Full text of Survey of Current Business : March 1989
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
March 1989 / Volume 69 Number
SURVEY OF CURRENT BUSINESS
1
Business Situation
1
2
U»S. Department of Commerce
3
National Income and Product Accounts Tables
3
17
Robert A. Mosbacher / Secretary
Corporate Profits
Government Sector
Selected NIPA Tables
Reconciliation and Other Special Tables
19
Composite Indexes of Leading, Coincident, and
Lagging Indicators
20
Capital Expenditures by Majority-Owned Foreign Affiliates
of U.S. Companies, 1989
26
U.S. International Transactions, Fourth Quarter and Year 1988
58
Papers from the Conference on Research in Income and Wealth
Bureau of Economic Analysis
Allan H. Young / Director
Carol S. Carson / Deputy Director
Editor-in-Chief; Carol S. Carson
Managing Mditon Lelaad L. Scott
Staff Contributors to TMsIssuei
L. Bach, Leo M, Berostein, David W. GartwrigM,
Barbara W, Jlowenstine, Daniel J. Larkins, National Income and Wealth Division, Alicia M.
Qmjano, Jane S. Reeb^ Charles S» K#bms<m, Jack E,
Tripletfc, Joseph C.
Published
monthly by the Bureao of BcoAoMic Analysis of the
U,S, Department of Comoierce. Editorial correspondence should be addressed to the Editor-inChief, SjmvEYO?Ctii®ssiTBtJSiNES|, Pureaii of Economic Analysis, U.S* Department pf Commerce,
Washington, DC 20&3Q*
T>
Annual subscripfciont Second-class mail—
$18.00 domestic, $22^0 foreign; ftrst-cfass mail—
$46.00. Single copy;—$6,50 dom,estic, $8.13 foreign.
Mail subscription orders and address changes to
the Superintendent of Documents^ U.S. Government Brinfcing O^ce, Washington, DC 20402.
Make checks payabl^ to t^ Superintendent of
• Documents. .' "''
. ,„:* '•".'"•• ••
Second-class postage paid.at WashiBgfcoia, DC
and at additional mailingofgcje^ {TOPSHS7-700)t
The Secretary of Commence has determined
that the publication of this periodical is necessary
in the transaction of the pj|b|ic business required
58
62
67
New Measures of Nonwage Compensation Components: Are They Needed?
Comparative Cross-National Research on Income and Economic Well-Being:
The Luxembourg Income Study
A Comment
69
Constant-Dollar Inventories, Sales, and Inventory-Sales Ratios
for Manufacturing and Trade
71
A User's Guide to BEA Information
Blue pages: Current Business Statistics
(See page S-36 for subject index to Current Business Statistics)
Inside back cover: BEA Information
~r-TMs issue of thf SUBTOT wtot to the printe
data from the followingimo^t^^BEAn^ws releases;
*....'/ • ' • • „ . - . • .. ; . ' • -Gixjs^H^i0nal:Proite0t{Mar,;^
: Personal^Jnepiae^ar^d Outlays (Mar, J24), and
Composite Indexes of Lea
" ''"
Indicators (Mar. 29}
the BUSINESS SITUATION
Corporate Profits
in prices of inventoried goods, espe- tion is expected to fall below economic
cially inventories of food. Almost one- depreciation—i.e., the CCAdj is exhalf of the increase in the IVA is trace- pected to turn negative —in the early
JL ROFITS from current production— able to food manufacturing and retail 1990's. (Higher levels of investment
profits before tax with inventory val- food stores; a sharp increase in the IVA or lower rates of price increase would
uation adjustment (IVA) and capi- of wholesale trade also reflected food tend to postpone the date at which this
tal consumption adjustment (CCAdj)— prices to some extent. The slowing in crossover occurs.)
Cash flow from current production,
increased $10 billion, to $340 billion, in the rate of increase in food prices is ilthe fourth quarter of 1988, following a lustrated by the foods component of the a profits-related measure of internally
$3^2 billion increase in the third.1
Producer Price Index, which increased generated funds available to corporaProfits of domestic financial corpo- 4^2 percent in the fourth quarter after tions for investment, increased $13 bilrations and profits from the rest of increasing 9 percent in the third (sea- lion after three quarters in which increases had ranged from $3 billion to
the world registered moderate, nearly sonally adjusted annual rates).
billion.
offsetting, changes; profits of domesThe CCAdj, which is an estimate
tic nonfinancial corporations increased of the amount by which the predomiPBT with IVA but without CCAdj.—
$10^2 billion. The increase reflected nantly tax-based depreciation measure Profits from current production is not
increases both in the product of nonfi- that underlies PBT differs from BEA's available by industry; PBT with IVA
nancial corporations and in profits per approximation of economic deprecia- alone is the best available measure of
unit of product; the increase in profits tion, declined from $45^2 billion to industry profits.
per unit was responsible for most of the $39x/2 billion. The decline reflected
Domestic profits of nonfinancial corprofit increase. Real product increased the cumulating impact of the Tax Re- porations increased $15^2 billion; siz1
4 /2 percent, up from 2^2 percent in the form Act of 1986, which lengthened the able increases were registered in manthird quarter. Unit prices increased service lives that may be used in cal- ufacturing (with chemicals recording
5^2 percent, while unit costs increased culating most depreciation allowances the largest gain), transportation and
4x/2 percent; unit labor costs again ac- for tax purposes. In the absence of public utilities, and trade.
counted for most of the increase in unit changes in tax law and in the level
Domestic profits of financial corporacosts. (Percentages are at seasonally and rate of price increase of business tions declined $1 billion. A $1 billion
adjusted annual rates.)
fixed investment, tax-based deprecia- increase in Federal Reserve profits was
Domestic profits of financial corporations declined $2 billion, following
an increase of $2x/2 billion, and profits from the rest of the world increased
Looking Ahead...
$lx/2 billion, following an increase of
$5^2 billion.
• New prices effective May 1. The "User's Guide to BEA Information" in
Profits before
tax and related
this issue of the SURVEY lists new prices, to be effective May 1, for some of
measures.—Profits before tax (PBT) inthe products and services for which BEA is the sales agent. The new prices
creased $52/2 billion, following an $8
reflect updated estimates of the costs BEA incurs in distributing these items.
billion increase. The difference be• Alternative Weighting of Real GNP. An article considering the presentation
tween the $10 billion increase in profits
by BEA of alternative weighting systems for real GNP will appear in an
from current production and the $5^2
upcoming issue of the SURVEY.
billion increase in PBT reflected par• Gross Product by Industry. Preliminary 1988 estimates of gross product
tially offsetting changes in the IVA and
by industry will not be published in the April SURVEY. They will be delayed
in the GCAdj. (Both adjustments are
in order to incorporate several improvements. Publication of estimates for
added to PBT to obtain the current1988 and earlier years that incorporate these improvements is planned for
production measure.)
later this year.
The IVA is an estimate of inventory
• U.S. Business Enterprises Acquired or Established by Foreign Direct Inprofits with sign reversed. Inventory
vestors in 1988. Data on the cost to foreign direct investors of the ownership
profits declined $10^2 billion, reflectinterests acquired or established in U.S. business enterprises in 1988, by
ing a slowing in the rate of increase
industry and by country of foreign owner, will be presented in the May
SURVEY. Selected operating data of the U.S. business enterprises will also be
1. Quarterly estimates in the national income and
product accounts are expressed at seasonally adjusted
presented.
annual rates, and quarterly changes in them are differences between those rates.
SURVEY OF CURRENT BUSINESS
more than offset by declines in profits of other financial institutions. Savings and loan associations registered
the largest decline as losses, which had
narrowed in the third quarter, became
larger.
Profits from the rest of the world increased $!1/2 billion. This component
of profits measures inflows of profits
from foreign affiliates of U.S. corporations less outflows of profits from U.S.
affiliates of foreign corporations. In
the fourth quarter, inflows were unchanged while outflows, mainly from
petroleum affiliates, declined.
Government Sector
The fiscal position of the government
sector deteriorated in the fourth quarter of 1988, as the combined deficit of
the Federal Government and of State
and local governments increased $38
billion (table 1). The deficit of the Federal Government increased $34-^2 billion, and the surplus of State and local
governments declined $3*/2 billion.
The Federal sector.—The Federal
Government deficit increased to $158
billion, as expenditures increased more
than receipts.
Receipts increased $15x/2 billion, in
contrast to a $7^2 billion decline in the
third quarter. The third-quarter decline was more than accounted for by
personal taxes, which were boosted in
the first half of the year by the reaction
of taxpayers to certain features of the
Tax Reform Act of 1986. In the fourth
quarter, personal xtax and nontax receipts increased $7 /2 billion and contributions for social insurance increased
$7 billion; both increases reflected a
strong increase in incomes. Indirect
business tax and nontax accruals increased $1 billion, of which one-half
was in customs duties. Corporate profits tax accruals increased $^2 billion.
Expenditures increased $50 billion,
in contrast to a $17!/2 billion decline in the third quarter. Much of
the swing was accounted for by three
kinds of expenditures—purchases of
national defense goods and services,
purchases of agricultural commodities
by the Commodity Credit Corporation
(CCC), and subsidies to farmers. Combined, they declined $26 billion in the
third quarter and increased $43^2 billion in the fourth. The large fourthquarter increase in defense purchases
was for most types of military equipment and for research and development; in CCC purchases, it was for
corn and cotton; in subsidies to farmers, it was for deficiency payments,
conservation payments, and drought
assistance payments. All other expenditures combined increased $6^2 billion
in the fourth quarter, compared with
$9 billion in the third.
Cyclically adjusted surplus or
deficit.—When measured using cyclical adjustments based on middleexpansion trend GNP, the Federal
deficit on the national income and
product accounts basis increased from
$1641/2 billion in the third quarter to
$200^2 billion in the fourth (see table 3 on page 18). The cyclically adjusted deficit as a percentage of middleexpansion trend GNP increased from
3.5 percent in the third quarter to 4.1
percent in the fourth.
The State and local sector.—The
State and local government surplus declined to $52x/2 billion, as expenditures
increased more than receipts.
March 1989
Receipts increased $12 billion, compared with $9x/2 billion in the third
quarter. Indirect business tax and
nontax accruals increased $5*/2 billion,
of which $3 billion was in sales taxes.
Personal tax and nontax receipts increased $4 billion; corporate profits tax
accruals and contributions for social insurance increased $^2 billion each.
Expenditures increased $15 billion,
compared with $10 billion in the third
quarter. The acceleration was in purchases of goods and services, which
increased $13^2 billion in the fourth
quarter, compared with $8 billion in
the third. Purchases of structures increased $4 billion, in contrast to a
$lx/2 billion decline in the third quarter; the swing was due to the construction of highways and sewage treatment
plans. All other categories of expenditures combined increased $2x/2 billion,
compared with $1^2 billion in the third
quarter.
Table 1.—Government Sector Receipts and Expenditures
[Billions of dollars, seasonally adjusted at annual rates]
Level
Change from preceding quarter
1988
1987
I
IV
1988:IV
IV
III
II
Government sector
Receipts
Expenditures
Surplus or deficit ( )
26.5
64.3
378
1,598.5
1,703.8
1053
-7.5
15.7
991.2
-16.7
1.4
1.1
6.7
7.5
.4
.8
7.0
415.8
113.5
57.9
404.0
-17.3
50.0
1,149.0
145
-4.5
-10.0
-5.8
3.2
1.7
1.4
1.1
2.9
99
-15.7
-15.8
-5.3
28.6
7.6
21.0
17.8
6.8
2.7
4.1
1.5
4.0
9.2
18.6
18.2
9.4
396.3
301.9
94.3
-4.8
447.5
430.9
16.6
113.0
158.9
33.3
35.4
20.0
2.1
1.0
85
9.6
15.5
4.0
11.5
45.6
23.3
22.3
14.3
6.6
31.9
9.0
-2.6
1.1
7.0
177
-.5
.9
24.0
20.4
4.6
.1
6.9
36.5
1.2
10.2
5.1
6
5.8
3.4
8.3
2.6
5.7
-.5
5.7
17.1
16.8
16.7
-.3
-.4
-13.7
-.8
-12.9
-16.1
11.9
16.8
-4.9
9.7
.4
67
-8.0
-8.0
-1.2
4.6
.5
4.1
.7
3.1
3.6
-.5
-.7
2.2
1.0
2.8
2.8
1.8
5.3
21.8
9.8
7.8
18.6
12.9
9.7
12.2
720.3
5.7
9
2.7
.8
.5
2.7
1.2
4.3
.7
9.7
4.7
1.8
6.3
.7
7
2.2
.2
5.4
.7
1.1
4.0
.4
5.5
.7
1.5
182.2
32.1
340.8
52.1
113.0
11.0
12.5
12.5
9.9
15.7
667.8
9.9
11
2.4
-.8
.3
.2
11.6
2.1
2.1
-.7
.3
-.3
11.8
1.3
2.1
g
.3
3
8.2
15
3.3
9
.3
5
13.6
4.2
4.3
-.9
.3
-1.0
-.2
.4
.4
.5
1.0
601.2
69.2
133.6
-42.1
8.7
-16.2
1.0
17.3
32
6.1
.4
-.2
35
52.5
1.6
47
1.5
4.5
1.6
-1.2
1.5
-1.9
1.6
51
70.9
-18.4
22.6
48.0
-25.4
Federal Government
Receipts
Personal tax and nontax receipts
Corporate profits tax accruals
Indirect business tax and nontax accruals .
Contributions for social insurance
Expenditures ....
Purchases of goods and services
National defense
Nondefense
Of which: Commodity Credit Corporation inventory change
Transfer payments
To persons
To foreigners
. ...
Grants-in-aid to State and local governments
Net interest paid
Subsidies
. . . .
Of which: Agricultural subsidies
Less: Current surplus of government enterprises
Less: Wage accruals less disbursements
Surplus or deficit (— )
-22.1
-34.3
-157.8
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
Expenditures
Purchases of goods and services
Of which' Structures
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 . .
Surplus or deficit (— )
Social insurance funds
Other
NOTE.—Dollar levels are found in tables 3.2 and 3.3 of the "Selected NIPA Tables."
SURVEY OF CURRENT BUSINESS
March 1989
National Income and Product Accounts Tables
Selected NIPA Tables
New estimates in this issue: Fourth quarter and annual 1988, revised (0The selected set of 54 national income and product accounts (NIPA) tables shown in this section presents quarterly estimates, which are
updated monthly. (In most of these tables, annual estimates are also shown.) The full set of 132 tables usually shown in July presents annual
NIPA revisions. For more information on the presentation of the estimates, see "National Income and Product Accounts Estimates: When They
are Released, Where They Are Available, and How They Are Presented" in the July 1988 SURVEY.
The full set of estimates for 1985-87 is in the July 1988 issue of the SURVEY; estimates for 1984 are in the July 1987 issue; estimates for 1983
are in the July 1986 issue. Estimates for 1929-82 are in National Income and Product Accounts, 1929-82: Statistical Tables (GPO Stock No. 003010-00174-7, price $23.00). These publications are available from the Superintendent of Documents; see address on inside front cover.
The full set of NIPA tables is available on diskette for $200 per year (12 updates, for the quarterly estimates prepared each month). For
more information, write to the Bureau of Economic Analysis (BE-54), U.S. Department of Commerce, Washington, DC 20230.
Table 1.1.—Gross National Product
Table 1.2.—Gross National Product in Constant Dollars
[Billions of dollars]
[Billions of 1982 dollars]
Seasonally adjusted at annual rates
1987
1988r
1987
III
Gross national product
Personal consumption
expenditures
Durable goods. .
Nondurable goods .
Services
Gross private domestic
investment
Fixed investment
Nonresidential
Structures
Producers' durable
equipment
Residential
Change in business
inventories
Nonfarm...
Farm
Net exports of goods and
services
Exports
Imports
Government purchases of goods
and services
Federal
National defense
Nondefense. ..
State and local
Seasonally adjusted at annual rates
1987
1988
IV
I
II
III
IVr
4,526.7 4,864.3 4,568.0 4,662.8 4,724.5 4,823.8 4,909.0 4,999.7
3,012.1 3,227.5 3,058.2 3,076.3 3,128.1 3,194.6 3,261.2 3,326.4
421.9
451.1
441.4
422.0 437.8 449.8 452.9 464.0
997.9 1,046.9 1,006.6 1,012.4 1,016.2 1,036.6 1,060.8 1,073.9
1,592.3 1,729.6 1,610.2 1,641.9 1,674.1 1,708.2 1,747.5 1,788.5
712.9
766.5
702.8
764.9
763.4
758.1
772.5
772.0
673.7
446.8
139.5
718.1
488.4
142.8
688.3
462.1
143.0
692.9
464.1
147.7
698.1
471.5
140.1
714.4
487.8
142.3
722.8
493.7
143.8
737.2
500.6
145.0
307.3
226.9
345.6
229.7
319.1
226.2
316.3
228.8
331.3
226.6
345.5
226.5
349.9
229.1
355.6
236.6
39.2
40.7
-1.5
48.4
42.2
6.1
14.5
17.8
-3.3
72.0
72.8
-.8
65.3
49.4
15.9
43.7
33.1
10.6
49.7
41.9
7.8
34.7
44.6
-9.8
nn *
on (\
-96.1
123 0 -94.6
519.7
614.4
125 2
125 7 -112.1
440.4
565.6
459.7
585.4
487.8
599.9
507.1
597.5
536.1
616.0
548.0
644.0
924.7
964.9
932.2
947.3
945.2
961.6
955.3
997.5
382.0
295.3
86.7
542.8
381.0
298.4
82.6
583.9
386.3
299.8
86.4
546.0
391.4
299.2
92.2
555.9
377.7
298.4
79.3
567.5
382.2
298.8
83.4
579.4
367.7
294.3
73.4
587.6
396.3
301.9
94.3
601.2
428.0
551.1
1988r
III
IV
I
II
III
IVr
3,847.0 3,996.1 3,865.3 3,923.0 3,956.1 3,985.2 4,009.4 4,033.4
Gross national product
Personal consumption
expenditures .
Durable goods
Nondurable goods
Services
1988
1987
2,521.0 2,592.2 2,545.2 2,531.7 2,559.8 2,579.0 2,603.8 2,626.2
,
Gross private domestic
investment.
410.4
416.5
410.6
390.9 409.7 406.5 387.6 401.1
890.5 892.7 893.6 904.5 907.4
890.5 899.6 891.9
1,239.5 1,283.0 1,246.8 1,253.6 1,265.9 1,274.8 1,288.9 1,302.2
674.8
721.8
667.9
724.7
728.9
715.1
726.1
717.1
640.4
445.1
125.5
679.3
487.5
125.1
654.9
462.8
128.0
657.6
464.8
132.1
662.9
473.4
124.0
679.7
490.2
125.0
686.6
495.0
125.8
688.0
491.4
125.5
319.6
195.2
Fixed investment
,
Nonresidential
,
Structures
Producers' durable
equipment
Residential
Change in business
inventories
Nonfarm
Farm
362.4
191.8
334.7
192.1
332.7
192.7
349.4
189.5
365.1
189.6
369.2
191.6
365.9
196.6
42.5
40.0
2.5
13.0
18.3
-5.3
67.1
68.2
-1.1
66.0
51.9
14.1
35.3
30.1
5.3
39.5
40.4
.8
29.1
37.6
-8.5
34.4
36.9
-2.5
Net exports of goods and
services
130.7
126.0
109.0
-92.6
427.8
556.7
504.8
605.0
440.9
571.6
459.2
585.2
486.2
595.1
496.9
589.5
780.2
782.3
782.9
792.6
776.4
783.8
773.5
795.5
339.0
264.9
74.1
441.2
328.7
261.8
66.9
453.6
342.1
269.5
72.6
440.8
347.7
268.2
79.5
444.9
327.8
264.6
63.2
448.7
331.6
263.6
67.9
452.2
320.1
256.4
63.7
453.4
335.5
262.5
72.9
460.0
-128.9 -100.2
Exports
Imports
Government purchases of goods
and services
Federal
National defense
Nondefense
State and local
-93.9 -105.4
522.1
514.0
607.9 627.4
NOTE.—Percent changes from preceding period for selected items in this table are shown in
table 8.1.
