,427
44,764
45,240
119,109 118,784
231,489 232,881
525,555 526,235
269,359 269,900
976,767
298,370
120,286
202,630
245,032
110,449
978,823
298,747
122,097
201,635
245,726
110,618
406,003
59,870
56,140
110,655
114,672
37,152
12,579
14,934
405,912
59,981
55,926
110,662
114,545
37,193
12,583
15,022
-214
7
-128
41
4
1,305,518 1,303,756
79,604
79,706
43,810
44,214
280,220
279,781
158,770 159,299
75,561
76,064
89,748
90,788
43,302
43,318
161,432 160,579
70,945
71,132
109,113 109,047
160,558 161,020
30,621
30,642
-1,762
-102
-404
438
528
-503
-1,041
-16
-854
-186
-66
463
-21
in
previously
published
0.5
1,878
65
-476
-324
1,392
681
541
Mideast
Delaware
District of Columbia
Maryland
New Jersey
New York
Pennsylvania
Revision
32,400
.2
1.1
0
-.4
-.2
0
1.9
-11
379
-10
-480
-83
25
158
Southeast
Alabama
Arkansas
Florida
Georgia
Kentucky
Louisiana
Mississippi
North Carolina
South Carolina
Tennessee
Virginia
West Virginia
PercentPreviously
published
568
1,169
6
-785
-66
6
237
353,152 353,141
102,651 103,031
24,003
24,013
165,805 165,325
26,035
26,118
: 22,387 22,412
12,336
12,177
Iowa
Percentage of
previously
published
370,001
107,454
25,075
174,041
27,156
23,304
12,971
New England
Connecticut
Maine
Massachusetts
New Hampshire
Rhode Island
Vermont
Kansas
Minnesota
Missouri
Nebraska
North Dakota
South Dakota
Revision
0.1 6,835,641 6,868,041
-2,016
Plains
Revised
9,511
6,135,028 6,133,012
. .
Previously
published
6,430,519 6,440,030
United States
Great Lakes
Illinois
Indiana
Michigan
Ohio
Wisconsin
previously
published
0
.4
0
-.3
-.3
.1
1.3
369,433
106,286
25,069
174,826
27,221
23,298
12,734
389,259
110,449
26,069
186,199
29,393
23,867
13,282
Southwest
Arizona
New Mexico
Oklahoma
Texas
597,401
78,449
31,771
61,357
425,824
595,555
78,278
31,949
60,807
424,521
-1,846
-171
178
-550
-1,303
-.3
-.2
.6
-.9
-.3
631,245
84,478
34,380
63,949
448,439
638,194
84,951
36,297
63,960
452,986
6,949
474
1,917
11
4,547
1.1
.6
5.6
0
1.0
677,888
94,093
37,832
66,189
479,774
95,360
40,885
65,957
484,099
8,413
1,268
3,053
-232
4,325
1.2
1.3
8.1
-.4
.9
RoclqNtoountain
Colorado
Idaho
Montana
Utah
Wyoming
170,064
85,434
20,116
15,075
35,314
14,124
169,044
85,098
20,057
14,988
35,193
13,708
-1,020
-337
-59
-68
-121
-416
-.6
-.4
-.3
-.6
-.3
-2.9
184,380
93,152
22,239
16,138
38,013
14,838
184,195
92,949
22,399
16,085
38,129
14,633
-185
-203
160
-53
116
-205
-.1
-.2
.7
-.3
.3
-1.4
198,132
99,767
24,185
16,862
41,657
15,660
199,032
100,712
24,505
16,867
42,007
14,941
900
945
320
4
349
-719
.5
.9
1.3
0
.8
-4.6
1,111,945 1,110,725
22,241
22,212
826,532 825,193
34,987 35,193
36,040
36,057
63,345
63,242
128,800 128,827
-1,220
-29
-1,340
206
17
-102
27
-.1 1,148,031 1,145,590
25,011
-1
22,503
-.2 842,068 843,100
36,258
35,160
.6
39,290
39,502
0
68,892
68,922
-.2
136,512 136,403
0
-2,441
-2,508
1,032
-1,098
212
30
-109
-.2 1,197,326 1,197,015
22,720
21,853
-10.0
.1 875,697 875,965
36,718
35,249
-3.0
43,958
.5
44,502
74,366
0
74,724
143,867 144,721
-.1
-312
-668
268
-1,469
544
358
854
0
-3.8
0
-4.0
1.2
.5
.6
Far West
Alaska
California
Hawaii
Nevada
Oregon
Washington
SURVEY OF CURRENT BUSINESS
for these years are derived from "straight-line"
interpolations between the 1987 and the 1992
estimates of the ratio of purchased services to
value-added-in-production. The estimates for
1993-96 are extrapolations that used new data
on value-added-in-production by State from the
Census Bureau.18
ft
t
For the coal mining and the oil and gas extraction portions of mining, GSP estimates for
18. The new data are from the annual survey of manufactures that was
released in 1997.
June 1998 •
1993-96 continue to be extrapolated from the
1992 benchmark year estimates, using data on
value of production that is calculated from DOE
source data by multiplying the quantity produced
by the average price. When DOE suppresses the
price data in order to protect the confidentiality
of the data, BEA now uses national prices to develop substitute estimates for the suppressed data;
previously, DOE price data for adjacent States
were used.
Tables 5-7 and appendixes A and B follow. Q
Table 5.—Revisions to Percent Change in Real Gross State Product, Selected Years
1993-94
1992-93
Previously
published
Revised
Previously
published
Difference
Difference
Revised
2.0
2.3
0.3
4.2
4.2
0
New England
Connecticut
Maine
Massachusetts
New Hampshire .
Rhode Island
Vermont
1.4
-.1
1.1
2.5
1.4
1.1
1.7
1.6
.8
1.5
2.2
1.4
1.0
2.5
.2
.9
.4
-.3
0
-.1
.8
3.2
1.8
1.4
4.3
6.0
3
2.1
3.9
3.0
2.2
5.0
6.2
.6
2.7
.7
1.2
8
.7
.2
.3
6
Mideast
Delaware
District of Columbia ...
Maryland .".
New Jersey
New York
Pennsylvania
1.3
.2
1.0
1.6
2.7
.5
1.7
1.3
10.5
4.6
2.2
1.5
.3
1.4
0
10.3
3.6
.6
-1.2
-.2
-.3
2.6
7.3
-2.2
3.8
1.8
3.1
2.1
2.9
.9
-.5
4.2
2.7
3.1
2.9
.3
-6.4
1.7
.4
.9
0
.8
Great Lakes
Illinois .
Indiana
Michigan
Ohio
Wisconsin
2.6
1.9
3.1
3.9
1.7
3.9
3.2
2.7
3.6
4.8
1.8
4.0
.6
.8
.5
.9
.1
.1
5.5
4.3
6.2
8.0
50
4.3
6.5
6.1
6.8
8.4
58
5.0
1.0
1.8
.6
.4
.8
.7
Plains
Iowa
Kansas
Minnesota
Missouri
Nebraska
North Dakota
South Dakota
.7
.1
.8
1.1
.5
.2
-1.8
5.3
.8
.8
1.4
.2
.8
.6
-1.2
6.2
.1
.7
.6
-.9
6.1
9.0
4.3
6.0
5.7
6.4
4.9
5.1
6.9
9.1
4.7
68
6.9
80
6.1
5.5
.8
.1
.4
.8
1.2
1.6
1.2
.4
Southeast
Alabama
Arkansas
Florida
Georgia
Kentucky
Louisiana
Mississippi
North Carolina
South Carolina
Tennessee
Virginia
West Virginia
3.1
1.1
2.9
3.6
4.4
3.3
1.0
3.3
3.0
3.1
2.9
3.0
3.0
3.6
1.6
3.4
4.1
4.4
3.5
2.9
4.4
2.9
3.8
4.0
3.8
2.9
.5
.5
.5
.5
.2
1.9
1.1
-.1
.7
1.1
.8
-.1
5.3
5.1
6.3
4.1
5.6
6.0
5.9
7.7
66
4.6
7.4
3.1
6.1
6.2
5.7
6.5
4.8
7.1
6.7
9.0
7.1
7.7
5.5
7.5
3.8
6.3
.9
.6
.2
.7
1.5
.7
3.1
-.6
1.1
.9
.1
.7
.2
Southwest
Arizona
New Mexico
Oklahoma
Texas .
3.0
4.7
5.8
1.5
2.7
4.0
5.8
11.4
2.5
3.4
1.0
1.1
5.6
1.0
.7
5.8
8.9
8.5
2.0
5.6
6.5
10.1
11.8
2.0
6.1
.7
1.2
3.3
0
.5
Rocky Mountain
Colorado
Idaho
Montana
Utah . . .
Wvomina
5.7
6.2
7.2
4.1
4.9
4.2
6.5
6.6
8.8
4.6
5.5
6.5
.8
.4
1.6
.5
.6
2.3
5.5
5.0
6.6
2.3
7.1
5.9
6.5
6.7
7.7
3.1
8.1
3.2
1.0
1.7
1.1
.8
1.0
-2.7
.4
10.7
-.9
.5
6.1
4.9
2.9
.4
-.3
-.7
3.2
7.0
5.2
2.5
0
-11.0
.2
2.7
.9
.3
-.4
2.1
-9.4
1.8
-1.2
8.7
5.5
2.9
2.5
-2.9
2.0
-1.9
9.8
6.2
3.9
.4
6.5
.2
-.7
1.1
.7
1.0
United States
Far West
Alaska
California
Hawaii
Nevada
Washington
.3
.4
.6
.9
0
25
26 • June 1998
SURVEY OF CURRENT BUSINESS
Table 6.—Gross State Product by Component in Current Dollars, Selected Years
[Millions of dollars]
1977
1982
1987
1992
1993
1994
1995
1996
United States:
Gross state product
Compensation of employees
Indirect business tax and nontax liability ...
Property-type income
1,980,892
1,175,373
165,477
640,042
3,199,606
1,912,363
256,424
1,030,820
4,649,993
2,738,222
364,842
1,546,929
6,133,012
3,626,205
505,591
2,001,217
6,440,030
3,800,338
532,548
2,107,145
6,868,041
3,999,530
568,479
2,300,032
7,228,287
4,203,544
581,932
2,442,812
7,631,022
4,414,332
604,772
2,611,918
New England:
Gross state product
Compensation of employees
Indirect business tax and nontax liability ...
Property-type income
103,837
65,746
10,139
27,952
170,862
109,850
13,417
47,595
287,478
176,036
21,040
90,401
353,141
215,713
27,434
109,994
370,001
224,816
28,519
116,666
391,565
234,469
30,043
127,052
412,932
246,470
30,832
135,630
Connecticut:
Gross state product
Compensation of employees
Indirect business tax and nontax liability
Property-type income
29,423
18,510
2,971
7,942
48,641
31,537
4,413
12,692
80,763
49,795
6,835
24,134
103,031
61,868
8,716
32,446
107,454
64,082
8,954
34,419
112,620
66,135
9,372
37,112
118,595
69,072
9,624
39,899
124,046
72,196
9,825
42,026
Maine:
Gross state product
Compensation of employees
Indirect business tax and nontax liability
Property-type income
7,548
4,602
713
2,232
12,062
7,460
1,014
3,588
19,272
11,364
1,663
6,245
24,003
14,503
2,321
7,179
25,075
14,954
2,436
7,684
26,238
15,366
2,536
8,337
27,748
15,867
2,576
9,304
28,894
16,418
2,651
9,825
Massachusetts:
Gross state product
Compensation of employees
Indirect business tax and nontax liability
Property-type income
49,877
32,050
4,941
12,886
81,561
53,105
5,679
22,778
139,012
86,179
8,748
44,085
165,325
103,961
10,966
50,397
174,041
108,850
11,540
53,651
185,988
114,344
12,353
59,291
195,874
120,807
12,702
62,365
208,591
127,560
13,146
67,884
New Hampshire:
Gross state product
Compensation of employees
Indirect business tax and nontax liability
Property-type income
6,370
3,910
539
1,922
11,443
7,099
851
3,493
21,454
12,393
1,492
7,570
26,035
15,001
2,338
8,697
27,156
15,652
2,409
9,095
29,288
16,737
2,458
10,094
31,802
17,888
2,502
11,412
34,108
18,913
2,605
12,589
Rhode Island:
Gross state product
Compensation of employees
Indirect business tax and nontax liability
Property-type income
7,274
4,653
653
1,968
11,396
7,216
990
3,191
17,761
10,950
1,446
5,364
22,412
13,333
1,954
7,125
23,304
13,854
1,988
7,462
23,875
14,130
2,040
7,705
25,046
14,717
2,140
8,189
25,629
15,109
2,232
8,288
Vermont:
Gross state product
;
Compensation of employees
Indirect business tax and nontax liability
Property-type income
3,346
2,021
321
1,003
5,759
3,434
471
1,855
9,216
5,355
857
3,004
12,336
7,048
1,139
4,149
12,971
7,425
1,192
4,354
13,555
7,757
1,285
4,513
13,867
8,119
1,288
4,460
14,611
8,480
1,339
4,792
399,136
248,542
36,736
113,858
614,594
385,979
49,521
179,094
939,481
566,678
76,580
296,223
1,216,057
731,901
103,591
380,565
1,263,374
760,122
107,641
395,611
1,322,927
788,123
112,624
422,179
1,381,126
818,914
114,868
447,344
1,440,922
853,026
118,368
469,528
Delaware:
Gross state product
Compensation of employees
Indirect business tax and nontax liability
Property-type income
5,978
3,683
350
1,946
9,431
5,900
526
3,005
15,891
8,779
936
6,176
23,492
11,756
1,323
10,413
23,694
12,369
1,357
9,968
24,124
12,999
1,489
9,636
26,947
13,840
1,495
11,612
28,331
14,716
1,572
12,043
District of Columbia:
Gross state product
Compensation of employees
Indirect business tax and nontax liability
Property-type income
15,226
11,681
584
2,962
22,240
17,383
918
3,939
31,904
24,607
1,474
5,823
44,764
34,207
1,981
8,576
47,038
35,552
2,112
9,373
48,142
36,489
2,080
9,573
49,686
36,904
2,116
10,666
51,197
37,308
2,211
11,678
Maryland:
Gross state product
Compensation of employees
Indirect business tax and nontax liability
Property-type income
35,379
22,569
2,947
9,863
55,701
35,686
3,962
16,053
91,479
56,116
6,449
28,914
118,784
73,550
8,312
36,923
124,551
76,525
9,204
38,823
132,942
80,343
9,713
42,886
137,353
83,447
9,857
44,049
143,190
87,105
10,199
45,886
New Jersey:
Gross state product
Compensation of employees
Indirect business tax and nontax liability
Property-type income
66,744
41,681
6,377
18,686
106,870
67,604
8,877
30,390
175,137
104,636
14,505
55,997
232,881
135,830
23,543
73,509
243,886
142,045
23,684
78,157
255,777
148,162
25,140
82,475
266,134
154,010
25,876
86,249
276,377
160,082
26,731
89,563
New York:
Gross state product
Compensation of employees
Indirect business tax and nontax liability
Property-type income
175,798
105,133
18,941
51,723
276,001
166,161
25,234
84,606
420,379
247,685
38,460
134,234
526,235
312,206
48,317
165,712
541,113
322,800
50,078
168,235
565,161
332,211
51,512
181,439
587,714
345,875
52,409
189,430
613,287
361,892
53,843
197,553
Pennsylvania:
Gross state product
1
Compensation of employees
Indirect business tax and nontax liability
Property-type income
100,011
63,795
7,537
28,678
144,350
93,246
10,004
41,100
204,691
124,855
14,756
65,080
269,900
164,353
20,115
85,433
283,093
170,832
21,206
91,056
296,781
177,920
22,691
96,170
313,293
184,838
23,116
105,339
328,540
191,923
23,812
112,804
Mideast:
Gross state product
Compensation of employees
Indirect business tax and nontax liability ....
Property-type income
435,880
258,676
31,799
145,405
SURVEY OF CURRENT BUSINESS
June 1998
•
2J
Table 6.—Gross State Product by Component in Current Dollars, Selected Years—Continued
[Millions of dollars]
1977
Great Lakes:
Gross state product
Compensation of employees
Indirect business tax and nontax liability
Property-type income
1982
1987
1992
1993
1994
1995
1996
388,931
240,783
28,694
119,454
533,520
338,954
40,090
154,475
762,355
466,179
56,638
239,538
978,823
611,394
76,169
291,259
1,033,607
648,774
80,389
304,445
1,121,443
691,914
89,062
340,467
1,178,334
726,434
92,162
359,739
1,233,424
Gross state product
Compensation of employees
Indirect business tax and nontax liability
Property-type income
115,442
70,501
9,000
35,942
163,180
101,450
12,388
49,342
230,199
137,853
17,529
74,817
298,747
182,263
23,996
92,488
312,349
191,746
25,318
95,285
336,867
202,190
27,287
107,389
352,932
212,532
27,635
112,765
370,778
221,913
Indiana:
Gross state product
Compensation of employees
Indirect business tax and nontax liability
Property-type income
47,324
29,146
3,350
14,828
63,337
40,778
4,494
18,065
91,350
55,849
6,113
29,388
122,097
75,183
8,443
38,471
129,667
80,379
8,710
40,578
141,358
86,032
10,359
44,968
148,801
89,977
10,732
48,092
155,797
93,295
11,243
51,258
Michigan:
Gross state product
Compensation of employees
Indirect business tax and nontax liability
Property-type income
87,684
56,224
6,708
24,752
112,249
74,149
9,593
28,507
166,298
106,128
12,903
47,266
201,635
135,280
16,857
49,498
217,347
145,558
17,575
54,214
240,645
157,757
19,929
62,959
251,794
166,260
21,609
63,925
263,336
173,385
22,885
67,066
Ohio:
Gross state product
Compensation of employees
Indirect business tax and nontax liability
Property-type income
97,772
61,168
6,417
30,187
135,528
86,734
9,116
39,678
192,429
117,895
13,341
61,194
245,726
151,119
17,563
77,044
256,593
159,194
18,634
78,766
276,742
169,271
20,398
87,074
292,103
177,168
20,672
94,263
304,353
Wisconsin:
Gross state product
Compensation of employees
Indirect business tax and nontax liability
Property-type income
40,709
23,744
3,220
13,744
59,225
35,844
4,499
18,883
82,078
48,454
6,751
26,873
110,618
67,549
9,310
33,759
117,651
71,896
10,152
35,602
125,831
76,664
11,090
38,077
132,704
80,497
11,514
40,693
139,160
84,142
12,038
42,981
148,936
83,295
10,663
54,979
225,730
130,493
15,692
79,545
310,475
178,369
22,992
109,113
405,912
238,824
30,796
136,291
420,535
251,110
32,953
136,472
457,639
266,962
35,705
154,973
481,161
282,027
36,425
162,710
514,201
297,147
37,562
179,492
Iowa:
Gross state product
Compensation of employees
Indirect business tax and nontax liability
Property-type income
26,390
13,580
1,655
11,156
36,549
19,346
2,521
14,682
45,159
24,165
3,520
17,474
59,981
33,259
4,534
22,188
61,973
35,053
4,964
21,956
68,728
37,467
5,357
25,904
71,362
39,366
5,423
26,574
76,315
41,137
5,486
29,692
Kansas:
Gross state product
Compensation of employees
Indirect business tax and nontax liability
Property-type income
20,440
11,141
1,587
7,712
33,088
18,475
2,425
12,188
44,032
24,388
3,391
16,254
55,926
32,368
4,391
19,167
58,194
33,820
4,575
19,799
61,929
35,641
5,033
21,255
64,146
37,384
5,140
21,622
5,290
23,336
Minnesota:
Gross state product
Compensation of employees
Indirect business tax and nontax liability
Property-type income
36,172
21,055
2,635
12,482
56,280
34,489
3,719
18,073
83,611
50,235
6,101
27,275
110,662
69,160
8,594
32,908
114,637
72,703
9,264
32,671
124,617
77,175
9,689
37,753
131,358
81,786
9,819
39,753
141,573
87,132
10,125
44,316
Missouri:
Gross state product
Compensation of employees
Indirect business tax and nontax liability
Property-type income
41,817
25,031
2,840
13,946
61,477
38,247
3,863
19,367
89,915
54,116
6,087
29,712
114,545
69,475
8,266
36,803
118,301
73,034
8,708
36,559
129,110
77,851
9,587
41,672
137,483
82,343
9,882
45,258
145,123
86,169
10,237
48,716
Nebraska:
Gross state product
Compensation of employees
Indirect business tax and nontax liability
Property-type income
13,629
7,377
1,075
5,177
20,645
11,554
1,476
7,615
26,857
15,106
2,116
9,634
37,193
20,470
2,755
13,968
38,385
21,488
2,965
13,931
42,109
22,860
3,293
15,957
43,673
24,233
3,376
16,063
47,187
25,564
3,505
18,118
North Dakota:
Gross state product
Compensation of employees
Indirect business tax and nontax liability
Property-type income
5,356
2,666
427
2,263
9,963
4,610
1,016
4,338
10,139
5,315
888
3,936
12,583
6,826
1,083
4,675
12,724
7,222
1,198
4,304
13,680
7,622
1,301
4,757
14,477
8,079
1,304
5,094
15,701
8,528
1,370
5,804
South Dakota:
Gross state product
Compensation of employees
Indirect business tax and nontax liability
Property-type income
5,132
2,446
444
2,241
7,728
3,774
673
3,282
10,763
5,044
891
4,827
15,022
7,266
1,174
6,582
16,322
7,790
1,279
7,253
17,466
8,346
1,445
7,675
18,662
8,836
1,480
8,346
20,289
9,229
1,549
9,511
389,262
225,235
31,925
132,102
650,710
380,268
54,599
215,843
976,521
564,888
78,306
333,326
1,303,756
763,297
110,041
430,418
1,384,533
809,041
117,915
457,576
1,492,120
859,127
127,850
505,143
1,580,725
908,037
131,516
541,172
1,674,519
954,632
138,421
581,466
756,623
95,707
381,094
Illinois:
28,235
120,629
21,307
99,159
Plains:
Gross state product
Compensation of employees
Indirect business tax and nontax liability
Property-type income
Southeast:
Gross state product
Compensation of employees
Indirect business tax and nontax liability
Property-type income
68,014
39,387
28 • June 1998
SURVEY OF CURRENT BUSINESS
Table 6.—Gross State Product by Component in Current Dollars, Selected Years-Continued
[Millions of dollars]
1977
1982
1987
1992
Alabama:
Gross state product
Compensation of employees .,
Indirect business tax and nontax liability
Property-type income
26,413
16,125
1,808
8,480
40,643
25,013
2,746
12,884
36,164
4,009
20,354
79,604
48,865
5,397
•25,341
Arkansas:
Gross state product
Compensation of employees
Indirect business tax and nontax liability
Property-type income
14,936
8,022
972
5,943
23,128
12,754
1,487
8,887
32,236
17,888
2,268
12,080
Florida:
Gross state product
Compensation of employees
,
Indirect business tax and nontax liability
Property-type income
66,073
38,223
6,038
21,812
124,965
72,891
10,680
41,394
Georgia:
Gross state product
Compensation of employees
Indirect business tax and nontax liability
Property-type income
41,218
25,102
2,915
13,202
Kentucky:
Gross state product
Compensation of employees
Indirect business tax and nontax liability
Property-type income
,
1993
1994
1995
1996
25,739
89,327
54,271
6,323
28,732
94,988
57,030
6,497
31,461
99,190
59,083
6,901
33,206
43,810
24,831
3,228
15,751
46,452
26,143
3,431
16,878
50,364
27,951
3,751
18,661
53,358
29,537
3,872
19,949
56,417
30,815
4,052
21,550
205,211
119,440
19,065
66,707
280,220
163,133
29,096
87,990
300,681
174,065
31,218
95,397
321,700
184,321
33,981
103,399
339,033
195,668
35,260
108,105
360,496
207,007
37,343
116,146
68,858
42,847
4,641
21,371
117,029
38,796
159,299
94,486
11,827
52,986
170,903
100,942
12,892
57,070
185,982
108,075
14,323
63,583
200,751
115,893
14,915
69,943
216,033
124,117
15,583
76,333
28,543
15,225
2,951
10,367
41,375
23,420
3,875
14,080
56,829
31,489
4,857
20,482
75,561
43,139
6,491
25,931
79,915
45,523
6,764
27,628
86,059
48,176
7,599
30,285
90,617
50,533
7,731
32,354
95,410
52,963
8,114
34,333
Louisiana:
Gross state product
Compensation of employees
Indirect business tax and nontax liability
Property-type income
39,248
18,441
3,546
17,261
78,716
34,451
11,487
32,778
76,069
35,646
7,769
32,654
89,748
46,900
9,209
33,638
94,656
48,793
9,544
36,320
103,880
51,564
9,915
42,401
112,944
54,297
9,988
48,659
121,143
56,387
11,404
53,353
Mississippi:
Gross state product
Compensation of employees
Indirect business tax and nontax liability
Property-type income
15,981
8,741
1,269
5,970
24,894
13,785
1,867
9,242
33,660
17,974
2,580
13,107
43,302
24,157
3,403
15,742
46,605
26,092
3,837
16,676
50,751
28,448
4,277
18,026
53,647
29,892
4,429
19,326
56,406
31,065
4,681
20,661
North Carolina:
Gross state product
Compensation of employees
Indirect business tax and nontax liability
Property-type income
44,410
26,030
3,853
14,527
69,920
42,508
5,202
22,210
115,737
67,367
9,159
39,211
160,579
92,632
12,686
55,261
168,550
98,533
13,562
56,455
182,268
104,932
14,742
62,594
192,219
111,288
15,054
65,876
204,229
South Carolina:
Gross state product
Compensation of employees
Indirect business tax and nontax liability
Property-type income
20,321
13,066
1,522
5,733
32,911
21,436
2,271
9,204
53,073
32,146
3,963
70,945
43,459
5,277
22,209
75,205
45,663
5,860
23,683
80,684
47,896
6,213
26,574
85,270
50,298
6,434
28,538
89,476
52,444
6,730
30,301
Tennessee:
Gross state product
Compensation of employees
Indirect business tax and nontax liability
Property-type income
33,484
20,012
2,586
10,886
51,071
31,758
3,742
15,571
80,924
47,575
6,326
27,022
109,047
65,121
8,670
35,256
116,658
69,761
9,577
37,319
127,852
75,019
10,327
42,505
134,873
79,530
10,698
44,646
140,750
82,611
11,058
47,080
Virginia:
Gross state product
Compensation of employees
Indirect business tax and nontax liability
Property-type income
44,193
27,648
3,693
12,852
73,288
46,755
5,190
21,343
120,740
74,732
8,530
37,478
161,020
98,892
12,167
49,962
169,972
103,751
12,592
53,629
178,788
108,981
13,337
56,470
186,986
113,928
13,490
59,567
197,809
119,751
13,876
64,182
14,441
771
5,070
20,942
12,650
1,413
6,880
24,485
14,169
1,845
8,471
30,621
17,683
2,590
10,348
31,938
18,406
2,750
10,782
34,465
19,493
3,061
11,912
36,039
20,142
3,148
12,749
37,160
20,725
3,378
13,058
185,167
97,889
14,305
72,972
368,168
195,293
31,979
140,896
432,204
246,333
595,555
331,318
209,970
686,302
371,555
61,729
253,017
727,527
396,006
62,343
269,178
778,815
421,327
38,300
147,571
638,194
350,326
57,619
230,249
Arizona:
Gross state product
Compensation of employees
Indirect business tax and nontax liability
Property-type income
19,202
11,210
1,867
6,125
34,325
21,215
2,663
10,447
58,849
34,944
5,221
18,683
78,278
45,798
7,371
25,109
84,951
49,134
7,852
27,966
95,360
54,157
8,562
32,642
103,951
59,086
8,892
35,973
111,520
64,052
8,865
38,602
New Mexico:
Gross state product
Compensation of employees
Indirect business tax and nontax liability
Property-type income
10,368
5,483
972
3,913
19,868
9,695
2,180
7,993
22,818
12,797
1,891
8,129
31,949
17,246
2,634
12,069
36,297
18,551
3,104
14,642
40,885
19,861
3,219
17,805
40,759
21,301
3,025
16,434
42,698
21,936
3,275
17,487
West Virginia:
Gross state product
Compensation of employees
Indirect business tax and nontax liability
Property-type income
Southwest:
Gross state product
Compensation of employees
Indirect business tax and nontax liability ....
Property-type income
8,600
60,527
70,298
7,936
16,964
54,268
82,998
51,369
5,889
117,663
15,302
71,264
64,550
292,938
SURVEY OF CURRENT BUSINESS
June 1998
•
29
1995
1996
Table 6.—Gross State Product by Component in Current Dollars, Selected Years—Continued
[Millions of dollars]
1977
1982
1987
1992
1993
1994
Oklahoma:
Gross state product
Compensation of employees
Indirect business tax and nontax liability
Property-type income
23,780
12,776
1,493
9,511
49,029
26,211
3,731
19,087
48,165
27,639
3,662
16,864
60,807
35,300
4,414
21,093
63,960
36,755
4,782
22,423
65,957
38,044
5,244
22,669
68,611
39,453
5,309
23,849
41,422
5,597
25,749
Texas:
Gross state product
Compensation of employees
Indirect business tax and nontax liability
Property-type income
;
131,817
68,420
9,974
53,422
264,945
138,171
23,405
103,369
302,373
170,953
27,525
103,895
424,521
232,973
39,849
151,699
452,986
245,885
41,881
165,219
484,099
259,493
44,705
179,901
514,206
276,167
45,118
192,921
551,830
293,916
46,813
211,101
Rocky Mountain:
Gross state product
Compensation of employees
Indirect business tax and nontax liability ....
Property-type income
54,651
30,828
4,455
19,368
100,019
56,615
8,962
34,442
124,488
71,147
10,775
42,566
169,044
99,090
14,002
55,953
184,195
106,752
14,641
62,802
199,032
114,799
16,207
68,027
213,825
122,755
16,725
74,345
229,833
131,030
17,543
81,260
Colorado:
Gross state product
Compensation of employees
Indirect business tax and nontax liability
Property-type income
25,185
14,886
2,022
8,278
47,584
29,375
3,571
14,638
63,065
38,093
5,085
19,888
85,098
52,198
6,735
26,165
92,949
56,388
7,087
29,475
100,712
60,352
7,742
32,618
107,903
64,602
8,115
35,185
116,227
Idaho:
Gross state product
Compensation of employees
Indirect business tax and nontax liability
Property-type income
7,029
3,935
461
2,632
10,485
5,905
628
3,952
13,762
7,529
1,024
5,210
20,057
11,412
1,499
7,147
22,399
12,354
1,638
8,408
24,505
13,544
1,874
9,087
26,885
14,435
1,938
10,512
27,898
15,038
2,025
10,836
Montana:
Gross state product
Compensation of employees
Indirect business tax and nontax liability
Property-type income
6,376
3,339
517
2,521
10,354
5,245
947
4,162
11,542
5,939
1,074
4,529
14,988
8,049
1,441
5,497
16,085
8,635
1,327
6,123
16,867
9,146
1,498
6,223
17,722
9,582
1,543
6,598
18,509
10,053
1,627
Utah:
Gross state product
Compensation of employees
Indirect business tax and nontax liability
Property-type income
10,414
6,203
787
3,424
18,550
11,120
1,503
5,926
25,173
15,029
2,050
8,094
35,193
21,740
2,731
10,722
38,129
23,368
2,983
11,779
42,007
25,439
3,252
13,316
45,554
27,636
3,379
14,540
50,352
30,017
3,571
16,765
Wyoming:
Gross state product
Compensation of employees
Indirect business tax and nontax liability
Property-type income
5,646
2,466
668
2,513
13,047
4,970
2,313
5,764
10,946
4,558
1,542
4,846
13,708
5,690
1,595
6,422
14,633
6,008
1,607
7,017
14,941
6,317
1,841
6,783
15,761
6,499
1,751
7,511
16,847
6,653
1,886
8,307
310,971
183,054
28,561
99,357
536,003
314,911
42,163
178,930
816,992
468,591
60,210
288,191
1,110,725
634,668
89,290
386,767
1,145,590
649,397
92,871
403,323
1,197,015
672,581
95,259
429,174
1,252,657
702,901
97,060
452,695
1,323,429
741,871
100,823
480,736
Alaska:
Gross state.product
Compensation of employees
Indirect business tax and nontax liability
Property-type income
7,447
4,770
581
2,096
23,061
7,387
3,743
11,932
21,274
8,122
1,740
11,412
22,212
10,907
2,383
8,922
22,503
11,356
2,244
8,903
21,853
11,597
2,085
8,171
23,674
11,700
1,964
10,010
24,161
11,659
2,093
10,409
California:
Gross state product
Compensation of employees
Indirect business tax and nontax liability
Property-type income
228,504
133,964
21,750
72,790
391,080
233,192
28,722
129,166
619,518
358,368
42,798
218,351
825,193
468,623
63,841
292,729
843,100
475,252
65,806
302,042
875,965
488,309
66,285
321,371
913,474
508,493
67,596
337,385
962,696
534,843
70,405
357,447
Hawaii:
Gross state product
Compensation of employees
Indirect business tax and nontax liability
Property-type income
9,401
5,912
741
2,749
15,523
9,448
1,229
4,847
23,281
13,657
1,785
7,839
35,193
20,625
2,701
11,867
35,160
21,048
2,774
11,339
35,249
21,280
3,056
10,913
36,034
21,200
3,091
11,742
36,317
21,353
3,134
11,829
Nevada:
Gross state product
Compensation of employees
Indirect business tax and nontax liability
Property-type income
7,428
4,463
640
2,326
14,200
8,652
1,123
4,424
21,921
12,652
1,840
7,429
36,057
20,500
3,074
12,484
39,502
22,285
3,559
13,658
44,502
24,781
3,904
15,817
48,670
27,184
4,307
17,179
53,687
29,976
4,714
18,997
Oregon:
Gross state product
Compensation of employees
Indirect business tax and nontax liability
Property-type income
22,361
12,891
1,399
8,071
31,865
19,228
2,123
10,514
44,850
25,986
3,345
15,519
63,242
37,695
4,561
20,986
68,922
40,228
4,733
23,961
74,724
43,302
5,103
26,319
80,805
46,594
5,139
29,072
86,967
50,208
5,236
31,523
Washington:
Gross state product
Compensation of employees
Indirect business tax and nontax liability
Property-type income
35,830
21,054
3,449
11,326
60,274
37,004
5,223
18,047
86,149
49,806
8,702
27,640
128,827
76,318
12,731
39,779
136,403
79,228
13,755
43,420
144,721
83,311
14,826
46,584
150,001
87,731
14,962
47,307
159,602
93,832
15,240
50,530
Far West:
Gross state product
Compensation of employees
Indirect business tax and nontax liability ....
Property-type income
72,767
69,269
8,434
38,524
6,829
30
• June 1998
SURVEY OF CURRENT BUSINESS
Table 7.—Real Gross State Product by Major Industry, Selected Years
[Millions of chained (1992) dollars]
1977
1982
1987
1992
1993
1994
1995
1996
1977
1
1982
1987
United States 1
Total gross state product
Agriculture, forestry, and fishing
Mining
Construction
Manufacturing
Transportation and public utilities ...
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services
Government
Not allocated by industry 2
89,117 112,374 102,326 119,138 111,382
75,999
86,372
92,248
96,358 102,547 108,352
78,769
172,815 239,601 229,657 234,312 249,766 254,138
810,101 1,041,675 1,063,628 1,100,823 1,193,167 1,272,845
551,937 584,148
379,588 453,917
246,457 322,754 406,414 416,485 448,567 457,512
509,229
544,316
566,203 601,164
387,906
875,840 1,015,685 1,147,913 1,174,304 1,196,940 1,231,148
1,041,351 1,200,834 1,223,494 1,256,529 1,298,810
702,897 741,247 806,963 821,172 827,476
57,541
0 -12,876 -43,810 -76,546
-6,726
111,728
101,94'
264.25C
1,323,71
611,745
493,346
648,54^
1,255,863
1,342,941
839,649
-69,883
221,421
250,329
343,542
353,141
1,154
148
8,694
45,573
16,146
10,303
19,206
43,708
44,058
33,903
-1,471
1,742
154
8,187
54,008
16,585
12,685
20,566
52,258
52,030
32,574
322
17,474
69,179
21,357
19,848
32,076
73,274
71,027
35,285
-461
834
3,126
250
11,382
62,771
24,696
23,092
30,356
81,634
79,405
36,430
0
Connecticut
Total gross state product
Agriculture, forestry, and fishing
Mining
Construction
Manufacturing
Transportation and public utilities ...
Wholesale trade
Retail trade
Finance; insurance, and real estate
Services
Government
Not allocated by industry2
71,817
96,700
103,031
103,863
106,982
110,196
113,013
16,427
17,875
23,105
228
54
311
63
812
42
3,444
18,877
7,538
800
42
3,437
19,905
7,713
7,205
8,741
29,671
22,830
807
52
3,50
20,843
7,223
7,856
8,944
30,288
23,591
296
4
2,218
17,376
4,603
3,838
5,767
15,888
13,025
8,738
730
61
3,360
19,171
6,978
6,850
8,272
27,178
20,689
9,741
0
744
69
2,409
15,373
4,307
2,891
5,200
12,624
11,515
8,972
-243
566
107
5,088
20,640
6,188
5,626
8,778
22,395
17,893
9,252
167
387
4
617
3,856
1,399
773
1,696
2,936
3,008
3,239
533
4
1,420
4,499
1,633
1,192
2,619
3,846
3,883
3,410
67
3,399
18,037
7,191
6,977
8,640
28,112
21,354
9,845
28
28,409
22,256
9,984
2
9,949
-41
858
3,198
1,378
707
1,638
2,486
2,757
3,188
-84
Total gross state product
Total gross state product
Total gross state product
Finance, insurance, and real estate
Services
Government
Not allocated by industry 2
See notes at end of table.
358,816
372,939
384,902
398,575
3,051
260
11,702
62,250
26,046
23,289
31,391
82,987
80,870
37,131
-5
3,124
258
12,125
65,635
27,075
24,799
32,643
36,850
83,070
37,397
-35
26,654
25,775
33,347
90,146
3,072
290
12,680
74,161
26,961
27,900
34,508
92,537
37,442
-104
37,914
-329
24,366
24,909
25,435
26,048
461
13
1,051
4,233
1,921
1,389
2,951
4,339
4,331
3,678
-2
491
13
1,038
4,551
1,831
1,481
3,023
4,431
4,489
3,562
-1
451
12
1,053
4,794
1,899
1,507
3,067
4,523
4,600
3,526
4
458
14
1,120
4,883
2,021
1,645
3,105
4,585
4,681
3,538
-2
290
12,279
24,003
538
12
1,062
4,063
1,861
1,355
2,792
4,233
4,339
3,7481
0
119,228
166,159
165,325
1.68,916
177,287
183,004
191,026
12,991
16,186
25,250
26,035
26,398
28,026
29,972
31,743
363
33
569
39
1,051
116
7,616
32,416
9,687
10,082
14,849
35,231
1,086
97
4,810
27,445
11,310
11,534
13,562
37,208
42,299
15,975
0
1,003
106
5,069
27,906
11,971
11,697
14,035
37,606
42,968
16,574
-19
1,080
122
5,411
29,574
12,445
12,573
14,761
40,710
43,761
16,863
-12
1,084
146
5,485
31,473
11,974
13,035
15,153
42,144
45,556
16,997
-42
1,103
129
5,704
33,481
12,377
14,172
15,899
43,865
47,162
17,287
-153
69
16
791
96
12
881
197
51
211
25
943
227
32
936
228
25
996
2,523
3,565
1,057
1,479
3,299
2,998
2,118
1,803
5,256
1,819
1,234
2,594
5,240
4,544
2,404
225
28
892
5,454
1,914
1,459
2,512
5,874
5,037
2,640
5,254
2,161
1,555
2,649
5,850
5,101
2,651
6,053
2,362
1,680
2,809
6,029
5,238
2,693
7,150
2,281
1,909
2,908
6,341
5,515
2,702
-24
108
0
-1
-33
-84
227
30
1,034
8,080
2,465
2,017
3,008
6,525
5,760
2,763
-165
13,456
3,653
19,799
7,996
5,185
9,029
21,936
22,873
15,953
-398
3,676
23,811
7,935
6,251
9,430
25,144
28,137
14,666
-429
16,278
436
925
539
1,256
2,511
2,498
2,117
-255
706
Vermont
15,886
16,935
21,397
22,412
22,627
22,757
23,281
23,327
7,024
8,371
10,927
12,336
12,648
12,985
13,028
59
8
615
128
9
454
217
11
900
204
12
744
186
13
719
196
15
770
197
17
762
134
31
367
245
24
341
302
32
647
343
40
514
290
35
521
317
33
526
290
47
547
3,693
3,766
4,202
1,533
1,151
2,030
5,056
4,691
2,790
4,260
1,658
1,175
2,123
4,981
4,689
2,827
4,102
1,684
1,241
2,102
5,110
4,790
2,740
4,202
1,674
1,284
2,145
5,235
4,969
2,786
189
19
773
4,254
1,715
1,362
2,177
5,005
5,051
2,791
1,244
1,782
2,028
620
290
676
639
348
746
2,436
1,100
2,558
1,145
2,483
1,213
2,499
1,112
0
-4
6
8
1,225
1,449
1,157
-169
915
691
953
769
1,406
2,960
2,985
2,510
1,448
3,500
3,299
2,649
4,328
1,200
1,123
2,111
4,552
4,255
2,657
44
-39
42
-6
832
591
877,198
918,527
1,131,267
3,417
2,107
32,108
156,321
75,983
43,818
66,600
181,181
166,488
148,458
718
5,165
1,799
28,461
151,805
77,272
52,132
66,405
206,820
190,952
140,123
-2,407
7,394
2,422
48,984
177,092
89,975
69,223
91,594
257,425
239,455
146,202
1,501
1,216,057 1,231,336
8,257
2,328
41,291
173,025
102,318
78,850
92,496
290,984
269,008
157,501
0
7,853
2,394
40,589
174,050
105,513
79,574
94,151
295,019
270,277
161,949
-32
46
549
2,697
745
778
847
834
1,520
1,569
1,162
1,125
2,027
2,052
1,284
1,186
2,086
2,351
1,536
1,243
2,097
2,427
1,555
1,307
2,167
2,535
1,554
1,332
2,237
2,554
1,569
1,161
850
1,375
2,276
2,638
1,584
-6
6
0
-1
2
7
-6
Delaware
Mideast
Agriculture, forestry, and fishing
Mining
Construction
Manufacturing
Transportation and public utilities ....
Wholesale trade
Retail trade
1996
105,923
Rhode Island
Agriculture, forestry, and fishing
Mining
Construction
Manufacturing
.,
Transportation and public utilities ...
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services
GovsrnmGnt
Not allocated by industry2
1995
New Hampshire
Massachusetts
Agriculture, forestry, and fishing
Mining
Construction
Manufacturing
Transportation and public utilities ...
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services
Government
Not allocated by industry2
1994
Maine
63,329
-11
1993
New England
4,176,659 4,559,704 5,598,489 6,133,012 6,274,538 6,535,632 6,707,635 6,923,849
57,327
82,391
213,844
796,538
346,815
200,979
364,495
742,712
712,507
699,157
-40,106
1992
1,267,131
8,600
2,644
42,089
180,756
109,333
83,744
98,313
305,557
273,721
162,541
-166
1,288,241 1,319,594
8,173
2,606
41,372
111,107
83,563
100,499
311,105
277,767
162,857
-395
8,212
2,750
41,824
193,847
114,090
88,697
103,091
321,287
283,160
163,191
-555
13,940
14,697
20,216
23,492
25,968
26,200
27,148
103
21
759
152
2
696
232
3
771
248
5
816
230
5
754
272
5
684
247
5
731
4,100
1,071
4,270
5,474
1,146
4,880
1,264
4,996
1,301
5,441
1,358
5,682
1,398
742
915
919
983
993
1,384
11,903
3,119
2,213
-858
1,490
11,023
3,211
2,277
-545
1.553
11,459
3,306
2,347
-573
491
880
916
564
895
2,335
1,771
1,915
3,001
2,001
1,848
1,237
5,838
2,583
1,978
1,346
8,762
3,105
2,151
492
352
211
0
253
6
837
5,553
1,433
1,073
1,648
12,981
3,515
2,395
-«34
SURVEY OF CURRENT BUSINESS
June 1998
• 31
Table 7.—Real Gross State Product by Major Industry, Selected Years—Continued
[Millions of chained (1992) dollars]
1977
1982
1987
1992
1993
1994
1977
1995
1982
1987
Total gross state product
Total gross state product
Total gross state product
Retail trade
'..'.1ZZ~
Finance, insurance, and real estate
Services
Government
Not allocated by industry2
37,698
40,238
44,764
46,816
46,597
46,735
47,841
79,835
84,254
110,375
118,784
121,377
126,508
127,561
130,158
3
2
484
8
8
595
12
10
425
12
11
390
12
8
396
14
13
380
408
49
1,179
1,878
1,648
2,063
1,295
2,463
1,156
2,522
1,141
2,457
1,096
2,459
580
519
541
653
600
560
546
1,358
4,628
9,129
22,331
-217
1,313
4,772
10,140
17,459
1,530
5,649
12,300
15,868
1,353
6,786
14,026
17,743
1,339
7,595
14,281
18,951
1,367
7,261
14,675
18,729
1,354
7,532
14,584
18,786
4,302
9,479
5,700
3,377
7,344
14,383
14,059
21,394
632
80
3,380
1,098
2,146
13
10
382
1,105
2,578
553
1,329
8,662
14,637
18,639
27
0
-40
-10
-28
-67
-661:
1,152
103
5,895
10,420
9,318
7,130
10,997
25,505
26,551
21,713
0
1,085
102
5,738
10,443
9,841
7,447
11,077
25,851
27,419
22,381
-50
1,032
126
7,322
11,158
8,000
6,244
11,122
21,809
23,083
20,306
173
-6
1,226
112
6,090
11,026
10,406
7,931
11,647
27,541
27,925
22,608
-2
1,154
116
6,076
11,767
10,125
8,020
11,854
26,982
28,524
22,976
-34
1,192
117
6,230
12,049
10,626
8,636
12,151
26,504
29,143
23,615
-106
9,393
5,961
4,211
7,576
16,621
16,794
20,179
-574
New York
143,195
455
101
5,256
31,087
13,608
7,668
11,704
27,388
24,981
21,038
-91
156,935
75
5,398
31,119
14,429
10,076
11,984
31,271
31,182
21,397
-630
210,028
232,881
236,379
242,812
246,872
251,050
387,412
416,681
505,718
526,235
527,564
543,702
549,554
563,330
1,115
128
10,341
38,908
1,184
132
8,094
35,861
21,817
21,234
17,859
51,876
49,175
25,649
0
1,201
145
8,257
36,826
23,267
21,374
18,052
51,779
49,187
26,330
-38
1,390
164
8,514
36,277
24,991
22,555
18,727
53,511
50,138
26,586
-42
1,394
165
8,337
36,765
25,148
22,478
19,147
55,128
51,652
1,376
126
8,354
36,790
25,636
23,993
19,635
55,785
52,781
26,615
-40
1,215
469
10,720
62,129
33,364
22,342
27,078
96,756
78,973
53,561
805
1,904
292
10,915
62,264
35,742
26,119
26,973
112,261
88,643
51,752
-184
2,428
607
18,946
2,574
404
15,320
67,230
42,663
32,565
36,833
149,326
118,802
60,518
0
2,471
434
14,839
65,211
42,875
32,764
37,410
151,481
118,217
61,860
3
2,648
462
15,417
68,218
44,378
34,136
39,167
157,865
119,459
62,029
-78
2,509
423
15,109
70,069
44,912
2,469
447
15,221
71,682
46,291
36,030
40,837
167,155
122,577
60,931
-309
15,285
17,795
43,554
41,404
22,585
294
-11
38,791
32,957
37,448
137,736
108,652
57,758
767
211,658
208,447
244,643
269,900
273,556
281,559
290,623
298,726
796,203
752,775
903,052
1,234
1,492
10,288
1,837
1,324
7,588
43,504
18,274
10,642
17,664
2,577
1,569
11,010
50,358
21,349
13,453
22,462
42,619
51,462
27,683
102
3,087
1,672
10,741
53,338
24,793
16,353
24,109
48,729
57,349
29,728
0
2,855
1,697
10,610
55,418
25,709
16,470
24,890
47,751
58,053
30,226
-124
3,051
1,893
10,988
58,665
25,742
17,578
25,915
49,285
58,316
30,317
-191
2,854
1,888
10,739
64,204
27,069
17,630
26,775
49,915
59,317
30,621
-391
2,907
2,057
10,800
10,681
3,798
37,391
215,193
67,218
37,052
70,308
128,579
124,508
100,012
1,463
12,310
3,511
24,310
181,126
62,502
40,812
65,709
136,937
133,769
99,517
-7,728
12,079
4,737
34,171
19,998
9,360
18,235
35,384
37,720
28,729
1,131
38,566
42,277
27,583
-813
, forestry, and fishing
in"... .
Manufacturing
-JZZZ'Z
Transportation and public utilities ...
Wholesale trade
Retail trade
[...'..
Finance, insurance, and real estate
Services
Government
Not allocated by industry2 ... .
27,530
18,412
27,490
51,772
60,510
31,019
-460
76,207
52,963
82,825
143,950
159,843
99,914
-296
Not allocated by industry
See notes at end of table.
14,512
4,677
37,599
240,154
80,981
67,785
86,203
160,410
176,577
109,925
0
12,629
4,582
38,640
256,953
80,705
70,063
89,101
165,592
179,476
112,089
-45
15,399
5,035
41,391
285,129
89,379
76,426
96,132
169,932
185,192
111,611
-196
13,759
5,054
41,987
300,561
89,727
77,866
100,386
173,800
191,549
112,554
-599
238,337
233,192
272,641
298,747
306,762
325,551
333,808
345,489
95,690
88,758
108,067
122,097
126,471
135,103
3,686
1,207
11,700
50,055
21,023
13,501
21,105
43,384
40,969
30,439
3,536
1,170
8,189
44,001
20,403
15,248
19,635
47,702
44,813
29,730
-1,234
2,965
1,437
11,334
52,707
25,635
19,306
24,897
51,949
53,287
29,309
-184
4,227
1,519
12,179
53,779
28,351
24,003
25,042
57,897
.60,125
31,624
0
3,509
1,405
12,216
56,779
28,576
24,244
25,846
61,020
60,904
32,307
4,752
1,629
12,937
65,629
31,110
25,949
27,378
61,673
62,498
32,170
-174
3,574
1,578
12,974
68,925
31,200
26,225
28,374
63,307
64,932
4,405
1,531
13,362
71,866
32,279
27,214
29,011
65,324
67,216
33,445
-165
1,813
284
4,792
28,954
8,661
3,944
8,885
14,251
12,893
11,337
-123
1,977
381
3,307
1,822
592
4,350
32,704
10,016
5,269
10,419
14,606
16,445
11,905
-62
2,172
704
2,022
706
5,486
39,454
10,997
7,426
11,385
16,247
19,034
13,728
-15
2,327
810
6,022
43,224
11,472
8,164
12,643
17,091
19,638
13,779
-67
6,101
46,882
11,470
8,342
13,241
17,102
20,107
13,709
-130
Total gross state product
-.--,.
n and public utilities .
Wholesale trade
Retail trad*
Finance, insurance, and real estate .
Services
Government .
2
978,823 1,009,785 1,075,130 1,106,644 1,140,103
1,317
1,073
7,490
59,406
13,187
7,191
15,166
26,768
27,407
22,966
650
158,414
197,540
201,635
211,228
1,806
1,918
1,081
6,655
59,586
14,533
10,723
17,283
29,015
34,340
22,474
-68
2,246
1,095
6,888
52,481
13,759
13,763
17,950
32,269
36,716
24,468
0
2,143
1,019
7,063
58,000
14,859
14,476
18,352
32,906
37,735
24,688
-14
790
4,529
42,925
11,362
7,449
13,541
28,011
27,924
22,544
-2,469
14,511
4,991
307,717
92,191
83,106
104,408
178,739
197,429
113,958
-613
Indiana
-141
23,904
7,825
4,128
8,473
14,658
13,715
11,570
-1,181
Michigan
Agriculture, forestry, and fishing ....
Mining ....,,
Construction
39,817
161,142
120,387
61,471
-181
Great Lakes
Illinois
Total gross state product
1995
4
2
783
Pennsylvania
Agriculture, forestry, and fishing
Mining
...
„.
Construction
Manufacturing
Transportation and public utilities ...
Wholesale trade .
1994
41,843
New Jersey
Agriculture, forestry, and fishing
Mining
Construction
Manufacturing
Transportation and public utilities
Wholesale trade ....
Retail trade
Finance, insurance, and real estate
Services
,
Government
Not allocated by industry2
1993
Maryland
District of Columbia
Agriculture, forestry, and fishing
Mining
Construction
Manufacturing
Transportation and public utilities...
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services
Government
Not allocated by industry2
I1992 I
5,290
36,968
10,518
7,048
16,121
18,801
13,507
0
144,116
2,026
787
2,365
853
6,241
48,319
11,910
8,957
13,800
17,437
13,726
-184
Ohio
2,354
1,031
7,723
67,543
16,096
16,103
20,051
34,289
39,313
24,464
62
234,925
241,038
199,364
189,733
228,411
245,726
250,238
264,715
273,639
280,706
2,538
1,016
8,150
68,728
16,107
16,515
21,482
35,022
41,175
24,276
-63
2,219
1,029
8,747
68,572
16,537
18,018
22,742
36,035
42,548
24,636
-43
1,808
1,171
9,093
56,917
18,023
8,883
17,877
30,211
30,671
24,595
114
1,986
1,088
2,257
1,495
8,343
65,121
18,964
12,588
21,532
33,266
2,947
1,149
8,649
66,157
20,341
16,264
22,422
37,128
43,148
27,521
0
2,543
3,136
1,293
9,783
73,625
21,995
3,011
1,250
9,832
79,211
22,012
19,054
26,041
39,115
46,031
28,294
-210
2,914
1,215
10,148
80,737
22,280
20,558
27,173
40,331
46,929
28,645
-224
5,968
50,004
16,649
9,864
17,083
31,382
33,349
24,334
-1,972
25,018
3
1,156
9,147
70,001
17,955
16,890
23,245
37,568
43,506
28,235
-9
25,131
38,412
44,870
27,965
-125
3-2 © June 1998
SURVEY OF CURRENT BUSINESS
Table 7.—Real Gross State Product by Major Industry, Selected Years—Continued
[Millions of chained (1992) dollars]
1977
1982
1987
1992
1993
1994
1995
1996
1977
1982
1987
Total gross state product
Total gross state product
96,519
110,618
115,079
120,837
124,583
128,72'
301,722
317,800
366,925
405,912
409,310
437,617
450,857
469,648
2,993
68
2,318
20,388
6,282
4,122
6,978
15,246
13,977
11,335
-883
3,114
124
3,489
26,784
7,054
5,078
8,694
15,108
15,947
11,208J
33
2,920
211
4,593
30,769
8,012
,6,706
9,820
16,995
17,787
12,803
0
2,413
295
4,728
32,707
8,314
7,027
10,274
17,905
18,297
13,131
-12
2,830
280
4,926
35,056
8,704
7,582
10,928
18,482
18,873
13,234
-57.
2,609
414
4,930
36,784
8,934
7,730
11,248
19,283
19,309
13,419
-77
2,60i
35$
5,169
38,263
9,182
8,359
11,68
19,655
20,048
13,509
-109
12,654
2,810
16,758
52,312
28,513
17,188
27,747
50,704
48,223
47,450
-2,636
15,431
2,754
11,165
55,336
29,188
19,985
27,718
55,852
55,062
47,510
-5,201
15,169
2,777
14,542
73,589
34,471
23,241
33,845
57,453
63,604
48,991
-756
19,577
2,713
15,569
79,055
38,554
29,871
36,306
61,170
70,536
52,561
0|
13,523
2,771
16,152
80,120
40,151
30,630
38,387
62,409
71,999
53,196
-28
20,229
2,703
17,980
87,228
42,800
33,339
40,998
64,332
74,346
53,950
-290
16,720
2,853
18,514
94,307
43,611
34,072
42,432
77,468
54,742
-160
20,133
3,185
19,404
97,421
45,280
37,295
44,144
67,709
80,194
55,178
-294
Kansas
50,210
50,334
52,800
59,981
60,438
65,955
67,510
70,259
43,033
3,297
90
2,959
9,617
4,565
2,725
4,539
8,712
7,580
7,170
-1,045
3,779
67
1,586
9,848
4,059
3,013
4,143
9,376
7,966
7,147
-650
3,480
116
1,526
11,975
4,422
3,205
4,619
8,107
8,503
7,077
-229
4,522
142
2,201
14,315
4,637
4,144
5,167
8,379
8,934
7,539
0
2,418
144
2,247
15,619
4,952
4,252
5,405
8,674
9,122
7,621
-17
4,714
166
2,485
17,007
5,307
4,583
5,823
8,923
9,363
7,682
3,895
178
2,589
18,104
5,565
4,669
5,959
9,133
9,717
7,779
-77
4,913
176
2,709
18,443
5,825
4,977
6,113
9,269
10,091
7,807
S5
1,487
1,416
2,407
7,401
4,253
2,229
3,779
6,596
6,348
7,188
-71
1,960
912
1,717
8,031
4,640
2,693
3,899
7,643
7,352
7,521
-402
52,244
55,926
56,731
59,404
60,323
62,021
2,001
1,023
2,026
10,246
5,781
3,250
4,748
7,494
8,132
7,635
-94
2,830
849
1,974
9,942
6,219
4,023
5,195
7,534
8,936
8,422
0
2,421
889
2,061
10,145
6,518
4,064
5,556
7,234
9,191
8,662
-10
3,018
877
2,234
10,580
6,979
4,402
5,895
7,317
9,302
8,835
-35
2,436
929
2,288
11,144
6,870
4,638
6,099
7,409
9,655
8,855
0
2,555
829
2,450
11,781
7,086
5,070
6,350
7,430
9,875
8,627
33
Missouri
Total gross state product
72,174
78,806
98,499
110,662
110,884
118,429
122,028
2,734
443
4,047
12,267
6,339
4,448
6,535
13,113
12,099
10,634
-486
3,098
415
2,701
14,226
6,650
5,250
7,046
14,749
14,454
10,891
-675
3,228
330
4,410
22,321
7,537
6,376
8,917
16,231
17,585
11,600
-35
3,180
632
4,666
22,364
8,857
8,444
9,648
18,915
21,064
12,892
0
1,743
599
4,692
22,138
9,108
8,814
10,247
19,321
21,240
12,985
-2
3,260
573
4,914
24,066
9,606
9,753
10,952
20,042
21,974
13,376
-86
2,917
575
5,057
25,291
9,860
9,932
11,395
20,534
22,996
13,550
-78
3,571
819
5,349
26,674
10,285
11,242
11,919
21,187
24,021
13,772
-140
1,755
329
4,356
19,117
9,009
4,869
8,044
13,592
14,658
13,001
-142
89,564
107,451
114,545
115,473
123,417
128,512
132,778
1,902
263
3,144
18,340
9,068
5,646
7,933
14,540
16,902
12,316
-490
2,001
358
4,724
22,945
11,417
6,745
10,419
15,847
20,270
12,797
-71
2,218
343
4,422
24,632
12,465
8,425
10,688
16,557
21,360
13,434
0
1,691
372
4,674
23,779
12,800
8,497
11,216
17,009
21,862
13,572
1
2,239
406
5,534
26,492
13,405
9,215
11,950
17,759
22,594
13,846
-22
409
5,664
29,377
13,604
9,436
12,364
18,257
23,464
14,140
-29
2,272
542
5,782
29,570
14,050
10,175
12,840
18,796
24,102
14,691
-43
Nebraska
Total gross state product
26,599
1,626
97
1,357
3,111
2,474
1,631
2,665
5,018
4,235
5,254
-868
2,271
79
909
3,526
2,633
1,892
2,576
5,334
4,655
5,427
-414
North Dakota
31,336
37,193
37,414
40,419
41,273
43,173
10,621
12,642
11,834
12,583
12,428
13,180
13,703
14,298
2,243
91
984
4,306
3,149
2,097
2,831
5,058
5,191
5,602
-217
3,651
98
1,291
5,351
3,832
2,861
3,030
5,273
5,913
2,850
98
1,401
5,512
4,044
2,925
3,194
5,422
6,078
5,894
3,687
108
1,637
6,156
4,549
3,088
3,445
5,529
6,387
5,877
-43
3,119
110
1,690
6,453
4,665
3,094
3,585
5,828
6,725
6,000
2
3,691
107
1,810
6,645
4,878
3,336
3,792
5,908
7,022
5,991
-9
829
387
925
481
917
718
1,065
1,779
1,680
2,164
-323
1,204
888
778
556
1,114
861
1,028
1,985
1,966
2,224
38
1,004
717
452
709
1,139
882
1,087
1,657
1,982
2,244
-39
1,461
438
479
793
1,306
1,047
1,137
1,721
2,021
2,181
0
979
428
517
826
1,403
1,119
1,223
1,664
2,081
2,192
-3
1,435
365
561
953
1,546
1,235
1,295
1,526
2,182
2,095
-12
1,132
479
601
1,158
1,614
1,213
1,338
1,721
2,269
2,186
-9
1,418
472
659
1,207
1,659
1,314
1,385
1,694
2,364
2,136
-11
South Dakota
Total gross state product
Agriculture, forestry, and fishing
Mining
Construction
Manufacturing
Transportation and public utilities ....
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services
Government
Not allocated by industry2
See notes at end of table.
1996
82,824
Agriculture, forestry, and fishing
Mining
Agriculture, forestry, and fishing
Mining
Construction
Manufacturing
Transportation and public utilities ...
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services
Government
Not allocated by industry2
1995
2,048
114
4,316
20,669
6,394
3,533
7,275
14,063
12,577
10,682
-1,031
Minnesota
Manufacturing
Transportation and public utilities ...
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services
Government
Not allocated by industry2
1994
80,641
Iowa
Agriculture, forestry, and fishing
Mining
Construction
Manufacturing
Transportation and public utilities ...
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services
Government
Not allocated by industry2
1993
Plains
Wisconsin
Agriculture, forestry, and fishing
Mining
Construction
Manufacturing
Transportation and public utilities ...
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services
Government
Not allocated by industry2
1992
Southeast
10,532
11,334
12,831
15,022
15,948
16,821
17,508
18,406
835,820
930,825 1,168,929 1,303,756 1,350,737 1,434,544 1,485,166 1,536,457
931
70
708
663
1,034
568
1,120
1,924
1,648
2,051
-184
1,218
77
330
921
1,047
631
1,093
2,278
1,787
1,980
-26
1,215
169
421
1,123
1,027
686
1,224
3,113
1,946
2,034
-127
1,715
211
536
1,658
1,237
926
1,439
2,790
2,308
2,201
0
1,423
241
559
2,110
1,328
959
1,546
3,093
2,424
2,270
-4
1,874
207
617
1,981
1,417
1,064
1,639
3,244
2,544
2,237
-3
1,391
187
627
2,800
1,439
1,089
1,692
3,427
2,642
2,232
-17
1,709
238
643
3,142
1,503
1,180
1,743
3,436
2,721
2,152
-SO
11,994
22,608
43,765
166,756
67,960
38,079
74,391
127,414
123,782
157,803
1,268
17,178
20,846
37,189
177,589
79,204
47,302
82,842
159,311
148,482
162,953
-2,072
19,797
22,883
53,226
243,760
100,838
64,738
114,999
180,624
190,926
177,037
102
25,821
20,133
50,570
253,313
122,101
83,983
124,841
199,551
228,536
194,908
0
23,885
22,164
53,735
261,051
129,940
87,725
133,027
204,423
237,718
197,182
-113
28,444
28,084
56,725
135,937
95,586
142,273
213,633
248,018
201,938
-958
26,717
28,555
58,369
303,192
26,766
28,172
61,683
310,593
144,252
148,628
220,365
259,331
203,844
-1,084
156,348
228,517
268,249
206,013
-1,002
SURVEY OF CURRENT BUSINESS
June 1998
Table 7.—Real Gross State Product by Major Industry, Selected Years—Continued
[Millions of chained (1992) dollars]
1977
1982
1987
1993
1992
1994
1995
1996
1977
1982
1987
Alabama
Total gross state product
Agriculture, forestry, and fishing
Mining
Construction
Manufacturing
Transportation and public utilities ...
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services
Government
.."..'.
Not allocated by industry2
55,165
57,478
71,508
79,604
717
1,097
1,239
881
2,631
17,151
1,739
1,114
2,992
17,980
7,709
4,668
7,658
9,795
12,654
13,294
0
699
942
3,328
11,176
5,059
2,602
5,095
7,841
7,528
11,917
-797
1,875
11,839
5,708
2,861
5,104
8,553
8,521
11,217
-236
6,480
3,595
7,016
8,947
10,837
12,901
-172
Total gross state product
145,153
186,178
2,350
1,016
7,846
12,259
12,574
3,638
1,512
9,822
17,579
15,872
9,619
18,703
42,813
38,665
28,291
-337
6,997
14,927
32,254
30,029
26,485
-1,583
5,119
854
13,726
24,704
20,334
14,663
28,002
53,029
52,667
32,574
215
85,482
1,720
1,220
3,055
18,091
8,025
1,988
1,405
3,241
19,275
8,307
4,929
5,368
8,228
8,746
10,109
13,187
13,910
-54
9,782
12,892
12,957
-14
1,725
1,572
3,339
20,457
8,597
5,556
9,073
10,381
13,623
14,108
-68
Total gross state product
32,125
37,952
43,810
45,291
48,229
49,938
51,516
1,212
555
1,842
6,431
2,712
1,387
2,929
4,373
4,370
4,626
1,390
482
1,223
6,969
3,064
1,498
2,998
4,929
4,869
4,907
-206
1,555
384
1,339
9,286
2,055
366
1,559
10,459
5,035
2,617
4,506
5,051
6,484
5,679
0
1,769
448
1,645
11,291
5,261
2,762
4,733
5,098
6,583
5,708
-6
2,456
411
1,733
12,374
5,342
3,025
5,118
5,266
6,763
5,773
-31
2,271
499
1,844
13,038
5,647
3,116
5,344
5,347
6,980
5,886
-34
2,468
489
1,934
13,238
5,865
3,312
5,563
5,477
7,211
5,994
-36
5,976
9,497
10,645
13,893
14,003
-88
4,090
1,919
3,842
. 4,824
5,607
5,160
-53
Georgia
280,220
291,602
305,721
6,273
798
12,243
24,650
25,193
19,382
31,122
59,574
63,045
37,939
0
5,895
724
13,194
25,022
27,294
20,247
33,499
61,160
65,909
38,684
-26
6,300
776
13,608
26,092
29,188
21,953
35,664
64,443
68,793
38,953
-50
314,337
13,924
29,535
22,723
36,872
65,755
71,663
39,328
-52
326,051
5,770
758
14,705
28,819
30,405
25,219
39,192
67,848
73,419
40,100
-183
923
356
4,017
17,562
8,075
5,450
7,954
13,351
12,928
17,560
-1,346
100,607
139,492
159,299
166,361
178,211
187,405
197,068
1,712
357
3,755
19,860
9,784
7,173
8,805
16,318
15,192
18,447
-795
1,947
799
6,922
29,361
13,741
10,955
13,257
21,001
21,489
2,754
682
5,386
29,422
18,501
14,101
13,997
24,878
27,324
22,254
0
2,568
728
3,341
813
6,271
33,334
21,234
16,048
16,479
26,956
30,106
23,704
-74
3,346
877
6,721
36,120
21,749
17,467
28,692
32,091
24,048
-73
3,292
897
7,214
37,935
22,676
18,081
18,773
29,880
34,001
24,439
-120
Total gross state product
57,802
67,390
75,561
78,211
83,412
86,401
89,258
85,274
91,841
90,549
1,905
1,947
2,173
14,487
4,579
2,485
5,001
8,271
8,172
1,820
2,204
2,546
18,806
5,301
3,036
6,124
8,221
9,669
9,823
-161
2,351
2,734
2,878
19,774
6,480
4,029
6,647
8,575
10,985
11,107
0
2,073
2,889
3,033
21,334
6,700
4,226
7,045
8,535
11,265
11,131
-20
2,277
3,214
3,164
23,662
7,125
4,744
7,560
8,800
11,560
11,392
-85
1,992
3,038
3,107
25,846
7,239
4,915
7,858
8,954
11,961
11,573
-82
2,106
3,148
3,240
26,601
7,551
5,313
8,226
9,130
12,351
11,696
-102
866
15,131
5,442
12,561
7,227
3,671
6,346
10,711
10,632
10,127
2,558
1,023
11,671
5,371
11,344
9,146
1,014
12,806
3,221
15,281
9,089
4,189
7,784
12,355
13,536
10,923
350
4,625
7,512
17,049
14,028
11,991
-1,918
Total gross state product
See notes at end of table.
92,334
1,096
8,808
3,950
15,147
9,267
5,147
7,794
12,019
14,839
11,680
0
32,790
33,927
39,919
43,302
45,206
48,420
50,234
51,669
97,838
107,121
142,040
160,579
1,044
712
1,845
6,730
2,819
1,459
3,240
4,395
4,506
6,279
-240
1,195
789
1,414
6,823
2,888
1,584
3,380
4,999
4,729
6,512
-387
1,156
866
1,264
9,745
4,704
1,774
4,111
4,771
4,953
6,539
1,247
504
1,406
11,118
4,873
2,401
4,235
4,987
5,728
6,803
0
1,055
428
1,619
11,434
5,172
2,528
4,584
5,054
6,297
7,040
-4
1,511
380
1,768
12,326
5,022
2,801
4,938
5,241
7,149
7,277
7
1,406
472
1,786
12,713
5,521
2,819
5,179
5,390
7,431
7,523
-5
1,546
425
1,893
12,832
5,722
3,007
5,467
5,433
7,769
7,579
-5
1,517
168
4,114
32,173
7,552
4,047
8,050
2,143
197
3,040
34,759
8,230
5,089
8,664
2,327
471
5,751
47,583
10,545
7,435
12,794
18,187
17,809
19,446
-307
3,696
204
41,504
70
1,834
9,684
2,902
1,831
3,939
5,924
5,486
9,906
-558
107,450
109,642
1,305
15,344
4,092
16,365
9,784
5,645
8,515
12,471
15,656
11,778
-267
1,244
15,434
4,101
21,363
10,231
5,741
8,895
12,477
11,815
-140
1,292
14,842
4,391
21,947
10,192
6,159
9,227
13,410
16,499
11,814
-131
165,212
177,886
183,860
190,910
211
6,207
48,790
13,416
10,398
14,963
21,143
23,489
22,909
18
4,311
248
6,616
55,057
14,078
11,481
16,095
22,309
24,534
23,301
-143
4,091
263
6,935
55,901
14,426
11,846
17,004
23,977
25,687
23,728
3
4,101
256
7,393
56,846
15,153
12,500
17,713
25,247
27,374
24,148
178
10,803
3,913
14,732
9,564
5,243
8,015
12,299
15,012
11,791
-26
North Carolina
12,502
12,068
16,616
-968
13,331
17,494
-675
South Carolina
Agriculture, forestry, and fishing
Mining
Construction
Manufacturing
Transportation and public utilities ...
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services
Government
Not allocated by industry2
5,742
30,522
19,986
14,888
15,188
25,434
28,570
22,759
-25
Louisiana
Mississippi
Agriculture, forestry, and fishing
Mining
<
Construction
Manufacturing
Transportation and public utilities ....
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services
Government
Not allocated by industry2
1996
30,367
1,275
1,732
2,958
16,368
4,430
2,205
4,852
7,216
7,462
9,245
-522
^
1995
1,75
1,63
3,578
21,014
8,801
57,222
8
1994
90,700
Kentucky
Agriculture, forestry, and fishing
Mining
Construction
Manufacturing
Transportation and public utilities ...
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services
Government
Not allocated by industry 2
1993
Arkansas
Florida
Agriculture, forestry, and fishing
Mining
Construction
Manufacturing
Transportation and public utilities ...
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services
Government
Not allocated by industry2
1992
5,756
48,665
12,750
9,932
14,141
20,385
22,477
22,572
0
Tennessee
46,882
62,582
70,945
73,625
77,698
80,095
82,716
69,510
73,338
96,388
109,047
113,436
121,932
125,764
128,724
911
152
3,043
18,894
5,627
3,728
7,071
9,090
9,998
12,431
0
842
163
3,148
19,901
5,973
3,934
7,609
9,287
10,367
12,407
-7
1,101
172
3,223
21,978
6,184
4,307
8,024
9,696
10,904
12,150
-40
1,029
184
3,323
22,890
6,427
4,554
8,481
9,920
11,468
1,059
220
3,622
23,378
6,739
4,937
8,914
10,258
11,748
11,895
-53
854
304
3,426
16,174
4,450
3,785
6,929
10,366
11,103
12,792
-671
1,267
282
2,680
16,762
5,012
4,359
7,503
11,849
13,173
10,938
-488
1,295
372
3,925
23,328
7,205
6,149
10,399
13,314
16,838
13,539
24
1,575
404
3,789
26,848
1,407
369
1,303
11,052
3,736
2,159
4,273
7,245
6,205
725
139
3,187
16,190
4,861
3,037
6,351
8,287
8,187
11,621
-1
1,676
378
4,412
30,320
10,064
9,038
13,487
15,210
22,433
14,955
-40
1,522
380
4,661
30,794
10,006
9,273
14,277
15,890
23,696
15,256
1,445
399
4,772
31,127
10,304
9,925
14,923
16,373
24,022
15,439
-4
-515
-50
4,088
28,467
8,736
9,338
7,866
11,701
14,115
20,649
13,365
0
8,241
12,621
14,209
21,532
13,188
-53
34
SURVEY OF CURRENT BUSINESS
• June 1998
Table 7.—Real Gross State Product by Major Industry, Selected Years—Continued
[Millions of chained (1992) dollars]
1977
|
1982
|
1987
|
1992
j
1993 ]
1994
|
1995
|
1996
I
1977
[
1982
[
1987
Total gross state product
101,881
113,222
147,121
161,020
167,072
632
697
5,155
20,514
7,094
3,562
7,775
14,944
14,016
28,349
-658
956
744
3,547
22,352
1,394
862
7,637
27,378
11,262
6,645
12,606
24,109
24,984
30,426
-183
1,851
1,083
6,294
25,497
13,868
8,454
13,266
27,605
29,522
33,580
0
1,626
8,061
4,614
8,517
18,298
17,467
29,522
-656
173,408
1,163
1,241
6,697
7,056
26,421
14,752
28,530
15,001
9,417
14,654
29,548
31.807
34,303
-39
8,662
13,757
28,927
30,821
34,244
177,026
183,187
27,220
1,826
1,206
7,194
29,776
14,914
9,709
15,089
1,721
97
1,209
7,456
30,346
1,924
1,957
5,594
3,092
1,085
2,355
3,838
3,852
3,960
-535
33,228
34,192
-45
16,080
10,566
15,699
31,164
34,679
34,272
-5
160
2,203
985
4,230
3,160
1,237
2,383
4,255
4,318
4,140
-371
Total gross state product
400,606
474,876
509,156
5,510
38,350
27,384
52,168
35,471
18,528
33,857
57,499
58,094
64,750
6,942
32,554
25,295
63,115
45,292
27,675
42,467
81,674
76,719
71,627
1,515
8,503
33,161
21,794
76,483
48,574
8,994
49,687
77,195
89,495
75,391
-1,122
11,261
42,016
23,602
60,563
40,213
54,895
88,064
106,574
81,430
0
Total gross state product
30,621
31,496
33,467
34,322
35,031
274
3,283
1,273
4,859
4,062
1,657
2,702
3,475
4,831
4,204
0
276
2,970
1,395
5,049
4,456
1,668
2,785
3,529
4,981
4,363
23
293
3,569
1,539
5,613
4,597
1,760
2,993
3,580
5,124
4,437
-38
260
3,811
1,434
6,139
4,584
1,751
3,090
3,598
5,217
4,506
212
3,845
1,485
6,228
4,756
1,871
3,154
3,631
5,298
4,615
660,035
687,970
712,683
41,495
50,102
69,736
78,278
82,849
91,184
97,292
102,636
12,166
43,330
27,316
108,826
69,536
45,284
11,437
46,297
28,713
119,040
70,834
46,599
65,342
94,569
118,426
87,365
10,107
41,644
30,126
128,517
73,679
51,056
68,712
97,628
123,890
88,415
-1,092
700
496
3,140
4,233
3,666
1,658
4,229
7,671
7,237
8,663
-198
873
479
3,043
5,610
3,968
2,156
5,177
9,972
9,286
9,916
-378
1,322
525
4,380
9,386
5,573
3,424
7,615
13,451
13,335
10,824
1,515
1,316
3,659
10,505
6,635
4,610
8,351
14,304
15,596
11,786
0
1,542
1,163
3,961
11,533
7,243
4,834
8,970
15,147
16,282
12,162
11
1,526
1,260
4,831
14,066
7,903
5,531
10,060
16,258
17,255
12,525
-32
1,790
1,432
5,355
15,439
8,068
5,830
10,697
17,444
18,547
12,732
-42
1,674
1,434
5,562
16,818
8,203
6,680
11,402
63,577
65,012
66,706
1,954
3,487
1,943
10,810
6,718
3,858
6,581
7,617
10.145
10,450
15
1,549
3,491
1,954i
11,977!
6,611
3,964
6,760
7,562
10,566
10,566
12
1,321
3,230
2,014
12,682
6,903
4,220
7,057
91,974
113,540
85,650
-278
-652
Total gross state product
Government...
Not allocated by industry2
26,684
31,949
35,589
39,781
39,560
381
2,612
1,194
1,241
2,290
917
2,126
4,222
4,144
5,715
501
2,308
1,170
1,657
2,765
1,042
2,609
3,982
4,836
5,871
-57
814
2,544
1,239
3,995
2,626
1,391
3,038
4,301
5,685
6,316
0
810
2,854
1,439
5,838
2,755
1,485
3,328
4,540
6,055
6,497
805
3,003
1,688
8,492
3,141
1,627
3,454
4,863
6,204
6,580
-74
751
3,101
1,785
7,220
3,072
1,646
3,551
5,020
6,504
6,841
67
-11
701
2,785
1,709
8,178
3,154
1,741
3,690
5,116
6,556
6
50,279
61,464
56,569
60,807
843
5,494
2,923
5,454
4,473
2,271
4,535
7,295
7,336
9,721
1,502
5,202
2,623
7,082
5,482
3,427
5,689
10,083
9,266
11,007
101
1,433
4,205
1,515
8.702
5,376
2,884
5,586
7,600
9,250
10,130
113
1,791
3,527
1,692
10,488
6,038
3,696
5,971
7,450
9,649
10,505
0
^
Total gross state product
285,235
337,154
356,193
424,521
438,914
465,528
486,085
3,652
29,640
19,854
41,608
25,442
13,907
23,186
39,123
40,178
40,984
7,662
4,177
24,296
18,436
49,257
33,559
21,175
29,475
57,407
54,036
44,995
341
5,246
26,173
14,728
56,710
34,847
22,646
33,876
52,173
62,076
48,565
-849
7,140
34,629
17,012
61,950
45,264
30,515
37,535
62,009
75,644
52,823
0
7,421
36,140
17,466
65,330
48,459
31,772
39,432
60,334
77,517
55,305
-261
7,881
35,575
18,855
75,511
51,774
34,269
42,595
63,301
79,937
56,092
-262
7,345
38,253
19,619
84,315
53,082
35,159
44,334
64,624
82,807
57,224
See notes at end of table.
54,091
67,847
74,638
786
1,072
1,304
4,078
7,867
5,908
3,458
6,405
13,784
12,524
11,675
-229
1,291
1,389
3,252
1,329
3,609
5,965
4,394
2,405
5,271
10,020
9,458
11,118
-265
9,897
7,034
4,022
7,375
13,425
14,780
12,286
-114
1,645
1,484
3,871
10,838
8,772
5,229
8,225
14,301
17,601
13,132
0
1,843
3,722
1,752
10,781
6,452
3,602
6,189
7,357
9,979
10,637
-7
10,642
-22
Rocky Mountain
-678
502,903
34,167
20,841
90,791
55,418
38,415
46,564
66,612
86,724
57,883
-923
114,566
135,874
145,899
169,044
180,003
191,727
2,321
3,491
5,962
7,718
14,530
13,358
6,783
12,239
25,404
23,082
23,973
-666
3,825
6,594
6,066
18,271
15,006
7,521
5,184
8,231
7,606
5,736
9,196
8,427
22222
19,084
10,378
17,464
26,721
33,348
27,441
-14
5,175
11,597
19,202
28,203
35,508
27,572
31
37,261
28,013
-55
4,915
9,473
10,573
29,265
23,402
13,244
21,512
31,504
39,133
28,474
-10
25,476
25,878
5,259
8,618
12,114
10,432
4,988
10,784
19,696
18,488
22,993
-1,128
23,591
26,672
24,864
-508
17,459
9,831
16,218
25,303
31,701
26,642
0
9,373
9,614
24,530
20,922
201,842
5,362
10,006
9,958
27,457
22,270 i
12,014!
20,271
211,487
Idaho
Colorado
Agriculture, forestry, and fishing
Mining
Construction
Manufacturing
Transportation and public utilities ....
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services
Government
Not allocated by industry2
13^045
-120
Oklahoma
Texas
Agriculture, forestry, and fishing
Mining
Construction
Manufacturing
Transportation and public utilities ...
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services
-65
11,616
43,888
24,619
93,473
64,909
41,693
57,919
87,326
109,834
84,602
-242
25,138
297
1996
619,637
318
2,929
1,468
1,906
3,436
3,351
5,386
742
1995
Arizona
23,110
995
1993
210
2,424
1,076
5,066
3,234
1,341
2,713
3,612
4,382
4,116
-210
New Mexico
Agriculture, forestry, and fishing
Mining
Construction
Manufacturing
Transportation and public utilities ...
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services
Government
Not allocated by industry2
|
27,963
Southwest
Agriculture, forestry, and fishing
Mining
Construction
Manufacturing
Transportation and public utilities ...
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services
.
Government
Not allocated by industry2
1992
West Virginia
Virginia
Agriculture, forestry, and fishing
Mining
Construction
Manufacturing
Transportation and public utilities ...
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services
Government
Not allocated by industry2
|
90,754
96,804
101,575
106,818
13,932
14,742
16,128
20,057
21,832
23,519
1,821
1,698
4,406
11,373
9,674
5,487
8,874
15,327
18,567
13,526
1,734
1,757
4,933
12,508
10,584
6,127
9,777
16,003
19,922
13,459
0
1,843
1,830
4,979
13,489
11,556
6,385
10,329
16,675
1,790
1,745
5,370
14,367
12,112
7,022
10,947
17,655
22,058
13,797
-45
673
114
1,181
1,955
1,170
653
1,435
2327
2,343
2,612
-532
1,077
147
592
2,021
1,340
732
1,145
153
1.564
172
1,137
3,265
1,742
1,208
2,099
2,628
3,253
2,988
0
1,720
165
1,225
3,909
1,959
1.276
2,269
2,783
3,420
3,101
5
1,568
188
1,396
4,567
2,135
1,444
2,462
2,948
3,605
3,191
15
2
13,636
-37
1,369
2,519
2,560
2,585
-200
658
2,768
1,384
823
1,683
2,300
2,731
2,570
-87
1,599
187
1,440
5,837
2,221 =
1,460;
2,554
3,006,
3,893
3,269|
10
1,500
167
1,427
5,834
2,359
1,612
2,693
2,986
3,967
3,332
1
June 1998
SURVEY OF CURRENT BUSINESS
Table 7.—Real Gross State Product by Major industry, Selected Years—Continued
[Millions of chained (1992) dollars]
1977
|
1982 |
1987 |
1992 |
1993 |
1994 |
1995 | 1996
1977
I
1982 I
1987 |
Total gross state product
13,062
13,820
13,400
482
566
1,082
1,170
1,464
597
1,229
1,982
2,150
2,623
-284
793
750
815
841
1,542
695
716
718
485
1,117
1,775
693
1,250
1,958
2,345
2,426
-63
2262
2,524
0
1993 |
1994 [
1995 |
Utah
Montana
Agriculture, forestry, and fishing
Mining
Construction
Manufacturing
Transportation and public utilities ....
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services
Government
Not allocated by industry2
1992 |
14,988
15,679
16,158
16,601
16,931
603
1,173
1,840
901
1,495
1,996
2,634
2,499
0
1,167
887
646
1,218
1,926
946
1,572
2,009
2,722
2,585
1
963
897
721
1,144
2,119
1,049
1,669
2,105
2,865
2,628
-1
1,025
962
750
1,210
2,126
1,064
1,714
2,128
2,962
2,661
-3
808
942
771
1,291
2,298
1,138
1,786
2,153
3,074
2,675
-6
22,111
25,856
29,790
35,193
37,137
40,154
42,424
45,947
616
1,688
2,484
2,184
1,024
2,049
3,834
3,390
5,024
-079
303
654
1,183
3,308
2,866
1,371
2,275
4,614
4,327
5,190
-534
391
1,030
1,205
4,080
2,918
1,616
2,847
4,464
5,683
5,630
-73
553
1,265
1,525
5,004
3,200
2,074
3,498
5,018
6,953
6,103
0
545
1,537
1,669
5,099
3,522
2,238
3,795
5,138
7,321
6,287
-15
537
1,609
2,017
5,682
3,875
2,484
4,282
5,580
7,755
6,345
-12
523
1,621
2,250
6,258
4,003
2,618
4,639
5,923
8,120
6,478
—8
506
1,553
2,468
6,837
4,174
2,954
5,017
7,050
8,639
6,713
36
Wyoming
Far West
Total gross state product.
10,759
13,114
11,979
13,708
14,602
15,075
15,744
15,848
670,962
775,242
977,233 1,110,725 1,114,665 1,142,910 1,171,181 1,208,135
Agriculture, forestry, and fishing
Mining
Construction.
Manufacturing
Transportation and public utilities
Wholesale trade
Retail trade ..
Finance, insurance, and real estate
Services
Government.,
Not allocated by industry2
181
2,635
1,058
543
1,222
309
800
1,577
1,169
1,619
-353
244
3,101
1,049
515
1,704
527
967
2,134
1,419
1,996
-542
283
3,298
466
411
1,895
366
843
1,445
1,136
1,952
-116
459
4,424
469
588
1,905
420
901
1,360
1,261
1,920
0
483
4,908
481
617
2,002
432
954
1,471
1,318
1,942
-6
371
4,919
548
636
2,208
493
1,013
1,573
1,363
1,948
2
371
5,414
538
660
2,357
487
1,035
1,551
1,398
1,969
-38
311
5,075
537
915
2,455
518
1,069
1,633
1,397
1,957
-19
9,546
7,139
39,126
94,902
47,733
31,024
61,602
134,626
129,695
123,879
-8,310
13,937
10,898
30,491
112,215
58,721
39,082
19,540
13,235
43,344
146,689
71,199
55,225
90,206
203,169
200,377
133,554
695
157,919
158,499
124,635
-1,115
24,637
11,901
42,038
147*504
81,994
72,790
103,001
240,797
238,498
147,566
0
24,365
11,112
40,448
149,635
85,582
73,134
104,762
238,111
239,993
147,583
-60
26,683
11,262
42,526
154,986
89,228
77,793
108,913
241,765
243,146
146,831
-223
26,014
12,756
42,946
166,832
90,805
79,254
111,591
243,719
251,054
146,857
-646
25,478
11,637
44,294
179,985
91,981
85,183
115,824
246,551
262,201
146,518
-1,517
California
Total gross state product
Agriculture, forestry, and fishing
Mining
...
.
Construction
Manufacturing
Transportation and public utilities ...
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services
Government
Not allocated by industry2
14,751
22,852
23,874
22,212
22,139
21,504
22,677
21,401
492,767
569,637
741,923
825,193
819,120
835,542
855,057
880,091
128
1,486
3,058
643
1,237
364
973
2,197
2,340
4,321
-1,997
214
5,027
1,916
658
4,041
458
1,164
2,411
2,359
4,560
43
413
7,444
824
998
3,672
463
1,194
2,102
2,137
4,392
236
379
5,396
761
1,144
3,236
582
1,352
2,221
2,439
4,702
0
336
4,813
849
1,152
3,455
593
1,389
2,306
2,464
4,778
2
332
4,102
911
1,006
3,544
658
1,480
2,340
2,496
4,606
29
332
5,267
880
1,157
3,742
634
1,511
2,264
2,506
4,475
-41
329
4,496
848
1,066
3,463
678
1,530
2,264
2,509
4,290
-73
6,964
5,439
25,371
69,762
34,223
23,017
45,761
102,937
96,742
10,012
5,396
20,894
86,677
39,969
29,209
52,407
119,666
119,950
85,750
-293
14,126
4,899
33,902
113,288
50,313
42,436
17,440
4,551
27,878
113,294
57,096
54,791
75,948
190,399
180,840
102,956
0
17,297
4,228
25,719
113,950
59,438
54,483
76,384
185,117
180,953
101,655
-104
19,258
5,057
27,020
117,607
100,863
-621
18,606
5,832
27,134
128,422
62,362
58,516
80,270
188,081
186,394
100,311
-870
18,073
4,909
27,332
138,696
62,816
62,871
82,966
189,729
194,823
99,599
-1,722
-4,376
163,027
156,477
94,113
653
Nevada
Hawaii
Total gross state product
Agriculture, forestry, and fishing
Mining
Construction
Manufacturing
Transportation and public utilities
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services
Government
Not allocated by industry2
,
22,043
24,026
28,068
35,193
36,307
35,621
34,914
34,886
231
0
1,303
947
1,671
647
1,907
4,321
4,231
7,074
-289
337
2
971
980
1,928
720
2,216
5,607
4,677
6,765
-179
443
14
1,283
1,256
2,572
947
2,955
6,356
5,548
6,732
^38
504
34
2,157
1,226
3,375
1,335
3,804
8,131
7,099
7,528
0
463
31
2,168
1,037
3,221
1,349
3,878
10,072
7,001
7,589
-503
478
30
1,899
1,071
3,371
1,369
4,002
8,995
7,263
7,423
-280
448
29
1,693
1,077
3,431
1,338
4,033
8,879
7,108
7,179
-299
393
25
1,514
1,037
3,492
1,380
4,071
9,311
7,035
7,037
^09
16,668
152
1,285
634
1,312
432
1,461
2,682
6,491
2,640
-517
21,024
25,878
36,057
38,569
42,337
44,757
48,251
151
291
1,061
200
706
1,399
1,091
2,288
993
2,551
4,306
9,245
3,230
-130
272
1,523
2,114
1,369
2,913
1,656
3,360
6,228
12,473
4,148
0
308
1,640
2,532
1,589
3,155
1,756
3,623
6,854
12,861
4,253
-1
332
1,641
2,915
1,936
3,495
1,972
4,058
7,556
14,064
4,358
345
1,393
3,116
2,225
3,661
2,075
4,443
8,183
14,760
4,575
-18
366
1,823
3,881
2,485
3,944
2,365
4,906
8,582
15,130
4,795
56
642
1,960
3,537
8,099
3,141
-419
Oregon
Total gross state product
Agriculture, forestry, and fishing
Mining
Construction ...
Manufacturing
Transportation and public utilities
Wholesale trade
Retail trade
[....'.
Finance, insurance, and real estate ..
Services
Government
Not allocated by industry2
57,495
78,656
187,343
Washington
47,036
46,508
53,441
63,242
66,522
70,627
74,973
79,431
78,344
89,962
103,903
128,827
132,084
137,214
138,660
143,835
776
87
2,721
9,480
4,324
2,377
4,105
8,702
7,533
7,386
-453
1,196
60
1,389
8,310
4,347
2,779
3,991
9,322
8,108
7,563
-558
1,599
66
1,727
11,368
4,599
3,509
4,743
8,995
9,437
7,481
-84
2,106
109
2,716
11,484
5,333
4,996
5,831
10,724
11,443
8,501
0
2,148
119
2,882
12,709
5,518
5,201
6,213
10,984
11,874
8,873
2
2,339
109
3,244
13,525
5,873
5,805
6,668
11,611
12,442
9,013
-5
2,273
108
3,645
15,642
5,930
6,151
6,918
11,940
13,174
9,169
23
2,272
105
4,085
17,413
6,316
6,622
7,367
12,092
13,874
9,323
-39
1,350
61
5,388
13,590
5,283
4,186
7,395
13,798
12,407
15,526
-641
2,024
115
4,259
14,715
6,434
5,274
8,221
17,409
15,312
16,850
-651
2,760
204
4,210
18,647
7,718
6,878
10,073
18,371
17,560
17,605
-123
3,935
288
6,411
18,987
10,042
9,429
12,705
23,094
24,204
19,732
0
3,814
293
6,298
19,176
10,798
9,752
13,276
23,424
24,838
20,436
-02
3,944
334
6,537
19,813
11,280
10,494
14,049
24,253
25,976
20,565
-31
4,011
249
6,478
18,389
4,047
343
6,634
19,408
11,965
11,267
14,984
24,955
28,823
21,464
-64
1. The GSP estimates for manufacturing in 1995 and for transportation and public utilities and finance, insurance,
10,539
14,416
27,105
21,142
-19
2. Equals total gross state product less the sum of gross state product of the industries.
Sinrrftre?ho?o ™ S L ^ * 0 " 1 Mhi'8- N o v e m t J ; r n ! S L 2 ? l l £ wLfiEL S ^ f l S f S S S ihpPrpnVc5.?
NOTE.-Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992
Nation were
for these
industries because of the incorporation of source data that were not available when the GPO esdmates
published.
mates were n h i s h d
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
i n d e x e s u s e s w e j g h t s o f m o r e ftan o n e p e r j o d i t h e corresponding chained-dollar estimates are usually not additive.
36
• June 1998
SURVEY OF CURRENT BUSINESS
Appendix A.—Industries for Which Gross State Product Estimates Are Available
1987
SIC
code
Private industries
Agriculture, forestry, and fishing
Farms
Agricultural services, forestry, and fishing
Mining
,
Metal mining
Coal mining
Oil and gas extraction
Nonmetallic minerals, except fuels
A
01-02
07-09
B
10
12
13
14 |
1987
SIC
code
Local and interurban passenger transit
Trucking and warehousing
Water transportation '.
Transportation by air
Pipelines, except natural gas
Transportation services
Communications
Electric, gas, and sanitary services
Wholesale trade
Construction
Retail trade
Manufacturing
Finance, insurance, and real estate
Depository institutions2
Nondepository institutions2
Security and commodity brokers
Insurance carriers
Insurance agents, brokers, and service ...
Real estate
Holding and other investment offices
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 electric equipmentl
Motor vehicles and equipment
Other transportation equipment
Instruments and related products1
Miscellaneous manufacturing industries
Nondurable goods
Food and kindred products
Tobacco products
Textile mill products
Apparel and other textile products
Paper and allied products
Printing and publishing
Chemicals and allied products
Petroleum and coal products
Rubber and miscellaneous plastics products
Leather and leather products
Transportation and public utilities .
Transportation
Railroad transportation
24
25
32
33
34
35
36
371
372-79
38
39
20
21
22
23
26
27
28
29
30
31
40
1. Estimatesfor1977-86 are for the 1972 SIC industries electric and electronic equipment and
instruments and related products.
2. Estimates for 1977-86 are for the 1972 SIC industries banking and credit agencies other
than banks.
3. Estimates for 1977-86 are for the 1972 SIC industries business services and miscellaneous
professional services.
NOTE.—The tables of gross product originating (GPO) by industry for the Nation that were published in the November 1997 SURVEY OF CURRENT BUSINESS present estimates for all of the indus-
Services ....:.
Hotels and other lodging places
Personal services
Business services3
Auto repair, services, and parking
Miscellaneous repair services
Motion pictures
Amusement and recreation services
Health services
Legal services
Educational services
Social services
Membership organizations
Other services3
Private households
Government
Federal civilian
Federal military
State and local
,
41
42
44
45
46
47
48
49
F
G
H
60
61
62
63
64
65
67
I
70
72
73
75
76
78
79
80
81
82
83
86
84,87,89
88
J
91-96
97
91-96
tries shown in this table except Federal civilian and Federal military. In addition, the GPO tables
present estimates for the following industries: Telephone and telegraph; radio and television; nonfarm housing services; other real estate; Federal general government; Federal government enterprises; State and local general government; and State and local government enterprises.
SIC Standard Industrial Classification. See Executive Office of the President, Office of Management and Budget, Standard Industrial Classification Manual 1987 (Washington, DC: U.S. Government Printing Office, 1987).
June 1998 •
SURVEY OF CURRENT BUSINESS
Appendix B.—Relation of Gross State Product to Gross Product Originating and Gross Domestic Product, 1996
[Billions of dollars]
GSP
GPO
Compensation of employees:
Wage and salary accruals
Supplements to wages and salaries:
Employer contributions for social insurance .
Other labor income
Indirect business tax and nontax liability .
3,636.2
385.7
407.6
Compensation of
employees
1
IBT and
nontax
liability
Property-type
income
3,626.3
2
3
380.6
407.4
604.8
604.8
Total
Difference
between
GPO and
GSP
3,626.3
9.9
380.6
407.4
5.0
.2
604.8
Property-type income:
Proprietors' income with IVA:
Farm
Nonfarm
.
4
45.0
455.2
45.0
455.2
45.0
455.2
Rental income of persons
193.3
193.3
193.3
Corporate profits with IVA .
578.2
578.2
578.2
Net interest
516.7
516.7
516.7
Business transfer payments
33.6
33.6
33.6
Less: Subsidies less current surplus of government enterprises
25.4
25.4
25.4
717.6
717.6
717.6
Private capital consumption allowances5
Government consumption of fixed capital:
Federal
State and local
Equals: Gross domestic income .
Plus: Statistical discrepancy
Equals: Gross domestic product
6
7
71.2
76.2
7,695.9
21.5
76.2
21.5
76.2
49.7
64.9
4,414.3
604.8
2,611.9
7,631.0
4,414.3
604.8
2,611.9
7631.0
-59.9
7,636.0
5.0
1. Differs from the gross product originating (GPO) entry because it excludes the wages and of net farm income by legal form of organization.
salaries of Federal civilian and military personnel stationed abroad.