NOTE.—Percent changes from preceding period for selected items in this table are shown in
table 8.1.
Table 1.3.—Gross National Product by Major Type of Product
Table 1.4.—Gross National Product by Major Type of Product in
Constant Dollars
[Billions of dollars]
[Billions of 1982 dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1987
1988r
III
Gross national product
Final sales
Change in business
inventories
Goods
Final sales
Change in business
inventories .
Durable goods
Final sales
Change in business
inventories
Nondurable goods
Final sales
Change in business
inventories
Services
Structures
1988
1987
IV
I
II
1987
III
IVr
4,526.7 4,864.3 4,568.0 4,662.8 4,724.5 4,823.8 4,909.0 4,999.7
4,487.5 4,815.9 4,553.5 4,590.7 4,659.2 4,780.1 4,859.3 4,965.0
39.2
48.4
14.5
72.0
65.3
43.7
49.7
34.7
1,792.5 1,938.7 1,812.9 1,849.3 1,879.5 1,928.0 1,960.1 1,987.1
1,753.3 1,890.3 1,798.4 1,777.3 1,814.2 1,884.3 1,910.4 1,952.4
39.2
48.4
14.5
776.3
749.7
858.3
827.3
792.2
789.3
72.0
65.3
43.7
49.7
34.7
808.7
758.2
819.3
792.7
849.5
831.6
881.6
836.4
882.7
848.6
34.1
45.1
17.8
50.5
26.6
2.9
30.9
26.6
1,016.2 1,080.4 1,020.7 1,040.7 1,060.1 1,078.5 1,078.5 1,104.4
1,003.6 1,063.0 1,009.1 1,019.1 1,021.5 1,052.7 1,074.0 1,103.8
.6
25.9
4.6
38.6
21.6
11.6
12.6
17.4
2,295.7 2,477.9 2,314.4 2,363.9 2,405.2 2,451.5 2,501.6 2,553.5
438.4
447.6
440.6
449.5
439.9
444.3
447.3
459.1
NOTE. — Percent changes from preceding period for selected items in this table are shown in
table 8.1.
1987
1988'
III
Gross national product
Final sales
Change in business
inventories
1988
IV
I
II
III
IV
3,847.0 3,996.1 3,865.3 3,923.0 3,956.1 3,985.2 4,009.4 4,033.4
3,812.6 3,953.6 3,852.2 3,855.9 3,890.1 3,949.9 3,969.9 4,004.4
34.4
42.5
13.0
67.1
66.0
35.3
39.5
29.1
1,663.3 1,762.3 1,677.5 1,713.9 1,748.1 1,762.4 1,768.9 1,769.6
1,628.9 1,719.8 1,664.5 1,646.8 1,682.2 1,727.1 1,729.4 1,740.6
Goods
Final sales
Change in business
inventories
34.4
42.5
13.0
67.1
66.0
35.3
39.5
29.1
Durable goods
Final sales
Change in business
inventories
774.6
750.7
864.8
837.3
793.7
790.8
812.7
767.2
832.5
809.0
861.7
845.8
885.0
844.6
879.8
849.7
23.9
27.5
45.5
23.5
15.9
40.4
30.1
Nondurable goods
Final sales
Change in business
inventories
888.8
878.2
897.5
882.5
883.8
873.7
901.2
879.6
915.6
873.2
900.7
881.3
884.0
884.9
889.8
890.8
10.5
15.0
10.1
21.6
42.4
19.4
-.9
-1.0
Services
Structures
,
2.9
1,801.1 1,855.4 1,806.6 1,822.3 1,833.4 1,846.1 1,862.8 1,879.2
382.6 378.4 381.1 386.7 374.6 376.7 377.7 384.6
NOTE.—Percent changes from preceding period for selected items in this table are shown in
table 8.1.
SURVEY OF CURRENT BUSINESS
March 1989
Table 1.5.—Relation of Gross National Product, Gross Domestic
Purchases, and Final Sales to Domestic Purchasers
Table 1.6.—Relation of Gross National Product, Gross Domestic
Purchases, and Final Sales to Domestic Purchasers in Constant Dollars
[Billions of dollars]
[Billions of 1982 dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1987
1988 r
1987
IV
III
Gross national product
Less: Exports of goods and
services
Plus: Imports of goods and
services
Equals: Gross domestic
purchases 1
Less: Change in business
inventories
Equals: Final2sales to domestic
purchasers
1987
1988
I
n
III
iyr
4,526.7 4,864.3 4,568.0 4,662.8 4,724.5 4,823.8 4,909.0 4,999.7
428.0
519.7
440.4
459.7
487.8
507.1
536.1
548.0
551.1
614.4
565.6
585,4
599.9
597.5
616.0
644.0
4,649.7 4,958.9 4,693.2 4,788.4 4,836.6 4,914.2 4,989.0 5,095.8
39.2
48.4
14.5
72.0
65.3
43.7
49.7
1988r
34.7
4,610.5 4,910.6 4,678.7 4,716.4 4,771.3 4,870.5 4,939.3 5,061.1
1. Purchases in the United States of goods and services wherever produced.
2. Final sales in the United States of goods and services wherever produced.
III
Gross national product
Less: Exports of goods and
services
Plus: Imports of goods and
services
Equals: Gross domestic
purchases 1 .
Less: Change in business
inventories
Equals: Final2sales to domestic
purchasers
1988
1987
IV
I
II
III
IV
3,847.0 3,996.1 3,865.3 3,923.0 3,956.1 3,985.2 4,009.4 4,033.4
427.8
504.8
440.9
459.2
486.2
496.9
514.0
522.1
556.7
605.0
571.6
585.2
595.1
589.5
607.9
627.4
3,975.9 4,096.3 3,996.0 4,049.0 4,065.1 4,077.9 4,103.4 4,138.8
34.4
42.5
13.0
67.1
66.0
35.3
29.1
39.5
3,941.5 4,053.8 3,983.0 3,981.9 3,999.1 4,042.6 4,063.8 4,109.7
1. Purchases in the United States of goods and services wherever produced.
2. Final sales in the United States of goods and services wherever produced.
NOTE.—Percent changes from preceding period for selected items in this table are shown in
table 8.1.
NOTE.—Percent changes from preceding period for selected items in this table are shown in
table 8.1.
Table 1.7.—Gross National Product by Sector
Table 1.8.—Gross National Product by Sector in Constant Dollars
[Billions of dollars]
[Billions of 1982 dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1987
1988r
1987
III
Gross national product
Gross domestic product
Business. ..
Nonfarm..
Nonfarm less housing
Housing
Farm
Statistical discrepancy
Households and institutions
Private households
Nonprofit institutions
Government
Federal
State and local
Rest of the world . .
1987
1988
IV
I
II
HI
IV
4,526.7 4,864.3 4,568.0 4,662.8 4,724.5 4,823.8 4,909.0 4,999.7
4,497.2 4,839.4 4,541.2 4,631.8 4,702.1 4,802.5 4,882.2 4,970.7
3,855.5 4,148.2 3,893.8 3,972.9 4,028.1 4,117.5 4,185.2 4,262.1
3,787.8 4,091.7 3,832.2 3,905.8 3,965.4 4,048.0 4,123.7 4,229.5
3,416.5 3,693.5 3,457.7 3,522.7 3,576.0 3,654.0 3,722.5 3,821.5
371.3 398.1 374.5 383.1 389.4 394.0 401.2 408.0
70.7
77.7
74.6
75.9
76.8
73.4
54.8
75.6
-8.1 -14.1 -15.1
-6.4 -15.0
-5.1 -14.0 -22.2
168.9 188.4 171.7 176.4 180.9 185.6 191.2 196.0
9.2
9.3
9.5
9.2
9.3
9.4
9.6
9.7
159.8 178.9 162.5 167.1 171.6 176.1 181.6 186.4
472.7 502.8 475.7 482.5 493.1 499.4 505.8 512.6
151.0 157.8 151.3 152.7 156.7 157.4 158.1 159.0
321.7 345.0 324.4 329.9 336.4 342.1 347.8 353.6
29.5
22.4
24.9
26.8
31.0
21.3
26.8
29.0
Addendum:
Gross domestic business
product less housing
1988
1987
III
IV
I
II
III
IVr
3,847.0 3,996.1 3,865.3 3,923.0 3,956.1 3,985.2 4,009.4
3,821.4 3,975.0 3,842.0 3,896.3 3,936.6 3,967.0 3,987.0
3,322.5 3,464.8 3,341.2 3,393.6 3,430.5 3,458.9 3,475.1
Business
Nonfarm
. . .
. . . 3,247.1 3,408.7 3,272.2 3,317.2 3,360.9 3,393.1 3,421.5
2,965.7 3,120.6 2,989.5 3,032.8 3,074.8 3,105.7 3,132.8
Nonfarm less housing
281.4 288.0 282.7 284.4 286.1 287.4 288.8
Housing
70.1
65.2
82.0
81.8
82.3
67.9
82.5
Farm
-4.3 -11.6
-13.0
-5.4 -12.8
-7.0 -11.7
Statistical discrepancy
129.0 135.6 130.0 130.7 133.3 134.4 136.8
Households and institutions
9.0
8.9
8.8
8.8
8.9
8.8
9.0
Private households
120.2 126.6 121.2 121.9 124.4 125.5 127.8
Nonprofit institutions
369.9 374.6 370.8 372.0 372.8 373.7 375.2
Government .
123.5 124.2 123.7 123.9 123.9 123.8 124.2
Federal
246.4 250.5 247.1 248.1 249.0 249.9 251.0
State and local
4,033.4
22.4
23.9
Gross national product
Gross domestic product
Rest of the world
25.6
21.0
23.3
26.7
19.5
18.3
4,009.6
3,494.7
3,459.1
3,169.2
289.9
53.8
-18.2
138.0
9.1
128.9
376.8
124.8
252.0
Addendum:
3,476.7
NOTE.—Percent changes from preceding period for selected items in this table are shown in
table 8.1.
1988r
Gross domestic business
product less housing
3,032.1
NOTE.—Percent changes from preceding period for selected items in this table are shown in
table 8.1.
SURVEY OF CURRENT BUSINESS
March 1989
Table 1.14.—National Income by Type of Income
Table 1.9.—Relation of Gross National Product, Net National Product,
National Income, and Personal Income
[Billions of dollars]
[Billions of dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1987
1988 r
1987
"til
Gross national product
Less: Capital consumption
allowances with capital
consumption adjustment
Capital consumption
allowances without
capital consumption
adjustment
Less: Capital
consumption
adjustment
Equals: Net national product
Less: Indirect business tax and
nontax liability
Business transfer
payments
Statistical discrepancy
Plus: Subsidies less current
surplus of government
enterprises
Equals' National income
Less: Corporate profits with
inventory valuation and
capital consumption
adjustments
Net interest
Contributions for social
insurance
Wage accruals less
disbursements
Plus: Government transfer
payments to persons
Personal interest income....
Personal dividend income ..
Business transfer
payments
Equals: Personal income
1987
1988
IV
I
II
III
IV
480.0
506.3
484.6
489.5
498.3
503.2
507.7
516.2
507.6
524.5
510.8
516.4
520.8
524.1
526.0
527.0
10.9
18.2
22.5
20.9
26.9
26.2
18.1
27.6
4,046.7 4,357.9 4,083.4 4,173.3 4,226.2 4,320.5 4,401.3 4,483.6
370.3
374.2
379.4
385.8
392.3
398.7
28.5
30.7
28.1
-8.1 -14.1 -15.1
29.0
-6.4
29.6
-15.0
30.3
-5.1
31.1
-14.0
31.8
-22.2
389.0
17.1
18.6
19.2
8.8
8.3
25.6
15.9
18.3
3,678.7 3,968.2 3,708.0 3,802.0 3,850.8 3,928.8 4,000.7 4,092.4
310.4
353.6
328.1
391.5
322.0
358.3
316.1
369.5
316.2
373.9
326.5
380.6
330.0
396.2
339.9
415.4
399.1
444.7
400.9
408.6
433.3
440.9
448.4
456.1
0
0
.2
-.2
0
0
0
0
520.6
527.0
88.6
555.3
575.9
96.3
523.2
533.0
89.9
527.8
550.0
91.9
546.7
554.2
93.5
552.5
563.7
95.0
557.6
581.9
97.3
564.5
603.7
99.4
28.1
30.7
28.5
29.0
29.6
30.3
31.1
31.8
3,780.0 4,062.1 3,801.0 3,906.8 3,951.4 4,022.4 4,094.0 4,180.5
Table 1.10.—Relation of Gross National Product, Net National Product,
and National Income in Constant Dollars
[Billions of 1982 dollars]
Gross national product
Less: Capital consumption
allowances with capital
consumption adjustment
Equals: Net national product
Less: Indirect business tax and
nontax liability plus business
transfer payments less
subsidies plus current surplus
of government enterprises
Statistical discrepancy
Equals: National income .
3,847.0 3,996.1 3,865.3 3,923.0 3,956.1 3,985.2 4,009.4 4,033.4
481.9 486.5
3,386.2 3,516.4 3,402.2 3,454.8 3,483.2 3,507.9 3,527.5 3,547.0
4608
479.7
463.0
468.2
472.9
477.3
319.2 327.5 321.8 321.0 324.4 326.2 328.1 331.1
-7.0 -11.7 -13.0 -5.4 -12.8 -4.3 -11.6 -18.2
3,074.0 3,200.7 3,093.4 3,139.3 3,171.5 3,186.0 3,211.1 3,234.1
[Billions of 1982 dollars]
Gross national product
Equals: Gross domestic
purchases
3,847.0 3,996.1 3,865.3 3,923.0 3,956.1 3,985.2 4,009.4 4,033.4
-128.9 -100.2 -130.7 -126.0 -109.0
427.8 504.8 440.9 459.2 486.2
5567 6050 5716 585.2 595.1
92.6
496.9
589.5
93.9 -105.4
514.0 522.1
607.9 627.4
3,975.9 4,096.3 3,996.0 4,049.0 4,065.1 4,077.9 4,103.4 4,138.8
Plus: Command-basis net
exports of goods and services .... -124.3 -93.2 -126.5 -125.6 -111.2 -89.2 -78.9 -93.6
Command-basis
432.4 511.8 445.1 459.6 483.9 500.3 529.0 533.9
exports 1
556.7 605.0 571.6 585.2 595.1 589.5 607.9 627.4
Imports
Equals: Command-basis gross
national product
3,851.6 4,003.1 3,869.4 3,923.4 3,953.9 3,988.7 4,024.5 4,045.2
Addendum:
Terms of trade 2
101.0
101.4
101.0
100.1
99.5
100.7
103.0
102.3
1. Exports of goods and services deflated by the implicit price deflator for imports of goods and
services.
2. Ratio of the implicit price deflator for exports of goods and services to the implicit price
deflator for imports of goods and services with the decimal point shifted two places to the right.
NOTE.—Percent changes from preceding period for selected items in this table are shown in
table 8.1.
National income
Compensation of employees
Wages and salaries
Government and
government enterprises
Other
Supplements to wages and
salaries
Employer contributions for
social insurance
Other labor income
Proprietors' income with
inventory valuation and
capital consumption
adjustments
Farm
Proprietors' income with
inventory valuation
adjustment
Capital consumption
adjustment
Nonfarm
Proprietors' income
Inventory valuation
adjustment
Capital consumption
adjustment
Rental income of persons with
capital consumption
adjustment ..
1988
IV
I
II
III
IV
3,678.7 3,968.2 3,708.0 3,802.0 3,850.8 3,928.8 4,000.7 4,092.4
2,683.4 2,904.7 2,702.8 2,769.9 2,816.4 2,874.0 2,933.2 2,995.3
2,248.4 2,436.9 2,265.3 2,324.8 2,358.7 2,410.0 2,462.0 2,516.8
420.1 446.1 423.2 429.2 437.1 442.9 449.1 455.4
1,828.3 1,990.7 1,842.1 1,895.6 1,921.6 1,967.1 2,012.9 2,061.4
435.0
467.8
437.5
445.1
457.7
464.0
471.1
478.5
227.1
207.9
249.6
218.3
228.2
209.3
232.7
212.4
243.1
214.6
247.5
216.5
251.7
219.5
256.0
222.5
312.9
324.5
306.8
326.0
323.9
328.8
321.6
323.8
43.0
36.3
35.2
47.0
44.7
43.4
30.9
26.0
50.6
43.4
42.9
54.5
52.2
50.8
37.9
32.9
-7.6
72
77
-7.5
-7.5
-7.3
-7.0
-6.9
270.0
233.0
288.2
254.0
271.5
235.1
279.0
243.4
279.2
243.7
285.3
250.9
290.7
256.8
297.7
264.5
10
13
-1.1
-1.7
-1.2
-1.7
-1.5
-.9
38.0
35.6
37.6
37.4
36.6
36.1
35.4
34.2
18.4
19.3
18.1
20.5
20.5
19.1
19.7
18.1
Rental income of persons
Capital consumption
adjustment
66.2
68.3
67.1
69.1
69.6
68.0
68.5
67.2
-47.8
490
490 -48.6
Corporate profits with
inventory valuation and
capital consumption
adjustments .
310.4
328.1
Corporate profits with
inventory valuation
adjustment
258.7
276.7
133.8
142.9
95.5
47.4
Profits before tax
Profits tax liability
Profits after tax
Dividends
Undistributed profits
Inventory valuation
adjustment ..
Capital consumption
adjustment
Net interest
-49.1 -49.0 -48.8
49 1
322.0
316.1
316.2
326.5
330.0
339.9
282.5
269.9
263.7
266.8
278.5
284.6
300.3
306.4
142.6
163.8
104.5
59.2
289.4
140.0
149.5
97.0
52.4
281.9
136.2
145.7
99.3
46.4
286.2
136.9
149.4
101.3
48.1
305.9
143.2
162.7
103.1
59.6
313.9
144.8
169.1
105.7
63.4
319.5
145.6
173.9
108.0
65.9
-19.5 -18.2
194
-18.0 -23.8
27 4 -29.3
-19.2
51.7
45.6
52.1
52.4
49.4
48.0
45.4
39.6
353.6
391.5
358.3
369.5
373.9
380.6
396.2
415.4
176.6
185.5
182.1
179.9
179.3
183.2
185.2
194.3
378.6
396.7
384.7
384.2
387.8
393.4
396.4
409.2
81.1
81.0
85.0
80.5
78.1
80.1
79.5
86.2
297.5
315.7
299.7
303.7
309.8
313.3
316.8
323.0
Addenda:
Table 1.11.—Command-Basis Gross National Product in Constant
Dollars
Less: Net exports of goods and
services .
Exports
1987
III
4,526.7 4,864.3 4,568.0 4,662.8 4,724.5 4,823.8 4,909.0 4,999.7
366.3
1988r
Corporate profits after tax
with inventory valuation
and capital consumption
adjustments
Net cash flow with
inventory valuation and
capital consumption
adjustments
Undistributed profits with
inventory valuation and
capital consumption
adjustments
Capital consumption
allowances with capital
consumption
adj ustment
Less: Inventory valuation
adjustment
Equals: Net cash flow
-18.0 -23.8 -19.5 -18.2 -19.4 -27.4 -29.3 -19.2
396.6 420.6 404.2 402.4 407.3 420.8 425.7 428.5
SURVEY OF CURRENT BUSINESS
Table 1.16.—Gross Domestic Product of Corporate Business in Current
Dollars and Gross Domestic Product of Nonfinancial Corporate
Business in Current and Constant Dollars
March 1989
Table 1.17.—Auto Output
[Billions of dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1987
1988r
IV
I
II
Gross domestic product
of corporate business
Net domestic product
.
Indirect business tax and
nontax liability plus
business transfer payments
less subsidies
Domestic income
Compensation of employeesWages and salaries
Supplements to wages
and salaries
Corporate profits with
inventory valuation and
capital consumption
adjustments
Profits before tax
Profits tax liability
Profits after tax
Dividends
Undistributed profitsInventory valuation
Capital consumption
adjustment
Net interest
III
Gross domestic product
of financial corporate
business
Gross domestic product
of nonfinancial
corporate business
Capital consumption allowances
with capital consumption
adjustment .
Net domestic product
Indirect business tax and
nontax liability plus
business transfer payments
less subsidies
Domestic income
Compensation of employeesWages and salaries
Supplements to wages
and salaries
Corporate profits with
inventory valuation and
capital consumption
adjustments
Profits before tax
Profits tax liability
Profits after tax
Dividends
Undistributed profits.
Inventory valuation
adjustment
Capital consumption
adjustment
Net interest
297.5 315.7 299.7 303.7 309.8 313.3 316.8 323.0
,420.4 2,614.5 2,452.9 2,489.3 2,535.4 2,587.8 2,637.4 2,697.5
257.5 274.7 261.6 262.8 267.7 271.8 278.0 281.2
,162.9 2,339.9 2,191.3 2,226.5 2,267.6 2,316.1 2,359.4 2,416.3
,803.7 1,949.3 1,816.0 1,858.4 1,887.7 1,927.9 1,968.8 2,012.7
,520.6 1,649.6 1,531.4 1,569.3 1,594.7 1,630.8 1,667.0 1,705.9
283.0
299.7
284.6
289.1
293.1
297.1
301.8
306.8
274.0
240.3
133.8
106.5
83.4
23.1
291.0
269.3
142.6
126.6
89.1
37.5
286.7
254.1
140.0
114.2
83.4
30.8
274.6
240.4
136.2
104.2
91.3
12.9
286.0
256.0
136.9
119.2
75.3
43.9
291.1
270.5
143.2
127.3
87.1
40.2
289.2
273.1
144.8
128.3
99.6
28.7
297.7
277.4
145.6
131.8
94.6
37.2
-18.0
-23.8
-27.4
-29.3
-19.2
182 -19.4
51.7
85.2
45.6
99.6
52.1
88.6
52.4
93.5
49.4
93.9
48.0
97.1
45.4
101.4
204.4
219.1
205.7
207.4
212.0
217.1
222.2
39.6
105.9
Capital consumption allowances
with capital consumption
adj ustment
Net domestic product
Indirect business tax and
nontax liability plus
business transfer payments
less subsidies
Domestic income
..
I
II
III
IV '
Auto output
116.3 127.0 115.3 120.6 113.1 130.3 132.0 132.5
Final sales
109.4 125.3 126.2 106.6 117.8 129.3 128.0 126.1
Personal consumption
expenditures
130.0 138.6 144.4 128.0 133.9 139.8 139.2 141.7
New autos
94.1 101.2 109.0
90.9 100.2 100.1 101.1 103.3
Net purchases of used autos..
35.9
38.4
37.5
35.4
37.0
33.7
39.7
38.1
Producers' durable equipment ..
19.3
23.7
23.3
19.2
23.2
21.7
22.1
23.7
New autos
44.4
52.3
51.1
50.3
47.2
44.9
47.9
50.0
Net purchases of used autos.. -25.2 -27.1 -25.6 -25.6 -25.7 -26.4 -28.6 -27.8
Net exports of goods and
services
-41.3 -38.2 -41.3 -42.3 -40.1 -35.8 -36.4 -40.5
Exports
6.6
8.8
6.4
8.1
8.2
9.8
9.0
8.3
Imports
47.9
47.0
50.3
48.3
44.1
46.2
49.5
47.7
Government purchases of
goods and services
1.7
1.4
1.6
1.9
1.6
1.5
1.6
1.5
Change in business inventories
of new and used autos
1.7 -10.8
14.0 -4.7
1.1
4.0
6.4
6.9
New
14.0
2.7
6.7
.6
124
91
3.4
5.5
23
Used
1.3
.2
4.4
.9
1.1
1.6
0
Addenda:
Domestic output of new
autos 1
Sales of imported new autos 2...
94.8
55.0
101.6
59.7
98.7
57.2
90.1
60.2
88.7
60.2
104.2
60.6
103.0
60.2
110.7
57.9
1. Consists of final sales and change in business inventories of new autos assembled in the
United States.
2. Consists of personal consumption expenditures, producers' durable equipment, and government purchases.
225.2
Table 1.18.—Auto Output in Constant Dollars
[Billions of 1982 dollars]
2,513.5 2,711.2 2,546.9 2,585.6 2,633.2 2,684.0 2,732.1 2,795.4
276.2 292.1 278.0 281.3 286.8 290.0 293.0 298.5
2,237.3 2,419.1 2,268.8 2,304.3 2,346.4 2,394.0 2,439.1 2,496.8
239.8 255.6 243.6 244.5 249.2 253.0 258.8 261.7
1,997.5 2,163.4 2,025.3 2,059.7 2,097.2 2,141.1 2,180.3 2,235.2
1,661.4 1,797.4 1,673.3 1,714.7 1,739.6 1,777.8 1,816.4 1,855.8
1,399.7 1,520.0 1,409.9 1,447.0 1,468.4 1,502.8 1,536.9 1,571.9
261.8
277.4
263.3
267.8
271.2
275.0
279.5
283.9
237.5
210.2
99.0
111.2
83.8
27.4
252.5
238.8
108.6
130.3
88.3
42.0
250.4
224.6
105.3
119.3
83.9
35.4
238.4
211.6
101.7
109.9
90.8
19.1
250.6
228.4
104.4
124.1
74.6
49.5
252.6
240.5
109.4
131.1
86.2
44.9
248.2
240.4
109.1
131.3
98.7
32.7
258.6
245.9
111.3
134.5
93.6
41.0
-18.0
-23.8
-19.5
-18.2
-19.4
-27.4
-29.3
-19.2
45.3
98.6
37.5
113.6
45.3
101.6
45.0
106.6
41.5
107.1
39.5
110.7
37.1
115.7
32.0
120.8
Billions of 1982 dollars
Gross domestic product
of nonfinancial
corporate business
1988
IV
IV
,717.9 2,930.3 2,752.6 2,793.0 2,845.1 2,901.1 2,954.2 3,020.5
195
1987
III
Billions of dollars
Capital consumption allowances
with capital consumption
adjustment
1988r
1988
1987
III
1987
2,270.4 2,390.3 2,296.1 2,322.5 2,363.5 2,380.9 2,395.5 2,421.1
269.4 279.3 270.6 273.2 275.7 278.1 280.6 283.0
2,001.0 2,110.9 2,025.5 2,049.3 2,087.8 2,102.9 2,114.9 2,138.1
203.2 208.8 205.4 204.3 206.3 207.8 209.6 211.4
1,797.8 1,902.1 1,820.1 1,845.1 1,881.4 1,895.1 1,905.3 1,926.7
Seasonally adjusted at annual rates
1987
1988r
1987
III
1988
IV
I
II
III
IV
Auto output
100.6 107.5
96.0 111.2 111.5 111.3
99.2 102.9
Final sales
95.1 106.7 109.0
91.4 101.0 110.4 108.5 106.9
Personal consumption
expenditures
108.8 113.6 120.2 105.3 110.4 115.5 113.7 114.7
New autos
80.0
84.4
92.4
85.2
84.1
83.9
84.3
76.5
Net purchases of used autos..
28.8
26.0
27.8
29.2
31.6
28.8
29.6
29.6
Producers' durable equipment..
18.6
16.3
19.0
16.4
19.8
19.7
20.1
20.3
New autos ....
37.7
40.0
42.0
40.3
37.8
42.2
43.5
41.9
Net purchases of used autos.. -21.5 -22.2 -21.4 -21.4 -21.2 -21.8 -23.3 -22.5
Net exports of goods and
services
-31.4 -28.1 -31.1 -31.8
30 1
26 5
268 -28.9
Exports
5.4
7.1
5.3
7.2
6.7
6.6
7.9
6.8
Imports
36.1
36.8
38.4
36.3
36.8
35.2
34.7
33.3
Government purchases of
goods and services
1.3
1.4
1.7
1.4
1.5
1.4
1.3
1.4
Change in business inventories
of new and used autos
5.5
11.5 -4.9
.8 -9.8
4.3
3.0
.8
New
5.3
0
-11.2
2.8
3.6
11.5 -8.5
2.0
Used
.2
1.3
.7
3.6 -2.0
0
.8
1.1
Addenda:
Domestic output of new
autos 1
80.5
83.1
75.8
84.5
91.1
74.2
87.3
85.4
Sales of imported new autos 2...
46.8
48.1
50.7
51.0
49.8
50.8
50.1
47.8
1. Consists of final sales and change in business inventories of new autos assembled in the
United States.
2. Consists of personal consumption expenditures, producers' durable equipment, and government purchases.
SURVEY OF CURRENT BUSINESS
March 1989
Table 1.19.—Truck Output
Table 1.20.—Truck Output in Constant Dollars
[Billions of dollars]
[Billions of 1982 dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1987
1987
1988'
III
l
Truck output . .
59.6
Final sales
Personal consumption
expenditures
Producers' durable equipment ..
Net exports of goods and
services
Exports
Imports.....
Government purchases of
goods and services
Change in business inventories...
1987
1988
IV
I
II
III
67.0
66.6
58.0
64.6
60.9
65.8
65.3
61.6
66.2
65.4
64.3
67.3
72.5
67.5
27.7
33.0
29.2
37.3
29.1
34.3
27.3
34.2
28.7
36.4
28.8
36.1
29.8
37.4
29.4
39.2
-7.0
3.3
10.3
-5.6
3.8
9.5
-6.6
3.3
9.9
-5.6
4.2
9.8
-4.9
4.1
9.0
-5.3
3.7
9.0
56
3.8
9.4
-6.8
3.8
10.6
4.7
5.8
5.0
6.0
5.8
1.3
.4
3.7
-.4
4.8
-3.6
5.7
-3.0
0
III
IV
58.3
Truck output
1
5.6
Final sales
Personal consumption
expenditures
Producers' durable equipment..
Net exports of goods and
services
Exports .
Imports .
Government purchases of
goods and services
5.1
Change in business inventories...
1. Includes new trucks only.
1987
r
1987
1988
III
Other labor income
Proprietors' income with
inventory valuation and
capital consumption
adjustments
Farm
Nonfarm
Rental income of persons
with capital consumption
adjustment
Personal dividend income
Personal interest income . .
Transfer payments
Old-age, survivors,
disability, and health
insurance benefits
Government unemployment
insurance benefits
Veterans benefits
Government employees
retirement benefits
Other transfer payments
Aid to families with
dependent children
Other
I
50.8
56.2
49.4
54.9
55.8
55.5
54.1
59.2
49.7
55.9
52.5
51.9
56.2
55.5
56.5
55.3
23.5
28.2
24.5
31.2
24.8
29.2
23.0
29.3
24.2
31.0
24.3
30.8
25.1
31.3
24.4
31.8
-6.0
2.8
8.8
-4.7
3.2
7.9
-5.6
2.8
8.5
-4.7
3.6
8.3
-4.1
3.5
7.6
45
3.1
7.6
47
3.2
7.8
56
3.1
8.7
4.0
4.8
4.1
4.3
5.1
4.9
4.8
4.6
1.1
.3
3.0
-.3
0
-2.3
4.0
1987
IV
1988 r
2,248.4 2,436.9 2,265.1 2,325.1 2,358.7 2,410.0 2,462.0 2,516.8
649.8
490.3
531.7
646.8
695.4
522.5
578.7
716.6
652.8
492.6
536.8
652.4
665.5
501.3
547.3
682.8
676.0
509.6
558.2
687.4
689.1
517.4
572.1
705.9
701.3
525.9
585.8
725.8
715.4
537.1
598.6
747.4
420.1
446.1
218.3
423.0
429.5
437.1
442.9
449.1
455.4
209.3
212.4
214.6
216.5
219.5
222.5
324.5
306.8
326.0
323.9
328.8
35.2
271.5
47.0
279.0
44.7
279.2
43.4
285.3
321.6
30.9
290.7
323.8
36.3
288.2
207.9
312.9
43.0
270.0
26.0
297.7
I
II
III
IV
Personal consumption
expenditures
Durable goods
Motor vehicles and parts
Furniture and household
equipment
Other
Nondurable goods
Food
Clothing and shoes
Gasoline and oil
Other nondurable goods
Fuel oil and coal
Other .
Services
Housing.
Household operation
Electricity and gas
Other
Transportation .
Medical care
Other
3,012.1 3,227.5 3,058.2 3,076.3 3,128.1 3,194.6 3,261.2 3,326.4
421.9
451.1
441.4
422.0
437.8
449.8
452.9
464.0
195.8
208.6
212.9
194.0
202.2
208.7
210.2
213.2
148.3
77.8
159.0
83.6
150.2
78.3
149.4
78.6
154.7
81.0
159.5
81.5
159.5
83.2
162.3
88.5
997.9 1,046.9 1,006:6 1,012.4 1,016.2 1,036.6 1,060.8 1,073.9
526.4
178.2
77.0
216.3
16.2
200.1
551.5
186.4
78.8
230.2
17.2
212.9
528J4
18014
79i3
218.5
16:0
202.5
530.9
181.2
79.3
220.9
16.6
204.2
535.9
180.5
76.3
223.5
17.0
206.6
546.3
183.2
78.8
228.2
17.2
211.0
558.9
188.4
80.5
233.0
17.4
215.6
564.9
193.6
79.5
235.9
17.3
218.6
1,592.3 1,729.6 1,610.2 1,641.9 1,674.1 1,708.2 1,747.5 1,788.5
467.7
186.3
88.8
97.5
106.2
360.3
471.8
501.6
196.7
93.1
103.6
117.2
404.1
510.0
471.1
189.6
90.8
98.8
105.8
367.3
476.4
481.8
188.2
88.8
99.5
112.0
374.4
485.4
490.1
190.9
90.2
100.7
111.3
384.9
497.0
496.4
193.5
90.9
102.7
116.4
396.6
505.2
506.0
199.7
94.6
105.1
118.5
410.4
512.9
514.0
202.7
96.7
106.0
122.5
424.7
524.8
19.3
96.3
575.9
586.0
18.1
89.9
533.0
551.7
20.5
91.9
550.0
556.8
20.5
93.5
554.2
576.3
19.1
95.0
563.7
582.8
19.7
97.3
581.9
588.6
18.1
99.4
603.7
596.4
282.9
301.8
284.5
286.5
298.1
300.4
303.1
305.7
14.7
16.6
13.3
17.0
14.5
16.6
13.4
16.6
13.9
17.0
13.4
17.1
13.4
17.1
12.7
16.9
Table 2.3.—Personal Consumption Expenditures by Major Type of
Product in Constant Dollars
75.7
158.9
81.7
172.1
76.7
159.4
77.1
163.3
80.4
166.9
82.3
169.6
81.6
173.4
82.4
178.6
[Billions of 1982 dollars]
16.7
142.1
17.2
155.0
16.8
142.7
16.8
146.5
16.9
150.0
17.1
152.5
17.2
156.2
17.5
161.1
Seasonally adjusted at annual rates
1987
190.2
193.5
196.7
Less: Personal tax and nontax
payments
570.3
590.3
576.2
591.0
575.8
601.0
586.5
598.0
1988r
200.1
3,209.7 3,471.8 3,224.9 3,315.8 3,375.6 3,421.5 3,507.5 3,582.5
3,105.5 3,327.5 3,152.3 3,171.8 3,225.7 3,293.6 3,361.8 3,428.7
Personal consumption
expenditures
3,012.1 3,227.5 3,058.2 3,076.3 3,128.1 3,194.6 3,261.2 3,326.4
Interest paid by consumers to
business
92.1
98.9
94.4
96.4
99.8 101.2
92.8
98.2
Personal transfer payments to
foreigners (net)
1.3
1.0
.8
1.1
1.3
1.2
.8
1.2
104.2
144.3
72.6
144.0
149.9
127.8
145.7
153.8
Addenda:
, 2,686.3 2,788.3 2,683.9 2,728.9 2,762.3 2,762.2 2,800.4 2,828.4
13,157 14,103 13,204 13,543 13,760 13,919 14,231 14,497
11,012 11,326 10,989 11,145 11,260 11,237 11,362 11,445
243.9
246.2
244.2
244.8
245.3
245.8
246.5
247.1
3.2
4.2
2.3
4.3
4.4
3.7
4.2
4.3
NOTE.—Percent changes from preceding period for selected items in this table are shown in
table 8.1.
IV
18.4
88.6
527.0
548.8
175.9
Personal saving as
percentage of disposable
personal income
1988
1987
3,780.0 4,062.1 3,801.0 3,906.8 3,951.4 4,022.4 4,094.0 4,180.5
172.7
Disposable personal income:
Total, billions of 1982
dollars
Per capita:
Current dollars
1982 dollars
Population (mid-period,
millions)
-3.0
III
195.1
Equals: Personal saving
IV
Seasonally adjusted at annual rates
III
II
172.0
Less: Personal outlays
III
1988
IV
Less: Personal contributions
for social insurance
Equals: Disposable personal
income
II
[Billions of dollars]
Seasonally adjusted at annual rates
Commodity-producing
industries
Manufacturing
Distributive industries
Service industries
Government and
government enterprises
I
Table 2.2.—Personal Consumption Expenditures by Major Type of
Product
[Billions of dollars]
Wage and salary
disbursements
IV
1. Includes new trucks only.
Table 2.1.—Personal Income and Its Disposition
Personal income
1988
1987
1988'
1987
III
Personal consumption
expenditures
Durable goods
Motor vehicles and parts
Furniture and household
equipment
Other
Nondurable goods
Food
Clothing and shoes
Gasoline and oil
Other nondurable goods
Fuel oil and coal
Other
Services
Housing
. Household operation ....
Electricity and gas
Other
Transportation
Medical care
Other
1988
IV
I
II
III
IV
2,521.0 2,592.2 2,545.2 2,531.7 2,559.8 2,579.0 2,603.8 2,626.2
390.9
409.7
406.5
387.6
170.4
177.7
184.2
166.7
401.1
173.5
410.6
179.0
410.4
178.7
416.5
179.6
151.0
69.6
160.8
71.2
152.7
69.7
151.9
69.0
157.3
70.3
161.8
69.8
161.0
70.7
163.0
73.9
890.5
899.6
891.9
890.5
892.7
893.6
904.5
907.4
450.4
160.5
98.3
181.3
21.1
160.2
453.3
161.1
99.6
185.6
22.4
163.2
449.4
162.9
97.8
181.7
20.4
161.4
449.2
160.3
98.4
182.6
21.4
161.2
451.4
159.6
98.8
183.0
22.0
161.0
453.2
156.3
99.8
184.2
21.8
162.4
453.8
164.2
99.5
187.0
22.4
164.6
454.8
164.1
100.3
188.2
23.6
16-4.6
1,239.5 1,283.0 1,246.8 1,253,6 1,265.9 1,274.8 1,288.9 1,302.2
358.3
157.0
79.0
78.0
89.3
268.2
366.6
366.5
163.5
82.3
81.2
93.7
282.0
377.3
359.3
159.2
80.5
78.6
90.1
270.9
367.3
361.7
158.1
79.2
79.0
90.8
274.0
369.0
363.6
160.4
80.5
80.0
91.7
276.9
373.2
365.6
161.1
80.6
80.4
92.9
279.5
375.8
367.7
165.9
83.8
82.1
94.2
283.4
377.7
369.0
166.4
84.2
82.2
96.0
288.2
382.6
SURVEY OF CURRENT BUSINESS
March 1989
Table 3.2.—Federal Government Receipts and Expenditures
Table 3.3.—State and Local Government Receipts and Expenditures
[Billions of dollars]
[Billions of dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1987
1988 r
1987
III
Receipts.. ..