5. The estimate of private capital consumption allowances consists of tax-return-based depreciaThe wage and salary accruals component of gross.state product (GSP) differs from the wage tion charges for corporations and nonfarm proprietorships and of historical-cost depreciation (caland salary disbursements component of State earnings by place of work in State personal income culated by BEA using a geometric pattern of price declines) for farm proprietorships, rental income
(not shown) by $0.1 billion. The GSP component excludes wages and salaries paid to U.S. resi- of persons, and nonprofit institutions.
dents employed by international organizations and by foreign embassies and consulates in the
6. Represents depreciation valued at current replacement cost, which is the valuation approUnited States ($0.7 billion), excludes other statistical revisions not yet incorporated in GPO ($0.3 priate for gross domestic product.
billion), and includes wage accruals less disbursements ($1.1 billion). Wage accruals less dis7. Differs from the GPO entry because it excludes military structures located abroad and bebursements is the difference between wages and salaries on a "when-earned" (accrual) basis, cause the lack of adequate source data prevents the allocation of military equipment, except office
the proper timing for inclusion in GSP, and wages and salaries on a "when-paid" (disbursement) equipment, to States.
basis, the proper timing for inclusion in State earnings by place of work. For the data on State
8. Insufficient information is available for allocating the statistical discrepancy either among the
wage and salary disbursements, see "Personal Income and Per Capita Personal Income by State components of GPO or by State.
and Region, 1997," SURVEY OF CURRENT BUSINESS 78 (May 1998): 7-27.
NOTE.—For definitions of the line items shown in this table, see "A Guide to the NIPA's," SUR2. Differs from the GPO entry because it excludes employer contributions for social insurance VEY OF CURRENT BUSINESS 78 (March 1998): 27-34.
of Federal civilian and military personnel stationed abroad.
GPO
Gross product originating
3. Differs from the GPO entry because it excludes other labor income of Federal civilian perGSP Gross state product
sonnel stationed abroad.
IBT Indirect business tax
4. Differs from the corresponding component in State earnings by place of work (not shown)
IVA Inventory valuation adjustment
because different data sources are used for allocating U.S. Department of Agriculture estimates
37
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SURVEY OF CURRENT BUSINESS
June 1998
39
Foreign Direct Investment in the United States
• New Investment in 1997
• Affiliate Operations in 1996
By Mahnaz Fahim-Nader and William /. Zeile
foreign direct investors to acquire
or establish businesses in the United States
O
decreased to $70.8 billion in 1997 from a record
UTLAYS BY
$79.9 billion in 1996. Despite the decrease, the
first since 1992, outlays in 1997 were among the
highest recorded since the new-investment series
began in 1980 (chart 1). The 11-percent decrease
in outlays in 1997 followed increases of 40 percent
in 1996 and 25 percent in 1995 (table 1).1
1. The estimates of outlays for 1997 are preliminary. The 1996 estimate of
total outlays has been revised down 1 percent from the preliminary estimate
published last year.
Table 1.—Selected Data on Newly Acquired or Established U.S. Businesses and on
Nonbank U.S. Affiliates, 1977-97
Newly acquired or established
U.S. businesses
Outlays
(billions of
dollars)
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
]
n.a.
n.a.
.J
.4
....
...J.
.4
...j.
...j
.
..J
....;
.4
.4
....!
Employment
(thousands of
employees)
...
n.a.
12.2
23.2
10.8
8.1
15.2
23.1
39.2
40.3
72.7
71.2
65.9
25.5
15.3
26.2
45.6
57.2
'79.9
'70.8
n.a.
n.a.
n.a.
292.5
442.8
233.8
108.1
172.5
275.5
438.0
394.1
736.3
722.0
474.3
249.0
141.5
289.1
289.3
312.9
M36.9
'297.6
All nonbank U.S. affiliates
Employment
(thousands of
employees)
1.218.7
1.429.9
1.753.2
2.033.9
2.416.6
2.448.1
2,546.5
2,714.3
2,862.2
2,937.9
3,224.3
3,844.2
4,511.5
4,734.5
4,871.9
4,715.4
4,765.6
4,840.5
M.941.8
'4,977.5
n.a.
Gross
product
(billions of
dollars)
35.2
42.9
55.4
70.9
98.8
103.5
111.5
128.8
134.9
142.1
157.9
190.4
223.4
239.3
257.6
266.3
285.7
313.0
'"322.6
'339.5
n.a.
U.S.-affiliate
share of
gross product
originating in
private
industries1
(percent)
2.3
2.5
2.9
3.4
4.2
4.3
4.3
4.4
4.3
4.3
4.5
5.0
5.4
5.5
5.9
5.8
5.8
6.0
5.9
5.9
n.a.
Addendum:
Employment
by newly
acquired or
established
U.S.
businesses as
a percentage
of employment
by all nonbank
US. affiliates2
n.a.
n.a.
n.a.
14.4
18.3
9.6
4.2
6.4
9.6
14.9
12.2
19.2
16.0
10.0
5.1
3.0
6.1
6.0
6.3
8.8
n.a.
Preliminary.
n.a. NoJ available.
1. For improved comparability with U.S. affiliate gross product, gross product originating in private industries was adjusted to exclude gro^s product originating in depository institutions and private households, imputed rental income from owner-occupied housing,
and business transfer payments.
2. Because the data on new affiliates include bank affiliates, the percentages shown in this column are biased upward. In all
years, the: bias is less than 1 percentage point; in most years, it is less than 0.3 percentage point.
The high level of outlays in 1997 reflected a continuation of favorable U.S. economic conditions
and coincided with record-high overall merger
and acquisition activity in the United States.
In addition, business conditions remained favorable in major investor countries—particularly in
Canada, the Netherlands, and the United Kingdom, which together accounted for almost half
of the 1997 spending for new investments. The
decrease in total outlays from the peak of 1996
reflected a reduction in the number of very large
investments and a sharp decline in new investment from Japan, where economic conditions
were less favorable.
Additional highlights on new investment in
1997 follow:
• The portion of outlays that were financed
with funds from foreign parents rather than
from U.S. sources or from other foreign
40
SURVEY OF CURRENT BUSINESS
• June 1998
sources dropped sharply—from an unusually
high share of 68 percent in 1996 to 55 percent
in 1997.
• More than 90 percent of new investment was
accounted for by outlays to acquire existing
companies; outlays to establish new companies accounted for the remainder. The share
ranged from 82 to 86 percent in 1993-96.
• By industry, outlays were largest in manufacturing, particularly chemicals and industrial
machinery; in services, particularly business
services; and in insurance.
Most measures of the overall operations of
nonbank U.S. affiliates of foreign companies—
which include the operations of existing as well as
new affiliates—increased in 1996, the latest year
for which such measures are available.2 The jgross
product (or value added) of affiliates increased 5
percent to $339.5 billion (current dollars) in 1996
2. All data on the overall operations of nonbank U.S. affiliates are on
a fiscal year basis. Thus, for 1996, an individual affiliate's fiscal year is its
financial reporting year that ended in calender year 1996.
A U.S. affiliate is a U.S. business enterprise in which there is foreign
direct investment—that is, in which a single foreign person owns or controls, directly or indirectly, 10 percent or more of the voting securities of an
incorporated U.S. business enterprise or an equivalent interest in an unincorporated U.S. business enterprise. The term "U.S. affiliate" denotes that
the affiliate is located in the United States; in this article, "affiliate" and "U.S.
affiliate" are used interchangeably.
A "person" is any individual, corporation, branch, partnership, associated
group, association, estate, trust, or other organization and any government
(including any corporation, institution, or other entity or instrumentality of
a government). A "foreign" person is a person who resides outside the 50
States, the District of Columbia, the Commonwealth of Puerto Rico, and all
U.S. territories and possessions.
The financial and operating data of U.S. affiliates cover the entire
operations of the U.S. affiliate, irrespective of the percentage of foreign
ownership.
Data on Foreign Direct Investment in the United States
BEA collects three broad sets of data on foreign direct
investment in the United States (FDIUS): (1) New investment data, (2) financial and operating data of U.S.
affiliates, and (3) balance of payments and direct investment position data. This article presents the first two
sets of data; the balance of payments and direct investment position data will be published in the articles "The
International Investment Position of the United States
in 1997" "U.S. International Transactions, First Quarter
1998" and "Direct Investment Positions on a HistoricalCost Basis: Country and Industry Detail for 1997" in the
July issue of the SURVEY OF CURRENT BUSINESS.
Each of the three data sets focuses on a distinct aspect
of FDIUS. The new investment data provide information
about U.S. businesses that are newly acquired or established by foreign direct investors, regardless of whether
the invested funds were raised in the United States or
abroad; the financial and operating data provide a picture
of the overall activities of the U.S. affiliates; and the balance ofpayments and direct investment position data cover
cross-border transactions and the positions of both new
and existing U.S. affiliates with their foreign parents.1
New investment data.—The data on outlays by foreign
direct investors to acquire or establish affiliates in the
United States are collected in BEA'S survey of new FDIUS.
The data on investment outlays and on the number and
types of investment and investors are on a calendar year
basis.
1. For a more detailed discussion of the differences between these
three sets of data, see Alicia M. Quijano, "A Guide to BEA Statistics on Foreign Direct Investment in the United States," SURVEY 70
(February 1990): 29-37. This guide is available on BEA'S Web site at
<http://www.bea.doc.gov/bea/ail.htm>.
For a comparison of the data on affiliate operations with the data on
new investment, see the appendix "Sources of Data" in Mahnaz FahimNader and William J. Zeile,. "Foreign Direct Investment in the United
States: New Investment in 1994 and Affiliate Operations in 1993," SURVEY
75 (May 1995): 68-70.
The new investment survey also collects selected data
on the operations of the newly acquired or established
affiliates. For newly acquired affiliates, these data are for
(or as of the end of) the most recent fiscal year preceding the acquisition, and for newly established businesses,
they are projected for (or as of the end of) the fiifst
year of operation. The data cover the entire operations
of the business, irrespective of the percentage of foreign
ownership.
Financial and operating data of U.S. affiliates.—The data
on the overall operations of U.S. affiliates are collected
in BEA'S annual and benchmark surveys of FDIUS. TJie
data cover U.S. affiliates' balance sheets and income statements, employment and compensation of employees,
trade in goods, research and development expenditures,
sources of finance, and selected data by State. In addition, the gross product of affiliates is estimated from the
data reported in these surveys.
Except in benchmark survey years, these data, unlike
the new investment data, cover only nonbank affiliates.
All data on the overall operations of nonbank U.S. affiliates are on a fiscal year basis. The data cover the entire
operations of the U.S. affiliate, irrespective of the percentage of foreign ownership.
Balance of payments and the direct investment position
data.—These data are collected in the quarterly survey
of FDIUS. The data cover the U.S. affiliate's cross-bordjer
transactions and positions with its foreign parent <[>r
other members of its foreign parent group, so these
data focus on the foreign parent's share, or interest, in
the affiliate rather than on the affiliate's size or level pf
operations. The major items included in the U.S. bailance of payments are direct investment capital flowjs,
direct investment income, royalties and license feejs,
and other services transactions with the foreign parejit
group.
June 1998
SURVEY OF CURRENT BUSINESS
afteij increasing 3 percent in 1995.3 The share
of t^tal gross product originating in private U.S.
businesses that was accounted for by affiliates
held steady at 5.9 percent (chart 2).
Additional highlights of the operations of U.S.
affiliates in 1996 follow:
Employment by affiliates increased 1 percent,
jas increases in employment from new injvestments were largely offset by reductions
jin employment from sales and liquidations.
[Largely reflecting the slow growth in affiliate
employment, the total amount of compensation of employees paid by affiliates increased
2 percent, the lowest rate of increase since
J1978.
lExports and imports of goods by affiliates
increased only slightly, and affiliates' shares
of total U.S. exports and imports of goods
jdecreased.
jBy country of ultimate beneficial owner
i(uBo), the United Kingdom remained the
largest of any investing country in terms of
Affiliate gross product, followed by Japan and
permany.4 Growth in the gross product
3. [The estimates of gross product and the other data items on affiliate
operations for 1996 are preliminary. The estimates for 1995 are revised; for
most of the key data items, the revisions from the preliminary estimates were
small, resulting in changes to the totals of —1.5 percent to 0.5 percent.
4. JThe UBO is that person, proceeding up a U.S. affiliate's ownership
chain, beginning with arid including the foreign parent, that is not owned
more ihan 50 percent by another person. The foreign parent is the first
foreign person in the affiliate's ownership chain. Unlike the foreign parent,
the UBO of an affiliate may be located in the United States. The UBO of
each l^.S. affiliate is identified to ascertain the person that ultimately owns
or controls the U.S. affiliate and that therefore ultimately derives the benefits
from ownership or control.
of French-owned affiliates was particularly
strong, increasing by more than a third; as a
result, France moved from the sixth-largest
to the fourth-largest investing country.
• By major industry, the affiliate share of
all-U.S.-business employment increased the
most in communication and public utilities
and decreased the most in transportation.
The affiliate share held steady in mining
and manufacturing, the two major industries
in which the shares were largest. Within
manufacturing, the affiliate share increased
substantially in motor vehicles and equipment and decreased substantially in food
and kindred products and in primary metal
industries.
• By State, the affiliate share of total business employment continued to be largest in
Hawaii, where Japanese investment predominates. The affiliate share of manufacturing
employment continued to be largest in Kentucky, followed by South Carolina and New
Jersey.
• The net income of affiliates increased 36 percent, to $21.1 billion, in 1996 after increasing
91 percent in 1995. Unlike the increase in
1995, which partly reflected reduced capital
losses, the increase in 1996 was more than
accounted for by increased profits from operations. Profit-type return—operating profits
on an economic-accounting basis—increased
42 percent, to $39.6 billion. This increase
continues a pattern of strong growth in
CHARTS
Acknowledgments
The survey on new foreign direct investment in
\hk United States was conducted under the supervision of Joseph F. Cherry in, with contributions by
Nicole Donegan, Erik A. Kasari, Edward J. Kozerka,
and Ronald McNeil.
The survey on U.S. affiliate operations was conducted under the supervision of David H. Galler, with
contributions by Juris E. Abolins, Chester C. Braham, Howard Chenkin, Constance C. Deve, Beverly A.
Feeser, Vincent Goins, Earl F. Holmes, Lonnie Hunter,
Betty Jones, Carol Lefkowitz, Edna Ludden, Gregory
McjCormick, Sidney Moskowitz, Clarence D. Smith,
Marie P. Smith, John R. Starnes, Kimyetta Whitehead,
Dernetria Williams, and Dorrett Williams.
The estimates of U.S.-affiliate gross product were
prepared by Jeffrey H. Lowe and Dale P. Shannon.
Computer programming for data estimation and
thd generation of data tables was provided by Arnold
Gilbert and Angela M. Roberts.
U.S. Affiliate Share of Gross Domestic
Product Originating in Private industries,
1979-96
Percent
I I I I I I I I I I. I .I.I. I J . J
1979
81
83
85
87
89
91
U S Department of Commerce, Bureau of Economic Analysis
93
95
•
41
42 » June 1998
SURVEY OF CURRENT BUSINESS
to establish new U.S. companies accounted for
most—91 percent—of total outlays in 1997.
Although down somewhat from 1996, the level
of outlays in 1997 was still relatively high, reflecting the continued importance of many of the
factors that have helped to generate a resurgence
in new foreign direct investment beginning in
1993. In 1997, the U.S. economy expanded for the
sixth consecutive year, overall merger and acquisition activity in the United States was at record
levels, and business conditions remained strong
in most major investor countries.6 Both existing U.S. affiliates and their foreign parents had
strong earnings, which provided them with the
funds needed to make new investments. In addition, borrowing conditions in the United States
remained favorable in 1997, as long-term interest
rates remained low.
In addition, factors specific to particular industries appear to have motivated a number of new
investments. Several U.S. insurance companies
were acquired as a result of foreign companies'
desire to diversify risk and to consolidate into
larger, more efficient units. Several U.S. depository institutions were acquired as a result of
foreign financial firms' desire to broaden their
range of services, to spread the cost of new tech-
profit-type return that began in 1992. While
some of this growth reflects the entry of affiliates into the direct investment universe,
most of it is attributable to the improved
profitability of existing affiliates.
New Investment in 1997
Outlays to acquire and establish U.S. businesses
were $70.8 billion in 1997 (table 2)? Outlays
decreased $9.1 billion, or 11 percent, after increasing 40 percent in 1996. As in the past, outlays
to acquire existing U.S. companies rather than
5. The new investment data cover U.S. business enterprises (including
banks) that have total assets of over $1 million or that own at least 200 acres
of U.S. land in the year they are acquired or established. U.S. enterprises that
do not meet these criteria are required to file partial reports, primarily for
identification purposes; the data from these reports are not included in the
accompanying tables. For 1997, the total assets of the U.S. enterprises that
filed partial reports were only $88.3 million, about 0.1 percent of the total
assets of $179.5 billion of the U.S. enterprises that filed complete reports.
A U.S. business enterprise is categorized as "established" if the foreign
parent or its existing U.S. affiliate (a) creates a new legal entity that is organized and begins operating as a new U.S. business enterprise or (b) directly
purchases U.S. real estate. A U.S. business enterprise is categorized as "acquired" if the foreign parent or its existing U.S. affiliate (a) obtains a voting
equity interest in an existing U.S. business enterprise and continues to operate it as a separate legal entity, (b) purchases a business segment or an
operating unit of an existing U.S. business enterprise that it organizes as a
new separate legal entity, or (c) purchases through the existing U.S. affiliate
a U.S. business enterprise or a business segment or an operating unit of a
U.S. business enterprise and merges it into the affiliate's own operations.
The data on new investments do not cover a foreign parent's acquisition
of additional equity in its U.S. affiliate or its acquisition of an existing U.S.
affiliate from another foreign investor. They also do not cover expansions in
the operations of existing U.S. affiliates, and selloffs or other disinvestment
are not netted against the new investments.
6. Data on overall merger and acquisition activity in the United States
in 1997 were reported by the Securities Data Company in a news release on
January 5,1998.
Table 2.—Investment Outlays, Investments, and Investors, 1991-97
Number
Outlays (millions of dollars)
1991
1992
1993
1994
1995
1996' 1997'
1992
1991
1993
1994
1995
1996'* 1997'
Investments, total
U.S. businesses acquired ...
U.S. businesses established
25,538 15,333 26,229 45,626 57,195 79,929 70,819
17,806 10,616 21,761 38,753 47,179 68,733 64,272
7,732 4,718 4,468 6,873 10,016 11,196 6,547
1,091
561
530
941
463
478
980
554
426
1,036
605
431
1,124
644
480
1,155
686
469
1,050
613
Investors, total
Foreign direct investors
U.S. affiliates
25,538 15,333 26,229 45,626 57,195 79,929 70,819
8,885 4,058 6,720 13,628 11,927 32,230 15,496
16,653 11,275 19,509 31,999 45,268 47,699 55,323
1,220
438
782
1,019
350
669
1,094
368
726
1,144
345
799
1,213
345
868
1,302
374
928
1,191
299
437
892
pr Preliminary.
Revised.
Table 3.—Number of Investments by Size of Outlays, 1991-97
1991
Total
$2 billion or more
$1 billion-$1.9 billion
$100 million-$999 million
$10 million-399 million
Less than $10 million
,
Addenda:
Percent of total outlays:
Investments of $1 billion or more ....
Investments of $100 million or more
p
Preliminary.
' Revised.
1993
1992
1994
1995
1996-
1997'
1,091
941
980
1,036
1,124
1,155
1,050
1
1
45
273
771
0
0
28
252
661
1
1
47
252
679
4
4
71
273
684
5
4
79
329
707
8
10
103
366
3
12
107
339
589
36
81
SURVEY OF CURRENT BUSINESS
June 1998
nology across a broader base, and to gain more
direct access to the large U.S. capital market.
The decrease in outlays in 1997 resulted from
several factors.
The number of very large
investments—that is, investments of $2 billion
or more—decreased from 8 in 1996 to 3 in
1997 (table 3). Outlays by Japanese investors declined sharply in 1997—from $8.8 billion to $1.8
billion—after 3 years of increases. Economic
growth in Japan slowed significantly in 1997, and
prospects for future growth were uncertain because of internal problems—particularly in the
banking sector—and the financial difficulties in
several of the Asian countries that are major
trading partners of, and borrowers from, Japan.
Depressed real estate values and a decline in the
stock market may also have reduced wealth and
made it more difficult for Japanese investors to
obtain funds for new overseas investments. The
slowdown in new investments may also be due
to the appreciation of the U.S. dollar on foreign
exchange markets.7
By industry, outlays in manufacturing and
in services decreased (table 4). Within manufacturing, the largest decreases were in "other
manufacturing," particularly in printing and publishing and in transportation equipment. Within
services, decreases were largest in business services, particularly computer and data processing
services, and in health services. These decreases
were partly offset by substantial increases in
outlays in insurance, "other industries," and depository institutions. The increase in "other
industries" was mainly accounted for by increases
in communication and public utilities.
By country, declines in outlays from Japan,
Germany, and France partly offset increases
in outlays from Australia and the Netherlands
(table 4). Outlays by Japanese investors, at $1.8
billion, were only about a tenth as large as those
in the peak year of 1990 (chart 3). As noted,
stalled economic growth, weakened financial institutions, and the effects of financial difficulties
in several other Asian countries limited the abil-
7. The effects of changes in currency values on direct investment are
sometimes ambiguous and may depend on the reasons underlying the change,
but economic literature suggests that dollar appreciation has tended to retard
foreign direct investment in the United States, and dollar depreciation has
tended to stimulate it. See Edward M. Graham and Paul R. Krugman, Foreign
Direct Investment in the United States, 3rd edition (Washington, DC: Institute
for International Economics, 1995): 45-47.
Table 4.—Investment Outlays by Industry of U.S. Business Enterprise and by Country of Ultimate Beneficial Owner, 1991-97
[Millions of dollars]
1991
Total
By industry:
Petroleum
Manufacturing
Food and kindred products
Chemicals and allied products
Primary and fabricated metals
Machinery
Other manufacturing
Wholesale trade
Retail trade
Depository institutionsl
Finance, except depository institutionsl
Insurance
Real estate
Services
Other industries
By country2:
Canada
Europe
France
Germany
Netherlands
Switzerland
United Kingdom
Other Europe
Latin America and Other Western Hemisphere
South and Central America
Other Western Hemisphere
Africa
Middle East
Asia and Pacific
Australia
Japan
Other Asia and Pacific
United States3
D
....
'
Suppressed to avoid disclosure of data of individual companies.
p
Preliminary.
r
Revised.
1. Prior to 1992, "depository institutions" exclude, and "finance, except depository institutions"
include, savings institutions and credit unions. Beginning with 1992, sayings institutions and credit
unions have been reclassified from "finance, except depository institutions" to "depository institutions."
1992
1993
1995
1994
1996
1997^
25,538
15,333
26,229
45,626
57,195
79,929
70,819
702
11,461
1,247
2,897
797
4,929
1,591
623
1,605
482
2,199
2,102
3,823
2,256
284
463
6,014
404
1,644
1,187
1,002
1,778
698
256
529
797
291
2,161
2,023
2,101
882
11,090
1,294
5,035
1,297
1,778
1,686
837
1,495
958
1,599
1,105
1,883
4,162
2,218
469
21,218
4,567
6,905
1,485
1,867
6,393
2,156
1,542
2,026
2,195
450
2,647
7,163
5,760
1,520
26,643
3,802
12,511
547
4,489
5,293
1,168
2,838
2,301
7,837
654
2,996
5,881
5,359
1,059
27,835
1,145
3,961
3,222
4,355
15,151
4,746
2,988
1,944
8,676
4,688
4,175
15,292
8,528
688
19,963
2,119
4,034
1,196
5,178
7,436
2,578
438
3,935
6,536
8,639
3,831
12,407
11,802
3,454
13,994
4,976
1,922
1,661
1,327
2,169
1,939
375
108
267
1,351
8,344
406
1,964
1,331
1,259
2,255
1,129
1,438
1,152
286
3,797
16,845
1,249
2,841
2,074
804
8,238
1,639
874
527
347
4,128
31,920
1,404
3,328
1,537
5,044
17,261
3,346
1,352
D
)
8,029
38,195
1,129
13,117
1,061
7,533
9,094
6,261
1,550
1,283
267
9,700
49,427
6,021
12,858
6,476
4,910
14,757
4,405
1,790
D
)
10,764
46,190
2,772
6,412
11,255
6,351
13,355
6,045
923
1006
6i560
251
5,357
952
(D)
238
3,716
164
2,921
631
(D)
1,308
3,004
129
2,065
810
(D)
D
n(
)
5,263
1,522
2,715
1,026
201
D
447
8,688
2,270
3,602
2,816
(D)
3
D
)
12,751
2,222
8,813
1,716
D
918
11,993
8,421
1,845
1,727
)
2. For investments in which more than one investor participated, each investor and each investor's outlays are classified by country of each ultimate beneficial owner.
3. See footnote 4 in text for explanation.
•
43
44 • June
SURVEY OF CURRENT BUSINESS
vestors who were making direct investment in
the United States for the first time; first-time investors tend to rely more on their own funds than
do investors with existing U.S. affiliates that could
provide needed funds or assist in obtaining funds
from other U.S. sources.
ity of Japanese investors to invest in the United
States. Outlays from Germany and France declined because a number of exceptionally large
investments from these countries in 1996 were
not matched in 1997. The increase in outlays
from Australia reflected sharp increases in outlays
in "other industries," particularly in communication and public utilities, and in services. The
increase in outlays from the Netherlands reflected
substantially higher outlays in insurance and in
depository institutions.
In dollar terms, outlays financed with funds
from the foreign parents dropped from $54.7 billion in 1996 to $39.1 billion. The decline was
in contrast to the increase in net capital inflows
for foreign direct investment in the United States
(FDIUS) that are recorded in the U.S. balance of
payments accounts for 1997.8 Outlays financed
with funds from other foreign sources or from
U.S. sources increased $6.5 billion, to $31.7 billion.
The portion of outlays financed with funds
from foreign parents dropped from 68 percent
to 55 percent. The share for 1996 was unusually
high and may have reflected a larger-than-usual
share of outlays accounted for by foreign in-
The total assets of newly acquired or established affiliates were $179.5 billion in 1997, down
from $241.0 billion in 1996 (table 5); the assets
of the businesses that were acquired were $165.0
billion.
CHART 3
Outlays for New Investment in the United
States by Foreign Direct Investors from
Selected Countries, 1990-97
U.S. businesses that were newly acquired or
established employed 298,000 persons in 1997,
down from 437,000 in 1996. The largest shares of
employment were accounted for by services (34
percent) and manufacturing (32 percent).
Billions $
25
20
United Kingdom
15
8. In addition to outlays from foreign parents to acquire or establish U.S.
affiliates, net capital inflow's for F-DIUS include foreign parents' financing of
their existing U.S. affiliates. In 1997, these inflows increased S30.9 billion,
to S107.9 billion. Of the components of total capital inflows—equity capital,
reinvested earnings, and intercompany debt—changes in equity capital tend
to reflect most closely changes in new foreign investment, and in 1997, these
inflows declined $5.2 billion, to S47.8 billion. These preliminary estimates of
inflows were published in tables 1 and 5 of Christopher L. Bach, "U.S. International Transactions, Fourth Quarter and Year 1997," SURVEY OF CURRENT
BUSINESS 78 (April 1998): 79 and 86. Revised estimates will be published in
the July issue of the SURVEY.
10
1990
1991 1 9 9 2 1993 1 9 9 4 1 9 9 5 1 9 9 6
U.S. Department of Commerce, Bureau of Economic Analysis
1997
Table 5.—Selected Operating Data of U.S. Business Enterprises Acquired or Established, by Industry of U.S. Business
Enterprise, 1996-97
1997/'
1996'
Millions of dollars
All industries
Petroleum
Manufacturing
Wholesale trade
Retail trade
Depository institutions
Finance, except depository institutions
Insurance
Real estate
Services
Other industries
Total
assets
Sales
322,656
179,476
63,579
3.989
21,144
3,907
521
29,288
15,051
72.704
4,196
12873
15,802
5,251
21,297
6.836
Total
assets
Sales
241,008
83,544
2,608
436,867
2,133
33,796
4,625
4,295
(D)
25,334
(D)
4,571
17,109
26,042
4,816
25,156
4,677
6,384
(D)
3,531
20
120
44
79
(n)
G
132,728
12,673
L
35,338
7.254
H
A
99,853
74,063
n
559
9,571
17,309
Net income
Number
of employees
Number
of hectares of
land
owned'
n
^37
123
308
506
()
557
n
64.448
D
Suppressed to avoid disclosure of data of individual companies.
'• Preliminary
' Revised.
1. One hectare equals 2 471 acres. Thus, for all industries, the number of acres of land owned
in 1996 and 1997 were 797.284 and 558,943 respectively.
Millions of dollars
R
2,591
8,411
508
6,296
9,024
Net income
Number
of employees
Number
of hectares of
land
owned1
2,375 297,645 226,201
696
(D)
-1
147
293
360
94
170
70
2,449
95,511
J
J
J
J
A
100.436
40,088
5,232
R
2
221
n
( )
291
NOTES.—For newly acquired businesses, data cover the most recently completed financial reporting year. For newly established businesses, data are projections for the first full year of operations.
Size ranges are given in employment cells that are suppressed. Tne size ranges are A—1
to 499. F—500 to 999: G—1.000 to 2.499: H—2.500 to 4,999: 1—5.000 to 9.999: J—10 000 to
24,999: K—25,000 [0 49.999: L—50.000 to 99.999: M—100.000 or more.
SURVEY OF CURRENT BUSINESS
Affiliate Operations in 1996
June 1998
CHART 4
In 1996, the gross product of nonbank U.S. affiliates of foreign companies increased 5 percent,
a rate of increase higher than the 3-percent increase in 1995 but substantially lower than the
rates of increase in most years since the mid1980's (table 6). The relatively slow growth in
1995 reflected the effect of selloffs of foreignownership interests in large U.S. companies. In
1996, the downward effect of selloffs continued,
but it was more than offset by the upward effect
of new foreign investments.
Partly as a result of new investments, the total assets of affiliates increased 9 percent. The
gross property, plant, and equipment of affiliates
increased 4 percent; commercial property holdings decreased 1 percent, following a 3-percent
decrease in 1995.
Reflecting the continued expansion of the
U.S. economy, expenditures on new plant and
Employment of Nonbank U.S. Affiliates,
1979-96
Percent change
from preceding year
25
Thousands of employees
6000
5000
4000
3000
2000
1000
1979
81
83
85
87
89
91
93
95
U.S. Department of Commerce, Bureau ol Economic Analysis
Table 6.—Selected Data of Nonbank U.S. Affiliates of Foreign Direct Investors, 1977-96
Billions of dollars
Gross
product
Sales
Net
income
Billions of dollars
ThouCompen- sands of
sation of employees
employees
Gross property,
plant, and
equipment
Total
assets
a
4.0
4.8
7.3
8.8
11.2
3.8
5.6
9.6
5.4
2.5
7.8
12.0
9.3
-4.5
-11.0
-21.3
-4.4
8.1
15.5
21.1
18.8
24.2
31.7
40.0
54.8
61.5
66.8
73.2
79.9
86.5
96.0
119.6
144.2
163.6
176.0
182.1
193.0
200.6
206.4
210.4
1,218.7
1,429.9
1,753.2
2,033.9
2,416.6
2,448.1
2,546.5
2,714.3
2,862.2
2,937.9
3,224.3
3,844.2
4,511.5
4,734.5
4,871.9
4,715.4
4,765.6
4,840.5
4,941.8
4,977.5
143.5
181.2
228.6
291.3
407.0
476.4
531.7
602.5
741.1
838.0
943.7
1,200.8
1,431.3
1,550.2
1,752.6
1,825.2
2,065.8
2,206.7
2,388.7
2,614.0
66.8
80.7
101.2
127.8
188.0
225.2
244.0
269.5
295.2
320.2
353.3
418.1
489.5
578.4
640.1
660.8
705.7
754.4
769.5
797.6
which:
Commercial
property
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
89.9
104.0
124.8
146.5
165.8
172.6
173.9
173.1
168.4
166.8
-54.5
218.1
54.1
-22.9
n.m.
n.m.
n.m.
n.m.
n.m.
90.5
36.3
8.2
11.0
24.6
20.5
13.5
7.6
3.5
6.0
3.9
2.9
2.0
2.6
9.7
19.2
17.4
4.9
2.9
-3.2
1.1
1.6
2.1
.7
13.1
12.6
27.3
19.2
8.3
13.1
4.1
13.2
6.8
8.2
9.4
8.5
10.3
18.3
17.1
18.2
10.7
3.2
6.8
6.9
2.0
3.7
n.a.
n.a.
15.7
20.0
17.4
13.1
4.1
.7
-.4
-2.7
-.9
Total
1977
1978
1979
1980
1981
1982
1983
1984 .
1985 .
1986 .
1987 .
1988 .
1989 .
1990 .
1991 .
1992 .
1993 .
1994r .
1995
Percent change from
preceding year:
1986
1987
1989
1990
1991
1992
1993
1994
1995
1996
35.2
42.9
55.4
70.9
98.8
103.5
111.5
128.8
134.9
142.1
157.9
190.4
223.4
239.3
257.6
266.3
285.7
313.0
322.6
339.5
194.0
241.5
327.9
412.4
510.2
518.1
536.6
593.6
633.0
672.0
744.6
886.4
1,056.6
1,175.9
1,185.9
1,232.0
1,329.4
1,443.5
1,544.6
1,596.0
5.4
11.1
20.6
17.4
7.1
7.7
3.4
7.3
9.5
3.1
5.2
6.2
10.8
19.0
19.2
11.3
.9
3.9
7.9
8.6
7.0
3.3
f Preliminary.
' Revised,
n.a. Not available,
n.m. Not meaningful.
1. Research and development funded by affiliates, whether performed by the affiliates themselves or by others.
ExpendResearch
itures
and
for new
developplant
ment
and
expendiequiptures '
ment
U.S. exports of
goods shipped by
affiliates
Of
which:
To the
foreign
parent
group2
U.S. imports of
goods shipped to
affiliates
a
7.6
9.3
11.2
16.9
26.7
28.1
23.2
25.2
28.9
28.5
33.0
44.3
55.2
69.6
69.8
61.4
63.2
68.2
74.5
84.1
0.9
1.2
1.6
1.9
3.1
3.7
4.2
4.7
5.2
5.8
6.5
7.8
9.5
11.5
11.9
13.7
14.2
15.6
17.5
17.2
24.9
32.2
44.3
52.2
64.1
60.2
53.9
58.2
56.4
49.6
48.1
69.5
86.3
92.3
96.9
103.9
106.6
120.7
135.2
136.6
11.7
16.6
22.1
21.0
26.9
25.0
22.6
27.1
25.9
21.9
19.1
26.4
34.3
37.8
42.2
48.8
47.4
51.1
57.2
57.9
43.9
56.6
63.0
75.8
82.3
84.3
81.5
100.5
113.3
125.7
143.5
155.5
171.8
182.9
178.7
184.5
200.6
232.4
250.8
253.0
which:
From
the
foreign
parent
group 2
30.9
39.5
45.3
47.0
52.2
51.9
54.8
70.5
81.7
93.4
108.2
118.4
129.9
137.5
132.2
137.8
150.8
174.6
191.2
192.0
-1.4
15.8
34.2
24.5
26.1
.3
-12.1
3.1
7.8
9.3
12.9
10.8
12.4
20.1
20.8
21.7
3.0
15.4
3.7
9.6
12.7
-2.2
-12.1
-3.0
44.6
24.1
6.9
5.0
7.2
2.6
13.2
12.0
1.1
-15.5
-12.6
38.3
29.7
10.2
11.8
15.5
-2.9
8.0
11.9
1.2
10.9
14.2
8.4
10.5
6.5
-2.3
3.2
8.7
15.8
7.9
.9
14.3
15.8
9.4
9.8
5.8
-3.8
4.3
9.4
15.8
9.5
.4
Total
Total
2. The foreign parent group consists ol (1) the foreign parent, (2) any foreign person, proceeding up the foreign parent's ownership chain, that owns more than 50 percent of the person below
it, up to and including the UBO. and (3) any foreign person, proceeding down the ownership
chain(s) ol each of these members, that is owned more than 50 percent by the person above
it.
• 45
46
SURVEY OF CURRENT BUSINESS
• June 1998
following a 2-percent increase in 1995 (chart 4).
(In comparison, total U.S. employment in private industries increased 2 percent in 1996 and 3
percent in 1995.) New investments increased affiliate employment by 334,600—the largest gain
since 1990—but sales and liquidations reduced
employment by 271,900 (table y).9 In addition,
the increase in employment from expansions of
existing operations was only 62,700, whereas the
reduction in employment from cutbacks in existing operations was 78,100. (In 1995, the increase
in employment from expansions was 102,900—
33,000 more than the decrease in employment
from cutbacks.)
U.S. exports and imports of goods by affiliates
each increased only 1 percent in 1996, following
increases of 13 percent and 10 percent, respectively, in 1995. The slow growth in affiliate
exports reflected a falloff in exports by wholesale
trade affiliates, and the slow growth in affiliate
imports reflected reduced imports by manufacturing affiliates (particularly, by those in the
motor vehicle industry). The share of total U.S.
exports of goods accounted for by affiliates decreased from 23 percent in 1995 to 22 percent
in 1996; the share accounted for by affiliate exports to their foreign parent groups decreased
from 10 percent to 9 percent. The share of total
U.S. imports of goods accounted for by affiliates decreased from 34 percent to 32 percent; the
share accounted for by affiliate imports from their
equipment by affiliates increased 13 percent, the
highest rate of increase since 1990. The net income of affiliates increased 36 percent, continuing
a sharp uptrend. However, the total amount of
compensation of employees paid by affiliates increased only 2 percent, the lowest rate of increase
since 1978 (the earliest year for which an annual
rate of change can be computed for the data on
U.S. affiliate operations).
The modest increase in compensation of employees largely reflected slow growth in affiliate
employment: Despite the record level of outlays
for new investment in 1996 (chart 1), employment by affiliates increased less than 1 percent,
Data Availability
This article presents summary data on foreign direct investment to acquire or establish businesses in the
United States and on the operations of U.S. affiliates of
foreign companies.
A set of supplementary tables that present detail on
the number of investments and investors for 1992-96
and on investment outlays and selected operating data
for the newly acquired or established businesses for
1992-97 will be available on diskette later this summer.
In addition, a set of tables for 1980-91 is available.
The revised detailed estimates of U.S. affiliate operations for 1995 and the preliminary estimates for 1996
from the annual surveys will also be available later this
summer. The detailed estimates of U.S. affiliate operations for 1977-94 are available on diskettes, and the
estimates for 1991-94 are also available in publications.
For more information on these products and
how to get them, see the International Investment Division Product Guide on BEA'S Web site
at <http://www.bea.doc.gov/bea/ai/iidgud06.htm>, or
write to Research Branch (BE-50), International Investment Division, Bureau of Economic Analysis, U.S.
Department of Commerce, Washington, DC 20230.
9. The increase in employment from new investments is smaller than the
number of employees of newly acquired or established U.S. businesses in 1996
that is shown in table 1. The difference is partly attributable to the exclusion
of depository institutions from the data on affiliate operations, but it may
also reflect such factors as differences in timing and the post-acquisition
restructuring of affiliates. For more information, see the note to table 7, and
see the appendix "Sources of Data" in Mahnaz Fahim-Nader and William J.
Zeile, "Foreign Direct Investment in the United States: New Investment in
1994 and Affiliate Operations in 1993," SURVEY 75 (May 1995): 68-70.*
Table 7.—Sources of Change in Nonbank U.S. Affiliate Employment, 1989-96
[Thousands of employees]
1989
Line
Change in total affiliate employment
Change in employment of large affiliates resulting
from:
New investments
Expansions of existing operations
Sales or liquidations of businesses
Cutbacks in existing operations
Combinations of new investments and sales or
liquidations of businesses
Change not accounted for in lines 2-£
1990
1991
1992
1993
1994
1995
1996
667.3
223.0
137.5
-156.5
50.2
74.9
101.2
35.7
596.6
125.1
-123.2
291.1
101.7
141.1
-152.2
-136.4
-316.2
-132.2
261.9
110.2
-239.9
-95.1
280.0
98.1
-245.2
-55.4
301.2
102.9
-241.5
-68.6
481.6
107.9
-354.1
-126.5
-69.9
334.6
62.7
-271.9
-78.1
76.7
60.7
-16.9
131.1
-9.6
37.3
-18.0
67.1
6.3
6.8
-7.4
-4.9
24.5
-15.9
14.7
-26.3
NOTE.—Lines 2-6 cover large affiliates—that is, affiliates with more than 500 employees. Coverage is limited to large affiliates because a substantial number of small affiliates change their
organizational structures, and in such cases, it is particularly difficult to determine the reasons
for the changes.
Line 2 equals the yearend employment of affiliates that were acquired or established during
the year plus the change in employment of existing affiliates that had an increase in employment
and that had acquired another U.S. business during the year.
Line 3 equals the change in employment of affiliates that did not acquire another U.S. business
but had an increase in employment.
Line 4 equals the employment at the end of the prior year of affiliates that were liquidated
107.4
or sold during the year plus the change in employment of affiliates that had a decline in employment and that sold a business or business segment during the year.
Line 5 equals the change in employment of affiliates that did not sell a business or business
segment but had a decline in employment.
line 6 equals the change in employment of affiliates that both acquired and sold a business
or business segment during the year.
Line 7 equals the change in employment of large affiliates not accounted for in lines 2-6 plus
all changes in employment for affiliates with fewer than 500 employees. It includes changes resulting from the addition to the survey universe of affiliates that were required to report in earlier
years but did not.
SURVEY OF CURRENT BUSINESS
June 1998
•
4J
in communication and public utilities (table 8).
The jump in the finance industry was due both
to new foreign acquisitions and to expansions
in the operations of existing affiliates. Most of
the increase in the insurance industry was accounted for by expansions. In communication
and public utilities, the increase was mainly due
to acquisitions.
foreign parent groups decreased from 26 percent
to 24 percent.
Gross product
In 1996, gross product originating in U.S. affiliates increased 5 percent to $339 billion, following
an increase of 3 percent in 1995. The growth in
1996 was about the same as the growth in total
U.S. gross domestic product (GDP) originating in
private industries. Estimates of real affiliate gross
product are not available, but the current-dollar
increases in affiliate gross product were well above
the increases in prices recorded for U.S. businesses.10 In both years, the U.S.-affiliate share of
total U.S. GDP originating in private industries
was 5.9 percent (table 1).
The gross product of affiliates decreased substantially in the real estate, transportation, and
mining industries. The decrease in real estate was
mainly due to selloffs of affiliates, particularly by
Canadian investors. The decrease in transportation was also due to selloffs. The decrease in
mining reflected both selloffs and slowdowns in
the operations of existing affiliates.
By industry.—Among the major industries, the
gross product of affiliates more than doubled in
finance, except depository institutions and increased by more than 40 percent in insurance and
In manufacturing, the gross product of affiliates increased slightly in 1996, following a
decrease in 1995. Manufacturing's share of total affiliate gross product declined for the second
consecutive year, to 46 percent, a share that was
still much larger than manufacturing's 20-percent
10. The data used to estimate affiliate gross product are reported to BEA in
current dollars, BEA'S chain-type price index for the gross domestic product
originating in private industries increased 2.0 percent in 1995 and 2.4 percent
in 1996. See table 1 in Robert E. Yuskavage, "Gross Product by Industry Price
Measures, 1977-96? SURVEY 78 (March 1998): 20.
Table 8.-Gross Product of Nonbank U.S. Affiliates by Industry of Affiliate, 1991-96
Millions of dollars
Percent of all-industries total
Addendum:
Pprppnt
change in
1991
All industries.
Petroleum
Manufacturing
Food and Kindred products
Chemicals and allied products
Primary metal industries
Fabricated metal products
Industrial machinery and equipment
Electronic and other electric equipment.
Paper and allied products
Printing and publishing
Rubber and plastics products
Stone, clay, and glass products
Motor vehicles and equipment
Instruments and related products
Other manufacturing
1992
1993
1994
1995
1996
1991
1992
1993
1994
1995
1996
affiliate
dllillale
gross
product,
1995-96
100.0
100.0
100.0
100.0
100.0
100.0
5.2
32,733
9.6
9.6
9.1
9.2
9.1
9.6
11.9
125,934 134,127 142,478 157,061 155,741 156,354
12,260 12,283 11,548 12,273 12,127 11,783
38,996 41,940 44,300 48,548 40,552 42,095
9,971
8,710
9,601
8,568
8,373
9,736
6,802
6,498
6,305
6,310
7,706
7,136
10,455 10,160 10,402 12,881 13,381 12,809
18,524
15,694
16,512
14,370
18,542 19,055
3,752
3,627
4,078
3,513
5,331
5,703
6,054
8,546
5,528
7,530
8,668
8,810
7,722
6,906
5,992
5,459
4,296
7,286
6,787
6,497
6,215
5,691
9,062
8,775
5,657
2,659
7,341
3,738
3,191
6,718
6,299
6,596
6,100
5,498
6,079
6,256
9,142 10,380 10,423 10,403
9,029
7,148
48.9
50.4
49.9
50.2
48.3
46.1
.4
4.8
4.6
4.0
3.9
15.7
15.5
15.5
12.6
3.5
-2.8
15.1
3.8
3.3
2.4
4.1
5.6
1.4
2.1
1.7
2.2
1.2
2.1
2.8
3.3
2.4
3.8
5.9
1.3
2.3
2.0
2.3
1.0
2.3
3.4
3.5
2.3
3.6
5.8
1.3
2.6
2.1
2.3
1.3
2.3
3.2
3.1
2.2
4.1
5.9
1.3
2.7
2.2
2.2
1.8
1.9
3.3
3.0
2.2
4.1
5.7
1.7
2.7
2.3
2.7
2.3
2.0
3.2
257,634 266,333 285,738 312,981 322,631 339,485
24,705
25,553
25,919
28,849
29,252
12.4
25
2.3
3.8
5.6
1.7
2.6
2.3
2.7
2.0
1.8
3.1
3.8
-14.0
8.0
-4.3
2.8
7.0
-1.6
6.0
3.3
-8.5
-.7
-.2
Wholesale trade
Motor vehicles and equipment ,
Other
28,451
8,157
20,294
31,000
7,866
23,134
33,358
8,918
24,440
35,251
9,394
25,857
41,973
9,350
32,623
11.0
11.6
11.7
11.3
12.1
12.4
8,420
30,546
3.2
7.9
3.0
8.7
3.1
8.6
3.0
8.3
2.6
9.5
2.8
9.6
7.7
11.0
6.8
Retail trade
Finance, except depository institutions!
Insurance
Real estate
21,441
4,034
6,789
7,039
19,896
3,222
5,666
6,390
20,862
2,495
7,000
6,723
21,901
2,099
9,177
6,431
23,518
2,925
7,343
5,845
24,544
6,001
10,658
4,984
8.3
1.6
2.6
2.7
7.5
1.2
2.1
2.4
7.3
.9
2.4
2.4
7.0
.7
2.9
2.1
7.3
.9
2.3
1.8
7.2
1.8
3.1
1.5
4.4
105.1
45.1
-14.7
Services
Hotels and other lodging places
Business services
Motion pictures
Other
18,362
3,276
7,756
1,559
5,771
20,260
3,383
8,953
1,995
5,928
23,591
3,870
8,710
4,123
6,888
23,537
4,271
8,948
4,476
5,842
22,224
4,309
9,104
2,314
6,497
21,840
4,019
8,946
1,409
7,465
7.1
1.3
3.0
.6
2.2
7.6
1.3
3.4
.7
2.2
8.3
1.4
3.0
1.4
2.4
7.5
1.4
2.9
1.4
1.9
6.9
1.3
2.8
.7
2.0
6.4
1.2
2.6
.4
2.2
-1.7
-6.7
-1,7
-39.1
14.9
Agriculture, forestry, and fishing ....
Mining
Construction
Transportation
Communication and public utilities
824
659
548
672
638
667
4,848
3,999
9,182
2,025
5,527
3,230
7,609
3,195
4,983
3,026
11,408
3,345
5,853
3,028
11,692
7,431
6,528
3,425
12,976
13,249
5,486
3,228
11,533
19,485
.3
1.9
1.6
3.6
.8
.2
2.1
1.2
2.9
1.2
.2
1.7
1.1
4.0
1.2
.2
1.9
1.0
3.7
2.4
.2
2.0
1.1
4.0
4.1
.2
1.6
1.0
3.4
5.7
4.6
-16.0
-5.8
-11.1
47.1
1. Data for 1991 include, but data for 1992-96 exclude, savings institutions and credit unions.
uO,«7OO
48
SURVEY OF CURRENT BUSINESS
• June 1998
share of total U.S. private-industry GDP.11 Direct
investment may be more concentrated in manufacturing than in services or in other industries
because of a generally greater presence in manufacturing of scale economies and of production
processes that can be standardized across national boundaries. In addition, direct investment
in some service industries may be constrained
because a high degree of knowledge of the local language, culture, and business environment
is typically required to compete effectively with
domestically owned businesses.
Within manufacturing, the gross product of affiliates decreased substantially in primary metals
and in motor vehicles and equipment. The decrease in primary metals was due to selloffs. The
decrease in motor vehicles partly reflected large
reductions in value added for a few affiliates in
motor vehicles parts and in truck manufacturing. It also reflected reductions associated with
11. See table 7 in Sherlene K.S. Lum and Robert E. Yuskavage, "Gross
Product by Industry, 1947-96," SURVEY 77 (November 1997): 28.
Table 9.—Gross Product of Majority-Owned Affiliates as a
Percentage of That of All Nonbank U.S. Affiliates, by Industry of Affiliate, 1994-96
1994
1995
1996
78.2
79.0
80.1
Petroleum ...
80.0
81.8
82.4
Manufacturing
Food and kindred-products
Chemicals and allied products
Primary metal industries
Fabricated metal products
Industrial machinery and equipment
Electronic and other electric equipment .
Paper and allied products
Printing and publishing
Rubber and plastics products
Stone, clay, and glass products
Motor vehicles and equipment
Instruments and related products
Other manufacturing
81.8
97.0
73.4
59.1
91.2
84.6
95.2
87.6
97.6
91.4
53.8
91.7
86.8
95.9
90.1
97.4
92.1
63.0
77.6
92.7
96.0
All industries .
G
G
G
78.7
91.5
90.4
80.2
93.6
80.8
91.5
91.6
87.4
91.5
95.8
91.6
95.4
87.7
96.3
H
H
H
Wholesale trade
Motor vehicles and equipment.
Other
93.5
99.8
91.2
90.9
99.7
88.5
91.2
99.8
88.8
Retail trade
Finance, except depository institutions ...
Insurance
Real estate
74.6
77.2
67.9
73.4
70.6
88.5
56.9
70.1
70.1
97.1
65.5
73.5
Services
Hotels and other lodging places .
Business services
Motion pictures
Other
79.3
87.7
88.6
F
G
81.9
90.1
89.3
90.5
63.0
83.6
91.4
91.7
93.4
68.0
Agriculture, forestry, and fishing ....
Mining
Construction
Transportation
Communication and public utilities .
65.5
80.1
78.9
27.4
25.4
64.1
78.6
83.6
23.0
15.5
66.8
83.2
85.2
25.2
15.9
the wholesale trade activities of some affiliates in
automobile manufacturing.12
In services, the share of total affiliate gross
product accounted for by affiliates declined for
the third consecutive year, to 6 percent.13 (In contrast, services accounted for 23 percent of total
U.S. private-industry GDP.) Within services, the
gross product of affiliates in the motion picture
industry dropped by more than a third as a result
of selloffs and of changes in the industry classification of affiliates with operations in more than
one industry.
As in previous years, majority-owned affiliates accounted for a dominant share of affiliate
economic activity: These affiliates accounted for
80 percent of the gross product of all nonbank affiliates combined and for more than
two-thirds of affiliate gross product in most industries (table 9). However, the shares were
less than 30 percent in transportation and in
communication and public utilities, partly reflecting restrictions on foreign ownership in the
domestic air transport, telecommunications, and
broadcasting industries.
By country.—In 1996, the seven largest investing countries in terms of affiliate gross prod12. Some of the largest affiliates in motor vehicles and equipment have
substantial secondary operations in motor vehicle wholesale trade. In addition, the gross product data for motor vehicles and equipment exclude
data for a number of large affiliates that are classified in motor vehicle
wholesale trade but that have substantial secondary operations in automobile
manufacturing.
13. Here, "services" refers to the industries that comprise the services
division of the Standard Industrial Classification, rather than to the broad
range of industries whose outputs are services rather than goods.
CHART 5
Investing Country Shares in the Gross
Product of All Nonbank U.S. Affiliates,
1996
United Kingdom (21.8%)
NOTE.—Size ranges are given in cells that are suppressed to avoid disclosure ol data ol individual companies. The percentage size ranges are: G-0.1 to 19.9; E—20.0 to 39.9; F—40.0
to 59.9; G-60.0 to 79.9; H-80.0 to 100.
Switzerland (5.7%)
Canada (8.8%)
Japan
(16.1%)
Hff,
,"-1
Germany
'•
(11.9%)
France (9.6%)
Other (17.4%
Netherlands
(8.6%)
US. Department of Commerce, Bureau of Economic Analysis
SURVEY OF CURRENT BUSINESS
June 1998
49
ownership shares in a few large U.S. companies;
as a result of these acquisitions, the share of
French-owned affiliates' gross product accounted
for by majority-owned affiliates decreased from
91 percent to 68 percent (table 11).
The gross product of Japanese- and Germanowned affiliates also increased substantially—
8 percent and 9 percent, respectively—mainly
because of expansions in existing operations.
Japanese-owned affiliates continued to account
for the second-largest share of total affiliate gross
product (16 percent), and German-owned affiliates continued to account for the third-largest
share (12 percent).
uct were the United Kingdom, Japan, Germany, France, Canada, the Netherlands, and
Switzerland (table 10 and charts). As in previous years, affiliates with ultimate beneficial owners (UBO'S) in these seven countries accounted for
more than 80 percent of the gross product of all
U.S. affiliates. British-owned affiliates continued
to account for the largest share (22 percent) of
total affiliate gross product.
The gross product of French-owned affiliates
increased by more than a third. The share of
affiliate gross product accounted for by these affiliates increased to 10 percent, so that France
moved from the sixth-largest to the fourth-largest
UBO country. The large increase in gross product
was mainly due to acquisitions of minority-
The share of affiliate gross product accounted
for by Canadian-owned affiliates decreased from
Table 10.—Gross Product of Nonbank U.S. Affiliates by Country of Ultimate Beneficial Owner, 1991-96
Millions of dollars
1991
1992
1993
257,634 266,333 285,738
All countries
Percent of all-countries total
1994
1995
1996
312,981
322,631
339,485
1991
100.0
1992
100.0
1993
100.0
1994
100.0
1995
1996
100.0
Addendum:
Percent
change in
affiliate
gross
product,
1995-96
100.0
5.2
Canada
39,289
33,479
41,062
41,613
35,277
30,026
15.3
12.6
14.4
13.3
10.9
8.8
-14.9
Europe
149,305
161,226
168,296
188,372
201,965
218,174
58.0
60.5
58.9
60.2
62.6
64.3
8.0
Belgium
Denmark
Finland
France
2,879
1,155
1,071
17,132
3,725
1,143
1,262
18,899
3,711
1,689
1,435
19,274
4,161
1,915
1,450
23,163
4,290
1,849
1,645
23,895
4,531
1,890
1,632
32,584
1.1
.4
.4
6.6
1.4
.4
.5
7.1
1.3
.6
.5
6.7
1.3
.6
.5
7.4
1.3
.6
1.3
.6
5
7.4
is
5.6
2.2
-.8
36.4
Germany
Ireland
Italy
Luxembourg
Netherlands
25,733
1,695
2,081
559
18,607
28,716
1,852
2,318
697
19,657
32,055
1,655
2,541
814
20,765
35,043
1,937
2,992
968
24,927
37,047
2,607
3,056
845
27,697
40,467
2,505
2,827
678
29,299
10.0
.7
.8
.2
7.2
10.8
.7
.9
.3
7.4
11.2
.6
.9
.3
7.3
11.2
.6
1.0
.3
8.0
11.5
.8
.9
.3
8.6
11.9
.7
.8
.2
8.6
9.2
-3.9
-7.5
-19.8
5.8
492
6,787
15,290
55,017
807
563
7,053
17,117
57,412
812
709
5,944
16,847
59,864
992
1,043
5,255
17,113
67,288
1,117
1,074
5,484
18,563
72,478
1,433
1,367
5,700
19,461
73,960
1,272
.2
2.6
5.9
21.4
.3
.2
2.6
6.4
21.6
.3
.2
2.1
5.9
21.0
.3
.3
1.7
5.5
21.5
.4
.3
1.7
5.8
22.5
.4
.4
1.7
5.7
21.8
.4
27.3
3.9
4.8
2.0
-11.2
9,137
8,739
10,126
12,045
12,367
12,699
3.5
3.3
3.5
3.8
3.8
3.7
2.7
776
1,489
2,669
1,109
1,638
3,124
1,400
1,460
3,757
1,642
1,275
4,729
1,754
.3
.6
1.0
.4
.6
1.2
.5
.5
1.3
.5
.4
1.5
.5
(D)
1.5
.4
.2
1.5
-18.0
4$
1,439
819
5,084
1,398
1,368
1,437
1,153
1,071
645
1,274
1,233
1,002
2,022
1,208
1,169
2,398
1,182
(D)
2,488
1,364
1,505
.5
.5
.4
.4
.2
.4
.4
.4
.6
.4
.4
.7
.4
.7
.4
.4
3.8
15.4
1,241
1,267
1,387
1,571
2,352
2,555
891
350
877
390
897
489
1,012
560
1,867
484
1,942
613
.3
.1
.3
.1
.3
.2
.3
.2
.6
.2
.6
.2
4.0
26.6
3,919
3,460
4,556
5,802
4,792
5,292
1.5
1.3
1.6
1.9
1.5
1.6
10.4
776
3,033
983
709
3,410
1,173
.4
1.0
.2
.4
.8
.1
.4
1.0
.2
.3
1.0
.5
.2
.9
.3
.2
1.0
.3
-8.6
12.4
19.4
,
Norway
Sweden
Switzerland
United Kingdom
Other
Latin America and Other Western Hemisphere
Mexico
Panama
Venezuela
L
Bermuda
Netherlands Antilles
Other
Africa
South Africa
Other
Middle East
Kuwait
Saudi Arabia
Other
Asia and Pacific
Australia
Hong Kong '.
Japan
Korea, Republic of
Taiwan
Other
United States
D
Suppressed to avoid disclosure of data of individual companies.
c
D
8.6
2,493
428
953
2,117
390
1,062
2,923
571
1,057
3,204
1,541
52,551
54,318
56,342
58,769
61,080
65,469
20.4
20.4
19.7
18.8
18.9
19.3
7.2
8,809
974
40,056
8,101
1,056
42,659
7,732
1,395
44,539
4,680
1,312
48,810
4,615
1,335
50,513
5,539
1,403
54,560
3.4
.4
15.5
3.0
.4
16.0
2.7
.5
15.6
1.5
.4
15.6
1.4
.4
15.7
1.6
.4
16.1
20.0
5.1
8.0
560
545
1,607
549
560
1,392
693
744
1,239
657
1,359
1,951
1,120
1,808
1,690
1,102
1,411
1,454
.2
.2
.6
.2
.2
.5
.2
.3
.4
.2
.4
.6
.3
.6
.5
.3
.4
A
-1.6
-22.0
-13.9
2,191
3,843
3,969
4,810
4,798
5,270
1.4
1.4
1.5
1.5
1.6
9.8
SURVEY OF CURRENT BUSINESS
SO • June 1998
11 percent to 9 percent as a result of a $5 billion drop in gross product. The drop was more
than accounted for by selloffs and reductions in
minority-ownership shares in large U.S. companies to below the 10-percent threshold that
defines direct investment.14 Canada's ranking
among UBO countries slipped for the second
consecutive year, from the fourth-largest country in 1995 to the fifth-largest country in 1996.
As recently as 1990, Canada had ranked as the
second-largest UBO country.
Among the affiliates of other investing countries, the gross product of Australian-owned
affiliates increased substantially, partly as a re14. Investment by a foreign person of less than 10 percent in a U.S. business enterprise is considered to be portfolio investment rather than direct
investment.
Table 11.—Gross Product of Majority-Owned Affiliates as a
Percentage of That of All Nonbank U.S. Affiliates, by
Country of UBO, 1994-96
1994
1995
19%
78.2
79.0
80.1
Canada
54.2
69.2
86.2
Europe .
84.3
82.1
79.8
Belgium ..
Denmark
Finland ...
France ....
98.8
H
91.0
87.6
98.4
100.2
93.9
90.5
98.3
100.1
93.6
68.0
Germany
Ireland
Italy
Luxembourg ...
Netherlands ....
80.8
E
80.7
59.9
80.9
81.9
E
94.0
F
80.4
83.2
F
94.8
56.9
83.3
Norway
Sweden
Switzerland
United Kingdom
Other
72.3
94.8
91.0
84.5
81.5
79.8
61.6
86.7
80.5
64.4
85.0
73.0
86.7
79.3
G
All countries
84.5
83.4
85.8
Mexico
Panama
Venezuela
82.0
97.2
G
80.3
H
G
88.3
97.7
G
Bermuda
Netherlands Antilles .
Other
95.2
96.7
H
91.7
96.6
99.1
97.6
97.5
H
Latin America and Other Western Hemisphere .
suit of acquisitions by existing affiliates. The
gross product of affiliates with UBO'S in Taiwan decreased, partly as a result of selloffs and
liquidations.
Share of U.S. employment
In 1996, the share of total U.S. private-industry
employment accounted for by U.S. affiliates of
foreign companies was 4.8 percent, down slightly
from 1995 (table 12). The affiliate share of employment has trended down in recent years after
it increased steadily from 1.8 percent in 1977 to
5.3 percent in 1991. The recent decreases partly
reflect the concentration of affiliate activity in
manufacturing, an industry whose share of total U.S. employment in private industries has
declined.15
By industry.—In 1996, as in most years, the shares
of total U.S. private-industry employment accounted for by affiliates were largest in mining
(23.8 percent) and manufacturing (11.4 percent).16
Within manufacturing, the affiliate shares were
largest in chemicals and in stone, clay, and glass
products.
By major industry, the affiliate share in communication and public utilities increased the
most, from 4.5 percent to 6.0 percent, continuing an upward trend; the increase in 1996 was
15. Manufacturing's share of U.S. private-industry employment decreased
in 1991-96, from 20.7 percent in 1991 to 18.5 percent in 1996.
16. Employment data by industry of sales are used to estimate shares; this
basis approximates the establishment-based disaggregation of the corresponding data for all U.S. businesses. See the box "Using Employment Data to
Estimate Affiliate Shares of the U.S. Economy"on page 52.
CHART 6
Affiliate Share of U.S. Private-Industry
Employment for Selected Manufacturing
Industries, 1987-86
41.8
41.1
E
18.8
F
E
F
C
35
41.8
35.3
34.3
30
Kuwait
Saudi Arabia .
Other
F
8.6
H
38.9
14.7
96.3
33.4
12.7
97.8
Asia and Pacific .
82.7
81.9
86.4
Australia
Hong Kong .
Japan
82.8
95.7
81.3
78.8
91.9
80.9
81.4
66.7
87.1
113.2
95.5
88.1
94.9
96.0
90.9
84.8
94.1
91.4
36.2
31.0
Africa
South Africa .
Other
Middle East
Korea, Republic of
Taiwan
Other
United States .
NOTES.—Shares of more than 100 percent may result where the gross product ol minorityowned affiliates is negative.
Size ranges are given in cells that are suppressed to avoid disclosure of data of individual
companies. The percentage size ranges are: C—0.1 to 19.9; E—20.0 to 39.9; F—40.0 to 59.9;
G-60.0to79.9;H-B0.0to100.
Percent
Chemicals and allied products
25
20
y Primary metal industries
15
10
Motor vehicles and equipment
5
I
1987
88
89
90
I
91
I
92
J
93
U.S. Department of Commerce, Bureau ol Economic Analysis
94
I
95
96
SURVEY OF CURRENT BUSINESS
more than accounted for by foreign acquisitions
of large U.S. companies. The share in transportation decreased the most, from 6.5 percent
to 5.4 percent, mainly as a result of sales and
liquidations of affiliates.
The affiliate share in manufacturing held steady
in 1996 after dipping slightly in 1995. Within
manufacturing, the affiliate share increased the
most in motor vehicles and equipment, continuing an upward trend (chart 6). The increase was
partly due to acquisitions by existing affiliates.
It also reflected increases in the domestic man-
June 1998
ufacturing operations of affiliates that in earlier
years had functioned mainly as marketers of finished vehicles produced by their foreign parent
companies.17
The affiliate shares decreased substantially in
food and kindred products and in primary metal
industries. The decrease in food and kindred products was partly due to selloffs. The
decrease in primary metal industries was more
17. Some of these affiliates are classified in motor vehicle wholesale trade
(where their sales are largest) rather than in motor vehicle manufacturing.
Table 12.—Employment by Nonbank U.S. Affiliates by Industry of Sales, 1991-96
Thousands of employees
As a percentage of total U.S. employment in
nonbank private industries1
1991
1992
1993
1994
1995
1996
4,872
4,715
4,766
4,841
4,942
4,978
5.3
5.1
5.0
4.9
4.9
4.8
44
73
73
32
68
68
31
75
64
32
67
61
28
63
76
29
62
72
2.3
24.6
1.5
1.7
24.0
1.4
1.7
28.0
1.3
1.7
25.1
1.2
1.4
23.8
1.4
1.4
24.2
1.3
2,174
2,140
2,149
2,193
2,159
2,148
11.5
11.5
11.6
11.7
11.4
11.4
211
40
29
32
52
103
341
105
126
102
111
109
220
276
96
50
118
52
198
45
32
31
52
101
348
89
130
107
110
110
217
263
90
50
111
56
184
44
46
33
52
113
354
77
130
108
113
114
218
259
98
38
112
54
188
50
56
33
51
119
354
69
135
104
116
117
221
268
113
32
114
54
182
46
39
27
56
120
317
54
139
113
113
114
235
291
127
33
112
42
158
47
41
28
58
113
317
54
144
115
100
125
233
298
137
29
110
41
12.6
6.0
2.9
2.7
7.6
6.6
31.4
18.9
14.5
19.6
15.4
8.0
10.9
17.3
12.2
4.5
12.2
9.3
11.9
6.7
3.2
2.6
7.5
6.6
32.1
17.4
14.8
20.8
15.9
8.3
11.2
17.2
11.0
4.9
11.9
10.2
10.9
6.5
4.7
2.7
7.5
7.4
33.0
15.4
14.3
20.7
16.6
8.5
11.2
16.9
11.7
4.2
12.5
9.7
11.2
7.4
5.7
2.6
7.3
7.6
33.5
14.1
14.1
19.4
16.6
8.4
11.1
16.9
12.6
3.8
13.3
9.6
10.8
7.0
4.1
2.1
8.1
7.6
30.5
11.7
14.2
20.9
15.9
7.9
11.3
17.9
13.1
4.1
13.4
7.5
9.3
7.5
4.6
2.1
8.5
7.2
30.7
11.7
14.7
21.0
14.1
8.6
11.0
18.0
14.2
3.6
12.8
7.6
Transportation
Communication and public utilities
Wholesale trade
Retail trade
Finance, except depository institutions5
Insurance
Real estate
218
29
344
890
71
144
33
198
33
346
798
70
143
32
250
39
359
831
60
140
31
250
80
363
830
63
137
27
258
99
373
888
66
134
27
221
135
377
925
70
136
29
6.2
1.3
5.6
4.5
6.0
6.4
2.4
5.6
1.5
5.6
4.0
6.3
6.5
2.4
6.8
1.7
5.9
4.1
5.0
6.3
2.2
6.5
3.6
5.8
3.9
4.9
6.1
1.9
6.5
4.5
5.8
4.1
5.2
6.0
1.9
5.4
6.0
5.8
4.2
5.2
6.0
2.0
Services 6 .
719
702
673
676
707
720
2.5
2.3
2.2
2.1
2.1
2.0
144
307
28
240
161
299
24
217
133
265
35
240
137
275
37
228
130
292
40
246
112
316
20
272
8.6
6.0
6.8
1.1
9.7
5.5
5.9
1.0
7.9
4.5
8.4
1.0
8.0
4.3
8.2
1.0
7.4
4.2
7.8
1.0
6.2
4.2
3.6
1.1
61
87
64
60
65
55
n.a.
n.a.
n.a.
n.a.
All industries
2
Agriculture, forestry, and fishing
Mining, excluding oil and gas extraction
Construction
Manufacturing3 ...
Food and kindred products
Textile mill products
Apparel and other textile products
Lumber, wood, furniture, and fixtures ....
Paper and allied products
Printing and publishing
Chemicals and allied products
Petroleum and coal products4
Rubber and plastics products
Stone, clay, and glass products
Primary metal industries
Fabricated metal products
Industrial machinery and equipment
Electronic and other electric equipment.
Motor vehicles and equipment
Other transportation equipment
Instruments and related products
Other
Hotels and other lodging places ....
Business services
Motion pictures
Other
Unspecified7
n.a. Not applicable.
1. The data on U.S. employment in private industries that were used in calculating these percentages are classified by industry of establishment. They are from table 6.4C of the "National
Income and Product Accounts (NIPA) Tables" (see the August 1997 issue of the SURVEY OF CURRENT BUSINESS). The total for U.S. employment in nonbank private industries is equal to employment in private industries less the employment of depository institutions and private households.
The U.S. private-industry employment totals used to calculate the affiliate shares in "all industries"
in this table differ from the U.S. employment totals used to calculate affiliate shares in tables
13 and 14; the data used tor tables 13 and 14 are from BEA's Regional Economic Information
System. The estimates used for table 13, unlike those used for this table, do not exclude employment in depository institutions. The estimates used for tables 13 and 14, unlike those used for
this table, exclude U.S. residents temporarily employed abroad by U.S. businesses. They may
also differ from NIPA estimates used for this table because of different definitions and revision
schedules.
2. For consistency with the coverage of the data on U.S. employment in private industries,
U.S.-affiliate employment in Puerto Rico, in "other U.S. areas," and in the "foreign" category was
excluded from the U.S.-affiliate employment total when the percentage shares on this line were
computed.
3. Total affiliate manufacturing employment and the shares of all-U.S.-business manufacturing
employment accounted for by affiliates shown in this table differ from those shown in table 14.
In this table, employment is classified by industry of sales, and the total for manufacturing includes
some nonmanufacturing employees (see the box "Using Employment Data to Estimate Affiliate
Shares of the U.S. Economy"), whereas in table 14, affiliate manufacturing employment consists
only of employees on the payroll of manufacturing plants. Data on the latter basis are not available for the subindustries within manufacturing shown in this table. In addition, the total for manufacturing in this table includes oil and gas extraction, which is excluded from the manufacturing
1991
1992
1993
1994
1995
1996
total in table 14.
4. For both U.S. affiliates and all U.S. businesses, includes oil and gas extraction. (See note
below.)
5. Affiliate data for 1991 include, but data for 1992-96 exclude, savings institutions and credit
unions. For consistency with the coverage of the data on U.S. employment in "finance, except
depository institutions," U.S. affiliate employment in savings institutions and credit unions was excluded from the U.S. affiliate total in this industry when the percentage share for 1991 on this
line was calculated.
6. Excludes private households.
7. In the breakdown of employment by industry of sales, U.S. affiliates that filed long forms
in the annual surveys (that is, affiliates with assets, sales, or net income or loss greater than
$50 million) had to specify their eight largest sales categories, and U.S. affiliates that filed short
forms had to specify their three largest sales categories. Employment in all unspecified industries
combined is shown on this line.
NOTE.—In this table, petroleum is not shown as a separate major industry. Instead, in order
to be consistent with the all-U.S. data on employment by industry, affiliate employment in the
various petroleum subindustries is distributed among the other major industries. Thus, manufacturing includes petroleum and coal products, wholesale trade includes petroleum wholesale trade,
retail trade includes gasoline service stations, and transportation includes petroleum tanker operations, pipelines, and storage. A significant portion of U.S. affiliate employment in petroleum and
coal products is accounted for by integrated petroleum companies that have, in addition to their
manufacturing employees, substantial numbers of employees in petroleum extraction; because
these employees cannot be identified separately, they are included in petroleum and coal products
manufacturing. For consistency, employees of affiliates classified in the "oil and gas extraction
without refining" industry are also included in petroleum and coal products manufacturing rather
than in mining.
•
51
52 • June 1998
SURVEY OF CURRENT BUSINESS
than accounted for by selloffs in primary ferrous
metals.
The affiliate share in services dipped slightly to
2.0 percent. Within services, the affiliate shares
decreased substantially in the hotel and motion
picture industries. The decrease in hotels was
partly due to selloffs of a number of affiliates
with UBO'S in Hong Kong and Japan. The decrease in motion pictures, from 7.8 percent to 3.6
percent, was partly due to reductions in foreignownership shares in U.S. media companies to
below 10 percent.
By State.—In 1996, the shares of private-industry
employment accounted for by affiliates were
highest in Hawaii (11.0 percent), South Carolina
(8.1 percent), and North Carolina (7.3 percent)
(table 13). These States also had the highest
shares in 1995. In both years, Japanese-owned
affiliates accounted for 70 percent of affiliate employment in Hawaii, and affiliates with UBO'S in
Europe accounted for about 75 percent of affiliate employment in South Carolina and in North
Carolina.
In manufacturing, the affiliate shares of employment in 1996 were highest in Kentucky (19.3
percent), South Carolina (17.8 percent), and New
Jersey (17.6 percent) (table 14). Japanese- and
European-owned affiliates each accounted for
about 40 percent of affiliate manufacturing em-
ployment in Kentucky. In South Carolina and
in New Jersey, more than 70 percent of affiliate
manufacturing employment was accounted for by
affiliates with UBO'S in Europe.
Profitability
The net income of affiliates—after-tax profits on a financial-accounting basis—increased
$5.6 billion, to $21.1 billion, in 1996 after increases of $7.4 billion in 1995 and $12.5 billion
in 1994.18 (The increase in 1994 represented a
shift from losses to profits; in 1990-93, affiliates
had incurred net losses.) The increase in 1996
reflected increased operating profits, as "profittype return"—before-tax profits generated from
current production on an economic-accounting
basis—increased $11.7 billion, or 42 percent, to
$39.6 billion (table 15).19 (U.S. income taxes paid
by affiliates increased $5.2 billion, to $23.3 billion.) In 1995, net income increased more than
18. Net income of affiliates is as shown in the affiliates' income statements;
it includes capital gains and losses, income from investments, and other
nonoperating income.
19. Affiliates' profit-type return is before the deduction of income taxes
or depletion charges, and it excludes capital gains and losses, income from
investments, and other nonoperating income. In table 15, it includes an inventory valuation adjustment (IVA). (Conceptually, it should also include a
capital consumption adjustment (ccAdj), but estimates of ccAdj by industry
are not available; estimates of profit-type return with both IVA and ccAdj
are presented for all industries combined in table 16.) For a more detailed
description of this measure and for a comparison of this measure and the corresponding measure used in the U.S. national income and product accounts,
see Jeffrey H. Lowe, "Gross Product of U.S. Affiliates of Foreign Companies,
1977-S7" SURVEY 70 (June 1990): 53.
Using Employment Data to Estimate Affiliate Shares of the U.S. Economy
In this article, data on employment are used to
estimate affiliate shares of the U.S. economy because
these data can be disaggregated by industry of sales, a
basis that approximates the disaggregation of the data for
all U.S. businesses by industry of establishment. Thus,
the data on affiliate employment can be used to calculate
the affiliate shares of the U.S. economy at a greater level
of detail than can be calculated using the gross product
estimates or other data, which can only be disaggregated
on the basis of industry of affiliate.1
In the classification by industry of sales, the data
on affiliate employment (and sales) are distributed
among all of the industries in which the affiliate reports
sales.
1. Establishment-level data from a joint project of BEA and the Bureau of the Census can be used to calculate affiliate shares at an even
greater level of detail. These data show each four-digit manufacturing
industry in the Standard Industrial Classification; they are currently available for 1987-92. The data for 1990 are analyzed in Ned G. Howenstine
and William J. Zeile, "Characteristics of Foreign-Owned U.S. Manufacturing Establishments," SURVEY 74 (January 1994): 34-59. The data for
1991 are analyzed in Ned G. Howenstine and Dale P. Shannon, "Differences in Foreign-Owned U.S. Manufacturing Establishments by Country
of Owner," SURVEY 76 (March 1996): 43-60.
As a result, employment classified by industry of sales
should approximate that classified by industry of establishment (or plant), because an affiliate that has an
establishment in an industry usually also has sales in that
industry.2
In the classification by industry of affiliate, all of
the operations data (including the employment data)
for an affiliate are assigned to that affiliate's "primary"
industry—the industry in which it has the most sales.3
As a result, any affiliate operations that take place in secondary industries will be classified as operations in the
primary industry.
2. However, if one establishment of an affiliate provides all of its
output to another establishment of the affiliate, the affiliate will not have
sales in the industry of the first establishment. For example, if an affiliate
operates both a metal mine and a metal-manufacturing plant and if the
entire output of the mine is used by the manufacturing plant, all of the
affiliate's sales will be in metal manufacturing, and none in metal mining.
When the mining employees are distributed by industry of sales, they are
classified in manufacturing even though the industry of the establishment
is mining.
3. An affiliate's primary industry is based on a breakdown of the affiliate's sales by three-digit BEA International Surveys Industry classification
code. These codes are adapted from the Standard Industrial Classification
Manual 1987.
June 1998 • 53
SURVEY OF CURRENT BUSINESS
Table 13.—Employment by Nonbank U.S. Affiliates by State, 1991-96
Thousands of employees
As a percentage of total private industry
enipiuyiiieiii in mo oiciic
1991
2
Total .
1992
1993
273.6
77.9
24.2
119.6
30.7
14.1
8.2
913.8
32.8
11.1
78.1
209.3
353.7
228.8
904.8
15.8
13.4
95.0
205.2
343.8
231.6
907.8
15.4
11.8
94.4
206.5
345.4
234.3
796.6
238.2
124.6
150.1
206.9
76.8
800.6
226.6
130.8
160.8
208.7
73.7
837.8
237.0
136.9
170.3
222.1
71.5
256.9
33.3
27.2
92.3
77.6
16.3
247.4
31.4
29.3
84.6
76.7
16.3
249.5
34.3
30.5
77.9
80.7
16.4
4.6
5.6
4.5
4.6
4.3
5.4
7.2
7,5
7.1
956.9
41.5
11.1
77.1
229.6
371.8
225.8
892.2
35.8
73.5
216.3
340.8
215.9
919.0
33.2
10.8
74.9
212.6
351.1
236.4
Great Lakes
818.9
250.4
124.8
138.9
220.8
84.0
811.8
247.2
127.2
143.8
211.4
82.2
266.7
33.7
35.0
94.5
77.6
16.8
4.2
4.9
Southeast
Alabama
Arkansas
Florida
Georgia
Kentucky
Louisiana
Mississippi
North Carolina
South Carolina ....
Tennessee
Virginia
West Virginia
282.3
74.2
24.6
129.8
28.7
16.8
336.4
83.3
30.6
163.2
30.2
19.3
Mideast
Delaware
District of Columbia.
Maryland
New Jersey
New York
Pennsylvania
Plains
Iowa
Kansas
Minnesota
Missouri
Nebraska
North Dakota .
South Dakota
1996
300.5
73.3
29.1
141.5
30.0
16.2
10.4
286.1
81.3
26.6
128.6
28.4
14.0
Illinois
1995
4,871.9 4,715.4 4,765.6 4,840.5 4,941.8 4,977.5
New England
Connecticut
Maine
Massachusetts
New Hampshire....
Rhode Island
Vermont
Indiana
Michigan
Ohio
Wisconsin
1994
269.2
82.5
24.1
114.3
27.9
12.9
9.8
1991
1992
1993
1994
1995
1996
5.2
5.0
5.0
4.9
4.8
4.8
5.3
5.9
6.2
5.1
6.7
3.7
3.4
5.1
6.1
5.6
4.6
6.5
3.4
3.5
5.1
5.7
5.5
4.7
7.0
3.7
3.2
5.1
5.4
5.5
5.0
6.2
4.4
3.6
5.3
5.2
6.4
5.3
6.3
4.1
4.5
5.9
5.9
6.6
6.0
6.2
4.9
4.1
5.7
5.4
5.5
5.4
13.7
11.9
10.8
10.4
2.7
4.4
7.7
5.6
5.0
2.4
4.3
7.3
5.2
4.8
2.6
4.3
7.1
5.3
5.2
2.7
4.4
6.8
5.3
5.0
5.3
4.9
3.3
5.2
6.6
5.1
5.0
5.3
4.6
2.9
5.1
6.6
5.1
5.0
812.1
229.7
124.9
157.3
223.6
70.7
5.0
5.4
5.7
4.1
5.2
4.2
4.9
5.4
5.7
4.2
5.0
4.0
4.7
5.1
5.4
4.3
4.8
3.6
4.6
4.7
5.5
4.4
4.7
3.4
4.7
4.8
5.6
4.5
4.8
3.2
4.4
4.6
5.0
4.1
4.8
3.1
252.4
35.8
34.0
79.8
79.3
15.7
278.2
36.3
41.3
88.9
83.6
18.1
3.2
4.6
4.8
5.2
3.9
3.2
3.8
5.1
3.9
2.7
2.0
2.1
3.7
3.1
2.9
4.9
3.8
2.6
2.1
2.3
3.4
2.9
3.1
4.3
3.7
2.5
2.0
1.8
3.4
3.1
3.1
3.9
3.8
2.5
1.8
2.0
3.3
3.1
3.4
3.8
3.6
2.3
1.3
1.6
3.5
3.1
4.0
4.2
3.7
2.6
1.9
1.8
1,191.6 1,185.6 1,233.6 1,263.2 1,286.3 1,299.8
60.7
61.4
65.0
61.7
60.6
61.6
30.4
30.8
32.1
35.1
30.8
30.4
211.2
214.4
196.0
203.8
201.0
210.0
174.4
162.6
156.4
180.1
167.6
185.9
83.4
84.1
71.3
71.2
81.2
75.7
62.2
51.0
54.4
621
60.4
58.1
23.4
23.2
23.6
23.2
22.6
21.6
181.0
191.4
211.4
219.8
225.3
225.8
111.7
113.8
111.6
110.1
105.8
116.0
120.4
124.2
129.7
136.3
133.6
135.1
141.4
130.7
141.2
119.1
122.1
128.9
34.7
34.4
34.6
35.1
31.9
26.3
5.6
4.8
3.9
4.6
6.6
5.8
4.7
3.1
6.8
8.7
6.4
5.2
6.9
5.5
4.5
3.8
4.2
6.2
5.6
4.7
3.0
7.1
8.8
6.4
5.3
6.8
5.5
4.3
3.6
4.2
6.3
5.8
4.4
2.8
7.6
8.1
6.4
5.4
6.7
5.4
4.2
3.5
3.9
6.3
6.0
4.1
2.7
7.6
8.4
6.4
5.3
6.4
5.3
4.0
3.5
4.0
6.2
6.0
3.5
2.5
7.5
8.0
6.2
5.6
5.8
5.3
4.0
3.8
3.9
6.1
5.9
36
2.4
7.3
8.1
6.0
5.4
4.7
9.9
Southwest
Arizona
New Mexico
Oklahoma
Texas
428.4
56.7
14.8
44.0
312.9
424.5
52.7
13.6
42.9
315.3
412.3
52.4
16.2
39.0
304.7
423.4
46.3
18.7
36.8
321.6
428.7
51.9
16.2
34.2
326.4
424.0
56.7
15.4
35.0
316.9
4.9
4.5
3.3
4.5
5.2
4.8
4.1
2.9
4.4
5.2
4.5
3.8
3.3
3.9
4.9
4.4
3.2
3.6
3.5
4.9
4.3
3.3
3.0
3.2
4.8
4.1
3.4
2.8
3.1
4.5
Rocky Mountain .
Colorado
Idaho
Montana
Utah
Wyoming
110.0
62.0
12.9
108.8
61.5
13.7
107.4
60.0
11.3
117.3
66.7
11.9
123.4
72.2
11.3
124.7
69.8
11.7
5.6
5.6
5.8
5.7
6.9
6.1
4.2
4.7
3.9
2.3
3.9
3.7
4.0
4.5
4.0
2.0
3.6
3.7
3.7
4.2
3.1
2.0
3.7
3.7
3.8
4.4
3.1
1.8
3.9
3.5
3.8
4.5
2.8
1.5
3.7
4.1
3.7
4.2
2.8
1.4
4.0
3.6
Far West
Alaska
California
Hawaii
Nevada
Oregon
Washington
779.6
13.4
561.1
56.0
25.1
41.9
82.1
731.6
723.2
743.4
765.0
9.8
9.5
9.0
9.8
522.7
53.8
23.2
41.9
80.2
528.6
52.4
22.1
42.5
77.6
536.4
50.8
22.6
46.7
77.9
548.6
48.9
25.0
49.7
83.0
764.1
10.1
545.3
48.6
25.0
49.1
86.0
5.2
7.6
5.2
5.0
5.5
4.9
4.9
5.1
5.0
4.9
4.7
5.0
4.9
5.0
5.0
4.8
5.1
4.8
12.5
11.9
11.8
11.5
11.1
11.0
4.4
4.0
4.5
4.0
3.9
4.3
3.6
3.9
4.1
3.3
4.0
4.0
3.5
4.1
4.2
3.2
3.9
4.2
19.3
10.0
19.8
10.0
28.9
11.3
28.4
13.0
27.4
13.1
19.4
10.3
4.3
4.7
2.9
5.4
2.4
6.4
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
Puerto Rico
Other U.S. a r e a s 3 .
Foreign 4
5.5
5.1
5.3
4.9
4.4
4.2
24.0
22.9
25.0
28.1
28.6
32.9
r .a. Not available.
1. The data on employment in private industries used to calculate the shares shown in this
table are from BEA's Regional Economic Information System. The totals are equal to employment
in private industries less employment of private households. The U.S. employment totals used
to calculate affiliate shares in this table differ from those used for table 12, which are from table
6.4C of the "National Income and Product Accounts (NIPA) Tables." They differ from the NIPA
estimates of employment because they include depository institutions and, by definition, they exclude U.S. residents temporarily employed by U.S. businesses. They also may differ from the
NIPA estimates because of different definitions and revision schedules.
2. For consistency with the coverage of the private-industry employment data, U.S.-affiliate employment in Puerto Rico, in "other U.S. areas," and in "foreign" was excluded from the U.S.affiliate employment total when the percentage shares on this line were computed.
3. Consists of the U.S. Virgin Islands, Guam, American Samoa, and all other outlying U.S.
areas.
4. Consists of employees of U.S. affiliates working abroad.
54
• June 1998
SURVEY OF CURRENT BUSINESS
Table 14.—Manufacturing Employment by Nonbank U.S. Affiliates by State, 1991-96
Thousands of employees
1991
2
1992
1993
1994
As a percentage of total manufacturing emp oyment
in the State1
1995
1996
2,053.1 2,059.6 2,079.3 2,135.3 2,111.7 2,091.9
1991
1992
1993
1994
1995
1996
11.0
11.2
11.4
11.5
11.3
11.2
115.8
32.2
7.7
54.3
11.6
6.6
3.4
110.5
31.9
7.0
50.3
11.9
6.1
3.3
115.7
32.0
7.9
50.3
15.0
7.4
3.1
117.7
30.7
8.6
51.5
14.8
8.6
3.5
120.2
28.0
12.4
51.7
15.3
8.3
4.5
123.0
29.9
13.2
52.8
15.4
8.0
3.7
10.1
9.9
8.0
11.2
11.7
7.1
7.6
10.1
10.4
7.5
10.8
12.1
6.7
7.5
10.8
10.8
8.6
11.1
15.3
8.3
7.1
11.1
10.7
9.3
11.4
14.6
9.7
7.9
11.4
10.0
13.5
11.6
14.9
9.6
9.9
11.8
10.8
14.8
11.8
14.7
97
8.0
356.9
20.3
.4
29.5
93.0
102.2
111.5
346.5
18.4
.4
27.5
91.2
99.8
109.2
350.9
17.8
.5
27.0
89.9
99.9
115.8
346.4
17.1
1.0
27.6
87.0
101.1
112.6
330.0
6.3
.8
25.3
83.0
101.1
113.5
325.3
5.8
.9
26.3
85.6
93.6
113.1
12.3
28.9
2.7
15.2
16.6
9.6
11.3
12.5
27.2
2.8
14.9
17.2
9.8
11.4
12.9
27.2
3.6
15.0
17.3
10.1
12.2
12.9
27.0
7.5
15.3
17.0
10.5
11.9
12.5
10.2
6.1
14.3
16.6
10.7
12.0
12.5
10.0
6.7
15.0
17.6
10.1
12.1
446.5
120.0
80.8
70.7
128.0
47.0
455.3
118.5
86.1
75.3
130.1
45.3
457.3
117.8
86.7
80.0
130.2
42.6
464.8
115.2
90.1
82.9
132.1
44.5
466.6
112.9
93.6
88.2
132.4
39.5
450.0
111.5
85.3
77.3
134.1
41.8
10.9
12.6
13.0
7.8
11.9
8.5
11.2
12.8
13.6
8.3
12.3
8.2
11.1
12.6
13.4
8.8
12.3
7.6
11.0
12.0
13.5
8.7
12.3
7.6
10.7
11.7
13.6
9.0
12.0
6.5
10.5
115
12.6
7.9
122
6.9
Plains
Iowa
Kansas
Minnesota
Missouri
Nebraska
North Dakota
South Dakota
118.8
20.2
15.3
35.2
35.5
8.6
1.4
2.6
116.7
21.5
13.1
33.5
35.3
8.3
2.0
3.0
113.9
19.5
14.0
30.1
37.5
8.4
1.8
2.6
121.0
20.0
15.3
31.0
39.7
9.4
2.5
3.1
124.2
20.5
16.6
31.7
42.7
8.3
1.7
2.7
128.2
20.8
16.9
33.3
44.2
8.4
1.9
2.7
8.5
8.6
8.2
8.8
8.5
8.6
7.8
7.4
8.4
9.3
7.1
8.4
8.5
8.2
10.8
8.1
8.1
8.2
7.6
7.4
9.1
8.1
9.2
6.5
8.4
8.1
8.1
7.4
9.5
8.6
11.7
7.1
8.4
8.2
8.6
7.4
10.1
7.4
7.8
5.8
8.7
8.3
8.6
7.7
10.5
7.4
8.6
5.6
Southeast
Alabama
Arkansas
Florida
Georgia .
Kentucky
Louisiana
Mississippi
North Carolina
South Carolina
Tennessee
Virginia
West Virginia
573.4
36.9
18.5
48.7
74.4
47.4
23.1
14.3
108.6
63.7
71.3
48.4
18.1
595.7
40.1
18.8
46.2
72.4
48.0
24.3
13.2
119.5
64.9
77.6
51.2
19.5
614.3
39.2
19.4
49.3
76.4
52.0
23.3
13.6
120.6
65.3
82.8
52.5
19.9
637.7
39.9
21.6
49.0
77.4
57.6
22.5
13.5
127.3
70.4
85.9
52.6
20.0
618.0
39.1
22.6
47.8
79.4
59.7
21.9
11.8
124.5
66.1
83.3
45.8
16.0
602.5
40.5
23.7
46.1
80.1
60.5
22.3
11.4
111.7
65.7
83.0
45.1
12.4
12.5
9.6
7.9
9.8
13.7
16.8
12.3
5.7
13.1
17.1
14.1
11.7
21.6
12.9
10.4
7.9
9.5
13.2
16.8
13.0
5.2
14.2
17.4
15.0
12.5
23.6
13.2
10.1
7.9
10.1
13.7
17.6
12.5
5.3
14.2
17.3
15.6
12.9
23.9
13.4
10.2
8.5
10.0
13.3
18.8
11.9
5.1
14.7
18.5
15.9
12.9
24.3
12.9
9.9
8.7
9.8
13.4
18.9
11.6
4.6
14.4
17.4
15.4
11.3
19.3
12.8
10.5
9.3
9.3
13.6
19.3
11.8
46
13.2
17.8
16.0
11.2
15.1
143.9
12.0
3.1
17.8
111.0
142.9
11.4
3.2
16.5
111.8
138.3
11.1
2.9
15.0
109.3
151.1
12.7
3.9
15.3
119.2
156.3
15.3
3.5
14.8
122.7
163.5
17.0
3.4
15.6
127.5
10.4
6.7
7.3
10.5
11.2
10.6
6.6
7.8
10.1
11.5
10.0
6.3
6.8
8.9
11.0
10.7
6.8
8.8
8.9
11.8
10.8
7.9
7.7
8.6
11.9
11.0
8.5
7.3
8.9
12.0
26.8
12.3
5.1
1.3
7.2
.9
27.0
13.7
4.1
13
6.8
1.1
29.1
14.5
3.2
1.5
8.8
1.1
34.9
18.1
3.6
1.1
10.8
1.3
K
19.2
2.7
F
9.5
1.7
K
17.4
2.9
F
10.2
.8
6.9
6.6
8.0
60
6.7
9.5
6.9
7.4
6.2
5.7
6.4
11.7
7.3
7.8
4.6
6.4
8.0
11.4
8.5
9.6
5.0
4.7
9.3
12.9
8
(D)
7.7
17.4
3.9
(D)
78
7.4
257.1
3.2
208.1
2.8
3.2
15.8
24.0
250.3
2.5
196.6
2.6
3.6
18.0
27.0
243.8
2.9
191.1
2.5
3.8
18.5
25.0
244.0
2.5
191.9
1.8
3.8
20.2
23.8
247.7
2.2
193.1
2.0
4.2
21.7
24.5
252.7
2.1
195.1
2.0
4.3
21.3
27.9
9.7
17.7
10.3
13.6
12.3
7.3
6.8
9.9
13.7
10.4
13.1
13.6
8.5
7.8
10.0
16.8
10.6
13.4
12.8
8.6
7.3
10.1
14.9
10.7
10.0
11.2
9.0
7.0
10.2
12.8
10.8
11.7
11.4
9.4
7.3
10.1
12.8
10.5
11.9
11.0
9.0
8.1
11.0
2.1
1.2
11.5
2.5
.9
13.2
2.4
.3
14.8
H
A
12.5
G
0
12.3
G
0
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
na
n.a.
n.a.
Total
New England
Connecticut
Maine
Massachusetts
New Hampshire
Rhode Island
Vermont
.
.
.
Mideast
Delaware
District of Columbia
Maryland
New Jersey
New York
Pennsylvania
Great Lakes
Illinois
Indiana
Michigan
Ohio
Wisconsin
..
.
..
Southwest
Arizona
New Mexico
Oklahoma
Texas
. . .
Rocky Mountain
Colorado
Idaho
Montana
Utah
Wyoming
* 7V
...
57
Far West
Alaska
California
Hawaii
Nevada
Oregon
Washington
.
Puerto Rico
Other US. areas3
Foreian4
..
.. ..
.
n.a. Not available.
Suppressed to avoid disclosure of data of individual companies.
1. The data on employment in manufacturing used to calculate the shares shown in this table
are from BEA's Regional Economic Information System. The U.S. manufacturing employment totals used to calculate shares in this table differ from the NIPA estimates for manufacturing used
for table 12 (see footnote 1 to table 12). They differ from the NIPA estimates of employment
because, by definition, they exclude U.S. residents temporarily employed abroad by U.S. businesses. They also may differ from the NIPA estimates because of different definitions and revision
schedules.
2. Total affiliate manufacturing employment and the shares of all-U.S.-business manufacturing
D
3.8
employment accounted for by affiliates in this table differ from those shown in table 12 (see footnote 3 to table 12). For consistency with the coverage of the private-industry employment data,
U.S. affiliate employment in Puerto Rico, in "other U.S. areas," and in "foreign" was excluded
from the U.S.-affiliate total when the percentage shares on this line were computed.
3. Consists of the U.S. Virgin islands, Guam, American Samoa, and all other outlying U.S.
areas.
4. Consists of employees of U.S. affiliates working abroad.
NOTE.—Size ranges are given in employment cells that are suppressed. The size ranges are:
A - 1 to 499; F-500 to 999; G—1,000 to 2,499; H-2,500 to 4,999; 1-5,000 to 9,999; J—10,000
to 24,999; K-25,000 to 49,999; L—50,000 to 99,999; M—100,000 or more.
June 1998 •
SURVEY OF CURRENT BUSINESS
rations over the last decade (chart 7, table 16).2
profit-type return; much of the difference was accounted for by a large decrease in affiliates' capital
losses, which had a large effect on net income but
no effect on profit-type return.
The increase in profit-type return in 1996 continues a pattern of strong growth that began in
1992. Some of this growth reflected the entry
of affiliates into the direct investment universe,
but most of it appears to be attributable to
the improved profitability of existing affiliates.
The profitability of existing affiliates in manufacturing, an industry sharply affected by cyclical
economic conditions, increased substantially in
1991-94 and again in 1996.
By major industry, affiliates' net income and
profit-type return both increased substantially in
petroleum, insurance, and "other industries." Affiliates' net income and profit-type return both
decreased substantially in services, reflecting large
operating losses in business services.
In wholesale trade, the net income of affiliates
increased much more than their profit-type return because of large increases in capital gains.
Because of capital losses, the net income of affiliates in manufacturing and in finance decreased
despite increased operating profits. Within manufacturing, capital losses were particularly large
in chemicals.
20. For both groups of firms, the rate of return is measured as profit-type
return plus interest paid as a percentage of total assets. In the computation
of these measures, both the return and the assets generating the return are
valued in prices of the current period.
For U.S. domestic nonfinandal corporations, data on property income
are from tables 1.16 and 8.18 in the national income and product accounts.
Data on total assets are from the Federal Reserve Statistical Release, Flow of
Funds Accounts of the United States: Flows and Outstandings, Fourth Quarter
1997 (Washington, DC: Board of Governors of the Federal Reserve System,
March 1998); these data incorporate significant revisions from those used in
constructing similar rates of return estimates for last year's article. In general,
the revisions lower the estimated rates of return on assets for U.S. domestic
nonfinancial corporations from the rates published last year.
CHART 7
Return on Assets of Nonfinancial U.S.
Affiliates and U.S. Domestic Nonfinancial
Corporations, 1987-96
Percent
10
9
U.S. Domestic Nonfinancial Corporations
8
7
6
5
4
3
Return on assets.—The rate of return on assets for
nonfinancial U.S. affiliates has been considerably
lower than that for all U.S. nonfinancial corpo-
1987
88
89
90
91
92
93
94
95
96
U S department of Commerce, Bureau of Economic Analysis
Table 15.—Wet Income and Profit-Type Return of Nonbank U.S. Affiliates by Industry of Affiliate, 1991-96
[Millions of dollars]
Profit-type return2
Net income'
1991
All industries.
-11,018
1992
1993
-21,331
-4,354
1994 1995
1996
1991
1992
1993
1994
1995 1996
8,132
15,493
21,110
-1,669
2,914
8,798
22,615
27,847
39,557
508
-485
1,098
428
2,101
5,586
2,962
3,044
3,298
4,062
4,735
6,900
Manufacturing
Food and kindred products
Chemicals and allied products
Primary and fabricated metals
Machinery
Other manufacturing
-3,265
210
3,886
-1,072
-6,351
-1,621
3,338
-1,854
-3,970
-2,244
6,432
9,189
512
3,834
1,311
222
3,310
7,153
3,591
549
1,010
-737
2,738
169
236
1,680
384
4,602
-483
-2,049
-774
4,329
151
6,323
-78
-3,105
-3,186
-9,171
238
-1,281
-2,029
-2,749
-3,350
-2,060
-7
12,310
211
7,921
323
1,181
2,673
12,726
-71
6,117
1,639
1,038
4,003
14,719
695
6,388
1,631
766
5,239
Wholesale trade
Retail trade
Finance, except depository institutions3
Insurance
-1,284
-614
-839
2,602
-3,370
-335
-2,086
551
2,318
-4,672
-70
-611
1,087
4,960
-3,142
1,787
982
473
-157
466
2,839
377
64
770
14
547
1,966
-2,706
1,529
272
894
2,726
-2,199
3,090
1,778
512
3,379
-2,049
4,541
2,199
506
5,167
2,112
2,297
4,718
-1,741
-3,125
-2,359
-1,620
-1,206
-1,200
-458
-1,427
-45
-422
-465
-1,090
-576
-709
-919
-275
-1,220
-296
-2,310
-1,541
225
-312
310
-434
-291
-2,221
-1,147
260
-555
-779
-2,150
-1,603
136
-1,019
^,326
1,034
-336
3,599
4,907
-919
-91
—431
1,755
5,350
8,010
-1,046
-274
-1,355
-2,346
2,055
-1,092
544
345
2,489
667
4,072
-1,252
^192
-1,178
-20
-533
-94
-586
1,404
698
3,250
1,064
6,665
Petroleum
Real estate
Services
Hotels and other lodging places
Business services
Motion pictures
Other
Other industries
01 which:
Transportation
Communication and public utilities
-3,737
-1,458
-440
-1,365
-474
-172
5,123
384
66
1,032
2,961
-2,248
-2,347
-1,181
238
-314
1. Net income is after-tax profits on a financial accounting basis, as shown in affiliates' income
statements. It includes capital gains and losses, income Irom investments, and other nonoperatjng
income.
2. Profit-type return is a component of gross product originating in U.S. affiliates. It is before
income taxes; it excludes capital gains and losses, income from investments, and other nonoperat-
1,287
3,434
-2,022
-2,403
-1,142
24
5,306
-1,718
-3,402
-«78
-1,800
-5
4,386
-572
-1,992
-1,890
6
125
75
1,498
-2,291
-3,295
-1,504
-682
1,841
-1,899
-1,110
90
-373
-757
-2,626
-784
-1,057
-151
-634
ing income; it is before deduction of depletion charges; and it includes an inventory valuation
adjustment.
3. Estimates for 1991 include, but those for 1992-96 exclude, savings institutions and credit
unions.
55
56 • June 1998
SURVEY OF CURRENT BUSINESS
For U.S. affiliates, the rate during 1987-96 ranged
from 2.9 percent in 1992 to 5.3 percent in 1996.
For all U.S. nonfinancial corporations, the rates
were uniformly higher, ranging from 6.4 percent
in 1992 to 8.0 percent in 1996.
The rate of return on assets for nonfinancial
affiliates increased to 5.3 percent in 1996 from 4.7
percent in 1995. For all U.S. nonfinancial corporations, the rate of return increased to 8.0 percent
in 1996 from 7.6 percent in 1995.21
Tables 17 through 22.2 follow. Q]
21. For a discussion of possible reasons for the relatively low rates of return
for U.S. affiliates, see Mahnaz Fahim-Nader and William J. Zeile, "Foreign
Direct Investment in the United States: New Investment in 1996 and Affiliate
Operations in 1995," SURVEY 77 (June 1997): 58.
Table 16—Return on Assets of Nonfinancial U.S. Affiliates
and U.S. Domestic Nonfinancial Corporations, 1987-96
Nonfinancial U.S. affiliates l
Billions of dollars
Property income
Total
(1)
1987
1988
1989
1990
1991
1992..
1993
1994
1995
1996
., ..
26.5
32.9
37.1
32.3
31.3
32.0
35.2
49.0
60.6
66.0
Profit-type Monetary
interest
return ^
paid
(2)
8.6
8.6
4.8
-5.3
-7.9
-3.6
0.3
13.7
20.6
27.5
(3)
17.9
24.3
32.3
37.6
39.2
35.6
34.9
35.3
40.0
38.5
Total
assets 3
(4)
549.6
656.9
809.8
960.9
1,059.3
1,096.7
1,151.0
1,228.3
1,290.2
1,242.2
U.S.
domestic
nonRate of financial
corporareturn
((coU/col. tions:
4) x 100) Rate of4
(percent) return
(percent)
(6)
(5)
4.8
5.0
4.6
3.4
3.0
2.9
3.1
4.0
4.7
5.3
6.6
7.0
7.0
6.8
6.6
6.4
6.6
7.5
7.7
8.0
1. Excludes finance, except depository institutions, and insurance (in addition to depository
institutions, which are excluded from all data on U.S. affiliate operations).
2. Profit-type return as shown in table 15 plus a capital consumption adjustment (CCAdj).
(Estimates of CCAdj by industry are not available.)
3. Average of beginning- and end-of-year value.
4. Equals the ratio of property income to total assets. Data on property income of U.S. domestic nonfinancial corporations are from tables 1.16 and 8.18 in the national income and product accounts. Data on total assets are from the Federal Reserve Statistical Release, Flow of
Funds Accounts of the United States: Flows and Outstandings, Fourth Quarter 1997 (Washington, DC: Board of Governors of the Federal Reserve System, March 1998).
SURVEY OF CURRENT BUSINESS
June 1998
•
S7
Table 17.—4nvestment Outlays by Type of Investment and Investor, by Industry of U.S. Business Enterprise, 1996-97
[Millions of dollars]
1996'
1997^
By type of investment
Total
All industries .
Petroleum
Petroleum and coal products manufacturing .
Other
Manufacturing
U.S. businesses
acquired
U.S. businesses
established
79,929
11,196
1,059
70
88
8
27,835
1,145
Chemicals and allied products....
Industrial chemicals
Drugs
Soap, cleaners, and toiletries .
Other
3,961
1,029
698
1,991
243
Primary and fabricated metals .
Primary metal industries
Ferrous
Nonferrous
Fabricated metal products ...
3,222
334
96
238
2,888
3,133
89
Machinery
Industrial machinery and equipment
Computer and office equipment
Other
Electronic and other electric equipment
Audio, video, and communications equipment.
Electronic components
Other
4,355
2,299
3,283
2,292
8
8
Total
U.S. affiliates
U.S. businesses
acquired
8
2,057
298
1,359
399
15,151
573
4,746
Retail trade
General merchandise stores
Food stores
Apparel and accessory stores ....
Other
2,988
0
6,547
15,496
1,467
454
1,944
8,676
Real estate
4,175
P
298
2,430
a
1,939
796
1,143
(D
111
I
586
4,851
0
0
10,300
7,175
2,113
39
5,323
fi
()
R
4,605
n
27
1
303
102
94
8
3
3
189
281
0
218
2
156
2
2,423
0
136
163
(D)
117
3,935
n
4,223
6,536
509
3,831
3,405
3,265
136
68
8,210
5,982
(D)
D
( )
732
&
333
16
(D)
0
20
3
5
6,013
157
(D)
r
Revised.
1. See footnote 1, table 4.
£
2,871
414
8
11,802
14
270
10,076
Coal
R
H
1,066
Other
Construction
Transportation
Communication and public utilities
* Less than $500,000.
Suppressed to avoid disclosure of data of individual companies.
p Preliminary.
7,798
103
2,125
1,073
3,561
D
""ates
8
Insurance
Other industries
Agriculture, forestry, and fishing
Mining
af
2,576
()
Finance, except depository institutions1
Services
Hotels and other lodging places
Business services
Computer and data processing services
Other business services
Motion pictures, including TV tape and film
Engineering and architectural services
Accounting, research, and management services .
Health services
Other services
'
n
3,736
225
177
129
60
41
0
985
u b>
(D)
130
R
604
Foreign direct
investors
2,119
5,073
1,453
403
By type of investor
U.S. businesses
established
(D)
0
1,143
Wholesale trade
Motor vehicles and equipment
Professional and commercial equipment.
Metals and minerals
Electrical goods
Machinery and equipment
Other durable goods
Groceries and related products
Farm product raw materials
Other nondurable goods
Depository institutions1
Foreign direct
investors
1,992
Food and kindred products .
Beverages
Other
Other manufacturing
Textile products and apparel
Lumber and furniture
Paper and allied products
Printing and publishing
Newspapers
Other
Rubber products
Miscellaneous plastics products
Stone, clay, and glass products
Transportation equipment
Motor vehicles and equipment....
Other
Instruments and related products ....
Other
By type of investment
By type of investor
7
2,934
8,578
8
58
SURVEY OF CURRENT BUSINESS
• June 1998
Table 18.1.—Investment Outlays, Country of Ultimate Beneficial Owner by Industry of U.S. Business Enterprise, 1996
[Millions of dollars]
Manufacturing
Petroleum
industries
Total
Food
and kindred
products
Chemicals and
allied
products
Primary
and fabricated
metals
Machinery
3,961
3,222
4,355
79,929
1,059
1,145
Canada
9,700
95
n
Europe
49,427
710
1
0
0
0
All countries
Austria
Belgium
Denmark
Finland
.
755
181
..
Other
manufacturing
2,093
1,944
1,778
4,261
2,753
1,628
0
0
0
0
0
0
p
0
6
Germany
8,676
Insur-
Real
estate
4,688
D
2,998
)
Services
Other
indus-
15,292
8,528
4,740
1,767
4,519
8,836
(D)
0
0
0
0
(D)
0
n
0
155
0
(D
i
0
D
54
784
0
0
0
12,858
1,547
Ireland
Italy
Liechtenstein
Luxembourg
Netherlands
Finance,
except
depository institutions '
924
236
France
Norway
Spain
Sweden
Switzerland
United Kingdom
Other
Depository institutions 1
Retail
trade
4,746
254
3,094
Wholesale
trade
6,476
9
...
98
640
4,910
14,757
.
'....'..'.
(D)
Latin America and Other Western Hemisphere
1,790
714
0
Other Western Hemisphere
Bahamas
Bermuda
Netherlands Antilles
U. K. Islands, Caribbean
Other
3,005
0
303
1
0
1
0
0
0
B
South and Central America
Brazil
Mexico
Panama
Venezuela
.. .
Other
R
596
0
3
2
0
3
0
295
0
0
0
0
0
0
101
Africa
South Africa
Other
0
0
0
Middle East
Israel
Kuwait
Lebanon
Saudi Arabia
United Arab Emirates
Other
0
0
0
0
0
0
0
o
247
1,385
..
5,852
Asia and Pacific
Australia
China
Hong Kong
Indonesia
Japan ..
Korea, Republic of
Malaysia
New Zealand
Philippines
SinaaDore
Taiwan
Other
0
0
4
7
45
0
1
1
230
0
0
0
0
2
0
0
809
0
4
0
0
United States 2
Addenda:
European Union (15) 3
OPEC 4
44,246
591
16,130
(D)
2,831
* Less than $500,000.
Suppressed to avoid disclosure of data of individual companies.
See footnote 1, table 4.
See footnote 4 in text for explanation.
T U « c..,««««« n«i«« H G \ «u««,i««« A..«f«« D«ui,,m r\Mm*A,
cini-,nw c«mo« r««n<,«,, pr«««« iraiar,^
The European Union 15) comprises Austna, Belgium, Denmark, Finland, France, Germany, Greece, Ireland,
Luxembourg, the Netherlands, Portugal, Spain, Sweden, and the United Kingdom. Prior to 1995, Austria, Fin-
D
1.
2.
o
3.
Italy,
2,074
0
1,776
0
8,760
(D)
4,103
0
2,753
0
1,628
0
1,020
96
2,052
423
7,558
(D)
land, and Sweden were not members of the European Union.
4. OPEC is the Organization of Petroleum Exporting Countries. Its members are Algeria, Indonesia, Iran, Iraq,
Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela.
NOTE.—Data for 1996 are revised. For investments in which more than one investor participated, each investor
piaccifioH hu the mnntru nf each innix/Wnai nmmato honofipEi nJnar
classified Dy tne country ot eacn individual ultimate beneficial owner.
w<.
h in
DC
nrr.sc fto,iH
a ro
m H eacn
i nw
ve
s tf o
u t lfla
vs a
re
June 1998
SURVEY OF CURRENT BUSINESS
•
S9
Table 18.2.—Investment Outlays, Country of Ultimate Beneficial Owner by Industry of U.S. Business Enterprise, 1997
[Millions of dollars]
Manufacturing
All
industries
Petroleum
Total
688
Wholesale
trade
Food
and kindred
products
Chemicals and
allied
products
Primary
and fabricated
metals
Machinery
Other
manufacturing
5,178
7,436
2,578
728
1,691
230
Depository institutions »
Finance,
except
depository institutions 1
438
3,935
6,536
8,639
3,831
12,407
11,802
0
5
953
(D)
1,066
1,332
2,790
373
(D)
5,350
(D)
1,622
8,340 . , 1,983
0
0
0
0
(D)
0
0
0
0
0
2
0
Retail
trade
19,963
2,119
4,034
1,196
Canada
10,764
(D)
4,236
n
(D)
95
Europe
46,190
(D)
13,388
1,544
2,630
1,036
3,437
4,742
2,170
(D)
171
D
(D
)
( )
0
0
0
0
0
(D)
0
0
0
0
0
0
0
0
0
0
0
(D)
(D)
(D)
(D)
(D)
(D)
0
(D)
(D)
(D)
122
0
0
0
2
(D)
0
0
0
0
(D)
0
0
0
0
1
1,573
28
0
1,525
0
0
0
0
0
0
0
0
288
0
0
(D)
0
0
0
0
0
All countries
70,819
Austria
Belgium
Denmark
Finland
France
2,772
Germany
Ireland
6,412
Italy
Liechtenstein .'.
Luxembourg
5
( )
...
D
Netherlands
8
Sweden
Switzerland
United Kingdom
Other
2,601
6,351
13,355
,
.;.
(D)
Latin America and Other Western Hemisphere
South and Central America
Brazil
Mexico
Panama
Venezuela
Other
2,909
28
0
0
o0
1,035
0
0
0
(D)
D
923
()
(D)
(D)
13
0
0
(D)
D
332
0
0
0
11,255
Norway
Spain .
(D)
o
0
0
0
P)D
()
1,747
5,555
0
/D\
o
0
J)
0
0
0
Q
0
(D)
0
0
0
(D)
(D)
0
0
0
0
(D)
(D
d
D
D( )
( 0)
3
0
(D)
1,302
2,013
o
80
0
(D)
28
0
0
0
0
0
(D)
(D)
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
22
8
o
0
()
0
0
( )
0
0
0
0
0
0
0
(D)
0
0
0
0
0
0
0
0
0
0
0
0
o
o
0
0
0
0
0
0
0
Africa
South Africa
Other
(D)
(D
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
918
125
0
0
0
0
0
0
0
(D)
(D)
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
(D)
0
0
0
(D)
(D)
(D)
0
0
0
(D)
123
0
0
0
0
123
0
0
0
0
0
0
0
66
3
0
0
0
(D)
D
( )
(D)
0
0
0
0
319D
()
0
0
0
0
5
0
0
Other
n
0
2
4
62
D
( )
1,845
Taiwan
Other
United States 2
European Union (15)
OPEC 4
1,137
77
0
1
0
(D)
226
70
0
0
0
0
0
0
0
0
0
0
0
0
0
11,993
8,421
Asia and Pacific
Australia
China
Hong Kong
Indonesia
japan
Korea, Republic of
Malaysia
New Zealand
Philippines
Singapore
3
39,259
1
193
D
( )
0
(D)
o
0
(D)
804
22
0
0
0
5
D
( )
70
11,612
(D)
o
0
0
0
0
0
0
398
0
o0
o
0
o
8
2
0
D
0
D
80
D
(D)
(D
0
0
0
0
0
0
0
o
(D0)
0
0
0
0
0
0
0
0
0
0
(D)
(D)
0
0
34
(D)
0
0
0
0
0
0
0
0
oQ
<D)
(D)
0
0
0
131
0
0
0
0
0
0
0
0
584
0
2
(D)
2,688
0
0
0
0
0
0
()
0
0
0
(D)
(D)
0
0
0
0
0
0
0
0
0
8
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
(D)
444
(D)
(D)
(D)
2
0
0
46
0
0
65
0
0
0
0
64
0
(D)
0
0
0
0
0
o
0
(D)
306
0
0
0
0
0
0
0
0
o
1
0
o0
0
0
0
(D)
o
0
0
1
0
1
0
0
0
0
0
0
0
0
0
0
0
0
0
n0
0
(D)
0
0
0
0
0
0
0
0
()
o0
0
(D)
(D)
0
0
0
0
0
0
Do
(D
)
(D)
0
0
0
0
0
0
0
0
0
0
0
0
()
0
0
Do
( Q)
o
(D)
o0
(D)
o
(D)
o
387
o0
o0
0
0
O
0
0
0
0
6,991
5,880
0
(D)
Q
80
0
0
()
0
0
0
1
0
0
0
0
D
( )
0
0
0
10
0
0
0
0
0
0
0
0
(D)
4
0
0
2
10
0
0
(D)
0
0
0
0
0
0
0
0
n
H
373
0
D
1,587
7,829
1,981
0
O
D
o
2,094
1,006
3,433
4,682
1,896
0
0
0
(D)
0
* Less than $500,000.
D
Suppressed to avoid disclosure of data of individual companies.
1. See footnote 1, table 4.
2. See footnote 4 in text for explanation.
3. The European Union (15) comprises Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland,
Italy, Luxembourg, the Netherlands, Portugal, Spain, Sweden, and the United Kingdom. Prior to 1995, Austria, Fin-
2
0
(D)
0
4
0
(D)
(D)
0
0
0
0
D
( )
3,239
0
0
0
Other
0
34
(D)
(D)
2
0
0
0
0
0
(D)
0
0
0
0
0
0
o0
0
0
0
0
0
0
(D)
0
0
0
0
0
0
0
( )
0
0
0
1
(D)
189
0
0
0
0
0
0
0
Middle East
Israel
Kuwait
Lebanon
Saudi Arabia
United Arab Emirates
0
0
(D)
58
0
0
0
0
0
0
"...
5
(D)
303
605
4
1D
( 00)
Bermuda
0
0
(D)
0
0
n
0
0
4
0
0
297
0
0
0
0
o
Other
industries
1,230
0
2
0
0
0
0
0
0
Netherlands Antilles
U.K. Islands, Caribbean
o
0
1,991
0
0
( )
(D)
(D)
Q
0
0
Other Western Hemisphere
Bahamas
0
(D)
0
0
D
J)
0
0
0
Services
(D)
o0
0
0
Real
estate
0
0
0
(D)
1,316
o
0
n
Insurance
o
()
0
3,297
(D)
D
( )
0
167
0
land, and Sweden were not members of the European Union.
4. OPEC is the Organization of Petroleum Exporting Countries. Its members are Algeria, Indonesia, Iran, Iraq,
Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela.
NOTE.—Data for 1997 are preliminary. For investments in which more than one investor participated, each investor
and each investor's outlays are classified by the country of each individual ultimate beneficial owner.
60
• June 1998
SURVEY OF CURRENT BUSINESS
Table 19.1.-Selected Data of Nonbank U.S. Affiliates by Industry of Affiliate, 1995
Millions of dollars
Millions of dollars
Gross property, plant,
and equipment
Thousands
product
All industries
Petroleum
Petroleum and coal products manufacturing
Other
Sales
Compensation of
employees
Not
income
of
employees
Of whirh*
Total
assets
\J\ WillLiil.
Total
Commercial
property
Expenditures for
new plant
and
equipment
Research and
development
expenditures
U.S.
exports of
goods
shipped by
affiliates
U.S.
imports of
goods
shipped to
affiliates
322,631
1,544,603
15,493
206,354
4,941.8
2,388,724
769,491
168,393
74,510
17,542
135,153
250,824
29,252
21,224
8,028
124,313
65,999
58,313
2,101
1,322
779
6,165
3,871
2,294
109.0
65.9
43.1
103,740
66,015
37,726
112,227
85,624
26,602
5,712
3,947
1,766
7,290
5,551
1,739
403
238
165
8,869
2,645
6,224
18,751
12,814
5,938
155,741
559,318
9,189
106,236
2,281.9
584,608
292,456
9,528
28,001
14,756
55,391
81,551
Food and kindred products
Beverages
Other
12,127
2,870
9,257
51,133
7,283
43,850
512
854
7,485
1,234
6,251
234.6
25.3
209.3
58,536
15,214
43,321
22,343
3,658
18,686
2,121
2,007
2,763
3,235
317
367
323
916
1,804
1,640
360
27
333
2,439
2,320
Chemicals and allied products
Industrial chemicals and synthetics
Drugs
Soap, cleaners, and toilet goods
Other
40,552
16,202
15,253
5,144
3,954
133,439
53,127
45,599
19,210
15,503
25,095
9,074
10,299
3,265
2,456
416.7
156.4
151.6
60.9
47.8
192,557
81,335
75,317
18,391
17,513
99,000
55,467
26,272
7,937
9,324
2,101
8,303
4,053
2,730
8,263
2,531
5,201
14,059
6,812
4,318
13,409
4,954
6,127
713
806
315
215
906
505
2,023
1,823
Primary and fabricated metals
Primary metal industries
Ferrous
Nonferrous
Fabricated metal products
16,872
9,736
6,752
2,984
7,136
67,331
41,320
24,844
16,476
26,011
11,692
6,240
4,347
1,893
5,452
241.4
111.2
69.0
42.3
130.1
54,648
32,324
22,606
9,718
22,324
35,733
25,882
19,197
6,684
9,851
662
312
54
258
350
3,465
2,340
1,722
4,179
2,335
1,125
322
161
43
119
161
1,492
1,843
7,909
5,287
2,645
2,642
2,622
Machinery
Industrial machinery and equipment
Computer and office equipment
Other
Electronic and other electric equipment
Audio, video, and communications equipment
Electronic components and accessories
Other
31,924
13,381
1,918
11,464
18,542
5,371
2,782
10,390
123,110
57,952
18,213
39,739
65,158
21,188
9,452
34,518
25,220
10,916
2,268
8,647
14,304
3,980
1,984
8,341
545.5
240.7
42.4
198.3
304.8
78.5
50.8
175.5
95,890
42,007
10,340
31,667
53,883
15,617
9,481
28,784
39,694
15,925
3,131
12,794
23,768
5,832
5,535
12,402
1,333
5,570
1,810
3,991
1,136
525
595
541
29,988
14,424
6,760
7,664
15,564
6,301
2,356
6,908
Other manufacturing
Textile products and apparel
Lumber, wood, furniture, and fixtures
Paper and allied products
Printing and publishing
Newspapers
Other
Rubber products
Miscellaneous plastics products
Stone, clay, and glass products
Transportation equipment
Motor vehicles and equipment
Other transportation equipment
Instruments and related products
Other
54,267
3,649
1,192
5,331
8,810
184,305
10,827
4,626
16,759
25,865
36,744
2,586
843.8
89.7
23.9
62.5
148.8
95,686
6,816
3,986
13,570
9,665
27,010
Manufacturing
319
931
3,311
8,656
1,820
15,705
572
173
51
9
126
44
602
412
775
333
1,618
1,178
9,295
8,724
6,199
20,838
17,181
15,242
1,938
5,754
2,954
504
95
27
587
(D)
(D)
506
292
556
528
501
28
130
87
530
2
527
300
3
296
1,313
2,593
77,839
498
3,780
2,995
1,873
5,022
1,740
2,399
1,305
66.1
61.2
30.9
93.1
36.1
55.4
33.3
18.6
65.3
71,858
17,309
24,448
35,588
18,648
13,652
8,526
8,226
24,667
4
8,381
1,326
4,520
764.5
19.4
407.8
72.2
265.1
1,287
6,119
82,513
3,434
5,845
14,504
22,224
4,309
9,104
2,704
6,399
2,314
1,884
1,342
1,900
1,371
36,816
90,738
1,478
57,884
7,360
24,016
Finance, except depository institutions
2,925
45,901
Insurance
7,343
Real estate
2,855
1,604
222,922
415
638
6,528
2,095
4,433
3,425
12,976
13,249
21
125
755
-61
11
-72
217
107
801
410
529
706
3,145
6,608
618
843
758
460.0
14,328
2,046
6730
* Less than $500,000.
D
Suppressed to avoid disclosure of data of individual companies.
3,310
(D)
1,273
1,729
23,047
23,518
Coal ....
614
607
224
73
310
511
18,685
7,472
1,860
5,611
11,213
3,634
1,797
5,782
-157
96,778
31,939
72,050
64,392
39,556
57,605
31,562
30,235
44,160
Other...
Construction
Transportation
Communication and public utilities
222
-384
-998
538
397
8,420
3,988
3,691
6,834
2,776
3,349
1,699
1,015
7,194
Other industries
Agriculture, forestry, and fishing
Mining
822
387
101
9.8
468,277
Hotels and other lodging places
Business services
Computer and data processing services
Other business services
Motion pictures, including television tape and film
Engineering, architectural, and surveying services
Accounting, research, management, and related services
Health services
Other services
1,311
1,210
139.0
76.0
45.0
120.9
141.2
107.2
34.0
105.6
30.2
38,966
Services
550
386
239
739
25,126
13,350
9,051
22,788
55,878
49,953
5,925
17,091
8,069
Retail trade
General merchandise stores
Food stores
Apparel and accessory stores
Other
149
6,369
3,674
1,645
5,629
6,756
4,999
1,757
4,719
1,276
304
Motor vehicles and equipment
Professional and commercial equipment and supplies
Metals and minerals, except petroleum
Electrical goods
Machinery, equipment, and supplies
Other durable goods
Groceries and related products
Farm-product raw materials
Other nondurable goods
3,834
2,748
182,978
9,560
5,141
16,907
44,374
1,433
42,941
12,367
8,565
29,215
32,485
25,116
7,369
17,340
7,024
8,507
4,819
2,467
8,775
9,233
7,341
1,892
6,299
3,691
Wholesale trade
-342
370
544
91
453
789
212
197
379
1,285
3,760
1,008
997
20
977
543
778
a
4,940
4,339
158
603
364
209
43
162
424
309
115
691
60
602
598
2,775
2,093
1,533
7,637
15,972
1,426
65,258
145,877
40,597
4,500
4,685
10,955
2,889
4,089
1,787
2,057
6,280
2,845
10,851
285
475
460
662
472
1,624
1,648
363
647
586
173
465
483
572
236
177
872
265
26
338
43
29
7
7
425
4,929
1,743
16,600
4,817
9,652
2,821
6,341
13,563
4,793
37,988
15,573
13,572
37,334
14,561
7,270
5,731
2,714
11,135
46,252
2,177
22,121
4,588
17,366
29,419
15,508
2,754
1,676
3,415
628
215
76
13
18,343
3,616
6,832
10,964
1,674
2,655
1,790
152
736
"I
134
450
630
1,572
2,201
46.2
573,448
7,373
2,372
871
7
19
25
8,487
148.2
514,650
26,992
9,805
4,360
0
0
0
-2,022
1,046
26.6
102,039
92,056
83,751
2,950
10
7
1
58,464
8,544
18,705
6,376
12,328
13,433
5,648
4,200
3,527
4,407
-2,403
-1,142
623.7
127.7
269.2
34.6
234.6
45.4
34.1
24.6
62.3
60.4
109,871
31,488
25,815
9,671
16,144
29,120
3,706
5,542
3,712
10,489
50,711
25,623
9,354
2,934
6,420
3,958
1,111
2,315
1,794
6,556
28,759
20,368
4,054
1,122
1,520
749
-383
18,264
2,804
7,692
2,160
5,532
1,685
1,951
1,296
1,551
1,284
3,734
557
963
567
92
216
205
332
395
5
5
40
292
1
11
590
(*)
256
133
123
69
150
48
0
67
785
5
432
121
311
98
49
152
2
47
100,576
2,066
12,041
4,112
7,929
16,351
37,750
32,369
3,599
22,482
481.6
16.2
42.0
15.2
26.8
66.6
207.3
149.5
131,193
4,938
25,689
5,838
19,851
9,776
33,109
57,680
80,418
3,908
23,166
7,066
16,100
4,312
11,425
37,608
5,321
8,257
1,642
180
57
45
(D)
3,343
326
147
n
1,935
417
71
120
1
119
63
34
129
-119
-175
517
-3,342
259
-64
65
170
633
1,914
3,300
466
-26
700
14,509
-212
24
77
-53
-576
-208
-146
28
282
-51
451
1,202
2,626
1,039
1,587
3,356
10,612
5,438
157
1,045
-<386
345
2,489
NOTE.—Estimates for 1995 are revised.
635
158
478
2,135
327
962
598
O
1,742
1,876
1,718
231
325
146
1,317
2,058
2,204
588
586
1,017
4,779
11
0
6
<8
8
527
895
368
2,464
529
(D)
33
(D)
815
1,355
17,583
16,985
544
June 1998
SURVEY OF CURRENT BUSINESS
Table 19.2.-Selected Data of Nonbank U.S. Affiliates by Industry of Affiliate, 1996
Millions of dollars
Millions of dollars
Gross
product
All industries
Petroleum
Petroleum and coal products manufacturing
Other
Sales
Net
income
Compensation of
employees
Thousands
of
employees
Gross property, plant,
and equipment
Of which:
Total
assets
Total
Commercial
property
Expenditures for
new plant
and
equipment
Research and
development
expenditures
U.S.
exports of
goods
U.S.
imports of
goods
shipped to
affiliates
339,485
1,596,022
21,110
210,378
4,977.5
2,613,985
797,647
166,807
84,142
17,150
136,588
252,990
32,733
23,099
9,634
152,832
73,358
79,474
5,586
3,725
1,861
6,525
4,015
2,510
111.8
67.2
44.5
114,735
70,418
44,317
118,588
89,907
28,681
7,040
5,335
1,706
7,645
5,355
2,290
436
249
187
9,984
2,646
7,337
21,080
13,454
7,627
156,354
552,023
7,153
104,004
2,213.6
578,886
286,029
9,409
29,725
13,807
58,821
78,531
Food and kindred products
Beverages
Other
11,783
2,682
9,102
49,562
7,612
41,950
3,591
205.4
24.7
180.6
58,624
18,749
39,876
21,764
3,859
17,905
2,016
152
6,623
1,242
5,381
2,068
427
1,640
353
26
327
2,848
316
2,532
3,379
890
2,489
Chemicals and allied products
Industrial chemicals and synthetics
Drugs
Soap, cleaners, and toilet goods
Other
42,095
17,032
15,666
5,477
3,920
134,451
49,779
48,702
20,553
15,418
549
-2,326
24,633
8,669
10,200
3,326
2,438
409.8
149.1
149.6
66.0
45.1
180,996
65,859
78,364
20,205
16,568
91,005
49,607
24,831
8,000
8,566
1,942
419
1,734
650
492
9,054
4,351
3,024
722
958
7,366
958
5,849
348
212
15,656
6,969
5,993
952
1,742
14,254
5,606
6,256
485
1,907
Primary and fabricated metals
Primary metal industries
Ferrous
Nonferrous
Fabricated metal products
16,079
8,373
5,236
3,137
7,706
62,902
36,005
1,010
807
427
380
203
10,969
5,178
3,248
1,929
5,791
233.3
97.5
52.7
44.8
135.9
60,804
31,334
20,193
11,141
29,470
35,123
23,094
16,008
7,086
12,029
833
273
32
242
560
3,352
2,118
1,470
647
1,235
286
156
34
121
131
4,066
2,076
673
1,403
1,989
7,390
4,759
2,509
2,251
2,630
Machinery
Industrial machinery and equipment
Computer and office equipment Other
Electronic and other electric equipment
Audio, video, and communications equipment
Electronic components and accessories
Other
31,863
12,809
1,098
11,710
19,055
6,168
2,891
124,066
54,094
14,470
39,624
69,972
24,416
10,751
34,805
-737
-495
383
-399
-226
25,279
10,493
1,803
8,690
14,786
4,365
2,011
8,410
536.8
235.7
38.6
197.1
301.1
85.5
48.6
167.0
95,234
38,756
7,924
30,832
56,479
16,181
11,616
28,681
40,900
14,392
2,081
12,311
26,508
6,374
6,999
13,135
1,199
490
52
438
709
120
220
5,787
1,803
372
1,431
3,984
723
1,665
1,596
3,889
935
402
533
2,954
1,652
336
20,575
8,194
1,364
6,830
12,381
5,230
1,798
5,352
28,733
11,739
4,384
7,355
16,993
8,008
3,057
5,929
Other manufacturing ...
Textile products and apparel
Lumber, wood, furniture, and fixtures
Paper and allied products
Printing and publishing
Newspapers
Other
Rubber products
Miscellaneous plastics products
Stone, clay, and glass products
Transportation equipment
Motor vehicles and equipment
Other transportation equipment
Instruments and related products
Other
54,534
3,718
1,139
5,703
8,668
346
8,323
5,092
2,631
9,062
8,420
6,718
1,702
6,256
3,845
181,042
10,584
4,713
16,208
22,279
782
21,497
13,783
2,738
15
578
388
-126
39
-165
264
205
382
168
-25
193
604
261
36,501
2,575
681
3,373
6,284
260
6,024
3,758
1,676
5,648
6,611
5,218
1,392
4,539
1,357
828.4
90.0
24.7
64.2
133.6
9.5
124.2
78.5
46.7
121.0
140.6
110.5
30.1
97.8
31.3
183,228
9,198
6,671
18,862
38,192
97,237
6,884
1,772
15,318
9,183
379
8,804
9,145
6,216
21,510
18,018
16,512
1,506
5,996
3,195
3,419
486
88
22
428
1,913
55
10
120
46
f
229
57
159
454
370
84
720
64
15,677
568
300
1,622
516
2
514
1,506
486
725
5,171
4,542
629
3,045
1,739
24,776
618
308
1,050
382
272
704
694
667
27
111
82
9,464
664
152
1,061
1,107
21
1,087
643
724
2,040
2,052
1,950
103
641
379
Wholesale trade
Motor vehicles and equipment
Professional and commercial equipment and supplies
Metals and minerals, except petroleum .
Electrical goods
Machinery, equipment, and supplies
Other durable goods ..
Groceries and related products
Farm-product raw materials
Other nondurable goods
41,973
9,350
4,560
2,811
8,437
3,245
3,362
1,729
1,085
7,395
466,700
2,839
409
24,338
4,033
3,270
1,667
5,456
1,925
2,536
1,308
650
3,493
68.9
66.0
28.4
107.2
39.7
57.6
36.3
18.1
66.4
1,735
370
258
33
498
62
32
12
7
463
62,792
4,341
1,683
12,527
5,934
9,201
2,853
6,204
15,740
4,311
147,958
40,678
16,023
11,789
Retail trade
General merchandise stores
Food stores
Apparel and accessory stores
Other
24,544
563
14,452
2,376
7,153
94,028
1,811
60,115
1,507
13
6
21
1,467
3,408
153
334
699
2,222
15
21
1,173
5
793
535
258
98
45
80
Manufacturing
15,907
26,897
8,898
23,677
55,655
50,126
5,529
16,658
101,416
33,122
55,492
68,507
41,448
58,566
30,459
34,508
43,181
8,524
23,579
3,439
-1,320
825
-242
-149
418
257
365
-302
38
244
1,559
377
-15
834
-201
233,829
79,527
17,687
22,988
37,415
19,853
14,256
8,119
8,668
25,317
86,757
46,319
4,838
4,478
12,369
3,253
4,456
1,870
2,143
7,030
3,650
401
453
1,948
344
687
576
130
419
19,783
13,920
838
433
2,217
506
556
209
152
951
83.8
273.6
50,063
1,999
26,252
5,157
16,656
31,500
672
20,194
3,837
6,797
15,881
211
11,399
1,705
2,566
3,471
94
2,393
204
780
8,018
49.3
705,181
8,337
2,854
1,159
9,167
152.0
575,947
28,956
9,278
4,371
15,094
359
8,250
1,534
4,951
-241
Finance, except depository institutions ,
6,001
58,230
10,658
89,625
4,984
13,903
12,109
8,732
28,045
35,836
29,108
6,729
17,914
7,668
298
1,719
821.0
21.9
441.7
64
Insurance
5,306
Real estate
-1,718
Services
Hotels and other lodging places
Business services
Computer and data processing services
Other business services
Motion pictures, including television tape and film
Engineering, architectural, and surveying services
Accounting, research, management, and related services .
Health services
,
Other services
21,840
4,019
8,946
2,255
6,690
1,409
1,767
1,164
2,704
1,830
56,247
8,033
20,865
7,860
Other industries
Agriculture, forestry, and fishing
Mining
40,398
667
5,486
1,940
3,546
3,228
11,533
19,485
112,434
2,204
11,802
3,808
7,994
17,227
32,884
48,317
,
Coal
Other
Construction
Transportation
Communication and public utilities
• Less than $500,000.
Suppressed to avoid disclosure of data of individual companies.
D
NOTE—Estimates for 1996 are preliminary.
13,004
6,988
5,640
3,902
5,999
4,819
^,402
-678
-1,800
-1,237
-562
-5
-173
-106
-368
-273
4,907
-84
583
-516
667
4,072
1,178
16,052
15,488
563
1,423
817
13,311
7,252
5,348
3,120
11,578
0
1,006
27.1
100,549
90,180
79,342
3,713
10
18,801
2,453
8,473
2,637
5,836
1,096
1,820
1,105
2,351
1,503
633.8
109.9
286.3
38.6
247.7
34.8
30.8
21.2
85.8
65.0
105,297
31,041
27,994
11,134
16,860
17,674
3,199
5,095
8,721
11,573
51,789
25,142
10,680
3,910
6,771
3,274
958
2,259
2,558
6,918
28,881
20,760
646
197
449
1,831
310
894
566
3,874
3,773
958
1,424
572
852
414
85
340
228
325
996
738
aB
450
359
91
69
118
15
23,424
502
2,618
967
1,650
3,278
9,208
7,818
480.3
17.7
41.6
13.9
27.8
69.1
170.1
181.8
149,497
5,413
28,032
5,541
22,490
10,675
27,667
77,711
95,512
5,512
345
153
0
153
2,081
2,022
911
10,502
304
1,733
296
1,437
906
874
4,193
23,707
6,768
16,939
4,886
10,058
52,667
2,5406
642
5
5
25
306
2
10
157
70
31
R
5
45
1
B
8
2,110
502
1,608
121
24
36
818
124
282
2
280
83
101
228
62
• June 1998
SURVEY OF CURRENT BUSINESS
Table 20.1.—Selected Data of Nonbank U.S. Affiliates by Country of Ultimate Beneficial Owner, 1995
Millions of dollars
Gross
product
Sales
Millions of dollars
Compensation of
employees
Net
income
Thousands
of
employees
Gross property, plant,
and equipment
Of which:
Total
assets
Total
Commercial
property
Expenditures for
new plant
and
equipment
Research and
development
expenditures
U.S.
exports of
goods
•w
U.S.
imports of
goods
shipped to
affiliates
322,631
1,544,603
15,493
206,354
4,941.8
2,388,724
769,491
168,393
74,510
17,542
135,153
Canada
35,277
140,275
1,904
23,111
708.8
267,083
83,683
20,181
6,635
1,395
5,243
13,490
Europe
201,965
821,951
15,375
130,599
2,992.6
1,330,702
416,193
65,402
37,728
13,201
59,883
84,290
491
4,290
1,849
1,645
23,895
2,986
17,855
4,510
9,128
110,557
45
425
20
85
826
280
316
12
90
97
92
614
536
402
1,399
124
207
14,511
3,984
1,604
1,025
15,721
1,724
11,353
37,047
2,607
3,056
158,737
8,580
14,769
12,335
9,425
3,869
12,322
27,062
15
183
3
442
362
3,292
565
315
665
17
74
1,073
164
845
358
665
305
240
All countries
Austria
Belgium
Denmark
Finland
France
...
Germany
Ireland
Italy
Liechtenstein
Luxembourg
Netherlands
Norway
Spain
Sweden
Switzerland
United Kingdom
Other
Latin America and Other Western Hemisphere
South and Central America
Brazil
Mexico
Panama
Venezuela
Other
Other Western Hemisphere
Bahamas
Bermuda
Netherlands Antilles
United Kingdom Islands, Caribbean
Other
27,697
1,074
4,471
98,016
2,817
716
85
10,168
1,865
2,732
50,282
1,868
26,290
1,443
2,268
579.7
36.2
52.2
210,899
9,236
23,481
74,791
5,009
6,299
131
782
2.7
743
523
17.4
335.0
4,764
155,649
1,429
70,084
11,075
5,709
818
2,408
1,862
10,052
29,524
147,875
182
269
1,227
3,172
18,434
335
134
996
62
28
781
2,795
11,670
3,092
2,428
574
344
104
14,562
657
359
13.4
-369
9,964
4,664
15,706
41,882
94.4
309.8
985.7
-23
176
4.6
4,737
4,969
41,593
230,963
382,324
1,380
95
22
73
43
202
168
593
5,426
8,728
423
191
719
189
3,094
6,403
11,760
5,085
7,510
14,029
P)
208
784
822
6,435
168.6
53,733
25,341
5,828
2,785
323
5,884
9,794
7,977
568
60
-26
-68
505
88
3,588
84.8
15,508
2,217
1,682
65
3,495
868
3,552
1,340
8,503
1,245
155
932
343
558
229
61
450
89
981
102
8
901
581
420
8,701
1,116
2,184
P)
P)
35,589
4,010
8,493
2,303
17,988
2,796
4,390
16,333
9,832
3,611
1,103
28
581
258
232
4
9.1
279
4.4
1,322
35.7
P)
P)
22.7
I
37,600
8,581
9,661
3,703
11,895
3,760
254
-1
175
102
-12
-10
2,847
83.8
16,133
420
419
1
1,051
-223
1,688
46.3
32
109
7
8.1
5.4
2.7
-28
427
164
110
800
112
74
-5,696
-£63
41,433
3,030
958.4
73.0
-55
3
94
948
163
-3,930
-577
33,951
1,077
-21
-54
-65
344
319
-321
1,808
1,762
8,790
306
804
20.5
P)
961
-144
P)
I
4,798
18,085
2,890
2,037
182,030
9,264
723,229
33,782
15,669
113,982
2,270
159
1,754
4,712
68
415
2,398
1,182
10,525
2,636
2,617
724
19
140
966
Middle East
Israel
Kuwait
Lebanon
Saudi Arabia
United Arab Emirates
Other
4,792
17,881
2,325
1,647
490
776
226
640
3,033
12,177
131
136
488
604
61,080
4,615
484,124
21,591
2,368
6,038
1,036
414,764
22,856
1,358
1,768
200
1,335
222
50,513
1,120
388
340
ft
831
930
B
a
2,389
1,093
1
6
822
0
67
50
75
71
4
509
395
114
669
519
150
101
93
4
672
460
5
66
4,665
P)
P
( )
2,384
62,334
1,054
136,828
1,37a
n
258
2.6
838
515
218
8,510
3,333
3,232
4,740
2,690
1,780
1,434
.7
220
108
20.9
18.6
MP)
P)
P)
4,390
252
94
158
26,152
2,909
7,923
20,511
13,595
603
122
8,124
6,384
920
876
448
11,350
1,872
1,178
8,352
1,978
4,622
1,671
577
347
799
84
129
22
438
53
73
198,582
12,210
62,025
2,423
22,142
1,192
634
85
33.6
599,724
36,264
1,186
7,828
5,552
4,147
5.7
792
370
172
33
360
27
64
3
8
0
761.9
22.5
10.9
521,166
13,336
1,683
1,102
164,716
3,681
51,421
19,265
1,874
738
411
48
84
321
7
4
851
452
20
924
127
P)
2.3
21.5
3.0
5.7
2.0
927
965
67
P)
428
P)
327
4,092
44.6
15.5
20.5
-209
299
P)
P)
64
-207
-137
341
J
1,460
* Less than $500,000.
Suppressed to avoid disclosure of data of individual companies.
1. The European Union (15) comprises Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland,
Italy, Luxembourg, Netherlands, Portugal, Spain, Sweden, and the United Kingdom. Prior to 1995, Austria, Finland,
and Sweden were not members of the European Union.
2. OPEC is the Organization of Petroleum Exporting Countries. Its members are Algeria, Indonesia, Iran, Iraq,
111
51,922
484
D
P)
566
12,367
10,366
9,400
Addenda:
European Union (15)'
OPEC 2
344
-64
-14
-34
4,104
12,297
4,408
7,000
232,156
173
2,352
1,867
United States
1,008
8.7
99.8
70.6
27.3
346.0
5,814
2,166
28,098
90,557
262,849
2,294
605
5,484
18,563
72,478
Africa
South Africa
Other
Asia and Pacific
Australia
China
Hong Kong
Indonesia
japan
Korea, Republic of
Malaysia
New Zealand
Philippines
Singapore
Taiwan
Other
-136
1,201
374
2,168
1,513
1,427
16,197
250,824
5
•J
0
0
8
4
P)
P)
147
983
P)
P
4
591
21
PI
5
54,038
3,958
1 373
' 18
118,770
11,708
102
53
18
171
307
64
610
38
8
1,063
1,929
110
302
505
723
792
330
3,401
10,826
1,637
1,767
6,707
1,099
1,289
840
366
332
44
28
17
173
574
97
46.2
P)
P)
1,110
P)
62
627
1,086
2,663.3
59.4
1,093,369
36,180
383,498
30,950
61,662
13,463
34,516
1,878
10,043
52,807
17
550
75,137
8,178
7.2
I
7.4
8
Kuwait, Ubya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela.
NOTES.—Size ranges
are _
given in employment
cells that are suppressed. The size ranges
. .
„ . are:
. . A—1
. . . to 499;
....
w
F - 5 0 0 to 999; G—1,000 to 2,499; B-2,500 to 4,999; 1-5,000 to 9,999; J—10,000 to 24,999; K—25,000 to 49,999;
L-50,000 to 99,999; M—100,000 or more.
Estimates for 1995 are revised.
June 1998
SURVEY OF CURRENT BUSINESS
•
63
Table 20.2.—Selected Data of Nonbank U.S. Affiliates by Country of Ultimate Beneficial Owner, 1996
Millions of dollars
Gross
product
Sales
Net
income
Millions of dollars
Thousands
of
employees
Compensation of
employees
Gross property, plant,
and equipment
Total
Of which:
Total
Commercial
property
Expenditures for
new plant
and
equipment
development
expenditures
U.S.
exports of
goods
shipped by
affiliates
U.S.
imports of
goods
shipped to
affiliates
136,588
252,990
1,596,022
21,110
210,378
4,977.5
2,613,985
797,647
166,807
84,142
17,150
Canada
30,026
121,650
5,035
19,868
618.6
263 862
74,315
19,085
5,993
1,397
Europe
218,174
881,931
15,885
136,653
3,103.9
1,507,678
440,786
66,192
42,608
12,516
63,104
86,533
Austria
Belgium
Denmark
Finland
387
4,531
1,890
1,632
32,584
2,513
19,437
4,514
9,954
127,434
12
581
-151
-215
3,120
303
2,250
1,572
1,343
19,977
7.0
103.5
71.8
25.4
411.8
5,000
15,850
4,061
6,654
274,775
557
10,985
1,842
2,648
74,447
2,138
123
191
13,642
1,281
267
250
7,013
7
80
106
113
1,712
420
633
493
1,118
18,386
484
1,427
699
1,587
Germany
Ireland
Italy
Liechtenstein ...,
Luxembourg
Netherlands
40,467
2,505
2,827
149
168,151
8,281
4,215
111,395
27,598
1,545
2,078
132
725
15,248
610.2
37.2
50.7
2.5
16.0
378.8
10,374
20,314
760
5,124
180,292
81,310
5,503
5,232
539
1,320
73,300
13,248
339
638
318
134
11,628
10,362
284
513
19
155
5,441
3.084
678
3,096
204
-18
-29
-41
2,785
130
2
19
948
13,493
335
983
42
183
4,468
28,304
261
3,230
174
653
Norway
Spain
Sweden
Switzerland
United Kingdom
Other
^.
1,367
572
5,700
19,461
8,838
1,985
25,561
71
10
279
18.4
8.6
78.7
5,308
4,171
33,577
213
73,960
164
277,026
2,114
5,890
-19
1,046
346
3,884
16,544
41,905
156
65
23
276
3,375
2,525
2
583
192
2,811
6,457
12,354
156
13,267
753
12,699
53,767
147
5,725
10,621
South and Central America
Brazil.
Mexico
Panama
Venezuela
Other.
7,914
283
1,439
819
5,084
290
35,613
4,462
7,982
2,316
19,337
1,517
-110
160
84
2,853
1,192
688
542
298
132
9,409
1,241
2,248
Other Western Hemisphere
Bahamas
Bermuda
Netherlands Antilles
United Kingdom Islands, Caribbean .
Other
..
4,785
217
2,488
1,364
2,873
1
1,212
All countries
France
13,904
582
306.2
275,890
2,543
1,798
7,652
29,683
972.6
4.4
413,966
1,672
140,866
561
18,163
6,446
155.4
57,482
27,203
6,214
70.0
4.5
35.8
12.9
13.0
3.7
38,658
10,652
8,454
3,922
17
3,185
279
1,213
739
833
121
17
18,155
702
11,684
3,003
2,634
133
256
-25
-183
462
13
-11
3,261
190
1,584
993
475
19
85.4
6.3
43.8
16.5
18.2
.7
18,824
1,421
9,046
3,937
4,206
213
Africa
South Africa .
Other
2,555
1,942
613
10,605
9,531
1,074
733
672
61
1,157
1,005
152
22.7
20.4
2.3
11,708
8,178
3,530
Middle East
Israel
Kuwait
Lebanon
Saudi Arabia
United Arab Emirates .
Other
5,292
391
709
177
3,410
144
461
21,024
2,513
1,500
482
14,776
327
1,427
-258
2,001
471
139
105
871
41
373
61.8
26,501
2,818
7,418
905
11,985
1,966
1,410
14,490
447
5,310
1,834
375
855
89
135
35
346
157
94
65,469
5,539
179
1,403
202
54,560
487,580
23,013
1,821
44,617
1,004
27,257
1,141
42
313
27
23,473
686
44
27
5
595
835
68
Latin America and Other Western Henri
Asia and Pacific
Australia
China
Hong Kong
Indonesia
Japan
Korea, Republic of..
Malaysia
New Zealand
Philippines
Singapore
Taiwan
Other
United States
Addenda:
European Union (15)'
OPEC 2
....
ire.
699
310
-643
-22
379
-96
230
-23
-63
-5
-300
348
38
159
1,411
134
418,320
22,476
1,388
1,755
126
1,794
8,089
963
-3,370
243
-4
-199
-12
-2,271
-611
-24
-45
13
-348
73
-183
154
34,524
1,070
327
302
18
310
822
173
5,270
19,466
2,938
197,068
10,086
774,840
37,504
15,531
634
1,102
395
42,107
3,345
72
16.6
972.9
77.4
1.6
36.8
5.7
3,362
1,781
155
752
350
319
206
2,962
4,432
429
2,166
2,928
104
347
66
1,078
90
1,243
65
593
280
300
302
ifl
124
6,400
549,408
12,706
1,804
1,100
275
3,866
10,229
1,503
2,146
42.2
111,071
1,175
118,824
2,162
2,773.5
52.6
1,224,534
37,437
8,406
765
407,801
31,445
62,052
14,091
D
39,099
2,037
81
77
4
121
115
8,969
901
194
5,192
7,550
295
5,067
557
104
179
4
n
95
163
776.4
22.6
9.5
7.6
.7
7.5
20.2
6.8
993
3,216
12,386
349
2,662
79
3,859
170
47,741
867
437
48
80
1,837
839
774
* Less than $500,000.
° Suppressed to avoid disclosure of data of individual companies.
1. The European Union (15) comprises Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland,
Italy, Luxembourg, Netherlands, Portugal, Spain, Sweden, and the United Kingdom. Prior to 1995, Austria, Finland,
and Sweden were not members of the European Union.
9.6
5.2
2.9
26.4
1.1
241
1,233
14,123
210
4
522
417
105
5,481
412
4
106
19
15
"5
60,077
1,268
134,416
1,375
3
7
0
2,070
351
119
52,555
3,642
,62
,
18
117,433
10,707
30
364
49
505
2,161
(D)
0
1
g
g
10
94
795
104
9,072
14
55,867
548
1,255
77,182
9,903
2. OPEC is the Organization of Petroleum Exporting Countries. Its members are Algeria, Indonesia, Iran, Iraq,
Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela.
Estimates for 1996 are preliminary.
64
SURVEY OF CURRENT BUSINESS
• June 1998
Table 21.1.—Gross Product of Nonbank U.S. Affiliates, Industry of Affiliate by Country of Ultimate Beneficial Owner, 1995
[Millions of dollars]
Europe
All
countries
Of which:
Canada
Total
France
All industries
Petroleum
Petroleum and coal products manufacturing
Other
...
Manufacturing
Germany
Netherlands
Switzerland
United
Kingdom
322,631
35,277
201,965
23,895
37,047
18,563
72,478
12,367
29,252
21,224
1,613
19,013
17,420
1,593
1,356
174
52
122
59
12
46
6,126
5,430
860
4,570
21,826
13,556
35,556
2,436
4,044
690
3,354
155,741
8
(D)
(D)
8
105,135
13,793
Food and kindred products
Beverages
Other
12,127
2,870
9,257
8,054
1,200
6,854
585
160
425
Chemicals and allied products
Industrial chemicals and synthetics
Drugs
Soap, cleaners, and toilet goods
Other
40,552
16,202
15,253
5,144
3,954
36,375
13,654
14,922
4,432
3,366
3,596
1,901
1,054
(D)
9,430
4,594
3*014
1,440
382
Primary and fabricated metals
Primary metal industries
Ferrous
Nonferrous
Fabricated metal products
16,872
9,736
6,752
2,984
7,136
7,004
2,360
1,240
1,120
4,644
1,410
593
489
104
817
2,022
562
216
346
1,461
Machinery
Industrial machinery and equipment
Computer and office equipment
Other
Electronic and other electric equipment
Audio, video, and communications equipment
Electronic components and accessories
Other
31,924
13,381
1,918
11,464
18,542
5,371
2,782
10,390
21,686
9,095
445
8,650
12,592
2,585
1,110
8,897
2,769
301
203
97
2,468
1,379
103
5,297
2,185
(D)
(
3,11
4,813
3,208
12
3,195
1,605
785
440
381
Other manufacturing
Textile products and apparel
Lumber, wood, furniture, and fixtures
Paper and allied products
Printing and publishing
Newspapers
Other
Rubber products
Miscellaneous plastics products
Stone, clay, and glass products
Transportation equipment
Motor vehicles and equipment
Other transportation equipment
Instruments and related products
Other
54,267
3,649
1,192
5,331
8,810
304
8,507
4,819
2,467
8,775
9,233
7,341
1,892
6,299
3,691
32,016
1,859
583
3,517
3,189
39
3,150
2,301
1,374
5,874
4,392
2,649
1,743
5,572
3,355
5,434
311
10
7
135
0
135
(D)
144
4,988
243
()
103
(D)
14,185
992
270
1,041
1,845
38
1,807
79
519
1,615
1,881
660
1,220
3,295
2,648
Wholesale trade
Motor vehicles and equipment
Professional and commercial equipment and supplies
Metals and minerals, except petroleum
Electrical goods
Machinery, equipment, and supplies
Other durable goods
Groceries and related products
Farm-product raw materials
Other nondurable goods
38,966
8,420
3,988
3,691
6,834
2,776
3,349
1,699
1,015
7,194
16,793
3,363
1,406
2,351
528
1,046
2,543
700
Retail trade
General merchandise stores
Food stores
Apparel and accessory stores
Other
23,518
415
14,328
2,046
6,730
15,886
381
10,935
1,486
3,083
360
0
(D)
134
(D)
0
124
54
14,917
Finance, except depository institutions
2,925
2,785
Insurance
7,343
3,187
Real estate
Services
Hotels and other lodging places
Business services
Computer and data processing services
Other business services
Motion pictures, including television tape and film
Engineering, architectural, and surveying services
Accounting, research, management, and related services
Health services
Other services
Other industries
Agriculture, forestry, and fishing
Minina
Coal'.'..'.'.
Other
Construction
Transportation
Communication and public utilities
* Less than $500,000.
Suppressed to avoid disclosure of data of individual companies.
NOTE.—Estimates for 1995 are revised.
D
Latin
America
and
Other
Western
Hemisphere
8
586
263
1,688
6
10
120
236
91
192
13
76
802
1,089
997
92
508
120
Middle
East
Africa
2,352
1,110
8
1,855
387
95
292
1,468
3,535
6,259
4,076
(D)
139
116
136
1,084
366
67
()
61,080
2
354
845
30,497
24
0
24
1,738
346
1,392
1,190
285
905
0
75
0
21
3,120
2,404
241
201
274
1,639
990
222
190
238
24
7
0
7
17
6,367
5,427
5,082
345
940
5,982
5,109
4,813
296
873
299
258
170
6,731
3,467
1,208
2,259
3,264
(D)
1,564
(D
5,887
3,098
1,200
1,899
2,788
564
1,476
749
401
12,540
904
377
621
359
50,513
31
68
8
2,523
24,989
2,487
609
2,304
4,415
4,288
127
286
178
17
1
-4
1
1
6
0
1
0
10
17,851
4,804
2,543
825
6,050
1,547
258
315
201
1,307
16,221
4,730
2,250
757
5,684
1,470
133
238
182
776
188
3,561
22
3,404
0
60
1
13
1
4,615
10,291
553
216
244
177
0
177
2,486
522
1,444
4,292
4,286
6
223
133
0
(D)
1
0
0
0
0
0
0
0
0
729
2
0
Japan
4,792
(D)
2,011
Of which:
Total
Australia
10,658
4,430
3,536
5,939
3,083
394
961
79
420
103
3
10
885
(D)
2,611
Asia and Pacific
24
D
757
0
188
1,444
-30
15
2,828
10
108
1,607
1,208
343
237
58
35
23
0
0
6
0
42
5,256
2,475
806
321
484
3,076
1,659
511
228
283
29
139
340
57
341
5,845
1,857
261
477
424
22,224
4,309
9,104
2,704
6,399
2,314
1,884
1,342
1,900
1,371
12,653
1,369
6,697
1,957
4,739
500
1,618
964
1,162
342
2,106
604
717
330
387
-183
488
774
37
121
80
41
2
206
45
4,726
698
2,243
492
1,751
36,816
638
6,528
2,095
4,433
3,425
12,976
13,249
24,654
317
4,623
2,031
2,592
2,260
9,205
8,248
$
565
()
1,050
a
337
140
103
D
()
61
95
0
95
603
194
594
152
0
13,763
61
2,355
384
1,971
169
8n
1,832
65
310
-11
321
(D)
785
1,362
41
305
-11
316
433
620
-38
SURVEY OF CURRENT BUSINESS
June 1998 •
65
Table 21.2.—Gross Product of Nonbank U.S. Affiliates, Industry of Affiliate by Country of Ultimate Beneficial Owner, 1996
[Millions of dollars]
Europe
All
countries
Of which:
Canada
Total
France
Germany
Netherlands
339,485
30,026
218,174
32,584
40,467
32,733
23,099
9,634
1,684
613
1,071
20,561
18,575
1,987
1,391
941
450
163
48
115
252
156,354
14,498
107,819
15,036
23,464
11,783
2,682
9,102
1,873
7,994
1,189
6,804
515
132
384
101
13
88
Chemicals and allied products
Industrial chemicals and synthetics
Drugs
Soap, cleaners, and toilet goods
Other
42,095
17,032
15,666
5,477
3,920
392
68
12
263
49
38,596
14,887
15,321
4,902
3,485
3,729
1,929
1,091
10,608
4,428
4,255
1,542
Primary and fabricated metals
Primary metal industries
Ferrous
Nonferrous
Fabricated metal products
16,079
8,373
5,236
3,137
7,706
1,945
1,202
7,995
2,494
1,278
1,215
5,501
2,194
2,134
557
442
115
655
273
382
1,637
1,480
Machinery
Industrial machinery and equipment
Computer and office equipment
Other
Electronic and other electric equipment
Audio, video, and communications equipment
Electronic components and accessories
Other
31,863
12,809
1,098
11,710
19,055
6,168
2,891
9,996
3,522
21,422
9,353
2,784
5,578
2,238
Other manufacturing
Textile products and apparel
Lumber, wood, furniture, and fixtures
Paper and allied products
Printing and publishing
NewsDaDers
54,534
3,718
1,139
5,703
8,668
6,766
All industries
Petroleum
Petroleum and coal products manufacturing
Other
Manufacturing
Food and kindred products
Beveraaes
other! izzz
:
. . .
other .!L;zzzzzzzzrzzz::
Rubber products
Miscellaneous plastics products
Stone, clay, and glass products
Transportation equipment
Motor vehicles and equipment
Other transportation equipment
Instruments and related products
Other
346
8,323
5,092
2,631
9,062
8,420
6,718
1,702
6,256
3,845
P)
P)
262
940
743
255
19
236
3,267
P)
64
P)
449
187
651
4,407
P)
P)
21
443
70
363
342
22
38
138
538
8,814
12,069
2,630
P)
P)
262
183
79
382
P)
12,699
P)
184
6,708
6,335
11
172
R
R
7,343
14,066
35,924
2,568
P)
2,873
3,664
fl R
3,016
185
9
175
4,187
1,474
6,938
22
6,158
R
17
46
278
-3
-3
0
281
168
98
22
77
70
1,385
1,892
2,482
1,077
5,145
3,553
P)
49
/D\
2,522
1,424
3 $
-1
/D\
o
94
P)
P)
300
1,004
31,813
1,881
5,813
5,043
311
9
7
131
0
131
235
178
94
9
P)
P)
657
737
325
796
39
3,442
2,496
1,423
6,403
3,444
1,903
1,541
5,394
3,319
166
534
123
517
296
P)
1
P)
1,298
1,176
122
411
P)
6,118
3,032
P)
1
o
P)
2
24
0
36
P)
P)
2
3
0
1
5,480
70
787
P)
P)
Finance, except depository institutions
Insurance
Real estate
Services
Hotels and other lodging places
Business services
Computer and data processing services
Other business services
Motion pictures, including television tape and film
Engineering, architectural, and surveying services
Accounting, research, management, and related services
Health services
Other services
Other industries
Agriculture, forestry, and fishing
Mining
Coal
Other
Construction
Transportation
Communication and public utilities
* Less than $500,000.
D
Suppressed to avoid disclosure of data of individual companies.
NOTE.—Estimates for 1996 are preliminary.
898
28,330
2,743
23,191
1,013
P)
P)
1,412
1,104
0
363
P)
P)
P)
1,049
82
0
82
P)
P)
167
0
125
0
42
2,619
2,012
541
489
34
10
8
1,438
4,783
3,951
3,514
110
54
39
15
56
4,339
3,573
3,214
393
76
0
76
318
C
5,594
2,403
c
1,800
C
25
P)
155
124
43
81
32
6
26
0
6,490
2,854
P)
P)
316
796
130
113
44
69
17
2
13
1
528
367
13,026
1,616
10,716
799
369
669
729
0
136
289
572
207
255
517
0
517
P)
64
31
P)
57
11
c
1,020
1,405
3,542
1,592
P)
14
P)
830
414
348
26
34
14
-1
21
1,604
13,796
1,031
1,532
P)
189
P)
122
306
798
P)
1,142
2,011
37
1,973
92
589
1,582
1,214
129
1,086
3,318
2,628
220
14
20
1
19
4
135
266
142
137
5
529
1,233
563
3
523
14,452
2,376
7,153
1,830
P)
P)
11,537
1,442
3,590
930
0
-2
134
798
6,001
364
2,701
166
167
398
893
1,087
10,658
1,003
6,017
P)
P)
771
172
2,667
114
750
1,161
1
0
P)0
P)
0
0
0
0
0
0
0
0
0
0
650
417
2,642
1,228
0
j
2,096
P)
6,338
R
18
RP)
(
P]
P)
P)
4,120
438
138
30
95
P)
56
0
38
-1
19
4,696
17,093
94
449
113
5
12
124
783
280
84
956
421
P)
P)
P)
18
442
2
35
48
654
37
5
419
P
£
R
458
98
360
8
2,676
667
589
658
397
862
P
1,843
H
24,544
1,243
2,792
7
11
113
244
96
195
5,270
P)
43
298
150
121
277
Retail trade
General merchandise stores
Food stores
Apparel and accessory stores
Other
S
410
165
68
331
54,560
1
1,004
2,172
P)
5,539
35
P
79
79
0
79
0
0
0
0
128
69
335
32
0
32
31
23
534
4
0
4
401
49
65,469
63
0
0
3,443
41,973
9,350
4,560
2,811
8,437
3,245
3,362
1,729
1,085
7,395
1,813
r
C
(
P)
5,292
Japan
c
869
2
376
19
11
196
104
1,660
Wholesale trade
Motor vehicles and equipment
Professional and commercial equipment and supplies....
Metals and minerals, except petroleum
Electrical goods
Machinery, equipment, and supplies
Other durable goods
Groceries and related products
Farm-product raw materials
Other nondurable goods
16,970
3,318
1,634
1,373
717
11,476
5,251
3,403
2,555
United
States
Total
Australia
73,960
648
Of which:
Middle
East
Africa
19,461
936
3,478
3,481
United
Kingdom
Asia and Pacific
29,299
8,503
493
Switzerland
Latin
America
and
Other
Western
Hemisphere
28
45
43
182
152
P)
P)
368
7
233
49
79
P)
P)
c
0
c
(
?
s0
8
0
n0
0
0
0
25
0
P)
P)
P)
15
1
-4
0
2
6
0
1
0
10
n0
431
n
P)
0
118
19
61
1
208
P)
P)
436
832
449
2,405
3,636
1,852
P)
2$
629
2,323
4,470
4,336
134
271
196
20,963
5,751
2,896
882
7,522
1,798
54
398
223
1,439
P)
1
P)
0
11
961
18
18
0
0
P)
935
173
108
222
359
766
316
2,087
3,190
595
2,569
547
1,329
4,325
4,318
244
151
Q
0
P)
n
15
3
0
3
P)
1
0
P)
24
0
24
0
0
0
0
0
0
0
P)
215
9
0
-3
1
0
25
0
3
180
19,633
5,632
2,642
199
816
1,023
0
24
26
2
2
0
143
3,444
20
7,326
1,721
-71
332
212
n1
0
430
1,221
R
13
-2
0
7
8
2
-20
2,836
12
2,954
P)
0
14
74
10
23
P)
0
0
n
o
3,957
29
30
P)
P
1,066
n
16
0
3
4,984
734
1,787
249
444
532
159
321
214
7
868
1,304
176
897
71
21,840
4,019
8,946
2,255
6,690
1,409
1,767
1,164
2,704
1,830
2,893
13,002
1,304
6,568
1,534
5,034
2,059
1,496
2,429
4,710
1,493
44
116
80
35
2
3,045
1,618
875
457
417
116
1
115
n
1,946
307
210
48
30
18
0
0
5
0
44
4,112
2,284
666
889
15
-1
11
0
11
0
5
0
0
0
286
593
664
264
400
-57
318
437
9
346
191
154
3
73
17
0
17
-53
69
0
0
1
0
40,398
667
5,486
1,940
3,546
3,228
11,533
19,485
4,003
33
1,678
32,225
285
3,424
1,887
1,537
2,145
9,842
16,528
3
R
3,031
59
405
281
124
P)
P)
16
1,662
38
543
1,711
518
1,529
844
293
B
8
84
0
84
694
46
P)
3P)
n0
28
8
68
sn
P)
P)
—2
604
154
0
0
8
3
27
631
164
1,471
2,858
1,022
777
6
2,082
1,016
570
117
387
62
85
22
0
6
-13
292
633
34
14,981
682
243
11
75
2
133
389
1,671
P)
P)
()
P)
p)
p)
n
345
1,325
P)
P)
4,429
165
P)
P)
o
P)
o0
P)
0
(*)
56
56
0
0
R
R
304
105
312
P)
189
-19
208
804
799
P)
n
o
8
q
n
5
(*)
5
115
5
(D)
664
397
268
17
129
302
P)
P)
1,248
59
185
-19
204
447
600
0
178
0
()•i
p)
0
66
• June 1998
SURVEY OF CURRENT BUSINESS
Table 22.1.—Employment by Nonbank U.S. Affiliates, State by Country of Ultimate Beneficial Owner, 1995
[Thousands of employees]
Europe
Of which:
All
countries
Canada
Total
France
Total
4,941.8
Germany
Netherlands
Switzerland
708.8
2,992.6
346.0
579.7
335.0
6.6
57.4
12.3
93.6
20.6
12.1
7.7
.6
13.2
11.9
1.6
10.6
13.0
1.5
.7
.6
5.8
2.3
.8
1.2
6.8
1.1
1.1
.1
.6
.5
6.9
1.0
.3
7.7
1.7
.3
7.1
.7
.5
5.3
19.9
28.1
20.7
30.8
41.8
33.0
11.9
34.0
22.6
22.5
21.9
10.2
23.2
14.2
29.5
19.5
12.3
12.0
17.6
5.0
5.1
7.6
309.8
United
Kingdom
Latin
America
and
Other
Western
Hemisphere
Asia and Pacific
Middle
East
Africa
Of which:
United
States
Total
Australia
985.7
168.6
20.9
46.3
958.4
1.0
G
I
1.1
.1
.1
.2
H
.1
.1
.3
0
.5
(*)
26
.2
.1
7.0
1.2
15.0
35.3
36.9
66.5
66.9
.4
.2
2.0
4.2
6.1
3.1
0
(*)
Q
.2
.5
.7
.3
.3
1.1
5.9
2.9
45.8
23.4
29.9
48.3
14.1
5.6
4.3
1.6
6.9
1.0
.2
.5
1.4
.8
.1
2.1
1.0
.6
1.7
.1
9.2
6.8
.2
.5
.7
1.4
.5
.7
.5
.2
.3
A
.1
.1
73.0
Japan
761.9
46.2
.5
.2
6.2
1.1
.9
13.3
.6
.1
G
.3
.3
.6
New England:
Connecticut
73.3
29.1
141.5
30.0
16.2
10.4
Maine
Massachusetts
New Hampshire
Rhode Island
Vermont
11.4
19.7
5.6
2.5
4.8
3.9
5.7
1.0
13.2
16.8
38.9
1.2
.5
1.0
8.6
5.9
.9
6.5
Mideast:
Delaware
District of Columbia
Maryland
New Jersey
New York
Pennsylvania
15.8
13.4
95.0
205.2
343.8
231.6
G
1.8
10.4
12.2
22.5
52.1
27.8
71.6
136.9
214.5
173.3
237.0
136.9
170.3
222.1
71.5
37.9
15.9
26.4
27.8
14.8
131.4
72.4
106.3
128.8
49.5
13.4
16.6
5.6
8.0
12.2
15.0
24.4
20.2
59.0
50.4
3.5
.6
1.2
9.2
1.8
2.9
3.0
3.3
4.0
5.6
1.9
.2
.2
9.6
4.7
4.5
35.4
17.0
116.9
114.2
37.0
31.1
13.8
164.4
85.9
81.6
103.2
23.6
10.0
31.3
6.8
4.9
4.3
n
0
2.1
.9
.9
8
2.0
.8
.8
1.3
4.2
8.1
n.2
.8
2.9
7.2
35.9
55.6
22.8
.1
29.7
43.6
18.0
G
.1
.6
3.5
9.3
1.2
3.7
1.1
1.9
1.6
.8
43.5
40.2
31.3
51.7
2.4
.6
.2
1.0
.5
.5
.7
.4
3.7
2.9
3.6
7.2
2.0
.1
.4
.7
1.0
3.9
3.8
Great Lakes:
Illinois
Indiana
Michigan
Ohio
Wisconsin
Plains:
Iowa
Kansas
Minnesota
Missouri
Nebraska
North Dakota
South Dakota
Southeast:
Alabama
Arkansas
Florida
Georgia
Kentucky
Louisiana
Mississippi
North Carolina
South Carolina
Tennessee
Virginia
West Virginia
35.8
34.0
79.8
79.3
15.7
3.2
4.6
c.
Southwest:
Arizona
New Mexico
Oklahoma
Texas
Rocky Mountains:
Colorado
Idaho
Montana
Utah
Wyoming
Far West:
Alaska
California
Hawaii
Nevada
Oregon
Washington
Puerto Rico
Other U.S. areas 1
Foreign 2
* Less than 50 employees.
1. See footnote 3 to table 13.
2. See footnote 4 to table 13.
60.6
32.1
210.0
180.1
83.4
51.0
22.6
225.3
111.6
136.3
141.4
31.9
51.9
16.2
34.2
326.4
72.2
11.3
4.4
28.6
6.9
39.6
20.8
10.9
4.3
4.8
34.1
6.2
19.1
12.3
1.9
5.3
9.4
53.5
19.4
187.3
12.9
41.7
2.2
1.4
4.2
.2
8.2
2.7
18.7
6.2
7.9
12.6
3.9
11.1
3.0
15.7
11.3
4.4
4.0
2.6
3.8
4.5
7.5
11.8
1.7
.4
.9
4.2
2.6
19.7
16.5
10.0
8.0
1.8
14.3
13.6
36.6
20.7
6.2
9.2
2.1
17.3
12.4
14.5
16.5
5.4
6.3
2.5
1.3
1.5
2.5
4.0
6.8
1.3
.1
.2
21.8
4.4
.4
.2
.2
1.6
1.7
9.1
19.4
1.9
6.1
.9
9.9
4.1
2.1
8.8
9.4
2.7
2.0
2.0
13.1
16.1
16.0
2.9
.8
1.2
7.9
3.2
2.4
.6
37.2
39.6
12.9
17.9
7.2
4.0
53.0
17.0
30.8
35.8
5.6
5.3
3.1
5.3
6.8
8.0
3.6
5.0
1.2
5.4
6.3
2.1
2.8
1.8
1.8
1.1
2.8
.2
1.5
12.1
21.4
35.5
22.1
3.0
.5
.2
.9
1.5
6.4
H
.9
6.4
G
3.1
.2
.2
.9
.1
6.9
13.7
14.7
O
5.8
4.5
2.9
7.8
1.3
3.8
2.7
2.4
H
.4
2.9
8.4
3.4
5.1
19.6
57.7
22.9
1.4
5.2
52.9
5.5
.9
.2
1.8
.1
18.8
1.6
.1
.1
.3
.4
.4
.2
14.2
.9
.8
.3
5.0
n
n.6
n
1.7
1.1
6.7
2.8
3.3
.2
.2
.7
.2
2.0
.3
31.1
51.3
23.9
40.7
89.4
16.7
4.3
.5
.9
1.3
3.4
.6
3.4
12.8
13.1
G
H
1.1
4.1
.3
.8
2.2
5.6
1.2
3.1
5.5
10.1
4.6
.3
.5
1.1
27.4
13.1
.5
G
.9
1.7
.1
.2
.9
.6
.3
n.1
5.3
.8
.3
I
G
.1
n
5.8
2.2
20.2
15.6
32.0
20.1
1.3
1.6
4.6
3.0
.3
1.4
.9
1.8
.7
2.2
.4
.6
.1
265.5
1.2
.1
8.9
n.2
1.6
6.9
6.2
2.9
1.0
11.3
31.4
34.4
29.6
n
n
.1
2.4
13.2
.6
.3
2.2
2.9
2.5
1.5
.1
1.8
.5
.7
.3
.3
O
n.4
71.8
2.4
n
0
4.9
4.8
7.2
9.8
2.2
.1
.4
3.6
5.7
9.8
17.3
1.2
.5
.4
2.2
.3
.1
.3
.3
.7
.3
.1
.1
.2
G
(*)
(*)
5.9
1.7
.8
3.3
548.6
48.9
25.0
49.7
83.0
12.2
28.3
43.2
n
n
57.2
42.2
33.8
55.1
2.6
8
(*)
2
o
0
8
0
1.0
n40
n.8
.2
0
6
0
.1
0
O
.2
.2
n
8
n
.6
1.4
.3
9.4
4.7
8.8
5.8
21.6
28.0
26.2
2.8
1.2
17.0
13.7
28.1
16.0
2.2
6.4
2.1
4.0
30.4
9.6
.5
.3
3.4
O
3.2
.1
2.5
185.6
37.7
12.9
143.5
34.3
14.1
19.2
1.7
1.2
.8
1.4
3.8
6.5
.4
.1
.1
.1
4.5
3.2
12.3
15.4
1.3
3.5
.3
O
.2
.3
.1
.9
.2
n
o
.1
.1
1.6
1.2
.2
.4
.1
.6
O
.1
G
.2
.3
.5
.5
3.1
1.2
8
.1
n
.6
4.1
.4
.3
.4
1.5
G
.2
n
NOTES.—Size ranges are given in employment cells that are suppressed. The size ranges are: A—1 to 499;
F - 5 0 0 to 999; G-1,000 to 2,499; H-2,500 to 4,999; 1-5,000 to 9,999; J—10,000 to 24,999; K-25,000 to 49,999;
L-50,000 to 99,999; M-100,000 or more.
Estimates for 1995 are revised.
SURVEY OF CURRENT BUSINESS
June 1998
Table 22.2.—Employment by Nonbank U.S. Affiliates, State by Country of Ultimate Beneficial Owner, 1996
[Thousands of employees]
Europe
All
countries
Of which:
Canada
Total
France
Germany
Netherlands
Switzerland
United
Kingdom
Latin
America
and
Other
Western
Hemisphere
4,977.5
618.6
3,103.9
411.8
610.2
378.8
306.2
972.6
New England:
Connecticut
Maine
Massachusetts
New Hampshire
Rhode Island
Vermont
83.3
306
163.2
30.2
19.3
9.8
5.6
112
19.4
5.6
2.4
4.9
69.2
11.7
114.7
19.8
15.3
3.5
8.1
.5
10.2
1.7
.5
.7
12.8
1.7
14.8
5.7
1.7
.6
19.0
1.2
26.8
1.1
H
0
7.1
.6
16.7
1.2
.5
1.0
14.7
6.1
37.6
8.9
7.0
.7
Mideast:
Delaware
District of Columbia
Maryland
New Jersey
New York
Pennsylvania
15.4
118
94.5
206.5
345.4
234.3
.8
13
10.3
11.1
41.2
23.1
10.5
6.9
73.1
142.3
219.5
180.3
.5
.8
6.3
22.0
29.4
23.5
1.1
.5
7.9
33.2
40.7
32.3
1.5
.4
8.3
14.6
38.5
23.7
.7
.5
5.8
23.2
22.1
9.6
5.0
4.1
34.0
34.1
66.8
71.0
A
.1
2.1
7.4
5.5
3.5
Great Lakes:
Illinois
Indiana
Michigan
Ohio
Wisconsin
229.7
124.9
157.3
2236
70.7
35.2
15.4
25.9
23.2
14.5
132.8
70.8
95.1
132.2
49.1
14.4
14.2
8.2
15.5
4.5
24.5
15.3
30.3
24.4
12.0
14.2
5.1
11.4
14.5
5.0
18.9
4.8
7.8
15.2
5.8
42.2
23.6
28.2
46.2
14.0
5.4
4.4
1.2
6.1
1.1
36.3
41.3
88.9
83.6
18.1
4.8
5.2
5.2
7.9
17.1
14.7
2.7
.6
1.3
24.5
28.1
64.4
55.0
12.3
3.1
3.3
3.2
11.4
5.2
10.2
2.1
.4
.2
3.7
4.3
9.4
13.3
1.8
1.7
.9
2.4
1.7
22.5
4.4
.4
.2
.2
1.5
2.4
3.4
7.7
1.3
.1
.1
9.1
6.9
18.6
13.9
5.7
.8
1.6
.8
.5
.8
1.6
.6
.8
61.4
35.1
2144
185.9
84.1
54.4
21.6
225.8
116.0
133 6
141.2
26.3
8.8
4.0
324
20.9
10.7
4.1
4.5
29.2
5.5
182
11.1
4.1
35.4
19.2
131.7
113.3
37.1
32.2
12.1
167.9
90.6
81.1
105.7
19.0
11.3
5.1
23.7
12.9
4.9
6.0
3.5
18.1
14.6
8.2
11.3
2.1
4.8
2.7
22.3
15.9
10.0
7.6
1.8
37.3
22.7
8.4
18.2
5.5
1.8
1.6
9.3
20.1
1.7
6.3
1.0
10.5
16.3
15.2
5.2
2.0
3.9
1.6
8.4
8.8
2.6
1.9
.6
13.5
4.6
5.3
7.9
1.4
7.8
3.8
41.3
38.6
12.4
7.1
3.2
51.5
16.4
29.9
36.4
4.5
1.9
.6
13.3
4.5
3.0
9.2
1.3
3.3
2.9
2.3
3.2
.2
56 7
15.4
350
316.9
110
2.0
51
36.0
31.6
9.1
19.9
195.4
5.5
1.1
6.2
27.8
6.8
2.2
2.7
40.1
1.9
1.8
1.1
20.7
3.1
.2
1.3
19.5
11.0
3.1
5.8
56.6
1.2
.7
3.2
22.2
69.8
11.7
4.2
32.9
6.1
9.7
2$
1.2
4.1
.3
42.4
8.6
2.5
22.8
5.5
3.8
.5
.2
1.2
1.1
6.7
4.6
.9
9.6
1.2
2.6
.2
.2
.9
.1
5.5
.8
.2
2.1
.1
18.9
1.7
.9
7.0
2.6
10.1
545.3
48.6
25.0
49.1
86.0
2.4
58.4
.9
7.3
6.1
17.2
3.6
268.6
6.6
11.3
27.4
44.8
.1
34.9
2.5
2.7
1.9
4.1
.2
52.4
.3
2.8
12.0
13.9
.7
24.3
G
1.0
1.1
4.1
.2
42.5
.4
.8
2.3
5.8
2.4
84.4
1.7
3.3
4.7
10.0
.3
16.3
2.7
.3
.5
1.1
19.4
10.3
6.4
.3
.1
.5
13.1
3.2
4.6
1.8
G
A
1.5
.1
.4
.8
.7
H
2.8
.1
.1
3.6
1.1
.4
.5
.3
.1
Total
Plains:
Iowa
Kansas
Minnesota
Missouri
Nebraska
North Dakota
South Dakota
. .
.
Southeast:
Alabama
Arkansas
Florida
....
Georgia
Kentucky
Louisiana
Mississippi
North Carolina
South Carolina
Tennessee
. .
Virginia
West Virginia
.
.
,
...
Southwest:
Arizona
New Mexico
Oklahoma
Texas
Rocky Mountains:
Colorado
Idaho
Montana
Utah
Wyoming
...
Far West:
Alaska
California
Hawaii
Nevada
Oregon
Washington
Puerto Rico
Other U S areas'
Foreign2
* Less than 50 employees.
1. See footnote 3 to table 13.
2. See footnote 4 to table 13.
. . .
Asia and Pacific
Middle
East
Africa
Of which:
Australia
155.4
22.7
c
.1
H
H
J
61.8
972.9
.7
6.2
2.4
15.1
2.2
g
1.0
27
J.7
.4
3
0
n'2
77.4
776.4
42.2
c
.1
5.2
1.2
13.8
2.0
.9
.8
.6
A
G
.2
.3
.2
G
.6
.8
.5
1.6
3.1
8.3
39.1
59.7
23.5
.8
.7
4.8
3.7
c
2.9
6.8
33.1
47.2
18.5
.2
.5
1.5
.9
.1
2.0
1.0
.7
4.7
.3
52.5
32.2
32.7
55.9
5.4
2.9
1.0
1.9
16
.8
40.7
30.1
30.0
532
4.1
1.6
5
.2
5
.1
5.1
4.2
5.8
9.6
2.3
.2
.4
.5
.5
.7
.6
3.8
2.7
2.6
7.1
2.1
.2
.4
.1
2
.3
6
.1
.3
.3
.1
.1
.1
.1
n
1.3
.5
.4
2.2
.4
A
.3
.3
.9
.3
A
n
.1
°4
1.5
1.6
O
.3
2.0
8
16
1.4
53
3.1
.3
1.3
.9
19
.7
23
.5
.6
92
7.9
228
30.7
27.3
2.7
1.2
172
13.4
27 5
16.6
1.9
.2
.1
.2
5.7
12.4
3.1
57
53.7
47
1.1
3
9.0
63
1.9
45
33.5
.4
14.1
.8
.5
5.5
.9
9.4
.3
.3
38
o
\
.3
'.5
0
0
n
13.3
10.5
32.8
37.0
30.9
5.3
2.2
20.9
15.5
31.3
19.5
2.6
.1
0
0
.7
.3
2.6
5.8
1.8
1.5
.8
3.2
.6
.3
.5
.3
*'3
{
Japan
.7
.3
.4
2.0
9.9
2.7
(*)
.3
United
States
Total
n
0
(
\
0
3.0
193.1
37.6
4.9
14.5
20.3
135
1.6
16
.7
1.3
4.6
6.5
1.2
.1
.1
.1
n
n
1
.3
H
89
8
0
0
n
13
2.2
.2
G
.4
8
n
2
.5
5
2.4
1.1
8
R
2.3
1525
34.2
31
12.9
16.5
.9
35
6
2
.4
1.5
13
3.5
1.2
9
.2
n
NOTES.—Size ranges are given in employment cells that are suppressed. The size ranges are: A—1 to 499;
F-500 to 999; G-1,000 to 2,499; H-2,500 to 4,999; 1—5,000 to 9,999; J—10,000 to 24,999; K-25,000 to 49,999;
L—50,000 to 99,999; M-100,000 or more.
Estimates for 1996 are preliminary.
68
SURVEY OF CURRENT BUSINESS
SUBJECT
June 1998
GUIDE
VOLUME 78 (1998), NUMBERS 1-6
This guide lists articles and sections by subject—giving the title, issue number, and beginning
page number.
General
1998 Release Dates for BEA Estimates. 1:34.
National
Corporate profits
Inventories and sales
Real Inventories, Sales, and Inventory-Sales Ratios for Manufacturing and Trade. Third Quarter 1997, 1:5; Fourth
Quarter 1997, 4:8.
National income and product accounts (NIPA'S)
A Guide to the NIPA'S. 3:26.
Price Indexes for Selected Semiconductors, 1974-96. 2:8.
Final Estimates. Third Quarter 1997,1:3; Fourth Quarter 1997,
Preliminary Estimates. First Quarter 1998, 6:8.
Rates of Return for Domestic Nonfinancial Corporations,
1960-97. 6:8.
Government transactions
Federal Budget Estimates, Fiscal Year 1999. 3:8.
Government Sector. Fourth Quarter and Year 1997, 4:4; First
Quarter 1998, 6:11.
State and Local Government Fiscal Position in 1997. 4:10.
Gross domestic product
Business Situation: Advance Estimates. Fourth Quarter 1997,
2:1; First Quarter 1998, 5:1.
Business Situation: Final Estimates. Third Quarter 1997, 1:1;
Fourth Quarter 1997, 4:1.
Business Situation: Preliminary Estimates. Fourth Quarter
1997> 3:1; First Quarter 1998, 6:1.
Gross product by industry
Gross Product by Industry Price Measures, 1977-96. 3:17.
Input-output accounts
U.S. Transportation Satellite Accounts for 1992. 4:16.
International
Balance of payments
U.S. International Transactions. Third Quarter 1997, 1:7;
Fourth Quarter and Year 1997, 4:51.
Foreign direct investment in the United States
The Domestic Orientation of Production and Sales by U.S.
Manufacturing Affiliates of Foreign Companies. 4:29.
New Investment in 1997 and Affiliate Operations in 1996. 6:39.
Regional
Gross state product
Gross State Product by Industry, 1977-96. 6:15.
Personal income
Local Area Personal Income, 1969-96. 5:28.
Personal Income by State and Region. Third Quarter 1997,
2:25; Fourth Quarter and Year 1997,5:7; Per Capita Personal
Income, 1997, 5:10.
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SURVEY OF CURRENT BUSINESS
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Errata
National Income and Product Accounts
In the February through May 1998 issues of the SURVEY OF CURRENT BUSINESS, four series in NIPA table 1.10
and two series in NIPA table 1.16 contained errors for the fourth quarter of 1997 and the year 1997. The corrected
estimates are provided below.
Table 1.10.—Relation of Real Gross Domestic Product, Real
Gross National Product, and Real Net National Product
[Billions of chained (1992) dollars]
1997
1997:1V
Consumption of fixed capital
812.7
Private consumption of fixed capital
677.6
695.7
Net national product
6,362.1
6,432.6
Net domestic product
6,376.5
6,449.8
831.0
Table 1.16.—Gross Domestic Product of Corporate Business
in Current Dollars and Gross Domestic Product of Nonfinancial Corporate Business in Current and Chained Dollars
[Billions of chained (1992) dollars]
1997
Consumption of fixed capital, nonfinancial corporate
business
Net domestic product, nonfinancial corporate business
1997:1V
405.6
415.7
3,702.9
3,780.3
Contents
SURVEY OF CURRENT BUSINESS
June 1998
D-l
BEA CURRENT AND HISTORICAL DATA
National, International, and Regional Estimates
This section presents an extensive selection of economic statistics prepared by the Bureau of Economic Analysis (BEA)
and a much briefer selection of collateral statistics prepared by other Government agencies and private organizations. 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.
BEA makes its economic information available on three World Wide Web sites.
The BEA Web site
<http://www.bea.doc.gov> contains data, articles, and news releases from BEA'S national, international, and regional programs. The Federal Statistical Briefing Room (FSBR) on the White House Web site <http://www.whitehouse.gov/fsbr>
provides summary statistics for GDP and a handful of other NIPA aggregates. The Commerce Departments STAT-USA Web
site <http://www.stat-usa.gov> provides detailed databases and news releases from BEA and from other Federal Government
agencies by subscription; information about STAT-us A'S Economic Bulletin Board (EBB) and Internet services may be obtained
at the Web site or by calling 202-482-1986.
The tables listed below present annual, quarterly, and monthly estimates, indicated as follows: [A] Annual estimates only;
[Q] quarterly estimates only; [QA] quarterly and annual estimates; [MA] monthly and annual estimates.
National Data
International Data
A. Selected NIPA Tables: [QA]
1. National product and income
2. Personal income and outlays
3. Government receipts, current expenditures,
and gross investment
4. Foreign transactions
5. Saving and investment
6. Income and employment by industry
7. Quantity and price indexes
8. Supplementary tables
D-2
D-6
D-7
D-11
D-13
D-16
D-17
D-24
B. Other NIPA and NiPA-related tables:
Monthly estimates: [MA]
B.i. Personal income
B.2. Disposition of personal income
,
D—27
D-27
C. Historical tables: [A]
C.i. Historical estimates for major NIPA
aggregates
D-36
C.2.-C.7. Growth rates of selected components
of real GDP
D-39
D-41
E. Charts:
Selected NIPA series
Other indicators of the domestic economy
D-51
D-52
D-53
D-56
G. Investment tables:
G.i. International investment position of the United
States [A]
D-57
G.2. USDIA: Selected items [A]
Annual estimates: [A]
B.3. GDP by industry
D-28
B.4. Personal consumption expenditures by type of
expenditure
D-29
B.5. Private purchases of structures by type
D-30
B.6. Private purchases of producers' durable
equipment by type
D-30
B.7. Compensation and wage and salary accruals
by industry
D-31
B.8. Employment by industry
D-32
B.9. Wage and salary accruals and employment
by industry per full-time equivalent
D-33
B.10. Farm sector output, gross product,
and national income
D-34
B.11. Housing sector output, gross product,
and national income
D-34
B.12. Net stock of fixed private capital, by type... D-35
D. Domestic perspectives [MA, QA]
F. Transactions tables:
F.i. U.S. international transactions in goods
and services [MA]
F.2. U.S. international transactions [QA]
F.3. Selected U.S. international transactions,
by area [Q]
F.4. Private service transactions [A]
D-58
G.3. Selected financial and operating data for nonbank
foreign affiliates of U.S. companies [A]
D-59
G.4. FDIUS: Selected items [A]
D-60
G.5. Selected financial and operating data of nonbank
U.S. affiliates of foreign companies [A]
D-61
H. International perspectives [MA, QA]
D-62
I. Charts
D-64
Regional Data
J. State and regional tables:
J.i. Total and nonfarm personal income [QA]
J.2. Percent of personal income for selected
components [A]
J.3. Per capita personal income and
disposable personal income [A]
J.4. Gross state product [A]
....D-65
D-66
D-67
D-68
K. Local area table
D-69
L. Charts
D-71
Appendixes
Appendix A: Additional information about
BEA'S NIPA estimates:
Statistical conventions
Reconciliation tables [QA]
D-73
D-74
Appendix B: Suggested reading
D-75
D-43
D-49
D-2
National Data
SURVEY OF CURRENT BUSINESS
June 1998
National Data
A. Selected NIPA Tables
The tables in this section include the most recent estimates of gross domestic product and its components;
these estimates were released on May 28, 1998 and include the "preliminary" estimates for the first quarter of
1998.
The selected set of NIPA tables shown in this section presents quarterly estimates, which are updated monthly.
In most tables, the annual estimates are also shown. Most of the "annual only" NIPA tables were presented in the
August 1997 SURVEY OF CURRENT BUSINESS; tables 8.20-8.26 were presented in the September 1997 SURVEY; and
the remaining "annual only" tables—tables 3.15-3.20 and 9.1-9.6—were presented in the October 1997 SURVEY.
Errata are published in this issue on page 70.
The selected NIPA tables are available on printouts or diskettes from BEA. TO order NIPA subscription
products using Visa or MasterCard, call the BEA Order Desk at 1-800-704-0415 (outside the United States,
202-606-9666).
The news release on gross domestic product (GDP) is available at the time of release, and the selected NIPA
tables are available later that day, on STAT-USA'S Economic Bulletin Board and Internet services; for information,
call STAT-USA on 202-482-1986. In addition, the GDP news release is available the afternoon of the day of the
release, and the selected NIPA tables are available about 2 weeks later (when the SURVEY is sent to the printer),
on BEA'S Internet site <http://www.bea.doc.gov>.
1. National Product and IncomeTable 1.1.—Gross Domestic Product
Table 1.2.—Real Gross Domestic Product
[Billions of dollars]
[Billions of chained (1992) dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1996
1997
1997
1996
1996
1998
1997
1996
1997
1998
I
Gross domestic product
7,636.0 8,079.9 7,792.9 7,933.6 8,034.3 8,124.3 8,227.4 8,344.9
Gross domestic product
IV
I
6,928.4 7,188.8 7,017.4 7,101.6 7,159.6 7,214.0 7,280.0 7,365.6
Personal consumption
expenditures
5,207.6 5,485.8 5,308.1 5,405.7 5,432.1 5,527.4 5,577.8 5,666.5
Personal consumption
expenditures
4,714.1 4,867.5 4,756.4 4,818.1 4,829.4 4,896.2 4,926.1 4,999.5
Durable goods
Nondurable goods ...
Services
634.5 659.3 638.2 658.4 644.5 667.3 666.8 688.8
1,534.7 1,592.0 1,560.1 1,587.4 1,578.9 1,600.8 1,600.9 1,621.2
3,038.4 3,234.5 3,109.8 3,159.9 3,208.7 3,259.3 3,310.0 3,356.5
Durable goods
Nondurable goods
Services
611.1 645.5 617.1 637.8 629.0 656.1 659.3 684.1
1,432.3 1,458.5 1,441.2 1,457.8 1,450.0 1,465.5 1,460.9 1,484.2
2,671.0 2,764.1 2,698.2 2,723.9 2,749.8 2,776.1 2,806.4 2,834.0
Gross private domestic
investment
1,116.5 1,242.5 1,151.1 1,193.6 1,242.0 1,250.2 1,284.1 1,352.1
Fixed investment
Nonresidential
Structures
Producers' durable
equipment
Residential
Change in business
inventories
Net exports of goods and
services
Exports
Goods
Services
Imports
Goods
Services
,
Government consumption
expenditures and gross
investment
Federal
National defense
Nondefense
State and local
1,090.7 1,174.1 1,119.2 1,127.5 1,160.8 1,201.3 1,206.8 1,248.6
781.4 846.9 807.2 811.3 836.3 872.0 868.0 896.3
215.2 230.2 227.0 227.4 226.8 232.9 233.9 230.9
566.2
309.2
616.7
327.2
580.2
312.0
583.9
316.2
609.5
324.6
639.1
329.3
634.2
338.8
665.4
352.3
25.9
68.4
31.9
66.1
81.1
48.9
77.2
103.5
-98.8
-88.7 -111.3 -105.3 -136.8
-94.8 -101.1
-88.6
870.9 957.1
617.5 686.3
253.3 270.8
965.7 1,058.1
809.0 888.5
156.7 169.6
904.6 922.2 960.3 965.8 980.0 960.4
640.5 656.2 690.0 691.1 707.9 686.5
264.2 266.0 270.3 274.8 272.1 273.8
993.2 1,021.0 1,049.0 1,077.1 1,085.4 1,097.2
834.6 855.8 880.1 905.6 912.6 919.1
158.6 165.2 168.9 171.6 172.7 178.1
1,406.7 1,452.7 1,422.3 1,433.1 1,449.0 1,457.9 1,470.9 1,463.1
520.0
352.8
167.3
886.7
523.8
350.3
173.5
928.9
517.6
350.6
167.0
904.7
516.1
343.3
172.8
917.0
526.1
350.6
175.5
923.0
525.7
352.1
173.6
932.3
527.3
355.2
172.0
943.6
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
515.3
339.3
176.0
947.7
Gross private domestic
investment
1,069.1 1,197.0 1,104.8 1,149.2 1,197.1 1,204.6 1,237.2 1,311.6
1,041.7 1,123.6 1,068.7 1,079.0 1,111.4 1,149.3 1,154.6 1,200.5
771.7 848.3 800.8 808.9 837.0 874.5 872.7 908.0
188.7 195.4 196.9 195.9 193.5 196.7 195.5 191.8
Fixed investment
Nonresidential
Structures
Producers' durable
equipment
Residential
Change in business
inventories
Net exports of goods and
services
606.7
271.1
616.6
273.3
649.3
278.2
685.3
280.1
684.8
286.3
727.7
297.2
25.0
65.7
32.9
63.7
77.6
47.5
74.0
100.7
857.0 962.7 901.1 922.7 962.5 973.0 992.7 985.0
628.4 725.0 666.2 686.2 725.8 731.8 756.3 745.8
229.9 241.7 236.8 238.9 240.8 245.0 241.8 243.8
971.5 1,109.2 1,006.6 1,048.9 1,099.1 1,137.1 1,151.8 1,199.8
823.1 947.5 857.5 891.3 938.4 972.7 987.6 1,027.8
149.0 163.0 150.0 158.4 161.8 165.8 165.9 173.6
Government consumption
expenditures and gross
investment
Residual.