916.5
975.2
1987
1988
IV
930.1
944.4
I
II
951.0
III
975.5
991.2
Personal tax and nontax
receipts
Income taxes .
Estate and gift taxes
Nontaxes
405.6
396.8
7.4
1.4
413.4
404.0
7.9
1.6
413.3
403.9
7.7
1.7
422.3
414.1
6.7
1.6
404.6
395.9
7.1
1.5
425.0
415.1
8.2
1.7
408.3
398.6
8.3
1.4
415.8
406.4
7.9
1.5
Corporate profits tax accruals
Federal Reserve banks
Other
105.8
17.7
88.1
111.3
18.6
92.8
110.5
17.9
92.6
107.7
17.9
89.8
107.2
18.4
88.8
111.7
18.3
93.4
113.1
19.1
94.0
113.5
18.5
95.0
Indirect business tax and
nontax accruals
Excise taxes
Customs duties
Nontaxes
54.0
31.8
15.4
6.8
56.7
33.1
16.4
7.2
53.9
31.7
15.2
6.9
55.0
32.2
15.8
7.0
55.9
32.4
16.5
7.0
55.9
33.0
15.9
7.0
57.1
33.2
16.3
7.5
57.9
33.9
16.8
7.2
Contributions for social
insurance
.
351.0
393.7
352.4
359.4
383.4
390.3
397.0
404.0
1,074.2 1,117.6 1,068.4 1,104.9 1,106.1 1,116.3 1,099.0 1,149.0
Purchases of goods and services- 382.0 381.0 386.3 391.4 377.7 382.2 367.7 396.3
National defense
295.3 298.4 299.8 299.2 298.4 298.8 294.3 301.9
73.4
86.4
79.3
83.4
94.3
Nondefense
86.7
82.6
92.2
Transfer payments
414.2 440.1 414.2 422.5 434.4 437.6 440.7 447.5
To persons
402.0 427.2 403.5 406.1 422.9 426.5 428.3 430.9
To foreigners
12.5
12.2
10.7
16.4
11.5
16.6
12.9
11.0
Expenditures
102.7
Net interest paid
Interest paid
To persons and business
To foreigners
143.0
162.5
138.4
24.1
Less: Interest received by
government
Subsidies less current surplus of
government enterprises
Subsidies
Less: Current surplus of
government enterprises
Less: Wage accruals less
disbursements
Surplus or deficit (-),
national income and
product accounts
Social insurance funds
Other
Receipts
655.7
Personal tax and nontax
receipts
19.4
111.5
153.9
174.4
146.7
27.7
20.5
101.9
101.4
111.1
143.8
163.0
139.1
23.9
149.5
168.4
143.8
24.6
149.9
172.5
146.0
26.6
19.3
18.9
22.6
110.4
152.1
171.8
145.0
26.8
111.5
113.0
154.9
174.3
146.5
27.8
158.9
179.1
149.5
29.6
19.8
19.4
20.2
32.4
30.8
31.1
28.6
22.6
20.8
39.7
37.6
33.0
29.6
34.0
32.5
24.1
16.8
33.3
35.4
-1.6
-2.5
-1.8
-2.1
-3.3
-1.5
-7.3
2.1
0
0
.2
-.2
0
0
0
-157.8 -142.4
1383 -160.4
27.8
27.5
53.2
34.9
-185.3 -195.6 -166.1 -195.3
0
1551 -133.3 1235 157 8
56.0
62.1
44.8
49.8
1998 -183.1 -179.5 -219.9
659.1
666.9
I
II
III
IV
685.5
698.4
708.0
720.3
171.3
176.0
178.2
182.2
89.3
67.6
14.3
92.6
68.7
14.7
93.3
69.9
15.0
95.7
71.2
15.3
Corporate profits tax accruals
Indirect business tax and
nontax accruals
.
Contributions for social
insurance
164.7
176.9
162.9
86.1
64.8
13.8
Income taxes
Nontaxes
Other
Sales taxes
Property taxes
Other
703.0
IV
168.6
92.7
69.4
14.8
83.5
65.4
13.9
88.1
66.5
14.1
27.9
31.3
29.4
28.5
29.7
31.5
31.7
32.1
323.5
329.8
335.3
340.8
154.3
126.6
42.6
157.9
128.5
43.4
160.2
130.6
44.5
163.2
132.9
44.7
312.3
332.3
316.5
319.2
148.7
121.9
41.6
158.9
129.6
43.8
151.5
122.8
42.1
152.5
124.7
42.0
48.1
51.0
48.4
49.2
49.9
50.6
51.4
52.1
Federal grants-in-aid
102.7
111.5
101.9
101.4
111.1
110.4
111.5
113.0
Expenditures
Purchases of goods and services...
602.8
542.8
647.9
606.2
546.0
617.2
555.9
629.7
642.1
579.4
652.0
587.6
667.8
601.2
324.4
221.6
329.9
226.0
342.1
237.3
347.8
239.8
353.6
247.6
119.7
121.7 123.8 126.0 129.3
388 -39.5 -40.3 -41.2
58.3
55.4
59.7
56.8
133.6
Compensation of employees
Other
Transfer payments to persons
321.7
221.1
583.9
345.0
239.0
118.7
128.2
-37.7
Grants-in-aid to State and local
governments.
1988
1987
III
IV
983.0
1988r
Interest paid
Less: Interest received by
government
Less: Dividends received by
government
Subsidies less current surplus of
government enterprises
Subsidies
Less: Current surplus of
government enterprises
Less: Wage accruals less
disbursements
Surplus or deficit (-),
national income and
product accounts
Social insurance funds
Other
567.5
336.4
231.1
421
53.3
408 -38.0
54.0
59.0
91.0
99.8
92.1
94.2
96.3
98.6
101.0
103.3
6.9
8.2
7.2
7.5
7.8
8.1
8.4
8.7
15.2 -14.3
-16.2
61.2
-14.1
-14.4
-14.7
-15.3
1.0
1.0
1.0
1.0
1.0
1.1
1.0
1.0
15.0
16.2
15.3
15.1
15.5
15.8
16.3
17.3
0
0
0
0
0
0
0
0
-14.0
49.7
52.9
55.1
52.9
62.1
68.5
63.0
64.6
92 -13.3 -10.1 -14.8
56.2
56.0
67.7
69.3
66.1
103 -11.5 -13.3
55.8
52.5
70.9
184
Table 3.7B.—Government Purchases of Goods and Services by Type
Table 3.8B.—Government Purchases of Goods and Services by Type in
Constant Dollars
[Billions of dollars]
[Billions of 1982 dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1987
1988r
III
Government purchases of
goods and services
Federal
National defense
Durable goods
Nondurable goods
Services
Compensation of
employees
Military
Civilian
Other services
Structures
Nondefense
Durable goods
Nondurable goods
Commodity Credit
Corporation inventory
Other nondurables
Services
Compensation of
employees
Other services
Structures
State and local
... .
Durable goods
Nondurable goods
Services
Compensation of employees..
Other services
Structures
1987
1988
1987
IV
I
II
III
Government purchases of
goods and services
964.9
381.0
298.4
84.1
11.0
196.2
932.2
386.3
299.8
93.1
10.9
188.1
947.3
391.4
299.2
88.4
11.3
191.9
945.2
377.7
298.4
83.8
10.8
197.3
961.6
382.2
298.8
84.2
11.4
195.8
955.3
367.7
294.3
81.7
10.7
194.8
997.5
396.3
301.9
86.6
11.3
197.0
108.9
73.2
35.7
78.9
7.2
112.9
75.8
37.1
83.3
7.1
110.0
73.9
36.2
81.9
7.6
112.7
75.5
37.2
84.6
6.6
82.6
4.6
-7.9
92.2
4.5
4.9
79.3
4.6
-9.1
112.6 112.9
75.9
75.7
37.0
37.0
81.8
83.1
7.2
7.5
73.4
83.4
4.2
4.8
82 -16.4
113.5
76.2
37.3
83.5
7.1
86.7
4.1
3.2
109.0
73.1
35.9
79.1
7.8
86.4
4.2
1.9
33
6.5
70.9
154
7.5
78.1
-4.8
6.7
71.5
-1.4 -17.5
8.4
6.3
76.4
74.5
168
8.6
78.8
226
6.1
77.0
48
6.8
80.1
42.1
28.8
8.5
44.8
33.2
7.9
42.3
29.1
8.9
42.7
31.8
8.3
44.0
32.3
7.5
583.9
29.6
47.3
440.6
345.0
95.7
66.4
546.0
27.3
44.9
413.1
324.4
88.7
60.7
555.9
27.8
45.0
420.0
329.9
90.2
63.1
567.5
28.4
45.3
428.7
336.4
92.2
65.2
45.1
31.9
8.6
587.6
30.0
48.1
444.6
347.8
96.8
65.0
45.5
34.7
7.6
542.8
44.7
34.1
7.9
579.4
29.2
47.0
436.7
342.1
94.6
:66.4
Federal
National defense
Durable goods
Nondurable goods
Services .. .
Compensation of
employees
Military
. ..
Civilian
Other services
Structures
Nondefense
Durable goods
Nondurable goods
Commodity Credit
Corporation inventory
change
Other nondurables
,
Services
Compensation of
employees
Other services
Structures
601.2
30.7
48.8
452.5
353.6
98.9
69.2
State and local
Durable goods
Nondurable goods
Services
Compensation of employees..
Other services
Structures
94.3
4.6
2.0
1987
1988
III
IV
924.7
382.0
295.3
89.8
10.5
187.8
26.9
44.1
409.6
321.7
87.9
62.2
1988r
IV
I
II
III
IV
780.2
339.0
264.9
87.9
14.7
156.4
782.3
328.7
261.8
84.1
14.3
157.8
782.9
342.1
269.5
92.1
14.6
156.4
792.6
347.7
268.2
88.4
15.6
158.0
776.4
327.8
264.6
84.9
14.6
159.9
783.8
331.6
263.6
85.1
14.8
157.8
773.5
320.1
256.4
81.2
13.2
156.4
795.5
335.5
262.5
85.0
14.7
157.4
89.3
60.2
29.0
67.2
5.9
89.1
60.1
29.0
68.7
5.6
89.3
60.2
29.1
67.1
6.3
89.5
60.3
29.2
68.6
6.1
89.3
60.1
29.2
70.5
5.2
88.8
59.9
28.9
69.0
5.9
89.0
60.0
28.9
67.4
5.6
89.3
60.2
29.1
68.0
5.5
74.1
4.8
2.5
66.9
5.5
-8.5
72.6
4.9
.3
79.5
5.4
4.9
63.2
5.6
11 1
63.7
67.9
5.8
5.2
-8.6 -11.0
72.9
5.4
-3.4
-3.9 -15.5
6.4
7.0
59.2
63.2
-6.3
6.6
59.5
1.1 -19.3 -16.8 -16.5
8.2
8.3
5.5
6.1
61.8
62.2
63.9
62.1
-9.4
6.0
64.5
35.5
29.0
6.5
34.2
25.0
7.5
441.2
35.1
28.1
6.8
34.4
25.2
7.8
453.6
24,4
46.4
316.0
246.4
69.6
54.3
26.2
48.7
323.3
250.5
72.8
55.4
440.8
24.7
46.6
316.8
247.1
69.7
52.8
34.4
27.4
7.3
444.9
34.5
27.7
6.5
448.7
452.2
35.2
26.9
7.3
453.4
25.1
46.9
318.5
248.1
70.4
54.4
25.5
47.5
320.3
249.0
71.3
55.4
26.0
48.3
322.2
249.9
72.3
55.7
26.4
49.1
324.3
251.0
73.3
53.6
35.0
28.9
6.8
460.0
26.9
49.9
326.4
252.0
74.4
56.9
SURVEY OF CURRENT BUSINESS
March 1989
Table 3.10.—National Defense Purchases of Goods and Services in
Constant Dollars
Table 3.9.-—National Defense Purchases of Goods and Services
[Billions of dollars]
[Billions of 1982 dollars]
Seasonally adjusted at annual rates
1987
1988 '
1987
I
II
Durable goods
Military equipment
Aircraft
Missiles . . . .
Ships
Vehicles
Electronic equipment
Other
Other durable goods
Nondurable goods
Petroleum products . ...
Ammunition
Other nondurable goods
Services
Compensation of employees
Military
Civilian
Other services
Contractual research and
development
Installation support 1
Weapons support 2 3
Personnel support
Transportation of materiel ....
Travel of persons
Other
Structures
Military facilities
Other
1987
III
298.8
294.3
301.9
83.8
84.2
81.7
86.6
75.9
33.7
13.3
8.2
4.6
5.6
10.5
12.4
72.3
29.8
11.7
8.4
4.5
5.9
12.0
11.5
73.3
29.8
12.8
7.9
4.2
6.0
12.6
11.0
70.9
27.4
11.7
8.0
4.2
5.7
13.8
10.8
75.4
29.9
14.2
9.4
3.6
7.0
11.1
11.2
10.9
11.3
10.8
11.4
10.7
11.3
4.3
4.1
2.5
5.3
3.6
2.4
4.3
3.8
2.6
4.4
4.5
2.4
4.3
3.7
2.7
4.7
4.0
2.5
188.1
109.0
73.1
35.9
79.1
191.9
197.3
195.8
194.8
112.9
75.8
37.1
83.3
110.0
73.9
36.2
81.9
112.7
75.5
37.2
84.6
112.6
75.7
37.0
83.1
112.9
75.9
37.0
81.8
197.0
113.5
76.2
37.3
83.5
28.5
22.3
9.0
11.3
4.0
3.8
0
30.5
24.0
9.2
11.6
4.1
3.9
.1
27.6
22.8
9.2
12.1
4.2
3.8
6
28.4
23.4
9.3
11.9
4.5
3.9
.7
30.6
24.7
9.3
11.7
4.3
3.7
.3
30.2
23.9
9.2
11.6
4.2
3.9
.1
30.1
23.6
9.2
11.7
3.9
3.9
-.5
31.0
23.6
9.1
11.5
4.0
3.9
.3
7.2
7.1
7.8
7.6
7.2
7.1
4.7
2.4
5.2
2.5
5.3
2.3
6.6
4.2
2.4
7.5
4.9
2.4
5.0
2.4
4.9
2.3
4.6
2.5
IV
299.8
299.2
298.4
89.8
298.4
84.1
93.1
88.4
77.3
33.4
13.0
8.5
4.8
5.8
11.8
12.5
73.0
29.3
12.6
8.5
4.1
6.2
12.4
11.1
79.9
35.4
12.5
8.4
4.4
5.9
13.4
13.2
10.5
4.2
3.8
2.5
11.0
4.4
4.0
2.6
187.8
108.9
73.2
35.7
78.9
196.2
295.3
1. Includes utilities, communications, rental payments, maintenance and repair, and payments
to contractors to operate installations.
2. Includes depot maintenance and contractual services for weapons systems, other than
research and development.
3. Includes compensation of foreign personnel, consulting, training, and education.
Table 4.1.—Foreign Transactions in the National Income and Product
Accounts
National defense
purchases
1988'
1987
IV
I
II
Compensation of employees
Military
. ...
Civilian
Other services
Contractual research and
development
Installation support *
Weapons support 23
Personnel support
Transportation of materiel ....
Travel of persons
Other
. ..
264.6
263.6
256.4
262.5
88.4
84.9
81.2
85.0
69.4
28.2
12.7
7.1
4.4
5.8
11.2
14.7
75.9
33.4
12.5
7.2
4.8
5.6
12.4
16.2
72.6
31.9
13.7
7.1
4.9
5.3
9.7
15.9
69.5
29.0
12.2
7.2
4.7
5.5
10.9
15.4
85.1
70.3
28.6
13.3
6.8
4.5
5.7
11.4
14.9
67.2
26.5
11.5
6.7
4.4
5.5
12.5
14.0
70.6
28.7
13.6
7.8
3.9
6.6
9.9
14.4
14.3
7.8
4.3
2.2
14.6
15.6
14.6
9.5
3.9
2.2
8.3
4.1
2.3
14.8
7.8
4.9
2.2
13.2
8.1
4.3
2.3
6.9
4.0
2.3
14.7
8.2
4.3
2.2
157.8
156.4
158.0
156.4
157.4
89.1
60.1
29.0
68.7
89.3
60.2
29.1
67.1
89.5
60.3
29.2
68.6
159.9
89.3
60.1
29.2
70.5
157.8
89.3
60.2
29.0
67.2
88.8
59.9
28.9
69.0
89.0
60.0
28.9
67.4
89.3
60.2
29.1
68.0
24.7
17.9
7.9
8.8
4.2
3.7
0
25.5
18.8
7.8
8.7
4.2
3.8
.1
23.8
18.1
8.1
9.5
4.4
3.7
5
24.2
18.4
8.0
9.0
4.6
3.8
.5
25.9
19.5
8.0
8.9
4.4
3.6
.2
25.4
18.8
7.9
8.7
4.3
3.8
.1
25.0
18.4
7.8
8.7
4.0
3.8
-.4
25.5
18.4
7.7
8.5
4.0
3.8
.3
5.9
Services
268.2
92.1
156.4
Petroleum products
Ammunition
Other nondurable goods
269.5
84.1
14.7
8.4
4.0
2.3
Nondurable goods
261.8
5.6
5.2
5.9
5.6
5.5
3.7
1.9
6.3
4.2
2.1
6.1
3.9
2.0
4.2
1.9
3.3
1.9
4.0
1.9
3.8
1.8
3.5
2.0
1. Includes utilities, communications, rental payments, maintenance and repair, and payments
to contractors to operate installations.
2. Includes depot maintenance and contractual services for weapons systems.
3. Includes compensation of foreign personnel, consulting, training, and education.
Table 4.2.—Exports and Imports of Goods and Services in Constant
Dollars
[Billions of 1982 dollars]
Seasonally adjusted at annual rates
1987
III
428.0
428.0
254.8
158.3
96.4
173.3
96.1
77.2
519.7
519.7
321.6
201.3
120.2
198.2
111.9
86.3
440.4
440.4
264.8
163.5
101.3
175.6
97.3
78.3
459.7
459.7
276.7
175.0
101.7
183.0
105.1
77.9
487.8
487.8
300.8
188.2
112.5
187.0
104.7
82.3
507.1
507.1
316.9
198.4
118.5
190.2
104.2
86.1
536.1
536.1
331.0
204.8
126.1
205.1
116.1
89.0
548.0
548.0
337.6
213.8
123.7
210.4
122.5
87.9
Capital grants received by the
United States (net)
0
0
0
0
0
0
428.0
551.1
413.0
264.5
148.5
138.1
66.6
71.5
519.7
614.4
449.7
295.2
154.5
164.7
87.0
77.7
440.4
487.8
599.9
441.7
287.5
154.2
158.2
82.3
75.8
597.5
439.4
286.6
152.7
158.2
82.9
75.3
536.1
616.0
448.6
293.4
155.2
167.5
89.3
78.1
0
548.0
565.6
421.7
265.2
156.5
143.9
70.5
73.4
459.7
585.4
438.0
281.8
156.2
147.4
74.1
73.3
0
507.1
13.5
1.3
12.2
13.9
1.0
12.9
12.0
1.3
10.7
17.6
1.2
16.4
12.7
1.2
11.5
11.8
.8
11.0
13.3
.8
12.5
17.6
1.1
16.6
23.9
24.6
26.6
26.8
27.8
29.6
Payments to foreigners
Transfer payments (net)
From persons (net)
From government (net)
Interest paid by government to
foreigners
&n
24.1
27.7
1606
1362
161 1 -167.8
151 3 129 1
1. Line 7 less line 16 equals rest-of-the-world product as shown in table 1.7.
1988r
644.0
469.0
313.2
155.8
175.0
93.5
81.5
121 1 1433
1988
1987
III
IV
Exports of goods and services
Merchandise. .. .