659.0
279.5
-114.4 -146.5 -105.6 -126.3 -136.6 -164.1 -159.1 -214.7
Exports
Goods
Services
Imports
Goods
Services
Federal
National defense
Nondefense
State and local
586.0
272.1
1,257.9 1,269.6 1,261.8 1,260.5 1,270.1 1,273.4 1,274.4 1,264.6
,
464.2
317.8
146.1
793.7
457.0)
308.6
147.9,
812.7
-1.6
-4.3
459.6
313.6
145.7
802.3
452.8
303.9
148.5
807.7
460.1
309.4
150.2
810.1
458.8
310.3
148.0
814.7
456.1
311.1
144.8
818.3
444.5
295.6
148.3
820.2
-2.9
-3.9
-4.6
-6.0
-6.4
NOTE.—Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
indexes uses weights of more than one period, the corresponding chained-doilar estimates are usually not additive.
The residual line is the difference between the first line and the sum of the most detailed lines.
Percent changes from preceding period for selected items in this table are shown in table 8.1; contributions to
the percent change in real gross domestic product are shown in table 8.2.
D-3
National Data
SURVEY OF CURRENT BUSINESS
June 1998
Table 1.3 —Gross Domestic Product by Major Type of Product
Table 1.4.—Real Gross Domestic Product by Major Type of Product
[Billions of dollars]
[Billions of chained (1992) dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1996
1997
IV
Gross domestic product
Final sales of domestic
product
Change in business
inventories
Goods
Final sales
Change in business
inventories
Durable goods
Final sales
Change in business
inventories
Nondurable goods
Final sales
Change in business
inventories
Services
Structures
Addenda:
Motor vehicle output
Gross domestic product less
motor vehicle output
1997
1996
1996
I
IV
I
7,636.0 8,079.9 7,792.9 7,933.6 8,034.3 8,124.3 8,227.4 8,344.9
7,610.2 8,011.5 7,761.0 7,867.4 7,953.2 8,075.3 8,150.2 8,241.3
77.2 103.5
48.9
81.1
2,785.2 2,945.1 2,826.9 2,904.6 2,936.0 2,952.1 2,987.6 3,055.1
2,759.3 2,876.7 2,795.0 2,838.4 2,854.9 2,903.2 2,910.4 2,951.5
25.9
68.4
31.9
66.1
77.2 103.5
81.1
68.4
48.9
66.1
25.9
31.9
1,228.9 1,317.0 1,232.4 1,279.8 1,322.1 1,323.9 1,342.1 1,382.4
1,212.0 1,284.0 1,233.5 1,248.0 1,275.3 1,305.3 1,307.3 1,335.1
47.3
34.8
18.6
46.8
31.8
33.0
16.9
-1.1
1,556.3 1,628.1 1,594.5 1,624.7 1,613.9 1,628.2 1,645.5 1,672.7
1,547.3 1,592.7 1,561.5 1,590.4 1,579.6 1,597.9 1,603.1 1,616.4
56.3
42.4
34.4
30.3
34.3
35.3
9.0
33.0
4,187.3 4,430.4 4,282.7 4,338.2 4,400.1 4,462.3 4,521.0 4,560.7
663.6 704.4 683.3 690.8 698.2 709.8 718.8 729.1
Gross domestic product
Final sales of domestic
product
Change in business
inventories
Residual
284.2
267.2
281.4
270.4
287.4
286.3
297.8
7,364.7 7,795.7 7,525.8 7,652.2 7,764.0 7,836.9 7,929.6 8,058.6
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
1997
1996
IV
I
II
1998
I
IV
III
6,928.4 7,188.8 7,017.4 7,101.6 7,159.6 7,214.0 7,280.0 7,365.6
6,901.0 7,118.3 6,981.7 7,034.1 7,077.7 7,160.3 7,201.1 7,260.9
65.7
63.7
47.5
32.9
74.0 100.7
77.6
6.2
2.8
4.8
4.3
3.8
4.0
4.9
2,662.6 2,808.3 2,704.1 2,769.3 2,796.7 2,815.4 2,851.8 2,920.5
25.0
2.4
Goods
Final sales
.-.
Change in business
inventories
Durable goods
Final sales
Change in business
inventories
Nondurable goods
Final sales
Change in business
inventories
Services
Structures
271.4
1997
Residual
Addenda:
Motor vehicle output
Gross domestic product less
motor vehicle output
2,635.5 2,735.6 2,668.4 2,699.6 2,711.8 2,760.7 2,770.0 2,810.8
63.7
65.7
32.9
25.0
74.0 100.7
47.5
77.6
1,222.1 1,326.4 1,228.5 1,277.0 1,327.5 1,338.4 1,362.9 1,410.6
1,205.8 1,294.0 1,230.1 1,245.8 1,281.4 1,320.4 1,328.4 1,363.3
29.9
-.9
31.0
15.9
17.5
43.8
44.8
32.9
1,443.7 1,488.4 1,477.9 1,496.1 1,476.2 1,484.3 1,496.9 1,519.8
1,433.2 1,448.9 1,442.6 1,458.3 1,437.5 1,449.0 1,450.7 1,458.5
34.7
33.8
41.1
33.8
9.1
30.1
33.8
56.0
3,686.6 3,789.1 3,723.9 3,743.9 3,774.4 3,804.8 3,833.3 3,848.0
582.2 598.7 592.9 595.1 595.7 600.7 603.1 609.4
-4A -7.6 -5.0 -5.2 -7.0 -8.5 -9.5 -14.4
241.3
252.2
236.5
247.5
240.6
254.0
266.7
255.3
6,687.1 6,936.7 6,781.0 6,854.1 6,919.1 6,960.1 7,013.4 7,110.3
NOTE.—Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.
The residual line following change in business inventories is the difference between gross domestic product and
the sum of final sales of domestic product and of change in business inventories; the residual line following structures is the difference between gross domestic product and the sum of the detailed lines of goods, of services,
and of structures.
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 Real Gross Domestic Product, Real Gross
Domestic Purchases, and Real Final Sales to Domestic Purchasers
[Billions of dollars]
[Billions of chained (1992) dollars]
Gross domestic product
Less: Exports of goods and
services
Plus: Imports of goods and
services
Equals: Gross domestic
purchases
Less: Change in business
inventories
Equals: Final sales to
domestic purchasers
7,636.0 8,079.9 7,792.9 7,933.6 8,034.3 8,124.3 8,227.4 8,344.9
870.9
957.1
965.7 1,058.1
904.6
922.2
960.3
965.8
980.0
960.4
993.2 1,021.0 1,049.0 1,077.1 1,085.4 1,097.2
7,730.9 8,181.0 7,881.5 8,032.4 8,123.1 8,235.6 8,332.7 8,481.7
25.9
68.4
31.9
66.1
81.1
48.9
77.2
103.5
7,705.0 8,112.6 7,849.6 7,966.3 8,042.0 8,186.6 8,255.5 8,378.2
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
Gross domestic product
Less: Exports of goods and
services
Plus: Imports of goods and
services
Equals: Gross domestic
purchases
Less: Change in business
inventories
Equals: Final sales to
domestic purchasers
6,928.4 7,188.8 7,017.4 7,101.6 7,159.6 7,214.0 7,280.0 7,365.6
857.0
962.7
901.1
922.7
962.5
973.0
992.7
7,037.7 7,324.6 7,118.4 7,220.9 7,286.9 7,364.6 7,426.1 7,558.8
25.0
65.7
32.9
63.7
77.6
47.5
74.0
NOTE.—Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.
Percent changes from preceding period for selected items in this table are shown in table 8.1.
Table 1.8.—Real Gross Domestic Product by Sector
[Billions of dollars]
[Billions of chained (1992) dollars]
Gross domestic product
7,636.0 8,079.9 7,792.9 7,933.6 8,034.3 8,124.3 8,227.4 8,344.9
6,401.0 6,794.0 6,543.1 6,666.5 6,755.0 6,831.8 6,922.7 7,024.0
]
6,311.6 6,699.4 6,450.0 6,573.1 6,657.9 6,736.8 6,829.8 6,936.3
Nonfarm
5,652.8 6,010.1 5,777.1 5,892.5 5,971.0 6,044.2 6,132.7 6,235.4
Nonfarm less housing
658.8 689.3 673.0 680.6
692.7 697.1 700.8
Housing
97.1
93.0
Farm
94.6
93.0
87.7
93.4
95.0
89.4
Households and institutions ...
346.0 366.3 352.0 357.7 363.6 369.3 374.8 380.4
11.4
11.1
11.3
Private households
11.4
11.1
11.6
11.8
11.5
355.0 341.0 346.6 352.3 357.9 363.2
Nonprofit institutions
368.6
334.6
919.6 897.8 909.4 915.8 923.2
General government2
929.9 940.5
889.0
285.8 281.1 286.2 286.2 286.1
Federal
284.9 288.7
281.4
633.7
629.6
637.1
623.3
State and local
616.7
607.6
644.9 651.8
1. Gross domestic business product equals gross domestic product less gross product of households and institutions and of general government. Gross nonfarm product equals gross domestic business product less gross farm
product.
2. Equals compensation of general government employees plus general government consumption of fixed capital
as shown in table 3.7.
100.7
7,010.2 7,253.9 7,082.7 7,153.1 7,204.7 7,310.9 7,346.9 7,453.4
Table 1.7.—Gross Domestic Product by Sector
Businessl
985.0
971.5 1,109.2 1,006.6 1,048.9 1,099.1 1,137.1 1,151.8 1,199.8
6,928.4 7,188.8 7,017.4 7,101.6 7,159.6 7,214.0
5,842.9 6,092.1 5,928.5 6,009.6 6,064.4 6,114.4
Nonfarm
5,766.8 6,011.8 5,853.3 5,929.7 5,983.2 6,034.0
5,181.4 5,417.3 5,261.3 5,335.3 5,388.2 5,439.2
Nonfarm less housing
585.7 595.3 592.3 594.9 595.6 595.7
Housing
74.7
Farm
75.5
79.5
79.0
79.6
80.4
Households and institutions ...
311.2 320.5 314.4 316.9 319.2 321.7
Private households
9.6
10.1
9.6
9.6
9.7
9.6
Nonprofit institutions
301.1 310.9 304.8 307.4 309.6 312.1
779.3 776.6
General government2
775.9
777.7 778.8 781.1
235.9 238.9
Federal
240.9
238.2 237.1 236.3
543.7
State and local
537.9 539.9 542.1 545.2
535.2
-3.4
-2.1
Residual
-1.5
-2.7
-3.8
Gross domestic product
Business1
1
7,280.0 7,365.6
6,180.0 6,260.6
6,100.1 6,179.7
5,506.6 5,588.5
594.8 593.0
80.2
79.1
324.3 326.6
9.8
9.7
314.6 316.8
779.4
782.7
232.2
547.8
233.6
549.6
-5.9
1. Gross domestic business product equals gross domestic product less gross product of households and institutions and of general government. Gross nonfarm product equals gross domestic business product less gross farm
product.
2. Equals compensation of general government employees plus general government consumption of fixed capital
as shown in table 3.8.
NOTE.—Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.
The residual line is the difference between the first line and the sum of the most detailed lines.
D-4 • National Data
SURVEY OF CURRENT BUSINESS
June 1998
Table 1.9.—Relation of Gross Domestic Product, Gross National Product,
Net National Product, National Income, and Personal Income
Table 1.10.—Relation of Real Gross Domestic Product, Real Gross
National Product, and Real Net National Product
[Billions of dollars]
[Billions of chained (1992) dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1996
1997
1996
IV
Gross domestic product
Plus: Receipts of factor income
from the rest of the world
Less: Payments of factor income
to the rest of the world
Equals: Gross national
product
Less: Consumption of fixed
capital
Private
Capital
consumption
allowances
Less: Capital
consumption
adjustment
Government
General
government
Government
enterprises
Equals: Net national product
Less: Indirect business tax and
nontax liability
Business transfer
payments
Statistical discrepancy ...
Plus: Subsidies less current
surplus of government
enterprises
Equals: National income
1997
I
1998
II
IV
234.3
262.2
248.8
248.2
261.6
269.4
269.8
270.7
232.6
282.0
245.6
262.5
282.3
290.1
293.1
293.5
7,637.7 8,060.1 7,796.1 7,919.2 8,013.6 8,103.5 8,204.2 8,322.1
830.1
682.7
867.9
716.9
845.6
697.2
855.0
705.4
863.0
712.3
871.6
720.3
881.9
729.4
888.8
736.0
709.9
750.4
725.3
736.6
745.9
754.3
764.8
774.7
27.1
147.4
33.6
151.0
28.1
148.4
31.2
149.6
33.6
150.6
34.0
151.3
35.5
152.6
38.6
152.7
125.1
127.8
125.8
126.8
127.4
128.0
129.0
128.9
22.3
23.3
22.6
22.9
23.3
23.4
23.6
23.8
6,807.6 7,192.2 6,950.4 7,064.2 7,150.7 7,231.9 7,322.3 7,433.3
604.8
33.6
-59.9
35.3
-S6.0
25.4
26.1
625.4
625.8
634.7
625.3
610.2
616.2
34.2
-59.5
34.4
-64.3
35.0
35.9
36.0
36.3
-73.5 -103.2 -103.1 -114.4
26.0
26.1
IV
Gross domestic product ,
Plus: Receipts of factor income
from the rest of the world
Less: Payments of factor income
to the rest of the world
Equals: Gross national
product
Less: Consumption of fixed
capital
Private
Government
General
government
Government
enterprises
1997
1996
I
1998
IV
II
I
6,928.4 7,188.8 7,017.4 7,101.6 7,159.6 7,214.0 7,280.0 7,365.6
214.2
236.3
226.0
224.6
236.3
242.5
242.0
242.8
210.2
250.1
219.8
234.0
250.8
256.9
258.7
259.0
6,932.0 7,174.4 7,023.1 7,091.8 7,144.4 7,198.8 7,262.6 7,348.7
776.4
642.4
134.2
812.7
677.6
135.4
786.7
652.2
134.6
797.3
662.6
135.0
806.5
671.5
135.3
816.0
680.8
135.6
831.0
695.7
135.8
842.1
706.8
135.9
114.1
114.9
114.4
114.6
114.8
115.0
115.1
115.1
20.0
20.5
20.2
20.3
20.4
20.6
20.7
20.8
Equals: Net national product
6,155.6 6,362.1 6,236.4 6,294.5 6,338.2 6,383.3 6,432.6 6,507.8
Addenda:
Gross domestic income l
Gross national income2
Net domestic product
6,982.7 7,265.3 7,070.9 7,159.2 7,225.2 7,305.6 7,371.2 7,466.6
6,986.3 7,250.9 7,076.7 7,149.4 7,210.0 7,290.5 7,353.8 7,449.8
6,151.9 6,376.5 6,230.7 6,304.4 6,353.3 6,398.3 6,449.8 6,524.5
1. Gross domestic income deflated by the implicit price deflator for gross domestic product.
2. Gross national income deflated by the implicit price deflator for gross national product.
NOTE.—Except as noted in footnotes 1 and 2, chained (1992) dollar series are calculated as the product of
the chain-type quantity index and the 1992 current-dollar value of the corresponding series, divided by 100. Because
the formula for the chain-type quantity indexes uses weights of more than one period, the corresponding chaineddollar estimates are usually not additive.
Table 1.11.—Command-Basis Real Gross National Product
26.0
25.8
26.7
26.3
[Billions of chained (1992) dollars]
6,254.5 6,649.7 6,376.5 6,510.0 6,599.0 6,699.6 6,790.1 6,902.9
Less: Corporate profits with
inventory valuation and capital
735.9 805.0 747.8 779.6 795.1 827.3 818.1 822.5
consumption adjustments
425.1 448.7 430.6 440.5 448.1 451.8 454.2 463.3
Net interest
Contributions for social
692.0 732.1 705.1 719.5 726.9 735.0 746.9 763.6
insurance
Wage accruals less
1.2
1.2
1.2
1.1
disbursements
1.1
1.2
1.2
1.2
735.7 768.6 749.8 757.2 766.1 772.6 778.4 783.3
Plus: Personal interest income ...
Personal dividend
income
291.2 321.5 295.2 312.5 318.3 324.5 330.7 336.8
Government transfer
payments to persons
1,042.0 1,094.1 1,055.1 1,080.5 1,090.0 1,098.4 1,107.3 1,125.8
Business transfer
27.2
27.1
26.4
26.7
26.9
27.5
27.8
payments to persons
26.0
Equals: Personal income
6,495.2 6,873.9 6,618.4 6,746.2 6,829.1 6,906.9 7,013.5 7,125.9
Addenda:
Gross domestic income
Gross national income
Net domestic product
7,695.9 8,165.9 7,852.4 7,997.9 8,107.9 8,227.4 8,330.5 8,459.2
7,697.6 8,146.2 7,855.5 7,983.6 8,087.2 8,206.7 8,307.3 8,436.5
6,805.9 7,212.0 6,947.3 7,078.5 7,171.4 7,252.6 7,345.5 7,456.1
1997
I
7,636.0 8,079.9 7,792.9 7,933.6 8,034.3 8,124.3 8,227.4 8,344.9
619.4
1996
Gross national product
6,932.0 7,174.4 7,023.1 7,091.8 7,144.4 7,198.8 7,262.6 7,348.7
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 l
1,071.7 1,199.2 1,127.6 1,147.3 1,198.9 1,216.0 1,234.7 1,228.1
1,091.1 1,239.2 1,143.4 1,171.9 1,241.7 1,261.9 1,281.3 1,292.2
Equals: Command-basis gross
national product
6,951.4 7,214.4 7,038.9 7,116.4 7,187.2 7,244.8 7,309.3 7,412.8
Addendum:
Terms of trade2
101.8
103.3
101.4
102.1
103.6
103.8
103.8
105.2
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.—Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
indexes uses weights of more than one period, the corresponding chained-do liar estimates are usually not additive.
Percent changes from preceding period for selected items in this table are shown in table 8.1.
D-5
National Data
SURVEY OF CURRENT BUSINESS
June 1998
Table 1.16.—Gross Domestic Product of Corporate Business in Current
Dollars and Gross Domestic Product of Nonfinancial Corporate Business in Current and Chained Dollars
Table 1.14.—National Income by Type of Income
[Billions of dollars]
Seasonally adjusted at annual rates
1996
1997
IV
National income
Seasonally adjusted at annual rates
1997
1996
IV
I
Rental income of persons with
capital consumption
adjustment
Rental income of persons
Capital consumption
adjustment
Corporate profits with
inventory valuation and
capital consumption
adjustments
Corporate profits with
inventory valuation
adjustment
Profits before tax
Profits tax liability .'
Profits after tax
Dividends
Undistributed profits ...
Inventory valuation
adjustment
Capital consumption
adjustment
Net interest
Addenda:
Corporate profits after tax with
inventory valuation and
capital consumption
adjustments
Net cash flow with inventory
valuation and capital
consumption adjustments ...
Undistributed profits with
inventory valuation and
capital consumption
adjustments
Consumption of fixed
capital
Less: Inventory valuation
adjustment
Equals: Net cash flow
1997
520.3
37.2
544.5
40.7
528.3
40.4
534.6
40.2
543.6
43.6
547.2
40.9
552.5
38.2
556.7
32.5
45.0
48.3
48.1
47.9
51.2
48.5
45.7
39.9
-7.8
483.1
455.
-7.6
503.8
474.5
-7.8
487.9
460.0
-7.7
494.4
466.
-7.6
500.0
470.8
-7.5
506.3
477.0
-7 5
514^3
484.1
-7.4
524.2
492.2
-.1
.6
28.1
28.7
29.1
29.8
30.3
149.0
197.9
148.7
197.6
148.0
145.7
196.0
143.6
193.6
-48.9
-49.7 -50.3
-50.0
795.1
827.3
818.1
822.5
28.0
28.9
146.3
193.3
147.9
197.3
-47.0
27.5
149.:
197.3
-49.4
1.7
197.7
-48.1
735.9
674.1
676.6
229.0
447.6
304.8
142.8
805.0
735.3
729.8
249.4
480.3
336.1
144.2
747.8
683.4
680.0
226.0
454.0
309.1
144.9
779.6
711.9
708.4
241.2
467.2
326.8
,140.3
725.7
719.8
244.5
475.3
333.0
142.3
757.1
753.4
258.2
495.2
339.1
156.1
746.5
737.3
253.6
483.7
345.6
138.1
748.6
718.4
245.4
473.0
352.2
120.8
-2.5
5.5
3.3
3.5
5.9
3.6
9.2
30.2
61.8
69.7
64.4
67.7
69.4
70.3
71.6
73.9
425.1
448.7
430.6
440.5
448.1
451.8
454.2
463.3
506.9
555.6
521.8
538.4
550.6
569.1
564.5
577.1
654.3
695.1
674.6
678.9
690.2
707.9
703.4
714.6
202.1
219.5
212.6
211.5
217.6
230.0,
218.9
224.9
452.3
475.6
462.0
467.4
472.6
478.0
484.5
489.7
-2.5
656.8
5.5
689.6
3.3
671.3
3.5
675.5
5.9
684.4
3.6
704.3
9.2
694.2
30.2
684.4
1997
1996
IV
6,254.5 6,649. 6,376.5 6,510.0 6,599.0 6,699.6 6,790.1 6,902.9
Compensation of employees ... 4,426.9 4,703.6 4,520; 4,606.3 4,663.4 4,725.2 4,819.6 4,916.7
3,633.6 3,878.6 3,718.0 3,792.7 3,842.7 3,897.3 3,981.6 4,066.2
Waqe and salary accruals
642.6 665.3 648.9 657.8 662.0 667."
673/
682.1
Government
2,991.0 3,213.3 3,069.0 3,134.9 3,180.8 3,229.6 3,307.9 3,384.1
Other
Supplements to wages and
793.3 825.0 802.7 813.6 820/
827.9 837.9 850.5
salaries
Employer contributions for
385.7 408.4 393.6 401.3 405.6 410.:
416.6 425.5
social insurance
407.6 416.6 409.1 412.3 415.1 417.7 421.4 425.1
Other labor income
Proprietors' income with
inventory valuation and
capital consumption
adjustments
Farm
Proprietors' income with
inventory valuation
adjustment
Capital consumption
adjustment
Nonfarm
....
Proprietors' income
Inventory valuation
adjustment
Capital consumption
adjustment
1996
I
I
II
1998
III
IV
I
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
Domestic income
4,624.9 4,942.6 4,733.2 4,824.8 4,897.2 4,989.2 5,059.3 5,146.2
452.3
475.6
462.0
467.4
472.6
478.0
484.5
489.7
4,172.6 4,467.0 4,271.2 4,357.4 4,424.6 4,511.3 4,574.9 4,656.6
463 9 476.3 485 0 465 9 474 4 4831 481 9 4890
3,708.7 3,990.7 3,786.2 3,891.5 3,950.2 4,028.2 4,093.0 4,167.6
oompensaiion or
2,926.7 3,127.3 2,997.9 3,056.5 3,098.2 3,142.3 3,212.2 3,282.0
employees
Wage and salary
2,433.5 2,614.4 2,500.7 2,550.7 2,588.0 2,627.6 2,691.3 2,753.2
accruals
Supplements to wages
493.2 512.9 497.3 505.8 510.2 514.7 520.9 528.7
and salaries
Corporate profits with
inventory valuation and
capital consumption
640.0 706.5 640.3 682.2 694.4 727.5 721.8 723.5
adjustments
580.7 631.2 572.5 611.0 619.1 653.5 641.0 619.5
Profits before tax
229.0 249.4 226.0 241.2 244.5 258.2 253.6 245.4
Profits tax liability
351.6 381.8 346.5 369.8 374.5 395.3 387.4 374.0
Profits after tax
270.8 298.2 281.6 292.7 293.6 292.0 314.4 320.0
Dividends
77.1
83.6
80.9 103.3
64.9
80.8
73.0
Undistributed profits
54.0
Inventory valuation
-2.5
adjustment
9.2 30.2
3.6
5.9
3.5
3.3
5.5
Capital consumption
64.4
69.7
67.7
69.4
71.6
70.3
61.8
73.9
adjustment
142.1 157.0 148.0 152.8 157.6 158.4 159.0 162.1
Net interest
Gross domestic product
of financial corpqrate
business
Gross domestic product
of nonfinancial
corporate business
Consumption of fixed capital
492.5
513.2
525.1
536.1
543.0
555.3
564.8
4,132.4 4,402.8 4,220.1 4,299.7 4,361.1 4,446.3 4,504.1 4,581.4
393.4
3,739.0
Net domestic product
Indirect business tax and
nontax liability plus
business transfer payments
421.8
less subsidies
3,317.2
Domestic income
Compensation of
2,682.9
employees
Wage and salary
2,228.6
accruals
Supplements to wages
454.4
and salaries
Corporate profits with
inventory valuation and
capital consumption
545 8
adjustments
477.2
Profits before tax
154.8
Profits tax liability
322.4
Profits after tax
196.4
Dividends
126.0
Undistributed profits
inventory valuation
adjustment
Capital consumption
adjustment
Net interest
539.9
413.3
401.8
406.3
410.7
415.3
420.8
425.2
3,989.5 3,818.3 3,893.4 3,950.4 4,031.0 4,083.3 4,156.3
439.6 430.0 432.2 437.0 445.3 443.8 450.5
3,549.9 3,388.3 3,461.2 3,513.3 3,585.7 3,639.4 3,705.8
2,866.8 2,745.3 2,801.9 2,840.1 2,880.6 2,944.6 3,008.5
2,394.2 2,287.5 2,335.8 2,370.0 2,406.3 2,464.6 2,521.4
472.6
457.8
466.0
470.1
474.2
480.0
487.2
596.9
511.7
165.4
346.3
211.1
135.2
561.7
484.4
159.0
325.5
199.4
126.1
575.4
494.5
159.4
335.1
207.0
128.2
586.7
501.5
161.8
339.8
208.1
131.7
618.2
534.2
174.1
360.1
207.7
152.4
6075
516.5
166.4
350.2
221.8
128.4
6082
493.8
157.1
336.7
225.7
110.9
-2.5
5.5
3.3
3.5
5.9
3.6
9.2
30.2
71.1
88.5
79.7
86.2
74.0
81.3
77.4
83.9
79.3
86.6
80.4
87.0
81.8
87.3
84.2
89.0
Billions of chained (1992) dollars
Gross domestic product
of nonfinancial
corporate businessl ... 3,887.8 4,108.4 3,963.5 4,022.2 4,068.9 4,146.5 4,196.1 4,270.1
374.4 405.6 381.7 396.0 402.2 408.2 415.7 423.0
Consumption of fixed capital 2 ....
3,513.5 3,702.9 3,581.8 3,626.2 3,666.7 3,738.3 3,780.3 3,847.1
Net domestic product3
1. Chained-dollar gross domestic product of nonfinancial corporate business equals the current-dollar product deflated by the implicit price deflator for goods and structures in gross domestic product.
2. Chained-dollar consumption of fixed capital of nonfinancial corporate business is calculated as the product
of the chain-type quantity index and the 1992 current-dollar value of the corresponding series, divided by 100.
3. Chained-dollar net domestic product of nonfinancial corporate business is the difference between the gross
product and the consumption of fixed capital.
D-6 • National Data
June 1998
SURVEY OF CURRENT BUSINESS
2. Personal Income and Outlays,
Table 2.2.—Personal Consumption Expenditures by Major Type of
Product
Table 2.1.—Personal Income and Its Disposition
[Billions of dollars]
[Billions of dollars]
Seasonally adjusted at annual rates
1996
1997
IV
III
I
IV
3,632.5 3,877.4 3,716.9 3,791.5 3,841.6 3,896.1 3,980.4 4,065.0
2,989.9 3,212.1 3,067.9 3,133.7 3,179.6 3,228.4 3,306.7 3,382.9
909.1 960.3 927.8 942.9 952.8 961.4 984.1 997.9
674.7 706.0 685.6 694.1 700.3 706.0 723.4 730.4
:.
823.3 876.3 840.6 856.8 867.0 880.8 900.6 919.0
1,257.5 1,375.5 1,299.5 1,334.1 1,359.8 1,386.3 1,422.0 1,466.1
642.6 665.3 648.9 657.8 662.0 667.7 673.7 682.1
407.6
416.6
409.1
412.3
415.1
417.7
421.4
425.1
Proprietors' income with
inventory valuation and
capital consumption
adjustments
Farm
Nonfarm
520.3
37.2
483.1
544.5
40.7
503.8
528.3
40.4
487.9
534.6
40.2
494.4
543.6
43.6
500.0
547.2
40.9
506.3
552.5
38.2
514.3
556.7
32.5
524.2
Rental income of persons
with capital consumption
adjustment
146.3
147.9
149.2
149.0
148.7
148.0
145.7
143.6
Personal dividend income ...
291.2
321.5
295.2
312.5
318.3
324.5
330.7
336.8
Personal interest income
735.7
768.6
749.8
757.2
766.1
772.6
778.4
783.3
Transfer payments to
1,068.0 1,121.1 1,081.5 1,107.2 1,117.0 1,125.7 1,134.8 1,153.6
persons
Old-age, survivors,
disability, and health
insurance benefits
537.6 566.7 545.6 558.9 564.4 569.4 574.2 584.9
Government unemployment
21.3
21.9
insurance benefits
22.1
21.6
21.5
22.0
21.8
21.6
23.4
22.4
22.4
21.4
22.5
22.3
21.6
22.4
Veterans benefits
Government employees
retirement benefits
142.5 153.4 145.9 150.4 152.7 154.2 156.3 159.9
Other transfer payments ....
344.2 356.9 347.0 353.5 355.6 358.0 360.5 364.0
l
17.9
18.2
19.0
18.1
21.7
18.8
20.7
19.7
Family assistance
Other
322.5 338.2 326.2 333.8 336.6 339.8 342.4 346.2
Less: Personal
contributions for social
insurance
306.3
323.7
311.5
318.2
321.3
324.8
Less: Personal tax and nontax
payments
886.9
988.7
922.6
955.7
979.2
998.0 1,022.1 1,059.7
330.4
338.2
Equals: Disposable personal
income
5,608.3 5,885.2 5,695.8 5,790.5 5,849.9 5,908.9 5,991.4 6,066.3
Less: Personal outlays
5,368.8 5,658.5 5,475.4 5,574.6 5,602.8 5,700.8 5,755.6 5,844.1
Personal consumption
expenditures
Interest paid by persons
Personal transfer payments to
the rest of the world (net)
Addenda:
Disposable personal income:
Total, billions of chained
(1992) dollars2
Per capita:
Current dollars
Chained (1992) dollars
Population (mid-period,
millions)
Personal saving as a
percentage
personal income
5,207.6 5,485.8 5,308.1 5,405.7 5,432.1 5,527.4 5,577.8 5,666.5
145.2 154.8 150.5 151.9 153.1 155.1 159.1 158.8
15.9
17.9
16.7
17.0
17.6
18.2
18.7
18.8
239.6
226.7
220.4
215.9
247.0
208.2
235.8
222.1
1997
21,117 21,969 21,373 21,689 21,865 22,034 22,285 22,515
19,116 19,493 19,152 19,331 19,439 19,518 19,681 19,865
265.6
267.9
266.5
267.0
267.5
268.2
268.9
269.4
4.3
3.9
3.9
3.7
4.2
3.5
3.9
3.7
1997
1996
1998
IV
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
5,207.6 5,485.8 5,308.1 5,405.7 5,432.1 5,527.4 5,577.8 5,666.5
634.5
659.3
638.2
658.4
644.5
667.3
666.8
688.8
261.3
263.4
258.9
265.7
252.7
268.7
266.3
271.5
252.6
120.6
267.4
128.5
255.9
123.4
263.8
128.9
265.4
126.5
269.9
128.8
270.6
129.9
284.2
133.1
1,534.7 1,592.0 1,560.1 1,587.4 1,578.9 1,600.8 1,600.9 1,621.2
756.1
264.3
122.6
11.6
380.1
776.4
277.3
124.6
10.8
402.8
766.6
266.2
126.0
12.0
389.3
775.5
275.2
128.5
11.0
397.1
771.4
274.8
121.6
11.0
400.0
779.3
280.5
123.5
10.9
406.5
779.4
278.7
124.7
10.5
407.6
786.7
289.7
115.5
9.3
420.0
3,038.4 3,234.5 3,109.8 3,159.9 3,208.7 3,259.3 3,310.0 3,356.5
787.2
315.9
125.3
190.6
218.4
808.1
908.9
826.5
327.8
126.2
201.6
236.3
854.2
989.7
800.7
321.8
126.8
195.0
224.8
826.9
935.6
810.5
320.8
124.9
195.9
228.9
841.0
958.8
821.2 831.9 842.4 853.9
326.7 328.8 334.9 328.1
127.2 125.2 127.5 117.7
199.5 203.6 207.4 210.4
233.4 238.5 244.4 247.9
849.6 859.7 866.5 880.2
977.9 1,000.4 1,021.9 1,046.4
Table 2.3.—Real Personal Consumption Expenditures by Major Type of
Product
[Billions of chained (1992) dollars]
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
Residual.
5,076.9 5,221.9 5,103.8 5,161.1 5,200.9 5,234.1 5,291.4 5,352.2
1. Consists of aid to families with dependent children and, beginning with 1996, assistance programs operating
under the Personal Responsibility and Work Opportunity Reconciliation Act of 1996.
2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures.
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
1996
I
Other labor income
Equals: Personal saving
Seasonally adjusted at annual rates
1998
6,495.2 6,873.9 6,618.4 6,746.2 6,829.1 6,906.9 7,013.5 7,125.9
Personal income
Wage and salary
disbursements
Private industries
Goods-producing
industries
Manufacturing
Distributive industries
Service industries
Government
1997
1996
4,714.1 4,867.5 4,756.4 4,818.1 4,829.4 4,896.2 4,926.1 4,999.5
611.1
645.5
617.1
637.8
629.0
656.1
659.3
684.1
231.3
233.1
228.0
233.4
223.1
238.7
237.3
241.9
269.5
113.3
296.4
121.4
276.8
116.3
287.4
121.4
292.3
119.7
301.1
121.7
304.9
123.1
324.5
125.5
1,432.3 1,458.5 1,441.2 1,457.8 1,450.0 1,465.5 1,460.9 1,484.2
689.7
267.7
114.1
10.6
351.2
689.7
278.0
116.0
10.0
366.7
689.0
270.0
114.8
10.3
358.3
694.6
277.1
114.7
9.4
363.7
688.2
273.8
116.1
10.1
363.4
689.5
281.3
116.2
10.4
370.0
686.6
279.6
117.0
9.9
369.8
690.7
291.6
118.1
9.1
377.6
2,671.0 2,764.1 2,698.2 2,723.9 2,749.8 2,776.1 2,806.4 2,834.0
700.2
289.6
117.8
171.7
194.6
688.1
799.4
713.8
294.5
116.1
178.2
202.7
711.1
842.5
704.8
291.7
117.7
173.9
197.0
697.1
808.4
708.3
288.0
113.8
174.0
199.3
704.4
824.3
712.0
294.2
117.8
176.2
200.9
708.8
834.5
715.6
295.7
115.7
179.7
203.9
714.2
847.1
-5.1
-8.2
-6.0
-7.7
-7.5
-5.9
719.3
300.1
116.9
182.9
206.8
716.9
864.0
723.4
297.1
111.4
185.1
209.3
722.0
882.4
-5.9 -13.1
NOTE.—Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.
The residual line is the difference between the first line and the sum of the most detailed lines.
National Data
SURVEY OF CURRENT BUSINESS
June 1998
3. Government Receipts, Current Expenditures, and Gross InvestmentTable 3.1.—Government Receipts and Current Expenditures
[Billions of dollars]
Seasonally adjusted at annual rates
1996
1997
1997
1996
1998
IV
Receipts
Personal tax and nontax receipts
Corporate profits tax accruals
Indirect business tax and nontax accruals
Contributions for social insurance
Current expenditures
2,412.7 2,589.6 2,479.0 2,526.6 2,566.8 2,616.7 2,648.5 2,703.5
886.9
229.0
604.8
692.0
988.7
249.4
619.4
732.1
922.6
226.0
625.3
705.1
955.7
241.2
610.2
719.5
979.2
244.5
616.2
726.9
998.0 1,022.1 1,059.7
258.2 253.6 245.4
625.4 625.8 634.7
735.0 746.9 763.6
2,417.8 2,510.6 2,455.8 2,477.4 2,498.7 2,516.1 2,550.5 2,546.9
Consumption expenditures
1,182.4 1,226.8 1,197.0 1,209.7 1,221.6 1,230.8 1,244.8 1,239.3
Transfer payments (net)
To persons
To the rest of the world (net)
1,058.3 1,107.3 1,078.0 1,091.0 1,100.8 1,108.5 1,128.9 1,135.6
1,042.0 1,094.1 1,055.1 1,080.5 1,090.0 1,098.4 1,107.3 1,125.8
10.5
10.8
21.6
9.8
16.3
13.2
22.9
10.0
Net interest paid
Interest paid
To persons and business
To the rest of the world
Less: Interest received by government
165.4
317.7
246.4
71.3
152.3
165.1
319.2
228.1
91.1
154.1
168.8
320.7
241.3
79.4
152.0
164.9
317.9
233.3
84.6
153.0
164.9
319.1
227.9
91.2
154.1
165.6
319.7
225.9
93.9
154.1
165.0
320.0
225.3
94.7
155.0
161.1
316.2
222.6
93.6
155.1
Less: Dividends received by government
13.6
14.6
14.0
14.3
14.7
14.7
14.9
15.3
Subsidies less current surplus of government enterprises
Subsidies
Less: Current surplus of government enterprises
25.4
33.5
26.1
34.6
26.1
34.1
26.0
34.6
25.8
34.7
26.7
34.9
8.1
8.4
26.0
33.7
7.7
8.0
8.6
8.8
8.2
26.3
35.1
8.8
0
0
0
0
0
0
0
Less: Wage accruals less disbursements
Current surplus or deficit (-). national income and product accounts
Social insurance funds
Other
-5.1
126.6
-131.7
79.0
23.2
135.1 132.0
-56.1 -108.8
49.2 68.1 100.6
98.0
129.9 132.0 135.8 142.8
-60.7 -63.9 -35.1 -44.8
156.6
147.2
9.4
D-7
D-8
• National Data
SURVEY OF CURRENT BUSINESS
June 1998
Table 3.3.—State and Local Government Receipts and Current
Expenditures
Table 3.2.—federal Government Receipts and Current Expenditures
[Billions of dollars]
[Billions of dollars]
Seasonally adjusted at annual rates
1996
1997
1996
IV
II
Receipts
686.7
666.8
17.5
2.5
774.4
751.1
717.5
697.2
17.7
2.6
746.9
725.0
20.6
2.7
19.3
2.6
767.9
744.1
21.1
2.6
781.9
758.5
20.7
2.7
801.0
776.9
21.4
2.7
835.8
809.8
23.2
2.9
Corporate profits tax accruals ....
Federal Reserve banks
Other
194.5
20.1
174.4
211.9
21.5
190.4
192.0
20.4
171.7
204.9
20.9
184.0
207.7
21.2
186.5
219.3
21.7
197.7
215.5
22.1
193.4
208.7
22.5
186.2
Indirect business tax and nontax
accruals
Excise taxes
Customs duties
Nontaxes
95.8
56.4
19.2
20.2
91.3
58.7
19.7
12.9
110.2
59.6
16.8
33.7
88.2
56.5
18.6
13.2
Contributions for social insurance
610.5
645.9
622.0
635.3
Current expenditures
Transfer payments (net)
To persons
To the rest of the world (net)
Grants-in-aid to State and local
governments
Net interest paid
Interest paid
To persons and business
To the rest of the world
Less: Interest received by
government
Subsidies less current surplus of
government enterprises
Subsidies
Less: Current surplus of
government enterprises
Less: Wage accruals less
disbursements
Current surplus or deficit
(-), national income
and product accounts
Social insurance funds
Other
1997
92.4
59.0
20.9
12.6
92.3
60.4
19.0
13.0
92.3
60.4
19.1
12.8
641.5 648.2
658.6
673.6
92.2
59.0
20.5
12.7
1,698.1 1,752.2 1,718.8 1,730.8 1,746.0 1,752.6 1,779.5 1,761.4
451.5
463.8
453.6
458.0
464.2
464.7
468.4
456.6
10.5
791.4
780.5
10.8
794.5 810.2
784.5 788.6
21.6
10.0
812.1
802.3
9.8
217.5
219.6
222.5
224.2
230.6
225.9
231.8
256.1
176.7
229.8
254.4
91.2
231.2
255.1
161.2
93.9
231.3
255.4
79.4
228.9
253.2
168.7
84.6
94.7
228.1
251.6
158.0
93.6
24.2
24.3
24.4
24.6
23.9
24.1
23.5
37.7
33.1
38.4
34.2
38.5
33.4
38.4
33.8
38.1
34.3
37.9
34.3
39.0
34.5
38.7
34.8
-4.6
-4.2
-5.1
-4.7
-3.9
-4.5
-4.0
777.3
754.4
22.9
785.9
775.5
16.3
795.5
782.3
13.2
218.3
224.2
227.1
253.1
181.8
71.3
230.3
254.5
163.5
91.1
26.0
763.5
747.2
0
0
0
-77.1
0
-110.5
-28.8
55.3
-165.8
63.7
58.7
60.6
-92.5 -137.7 -114.2
-55.5
163.3
0
160.6
0
0
-12.1
49.0
71.3
60.4 64.4
-97.2 -75.2 -83.4
75.4
-26.4
-36.8 -10.8
1996
IV
1,587.6 1,723.4 1,641.6 1,675.3 1,709.3 1,741.8 1,767.4 1,810.4
Personal tax and nontax receipts
' Income taxes
Estate and gift taxes
Nontaxes
Consumption expenditures
Seasonally adjusted at annual rates
1998
1997
1996
Receipts
1997
I
II
1998
III
IV
I
1,043.4 1,090.4 1,054.9 1,070.9 1,080.0 1,099.1 1,111.7 1,119.0
Personal tax and nontax receipts
Income taxes
Nontaxes
Other
200.2
149.1
28.8
22.3
214.3
159.8
31.0
23.5
205.1
153.1
29.6
225
208.7
155.7
30.1
229
211.3
157.4
30.7
23.3
216.1
161.2
31.3
237
221.1
165.1
31.8
241
223.8
167.0
32.4
244
Corporate profits tax accruals ....
34.5
37.6
34.0
36.4
36.8
38.9
38.1
36.8
Indirect business tax and nontax
accruals
.
... .
Sales taxes
Property taxes
Other
508.9
249.8
202.3
56 8
528.1
257.4
208.8
62 0
515.1
251.9
204.7
58 5
522.0
256.2
206.2
596
524.0
255.6
207.8
60 6
533.0
258.4
209.4
65 2
533.5
259.3
211.9
62 4
542.5
263.1
214.4
650
Contributions for social insurance
Federal grants-in-aid
81.4
86.2
83.1
84.2
85.4
86.8
88.4
90.0
218.3
224.2
217.5
219.6
222.5
224.2
230.6
225.9
987.7 1,001.5 1,011.4
938.0
982.6
954.5
966.1
975.1
Consumption expenditures
730.9
762.9
743.3
751.7
757.4
766.1
776.4
Transfer payments to persons ...
294.8
311.8
300.6
305.1
309.5
314.0
318.7
323.5
Net interest paid
Interest paid
Less: Interest received by
government
-61.7
64.6
-65.2
64.6
-63.0
64.7
-64.0
64.6
-64.9
64.6
-65.6
64.6
-66.3
64.7
-67.0
64.7
126.3
129.8
127.7
128.6
129.5
130.3
130.9
1317
13.6
14.6
14.0
14.3
14.7
14.7
14.9
15.3
-12.3
.3
-12.2
.3
-12.5
.3
-12.3
.3
-12.2
.3
-12.1
.3
-12.4
.3
-12.5
3
12.7
12.6
12.8
12.7
12.5
12.4
12.7
12.8
0
0
0
0
0
0
0
0
Current expenditures
Less: Dividends received by
government
Subsidies less current surplus of
government enterprises
Subsidies
Less: Current surplus of
government enterprises
Less: Wage accruals less
disbursements
Current surplus or deficit
(-), national income
and product accounts
Social insurance funds
Other
782.7
105.3
107.8
100.4
104.7
104.9
111.4
110.1
107.6
71.3
34.1
71.4
36.3
71.4
28.9
71.3
33.5
71.6
33.3
71.4
40.0
71.5
38.6
71.8
35.8
National Data • D-9
SURVEY OF CURRENT BUSINESS
June 1998
Table 3.7.—Government Consumption Expenditures and Gross
Investment by Type
Table 3.8.—Real Government Consumption Expenditures and Real Gross
Investment by Type
[Billions of dollars]
[Billions of chained (1992) dollars]
Seasonally adjusted at annual rates
1996
Government consumption
expenditures and
gross investment'
1997
Seasonally adjusted at annual rates
1,406.7 1,452.7 1,422.3 1,433.1 1,449.0 1,457.9 1,470.9 1,463.1
520.0
523.8
517.6
516.1
526.1
525.7
527.3
515.3
National defense
Consumption expenditures
Durable goods 2
Nondurable goods
Services
Compensation of
general government
employees, except
force-account
construction3
Consumption of
general government
fixed capital 4
Other services
Gross investment
Structures
Equipment
352.8
305.7
22.3
7.9
275.6
350.3
310.9
20.9
7.1
282.9
350.6
307.6
20.6
7.2
279.8
343.3
306.4
20.6
7.6
278.2
350.6
311.3
21.9
6.8
282."
352.1
311.6
20.5
7.2
283.9
355.2
314.4
20.;
7.0
286.6
339.3
301.4
20.3
6.5
274.5
135.:
135.9
134.7
136.8
136.1
135.8
134.8
136.9
57.3
83.0
47.0
6.8
40.
57.0
90.0
39.4
6.2
33.1
57.1
87.9
42.9
6.6
36.3
57.1
84.3
37.0
6.:
30.7
57.0
89.6
39.3
6.
33.1
56.9
91
40.5
6.2
34.
57.0
94.9
40.8
6
34.5
56.6
81.1
37.9
6.3
31.7
Nondefense
Consumption expenditures
Durable goods 2
Nondurable goods
Commodity Credit
Corporation
inventory change ...
Other nondurables
Services
Compensation of
general government
employees, except
force-account
construction3
Consumption of
general government
fixed capital4
Other services
Gross investment
Structures
Equipment
167.3
145.7
.9
5.7
173.5
152.9
.7
6.9
167.0
146.0
172.8
151.7
.9
6.6
175.5
152.9
.8
6.7
173.6
153.1
.6
6.6
172.0
154.0
.6
7i6
176.0
155.2
.8
7.3
-.4
6.1
139.2
-.1
6.9
145.4
5.9
139.9
0
6.6
144.2
6.8
145.5
-.2
6.8
145.9
.2
7.4
145.8
0
7.3
147.1
77.5
81.1
77.8
80.6
81.4
81.4
81.1
83.1
11.2
50.4
21.5
11.3
10.2
11.8
52.5
20.6
10.2
10.3
11.4
50.7
21.0
11.4
9.6
11.5
52.0
21.1
11.2
9.9
11.7
52.5
22.6
10.5
12.0
11.8
52.7
20.5
10.9
9.6
12.0
52.7
18.0
8.2
9.8
12.1
52.0
20.8
10.7
10.1
State and local
Consumption expenditures
Durable goods 2
Nondurable goods
Services
Compensation of general
government
employees, except
force-account
construction3
Consumption of general
government fixed
capital4
Other services
Gross investment
Structures
Equipment
886.7
730.9
15.3
78.2
637.5
928.9
762.9
15.8
80.6
666.5
904.7
743.3
15.5
80.3
647.6
917.0
751.7
15.6
81.0
655.1
923.0
757.4
15.7
79.9
661.8
932.3
766.1
15.9
80.3
669.9
943.6
776.4
16.1
81.2
679.1
947.7
782.7
16.2
79.6
686.9
547.2
570.6
555.4
561.1
566.7
573.7
580.8
587.4
56.6
33.7
155.7
128.5
27.3
59.0
36.9
166.0
138.4
27.6
57.3
34.9
161.4
133.9
27.4
58.1
36.0
165.2
137.7
27.5
58.7
36.3
165.6
138.0
27.6
59.2
37.0
166.2
138.5
27.7
60.0
38.4
167.2
139.5
27.7
60.3
39.2
165.1
137.1
28.0
763.9
212.8
551.0
791.8
217.1
574.7
772.0
212.6
559.4
782.7, 788.4
217.5 217.5
565.2| 570.9
795.2
217.3
577.9
800.9
216.0
585.0
811.6
220.0
591.5
Federal
Addenda:
Compensation of general
government employees 3 ....
Federal
State and local
Government consumption
expenditures and
gross investmentl
Federal
1997
1996
1997
1998
1,257.9 1,269.6 1,261.8 1,260.5 1,270.1 1,273.4 1,274.' 1,264.6
464.2
457.0
459.6
452.8
458.8
456.1
444.5
National defense
Consumption expenditures
Durable goods 2
Nondurable goods
Services
Compensation of
general government
employees, except
force-account
construction3
Consumption of
general government
fixed capital 4
Other services
Gross investment
Structures
Equipment
317.8
275.5
21.8
7.2
246.5
308.6
272.9
20.3
6.6
245.8
313.6
274.4
20.2
6.2
247.8
303.9
270.3
20.0
6.6
243.5
309.4
273.9
21.2
6.3
246.3
310.3
273.6
19.9
6.!
246.6
311.1
273.9
20.2
6.6
246.9
295.6
261.0
19.8
6.6
234.5
117.2
112.9
115.4
114.
113.3
113.0
111.0
111.0
51.4
78.0
42.3
5.6
36.5
50.4
83.0
35.7
5.0
30.6
51.0
81.6
39.2
5.4
33.
50.8
78.4
33.5
5.0
28.2
50.5
83.0
35.4
4.9
30.3
50.3
83.9
36.
4.9
31.7
50.0
86.7
37.2
5.0
32.1
49.6
73.9
34.6
5.0
29.4
Nondefense
Consumption expenditures
Durable goods 2
Nondurable goods
Commodity Credit
Corporation
inventory change ...
Other nondurables
Services
Compensation of
general government
employees, except
force-account
construction3
Consumption of
general government
fixed capital 4
Other services
Gross investment
Structures
Equipment
146.1
125.3
1.1
5.1
147.9
127.6
1.1
6.2
145.7
125.1
.9
5.1
148.5
127/
1.:
6.0
150.2
128.2
1.2
6.0
148.0
127.8
1.0
5.9
144.8
126.6
1.1
6.8
148.3
127.7
1.2
6.6
5.4
119.1
-.1
6.2
120.4
5.3
119.1
0
6.0
120.6
6.1
121.1
6.1
120.9
6.6
118.9
.1
6.6
120.0
61.3
61.2
61.4
61.6
61.9
61.5
59.7
61.2
10.8
47.4
21.0
10.0
11.1
11.3
48.5
20.3
8.8
11.9
11.0
47.:
20.6
10.0
10.7
11.1
48.3
20.8
9.8
11.3
11.2
48.6
22.2
9.1
13.8
11.3
48.7
20.3
9.3
11.2
11.5
48.6
17.8
6.9
11.6
11.6
47.8
20.7
9.0
12.1
State and local
Consumption expenditures
Durable goods 2
Nondurable goods
Services
Compensation of general
government
employees, except
force-account
construction3
Consumption of general
government fixed
capital4
Other services
Gross investment
Structures
Equipment
793.7
653.6
14.4
71.5
567.9
812.7
666.6
14.8
74.1
577.9
802.3
657.8
14.6
72.5
570.9
807.7
661.1
14.7
73.2
573.5
810.1
664.3
14.8
73.8
576.0
814.7
668.6
14.9
74.4
579.5
818.3
672.5
15.0
75.1
582.7
820.2
676.4
15.1
75.8
585.8
479.9
486.9
482.0
483.5
485.4
488.2
490.5
492.2
52.0
37.4
140.1
112.8
27.4
53.4
39.4
146.1
117.4
28.8
52.6
37.9
144.5
116.6
28.0
52.9
38.8
146.6
118.4
28.3
53.2
39.0
145.8
117.2
28.6
53.5
39.6
146.1
117.2
29.1
53.8
40.2
145.8
116.8
29.3
54.2
41.6
143.8
114.2
30.1
-2.1
-2.9
-2.2
-2.1
-3.1
-3.0
-4.1
-3.5
661.9
178.9
483.2
664.5
174.6
490.5
662.3
177.2
485.4
663.2
176.5
487.1
664.1
175.6
489.0
666.2
175.0
491.7
664.4
171.1
494.0
667.7
172.7
495.6
Residual
1. Gross government investment consists of general government and government enterprise expenditures for fixed
assets; inventory investment is included in government consumption expenditures.
2. Consumption expenditures for durable goods excludes expenditures classified as investment, except for goods
transferred to foreign countries by the Federal Government.
3. Compensation of government employees engaged in new force-account construction and related expenditures
for goods and services are classified as investment in structures. The compensation of all general government employees is shown in the addenda.
4. Consumption of fixed capital, or depreciation, is included in government consumption expenditures as a partial
measure of the value of the services of general government fixed assets; use of depreciation assumes a zero
net return on these assets.
1996
1998
1997
1996
Addenda:
Compensation of general
government employees 3 ....
Federal
State and local
NOTE.-Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.
The residual line is the difference between the first line and the sum of the most detailed lines, excluding the
lines in the addenda.
See footnotes to table 3.7.
D-10
• National Data
SURVEY OF CURRENT BUSINESS
June 1998
Table 3.10.—National Defense Consumption Expenditures and Gross
Investment
Table 3.11.—Real National Defense Consumption Expenditures and Real
Gross Investment
[Billions of dollars]
[Billions of chained (1992) dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1996
1997
1997
1996
1998
National defense
consumption
expenditures and
gross investmentl
352.8
350.3
350.6
343.3
350.6
352.1
355.2
339.3
National defense
consumption
expenditures and
gross investment'
Consumption expenditures....
305.7
310.9
307.6
306.4
311.3
311.6
314.4
301.4
Consumption expenditures ....
Durable goods2
Aircraft
Missiles
Ships
Vehicles
Electronics
Other durable goods ........
22.3
9.7
3.2
.9
1.0
2.6
5.0
20.9
9.6
3.0
.7
.9
2.5
4.3
20.6
9.2
2.8
.6
.9
2.3
4.8
20.6
9.2
2.8
.7
1.2
2.5
4.1
21.9
10.1
3.1
.7
.9
2.6
4.4
20.5
9.2
3.2
.7
.8
2.6
4.0
20.7
9.8
2.9
.6
.6
2.4
4.4
20.3
9.5
2.8
.6
.7
2.5
4.2
7.9
7.1
7.2
7.6
6.8
7.2
7.0
6.5
3.4
1.1
3.4
2.9
1.3
3.0
3.0
.7
3.6
3.1
1.5
3.0
3.0
1.1
2.7
3.0
1.1
3.2
2.5
1.5
3.1
2.0
1.4
3.1
275.6
282.9
279.8
278.2
282.7
283.9
286.6
274.5
Nondurable goods
Petroleum products
Ammunition
Other nondurable goods ..
Services
Compensation of general
government employees,
except force-account
construction3
Military
Civilian
Consumption of general
government fixed
capital4
Other services
Research and
development
Installation support
Weapons support
Personnel support
Transportation of
material
Travel of persons
Other
Gross investment
135.2
85.8
49.4
135.9
86.7
49.1
134.7
86.2
48.5
136.8
87.1
49.7
136.1
86.7
49.4
135.8
86.8
49.0
134.8
86.3
48.5
136.9
87.5
49.3
57.3
83.0
57.0
90.0
57.1
87.9
57.1
84.3
57.0
89.6
56.9
91.2
57.0
94.9
56.6
81.1
23.5
27.4
6.3
19.0
27.5
26.8
6.8
22.3
26.2
26.4
8.0
20.5
25.8
25.9
5.9
20.2
27.5
26.7
6.9
22.4
25.9
27.9
7.7
23.3
30.7
26.7
6.8
23.5
24.1
24.0
5.0
21.5
4.7
4.3
-2.1
4.4
3.8
4.7
4.1
4.2
3.9
4.1
3.7
4.6
3.7
4.7
3.7
-1.6
-1.9
4.5
3.9
-1.1
-2.0
-1.5
-1.1
-2.0
39.4
42.9
37.0
39.3
40.5
40.8
37.9
6.2
33.1
5.8
3.0
6.1
1.2
3.3
13.7
6.6
36.3
5.9
3.7
6.3
.8
3.2
16.3
6.3
6.2
33.1
4.0
3.4
6.7
1.3
3.4
14.3
6.2
34.3
6.8
2.9
6.4
1.3
3.3
13.5
6.3
34.5
7.5
2.9
5.8
1.2
3.1
14.0
6.3
31.7
4.6
3.0
6.3
1.2
3.3
13.3
47.0
Structures
Equipment
Aircraft
Missiles
Ships
Vehicles
Electronics
Other equipment
Addendum:
Compensation of general
government employees 3 ..
40.2
9.3
4.1
6.8
.9
3.6
15.5
30.7
4.7
2.9
5.6
1.0
3.3
13.2
Nondurable goods
Petroleum products
Ammunition
Other nondurable goods ..
Services
Compensation of general
government employees,
except force-account
construction3
Military
Civilian
Consumption of general
government fixed
capital4
Other services
Research and
development
Installation support
Weapons support
Personnel support
Transportation of
material
Travel of persons
Other
Gross investment
Structures
Equipment
Aircraft
Missiles
Ships
Vehicles
Electronics
Other equipment
1997
1996
317.8
308.6
313.6
303.9
309.4
310.3
311.1
295.6
275.5
272.9
274.4
270.3
273.9
273.6
273.9
261.0
21.8
9.3
3.4
.8
.9
2.7
4.6
20.3
9.3
3.0
.7
.8
2.7
3.9
20.2
8.9
3.1
.5
.9
2.4
4.4
20.0
8.9
2.9
.7
1.2
2.6
3.8
21.2
9.8
3.1
.7
.9
2.8
4.0
19.9
8.9
3.2
.7
.7
2.8
3.7
20.2
9.6
2.9
.6
.6
2.5
4.0
19.8
9.2
2.8
.6
.6
2.7
3.9
7.2
6.6
6.2
6.6
6.3
6.9
6.6
6.6
3.1
1.0
3.2
2.8
1.1
2.8
2.4
.6
3.4
2.6
1.3
2.8
2.9
.9
2.6
3.1
.9
3.0
2.5
1.3
2.9
2.5
1.2
2.9
246.5
245.8
247.8
243.5
246.3
246.6
246.9
234.5
117.2
76.9
40.4
112.9
74.9
38.2
115.4
76.1
39.4
114.5
75.5
39.0
113.3
74.8
38.6
113.0
74.9
38.2
111.0
74.4
36.9
111.0
742
37.1
51.4
78.0
50.4
.83.0
51.0
81.6
50.8
78.4
50.5
83.0
50.3
83.9
50.0
86.7
49.6
73.9
23.5
24.9
5.7
17.2
27.0
24.2
6.0
19.6
26.0
23.8
7.1
18.1
25.7
23.5
5.2
17.7
27.1
24.2
6.1
19.8
25.4
25.2
6.7
20.5
29.9
23.9
5.9
20.3
23.5
21.6
4.3
18.4
4.7
4.1
-1.9
4.3
3.5
-1.4
4.6
3.8
4.4
3.6
4.1
3.6
4.0
3.4
4.6
3.4
4.6
3.3
-1.6
-1.6
-1.7
-1.3
-1.0
-1.6
42.3
35.7
39.2
33.5
35.4
36.7
37.2
346
5.6
5.0
36.5
7.1
4.4
6.1
.8
4.4
14.1
30.6
4.9
3.0
5.4
1.0
4.5
12.3
5.4
33.7
5.0
4.0
5.6
.7
4.2
14.7
5.0
28.2
4.0
2.9
4.9
.9
4.3
11.8
4.9
30.3
3.3
3.4
5.9
1.1
4.6
12.7
4.9
31.7
5.9
2.9
5.6
1.1
4.5
12.0
5.0
32.1
6.5
2.8
5.1
1.0
4.4
12.6
-1.3
-.9
-.5
-1.3
-.9
-1.5
29.4
3.9
2.9
5.(3
1.1
4.7
11.9
-.9
112.9
115.4
114.5
113.3
113.0
111.0
111.0
Residual
135.2
135.9
134.7
136.8
136.1
135.8
134.8
136.9
1. Gross government investment consists of general government and government enterprise expenditures for fixed
assets; inventory investment is included in government consumption expenditures.
2. Consumption expenditures for durable goods excludes expenditures classified as investment, except for goods
transferred to foreign countries.
3. Compensation of government employees engaged in new force-account construction and related expenditures
for goods and services are classified as investment in structures. The compensation of all general government employees is shown in the addendum.
4. Consumption of fixed capital, or depreciation, is included in government consumption expenditures as a partial
measure of the value of the services of general government fixed assets; use of depreciation assumes a zero
net return on these assets.
Durable goods 2
Aircraft
Missiles
Ships
.
Vehicles
Electronics
,
Other durable goods
1996
Addendum:
Compensation of general
government employees 3 ..
117.2
1997
1998
50
NOTE.-Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.
The residual line is the difference between the first line and the sum of the most detailed lines, excluding the
line in the addendum.
See footnotes to table 3.10.
D-ll
National Data
SURVEY OF CURRENT BUSINESS
June 1998
4. Foreign TransactionsTable 4.1.—foreign Transactions in the National Income and Product
Accounts
Table 4.2.—Real Exports and Imports of Goods and Services and
Receipts and Payments of Factor Income
[Billions of dollars]
[Billions of chained (1992) dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1996
the world
Exports of goods and services .
Goods 1
Durable
Nondurable
Services *
Receipts of factor income
1997
1997
1996
1,105.1 1,219.3 1,153.4 1,170.4 1,221.9 1,235.2 1,249.9 1,231.1
870.9 957.1 904.6 922.2 960.3 965.8 980.0 960.4
617.5 686.3 640.5 656.2 690.0 691.1 707.9 686.5
421.2 481.5 438.8 455.9 486.3 485.6 498.2 489.9
196.3 204.8 201.6 200.3 203.7 205.4 209.8 196.6
253.3 270.8 264.2 266.0 270.3 274.8 272.1 273.8
234.3 262.2 248.8 248.2 261.6 269.4 269.8 270.7
Capital grants received by the
United States (net)
Payments to the rest of
the world
,
1,105.1
1,219.3 1,153.4 1,170.4 1,221.9 1,235.2 1,249.9 1,231.1
Imports of goods and services .
Goods 1
Durable
Nondurable
Servicesl
965.7 1,058.1
809.0 888.5
533.6 589.9
275.5 298.6
156.7 169.6
Payments of factor income
232.6
282.0
15.9
16.3
7.6
39.4
17.9
13.2
8.2
Transfer payments (net)
From persons (net)
From government (net)
From Business
Net foreign investment
-132.9 -160.2
993.2 1,021.0 1,049.0 1,077.1 1,085.4 1,097.2
834.6 855.8 880.1 905.6 912.6 919.1
541.3 563.4 583.8 603.2 609.2 624.3
293.3 292.5 296.3 302.4 303.4 294.9
158.6 165.2 168.9 171.6 172.7 178.1
245.6
47.4
16.7
22.9
7.8
-132.9
262.5
282.3
290.1
293.1
293.5
35.2
17.0
10.5
7.7
36.5
17.6
10.8
8.1
36.9
18.2
10.0
8.7
48.9
18,7
21.6
8.5
37.1
18.8
9.8
8.6
-148.4 -146.0 -168.9 -177.4 -196.7
1. Exports and imports of certain goods, primarily military equipment purchased and sold by the Federal Government, are included in services. Beginning with 1986, repairs and alterations of equipment were reclassified from
goods to services.
Exports of goods and services
Goods1
Durable
Nondurable
Servicesl
1996
1997
1996
IV
I
857.0
628.4
463.3
169.1
229.9
962.7
725.0
553.2
180.6
241.7
901.1
666.2
494.0
177.0
236.8
922.7
686.2
517.0
176.0
238.9
962.5
725.8
555.8
179.2
240.8
973.0
731.8
559.8
181.1
245.0
992.7
756.3
580.0
186.1
241.8
985.0
745.8
577.8
179.1
243.8
236.3
226.0
224.6
236.3
242.5
242.0
242.8
1997
1998
IV
I
Receipts of factor income
214.2
Imports of goods and services
Goods l
Durable
Nondurable
Servicesl
971.5 1,109.2 1,006.6 1,048.9 1,099.1 1,137.1 1,151.8 1,199.8
823.1 947.5 857.5 891.3 938.4 972.7 987.6 1,027.8
569.9 671.1 596.6 630.8 660.7 688.5 704.2 735.6
253.5 279.5 261.6 263.3 280.1 287.2 287.4 296.8
149.0 163.0 150.0 158.4 161.8 165.8 165.9 173.6
Payments of factor income
210.2
250.1
219.8
234.0
250.8
256.9
258.7
259.0
1. Exports and imports of certain goods, primarily military equipment purchased and sold by the Federal Government, are included in services. Beginning with 1986, repairs and alterations of equipment are reclassified from goods
to services.
NOTE.—Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.
D-12 • National Data
June 1998
SURVEY OF CURRENT BUSINESS
Table 4.3.—Exports and Imports of Goods and Services by Type of
Product
Table 4.4.—Real Exports and Imports of Goods and Services by Type of
Product
[Billions of dollars]
[Billions of chained (1992) dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
Exports of goods and
services
Exports of goods l
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
Exports of services'
Transfers under U.S. military
agency sales contracts
Travel
Other transportation
Royalties and license fees
Other private services
Other
Imports of goods and
services
Imports of goods l
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
Imports of services1
Direct defense expenditures...
Travel
Passenger fares
Other transportation
Royalties and license fees
Other private services
Other
Addenda:
Exports of agricultural goods 2
Exports of nonagricultural
goods
Imports of nonpetroleum
goods
1997
1996
1997
1996
870.9
617.5
55.5
957.1
686.3
51.0
904.6
640.5
55.8
922.2
656.2
141.0
51.0
90.1
152.7
55.0
97.7
253.1
30.8
1998
51.1
960.3
690.0
48.6
965.8
691.1
49.6
980.0
707.9
54.9
960.4
686.5
48.6
145.9
51.9
94.0
147.4
53.2
94.3
154.0
55.7
98.
155.3
55.5
99.8
154.0
55.8
98.2
148.6
56.5
92.1
294.3
265.3
275.9
296.9
298.4
306.1
298.1
41.4
36.7
39.6
45.5
36.3
44.3
48.1
43.7
178.6
49.5
203.5
43.3
185.2
46.3
190.0
50.1
201.3
52.6
209.5
48.8
213.1
44.8
205.3
65.0
73.6
67.0
70.9
73.4
73.1
77.0
77.8
70.1
35.8
34.3
32.7
16.3
16.3
253.3
77.5
40.0
37.6
37.1
18.5
18.5
270.8
72.9
37.8
35.1
33.5
16.8
16.8
264.2
75.3
38.1
37.2
35.6
17.8
17.8
266.0
78.9
41.2
37.7
38.2
19.1
19.1
270.3
77.0
39.8
37.2
37.7
18.8
18.8
274.8
79.0
40.7
38.2
36.9
18.5
18.5
272.1
78.1
39.9
38.2
35.3
17.6
17.6
273.8
13.5
69.9
20.6
27.2
30.0
72.2
19.9
13.4
73.6
21.3
29.1
31.5
80.5
21.5
14.9
72.7
21.1
28.6
30.8
75.2
20.8
12.3
74.5
21.3
28.2
30.9
77.7
21.0
14.0
72.6
21.2
28.8
31.9
80.2
21.5
14.2
74.1
21.5
29.2
31.8
82.5
21.6
13.0
73.0
21.3
30.3
31.5
81.5
21.6
14.8
72.5
21.2
30.1
31.3
82.2
21.7
965.7 1,058.1
809.0 888.5
39.7
35.7
993.2 1,021.0 1,049.0 1,077.1 1,085.4 1,097.2
834.6 855.8 880.1 905.6 912.6 919.1
41.6
40.1
40.5
36.7
40.0
38.0
125.2
63.1
62.1
72.7
135.0
69.1
65.9
71.8
128.7
64.9
63.8
82.2
130.7
65.7
65.0
76.7
134.3
69.4
64.9
71.0
137.6
70.3
67.3
70.4
137.5
71.0
66.6
69.2
141.1
73.0
68.2
55.0
229.0
254.2
231.4
237.3
251.7
262.5
265.4
266.6
12.7
16.7
14.0
13.6
15.5
19.0
18.6
18.0
61.5
154.9
70.1
167.4
62.8
154.6
65.5
158.2
70.5
165.6
73.6
169.9
70.9
175.9
70.9
177.8
128.9
141.4
128.9
142.2
138.3
143.7
141.4
150.1
171.0
89.3
81.7
46.4
23.2
23.2
192.8
98.4
94.4
53.5
26.8
26.8
169.6
11.6
53.2
17.5
29.9
8.2
42.5
6.8
179.4
92.4
87.0
47.2
23.6
23.6
158.6
10.9
49.0
16.2
28.7
7.1
40.0
6.8
181.2
93.2
88.0
49.6
24.8
24.8
165.2
11.2
52.3
17.1
29.3
7.6
40.9
6.8
192.0
98.0
94.1
52.8
26.4
26.4
195.1
98.8
96.3
55.8
27.9
27.9
168.9
11.4
52.6
17.2
30.0
8.4
42.4
6.8
171.6
11.5
53.0
17.6
29.9
8.8
43.9
6.9
203.0
103.5
99.5
56.0
28.0
28.0
172.7
208.4
106.5
101.9
56.2
28.1
28.1
178.1
12.4
55.9
18.3
30.5
9.8
44.4
6.8
156.7
10.9
48.7
15.8
28.5
7.3
38.9
6.6
12.2
54.7
18.1
30.4
7.9
42.7
6.8
61.5
58.3
61.8
57.3
56.4
58.1
61.4
55.2
556.0
628.0
578.7
598.9
633.5
632.9
646.5
631.4
736.3
816.7
752.4
779.1
809.1
835.2
843.5
864.1
1. Exports and imports of certain goods, primarily military equipment purchased and sold by the Federal Government, are included in services. Beginning with 1986, repairs and alterations of equipment are reclassified from goods
to services.
2. Includes parts of foods, feeds, and beverages; of nondurable industrial supplies and materials; and of nondurable nonautomotive consumer goods.
Exports of goods and
services
Exports of goods l
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
Exports of servicesl
Transfers under U.S. military
agency sales contracts
Travel
Passenger fares
Other transportation
Royalties and license fees
Other private services
Other
Residual
Imports of goods and
services
Imports of goods l
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
Imports of servicesx
Direct defense expenditures
Travel
Passenger fares
Other transportation
Royalties and license fees
Other private services
Other
Residual
Addenda:
Exports of agricultural goods 2
Exports of nonagricultural
goods
Imports of nonpetroleum goods
1997
1996
1997
1996
857.0
628.4
44.0
962.7
725.0
43.8
901.1
666.2
47.;
922.7
686.
43.
962.5
725.8
40.9
973.0
731.8
42.7
992.7
756.3
48.3
985.0
745.8
44.7
121.9
44.8
77.1
132.4
48.8
83.7
126.6
46.3
80.4
127.6
46.9
80.8
133.5
49.1
84.5
134.3
48.9
85.4
134.2
50.2
84.1
132.7
51.4
81.4
310.4
388.0
337.2
356.1
388.7
396.0
411.4
407.9
27.0
35.0
31.8
33.7
38.7
30.6
37.2
40.3
97.2
203.3
145.9
241.9
106.8
217.2
122.3
224.7
142.5
238.7
160.7
249.4
158.0
254.7
161.1
246.2
62.4
70.1
64.1
67.6
69.8
69.5
73.2
73.9
67.3
34.9
32.4
31.5
15.8
15.8
229.9
73.8
38.5
35.3
36.8
18.4
18.4
241.7
69.8
36.8
33.0
33.0
16.5
16.5
236.8
71.8
36.8
35.0
35.1
17.6
17.6
238.9
75.2
39.7
35.5
37.8
18.9
18.9
240.8
73.2
38.4
34.8
37.5
18.7
18.7
245.0
75.0
39.2
35.8
36.7
18.4
18.4
241.8
74.2
38.5
35.7
35.5
17.7
17.7
243.8
12.2
62.6
18.7
25.8
27.4
67.0
16.3
-27.7
12.1
64.0
20.1
27.5
28.4
73.6
16.4
-59.2
13.5
64.4
18.8
26.7
28.0
69.3
16.2
-32.4
11.1
65.3
20.7
26.5
28.0
71.4
16.3
-42.8
12.6
63.4
19.4
27.2
28.8
73.5
16.3
-55.9
12.8
64.6
19.9
27.8
28.6
75.4
16.4
-70.3
11.7
62.8
20.3
28.6
28.3
74.2
16.4
-67.1
13.5
62.1
20.2
29.3
28.0
74.8
16.5
-68.0
1998
971.5 1,109.2 1,006.6 1,048.9 1,099.1 1,137.1 1,151.8 1,199.8
823.1 947.5 857.5 891.3 938.4 972.7 987.6 1,027.8
35.5
33.2
34.2
36.2
32.3
35.3
36.1
38.0
114.2
57.3
56.8
63.8
123.2
61.7
61.5
66.7
117.7
59.1
58.5
64.0
118.3
59.1
59.2
62.2
123.3
61.7
61.6
68.1
125.5
62.2
63.2
69.2
125.7
63.7
61.9
67.5
132.4
66.7
65.6
68.4
294.5
377.7
319.6
340.3
369.4
393.4
407.6
424.2
11.2
14.2
12.2
11.7
13.2
16.1
15.7
15.0
118.3
177.6
170.3
217.6
130.2
191.8
144.4
202.8
165.2
214.5
183.7
221.2
188.1
231.8
208.0
237.4
118.8
130.0
118.7
131.0
127.6
132.0
129.4
137.4
165.3
86.6
78.7
43.2
21.6
21.6
149.0
10.1
44.6
14.9
27.6
6.7
39.2
6.0
-22.2
188.6
97.6
91.0
50.3
25.1
25.1
163.0
11.5
50.3
15.7
28.9
7.4
43.0
6.3
-50.2
173.9
90.0
83.9
44.0
22.0
22.0
150.0
10.0
44.7
15.1
27.4
6.4
40.3
6.2
-29.1
176.5
91.5
84.9
46.4
23.2
23.2
158.4
191.0
98.2
92.7
52.4
26.2
26.2
165.8
11.7
50.6
15.6
29.1
7.9
44.7
6.3
-55.9
199.2
103.5
95.8
52.8
26.4
26.4
165.9
12.3
51.7
16.1
29.5
7.1
43.1
6.2
-60.5
205.4
107.4
98.0
53.6
26.8
26.8
-37.0
187.6
97.0
90.5
49.6
24.8
24.8
161.8
11.2
49.9
15.3
28.9
7.6
42.9
6.3
-47.3
173.6
13.3
53.8
16.4
30.2
8.8
45.0
6.3
-69.5
48.6
49.3
51.7
47.7
47.2
49.5
53.0
49.8
581.3
757.8
679.3
881.1
616.0
792.7
641.6
829.7
682.8
870.3
686.1
903.7
706.7
920.5
699.9
959.9
11.0
49.1
15.7
28.1
6.9
41.4
6.3
NOTE.—Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.
The residual line following the detail for exports is the difference between the aggregate "exports of goods and
services" and the sum of the detailed lines for exports of goods and export of services. The residual line following
the detail for imports is the difference between the aggregate "imports of goods and services" and the detailed
lines for imports of goods and imports of services.
See footnotes to table 4.3.
June 1998
National Data
SURVEY OF CURRENT BUSINESS
D-13
5. Saving and Investment.
Table 5.1.—Gross Saving and Investment
[Billions of dollars]
Seasonally adjusted at annual rates
1996
1997
1997
1996
IV
1998
I
1,267.8 1,394.3 1,303.0 1,332.9 1,396.9 1,411.6 1,435.8 1,493.6
Gross saving
Gross private saving
Personal saving
Undistributed corporate profits with inventory valuation and capital consumption adjustments
Undistributed profits
Inventory valuation adjustment
Capital consumption adjustment
Corporate consumption of fixed capital
.
Noncorporate consumption of fixed capital
Wage accruals less disbursements
1,125.5 11,164.2 1,131.4 1,134.0 1,178.1 1,159.6 1,185.2 1,184.2
239.6 226.7 220.4 215.9 247.0 208.2 235.8 222.1
202.1 219.5 212.6 211.5 217.6 230.0 218.9 224.9
142.8 144.2 144.9 140.3 142.3 156.1 138.1 120.8
5.5
3.6
9.2
-2.5
3.3
3.5
5.9
30.2
69.7
71.6
64.4
67.7
69.4
70.3
61.8
73.9
475.6
452.3
462.0 467.4 472.6 478.0 484.5 489.7
230.5 241.2 235.2 238.0 239.7 242.4 244.9 246.4
1.2
1.2
1.2
1.1
1.2
1.2
1.1
1.2
Gross government saving
Federal
Consumption of fixed capital
Current surplus or deficit (-), national income and product accounts
State and local
Consumption of fixed capital
Current surplus or deficit (-), national income and product accounts
142.3
-09.2
71.2
-110.5
181.5
76.2
105.3
230.0
42.8
71.6
-28.8
187.3
79.5
107.8
0
Capital grants received by the United States (net)
0
171.6
-5.9
71.3
-77.1
177.5
77.2
100.4
198.9
15.9
71.4
-55.5
182.9
78.2
104.7
218.8
34.7
71.5
-36.8
184.1
79.2
104.9
251.9
60.8
71.6
-10.8
191.1
79.7
111.4
250.6
59.7
71.8
-12.1
190.9
80.8
110.1
309.3
120.4
71.5
49.0
188.9
81.3
107.6
0
0
0
1,207.9 1,308.3 1,243.5 1,268.6 1,323.4 1,308.4 1,332.7 1,379.2
1,116.5 1,242.5 1,151.1 1,193.6 1,242.0 1,250.2 1,284.1 1,352.1
224.3 226.0 225.3 223.3 227.4 227.1 226.1 223.8
-132.9 -160.2 -132.9 -148.4 -146.0 -168.9 -177.4 -196.7
Gross investment
Gross private domestic investment
Gross government investment
Net foreign investment
Statistical discrepancy
Addendum:
Gross saving as a percentage of gross national product
16.6
-86.0
-59.5
-64.3
17.3
16.7
16.8
-73.5 -103.2 -103.1 -114.4
17.4
17.4
17.9
17.5
Table 5.4.—Private Fixed Investment by Type
Table 5.5.—Real Private Fixed Investment by Type
[Billions of dollars]
[Billions of chained (1992) dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1996
1997
IV
Private fixed investment
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 equipmentl
Other
Industrial equipment
Transportation and related
equipment
Other
Residential
Structures
Single family
Multifamily
Other structures...,
Producers' durable
equipment
1996
1998
I
IV
1997
781.4
846.9
807.2
811.3
836.3
872.0
868.0
896.3
215.2
230.2
227.0
227.4
226.8
232.9
233.9
230.9
159.8
33.3
174.8
33.1
171.2
34.1
174.0
32.0
172.1
33.7
177.5
33.2
175.6
33.6
174.2
34.9
16.1
6.2
15.9
6.4
16.0
5.8
16.1
5.3
15.6
5.5
16.2
5.9
15.8
8.9
15.8
6.0
566.2
616.7
580.2
583.9
609.5
639.1
634.2
665.4
195.1
212.3
200.3
202.8
208.4
219.5
218.7
231.5
78.7
116.3
127.5
85.4
127.0
134.8
81.0
119.3
127.9
81.8
121.0
127.7
84.5
123.9
134.9
88.1
131.3
137.5
87.1
131.5
138.9
95.9
135.6
142.0
134.5
109.1
150.0
119.5
140.1
111.9
137.7
115.7
147.1
119.1
159.9
122.2
155.3
121.3
163.7
128.1
309.2
327.2
312.0
316.2
324.6
329.3
338.8
352.3
301.7
159.1
20.3
122.3
319.3
163.6
22.9
132.8
304.4
160.6
20.1
123.7
308.3
161.0
21.9
125.3
316.7
162.5
23.0
131.2
321.4
163.1
22.3
135.9
330.9
167.9
24.2
138.8
344.1
175.9
25.1
143.1
7.5
7.9
7.6
7.9
7.9
8.0
7.9
8.2
1996
IV
I
1,090.7 1,174.1 1,119.2 1,127.5 1,160.8 1,201.3 1,206.8 1,248.6
1. Includes new computers and peripheral equipment only.
1997
1996
Private fixed investment
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 equipmentl
Other
Industrial equipment
Transportation and related
equipment
Other
Residential
Structures
Single family
,
Multifamily
Other structures ...
Producers' durable
equipment
Residual
1997
1998
I
I
1,041.7 1,123.6 1,068.7 1,079.0 1,111.4 1,149.3 1,154.6 1,200.5
771.7
848.3
800.8
808.9
837.0
874.5
872.7
908.0
188.7
195.4
196.9
195.9
193.5
196.7
195.5
191.8
140.0
29.3
148.5
28.1
148.4
29.5
150.1
27.!
147.1
28.7
150.1
28.0
146.9
28.2
144.9
29.2
13.9
5.5
13.2
5.5
13.8
5.1
13.6
4.6
13.0
4.7
13.4
5.1
12.8
12.6
5.0
586.0
659.0
606.7
616.6
649.3
685.3
684.8
727.7
253.1
306.2
270.4
281.4
296.9
320.:
325.9
357.9
160.8
116.3
117.0
225.5
127.3
123.1
182.4
119.3
116.9
195.8
121.5
116.8
216.1
124.4
123.5
240.5
131.5
125.6
249.5
131.9
126.6
299.8
136.2
129.4
125.0
100.8
138.3
109.6
129.7
102.5
127.5
106.1
136.0
109.1
146.8
112.1
143.1
111.0
151.1
117.0
272.1
279.5
271.1
273.3
278.2
280.1
286.3
297.2
265.0
136.6
18.6
110.2
272.0
136.7
20.2
115.7
263.9
136.2
18.0
110.0
265.9
136.2
19.6
110.5
27G.8
136.5
20.4
114.4
272.6
135.7
19.6
117.9
278.7
138.4
21.1
119.9
289.4
145.5
21.9
122.5
7.6
7.8
7.1
7.5
7.2
7.4
7.5
7.6
-39.4
-75.6
-50.3
-58.2
-70.0
-84.6
-89.9 -122.4
1. Includes new computers and peripheral equipment only.
NOTE.—Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.
The residual line is the difference between the first line and the sum of the most detailed lines.
D-14
• National Data
SURVEY OF CURRENT BUSINESS
June 1998
Table 5.10.—Change in Business Inventories by Industry
Table 5.11.—Real Change in Business Inventories by Industry
[Billions of dollars]
[Billions of chained (1992) dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1996
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
Motor vehicle dealers
Other
Nondurable goods
Other
Durable goods
Nondurable goods
25.9
2.9
23.0
28.2
68.4
6.7
61.7
50.5
-5.1
10.6
11.2
22.9
13.2
9.7
21.8
12.3
9.4
18.2
10.2
.4
3.3
2.5
2.4
1.9
.5
.9
.6
.3
4.1
1.9
-1.6
3.5
2.3
5.0
2.3
2.6
1997
1997 1996
10.6
7.6
3.6
1.8
1.8
7.5
5.5
1.0
4.5
1.9
9.5
1.9
7.7
31.9
3.2
28.7
32.6
-3.9
13.3
6.8
6.4
10.1
-5.5
15.6
11.7
-3.2
14.8
-1.6
-2.3
.8
1.1
66.1
3.9
62.2
44.5
17.7
22.3
12.9
9.3
24.3
15.4
8.9
18.9
12.3
6.6
5.4
3.1
2.3
.6
1.4
2.0
4.4
4.3
.8
3.4
-2.9
4.2
-.8
15.2
2.1
13.0
81.1
6.2
74.9
57.5
17.4
30.9
19.1
11.8
26.0
23.5
2.4
18.4
18.6
-.2
7.6
4.9
2.7
8.3
2.4
-4.0
6.4
5.9
9.8
1.8
8.0
III
IV
48.9
77.2 103.5
7.1
8.5
68.7 96.5
61.8 47.8
7.0 48.7
22.7 40.1
10.6 23.7
12.1 16.4
21.0 30.5
6.4 24.1
14.6
6.3
20.3 24.2
8.1
40.9
38.2
2.6
15.8
10.3
5.5
15.8
4.0
11.8
15.1
4.3
10.9
.7
-.3
1.0
3.0
1.7
-.6
2.3
1.3
6.3
2.6
3.7
7.1
13.3
.7
-.6
1.3
18.1
16.8
11.7
5.1
1.3
6.9
1.0
5.9
20.0
4.2
6.3
4.1
2.2
17.2
.3
-5.8
6.1
16.9
8.7
-.8
9.5
NOTE.—Estimates for nonfarm industries other than manufacturing and trade for 1986 and earlier periods are
based on the 1972 Standard Industrial Classification (SIC). Manufacturing estimates for 1981 and earlier periods
..and trade estimates for 1966 and and earlier periods are based on the 1972 SIC; later estimates for these industries
are based on the 1987 SIC. The resulting discontinuities are small.
1996
1998
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
Motor vehicle dealers
Other
Nondurable goods
Other
Durable goods
Nondurable goods
Residual
1997 1996
25.0
2.6
22.5
9.9
65.7
9.7
.4
4.0
2.4
1.6
3.2
1.8
1.3
.8
.6
.3
4.0
1.7
-1.4
3.3
2.3
4.5
2.1
2.4
-.4
1997
111
IV
29.0
18.2
10.8
24.6
22.7
2.3
47.5
9.5
38.3
14.8
9.9
5.0
14.9
3.8
10.8
74.0 100.7
8.9
9.8
64.5 91.8
21.5 38.3
10.2 22.8
11.2 15.4
19.7 29.3
17.5
14.3
17.9
-.1
7.2
4.8
2.5
7.7
2.0
-3.7
5.9
5.8
8.9
1.5
7.5
-1.0
4.1
9.9
.6
-.3
.9
2.8
1.5
8.0
57.8
32.9
6.4
26.5
63.7 77.6
5.3 7.5
58.3 70.1
21.5
12.3
12.6
8.9
20.6
11.9
8.6
17.1
10.2
6.9
3.4
1.7
1.7
7.0
5.0
.9
4.2
1.9
8.7
1.6
7.1
0
6.6
5.7
20.9
12.3
8.5
22.9
14.8
8.1
17.8
11.8
6.0
9.4
-5.2
13.9
10.9
-3.0
13.3
-1.5
-2.3
.6
,9
-5.0
-4.7
1.8
4.1
3.9
.7
3.2
.5
5.1
3.0
2.1
.6
1.2
-2.5
3.9
-.7
13.7
1.8
12.0
.2
1998
-.6
2.1
1.3
5.7
2.3
3.4
6.2
23.5
6.0
23.0
19.4
3.9
6.3
4.1
2.3
16.3
.3
-5.2
5.7
16.5
8.1
.9 - . 7
5.5 9.2
.4 -1.6
13.2
19.0
6.8
11.9
.7
-.6
1.3
17.0
15.4
10.6
4.8
1.2
6.3
NOTE.—Chained (1992) dollar series for real change in business inventories are calculated as the period-to-period
change in chained-dollar end-of-period inventories. Quarterly changes in end-of-period inventories are stated at annual rates. Because the formula for the chain-type quantity indexes uses weights of more than one period, the
corresponding chained-dollar estimates are usually not additive. The residual line is the difference between the first
line and the sum of the most detailed lines. See note to table 5.10.
June 1998
National Data •
SURVEY OF CURRENT BUSINESS
D-15
Table 5.12.—Inventories and Domestic Final Sales of Business by
Industry
Table 5.13.—Real Inventories and Real Domestic Final Sales of Business
by Industry
[Billions of dollars]
[Billions of chained (1992) dollars]
Seasonally adjusted quarterly totals
Seasonally adjusted quarterly totals
1996
1997
1996
1998
1997
IV
l
1,294.5 1,306.1 1,318.1 1,334.1 1,342.5 1,355.0
Inventories
102.6 107.2 107.7 109.1 108.1 108.3
Farm
•.
Nonfarm
1,191.9 1,198.9 1,210.4 1,225.0 1,234.4 1,246.7
675.2 684.4 693.2 697.0 703.6 712.1
Durable goods
516.7 514.5 517.2 528.0 530.8 534.6
Nondurable goods
440.3 443.3 448.0 453.5 457.1 460.9
Manufacturing
273.7 277.0 280.7 283.2 285.6 288.7
Durable goods
Nondurable goods
166.6 166.3 167.3 170.3 171.5 172.2
300.8 306.2 310.8 316.1 318.6 323.6
Wholesale trade
Durable goods
184.9 188.7 194.4 195.0 195.6 200.9
116.0 117.5 116.4 121.2 123.0 122.7
Nondurable goods
258.6 263.4 266.6 271.4 274.3 278.8
Merchant wholesalers
.
160.7 163.9 168.4 169.0 170.0 174.3
Durable goods
98.2 102.4 104.4 104.5
97.9
99.5
Nondurable goods
44.2
42.8
44.7
44.3
44.7
Nonmerchant wholesalers
42.3
26.1
25.9
26.6
24.1
24.9
25.6
Durable goods
18.2
18.2
17.9
18.8
18.6
Nondurable goods
18.1
313.0 313.3 313.2 314.7 318.1 321.9
Retail trade
167.7 168.7 167.7 168.0 171.5 171.9
Durable goods
80.7
83.2
82.1
83.9
83.6
80.9
Motor vehicle dealers
87.3
88.3
89.8
Other
;
83.9
85.1
86.7
Nondurable goods
145.3 144.6 145.6 146.7 146.6 150.0
137.7 136.1 138.3 140.7 140.6 140.4
Other
48.9
50.0
50.5
50.8
50.9
50.6
Durable goods
88.8
86.2
87.9
89.9
89.6
89.7
Nondurable goods
2
Final sales of domestic business
542.6 550.0 556.2 565.2 570.5 576.7
Final sales of goods and structures of
289.9 294.1 296.1 301.1 302.4 306.7
domestic business2
Ratio of inventories to final sales of domestic
business
2.37
2.37
2.36
2.35
2.35
Inventories to final sales
2.39
2.17
2.18
2.16
2.16
Nonfarm inventories to final sales
2.20
2.18
Nonfarm inventories to final sales of goods and
4.07
4.11
4.09
4.08
4.06
structures
4.08
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 equajs final sales of domestic product less
gross product of households and institutions and of general government and includes a small amount of final sales
by farm.
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
Motor vehicle dealers
Other
Nondurable goods
Other
Durable goods
Nondurable goods
Residual
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
1,208.9 1,224.8 1,244.2 1,256.1
102.5 103.8 105.7 108.0
1,105.9 1,120.5 1,138.0 1,147.6
634.0 641.5 652.!
656.8
471.7 478.8 485.4 490.6
409.7 414.9 422.1 425.8
260;
264.0 268.6 271.0
151.1 153.8 155.0
148.!
282.4 288.1 294.3 298.0
177.9 181.6 187.3 188.3
104.6 106.6 107.2 109.9
242.8 247.3 251.7 255.2
154.3 157.3 161.8 162.8
88.6
90.1
90.1
92.6
39.5
40.8
42.6
42.8
23.6
24.3
25.5
25.5
16.0
16.5
17.1
17.3
292.7 292.8 294.7 295.4
152.4 152.7 153.2 153.6
74.5
73.9
73.0
72.8
78.0
80.4
79.0
81.0
140.0 139.8 141.2 141.5
121.1 124.5 126.7 128.2
42.5
42.9
43.3
43.9
78.4
81.4
83.3
84,2
.7
.7
.4
.5
491.1 495.1 498.5 505.0
I
1,274.6 1,299.8
110.5 112.7
1,163.7 1,186.7
665.0 676.3
498.5 510.3
431.2 440.8
273.6 279.3
157.8 161.7
303.0 310.3
189.8 195.7
113.2 114.7
260.0 265.7
164.5 169.4
96.5
95.5
43.0
44.5
26.3
25.3
18.2
17.6
299.7 303.7
157.5 157.5
74.1
75.5
82.2
83.6
141.9 146.0
129.7 131.8
44.1
43.9
85.6
87.9
.2
.5
508.4 512.9
271.8
274.5
275.6
280.0
281.0
284.9
2.46
2.25
2.47
2.26
2.50
2.28
2.49
2.27
2.51
2.29
2.53
2.31
4.07
4.08
4.13
4.10
4.14
4.17
1. Inventories are as of the end of the quarter. Quarter-to-quarter changes calculated from this table are at quarterly rates, whereas, the change in the 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 of general government and includes a small amount of final sales
by farm.
NOTE.—Chained (1992) dollar inventory series are calculated as the product of the chain-type quantity index and
the average of the end-of-year fixed-weighted inventories for 1991 and 1992, divided by 100. Chained (1992) dollar
final sales series are calculated as the product of the chain-type index and the 1992 current-dollar value of the
corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses weights of more
than one period, the corresponding chained-dollar estimates are usually not additive. The residual line is the difference between the first line and the sum of the most detailed lines for inventories.
D-16
• National Data
SURVEY OF CURRENT BUSINESS
June 1998
6. Income and Employment by Industry.
Table 6.16C—Corporate Profits by Industry
Table 6.1 C—National Income Without Capital Consumption Adjustment
by Industry
[Billions of dollars]
[Billions of dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1996
National income without
capital consumption
adjustment
1997
1997
1996
1996
6,219.6 6,608.0 6,340.4 6,470.8 6,557.3 6,657.5 6,746.5 6,856.0
6,217.9 6,627.8 6,337.3 6,485.1
6,578.0 6,678.2 6,769.7 6,878.7
Private industries
5,362.6 5,741.7 5,472.0 5,608.9
5,696.1 5,788.8 5,873.0 5,971.2
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
Domestic industries .
Financial
Nonfinancial
Rest of the world
105.6
46.9
285.2
113.1
48.4
305.6
109.6
45.0
291.4
110.8
48.2
298.2
115.5
49.2
302.2
114.1
48.0
307.4
112.0
48.1
314.5
Receipts from the rest of the world
Less: Payments to the rest of the world
Corporate profits with inventory
valuation adjustment
1,110.1 1,170.3 1,122.1 1,134.6 1,160.5 1,187.8 1,198.5
634.5 677.0 639.4 651.0 669.7 691.2 696.2
475.6 493.3 482.8 483.6 490.8 496.6 502.3
456.7
191.0
135.0
475.5
205.7
137.6
457.3
192.3
133.1
467.1
199.6
135.5
471.5
203.0
135.2
477.2
207.6
139.0
130.6
130.8
132.2
131.9
132.0
133.3
349.1
503.7
383.3
538.4
364.8
512.3
372.4
527.7
379.3 388.7
533.0 542.6
1996
1997
III
Corporate profits with inventory
valuation and capital
consumption adjustments
Domestic industries
Agriculture, forestry, and
fishing
Mining
Construction
1997
1998
486.4
212.7
140.8
132.9
392.8
550.2
1,095.3 1,192.0 1,116.5 1,168.9 1,185.0 1,199.2 1,215.1
1,410.1 1,515.0 1,452.9 1,481.1 1,500.1 1,523.7 1,555.2
855.3
886.1
865.2
876.2
881.9
889.4
896.8 907.5
1.7
-19.8
3.1
-14.3
-20.7
-20.7
-23.3
-22.7
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
Transportation
Communications
Electric, gas, and sanitary services
Wholesale trade
Retail trade
Other
Rest of the world
IV
735.9 805.0 747.8 779.6 795.1 827.3 818.1 822.5
640.0 706.5 640.3 682.2 694.4 727.5 721.8 723.5
94.2 109.5
545.8 596.9
95.9
132.7
36.7
98.6
78.5 106.8 107.7 109.3 114.3 115.3
561.7 575.4 586.7 618.2 607. 608.2
97.4 100.8
99.9
96.3
99.0
145.9 142.6 139.9 148.3 150.!
47.3 35.0 42.5 47.5 50.6
145.0
48.7
146.0
47.0
107.5
674.1 735.3 683.4 711.9 725.7 757.1
578.2
103.5
22.0
81.5
474.7
205.5
99.0
5.6
17.1
25.8
636.7 575.8 614.5 624.9
119.5 88.1 116.5 117.5
23.5 22.3 22.8 23.2
96.0 65.8 93.7 94.3
517.2 487.8 498.0 507.4
224.7 209.7 208.2 221.0
114.5 99.7 101.3 111.8
6.0
3.9
5.6
5.1
18.9 18.1 17.4 18.4
28.8
24.6
24.0
27.8
746.5 748.6
650.2 649.7
124.5 125.7
24.2 24.6
100.3 101.0
525.7 524.0
229.0
116.6
7.0
7.6
20.8 18.8
657.2
119.4
23.7
95.7
537.8
240.4
128.1
32.5
30.8
23.9 33.8 29.6 31.4 33.3 36.7
33.7
.4 ^3.3
-4.2 -1.9 -8.3 -1.3 -3.5
29.8 28.9 30.6 25.9 30.2 30.0 29.7
106.5 110.2 109.9 106.9 109.2 112.3 112.4
28.5 29.9 34.2 28.0 28.2 29.1 34.4
31.2 29.3 28.9 28.8 29.9 30.0 28.6
10.0 12.2 11.9 12.4 10.3 12.4 13.9
36.8 38.7 34.9 37.7 40.8 40.9 35.6
91.7 90.7 90.5 91.5 89.6 90.0 91.5
11.7 16.1 11.4 14.9 16.4 16.9 16.3
36.0 32.8 34.8 33.8 30.8 33.4 33.4
44.0 41.7 44.3 42.8 42.4 39.8 41.8
38.3 51.1 47.4 49.0 49.5 54.1 51.7
48.9 55.8 48.3 55.1 54.9 57.9 55.2
90.3 95.0 91.9 94.2 92.4 95.3 98.2
95.9
98.6 107.5 97.4 100.8
NOTE.— Estimates in this table are based on the 1987 Standard Industrial Classification.
99.9 96.3 99.0
National Data
SURVEY OF CURRENT BUSINESS
June 1998
D-17
7. Quantity and Price Indexes.
Table 7.1.—Quantity and Price Indexes for Gross Domestic Product
[Index numbers, 1992=100]
Seasonally adjusted
Seasonally adjusted
1996
1997
IV
Gross domestic product:
Current dollars
Chain-type quantity index
Chain-type price index ...
Implicit price deflator
1997
1996
I
II
1996
1998
III
IV
1997
I
1996
IV
Exports of goods and
services:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
1997
I
II
1998
III
IV
I
122.25
110.95
110.22
110.21
129.3J
115.12
112.45
112.40
124.81
112.38
111.10
111.05
127.05
113.7C
111.78
111.71
128.66
114.66
112.27
112.22
130.1t
115.5c
112.67
112.62
131.76
116.5*
113.07
113.01
133.64
117.96
113.36
113.29
123.41
111.71
110.47
110.47
130.00
115.35
112.71
112.70
125.79
112.72
111.61
111.60
128.10
114.18
112.21
112.20
128.73
114.45
112.49
112.48
130.99
116.03
112.91
112.89
132.18
116.74
113.24
113.23
134.28
118.48
113.35
113.34
Exports of goods:
Current dollars
Chain-type quantity index ...
Chain-type price index
Implicit price deflator
13763 15296 14275 146 26 153 78 15402 157 78 15302
140.05 161.59 148.48 152.94 161.76 163.11 168.57 166.23
98.27 94.60 96.06 95.55 94.99 94.35 93.52 91.97
98.27 94.66 96.14 95.63 95.07 94.43 93.60 92.05
Durable goods:
Current dollars
Chain-type quantity index ...
Chain-type price index
Implicit price deflator
129.88
125.09
103.83
103.83
134.95
132.14
102.17
102.12
130.64
126.32
103.45
103.41
134.77
130.55
103.27
103.24
131.92
128.75
102.50
102.46
136.60
134.31
101.74
101.71
136.50
134.96
101.18
101.14
140.99
140.04
100.72
100.68
Exports of services:
Current dollars
Chain-type quantity index ...
Chain-type price index
Implicit price deflator
132.81
120.51
110.21
110.21
Nondurable goods:
Current dollars
Chain-type quantity index ...
Chain-type price index
Implicit price deflator
11611
108.36
107.15
107.15
120 44
110.34
109.16
109.15
11803
109.03
108.26
108.25
12009
110.29
108.90
108.89
119.45
109.70
108.89
108.88
121.10
110.87
109.24
109.23
121.11
110.52
109.59
109.59
122.65
112.28
109.24
109.23
Services'
Current dollars
Chain-type quantity index ...
Chain-type price index
Implicit price deflator
Imports of goods and services:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
144.36 158.18 148.47 152.63 156.81 161.02 162.24 164.02
145.22 165.82 150.48 156.80 164.30 169.98 1/2.18 179.35
99.41 95.52 98.75 97.42 95.52 94.81 94.31 91.54
99.40 95.39 98.66 97.34 95.44 94.73 94.23 91.46
126.10
110.86
113.76
113.76
13424
114.72
117.02
117.02
129.07
111.99
115.26
115.25
13115
113.05
116.02
116.01
133.17
114.13
116.70
116.69
135.27
115.22
117.42
117.41
137.38
116.48
117.96
117.95
139.31
117.62
118.45
118.44
Imports of goods:
Current dollars
Chain-type quantity index ...
Chain-type price index
Implicit price deflator
148.49 163.08 153.18 157.07 161.53 166.21 167.50 168.69
151.06 173.90 157.37 163.58 172.24 178.53 181.25 188.63
98.30 93.91 97.42 96.11 93.87 93.18 92.49 89.51
98.29 93.78 97.34 96.02 93.78 93.10 92.41 89.43
141.26
135.26
104.50
104.43
157.1$
151.44
104.13
103.79
145.63
139.77
104.50
104.19
151.01
145.39
104.23
103.86
157.12
151.45
104.07
103.75
158.17
152.40
104.11
103.78
162.45
156.53
104.10
103.78
171.06
165.94
103.43
103.09
Imports of services:
Current dollars
Chain-type quantity index ...
Chain-type price index
Implicit price deflator
126 23
120.06
105.13
105.13
13666
131.33
104.08
104.06
13609
130.41
104.37
104.36
13823
133.58
103.49
103.48
13919
133.67
104.15
104.13
143 52
139.90
102.60
102.59
139.22
132.97
104.70
104.70
149.87
143.42
104.52
104.50
142.86
136.41
104.75
104.73
143.91
137.73
104.52
104.49
148.17
141.86
104.47
104.45
153.34
146.70
104.55
104.52
154.05
147.37
104.56
104.53
159.37
153.23
104.03
104.01
111.31
99.54
111.83
111.83
114.95 112.54 113.40 114.66
100.46 99.85 99.74 100.50
114.47 112.76 113.74 114.14
114.42 112.71 113.69 114.09
115.37
100.77
114.54
114.49
116.39
100.84
115.46
115.41
115.77
100.07
115.74
115.69
Personal consumption
expenditures:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Gross private domestic
investment:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Fixed investment:
Current dollars
Chain-type quantity index ...
Chain-type price index
Implicit price deflator
Nonresidential:
Current dollars
Chain-type quantity index
Chain-type price index ...
Implicit price deflator
Structures:
Current dollars
Cham-type quantity
index
Chain-type price index
Implicit price deflator
140.07 151.81 144.69 145.43 149.90 156.30 155.60 160.66
138.33 152.06 143.54 145.00 150.03 156.75 156.43 162.75
101.26 99.87 100.82 100.31 99.93 99.73 99.49 98.73
101.26 99.84 100.80 100.29 99.91 99.71 99.47 98.72
Residential:
Current dollars
Chain-type quantity index
Chain-type price index ...
Implicit price deflator
138.49
124.14
111.55
111.56
12776
120.90
105.69
105.68
139.43
125.27
111.29
111.30
13313
127.64
104.31
104.30
141.70
126.25
112.23
112.24
144.05
128.46
112.12
112.14
142.67
126.78
112.51
112.53
143.57
127.83
112.30
112.31
98.49 99.20 98.03 97.75 99.64 99.56 99.86 97.60
87.92 86.55 87.04 85.76 87.14 86.89 86.39 84.19
112.03 114.74 112.74 114.10 114.46 114.71 115.71 116.05
112.02 114.62 112.62 113.98 114.34 114.58 115.59 115.93
111.51 115 50 116 40 115 79 114.39 116.26 115.58 113.38
114.09 117.86 115.30 116.11 117.23 118.44 119.65 120.41
114.09 117.82 115.26 116.07 117.19 118.40 119.61 120.37
National defense:
Current dollars
Chain-type quantity index
Chain-type price index ...
Implicit price deflator
93.87 93.22 93.29 91.37 93.29 93.70 94.53 90.30
84.56 82.14 83.44 80.86 82.33 82.58 82.78 78.67
111.02 113.64 111.94 113.14 113.46 113.62 114.35 114.93
111.02 113.50 111.80 112.99 113.31 113.47 114.20 114.78
145.67 158.65 149.27 150.23 156.80 164.42 163.16 171.19
150.77 16955 156.09 158 63 167.05 176.32 176.19 187.22
96.62 93.62 95.65 94.72 93.88 93.27 92.62 91.45
96.62 93.57 95.63 94.70 93.86 93.25 92.60 91.44
Nondefense:
Current dollars
Chain-type quantity index
Chain-type price index ...
Implicit price deflator
109.90 113.97 109.72 113.52 115.31 114.04 113.02 115.63
96.01 97.16 95.69 97.54 98.71 97.27 95.11 97.42
114.47 117.38 114.72 116.44 116.87 117.30 118.89 118.75
114.47 117.31 114.66 116.39 116.82 117.24 118.83 118.69
15618
131.76
118.53
118.53
State and local:
Current dollars .
Chain-type quantity index ...
Chain-type price index
Implicit price deflator
127.22 136.09 134.16 134.40 134.05 137.65 138.24 136.47
13710
120.64
113.64
113.64
145 07
123.91
117.06
117.07
138 33
120.18
115.10
115.10
14016
121.17
115.68
115.68
143 90
123.36
116.65
116.65
146 01
124.19
117.57
117.56
150 20
126.93
118.33
118.33
NOTE.— Chain-type quantity and price indexes are calculated from weighted averages of the detailed output and
prices used to prepare each aggregate and component. Implicit price deflators are weighted averages of the detailed
price indexes used to prepare each aggregate and component and are calculated as the ratio of current- to chained-
141.96
126.69
112.04
112.06
Federal.
Current dollars
Chain-type quantity index ...
Chain-type price index
Implicit price deflator
Producers' durable
Current dollars
Chain-type quantity
index
Chain-type price index
Implicit price deflator
Government consumption
exDenditures and cross
investment:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
136.19 14968 141.48 144.22 150.18 15105 15327 15020
134.03 150.56 140.92 144.30 150.53 152.17 155.25 154.05
101.61 99.38 100.35 99.90 99.72 99.21 98.68 97.45
101.61 99.41 100.39 99.95 99.77 99.26 98.73 97.50
12051
107.88
111.71
111.71
12625
110.46
114.31
114.30
12296
109.04
112.77
112.76
12463
109.78
113.54
113.52
12544
110.10
113.95
113.94
12670
110.73
114.44
114.43
128 25
111.22
115.32
115.31
12881
111.48
115.56
115.55
doliar output multiplied by 100.
Percent change from preceding period for items in this table are shown in table 8.1. (Contributions to the percent
change in real gross domestic product are shown in table 8.2).
D-18 • National Data
SURVEY OF CURRENT BUSINESS
June 1998
Table 7.2.—Quantity and Price Indexes for Gross Domestic Product,
Final Sales, and Purchases
Table 7.4.—Chain-Type Quantity and Price Indexes for Personal
Consumption Expenditures by Major Type of Product
[Index numbers, 1992=100]
[Index numbers, 1992=100]
Seasonally adjusted
Gross domestic product:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Final sales of domestic
product:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Gross domestic purchases:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Final sales to domestic
purchasers:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
1996
1997
1996
122.29
110.95
110.22
110.21
129.39
115.12
112.45
112.40
124.80
112.38
111.10
111.05
Seasonally adjusted
1997
1996
122.01
110.64
110.28
110.28
123.22
112.17
109.86
109.85
128.44
114.12
112.55
112.55
130.39
116.75
111.76
111.69
124.43
111.93
111.17
111.16
125.62
113.46
110.79
110.72
126.13
112.77
111.85
111.85
128.03
115.09
111.32
111.24
128.66
114.66
112.27
112.22
127.51
113.47
112.37
112.37
129.47
116.14
111.55
111.48
130.10
115.53
112.67
112.62
129.47
114.80
112.78
112.78
131.27
117.38
111.90
111.83
131.76
116.58
113.07
113.01
130.67
115.45
113.18
113.18
132.81
118.36
112.28
112.21
133.64
117.96
113.36
113.29
132.13
116.41
113.51
113.50
135.19
120.48
112.29
112.21
122.95
111.86
109.91
109.91
129.45
115.75
111.86
111.84
125.25
113.02
110.85
110.83
127.11
114.14
111.39
111.37
128.32
114.96
111.65
111.62
130.63
116.66
112.00
111.98
131.73
117.23
112.39
112.37
133.69
118.93
112.43
112.41
109.42 112.23 111.02 111.35 111.79 112.67 113.12 113.43
107.01 107.42 109.23 110.89 105.91 106.16 106.71 100.22
110.06 111.93 110.86 111.36 111.81 112.10 112.47 112.74
122.10
110.81
110.19
110.18
128.85
114.69
112.40
112.35
124.63
112.27
111.06
111.01
126.60
113.37
111.73
111.67
Less: Exports of goods and
services and receipts of
factor income:
Chain-type quantity index
137.88 154.28 145.06 147.60
Plus: Command-basis exports
of goods and services and
receipts of factor income:
Chain-type quantity index
140.35 159.40
Equals: Command-basis gross
national product:
Chain-type quantity index
111.12
128.10
114.21
112.22
112.17
129.54
115.08
112.62
112.57
131.15
116.10
113.02
112.96
133.04
117.48
113.31
113.25
154.24 156.43 158.84 158.00
147.07 150.74 159.72 162.32 164.82 166.21
115.33 112.52 113.76 114.89 115.81 116.84 118.50
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
Motor vehicles and parts
Furniture and household
equipment
Other
Nondurable goods
Food
Clothing and shoes
Gasoline and oil
Fuel oil and coal
Other
Housing
Household operation
Electricity and gas
Other household operation
Transportation
Medical care
[Index numbers, 1992=100]
Implicit price deflator
Durable goods
Other
Table 7.3.—Quantity and Price Indexes for Gross National Product and
Command-Basis Gross National Product
Chain-type price index
Personal consumption
expenditures
Services
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
Gross national product:
Current dollars
Chain-type quantity index
1997
1996
1998
Chain-type quantity indexes
127.05
113.73
111.78
111.71
Addenda:
Chain-type price indexes for
gross domestic purchases:
Food
Energy
Gross domestic purchases
less food and energy
1997
111.71 115.35 112,72 114.18 114.45 116.03 116.74 118.48
125.09 132.14 126.32 130.55 128.75 134.31 134.96 140.04
111.82 112.68 110.19 112.83
107.82
115.39 114.69 116.92
142.35 156.53 146.18 151.75
122.72 131.58 125.98 131.48
154.35
129.70
109.70
104.28
121.39
108.95
92.53
113.98
114.13
110.09
118.51
110.55
124.38
127.14
109.61
117.59
159.01 161.00 171.34
131.81 133.33 135.98
108.36 110.34 109.03 110.29
104.51
118.70
107.02
97.19
110.16
104.51
123.25
108.83
91.28
115.03
104.39
119.73
107.69
94.75
112.37
105.25
122.88
107.56
86.25
114.07
110.86 114.72 111.99 113.05
108.25
116.65
110.55
121.17
123.11
106.42
112.64
110.36
118.64
108.92
125.78
128.27
109.96
118.71
108.97
117.51
110.47
122.71
124.64
107.81
113.91
109.52
116.02
106.82
122.79
126.10
108.93
116.15
110.87 110.52 112.28
104.04
123.98
109.74
90.87
115.99
104.66
129.30
110.75
83.13
118.45
115.22 116.48
117.62
110.64
119.14
108.60
126.86
129.02
110.45
119.36
111.21
120.90
109.73
129.09
130.81
110.87
121.74
111.85
119.70
104.58
130.68
132.41
111.66
124.34
112.91 113.24
113.35
100.72
112.24
104.48
124.74
109.05
95.48
116.06
Chain-type price indexes
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:
Food
Energy1
Personal consumption
expenditures less food
and energy
110.47 112.71 111.61 112.21
103.83 102.17 103.45 103.27
112.95 112.97 113.55 113.84
112.49
102.50
113.26
101.74 101.18
112.55 112.23
113.60
110.32
107.73
112.16
114.15
118.62
115.76
114.42
111.37
109.66
112.63
114.88
119.41
116.33
90.84 89.67 88.81 87.64
105.64 105.85 105.58 106.03
108.89 109.24 109.59 109.24
112.09 113.02 113.51 113.90
100.37 99.68 99.67 99.31
104.77 106.31 106.66 97.89
108.78 104.55 105.42 102.66
110.08 109.87 110.24 111.22
116.70 117.42 117.96 118.45
115.34 116.25 117.11 118.03
111.05 111.17 111.58 110.41
107.98 108.16 108.98 105.59
113.21 113.28 113.43 113.64
116.14 116.98 118.23 118.47
119.88 120.38 120.87 121.92
117.20 118.12 118.30 118.61
109.63 112.57 111.27
106.96 108.10 109.07
111.65
111.11
112.09 113.02 113.51
106.47 107.11 107.71
113.90
101.72
110.88 113.06 111.87
112.41
112.97 113.28 113.58
114.01
93.71 90.29 92.50 91.84
106.48 105.82 106.14 106.22
107.15 109.16 108.26 108.90
109.63
98.75
107.44
108.92
108.22
112.57
99.75
107.47
108.81
109.85
111.27
98.56
109.83
116.17
108.67
111.65
99.29
112.13
116.49
109.21
113.76 117.02 115.26 116.02
112.43
109.08
106.35
111.01
112.22
117.43
113.69
115.78
111.29
108.69
113.14
116.56
120.13
117.49
1. Consists of prices for gasoline and oil, fuel oil and coal, and electricity and gas.
Table 7.6.—Chain-Type Quantity and Price Indexes for Private Fixed
Investment by Type
[Index numbers, 1992=100]
D-19
National Data
SURVEY OF CURRENT BUSINESS
June 1998
Table 7.9.—Chain-Type Quantity and Price Indexes for Exports and Imports of Goods and Services and for Receipts and Payments of Factor Income
[Index numbers, 1992=100]
Seasonally adjusted
1996
1997
Seasonally adjusted
1998
1997
1996
1996
1997
1996
134.03
140.05
153.97
114.40
120.51
155.36
145.22
151.06
164.50
127.78
120.06
165.78
150.56
161.59
183.85
122.22
126.69
171.39
165.82
173.90
193.70
140.86
131.33
197.20
140.92
148.48
164.19
119.77
124.14
1997
1998
Chain-type quantity indexes
Private fixed
investment
Nonresidential
Structures
Nonresidential buildings,
including farm
Utilities
Mining exploration, shafts,
and wells
Other structures
Chain-type quantity indexes
111.51 115.50 116.40 115.79 114.39 116.26 115.58
153.23
162.75
113.38
123.6
128.03
132.97 143.42 136.41 137.73 141.86 146.70 147.37
138.33 152.06 143.54 145.00 150.03 156.75 156.43
84.83
131.25 131.15 132.58 129.98 132.61 129.83
81.52 85.66 79.80 83.0'
81.32 81.88
84.76
96.38
91.22
94.77
61.02
150.77 169.55 156.09 158.63 167.05 176.32 176.19
187.22
188.61 228.19 201.54 209.70 221.31 238.88 242.88
266.78
104.18
66.68
99.21 103.54 102.45
66.64 61.90 55.98
97.40 100.62
57.50 61.86
Producers' durable
equipment
Information processing and
related equipment
Computers and
peripheral equipmentl
Other
Industrial equipment
Transportation and related
equipment
Other
Residential
365.81 513.06 414.95 445.54 491.73 547.14 567.82
128.90 141.1; 132.21 134.66 137.85 145.77 146.20
131.01 137.88 130.91 130.81 138.25 140.6 141.77
682.24
151.00
144.82
145.10 160.53 150.54 147.92 157.79 170.32 166.09
127.58 138.65 129.66 134.23 138.07 141.85 140.47
175.40
148.11
131.76
131.85
124.92
167.60
136.29
120.64 123.91 120.18 121.17 123.36 124.19 126.93
120.71
117.22
142.27
122.54
Producers' durable
equipment
118.12 124.25 119.28 122.83 123.91 125.40 124.86 128 29
123.91
117.34
154.15
128.64
120.21
116.95
137.49
122.33
121.13
116.95
149.84
122.86
123.35
117.14
156.03
127.25
124.17
116.45
149.56
131.15
126.99
118.82
161.16
133.31
Chain-type price indexes
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!
Other
Industrial equipment
Transportation and related
equipment
Other
Residential
104.70 104.52 104.75 104.52 104.47
101.26
99.87 100.82 100.31
104.55 104.56 104.03
99.93 99.73 99.49 98.73
114.09 117.86 115.30 116.11 117.23
118.44 119.65 120.41
114.14 117.74 115.38 116.02 117.03
113.70 117.76 115.29 116.17 117.45
118.33 119.58 120.30
118.42 119.00 119.24
115.89 120.83 116.21 118.47 120.25
112.33 116.64 113.43 114.82 116.51
121.28 123.33 125.81
116.93 118.30 118.83
96.62
93.62
95.65
94.72 93.88
93.27 92.62 91.45
77.09
69.44
74.05
72.06
70.16
68.46 67.07 64.66
48.98 37.84 44.10 41.47 38.81
100.04 99.74 100.07 99.65 99.67
108.96 109.43 109.41 109.34 109.23
36.41 34.67 31.78
99.89 99.75 99.55
109.47 109.69 109.77
107.56 108.47 108.03 108.09 108.22
108.24 109.11 109.20 109.05 109.16
108.97
108.99
117.57
117.91
120.26
113.87
115.29
113.64 117.06 115.10 115.68 116.65
117.38 115.36 115.94 116.96
Structures
Single family
Multifamily
Other structures....
113.88
116.50
109.10
111.02
Producers' durable
equipment
104.84 105.23 105.59 106.27 105.27 104.89
119.68 117.84 118.15 119.05
113,32 111.69 111.87 112.73
114.81 112.50 113.47 114.66
1. Includes new computers and peripheral equipment only.
Receipts of factor income
imports of goods and services
Goods1
Durable
Nondurable
Servicesx
Payments of factor income
144.30
152.94
171.81
119.12
125.27
150.53
161.76
184.74
121.23
126.25
152.17
163.11
186.07
122.57
128.46
155.25
168.57
192.76
125.95
126.78
154.05
166.23
192.02
121.19
127.83
163.87 162.90 171.33 175.83 175.51 176.08
179.35
188.63
212.33
149.57
139.90
203.98 204.23
150.48 156.80 164.30 169.98 172.18
157.37 163.58 172.24 178.53 181.25
172.22 182.08 190.72 198.74 203.25
131.83 132.70 141.15 144.77 144.85
120.90 127.64 130.41 133.58 133.67
173.34 184.53 197.73
202.54
Chain-type price indexes
Structures
Single family
Multifamily
Other structures
Private fixed
investment
Exports of goods and services
Goods1
Durable
Nondurable
Servicesl
108.58
109.26
118.33
118.71
121.26
114.82
115.82
108.36
109.49
118.53
118.89
120.86
114.44
116.78
104.49 105.36
Exports of goods and services
Goods l
Durable
Nondurable
Servicesl
Receipts of factor income
Imports of goods and services
Goods1
;
Durable
Nondurable
Services1
Payments of factor income
101.61 99.38 100.35 99.90 99.72 99.21
98.27 94.60 96.06 95.55 94.99 94.35
90.93 87.02 88.77 88.13 87.43
116.09 113.26 113.78 113.67 113.55 113.28
110.21 112.04 111.55 111.29 112.23 112.12
109.36 110.95 110.08 110.49 110.73 111.10
99.41 95.52 98.75 97.42 95.52 94.81
98.30 93.91 97.42 96.11 93.87 93.18
93.63 87.95 90.73 89.31 88.36 87.61
108.65 107.12 112.34 111.27 105.99 105.47
105.13 104.08 105.69 104.31 104.37 103.49
110.63 112.81 111.81 112.24 112.65 113.00
93.52
85.84
112.54
112.51
111.48
94.31
92.49
86.53
105.75
104.15
113.35
97.45
91.97
84.74
109.65
112.30
111.49
91.54
89.51
84.87
99.53
102.60
113.37
1. Exports and imports of certain goods, primarily military equipment purchased and sold by the Federal Government, are included in services. Beginning with 1986, repairs and alterations of equipment are reclassified from goods
to services.
D-20
• National Data
June 1998
SURVEY OF CURRENT BUSINESS
Table 7.10.—Chain-Type Quantity and Price Indexes for Exports and Imports of Goods and Services by Type of Product
[Index numbers, 1992=100]
Seasonally adjusted
Seasonally adjusted
1996
1997
1996
1997
Exports of goods
l
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
Exports of servicesl
Transfers under U.S. military
agency sales contracts
Travel
Passenger fares
Other transportation
Royalties and license fees
Other private services
Other
Imports of goods and
services
Imports of goods
!
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
Imports of services1
Direct defense expenditures ...
Travel
Passenger fares
Other transportation
Royalties and license fees
Other private services
Other
Addenda:
Exports of agricultural
goods2...
Exports of nonagricultural
goods
Imports of nonpetroleum
NOTE.—See footnotes to table 4.3.
1996
1997
1998
Chain-type price indexes
Chain-type quantity indexes
Exports of goods and
services
1997
1998
154.05
109.04 108.52 117.01 107.05 101.39 105.81
155.25
168.57
119.82
116.02 126.05 120.53 121.51 127.10 127.82
121.61 132.47 125.69 127.44 133.28 132.87
113.07 122.68 117.81 118.39 123.86 125.15
127.79
136.27
123.34
126.30
139.57
119.38
176.29 220.39 191.52 202.24 220.74 224.90
233.66
231.67
134.03 150.56 140.92 144.30 150.53 152.17
140.05 161.59 148.48 152.94 161.76 163.11
166.23
110.83
81.03
98.65
106.79
337.98 507.27 371.25 425.35 495.59 558.72
185.57 220.73 198.17 205.08 217.82 227.57
549.44
232.46
560.09
224.66
132.62 148.96 136.33 143.80 148.52 147.80
155.73
157.13
145.76
147.60
143.82
127.71
127.71
127.71
126.78
144.34
145.00
143.61
123.35
123.35
123.35
71.59
130.81
131.21
130.37
109.60
109.60
109.60
92.88
143.52
145.03
141.91
127.90
127.90
127.90
84.26
135.65
138.38
132.80
114.59
114.60
114.59
89.29 102.57
139.66
138.59
140.75
122.19
122.20
122.19
146.32
149.53
142.95
131.33
131.33
131.33
142.33
144.41
140.13
130.36
130.36
130.35
120.51 126.69 124.14 125.27 126.25 128.46
111.75
114.43
112.61
108.78
136.87
134.38
109.14
110.70
116.92
120.72
116.13
141.92
147.67
109.66
124.35
117.69
113.35
112.55
139.76
139.03
108.73
101.68
119.26
124.53
111.72
139.78
143.25
109.21
115.54
115.75
116.59
114.98
143.74
147.40
109.45
117.72
117.95
119.52
117.26
142.94
151.24
109.87
107.86
114.74
122.23
120.55
141.23
148.79
110.10
127.83
124.00
113.39
121.50
123.86
140.11
150.00
110.42
145.22 165.82 150.48 156.80 164.30 169.98 172.18 179.35
151.06 173.90 157.37 163.58 172.24 178.53 181.25 188.63
116.82 128.46 120.16 123.78 127.97 131.19 130.92 137.80
138.73
146.42
131.63
123.72
149.66
157.49
142.42
129.41
142.95
150.97
135.54
123.98
143.73
150.80
137.18
120.50
149.80
157.53
142.64
132.12
152.42
158.96
146.42
134.16
152.70
162.66
143.45
130.86
160.85
170.43
151.97
132.58
219.36 281.32 238.05 253.47 275.14 293.05 303.62 315.97
88.71 112.51
96.77
92.67 105.06 127.72 124.60 119.46
373.29 537.57 410.89 455.71 521.20 579.68 593.67 656.54
197.41 241.77 213.17 225.32 238.34 245.82 257.60 263.85
129.38 141.62 129.32 142.67 138.97 143.84 140.99 149.66
134.78
135.52
133.96
124.65
124.65
124.65
153.74
152.64
154.90
145.18
145.18
145.18
141.81
140.82
142.86
127.07
127.07
127.07
143.88
143.19
144.62
133.79
133.79
133.79
152.92
151.76
154.15
143.13
143.13
143.13
155.69
153.68
157.83
151.38
151.38
151.38
162.44
161.91
163.03
152.43
152.43
152.43
167.43
167.95
166.92
154.79
154.79
154.79
120.06 131.33 120.90 127.64 130.41 133.58 133.67 139.90
72.71
115.75
141.57
108.20
131.88
156.64
107.59
83.39
130.51
148.33
113.46
145.54
171.94
112.04
72.34
115.97
143.35
107.70
126.69
161.19
109.99
79.33
127.31
149.12
110.16
135.99
165.61
111.87
81.05
129.34
144.58
113.41
149.43
171.31
112.06
84.47
131.36
147.33
114.41
156.31
178.47
113.05
88.71
134.05
152.27
115.83
140.44
172.37
111.16
96.18
139.46
154.90
118.53
172.65
179.95
112.61
110.25 112.00 117.38 108.28 107.13
112.27
120.32 113.16
143.68 167.89 152.24 158.58 168.75
169.57
174.65 172.98
153.63 178.61 160.69 168.20 176.44
183.20
186.62 194.60
Exports of goods and
services
Exports of goods l
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
Exports of services1
Transfers under U.S. military
agency sales contracts
Travel
Passenger fares
Other transportation
Royalties and license fees
Other private services
Other
Imports of goods and
services
Imports of goods l
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
Imports of services1
Direct defense expenditures ...
Travel
Passenger fares
Other transportation
Royalties and license fees
Other private services
Other
Addenda:
Exports of agricultural
goods 2
Exports of nonagricultural
goods
Imports of nonpetroleum
goods
101.61 99.38 100.35
98.27 94.60 96.06
99.72 99.21
94.99 94.35
98.68 97.45
93.52 91.97
126.27 115.97 117.48 117.60 117.98 115.48 112.81 108.08
99.90
95.55
115.72 115.34 115.29 115.52 115.36 115.71 114.77 112.03
113.74 112.73 112.12 113.19 113.30 113.32 111.13 109.74
116.78 116.78 117.06 116.81 116.48 117.03 116.81 113.25
81.56
75.84
78.60
77.42
76.31
75.28
74.34
73.02
114.01 118.34 115.70 117.81 117.63 118.82 119.10 119.44
44.97
87.85
34.06
84.08
40.46
85.25
37.77
84.49
35.06
84.28
32.64
83.96
30.78
83.60
27.74
83.33
104.25 105.12 104.53 104.92 105.15 105.21 105.21 105.26
104.27
102.71
105.95
103.61
103.61
103.61
105.04
103.70
106.50
100.76
100.81
100.81
104.53
102.92
106.27
101.61
101.65
101.65
104.80
103.38
106.32
101.12
101.16
101.16
104.86
103.75
106.05
101.12
101.17
101.17
105.18
103.77
106.72
100.38
100.42
100.42
105.34 105.28
103.90 103.67
106.90 107.04
100.43 99.39
100.47 99.43
100.47 99.43
110.21 112.04 111.55 111.29 112.23 112.12 112.51 112.30
111.29
111.60
109.86
105.61
109.41
107.81
122.10
110.18
114.93
106.25
105.87
111.01
109.28
131.07
109.65
112.89
112.16
107.16
110.14
108.43
128.28
110.56
114.09
102.75
106.69
110.55
108.78
129.06
110.84
114.62
109.52
105.73
110.79
109.16
131.79
109.69
114.78
108.05
105.06
111.15
109.36
131.76
109.63
116.24
104.67
105.99
111.54
109.83
131.65
109.13
116.80
105.06
102.58
111.55
109.90
131.94
99.41
95.52
98.75
94.81
94.31
91.54
93.91
97.42
97.42
96.11
95.52
98.30
93.87
93.18
92.49
89.51
110.72 111.93 110.71 111.37 113.17 112.05 111.12 109.53
109.62
110.07
109.26
113.99
109.60
112.06
107.26
107.93
109.35
109.86
108.95
128.60
110.46
111.36
109.66
123.38
108.90
112.51
105.41
104.18
77.78
67.34
72.32
69.65
68.05
109.65
112.95
106.47
101.73
109.40 106.57
111.42 109.37
107.49 103.85
102.46 80.50
66.63 65.04
62.77
113.54 118.15 114.99 117.21 117.65 118.63 119.13 119.75
52.01
87.18
41.38
76.98
48.16
80.62
45.26
78.03
42.64
77.23
40.00
76.79
37.61
75.89
34.01
74.88
108.57 108.84 108.67 108.67 108.50 108.90 109.28 109.28
103.45
103.06
103.87
107.43
107.43
107.43
102.27
100.85
103.81
106.43
106.43
106.43
103.14
102.61
103.72
107.24
107.24
107.24
102.67
101.84
103.57
107.05
107.05
107.05
102.38
101.00
103.89
106.36
106.36
106.36
102.14
100.57
103.84
106.34
106.34
106.34
101.88
99.99
103.94
105.99
105.99
105.99
101.48
99.20
103.94
104.84
104.84
104.84
105.13 104.08 105.69 104.31 104.37 103.49 104.15 102.60
107.97
109.23
105.58
103.29
109.42
99.25
109.36
100.22
105.70
111.73
103.46
111.01
98.71
108.92
108.89
109.53
107.13
104.57
110.14
99.08
109.96
101.94
106.66
108.68
104.33
110.55
98.61
109.04
101.45
105.58
112.91
103.88
110.79
98.05
104.74
112.86
102.65
111.15
98.34
108.74 108.61
99.45
105.82
112.48
102.96
111.54
98.92
109.28
93.45
103.89
112.04
100.94
111.55
98.66
108.53
126.61 117.53 118.80 119.38 118.84 116.80 115.08 110.01
92.44
93.91
93.31
92.75
92.22
91.46
90.18
97.161 92.74
94.93
93.92
92.98
92.43
91.64
90.03
95.65
D-21
National Data
SURVEY OF CURRENT BUSINESS
June 1998
Table 7.11.--Chain-Type Quantity and Price indexes for Government Consumption Expenditures and Gross Investment by Type
[Index numbers, 1992=100]
Seasonally adjusted
Seasonally adjusted
1996
1997
1997
1996
Federal
National defense
Consumption expenditures
Durable goods 2
Nondurable goods
Services
Compensation of
general government
employees, except
force-account
construction3
Consumption of
general government
fixed capital 4
Other services
Gross investment
Structures
Equipment
Nondefense
Consumption expenditures
Durable goods 2
Nondurable goods
Commodity Credit
Corporation
inventory change ...
Other nondurables
Services
Compensation of
general government
employees, except
force-account
construction3
Consumption of
general government
fixed capital 4
Other services
Gross investment
Structures
Equipment
99.54
100.46
99.85
99.74 100.50 100.77 100.84 100.07
87.92
86.55
87.04
85.76
84.56
86.20
72.27
76.05
88.01
82.14
85.38
67.50
69.83
87.76
83.44
85.84
67.04
66.02
88.45
80.86
81.89
78.91
80.64
79.99
94.82 92.92 94.12
94.25 100.29 98.60
75.34 63.61 69.89
107.11 95.1 102.80
71.80 60.08 66.21
86.39
84.19
82.33 82.58 82.78
84.5 85.69 85.60 85.68
66.37 70.43 66.16 67.05
70.26 66.46 72.52 70.08
86.93 87.94 88.05 88.14
78.67
87.14
79.14
86.89
81.66
65.81
69.81
83.73
77.58
77.58
93.62 93.1
92.70 92.19
94.74 100.30 101.42 104.70
59.66 63.13 65.42 66.25
96.54 94.56 93.91 95.67
55.49 59.61 62.26 62.98
91.42
89.35
61.62
95.16
57.83
78.93
96.01
95.37
97.16
97.09
95.69
97.54
97.18
98.71
97.60
97.27
95.11
97.42
95.21
97.24
96.34
97.16
75.08
95.5
86.91
96.62
74.38
95.61
83.75
96.75
85.82
97.23
85.41
97.03
92.66
95.46
91.53
96.31
90.66
90.43
90.70
91.10
91.42
90.91
88.28
90.45
115.70 121.31 117.80
99.49 101.89 99.16
100.61 97.46 99.08
97.44 85.27 97.41
104.93 113.31 101.49
119.30
101.47
100.06
94.95
106.77
107.88 110.46
108.28 110.44
115.98 119.47
117.38 121.71
107.08 108.98
120.73 122.01 123.19 124.24
102.05 102.13 101.90 100.36
106.81 97.31 85.67 99.34
88.29 90.52 67.31 87.14
130.76 105.85 109.86 114.84
109.04 109.78 110.10 110.73 111.22 111.48
1997
1998
Government consumption
expenditures and gross
investmentl
Federal
National defense
Consumption expenditures
Durable goods 2
Nondurable goods
Services
Compensation of
general government
employees, except
force-account
construction3
Consumption of
general government
Other services
Gross investment
Structures
Equipment
Nondefense
Consumption expenditures
Durable goods 2
Nondurable goods
Commodity Credit
Corporation
inventory change ...
Other nondurables
Services
Compensation of
general government
employees, except
force-account
construction3
Consumption of
general government
fixed capital 4
Other services
Gross investment
Structures
Equipment
111.83 114.47 112.76 113.74 114.14 114.54 115.46 115.74
112.03 114.7
112.7
114.10 114.46 114.71 115.71 116.05
111.02
110.96
102.41
109.95
111.78
111.94
112.16
102.17
116.27
112.96
113.14
113.39
102.89
114.14
114.31
113.64
113.97
102.96
108.29
115.1
115.40 120.33
111.40
106.45
111.22
121.50
110.0
113.13
108.49
111.1
125.40
109.40
113.46
113.70
103.22
107.47
114.81
113.62
113.95
103.01
105.14
115.1
114.35 114.93
114.83 115.50
102.73 102.70
106.43 99.14
116.13 117.08
116.76 119.51 120.16 120.26 121.41 123.29
111.91 112.50 112.78 113.26 113.99
114.07
107.82 107.65 108.07 108.71 109.55 109.74
114.47 117.38 114.72 116.44 116.87 117.30 118.89
116.32 119.92 116.74 118.80 119.30 119.87 121.70
110.58
126.29
108.56
118.75
121.65
112.73 111.18 109.98 110.07 111.40 111.61 111.64
116.89 120.79 117.48 119.65 120.14 120.73 122.65
110.79
122.67
126.39 132.74 126.91 130.91 131.68 132.41 135.95
135.90
110.29 111.26 111.65 111.10 110.68
123.5 124.09 125.35 126.15 125.99
108.6 109.72 109.95 109.19 108.72
104.43
108.29
101.24
117.11
86.12
104.65
108.58
101.26
118.63
85.10
111.71 114.31 112.77 113.54 113.95 114.44
111.84 114.44 113.01 113.71 114.02 114.58
106.39 106.79 106.45 106.42 106.45 107.01
109.36 108.76 110.70 110.77 108.30 107.82
112.25 115.32 113.43 114.23 114.90 115.60
115.32
115.45
107.30
108.16
116.56
104.40
108.74
100.49
119.24
83.45
115.56
115.72
107.53
105.05
117.26
115.24 116.04 116.75 117.52
104.51
106.39
102.76
113.14
92.16
104.23
108.10
101.45
116.64
86.86
104.15
107.29
101.99
113.92
90.00
104.08
107.60
101.63
114.63
88.66
103.77
107.92
101.67
116.18
87.56
118.40
119.35
116.10
154.10
108.81
105.65
125.10
108.74 110.56 108.95 109.84 110.41 110.57 111.40
90.09 93.72 92.13 92.76 93.05 93.55 95.51
111.14 113.71 111.69 112.73 113.64 113.78 114.70
113.93 117.95 114.90 116.36 117.75 118.20 119.51
99.35 95.94 98.20 97.49 96.39 95.28 94.59
111.33
94.27
114.82
120.07
93.06
98.66 99.06 98.72 98.87 99.00 99.31 99.05 99.53
84.83 82.79 84.02 83.73 83.27 82.98 81.17 81.92
105.06 106.63 105.54 105.89 106.31 106.91 107.41 107.75
Addenda:
Compensation of general
government employees3 ....
Federal
State and local
115.42 119.17 116.59 118.03 118.73 119.38 120.55 121.57
119.00 124.43 120.08 123.26 123.94 124.26 126.25 127.45
114.03 117.18 115.24 116.04 116.75 117.53 118.41 119.36
105.08
106.62 105.54 105.87 106.30 106.90 107.40 107.77
111.57
138.73
106.03
104.30
114.13
114.41
146.07
110.52
108.59
119.81
Addenda:
Compensation of general
government employees3 ....
Federal
State and local
1996
State and local
Consumption expenditures
Durable goods 2
Nondurable goods
Services
Compensation of general
government
employees, except
force-account
construction3
Consumption of general
government fixed
capital4
Other services
Gross investment
Structures
Equipment
State and local
Consumption expenditures
Durable goods 2
Nondurable goods
Services
Compensation of general
government
employees, except
force-account
construction3
Consumption of general
government fixed
capital4
Other services
Gross investment
Structures
Equipment
NOTE.—See footnotes to table 3.7.
1997
Chain-type price indexes
Chain-type quantity indexes
Government consumption
expenditures and gross
investmentl
1996
1998
108.98
117.32
119.06
107.66
112.66
140.65
109.35
107.84
116.33
109.53
118.18
120.12
108.15
113.37
143.86
110.95
109.49
117.57
110.06
119.04
121.18
108.61
114.07
144.66
110.28
108.43
119.08
110.77
119.90
122.24
109.28
114.76
146.73
110.52
108.39
120.88
111.41
120.76
123.30
109.87
115.43
149.02
110.35
108.03
121.73
112.06
121.79
124.43
110.46
114.02
117.18
D-22
• National Data
SURVEY OF CURRENT BUSINESS
June 1998
Table 7.14.—Chain-Type Quantity and Price Indexes for Gross Domestic
Product by Sector
Table 7.16.—Implicit Price Deflators for Inventories of Business by
Industry
[Index numbers, 1992=100]
[Index numbers, 1992=100]
Seasonally adjusted
Seasonally adjusted
1996
1997
1997
1996
1996
1998
Inventories1
Chain-type quantity indexes
Gross domestic
product
Businessl
110.95 115.12 112.38 113.73 114.66 115.53 116.58 117.96
112.70 117.51 114.35 115.92 116.98 117.94 119.20 120.76
Nonfarm l
Nonfarm less housing
Housing
Farm
112.99 117.79 114.69 116.18 117.23 118.23 119.52 121.08
113.61 118.79 115.36 116.99 118.15 119.27 120.74 122.54
107.83 109.59 109.05 109.53 109.66 109.67 109.50 109.18
93.75 98.71 92.75 98.07 99.75 98.78 98.24 99.58
Households and institutions
111.52 114.86 112.66 113.55 114.40 115.28 116.20 117.02
Private households
Nonprofit institutions
General government2
Federal
State and local
Chain-type price indexes
Gross domestic
product
Business
i
100.06 95.64 95.09
111.96 115.59 113.33
99.34 99.78
99.43
87.79 85.99 87.08
105.65 107.33 106.18
94.77 95.54 95.97 96.28 97.20
114.27 115.11 116.02 116.96 117.77
99.58
99.72 100.01
99.80 100.21
86.80 86.40 86.12 84.63 85.12
106.56 107.00 107.61 108.13 108.49
110.22 112.45 111.10 111.78 112.27 112.67 113.07 113.36
109.56 111.58 110.43 111.00 111.45 111.80 112.08 112.27
Nonfarm l
Nonfarm less housing
Housing
Farm
109.46
109.11
112.48
118.34
111.45
110.96
115.81
122.39
Households and institutions
111.19
114.29 111.98 112.87 113.90 114.79 115.59 116.48
Private households
Nonprofit institutions
General government2
Federal
State and local
110.21
109.82
113.63
128.16
110.88
110.47
114.42
121.56
111.29
110.83
115.32
124.35
111.67
111.14
116.29
122.82
111.98
111.39
117.21
120.83
112.27
111.60
118.19
112.80
113.51 117.66 115.40 115.86 116.84 118.22 119.72 120.48
111.10 114.17 111.86 112.77 113.79 114.68 115.45 116.35
114.58 118.02 115.62 116.95
117.60 118.21 119.31 120.18
116.82 121.20 117.71 120.19 120.74 121.11 122.75 123.64
113.53 116.55 114.64 115.46 116.15 116.86 117.74 118.59
NOTE.—See footnotes to table 1.7.
Table 7.15.—Current-Dollar Cost and Profit Per Unit of Real Gross
Domestic Product of Nonfinancial Corporate Business
[Dollars]
Current-dollar cost and
profit per unit of real
gross domestic
product*
1.063
1.072
1.065
1.069
1.072
1.072
1.073
Consumption of fixed capital
.101
.101
.101
.101
.101
.100
.100
.100
Net domestic product
.962
.971
.963
.968
.971
.972
.973
.973
.108
.853
.107
.864
.108
.855
.107
.861
.107
.863
.107
.865
.106
.867
.105
.868
.690
.698
.693
.697
.698
.695
.702
.705
.140
.040
.145
.040
.142
.040
.143
.040
.144
.040
.149
.042
.145
.040
.142
.037
.101
.023
.105
.021
.102
.021
.103
.021
.104
.021
.107
.021
.105
.021
.106
.021
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
1.073
1. Equals the deflator for gross domestic product of nonfinancial corporate business with the decimal point shifted
two places to the left.
1997
107.08 106.63
103.26
Farm
100.15
Nonfarm
Durable goods
Nondurable goods
107.77 107.00
106.49 106.69
109.53 107.45
Manufacturing
Durable goods
Nondurable goods
107.47 106.84
104.89 104.92
111.85 110.06
Wholesale
Durable goods
Nondurable goi
106.53 106.26
103.90 103.91
110.90 110.16
106.48
104.14
110.43
106.86
102.26
113.64
106.50
104.17
110.44
104.87
102.24
108.77
Retail trade
Durable goods
Motor vehicle dealers
Other
Nondurable goods
106.96
110.06
112.57
107.52
103.80
107.01
110.48
113.16
107.79
103.44
Other
Durable goods
Nondurable goods
113.73 109.34
115.15 116.40
113.22 105.81
Merchant wholesalers
Durable goods
Nondurable goods
Nonmerchant wholesalers .
Durable goods
Nondurable goods
105.93
101.90
106.36
106.25
106.54
106.13
104.52
108.80
105.62
103.80
108.61
105.93
104.06
109.05
103.79
102.07
106.34
106.28
109.42
110.90
107.83
103.08
109.15
116.50
105.46
1998
106.21 105.33 104.25
101.00
97.87
96.09
106.74 106.07 105.06
106.12 105.80 105.31
107.62 106.47 104.77
106.49 106.00 104.58
104.50 104.39 103.38
109.84 108.68 106.55
106.08 105.17 104.29
103.56 103.05 102.63
110.27 108.68 106.94
106.35
103.83
110.61
104.50
101.79
108.52
105.52
103.31
109.25
103.09
101.31
105.74
104.93
102.94
108.27
100.46
100.93
99.85
106.53
109.38
110.89
107.76
103.64
106.16
108.94
110.30
107.46
103.35
105.97
109.12
110.67
107.46
102.75
109.74 108.34 106.51
115.80 115.50 115.30
106.73 104.75 102.09
1. Implicit price deflators are as of the end of the quarter and are consistent with the inventory stocks shown
in tables 5.12 and 5.13.
Table 7.17.—Chain-Type Quantity Indexes for Gross Domestic Product
by Major Type of Product
D-23
National Data
SURVEY OF CURRENT BUSINESS
June 1998
Table 7.18.—Chain-Type Quantity Indexes for Auto Output
[Index numbers, 1992=100]
[Index numbers, 1992=100]
Seasonally adjusted
Seasonally adjusted
1996
1997
IV
Gross domestic product
Final sales of domestic
product
Change in business
inventories
Goods
1996
1997
1996
I
II
1998
III
IV
I
110.95 115.12 112.38 113.73 114.66 115.53 116.58 117.96
110.64 114.12 111.93 112.77 113.47 114.80 115.45 116.41
114.72 120.99 116.51 119.31 120.49 121.30 122.87 125.83
Final sales
Change in business
inventories
113.89 118.22 115.32 116.66 117.19 119.31 119.71 121.47
Durable goods
Final sales
.
Change in business
inventories
127.97 138.89 128.64 133.71 139.00 140.14 142.71 147.70
124.84 133.96 127.35 128.97 132.66 136.70 137.53 141.14
Nondurable goods
Final sales
Change in business
inventories
105.69 108.96 108.19 109.52 108.07 108.66 109.58 111.26
106.32 107.48 107.01 108.17 106.63 107.49 107.61 108.19
Services
108.08 111.08 109.17 109.76 110.65 111.54 112.38 112.81
Structures
113.63 116.85 115.73 116.16 116.27 117.26 117.72 118.95
Addenda:
Motor vehicle output
Gross domestic product less
motor vehicle output
1997
117.55 122.87 115.23 120.59 117.22 123.72 129.92 124.37
110.73 114.86 112.28 113.50 114.57 115.25 116.13 117.74
1997
1996
I
IV
Auto output
Final sales
Personal consumption
expenditures
New autos
Net purchases of used
autos
Producers' durable equipment
New autos
Net purchases of used
autos
Net exports
EXDOIIS
Imports
Gross government investment
II
1998
III
IV
I
98.69
98.77
93.58
98.45
96.09 100.49 100.04
90.24
101.94
97.99
99.35
99.31
94.84 100.39
92.82
103.07 103.22 100.38 105.11
95.25 95.86 93.83 96.91
97.41
99.69 106.36 101.74 103.72
89.70 100.20 96.61 96.70
128.03 132.71 127.22 136.19 130.82 136.50 127.34 130.15
126.10 126.82 121.72 130.80 126.22 129.36 120.92 123.74
112.16 110.83 110.84 109.44 119.00 106.05 108.81 110.74
126.62 140.15 125.96 143.81 139.60 143.34 133.87 152.48
102.75 98.19 115.71 103.02 82.28 100.78 106.68 88.33
Change in business
inventories of new and used
autos
New
..
Used
Addenda:
Domestic output of new
autos l
Sales of imported new autos 2
110.93 110.36 103.63 109.88 108.14 114.28 109.16 103.50
98.06 107.19 99.15 108.82 102.63 109.56 107.75 110.75
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 gross government investment.
Table 7.19.—Chain-Type Quantity Indexes for Truck Output
[Index numbers, 1992=100]
Truck output l
Final sales
Personal consumption
expenditures
Producers' durable equipment
Net exports
Exports
Imports
Gross government investment
Change in business
inventories
1. Includes new trucks only.
144.61 157.51 146.38 152.43 147.62 157.14 172.86 173.40
147.62 156.53 152.03 150.72 147.96 158.65 168.80 172.15
121.78 123.02 120.90 119.17 113.36 126.05 133.49 135.40
181.34 199.56 190.80 193.20 192.36 202.08 210.60 217.69
156.23 185.31 177.17 175.57 169.89 176.36 219.43 208.37
116.45 135.16 113.92 133.14 130.75 145.62 131.15 132.89
91.90 105.17 82.80 97.68 109.59 120.72 92.70 95.48
D-24
• National Data
SURVEY OF CURRENT BUSINESS
June 1998
8. Supplementary Tables^
Table 8.1 .—Percent Change From Preceding Period in Selected Series
[Percent]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
Gross domestic product:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Personal consumption expenditures:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
1997
1996
1997
5.1
2.8
2.3
2.3
5.8
3.8
2.0
2.0
6.2
4.3
1.9
1.9
7.4
4.!
2.4
2.4
5.2
3.3
1.8
1.8
4.6
3.1
1.4
1.4
5.2
3.7
1.4
1.4
5.8
4.8
1.0
1.0
5.0
2.6
2.4
2.4
5.3
3.3
2.0
2.0
6.3
3.3
3.0
2.9
7.6
5.3
2.2
2.2
2.0
.9
1.0
1.0
7.2
5.6
1.5
1.5
3.7
2.5
1.2
1.2
6.5
6.1
.4
.4
3.9
13.3
14.1
-.7
-.7
-8.2
-5.4
-3.0
-3.0
15.0
18.4
-2.9
-2.9
-.3
1.9
-2.2
-2.2
13.8
15.9
-1.8
-1.8
1996
Implicit price deflator
Durable goods:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
4.3
4.7
-.4
-.4
-1.6
-1.6
2.4
3.5
-1.0
-1.1
Nondurable goods:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
4.0
1.4
2.6
2.6
3.7
1.8
1.9
1.9
5.8
2.1
3.7
3.7
7.2
4.7
2.4
2.4
-2.1
-2.1
0
0
5.7
4.3
1.3
1.3
-1.2
1.3
1.3
5.2
6.5
-1.3
-1.3
Services:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
5.7
2.7
2.9
2.9
6.5
3.5
2.9
2.9
7.4
3.9
3.4
3.4
6.6
3.9
2.6
2.6
6.3
3.9
2.4
2.4
6.5
3.9
2.5
2.5
6.4
4.4
1.9
1.9
5.7
4.0
1.7
1.7
Gross private domestic investment:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Fixed investment:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Nonresidential:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
5.6
7.5
7.8
-.2
-.3
11.3
12.0
-.4
8.2
8.3
-.1
-.1
7.7
7.9
-.2
-.2
.7
1.6
-.5
-.9
15.6
17.1
-1.0
-1.3
17.2
17.7
-.6
-.4
2.7
2.5
.2
.1
11.3
11.3
0
0
22.9
26.3
-2.5
-2.7
2.6
3.0
-.4
-.4
3.0
3.9
-.9
12.4
12.6
-.2
-.2
14.7
14.4
.3
.3
1.9
1.8
0
0
14.6
16.9
-2.0
-2.0
8.1
9.2
-1.0
-1.0
8.4
9.9
-1.4
-1.4
4.4
5.9
-1.5
-1.5
2.1
4.1
-2.0
-2.0
12.9
14.6
-1.5
-1.5
18.2
19.2
-.8
-.8
-1.8
-.8
-1.0
-1.0
13.7
17.2
-3.0
-3.0
7.3
4.8
2.3
2.3
7.0
3.6
3.3
3.3
18.2
15.3
2.5
2.5
.7
-2.1
2.8
2.8
-1.0
-4.7
3.9
3.9
11.2
6.7
4.2
4.2
1.7
-2.3
4.1
4.1
-5.0
-7.4
2.6
2.6
8.4
10.9
-2.3
-2.3
8.9
12.5
-3.1
-3.2
-.5
2.6 18.7 20.9 -3.0
2.6 6.7 23.0 24.1 -.3
-3.0 -3.8 -3.5 -2.6 -2.8
-3.0 -3.8 -3.5 -2.6 -2.8
21.2
27.5
-4.9
-4.9
Residential:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
8.5
5.9
2.4
2.4
5.8
2.7
3.0
3.0
-1.8
-4.3
2.6
Exports of goods and services:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
6.4
8.3
-1.8
-1.8
9.9
12.3
-2.2
-2.2
20.4
25.5
-4.3
Exports of goods:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
5.8
9.5
-3.4
-3.4
11.1
15.4
-3.7
-3.7
Exports of services:
Current dollars
Chain-type quantity index
Chain-type price index
8.0
5.5
2.4
6.9
5.1
1.7
Structures:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Producers' durable equipment:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
5.4
3.3
2.0
2.0
11.1
7.4
3.4
3.4
6.0
2.7
3.2
3.2
8.0
9.9
-1.8
-1.8
17.6
18.4
-.7
-.7
2.3
4.4
-2.0
-2.0
21.8
30.7
-7.3
-6.9
10.2
12.6
-2.1
-2.1
22.2
25.1
-2.3
-2.3
3.4
-2.6
17.1
13.5
3.1
2.7
3.7
-.9
6.7
3.2
3.4
6.8
7.2
-.4
2.6
NOTE.—Contributions to the percent change in real gross domestic product are shown in table 8.2.
1996
1998
12.0
9.1
2.6
2.6
16.9
16.1
.7
.7
6.0 -7.8
8.3 -3.0
-2.1
-2.1
-4.9
-4.9
10.1 -11.5
14.1 -5.4
-3.5 -6.5
-6.5
-3.8
-5.1
1.4
2.5
3.3
-.8
1997
1996
2.4
1.7
3.1
6.8
9.6
14.2
-3.9
-4.0
6.
6.8
0
-.3
6.8
9.9
-2.8
-2.8
9.8
15.1
-4.5
6.6
5.5
1.1
1.1
8.3
9.4
-1.0
3.8
.5
3.3
3.3
1997
1998
3.4
-.4
1.4
11.7
17.9
-5.3
-5.3
11.4
20.5
-7.6
-7.6
11.2
14.6
-3.0
-3.0
3.1
5.3
-2.1
-2.1
7.2
7.7
-.2
-.4
10.
16.7
-5.3
-5.3
11.8
22.9
-9.0
-9.0
12.1
15.4
-2.9
-2.9
3.1
6.2
-2.9
-2.9
2.8
2.1
17.9
24.2
-5.1
-5.1
9.2
8.9
6.4
10.1
-3.3
-3.3
2.8
.3
2.5
2.5
3.3
.9
2.4
2.3
2.5
.1
2.5
2.4
3.1
-.4
3.5
3.5
4.5
3.1
1.4
1.4
2.5
1.1
1.4
1.4
3.6
2.1
-1.3
3.4
3.4
-1.6
2.4
2.3
3.0
-5.2
2.5
2.3
-1.1
-5.8
4.9
4.9
7.9
6.6
1.3
1.3
-.3
-1.1
National defense:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
2.4
-1.5
3.9
3.9
-.7
-2.9
2.4
2.2
-4.7 -3.0
-7.1 -11.8
2.8
4.3
2.6
4.3
8.7
7.5
1.1
1.1
Nondefense:
Current dollars
Chajn-type quantity index
Chain-type price index
Implicit price deflator
1.4
-.9
2.3
2.3
3.7
1.2
2.5
2.5
-1.0
1.7
1.5
14.6
8.0
6.1
6.1
6.4
4.9
1.5
1.5
-4.3
-5.7
1.5
1.5
-3.5
-8.6
5.5
5.5
4.8
1.6
3.2
3.2
4.8
2.4
2.3
2.3
5.9
3.3
2.5
2.5
5.5
2.7
2.7
2.7
2.6
1.2
1.5
1.5
4.1
2.3
1.7
1.7
5.0
1.8
3.1
3.1
Addenda:
Final sales of domestic product:
Current dollars
Chajn-type quantity index
Chain-type price index
Implicit price deflator
5.2
2.8
2.3
2.3
5.3
3.1
2.1
2.1
6.6
4.5
1.9
2.0
5.6
3.0
2.5
2.5
4.4
2.5
1.9
1.9
6.3
4.7
1.5
1.5
3.8
2.3
1.4
1.4
Gross domestic purchases:
Current dollars
- Chain-type quantity index
Chain-type price index
Implicit price deflator
5.2
2.9
2.2
2.2
5.8
4.1
1.7
1.7
4.8
2.5
2.4
2.3
7.9
5.9
1.9
1.9
4.6
3.7
5.7
4.3
1.3
1.3
4.8
3.4
1.4
1.4
Final sales to domestic purchasers:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
5.2
3.0
2.2
2.2
5.3
3.5
1.8
1.8"
5.1
2.7
2.4
2.4
6.1
4.0
2.0
2.0
3.9
2.9
7.4
6.0
1.3
1.3
3.4
2.0
1.4
1.4
Gross national product:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
5.0
2.7
2.3
2.3
5.5
3.5
2.0
2.0
6.8
4.9
1.9
1.8
6.5
4.0
2.4
2.4
4.9
3.0
1.8
1.8
Command-basis gross national product:
Chain-type quantity index
2.8
3.8
4.4
4.5
4.0
Disposable personal income:
Current dollars
Chained (1992) dollars
4.7
2.3
4.9
2.9
3.7
6.8
4.6
4.2
3.1
Imports of goods and services:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Imports of goods:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
9.1
-2.2
-2.2
,
Imports of services:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Government consumption expenditures
and gross investment:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Federal:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
State and local:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
-1.0
33
3.3
1.2
-2.3
3.5
3.6
3.6
1.0
2.6
2.6
5.1
3.6
1.4
1.4
3.2
3.6
5.7
4.5
SURVEY OF CURRENT BUSINESS
June 1998
Table 8.2.—Contributions to Percent Change in Real Gross Domestic
Product
National Data
D-25
Table 8.3.—Selected Per Capita Product and Income Series in Current
and Chained Dollars
[Dollars]
Seasonally adjusted at annual rates
1996
1997 1996
1997
Seasonally adjusted at annual rates
1998
III
IV
1996
1997
1996
28,752
30,161
29,243
29,715
30,030
30,295
30,602
30,972
28,759
24,457
30,088
25,660
29,254
24,835
29,662
25,268
29,952
25,525
30,218
25,756
30,515
26,087
30,888
26,448
21,117
21,969
21,373
21,689
21,865
22,034
22,285
22,515
19,608
2,389
20,478
2,461
19,919
2,395
20,247
2,466
20,303
2,409
20,612
2,488
20,747
2,480
21,032
2,557
5,779
11,441
5,943
12,074
5,854
11,669
5,945
11,836
5,901
11,993
5,969
12,154
5,955
12,312
6,017
12,458
1997
1998
Percent change at annual rate:
Gross domestic product
2.8
3.8
4.3
4.9
1.8
2.2
2.2
3.6
.4
.3
1.1
.4
.4
1.4
.3
.4
1.5
1.1
.9
1.5
-.5
-.4
1.5
1.1
1.6
2.4
2.5
1.1
.9
.1
.8
.2
0
1.1
1.0
.1
.9
.1
.6
.4
.6
.4
.2
-.2
-.2
.6
.4
-.1
.5
.1
1.8
1.7
1.4
-.3
1.8
-1.0
1.3
1.2
.2
-1.7
-1.5
-.2
2.7
2.2
.4
-.8
-.8
0
1.1
1.0
.1
-2.1
3.3
3.1
3.7
4.8
3.8
1.7
4.1
1.4
.8
1.5
.2
-.2
1.8
1.2
1.2
1.6
1.7
3.8
.3
-.1
-.1
0
.4
1.4
2.3
1.7
-.2
1.9
.6
1.4
Percentage points at annual rates:
Personal consumption expenditures
Durable goods
Nondurable goods
Services
Gross private domestic investment.
Fixed investment
Nonresidential
Structures
Producers' durable equipment
Residential
Change in business inventories
Net exports of goods and services .
Exports
Goods
Services
Imports
Goods
Services
.9
.7
.2
-1.1
-1.0
-.1
Government consumption
expenditures and gross
investment
Federal
National defense
Nondefense
State and local
-1.7
-.5
-.1
1.6
.3
.8
2.0
1.9
.2
1.7
.1
-1.6
-1.3
2.0
1.9
.1
-2.5
-2.3
-.2
-2.5
.5
.3
.2
-1.7
-1.6
-.1
1.0
1.1
-.2
-.7
-.7
-.1
.1
-.1
.3
-.1
0
-.2
.2
-.4
-.5
.1
-2.2
-1.8
-.4
-.1
-.4
-.3
0
.4
-.4
-.6
.2
•3
-.7
-.9
.2
.1
Current dollars:
Gross domestic
product
Gross national
product
Personal income
Disposable personal
income
Personal
consumption
expenditures
Durable goods ....
Nondurable
goods
Services
Chained (1992)
dollars:
Gross domestic
product
Gross national
product
Disposable personal
income
Personal
consumption
expenditures
Durable goods ....
Nondurable
goods
Services
Population (mid-period,
thousands)
26,088
26,835
26,333
26,599
26,760
26,901
27,078
27,338
26,101
26,781
26,354
26,562
26,704
26,844
27,013
27,275
19,116
19,493
19,152
19,331
19,439
19,518
19,681
19,865
17,750
2,301
18,170
2,410
17,848
2,316
18,046
2,389
18,051
2,351
18,258
2,447
18,323
2,452
18,556
2,539
5,393
10,057
5,445
10,318
5,408
10,125
5,460
10,202
5,420
10,278
5,465
10,352
5,434
10,438
5,509
10,518
265,579 267,889 266,491 266,987 267,545 268,171 268,854 269,429
D-26
• National Data
June 1998
SURVEY OF CURRENT BUSINESS
Table 8.4.—Auto Output
Table 8.5.—Real Auto Output
[Billions of dollars]
[Billions of chained (1992) dollars]
Seasonally adjusted at annual rates
1996
1997 1996
1997
III
140.0 134.7 138.0
141.3 140.8 138.4
86.1 86.8 85.3
55.3 54.1 53.2
45.3 48.4 45.9
79.2 79.8 76.9
-33.9
-31.1
-48.9 -56.7 -48.8
17.0 16.9 16.8
Final sales
Personal consumption expenditures
New autos
Net purchases of used autos
Producers' durable equipment
New autos
Net purchases of used autos
Net exports
Exports
Imports
Gross government investment
65.9
2.3
Change in business inventories of new
and used autos
New
Used
Addenda:
Domestic output of new autos1
Sales of imported new autos2
73.6
2.2
-5.4
-5.6
.2
137.9
145.2
87.9
57.3
48.8
82.5
-33.7
-58.4
16.6
65.7 75.0
2.3
2.6
-9.3
-9.0
-1.5
-.8
-.6
131.1 137.4 132.6 126.4
136.7 144.0 137.3 140.0
81.3 90.7 87.2 87.1
55.4 53.3 50.1 52.9
47.4 50.4 47.0 47.9
79.5 81.4 75.9 77.5
-32.1 -31.0 -28.9 -29.6
-54.9 -59.4 -54.2 -63.6
18.1 16.2 16.6 16.9
73.0 75.5 70.8 80.5
2.3
2.5
2.0
1.9
-.9
.3
-1.2
.7
1.1
-.4
2.2
2.3
-.1
-3.4
-1.6
-1.7
-4.7
-5.2
.3
.3
1.1
-.7
121.2 115.8 122.6
123.6 117.2 125.0
79.6 73.7 82.3
43.1 42.4 42.0
48.0 46.1 48.1
74.7 72.1 73.9
-26.6 -25.9 -25.8
-52.0 -48.7 -52.3
15.6 17.0 15.1
67.6 65.7 67.4
2.1
1.7
2.0
-7.9
-8.1
0
-1.8
-1.0
-.7
Change in business inventories
-.7
3.2
-3.1
3.8
1.8
1.0
6.0
3.4
2.5
2.9
-.2
71.7
1.8
-2.0
-1.6
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 gross government investment.
NOTE.—Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.
The residual line is the difference between the first line and the sum of the most detailed lines, excluding the
lines in the addenda.
[Billions of chained (1992) dollars]
136.7 149.4 138.5 145.0 140.2 149.3 163.1 163.3
-.6
0
-.5
113.3
121.9
79.4
41.7
45.9
70.7
-24.8
-55.9
15.8
110.9 110.3 103.6 109.8 108.1 114.2 109.1 103.4
52.9 57.8 53.5 58.7 55.3 59.1 58.1 59.7
Table 8.7.—Real Truck Output
137.4 146.2 141.6 141.1 138.3 148.3 157.0 159.8
63.7 65.2 63.9 63.2 60.1 66.8 70.7 71.6
71.6 78.3 74.9 76.1 75.5 79.3 82.0 84.6
-4.7 -5.0 -3.2 -5.4 -5.4 -6.7 -2.5 -3.3
9.0 10.9 10.2 10.2 10.0 10.4 13.0 12.4
13.7 15.9 13.4 15.7 15.3 17.1 15.5 15.8
7.0
6.8
8.9
8.1
7.2
6.1
7.8
6.8
.9
2.3
-1.2
118.9
119.6
79.3
39.7
44.9
69.0
-24.2
^7.4
15.5
63.0
2.2
.6
Addenda:
Domestic output of new autos.1
Sales of imported new autos 2
[Billions of dollars]
Truck output1
Change in business inventories of new
and used autos
New
Used
124.4 119.6 121.3
121.2 121.4 118.0
78.2 78.7 77.0
42.1 41.8 40.2
45.1 46.8 44.9
72.0 72.4 69.5
-26.6 -25.6 -24.6
-43.6 -50.1 ^ 3 . 4
16.0 15.8 15.8
59.6 65.9 59.2
2.1
2.3
2.0
Table 8.6.—Truck Output
Final sales
Personal consumption expenditures
Producers' durable equipment
Net exports
Exports
Imports
Gross government investment
1998
119.9 120.0 113.7 119.7 116.8 122.1 121.6 109.7
Auto output.
Final sales
Personal consumption expenditures ,
New autos
Net purchases of used autos
Producers' durable equipment
New autos
Net purchases of used autos
Net exports
Exports
Imports
Gross government investment
Residual
121.1 120.7 113.5 120.8 116.8 126.3 118.8 113.4
58.2 63.7 59.2 64.8 61.1 65.1 63.8 65.5
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 gross government investment.
1. Includes new trucks only.
1997
IV
134.6 134.9 128.7 136.4 130.2 138.1 134.7 123.0
Auto output.
Seasonally adjusted at annual rates
1996 1997 1996
1998
Truck output1
Final sales
Personal consumption expenditures
Producers' durable equipment
Net exports
Exports
Imports
Gross government investment
121.1 131.9 122.6 127.6 123.6 131.6 144.7 145.2
121.7 129.0 125.3 124.2 121.9 130.7 139.1 141.9
55.8 56.4 55.4 54.6 51.9 57.7 61.2 62.0
63.7 70.0 67.0 67.8 67.5 70.9 73.9 76.4
^3.7 ^.1 -2.3 -4.4 ^.5 ^5.7 -1.8 -2.6
8.7 10.3
9.4
9.8
9.8
9.8 12.2 11.6
12.4 14.4 12.1 14.2 13.9 15.5 14.0 14.2
6.1
6.9
5.5
6.4
7.2
8.0
6.1
6.3
Change in business inventories
-.6
3.0
-2.9
3.6
1.7
.9
5.7
3.3
Residual
-.2
-.3
-.1
-.4
-.2
-.2
-.4
-.2
1. Includes new trucks only.
NOTE.—Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.
The residual line is the difference between the first line and the sum of the most detailed lines.
National Data • D-27
SURVEY OF CURRENT BUSINESS
June 1998
B. Other
NIPA
and NiPA-Related Tables.
Monthly Estimates:
Tables B.i and B.2 include the most recent estimates of personal income and its components; these estimates
were released on May 29, 1998 and include "preliminary" estimates for April 1998 and "revised" estimates for
January-March 1998.
Table B.1.—Personal Income
[Billions of dollars; monthly estimates seasonally adjusted at annual rates]
1997
Mar.
Personal Income
;.
6,495.2
6,873.9
6,788.2
3,632.5
2,989.9
909.1
674.7
823.3
1,257.5
642.6
3,877.4
3,212.1
960.3
706.0
876.3
1,375.5
665.3
3,821.3
3,161.7
948.8
698.4
864.8
1.348.1
659.7
Other labor income
Proprietors' income with IVA and CCAdj
Farm
Nonfarm
407.6
520.3
37.2
483.1
416.6
544.5
40.7
503.8
Rental income of persons with CCAdj
Personal dividend income
Personal interest income
146.3
291.2
735.7
147.9
321.5
768.6
1,121.1
566.7
21.8
532 7
323.7
Wage and salary disbursements
Private industries
Commodity-producing industries
Manufacturing ..
Distributive industries
Service industries
Government
Transfer payments to persons
Old-age, survivors, disability, and health insurance benefits
Government unemployment insurance benefits
Other
Less: Personal contributions for social insurance
1998
1997
1996
1,068.0
537.6
22.0
5084
306.3
Apr.
May
Aug.
6,935.5
6,970.4
7,019.8
7,050.4
3,916.1
3,246.2
966.6
710.0
886.4
1,393.3
669.8
3,943.6
3,271.7
975.4
717.8
893.1
1,403.1
671.9
3,989.9
3,316.0
984.9
724.4
904.1
1,427.0
673.9
4,007.9
3,332.5
992.1
728.1
904.7
1,435.7
675.4
418.9
548.7
39.0
509.6
148.5
148.2
324.5
326.6
772.5
774.3
1,125.9 1,129.0
570.4
570.4
. 21.4
21.6
5341
5370
325.2
326.1
420.1
421.4
551.6
38.5
513.1
552.2
38.1
514.1
422.6
553.9
38.1
515.8
146.6
328.6
145.5
330.7
776.3
1,131.5
572.0
21.4
5381
778.3
1,132.9
572.7
21.4
5388
327.9
331.0
68228
6,863.5
3,835.1
3,173.1
953.7
700.3
865.0
1,354.5
661.9
3,867.6
3,204.5
954.5
701.2
872.9
1,377.1
663.1
3,870.0
3,204.6
955.5
701.5
872.2
1,376.8
665.4
3,902.3
3,234.5
962.0
706.5
883.7
1,388.9
667.8
413.9
537.2
41.4
495.8
149.2
314.4
760.4
414.4
415.6
546.5
44.0
502.4
416.6
546.8
43.0
503.9
147.4
322.4
417.6
546.1
40.8
505.3
1,111.9
561.5
22.0
5284
1,114.6
562.4
22.0
5302
415.3
543.6
43.8
499.8
148.9
318.3
766.0
1,116.6
564.8
21.9
529 9
320.1
320.1
320.9
Preliminary.
Nov.
6,912.2
6,800.9
3,822.1
3,161.2
950.3
699.5
863.1
1,347.7
660.9
149.3
316.3
763.4
Oct.
July
6,873.1
540.9
43.0
497.9
Sept.
June
147.8
320.3
768.9
1,119.7
565.9
21.9
5319
771.0
1,122.1
567.3
21.7
5331
323.0
323.1
Dec.
145.0
332.8
780.5
1,140.0
577.8
21.6
540 6
332.2
Jan.'
Feb.'
Mar/
Apr.*
7,088.8
4,038.2
3,358.3
995.7
729.0
912.2
1,450.4
679.9
7,133.2
7,155.7
7,184.4
4,073.5
3,391.1
999.5
730.8
922.5
1,469.1
682.4
4,083.3
3,399.4
998.4
731.2
922.3
1,478.8
683.9
4,101.3
3,415.6
998.9
729.5
927.4
1,489.4
685.7
423.9
553.4
34.6
518.8
144.4
334.9
782.0
1,148.4
582.4
21.3
544 7
336.4
425.1
556.1
32.1
524.0
426.3
560.6
30.9
529.7
142.7
427.5
565.2
32.6
532.6
143.8
336.8
338.8
784.5
1,158.9
587.7
21.3
5499
339.4
783.3
1,153.4
584.7
21.2
547 4
338.7
143.0
340.9
785.8
1,161.2
588.5
21.3
551 4
340.5
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
CCAdj Capital consumption adjustment
IVA Inventory valuation adjustment
Table B.2.—The Disposition of Personal Income
1996
1997
1997
Mar. | Apr. | May | June | July | Aug. | Sept. | Oct. | Nov. | Dec.
1998
Jan.'
Feb.'
Mar.'
Apr.*
7,088.8
7,133.2
7,155.7
7,184.4
1,063.1
6,070.1
1,065.8
6,089.9
1,072.3
6,112.1
5,840.9
Billions of dollars, unless otherwise indicated
Personal income
6,495.2
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 world
Equals: Personal savings
Addenda:
Disposable personal income:
Billions of chained (1992) dollars 1
Per capita:
Current dollars
Chained (1992) dollars
Population (thousands)
Personal consumption expenditures:
Billions of chained (1992) dollars
Durable goods
Nondurable goods
Services
Implicit price deflator, 1992=100
Personal saving as percentage of disposable personal income 2 .
5,207.6
634.5
1,534.7
3,038.4
145.2
15.9
6,873.9
988.7
5,885.2
6,788.2
5,821.2
6,800.9
970.4
5,830.5
5,658.5
5,579.5
5,592.3
5,485.8
659.3
1,592.0
3,234.5
154.8
17.9
226.7
5,410.8
654.4
1,588.6
3,167.8
151.6
17.0
241.7
5,422.0
642.9
1,577.0
3,202.1
152.7
17.6
238.2
6,822.8
978.3
5,844.5
5,592.7
5,422.4
643.5
1,577.1
3,201.8
152.7
17.6
251.8
5,221.9
5,181.4
5,185.5
5,198.7
967.0
6,912.2
6,935.5
999.3
5,913.0
1,003.5
5,932.0
5,712.6
6,970.4
1,012.1
5,958.3
5,735.8
7,019.8
1,024.4
5,995.3
5,752.4
7,050.4
1,029.7
6,020.8
5,778.8
1,050.1
6,038.8
5,821.0
5,451.9
647.0
1,582.6
3,222.3
154.0
17.6
251.0
6,873.1
991.2
5,881.9
5,690.4
5,518.7
670.8
1,597.6
3,250.3
153.5
18.2
191.4
5,525.8
670.5
1,599.8
3,255.5
155.2
18.2
213.7
5,537.8
660.7
1,604.9
3,272.2
156.6
18.2
219.4
5,559.3
655.4
1,604.8
3,299.1
157.8
18.7
222.5
5,575.4
670.0
1,600.9
3,304.5
158.3
18.7
243.0
5,598.8
675.1
1,597.0
3,326.6
161.3
18.7
242.0
5,642.9
692.6
1,611.4
3,338.9
159.3
18.8
217.8
5,663.6
691.1
1,625.1
3,347.4
158.6
18.8
229.2
5,870.5
5,693.1
682.7
1,627.2
3,383.2
158.6
18.8
219.4
5,899.0
5,721.4
687.4
1,636.4
3,397.6
158.9
18.8
213.1
5,218.3
5,214.8
5,239.8
5,247.8
5,382.3
6,863.5
988.9
5,874.5
5,623.5
5,264.7
5,293.6
5,316.1
5,332.2
5,354.7
5,369.6
21,117 21,969 21,789 21,808 21,845 21,941 21,951 22,049 22,102 22,183
19,116
19,493 19,394 19,396 19,431
19,490 19,462 19,539
19,553 19,601
265,579 267,889 267,161 267,354 267,541 267,741 267,952 268,171 268,391 268,594
22,299
22,373 22,427
19,754 19,803
269,108 269,263
22,530
19,875
22,589 22,655
19,917 19,950
269,602 269,791
4,714.1
611.1
1,432.3
2,671.0
110.47
4,867.5
645.5
1,458.5
2,764.1
112.70
4,816.1
633.8
1,459.2
2,724.2
112.35
4,822.2
625.9
1,446.3
2,749.1
112.44
4,823.2
628.1
1,449.1
2,745.5
112.42
4,842.9
633.0
1,454.7
2,755.0
112.58
4.3
3.9
4.2
4.1
4.3
4.3
5,076.9
4,892.8
657.7
1,466.0
2,771.0
112.79
4,896.8
659.9
1,464.8
2,774.1
112.85
650.9
1,465.6
2,783.2
113.04
4,912.2
647.0
1,464.0
2,800.7
113.17
4,922.8
663.0
1,460.6
2,800.3
113.26
4,943.4
667.9
1,458.1
2,818.2
113.26
4,982.7
686.7
1,472.7
2,826.4
113.25
4,996.1
686.2
1,486.5
2,826.8
113.36
5,019.7
679.5
1,493.4
2,848.8
113.41
5,038.3
683.7
1,499.8
2,857.0
113.56
3.3
3.6
3.7
3.7
4.1
4.0
3.6
3.8
3.6
3.5
0.7
0.4
0.5
0.6
0.3
0.4
Percent change from preceding period
Personal income, current dollars ....
Disposable personal income:
Current dollars
Chained (1992) dollars
Personal consumption expenditures:
Current dollars.. .
Chained (1992) dollars
5.6
5.8
0.6
0.2
1. Disposable personal income in chained (1992) dollars equals the current-dollar figure divided by the implicit
price deflator for personal consumption expenditures.
2. Monthly estimates equal personal saving for the month as a percentage of disposable personal income for
that month.
0.6
0.1
0.6
0.3
0.5
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
D-28
• National Data
SURVEY OF CURRENT BUSINESS
June 1998
Annual Estimates:
Except as noted, these tables are derived from the NIPA tables published in the August 1997
BUSINESS; they are consistent with the most recent comprehensive and annual revisions.
SURVEY OF CURRENT
Table B.3.—Gross Domestic Product by Industry, Current-Dollar and Real Estimates for 1994-96
Billions of dollars
1994
Gross domestic product
Private industries
Agriculture, forestry, and fishing
Farms
Agricultural services, forestry, and fishing ....
Mining
Metal mining
Coal mining
Oil and gas extraction
Nonmetallic minerals, except fuels
Construction
1995 1996
Billions of chained
(1992) dollars
1994
1995 1996
6,947.0 7,265.4 7,636.0 6,610.7 6,742.1 6,928.4
6,013.5 6,301.3 6,639.8 5,763.6 5,921.4 6,094.1
119.2
83.5
35.7
111.0
73.5
37.5
129.8
89.4
40.5
119.1
84.9
34.9
111.4
74.2
37.0
111.7
75.5
37.6
94.9
5.9
13.1
66.7
9.2
99.8
6.8
12.3
71.0
9.6
113.6
6.8
12.3
84.4
10.2
102.5
5.7
15.5
72.2
9.2
108.4
5.5
15.7
77.7
9.5
101.9
6.3
16.6
69.4
10.1
268.7
286.4
306.1
249.8
254.1
264.3
Manufacturing
1,216.1 1,286.3 1,332.1 1,193.2 1,273.7 1,323.7
Durable goods
679.2 716.8 749.0 671.3 731.2 785.5
31.6
41.4
33.6
38.4
29.8
40.7
Lumber and wood products
18.7
18.8
20.5
18.0
19.4
Furniture and fixtures
18.5
27.7
32.7
27.0
29.1
30.7
Stone, clay, and glass products
28.8
44.4
46.8
50.6
45.0
Primary metal industries
52.0
46.3
89.7
94.0
98.2
84.5
89.5
84.2
Fabricated metal products
122.3 142.4 150.2 •131.5 164.5 186.1
Industrial machinery and equipment
132.9 134.0 143.8 145.8 175.6 217.4
Electronic and other electric equipment ...
79.3
76.1
85.1
78.0
87.3
87.4
Motor vehicles and equipment
43.8
44.5
49.7
47.6
Other transportation equipment
46.9
49.5
42.6
38.3
52.3
49.7
48.7
45.1
Instruments and related products
22.8
23.3
22.2
24.6
21.5
Miscellaneous manufacturing industries ...
24.3
Nondurable goods
536.9 569.5 583.1 522.0 543.2 541.0
109.6 118.7 122.6 106.5 120.9 112.9
Food and kindred products
24.3
23.9
18.1
22.3
17.6
16.3
Tobacco products
25.4
26.6
25.5
27.3
23.6
25.4
Textile mill products
28.5
26.9
28.2
26.6
28.3
Apparel and other textile products
27.3
45.4
47.3
57.1
52.1
59.9
51.3
Paper and allied products
77.5
74.3
90.4
85.0
86.0
78.0
Printing and publishing
138.9
142.2
Chemicals and allied products
140.6 155.9 157.8 131.2
32.2
33.8
27.6
30.2
30.4
30.1
Petroleum and coal products
48.2
50.9
45.4
46.1
44.4
49.7
Rubber and miscellaenous plastics
4.7
4.8
5.2
4.5
4.7
Leather and leather products
5.1
Transportation and public utilities
Transportation
Railroad transportation
Local and interurban passenger transit ....
Trucking and warehousing
Water transportation
Transportation by air
Pipelines, except natural gas
598.7
219.9
24.2
11.4
95.0
10.9
51.7
4.6
622.4
228.7
24.5
12.4
97.5
10.8
54.9
5.7
645.3
235.1
25.3
13.6
92.2
11.2
63.2
5.5
584.1
214.3
25.9
11.0
88.7
10.8
51.4
4.8
593.8
216.0
27.7
12.0
87.4
11.0
49.8
5.4
608.9
220.8
31.0
12.2
80.3
10.7
59.0
5.0
1. The current-dollar statistical discrepancy eauals gross domestic product (GDP) measured as the sum of expenditures less gross domestic income—that is, GDP measured as the costs incurred and profits earned in domestic
production. The chained (1992) dollar statistical discrepancy equals the current-dollar discrepancy deflated by the
implicit price deflator for gross domestic product.
2. Equals GDP in chained (1992) dollars less the statistical discrepancy and the sum of GPO of the detailed
industries.
Billions of dollars
Transportation services
Communications
Telephone and telegraph
Radio and television
Electric, gas, and sanitary services
1994
1995 1996
22.1
184.6
142.1
42.5
194.2
23.0
191.6
144.1
47.
202.0
24.0
200.3
149.6
50.6
210.0
Billions of chained
(1992) dollars
1994
1995 1996
21.7
176.9
137.9
38.8
193.1
23.2
178.4
136.4
41.7
199.6
24.0
181.6
141.2
40.4
207.0
Wholesale trade ,
468.0
484.4
516.8
448.6
457.5
493.3
Retail trade
615.3
637.6
667.9
601.2
622.5
648.5
Finance, insurance, and real estate
Depository instituions
Nondepository institutions
Security and commodity brokers
Insurance carriers
Insurance agents, brokers, and services
Real estate
Nonfarm housing services
Other real estate
Holding and other investment offices
1,267.6 1,361.3 1,448.5 1,196.9 1,231.1 1,258.5
207.4 229.6 247.4 197.0 193.4 192.0
36.1
39.0
49.9
33.9
32.6
35.4
78.5
79.5
90.0
83.0
81.9
92.2
108.8 126.5 136.6
91.3 105.1 110.1
45.0
47.1
50.4
41.6
42.1
43.6
802.9 842.7 886.2 758.3 775.6 793.3
607.3 642.8 673.3 573.3 587.9 596.8
195.6 199.9 212.9 185.0 187.7 196.6
-11.1
-3.2 -12.0
12.9
12.6
12.6
Services
Hotels and other lodging places
Personal services
Business services
Auto repair, services, and parking ....
Miscellaneous repair services
Motion pictures
Amusement and recreation services ,
Health services
Legal services
Educational services
Social services
Membership organizations
Other services
Private households
1,350.4 1,440.3 1,539.5 1,256.5 1,298.8 1,342.9
57.4
60.6
63.7
54.4
55.4
55.8
45.8
46.6
49.1
42.6
42.4
43.3
256.0 283.3 318.5 247.1 271.3 295.7
59.3
61.1
65.0
53.3
55.3
53.3
19.2
20.7
22.5
16.7
15.9
17.0
23.0
25.9
29.9
21.8
26.2
23.9
51.4
56.2
60.8
47.5
51.6
49.7
410.2 428.9 447.0 369.7 371.6 376.6
93.8
96.5 100.0
86.0
85.5
85.1
52.3
55.1
48.9
58.2
49.6
50.7
43.2
46.7
41.6
49.3
43.7
44.9
45.1
47.0
42.1
48.9
42.5
43.1
182.6 199.9 215.2 175.4 184.6 192.9
11.0
11.8
11.5
10.4
10.8
10.1
Statistical discrepancyl
14.6
-28.2
933.5
964.1
996.3
878.3
877.4
874.1
Federal
General gvernment
Government enterprises .
324.9
275.2
49.7
326.2
275.5
50.7
331.5
281.4
50.2
306.9
258.4
48.6
297.1
248.1
49.0
290.6
240.9
49.7
State and local
General government
Government enterprises .
608.6
557.5
51.1
637.9
583.4
54.5
664.7
607.6
57.1
571.3
524.2
47.1
580.3
532.2
48.0
583.4
535.2
48.2
-60.4
-S7.9 - 1 0 1 . 1
Government
Not allocated by industry2 ..
-59.9
13.9
-26.3
-54.7
NOTE—Estimates are based on the 1987 Standard Industrial Classification. The table is derived from tables 7
and 10 in "Gross Product by Industry, 1947-96" in the November 1997 SURVEY OF CURRENT BUSINESS.
National Data •
SURVEY OF CURRENT BUSINESS
June 1998
D-29
Table B.4.—Personal Consumption Expenditures by Type of Expenditure
1994
Personal consumption expenditures
1995
4,717.0 4,957.7
1996
1994
1995
1996
5,207.6
4,486.0
4,595.3
4,714.1
735.0
434.5
245.1
7.8
.5
47.2
608.7
737.9
433.4
47.4
610.2
736.5
434.7
246.6
8.0
.4
46.8
608.7
Food and tobacco
Food purchased for off-premise consumption (n.d.)
Purchased meals and beverages' (n.d.)
Food furnished to employees (including military) (n.d.)..
Food produced and consumed on farms (n.d.)
Tobacco products (n.d.)
Addenda: Food excluding alcoholic beverages (n.d.)
Alcoholic beverages purchased for off-premise
consumption (n.d.)
Other alcoholic beverages (n.d.)
761.7
451.6
254.3
8.1
.5
47.3
633.6
783.8
462.2
264.1
8.4
.4
48.7
652.0
805.7
478.4
268.7
8.7
.4
53.9
27.0
54.9
28.2
57.3
53.7
25.6
54.5
25.9
55.5
25.7
Clothing, accessories, and jewelry
Shoes (n.d.)
Clothing and accessories except shoes 2
Women's and children's (n.d.)
Men's and boys' (n.d.)
Standard clothing issued to military personnel (n. d)
Cleaning, storage, and repair of clothing and shoes (s.)
Jewelry and watches (d.)
Other Ms.)
312.7
323.4
36.8
217.7
141.3
76.4
.3
12.3
39.3
17.1
336.3
38.1
226.0
145.8
80.2
.3
12.3
41.6
18.1
308.5
35.7
211.2
137.0
74.1
.3
11.0
35.6
14.7
321.8
36.0
211.6
137.5
74.1
.3
11.6
37.7
15.6
335.3
37.6
229.9
150.7
79.2
.3
11.3
39.7
16.6
68.4
45.3
23.0
71.9
47.2
24.7
75.7
49.9
25.7
65.5
43.7
21.8
45.0
22.9
Housing
Owner-occupied nonfarm dwellings space rent 4 (s.)
Tenant-occupied nonfarm dwellings rent 5 (s.)
Rental value of farm dwellings (s.)
Other 6 (s.)
712.7
507.0
787.2
558.3
193.6
29.1
674.3
479.6
165.2
5.2
24.3
688.2
487.2
171.1
5.2
24.8
700.2
495.3
174.0
5.8
26.0
750.3
532.2
184.6
5.9
27.5
Household operation
Furniture, including mattresses and bedsprings (d.)
Kitchen and other household appliances/ (d.)
China, glassware, tableware, and utensils (d.)
Other durable house furnishings8 (d.)
Semidurable house furnishings9 (n.d.)
Cleaning and polishing preparations, and miscellaneous
household supplies and paper products (n. d)
Stationery and writing supplies (n.d.)
Household utilities
535.0
45.9
25.6
24.0
52.3
27.2
562.8
48.0
27.2
25.3
54.5
28.9
591.9
49.6
27.8
27.4
58.2
30.1
514.5
43.2
25.0
23.5
51.4
25.7
533.6
44.2
26.6
25.0
53.1
26.9
548.4
44.6
27.1
26.9
56.1
28.2
50.8
15.1
163.8
84.2
32.4
36.6
10.5
82.6
11.9
35.8
52.3
15.8
168.5
88.0
31.5
38.8
10.2
90.2
12.8
39.4
54.5
17.0
177.9
90.3
34.9
41.1
11.6
96.9
12.5
40.1
50.2
14.4
156.3
82.6
30.0
33.0
10.7
79.6
11.2
34.2
50.0
14.4
159.4
84.3
30.7
33.8
10.5
86.6
11.7
35.9
50.6
14.8
163.1
85.2
32.7
34.6
10.6
91.1
11.0
35.3
826.1
81.6
12.9
180.0
871.6
912.8
85.7
13.1
191.4
47.6
104.4
375.9
310.6
207.9
34.5
68.2
65.2
53.6
40.7
2.9
10.0
90.9
751.0
76.7
766.2
79.1
13.9
196.5
12.3
162.4
12.2
166.1
50.9
39.8
89.2
41.1
782.4
81.7
12.6
169.3
42.0
99.1
343.1
284.4
191.8
31.9
60.7
58.7
36.9
34.7
2.6
1.8
Personal care
Toilet articles and preparations (n.d.)
Barbershops, beauty parlors, and health clubs (s.)
Electricity (s.)
Gas (s.)
Water and other sanitary services (s.)
Fuel oil and coal (n.d.)
Telephone and telegraph (s.)
Domestic service (s.)
Other 10 (s.)
Medical care
Drug preparations and sundries 11 (n.d.)
Ophthalmic products and orthopedic appliances (d.)
Physicians (s.)
Dentists (s.)
Other professional services 12 (s.)
Hospitals and nursing h o m e s "
Hospitals
Nonprofit (s.)
Proprietary (s.)
Government (s.)
Nursing homes (s.)
Health insurance
Medical care and hospitalization14 (s.)
Income loss 1 5 (s.)
Workers' compensation16 (s.)
43.9
95.7
357.0
298.1
200.2
32.1
65.8
58.9
55.0
42.9
2.7
9.4
49.6
6.1
110.2
394.2
331.5
325.1
217.3
37.1
70.7
276.9
69.1
56.3
41.8
3.2
11.3
187.8
29.2
59.9
54.6
40.0
36.6
2.4
2.3
248.7
7.9
.5
36.6
220.6
144.2
76.4
.3
11.5
36.8
16.0
67.9
95.6
336.6
278.5
188.2
30.3
60.0
58.1
37.5
35.2
2.5
1.8
70.1
47.0
23.0
174.9
5.1
25.0
1. Consists of purchases (including tips) of meals and beverages from retail, service, and amusement establishments, hotels, dining and buffet cars, schools, school fraternities, institutions, clubs, and industrial lunchrooms. Includes meals and beverages consumed both on-and off-premise.
2. Includes luggage.
3. Consists of watch, clock, and jewelry repairs, costume and dress suit rental, and miscellaneous personal services.
4. Consists of rent for space and for heating and plumbing facilities, water heaters, lighting fixtures, kitchen cabinets, linoleum, storm windows and doors, window screens, and screen doors, but excludes rent for appliances and
furniture and purchases of fuel and electricity.
5. Consjsts of space rent (see footnote 4) and rent for appliances, furnishings, and furniture.
6. Consists of transient hotels, motels, clubs, schools, and other group housing.
7. Consists of refrigerators and freezers, cooking ranges, dishwashers, laundry equipment, stoves, room air conditioners, sewing machines, vacuum cleaners, and other appliances.
8. Includes such house furnishings as floor coverings, comforters, quilts, blankets, pillows, picture frames, mirrors,
art products, portable lamps, and clocks. Also includes writing equipment and hand, power, and garden tools.
9. Consists largely of textile house furnishings, including piece goods allocated to house furnishing use. Also
includes lamp shades, brooms, and brushes.
10. Consists of maintenance services for appliances and house furnishings, moving and warehouse expenses,
postage and express charges, premiums for fire and theft insurance on personal property less benefits and dividends, and miscellaneous household operation services.
11. Excludes drug preparations and related products dispensed by physicians, hospitals, and other medical services.
12. Consists of osteopathic physicians, chiropractors, private duty nurses, chiropodists, podiatrists, and others providing health and allied services, not elsewhere classified.
13. Consists of (1) current expenditures (including consumption of fixed capital) of nonprofit hospitals and nursing
homes, and (2) payments by patients to proprietary and government hospitals and nursing homes.
14. Consists of (1) premiums, less benefits and dividends, for health, hospitalization, and accidental death and
dismemberment insurance provided by commercial insurance carriers, and (2) administrative expenses (including consumption of fixed capital) of Blue Cross and Blue Shield plans and of other independent prepaid and self-insured
health plans.
15. Consists of premiums, less benefits and dividends, for income loss insurance.
16. Consists of premiums, less benefits and dividends, for privately administered workers' compensation.
17. Consists of (1) operating expenses of life insurance carriers and private noninsured pension plans, and (2)
premiums, less benefits and dividends, of fraternal benefit societies. Excludes expenses allocated by commercial
carriers to accident and health insurance.
18. Consists of current expenditures (including consumption of fixed capital) of trade unions and professional associations, employment agency fees, money order fees, spending for classified advertisements, tax return preparation
services, and other personal business services.
19. Consists of premiums, less benefits and dividends, for motor vehicle insurance.
20. Consists of baggage charges, coastal and inland waterway fares, travel agents' fees, and airport bus fares.
21. Consists of admissions to professional and amateur athletic events and to racetracks.
Billions of dollars
Billions of chained
(1992) dollars
Billions of dollars
Billions of chained
(1992) dollars
1994
1995
1996
1994
1995
1996
Personal business
Brokerage charges and investment counseling (s.)
Bank service charges, trust services, and safe deposit
box rental (s.)
Services furnished without payment by financial
intermediaries except life insurance carriers and private
noninsured pension plans (s.)
Expense of handling life insurance 17 (s.)
Legal services (s.)
Funeral and burial expenses (s.)
Other ' * (s.)
370.4
36.2
389.1
38.8
421.1
47.2
352.1
37.8
350.7
41.8
363.6
50.0
31.6
33.9
37.3
27.5
27.8
28.9
151.5
72.6
48.8
11.1
18.5
159.8
75.4
49.1
12.2
19.9
169.9
79.9
52.2
12.8
21.8
146.5
68.1
45.3
10.1
17.1
141.9
67.9
44.0
10.5
17.6
143.9
68.5
45.2
10.4
18.7
Transportation
User-operated transportation
New autos (d.)
Net purchases of used autos (d.)
Other motor vehicles (d.)
Tires, tubes, accessories, and other parts (d.)
Repair, greasing, washing, parking, storage, rental, and
leasing (s.)
Gasoline and oil (n.d.)
Bridge, tunnel, ferry, and road tolls (s.)
Insurance 19 (s.)
Purchased local transportation
Mass transit systems (s.)
Taxicab(s.)
Purchased intercity transportation
Railway (s.)
Bus(s.)
Airline (s)
Other 2 i ) ( s )
542.2
502.6
91.2
44.1
76.8
34.5
572.3
530.1
87.1
52.4
79.4
35.8
602.2
557.7
86.1
55.3
82.1
37.9
515.3
476.6
86.2
37.5
71.4
35.1
528.0
487.8
80.6
40.8
71.7
36.2
540.3
497.7
78.2
42.1
72.5
38.3
116.4
128.7
114.4
2.8
140.1
122.6
108.5
116.5
113.1
2.4
26.0
8.5
5.5
3.0
31.7
.7
1.4
26.8
2.8
123.3
114.1
2.5
26.2
8.5
5.6
3.0
395.7
20.6
22.9
41.4
424.4
20.8
22.7
43.9
109.4
2.6
27.5
8.9
5.9
3.0
2.9
30.9
10.1
6.6
3.5
34.4
.8
109.8
2.4
25.6
8.6
5.7
2.9
30.7
.7
1.1
25.8
3.2
29.4
9.2
6.0
3.2
33.0
.8
1.3
27.7
3.3
1.3
28.2
4.0
30.1
.7
1.1
25.5
2.8
Recreation
Books and maps (d.)