Durable goods
Nondurable goods
Services
Factor income1
Other
Imports of goods and services
Merchandise
Durable goods
Nondurable goods
Services
Factor income 1
Other
IV
72.5
30.7
12.8
7.3
5.1
5.5
11.0
15.4
1988
III
III
II
I
87.9
Military equipment
Aircraft
Missiles
Ships
Vehicles
Electronic equipment
Other
Other durable goods
Structures
Military facilities
Other..
IV
264.9
Durable goods
Seasonally adjusted at annual rates
1987
1988
1987
III
[Billions of dollars]
Receipts from foreigners ...
1988 r
IV
III
National defense
purchases
Seasonally adjusted at annual rates
1988
Exports of goods and services
Merchandise
Durable goods
Nondurable goods
Services
Factor income1
Other
Imports of goods and services
Merchandise
Durable goods
Nondurable goods
Services
Factor income 1
Other
427.8
280.1
177.3
102.8
147.7
80.3
67.4
556.7
439.0
260.2
178.8
117.7
54.7
63.0
IV
504.8
440.9
459.2
341.5
226.4
115.0
291.6
184.0
107.7
304.6
198.8
105.8
163.4
90.2
73.1
605.0
469.8
283.2
186.6
149.2
81.0
68.2
571.6
449.5
262.2
187.3
154.6
87.0
67.6
585.2
135.3
69.2
66.0
122.2
57.7
64.4
461.0
276.9
184.1
124.2
60.3
63.9
II
III
IV
486.2
329.0
215.4
113.6
496.9
339.1
223.1
116.0
514.0
157.1
86.3
70.9
595.1
463.1
279.1
184.1
157.8
84.5
73.3
589.5
459.1
276.3
182.8
130.4
66.3
64.2
522.1
351.9
237.8
114.2
170.2
96.9
73.3
627.4
486.0
294.1
191.9
141.4
73.0
68.4
I
132.0
66.8
65.2
1. Line 6 less line 13 equals rest-of-the-world product as shown in table 1.8.
345.9
229.4
116.5
168.1
93.0
75.1
607.9
470.9
283.5
187.4
137.0
70.6
66.4
10
SURVEY OF CURRENT BUSINESS
March 1989
Table 4.3.—Merchandise Exports and Imports by Type of Product and
by End-Use Category
Table 4.4.—Merchandise Exports and Imports by Type of Product and
by End-Use Category in Constant Dollars
[Billions of dollars]
[Billions of 1982 dollars]
Seasonally adjusted at annual rates
1987
1988r
III
Merchandise exports
Foods, feeds, and beverages
Industrial supplies and
materials
Durable goods
Nondurable goods
Capital goods, except autos
Autos
Consumer goods
Durable goods
Nondurable goods
Other
Durable goods 1 1
Nondurable goods
Seasonally adjusted at annual rates
1988
1987
I
IV
II
III
IV
321.6
33.2
264.8
276.7
300.8
25.4
30.1
316.9
32.8
331.0
36.2
337.6
28.1
66.5
20.9
45.6
88.1
26.3
18.0
7.4
10.5
31.3
15.7
15.7
83.0
27.8
55.2
111.6
32.6
23.8
10.6
13.2
37.3
18.7
18.6
68.2
21.5
46.7
93.3
25.4
18.6
7.7
10.9
31.2
15.6
15.6
71.0
22.8
48.1
96.5
30.5
19.3
8.1
11.1
34.1
17.0
17.0
77.8
24.6
53.3
105.4
31.7
21.2
9.3
11.9
34.6
17.3
17.3
82.1
28.0
54.1
109.2
32.2
22.8
10.1
12.8
37.8
18.9
18.9
86.0
28.4
57.6
114.1
32.2
24.9
11.4
13.5
37.5
18.8
18.8
86.2
30.3
55.9
117.8
34.4
26.2
11.7
14.4
39.3
19.6
19.6
413.0
421.7
438.0
441.7
439.4
448.6
469.0
25.0
24.8
25.1
26.0
23.8
25.0
25.2
66.6
35.6
31.0
42.9
84.8
85.2
88.7
49.0
39.7
20.2
10.1
10.1
77.6
42.0
35.6
39.4
101.4
88.1
96.4
52.8
43.6
21.9
11.0
11.0
66.2
35.1
31.0
51.0
87.0
84.1
88.1
48.8
39.4
20.5
10.2
10.2
72.3
38.6
33.7
45.2
93.2
88.7
92.0
50.6
41.4
21.4
10.7
10.7
76.7
41.8
35.0
39.8
96.4
87.4
94.2
51.5
42.8
21.1
10.5
10.5
75.3
40.1
35.2
41.1
100.7
84.5
92.8
50.7
42.1
21.1
10.6
10.6
77.4
41.2
36.2
39.4
101.9
86.4
96.1
52.6
43.4
22.4
11.2
11.2
80.8
44.9
36.0
37.2
106.5
93.8
102.4
56.5
46.0
23.0
11.5
11.5
Exports of agricultural
products 2
Exports of nonagricultural
products
Imports of nonpetroleum
products
III
IV
341.5
291.6
304.6
329.0
339.1
345.9
351.9
33.3
34.3
30.5
34.1
34.9
33.2
31.2
79.8
26.7
53.1
144.2
28.5
21.2
9.8
11.4
34.5
17.3
17.3
70.4
22.2
48.2
116.4
22.4
17.3
7.5
9.8
30.8
15.4
15.4
72.0
23.2
48.9
124.5
26.8
17.6
7.8
9.8
33.2
16.6
16.6
76.9
24.3
52.6
138.0
27.9
19.1
8.8
10.3
33.0
16.5
16.5
79.4
27.1
52.3
140.6
28.3
20.5
9.4
11.1
35.4
17.7
17.7
81.3
26.8
54.4
147.1
28.0
22.2
10.4
11.8
34.1
17.0
17.0
81.5
28.6
52.9
150.9
29.7
23.1
10.7
12.4
35.5
17.8
17.8
439.0
469.8
449.5
461.0
463.1
459.1
22.8
23.8
23.7
23.8
21.7
470.9
22.7
486.0
23.9
74.2
39.8
34.5
77.9
99.4
68.1
77.1
43.8
33.4
18.3
9.2
9.2
74.7
40.5
34.3
86.4
122.3
67.1
78.1
44.1
34.0
18.4
9.2
9.2
71.8
38.2
33.6
88.0
104.0
67.2
76.2
43.5
32.7
18.5
9.2
9.2
77.0
41.1
35.9
81.4
112.2
69.9
77.8
44.1
33.7
18.9
9.5
9.5
77.1
42.0
35.1
82.2
116.4
67.7
77.6
43.8
33.8
18.1
9.1
9.1
72.8
38.8
34.0
85.4
121.5
64.8
75.0
42.2
32.8
17.8
8.9
8.9
73.7
39.3
34.4
87.1
125.0
65.9
77.7
44.0
33.8
18.8
9.4
9.4
75.3
41.8
33.5
90.7
126.3
69.9
82.1
46.6
35.6
18.9
9.4
9.4
Foods, feeds, and beverages
Industrial supplies and
materials, excluding
petroleum
Durable goods
Nondurable goods
Petroleum and products
Capital goods, except autos
Autos
Consumer goods
Durable goods
Nondurable goods
Other
Durable goods l .
Nondurable goods *
Addenda:
II
69.7
21.9
47.8
109.5
23.2
16.7
7.3
9.5
31.0
15.5
15.5
Merchandise imports
24.7
I
29.9
Foods, feeds, and beverages
Industrial supplies and
materials
Durable goods
Nondurable goods
Capital goods, except autos
Autos
Consumer goods
Durable goods
,
Nondurable goods
Other
Durable goods 1 1
Nondurable goods
Merchandise imports
IV
280.1
Merchandise exports
33.7
Foods feeds and beverages
Industrial supplies and
materials, excluding
petroleum
Durable goods
Nondurable goods
Petroleum and products
Capital goods, except autos
Autos
Consumer goods
Durable goods
Nondurable goods
Other
Durable goods 1
Nondurable goods "•
449.7
1988
1987
III
24.6
254.8
1988r
1987
22.8
Addenda:
29.5
38.7
33.1
30.5
36.1
38.5
41.6
225.3
282.9
231.7
246.2
264.7
278.4
289.4
299.0
370.1
410.3
370.6
392.8
401.9
398.3
409.2
Exports of 2
agricultural
products
Exports of nonagricultural
products
Imports of nonpetroleum
products
38.5
431.8
34.9
38.2
39.7
35.2
39.3
39.8
37.9
35.6
245.2
303.3
252.0
269.4
289.7
299.3
308.0
316.3
361.1
383.4
361.5
379.6
380.9
373.7
383.8
395.4
* 1. Because no data are available to distribute exports and imports of "other" merchandise
between durable and nondurable goods, they are distributed equally.
2. Includes parts of line 2 and line 5.
1. Because no data are available to distribute exports and imports of "other" merchandise
between durable and nondurable goods, they are distributed equally.
2. Includes parts of line 2 and line 5.
NOTE.—Beginning with 1985, the definitions of the end-use categories have been changed. For
a description of the new definitions, see the technical notes in "U.S. International Transactions,
First Quarter 1988," SURVEY OP CURRENT BUSINESS 68 (June 1988): 34-39 and 57.
NOTE.—Beginning with 1985, the definitions of the end-use categories have been changed. For
a description of the new definitions, see the technical notes in "U.S. International Transactions,
First Quarter 1988," SURVEY OF CURRENT BUSINESS 68 (June 1988): 34-39 and 57.
Table 5.1.—Gross Saving and Investment
[Billions of dollars]
Seasonally adjusted at annual rates
1987
1988r
1988
1987
III
Gross saving
Gross private saving
Personal saving
Undistributed corporate
profits with inventory
valuation and capital
consumption adjustments
Undistributed profits
Inventory valuation
Capital consumption
adjustment
Corporate capital
consumption allowances
with capital consumption
adjustment
Noncorporate capital
consumption allowances
with capital consumption
adjustment
Wage accruals less
disbursements
Government surplus or deficit
( — ), national income and
Federal
State and local
IVr
644.4
627.0
634.1
665.4
731.6
144.3
556.8
642.2
72.6
603.4
665.3
104.2
714.1
144.0
726.3
149.9
711.2
127.8
732.9
145.7
650.9
756.2
153.8
81.1
47.4
81.0
59.2
85.0
52.4
80.5
46.4
78.1
48.1
80.1
59.6
79.5
63.4
86.2
65.9
180
23 8
19 5
18 2 -19.4 -27.4
51.7
45.6
52.1
52.4
49.4
48.0
45.4
39.6
297.5
315.7
299.7
303.7
309.8
313.3
316.8
323.0
182.5
190.6
184.9
185.8
188.5
189.9
190.9
193.1
0
0
0
0
0
0
0
-29.3
99 2
-104.9 -87.3 -85.5 -110.7
67 5
77 1
-157.8 -142.4 -138.3 -160.4 -155.1 -133.3 -123.5
55.1
55.8
52.9
52.9
56.2
56.0
49.7
0
0
Gross investment
552.3
630.3
Statistical discrepancy
III
II
I
560.4
Capital grants received by the
United States (net)
Gross private domestic
investment
Net foreign investment
IV
0
541.7
0
597.0
0
612.0
0
629.0
0
651.4
-19.2
0
105 3
157 8
52.5
0
628.7
712.9 766.5 702.8 764.9 763.4 758.1 772.5 772.0
-160.6 -136.2 -161.1 -167.8 -151.3 -129.1 -121.1 -143.3
-8.1 -14.1 -15.1
-6.4 -15.0 -5.1 -14.0 -22.2
11
SURVEY OF CURRENT BUSINESS
March 1989
Table 5.9.—Change in Business Inventories by Industry in Constant
Dollars
Table 5.8.—Change in Business Inventories by Industry
[Billions of dollars]
[Billions of 1982 dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1987
1988r
1987
III
Change in business
inventories
39.2
Farm
-1.5
Nonfarm
Change in book value
Inventory valuation
adjustment *
48.4
40.7
64.5
-23.8
6.1
42.2
77.6
-35.4
IV
65.3
43.7
49.7
15.9
10.6
7.8
72.8
96.9
17.8
43.2
II
-.8
-3.3
-25.4
III
I
72.0
14.5
49.4
78.1
33.1
74.7
41.9
83.8
28 7
41 6
41 9 -29.2
6.9
8.5
-1.6
13.8
13.8
0
11.1
16.8
-5.7
4.9
2.9
2.0
-24.1
44.6
73.8
15.4
9.6
5.8
Wholesale trade
Durable goods
Nondurable goods
7.4
5.3
2.1
10.0
8.2
1.8
-3.4
-5.3
1.9
22.0
15.4
6.6
24.6
21.2
3.4
6.3
6.7
-.4
4
-7.9
7.5
7.2
4.8
2.3
8.6
6.7
1.9
20.1
13.6
6.5
22.6
19.3
3.3
.3
78
8.1
. 8.2
14.7
-6.5
3.1
.6
2.6
.2
.5
3
1.5
1.5
-.1
-3.7
-5.7
2.0
.4
.5
1
1.8
1.8
.1
2.0
1.9
.2
-.7
_i
-!e
2.8
2.1
.8
1.8
2.4
-.6
21.3
14.6
10.6
4.0
6.7
11.3
8.5
4.9
3.6
2.7
2.9
-2.7
-3.5
.8
5.6
28.2
1.2
70
21.9
-11.6
15.1
4.6
6.8
8.2
6.2
15.6
14.5
12.7
1.8
1.1
13.3
14.4
10.1
4.4
-1.1
15.0
12.2
8.7
3.5
2.8
5.9
2.0
3.9
10.3
4.5
5.8
7.1
3.2
3.9
8.2
2.9
5.3
11.6
4.5
7.0
10.7
5.4
5.3
10.8
5.2
5.6
Other
Durable goods
Nondurable goods
,
7.8
1.4
6.4
I
II
III
IV
34.4
42.5
13.0
-5.3
67.1
66.0
35.3
2.5
11
14.1
5.3
39.5
8
36.9
40.0
18.3
68.2
51.9
30.1
40.4
37.6
5.2
4.1
1.1
9.6
8.8
.8
10.8
7.0
3.9
14.4
10.6
3.8
15.8
8.7
7.1
5.8
6.2
4
5.7
8.0
23
11.2
12.3
-1.1
5.8
4.9
.9
9.5
7.3
2.2
19.4
14.1
5.3
24.9
18.2
6.7
-1.2
-6.8
5.7
11.2
15.1
3.9
3.2
2.9
.3
..
* ...
5.8
4.4
1.4
8.2
5.8
2.4
^-3.5
-4.8
1.S
36
-5.3
1.6
18.1
12.5
5.6
22.7
16.4
6.3
0
-6.8
6.7
8.1
13.1
-5.1
2.2
.6
1.6
1.3
1.5
— .2
.2
.5
-.3
1.3
1.7
-.4
2.2
1.8
.4
-1.1
.1
-1.1
3.2
2.0
1.2
1.0
2.3
-1.3
. »
0
.5
-.5
19.2
13.1
9.3
3.7
6.1
9.9
7.5
4.3
3.2
2.4
2.9
-2.2
-3.0
.8
5.1
25.1
1.5
19.5
59
13.2 -10.1
6.3
4.2
5.6
7.4
13.7
12.7
11.0
1.7
1.0
11.7
12.7
8.7
4.0
10
12.9
10.5
7.5
3.0
2.4
6.7
1.9
4.9
10.9
3.9
7.0
8.0
2.9
5.0
11.8
3.9
7.9
11.8
4.7
7.1
10.3
4.4
5.9
Nonfarm ..
14.8
11.7
3.2
IV
-2.5
Farm
11.1
7.6
3.5
Retail trade
Durable goods
Automotive
Other .
Nondurable goods
Change in business
inventories
-9.8
10.6
9.7
1.0
1988
III
34.7
6.1
4.6
1.5
Nonmerchant wholesalers
Durable goods
1987
IV
Manufacturing
Durable goods
Nondurable goods
Merchant wholesalers
Durable goods
Nondurable goods
1988 r
1987
1988
Manufacturing . . . .
Durable goods
Nondurable goods .
...
Wholesale trade
Durable goods
Nondurable goods
Merchant wholesalers
Durable goods
.
Nondurable goods
Nonmerchant wholesalers
Durable goods
Nondurable goods
Retail trade
Durable goods
Automotive .
Other
Nondurable goods
Other...
.
. .
Durable goods .....
Nondurable goods
9.3
1.3
8.0
9.7
2.5
7.2
29.1
-8.5
1. The inventory valuation adjustment (IVA) shown in this table differs from the IVA that
adjusts business incomes. The IVA in this table reflects the mix of methods (first-in, first-out;
last-in, first-out; etc.) underlying book value inventories derived primarily from Census Bureau
statistics. This mix differs from that underlying business income derived primarily from
Internal Revenue Service statistics.
Table 5.10.—Inventories and Final Sales of Business by Industry
Table 5.11.-—Inventories and Final Sales of Business by Industry in
Constant Dollars
[Billions of dollars]
[Billions of 1982 dollars]
Seasonally adjusted quarterly totals
Seasonally adjusted quarterly totals
1987
1987
1988
I
III
IV
914.1
941.5
965.2
68.2
68.8
72.6
Nonfarm
Durable goods
Nondurable goods
845.9
494.0
351.9
872.8
513.3
359.5
892.6
523.5
369.1
913.6
533.3
380.2
934.0
549.0
385.0
954.4
563.6
390.8
Nonfarm .
Durable goods
Nondurable goods
Manufacturing
Durable goods
Nondurable goods
337.8
225.2
112.6
346.2
231.9
114.3
353.4
236.1
117.3
360.4
240.6
119.7
366.0
244.8
121.3
372.7
250.9
121.8
Manufacturing
Durable goods
Nondurable goods
Wholesale trade
Durable goods
Nondurable goods
Merchant wholesalers
Durable goods
Nondurable goods
Nonmerchant wholesalers
Durable goods
Nondurable goods.
Retail trade
Durable goods
Automotive
Other
Nondurable goods
194.0
125.4
68.7
168.7
110.5
58.2
25.3
14.9
10.4
205.5
103.4
52.8
50.6
102.1
201.0
130.6
70.5
175.2
115.0
60.2
25.8
15.6
10.2
213.7
109.4
56.7
52.7
104.3
209.3
137.0
72.3
182.7
120.8
61.9
26.7
16.2
10.5
213.6
136.4
77.2
186.7
120.1
66.7
26.9
16.4
10.5
221.5
112.3
57.2
55.1
109.1
222.5
144.3
78.2
194.1
126.4
67.7
28.4
17.8
10.6
232.5
120.8
62.8
58.0
111.7
Wholesale trade
Durable goods
Nondurable goods
.
Merchant wholesalers
Durable goods
Nondurable goods
Nonmerchant wholesalers
Durable goods
Nondurable goods
215.2
108.0
53.8
54.2
107.2
219.5
141.9
77.6
191.8
124.8
67.0
27.7
17.0
10.7
226.7
116.6
60.0
56.6
110.1
Other
108.5
111.7
114.7
118.1
121.8
126.6
Other
323.3
186.6
325.1
185.6
330.2
187.8
339.5
194.0
344.6
196.5
352.3
201.0
2.83
2.62
2.90
2.68
2.92
2.70
2.92
2.69
2.95
2.71
2.94
2.71
4.53
4.70
4.75
4.71
4.75
4.75
Inventories 1
Farm
Final sales 2 .