Magazines, newspapers, and sheet music (n.d.)
Nondurable toys and sport supplies (n.d.)
Wheel goods, sports and photographic equipment, boats,
and pleasure aircraft (d.)
Video and audio products, computing equipment, and
musical instruments (d.)
Radio and television repair (s.)
Flowers, seeds, and potted plants (n.d.)
Admissions to specified spectator amusements
Motion picture theaters (s.)
Legitimate theaters and opera, and entertainments of
nonprofit institutions (except athletics) (s.)
Spectator sports 21 (s.)
Clubs and fraternal organizations22 is.)
Commercial participant amusements 23 (' s . ) :
Pari-mutuel net receipts (s.).,
Other 24 (s.) .
370.2
20.6
24.5
39.7
402.5
22.1
25.5
42.2
431.1
23.2
26.5
45.4
365.2
19.6
22.9
38.9
35.6
39.1
42.0
34.8
37.7
40.3
78.5
4.5
13.4
19.0
5.6
85.2
4.9
13.9
20.2
6.0
89.7
5.1
14.9
22.1
6.3
87.4
4.2
13.4
17.8
5.2
101.8
4.5
13.2
18.2
5.4
119.5
4.5
14.4
18.9
5.4
8.2
5.2
11.8
36.2
3.3
83.1
8.7
5.5
12.7
41.5
3.3
91.9
9.3
6.4
13.0
46.2
3.5
99.6
7.7
4.9
11.2
34.1
3.1
79.1
7.9
5.0
11.5
38.0
3.1
85.5
8.0
5.5
11.8
41.1
3.1
89.3
Education and research
Higher education 25 (s.)
Nursery, elementary, and secondary schools 26 (s.)
Other 27 (s.)
104.7
112.2
62.2
22.8
27.2
119.6
65.2
24.0
30.3
99.4
53.7
20.8
25.0
102.7
53.1
20.4
23.4
59.0
21.4
24.4
34.2
.7
1.4
28.8
3.3
54.0
21.7
27.2
Religious and welfare activities 28 (s.)
131.2
139.8
150.5
125.6
128.6
136.6
Foreign travel and other, net
Foreign travel by U. S. residents (s.)
Expenditures abroad by U. S. residents (n.d.)
Less: Expenditures in the United States by nonresidents
(s.)
Less. Personal remittances in kind to nonresidents (n.d.)
-18.3
50.1
2.7
-22.1
51.9
2.6
-56.5
54.9
2.6
-16.2
48.8
2.8
-19.5
48.9
2.4
-21.5
50.8
2.4
69.7
1.4
75.2
1.4
82.7
1.2
66.4
1.3
69.5
1.3
73.5
1.1
-5.7
-10.6
-17.8
Residual
22. Consists of dues and fees excluding insurance premiums.
23. Consists of billiard parlors; bowling alleys; dancing, riding, shooting, skating, and swimming places; amusement
devices and parks; golf courses; sightseeing buses and guides; private flying operations; casino gambling; and other
commercial participant amusements.
24. Consists of net receipts of lotteries and expenditures for purchases of pets and pet care services, cable
TV, film processing, photographic studios, sporting and recreation camps, video cassette rentals, and recreational
services, not elsewhere classified.
25. For private institutions, equals current expenditures (including consumption of fixed capital) less receiptssuch as those from meals, rooms, and entertainments—accounted for separately in consumer expenditures, and
less expenditures for research and development financed under contracts or grants. For government institutions,
equals student payments of tuition.
26. For private institutions, equals current expenditures (including consumption of fixed capital) less receiptssuch as those from meals, rooms, and entertainments—accounted for separately in consumer expenditures. For government institutions, equals student payments of tuition. Excludes child day care services, which are included in
religious and welfare activities.
27. Consists of (1) fees paid to commercial, business, trade, and correspondence schools and for educational
services, not elsewhere classified, and (2) current expenditures (including consumption of fixed capital) by research
organizations and foundations for education and research.
28. For nonprofit institutions, equals current expenditures (including consumption of fixed capital) of religious, social welfare, foreign relief, and political organizations, museums, libraries, and foundations, t h e expenditures are
net of receipts—such as those from meals, rooms, and entertainments—accounted for separately in consumer expenditures, and excludes relief payments within the United States and expenditures by foundations for education
and research. For proprietary and government institutions, equals receipts from users.
NOTES.—Consumer durable goods are designated (d.), nondurable goods (n.d.), and services (s.).
Estimates of foreign travel by U. S. residents (line 108) expenditures were $0.3 billion in 1981. Beginning with
1984, estimates of foreign travel by U. S. residents include substantially improved estimates of U. S. residents'
foreign travel and passenger fare expenditures. Estimates of expenditures in the United States by nonresidents (line
110) include, beginning with 1981, nonresidents' student and medical care expenditures in the United States. Student
expenditures were $2.2 billion, and medical expenditures were $0.4 billion in 1981. Beginning with 1984, estimates
of expenditures in the United States by nonresidents include substantially improved estimates of nonresidents' travel
expenditures. Expenditures in the United States by nonresidents are subtracted from total personal consumption expenditures (line 110) because they are included in detailed type of expenditure estimates elsewhere in personal
consumption expenditures.
Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992 currentdollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes
uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive. The
residual line is the difference between the first line and the sum of the most detailed lines.
D-30
• National Data
Table B.6.—Private Purchases of Producers' Durable Equipment by Type
Table B.5.—Private Purchases of Structures by Type
Private purchases of structures
1994
1995
463.6
478.4
184.5
200.6
Billions of dollars
Billions of chained
(1992) dollars
Billions of dollars
Nonresidential
1996
1994
1995
517.0
432.8
430.0
453.7
215.2
172.5
179.9
188.7
Nonresidential buildings, excluding farm
Industrial
Commercial
Office buildings»
Other2
Educational
Hospital and institutional ....
Other3
Utilities
Railroads
Telecommunications
Electric light and power
Gas
Petroleum pipelines
Farm
Mining exploration, shafts, and wells .
Petroleum and natural gas
Other
Other4
Brokers' commissions on sale of
structures
Net purchases of used structures ,
Residential
New
New housing units
Permanent site
Single-family structures .
Multifamily structures ....
Mobile homes
Improvements
Other5
Brokers' commissions on sale of
structures
Net purchases of used structures ,
Residual ,
184.3
200.2
214.7
172.2
179.5
188.2
125.5
28.9
61.9
25.8
36.1
3.8
5.6
13.7
11.6
140.8
32.5
70.8
29.8
41.0
4.2
6.2
12.5
14.5
156.1
32.1
77.6
32.1
45.5
4.4
7.5
13.4
21.1
116.9
27.0
57.7
24.1
33.6
3.5
5.2
12.7
10.8
126.1
29.1
63.4
26.7
36.7
3.8
5.6
11.2
13.0
136.7
28.1
68.0
28.2
39.8
3.9
6.6
11.7
18.5
32.0
3.3
10.1
13.0
4.6
1.0
33.2
3.5
11.0
12.3
5.5
33.3
4.6
11.9
11.0
4.7
1.0
29.9
3.0
9.6
12.1
4.2
.9
30.0
3.1
10.1
11.0
5.0
29.3
3.9
10.4
9.8
4.2
.9
3.2
16.7
14.7
1.9
1.5
3.0
16.3
14.8
2.7
14.3
13.0
1.3
6.3
3.2
13.9
12.7
1.1
5.0
6.9
3.7
16.1
14.8
1.3
5.7
1.6
1.8
1.4
1.5
1.6
-1.1
-1.2
1.5
3.0
15.8
14.0
1.8
6.6
-1.2
-1.3
-1.3
-1.2
279.1
277.8
301.7
260.3
250.0
265.0
248.5
246.9
267.0
230.8
220.8
233.6
177.2
167.9
153.8
14.1
9.3
71.0
.3
174.4
163.1
14.5.2
17.9
11.3
72.0
.5
192.1
179.4
159.1
20.3
12.6
74.4
.6
162.0
153.7
140.1
13.6
8.3
68.4
.3
153.1
143.5
126.9
16.9
9.5
67.3
.4
165.2
154.8
136.6
18.6
10.3
67.7
.5
31.6
-1.0
32.1
-1.1
36.3
-1.6
30.4
-.9
30.3
-1.0
32.7
-1.4
-.1
.3
1. Consists of office buildings, except those constructed at industrial sites and those constructed by utilities for
their own use.
2. Consists of stores, restaurants, garages, service stations, warehouses, mobile structures, and other buildings
used for commercial purposes.
3. Consists of hotels and motels, buildings used primarily for social and recreational activities, and buildings not
elsewhere classified, such as passenger terminals, greenhouses, and animal hospitals.
4. Consists primarily of streets, dams and reservoirs, sewer and water facilities, parks, and airfields.
5. Consists primarily of dormitories, fraternity and sorority houses, and nurses' homes.
NOTE.—Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.
The residual line is the difference between the first line and the sum of the most detailed lines.
Billions of chained
(1992) dollars
1994
1995 1996
483.0
529.6 573.7
483.5 535.2 593.1
476.1
522.4 566.2
476.8 528.3 586.0
Information processing and related equipment
Office, computing, and accounting machinery
Computers and peripheral equipmentl
Other
Communication equipment
Instruments
Photocopy and related equipment
152.1
59.3
51.8
7.5
52.8
22.1
17.9
172.8
73.5
65.6
7.9
59.4
22.4
17.6
195.1
88.1
78.7
9.3
65.9
23.4
17.7
165.1 201.8 253.1
73.9 108.1 164.2
67.2 102.8 160.8
7.3
7.5
9.0
53.7
62.0 69.9
21.2 21.2 21.8
17.3
16.6
16.4
Industrial equipment
Fabricated metal products
Engines and turbines
Metalworking machinery
Special industry machinery, n.e.c
General industrial, including materials handling,
equipment
Electrical transmission, distribution, and
industrial apparatus
109.3
10.5
4.8
24.4
121.5
11.1
4.2
28.2
127.5
11.7
4.0
29.6
26.9
105.5
10.4
4.6
23.3
25.9
31.2
32.8
1996
Private purchases of producers' durable
equipment
Nonresidential equipment
New
June 1998
SURVEY OF CURRENT BUSINESS
Transportation and related equipment ....
Trucks, buses, and truck trailers
Autos
Aircraft
Ships and boats
Railroad equipment
Other equipment
Furniture and fixtures
Tractors
Agricultural machinery, except tractors ...
Construction machinery, except tractors
Mining and oilfield machinery
Service industry machinery
Electrical equipment, n.e.c
Other
Less: Sale of equipment scrap, excluding autos
Residential equipment
23.6
25.8
28.5
19.0
118.6
55.0
48.0
8.9
1.5
5.1
20.9
125.7
63.3
42.3
12.8
1.5
5.7
20.9
134.5
68.9
45.3
13.4
1.6
5.3
99.9
25.6
9.9
9.7
12.0
1.5
13.4
10.7
106.9
28.1
10.4
10.4
13.5
1.8
14.4
10.8
17.5
113.7
30.2
10.9
10.9
14.4
2.3
15.2
11.1
18.6
4.5
4.6
7.2
7.5
16.9
3.7
6.9
Residual
Addenda:
Private purchases of producers' durable
equipment
Less: Dealers' margin on used equipment
Net purchases of used equipment from
government
Plus: Net sales of used equipment
Net exports of used equipment
Sale of equipment scrap
Equals: Private purchases of new equipment
1994
22.6
1995 1996
113.4
10.6
4.0
26.0
117.0
11.0
3.7
26.6
29.0
29.9
24.0
26.0
19.8
118.9
56.7
43.4
11.6
1.4
5.2
19.7
18.6
113.2
50.6
47.8
8.4
1.5
4.9
96.0
24.5
9.5
9.2
11.4
1.5
13.0
10.6
16.3
3.1
6.7
-1.4
100.3
26.2
9.8
9.6
12.4
1.7
13.5
10.4
16.5
125.0
61.3
45.1
11.8
1.4
4.6
104.6
27.4
10.2
9.9
13.0
2.1
14.0
10.8
17.2
3.4
3.8
7.0
7.1
-10.3 - 3 3 . 8
483.0 529.6 573.7
4.9
5.3
5.8
1.0
1.2
1.1
31.3
37.6
39.7
1.5
.6
.7
3.8
4.6
4.6
513.7 566.0 611.8
1. Includes new computers and peripheral equipment only.
NOTE.—Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive..
The residual line is the difference between the first line and the sum of the most detailed lines.
n.e.c. Not elsewhere classified.
D-31
National Data
SURVEY OF CURRENT BUSINESS
]une 1998
Table B.7.—Compensation and Wage and Salary Accruals by Industry
[Millions of dollars]
Compensation
1994
4,012,002 4,215,434 4,426,912
3,254,030
3,442,583 3,633,641
Domestic industries
4,014,482 4,217,968 4,429,472
3,256,510
3,445,117 3,636,201
Private industries
3,213,814 3,392,629 3,574,191
2,654,320
2,822,137 2,993,607
Total
Compensation
Wage and salary accruals
1995
1994
1995
1996
Communications
:....
Telephone and telegraph
Radio and television
Electric, gas, and sanitary services
Wage and salary accruals
1994
1995
1996
1994
1995
1996
67,070
51,679
15,391
53,856
71,112
53,701
17,411
54,741
75,153
56,202
18,951
54,946
55,320
42,517
12,803
42,894
58,933
44,315
14,618
43,727
62,279
46,361
15,918
43,978
Wholesale trade
259,828
276,202
289,438
217,964
246,452
34,780
14,477
37,011
15,588
39,619
16,385
29,852
12,325
234,467
Agriculture, forestry, and fishing
Farms
Agricultural services, forestry, and
fishing
31,915
13,309
34,476
14,163
Retail trade
365,722
383,120
399,951
313,776
329,936
345,994
20,303
21,423
23,234
17,527
18,606
20,313
Finance, insurance, and real estate ...
324,894
350,180
260,045
273,124
296,112
Mining
Metal mining
Coal mining
Oil and gas extraction
Nonmetallic minerals, except fuels .
32,656
2,791
6,375
19,069
4,421
32,892
3,145
6,174
18,929
4,644
33,678
3,358
5,974
19,539
4,807
26,378
2,187
4,993
15,606
3,592
26,843
2,518
4,884
15,628
3,813
27,644
2,707
4,739
16,240
3,958
310,211
77,101
21,474
53,798
70,378
80,243
21,677
59,450
72,737
83,793
25,089
68,973
75,871
62,949
18,087
46,857
58,148
65,664
18,317
51,967
60,125
69,013
21,223
29,514
41,284
16,662
31,008
42,182
17,597
32,828
44,906
18,720
25,039
34,567
14,398
26,384
35,442
15,225
28,031
37,910
16,168
Services
Hotels and other lodging places
Personal services
Business services
Auto repair, services, and parking
Miscellaneous repair services
Motion pictures
Amusement and recreation services ...
Health services
Legal services
Educational services
Social services and membership
organizations
Social services
Membership organizations
Other services •
Private households
970,992
34,231
22,439
168,265
25,924
10,222
14,426
31,264
325,041
56,886
49,079
1,051,394
35,886
23,495
1,125,269
37,676
821,544
27,830
11,247
16,837
34,526
344,680
58,333
51,755
221,473
30,388
12,103
18,956
37,235
359,179
60,452
54,601
86,121
42,375
43,746
136,059
11,035
91,565
45,862
45,703
149,531
11,821
Government
Federal
General government
Civilian
Military2
Government enterprises
State and local
General government
Education
Other
Government enterprises
800,668
258,006
208,312
123,976
84,336
Construction
182,016
193,746
209,279
147,425
157,684
172,234
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 electric
equipment
Motor vehicles and equipment
Other transportation equipment
Instruments and related products ...
Miscellaneous manufacturing
industries
Nondurable goods
Food and kindred products
Tobacco products
Textile mill products
Apparel and other textile products...
Paper and allied products
Printing and publishing
Chemicals and allied products
Petroleum and coal products
Rubber and miscellaneous plastics
products
Leather and leather products
792,034
839,754
521,750
24,832
15,754
22,920
37,888
60,161
105,182
625,496
379,616
18,495
11,986
17,054
26,841
44,496
76,720
651,750
23,018
14,927
21,564
36,102
56,398
95,407
816,853
505,167
23,802
15,443
22,129
37,261
58,594
100,891
398,272
19,401
12,584
17,706
27,990
46,794
82,191
675,067
416,061
20,459
12,964
18,548
28,866
48,553
86,528
72,726
61,771
47,367
44,806
77,181
65,047
46,243
45,579
80,895
65,911
47,105
47,745
58,302
42,384
36,861
35,960
36,172
37,013
66,179
46,377
37,186
39,158
12,758
305,190
59,381
2,768
19,274
21,352
32,236
58,652
63,653
10,769
12,997
311,686
61,042
2,949
18,956
20,996
32,936
60,387
65,393
10,834
13,357
318,004
62,422
3,014
18,744
20,379
33,661
62,308
67,538
10,738
10,517
245,880
47,614
2,062
15,840
17,442
26,230
48,193
50,743
7,796
10,854
253,478
49,527
2,215
15,697
17,322
27,058
50,087
52,582
7,837
11,243
259,006
50,746
2,268
15,544
16,816
27,672
51,718
54,411
7,791
34,133
2,972
35,322
2,871
36,478
2,722
27,527
2,433
28,784
2,369
29,803
2,237
265,575
144,649
15,346
276,517
150,664
15,313
287,023
156,924
15,525
211,840
113,626
11,249
221,770
231,072
124,815
11,422
8,911
63,763
7,757
34,424
1,126
13,322
9,374
66,914
7,843
35,714
1,051
14,455
10,101
60,838
7,292
49,750
6,238
7,731
52,594
6,323
28,339
869
8,381
47,040
11,983
12,494
Transportation and public utilities ...
Transportation
Railroad transportation
Local and interurban passenger
transit
Trucking and warehousing
Water transportation
Transportation by air
Pipelines, except natural gas
Transportation services
7,895
46,492
1,007
15,066
27,189
929
10,979
62,681
119,110
11,271
6,429
38,220
829
1. Consists of museums, botanical, zoological gardens; engineering and management services; and services, not
elsewhere classified.
2. Includes Coast Guard.
3. Beginning with 1993, includes estimates of foreign professional workers and undocumented Mexican migratory
workers employed temporarily in the United States.
Depository institutions
Nondepository institutions
Security and commodity brokers
Insurance carriers
Insurance agents, brokers, and
service
Real estate
Holding and other investment offices
Rest of the world
Receipts from the rest of the world
Less. Payments to the rest of the world 3
Addenda:
Households and institutions
Nonfarm business
63,079
964,556
32,322
21,518
190,526
26,212
10,455
16,289
31,764
271,678
48,407
41,294
30,557
20,405
165,300
23,824
9,650
14,399
29,150
289,564
49,761
43,697
303,790
51,905
46,503
95,877
48,350
47,527
161,263
11,457
73,364
35,109
38,255
116,205
10,790
78,346
38,282
40,064
128,432
11,563
82,749
40,766
41,983
139,316
11,207
855,281
264,853
212,849
125,174
87,675
52,004
590,428
551,031
292,665
258,366
39,397
602,190
173,413
139,744
84,864
54,880
33,669
428,777
399,489
207,472
192,017
29,288
622,980
642,594
542,662
506,154
265,457
240,697
36,508
825,339
258,051
207,288
123,427
83,861
50,763
567,288
529,188
279,024
250,164
38,100
175,045
140,708
84,540
56,168
34,337
447,935
417,381
217,962
199,419
30,554
177,228
142,038
85,541
56,497
35,190
465,366
433,845
228,252
205,593
31,521
-2,480
1,239
3,719
-2,534
1,323
3,857
-2,560
1,338
-2,480
1,239
3,719
-2,534
1,323
3,857
-2,560
1,338
3,898
312,741
331,760
2,972,798 3,134,144
346,034
3,303,173
19,383
142,292
22,053
8,709
12,224
26,179
NOTE.—Estimates in this table are based on the 1987 Standard Industrial Classification (SIC).
Compensation equals wage and salary accruals plus supplements to wages and salaries. "Supplements" are listed
in table 8.15 of the August 1997 SURVEY OF CURRENT BUSINESS.
D-32
• National Data
SURVEY OF CURRENT BUSINESS
June 1998
Table B.8.—Employment by Industry
[Thousands]
Full-time and part-time
employment
1994
1995
1996
Full-time and part-time
employment
Persons engaged in
production'
1994
1995
121,695
124,602
126,992
118,560
121,370
123,666
Domestic industries
122,258
125,171
127,543
119,042
121,858
124,151
Private industries
100,326
103,195
105,596
100,750
103,531
105,947
1,936
2,069
840
1,096
2,004
868
1,136
860
1,209
3,148
1,791
1,357
3,199
1,810
1,389
3,300
1,818
1,482
49
113
339
105
587
52
106
321
108
583
54
99
321
109
607
49
110
345
103
590
52
103
327
108
586
54
97
327
108
5,197
5,383
6,406
6,654
6,954
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 electric equipment
Motor vehicles and equipment
Other transportation equipment
Instruments and related products
Miscellaneous manufacturing industries
Nondurable goods
Food and kindred products
Tobacco products
Textile mill products
Apparel and other textile products
Paper and allied products
Printing and publishing
Chemicals and allied products
Petroleum and coal products
Rubber and miscellaneous plastics
products
Leather and leather products
18,428
10,507
776
505
535
18,592
10,722
18,613
10,802
857
525
550
701
1,441
2,083
1,616
952
816
834
427
7,811
1,659
42
661
952
686
1,560
1,032
142
18,577
10,911
858
521
558
707
1,446
2,100
1,653
960
819
850
439
7,666
1,664
42
631
881
677
1,536
1,024
138
967
110
971
102
Transportation and public utilities
Transportation
Railroad transportation
Local and interurban passenger transit
Trucking and warehousing
Water transportation
Transportation by air
Pipelines, except natural gas
6,176
4,048
220
431
2,054
178
731
15
6,318
4,182
212
444
1,854
174
1,050
14
Total
Agriculture, forestry, and fishing
Farms
Agricultural services, forestry, and fishing
Mining
Metal mining
Coal mining
Oil and gas extraction
Nonmetallic minerals, except fuels
Construction
697
1,396
2,000
1,582
900
852
860
404
7,921
1,683
43
681
982
693
1,566
790
512
542
708
1,443
18,574
10,834
801
506
547
18,445
10,584
835
515
544
709
693
1,452
2,115
1,658
1,390
1,626
969
967
817
841
405
7,870
1,688
42
664
820
855
404
7,740
1,697
42
2,069
946
692
629
874
682
1,565
1,996
1,573
895
850
853
440
7,861
1,654
43
676
998
686
1,551
1,039
1,056
1,570
1,039
147
143
954
116
978
108
981
99
951
118
6,060
3,834
233
407
6,175
3,962
232
420
1,916
178
778
15
6,292
4,063
224
440
6,045
3,922
220
437
1,658
177
1,119
14
1,977
1,843
179
750
17
1,032
139
145
175
704
17
1. Equals the number of full-time equivalent employees (table 6.5) plus the number of self-employed persons
(table 6.7). Unpaid family workers are not included.
2. Consists of museums, botanical, zoological gardens; engineering and management services; and services, not
elsewhere classified.
1994
1996
Transportation services
Communications
Telephone and telegraph
Radio and television
Electric, gas, and sanitary services ...
Wholesale trade
Retail trade
Finance, insurance, and real estate
Depository institutions
Nondepository institutions
Security and commodity brokers
Insurance carriers
Insurance agents, brokers, and service .
Real estate
Holding and other investment offices ....
405
1,293
916
377
933
1995
423
1,307
915
392
906
production >
1994
431
1,347
936
411
882
392
1,192
844
348
931
1995
419
1,219
851
368
909
1996
434
1,258
873
385
878
6,235
6,475
6,558
6,324
6,559
21,159
21,867
22,256
18,897
19,476
19,866
7,021
6,926
2,023
463
554
1,497
732
1,410
247
7,051
2,018
513
582
7,216
1,441
248
7,251
1,973
485
592
1,468
853
1,635
245
7,315
1,923
506
648
1,447
873
1,680
238
35,186
1,754
1,300
6,935
1,132
374
506
1,519
9,568
1,056
2,075
36,544
1,791
1,317
7,484
1,205
389
553
1,593
9,809
1,063
2,141
33,627
1,549
1,725
6,538
1,338
568
498
1,264
8,677
1,184
1,860
35,048
1,587
1,776
7,109
1,362
591
543
1,327
8,903
1,173
1,915
36,442
1,712
1,276
6,352
1,075
350
458
1,421
9,318
1,059
2,024
2,068
488
543
1,522
723
1,422
255
1,503
746
1,937
466
622
1,449
856
1,648
238
Services
Hotels and other "lodging places
Personal services
Business services
Auto repair, services, and parking
Miscellaneous repair services
Motion pictures
Amusement and recreation services
Health services
Legal services
Educational services
Social services and membership
organizations
Social services
Membership organizations
Other services ?
Private households
33,684
4,478
2,328
2,150
2,877
1,284
4,637
2,454
2,183
3,049
1,281
4,760
2,534
2,226
3,193
1,246
4,351
2,563
1,788
3,254
821
4,504
2,689
1,815
3,439
819
4,623
2,772
1,851
3,572
796
Government
Federal
General government
21,932
5,720
4,748
2,100
2,648
972
16,212
15,295
8,220
7,075
917
21,976
5,560
4,573
2,026
2,547
987
16,416
15,485
8,389
7,096
931
21,947
5,357
4,366
1,952
2,414
991
16,590
15,655
8,542
7,113
935
18,292
4,661
3,867
2,052
1,815
794
13,631
12,754
6,635
6,119
877
18,327
4,530
3,725
1,984
1,741
805
13,797
12,910
6,770
6,140
887
18,204
4,368
3,562
1,912
1,650
806
13,836
12,945
6,791
6,154
891
-551
-482
-488
-485
Civilian
Military3
Government enterprises
State and I x a l
General government
Education
Other
Government enterprises
Rest of the world 4
-663
-669
1,625
1,805
7,664
1,480
573
583
1,420
9,168
1,147
1,986
3. Includes Coast Guard.
4. Beginning with 1993, includes estimates of foreign professional workers and undocumented Mexican migratory
workers employed temporarily in the United States.
NOTE.—Estimates in this table are based on the 1987 Standard Industrial Classification (SIC).
D-33
National Data
SURVEY OF CURRENT BUSINESS
June 1998
Table B.9.—Wage and Salary Accruals Per Full-Time Equivalent Employee and Full-Time Equivalent Employees by Industry
Dollars
Thousands
Dollars
Thousands
Wages and salaries per
full-time equivalent
Full-time equivalent
Wages and salaries per
full-time equivalent
Full-time equivalent
employees
1994
1995
30,131
31,032
32,121
107,996 110,935 113,125
Domestic industries
30,020
30,919
32,006
108,478 111,423 113,610
Private industries
Total 1
1994
1995
29,432
30,314
31,378
90,186
93,096
95,406
Agriculture, forestry, and fishing
Farms
Agricultural services, forestry, and fishing .
17,833
17,118
18,372
18,331
17,888
18,662
18,870
18,709
18,984
1,674
720
954
1,741
744
997
1,827
757
1,070
Mining
Metal mining
Coal mining
Oil and gas extraction
Nonmetallic minerals, except fuels
44,482
44,633
45,391
47,006
35,216
46,683
48,423
47,417
49,613
36,314
48,329
593
49
110
332
102
575
52
103
315
105
572
54
97
315
106
50,130
48,856
51,556
37,340
Construction
30,191
30,453
31,649
4,883
5,178
5,442
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 electric equipment
Motor vehicles and equipment
Other transportation equipment
Instruments and related products
Miscellaneous manufacturing industries
Nondurable goods
Food and kindred products
Tobacco products
Textile mill products
Apparel and other textile products
Paper and allied products
Printing and publishing
Chemicals and allied products
Petroleum and coal products
Rubber and miscellaneous plastics
products
Leather and leather products
34,725
36,724
24,400
24,312
32,299
38,788
32,455
39,063
37,277
47,516
43,674
42,506
27,317
32,032
29,157
47,953
23,642
18,169
38,292
33,259
48,932
53,766
35,852
37,751
25,131
25,068
33,345
40,100
32,954
40,093
39,005
47,248
44,712
44,810
28,192
33,226
30,163
52,738
24,002
18,828
39,558
34,543
51,200
55,190
37,165
39,030
26,162
26,085
34,799
41,003
34,072
41,761
40,279
48,410
45,683
46,451
28,902
34,516
30,681
54,000
24,950
19,877
40,935
35,791
53,344
56,457
18,013
10,337
758
493
528
692
1,371
1,964
1,564
892
844
846
385
7,676
1,633
43
670
960
685
1,449
1,037
145
18,179
10,550
772
502
531
698
1,420
2,050
1,607
950
809
826
385
7,629
1,642
42
654
920
684
1,450
1,027
142
18,164
10,660
782
497
533
704
1,425
2,072
1,643
958
814
843
389
7,504
1,654
42
623
846
676
1,445
1,020
138
29,253
21,531
29,921
22,349
30,884
23,547
941
113
962
106
965
95
Transportation and public utilities
Transportation
Railroad transportation
Local and interurban passenger transit..
Trucking and warehousing
Water transportation
Transportation by air
Pipelines, except natural gas
37,401
31,882
51,132
19,655
28,924
37,353
38,953
54,647
32,279
51,232
20,133
29,366
37,862
39,278
32,994
53,877
20,848
30,348
38,729
36,644
59,214
5,664
3,564
220
371
1,720
167
698
17
5,780
3,690
220
384
1,791
167
725
15
5,883
3,783
212
402
1,550
166
1,043
14
57,933
1. Full-time equivalent employees equals the number of employees on full-time schedules plus the number of
employees
on p
part-time schedules converted to a full-time basis, t h e number of full-time equivalent
employees
in
py
q
py
each industry is the product of the total number of employees and the ratio of average weekly hours per employee
1994
1995
1996
29,593
50,736
37,218
46,725
30,884
49,316
52,945
40,832
48,857
31,551
50,716
54,287
42,561
50,433
Wholesale trade .
36,504
37,817
39,256
5,971
6,200
6,278
Retail trade
18,130
18,300
18,821
17,307
18,029
18,383
Finance, insurance, and real estate
Depository institutions
Nondepository institutions
Security and commodity brokers
Insurance carriers
Insurance agents, brokers, and services .
Real estate
Holding and other investment offices
39,282
31,921
38,647
89,937
39,610
36,447
27,456
58,767
33,935
41,070
97,499
41,494
37,854
28,308
63,971
44,629
35,926
43,224
108,760
43,593
39,648
29,780
67,933
6,620
1,972
468
521
1,468
687
1,259
245
6,550
1,935
446
533
1,449
697
1,252
238
6,635
1,921
491
558
1,447
707
1,273
238
Services
Hotels and other lodging places
Personal services
Business services
Auto repair, services, and parking
Miscellaneous repair services
Motion pictures
Amusement and recreation services
Health services
Legal services
Educational services
Social services and membership
organizations
Social services
Membership organizations
Other services2
Private households
27,886
28,987
20,117
17,915
25,942
22,454
28,134
36,639
23,680
34,098
53,107
24,263
29,935
20,733
18,518
27,713
23,074
29,204
37,706
24,509
34,624
54,984
24,895
29,461
1,479
1,118
30,864
19,585
17,337
24,554
21,943
27,216
34,434
22,904
32,780
51,497
23,637
32,222
1,559
1,162
6,875
1,136
358
432
1,296
8,774
19,266
17,381
21,395
43,984
13,143
19,834
17,931
22,074
45,754
14,118
20,346
18,396
22,681
47,146
14,079
32,921
37,205
36,138
41,357
30,237
42,404
31,456
31,323
31,269
31,380
33,396
33,992
38,641
37,774
42,611
32,262
42,655
32,466
32,330
32,195
32,479
34,446
35,300
40,574
39,876
44,739
34,241
43,660
33,634
33,514
33,611
33,408
35,377
1996
Transportation services
Communications
Telephone and telegraph
Radio and television
Electric, gas, and sanitary services .
Government
Federal
General government
Civilian
Military3
Government enterprises .
State and local
General government
Education
Other
Government enterprises .
Rest of the world 4
1994
371
1,182
838
344
918
5,795
1,005
320
355
1,143
8,288
940
1,747
1995
1,195
837
358
895
1,519
1,139
6,372
1,061
343
393
1,231
8,492
1996
396
1,228
854
374
872
937
944
1,801
1,868
3,808
2,020
1,788
2,642
821
3,950
2,135
1,815
2,807
819
4,067
2,216
1,851
2,955
796
18,292
4,661
3,867
2,052
1,815
794
13,631
12,754
6,635
6,119
877
18,327
4,530
3,725
1,984
1,741
805
13,797
12,910
6,770
6,140
887
18,204
4,368
3,562
1,912
1,650
806
13,836
12,945
6,791
6,154
891
-482
-488
-485
3. Includes Coast Guard.
4. Beginning with 1993, includes estimates of foreign professional workers and undocumented Mexican migratory
workers employed temporarily in the United States.
D-34 • National Data
Table B.10.—Farm Sector Output, Gross Product, and National Income
Billions of chained
(1992) dollars
Billions of dollars
Farm output.
Cash receipts from farm marketings
Crops
Livestock
Farm housing
Farm products consumed on farms
Other farm income
Change in farm inventories
Crops .,
Livestock
Less: Intermediate goods and services
purchased
Intermediate goods and services, other
than rent
Rent paid to nonoperator landlords
1994
1995
202.9
197.9
180.9
92.8
88.1
5.8
.5
4.9
10.8
9.7
1.1
193.9
106.9
87.0
5.9
.5
5.6
-7.9
-8.2
.2
1996
1994
1995
219.9
199.4
192.0
193.1
204.2
111.4
92.9
6.1
.4
6.3
2.9
4.1
-1.3
178.2
88.4
89.9
5.2
.5
4.8
11.7
9.2
1.2
188.5
96.9
91.3
5.2
.5
5.2
-9.2
-7.7
.3
179.0
88.9
90.5
5.1
.4
5.3
2.6
3.0
-1.5
124.4
130.6
114.7
117.6
117.3
105.3
14.1
110.0
14.3
113.7
16.8
100.7
14.0
103.4
14.2
101.2
16.2
Equals: Gross farm product
83.5
73.5
89.4
85.0
74.2
75.5
Less: Consumption of fixed capita!
23.7
24.7
25.6
22.4
22.8
23.2
Equals: Net farm product
59.8
48.8
63.8
62.9
51.3
52.2
Equals: Farm national income
Compensation of employees
Wage and salary accruals
Supplements to wages and salaries
Proprietors' income and corporate
profits with IVA and CCAdj
Proprietors' income
Corporate profits
Net interest
4.8
6.6
5.1
6.1
5.1
6.1
61.5
14.6
12.3
2.2
49.7
15.7
13.3
2.4
64.9
16.5
14.2
2.3
37.8
36.9
.9
9.1
24.7
23.4
1.2
9.4
38.6
37.2
1.4
9.8
NOTE.—Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.
CCAdj Capital consumption adjustment
IVA Inventory valuation adjustment
Table B.11.—Housing Sector Output, Gross Product, and National
Income
Billions of dollars
Billions of chained
(1992) dollars
1996
119.4
Less: Indirect business tax and nontax
liability
Plus: Subsidies to operators
June 1998
SURVEY OF CURRENT BUSINESS
Housing output'
Nonfarm housing ....
Owner-occupied .
Tenant-occupied
Farm housing
Less: Intermediate goods and services
consumed
1994
1995
686.7
722.7
680.9
507.0
174.0
5.8
716.8
532.2
184.6
5.9
1996
1994
1995
1996
758.1
649.9
663.4
675.2
752.0
558.3
193.6
6.1
644.8
479.6
165.2
5.2
658.3
487.2
171.1
5.2
670.2
495.3
174.9
5.1
87.6
88.5
94.1
83.1
82.1
85.3
Equals: Gross housing product.
Nonfarm housing
,
Owner-occupied
Tenant-occupied
Farm housing
599.1
594.4
439.5
155.0
4.7
634.2
629.2
462.8
166.4
5.0
664.0
658.8
484.0
174.9
5.1
566.8
562.7
415.6
147.1
4.2
581.3
577.0
423.1
153.9
4.3
589.9
585.7
428.3
157.5
4.2
Less: Consumption of fixed capital
Capital consumption allowances
Less: CCAdj
120.5
60.9
-59.6
114.8
59.6
-55.1
118.2
62.8
-55.4
112.2
103.6
104.6
Equals: Net housing product
478.6
519.4
545.8
454.5
477.8
485.5
Less: Indirect business tax and nontax
liability plus business transfer payments
112.9
116.2
119.5
20.6
20.8
22.6
386.4
424.0
448.9
7.7
17.6
96.7
4.2
260.2
8.1
25.2
104.3
5.1
281.3
8.5
27.1
115.8
5.6
292.0
Plus: Subsidies less current surplus of
government enterprises
Equals: Housing national income
Compensation of employees
Proprietors' income with IVA and CCAdj.
Rental income of persons with CCAdj
Corporate profits with IVA and CCAdj
Net interest
1. Equals personal consumption expenditures for housing less expenditures for other housing as shown in table
B.4.
NOTE.—Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.
CCAdj Capital consumption adjustment
IVA Inventory valuation adjustment
June 1998
National Data •
SURVEY OF CURRENT BUSINESS
D-35
Table B.I 2.-Net Stock of Fixed Private Capital, by Type
[Yearend estimates]
Current-cost valuation (billions of dollars)
Fixed private capital
Private producers' durable equipment
Nonresidential equipment
Information processing and related equipment
Office, computing, and accounting machinery
Computers and peripheral equipment
Other office equipment
Communication equipment
Instruments
Photocopy and related equipment
Chain-type quantity indexes (1992=100)
1991
1992
1993
1994
1995
1996
1992
1993
1994
1995
12,955.2
13,484.1
14,198.8
15,064.5
15,738.6
16,503.4
98.49
100.00
101.94
104.15
106.6:
109.58
2,570.3
2,642.7
2,742.1
2,881.7
3,050.3
3,232.9
98.37
100.00
102.74
106.62
111.68
117.63
2,519.5
2,590.0
2,686.7
2,823.1
2,989.3
3,168.9
98.39
100.00
102.72
106.61
111.70
117.69
603.2
629.0
120.7
101.0
19.7
330.8
109.9
67.5
650.4
128.3
107.9
20.4
333.0
117.9
71.2
673.8
138.5
118.0
20.6
335.3
124.1
75.8
704.0
151.2
130.4
20.9
342.7
130.6
79.4
785.4
175.7
153.9
21.8
391.5
136.2
82.0
94.86
87.31
85.14
99.35
97.21
95.09
97.52
100.00
100.00
100.00
100.00
100.00
100.00
100.00
106.40
120.18
124.20
101.27
102.41
105.34
104.27
113.96
144.51
154.49
101.08
106.50
109.32
109.02
125.25
189.31
211.49
101.82
112.84
112.73
112.00
140.31
264.83
308.42
108.04
120.39
116.19
113.98
916.8
86.7
51.8
991.4
90.3
56.8
1,083.6
183.0
218.2
202.5
240.5
1,050.3
93.5
58.4
52.5
5.9
197.0
232.1
99.38
100.79
97.84
97.48
101.47
100.38
99.14
100.53
97.65
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
101.38
100.07
102.12
102.13
102.06
100.48
101.85
100.70
102.57
103.55
100.95
104.56
104.33
106.76
102.74
104.03
102.25
105.65
106.34
101.72
105.58
104.68
114.34
106.16
107.46
104.37
109.13
108.92
102.72
105.86
104.57
118.43
109.54
109.64
107.35
112.29
98.93
98.99
97.44
97.17
103.69
101.16
100.00
100.00
100.00
100.00
100.00
100.00
102.30
105.33
100.93
102.25
98.25
99.65
106.91
115.39
109.20
100.57
95.33
100.79
111.87
127.18
113.03
101.80
92.42
102.22
116.89
139.25
117.20
103.08
89.79
102.81
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
101.19
103.04
175.7
60.9
48.2
12.7
72.2
77.1
13.3
76.7
50.9
5.2
45.7
102.1
100.42
96.81
100.22
96.59
102.77
102.43
103.99
103.85
104.46
110.04
103.27
94.43
99.31
93.87
98.81
103.29
105.84
101.74
106.12
101.34
102.61
96.85
99.07
100.51
87.79
103.02
107.43
104.43
107.77
106.40
106.07
110.10
103.22
110.55
103.25
105.11
96.65
99.89
103.15
83.85
107.46
109.26
107.35
109.47
109.34
109.92
115.18
105.88
115.79
105.60
107.84
97.69
101.40
106.11
78.91
117.36
111.42
110.74
111.49
112.59
64.1
97.03
100.00
107.18
111.01
114.80
98.52
100.00
103.57
105.50
107.74
119.0
99.5
19.5
318.9
101.4
64.0
898.3
87.7
50.8
46.0
Industrial equipment
Fabricated metal products
Engines and turbines
Steam engines
Internal combustion engines
Metalworking machinery
,
Special industry machinery, n.e.c
General industrial, including materials handling, equipment .,
Electrical transmission, distribution, and industrial apparatus
4.8
167.1
193.4
185.7
213.6
168.8
199.4
189.0
221.0
945.7
87.0
53.2
48.2
5.0
174.4
207.5
194.9
228.7
Transportation and related equipment
Trucks, buses, and truck trailers
Autos
Aircraft
Ships and boats
Railroad equipment
491.2
160.6
102.5
114.4
45.5
68.2
510.0
169.1
107.6
121.2
45.1
67.1
538.9
185.5
111.7
127.1
45.6
69.0
581.2
210.1
124.6
129.2
44.7
72.7
627.2
236.8
131.1
136.2
44.3
78.8
660.5
259.6
138.0
526.8
140.0
9.0
131.0
54.1
42.3
11.8
534.2
146.1
9.1
551.8
153.8
9.4
607.7
175.0
639.4
186.2
10.5
137.0
144.4
54.1
42.4
11.7
55.1
43.2
11.9
576.6
163.0
9.7
153.3
57.2
45.1
12.1
65.4
66.7
64.9
66.0
69.9
73.2
15.3
60.3
44.6
4.6
40.1
65.6
66.8
14.6
67.1
69.6
16.7
61.0
14.0
64.5
48.9
4.9
44.0
13.8
69.2
50.3
5.1
45.2
Other equipment
Furniture and fixtures
Household furniture
Other furniture
Tractors
Farm tractors
Construction tractors
Agricultural machinery, except tractors
Construction machinery, except tractors
Mining and oilfield machinery
Service industry machinery
Electrical equipment, n.e.c
Household appliances
Other
Other nonresidential equipment
Residential equipment
,
41.5
4.5
37.0
47.1
4.7
61.0
47.2
4.7
42.5
51.5
5.4
212.5
256.7
10.1
164.9
59.1
46.8
12.3
81.2
83.0
87.7
92.4
97.2
50.8
52.6
55.4
58.6
61.0
95.7
59.7
53.5
6.3
205.8
240.0
220.8
261.6
140.3
44.4
78.3
1991
10,384.9
10,841.4
11,456.7
12,182.8
12,688.3
13,270.4
4,177.2
4,302.7
4,528.9
4,775.6
4,970.8
5,163.3
98.92
100.00
Nonresidential buildings, excluding farm
Industrial buildings
Office buildings!
Commercial buildings
Mobile structures
Other commercial2
Religious buildings
Educational buildings
Hospital and institutional buildings
Other
Hotels and motels
Amusement and recreational buildings
Other nonfarm buildings3
2,593.9
2,686.1
589.7
611.2
653.7
6.4
647.4
119.7
102.6
246.2
270.8
613.0
625.4
678.7
2,834.9
636.2
3,011.3
673.6
707.8
765.0
7.9
757.1
136.6
123.5
297.9
307.0
3,144.1
700.7
736.5
803.8
8.3
3,299.0
725.9
Utilities
Railroad
Telecommunications
Electric light and power
Gas
Petroleum pipelines
Private structures
Nonresidential structures
103.18
103.36
101.75
102.20
103.61
105.43
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
101.16
101.38
100.17
101.51
101.96
101.54
101.97
101.10
102.47
102.72
100.79
101.03
101.25
99.84
102.97
101.44
102.54
103.93
103.27
103.94
102.06
105.40
105.71
101.88
101.79
103.20
100.73
105.02
103.03
104.24
106.63
105.36
106.64
103.23
108.64
108.08
103.76
104.25
106.83
99.60
107.92
104.54
106.37
111.20
107.95
111.24
104.47
112.77
110.59
108.01
109.82
111.45
100.81
173.3
88.7
78.5
1,159.7
294.0
204.8
459.6
160.0
41.2
1,236.4
311.1
229.9
481.8
170.4
43.2
99.44
100.93
98.21
99.61
97.56
100.12
100.00
100.00
100.00
100.00
100.00
100.00
100.59
99.08
101.66
100.86
101.42
100.18
100.76
98.22
103.71
100.77
101.99
100.25
101.29
97.42
106.33
101.20
102.88
100.00
101.73
96.92
109.22
101.28
103.23
99.92
194.3
260.1
229.2
31.0
119.4
201.6
274.5
241.6
32.9
128.4
204.6
283.7
250.0
33.7
138.7
206.1
278.5
244.5
34.1
143.3
101.36
101.90
102.17
99.81
94.60
100.00
100.00
100.00
100.00
100.00
102.10
99.14
98.97
100.48
104.32
101.29
98.31
97.82
101.99
107.95
100.48
97.36
96.76
101.92
111.30
99.14
6,538.7
6,927.8
7,407.2
7,717.5
8,107.1
98.25
100.00
102.14
104.47
106.75
5,327.0
5,226.1
4,465.3
760.7
5,667.3
5,557.9
4,796.1
761.9
109.4
1,232.6
27.8
6,078.4
5,956.2
5,182.3
773.8
122.2
1,299.8
6,322.4
6,190.1
5,398.5
791.5
132.3
1,365.8
29.3
6,639.3
6,497.7
98.37
98.36
5,662.9
834.8
141.5
1,438.0
29.9
99.97
99.10
97.64
100.98
100.00
100.00
100.00
100.00
100.00
100.00
100.00
102.00
102.00
102.37
99.78
102.02
102.83
104.20
104.17
105.01
99.05
105.56
105.87
98.53
106.43
106.36
107.45
99.64
110.07
108.42
6.6
1,120.2
290.1
194.0
443.4
153.0
39.6
182.0
263.8
234.7
29.0
105.2
183.5
259.0
229.3
29.7
112.1
Residential structures
6,207.7
Housing units
Permanent site
1-to-4-unit
5-or-more-unit
Mobile homes
Improvements
Other residential5
5,057.2
4,959.6
4,226.4
733.2
97.6
1,124.7
25.9
100.9
1,185.1
26.6
114.7
276.7
290.6
145.9
73.7
71.0
1. Consists of office buildings, except those occupied by electric and gas utility companies.
2. Consists primarily of stores, restaurants, garages, service stations, warehouses, and other buildings used for
commercial purposes.
3. Consists of buildings not elsewhere classified, such as passenger terminals, greenhouses, and animal hospitals.
4. Consists primarily of streets, dams, reservoirs, sewer and water facilities, parks, and airfields.
5. Consists primarily of dormitories, fraternity and sorority houses, and nurses' homes.
93.67
99.38
104.87
101.98
105.20
141.4
130.2
311.6
319.9
161.0
83.2
75.7
1,199.7
300.3
218.3
476.5
163.1
41.5
670.1
717.2
7.2
710.1
129.4
1,032.3
266.7
181.1
410.9
136.8
36.8
Farm related buildings and structures
Mining exploration, shafts, and wells
Petroleum and natural gas
Other mining
Other nonfarm structures4
103.21
99.71
100.28
97.68
98.79
99.09
98.44
98.36
98.72
98.46
98.26
98.47
99.10
97.05
96.87
99.67
99.51
98.63
101.07
672.1
123.5
108.0
259.8
277.6
139.2
70.2
68.2
1,062.0
272.4
185.3
423.8
143.1
37.5
135.6
67.8
67.4
100.43
1996
153.7
78.6
74.7
29.0
795.5
767.1
855.8
8.7
847.1
146.2
138.0
325.6
340.5
99.67
97.95
95.21
101.14
113.37
109.25
108.99
108.86
110.22
100.47
115.21
110.75
97.69
NOTE.—The data in this table are from "Fixed Reproducible Tangible Wealth in the United States: Revised Estimates for 1993-95 and Summary Estimates for 1925-96" in the September 1997 SURVEY OF CURRENT BUSINESS.
n.e.c. Not elsewhere classified.
D-36
• National Data
SURVEY OF CURRENT BUSINESS
June 1998
C. Historical Tables.
The tables in this section are derived from the "Summary National Income and Product Series" tables that were
published in the August 1997 issue of the SURVEY OF CURRENT BUSINESS and from the "Selected NIPA Tables"
that are published in this issue. (Changes in prices are calculated from indexes expressed to three decimal
places.)
Table C.1.—Historical Measures of Real Gross Domestic Product, Real Gross National Product, and Real Gross Domestic Purchases
[Quarterly estimates are seasonally adjusted at annual rates]
Percent change from preceding
period
Billions of chained (1992) dollars
Year and
quarter
Chain-type price indexes
Implicit price deflators
Percent change from preceding period
Chain-type price index
Implicit price deflators
Gross domestic Final sales of Gross national Gross domestic Final sales of Gross domestic Gross domestic Gross domestic Gross national
domestic
Gross domestic Gross domestic Gross domestic Gross national
domestic
purchases
product
product
product
product
product
product
product
product
purchases
product
product
product
1959 ..
2,210.2
2,206.9
2,222.0
6.5
22.95
22.44
22.95
22.96
1.0
1.0
1.0
1960
1961
1962
1963
1964
..
..
..
..
..
2,262.9
2,314.3
2,454.8
2,559.4
2,708.4
2,264.2
2,318.0
2,445.4
2,552.4
2,705.1
2,276.0
2,329.1
2,471.5
2,577.3
2,727.8
2.6
2.4
5.5
4.4
6.0
23.27
23.54
23.84
24.12
24.48
22.75
23.00
23.28
23.58
23.94
23.27
23.54
23.84
24.12
24.48
23.28
23.55
23.85
24.13
24.49
1.4
1.2
1.3
1.2
1.5
1.4
1.1
1.2
1.3
1.6
1.4
1.2
1.3
1.2
1.5
1965
1966
1967
1968
1969
..
..
..
..
..
2,881.1
3,069.2
3,147.2
3,293.9
3,393.6
2,860.4
3,033.5
3,125.1
3,278.0
3,377.2
2,901.4
3,087.8
3,166.4
3,314.5
3,413.3
5.7
6.1
3.0
4.9
3.0
24.95
25.66
26.48
27.64
28.94
24.39
25.07
25.83
26.95
28.21
24.96
25.67
26.49
27.64
28.94
24.97
25.68
26.50
27.66
28.96
1.9
2.8
3.2
4.4
4.7
1.9
2.8
3.0
4.3
4.7
2.0
2.8
3.2
4.4
4.7
1970
1971
1972
1973
1974
..
..
..
..
..
3,397.6
3,510.0
3,702.3
3,916.3
3,891.2
3,406.5
3,499.8
3,689.5
3,883.9
3,873.4
3,417.1
3,532.1
3,726.3
3,950.1
3,930.2
.9
2.7
5.4
5.3
-.3
30.48
32.05
33.42
35.30
38.46
29.73
31.32
32.71
34.64
38.17
30.48
32.06
33.42
35.30
38.47
30.50
32.08
33.44
35.32
38.49
5.3
5.2
4.2
5.6
8.9
5.4
5.3
4.5
5.9
10.2
5.3
5.2
4.2
5.6
9.0
1975
1976
1977
1978
1979
..
..
..
..
..
3,873.9
4,082.9
4,273.6
4,503.0
4,630.6
3,906.4
4,061.7
4,240.8
4,464.4
4,614.4
3,903.3
4,118.8
4,314.5
4,543.7
4,687.4
-.4
5.4
4.7
5.4
2.8
42.09
44.55
47.42
50.88
55.22
41.72
44.15
47.18
50.65
55.22
42.09
44.55
47.43
50.89
55.23
42.11
44.58
47.46
50.92
55.26
9.4
5.8
6.5
7.3
8.5
9.3
5.8
6.9
7.4
9.0
9.4
5.8
6.5
7.3
8.5
1980
1981
1982
1983
1984
..
..
..
..
..
4,615.0
4,720.7
4,620.3
4,803.7
5,140.1
4,641.9
4,691.6
4,651.2
4,821.2
5,061.6
4,670.8
4,769.9
4,662.0
4,844.8
5,178.0
-.3
2.3
-2.1
4.0
7.0
3.7
5.0
60.34
66.01
70.18
73.16
75.92
61.10
66.72
70.64
73.31
75.90
60.33
66.01
70.17
73.16
75.92
60.36
66.05
70.21
73.20
75.97
9.3
9.4
6.3
4.3
3.8
10.7
9.2
5.9
3.8
3.5
9.2
9.4
6.3
4.3
3.8
1985
1986
1987
1988
1989
..
..
..
..
..
5,323.5
5,487.7
5,649.5
5,865.2
6,062.0
5,296.9
5,480.9
5,626.0
5,855.1
6,028.7
5,346.7
5,501.2
5,658.2
5,878.5
6,075.7
3.6
3.1
2.9
3.8
3.4
4.6
3.5
2.6
4.1
3.0
78.53
80.58
83.06
86.10
89.72
78.34
80.40
83.11
86.13
89.78
78.53
80.58
83.06
86.09
89.72
78.57
80.62
83.09
86.12
89.75
3.4
2.6
3.1
3.7
4.2
3.2
2.6
3.4
3.6
4.2
3.4
2.6
3.1
3.7
4.2
1990
1991
1992
1993
1994
..
..
..
...
..,
6,136.3
6,079.4
6,244.4
6,389.6
6,610.7
6,126.7
6,082.6
6,237.4
6,368.9
6,551.2
6,157.0
6,094.9
6,255.5
6,408.0
6,619.1
1.2
-.9
2.7
2.3
3.5
1.6
-.7
2.5
2.1
2.9
93.64
97.32
100.00
102.64
105.09
93.83
97.30
100.00
102.48
104.85
93.60
97.32
100.00
102.64
105.09
93.63
97.33
100.00
102.63
105.08
4.4
3.9
2.8
2.6
2.4
4.5
3.7
2.8
2.5
2.3
4.3
4.0
2.8
2.6
2.4
1995 ..
1996 ...
1997 ...
6,742.1
6,928.4
7,188.8
6,712.7
6,901.0
7,118.3
6,748.7
6,932.0
7,174.4
2.0
2.8
3.8
2.5
2.8
3.1
107.76
110.22
112.45
107.52
111.76
107.76
110.21
112.40
107.73
110.18
112.35
2.5
2.3
2.0
2.5
22
1.7
2.5
2.3
2.0
1959: I
IV .
2,165.0
2,223.3
2,221.4
2,231.0
2,165.5
2,204.2
2,232.6
2,225.3
2,176.2
2,234.5
2,233.5
2,243.9
8.6
11.2
-.3
1.7
9.2
7.3
5.3
-1.3
22.86
22.92
22.96
23.05
22.35
22.41
22.45
22.53
22.92
22.91
22.94
23.03
22.93
22.91
22.95
23.04
.8
1.1
.7
1.5
1.1
1.1
.7
1.5
.8
-.3
.6
1.6
1960:1 ...
II...
III..
IV .
2,279.2
2,265.5
2,268.3
2,238.6
2,248.5
2,268.4
2,265.1
2,274.7
2,291.6
2,278.2
2,281.6
2,252.7
8.9
-2.4
.5
-5.1
4.2
3.6
-.6
1.7
23.10
23.21
23.32
23.44
22.57
22.69
22.80
22.92
23.13
23.22
23.32
23.40
23.14
23.23
23.33
23.41
2.0
2.0
2.1
1961:1 ...
II
III..
IV .
2,251.7
2,292.0
2,332.6
2,381.0
2,277.7
2,301.1
2,320.4
2,372.8
2,266.8
2,306.3
2,347.1
2,395.9
2.4
7.4
7.3
8.6
.5
4.2
3.4
9.3
23.48
23.51
23.55
23.61
22.96
22.97
23.01
23.06
23.45
23.51
23.56
23.63
23.46
23.52
23.57
23.64
.7
.5
.7
1.1
1962:1 ...
II...
III..
IV .
2,422.6
2,448.0
2,471.9
2,476.7
2,400.3
2,440.7
2,462.0
2,478.7
2,437.4
2,464.4
2,488.4
2,495.9
7.2
4.3
4.0
.8
4.7
6.9
3.5
2.7
23.73
23.80
23.86
23.96
23.17
23.24
23.31
23.41
23.75
23.81
23.87
23.94
23.76
23.81
23.87
23.95
2.0
1.1
1.1
1.7
1963:1 ...
II...
III..
IV .
2,508.7
2,538.1
2,586.3
2,604.6
2,492.4
2,533.8
2,578.0
2,605.3
2,526.9
2,555.5
2,604.0
2,622.9
5.3
4.8
7.8
2.9
2.2
6.8
7.2
4.3
24.03
24.07
24.11
24.26
23.48
23.53
23.58
23.72
24.00
24.07
24.12
24.29
24.01
24.08
24.13
24.30
1.2
.6
.7
2.4
1964:1 ...
2,666.7
2,697.5
2,729.6
2,739.7
2,663.1
2,695.0
2,727.6
2,734.5
2,686.8
2,716.8
2,749.5
2,758.1
9.9
4.7
4.8
1.5
9.2
4.9
4.9
1.0
24.33
24.41
24.53
24.64
23.80
23.89
23.99
24.09
24.35
24.41
24.52
24.64
24.36
24.42
24.53
24.65
1.2
1.3
1.9
1.8
2,808.9
2,846.3
2,898.8
2,970.5
2,777.2
2,826.7
2,879.8
2,957.8
2,830.0
2,868.2
2,918.9
2,988.6
10.5
5.4
7.6
10.3
6.4
7.3
7.7
11.3
24.76
24.88
25.01
25.16
24.19
24.31
24.44
24.61
24.77
24.88
25.01
25.17
24.78
24.89
25.02
25.18
2.0
2.0
2.1
2.5
3,042.4
3,055.5
3,076.5
3,102.4
3,008.8
3,023.1
3,047.2
3,054.8
3,061.1
3,074.2
3,094.7
3,121.4
10.0
1.7
2.8
3.4
7.1
1.9
3.2
1.0
25.30
25.50
25.82
26.03
24.73
24.93
25.22
25.41
25.32
25.53
25.79
26.02
25.34
25.54
25.81
26.03
2.2
3.2
5.1
3.4
3,127.2
3,129.5
3,154.2
3,178.0
3,085.6
3,119.0
3,134.2
3,161.5
3,145.9
3,147.7
3,174.4
3,197.5
3.2
.3
3.2
3.1
4.1
4.4
2.0
3.5
26.16
26.32
26.57
26.87
25.52
25.67
25.92
26.21
26.14
26.31
26.60
26.90
26.15
26.32
26.61
26.91
2.0
2.5
3.9
4.6
IV
1965:1 .
II.
IV .
1966:1 ...
IV
1967:1 ...
II...
III..
IV .
1.8
1.5
1.7
1.4
National Data • D-37
SURVEY OF CURRENT BUSINESS
June 1998
Table C.1.—Historical Measures of Real Gross Domestic Product, Real Gross National Product, and Real Gross Domestic Purchases—Continued
[Quarterly estimates are seasonally adjusted at annual rates]
Percent change from preceding
period
Billions of chained (1992) dollars
Year and
quarter
Gross domestic
product
Final sales of
domestic
product
1968:1
II
Ill
IV
3,236.2
3,292.1
3,316.1
3,331.2
3,225.3
3,258.0
3,303.9
3,325.1
1969:1
II
III
IV
3,381.9
3,390.2
3,409.7
3,392.6
1970:1
II
III
IV
1971:1
II
Chain-type price indexes
Implicit price deflators
Percent change from preceding period
Chain-type price index
Final sales of
domestic
product
3,256.2
3,312.5
3,337.3
3,352.2
7.5
7.1
3.0
1.8
8.3
4.1
5.8
2.6
27.19
27.50
27.75
28.12
26.52
26.80
27.06
27.43
27.21
27.49
27.75
28.12
27.22
27.50
27.76
28.13
4.8
4.5
3.7
5.5
4.9
4.2
4.0
5.5
4.7
4.1
3.8
5.5
4.8
4.1
3.8
5.5
3,357.5
3,373.0
3,389.6
3,388.9
3,402.8
3,410.3
3,428.5
3,411.4
6.2
1.0
2.3
-2.0
4.0
1.9
2.0
-.1
28.38
28.74
29.14
29.51
27.66
28.02
28.40
28.77
28.39
28.73
29.14
29.51
28.40
28.75
29.16
29.52
3.7
5.2
5.7
5.2
3.5
5.3
5.6
5.2
3.8
5.0
5.8
5.1
3.9
5.0
-5.8
5.1
3,386.5
3,391.6
3,423.0
3,389.4
3,397.6
3,391.9
3,421.9
3,414.8
3,406.0
3,411.9
3,442.9
3,407.4
—.7
.6
3.7
-3.9
1.0
—.7
3.6
-.8
29.92
30.36
30.60
31.02
29.18
29.59
29.87
30.29
29.94
30.36
30.61
31.02
29.95
30.37
30.63
31.03
5.7
6.0
3.2
5.6
5.9
5.8
3.8
5.7
6.0
5.7
3.4
5.4
6.0
5.7
3.4
5.4
III
IV
3,481.4
3,500.9
3,523.8
3,533.8
3,458.9
3,481.2
3,509.4
3,549.5
3,503.3
3,524.3
3,544.7
3,556.0
11.3
2.3
2.6
52
2.6
3.3
31.50
31.93
32.27
32.54
31.52
31.94
32.29
32.55
6.2
5.7
4.5
6.4
5.5
4.4
6.4
5.5
4.4
4.7
30.75
31.18
31.52
31.81
6.3
5.7
4.1
1.1
31.50
31.93
32.25
32.53
3.5
3.7
3.3
3.3
1972:1
II
Ill
IV
3,604.7
3,687.9
3,726.2
3,790.4
3,608.0
3,665.7
3,700.0
3,784.3
3,627.9
3,710.7
3,751.2
3,815.3
8.3
9.6
4.2
7.1
6.8
6.5
3.8
9.4
33.01
33.23
33.50
33.93
32.28
32.53
32.82
33.23
33.02
33.20
33.49
33.95
33.03
33.22
33.51
33.97
6.0
2.6
3.3
5.2
6.0
3.1
3.6
5.1
6.0
2.2
3.5
5.6
2.2
3.5
5.6
1973:1
II
Ill
IV
3,892.2
3,919.0
3,907.1
3,947.1
3,867.0
3,884.5
3,890.9
3,893.1
3,921.5
3,950.4
3,944.1
3,984.4
11.2
2.8
-1.2
4.2
9.0
1.8
.7
.2
34.38
34.96
35.63
36.24
33.69
34.33
34.95
35.60
34.36
34.94
35.61
36.29
34.38
34.96
35.63
36.31
5.5
6.9
7.8
7.0
5.6
7.8
7.5
7.6
5.0
6.9
7.9
7.8
5.0
6.9
7.9
7.8
1974:1
H
3,908.1
3,922.6
3,880.0
3,854.1
3,889.1
3,899.7
3,882.5
3,822.2
3,952.4
3,964.3
3,917.6
3,886.1
-3.9
1.5
-4.3
-2.6
-.4
1.1
-1.8
-6.1
36.98
37.79
38.93
40.14
36.55
37.59
38.71
39.84
37.01
37.79
38.96
40.13
37.03
37.81
38.98
40.15
8.4
9.0
12.7
13.0
11.1
11.9
12.5
12.2
8.2
8.7
12.9
12.6
8.2
8.7
12.9
12.5
3,800.9
3,835.2
3,907.0
3,952.5
3,848.3
3,887.9
3,922.7
3,966.7
3,827.3
3,861.8
3,936.1
3,987.9
-6.4
3.7
7.7
4.7
2.8
4.2
3.6
4.6
41.04
41.67
42.44
43.21
40.69
41.34
42.05
42.79
41.05
41.66
42.41
43.19
41.07
41.68
42.44
43.22
9.2
6.3
7.6
7.4
8.8
6.5
7.0
7.2
9.5
6.1
7.4
7.6
9.5
6.1
7.4
7.6
1976" I
II
Ill
IV
4,044.6
4,072.2
4,088.5
4,126.4
4,027.0
4,039.1
4,061.7
4,119.0
4,078.8
4,107.9
4,124.8
4,163.7
9.7
2.8
1.6
3.8
6.2
1.2
2.3
5.8
43.68
44.17
44.78
45.56
43.26
43.76
44.42
45.16
43.69
44.15
44.77
45.57
43.72
44.18
44.80
45.60
4.4
4.6
5.7
7.2
4.5
4.7
6.1
6.9
4.7
4.2
5.7
7.3
4.7
4.2
5.7
7.3
1977:1
II
Ill
IV
4,176.3
4,260.1
4,329.5
4,328.3
4,161.4
4,228.4
4,270.0
4,303.3
4,219.4
4,302.2
4,371.2
4,365.0
4.9
8.3
6.7
-.1
4.2
6.6
4.0
3.2
46.31
47.08
47.74
48.55
45.99
46.81
47.55
48.36
46.32
47.07
47.66
48.63
46.34
47.10
47.69
48.66
6.7
6.8
5.7
7.0
7.6
7.3
6.4
7.1
6.8
6.6
5.1
8.4
6.7
6.7
5.1
8.4
1978:1
Ill
IV
4,345.5
4,510.7
4,552.1
4,603.7
4,306.0
4,474.6
4,511.6
4,565.4
4,388.6
4,546.1
4,591.1
4,649.0
1.6
16.1
3.7
4.6
.3
16.6
3.4
4.9
49.39
50.43
51.32
52.37
49.19
50.22
51.11
52.08
49.42
50.41
51.27
52.35
49.45
50.44
51.30
52.39
7.1
8.6
7.3
8.4
7.0
8.6
7.3
7.9
6.7
8.2
7.0
8.7
6.7
8.2
7.1
8.7
1979:1
II
Ill
IV
4,605.7
4,615.6
4 644 9
4,656.2
4,579.0
4,577.0
4 639 2
4,662.5
4,652.6
4,668.7
4 7088
4,719.5
.2
.9
26
1.2
-.2
5.5
53.51
54.65
55.82
56.92
53.54
54.68
55.85
56.95
9.1
8.8
89
8.1
9.0
10.2
10.4
10.2
9.1
8.8
89
2.0
53.21
54.52
55.89
57.25
8.6
9.6
8.5
1.0
53.46
54.70
55.82
56.92
8.1
8.1
1980:1
II
Ill
IV
4,679.0
4,566.6
4,562.3
4,651.9
4,675.3
4,579.0
4,637.1
4,676.1
4,743.0
4,625.6
4,617.8
4,696.6
2.0
-4.3
-.4
8.1
1.1
-6.0
5.2
3.4
58.25
59.59
60.93
62.57
58.89
60.41
61.77
63.33
58.18
59.55
61.01
62.59
58.22
59.58
61.05
62.64
9.7
9.6
9.3
11.2
12.0
10.7
9.3
10.5
9.2
9.7
10.2
10.8
9.2
9.7
10.2
10.8
1981: I
II
Ill
IV
4,739.2
4,696.8
4,753.0
4,693.8
4,692.9
4,699.0
4,702.5
4,672.0
4,787.7
4,742.6
4,801.4
4,747.9
7.7
-3.5
4.9
1.4
.5
-2.6
64.19
65.35
66.65
67.85
64.96
66.15
67.27
68.48
64.15
65.37
66.65
67.87
64.20
65.42
66.69
67.91
10.7
7.4
8.2
7.4
10.7
7.5
7.0
7.3
10.3
7.8
8.0
7.5
10.4
7.8
8.0
7.5
1982:1 ..
Ill
IV
4,615.9
4,634.9
4,612.1
4,618.3
4,655.4
4,651.2
4,616.9
4,681.3
4,658.5
4,682.9
4,651.1
4,655.6
-6.5
1.7
-2.0
.5
-1.4
-.4
-2.9
5.7
68.85
69.71
70.69
71.46
69.42
70.17
71.10
71.85
68.86
69.72
70.66
71.44
68.91
69.77
70.70
71.47
6.0
5.1
5.7
4.5
5.6
4.4
5.4
4.3
6.0
5.1
5.5
4.4
6.0
5.1
5.5
4.4
1983:1
II
Ill
IV
4,663.0
4,763.6
4,849.0
4,939.2
4,719.4
4,785.3
4,860.7
4,919.5
4,700.1
4,804.4
4,891.3
4,983.5
3.9
8.9
7.4
7.7
3.3
5.7
6.4
4.9
72.12
72.84
73.50
74.19
72.33
73.03
73.65
74.24
72.08
72.83
73.48
74.19
72.12
72.87
73.52
74.24
3.7
4.1
3.7
3.8
2.7
3.9
3.4
3.2
3.7
4.2
3.7
3.9
3.7
4.2
3.7
3.9
1984' I
II
Ill
IV
5,053.6
5,132.9
5,170.3
5,203.7
4,961.0
5,050.0
5,085.6
5,149.9
5,092.6
5,172.4
5,209.5
5,237.5
9.6
6.4
3.0
2.6
3.4
7.4
2.9
5.2
75.00
75.62
76.25
76.82
75.04
75.65
76.19
76.71
75.02
75.58
76.25
76.81
75.06
75.63
76.29
76.85
4.4
3.3
3.4
3.0
4.4
3.3
2.9
2.7
4.5
3.1
3.5
3.0
4.5
3.1
3.6
2.9
1985:1
5,257.3
5,283.7
5,359.6
5,393.6
5,231.7
5,261.0
5,336.9
5,358.0
5,280.3
5,310.8
5,378.4
5,417.5
4.2
2.0
5.9
2.6
6.5
2.3
5.9
1.6
77.64
78.25
78.80
79.44
77.38
78.02
78.58
79.37
77.63
78.25
78.76
79.45
77.67
78.29
78.80
79.49
4.3
3.2
2.8
3.3
3.6
3.3
2.9
4.1
4.4
3.3
2.6
3.5
4.3
3.2
2.6
3.5
1986:1
II
III
IV
5,460.8
5,466.9
5,496.3
5,526.8
5,410.5
5,448.4
5,518.2
5,546.6
5,481.1
5,480.1
5,510.4
5,533.1
5.1
.4
2.2
2.2
4.0
2.8
5.2
2.1
79.81
80.26
80.81
81.44
79.77
79.97
80.60
81.25
79.81
80.22
80.84
81.45
79.85
80.26
80.88
81.49
1.9
2.2
2.8
3.2
2.0
1.0
3.2
3.3
1.8
2.1
3.1
3.1
1.8
2.1
3.1
3.0
1987:1
II
Ill
IV
5,561.8
5,618.0
5,667.4
5,750.6
5,535.8
5,608.4
5,671.5
5,688.3
5,568.7
5,628.7
5,676.0
5,759.6
2.6
4.1
3.6
6.0
-.8
5.4
4.6
1.2
82.11
82.68
83.35
84.08
82.07
82.74
83.44
84.19
82.09
82.68
83.33
84.09
82.12
82.71
83.36
84.12
3.3
2.8
3.3
3.6
4.1
3.3
3.4
3.6
3.2
2.9
3.2
3.7
3.2
2.9
3.2
3.7
1988:1
II
Ill
IV
5,785.3
5,844.0
5,878.7
5,952.8
5,774.2
5,840.1
5,869.2
5,937.0
5,802.3
5,857.5
5,889.4
5,964.9
2.4
4.1
2.4
5.1
6.2
4.6
2.0
4.7
84.69
85.56
86.67
87.46
84.81
85.68
86.58
87.44
84.67
85.56
86.66
87.44
84.69
85.59
86.69
87.47
2.9
4.2
5.3
3.7
3.0
4.2
4.3
4.0
2.7
4.3
5.2
3.7
2.8
4.3
5.2
3.7
m"!!!!!!!!!!!
IV
1975:1
II
Ill
IV
.. .
iif"!"!!!'!'!
IV
Gross domestic Gross domestic Gross domestic Gross nationa
purchases
product
product
product
Implicit pric * OGHcuOrS
Gross domestic
product
Gross nationa
product
Gross domestic Gross domestic Gross domestic Gross national
purchases
product
product
product
6.1
D-38
• National Data
SURVEY OF CURRENT BUSINESS
June 1998
Table C.1 .—Historical Measures of Real Gross Domestic Product, Real Gross National Product, and Real Gross Domestic Purchases—Continued
[Quarterly estimates are seasonally adjusted at annual rates]
Percent change from preceding
Billions of chained (1992) dollars
Year and
quarter
Gross domestic
product
Final sales of
domestic
product
Chain-type price indexes
Implicit price deflators
Percent change from preceding period
Chain-type price index
Gross national
Gross domestic
product
product
Final sales of
domestic
product
Gross domestic Gross domestic Gross domestic
purchases
product
product
Gross national
product
Implicit price deflators
Gross domestic Gross domestic Gross domestic Gross national
purchases
product
product
product
I
II
Ill
IV
6 0110
6,055.6
6,088.0
6,093.5
5 970 0
6,010.9
6,063.1
6,070.8
6 0231
6,065.5
6,101.8
6,112.3
4.0
2.2
88.47
89.52
90.14
90.98
88.45
89.39
90.13
90.88
88.48
89.42
90.16
90.91
4.8
4.7
4.7
2.8
3.5
.5
88.44
89.40
90.13
90.91
4.5
3.0
2.2
.4
4.4
3.3
3.5
4.8
2.8
3.8
4.3
3.3
3.4
4.3
3.3
3.4
I
||
III
IV
6,152.6
6,171.6
6,142.1
6,079.0
6,144.6
6,127.5
6,126.6
6,108.1
6,172.8
6,188.0
6,155.7
6,111.3
3.9
1.2
-1.9
-4.0
5.0
-1.1
-.1
-1.2
92.01
93.20
94.19
95.14
92.17
93.14
94.32
95.68
92.00
93.18
94.14
95.11
92.04
93.21
94.17
95.13
4.9
5.2
4.3
4.1
5.4
4.2
5.2
5.9
5.0
5.2
4.2
4.2
5.1
5.2
4.2
4.2
1991:1
II
Ill
IV
6,047.5
6,074.7
6,090.1
6,105.3
6,065.4
6,095.9
6,085.4
6,083.8
6,074.3
6,086.4
6,099.2
6,119.5
-2.1
1.8
1.0
1.0
-2.8
2.0
-.7
-.1
96.26
97.02
97.70
98.30
96.42
96.95
97.58
98.27
96.27
97.00
97.70
98.31
96.29
97.01
97.71
98.32
4.8
3.2
2.8
2.5
3.1
2.2
2.6
2.9
5.0
3.1
2.9
2.5
4.9
3.1
2.9
2.5
1992:1
II
Ill
IV
6,175.7
6,214.2
6,260.7
6,327.1
6,175.8
6,203.8
6,249.5
6,320.7
6,192.0
6,225.2
6,270.3
6,334.6
4.7
2.5
3.0
4.3
6.2
1.8
3.0
4.6
99.14
99.81
100.17
100.88
99.04
99.76
100.28
100.92
99.13
99.79
100.17
100.88
99.13
99.79
100.17
100.88
3.4
2.8
1.4
2.8
3.2
2.9
2.1
2.6
3.4
2.7
1.5
2.9
3.4
2.7
1.5
2.9
1993-1
II
Ill
IV
6327 9
6,359.9
6,393.5
6,476.9
6 297.3
6,344.9
6,379.3
6,453.8
63513
6,375.9
6,415.3
6,489.7
.1
-1.5
3.1
2.2
4.8
101.85
102.38
102.83
103.52
101.71
102.28
102.64
103.28
101.84
102.35
102.83
103.51
101.84
102.34
102.83
103.50
3.9
3.2
3.9
3.8
2.0
2.1
5.3
2.1
1.8
2.7
2.3
1.4
2.5
2.0
1.9
2.7
2.0
1.9
2.6
1994:1 ..
II
III
IV
6,524.5
6,600.3
6,629.5
6,688.6
6,473.0
6,526.7
6,580.4
6,624.8
6,540.5
6,609.3
6,635.6
6,691.2
3.0
4.7
1.8
3.6
1.2
3.4
3.3
2.7
104.16
104.74
105.39
106.07
103.80
104.46
105.24
105.88
104.13
104.71
105.39
106.09
104.14
104.71
105.38
106.06
2.5
2.2
2.5
2.6
2.0
2.6
3.0
2.5
2.4
2.2
2.6
2.7
2.5
2.2
2.6
2.6
1995:1
II
Ill
IV
6,703.7
6,708.8
6,759.2
6,796.5
6,654.3
6,685.3
6,739.3
6,771.9
6,711.3
6,721.0
6,758.3
6,804.2
.9
.3
3.0
2.2
1.8
1.9
3.3
2.0
106.93
107.49
108.03
108.60
106.66
107.33
107.79
108.29
106.94
107.46
108.02
108.61
106.91
107.43
107.99
108.59
3.3
2.1
2.0
2.1
3.0
2.5
1.7
1.9
3.3
2.0
2.1
2.2
.3.2
2.0
2.1
2.2
1996:1
II
Ill
IV
6,826.4
6,926.0
6,943.8
7,017.4
6,815.0
6,902.3
6,905.0
6,981.7
6,834.7
6,930.1
6,940.2
7,023.1
1.8
6.0
1.0
4.3
2.6
5.2
.2
4.5
109.35
109.86
110.59
111.10
109.01
109.50
110.15
110.79
109.39
109.84
110.54
111.05
109.37
109.82
110.50
111.01
2.8
1.9
2.7
1.9
2.7
1.8
2.4
2.4
2.9
1.7
2.6
1.9
2.9
1.6
2.5
1.8
1997:1
II
Ill
IV
7,101.6
7,159.6
7,214.0
7,280.0
7,034.1
7,077.7
7,160.3
7,201.1
7,091.8
7,144.4
7,198.8
7,262.6
4.9
3.3
3.1
3.7
3.0
2.5
4.7
2.3
111.78
112.27
112.67
113.07
111.32
111.55
111.90
112.28
111.71
112.22
112.62
113.01
111.67
112.17
112.57
112.96
2.4
1.8
1.4
1.4
1.9
.8
1.3
1.4
2.4
1.8
1.4
1.4
2.4
1.8
1.4
1.4
1998:
7,365.6
7,260.9
7,348.7
4.8
3.4
113.36
112.29
113.29
113.25
1.0
0
1.0
1.0
1989'
1990:
I
June 1998
National Data •
SURVEY OF CURRENT BUSINESS
D-39
Table C.2.—Real Gross Domestic Product
[Average annual percent change, based on chained (1992) dollar estimates]
Initial year
Terminal year
1997
1996
1995
1994
1993
1992
1991
1990
1989
1988
1987
1986
1985
1984
1983
1982
1981
1980
1979
1978
1977
1976
1975
1974
1973
1972
1971
2.8
2.8
2.8
2.8
2.8
28
28
3.0
3.1
3.1
3.0
3.0
3.0
3.0
2.6
2.5
3.0
3.1
3.5
3.6
3.3
3.1
2.5
3.5
5.6
5.5
1972
2.7
2.6
2.6
2.7
2.6
26
26
2.8
2.9
2.9
2.9
2.9
2.8
2.8
2.4
2.2
2.7
2.8
3.2
3.3
2.9
2.5
1.5
2.5
5.8
1973
2.6
2.5
2.5
2.5
2.5
25
25
2.7
2.8
2.7
2.7
2.6
2.6
2.5
2.1
1.9
2.4
2.4
28
2.8
2.2
1.4
-.5
-.6
1974
2.7
2.7
2.7
2.7
2.6
2.7
27
2.9
3.0
3.0
2.9
2.9
2.9
2.8
2.4
2.2
2.8
2.9
35
3.7
3.2
2.4
-.4
1975
2.9
2.8
2.8
2.9
2.8
2.8
29
3.1
3.3
3.2
32
3.2
3.2
3.2
2.7
2.5
3.3
3.6
46
5.1
5.0
54
1976
2.7
2.7
2.7
2.7
2.7
2.7
27
3.0
31
3.1
3.0
3.0
3.0
2.9
2.3
2.1
2.9
3.1
43
5.0
4.7
1977
1979
1978
2.6
2.6
2.6
2.6
2.5
2.6
25
2.8
3.0
2.9
28
2.8
2.8
2.7
2.0
1.6
2.5
2.6
41
5.4
2.5
2.4
2.4
2.4
2.4
2.4
23
2.6
2.7
2.7
2.6
2.5
2.4
2.2
1.3
.6
1.6
1.2
28
2.5
2.4
2.4
2.4
2.3
23
23
2.6
2.7
2.7
2.5
2.5
2.4
2.1
.9
-1
1.0
-.3
1980
2.6
2.6
2.6
2.6
2.5
26
25
2.9
3.1
3.0
2.9
2.9
2.9
2.7
1.3
.1
2.3
1981
2.7
2.6
2.6
2.6
2.6
26
26
3.0
3.2
3.1
3.0
3.1
3.1
2.9
.9
-2.1
1982
3.0
2.9
2.9
3.0
3.0
3.1
3.1
3.6
4.0
4.1
4.1
4.4
4.8
5.5
4.0
1983
1984
2.9
2.9
2.9
2.9
2.9
3.0
3.0
3.6
4.0
4.1
4.1
4.5
5.3
7.0
1985
2.6
2.5
2.5
2.5
2.4
2.5
2.4
3.0
3.4
3.4
3.2
3.3
3.6
2.5
2.4
2.4
2.4
2.3
2.3
2.2
2.9
3.3
3.3
3.0
3.1
1986
2.5
2.4
2.3
2.4
2.2
22
2.1
2.8
3.4
3.4
2.9
1987
2.4
2.3
2.2
2.3
2.1
20
1.9
2.8
3.6
3.8
1988
2.3
2.1
2.0
2.0
1.7
16
1.2
2.3
3.4
1989
2.2
1.9
1.8
1.7
1.3
1.0
.1
1.2
1990
2.3
2.0
1.9
1.9
1.4
9
-.9
1991
1992
1993
1994
2.8
2.6
2.6
2.8
2.5
27
2.9
2.6
2.6
2.9
2.3
3.0
2.7
2.7
3.5
2.8
2.4
2.0
1991
1992
1993
1994
1995
1996
2.4
2.5
2.6
2.6
2.7
2.8
2.4
2.5
2.5
2.5
2.6
2.3
2.4
2.5
2.4
2.3
2.4
2.5
22
2.3
2.0
1995
3.3
2.8
1996
3.8
Table C.3.—Chain-Type Price Index for Gross Domestic Product
[Average annual percent change]
Terminal year
1997
1996
1995
1994
1993
1992
1991
1990
1989
1988
1987
1986 .
1985
1984
1983
1982
1981
1980
1979
1978
1977
1976
1975
1974
1973
1972
Initial year
1971
4.9
5.1
5.2
5.3
5.4
5.6
5.7
5.8
5.9
6.0
6.1
6.3
6.6
6.9
7.1
7.4
7.5
7.3
7.0
6.8
6.7
6.8
7.0
6.3
4.9
4.2
1972
50
5.1
5.2
5.3
5.5
5.6
5.8
5.9
60
6.1
6.3
6.5
6.8
7.1
7.4
7.7
7.9
7.7
7.4
7.3
7.3
7.5
8.0
7.3
5.6
1973
49
5.1
5.2
5.3
5.5
5.6
5.8
5.9
60
6.1
6.3
6.6
6.9
7.2
7.6
7.9
8.1
8.0
7.7
7.6
7.7
8.1
9.2
8.9
1974
48
4.9
5.0
52
5.3
5.5
5.6
5.7
58
5.9
6.1
6.4
6.7
70
7.4
7.8
8.0
7.8
7.5
7.2
7.2
7.6
9.4
1975
46
4.7
4.8
49
5.1
5.2
5.4
5.5
56
5.7
5.8
6.1
6.4
68
7.2
7.6
7.8
7.5
7.0
6.5
6.1
5.8
1976
45
4.6
4.8
49
5.0
5.2
5.3
5.4
55
5.6
5.8
6.1
6.5
69
7.3
7.9
8.2
7.9
7.4
6.9
6.5
1977
1978
44
4.5
4.7
48
4.9
5.1
5.3
5.4
55
5.6
5.8
6.1
6.5
70
7.5
8.2
8.6
8.4
7.9
7.3
1979
43
4.4
4.5
46
4.8
4.9
5.1
5.2
53
5.4
5.6
5.9
6.4
6.9
7.5
8.4
9.1
8.9
8.5
40
4.1
4.3
4.4
4.5
4.7
4.8
4.9
50
5.1
5.2
5.5
6.0
6.6
7.3
8.3
9.3
9.3
1980
37
3.8
3.9
4.0
4.2
4.3
4.4
4.5
45
4.5
4.7
4.9
5.4
5.9
6.6
7.8
9.4
1981
34
3.5
3.6
3.6
3.7
3.8
4.0
4.0
39
3.9
3.9
4.1
4.4
4.8
5.3
6.3
1982
3.2
3.3
3.4
3.4
3.5
3.6
3.7
3.7
3.6
3.5
3.4
3.5
3.8
4.0
4.3
1983
1984
3.1
3.2
3.3
3.3
3.4
3.5
3.6
3.6
3.5
3.3
3.2
3.3
3.6
3.8
3.1
3.2
3.2
3.3
3.4
3.5
3.6
3.6
3.4
3.2
3.0
3.0
3.4
1985
3.0
3.1
3.2
3.3
3.4
3.5
3.6
3.6
3.4
3.1
2.8
2.6
1986
3.1
3.2
3.3
3.4
3.5
3.7
3.8
3.8
3.6
3.4
3.1
1987
3.1
3.2
3.3
3.4
3.6
3.8
4.0
4.1
3.9
3.7
1988
3.0
3.1
3.3
3.4
3.6
3.8
4.2
4.3
4.2
1989
2.9
3.0
3.1
3.2
3.4
3.7
4.1
4.4
1990
2.6
2.8
2.9
2.9
3.1
3.3
3.9
Table C.4.—Real Gross Domestic Purchases
[Average annual percent change, based on chained (1992) dollar estimates]
Initial year
Terminal year
1971
1997
1996
1995
1994
1993
1992
1991
1990
1989
1988
1987
1986
1985
1984
1983
1982
1981
1980
1979
1978
1977
1976
1975
1974
1973
1972
2.8
2.7
2.7
2.7
2.7
2.7
2.7
2.9
3.0
3.0
30
3.1
3.0
3.0
2.5
2.3
2.7
2.7
3.3
3.5
3.2
2.7
1.8
2.9
5.2
5.7
1972
2.7
2.6
2.6
2.6
2.6
2.5
2.5
2.7
2.9
2.9
29
2.9
2.8
2.8
2.3
2.0
2.4
2.3
3.0
3.1
2.7
2.0
.6
1.6
4.8
1973
2.6
2.5
2.5
2.5
2.4
2.4
2.4
2.6
2.7
2.7
27
2.7
2.7
2.6
2.0
1.6
2.1
2.0
2.7
2.8
2.2
1.1
-1.4
-1.5
1974
2.7
2.7
2.7
2.7
27
2.6
2.6
2.9
3.0
3.1
31
3.1
3.1
3.0
2.4
2.0
2.6
2.6
3.5
3.9
3.4
2.5
1975
2.9
2.9
2.9
2.9
2.9
2.9
2.9
3.2
3.4
3.4
34
3.5
3.5
3.5
2.9
2.5
3.2
3.4
4.8
5.7
5.9
6.4
1976
2.8
2.7
2.7
2.7
2.7
2.7
2.6
3.0
3.1
3.2
32
3.2
3.2
3.1
2.4
1.9
2.6
2.7
4.3
5.3
5.4
1977
2.6
2.6
2.5
2.6
2.5
2.5
2.5
2.8
2.9
3.0
30
3.0
2.9
2.8
1.9
1.2
1.9
1.8
3.7
5.3
1978
2.5
2.4
2.4
2.4
2.3
2.3
2.2
2.6
2.7
2.7
2.7
2.7
2.6
2.4
1.2
.2
.9
.1
2.2
1979
2.5
2.4
2.4
2.4
2.3
2.3
2.2
2.6
2.8
2.8
28
2.8
2.7
2.5
1.0
-.4
.2
1980
2.8
2.7
2.7
2.8
2.7
2.7
2.6
3.1
3.3
3.4
3.5
3.6
3.7
3.6
2.0
.4
2.4
1981
2.8
2.7
2.7
2.8
2.7
2.7
2.7
3.1
3.4
3.5
3.6
3.8
4.0
4.0
1.8
1982
3.1
3.1
3.1
3.2
3.1
3.1
3.1
3.7
4.2
4.4
4.7
5.2
5.9
6.9
5.3
-1.6
-2.0
-1.3
NOTE.—In these triangles, the growth rate from one year to any other year can be found at the intersection
of the column for the earlier year and the row for the later year; thus, growth rates from one year to the next
are shown on the main diagonal. For example, from 1985 to 1995, real gross domestic product grew at an average
annual rate of 2.4 percent; from 1984 to 1985, it grew 3.6 percent.
1983
3.0
2.9
2.9
3.0
2.9
2.9
2.9
3.5
4.0
4.2
4.6
5.2
6.2
8.5
1984
2.6
2.4
2.4
2.4
2.3
2.2
2.1
2.7
3.1
3.2
3.3
3.6
3.9
1985
2.4
2.3
2.2
2.3
2.1
1.9
1.8
2.5
2.9
3.0
3.0
3.3
1986
2.4
2.2
2.1
2.1
1.9
1.7
1.5
2.3
2.8
2.8
27
1987
2.3
2.1
2.0
2.1
1.8
1.5
1.2
2.1
2.8
2.9
1988
2.3
2.0
1.9
1.9
1.5
1.2
.6
1.8
2.7
1989
2.2
1.9
1.8
1.8
1.2
.7
-.4
.8
1990
2.4
2.1
2.0
2.0
1.4
.6
-1.6
1991
3.1
2.9
2.9
3.2
2.9
2.8
1992
3.1
2.9
2.9
3.4
2.9
1993
3.2
2.9
2.9
3.9
1994
3.0
2.4
1.9
1995
1996
3.5
2.9
4.1
D-40
• National Data
SURVEY OF CURRENT BUSINESS
June 1998
Table C.5.—Chain-Type Price Index for Gross Domestic Purchases
[Average annual percent change]
Initial year
Terminal year
1997
1996
1995
1994
1993
1992
1991
1990
1989
1988
1987
1986
1985
1984
1983
1982
1981
1980
1979
1978
1977
1976
1975
1974
1973
1972
1971
5.0
5.1
5.3
5.4
5.5
5.7
5.8
5.9
6.0
6.1
6.3
6.5
6.8
7.0
7.3
7.7
7.9
7.7
7.3
7.1
7.1
7.1
7.4
6.8
5.2
4.5
1972
5.0
5.2
5.3
5.4
5.6
5.7
5.9
6.0
6.1
6.2
6.4
6.6
6.9
7.3
7.6
8.0
8.2
8.1
7.8
7.6
7.6
7.8
8.4
8.0
5.9
1973
5.0
5.1
5.3
5.4
5.6
5.7
5.9
6.0
6.1
6.3
6.5
6.7
7.0
7.4
7.8
8.2
8.5
8.4
8.1
7.9
8.0
8.4
9.7
10.2
1974
4.8
49
5.1
5.2
5.3
5.5
5.7
5.8
5.9
6.0
6.2
6.4
6.8
7.1
7.5
8.0
8.3
8.2
7.7
7.3
7.3
7.5
9.3
1975
4.6
4.7
4.8
5.0
5.1
5.3
5.4
5.6
5.6
5.7
5.9
6.1
6.5
6.9
7.3
7.8
8.1
7.9
7.3
6.7
6.3
5.8
1976
4.5
4.7
4.8
4.9
5.1
5.2
5.4
5.5
5.6
5.7
5.9
6.2
6.6
7.0
7.5
8.1
8.6
8.5
7.7
7.1
6.9
1977
1978
4.4
45
4.7
4.8
5.0
5.1
5.3
5.4
5.5
5.6
5.8
6.1
6.5
7.0
7.6
8.4
9.0
9.0
8.2
7.4
4.3
44
4.5
4.7
4.8
5.0
5.2
5.3
5.3
5.5
5.7
5.9
6.4
7.0
7.7
8.7
9.6
9.8
9.0
1979
4.0
41
4.3
4.4
4.5
4.7
4.8
4.9
5.0
5.1
5.2
5.5
6.0
6.6
7.3
8.6
9.9
10.7
1980
3.6
3.7
3.8
3.9
4.1
4.2
4.3
4.4
4.4
4.4
4.5
4.7
5.1
5.6
6.3
7.5
9.2
1981
3.3
3.4
3.5
3.5
3.6
3.7
3.8
3.9
3.8
3.7
3.7
3.8
4.1
4.4
4.8
5.9
1982
3.1
3.2
3.3
3.3
3.4
3.5
3.6
3.6
3.5
3.4
3.3
3.3
3.5
3.7
3.8
1983
1984
3.1
3.2
3.2
3.3
3.4
3.5
3.6
3.6
3.4
3.3
3.2
3.1
3.4
3.5
3.0
3.1
3.2
3.3
3.4
3.5
3.6
3.6
3.4
3.2
3.1
2.9
3.2
1985
3.0
3.1
3.2
3.3
3.4
3.5
3.7
3.7
3.5
3.2
3.0
2.6
1987
1986
3.0
3.2
3.3
3.4
3.5
3.7
3.9
3.9
3.7
3.5
3.4
3.0
3.1
3.3
3.4
3.6
3.8
4.0
4.1
3.9
3.6
1988
2.9
3.1
3.2
3.3
3.5
3.8
4.1
4.4
4.2
1989
2.8
2.9
3.1
3.2
3.4
3.7
4.1
4.5
1990
2.5
2.7
2.8
2.8
3.0
3.2
3.7
1991
2.3
2.5
2.5
2.5
2.6
2.8
1992
2.2
2.4
2.4
2.4
2.5
1993
2.2
2.3
2.4
2.3
1994
2.2
24
2.5
1995
2.0
2.2
1996
1.7
Table C.6.—Real Final Sales of Domestic Product
[Average annual percent change, based on chained (1992) dollar estimates]
Initial year
Terminal year
1971
1997
1996
1995
1994
1993
1992
1991
1990
1989
1988
1987
1986
1985
1984
1983
1982
1981
1980
1979
1978
1977
1976
1975 ..
1974 . .
1973
1972
2.8
2.8
2.8
2.8
2.8
2.8
2.8
3.0
3.1
3.1
30
3.0
3.0
2.9
27
2.6
30
3.2
3.5
3.5
3.3
3.0
2.8
34
5.3
5.4
1972
2.7
2.6
2.6
2.6
2.6
2.7
2.7
2.9
2.9
2.9
29
2.9
2.8
2.7
25
2.3
27
2.9
3.2
3.2
2.8
2.4
1.9
25
5.3
1973
26
2.5
2.5
2.5
2.5
25
2.5
2.7
2.8
2.8
27
2.7
2.6
2.4
22
2.0
24
2.6
2.9
2.8
2.2
1.5
.3
-3
1974
27
2.7
2.7
2.7
2.7
27
2.7
2.9
3.0
3.0
29
2.9
2.9
2.7
25
2.3
28
3.1
3.6
3.6
3.1
2.4
.9
1975
2.8
2.7
2.7
2.8
2.8
2.8
2.8
3.0
3.1
3.2
3.1
3.1
3.1
2.9
2.7
2.5
3.1
3.5
4.3
4.6
4.2
4.0
1976
2.7
2.7
2.7
2.7
2.7
2.7
2.7
3.0
3.1
3.1
30
3.0
3.0
2.8
2.5
2.3
2.9
3.4
4.3
4.8
4.4
1977
1978
2.6
2.6
2.6
2.6
2.6
2.6
2.6
2.9
3.0
3.0
2.9
2.9
2.8
2.6
2.2
1.9
2.6
3.1
4.3
5.3
25
2.4
2.4
2.4
2.4
2.4
2.4
2.7
2.8
2.7
26
2.6
2.5
2.1
1.5
1.0
1.7
2.0
3.4
1979
2.4
2.4
2.4
2.4
2.3
2.3
2.3
2.6
2.7
2.7
25
2.5
2.3
1.9
1.1
.3
.8
.6
1980
2.5
2.5
2.5
2.5
2.5
2.5
2.5
2.8
2.9
2.9
28
2.8
2.7
2.2
1.3
.1
1.1
1981
2.6
2.6
2.6
2.6
2.6
2.6
2.6
3.0
3.2
3.2
3.1
3.2
3.1
2.6
1.4
-.9
1982
2.9
2.9
2.9
2.9
2.9
3.0
3.0
3.5
3.8
3.9
3.9
4.2
4.4
4.3
3.7
1983
2.8
2.8
2.8
2.8
2.8
2.9
2.9
3.5
3.8
4.0
3.9
4.4
4.8
5.0
1984
27
2.6
2.6
2.6
2.6
26
2.7
3.2
3.6
3.7
36
4.1
4.6
1985
2.5
2.4
2.4
2.4
2.3
2.4
2.3
3.0
3.3
3.4
31
3.5
1987
1986
2.4
2.3
2.2
2.2
2.1
2.1
2.0
2.9
3.5
4.1
2.4
2.3
2.3
2.3
2.2
2.2
2.1
2.8
3.2
3.4
2.6
1988
2.2
2.1
2.0
1.9
1.7
1.6
1.3
2.3
3.0
1989
2.1
1.9
1.8
1.7
1.4
1.1
.4
1.6
1990
2.2
2.0
1.8
1.7
1.3
.9
-.7
1991
2.7
2.6
2.5
2.5
2.3
2.5
1992
2.7
2.6
2.5
2.5
2.1
1993
2.8
2.7
2.7
2.9
1994
28
2.6
2.5
1995
30
2.8
1996
3.1
Table C.7.—Real Disposable Personal Income
[Average annual percent change, based on chained (1992) dollar estimates]
Initial year
Terminal year
1971
1997
1996
1995
1994
1993
1992
1991
1990
1989
1988
1987
1986
1985
1984
1983
1982
1981
1980
1979
1978
1977
1976
1975
1974
1973
1972
2.8
2.8
2.8
28
2.8
2.8
2.8
3.0
3.1
31
3.1
3.2
3.2
3.2
2.8
2.8
3.0
3.1
3.4
35
3.3
3.3
3.1
36
5.8
4.6
1972
2.7
2.7
2.7
27
2.7
2.8
2.8
2.9
3.0
30
3.0
3.1
3.1
3.1
2.7
2.7
2.9
2.9
3.3
34
3.0
3.0
2.6
31
7.1
1973
2.5
2.5
2.5
2.5
2.5
2.5
2.5
2.7
2.7
28
2.7
2.8
2.7
2.7
2.3
2.2
2.4
2.4
2.7
26
2.0
1.6
.5
-.7
1974
2.7
2.7
2.7
26
27
2.7
2.7
2.9
3.0
30
3.0
3.1
3.0
3.1
2.6
2.6
2.8
2.9
3.4
35
3.0
2.8
1.7
1975
2.7
2.7
2.7
27
2.7
2.8
2.8
3.0
3.0
3.1
3.1
3.2
3.2
3.2
2.7
2.7
3.0
3.1
3.8
4.1
3.6
3.9
1976
2.6
2.6
2.7
26
2.6
2.7
2.7
2.9
3.0
3.1
3.0
3.1
3.1
3.1
2.5
2.5
2.8
2.9
3.7
4.2
3.2
1977
2.6
2.6
2.6
26
2.6
2.7
2.7
2.9
3.0
3.0
3.0
3.1
3.1
3.1
2.4
2.3
2.7
2.8
3.9 .
5.2
1978
2.5
2.5
2.5
24
2.4
2.5
2.5
2.7
2.8
2.8
2.7
2.8
2.8
2.8
1.9
1.6
1.9
1.7
2.7
1979
2.5
2.4
2.5
24
2.4
2.5
2.5
2.7
2.8
2.8
2.7
2.9
2.8
2.8
1.6
1.3
1.5
.6
1980
2.6
2.6
2.6
25
2.6
2.6
2.6
2.9
3.0
3.1
3.0
3.2
3.2
3.3
2.0
1.6
2.3
1981
2.6
2.6
2.6
25
2.6
2.7
2.6
2.9
3.1
3.2
3.1
3.4
3.5
3.6
1.8
.9
1982
2.7
2.7
2.7
27
2.7
2.8
2.8
3.2
3.4
3.6
3.6
4.1
4.4
5.0
2.8
1983
2.7
2.7
2.7
27
2.7
2.9
2.9
3.3
3.5
3.8
3.8
4.5
5.1
7.3
1984
2.4
2.3
2.3
22
2.2
2.3
2.2
2.6
2.8
3.0
2.6
3.1
3.0
1985
2.3
2.3
2.3
21
2.1
2.2
2.1
2.5
2.7
2.9
2.4
3.2
1986
2.2
2.2
2.1
20
2.0
2.0
1.9
2.3
2.5
2.8
1.6
1987
2.3
2.2
2.2
21
2.0
2.1
1.9
2.6
2.9
3.9
1988
2.1
2.0
2.0
1.7
1.7
1.7
1.3
1.9
2.0
1989
2.1
2.0
2.0
1 7
1.6
1.6
.9
1.8
1990
2.2
2.0
2.0
17
1.5
1.4
0
1991
2.5
2.4
2.5
22
2.2
2.8
1992
2.4
2.3
2.4
19
1.7
1993
2.6
2.6
2.7
22
1994
2.8
2.8
3.3
1995
2.6
2.3
1996
2.9
National Data •
SURVEY OF CURRENT BUSINESS
June 1998
D-41
D. Domestic PerspectivesThis table presents data collected from other government agencies and private organizations, as noted. Quarterly
data are shown in the middle month of the quarter.
Table D.1.—Domestic Perspectives
1996
1997
Mar.
Apr. I May
1997
July I Aug.
June
1998
Sept.
Oct. Nov. Dec. Jan. Feb. Mar.
Apr.
Consumer and producer prices, (seasonally adjusted)1
Consumer price index for all urban consumers,
1982-84*100:
All items
Less food and energy
Services
156.9
165.6
174.1
160.5
169.5
179.4
159.8
168.6
178.1
160.0
169.2
178.5
160.1
169.4
178.8
160.4
169.7
179.3
160.6
170.0
179.8
160.9
170.1
180.0
161.3
170.4
180.4
161.6
170.8
181.0
161.8
171.0
181.4
161.9
171.4
181.7
161.9
171.7
181.9
162.0
172.2
182.3
162.0
172.4
182.7
162.4
172.9
183.4
Producer price index, 1982=100:
Finished goods
Less food and energy
Finished consumer goods
Capital equipment
Intermediate materials
Crude materials
131.3
142.0
129.5
138.3
125.7
113.8
131.8
142.5
130.2
138.3
125.6
110.9
132.4
142.6
131.0
138.5
126.0
107.4
131.9
142.6
130.2
138.4
125.6
107.9
131.7
142.3
130.0
138.2
125.5
109.9
131.4
142.3
129.6
138.2
125.4
106.9
131.1
142.1
129.3
138.1
125.2
106.4
131.3
142.2
129.5
138.1
125.3
106.8
131.8
142.7
130.1
138.4
125.5
108.2
131.8
142.6
130.3
138.0
125.4
113.2
131.6
142.5
130.0
137.9
125.6
115.0
131.4
142.4
129.8
137.7
125.3
108.6
130.5
142.3
128.7
137.7
124.5
103.3
130.4
142.5
128.5
137.6
124.2
100.7
130.0
142.5
128.0
137.6
123.6
99.1
130.3
142.8
128.4
137.7
123.6
100.1
0.42
-0.13
.75
Money, interest rates, and stock prices
2
Money stock (seasonally adjusted):
Percent change:
M1
M2
Ratio:
Gross domestic product to M1 ..
Personal income to M2
Interest rates (percent, not seasonally adjusted):2
Federal funds rate
Discount rate on new 91-day Treasury bills
Yield on new high-grade corporate bonds
10-Year U.S. Treasury bonds
Yield on municipal bonds, 20-bond average
Mortgage commitment rate
Average prime rate charged by banks
Index of stock prices (not seasonally adjusted):3
500 common stocks, 1941-43-10
-0.36
.40
-0.63
.54
-0.38
.06
0.10
.39
0.01
.35
0.51
.79
-0.71
.53
-0.16
.49
0.68
.61
0.63
.56
-0.23
.61
0.26
.79
6.904
1.734
7.551
1.749
1.755
1.748
7.537
1.753
1.756
1.752
7.616
1.748
1.745
1.745
1.747
1.745
1.743
7.748
1.740
1.734
1.728
5.30
5.02
7.62
6.44
5.76
7.80
8.27
5.46
5.07
7.40
6.35
5.52
7.60
8.44
5.39
5.14
7.85
6.69
5.76
7.90
8.30
5.51
5.17
8.04
6.89
5.88
8.14
8.50
5.50
5.13
7.90
6.71
5.70
7.94
8.50
5.56
4.92
7.71
6.49
5.53
7.69
8.50
5.52
5.07
7.44
6.22
5.35
7.50
8.50
5.54
5.13
7.30
6.30
5.41
7.48
8.50
5.54
4.97
7.04
6.21
5.39
7.43
8.50
5.50
4.95
6.90
6.03
5.38
7.29
8.50
5.52
5.15
6.79
5.88
5.33
7.21
8.50
5.50
5.16
6.68
5.81
5.19
7.10
8.50
5.56
5.09
6.62
5.54
5.06
6.99
8.50
5.51
5.11
6.66
5.57
5.10
7.04
8.50
5.49
5.03
6.63
5.65
5.21
7.13
8.50
5.45
5.00
6.59
5.64
5.23
7.14
8.50
670.83
872.72
792.16
763.93
833.09
876.29
925.29
927.74
937.02
951.16
938.92
962.37
963.36 1023.74 1076.83 1112.20
Labor markets (thousands, seasonally adjusted, unless otherwise noted)1
Civilian labor force
Labor force participation rates (percent):
Males 20 and over
Females 20 and over
Civilian employment.
Ratio, civilian employment to working-age
population (percent)
Persons engaged in nonagricultural activities ....
Employees on nonagricultural payrolls
Goods-producing industries
Services-producing industries
Average weekly hours, manufacturing (hours) ...
Average weekly overtime hours, manufacturing
(hours)
Number of persons unemployed
Unemployment rates (percent):
Total
15 weeks and over
Average duration of unemployment (weeks)
Nonfarm business sector, 1992=100:
Output per hour of all persons
Unit labor costs
Hourly compensation
See footnotes at the end of the table.
133,943 136,297 136,115 136,043 136,060
136,294 136,404
77.1
77.1
77.0
76.9
77.0
60.4
60.5
60.5
60.5
59.9
60.5
51.2
51.9
52.0
52.4
52.3
51.6
126,708 129,558 129,035 129,275 129,494 129,392
76.9
77.0
60.6
60.5
51.0
51.4
129661 129,747
136,439 136,406
76.8
76.8
60.5
60.6
51.0 50.9
129,761 129,910
76.7
76.9
60.7
60.3
53.5
51.8
53.1
130,575 130,777 131,083 131,163 130,994 131,383
63.8
63.8
63.7
63.7
63.2
63.8
63.8
63.8
123,264 126,159 125,648 125,813 126,076 126,003 126,209 126,368
119,523 122,259 121,344 121,671 121,834 122,056 122,440 122,492
24,431 24,739 24,670 24,667 24,702 24,714 24,713 24,765
95,092 97,520 96,674 97,004 97,132 97,342 97,727 97,727
41.8
42.0
41.8
42.1
41.6
42.1
42.0
41.8
63.8
63.7
126,339 126,583
122,792 123,083
24,771 24,814
98,021
41.9
42.0
64.2
64.0
64.2
64.2
64.1
64.0
127,191 127,392 127,764 127,829 127,862 128,033
124,265
124,762
124,524
124,500
123,866
123,512
24,888 24,995 25,139 25,174 25,079 25,100
98,624 98,871 99,126 99,350 99,421
42.1
41.8
42.0
42.2
42.1
40.7
76.8
4.8
4.9
4.9
4.8
4.6
4.7
4.7
7,236
6,739
7,080
6,768
6,566
6,814
6,633
6,657
5.4
1.7
16.7
4.9
5.0
1.5
4.8
1.5
15.3
5.0
1.5
4.9
1.6
4.9
1.5
15.8
5.2
1.5
15.4
102.6
108.0
110.8
104.3
110.3
115.0
4.5
15.4
104.0
110.0
114.4
15.3
16.5
1.5
15.8
104.9
110.1
115.5
4.7
6,678
4.9
1.5
15.9
137,169 137,493 137,557 137,523 137,242
77.0
60.4
51.8
77.0
60.7
51.6
77.1
60.6
76.9
60.6
53.3
4.8
4.9
4.9
4.9
4.8
4.7
3.9
6,496
6,289
6,392
6,409
6,393
6,529
5,859
4.8
4.6
1.4
15.6
4.7
1.4
4.7
1.3
4.6
1.3
4.3
1.0
16.3
15.6
15.6
4.7
1.3
14.3
1.5
16.3
105.3
111.1
117.0
105.3
112.2
118.1
14.3
D-42
• National Data
SURVEY OF CURRENT BUSINESS
June 1998
Table D.1.—Domestic Perspectives—Continued
1997
1996
1997
Mar.
Apr.
May
June
1998
July I Aug. I Sept.
Nov.
Oct.
Dec.
Jan. j Feb. j - Mar. [ Apr.
Construction (seasonally adjusted at annual rates)4
Total new private construction put in
place (billions of dollars)
Residential
Nonresidential
437.1
247.2
149.4
462.1
260.1
161.5
452.7
254.0
160.5
457.6
259.9
156.5
459.9
259.7
160.0
456.9
257.3
159.2
464.3
258.8
164.5
465.2
260.0
163.4
468.8
263.8
163.3
469.6
265.4
162.1
470.0
267.2
161.1
475.3
270.8
162.5
483.3
275.7
164.6
486.3
279.2
162.6
489.3 493.8
283.3 285.8
163.5 167.3
Housing starts (thousands of units):
Total
1-unit structures
1,477
1,161
1,474
1,134
1,477
1,139
1,480
1,134
1,404
1,095
1,502
1,132
1,461
1,144
1,383
1,076
1,501
1,174
1,529
1,124
1,523
1,167
1,540
1,130
1,545
1,225
1,616
1,263
1,575 1,538
1,232 1,241
757
804
823
762
764
810
808
799
809
805
875
805
853
881
844
1,043,457
1,050,536 1,051,959
452,139 454,182 453,591 455,122
269,182 270,955 273,298 272,130
322,136 321,462 323,647 324,707
1,059,340
458,058
275,750
325,532
1,064,400
458,752
277,136
328,512
762,880
333,652
210,224
219,004
770,071
337,893
211,312
220,866
774,954
340,497
213,620
220,837
New 1-family houses sold
(thousands of units)
Manufacturing and trade, inventories and sales (millions of dollars, seasonally adjusted)A
Inventories:
Total manufacturing and trade
Manufacturing
Merchant wholesalers
Retail trade
1,007,352 1,050,536
434,434 453,591
256,442 273,298
316,476 323,647
1,016,541
438,560
260,367
317,614
1,020,380
441,508
259,130
319,742
Sales:
Total manufacturing and trade
Manufacturing
Merchant wholesalers
Retail trade
8,597,762 9,015,055
3,735,183 3,948,737
2,401,383 2,500,109
2,461,196 2,566,209
744,354
322,923
207,675
213,756
746,609
326,909
208,148
211,552
1,022,394 1,029,681
443,460 444,823
260,210 265,152
318,724 319,706
742,486
323,567
207,947
210,972
749,425
328,315
208,624
212,486
1,031,527 1,032,780
446,602 448,447
263,299 265,112
321,626 319,221
1,040,059
449,152
268,772
322,135
751,871
330,178
205,671
216,022
761,560
335,366
210,706
215,488
757,399
332,895
209,473
215,031
759,217
334,064
210,040
215,113
757,282
332,955
208,413
215,914
763,417
336,734
209,816
216,867
Industrial production indexes and capacity utilization rates (seasonally adjusted) 2
Industrial production indexes,
1992=100:
Total
By industry:
Durable manufactures
Nondurable manufactures
By market category:
Consumer goods
Capacity utilization rates (percent):
Total industry.
Manufacturing
118.5
124.5
122.5
123.1
123.3
123.5
124.5
125.2
125.6
126.5
127.5
127.9
127.8
127.4
127.7 127.8
131.7
108.0
142.3
111.1
138.7
110.5
139.5
110.8
140.1
110.7
141.2
110.5
142.4
110.9
144.3
111.0
144.4
111.3
145.5
112.2
147.7
112.6
148.6
112.9
148.3
113.6
147.8
113.1
148.1 148.7
112.4 112.6
111.8
114.4
113.4
113.4
113.9
113.5
113.9
114.6
114.5
115.9
116.7
115.9
116.6
115.2
115.5 115.5
82.4
81.4
82.7
81.7
82.5
81.6
82.6
81.6
82.4
81.4
82.3
81.3
82.6
81.5
82.8
81.8
82.7
81.6
83.0
81.9
83.3
82.3
83.3
82.3
82.9
82.1
82.3
81.5
Credit market borrowing (billions of dollars, seasonally adjusted at annual rates)2
All sectors, by instrument:
Total
Open market paper
U.S. government securities ....
Municipal securities
Corporate and foreign bonds .
Bank loans, n.e.c
Other loans and advances ....
Mortgages
Consumer credit
Sources:
1. Bureau of Labor Statistics
2. Federal Reserve Board
1,326.5
102.6
376.5
2.6
278.4
92.1
62.5
323.1
1,424.6
184.1
236.5
70.2
302.8
129.7
99.8
347.8
53.8
1,329.9
108.5
189.1
95.9
335.5
126.8
83.6
330.6
60.0
1,346.7
171.1
201.9
51.8
356.8
48.7
108.5
354.9
53.0
3. Standard and Poor's, Inc.
4. Bureau of the Census
n.e.c. Not elsewhere classified
1,945.5
258.1
368.0
89.3
387.1
189.4
195.6
426.4
31.5
82.2
81.0
81.9
80.8
National Data • D-43
SURVEY OF CURRENT BUSINESS
June 1998
E. Charts.
Percent changes shown in this section are based on quarter-to-quarter changes and are expressed at seasonally
adjusted annual rates; likewise, levels of series are expressed at seasonally adjusted annual rates as appropriate.
SELECTED NIPA SERIES
Chained (1992) dollars
Apr Feb
28000
~
Dec Nov
Jan JlyJIy
Nov Mar
Jly Mar
Nov
28000
RE4BBR0SS DOMESTIC PRODUCT PER CAPRK
26000-
-26000
24000-
-24000
22000-
-22000
20000-
-20000
18000-
-18000
16000-
-16000
14000-
-14000
12000-
-12000
10000
10000
59
Percent
20
61
63
65
67
.
_.
Apr Feb
69
71
Dec Nov
73
75
77
79
81
83
85
87
89
91
93
95
97
Nov Mar
RE/fSROSS DOMESTIC PRODUCT (PERCENTCHANGE)
- o
~ -5
59| 161 f
|63 f
|6S| M
|69i | 7 1 | |73|
U.S. Department of Commerce, Bureau of Economic Analysis
1751
791 1811
1851 1871
1911 | S3J
19S f
-10
D-44
• National Data
SURVEY OF CURRENT BUSINESS
June 1998
SELECTED NIPA SERIES
OF FEDERAL GOVERNMENT RECEI
50 40 -
30 -
-30
20
-20
- 10
10
Indirect business taxes
59|
| 6 1 | |63|
|es|
|67|
|69|
|711
|73|
|7S|
177|
|79|
|81|
|S31
|85|
|87|
189|
|«11
{93J
1951
97
Percent
70
APT Feb
Dec Nov
Nov Mar
JanJv Jy
NOV
JtyMai
- 70
SHARES OF FEDERAL GOVERNMENT CURRErlTEXPENDITURES
-60
60 -
-50
Transfer payments
-40
Consumption expenditures '
20 -
"30
"20
GrantstoState and local governments
10 -
"10
Net interest
0
Percent
6
59|
|61|
67
|63|
69 .
711
Dee Nov
Apr Feb
|73|
|75|
77
|79|
|81|
Jan Jly Jlv
Nov Mar
|83|
85
87
|89|
Nov
|91|
93
95
0
97
Jtv Mar
6
RATIQ,GOVERNMENT SURPLUS/DEFICIT( NIPAJTO GROSS DOMESTIC PRODUCT
-4
State and local
-2
0
-2
--4
-6
59|
j 611
|63|
|65|
|67|
|69|
|711
U S . Department of Commerce, Bureau of Economic Analysis
73
75
77
79
81
83
85
87
89
91
95
97
National Data •
SURVEY OF CURRENT BUSINESS
June 1998
D-45
SELECTED NIPA SERIES
Percent
Apr fab
Dec Nov
Nov
Jan Jly Jly
Mar
Nov
Jly Mar
25
R A T « A V I N G TO GROSS NATIONAL PRODUCf
-20
-15
Corporate and other private saving
:
-10
- 5
771
1791
1811
Jan Jly Jly
183
Nov
25
RAimiNVESTMENTTO GROSS NATIONAL PFfflOJCT
-20
-15
Gross private domestic investment
-.';
-10
Gross government investment
-5
Net foreign investment
59|
1611 |63| f 6s|
Percent
|67
169
71
73
Dec Nov
Nov
83
85
87
189
93
95
97
Mar
S H A B i OF GROSS PRIVATE DOMESTIC FIXEdFP/ESTMENT
60
-50
-40
-30
-20
-10
59I |et| |es| Jesl \m\ leaf I71I 173] [75I |77| I79T [si] js31 |ss| \B7\ \&\ I91T T93I Issf I97
US. Department or Commeree, Bureau o( Economic Analysis
D-46
• National Data
SURVEY OF CURRENT BUSINESS
June 1998
SELECTED NIPA SERIES
SHARES OF NATIONAL INCOME
1959
Wage and salary
accruals, 62.8%
1997
Wage and salary
accruals, 58.3%
Net interest. 2.5%
Net interest, 6.7%
Corporate profits
with IVA and CCAd|, 12 8
/
income of persons
wth IVA, 4.3%
Proprietors' income
with IVA and CCAdj, 12 5%
Supplements to
wages and salaries, 5.2%
)orporate profits
fflth IVA and CCAdj, 12.1%
'Rental income of persons
Proprietors' income
wth IVA 2 2%
with IVA and CCAdj, 8.2%
SHARES OF GROSS DOMESTIC PRODUCT BY SECTOR
.1959
Business. 86.1%
""^\
/
Business, 84.1%
j
/
General
government, 11.4%
1997
/
\
Households and
institutons. 2 4%
V
—^^
^
General
government, 11.4%
institutions. 4.5%
SHARES OF GROSS DOMESTIC PURCHASES
1959
Personal
consumption
expenditures, 62.5%
Personal
consumption
expenditures, 67.1%
•irnment consumption
-•1 -nditures and gross
;tment, 17.8%
vernment consumption
jenditures and gross
estment, 22.0%
Nonresidential
investment, 10.0%
Residential investment, 5.5%
U.S. Department of Commerce, Bureau of Economic Analysis
1997
Nonresidential
investment, 11.2%
Residential investment, 4.0%
National Data •
SURVEY OF CURRENT BUSINESS
June 1998
D-47
SELECTED NIPA SERIES
Percent
60
Dae Nnv
Anr Fah
New
Mar
Jan Jlv Jtv
New
J v Mar
60
SHARES OF GROSS DOMESTIC PRODUCT B r f e OF PRODUCT
Output of services
50-
-50
40-
-40
30-
-30
20
-20
Output of structures
10 -
-10
•1.
|63|
65
|67|
X»\
M W
|69[
1811 |sa|
87
89
91
93
95[
97
Percent
Aw Fab
Id
Dae Nov
EXPORTS AS SHARE OF GROSS DOMESTIC ti$ SDUCT
IMPORTS AS SHARE OF GROSS DOMESTIC PWICHASES
12 -
Nov
•
Mar
Jan Jlv Jlv
^
4
_
^
'j
-12
Importsy'
8 -
-
14
"
10 -
6
Jlv Mar
Nov
v X.
-
J
t^^V^
-10
- 8
V—'
Exports
- 6
- 4
ki
2
61
63
65
67
71
73
7S
77
78
81
83
88
87
89
91
93
95
97
Percent
60
APT Fflh
Dae Nov
Nov
Mar
Jan Jtv Jlv
Nov
Jhi Mar
60
SHARK OF PERSONAL CONSUMPTION EXPE|fe"URES BY TPF&SP PRODUCT
50-
-50
40-
-40
30"
30
20
20
Durable goods
10
10
kl
D-48 • National Data
June 1998
SURVEY OF CURRENT BUSINESS
SELECTED NIPA SERIES
20
Nov
APT
Mar
Jan Jlv Jlv
Jlv Mar
Nov
20
PROftfMARGIN, DOMESTIC NONFINANCIAL CWPORATIONS-
16-
-16
12-
-12
~
4"
'Ratio of corporate profits per unit to cost and profit per unit
59
61
63
65
67
Ratio
71
Dec Nov
73
75
Nov
77
79
81
Jan Jlv Jlv
Mar
83
Nov
85
87
88
81
93
95
97
Jlv Mar
/SALES RATIOS, CURRENT-DOLLARP
Nonfarm inventories to
final sales of goods and structures
-4
Inventories to"
final sales of domestic business
3"
-3
Nonfarm i n v a d e s to
final sales of domestic business
"Based on current-dolj||estimates of inventories and sales
1
611
Ratio
APT
63
1651
67
71 |
Nov
Fab
|73| |75| |77|
Nov Mar
| 7 9 | | 8 i | 1831 | 8 S | | 8 7 | | 8 8 | |91 |
Jan Jlv Jlv
Nov
| 9 3 | | 8 S | 197|
JJvMar
INVWORY/SALES RATIOS, REAL'
Nonfarm inventories to
final sales of gebds and structures
-4
InventoneSto
final sales#domestic business
-3
—---—*».
Nonfarm inventories to
final sales dtfomestic business
-£:
'Based on chained (1992) dollsfestimates of inventories and sales
65
67
M
LLS Dfioaftmani of CotnmBfCfi. Bn****» of Economic Anah/sis
173I ITSj
\n\
I791 | s i | |s31 lasl |a71 189! I911 !93} I95I I97I
-2
8
National Data • D-49
SURVEY OF CURRENT BUSINESS
June 1998
OTHER INDICATORS OF THE DOMESTIC ECONOMY
JtvMar
JanJIyJvNov
18
Percent
NovMar
•lan.lh/.llv Mn«
PftOOUCER PRICE INDEX (PERCENT CHANGE)
CONSUMER PRICE INDEX {PERCENT CHANGE)
All items less food and energy
Finished goods less food and energy
-4-
II I I I I I I I I I I I I I I i I I I I II II
73
75
Index
Nov Mar
130
77 79 81
83 85 87
janJhfJvNw
89
fljgygy
91 93 95 97
JIvMar
120-
Percent
Percent
95
gg.ygug-!.
JanJvJtvNov
J t o
CA»CITY UTILIZATION RATE
90-
11085100809075807070Manufacturing
60
731 w w g y y y u g '9i y g w
Hours
NovMar
JanJvJIyNoy
JIvMar
$ERAGE WEEKLY HOURS, MANUFACTURING
jyirwygtyyu g g 9
US. Department of Commerce, Bureau of Economic Analysis
65
IIIIII IIIIIII IIIIIIIIIII I
73
„
D
U
75
77 79 81
83 85 87
89
91 93 95 97
Nov Mar
JanJIvJIvNov
JIvMar
/WBRAGE WEEKLY f^ElffWE HOURS, MANUFACTURING
D-50 • National Data
June 1998
SURVEY OF CURRENT BUSINESS
OTHER INDICATORS OF THE DOMESTIC ECONOMY
Percent
12 Nov Mar
JanJIvJIyNoy
UNEMPLOYMENT RATE '
JtyMar
18
Mar
JanJMvNov
INTEREST RATES
JlyMar
1010-Year Treasury Bonds
9.
6.
4-
2-
0
I I I I I I I I I I I I I V i I I I I I I I I II
73 75 77 79 81 83 85 Ht
Percent
Nov Mar
JanJvJyNov
MONEY SUPPLY (PERCENT CHANGE)
Millions
NovMar
89- 91 93 95 97
JlyMar
Ratio
8.0
73' w w w 811 y u L71 y y y y y
Nov Mar
y y y y y y y
Thousands
JanJvJfcNov
JtyMar
JanJIyJyNov
JanJIvJlYNoy
SALES OF NEW ONE-FAMILY HOUSES
1 0 0 0 * "
JIvMar
800"
600-
400-
200-
731 w y w Lii..y y. u u. y y u
US. Department o( Cofflmerc*. Bureau or &ooertioA«ay»ts
FT I I I I r i l l I I I I I I I T I I I I I I I
73 75
77 79 81
83 85 87
89
91 93 95 97
D-51
International Data
SURVEY OF CURRENT BUSINESS
June 1998
International Data
F. Transactions Tables.
Table F.i includes the most recent estimates of U.S. international trade in goods and services; the estimates
were released on May 20, 1998 and include "preliminary" estimates for March 1998 and "revised" estimates for
February 1998. The sources for the other tables in this section are as noted.
Table F.1.—U.S. International Transactions in Goods and Services
[Millions of dollars; monthly estimates seasonally adjusted]
1997
1996
1998
1997
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept
Oct.
Nov.
Dec.
Jan.
Feb.'
Mar.''
848,833
931,370
74,224
78,065
78,325
77,930
78,306
77,681
78,867
78,104
80,067
78,661
79,352
77,642
76,873
79,407
612,069
678,150
51,375
157,984
293,965
73,367
77,430
34,576
-10,547
53,625
4,299
57,093
4,208
13,701
24,684
6,206
6,474
2,807
57,100
4,189
13,477
56,809
57,317
56,683
3,860
13,139
57,264
56,686
13,065
24,419
6,880
6,562
2,622
-663
58,414
4,455
12,997
55,543
4,148
12,462
57,526
3,939
12,846
24,731
5,913
58,388
4,708
13,198
25,321
6,436
6,745
3,020
-1,040
57,524
4,639
24,943
56,308
4,364
13,102
24,750
5,822
6,393
3,009
-1,133
24,389
25,361
6,714
253,220
74,407
21,710
28,194
30,269
20,599
6,252
1,796
2,321
2,560
6,585
1,015
21,796
6,635
1,927
2,313
2,496
7,036
1,323
66
21,679
6,290
1,838
2,445
2,489
7,111
1,440
66
21,137
6,209
1,825
2,327
2,483
6,988
1,242
63
959,873 1,045,054
84,088
Goods
Foods, feeds, and beverages
Industrial supplies and materials
Capital goods, except automotive
Automotive vehicles, engines, and parts
Consumer goods (nonfood), except automotive
Other goods
Adjustments1
803,239
35,710
204,482
229,050
128,938
171,007
26,102
7,950
877,125
39,703
213,467
254,293
140,795
192,913
70,405
3,108
17,634
19,445
12,061
15,263
29,397
6,556
2,465
429
Services
Travel
Passenger fares
Other transportation
Royalties and license fees
Other private services
Direct defense expenditures2
U.S. Government miscellaneous services
156,634
48,739
15,776
28,453
7,322
42,796
10,861
2,687
167,929
13,683
4,308
1,422
2,438
598
3,773
917
-191,170
80,130
-111,040
-198,975
85,291
-113,684
Exports of goods and services
Goods
Foods, feeds, and beverages
Industrial supplies and materials
Capital goods, except automotive
Automotive vehicles, engines, and parts
Consumer goods (nonfood), except automotive
Other goods
Adjustments1
55,534
147,652
252,895
65,021
70,138
33,836
-13,006
Services
236,764
Travel ..!...."...!....!!
Passenger fares
Other transportation
Royalties and license fees
Other private services
Transfers under U.S. military agency sales contracts
U.S. Government miscellaneous services
Imports of goods and services
Memoranda^
Balance on goods
Balance on services
20,557
27,216
29,974
73,569
14,647
893
15,175
784
52,029
16,927
29,771
7,512
47,548
11,345
2,796
12,676
22,687
5,885
6,257
2,492
-671
3,217
-1,031
64
20,989
6,037
1,800
2,300
2,527
6,993
1,270
63
20,998
5,933
1,753
2,290
2,518
7,104
1,333
67
21,603
6,164
1,788
2,336
2,506
7,137
1,605
67
87,127
86,652
87,600
87,860
73,191
3,382
72,579
3,254
17,558
21,256
11,543
15,723
2,355
891
73,550
3,399
17,449
21,580
12,239
16,107
73,842
3,351
17,871
22,066
11,765
16,017
2,531
242
74,865
3,399
18,280
21,990
11,769
16,663
2,505
259
74,886
3,308
18,355
22,392
11,200
16,652
2,738
242
14,073
4,383
1,408
2,478
623
4,064
891
226
14,050
4,244
14,018
4,245
1,381
2,416
676
4,100
955
245
14,235
4,324
1,406
14,160
2,539
669
4,080
974
243
621
4,040
1,020
237
-16,381 -15,262 -16,867 -16,577
7,185
6,916
7,585
6,948
-9,196
-3,346 -9,919 -8,992
-18,557
7,561
-10,996
-16,498
7,519
-8,979
20,972
6,376
1,810
2,388
2,571
6,660
1,101
67
21,225
6,399
1,879
2,380
2,545
6,754
1,205
21,121
6,198
1,829
2,365
2,536
6,875
1,252
64
85,905
86,454
72,646
3,361
17,568
20,692
11,314
16,221
2,471
1,019
13,916
4,406
1,443
2,491
612
3,813
13,808
4,270
1,393
2,518
609
3,895
896
227
922
-14,896
7,056
-7,840
-15,546
7,417
-8,129
p Preliminary.
r
Revised.
1. Reflects adjustments necessary to bring the Census Bureau's component data in line with the concepts and
definitions used to prepare BEA's international and national accounts.
-857
-697
3,331
17,962
20,428
11,633
14,935
2,243
1,456
3,956
4,261
13,343
24,885
6,152
6,440
3227
-1,044
6,656
3,056
-995
229
-16,780
6,916
-9,864
6,149
6,331
2,708
4,079
13,369
20,994
11,574
16,087
2,360
897
13,936
4,336
1,389
2,545
614
3,934
892
226
13,855
24,454
6,229
6,712
2,967
6,239
6,389
2,549
227
1,379
2,414
698
4,139
934
242
4,285
1,397
2,560
5,878
6,409
2,857
-378
4,154
13,072
24,342
6,454
6,208
6,362
2,777
-802
6,613
2,679
-629
6,538
3,005
-877
20,938
5,957
1,755
2,438
2,480
6,932
1,315
61
20,956
87,565
90,249
89,261
89,051
92,431
73,265
3,216
17,512
21,391
11,754
16,753
2,405
234
76,117
3,519
17,443
22,588
12,231
17,370
2,551
414
75,014
3,355
17,306
21,769
11,895
17,312
2,810
567
74,085
3,479
16,710
21,769
12,378
16,907
2,628
214
77,722
3,586
16,886
23,126
13,084
17,906
2,628
506
14,300
4,559
1,473
2,412
606
4,005
1,012
233
14,132
4,380
1,428
2,513
599
3,963
1,018
231
14,247
4,426
1,431
2,479
618
4,034
1,026
233
14,966
4,583
1,476
2,470
1,012
4,155
1,036
234
14,709
-15,741
-17,702
-18,328
-18,541
6,837
6,806
-3,904 -10,896
6,709
6,364
-11,619
-12,177
-20,197
7,172
-13,025
21,330
6,249
1,843
2,375
2,464
7,033
1,301
65
5,999
1,771
2,381
2,473
6,946
1,320
2. Contains goods that cannot be separately identified.
Source: U.S. Department of Commerce, Bureau of Economic Analysis and Bureau of the Census
21,881
6,080
1,792
2,412
2,453
7,230
1,849
65
4,508
1,451
2,560
652
4,259
1,045
234
D-52
• International Data
SURVEY OF CURRENT BUSINESS
June 1998
Table F.2.—U.S. International Transactions
[Millions of dollars]
Not seasonally adjusted
(Credits+; d e b i t s - ) 1
Line
1996
1997"
Seasonally adjusted
1997
1997
\\JP
1,055,233
1,167,610
278,315
293,478
294,591
301,226
279,320
293,668
295,527
299,096
Goods, adjusted, excluding military2
612,069
678,348
162,812
172,548
165,548
177,440
162,341
171,227
170,255
174,525
Services3
Transfers under U.S. military agency sales contracts 4
236,764
14,647
253,220
15,175
59,841
3,190
61,652
3,727
4,261
62,778
3,997
61,736
3,190
63,335
3,727
64,397
4,261
63,754
3,997
Other transportation
20,557
27,216
74,407
21,710
28,194
16,421
4,976
6,873
18,428
5,302
7,029
22,350
6,376
6,990
17,208
5,056
7,302
18,585
5,316
7,001
18,634
5,508
7,045
18,732
5,468
6,939
18,456
5,418
7,210
Royalties and license fees 5
Other private services5
U.S. Government miscellaneous services ,
29,974
73,569
893
30,269
7,389
20,789
203
7,445
19,530
191
7,460
21,312
200
7,975
82,681
784
21,050
190
7,688
19,753
203
7,608
20,622
191
7,520
21,277
200
7,452
21,031
190
206,400
98,890
236,043
109,227
123,278
55,663
26,164
28,544
27,209
32,776
832
Exports of goods, services, and income
Travel
Income receipts on U.S. assets abroad
Direct investment receipts
Other private receipts
U.S. Government receipts
,
102,866
4,644
-1,163,450
Imports of goods, services, and income .
3,538
-1,295,530
59,278
60,094
955
27,268
31,807
1,019
61,008
27,415
32,776
817
55,243
25,864
28,544
835
59,106
30,151
747
992
60,875
28,189
31,807
879
-300,017
-322,999
-336,367
-336,147
-310,659
-322,608
-529,571
-332,691
-204,876
-217,230
-225,541
-229,635
-212,185
-218,415
-222,256
-224,426
27,963
30,151
60,817
Goods, adjusted, excluding military2
-803,239
-877,282
Services3
Direct defense expenditures
-156,634
-10,861
-167,929
-11,345
-08,247
-2,753
-43,073
-2,679
-45,522
-2,863
-41,087
-3,050
-41,216
-2,753
-41,817
-2,679
-42,303
-2,863
-42,592
-3,050
Other transportation
-48,739
-15,776
-28,453
-52,029
-16,927
-29,771
-10,935
-3,947
-7,191
-14,205
^,445
-7,514
-15,347
-4,672
-7,538
-11,542
-3,863
-7,528
-13,004
-4,272
-7,377
-12,989
-4,190
-7,541
-12,813
-4,166
-7,368
-13,224
-4,298
-7,484
Royalties and license fees 5
Other private services5
U.S. Government miscellaneous services .
-7,322
-42,796
-2,687
-7,512
-47,548
-2,796
-1,772
-1,758
-11,793
-12,477
-1,797
-11,327
-1,846
-11,893
-679
-2,056
-12,316
-730
-1,926
-10,962
-686
-701
-686
-679
-2,043
-12,320
-730
-1,826
-12,009
-701
-203,577
-32,132
-100,103
-71,342
-250,320
-41,527
-117,712
-91,081
-56,895
-8,175
-27,581
-21,139
-62,696
-10,561
-29,341
-22,794
-65,304
-11,958
-29,877
-23,469
-65,425
-10,833
-30,913
-23,679
-57,258
-8,538
-27,581
-21,139
-62,376
-10,241
-29,341
-22,794
-65,012
-11,666
-29,877
-23,469
-65,673
-11,081
-30,913
-23,679
Travel
Income payments on foreign assets in the United States .
Direct investment payments
Other private payments
U.S. Government payments
-39,968
-38,526
-8,604
-8,623
-9,031
-12,268
-8,577
-8,855
-9,070
-12,024
-14,933
-4,331
-20,704
-11,688
-4,075
-22,763
-2,109
-2,231
-795
-5,700
-2,245
-1,057
-5,321
-5,837
-5,103
-1,260
-5,905
-2,109
-988
-5,480
-2,245
-1,033
-6,577
-2,231
-1,031
-5,808
-6,103
-1,023
-6,898
U.S. assets abroad, net (increase/capital outflow (-)) ...
-352,444
-426,938
-130,316
-92,849
-112,046
-91,727
-128,297
-91,264
-110,696
-96,678
U.S. official reserve assets, net 7
Gold
Special drawing rights
Reserve position in the International Monetary Fund .
Foreign currencies
6,668
-1,010
4,480
-236
-730
4,480
-236
-730
H524
370
-1,280
7,578
-350
-3,575
2,915
72
1,055
3,353
-133
54
-139
-463
-128
-150
-4,221
72
1,055
3,353
-133
54
-157
-139
-463
-128
-150
-4,221
-153
-690
-4,930
177
-5,237
5,439
-25
-21
-1,107
1,111
-25
-1,613
1,358
-13
461
-1,415
1,876
5
-1,102
4,134
106
1,094
13
-21
-1,107
1,111
-25
-268
-1,613
1,358
461
-1,415
1,876
5
-1,102
1,094
13
-358,422
-87,813
-108,189
-64,234
-98,186
-426,105
-119,444
-79,287
-76,298
-151,076
-134,775
-28,773
-14,510
-29,466
-62,026
-92,345
-38,573
-21,841
-3,984
-27,947
-111,777
-24,113
-39,214
-17,848
-30,602
-87,208
-27,985
-3,722
-25,000
-30,501
-132,756
-26,754
-14,510
-29,466
-62,026
-90,760
-36,988
-21,841
-3,984
-27,947
-110,427
-22,763
-39,214
-17,848
-30,602
-92,159
-32,936
-3,722
-25,000
-30,501
181,978
143,508
183,846
181,165
182,282
143,059
183,292
181,863
28,891
-5,374
-11,464
-12,108
644
-57,227
-24,800
-24,886
86
-83
-3,351
1,007
28,891
-6,374
23,940
654
4,536
900
21,867
9,353
6,686
2,667
-510
12,391
633
7,698
-3,225
-11,464
-12,108
644
654
4,536
900
21,867
9,353
6,686
2,667
-510
12,391
633
-27,227
-24,800
-24,886
86
-83
-3.351
1,007
209,090
24,641
43,731
38,362
15,400
Unilateral transfers, net
U.S. Government grants 4
U.S. Government pensions and other transfers
Private remittances and other transfers6
....
40
41
42
U.S. Government assets, other than official reserve assets, net
U.S. credits and other long-term assets
Repayments on U.S. credits and other long-term assets 8
U.S. foreign currency holdings and U.S. short-term assets, net
43
44
45
46
47
U.S. private assets, net
Direct investment
Foreign securities
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns ,
U.S. claims reported by U.S. banks, not included elsewhere
48
lr
Foreign assets in the United States, net (increase/capital inflow (+))
547,555
-157
-268
-963
-153
-13
49
50
51
52
53
54
55
Foreign official assets in the United States, net
U.S. Government securities
U.S. Treasury securities9
Other 10
Other U.S. Government liabilities'•'
U.S. liabilities reported by U.S. banks, not included elsewhere
Other foreign official assets 12
122,354
115,634
111,253
4,381
720
4,722
1,278
18,157
-2,971
-7,019
4,048
-685
23,289
651
478
7,698
-3,225
56
57
58
59
60
61
Other foreign assets in the United States, net
Direct investment
U.S. Treasury securities and U.S. currency flows
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
425,201
76,955
172,878
133,798
31,786
9,784
672,340
107,928
187,854
189,273
44,740
142,545
153,087
30,381
51,289
38,820
15,210
17,387
148,882
27,101
49,915
51,682
-7,916
28,100
161,979
26,503
42,919
60,409
22,046
10,102
208,392
23,943
43,731
38,362
15,400
153,391
30,685
51,289
38,820
15,210
17,387
148,433
26,652
49,915
51,682
-7,916
28,100
161,425
25,949
42,919
60,409
22,046
10,102
-46,927
-97,113
-21,356
-12,515
-20,993
-42,249
-14,069
7,287
-14,000
-1,485
-29,482
-8,489
2,683
-49,844
20,520
-29,324
-2,015
-31,339
-8,577
-47,188
21,518
-25,670
-3,270
-28,940
-52,001
22,094
-29,907
-4,137
-34,044
-9,070
-43,114
-49,901
21,162
-28,739
-4,856
-33,595
-12,024
-45,619
62
63
63a
539
21,274
23,940
23,289
651
478
Allocations of special drawing rights
Statistical discrepancy (sum of above items with sign reversed)
Ot which seasonal adjustment discrepancy
Memoranda'.
Balance on goods (lines 2 and 16)
Balance on services (lines 3 and 17)
Balance on goods and services (lines 64 and 65)
Balance on investment income (lines 11 and 25)
Balance on goods, services, and income (lines 1 and 15 or lines 66 and 6 7 ) 1 3 .
Unilateral transfers, net (line 29)
Balance on current account (lines 1,15, and 29 or lines 68 and 69) 1 3
See footnotes to table F.3.
-191,170
80,130
-111,040
2,824
-108,216
-39,968
-148,184
-198,934
85,291
-113,643
-14,277
-127,920
-38,526
-166,446
-42,064
21,594
-20,470
-1,232
-21,702
-8,604
-30,306
-44,682
18,579
-26,103
-3,418
-29,521
-8,623
-38,144
-59,993
23,427
-36,566
-5,210
-41,776
-9,031
-50,807
-52,195
21,691
-30,504
-4,417
-34,921
-12,268
-47,189
-39,916
-8,855
-37,795
SURVEY OF CURRENT BUSINESS
June 1998
D-53
International Data
Table F.3.—-Selected U.S. International Transactions, by Area
[Millions of dollars]
Western Europe
European Union l
United Kingdom
European Union (6) 1:
1997
1997
1997
1997
(Credits +; debits - ) »
Line
III'
Exports of goods, services, and income
85,940
Goods, adjusted, excluding military2
Services3
Transfers under U.S. military agency sales contracts4
84,503
35,316
39,109
76,451
76,344
79,346
35,147
32,354
36,233
24,050
9,327
24,122
25,082
40,599
40,411
41,514
8,150
8,876
20,776
19,630
21,686
21,070
879
24,087
1,111
22,028
909
487
21,463
695
19,451
596
5,673
108
6,336
107
5,974
92
9,613
109
11,321
183
9,860
166
Travel
Passenger fares
Other transportation
5,896
1,728
2,002
7,537
2,375
2,020
5,834
1,743
2,093
5,388
1,639
1,593
6,892
2,260
1,664
5,177
1,634
1,711
2,332
550
421
1,939
475
435
2,536
1,008
715
3,548
1,378
776
2,401
883
803
Royalties and license fees 5
Other private services5
U.S. Government miscellaneous services
3,540
6,990
35
3,582
7,419
43
3,919
2,023
379
423
630
2,099
11
709
2,209
8
769
2,251
13
2,014
3,217
14
2,080
3,333
23
2,242
3,348
17
25,004
12,442
12,392
170
25,100
11,690
13,135
275
9,968
5,376
4,592
-94,876
-94,566
-45,115
Income receipts on U.S. assets abroad
Direct investment receipts
Other private receipts
U.S. Government receipts
7,490
40
26,561
3,355
6,194
30
3,403
6,512
37
3,720
6,578
35
22,618
12,944
13,424
10,967
22,527
10,096
11,506
12,200
23,662
11,114
12,378
170
9,050
3,537
5,513
9,636
3,711
5,925
10,232
4,239
5,967
26
10,210
5,783
4,295
132
9,460
4,884
4,440
136
-86,236
-42,392
-31,843
-32,436
-32,304
-42,988
-42,258
-7,949
-8,118
-8,853
-24,733
-42,239
-26,479
-13,762
-1,395
-5,438
-132
-5,850
-166
-4,888
-155
-26,620
-7,937
-1,044
-8,273
-1,100
-7,059
-1,150
-1,125
-598
-560
-2,738
-628
-2,866
-892
-1,002
-1,021
-1,632
-731
-1,081
^54
-1,687
-184
-487
-1,708
-199
-517
-1,761
-187
-8,431
-3,964
-2,570
-1,897
-9,252
-4,289
-2,770
-2,193
-6,701
-3,561
-5,928
-5,212
110
70
139
-156
295
231
193
145
-86,504
-86,289
-43,106
-95,047
^6,762
-17,876
-1,594
-18,462
-1,724
-15,542
-1,802
-41,220
-15,744
-1,263
-09,327
-16,509
-1,351
-5,609
-2,338
-2,683
-5,728
-2,455
-2,577
-3,518
-1,792
-2,578
-5,133
-2,102
-2,062
-5,357
-2,220
-2,073
-3,302
-1,614
-2,088
-1,450
-899
-514
-1,526
-697
-574
-1,196
-1,331
-4,354
-593
-1,249
-995
-3,942
-247
-1,056
-4,055
-252
-474
-1,946
-23
-449
^,309
-294
-1,139
-4,116
-253
-549
-288
-2,118
-20
-1,977
-24
-31,885
-8,578
-14,475
-8,832
-32,998
-8,698
-14,829
-9,471
-32,743
-7,952
-15,245
-9,546
-29,540
-7,951
-13,523
-8,066
-30,453
-7,838
-13,873
-8,742
-30,082
-7,023
-14,242
-8,817
-18,456
-3,247
-10,345
-4,864
-18,468
-2,801
-10,505
-5,162
-18,563
-2,721
261
257
374
386
-10,636
-5,206
306
-134
-330
527
-145
-322
465
-76
-436
475
-11
-282
581
-282
543
-574
531
-48
422
434
-45
351
-157
267
-157
227
-21,851
-54,737
-22,360
-20,810
-42,925
-21,849
-14,108
-21,006
-30,590
-3,431
-18,659
6,401
-139
-142
-134
-227
189
-1,351
-527
189
-1,351
-139
-142
-134
-227
-227
189
-1,351
-17
208
-63
263
-62
-17
-14
2
109
-14
186
-71
281
-24
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
-21,695
-22,885
4,773
-54,781
-6,044
-19,773
-22,434
-14,937
-5,210
-5,269
1,686
-7,800
-19,164
Foreign assets in the United States, net (increase/capital inflow (+))
85,754
126,783
1,172
(17)
832
Imports of goods, services, and income .
Goods, adjusted, excluding military
2
Services3
Direct defense expenditures
Travel
Other transportation
Royalties and license fees 5
Other private services5
U.S. Government miscellaneous services
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
U.S. assets abroad, net (increase/capital outflow (-))
U.S. official reserve assets, net 7
Gold
Special drawing rights
Reserve position in the International Monetary Fund
Foreign currencies
U.S. Government assets, other than official reserve assets, net
U.S. credits and other long-term assets
Repayments on U.S. credits and other long-term assets8
U.S. foreign currency holdings and U.S. short-term assets, net
Foreign official assets in the United States, net
U.S. Government securities
U.S. Treasury securities9
Other10
Other U.S. Government liabilities11
U.S. liabilities reported by U.S. banks, not included elsewhere
Other foreign official assets12
Other foreign assets in the United States, net
Direct investment
U.S. Treasury securities and U.S. currency flows
U.S. securities other than U.S. Treasury securities
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking
concerns
U.S. liabilities reported by U.S. banks, not included elsewhere
-4,168
63
63
-112
84,582
14,755
(l7)
32,525
-51
4
-15
118
-45
160
3
-43,272
-5,872
-20,224
-20,616
-13,700
-5,647
128
-14,112
-14,312
1,663
-51,002
978
-19,850
-5,152
2,185
-5,037
3,574
84,121
40,075
-2,048
-62
66,546
-20,521
-21,951
4,397
I
-1,351
158
-35
212
-19
R
-468
7
8
-14
-3,187
-6,722
1,111
-18,834
-5,645
1,708
716
-6,440
-6,927
9,275
42,247
39,911
23,528
7,750
-5,774
-622
1,249
95
?
5
12,349
(18)
25,084
11,774
8,642
31,535
252
21,598
30.S
38$
-17
-30,718
-10,024
-7,224
3
157
125,951
18,650
127
1
-586
41,767
8
8
53,517
(IS)
(W)
6,204
( 18)
8
18
45,644
n
10,132
(18)
7,926
8
5,375
Allocations of special drawing rights
Statistical discrepancy, and transfers of funds between foreign areas, net
(sum of above items with sign reversed)
70
Memoranda:
Balance on goods {lines 2 and 16)
Balance on services (lines 3 and 17)
Balance on poods and services (lines 64 and 65)
Balance on investment income (lines 11 and 25)
Balance on goods, services, and income (lines 1 and 15 or lines 66 and 67) 1 3
Unilateral transfers, net (line 29)
Balance on current account (lines 1,15, and 29 or lines 68 and 69) 1 3
-55,030
-5,249
3,194
-2,055
-6,881
-6,936
63
-6,873
-61,981
-73,548
-7,790
5,625
-7,653
6,486
-1,167
-6,182
-2,165
-7,898
-10,063
-2
-10,065
p Preliminary.
r
Revised.
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 in "U.S. International Transactions, Fourth Quarter and Year 1997" in the April 1998 issue of the SURVEY.
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.
-53,546
-64,872
-57,316
-18,548
-37,612
-18,580
-36,537
-6,159
5,689
^70
1,378
235
32
486
1,613
-6,420
-6,890
257
-6,633
-9,406
-7,793
374
518
-6,832
23
1,086
1,109
-8,331
-7,222
306
-6,916
-5,844
1,676
-4,168
1,779
-2,389
110
-6,073
2,942
-6,973
4,954
-3,131
-2,019
-6,922
-7,926
-7,349
63
-10,053
288
-7,286
-9,765
-9,945
261
-9,684
-7,419
-6,314
386
-7,928
-2,279
-19,475
-29,343
-5,103
-4,793
2,801
-1,992
1,267
-725
139
-586
3,048
-2,055
208
-1,847
70
-1,777
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 December 31,1997, were as follows in millions of dollars: Line 34, 69,955;
line 35,11,047; line 36,10,027; line 37,18,071; line 38,30,809. Data are preliminary.
D-54
• International Data
June 1998
SURVEY OF CURRENT BUSINESS
Table F.3.—Selected U.S. International Transactions, by Area—Continued
[Millions of dollars]
(Credits +; debits -)»
Line
Eastern Europe
Canada
1997
1997
Ill'
3,403
2,110
846
80
Services3
Transfers under U.S. military agency sales contracts4
Travel
227
22
97
36
374
10
447
302
109
36
-3,108
-2,009
-722
-51
-338
-96
-70
-1
Other private services5
U.S. Government miscellaneous services.
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
U.S. assets abroad, net (increase/capital outflow (-))
U.S. official reserve assets, net 7
Gold
Special drawing rights
Reserve position in the International Monetary Fund
Foreign currencies
-151
-15
-577
5
-99
-283
-687
-359
-10
-318
1,044
1997
IV*
3,139
981
56
287
29
130
929
86
39,042
5,392
22
222
38
128
1,907
307
768
41
423
41
404
329
2,043
15
493
242
131
120
10
292
107
152
33
16
5,251
2,793
2,458
-3,552
-2,325
-777
-37
-407
-94
-73
-2
-146
-18
-3,271
-2,246
-562
-85
-205
-52
-53
-2
-150
-15
-463
5
-147
-321
-520
-186
-9
-325
2,886
-50,077
-43,383
-3,781
-14
-1,270
-121
-965
-48,784
-41,326
-4,770
-13
-2,157
-157
-937
-70
-1,308
-33
-1,401
-39
1,918
-450
8
-137
-321
-799
-459
-10
-330
-2,636
-7
-56
47
2
2,893
176
179
1,057
-578
-577
concerns
\MP
3,217
1,743
-13
-328
315
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
U.S. private assets, net
Direct investment
Foreign securities
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking
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 securities
U.S. Treasury securities9
Other10
Other U.S. Government liabilities11 .".!.".!!.!..!."!!..!..!....!..!....!
U.S. liabilities reported by U.S. banks, not included elsewhere
Other foreign official assets12
Other foreign assets in the United States, net
Direct investment
U.S. Treasury securities and U.S. currency flows
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
Japan
1997
Exports of goods, services, and income
Goods, adjusted, excluding military2
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
Imports of goods, services, and income .
Goods, adjusted, excluding military2
Services3
Direct defense expenditures
Travel
Passenger fares
Other transportation
Latin America and Other Western
Hemisphere
-31
2,243
2,538
-6,586
3,708
47,166
36,783
55,830
39,176
32,425
5,082
22
1,622
269
753
344
2,058
14
4,845
24
9,046
95
1,263
257
768
376
2,153
4
3,551
993
930
5,301
2,844
2,457
4,847
2,392
2,455
-50,247
-44,116
390
3,050
37
14,359
5,450
8,841
68
-2,913
-983
-1,380
-550
-74
-2,688
-645
-93
-3,426
-15
-794
-95
-960
-70
-1,456
-36
-2,705
-343
-1,297
-565
-92
-102
28
-5,131
-102
9
-116
24
-54,841
-34,925
-3,362
-83
-3,708
-617
-672
-37
-3,134
-111
-11,554
-477
-8,240
-2,837
-2,700
-342
-161
-2,197
5,716
-4,975
-40,996
-1,278
-565
-4,975
-2,862
782
-5,132
-2,914
-2,428
2,762
-2,552
-2,895
-2,060
-2,475
7,813
-1,430
60,576
34,449
10,564
110
4,487
1,199
931
420
3,381
36
15,563
5,855
63,399
37,216
10,165
161
4,160
1,112
-2,739
-245
-156
-2,338
-53,869
-64,720
123
-56,526
-36,114
-8,563
-101
-3,693
-675
-594
-49
-3,335
-116
-11,849
-552
-8,586
-2,711
28,391
15,711
27,129
15,967
9,266
98
3,243
1,627
796
1,573
1,919
10
2,562
1,148
10,518
195
9,215
110
4,075
1,772
805
1,478
2,170
23
2,162
797
1,366
-1
3,281
1,442
809
1,478
2,084
11
-41,837
-44,445
-30,787
16,557
991
483
3,220
38
16,018
5,677
10,244
97
-57,224
-36,614
-8,487
-110
-3,711
-657
-591
-39
-3,268
-111
-12,123
-481
-8,916
-2,726
-2,811
-333
-173
-2,305
9,585
28,385
1,392
22
-29,317
-3,754
-293
-865
-182
-1,018
-4,025
-599
-323
-1,049
-24
-8,766
-1,408
-1,758
-5,600
-25
-879
-183
-1,170
-419
-1,040
-35
-9,633
-2,129
-1,678
-5,826
-14
-23
-2
-11,820
-18
-23
9
4,409
14
8
-47
3,606
18
-6,519
-19
4,394
-796
-2,439
500
6,102
-1,576
-21,526
27,322
-8,527
-35,729
67
-1,208
30,916
20,656
-200
7,829
9,091
-4,316
23,284
-19
-2
.8)
3
(18)
M
n
(18)
(18)
8
17
2,265
-11,805
-514
-10,150
)
-256
-21
7
-341
385
17
-53,930
-6,858
-2,816
n
41
-428
-1,186
-34
-9,760
-2,055
-1,797
-5,908
-14
-219
437
10
-41,224
-7,024
-11,098
415
3,322
(18)
-31,356
-4,044
-280
-347
-170
-18
3
-22
9,243
3,509
541
1,382
24
-45,160
61
17)
7
1,947
(18)
3,832
2,470
8,725
12,755
-6,935
21,689
(18)
11,643
4,070
18
R
(18)
3J3J
3,686
7
1,670
8
15,400
24,505
18
-293
11,448
18
162
-553
8
20,259
Allocations of special drawing rights
Statistical discrepancy, and transfers of funds between foreign areas, net
(sum of above items with sign reversed)
Memoranda^
Balance on goods (lines 2 and 16)
Balance on services (lines 3 and 17)
Balance on poods and services (lines 64 and 65)
Balance on investment income (lines 11 and 25)
Balance on goods, services, and income (lines 1 and 15 or lines 66 and 67) 13
Unilateral transfers, net (line 29)
Balance on current account (lines 1,15, and 29 or lines 68 and 69) 13
-4,360
1,859
4,352
-2,216
5,214
8,506
15,385
21,642
9,575
4,641
2,568
-7,504
101
124
225
70
-582
204
-378
43
-335
-799
-1,134
-328
367
-4,341
1,611
-2,730
2,338
-392
-74
-4,543
312
-4,231
2,613
-1,618
-93
-1,711
-4,940
1,419
-3,521
2,142
-1,379
-92
-1,471
-2,500
684
-1,816
2,805
989
-2,700
-1,711
-1,665
2,001
336
3,714
4,050
-2,739
1,311
602
1,678
2,280
3,895
6,175
-2,811
3,364
-12,760
5,512
-7,248
-15,076
6,493
-8,583
-7,471
-16,054
-14
-16,068
-15,389
5,171
-10,218
-7,813
-18,031
-14
-18,045
295
-687
-392
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 in "U.S. International Transactions, Fourth
Quarter and Year 1997" in the April 1998 issue of the SURVEY.
12. Consists of investments in U.S. corporate stocks and in debt securities of private corporations and State
and local governments.
39
-171
-132
-520
-652
-466
-6,204
-13,452
-25
-13,477
13. Conceptually, the sum of lines 70 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 Appendix
A of this section 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 August issue
of the SURVEY).
D-55
International Data
SURVEY OF CURRENT BUSINESS
June 1998
Table F.3.—Selected U.S. International Transactions, by Area—Continued
[Millions of dollars]
(Credits +; debits - ) »
Australia
Other countries in Asia and Africa
1997
1997
International organizations and
unallocated16
Exports of goods, services, and income
6,174
6,005
5,849
60,099
60,284
Goods, adjusted, excluding military 2 ..
3,095
3,071
2,915
39,453
38,475
41,139
Services 3
Transfers under U.S. military agency sales contracts4
1,293
46
1,470
76
1,480
221
13,380
2,507
14,864
2,691
12,682
2,486
Travel
Passenger fares
Other transportation
480
133
79
608
143
84
461
118
85
3,124
492
2,250
3,734
589
2,158
1,987
346
2,305
107
109
123
Royalties and license fees 5
Other private services 5
U.S. Government miscellaneous services
159
161
1,047
4,578
67
1,101
4,374
83
385
867
387
887
1,786
1,169
617
396
2
1,464
836
628
1,033
3,894
80
413
393
3
164
427
4
1,454
816
638
6,826
3,912
2,597
317
6,760
3,758
2,639
363
6,463
3,514
3,043
1,164
1,745
134
3,251
1,246
1,866
139
3,426
1,424
2,629
320
-1,658
-2,196
-75,688
-85,365
-81,963
-914
-933
-969
-1,169
-1,290
-2,266
-1,252
-61,312
-70,593
-67,289
-567
-12
-645
-25
-747
-30
-7,701
-664
-7,690
-728
-572
-679
-689
Travel
Passenger fares
Other transportation
-175
-114
-60
-197
-126
-55
-306
-141
-65
-7,439
-632
-2,240
-977
-1,811
-982
-1,903
-2,161
^956
-1,940
-235
-229
-242
Royalties and license fees 5
Other private services 5
U.S. Government miscellaneous services
-8
-187
-11
-54
-174
-14
-7
-186
-12
-19
-1,563
-197
-13
-1,638
-215
-104
-233
-122
-228
-115
-232
78
213
-115
-20
-261
-108
-133
-20
-267
-115
-132
-20
-6,937
-7,071
238
-2,530
-4,645
-59
-2,501
-4,511
-2,616
^,549
-342
429
-744
-27
-354
425
-735
^4
-380
427
-763
-44
-22
-21
-20
-2,818
-3,040
-6,140
-2,360
-2,323
-2,734
-1,233
-123
-1,684
-4,377
-119
-1,644
-207
-297
-1,856
-149
-218
-1,956
-131
^78
-2,125
-9,432
1,950
-1,534
Income receipts on U.S. assets abroad
Direct investment receipts
Other private receipts
U.S. Government receipts
Imports of goods, services, and income
Goods, adjusted, excluding military 2 ...
Services 3
Direct defense expenditures
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 grants 4
U.S. Government pensions and other transfers
Private remittances and other transfers6
U.S. assets abroad, net (increase/capital outflow (-))
-9
-13
-9
-12
-6
-12
-1,203
-125
-1,490
-2,026
-146
-2,015
-10,535
-16
-1,690
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 (+))
-1
2
-1,139
-148
207
-921
65
501
2,560
2,788
Memoranda:
Balance on goods (lines 2 and 16)
Balance on services (lines 3 and 17)
Balance on poods and services (lines 64 and 65)
Balance on investment income (lines 11 and 25)
Balance on goods, services, and income (lines 1 and 15 or lines 66 and 67) 1 3 ,
Unilateral transfers, net (line 29)
Balance on current account (lines 1,15, and 29 or lines 68 and 69) 1 3
-6,984
181
-139
-463
-150
-4,221
-540
-340
-293
-293
-254
-254
-456
-860
521
-10
-107
-133
-887
-206
8"632
-11,650
17,290
2,283
7,345
4,286
8,809
-iol
7,345
^73
4,286
-476
8,809
-480
R
$
3
-755
(18)
(18)
(18)
-833
(18)
3,520
(18)
8
1,680
i"341
-21
-479
452
6
18)
R
R
(18)
18
18
2,640
467
15,771
"8>2"052
79
-16,941
-2,008
41,032
20,448
23,586
-21,859
5,941
-15,918
-111
-16,029
-2,818
-18,847
-32,118
7,163
-24,955
-311
-25,266
-3,040
-28,306
-21,158
-521
-21,679
1,926
726
1,781
825
1,663
733
2,652
2,606
2,396
1,864
4,516
-22
1,203
3,809
-21
3,788
1,187
3,583
-20
3,563
14. The "European Union" includes the "European Union (6)," United Kingdom, Denmark, Ireland, Greece, Spain,
and Portugal. Beginning with the first quarter of 1995, the "European Union" also includes Austria, Finland, and
Sweden.
15. The "European Union (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
-4,371
-133
54
460
a
4,494
-4,758
-602
-1,062
3,0
-6,430
-1,351
-79
-1,115
-828
133
-3
-417
)
-5,028
1,852
150
1,971
-3,740
-2,921
Allocations of special drawing rights
Statistical discrepancy, and transfers of funds between foreign areas, net (sum of
above items with sign reversed)
1,434
-9,906
-4,468
-6,760
-253
3,575
.3
-48
-720
1,383
-12
(.8)
18
1,359
-10,406
-3,198
-2,297
123
-5,034
-2,015
-436
-517
Foreign official assets in the United States, net
U.S. Government securities
U S Treasury securities 9
Other 10
Other U.S. Government liabilities n
U.S. liabilities reported by U.S. banks, not included elsewhere
Other foreign official assets 12
Other foreign assets in the United States, net
Direct investment
U.S. Treasury securities and U.S. currency flows
U.S. securities other than U.S. Treasury securities
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns
U.S. liabilities reported by U.S. banks, not included elsewhere
4,860
474
-475
984
-35
-129
-614
497
-2,025
-632
-197
-67
4,634
-199
U.S. official reserve assets, net 7
Gold
Special drawing rights
Reserve position in the International Monetary Fund
Foreign currencies
U.S. Government assets, other than official reserve assets, net
U.S. credits and other long-term assets
Repayments on U.S. credits and other long-term assets 8
U.S. foreign currency holdings and U.S. short-term assets, net
4,402
-26,150
4,992
-6,140
-27,819
n
18
-25
57
7,786
n
8
59
4,776
-6,939
-4,313
787
787
2,701
3,488
-2,360
1,128
804
804
2,897
3,701
-2,323
1,378
18
9,256
-5,208
845
845
3,046
3,891
-2,734
1,157
includes taxes withheld; current-cost adjustments associated with U.S. and foreign direct investment; small transactions in business services that are not reported by country; and net U.S. currency flows, for which geographic
source data are not available.
17. Details not shown separately; see totals in lines 49 and 56.
18. Details not shown separately are included in line 6 1 .
NOTE—The data in tables F.2 and F.3 are from tables 1 and 10 in "U.S. International Transactions, Fourth Quarter and Year 1997" in the April 1998 issue of the SURVEY OF CURRENT BUSINESS, which presents the most recent
estimates from the balance of payments accounts.
D-56
• International Data
SURVEY OF CURRENT BUSINESS
June 1998
Table FA—Private Service Transactions
[Millions of dollars]
Seasonally adjusted
1996
Line
1997'
r
IV
III
\
IK
III'
\\}P
221,224
237,261
55,540
57,427
58,343
59,417
59,936
59,567
Travel (table F.2, line 5)
Passenger fares (table F.2, line 6)
Other transportation (table F.2, line 7)
Freight
Port services
Other
69,908
20,557
27,216
11,161
14,691
1,364
74,407
21,710
28,194
11,691
15,001
1,503
17,659
5,237
6,716
2,747
3,625
18,183
5,282
7,142
2,941
3,861
18,585
5,316
7,001
2,910
3,722
18,634
5,508
7,045
2,920
3,749
18,732
5,468
6,939
2,877
3,685
18,456
5,418
7,210
2,986
3,847
343
339
370
377
378
378
Royalties and license fees (table F.2, line 8)
Affiliated,
U.S. parents' receipts
U.S. affiliates' receipts
Unaffiliated
Industrial processesl
Other 2
29,974
23,760
21,916
1,844
6,214
3,979
2,235
30,269
23,411
21,977
1,434
6,857
4,456
2,402
7,495
5,929
5,505
7,703
6,091
5,445
7,688
6,022
5,755
7,608
5,901
5,452
7,520
5,785
5,402
7,452
5,703
5,369
560
573
587
598
607
610
Other private services (table F.2, 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, and technical services
Other unaffiliated services3
73,569
22,810
13,763
9,047
50,759
7,807
8,034
2,121
6,179
4,058
3,405
19,247
10,145
82,681
25,483
14,997
10,486
57,198
8,134
10,104
2,558
6,744
4,186
3,596
22,116
10,690
18,433
5,777
3,410
2,367
12,656
1,998
1,925
19,117
5,840
3,431
2,409
13,277
1,955
2,325
19,753
6,103
3,623
2,480
13,650
1,986
2,259
20,622
6,425
3,802
2,623
14,197
2,003
2,492
21,277
6,622
3,776
2,846
14,655
2,074
2,701
21,031
6,334
3,796
2,538
14,697
2,071
2,652
838
850
845
895
913
944
4,847
2,486
4,985
2,565
5,287
2,653
5,543
2,627
5,642
2,677
5,644
2,732
143,086
153,787
35,873
36,257
37,777
38,459
38,710
38,841
12,989
4,190
7,541
4,637
2,705
12,813
4,166
7,368
4,447
2,730
13,224
4,298
7,484
4,396
2,883
Exports of private services
Imports of private services
646
267
449
383
334
1,612
1,040
1,666
1,080
1,707
1,109
1,735
1,129
1,749
1,139
561
597
620
637
648
654
1,567
1,006
1,609
1,012
1,650
1,030
1,681
1,044
1,702
1,054
1,712
1,058
48,739
15,776
28,453
16,879
10,792
52,029
16,927
29,771
17,799
11,162
11,915
3,920
7,218
4,312
2,709
12,241
4,053
7,166
4,130
2,838
783
812
198
199
214
200
192
206
7,322
5,301
7,512
5,932
2,144
1,264
1,770
1,376
1,797
1,401
1,846
1,461
2,043
1,629
1,826
1,441
554
742
136
164
155
172
192
224
4,748
2,021
1,126
5,190
1,580
1,159
1,128
1,212
1,246
1,289
1,437
1,217
895
421
880
288
592
394
292
103
396
291
106
385
290
95
414
289
125
385
289
96
42,796
16,026
7,505
8,521
26,770
1,041
3,184
4,387
15,473
11,086
8,385
5,253
4,520
47,548
17,610
8,630
8,980
29,938
1,131
4,059
4,817
16,525
11,708
8,576
6,464
4,891
10,676
4,073
1,935
2,138
6,603
11,027
4,130
1,867
2,263
6,897
11,327
4,227
1,979
2,248
7,100
11,893
4,368
2,145
2,223
7,525
12,320
4,600
2,251
2,349
7,720
12,009
4,415
2,255
2,160
7,594
262
769
269
859
276
888
279
285
1,047
3,877
2,830
2,066
1,335
1,122
1,064
3,947
2,884
2,089
1,406
1,210
1,139
4,046
2,907
2,076
1,540
1,180
1,106
1,195
4,119
2,924
2,137
1,612
1,196
1,182
1,232
4,168
2,936
2,157
1,648
1,215
1,251
4,192
2,941
2,205
1,664
1,299
-191,170
78,138
-113,032
-198,934
83,474
-115,460
-52,493
19,667
^32,826
-48,190
21,170
-27,020
-49,844
20,566
-29,278
-47,188
20,958
-26,230
-52,001
21,226
-30,775
-49,901
20,726
-29,175
Royalties and license fees (table F.2, line 22)
Affiliated
U.S. parents' payments
U.S. affiliates' payments
Unaffiliated
Industrial processes*
Other2
Other private services (table F.2, line 23)
Affiliated services,
U.S. parents' payments
U.S. affiliates' payments
Unaffiliated services
Education
Financial services
Insurance, net
Premiums paid
Losses recovered
Telecommunications
Business, professional, and technical services
Other unaffiliated services3
Memoranda:
Balance on goods (table F.2, line 64)
Balance on private services (line 1 minus line 28)
Balance on goods and private services (lines 55 and 56)
424
1,566
1,006
13,004
4,272
7,377
4,319
2,844
Travel (table F.2, line 19)
Passenger fares (table F.2, line 20)
Other transportation (table F.2, line 21)
Freight
Port services
Other
p Preliminary.
' Revised.
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 govern-
1997
1996
291
883
ments 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.
NOTE.—The data in this table are from table 3 in "U.S. International Transactions, Fourth Quarter and Year 1997" in the April 1998 issue of the SURVEY OF CURRENT BUSINESS, which presents
the most recent estimates from the balance of payments accounts.
International Data •
SURVEY OF CURRENT BUSINESS
June 1998
G. Investment Tables_
Table G.1 .—international Investment Position of the United States at Yearend, 1995 and 1996
[Millions of dollars]
Changes in position in 1996 (decrease (-))
Attributable to:
Position
1995 r
Type of investment
Line
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
U.S. credits and other long-term assets4
Repayable in dollars
Other5
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)
Foreign official assets in the United States
U.S. Government securities
U.S. Treasury securities
Other
Other U.S. Government liabilities7
U.S. liabilities reported by U.S. banks, not included elsewhere ...
Other foreign official assets
Other foreign assets:
With direct investment at current cost (lines 35+37+38+39+42+43) ..
With direct investment at market value (lines 36+37+38+39+42+43).
Direct investment in the United States:
At current cost
At market value
U.S. Treasury securities
U.S.currency
U.S. securities other than U.S. Treasury securities
Corporate and other bonds
Corporate stxks
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking
concerns.
U.S. liabilities reported by U.S. banks, not included elsewhere
pr Preliminary.
Revised.
1. Represents gains or losses on foreign-currency-denominated assets due to their revaluation
at current exchange rates.
2. Includes changes in coverage, statistical discrepancies, and other adjustments to the value
of assets.
3. Reflects changes in the value of the official gold stock due to fluctuations in the market
price of gold.
4. Also includes paid-in capital subscriptions to international financial institutions and outstanding
Valuation adjustments
Total
Capital
flows
Price
(a)
(b)
Position
1996'
Exchange
Other
rate
changes2
changes
(c)
(a+b+c+d)
(d)
-687,702 -195,111
-637,480 -195,111
32,038
39,063
-22,195
-46,339
2,446
3,272,731
3,700,432
352,444
352,444
121,367
267,858
-21,849
-45,567
-3,964
9,373
176,061
101,279
11,037
14,649
49,096
-6,668
-4,581
-4,581
-4,073
^370
1,280
-7,578
-355
-494
-3,224
81,897
79,958
79,178
780
1,939
690
796
846
-50
-106
-34
-1
3,014,773
3,442,474
358,422
358,422
125,948
272,439
-17,742
-41,460
-3,965
9,372
462,663 3,477,436
598,773 4,041,247
884,290
1,311,991
1,054,352
355,284
699,068
307,982
87,813
87,813
108,189
49,403
58,786
64,234
7,375
153,866
118,573
806
117,767
-4,726
-28,444
-7,675
-7,521
-154
-3,161
-3,954
9,383
86,508 970,798
222,618 1,534,609
219,087 1,273,439
42,688 397,972
176,399 875,467
61,073 369,055
768,149
98,186
-2,180
-11
3,960,433
4,337,912
547,555
547,555
89,329
228,795
346
772
-6,410
809
678,451
498,906
471,508
27,398
25,225
107,394
46,926
122,354
115,634
111,253
4,381
720
4,722
1,278
4,345
-4,333
-3,802
-531
3,281,982
3,659,461
425,201
425,201
84,984
224,450
346
772
-6,409
810
504,122 3,786,104
651,233 4,310,694
654,502
1,031,981
389,383
192,300
999,537
534,116
465,421
232,891
76,955
76,955
155,578
17,300
133,798
121,194
12,604
31,786
5,356
144,822
-14,411
-426
-7,335
-116
94,039
721
93,318
-1,887
-1,887
74,550 729,052
221,661 1,253,642
141,167 530,550
17,300 209,600
225,950 1,225,487
120,028 654,144
105,922 571,343
38,644 271,535
813,369
9,784
3
-4,581
-1
-33
1
1
-12
13
-1
-1
8,678
5,932
-3,273
926
-182,822
-193,823
-670,524
-631,303
447,998 3,720,729
584,108 4,284,540
-15,322
96,698
-725
786
-10,802
160,739
657
796
834
-38
-139
82,554
80,754
80,012
742
1,800
95,995
10,312
15,435
38,294
864,144
630,820 4,591,253
777,931 5,115,843
126,698
111,301
107,451
3,850
719
4,722
9,956
6,511
805,149
610,207
578,959
31,248
25,944
112,116
56,882
819,880
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.
5. Includes indebtedness that the borrower may contractually, or at its option, repay with its
currency, with a third country's currency, or by delivery of materials or transfer of services.
6. Primarily U.S. Government liabilities associated with military sales contracts and other transactions arranged with or through foreign official agencies.
NOTE.—The data in this table are from table 1 in "International Investment Position of the United States in 1996" in the July 1997 issue of the SURVEY OF CURRENT BUSINESS.
D-57
D-58
• International Data
June 1998
SURVEY OF CURRENT BUSINESS
Table G.2.—U.S. Direct Investment Abroad: Selected Items, by Country and by Industry of Foreign Affiliate, 1994-96
[Millions of dollars]
Direct investment position on <
historical-cost basis
All countries, all industries ..
1994
1995
1996
640,320
717,554
796,494
Capital outflows (inflows (-))
1994
1995
68,272
85,115
1996
85,560
Income
1994
68,597
1995
87,448
1996
95,067
By country
78,018
85,441
91,587
6,760
8,435
6,875
5,873
8,812
8,642
Europe
Of which:
France
Germany
Netherlands
United Kingdom
320,135
360,994
399,632
28,785
45,292
45,274
30,468
41,320
46,183
28,204
38,467
29,558
121,321
32,950
44,226
39,344
122,767
34,000
44,259
44,667
142,560
2,586
2,217
6,331
7,177
5,726
4,373
8,420
4,515
5,221
955
7,140
18,310
1,296
3,107
5,081
8,082
2,728
4,783
6,890
11,384
3,322
4,286
7,991
13,862
Latin America and Other Western Hemisphere
Of which:
Brazil
Mexico
115,093
128,252
144,209
19,010
14,753
14,299
16,299
15,221
17,404
18,400
16,169
23,706
15,980
26,166
18,747
3,517
3,674
2,955
3,064
2,747
4,756
2,497
3,515
1,369
3,879
2,931
Africa
5,606
6,383
7,568
332
873
1,221
1,395
1,861
1,963
Middle East
6,741
7,669
8,743
242
905
1,044
964
1,393
1,458
111,373
125,834
140,402
13,121
15,241
14,752
13,474
18,542
18,937
20,217
36,524
25,003
38,406
28,769
39,593
32
2,384
6,450
1,079
3,789
1,817
2,392
2,379
3,402
4,117
2,979
3,950
3,355
2,981
4,352
22
-384
2,096
124
300
Canada
Asia and Pacific ,
Of which:
Australia
Japan
International
By industry
67,104
70,229
75,479
1,690
2,437
6,144
7,177
9,730
11,960
211,431
29,588
49,128
10,017
26,781
19,925
29,420
46,572
250,253
32,439
62,151
12,032
33,716
25,242
33,972
50,701
272,564
36,179
69,430
13,603
35,020
29,519
33,543
55,270
23,953
3,764
819
2,010
2,867
5,993
3,508
42,531
2,871
18,477
1,935
5,286
4,995
4,636
4,330
28,530
3,280
7,835
5,009
2,016
4,513
714
5,163
26,699
4,690
6,839
896
2,177
3,234
3,539
5,324
35,065
4,728
8,877
1,365
4,373
4,494
3,952
7,277
34,975
4,684
10,001
1,004
4,579
4,374
3,429
6,903
Wholesale trade
62,608
67,222
72,462
6,325
8,511
7,048
7,753
9,191
9,272
Banking
26,693
28,123
32,504
1,786
714
1,329
3,785
2,889
3,767
213,175
228,744
257,213
22,982
12,109
28,985
18,302
23,757
27,797
Services
26,734
32,769
36,673
5,613
7,702
3,644
2,796
3,815
3,997
Other industries
32,575
40,213
49,600
5,924
11,113
9,880
2,085
3,002
3,299
Petroleum
Manufacturing
Food and kindred products
Chemicals and allied products
Primary and fabricated metals
Industrial machinery and equipment
Electronic and other electric equipment ,
Transportation equipment
Other manufacturing
Finance (except banking), insurance, and real estate .
NOTE.—In this table, unlike in the international transactions accounts, income and capital outflows are shown without a current-cost adjustment, and income is shown net of withholding taxes,
In addition, unlike in the international investment position, the direct investment position is valued
at historical cost.
The data in this table are from tables 17 and 18 in "U.S. Direct Investment Abroad: Detail
for Historical-Cost Position and Related Capital and Income Flows, 1996" in the September 1997
SURVEY OF CURRENT BUSINESS.
International Data •
SURVEY OF CURRENT BUSINESS
June 1998
Table G.3.—Selected Financial and Operating Data for Nonbank Foreign Affiliates of U.S. Companies, by Country and by
Industry of Affiliate, 1995
Number of
affiliates
All countries, all industries
Millions of dollars
Total assets
Sales
Net income
Number of
employees
(thousands)
21,318
2,815,141
2,023
10,435
246,242
231,081
8,313
918.1
1,567,904
1,176,126
63,083
3,014.5
1,226
1,358
757
999
505
2,393
3,256
135,906
219,538
59,468
139,078
132,464
641,348
124,457
234,169
68,550
112,182
60,128
363,372
4,303
6,467
2,315
11,492
7,203
14,338
413.9
596.3
198.7
138.8
50.6
928.8
316,495
191,340
23,419
1,485.2
400
823
502
338
4,665
48,477
59,115
44,536
61,122
5,073
4,732
299.9
743.6
22,604
20,587
1,845
126.5
2,140,438
124,675
7,377.0
By country
Canada .
Europe
Of which:
France
Germany
Italy
Netherlands
Switzerland
United Kingdom
Latin America and Other Western Hemisphere
Of which:
Brazil
Mexico
Africa
,
Middle East
Asia and Pacific .
Of which:
Australia
Japan
855
1,006
99
International
30,231
21,703
2,899
73.4
614,555
492,181
24,464
1,747.6
81,055
280,164
63,056
211,821
2,944
4,979
258.7
414.9
17,110
7,421
653
11.8
By industry
Petroleum ,
Manufacturing
Food and kindred products
Chemicals and allied products
Primary and fabricated metals
Industrial machinery and equipment
Electronic and other electric equipment
Transportation equipment
Other manufacturing
Wholesale trade
Finance (except banking), insurance, and real estate .
Services
Other industries
NOTE.—The data in this table are from "U.S. Multinational Companies: Operations in 1995"
in the October 1997 SURVEY OF CURRENT BUSINESS.
1,520
8,023
764
1,942
722
1,033
855
469
2,238
4,878
2,742
2,671
1,484
272,087
428,030
13,981
230.9
779,339
99,571
180,964
35,266
112,921
71,483
124,721
154,413
984,868
113,166
189,096
36,862
159,205
95,395
218,333
172,811
53,795
7,064
15,695
1,227
7,611
6,443
4,406
11,348
4,376.6
554.4
591.9
195.7
529.4
846.0
697.6
961.5
206,015
367,515
15,124
538.3
1,229,643
108,441
30,507
191.0
114,995
100,035
4,050
779.8
213,062
151,548
7,219
1,260.4
D-59
D-60
• International Data
SURVEY OF CURRENT BUSINESS
June 1998
Table G.4.—Foreign Direct Investment in the United States: Selected Items, by Country of Foreign Parent and by Industry of
Affiliate, 1994-96
[Millions of dollars]
Direct investment position on a
historical-cost basis
All countries, all industries ..
Capital inflows (outflows (-))
Income
1994
1995
1996
1994
1995
1996
630,045
46,995
69,414
78,828
21,286
32,029
33,759
48,258
53,845
4,960
7,080
5,670
2,996
3,911
3,285
303,649
357,193
410,425
28,002
55,300
59,809
16,059
22,975
25,806
33,603
40,345
67,210
104,867
38,480
49,269
65,806
126,177
49,307
62,242
73,803
142,607
3,881
7,144
-3,174
8,076
4,500
10,229
-1,789
20,446
10,928
16,283
8,225
18,929
-63
2,256
4,120
7,232
1,722
1,908
5,212
11,006
2,654
2,097
6,294
9,220
26,070
25,240
24,627
4,767
-1,121
131
1,391
1,349
1,557
629
2,412
751
1,980
591
1,078
-8
1,248
97
-470
-99
-447
88
2
91
81
34
-6
1,230
1,164
717
44
-66
-440
-19
54
-113
1994
1995
1996
496,539
560,850
41,959
By country
Canada
Europe
a which:
France
Germany
Netherlands
United Kingdom ...
Latin America and Other Western Hemisphere
a which:
Brazil
Mexico
Africa
Middle East
Asia and Pacific .
a which:
Australia
Japan
6,674
6,008
6,177
161
-298
555
54
209
141
116,956
122,986
134,255
9,061
8,519
13,104
805
3,531
3,084
102,999
7,833
107,933
9,747
118,116
1,101
6,238
504
6,591
2,129
11,930
-268
985
112
3,405
^31
3,106
By industry
Petroleum ,
Manufacturing
Food and kindred products
Chemicals and allied products
Primary and fabricated metals
Machinery
Other manufacturing
Wholesale trade
32,290
33,888
42,343
1,665
3,152
8,113
1,902
2,970
4,190
189,459
21,411
66,028
14,320
35,196
52,504
213,026
26,898
71,367
14,085
37,638
63,037
234,323
28,089
74,810
18,727
37,093
75,604
19,673
-1,375
10,820
1,982
3,826
27,849
5,596
11,306
312
3,986
29,112
2,439
10,788
2,134
4,643
-216
1,165
3,063
15,886
1,709
6,202
1,273
2,316
4,386
17,262
1,780
6,247
1,060
1,739
6,436
63,792
66,393
77,937
2,611
3,863
3,548
Retail trade
11,857
12,743
15,008
Depository institutions
27,139
34,076
31,903
Finance, except depository institutions
41,000
62,369
70,185
Insurance
38,833
50,975
59,566
Real estate
31,613
29,704
30,118
Services
37,045
32,887
38,945
Other industries
23,511
24,788
29,716
NOTE.—In this table, unlike in the international transactions accounts, income and capital inflows
are shown without a current-cost adjustment, and income is shown net of withholding taxes. In
addition, unlike in the international investment position, the direct investment position is valued
at historical cost.
5,280
-35
4,419
6,648
14,548
5,785
6,453
9,799
1,532
1,207
2,140
3,800
6,566
562
3,652
16,681
7,775
2,759
4,114
7,739
259
-880
388
2,303
1,946
8,618
5,570
2,326
4,583
399
544
496
2,837
4,725
2,626
831
697
714
2,237
1,913
3,048
-£80
-623
62
-345
212
396
705
1,841
1,418
The data in this table are from tables 16 and 17 in "Foreign Direct investment in the United
States: Detail for Historical-Cost Position and Related Capital and Income Flows, 1996" in the
September 1997 SURVEY OF CURRENT BUSINESS.
International Data •
SURVEY OF CURRENT BUSINESS
June 1998
Table G.5.—Selected Financial and Operating Data of Nonbank U.S. Affiliates of Foreign Companies, by Country of Ultimate
Beneficial Owner and by Industry of Affiliate, 1996
Millions of dollars
Millions of dollars
Number of
affiliates
All countries, all industries
12,626
Total assets
2,613,985
Sales
1,596,022
Net income
21,110
Gross
product
339,485
Thousands of
employees
4,977.5
U.S.
exports of
U.S.
imports of
shipped by
shipped to
affiliates
136,588
252,990
By country
1,289
263,862
121,650
5,035
30,026
618.6
5,658
14,123
5,411
1,507,678
881,931
15,885
218,174
3,103.9
63,104
86,533
667
1,328
397
623
1,203
274,775
249,891
180,292
275,890
413,966
127,434
168,151
111,395
96,026
277,026
3,120
3,096
2,785
310
5,890
32,584
40,467
29,299
19,461
73,960
411.8
610.2
378.8
306.2
972.6
18,386
13,493
4,468
6,457
12,354
12,888
28,304
1,088
57,482
53,767
147
12,699
155.4
5,725
10,621
78
275
10,652
8,454
4,462
7,982
160
-643
283
1,439
4.5
35.8
1,192
688
1,241
2,248
74
11,708
10,605
733
2,555
22.7
522
560
430
26,501
21,024
-258
5,292
61.8
607
5,481
4,249
635,683
487,580
-3,370
65,469
972.9
60,077
134,416
171
3,240
44,617
549,408
23,013
418,320
243
-2,271
5,539
54,560
77.4
776.4
1,268
52,555
1,375
117,433
85
111,071
19,466
2,938
5,270
42.2
894
1,255
236
114,735
152,832
5,586
32,733
111.8
9,984
21,080
Manufacturing
Food and kindred products
Chemicals and allied products
Primary and fabricated metals
Machinery
Other manufacturing
2,950
257
338
407
736
1,212
578,886
58,624
180,996
60,804
95,234
183,228
552,023
49,562
134,451
62,902
124,066
181,042
7,153
3,591
549
1,010
-737
2,738
156,354
11,783
42,095
16,079
31,863
54,534
2,213.6
205.4
409.8
233.3
536.8
828.4
58,821
2,848
15,656
4,066
20,575
15,677
78,531
3,379
14,254
7,390
28,733
24,776
Wholesale trade
2,230
233,829
466,700
2,839
41,973
488.6
62,792
147,958
377
24,544
821.0
1,507
3,408
64
6,001
49.3
15
21
0
Canada
Europe
Of which:
France
Germany
Netherlands
Switzerland
United Kingdom
....
Latin America and Other Western
Of which:
Brazil
Mexico
Africa
Middle East...
Asia and Pacific
Of which:
Australia
Japan
United States
7,550
13,267
By industry
Petroleum
Retail trade
352
Finance, except depository institutions .
907
Insurance
161
3,507
50,063
94,028
705,181
58,230
575,947
89,625
100,549,
13,903
Services
1,283
105,297
56,247
Other industries ....
1,000
149,497
112,434
D
Suppressed to avoid disclosure of data of individual companies.
NOTE.—The data in this table are from tables A1 and A2 in Foreign Direct Investment in the
United States: Operations of U.S. Affiliates of Foreign Companies, Preliminary 1996 Estimates
(forthcoming).
5,306
10,658
152.0
0
-1,718
4,984
27.1
7
1
-3,402
21,840
633.8
738
1,173
4,907
40,398
480.3
2,725
818
D-61
D-62
• International Data
SURVEY OF CURRENT BUSINESS
June 1998
H. International Perspectives.
Quarterly data in this table are shown in the middle month of the quarter.
Table H.1.—International Perspectives
1997
1996
1998
1997
Mar.
Feb.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Exchange rates per U.S. dollar (not seasonally adjusted)
Canada (Can.$/US$)
France (FFr/US$)
Germany (DM/US$)
Italy (L/US0
Japan (¥/US£)
Mexico (Peso/US$)
United Kingdom (US$/£)
;
Addendum:
Exchange value of the U.S. dollar1 ...
1.3725
4.9864
1.4321
16.2945
.9396
6.4467
1.5785
1.3638
5.1158
1.5049
15.4276
1.0878
7.6004
1.5607
1.3556
5.6536
1.6747
16.5500
1.2296
7.8023
1.6285
1.3725
5.7154
1.6946
16.9121
1.2277
7.9562
1.6096
1.3942
5.7672
1.7119
16.9452
1.2564
7.9059
1.6293
1.3804
5.7482
1.7048
16.8433
1.1919
7.9037
1.6322
1.3843
5.8293
1.7277
16.9454
1.1429
7.9498
1.6449
1.3775
6.0511
1.7939
17.4591
1.1538
7.8679
1.6694
1.3872
6.2010
1.8400
17.9712
1.1793
7.7818
1.6035
1.3872
6.0031
1.7862
17.4322
1.2089
7.7809
1.6013
1.3869
5.8954
1.7575
17.2109
1.2106
7.8708
1.6330
1.4128
5.8001
1.7323
16.9708
1.2538
8.2716
1.6889
1.4271
5.9542
1.7788
17.4386
1.2973
8.1271
1.6597
1.4409
6.0832
1.8165
17.8787
1.2955
8.2272
1.6350
1.4334
6.0744
1.8123
17.8828
1.2585
8.5021
1.6408
1.4166
6.1257
1.8272
17.9907
1.2908
8.5681
1.6619
84.25
87.34
94.52
95.60
96.39
95.29
95.42
97.48
yy.yb
98.29
97.07
96.37
98.82
100.52
99.93
100.47
8.6
12.2
11.8
8.9
12.1
11.6
8.6
12.1
11.5
8.5
12.0
11.5
3.4
3.3
5.0
3.5
3.5
5.0
3.5
3.3
4.9
4.9
Unemployment rates (percent, seasonally adjusted)
9.1
12.6
11.4
9.0
12.5
11.5
3.3
4.1
5.9
9.4
12.5
11.4
12.4
3.6
3.9
5.8
3.5
3.5
5.7
5.0
4.8
5.0
Canada
France
Germany
Italy
, "
Japan . ..
Mexico
United Kingdom
9.7
12.3
10.4
12.1
3.4
5.5
7.5
9.2
12.5
11.5
12.3
3.4
3.7
5.6
9.7
12.5
11.2
12.2
3.3
4.1
6.2
9.3
12.5
11.2
9.5
12.5
11.2
3.2
4.2
6.1
Addendum:
United States
5.6
5.4
5.3
5.2
9.0
12.5
11.7
9.1
12.5
11.8
3.4
3.8
5.5
9.0
12.5
11.6
12.1
3.4
3.5
5.4
3.4
3.3
5.3
3.4
3.3
5.2
9.0
12.4
11.8
12.2
3.5
3.4
5.1
4.9
4.9
4.9
4.8
4.6
4.7
4.7
4.6
4.7
120
Consumer prices (seasonally adjusted, 1990=100)
Canada
France
Germany (1991=100)
Italy
Japan
Mexico
United Kingdom
113.5
1138
116.5
133.2
107.1
301.7
121.1
115.3
1152
118.6
136.0
109.0
364.0
124.9
114.9
1149
118.1
135.1
107.6
347.6
122.9
115.2
1150
117.9
135.4
107.5
352.0
123.2
115.2
115.0
117.9
135.6
109.1
355.8
123.9
115.3
115.2
118.4
136.0
109.0
359.0
124.4
115.5
115.2
118.6
136.0
109.3
362.2
124.9
115.5
115.0
119.2
136.0
109.3
365.3
124.9
115.7
115.3
119.3
136.1
109.5
368.6
125.7
115.6
115.5
119.0
136.2
109.7
373.2
126.3
115.7
115.5
118.9
136.6
109.9
376.2
126.5
115.5
115.7
118.9
137.1
109.7
380.4
126.5
115.4
115.7
119.1
137.1
T09.6
385.7
126.9
116.0
115.3
119.1
137.5
109.6
394.1
126.5
116.1
115.7
119.4
137.9
109.7
401.0
127.1
116.2
115.9
119.2
138.3
109.9
405.7
127.5
Addendum:
United States
120.0
122.9
122.3
122.5
122.5
122.5
122.8
122.9
123.1
123.5
123.7
123.8
123.9
123.9
124.0
124.0
Real gross domestic product (percent change from preceding quarter, seasonally adjusted at annual rates)
Canada
France
Germany
Italy
Japan
Mexico
United Kingdom
1.2
3.8
4.7
1.6
1.4
.6
3.9
5.2
2.2
2.3
2.3
1.5
.9
7.0
3.3
.8
1.5
0
8.3
6.4
3.3
5.2
46
3.8
77
3.9
3.5
2.9
2.9
-10 6
17.9
3.4
3.2
4.9
3.1
-1.7
1.3
Addendum:
United States
2.8
3.8
4.9
33
3.1
3.7
See footnotes at the end of the table.
3.0
3.0
1.1
.6
-7
4.8
International Data •
SURVEY OF CURRENT BUSINESS
June 1998
D-63
Table H.1.—International Perspectives—Continued
1998
1997
1996
1997
Feb.
Mar.
May
Apr.
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Short-term, 3-month, interest rates (percent, not seasonally adjusted)
Canada
France
Germany
. y
Japan
Mexico
United Kingdom
.
,
Addendum:
United States
4.43
3.94
3 31
8.82
59
3291
6.02
3 53
3.46
3.33
6.88
60
21 26
6.83
3.10
3.33
3.19
7.36
55
21.96
6.19
3.20
3.36
3.26
7.43
.56
22.32
6.20
3.41
3.40
3.23
7.13
.56
22.37
6.37
3.29
3.48
3.17
6.83
.58
20.59
6.45
3.22
3.43
3.14
6.88
.61
21.40
6.66
3.51
3.39
3.14
6.89
.67
19.40
6.95
3.63
3.43
3.26
6.87
.59
20.15
7.15
3.60
3.41
3.31
6.67
.56
20.51
7.20
. 3.76
3.59
3.58
6.65
.53
19.91
7.25
3.99
3.69
3.74
6.49
.55
22.01
7.54
4.58
3.69
3.74
6.08
.89
19.88
7.62
4.62
3.62
3.57
6.09
.95
19.37
7.48
4.96
3.57
3.51
6.13
1.01
19.63
7.45
20.76
7.48
551
5.02
5.00
5.14
5.17
5.13
4.92
5.07
5.13
4.97
f (
5.15
5.16
5.09
5.11
5.03
4 .95
4.85
3.57
3.52
5.62
Long-term interest rates, government bond yields (percent, not seasonally adjusted)
Canada
France
Germany
i£iy
y
Japan
Mexico
United Kinqdom
.-..;
Addendum:
United States
7.54
6 51
6.10
8.85
2.98
6.47
5.67
5.50
6.55
2.11
6.74
5.39
5.40
6.93
2.40
6.92
5.80
5.60
7.55
2.27
7.09
5.93
5.70
7.37
2.36
6.90
5.96
5.60
7.02
2.55
6.63
5.67
5.60
6.82
2.37
6.30
5.50
5.40
6.38
2.12
6.30
5.65
5.50
6.53
2.01
6.19
5.55
5.50
6.10
1.88
5.94
5.80
5.50
5.90
1.62
5.76
5.66
5.50
5.81
1.73
5.85
5.45
5.30
5.44
1.66
5.58
5.26
5.10
5.21
1.77
5.60
5.11
4.90
5.15
1.66
5.64
5.04
4.90
4.92
1.58
7.82
7.04
7.20
746
7.65
7.16
7.13
7.04
7.08
6.80
6.50
6.61
6 36
6 08
6 03
5 95
6.44
6.35
6.42
6.69
6.89
6.71
6.49
6.22
6.30
6.21
6.03
5.88
5.81
5.54
5.57
5.65
*
Share price indices (not seasonally adjusted, 1 990=100)
Japan
Mexico
United Kingdom
154.0
118.0
115.6
96.0
74.0
554.8
167.0
189.0
152.0
158.4
131.0
64.0
779.2
189.0
180.0
145 0
138.9
119.G
64.0
673.7
179.0
171.0
148.0
145.8
114.0
63.0
657.4
182.0
175.0
145.0
145.7
116.0
63.0
658.9
179.0
187.0
149.0
154.4
119.0
68.0
696.1
185.0
188.0
151.0
160.2
123.0
70.0
781.9
186.0
201.0
161.0
174.8
138.0
70.0
888.9
190.0
193.0
161.0
176.4
139.0
68.0
815.3
194.0
206.0
160.0
170.2
145.0
65.0
933.4
198.0
200.0
159.0
171.5
149.0
62.0
815.2
203.0
190.0
151.0
161.5
145.0
57.0
872.5
194.0
196.0
157.0
171.2
154.0
55.0
917.2
200.0
196.0
163.0
176.7
175.0
56.0
801.4
205.0
207.0
175.0
188.2
1890
58.0
839.2
216.0
221.0
195.0
201.1
214 0
58.0
879.8
226.0
Addendum:
United States
195.0
249.0
228.0
227.0
219.0
236.0
249.0
262.0
262.0
267.0
272.0
268.0
275.0
275.0
290.0
306.0
Canada
France
Germany
KaTyT...