Final sales of goods and structures 2
II
III
IV
992.3 1,015.8 1,035.6
81.2
81.8
78.7
Ratio of inventories to final sales
Inventories to final sales
Nonfarm inventories to final sales
Nonfarm inventories to final sales of goods and
structures
III
IV
908.5
918,4
925.7
75.0
74.8
72.7
826.0
467.1
358.8
833.5
471.1
362.4
843.6
481.2
362.4
853.0
488.8
364.2
322.3
210.2
112.2
326.3
212.4
113.9
327.7
213.9
113.8
329.1
215.9
113.2
332.0
219.0
113.0
182.4
113.9
68.5
156.7
100.3
56.4
25.6
13.6
12.1
187.2
117.4
69.8
161.2
103.5
57.8
26.0
14.0
12.0
,
191.3
97.2
49.2
48.0
94.1
193.1
120.3
72.9
166.9
105.9
61.0
26.2
14.4
11.8
195.1
98.9
49.5
49.5
96.2
195.9
124.0
71.9
168.9
109.2
59.8
27.0
14.9
12.1
185.1
92.4
45.9
46.4
92.7
193.4
122.0
71.4
166.9
107.6
59.3
26.5
14.4
12.1
191.7
95.8
46.7
49.0
95.9
196.7
124.8
72.0
169.5
109.3
60.2
27.3
15.5
11.8
201.3
104.7
53.5
51.2
96.5
109.8
112.1
114.6
117.5
120.5
123.0
Final sales 2
....
Final sales of goods and structures 2
277.3
170.5
277.2
169.5
280.4
171.4
285.3
175.3
286.3
175.6
288.8
177.1
3.12
2.87
3.19
2.93
3.21
2.95
3.18
2.92
3.21
2.95
3.21
2.95
4.67
4.80
4.82
4.75
4.80
4.82
Inventories
1
<
866.4
Retail trade
Durable goods
Automotive
Other
Nondurable goods
* .
.. . ..
,
.
•
.
.
.
. . . .
.
.
.
.
.
.
..
73.7
813.0
461.3
351.7
318.7
207.5
111.2
.
899.7
70.2
796.0
449.9
346.1
<
.
883.2
70.5
»
Farm
IV
II
198.1
102.1
51.6
50.5
95.9
Ratio of inventories to final sales
1. Inventories are as of the end of the quarter. The quarter-to-quarter change in inventories
calculated from current-dollar inventories in this table is not the current- dollar change in
business inventories (CBI) component of GNP. The former is the difference between two
inventory stocks, each valued at their respective end-of-quarter prices. The latter is the change
in the physical volume of inventories valued at average prices of the quarter. In addition,
changes calculated from this table are at quarterly rates, whereas CBI is stated at annual rates.
2. Quarterly totals at monthly rates. Business final sales equals final sales less gross product
of households and institutions, government, and rest of the world, and includes a small amount
of final sales by farms.
1988
I
III
Inventories to final sales
Nonfarm inventories to final sales
Nonfarm inventories to final sales of goods and
structures
1. Inventories are as of the end of the quarter. Quarter-to-quarter changes calculated from this
table are at quarterly rates, whereas the constant-dollar change in business inventories
component of GNP is stated at annual rates.
2. Quarterly totals at monthly rates. Business final sales equals final sales less gross product
of households and institutions, government, and rest of the world, and includes a small amount
of final sales by farms.
12
SURVEY OF CURRENT BUSINESS
March 1989
Table 5.12.—Fixed Investment by Type
Table 5.13.—Fixed Investment by Type in Constant Dollars
[Billions of dollars]
[Billions of 1982 dollars]
Seasonally adjusted at annual rates
1988r
1987
III
IV
I
....
Structures
Nonresidential buildings,
excluding farm
Public utilities
Mining exploration,
shafts, and wells
Other
Producers' durable
equipment
Information processing
and related equipment....
Industrial equipment
Transportation and
related equipment
Other
Residential
Single-family structures
Multifamily structures
Other
1988 r
1987
III
II
IV
1988
1987
III
673.7
Fixed investment
Nonresidential
Seasonally adjusted at annual rates
1988
1987
718.1
688.3
692.9
698.1
714.4
722.8
737.2
Fixed investment
446.8
488.4
462.1
464.1
471.5
487.8
493.7
500.6
Nonresidential
139.5
142.8
143.0
147.7
140.1
142.3
143.8
145.0
92.6
28.4
94.2
30.3
95.0
28.9
96.6
30.8
93.3
27.7
95.7
28.8
93.5
32.1
94.4
32.5
13.9
4.5
14.5
3.8
14.6
4.6
15.8
4.6
15.1
4.0
14.3
3.5
14.6
3.6
14.0
4.1
307.3
345.6
319.1
316.3
331.3
345.5
349.9
355.6
101.2
70.6
111.0
82.9
105.7
71.4
102.8
74.2
107.0
77.2
111.5
81.3
112.9
83.8
112.4
89.3
67.8
67.6
77.5
74.2
72.1
69.9
68.5
70.9
74.2
73.0
78.7
74.0
79.0
74.1
78.1
75.8
226.9
114.5
25.5
87.0
229.7
117.1
21.3
91.3
226.2
115.0
23 9
87^3
228.8
117.3
24.1
87.4
226.6
116.5
22.1
87.9
226.5
116.2
20.7
89.6
229.1
115.4
21.2
92.6
236.6
120.4
21.0
95.2
III
II
IVr
640.4
Producers' durable
equipment. . . .
Information processing
and related equipment....
Industrial equipment
Transportation and
related equipment
Other
Residential
Single-family structures
Multifamily structures
Other
679.3
654.9
657.6
662.9
679.7
686.6
688.0
445.1
Structures
Nonresidential buildings,
excluding farm
Public utilities
Mining exploration,
shafts, and wells
Other .
Table 6.3B.—National Income Without Capital Consumption
Adjustment by Industry
I
IV
487.5
462.8
464.8
473.4
490.2
495.0
491.4
125.5
125.1
128.0
132.1
124.0
125.0
125.8
125.5
77.1
25.7
76.4
26.6
78.3
26.0
79.4
27.6
76.1
24.6
78.0
25.4
75.7
28.1
75.8
28.2
18.8
3.9
18.9
3.2
19.7
4.0
21.1
4.0
19.8
3.4
18.7
2.9
19.0
3.0
18.1
3.4
319.6
362.4
334.7
332.7
349.4
365.1
369.2
365.9
139.4
61.4
162.7
69.0
148.0
62.1
147.0
63.4
155.9
65.2
165.0
68.0
167.4
69.9
162.4
73.0
59.1
59.7
66.7
64.0
62.9
61.8
59.8
62.5
64.9
63.4
68.3
63.8
68.0
63.9
65.7
64.8
195.2
97.5
21.7
76.0
191.8
96.7
17.6
77.6
192.1
96.5
20.1
75.5
192.7
97.3
20.0
75.4
189.5
96.2
18.2
75.2
189.6
96.3
17.2
76.1
191.6
95.5
17.5
78.6
196.6
98.9
17.3
80.4
Table 6.18B.—Corporate Profits by Industry
[Billions of dollars]
[Billions of dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1987
1988V
National income without
capital consumption
adjustment
IV
I
II
III
Corporate profits with inventory
valuation and capital
consumption adjustments
3,644.4 3,943.2 3,675.0 3,768.3 3,821.4 3,901.1 3,975.6 4,074.6
Private industries
3,085.7 3,354.9 3,115.5 3,196.8 3,246.7 3,320.2 3,381.8 3,470.9
88.2
31.0
196.7
82.8
36.0
211.6
80.5
32.7
197.0
92.6
35.2
200.1
90.9
35.3
203.4
90.2
36.1
210.0
77.3
36.5
214.0
Manufacturing
Durable goods
Nondurable goods
727.4
419.4
308.0
786.4
448.4
338.0
740.9
424.7
316.3
747.6
420.6
327.0
766.4
432.7
333.7
780.0
445.9
334.1
788.0
450.4
337.7
Transportation and public
utilities
Transportation
Communication
,
Electric, gas, and sanitary
services
276.8
120.7
76.3
300.0
131.1
80.9
278.8
120.6
78.2
285.8
124.4
78.4
286.4
124.8
77.3
296.8
129.4
80.1
304.0
133.0 ••'••••'•••••
82.3
.. ..
Domestic industries
Financial
Nonfinancial
Rest of the world
Agriculture, forestry, and
fisheries
Mining
Construction
Rest of the world
IV
I
II
III
TVr
IV
3,614.9 3,918.3 3,648.2 3,737.3 3,799.1 3,879.8 3,948.9 4,045.6
Government and government
enterprises
1988
1987
III
Domestic industries
Wholesale trade
Retail trade
Finance, insurance, and
real estate
Services
1988 r
1988
1987
III
1987
Corporate profits with inventory
valuation adjustment
Domestic industries
Financial
Federal Reserve banks
Other ...
Nonfinancial
Manufacturing
Durable goods
Primary metal industries
Fabricated metal products
Machinery, except electrical
Electric and electronic
equipment
Motor vehicles and equipment
Other
79.9
88.1
79.9
83.1
84.2
87.3
88.8
213.6
316.2
230.2
340.1
216.2
319.8
219.8
324.6
225.0
331.4
224.8
336.5
231.0
342.6
524.0
711.6
577.0
790.8
529.8
719.8
545.9
745.1
553.6
754.4
567.2
778.7
585.1
803.2
529.2
563.4
532.7
540.5
552.3
559.6
567.1
574.7
29.5
24.9
26.8
31.0
22.4
21.3
26.8
29.0
Nondurable goods
Food and kindred products
Chemicals and allied products
Petroleum and coal products
Other .
Transportation and public utilities
Wholesale and retail trade
Other .
Rest of the world . . . .
310.4
328.1
274.0 291.0
322.0 316.1 316.2
326.5 330.0 339.9
286.7 274.6 286.0 291.1
289.2 297.7
39.1
35.4
36.2
38.5
36.5
41.0
38.5
36.3
237.5 252.5 250.4 238.4 250.6 252.6 248.2 258.6
41.4
36.4
42.1
30.2
37.1
40.8
35.4
35.3
258.7 282.5 269.9 263.7 266.8 278.5 284.6 300.3
222.3 245.4 234.6 222.2 236.6 243.1
30.1
16.0
14.1
192.1
30.5
18.1
12.4
215.0
29.5
16.2
13.4
28.8
16.2
12.6
205.1
193.4
27.6
17.5
10.1
30.0
17.4
12.6
209.0 213.1
243.8 258.2
31.5
32.7
18.2
19.2
12.3
14.5
211.1 226.6
111.4
114.5
110.6
96.8 114.1 107.0 101.7
36.5
29.4
33.9
39.0
41.5
40.9
39.6
2.6
1.4
5.2
3.2
1.9
4.5
5.1
5.7
5.4
6.7
8.0
7.2
7.5
6.9
3.2
1.7
3.3
5.9
5.5
4.6
4.7
66.1
14.0
14.4
14.7
22.9
-.8
4.5
14.6
72.4
14.9
15.3
18.8
23.4
38.7
39.4
22.8
34.0
44.1
20.0
37.1
35.3
3.2
7.3
15.7
60.3
12.8
13.5
12.2
21.9
3.6
5.5
14.4
5.5
5.6
16.2
74.5
16.7
19.6
16.8
21.4
34.9
42.8
17.6
36.4
76.8
15.9
19.1
17.4
24.5
4.1
4.6
14.7
73.0
17.5
18.6
14.8
22.1
4.4
5.8
12.4
72.3
15.9
18.4
16.8
21.2
36.1
43.0
12.6
34.5
43.9
20.0
38.2
37.0
23.4
39.3
36.6
23.8
41.4
30.2
35.4
40.8
1.2
4.2
14.0
42.1
13
SURVEY OF CURRENT BUSINESS
March 1989
Table 7.1.—Fixed-Weighted Price Indexes for Gross National Product,
1982 Weights
Table 7.2.—Fixed-Weighted Price Indexes for Gross National Product by
Major Type of Product, 1982 Weights
[Index numbers, 1982=100]
[Index numbers, 1982=100]
Seasonally adjusted
Seasonally adjusted
1987 1988r
1987
III
Gross national product
Personal consumption expenditures
Durable goods
Nondurable goods
Services
1987 1988 r
1988
IV
I
II
III
119.1 124.1 119.7 120.8 121.8 123.3
125.6 121.1 122.5 123.2 124.9
112.5 110.2 111.0 111.4 111.9
117.2 113.4 114.3 114.6 116.7
135.2 129.6 131.5 132.6 134.4
126.5
112.8
118.2
136.0
113.9
119.4
137.8
108.8
106.8
105.1
107.9
115.9
111.6
109.4
108.5
110.0
119.4
112.7
110.6
109.4
111.3
120.1
120.4
109.7
112.6
129.0
Gross private domestic investment
Fixed investment
Nonresidential
Structures
Producers' durable equipment
Residential
Change in business inventories ...
Net exports of goods and services
Exports
Imports
Government purchases of goods and
services
Federal
National defense
Nondefense
State and local
Addenda:
Final sales
Personal consumption expenditures,
food
Personal consumption expenditures,
energy
Other personal consumption
expenditures
111.6
109.3
108.3
110.0
119.5
109.3
107.0
105.8
107.7
117.4
109.9
107.5
106.4
108.1
118.3
110.8
108.3
107.5
108.9
119.2
111.3
109.0
107.8
109.8
119.3
II
III
IVr
Final sales
Final sales
111.0 115.1 111.4 112.1 112.6 114.3 116.2 117.2
110.8 114.9 111.2 111.9 112.5 114.1 116.0 117.1
Durable goods
Final sales
107.1 108.1 107.2 107.0 107.2 107.6 108.4 109.0
107.0 108.2 107.2 107.1 107.3 107.7 108.5 109.2
Nondurable goods
Final sales
Change in business inventories
113.7 119.8 114.3 115.5 116.3 118.7 121.4 122.8
113.5 119.6 114.1 115.3 116.1 118.5 121.2 122.5
Goods
Services
127.6 133.6 128.2 129.8 131.2 132.8 134.3 135.9
110.7 114.4 111.7 112.4 113.5 113.9 114.6 115.4
.
106.0 111.5 106.4 107.0 108.7 110.5 113.0 113.7
100.8 105.1 101.9 103.0 103.9 105.3 105.4 106.2
Structures
119.6 124.9 120.1
113.5 117.8 113.7
114.0 117.6 114.2
112.1 118.2 112.5
124.1 130.2 124.9
Table 7.3.—Fixed-Weighted Price Indexes for Relation of Gross National Product, Gross Domestic Purchases, and Final Sales to Domestic
Purchasers, 1982 We ights
121.2 122.9 124.3 125.7 126.6
114.4
114.8
113.6
126.1
116.3
116.6
115.7
127.8
117.2
117.4
116.9
129.5
118.5
118.0
119.7
131.0
118.9
118.4
120.2
132.3
[Index numbers, 1982=100]
119.0 123.9 119.5 120.6 121.7 123.2 124.8 126.1
Seasonally adjusted
117.2 122.2 117.8 118.6 119.2 121.0 123.7 124.9
91.7
92.4
93.4
92.9
91.1
92.3
93.2
1987 1988 r
92.9
1988
1987
III
IV
I
II
HI
IV
124.9 130.7 125.5 127.2 128.3 130.0 131.3 133.1
Less: Exports of goods and services
Plus: Imports of goods and services
119.1 124.1 119.7 120.8 121.8 123.3 124.9 126.2
106.0 111.5 106.4 107.0 108.7 110.5 113.0 113.7
100.8 105.1- 101.9 103.0 103.9 105.3 105.4 106.2
Equals: Gross domestic purchases l
118.7 123.5 119.3 120.5 121.4 122.9 124.2 125.5
Gross national product
NOTE.—Percent changes from preceding period for selected items in this table are shown in
table 8.1.
I
119.1 124.1 119.7 120.8 121.8 123.3 124.9 126.2
119.0 123.9 119.5 120.6 121.7 123.2 124.8 126.1
Gross national product
124.9 126.2
127.9
IV
III
IV
1988
1987
Less* Change in business inventories
Equals: Final 2sales to domestic
purchasers
118.5 123.4 119.2 120.3 121.3 122.8 124.1 125.4
1. Purchases in the United States of goods and services wherever produced.
2. Final sales in the United States of goods and services wherever produced.
NOTE.—Percent changes from preceding period for selected items in this table are shown in
table 8.1.
14
March 1989
SURVEY OF CURRENT BUSINESS
Table 7.7.—Implicit Price Deflators for the Relation of Gross National
Product, Net National Product, and National Income
Table 7.4,—Implicit Price Deflators for Gross National Product
[Index numbers, 1982=100]
[Index numbers, 1982=100]
Seasonally adjusted
1987
1988
r
1987
III
Seasonally adjusted
1988
IV
I
II
III
1987
IVr
1988r
117.7 121.7
Personal consumption expenditures
119.5 124.5
Durable goods
Nondurable goods
Services
,
118.2 118.9 119.4
120.2 121.5 122.2
121.0
122.4
Gross private domestic investment
105.2
100.4
111.1
96.2
116.2
105.7 105.1 105.4 105.3 105.1 105.3 107.2
99.8
99.6
99.7 101.9
100.2
99.9
99.5
114.2 111.7 111.8 113.0 113.8 114.3 115.6
97.2
94.6
94.8
95.4
95.1 94.8
95.3
119.7 117.7 118.7 119.5 119.5 119.6 120.4
100.0
99.0
Fixed investment
Nonresidential
Structures
Producers' durable equipment
Residential
,
Change in business inventories
II
IV
117.7 121.7 118.2 118.9 119.4 121.0 122.4
124.0
IV
124.0
123.9 125.2 126.7
107.9 110.1 108.6 108.9 109.1 109.6 110.4 111.4
112.9
113.7 113.8 116.0 117.3 118.3
112,1 116.4
128.5 134.8 129.1 131.0 132.2 134.0 135.6 137.3
. .
I
III
III
Gross national product
1988
1987
102.9
101.5
Gross national product
Less: Capital consumption allowances
with capital consumption adjustment
104.2
104.7
104.6
105.4
105.4
105.4
106.1
Equals: Net national product
119.5 123.9 120.0
120.8
121.3 123.2
124.8
126.4
Less: Indirect business tax and nontax
liability plus business transfer
payments less subsidies plus current
surplus of government enterprises
117.8 123.3 121.3 117.6 120.3
121.6 126.4
116.0 119.7 116.5 117.1 117.4 119.0 120.4
119.7 124.0 119.9 121.1 121.4 123.3 124.6
124.9
Statistical discrepancy
Equals: National income
105.6
122.0
126.5
Net exports of goods and services
Exports . .
Imports
,
Government purchases of goods and
services
Federal
National defense
Nondefense.,
State and local
99.9
98,9
118.5 123.3 119.1
112.7
111.5
„., 117.0
123.0
115.9
114.0
123,4
128.7
112.9
111.3
119.0
123.9
100.1
100.0
100.3
100.8
119,5 121.7
112.6 115.2
111.6 112.8
116.0 125.5
124.9 126.5
102.1
101.4
122.7
115.3
113.4
122.7
128.1
104.3 105.0
101.3 102.6
123.5 125.4
118.1
115.0
129.3
130.7
114.9
114.8
115.2
129.6
NOTE.—Percent changes from preceding period for selected items in this table are shown in
table 8.1.
,
Goods
Final sales
Change in business inventories ..
Durable goods
Final sales
Change in business inventories
Nondurable goods
,
Final sales
Change in business inventories ..