1. Index of weighted average exchange value of U.S. dollar against currencies of other G-10 countries. March
1973=100. Weights are 1972-76 global trade of each of the 10 countries. Series revised as of August 1978. For
description and back data, see: Index of the weighted-average exchange value of the U.S. dollar: Revision" on
page 700 of the August 1978 Federal Reserve Bulletin.
NOTE.—All exchange rates are from the Board of Governors of the Federal Reserve System. U.S. interest rates,
unemployment rates, and GDP growth rates are from the Federal Reserve, the Bureau of Labor Statistics, and
BEA, respectively. All other data (including U.S. consumer prices and U.S. share prices, both of which have been
rebased to 1990 to facilitate comparison) are © OECD, April 1998, OECD Main Economic Indicators and are reproduced with permission of the OECD.
D-64
• International Data
SURVEY OF CURRENT BUSINESS
June 1998
I. Charts-
THE U.S. IN THE INTERNATIONAL ECONOMY
BALANCE ON CURRENT ACCOUNT
COMPONENTS OF CURRENT ACCOUNT BALANCE
U.S. DIRECT INVESTMENT ABROAD AND
FOREIGN DIRECT INVESTMENT IN THE US
Foreign purchases of U.S
U..S. purchases of foreign securities
EXPORTS AND IMPORTS
NET INTERNATIONAL INVESTMENT POSITION
VALUED AT CURRENT COST
Foreign assets in the United States
Net investment position
Regional Data •
SURVEY OF CURRENT BUSINESS
June 1998
D-65
Regional Data
J. State and Regional Tables.
The tables in this section include the most recent estimates of State personal income and gross state product.
The sources of these estimates are noted.
The quarterly and annual State personal income estimates and the gross state product estimates are
available on diskettes or CD-ROM. For information on personal income, E-mail reis.remd@bea.doc.gov; write
to the Regional Economic Information System, BE-55, Bureau of Economic Analysis, U.S. Department of
Commerce, Washington, DC 20230; or call 202-606-5360. For information on gross state product, E-mail
gspread@bea.doc.gov; write to the Regional Economic Analysis Division, BE-6I, Bureau of Economic Analysis,
U.S. Department of Commerce, Washington, DC 20230; or call 202-606-5340.
Table J.1 .—Quarterly Personal Income for States and Regions
Millions of dollars
1995
Area name
I
United States.
Maryland
New Jersey
New York
Pennsylvania
Great Lakes .
Illinois
Indiana
Michigan ...
Ohio
Wisconsin .
I
II
III
IV
1996:1V1997:1
1997:11997:11
1997:111997:111
1997:1111997:1V
1,184,607 1,194,810 1,203,048 1,215,160 1,236,233 1,252,392 1,262,579 1,280,273 1,301,621 1,311,797 1,327,342 1,346,025
20,257
19,646
19,838
21,804
18,476
18,853
19,190
20,658
20,879
20,793
18,586
21,453
18,518
18,308
18,231
19,210
17,953
18,002
18,068
18,655
18,765
18,764
18,017
19,118
132,154 133,215 133,879 135,000 137,463 139,238 140,788 142,701
145,396 146,623 148,282 150,008
235,237 237,700 239,500 241,671 245,793 249,200 251,390 254,333 259,356 260,360 264,085 268,037
499,539 503,400 506,656 511,888 521,731 527,781 530,585 539,518 548,633 553,639 560,270 568,495
281,248
286,159 289,342 293,291 298,104 301,041 304,407 308,593 311,618 314,133 318,472
.8
-.4
0
.8
.4
.9
1.4
1,050,235 1,067,370 1,080,301 1,089,650 1,106,609 1,119,933 1,128,289 1,149,627
312,076 316,097 320,182 324,047 328,829 333,983 336,897 342,244
128,633 131,340 133,092 134,560 136,045 137,813 138,614 141,188
234,392 238,969 241,018 242,695 246,653 248,416 248,952 255,246
257,163 261,247 264,643 265,927 270,865 273,833 276,630 282,139
117,971 119,717 121,367 122,421
124,217 125,888 127,195 128,811
1.2
1.6
1.3
.7
1.1
1.3
.7
.9
.6
.2
1.0
1.0
1.9
1.6
1.9
2.5
2.0
1.3
1.0
.4
1.1
1.0
1.1
.8
1.8
1.2
1.4
1.0
1.6
1.6
.8
.7
-.2
105,960
24,963
171,018
29,518
23,505
12,508
371,338
106,986
24,985
173,444
29,576
23,709
12,637
375,980
108,293
25,272
175,714
30,038
23,850
12,813
1,010,950 1,016,351 1,025,146
298,069 299,717 302,382
124,847 125,170 125,755
227,670 227,552 229,853
247,428 249,879 252,119
112,935 114,034 115,038
306,672
126,976
232,821
255,173
116,446
401,451
58,656
55,921
110,296
116,252
34,644
11,823
13,859
411,800
60,355
57,063
113,325
118,667
35,956
12,141
14,292
397,161
58,245
55,483
109,163
114,604
34,302
11,634
13,731
405,890
59,375
56,490
111,254
117,510
35,324
11,871
14,066
380,053
109,680
25,588
177,343
30,485
23,944
13,014
422,960
62,423
58,652
116,338
120,825
385,795
111,186
25,970
180,394
24,250
13,167
430,169
112,010
26,261
182,374
31,242
24,370
13,312
435,915
64,116
395,684
113,754
26,651
185,460
31,689
24,735
13,394
440,337
64,558
60,607
121,864
125,565
38,803
13,334
15,608
403,796
116,652
27,064
189,284
32,129
25,076
13,591
444,213
64,919
61,792
122,984
127,576
38,817
12,688
15,436
408,187
117,974
27,334
191,194
32,621
25,320
13,743
450,456
65,812
62,933
124,922
128,705
39,337
12,905
15,842
412,742
118,809
27,468
193,855
33,306
25,493
13,811
454,792
66,092
63,611
126,176
130,110
39,634
13,138
16,030
461,043
66,759
64,707
128,146
132,231
1.6
.5
1.2
1.5
1.5
1.4
1.0
13,233
16,002
-4.8
-1.1
1.4
1.4
1.8
1.6
.9
1.3
1.7
2.6
1,315,560 1,331,076 1,346,874 1,366,190 1,384,339 1,409,214 1,428,240 1,443,156 1,470,700 1,487,153 1,504,723 1,528,018
82,513
84,107
85,642
87,483
88,794
89,599
91,425
81,660
83,195
90,265
47,967
44,029
45,249
46,328
47,486
48,367
48,605
49,317
50,134
44,661
46,105
49,578
321,913 325,849 330,253 334,527 341,767 346,884 351,655 355,314 362,233 366,825 372,711 378,552
154,384 156,073 158,686 162,061 164,035 168,043 170,774 172,724 176,551 178,500 180,844 184,604
77,613
71,479
74,903
76,359
78,169
79,421
80,329
82,178
72,329
72,917
73,992
80,985
86,117
81,258
83,938
85,242
86,912
88,464
89,573
91,522
81,810
82,892
90,414
48,070
44,245
47,461
48,271
49,020
49,723
50,689
44,681
45,289
50,132
45,978
148,915 151,482 153,315 156,685 157,990 161,778 163,988 166,565 170,427 172,554 173,820 176,553
74,693
69,074
73,542
75,425
76,746
77,555
78,447
72,159
70,531
79,422
71,553
109,671 111,128 112,307 113,991 114,507 116,382 117,799 119,047 121,393 122,750 124,094 126,014
169,463
157,956 159,637
167,401
171,295 175,117 176,186 178,951
165,270
162,734
33,406
31,771
32,994
33,585
33,930
34,241
34,479
32,726
35,037
31,905
32,379
32,037
1.9
1.5
.5
1.9
2.2
1.6
1.8
1.6
2.3
1.8
2.0
2.2
1.0
1-1
.9
1.5
1.3
1.1
1.1
1.3
1.4
1.2
1.1
1.1
.6
.9
1.2
.7
.5
1.6
1.3
.8
.9
.8
.7
1.2
1.1
1.6
.7
1.5
1.3
1.1
1.6
2.1
1.5
1.2
1.1
1.6
1.2
1.5
1.6
1.6
12,861
14,880
63,291
59,313
118,861
122,706
37,663
13,101
15,235
120,788
124,025
38,067
13,345
15,492
2.0
.9
1.6
0
1.7
584,172
88,342
31,003
61,599
403,228
592,542
89,956
31,325
62,380
408,881
603,416
92,246
31,761
63,165
416,243
613,181
93,867
32,102
64,254
422,958
32,365
65,022
430,200
630,148
96,687
32,553
65,562
435,345
647,175
99,158
33,215
67,282
447,519
657,362
100,800
33,782
67,844
454,936
670,259
102,684
34,043
68,318
465,214
680,401
104,834
34,485
69,295
471,788
2.7
2.6
2.0
2.6
2.8
1.6
1.7
1.7
.8
1.7
2
1.9
.8
.7
2.3
1.5
2.1
1.3
1.4
1.4
177,461
92,439
22,438
16,246
36,282
10,057
180,763
183,516
95,758
23,111
16,584
37,888
10,175
187,099
97,504
23,563
16,810
38,883
10,340
190,028
99,179
23,798
17,011
39,601
10,439
192,116
100,466
23,897
17,199
40,059
10,495
195,748
102,484
24,240
17,261
41,042
10,721
198,862
104,303
24,566
17,500
41,675
10,818
202,815
106,642
25,032
17,720
42,477
10,945
205,117
107,770
25,292
17,984
43,094
10,977
1.9
2.0
1.4
.4
2.5
2.1
1.6
1.8
1.3
1.4
1.5
2.0
2.2
1.9
1.3
1.9
1.2
1.1
1.1
1.0
1.5
1.5
.3
1,028,666 1,040,352 1,052,513 1,062,166 1,084,236 1,100,895 1,116,309 1,131,498 1,153,872 1,172,027 1,183,013 1,201,518
14,799
14,990
14,921
15,188
15,422
14,811
15,437
15,628
14,521
14,513
14,599
14,640
753,101 760,910 769,110 775,349 791,319 803,049 813,415 824,940 840,203 853,423 861,125 874,667
30,159
30,171
30,568
30,052
30,989
31,203
29,655
29,713
29,905
29,363
29,638
43,054
42,213
44,049
41,313
44,997
45,842
37,505
39,041
40,283
36,905
38,337
75,661
74,621
77,528
73,282
79,703
80,822
68,220
70,634
71,919
78,426
67,288
69,377
127,488 129,549 131,453 132,789 136,011 138,388 140,968 142,695 146,336 149,140 150,762 153,357
2.0
1.3
1.9
1.4
2.3
2.5
2.6
1.6
1.5
1.6
.8
1.7
1.2
1.9
.9
.1
.9
.6
.4
1.6
1.1
1.6
1.2
1.6
.7
1.9
1.4
1.7
575,996
86,456
30,541
61,036
Rocky Mountain .
172,959
90,017
21,940
15,906
35,211
174,619
Colorado
Idaho
Montana
Utah
Wyoming
397,964
90,798
22,121
16,042
35,692
9,966
22,960
16,447
37,476
10,199
1. Percent changes are expressed at quarterly rates and are calculated from seasonally adjusted unrounded data,
I Sl^WSS^
il omits the earnings of Federal civilian and military personnel stationed abroad and of U S . residents employed
IV
1.6
568,332
85,355
30,202
60,309
392,466
Washington
III
1.5
1.7
1.3
1.6
.6
1.4
1.3
367,472
Southwest
Arizona
New Mexico
Oklahoma
Texas
Oregon
II
1.2
Iowa
Far West
Alaska
California
Hawaii
Nevada
I
1.1
1.1
1.0
1.0
1.5
1.0
1.1
Kansas
Minnesota
Missouri
Nebraska
North Dakota .,
South Dakota .
Virginia
West Virginia .
IV
419,084
120,860
27,820
197,053
33,507
25,856
13,987
362,015
104,786
24,632
168,234
28,837
23,105
12,420
Plains
Southeast
Alabama
Arkansas
Florida
Georgia
Kentucky
Louisiana
Mississippi
North Carolina ..
South Carolina .
III
1997
6,040,250 6,102,128 6,166,444 6,242,690 6,344,988 6,446,115 6,526,158 6,602,863 6,723,734 6,805,778 6,883,976 6,990,833
New England
Connecticut
Maine
Massachusetts...
New Hampshire.
Rhode Island
Vermont
Mideast
Delaware
District of Columbia
Percent change'
1996
623,216
abroad temporarily by private U.S. firms. It can also differ from the NIPA estimate because of different data sources
^ T $ e t ^Persona, .ncome and Per Cap«a Peraona, ,ncome by a * an, Region, m r in the May
1998 lssue
° ( ">«
SuRVEY
<* CuRBENT BUSINESS.
D-66
• Regional Data
SURVEY OF CURRENT BUSINESS
June 1998
Table J.2—Annual Personal Income and Disposable Personal Income for States and Regions
Personal income
Millions of dollars
Area name
Disposable personal income
Percent change'
1995
1996
1997
6,137,878
6,480,031
6,851,080
5.6
369,201
106,506
24,963
172,103
29,492
23,543
12,595
387,775
111,658
26,118
181,393
31,061
24,325
13,222
410,952
118,574
27,422
192,847
32,891
25,436
13,783
Mideast
Delaware
District of Columbia
Maryland
New Jersey
New York
Pennsylvania
1,199,406
18,776
18,010
133,562
238,527
505,371
285,160
1,257,869
20,100
18,428
140,048
250,179
529,904
299,211
Great Lakes ....
Illinois
Indiana
Michigan
Ohio
Wisconsin ....
1,022,634
301,710
125,687
229,474
251,150
114,613
1995-96
Millions of dollars
1996-97
Percent change'
1995
1996
1997
5.7
5,343,659
5,594,105
5,863,470
5.0
4.8
4.6
5.4
5.3
3.3
5.0
6.0
6.2
5.0
6.3
5.9
4.6
4.2
314,558
89,242
22,096
145,200
26,203
20,685
11,132
326,329
92,137
22,957
151,037
27,343
21,240
1.1,617
1,321,696
21,232
18,964
147,577
262,960
557,759
313,204
4.9
7.0
2.3
4.9
4.9
4.9
4.9
5.1
5.6
2.9
5.4
5.1
5.3
4.7
1,028,840
16,093
15,393
114,434
204,777
429,079
249,064
1,071,889
318,100
131,906
239,269
262,245
120,369
1,126,114
335,488
138,415
249,817
275,867
126,528
4.8
5.4
4.9
4.3
4.4
5.0
5.1
5.5
4.9
4.4
5.2
5.1
404,076
59,158
56,239
111,009
116,758
35,056
11,867
13,987
432,345
63,597
59,663
119,463
123,280
37,879
13,160
15,304
452,626
65,896
63,261
125,557
129,656
39,438
12,991
15,827
7.0
7.5
6.1
7.6
5.6
8.1
4.7
3.6
6.0
5.1
5.2
4.1
10.9
-1.3
9.4
1,339,925
82,058
45,011
328,135
157,801
72,680
82,237
45,048
152,599
70,255
111,774
160,303
32,023
1,416,237
85,982
47,537
348,905
168,894
76,761
85,552
47,603
162,580
73,955
116,934
168,357
33,178
1,497,648
90,021
49,409
370,080
180,125
80,728
89,993
49,891
173,339
78,043
123,563
178,035
34,422
Southwest
Arizona
New Mexico .
Oklahoma
580,261
87,527
30,768
61,331
400,635
617,490
94,607
32,195
64,501
426,187
Rocky Mountain .
Colorado
Idaho
Montana
Utah
Wyoming
176,451
91,734
22,364
16,160
36,165
10,027
1,045,924
14,568
764,617
29,592
37,947
68,880
130,320
United States .
New England
Connecticut
Maine
Massachusetts
New Hampshire
Rhode Island
Vermont
Plains ..
Iowa .
Minnesota
Missouri
Nebraska
North Dakota .,
South Dakota .
Southeast
Alabama
Arkansas
Florida
Georgia
Kentucky
Louisiana
Mississippi
North Carolina ...
South Carolina ..
Tennessee
Virginia
West Virginia
Texas
Far West
...
Alaska
California ....
Hawaii
Nevada
Oregon
Washington .
1996-97
4.7
4.8
342,388
96,782
23,917
158,997
28,659
22,017
12,016
3.7
3.2
3.9
4.0
4.3
2.7
4.4
4.9
5.0
4.2
5.3
4.8
3.7
3.4
1,070,096
17,074
15,748
119,119
212,327
446,280
259,549
1,115,016
17,873
16,066
124,230
220,828
466,370
269,650
4.0
6.1
2.3
4.1
3.7
4.0
4.2
4.2
4.7
2.0
4.3
4.0
4.5
3.9
884,624
260,022
109,028
199,056
218,044
98,474
919,661
271,651
113,599
205,968
225,957
102,486
957,664
283,780
118,254
213,011
235,951
106,669
4.0
4.5
4.2
3.5
3.6
4.1
4.1
4.5
4.1
3.4
4.4
4.1
373,194
55,601
51,560
99,991
107,487
33,002
11,748
13,805
386,731
57,087
54,178
104,043
111,855
33.971
11,431
14,165
6.2
7.0
5.2
6.3
5.0
7.3
3.6
2.7
5.1
4.1
4.1
2.9
10.8
-2.7
3.4
351,388
51,975
49,022
94,060
102,321
30,757
10,604
12,649
9.1
2.6
5.7
4.8
5.6
6.3
7.0
5.6
4.0
5.7
6.5
5.3
4.6
5.0
3.6
5.7
4.7
3.9
6.1
6.6
5.2
5.2
4.8
6.6
5.5
5.7
5.7
3.7
1,182,074
73,034
40,114
289,784
137,627
63,871
74,091
41,045
133,007
62,144
100,379
138,288
28,689
1,240,703
76,111
42,297
305,198
145,913
67,084
76,597
43,288
140,986
65,103
104,319
144,246
29,562
1,301,418
79,188
43,655
320,834
154,366
70,027
80,005
45,141
149,242
68,234
109,456
150,760
30,510
5.0
4.2
5.4
5.3
6.0
5.0
3.4
5.5
6.0
4.8
3.9
4.3
3.0
4.9
4.0
3.2
5.1
5.8
4.4
4.4
4.3
5.9
4.8
4.9
4.5
3.2
663,799
101,869
33,881
68,185
459,864
6.4
8.1
4.6
5.2
6.4
7.5
7.7
5.2
5.7
7.9
518,110
76,896
27,494
54,397
359,322
546,973
82,521
28,639
56,818
378,994
583,474
88,115
29,971
59,729
405,659
5.6
7.3
4.2
4.5
5.5
6.7
6.8
4.7
5.1
7.0
188,190
98,227
23,592
16,901
39,108
10,362
200,636
105,300
24,783
17,616
42,072
10,865
6.7
7.1
5.5
4.6
8.1
3.3
6.6
7.2
5.0
4.2
7.6
4.9
152,757
78,794
19,585
14,262
31,238
8,877
161,495
83,492
20,546
14,797
33,541
9,119
170,582
88,562
21,406
15,348
35,767
9,499
5.7
6.0
4.9
3.8
7.4
2.7
5.6
6.1
4.2
3.7
6.6
4.2
1,108,234
14,880
808,180
30,072
41,716
73,871
139,516
1,177,608
15,419
857,355
30,892
44,924
79,120
149,899
6.0
2.1
5.7
1.6
9.9
7.2
7.1
6.3
3.6
6.1
2.7
7.7
7.1
7.4
911,309
12,660
665,792
25,916
32,866
58,952
115,124
955,654
12,848
695,973
26,119
35,734
62,781
122,199
1,006,197
13,226
731,649
26,736
38,135
66,547
129,904
4.9
1.5
4.5
.8
8.7
6.5
6.1
5.3
2.9
5.1
2.4
6.7
6.0
6.3
1. Percent changes are calculated from unrounded data.
NOTE.—The personal income level shown for the United States is derived as the sum of the
State estimates. It differs from the national income and product accounts (NIPA) estimate of personal income because, by definition, it omits the earnings of Federal civilian and military personnel
1995-96
stationed abroad and of U.S. residents employed abroad temporarily by private U.S. firms. It can
also differ from the NIPA estimate because of different data sources and revision schedules.
Source: Tables 1 and 2 in "Personal Jncome and Per Capita Personal Income by State and
Region, 1997" in the May 1998 issue of the SURVEY.
Regional Data •
SURVEY OF CURRENT BUSINESS
June 1998
Table J.3.—Per Capita Personal Income and Per Capita Disposable Personal Income for States and Regions, 1995-97
Per capita personal income'
1995
Per capita disposable personal income'
Rank in U.S.
Dollars
Area name
1997
1996
23,359
24,436
25,598
27,800
32,603
20,227
28,397
25,726
23,783
21,609
29,099
34,174
21,087
29,808
26,772
24,613
22,545
30,717
36,263
22,078
31,524
28,047
25,760
23,401
26988
26,235
32,609
26,567
29,982
27,850
23,673
28,267
27,782
34,172
27,676
31,265
29,221
24,851
29,658
29,022
35,852
28,969
32,654
30,752
26,058
23,518
25,580
21,716
23,767
22,560
22,416
24,521
26,855
22,633
24,588
23,493
23,390
22,015
20,826
21,886
24,097
21,927
21,424
18,504
19,032
1997
Dollars
1995
1996
Rank in U.S.
1997
1997
20,337
21,096
21,908
23,686
27,318
17,904
23,958
22,857
20,897
19,099
24,488
28,200
18,535
24,820
23,567
21,492
19,808
25,592
29,598
19,256
25,990
24,438
22,297
20,401
6
2
4
15
23,150
22,486
27,871
22,762
25,739
23,646
20,676
24,048
23,600
29,202
23,540
26,535
24,610
21,557
25,020
24,430
30,372
24,386
27,422
25,713
22,434
7
2
4
14
25,658
28,202
23,604
25,560
24,661
24,475
7
29
18
21
22
20,344
22,046
18,837
20,616
19,586
19,259
21,038
22,933
19,492
21,166
20,242
19,915
21,820
23,855
20,166
21,794
21,093
20,634
8
31
19
21
25
23,410
22,330
23,133
25,699
22,984
22,975
20,479
20,749
24,373
23,102
24,379
26,797
24,001
23,803
20,271
21,447
24
10
26
27
45
37
19,145
18,298
19,077
20,418
19,216
18,797
16,534
17,211
20,207
19,522
19,991
21,510
20,040
20,017
18,282
18,717
20,825
20,014
20,879
22,205
20,706
20,503
17,837
19,195
22
17
24
28
43
37
21,094
19,254
18,144
23,139
21,940
18,847
18,999
16,743
21,233
19,073
21,350
24,284
17,576
22,025
20,056
18,967
24,198
23,028
19,773
19,709
17,561
22,244
19,898
22,032
25,255
18,225
23,014
20,842
19,585
25,255
24,061
20,657
20,680
18,272
23,345
20,755
23,018
26,438
18,957
48
20
25
41
40
50
31
39
33
14
49
18,609
17,136
16,170
20,434
19,135
16,563
17,117
15,255
18,507
16,871
19,173
20,949
15,746
19,296
17,753
16,876
21,167
19,895
17,280
17,646
15,969
19,289
17,516
19,655
21,639
16,239
19,998
18,334
17,304
21,894
20,620
17,918
18,384
16,532
20,099
18,147
20,390
22,388
16,803
39
48
18
26
42
38
50
32
40
30
15
49
Southwest
Arizona
New Mexico
Oklahoma
Texas
20,721
20,316
18,246
18,748
21,381
21,642
21,335
18,814
19,574
22,324
22,857
22,364
19,587
20,556
23,656
35
47
42
28
18,502
17,849
16,305
16,628
19,177
19,170
18,609
16,736
17,242
19,852
20,091
19,345
17,327
18,006
20,868
47
41
23
Rocky Mountain .
Colorado
Idaho
Montana
Utah
Wyoming
21,445
24,517
19,199
18,602
18,317
20,954
22,462
25,740
19,865
19,278
19,384
21,587
23,547
27,051
20,478
20,046
20,432
22,648
43
46
44
34
18,565
21,059
16,813
16,417
15,822
18,551
19,276
21,878
17,301
16,878
16,625
18,997
23,020
22,751
17,687
17,465
17,370
19,801
10
44
45
46
34
Far West
Alaska
California ....
24,073
24,214
24,229
25,103
24,809
21,915
23,974
25,209
24,597
25,368
25,421
26,059
23,111
25,277
26,407
25,305
26,570
26,034
26,791
24,393
26,718
20,975
21,042
21,097
21,984
21,487
18,757
21,178
21,738
21,237
21,846
22,079
22,323
19,642
22,139
22,563
21,707
22,674
22,531
22,742
20,517
23,154
20
12
13
11
27
9
United States .
New England
Connecticut
Maine
Massachusetts...
New Hampshire.
Rhode Island
Vermont
Mideast
Delaware
District of Columbia.,
Maryland
New Jersey
New York
Pennsylvania
Great Lakes .
Illinois
Indiana
Michigan ...
Ohio
Wisconsin .
Plains
Iowa
Kansas
Minnesota
Missouri
Nebraska
North Dakota .
South Dakota ,
Southeast...
Alabama .
Arkansas.
Florida
Kentucky
Louisiana
Mississippi
North Carolina .
South Carolina
Tennessee
Virginia
West Virginia ...,
Hawaii
Nevada .;..:..
Oregon
Washington .
1. Per capita personal income and per capita disposable personal income were computed using
midyear population estimates from the Bureau of the Census.
NOTE.—The personal income level shown for the United States is derived as the sum of the
State estimates. It differs from the national income and product accounts (NIPA) estimate of per-
1
36
8
17
30
5
32
38
9
19
13
16
11
23
12
i
36
3
5
16
29
6
33
35
sonal income because, by definition, it omits the earnings of Federal civilian and military personnel
stationed abroad and of U.S. residents employed abroad temporarily by private U.S. firms. It can
also differ from the NIPA estimate because of different data sources and revision schedules.
Source: Tables 1 and 2 in "Personal Income and Per Capita Personal Income by State and
Region, 1997" in the May 1998 issue of the SURVEY.
D-67
D-68
SURVEY OF CURRENT BUSINESS
• Regional Data
June 1998
Table J.4.—Gross State Product for States and Regions by Industry, 1996
[Millions of dollars]
Rank of
State and region
United States 1
state
product
Total
OSS Stc
' product
culture,
forestry,
and fishing
Mining
Construction
Manufacturing
Finance,
insurance,
and real
estate
Transportation and
public
utilities
Wholesale
trade
648,280
516,777
667,903
1,445,535
1,539,525
931,384
29,226
8,229
1,723
14,845
2,113
1,426
890
35,538
9,211
3,197
16,373
3,098
2,242
1,416
107,237
35,041
5,340
50,880
7,566
5,802
2,607
101,792
27,029
5,410
53,879
6,617
5,814
3,043
42,271
11,126
3,915
19,273
3,088
3,106
1,762
Retail
trade
Services
Government
7,631,022
129,842
113,631
435,880
124,046
28,894
208,591
34,108
25,629
14,611
3,409
893
513
1,212
252
208
332
292
52
15
130
31
19
46
14,686
4,055
1,297
6,606
1,198
895
635
72,794
20,712
5,333
32,265
7,557
4,282
2,645
28,636
7,698
2,151
13,128
2,590
1,835
1,234
Mideast
Delaware
District of Columbia .
Maryland
New Jersey
New York
Pennsylvania
1,440,922
28,331
51,197
143,190
276,377
613,287
328,540
9,244
48,440
970
442
7,216
9,675
17,629
12,509
197,808
5,993
1,285
12,317
37,985
72,154
68,074
121,614
1,509
2,769
11,307
27,540
49,518
28,971
92,909
1,124
580
9,046
25,132
37,741
19,286
106,168
1,698
1,369
12,514
20,221
42,056
28,310
358,390
10,026
8,863
30,573
64,187
182,389
62,352
324,047
4,042
16,684
33,229
60,211
140,228
69,654
179,839
2,673
19,180
25,552
29,773
68,323
34,338
Great Lakes
Illinois
Indiana
Michigan
Ohio
Wisconsin
1,233,424
370,778
155,797
263,336
304,353
139,160
16,660
5,052
2,735
2,526
3,331
3,016
2,464
6
12
100
128
471
1,748
4,670
1,282
715
1,173
1,134
365
50,574
15,476
7,228
10,131
11,753
5,986
313,739
71,444
49,338
71,683
82,669
38,605
97,437
87,053
28,507
9,382
18,874
21,535
107,524
29,877
14,212
23,420
27,984
12,030
201,866
71,023
20,426
41,538
46,511
22,367
226,610
127,292
37,257
15,289
27,691
31,941
15,114
514,201
76,315
68,014
141,573
145,123
47,187
15,701
20,289
23,553
5,771
2,986
4,174
2,621
4,330
1,668
2,003
3,406
177
983
877
522
114
482
251
22,473
3,138
2,838
6,195
6,697
2,097
99,777
45,461
79,404
10,915
92,293
11,655
11,360
27,558
61,367
8,735
1,184
2,951
5,213
5,311
11,776
10,659
3,495
1,377
1,236
6,296
6,540
12,275
764
745
47,400
6,123
7,340
10,876
14,920
4,853
1,695
1,591
1,674,519
99,190
56,417
360,496
216,033
95,410
121,143
30,754
2,016
71,440
315,211
22,131
13,898
29,286
39,079
26,833
22,989
13,208
55,075
23,768
32,244
29,986
6,716
111,941
6,259
89,476
140,750
197,809
37,160
4,144
2,240
17,031
8,356
3,752
5,086
2,192
8,563
4,195
5,527
8,635
1,720
152,763
9,301
6,520
3,801
2,438
1,488
1,798
4,757
1,208
1,651
1,952
240
29,524
1,474
570
787
906
2,448
17,973
507
259
223
399
997
2,980
778,815
111,520
42,698
72,767
551,830
11,565
1,899
808
1,531
7,327
49,688
1,480
3,050
3,879
41,278
34,892
6,442
1,979
2,332
24,138
125,482
229,833
116,227
27,898
18,509
50,352
16,847
5,684
2,053
1,744
943
583
361
9,956
1,936
174
903
1,620
5,323
12,246
29,427
6,219
1,653
893
2,858
622
14,226
5,754
1,430
1,323,429
24,161
962,696
36,317
53,687
86,967
159,602
28,973
355
20,564
445
406
2,590
4,612
13,631
5,424
5,776
28
1,969
104
332
51,301
983
31,656
1,753
4,495
4,731
7,683
177,855
1,161
134,179
1,123
New England
Connecticut
Maine
Massachusetts
New Hampshire ....
Rhode Island
Vermont
Plains
Iowa
Kansas
Minnesota
Missouri
Nebraska
North Dakota
South Dakota
Southeast
Alabama
Arkansas
Florida
Georgia
Kentucky
Louisiana
Mississippi
North Carolina....
South Carolina ...
Tennessee
Virginia
West Virginia
Southwest
Arizona
New Mexico
Oklahoma
Texas
Rocky Mountain
Colorado
Idaho
Montana
Utah
Wyoming
Far West
Alaska
California
Hawaii
Nevada
Oregon
Washington
56,406
204,229
290
14
1,338
1,524
2,780
3,298
1. The GSP estimates for transportation and public utilities and for finance, insurance, and real estate differ from
BEA's November 1997 estimates of gross product originating (GPO) for the Nation for these industries because
of the incorporation of source data that were not available when the GPO estimates were published.
NOTE.—Totals shown for the United States differ from the national income and product account estimates of gross
domestic product (GDP) because GSP is derived from gross domestic income, which differs from GDP by the statistical discrepancy. In addition, GSP excludes and GDP includes the compensation of Federal civilian and military
306,052 1,332,093
18,292
12,451
27,115
31,122
6,662
16,143
7,027
12,587
89,725
7,051
967
2,589
17,868
20,934
34,029
12,578
17,509
23,506
9,816
8,756
25,352
21,345
7,007
76,832
23,893
48,791
53,989
23,105
9,597
15,374
27,768
16,246
1,989
4,188
8,055
2,741
3,156
6,669
2,374
2,373
265,718
12,694
6,453
308,111
15,996
8,344
228,041
15,395
26,417
18,940
5,565
6,451
3,150
13,094
5,172
10,396
11,068
1,960
161,015
9,781
5,729
40,362
19,333
8,472
9,502
5,630
18,242
9,180
15,368
16,168
3,248
70,763
11,743
3,800
7,267
47,953
115,141
21,120
5,937
9,064
79,020
141,929
22,546
58,436
53,480
6,997
1,823
4,421
40,239
24,530
12,957
2,442
2,331
4,400
2,400
13,873
7,355
1,689
1,192
3,094
543
22,154
11,274
2,774
1,839
5,167
1,101
35,767
44,767
19,815
3,431
2,473
8,304
1,744
25,161
4,548
3,557
9,892
1,610
31,430
15,231
3,691
2,948
7,383
2,177
710
65,857
1,446
2,478
119,281
1,576
85,443
4,192
5,053
7,586
15,432
282,013
3,770
67,135
3,732
4,146
6,711
12,775
299,977
2,871
222,748
8,077
17,336
15,939
33,006
162,901
4,728
110,900
7,752
5,339
10,361
23,823
6,163
32,296
24,166
7,933
10,690
6,003
16,135
7,107
11,076
17,021
4,873
77,631
8,644
3,262
7,289
3,469
6,937
11,802
13,223
3,906
1,427
1,795
78,695
84,406
35,515
10,733
14,709
38,919
14,293
19,054
9,032
31,418
13,505
6,474
29,719
11,861
19,450
35,268
4,147
2,584
218,439
7,768
9,877
14,140
29,205
27,633
39,364
6,147
7,468
12,634
99,282
6,664
44,696
27,019
12,944
13,201
8,410
26,968
13,258
17,005
37,351
5,129
98,243
14,505
7,545
11,762
64,431
personnel stationed abroad and government consumption of fixed capital for military structures located abroad and
for military equipment, except office equipment. Also, GSP and GDP have different revision schedules,
Source: Tables 6 and 7 in "Gross State Product by Industry, 1977-96" in this issue of the SURVEY OF CURRENT
BUSINESS.
SURVEY OF CURRENT BUSINESS
June 1998
Regional Data •
D-69
K. Local Area Table.
Table K.1.—Personal Income and Per Capita Personal Income by Metropolitan Area, 1994-96
Per capita personal income 3
Personal income
Area name
1994
United States 1
Metropolitan portion
Nonmetropolitan portion
Percent
change 2
Millions of dollars
1995-96
1995
5,774,875 6,137,878
4,883,837 5,201,691
891,038 936187
Rank in
U.S.
Dollars
1994
1995
1996
Cleveland-Lorain-Elyria, OH*
Colorado Springs, CO
Columbia, MO
Columbia, SC
Columbus, GA-AL
Columbus, OH
Corpus Christi, TX
Cumberland, MD-WV
Dallas, TX*
Danville, VA
Davenport-Moline-Rock Island, IAIL
Dayton-Springfield, OH
Consolidated Metropolitan
Statistical Areas
Chicago-Gary-Kenosha, IL-IN-WI ...
Cincinnati-Hamilton, OH-KY-IN
Cleveland-Akron, OH
Dallas-Fort Worth, TX
Denver-Boulder-Greeley, CO
Detroit-Ann Arbor-Flint, Ml
Houston-Galveston-Brazoria, TX ....
Los Angeles-Riverside-Orange
County, CA
Miami-Fort Lauderdale, FL
Milwaukee-Racine, Wl
New York-No. New Jersey-Long Island, NY-NJ-CT-PA
Philadelphia-Wilmington-Atlantic
City, PA-NJ-DE-MD
Porttand-Salem, OR-WA
Sacramento-Yolo, CA
San Francisco-Oakland-San Jose,
CA
Seattle-Tacoma-Bremerton, WA
Washington-Baltimore, DC-MD-VAWV
:...
27,866
23,787
24,957
25,663
27,262
26,264
25,424
222,978
42,644
68,194
106,085
56,092
132,287
98,543
238,058
45,357
72,543
114,316
60,771
141,283
105,839
250,787
47,786
75,712
122,834
65,084
147,044
112,597
5.3
5.4
4.4
7.5
7.1
4.1
6.4
26,242
22,511
23,485
24,294
25,657
24,802
24,046
341,769
75,283
39,656
360.32S
80,181
42,156
378,296
84,660
44,087
5.0
5.6
4.6
22,41 23,533 24,522
22,150 23,294 24,341
24,268 25,768 26,923
590,202
626,539
659,399
29,970 31,732 33,303
152,556
44,697
35,322
161,128
48,636
37,783
169,71
52,531
39,619
25,587 26,98$ 28,41
22,508 24,000 25,343
22,283 23,518 24,288
188,817
81,292
203,046
87,159
217,884
93,546
28,990 30,989 32.93G
25,287 26,716 28,26$
29,195
24,901
26,025
26,906
28,650
27,113
26,556
Daytona Be;
Decatur, AL
Decatur, IL
Denver, CO*
Des Moines, IA
Detroit, Ml*
Dothan, AL
Dover, DE
Dubuque, IA
Duluth-Superior, MN-WI
27,766 29,018 30,204
195,280
205,681
215,836
Abilene, TX
Akron, OH*
Albany, GA
Albany-Schenectady-Troy, NY
Albuquerque, NM
Alexandria, LA
Allentown-Bethlehem-Easton, PA ...
Altoona, PA
Amarillo, TX
Anchorage, AK
2,161
14,721
2,066
20,327
13,132
2,303
13,828
2,391
3,930
6,907
2,333
15,812
2,187
21,010
14,255
2,413
14,551
2,488
4,211
7,057
2,452
16,562
2,305
21,708
14,943
2,477
15,228
2,616
4,377
7,209
5.1
4.7
5.4
3.3
4.8
2.7
4.7
5.1
4.0
2.2
17,824
21,873
17,768
23,069
20,331
18,294
22,649
18,079
19,776
27,471
19,057
23,386
18,790
23,850
21,598
19,048
23,804
18,849
20,610
28,129
20,198
24,37"
19,688
24,695
22,353
19,656
24,866
19,919
21,215
28,908
82
146
249
77
239
187
28
Ann Arbor, Ml*
Anniston, AL
Appleton-Oshkosh-Neenah, Wl
Asheville, NC
Athens, GA
Atlanta, GA
Atlantic-Cape May, NJ*
Augusta-Aiken, GA-SC
Austin-San Marcos, TX
Bakersfield, CA
13,561
1,921
7,201
4,119
2,424
81,442
8,582
8,442
20,642
10,255
14,68;
2,034
7,730
4,430
2,623
9,060
8,868
22,704
10,671
15,464
2,107
8,158
4,706
2,802
96,193
9,413
9,134
24,632
11,073
5.3
3.6
5.5
6.2
6.8
8.1
3.9
3.0
8.5
3.8
26,44
16,553
21,704
20,205
18,187
24,451
26,067
18,848
21,350
16,790
28,165
17,439
23,026
21,407
19,48^
25,938
27,360
19,604
22,615
17,335
29,137
18,082
24,030
22,454
20,463
27,241
28,266
20,161
23,669
17,810
25
290
98
142
218
37
31
230
109
295
Baltimore, MD*
Bangor, ME (NECMA)
Bamstable-Yarmouth, MA
(NECMA)
Baton Rouge, LA
Beaumont-Port Arthur, TX
Bellingham, WA
Benton Harbor, Ml
Bergen-Passaic, NJ*
.
Billings, MT
Biloxi-Gulfport-Pascagoula, MS .......
59,932
2,615
62,952
2,706
65,994
2,805
4.8
3.7
24,429 25,558 26,731
17,909 18,728 19,495
44
261
5,115
11,251
6,996
2,760
3,234
42,747
2,510
5,814
5,515
11,880
7,354
2,956
3,422
44,777
2,674
6,061
5,870
12,404
7,598
3,170
3,523
46,943
2,791
6,291
6.4
4.4
3.3
7.2
3.0
4.8
4.4
3.8
26,188
20,176
18,729
18,938
20,063
32,518
20,468
17,259
27,700
21,135
19,621
19,828
21,168
33,920
21,482
17,775
29,009
21,910
20,292
20,827
21,861
35,371
22,235
18,440
26
164
225
203
166
153
287
Metropolitan Statistical Areas 4
228
90
247
Binghamton, NY
Birmingham, AL
Bismarck, ND
Blcomington, IN
Bloomington-Normal, IL
Boise City, ID
Boston-Worcester-Lawrence-LowellBrockton, MA-NH (NECMA)
Boulder-Longmont, CO*
Brazoria TX*
Bremerton, WA*
5,152
19,172
1,710
2,037
3,067
7,804
5,255
20,521
1,816
2,154
3,226
8,555
5,403
21,659
1,914
2,277
3,420
2.8
5.5
5.4
5.7
6.0
5.0
19,680
21,787
19,440
17,933
22,483
22,408
20,403
23,101
20,386
18,687
23,271
23,693
21,274
24,227
21,227
19,646
24,504
24,096
180
94
185
251
85
97
154,929
6,705
3990
4,330
166,492
7,217
4,235
4,560
175,769
7,705
4,498
4,812
5.6
6.8
6.2
5.5
27,095
26,897
18,798
20,024
28,925
28,448
19,631
20,193
30,366
29,914
20,405
20,815
16
19
221
204
Brownsville-Harlingen-SanBenito,
TX
Bryan-College Station, TX
Buffalo-Niagara Falls, NY
Burlington, VT (NECMA)
Canton-Massillon, OH
Casper, WY
Cedar Rapids, IA
Champaign-Urbana, IL
Charleston-North Charleston, SC ...
Charleston, WV
3,505
1,986
25,457
4,035
8,083
1,468
4,105
3,238
9,195
5,465
3,684
2,083
26,750
4,369
8,558
1,578
4,354
3,405
9,501
3,911
2,202
27,677
4,632
8,890
1,620
4,592
3,580
6.1
5.7
3.5
6.0
3.9
2.6
5.5
5.1
4.1
4.2
11,734
15,207
21,464
21,673
20,133
23,008
23,237
19,495
17,709
21,513
12,029
15,862
22,659
23,279
21,278
24,733
24,323
20,400
18,643
22,225
12,461
16,748
23,588
24,445
22,077
25,454
25,521
21,312
19,678
23,149
313
306
114
88
157
62
61
178
248
124
28714
3,354
8,926
1,604
205,523
3,349
36,190
2,851
31,350
3,607
9,538
i1,685
219,619
3,482
38,440
3,091
33,556
3,826
10,009
1,729
231,378
7.0
6.1
4.9
2.6
5.4
5.8
5.3
6.3
22,819
23,926
20,357
20,588
26,897
17,453
22,925
15,486
24,350
25,338
21,571
21,518
28,587
18,040
24,216
6,465
25,446
26,461
22,517
21,974
29,948
19,084
25,359
16,933
49
138
159
18
276
65
304
Charlotte-Gastonia-Rock Hill, NCSC
Charlottesville, VA
Chattanooga, TN-GA
Cheyenne, WY
Chicago, IL*
Chico-Paradise, CA
Cincinnati, OH-KY-IN*
Clarksville-Hopkinsville, TN-KY
See footnotes at the end of the table.
3,682
40,465
3,287
Area name
1996
22,186 23,359 24,436
23,494 24,794 25,926
16,999 17,675 18,530
6,480,031
5,490,338
Per capita personal income3
Personal income
Dutchess County, NY*
Eau Claire Wl
El Paso TX
Elkhart-Goshen, IN
Elmira, NY
Enid, OK
Erie, PA
Eugene-Springfield, OR
Evansville-Henderson, IN-KY
Fargo-Moorhead, ND-MN
Percent
change
Millions of dollars
1995-96
Rank in
U.S.
Dollars
1994
1995
1996
1994
1995
53,474
9,005
2,457
9,846
4,827
56,730
9,812
59,150
10,544
4.3
7.5
23,971 25,434 26,52$
19,872 21,11 22.32C
2,824
11,21,
32,31
6,526
1.68C
74,328
1,862
2,655
10,556
5,098
34,293
6,866
1,739
80,498
1,94^
1,807
86,785
2,005
6.4
6.2
5.9
4.9
6.1
3.9
7.8
3.0
20,286
20,332
17,665
22,738
17,387
16,637
25,596
16,970
21,509
21,51
18,777
23,91
18,12:
17,24<
27,145
17,806
7,332
20,870
7,729
22,184
8,122
23,01
5.1
3.8
20,543
21,885
21.635 22,746
23,292 24,23$
7,903
2,626
2,438
46,813
10,01'
109,265
2,364
2,162
1,770
4,539
8,460
2,788
2,546
50,815
10,669
116,667
2,508
2,318
1,866
4,775
8,95!
2,91
2,71
54,449
11,339
121,458
2,579
2,481
1,952
5,024
5.9
4.4
6.8
7.2
6.3
4.1
2.8
7.0
4.6
5.2
17,892
18,998
20,902
26,119
23,996
24,897
17,669
18,123
20,088
18,863
18,783
19,984
21,905
27,81
25,246
6,133
2,587
9,004
3,632
6,479
2,768
9,491
3,823
1,848
1,110
5,758
6,823
2,92
23,51
18,271
13,536
22,170
18,749
18,897
24,790 25,946
19,468 20,452
14,026 14,480
22,948 23,449
19.63C 20,65
19,41 20,417
19,775 20,552 21,389
19,351 20,520 21,534
21,478 22,24^ 23,430
19,654 20,622 22,335
5,398
35,966
7,285
26,373
18,707
19,155
21,139
20,068
22,424
22,52$
19,890
24,863
19,034
18,052
28,51
18,404
19,565
20,706
23,582
29,234
26,557
27,250
19,334
20,374
22,096
21,141
1996
46
148
144
137
243
78
277
292
29
288
132
93
255
210
116
24
45
36
268
223
156
191
3,680
5.3
5.5
4.5
3.5
4.6
4.6
4.0
6.2
5.7
9.1
5,25
5,124
1,965
9,929
2,567
2,303
4,855
36,990
8,966
6,868
5,549
5,449
2,105
10,121
2,668
2,44
5,280
39,08
9,578
7,32
5.7
6.3
7.1
1.9
3.9
6.0
8.8
5.7
6.8
6.6
17,26
19,346
16,049
21,892
17,744
18,136
20,959
24,883
22,706
23,111
18,468 19,556
20,856
16,885 17,84^
22,875 23,24!
18,884 19,508
18,808 19,808
22,378 23,841
26,167 27,129
23,903 25,144
24,28' 25,269
256
202
294
123
259
245
103
3,449
3,211
4.3
9.4
4.5
6.6
5.5
1.8
5.2
5.5
5.3
3.8
17,576
19,109
22,205
21,710
17,526
17,096
19,039
20,270
20,725
18,418
18,311
19,666
23,400
22,711
18,043
17,978
20,131
21,256
21,676
19,181
281
33,81
15,260
1,834
3,936
5,046
13,435
2,347
3,599
3,5t
11,513
36,048
16,097
1,867
4,140
5,322
14,151
2,436
1,751
1,793
1,889
1,881
1,880
2,016
1,990
2,026
2,145
5.8
7.8
6.4
16,11 17,004 17,798
17,206 18,081 19,583
19,806
18,257
296
254
21,577
1,524
2,568
4,645
23,213
1,627
2,739
4,984
24,508
1,701
2,931
5,234
5.6
4.5
7.0
5.0
21,807
18,803
17,776
22,421
23,158
20,120
18,475
23,706
24,139
21,051
19,328
24,638
95
195
269
83
24,599
2,165
26,488
2,342
28,025
2,478
5.8
5.8
22,212 23,578
18,671 19,877
24,59:
20,800
84
205
16,753
18,099
19,030
5.1
19,233 20,511 21,267
2,303
6,454
13,782
31,062
1,646
5,988
22,372
2,952
2,427
6,917
14,551
32,492
1,775
6,291
23,200
3,110
2,535
7,321
15,343
33,713
1,876
89,794
5,330
96,557
5,499
4.5
5.8
5.4
3.8
5.7
4.9
1.3
6.4
6.4
3.0
18,255
20,438
22,635
27,916
15,912
19,574
25,768
15,781
24,593
16,852
19,119
21,652
23,816
29,322
16,763
20,280
26,693
16,541
26,028
17,385
19,917
22,640
25,002
30,473
17,386
20,988
27,040
17,476
27,195
17,922
182
240
134
74
15
300
197
41
299
39
293
Huntsville, AL
Indianapolis IN
Iowa City, IA
Jackson, Ml
Jackson, MS
Jackson, TN
Jacksonville, FL
Jacksonville, NC
Jamestown, NY
Janesville-Beloit, Wl
6,799
34,870
2,200
2,890
8,000
1,841
20,826
2,027
2,494
3,038
7,172
2,278
3,073
8,655
1,979
22,486
2,152
2,568
3,288
7,456
38,557
2,406
3,188
9,105
2,068
24,041
2,313
2,652
3,402
4.0 20,769
5.2 23,915
5.6 21,903
3.8 18,967
5.2 19,440
4.5 19,191
6.9 21,452
7.4 14,194
3.3 17,598
3.5 20,808
21,884
24,884
22,495
20,025
20,831
20,355
22,828
15,118
18,175
22,184
22,595
25,898
23,687
20,644
21,592
21,029
23,679
16,184
18,793
22,685
135
56
107
213
169
196
108
308
282
133
Jersey City, NJ*
Johnson City-Kingsport-Bristol, TN-
12,244
12,879
13,433
4.3
22,305 23,465
24,456
87
7,943
4,211
8,499
4,394
8,902
4,569
4.7
4.0
17,671
17,511
19,482
9,105
264
274
1,769
1,07
5,54"
5,782
6,146
3,179
Fayetteville, NC
Fayetteville-Springdale-Rogers, AR
Flagstaff AZ-UT
. ..
Flint, Ml*
Florence, AL
Florence, SC
Fort Collins-Loveland, CO
Fort Lauderdale, FL*
Fort Myers-Cape Coral, FL
Fort Pierce-Port St. Lucie, FL
4,892
4,711
1,829
9,46'
2,401
2,194
4,449
34,500
8,340
6,428
Fort Smith, AR-OK
Fort Walton Beach, FL
Fort Wayne, IN
Fort Worth-Arlington, TX*
Fresno, CA
Gadsden, AL
Gainesville, FL
Galveston-Texas City, TX*
Gary, IN*
Glens Falls, NY
3,249
3,071
10,391
31,757
14,666
1,743
3,681
4,759
12,795
2,242
Goldsboro, NC
Grand Forks, ND-MN
Grand Junction, CO
Grand Rapids-Muskegon-Holland,
Ml
Great Falls, MT
Greeley, CO*
Green Bay, Wl
Greensboro-Winston-Salem-High
Point, NC
Greenville, NC
Greenville-Spartanburg-Anderson,
Hagerstown, MD*
Hamilton-Middletown, OH*
Harrisburg-Lebanon-Carlisle, PA ....
Hartford, CT (NECMA)
Hattiesburg, MS
Hickory-Morganton-Lenoir, NC
Honolulu, HI
Houma, LA ..;
Houston, TX*
Huntington-Ashland, WV-KY-OH ....
Johnstown, PA
6,2r
6,384
3,373
11,Or
9,919
3,958
1,933
1,16
5,98$
6,60
6,748
6,598
23,507
3,310
102,778
5,663
20,21
18,742
18,291
18,84
21,218
24,281
23,690
18,727
18,248
20,968
22,154
22,783
19,902
55
219
312
118
212
220
176
172
119
106
284
289
200
155
130
242
D-70
• Regional Data
June 1998
SURVEY OF CURRENT BUSINESS
Table K.1 .—Personal Income and Per Capita Personal Income by Metropolitan Area, 1994-96—Continued
Per capita personal income 3
Personal income
Area name
Percent
change 2
Millions of dollars
Dollars
1994
1995
1996
1996
Jonesboro, AR
Joplin, MO
Kalamazoo-Battle Creek, Ml
Kankakee,IL*
Kansas City, MO-KS
Kenosha, Wl*
Killeen-Temple, TX
1,219
2,554
9,241
1,898
38,562
2,761
4,555
1,337
2,754
9,771
2,040
41,353
2,964
4,875
1,415
2,942
10,204
2,159
43,810
3,093
5,114
5.8
6.8
4.4
5.8
5.9
4.5
4.9
16,638
18,024
20,967
18,783
23,281
20,102
15,816
17,891
19,182
22,078
20,142
24,738
21,268
16,744
18,590
20,195
22,962
21,261
25,949
21,913
17,117
Knoxville, TN
Kokomo, IN
La Crosse, WI-MN
Lafayette, LA
Lafayette, IN
Lake Charles, LA
Lakeland-Winter Haven, FL
Lancaster, PA
Lansing-East Lansing, Ml
Laredo, TX
12,954
2223
2,448
6,143
3,201
3,184
7,756
9,804
9,213
1,930
13,906
2,418
2,554
6,481
3,343
3,390
8,278
10,287
9,697
2,007
14,420
2,512
2,705
6,911
3,531
3,577
8,797
10,870
10,092
2,160
3.7
3.9
5.9
6.7
5.6
5.5
6.3
5.7
4.1
7.6
20,588
22,372
20,395
17,042
19,040
18,336
18,061
22,147
20,747
11,732
21,740
24,258
21,175
17,779
19,690
19,287
18,977
22,997
21,784
11,675
22,247
25,053
22,320
18,785
20,640
20,084
19,905
24,138
22,587
12,199
Las Cruces, NM
Las Vegas, NV-AZ
Lawrence, KS
Lawton, OK
Lewiston-Auburn, ME (NECMA)
Lexington, KY
Lima OH
Lincoln, NE
Little Rock-North Little Rock, AR ...
Longview-Marshall, TX
2,136
23,990
1,511
1,814
1,931
9,063
2,9934,817
11,025
3,668
2,295
26,739
1,627
1,904
1,992
9,805
3,122
5,136
11,850
3,886
2,383
29,588
1,717
1,965
2,071
10,522
3,222
5,451
12,531
4,114
3.9
10.7
5.6
3.2
4.0
7.3
3.2
6.1
5.7
5.9
13,627
22,244
17,350
15,436
18,718
21,061
19,200
21,305
20,541
18,234
14,378
23,481
18,431
16,525
19,416
22,579
20,069
22,413
21,878
19,086
14,529
24,706
19,147
17,090
20,385
23,929
20,727
23,591
22,882
19,950
Los Angeles-Long Beach, CA*
Louisville, KY-IN
Lubbock, TX
Lynchburg, VA
Macon GA .
Madison, Wl
Mansfield, OH
McAllen-Edinburg-Mission, TX
Medford-Ashland, OR
Melbourne-Titusville-Palm Bay, FL
204,873
21,942
4,373
3,942
5,755
9,797
3,214
4,954
3,150
8,961
216,269
23,298
4,586
4,133
6,127
10,510
3,379
5,303
3,392
9,412
226,592
24,487
4,874
4,309
6,487
11,080
3,517
5,680
3,605
9,836
4.8
5.1
6.3
4.3
5.9
5.4
4.1
7.1
6.3
4.5
22,584
22,418
19,000
19,435
18,771
25,161
18,340
10,680
19,447
20,245
23,885 24,945
24,764
19,824 21,065
20,256 20,962
19,853 20,791
26,798 28,087
19,275 20,067
11,032 11,478
20,502 21,410
20,922 21,640
286
229
128
183
54
162
301
152
72
148
283
214
234
241
96
136
314
311
81
272
302
222
101
209
113
129
236
75
79
23,677
3,068
40,783
25,603
2,999
43,190
26,826
3,294
45,579
4.8
9.8
5.5
22,492 24,048 24,945
15,641 15,505 17,064
20,268 21,292 22,370
33,091
35,578
70,644
9,038
7,149
28,071
2,537
35,459
37,815
75,469
9,608
7,404
29,758
2,728
37,473
39,526
80,878
10,156
7,884
31,199
2,881
5.7
4.5
7.2
5.7
6.5
4.8
5.6
31,051
24,510
26,246
17,664
17,602
27,162
17,398
32,928
26,040
27,682
18,627
18,037
28,359
18,619
34,366
27,202
29,299
19,508
18,953
29,343
19,621
6,217
2,311
2,800
5,820
25,676
82,459
6,620
2,411
3,092
6,073
27,852
85,472
6,956
2,491
3,318
6,577
21,266
5.1
3.3
7.3
8.3
5.1
5.2
19,989
19,435
18,407
32,737
24,040
31,187
21,088
20,304
19,626
33,204
25,507
32,237
21,973
21,063
20,271
34,830
26,262
33,837
55,291
59,964
63,249
5.5
34,063 36,964 38,962
26,769
253,351
6,643
28,209
270,487
6,927
29,021
285,207
4.3
2.9
5.4
59,212
7,383
62,635
7,739
65,787
8,069
5.0
4.3
24,956
20,474
29,498
30,675
20,814
26,228 27,385
21,527 22,179
31,474 33,177
32,401 33,952
21,583 22,279
34
154
11
9
150
29,902
59,219
3,830
4,840
19,537
3,984
14,997
67,828
31,397
62,872
4,114
5,121
20,515
4,253
16,094
71,734
32,726
66,728
4,392
5,392
21,620
4,538
17,206
75,793
4.2
6.1
6.8
5.3
5.4
6.7
6.9
5.7
19,616
26,910
17,460
20,520
19,429
21,279
22,641
26,534
20,507
28,405
18,217
21,607
20,244
22,114
24,021
27,735
21,311
29,842
18,975
22,493
21,148
23,068
25,291
27,897
1,671
2,488
2,867
6,521
7,451
126,715
29,832
1,747
2,563
2,992
6,913
7,776
133,692
58,994
1,397
57,665
31,987
1,824
2,819
3,114
7,409
8,207
140,791
7.2
4.4
10.0
4.1
7.2
5.6
5.3
9.1
4.3
4.4
20,455
18,552
17,832
18,925
17,568
21,670
25,588
20,911
15,763
21,437
19,301
18,060
19,740
18,282
22,486
26,993
22,166
16,732
24,167
3,146
1,186
3,329
5,945
39,034
6,291
42,504
3,470
1,326
6,614
45,997
4.2
5.1
5.1
8.2
23,203
16,476
24,059
23,252
24,635
17,269
25,391
24,809
22,425
20,104
19,487
20,581
19,146
23,701
28,447
23,377
17,567
25,359
25,759
18,073
26,479
26,228
179
20
278
140
190
127
67
27
143
233
262
215
273
105
3d
121
298
65
59
291
47
53
20,364
4,305
2,209
2,456
4,077
21,480
4,772
2,416
2,645
4,341
22,173
5,156
2,520
2,827
4,561
3.2
8.0
4.3
6.9
5.1
22,368
14,260
17,320
19,518
22,342
23,668
15,352
18,674
20,469
23,617
24,478
16,099
19,235
21,535
24,721
1994
Memphis, TN-AR-MS
Merced, CA
Miami, FL
Middlesex-Somerset-Hunterdon,
Nj*
Milwaukee-Waukesha, Wl*
Minneapolis-St. Paul, MN-WI ..,
Mobile, AL
Modesto, CA
Monmouth-Ocean, NJ*
Monroe, LA
Montgomery, AL
Muncre, IN
Myrtle Beach, SC
Naples, FL
Nashville, TN
Nassau-Suffolk, NY*
New Haven-Bridgeport-StamfordDanbury-Waterbury, CT*
New London-Norwich, CT
(NECMA)
New Orleans, LA
New York, NY*
Newark, NJ*
Newburgh, NY-PA*
Norfolk-Virginia Beach-Newport
News, VA-NC
Oakland, CA*
Ocala FL
Odessa-Midland, TX
Oklahoma City, OK
Olympia, WA*
Omaha, NE-IA
Orange County, CA*
Orlando, FL
Owensboro, KY
Panama City FL
Parkersburg-Marietta, WV-OH
Pensacola, FL
Peoria-Pekin, IL
Philadelphia, PA-NJ*
Phoenix-Mesa, AZ
Pine Bluff, AR
Pittsburgh, PA
Pittsfield, MA (NECMA)
Pocatello ID
Portland, ME (NECMA)
Portland-Vancouver, OR-WA*
Providence-Warwick-Pawtucket, Rl
(NECMA)
Provo-Orem, UT
Pueblo, CO
Punta Gorda, FL
Racine, Wl*
53,320
1,327
54,830
1995
1,261
1996
64,359
1,456
60,194
1995—96
206
32
236
315
175
168
75
303
145
23
259
279
22
252
181
194
226
6
51
10
86
309
270
171
1. The personal income level shown for the United States is derived as the sum of the county estimates; it
differs from the national income and product accounts (NIPA) estimate ef personal income because, by definition,
it omits the earnings of Federal civilian and military personnel stationed abroad and of U.S. residents employed
abroad temporarily by private U.S. firms. It can also differ from the NIPA estimate because of different data sources
and revision schedules.
2. Percent change was calculated from unrounded data.
3. Per capita personal income was computed using Census Bureau midyear population estimates. Estimates for
1994-96 reflect county population estimates available as of March 1998.
4. Includes Metropolitan Statistical Areas, Primary Metropolitan Statistical Areas (PMSA's designated by *), and
Per capita personal income 3
Personal income
Rank in
U.S.
Area name
Percent
change 2
Millions of dollars
Rank in
U.S.
Dollars
1994
1994
1995
1996
22,796
24,901
26,843
7.8
23,643 25,061 26,255
1,630
8,085
3,053
7,495
3,581
22,776
52,445
5,192
2,652
25,426
1,734
8,481
3,137
8,178
3,709
23,991
54,696
5,566
2,792
26,696
1,805
8,890
3,262
8,819
3,808
25,213
57,446
5,804
2,996
27,751
4.1
4.8
4.0
7.8
2.7
5.1
5.0
4.3
7.3
4.0
18,848
23,198
19,111
26,468
20,597
24,860
17,979
22,730
23,486
23,399
19,917
24,209
19,499
28,126
20,690
25,909
18,453
24,382
24,834
24,588
20,770
25,248
20,144
29,528
21,120
26,974
19,090
25,387
26,478
25,543
207
69
231
21
192
43
275
64
48
60
7,421
2,472
32,231
8,497
2,765
1,800
60,119
5,663
8,021
22,195
7,931
2,635
34,506
9,014
2,921
1,881
64,142
6,132
8,477
24,130
8,293
2,801
36,201
9,426
3,132
1,971
67,118
6,534
8,761
26,085
4.6
6.3
4.9
4.6
7.2
4.8
4.6
6.6
3.4
8.1
21,479
17,606
22,397
21,101
17,662
18,399
23,733
18,441
23,304
18,731
22,738
18,510
23,661
22,394
18,425
19,311
25,238
19,578
24,580
20,015
23,523
19,474
24,444
23,390
19,594
20,298
26,337
20,480
25,032
21,271
117
265
89
120
253
224
50
217
73
181
San Angelo, TX
San Antonio, TX
San Diego, CA
San Francisco, CA*
San Jeee, CA*
San Luis Obispo-Atascadero-Paso
Robtes, CA
Santa Barbara-Santa MariaLoms&c, CA
Santa Cruz-Watsonville, CA*
Santa Fe, NM
Santa Rosa, CA*
1,843
27,806
58,191
57,102
46,175
1,947
29,887
61,380
61,301
51,238
2,040
31,553
65,008
65,512
56,218
4.8
5.6
5.9
6.9
9.7
18,276
19,457
22,111
34,932
29,757
19,193
20,499
23,201
37,391
32,707
19,996
21,237
24,282
39,746
35,395
237
184
91
1
4
4,397
4,652
4,941
6.2
19,645 20,515 21,483
173
9,415
5,835
3,113
10,196
9,874
6,207
3,421
10,761
10,395
6,631
3,535
11,524
5.3
6.8
3.3
7.1
24,589
24,846
23,714
24,813
27,003
27,896
25,774
27,353
42
33
58
35
Sarasota-Bradenton, FL
Savannah, GA
Scranton-Wilkes-Barre-Hazleton,
PA
Seattle-Bellevue-Everett, WA*
Sharon, PA
14,472
5,596
15,575
5,952
16,443
6,320
5.6
6.2
27,937 29,674 30,931
20,299 21,343 22,477
14
141
12,364
60,298
2,156
2,331
1,751
7,310
2,325
3,500
12,924
64,801
2,267
2,478
1,880
7,630
2,492
3,719
13,398
69,844
2,370
2,581
2,014
7,865
2,659
4,018
3.7 19,470
7.8 27,736
4.5 17,695
4.2 21,729
7.1 17,998
3.1 19,395
6.7 19,475
8.0 22,632
20,462
29,494
18,579
22,811
19,159
20,156
20,693
23,724
21,363
31,372
19,386
23,583
20,080
20,756
21,974
25,246
177
13
267
115
235
208
159
70
5,472
7,803
4,403
5,704
12,639
2,389
2,441
9,456
1,552
15,479
5,782
8,303
4,579
6,139
13,451
2,538
2,531
9,885
1,638
16,133
5,943
8,701
4,819
6,444
13,949
2,662
2,615
10,410
1,743
16,581
21,468
19,712
21,779
19,766
21,240
18,435
17,445
18,274
14,616
20,622
22,543
20,691
22,556
20,884
22,687
19,460
18,165
18,845
15,357
21,552
23,095
21,555
23,633
21,702
23,601
20,135
18,919
19,531
16,298
22,253
126
170
110
167
112
232
280
258
307
151
12,680
4,813
13,544
5,169
14,353
5,450
2.8
4.8
5.3
5.0
3.7
4.9
3.3
5.3
6.4
2.8
6.0
5.4
19,895 20,928 21,913
18,891 20,069 20,985
162
199
46,279
2,686
2,082
13,336
3,561
10,220
13,838
15,668
49,670
2,805
2,198
14,094
3,770
10,891
14,828
16,525
52,738
2,872
2,306
14,628
3,936
11,296
15,766
17,456
6.2
2.4
4.9
3.8
4.4
3.7
6.3
5.6
21,503
18,002
16,981
21,804
21,620
31,114
18,840
21,182
22,817
18,772
17,916
23,066
22,883
33,078
19,647
22,170
23,984
19,226
18,666
23,955
23,888
34,292
20,535
23,141
99
271
285
100
102
8
216
125
2,850
3,242
5,849
10,291
16,624
1,605
2,785
5,417
3,535
133,045
3,011
3,469
6,006
10,666
17,630
1,696
2,882
5,569
3,793
140,302
3,159
3,706
6,101
11,271
18,467
1,801
2,964
5,918
3,960
147,306
4.9
6.8
1.6
5.7
4.7
6.2
2.8
6.3
4.4
5.0
18,277
20,316
18,573
21,419
23,714
20,066
19,672
15,712
18,267
29,874
19,003
21,457
19,511
22,197
24,937
21,048
20,409
16,035
19,099
31,192
19,887
22,506
20,220
23,267
25,839
22,065
20,987
16,905
19,655
32,376
244
139
227
122
57
158
198
305
250
12
2,401
2,366
32,694
2,835
10,952
2,507
2,169
14,474
3,774
3,718
2,522
2,519
35,409
2,917
11,630
2,716
2,239
15,494
4,083
3,885
2,624
2,656
37,933
3,023
12,430
2,849
2,325
16,548
4,388
4,204
4.0 19,419 20,565 21,463
5.4 19,700 20,864 21,865
7.1 34,066 36,213 38,081
3.6 17,991 18,657 19,483
6.9 21,317 22,470 23,753
4.9 18,961 20,081 20,706
3.8 17,986 18,689 19,538
6.8 26,844 28,429 30,103
7.5 19,518 20,389 21,187
8.2 17,751 18,216 19,454
174
165
3
263
104
210
257
17
189
266
3,090
7,838
11,660
2,249
1,726
3,278
8,301
12,306
2,344
2,025
3,418
8,686
12,670
2,446
1,946
4.3
4.6
3.0
4.4
131
Raleigh-Durham-Chapel Hill, NC ...
Rapid City, SD
Reading, PA
Redding, CA
Reno, NV
RtcMand-Kenrrewick-Pasc®, WA ....
Richmond-Petersburg, VA
Riverside-San iernardin©, CA*
Roanoke, VA
Rochester, MN
Rochester, NY
nOCKforcl IL
* •
Rocky Mount, NC
Sacramento, CA*
Saginaw-Bay City-Midland, Ml
St. Cloud, m
St. Joseph, MO
St. Louis, MO-IL
Salem OR* . .
Salinas, CA
Salt Lake City-Ogden, UT
Sheboygan, Wl
Sherman-Denison, TX
Shreveport-Bossier City, LA
Sioux City, IA-NE
Sioux Fails, SD
South Bend IN
Spokane, WA
Springfield IL
Springfield, MO
Springfield, MA (NECMA)
State College, PA
Steubenvtlte-Weirten, OH-WV
Steckton-Lodi, CA
Sumter, SG
Syracuse, NY
Tacoma, WA*
Tallahassee, FL
Tampa-St. Petersburg-Clearwater,
FL
Terre Haute, IN
Texarkana, TX-Texarkana, AR
Toledo, OH
Topeka, KS
Trenton, NJ*
Tucson AZ
Tulsa, OK
Tuscaloosa AL
Tyler, TX
Utica-Rome, NY
Vallejo-Fairfield-Napa, CA*
Ventura, CA*
Victoria, TX
Vineland-Millville-BridQeton, NJ*
Visalia-Tulare-Pwterville, CA
Waee, TX
Washington, DC-MD-VA-WV*
Waterloo-Cedar Falls, *A
Wausau, Wl
West Palm Beach-Boca Raton, FL
Wheeling, WV-OH
Wichita, KS
Wichita Falls, TX
Williamsport, PA
Wilmington-Newark, DE-MD*
Wilmington, NC
Yakima, WA
Yolo, CA*
York, PA
Youngstown-Warren, OH
Yuba CHv, CA
Yuma AZ
1995-96
-0.9
21,158
21,780
19,351
16,695
14,357
1995
25,764
26,288
25,255
25,860
22,104
22,773
20,515
17,196
16,627
1996
22,747
23,610
21,192
17,739
15,520
1996
52
1111
188
297
310
New England County Metropolitan Areas (NECMA's). The New Haven-Bridgeport-Stamford-Danbury-Waterbury, CT
NECMA is presented as a PMSA (part of the New York CMSA).
Seuree: Table 1 in "Local Area Personal Income, 1969-96" in the May 1998 issue of the SURVEY OF CURRENT
BUSINESS.
Regional Data • D-71
SURVEY OF CURRENT BUSINESS
June 1998
L. Charts.
SELECTED REGIONAL ESTIMATES
SHARES OF U.S. PERSONAL INCOME BY REGION
1969
-
1
1997
Great Lakes
16.4%
Mideast
23.6%
Great Lakes
20.8%
New England
6.4%
Plains
6.6%
New England
6.0%
Plains
7.5%
Rocky Mountain
2 2 %
Southwest
7.0%
Rock
yMountain
2.9%
Southwest
9.7%
3I0N
SHARES OF U.S. GROSS STATE PRODUCT BY REGION
1977
^
\
\
1996
Great Lakes
16.2%
Mideast
20.1%
N.
\
Plains /
6.7% /
\
.
\
^ ^ ^ ^ B New England
5 2%
^^^^^^H
^^^^^B -
v
\
/
^ *
/ F a r West
15.7%
Southeast ^ ^ ^ |
21.9% ^
l
|
Southeast
19.7%
- ^
Southwest
9.3%
Mideast
18.9%
Rocky Mountain
2.8%
/ Far West
,'• 17.3%
\
w.
New England
^ ^ ^ I H 57
.%
i
\
/
Rocky Mountain
3.0%
Southwest
10.2%
AVERAGE ANNUAL GROWTH RATE OF PERSONAL INCOME, 1969-97
STATES WITH FASTEST GROWTH
STATES WITH SLOWEST GROWTH
Nevada
Indiana
Arizona
Rhode Island
Florida
West Virginia
Utah
Pennsylvania
Colorado
Michigan
Georgia
Illinois
Texas
North Dakota
New Hampshire
New York
New Mexico
Ohio
North Carolina
Iowa
4
5
6
7
8
Percent
U.S. Department of Commerce, Bureau of Economic Analysis
U.S.average
".1 %
9
10
11
12
9
Percent
10
II
12
D-72 • Regional Data
SURVEY OF CURRENT BUSINESS
June 1998
SELECTED REGIONAL ESTIMATES
PER CAPITA PERSONAL INCOME.1997
ME
.$22,078
I
NO
\
$20,271
\
"~?"
MN
.
/••
L_.. .. .... ^$26,797/ "
SD
$21,447
^
Wl
1
\
•"
$24 475
Ml
$25 560
—'
IA
$23,102
: CA
' $26,570
PA
OH
.
/
B. ! IN
$24,661
V $28,202 »23.604_
-I
MO N
\
'
Rl
..
/
$24,001
$20556
MA
$31,524
'
$26,058
/£^"^18,957 VA
^ $26,438
>
»
NJ
CT
$32,654 $36,263
MD -
DE
^ $28,969
^$23,345 & s^L
7
J S I S S B/ S / —
\
, $25 ' 760
' T -
$
-•$20,755.,'^
MS i $20,842 .$24,061
'
TX
$23,656
$20,680
HI
$26,034
\
:;-:
-. FL $25,255
AK
$25,305
United States $25,598
j
! States with highest levels
i States with lowest levels
All other States
PERSONAL INCOME GROWTH: AVERAGE QUARTERLY PERCENT CHANGE, 1996:IV-1997:IV
NH 1.4
WA13
/
\
MT1.1
ND -0.2
VT 1.1
• MN1.3
OR 1.7
ME
1.1
^
/
MA 1.5
:_ Wit.3
ID 1.4
NY 1.3
KS 1.7
M01.3
x
^ ~
»
United States 1.4%
States with largest percent change
States with smallest percent change
All other States
U.S. Department of Commerce, Bureau of Economic Analysis
Appendixes •
SURVEY OF CURRENT BUSINESS
June 1998
Appendix A
Additional Information About BEA'S
Statistical Conventions
Changes in current-dollar GDP measure changes in
the market value of goods and services produced in
the economy in a particular period. For many purposes, it is necessary to decompose these changes into
quantity and price components. To compute the
quantity indexes, changes in the quantities of individual goods and services are weighted by their prices.
(Quantity changes for GDP are often referred to as
changes in "real GDP") For the price indexes, changes
in the prices for individual goods and services are
weighted by quantities produced. (In practice, the
current-dollar value and price indexes for most GDP
components are determined largely using data from
Federal Government surveys, and the real values of
these components are calculated by deflation at the
most detailed level for which all the required data are
available.)
Except for the most recent period, the annual and
quarterly changes in real GDP and prices are "chaintype" measures that are both based on the "Fisher
Ideal" formula that incorporates weights from two adjacent years. For example, the 1992-93 percent change
in real GDP uses prices for 1992 and 1993 as weights,
and the 1992-93 percent change in price uses quantities for 1992 and 1993 as weights. Because the quantity
and price index numbers calculated in this way are
symmetric, the product of the index of real GDP and
the index of prices equals the index of current-dollar
GDP.
In the most recent period, a variant of the formula
is used because only 1 year's information is available
for computing the index number weights. Accordingly, BEA uses the prices and quantities from the two
adjacent quarters as weights to calculate Fisher chaintype measures for those estimates. For example, the
1996:11-1996:111 percent change in real GDP uses prices
for 1996:11 and 1996:111 as weights, and the 1996:111996:111 percent change in the GDP price index uses
quantities for 1996:11 and 1996:111 as weights.
BEA also presents another measure, known as the
"implicit price deflator," in the NIPA tables. The implicit price deflator is calculated as the ratio of currentdollar value to the corresponding chained-dollar value
multiplied by 100.
In addition, BEA prepares measures of real GDP
and its components in a dollar-denominated form,
designated "chained (1992) dollar estimates!' These estimates are computed by multiplying the 1992 currentdollar value of GDP, or of a GDP component, by the
corresponding quantity index number. For example,
if a current-dollar GDP component equaled $100 in
NIPA
Estimates
1992 and if real output for this component increased
by 10 percent in 1993, then the "chained (1992) dollar"
value of this component in 1993 would be $110 ($100
X 1.10). Note that percentage changes in the chained
(1992) dollar estimates and the percentage changes calculated from the quantity indexes are identical, except
for small differences due to rounding.
Because of the formula used for calculating real GDP,
the chained (1992) dollar estimates for detailed GDP
components do not add to the chained-dollar value
of GDP or to any intermediate aggregates. A "residual" line is shown as the difference between GDP and
the sum of the most detailed components shown in
each table. The residual generally is small close to
the base period but tends to become larger as one
moves further from it. The table of contributions of
the major components to the change in real GDP (NIPA
table 8.2) provides a better basis for determining the
composition of GDP growth than the chained-dollar
estimates.
For quarters and months, the estimates are presented at annual rates, which show the value that would
be registered if the rate of activity measured for a
quarter or a month were maintained for a full year.
Annual rates are used so that time periods of different lengths—for example, quarters and years—may be
compared easily. These annual rates are determined
simply by multiplying the estimated rate of activity by
4 (for quarterly data) or 12 (for monthly data).
Percent changes in the estimates are also expressed
at annual rates. Calculating these changes requires a
variant of the compound interest formula:
•-[£)"*-'] xlOO,
where r is the percent change at an annual rate;
Xt is the level of activity in the later period;
Xo is the level of activity in the earlier period;
m is the yearly periodicity of the data (for
example, 1 for annual data, 4 for quarterly,
or 12 for monthly); and
n is the number of periods between the
earlier and later periods (that is, t - 0).
Quarterly and monthly NIPA estimates are seasonally
adjusted, if necessary. Seasonal adjustment removes
from the time series the average impact of variations that normally occur at about the same time and
in about the same magnitude each year—for example, weather, holidays, and tax payment dates. After
seasonal adjustment, cyclical and other short-term
changes in the economy stand out more clearly.
D-73
D-74
• Appendixes
SURVEY OF CURRENT BUSINESS
June
Reconciliation Tables
Table 1.—Reconciliation of Changes in BEA-Derived Compensation Per Hour with BLS Average Hourly Earnings
[Percent change from preceding period]
Seasonally adjusted at annual rates
1995
BEA-derived compensation per hour of all persons in the nonfarm business sector (less
housing)
1996
2.5
Less: Contribution of supplements to wages and salaries per hour
Plus: Contribution of wages and salaries per hour of persons in housing and in nonprofit
institutions
Less: Contribution of wages and salaries per hour of persons in government enterprises, unpaid
family workers, and self-employed
Equals: BEA-derived wages and salaries per hour of all employees in the private nonfarm
sector
2.8
1997
1997
3.8
3.8
4.3
3.2
-.6
-.4
-.6
-.1
-1
-.1
-.4
.3
.1
.1
-.2
.3
4.3
4.1
4.6
3.3
.1
Less: Contribution of wages and salaries per hour of nonproduction workers in manufacturing
-.2
-.2
-.1
-.3
1.2
.5
.6
.5
1998'
3.8
5.2
-.1
-.6
-.2
-.4
4.0
-.5
-.2
.3
3.5
5.6
-.1
.1
4.0
-.3
Less: Other differences *
-.1
Equals: BLS average hourly earnings of production or nonsupervisory workers on private
nonfarm payrolls
2.9
3.3
3.8
4.2
3.0
3.8
5.1
4.2
Addendum:
BLS estimates of compensation per hour in the nonfarm business sector2
2.5
3.8
3.8
4.3
3.2
3.8
5.2
4.1
p Preliminary.
1. Includes BEA use of non-BLS data and differences in detailed weighting. Annual estimates
also include differences in BEA and BLS benchmark procedures; quarterly estimates also include
differences in seasonal adjustment procedures.
.4
.1
2. These estimates differ from the BEA-derived estimates (first line) because the BLS estimates
include compensation and hours of tenant-occupied housing.
Table 2.—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
1996
1997
1997
1996
1,055.2 1,167.6 1,047.9 1,098.2 1,117.3 1,174.7 1,182.1 1,196.4
Exports of goods, services, and income, BPA's
Less: Gold, BPA's
Statistical differences1
Other items
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
6.9
0
1.1
5.7
4.0
.7
5.2
0
1.5
3.7
0
1.1
6.7
-.2
9.3
4.8
.7
3.4
5.4
.6
3.4
6.2
.8
8.7
34.0
9.1
36.2
8.4
33.6
8.9
34.9
8.6
35.4
8.4
36.5
9.5
36.0
9.8
37.0
15.3
16.9
15.9
16.3
16.5
17.0
17.1
17.1
Equals: Exports of goods and services and receipts of factor income, NIPA's
1,105.1 1,219.3 1,099.0 1,153.4 1,170.4 1,221.9 1,235.2 1,249.9
Imports of goods, services, and income, BPA's
1,163.4 1,295.5 1,183.5 1,198.0 1,242.6 1,290.4 1,318.3 1,330.8
Less: Gold, BPA's
Statistical differencesl
Other items
Plus: 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
7.7
0
0
6.6
-2.4
0
6.2
0
0
3.4
0
0
8.7
-4.0
0
11.0
-4.2
0
3.0
-1.0
0
3.8
-.4
0
-3.8
8.7
22.4
15.3
-3.7
9.1
26.5
16.9
-4.0
8.4
22.4
15.9
-4.2
8.9
23.4
16.3
^.6
8.6
24.1
16.5
-3.9
8.4
26.1
17.0
-3.6
9.5
27.9
17.1
-3.7
9.8
27.9
17.1
Equals: Imports of goods and services and payments of factor income, NIPA's
1,198.3 1,340.1 1,219.9 1,238.8 1,283.5 1,331.3
Balance on goods, services, and income, BPA's (1-9)
-108.2 -127.9 -135.6
Less: Gold (2-10+13)
Statistical differences (3-11) 1
Other items (4-12)
-4.6
0
1.1
Plus: Adjustment for U.S. territories and Puerto Rico (6-15)
Equals: Net exports of goods and services and net receipts of factor income, NIPA's
(8-17)
1. Consists of statistical revisions in the NIPA's that have not yet been incorporated into the
BPA's (1997:1V) and statistical revisions in the BPA's that have not yet been incorporated into
the NIPA's (1997:1-1997:1V).
11.6
23
-93.2
-4.6
6.4
.7
-5.0
0
1.5
9.7
11.2
-120.8 -120.9
-99.8 -125.3 -115.7
-3.9
0
1.1
11.5
-S5.4
-5.6
3.8
-5.6
9.0
.7
11.3
10.4
-113.1 -109.4
1,367.2
-136.2
6.4
.6
8.1
-132.0
1,378.4
-134.4
-4.1
6.6
.8
9.1
-128.5
Appendixes • D-75
SURVEY OF CURRENT BUSINESS
June 1998
Appendix B
Suggested Reading
Mid-Decade Strategic Plan
BEA has published the following articles in the SURon the development and
implementation of its strategic plan for improving
the accuracy, reliability, and relevance of the national,
regional, and international accounts.
"Mid-Decade Strategic Review of BEA'S Economic
Accounts: Maintaining and Improving Their
Performance" (February 1995)*
"Mid-Decade Strategic Review of BEA'S Economic
Accounts: An Update" (April 1995)*
"BEA'S Mid-Decade Strategic Plan: A Progress
Report" (June 1996)*
VEY OF CURRENT BUSINESS
Mid-Decade Strategic Review of BEA'S Economic
Accounts: Background Papers (1995) presents seven
background papers that evaluate the state of the U.S.
economic accounts and that identify the problems and
the prospects for improving the accounts.
Methodology
BEA has published a wealth of information about the
methodology used to prepare its national, regional,
and international estimates.
National
National income and product accounts (NIPA'S)
NIPA Methodology Papers: This series documents
the conceptual framework of the NIPA'S and the
methodology used to prepare the estimates.
An Introduction to National Economic Accounting
(NIPA Methodology Paper No. 1, 1985)* [Also
appeared in the March 1985 issue of the SURVEY]
Corporate Profits: Profits Before Tax, Profits Tax
Liability, and Dividends (NIPA Methodology Paper
No. 2,1985)*
Foreign Transactions (NIPA Methodology Paper
No. 3,1987) [Revised version forthcoming]
GNP: An Overview of Source Data and Estimating
Methods (NIPA Methodology Paper No. 4, 1917)
[Largely superseded by "A Guide to the NIPA'S"
(March 1998 SURVEY)*]
Government Transactions (NIPA Methodology
Paper No. 5,1988)*
Personal Consumption Expenditures (NIPA Methodology Paper No. 6,1990)*
* Items with an asterisk can be found on BEA'S iMeraet site at
<http://www.bea.doc.gov>.
The methodologies described in these papers are
subject to periodic improvements that are typically
introduced as part of the annual and comprehensive revisions of the NIPA'S; these improvements are
described in the SURVEY articles that cover these
revisions.
"Annual Revision of the U.S. National Income and
Product Accounts": This series of SURVEY articles,
the latest of which was published in the August 1997
issue,* describes the annual NIPA revisions and the
improvements in methodology.
The most recent comprehensive revision of the
NIPA'S was described in a series of SURVEY articles; the
results are presented in the following articles.
"Improved Estimates of the National Income
and Product Accounts for 1959-95: Results of
the Comprehensive Revision" (January/February
1996)*
"Completion of the Comprehensive Revision of
the National Income and Product Accounts,
1929-96" (May 1997)*
"A Guide to the NIPA'S" (March 1998 SURVEY)* provides the definitions of the major NIPA aggregates and
components; discusses the measures of real output and
prices; explains how production is classified and how
the NIPA'S are presented; describes the statistical conventions that are used; and lists the principal source
data and methods used to prepare the estimates of
gross domestic product (GDP).
Information on the sources and methods used to
prepare the national estimates of personal income,
which provide the basis for the State estimates of personal income, can be found in State Personal Income,
1929-93 (1995)."
"Gross Domestic Product as a Measure of U.S. Production" (August 1991 SURVEY)* briefly explains the
difference between GDP and gross national product.
Availability
For the availability of some of these publications,
see the inside back cover of this issue. See also the
User's Guide to BEA Information: To request a copy,
write to the Public Information Office, BE-53, Bureau
of Economic Analysis, U.S. Department of Commerce,
Washington DC 20230, call 202-606-9900, or visit BEA'S
Internet site at <http://www.bea.doc.gov>.
D-76
• Appendixes
SURVEY OF CURRENT BUSINESS
The conceptual basis for the chain-type measures of
real output and prices used in the NIPA'S is described
in the following SURVEY articles.
"Alternative Measures of Change in Real Output
and Prices" (April 1992)*
"Economic Theory and BEA'S Alternative Quantity
and Price Indexes" (April 1992)*
"Alternative Measures of Change in Real Output and Prices, Quarterly Estimates for 1959-92"
(March 1993)*
"Preview of the Comprehensive Revision of the
National Income and Product Accounts: BEA'S
New Featured Measures of Output and Prices"
(July 1995)*
"BEA'S Chain Indexes, Time Series, and Measures
of Long-Term Economic Growth" (May 1997)*
"Reliability and Accuracy of the Quarterly Estimates
of GDP" (October 1993 SURVEY)* evaluates GDP estimates by examining the record of revisions in the
quarterly estimates.
Wealth and related estimates
"Improved Estimates of Fixed Reproducible Tangible
Wealth, 1929-95" (May 1997 SURVEY)* describes the
most recent comprehensive revision of the estimates
of fixed reproducible tangible wealth.
Gross product by industry
"Improved Estimates of Gross Product by Industry,
1959-94" (August 1996 SURVEY)* describes the most
recent comprehensive revision of the estimates of gross
product by industry.
"Gross Product by Industry, 1947-96" (November
1997 SURVEY)* presents the most recent revision to
the estimates of gross product by industry and briefly
describes changes in methodology.
"U.S. International Transactions, Revised Estimates": This series of SURVEY articles, the latest of
which was published in the July 1997 issue,* describes
the annual BPA revisions and the improvements in
methodology.
Direct investment
The coverage, concepts, definitions, and classifications
used in the benchmark surveys of U.S. direct investment abroad and of foreign direct investment in the
United States are presented in the publications of the
final results of the following benchmark surveys.
U.S. Direct Investment Abroad: 1994 Benchmark
Survey, Final Results (1998)
Foreign Direct Investment in the United States: 1992
Benchmark Survey, Final Results (1995)*
The types of data on direct investment that are collected and published by BEA and the clarifications of
the differences between the data sets are presented in
the following SURVEY articles.
"A Guide to BEA Statistics on U.S. Multinational
Companies" (March 1995)*
"A Guide to BEA Statistics on Foreign Direct
Investment in the United States" (February 1990)*
Surveys of international services
U.S. International Transactions in Private Services: A
Guide to the Surveys Conducted by the Bureau of Economic Analysis (1998)* provides information on the
11 surveys that BEA conducts on these transactions—
including classifications, definitions, release schedules,
and methods used to prepare the estimates—and
samples of the survey forms.
Regional
Personal income
International
State Personal Income, 1929-93 (1995)* includes a description of the methodology used to prepare the
estimates of State personal income. [Also available on
the CD-ROM "State Personal Income, 1958-96"]
Local Area Personal Income, 1969-92 (1994)* includes a description of the methodology used to
prepare the estimates of local area personal income.
[Also available on the CD-ROM "Regional Economic
Information System, 1969-95"]
Balance of payments accounts (BPA'S)
Gross state product
The Balance of Payments of the United States: ConceptSy Data Sources, and Estimating Procedures (1990)*
describes the methodologies used in preparing the
estimates in the BPA'S and of the international investment position of the United States. These methodologies are subject to periodic improvements that are
typically introduced as part of the annual revisions of
"Comprehensive Revision of Gross State Product by
Industry, 1977-94" (June 1997 SURVEY)* summarizes
the sources and methods for BEA'S estimates of gross
state product.
"Gross State Product by Industry, 1977-96" (June
1998 SURVEY)* presents the most recent revision to
the estimates of gross state product by industry and
briefly describes changes in methodology. £g|
Input-output
accounts
"Benchmark Input-Output Accounts for the U.S.
Economy, 1992" (November 1997 SURVEY)* describes
the preparation of the 1992 input-output accounts
and the concepts and methods underlying the U.S.
input-output accounts.
the BPA'S.
June 1998
BEA INFORMATION
The economic information plated by the Bureau of Economic Analysis (BBA)
is available in news releases, in publications, on computer diskettes, on GD-ROMX and
on the Internet. For a description of these products in the free Usefs Guide to B%A
Information, write to the Public Information Office* BE-53, Bureau of Economic
Analysis, VS. Department of Commerce, Washington, DC 20230, or caE (202) 6069900. The User's Guide and other information are also available on BEA*S home page at
http;//wwwJbea»docgov.
The free publication U.S* International transactions in Private Services: A Guide
to the Surveys Conducted by the Bureau of Economic Analysis provides information
about 11 surveys* For each survey, it details the frequency of the survey, the transactions covered, and the methods used to prepare the estimates that are derived from the
survey data; it includes a sample of each survey. To receive your copy, write to Sylvia
Bargas> BE-50, Bureau of Economic Analysis, U.S. Department of Commerce, Washington, DC 20230, or call (202}; 606-9S04.
..
,.
In addition, the following publications are available from the Superintendent of
Documents.of the Government Printing Office (GPO)« TO order, write to Superintendent of Documents, p,o. BOX 371954* Pittsburgh, PA 15250-7954, call (202) 5121800 or fax (202) 512-2250, Pay by check to the Superintendent of Documents or
charge to a OPO deposit account, to Visa, or to MasterCard,
National Income and Product Accounts of the United States, 1929-94*
and definitions, and the classifications used In the survey. $20*00* stock
(1998) This two-volume set presents the estimates of the national inno. 003-010-00259-0.
Foreign Direct Investment in the United States: Operations of U.S.
come and product accounts (HIFA^) that reflect the most recent comAffiliates of Foreign Companies. (1997) Two publications: One presents
prehensive revision and the 1997 annual revision. The text describes the
the revised estimates for 1994, and the other, the preliminary estimates
definitions and classifications that underlie the NIFA'S and the statistical
for 1995 from BEA'S annual surveys of the financial structure and operaconventions used in the NIPA*S; an appendix lists the principal source
tions of nonbank U.S. affiliates of foreign direct investors* The estidata and methods that are used in preparing the estimates. $58,00^ stock
mates are presented by industry of the U.S. affiliate and by country of
no. 003-010-00272-7.
the ultimate beneficial owner (UBO) and for selected estimates, by inBenchmark Input-Output Accounts of the United States* 19S7, (1994)
dustry of UBO and by State, Preliminary 1995 Estimates* $8.50, stock no.
Presents summary and detailed make and use tables for industries and
003-010-00268-9; Revised 1994 Estimates* $8.50* stock no, 003-010commodities; tables showing commodity- and industry-output-re00267-1.
quire-ments per dollar of commodity demanded; and tables showing
Foreign Direct Investment in the United States: Establishment Data
the input-output {1-0} commodity composition of personal consumpfor199±* {1997) This publication* which presents the results of a project
tion expenditures and producer/ durable equipment expenditures in
by M A and the Bureau of the Census, provides the most recently available
the national income and product accounts. Presents concepts and
data on the number, employment, payroll* and shipments or sales of
methods used in the 1987 benchmark accounts; concordance beween 1-0
foreign-owned U.S, establishments in more than Soo industries at the
and 1987 Standard Industrial Classification codes; description of the
Standard Industrial Classification four-digit level and by State and by
components of the measures of output, intermediate inputs, and value
country
of owner. Presents additional infbrmatiori—such as data on
added; and mathematical derivation of total requirements tables,
value added, employee benefits, hourly wage rates of production work$29.00, stock no. 003-010-00251-4.
ers* and expenditures for plant and equipment—for manufacturing
Regional Multipliers: A User Handbook for the Regional Input- Outestablishments* $2S.oo, stock no, 003—010—00265—4*
put Modeling System (RIMS II), Third Edition* (1997) This handbook
describes the five types of Kims n multipliers that are available for nearly
500 industries and for any county or for any group of counties. It details ^ U, S* Direct Investment Abroad: 1994 Benchmark Survey, Final Results.
(1998) This publication presents the data on the worldwide operations of
the information that the users need in order to effectively use the &IM$ II
U.S. multinational companies in 1994 from the most recent comprehenmultipliers to analyze the economic and industrial impact of public and
sive survey of U.S. direct investment abroad. It contains 243 tables that
private projects and programs on State and local areas. The handbook
present data on the financial structure and operations of VSi parent
also includes case studies that illustrate the uses of the RIMS II multipliers
companies and their foreign affiliates and data on the direct investment
and a description of the methodology that the Bureau of Economic
position
md balance of payments between the parents and their affiliates.
Analysis uses to estimate the multipliers. $6*oo, stock no. 003-010The
data
are presented by industry of the parent and by industry and
00264-6.
country of the affiliate* The te&t describes the coverage* the definitions
Foreign Direct Investment in the United States: 1992 Benchmark Surand concepts, and the classifications ns^d in the survey. $37*00, stock no,
vey, Final Results, (1995) Presents detailed data on the financial struc0^3-010-00271-9.
ture and operations of U.S. affiliates of foreign direct investors) on the
U,S» Direct Investment Abroad: Operations of U-S* Parent Companies
foreign direct investment position in the United States* and on the baland Their Foreign Affiliates* Preliminary 1995 Estimates. (1997) Fro*
ance-of-payments transactions betw&ft U,S, affiliates and their foreign
vides preliminary results for 1995 from BEA'S aiiriual survey of the world*
parent companies in 1992. Includes data for items, such as employment:
wide operations of U.S* multinational companies. Contains informa*
covered by collective bargaining agreements and merchandise trade by
tion on the financial structure and operations of U»S. parent companies
product and country of destination and origin, that are only collected In
and their foreign affiliates. Data are classified by country and industry
comprehensive benchmark surveys, The data are classified by industry
of affiliate and by industry of U.S. parent $9*00, stock no. 003-010of affiliate and by country of'Ultimate' beneficial owner, and selected
00270-1.
data are classified by State, The text describes the coverage, the concepts
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Schedule of Upcoming BEA News Releases
Subject
Release
Date
U.S. International Trade in Goods and Services, April 1998
* June 18
U.S. International Transactions, 1st quarter 1998
June 18
Gross Domestic Product, 1st quarter 1998 (final) and Corporate Profits, 1st quarter 1998 (revised)... June 25
Personal Income and Outlays, May 1998
June 26
International Investment Position of the United States
June 30
U.S. International Trade in Goods and Services, May 1998
State Personal Income, 1st quarter 1998
Gross Domestic Product, 2nd quarter 1998 (advance)
Personal Income and Outlays, June 1998
U.S. International Trade in Goods and Services, June 1998
Gross Domestic Product, 2nd quarter 1998 (preliminary) and Corporate Profits, 2nd quarter 1998
(preliminary).
Personal Income and Outlays, July 1998
* July 17
- July 23
July 31
Aug. 3
* Aug. 18 ,
Aug. 27
Aug. 28
Summary of U.S. International Transactions, 2nd quarter 1998
Sept. 10
State Per Capita Personal Income, 1997 (revised)
Sept. 14
U.S. International Trade in Goods and Services, July 1998
* Sept. 17
Gross Domestic Product, 2nd quarter 1998 (final) and Corporate Profits, 2nd quarter 1998 (revised) Sept. 24
Personal Income and Outlays, August 1998
* Joint release by the Bureau of the Census and BEA.
For information, call (202) 606-9900, Bureau of Economic Analysis, U.S. Department of Commerce.
Sept. 25
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