Services
121.7 118.2 118.9 119.4
121.0 122.4
,
107.8 110.0 108.1 107.9 107.5 109.4 110.8 112.3
1076 1099 1080 1079 1078 1091 1105 1122
100.2
99.9
99.2
98.8
998
99.8
99.5
98.8
98.4
98.0
986
98.3
99.6
99.0
114.3 120.4 115.5 115.5 115.8 119.7 122.0 124.1
1143 1204 1155 1159 1170 1194 121 4 1239
133.6 128.1 129.7 131.2 132.8 134.3 135.9
114.6 118.3 1156 116.2 117.4 117 9 1184 119.4
NOTE.—Percent changes from preceding period for selected items in this table are shown in
table 8.1.
Table 7.6.—Implicit Price Deflators for Gross National Product by
Sector
[Index numbers, 1982=100]
Gross national product
Gross domestic product..,
Business
,
,
Nonfarm
Nonfarm less housing ,
Housing
,
Farm
Statistical discrepancy
Households and institutions .
Private households
Nonprofit institutions
Government
Federal
State and local
Rest of the world
1177 121 7
117.7 121.7
1160 119.7
1167 1200
1152 1184
1319 138.2
920 104 1
1160 1197
1182
118.2
1165
1171
1157
132.5
936
1165
1189
118.9
117.1
1177
1162
134.7
898
117 1
119.4
119.4
117.4
1180
1163
136.1
944
1174
121 0
121.1
1190
1193
1177
1371
1064
1190
1224 124.0
122.5 124.0
120.4 122.0
1205 1223
1188 120.6
138.9 140.7
1158 1018
1204 1220
1310 1389 1321 1349 1357 1381 1398
104.8 105.8 1049 105.0 105.0 1058 106.1
1329 141 3 1340 1371 1379 1404 1422
1278 1342 1283 1297 1323 1336 1348
1223 1271 1223 1232 126.5 127.2 127.3
130.5 137.7 131.3 133.0 135.1 136.9 138.6
119 5 1240 1201 120.8
121.4
1420
106.4
1445
136.0
127.4
140.3
123 2 124 8 126.4
Addendum:
Gross domestic business product less
housing
1147
NOTE.—Percent changes from preceding period for selected items in this table are shown in
table 8.1.
Equals: Gross domestic purchases
116.9 121.1 117.4 118.3 119.0 120.5
99.0
102.9
101.5
99.0 ibi.5
990 101.5
99.9
98.9
98.9
98.9
ibo.i ibb.3
100.0
100.8
100.0 100.8
1000 100.8
102.1 104.3 105.0
101.4 101.3 102.6
121.6 123.1
101.4 101.3 102.6
101.4 101.3 102.6
117.5 121.5 118.1 118.8 119.5 120.9
122.0
123.6
NOTE.—Percent changes from preceding period for selected items in this table are shown in
table 8.1.
Table 7.9.—Fixed-Weighted Price Indexes for Personal Consumption
Expenditures by Major Type of Product, 1982 Weights
[Index numbers, 1982=100]
100.3
99.9
127.5
,
Structures
loo.b
124.0
124.0
1177 1218 1182 1191 119,8 1210 1224 124.0
Final sales
Change in business inventories
117.7 121.7 118.2 118.9 119.4 121.0 122.4
Less: Net exports of goods and services .
Exports
Imports
Equals: Command-basis gross national
product
[Index numbers, 1982=100]
117.7
[Index numbers, 1982=100]
Gross national product
Plus: Command-basis net exports of
goods and services
Command-basis exports
Imports .
Table 7.5.—Implicit Price Deflators for Gross National Product by
Major Type of Product
Gross national product
Table 7.8.—Implicit Price Deflators for Command-Basis Gross National
Product
Personal consumption
expenditures .
120.4
Nondurable goods
Food
Clothing and shoes
Gasoline and oil
Other nondurable goods
Fuel oil and coal
Other
Services
Housing
Household operation
Electricity and gas
Other
Transportation
Medical care
Other
. .
126.5
127.9
112 5 110 2
1177 1159
103.8 102.5
1185 1132
111 0
1170
102.4
1150
111 4 111 9
1170 116.8
102.9 103.5
1162 1178
112 8
1179
104.3
1188
1139
118.9
104.7
121 1
112.6
1172
111.0
784
121.4
766
1276
117.2
122.2
115.8
791
127.2
768
134 1
113.4
1178
110.7
811
122.4
785
1284
114.3
1186
113.0
806
123.5
111
1298
114.6
119.2
113.1
772
124.9
771
131 5
116.7
121.0
117.2
79.0
126.7
789
1332
118.2
123.7
114.8
80.9
127.9
775
1348
119.4
124.9
117.9
79.2
129.3
73.5
1369
129.0
1300
1183
111 8
125.0
1203
135.6
130.2
Motor vehicles and parts
Furniture and household equipment
Other
125.6
1097
1153
102.1
1127
Durable goods
135.2 129.6
1363 1306
119.8 1188
1126 1122
127.2 125.5
1263 1187
144.8 1368
136.6 131.3
131.5
1327
1186
1117
1257
1251
1380
133.1
132.6
1342
118.5
111 6
125.7
1225
1404
134.6
134.4
1352
119.6
1122
127.2
1267
143.4
135.9
136.0
1370
119.8
1122
127.6
1269
146.3
137.2
137.8
1387
121.4
1146
128.4
128.8
149.2
138.7
121.1 122.5
123.2
124.9
Table 7.14.—Fixed-Weighted Price Indexes for Exports and Imports of
Goods and Services, 1982 Weights
[Index numbers, 1982=100]
Exports of goods and services . .
Merchandise
Durable goods
Nondurable goods
Services
Factor income
Other
Imports of goods and services
Merchandise
Durable goods
Nondurable goods
Services
Factor Income
Other
111.5 106.4 107.0 108.7 110.5 113.0 113.7
99.2 101.3 103.3 106.7 106.9
97.8 104.5
98.4
1017 1050 1020 1022 1035 1045 1057 1062
927 1039 934 949 983 101.5 108.1 108.0
.. .. 106.0
1180 1186 119.4
1177 121.7
120.3 124.8 120.8 121.6 122.2
1131 1161 1131 1131 1144
100.8 105.1 101.9 103.0 103.9
121.0 122.3 123.7
124.0 125.5 127.2
115.7 116.7 117.7
105.3 105.4
99.2
99.4
94.7
98.9
96.0
97.1 97.9
1097 117.8 1101 1124 115.4 117.4 117.9
81.0
80.1
79.9
81.5 80.1
79.5
81.7
1184 1232 119 1 1202 121 4 1227 1235
1196 1240 1201 1208 1214 1232 124.7
1175 122.6 118.3 1197 121.4 122.3 122.5
106.2
99.7
120.2
78.7
1252
126.4
124.3
15
SURVEY OF CURRENT BUSINESS
March 1989
Table 7.15.—Fixed-Weighted Price Indexes for Merchandise Exports and
Imports by Type of Product and by End-Use Category, 1982 Weights
Table 7.16.—Fixed-Weighted Price Indexes for Government Purchases
of Goods and Services by Type, 1982 Weights
[Index numbers, 1982=100]
[Index numbers, 1982=100]
Seasonally adjusted
Seasonally adjusted
1987
1988 r
1987
1988
1987
I
III
97.8 104.5
Merchandise imports
98.4
99.2 101.3 103.3 106.7 106.9
82.1
95.4
95.5
95.4
100.5
113.1
107.4
102.2
111.5
100.9
100.9
100.9
99.6
104.1
104.1
104.0
102.4
114.7
112.2
107.8
115.7
108.0
108.0
108.0
82.0
96.8
96.8
96.8
100.6
113.3
107.6
102.1
111.9
101.2
101.2
101.2
83.3
98.5
98.5
98.5
100.1
114.1
109.2
104.0
113.2
102.7
102.7
102.7
88.2
101.2
101.2
101.2
101.2
113.8
111.0
105.4
115.5
104.7
104.7
104.7
94.0
103.4
103.4
103.4
102.0
113.9
111.6
107.0
115.3
106.7
106.7
106.7
109.0
105.8
105.8
105.8
102.5
115.3
112.4
109.1
115.0
110.1
110.1
110.1
108.3
105.7
105.7
105.7
103.2
115.9
113.6
109.3
116.9
110.5
110.5
110.5
94.7
Merchandise exports
Foods, feeds and beverages
Industrial supplies and materials
Durable goods
Nondurable goods
Capital goods except autos
Autos
Consumer goods ....
Durable goods
Nondurable goods
Other
Durable goods
Nondurable goods
.. .
IV
98.9
96.0
97.1
97.9
99.4
99.2
99.7
103.6 109.9 104.3 106.2 109.1 109.6 110.3 110.6
Foods feeds and beverages
Industrial supplies and materials,
excluding petroleum
Durable goods
Nondurable goods
Petroleum and products
Capital goods, except autos
Autos
Consumer goods
Durable goods
Nondurable goods
Other
Durable goods
Nondurable goods .
90.1
90.3
90.0
55.1
109.2
125.1
114.8
111.8
119.1
110.1
110.1
110.1
104.0
104.1
103.9
45.6
115.3
131.2
123.2
119.7
128.2
119.0
119.0
119.0
92.7
92.9
92.5
58.0
108.6
125.2
115.5
112.1
120.2
110.9
111.0
110.9
94.3
94.5
94.1
55.5
111.8
126.9
118.1
114.6
123.0
113.2
113.1
113.2
99.9
100.1
99.8
48.4
113.8
129.0
121.2
117.6
126.4
116.4
116.4
116.4
103.7
103.8
103.6
48.1
115.0
130.4
123.5
120.2
128.2
118.7
118.7
118.7
105.2
105.2
105.1
45.2
115.2
131.2
123.4
119.7
128.7
119.3
119.3
119.3
107.4
107.4
107.4
41.0
117.7
134.2
124.5
121.2
129.3
121.5
121.5
121.5
Table 7.17.—Fixed-Weighted Price Indexes for National Defense
Purchases of Goods and Services, 1982 Weights
Government purchases of goods
and services
Federal. ..
National defense .
Durable goods
Nondurable goods
Services
Compensation of employees
Military
Civilian
Other services
Structures
...
Nondefense
Durable goods
Nondurable goods
Commodity Credit Corporation
inventory change
Other nondurables
Services
Compensation of employees
Other services
Structures
State and local
Durable goods
Nondurable goods
Services
Compensation of employees
Other services
Structures .
1987
III
National defense purchases
Durable goods... .
Military equipment
Aircraft
Missiles . .
Ships
Vehicles
Electronic equipment
Other
Other durable goods
Nondurable goods .
Petroleum products
Ammunition
Other nondurable goods
Services
Compensation of employees
Military
Civilian .. .
Other services
Contractual research and
development
Installation support *
Weapons support 2
Personnel support 3
Transportation of materiel
Travel of persons
Other
...
Structures
Military facilities
Other
114.0 117.6 114.2 114.8
I
II
110.6
109.4
119.9
119.6
89.1
106.7
108.3
100.7
109.2
108.5
112.6
119.8
88.4
106.6
108.6
100.5
110.3
110.3
112.7
120.4
88.1
106.9
110.7
100.9
110.9
111.2
112.9
120.3
89.7
106.9
110.9
101.8
111.5
111.4
114.2
121.7
91.2
107.1
111.3
102.7
112.0
111.5
115.7
122.3
91.4
107.4
112.2
103.8
68.7
73.1
70.1
71.3
70.1
72.3
76.4
73.4
52.4 58.2 54.2 56.9 54.4 57.4 63.0 58.0
97.2 95.4 97.1 93.3 95.0 94.9 95.3 96.4
109.6 113.8 110.1 110.6 112.0 113.3 114.4 115.4
120.6 125.1 120.7 121.9 124.3 125.0 125.3 125.9
119.8
127.5
117.6
155.2
96.1
104.9
117.3
125.2
116.4
152.8
94.6
103.8
118.2
125.9
116.6
155.5
95.6
103.8
116.0
125.0
114.4
144.9
92.5
103.7
126.9
126.4
128.0
121.4
127.0
126.5
128.0
122.0
127.1
126.6
128.1
123.6
119.1
127.1
116.7
156.4
95.0
104.6
120.3
128.1
117.8
151.4
95.7
104.9
121.7
128.7
119.3
157.6
98.1
106.1
121.7 127.0 122.5 123.9 125.5 125.8 127.4 129.3
123.3 128.6 123.5 124.7 126.4 127.1 129.4 131.5
119.5 124.6 121.0 122.8 124.2 123.8 124.6 125.9
1. Includes utilities, communications, rental payments, maintenance and repair, and payments
to contractors to operate installations.
2. Includes depot maintenance and contractual services for weapons systems.
3. Includes compensation of foreign personnel, consulting, training, and education.
IV
114.4 116.3 117.2 118.5 118.9
117.4
109.2
72.3
125.0
126.9
126.4
128.0
121.4
125.8
118.0
109.9
76.4
125.3
127.0
126.5
128.0
122.0
127.4
118.4
110.5
73.4
125.9
127.1
126.6
128.1
123.6
129.3
112.1 118.2 112.5 113.6 115.7 116.9 119.7
99.6 101.5 99.3 99.5 100.2 101.3 101.6
120.2
103.0
114.2
108.8
70.1
120.7
122.0
121.5
123.1
118.2
122.5
97.6
120.5
123.2
116.3
111.9
114.8
107.6
71.3
121.9
123.0
122.5
123.9
119.8
123.9
116.6
108.6
70.1
124.3
126.2
125.6
127.4
120.7
125.5
97.8
123.5
127.4
117.4
113.5
98.9
124.2
127.9
118.4
114.8
98.2
124.6
128.0
119.4
116.1
99.7
125.0
128.1
120.2
116.6
124.1 130.2 124.9 126.1 127.8 129.5 131.0
132.3
96.9
120.2
123.0
115.8
111.3
110.6
95.0
129.9
130.6
126.6
114.5
98.7
124.3
127.9
118.9
115.3
113.4
97.3
136.7
137.8
131.6
119.6
110.8
96.5
130.6
131.3
127.6
115.1
96.2
121.2
123.9
116.9
112.2
111.1
96.2
132.2
133.0
128.3
115.9
111.9
95.5
134.2
135.2
129.6
117.4
112.8
97.6
135.9
136.9
131.2
118.9
114.0
98.1
137.5
138.6
132.3
120.8
114.8
98.0
139.1
140.4
133.3
121.3
Current-dollar cost and profit per
unit of constant-dollar gross
domestic product 1
19 88
19 37
III
118.4
111.2
111.1
113.9
121.2
90.1
107.1
111.3
102.3
115.6
123.7
114.6
145.7
93.0
103.9
117.6
109.6
73.1
125.1
126.8
126.3
127.9
121.9
127.0
1987 1988r
IV
110.9
110.4
119.1
119.7
89.8
106.7
107.9
100.5
126.2
125.6
127.4
120.7
III
Seeisonallj' adjus ^d
III
116.6 117.4 118.0
122.0 123.0
121.5 122.5
123.1 123.9
118.2 119.8
II
[Dollars]
109.0 109.6 108.8 107.6 108.6 109.2 109.9 110.5
122.0 126.8
121.6 126.3
122.9 127.9
117.8 121.9
117.8 113.7
114.0
109.0
68.7
120.6
122.0
121.6
122.9
117.8
121.7
1988
IV
I
124.9 120.1 121.2 122.9 124.3 125.7 126.6
113.5
Seasonally adjusted
1988r
119.6
1988
IV
Table 7.18.—Current-Dollar Cost and Profit Per Unit of Constant-Dollar
Gross Domestic Product of Nonfinancial Corporate Business
[Index numbers, 1982=100]
1987
1987
III
IV
III
II
1988r
IV
I
II
III
IV
1.107 1.134 1.109 1.113 1.114 1.127 1.140 1.155
Capital consumption allowances with
capital consumption adjustment
.122
.122
.121
.121
.121
Net domestic product
.985 1.012
.988
.992
993 1 005 1.018 1.031
106
.880
.732
107
905
.752
106
.882
.729
105
887
.738
105
887
736
106
899
.747
108
910
.758
108
923
.767
105
.044
106
045
109
046
103
044
106
044
106
046
104
046
107
046
061
043
060
048
.063
044
059
046
062
045
060
047
058
048
061
050
Indirect business tax and nontax
liability plus business transfer
payments less subsidies
Domestic income
Compensation of employees
Corporate profits with inventory
valuation and capital consumption
adjustments
Profits tax liability
Profits after tax with inventory
valuation and capital
consumption adjustments
Net interest
.122
.122
.123
1. Equals the deflator for gross domestic product of nonfinancial corporate business with the
decimal point shifted two places to the left.
16
SURVEY OF CURRENT BUSINESS
March 1989
Table 8.1.—Percent Change From Preceding Period in Selected Series
[Percent]
Seasonally adjusted at annual rates
1987 1988r
1987
III
Gross national product:
Current dollars
1982 dollars
Implicit price deflator
v-/nam price inaex.
Seasonally adjusted at annual rates
1988
IV
I
II
1987
III
IV
6.8
3.4
3.3
3.4
3.6
7.5
3.9
3.4
3.8
4.2
7.7
4.5
3.1
3.6
3.7
8.6
6.1
2.4
3.4
3.8
5.4
3.4
1.7
3.0
3.5
8.7
3.0
5.5
4.8
5.0
7.3
2.5
4.7
4.7
5.3
7.3
2.7
4.5
4.5
4.5
7.2
2.8
4.2
4.2
4.3
2.4
9.1
4.6 -2.1
4.4
4.4
4.4
4.3
4.2
4.6
6.9
4.5
2.3
2.5
2.4
8.8
3.0
5.7
5.6
5.7
8.6
3.9
4.3
4.6
4.9
Durable goods:
Current dollars
1982 dollars
Implicit price deflator ..
Chain price index
Fixed-weighted price index
3.8
1.5
2.2
2.7
3.0
6.9
4.8
2.0
2.4
2.5
21.4 -16.5
16.5 -17.3
1.1
4.2
2.6
3.6
2.8
3.9
15.8
14.7
.7
1.6
1.6
11.4
9.8
1.8
1.7
1.6
2.8
.2
3.0
3.1
3.4
10.2
6.1
3.7
3.6
3.8
Nondurable goods:
Current dollars . . . .
1982 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index
5.8
1.3
4.5
4.5
4.5
4.9
1.0
3.8
4.0
4.1
4.6
.9
3.6
3.4
3.5
2.3
-.6
2.9
3.4
3.4
1.5
1.0
.4
.7
.8
8.3
.4
8.0
8.0
7.6
9.7
5.0
4.6
4.8
5.3
5.0
1.3
3.5
4.1
4.1
9.3
4.1
5.0
5.0
4.8
8.6
3.5
4.9
4.9
4.8
8.9
3.7
4.8
5.0
4.8
8.1
2.2
6.0
5.5
5.7
8.1
4.0
3.7
3.8
3.7
8.4
2.8
5.6
5.3
5.2
9.5
4.5
4.9
4.9
5.0
9.7
4.2
5.1
5.4
5.5
7.1
4.9
7.5
7.0
2.5
4.8
40.3
38.6
Government purchases of goods and
services:
8.2
3.5
4.9
4.7
4.8
Services:
Current dollars
1982 dollars
Fixed-weighted price index
Gross private domestic investment:
Current dollars
1982 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index
Fixed investment:
Current dollars
1982 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index
Nonresidential:
Current dollars
1982 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index
-.8
27
2.3 -7.4
7.8 -.3
6.3 -4.9
6.6
6.1
.5
2.1
2.6
14.2
15.1
-.8
3.3
3.4
2.7
1.7
1.1
1.4
2.0
3.0
3.3
-.4
2.5
3.3
9.7
10.5
-.8
1.5
2.0
4.8
4.1
.8
.9
1.2
3.0
2.8
.2
1.8
2.3
9.3 23.7
9.5 28.4
-.2 -3.5
1.6
.3
2.4
1.7
1.7
1.7
-.4
.5
1.7
6.5
7.6
-.8
2.3
3.4
14.6
15.0
-.4
2.3
2.5
4.9
5.7
4.0 -2.9
.8
9.1
4.4
1.1
1.5
4.3
5.2
4.6
.8
.4
.7
6.7
35
10.5
4.9
4.9
4.7
4.3
.3
.3
.3
4.9 -14.3
4.7 1 q o
.3 -1.4
2.0 -.8
3.2
4.5
34.9
20.7
11.6
2.3
1.4
7.0 -.8 -1.1
7.3 -1.9 -5.3
4.4
0
1.1
2.1
3.4
.5
2.1
6.4
.9
.5 -5.9
1.5 -10.5
2.1
5.0
2.7
3.1
2.8
2.2
10.7
9.9
.7
2.2
1.4
1.0
6.4
5.4 -1.2
2.2
1.0
2.3
1.3
3.1
2.4
19.7 29.7 45.3 22.3 -40.0 172.4
71.5
35.4 43.8 —60.1 33.2 -22.5
58.7
37.0 -8.6 -22.3
12.1 -9.7
2.7
.1
0
7.1 -.7 13.7
4.1 10.2
1.5
2.8
4.0
7.6
7.5
3.3
4.1
4.1
4.2
7.6
2.8
4.6
4.7
4.9
5.9
.6
5.3
5.2
5.2
7.5
3.8
3.3
3.7
4.0
8.6
3.5
5.2
5.2
5.4
8.7
3.2
5.2
5.4
5.4
5.8
1.1
4.8
4.7
4.8
9.6
6.0
3.4
3.8
4.0
3.0
3.9
4.1
3.0
3.8
4.1
4.8
3.9
4.0
5.4
3.6
4.0
1.6
2.9
3.2
1.3
4.7
4.9
2.5
3.8
4.4
3.5
4.3
4.3
2.9
3.4
3.6
3.7
3.8
4.2
6.1
3.6
3.7
.4
3.5
3.8
3.6
3.0
3.5
6.3
4.7
5.0
2.0
4.6
5.3
3.5
4.2
4.2
2.5
3.9
4.1
Final sales:
1982 dollars
Chain price index
Final sales to domestic purchasers:
1982 dollars
V
'
r\
lit r\
'
' r\
2.8
3.8
4.1
6.5
3.9
4.0
-.1
3.6
4.0
1.7
2.9
3.3
4.4
4.7
4.9
2.1
3.6
4.4
4.6
4.3
4.3
Command-basis gross national product:
1982 dollars
Implicit price deflator
2.8
3.9
3.9
3.4
4.6
3.1
5.7
2.4
3.1
2.4
3.6
4.8
3.6
3.7
2.1
5.4
Gross domestic product:
1982 dollars
Implicit price deflator
Business:
1982 dollars
Implicit price deflator
Nonfarm:
1982 dollars
Implicit price deflator
.. .
3.5
3.3
4.0
3.4
4.7
3.1
5.8
2.4
4.2
1.7
3.1
5.8
2.0
4.7
2.3
5.0
3.8
2.9
4.3
3.2
5.0
2.8
6.4
2.1
4.4
1.0
3.4
5.6
1.9
4.8
2.3
5.4
3.7
3.0
5.0
2.8
6.5
3.1
5.6
2.1
5.4
1.0
3.9
4.5
3.4
4.1
4.5
6.1
6.3
1.7
8.2
3.8
9.3
4.8
11.8
6.9
74
5.0
5.6
0
10.4
5.6
8.8
4.1
9.2
6.5
2.7
2.3
2.5
13.0
13.1
-.4
.4
.1
18.9
11.9
6.3
3.2
2.9
7.4
5.7
1.7
3.2
3.6
13.8
10.9
2.7
2.6
2.6
24.9
14.5
8.9
9.0
9.6
IV
Addenda:
8.2
.8
7.4
3.9
3.9
3.4
4.3
2.6 -1.0
4.6
1.8
3.2
2.8
2.8
3.3
III
7.1
26
3.9 -5.2
3.3
2.6
4.0
2.5
4.5
4.7
4.3
.3
4.1
3.7
4.4
-2.3 -4.7
-9.6 -9.7
8.1
5.5
2.4
2.4
5.4
2.5
,
Fixed-weighted price index
3.6
2.0
1.6
2.8
2.9
,
Nondefense:
Current dollars
1982 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index
Gross domestic purchases:
1982 dollars
Structures:
Current dollars
.7
2.4 28.2 13.8 190
6.4
1982 dollars
-2.9
-.3 25.6 13.4 -22.4
3.3
.4
4.4
Implicit price deflator
3.7
2.8
1.8
2.9
Chain price index
3.4
1.7
1.1
2.9
4.9
4.0
3.2
2.2
Fixed-weighted price index
3.1
5.0
4.1
1.1
Producers' durable
equipment:
Current dollars
4.0 12.5 21.7 -3.5
20.4 18.3
9 A.
1982 dollars
5.2 13.4 29.4
21.6 19.2
-.8 -1.3
Implicit price deflator
-1.0
-.8 -6.1
-.8
Chain price index
1.5
1.1
1.0 -1.6
0
2.8
2.0 -.3
1.4
2.9
Fixed-weighted price index....
1.8
3.4
Residential:
4.7
38 -.2
Current dollars
4.8
1.2
24
.1 -1.7 -10.7
1982 dollars
1.3 -6.5
.2
Implicit price deflator
3.4
2.7
0
4.6
3.0
9.0
Chain price index
3.2
2.8 -.1
4.7
3.1
9.4
3
Fixed-weighted price index
2.9
3.0
4.5
3.1
9.1
Exports of goods and services:
Current dollars
13.1 21.4 24.6 18.7 26.8 16.8
1982 dollars
13.1 18.0 25.7 17.7 25.7
9.1
7.4
Implicit price deflator
0
.8
2.9 -.8
.8
Chain price index
1.7
4.7
5.5
6.3
2.4
2.1
Fixed-weighted price index
2.0
2.6
5.2
6.2
6.9
3.1
Imports of goods and services:
Current dollars
14.8 10.3 -1.6
14.1 11.5 21.3
1982 dollars
7.9
8.7 23.4
9.9
6.9 -3.7
4.5
2.4
Implicit price deflator
5.8
2.5 -2.0
3.2
5.7
Chain price index
7.0
4.0
4.4
4.5
5.1
4.3
5.7
Fixed-weighted price index
7.6
4.4
6.4
3.5
19.5
13.5
5.2
3.5
3.1
NOTE.—The fixed-weighted price index and the chain price index, both of which are weighted
averages of the detailed prices used in the deflation of GNP, are measures of price change. In
calculating changes in these indexes, the composition of GNP is held constant. Consequently
these changes reflect only changes in prices. The fixed-weighted price index measures price
change over any period, using as weights the composition of GNP in 1982. The chain price index
measures price change between two consecutive periods, using as weights the composition of
. .
State and local:
Current dollars
1982 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index
II
I
5.4 -13.3
9.7
4.3 -.3
12.6
6.7 91 n
1.7 -3.0
9.6
2.8 -2.8 -1.1
2.6
.4
1.6
4.3
2.3
1.6
6.7
1.4
2.6
2.4
3.8
Federal:
Current dollars
National defense:
Current dollars
1982 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index
IV
9
6.6
5.0 -7.9
1.4
7.6
2.9
4.8
3.5
5.9
6.1
2.6
3.4
3.1
3.5
1982 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index
Implicit price deflator
Chain price index
Fixed-weighted price index
1988
1987
III
7.6
2.4
5.3
4.2
4.2
Personal consumption expenditures:
Current dollars
1982 dollars
Implicit price deflator
Chain price index
988r
Disposable personal income:
Current dollars
....
1982 dollars
GNP in the first period. The implicit price deflator is a byproduct of the deflation of GNP. It is
derived as the ratio of current- to constant-dollar GNP (multiplied by 100). It it the average of
the detailed prices used in the deflation of GNP, but the prices are weighted by the composition
of GNP in each period. Consequently, the implicit price deflator reflects not only changes in
prices but also changes in the composition of GNP, and its use as a measure of price change
should be avoided.
SURVEY OF CURRENT BUSINESS
March 1989
17
Reconciliation and Other Special Tables
Table 1.—Revisions in Selected Component Series of the NIPA's, Fourth Quarter of 1988
Seasonally adjusted at annual rates
Preliminary
Final
Difference
Percent change from
preceding quarter at
annual rates
Preliminary
Final
Billions of current dollars
GNP
4,995.2
National income
Compensation of employees
Corporate profits with inventory valuation and capital
consumption adjustments
Other
Personal income
4,999.7
4.5
7.2
4,092.4
2,997.2
2,995.3
760.0
339.9
757.3
4,185.5
4,180.5
7.6
9.5
9.0
8.7
-2.7
12.8
12.6
11.2
-5.0
9.2
8.7
-1.9
Billions of constant (1982) dollars
GNP
Less: Exports
Plus: Imports
Equals: Gross domestic purchases
Personal consumption expenditures
Nonresidential fixed investment
Residential investment
Change in business inventories
Government purchases
4,029.7
4,033.4
3.7
2.0
2.4
523.6
626.8
522.1
627.4
-1.5
.6
7.7
13.0
6.5
13.5
4,132.9
4,138.8
5.9
2.9
3.5
2,626.0
489.2
196.6
29.3
791.8
2,626.2
491.4
196.6
29.1
795.5
.2
2.2
0
-.2
3.7
3.5
46
10.9
3.5
29
10.9
9.8
11.9
4.2
4.2
5.3
4.2
4.2
4.2
5.3
4.3
Index numbers, 1982=100 *
GNP price index (fixed weights)
GNP price index (chained weights) .. .
GNP implicit price deflator
Gross domestic purchases price index (fixed weights)
126.2
126.2
0
124.0
125.5
124.0
125.5
0
0
1. Not at annual rates
NOTE.—For the fourth quarter of 1988, the following revised or additional major source data were incorporated: For personal
consumption expenditures, revised retail sales for December; for nonresidential fixed investment, revised construction put in place
for December and revised manufacturers' shipments of equipment for December; for residential investment, revised construction
put in place for December; for change in business inventories, revised manufacturing and trade inventories for December; for net
exports of goods and services, revised merchandise exports and merchandise imports for December and revised service receipts for
the quarter; for government purchases of goods and services, revised State and local government construction put in place for
December; for net interest, financial assets held by households for the quarter and revised net interest from the rest of the world
for the quarter; for corporate profits, domestic book profits for the quarter and revised profits from the rest of the world for the
quarter; and for GNP prices, revised residential housing prices for the quarter and unit-value indexes for merchandise exports and
nonpetroleum merchandise imports for December.
18
SURVEY OF CURRENT BUSINESS
March 1989
Table 2 .—Relation of Net Exports of Goods and Services in the National Income and Product
Accounts (NIPA's) to Balance of Goods and Services in the Balance of Payments Accounts
(BPA's)
[Billions of dollars]
Seasonally adjusted at annual
rates
1988
Line
1988
I
Exports of goods and services BPA's
Less- Gold BPA's
Capital gains net of losses in direct investment income receipts BPA's
Statistical differences 1
Other items
Plus' Adjustment for U S territories and Puerto Rico
Services furnished without payment by financial intermediaries except life
insurance carriers and private noninsured pension plans.
Equals' Exports of goods and services NIPA's
Imports of goods and services BPA's
Less' Payments of income on U S Government liabilities
Gold BPA's
Capital gains net of losses in direct investment income payments, BPA's
Statistical differences 1
Other items
Plus- Gold NIPA's
.
Adjustment for U S territories and Puerto Rico
Imputed interest paid to foreigners
Equals* Imports of goods and services NIPA's
Balance on goods and services BPA's (1 9)
Less- Gold (2 11 + 15)
Capital gains net of losses in direct investment income, BPA's (3-12)
Statistical differences (4 13)
Other items (5 14)
Plus* Payments of income on U S Government liabilities (10)
Adjustment for U S territories and Puerto Rico(6 16)
Equals' Net exports of goods and services NIPA's (8 18)
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
,
545.2
2.8
10.6
*8.1
0
17.1
7.2
483.6 491.1 511.4
7.8
3.6
8.8
3.7 -10.4 -10.3
5.9
9.9
6.4
0
0
0
16.8
16.5
16.2
7.1
6.9
6.8
507.8
5.8
16
7.6
0
16.7
7.0
1
2
3
4
5
6
7
IV
III
II
519.7 487.8 507.1 536.1 548.0
629.6 619.0 615.2 628.9 655.1
32.2
30.4
28.4
26.6
29.4
2.7
2.2
7.1
7.5
4.9
.1
1.6 3 -.8
1.7
.7
52 -2.5 -3.6 -6.9 -8.0
0
0
0
0
0
.9
-1.2
-1.3
-1.2 -1.2
8.8
8.7
8.6
8.5
8.7
7.2
7.1
6.9
6.8
7.0
614.4 599.9 597.5 616.0 644.0
-121.7 -135.4 -124.1 117.6 -109.9
.8
.1
-.5
.1
-.3
11.3
2.0 -10.4 -12.0
-2.3
12.8 .< 16.1
13.5
8.8
12.8
0
0
0
0
0
32.2
30.4
28.4
26.6
29.4
8.3
8.1
7.9
7.7
8.0
904 -80.0 -96.1
-94.6 -112.1
1. Consists of statistical revisions in the BPA's that have not yet been incorporated in the NIPA's.
2. Includes $2.2 billion ($0.6 billion for 1988) resulting from revisions in Census Bureau merchandise trade data for December,
which became available too late for incorporation in the BPA's, but in time for incorporation in the NIPA's.
3. Includes -$1.1 billion (-$0.3 billion for 1988) resulting from revisions in Census Bureau merchandise trade data for
December, which became available too late for incorporation in the BPA's, but in time for incorporation in the NIPA's.
4. See footnotes 2 and 3.
Table 3.—Cyclically Adjusted Federal Receipts, Expenditures, Surplus or Deficit ( — ) , and Debt
[Billions of dollars; quarters at seasonally adjusted annual rates]
19 38
19 B7
I
II
III
IV
II
I
III
IV
Based on middle-expansion trend GNP:
Receipts:
Level
Percentage of trend GNP
Change from preceding period
Due to automatic inflation effects
Due to discretionary policy and other factors
Expenditures:
Level
Percentage of trend GNP
Change from preceding period
Due to automatic inflation effects
..
Due to discretionary policy and other factors
Surplus or deficit (-):
Level
Percentage of trend GNP
.
Change from preceding period
Due to automatic inflation effects
Due to discretionary policy and other factors
Debt:
At par value, end of period:
Level
Percentage of trend GNP
At market value, end of period:
Level
Percentage of trend GNP
9001
202
74.8
257
491
9374
199
37.3
312
61
8679
199
8.5
66
1.9
9083
205
40.4
78
326
911.4
203
3.1
6.3
3.2
912.8
201
1.4
4.2
-2.8
916.4
200
3.6
2.2
1.4
944.9
20.2
28.5
15.0
13.5
936.9
19.7
-8.0
12.6
20.6
951.4
19.6
14.5
12.9
1.6
1 0770
241
453
195
25.8
11207
237
437
28.0
15.8
10601
242
211
9.0
12.1
10668
241
67
4.2
2.5
10724
239
5.6
3.9
1.7
11087
244
36.3
2.9
33.4
1 1094
242
0.7
17.0
-16.3
11200
23.9
10.6
4.6
6.0
1,101.4
23.1
-18.6
2.9
-21.5
1,152.0
23.7
50.6
3.5
47.1
1769
-40
29.5
63
232
1833
-3.9
-6.4
33
-97
-1923
-4.4
-12.7
24
-103
1585
-3.6
33.8
36
302
1610
-3.6
-2.5
24
4.9
195.9
-4.3
-34.9
13
36.2
193.0
-4.2
2.9
148
17.7
-175.1
-3.7
17.9
104
7.5
-164.6
3.5
10.5
9.7
0.8
200.6
-4.1
-36.0
9.4
-45.4
18510
415
2,036 1
431
1,737 5
397
1,781 7
402
18144
40.4
1,851.0
407
1 912.9
417
1,950.7
417
2,008.9
42.2
2,036.1
42.0
19047
427
2,009 0
425
9179
202
9559
199
8847
199
9262
205
9295
203
9312
201
9345
200
9636
202
955.4
19.7
970.2
19.7
10755
237
11194
233
10586
238
10653
236
10709
234
1 1072
239
11080
237
1 1187
235
1 100.3
22.7
1,150.7
23.3
1576
35
1635
-34
1739
-39
1391
31
1415
31
1760
38
1736
37
1551
33
144.9
-3.0
-180.5
-3.7
44623
37918
47220
38797
43721
37593
44350
37809
44947
38026
45473
38245
45926
38464
46809
38685
4,762.2
3 890.7
4,852.2
3,913.1
45403
38581
48045
39475
44485
38250
45125
38470
45733
38691
46268
38913
46728
39136
47627
39361
4,845.4
3,958.7
4,936.9
3,981.4
Based on 6-percent unemployment rate trend GNP:
Receipts:
Level
Percentage of trend GNP
Expenditures:
Level... .
Percentage of trend GNP
Surplus or deficit (-):
Level
Percentage of trend GNP ....
Addenda:
Middle-expansion trend GNP:
Current dollars
1982 dollars
6-percent unemployment rate trend GNP:
Current dollars
1982 dollars
19
SURVEY OF CURRENT BUSINESS
March 1989
Composite Indexes of Leading, Coincident, and Lagging Indicators
Recent Data and Percent Changes
1988
Index
Mar.
Apr.
June
May
July
1988
1989
Aug.
Sept.
Oct.
Nov.
Dec.
I
Feb."
Jan.
II
III
IV
Index (1982 =100)
Leading index
140.8
141.5
141.5
143.9
142.7
144.1
Coincident index
127.3
127.3
127.6
128.5
128.9
129.3
Lagging index
114.7
115.6
115.3
116.0
115.8
116.4
143.9
r
130.6
r
130.6
r
l!6.5
r
117.7
r
143.7
143.9
129.3
r
l!6.4
r
117.9
144.2
145.7
145.2
139.9
142.3
143.5
r
132.5
133.5
126.5
127.8
129.2
r
130.9
r
117.5
119.0
114.4
115.6
116.2
r
117.4
144.7
!31.4
r
Percent change from preceding month (quarter)
Leading index
.4
Coincident index. ..
.6
Lagging index
.3
.5
.8
1.7
-.8
1.0
-.3
0
.7
.3
.3
0
1.0
-.3
.6
-.2
.5
o
.1
0
.1
.2
0
r
r
r
.6
r
-.3
-.1
1.7
.8
.5
o
r
.6
r
.8
.8
.9
1.0
1.1
1.3
1.0
r
.2
'-.3
1.3
1.8
1.0
r
.7
.5
p
r
Preliminary.
Revised.
NOTE.—Quarterly data are averages of monthly figures. Quarterly percent changes are computed from quarterly data.
Long -Term Perspective: January 1969 to February 1989
1982 =100 (Ratio scale)
1969
70
71
72
73
Note.—Peak (P) indicates the end of business cycle expansion and the beginning of recession
(shaded area). Trough (T) indicates the end of business cycle recession and the beginning of
expansion. Business cycle peaks and troughs are designated by the National Bureau of Economic
U.S. Department of Commerce, Bureau of Economic Analysis
84
85
86
87
Research, Inc. The numbers entered on the chart indicate the length of leads (-)
months from the business cycle turning dates.
88
89
and lags (+) in
1.0
By ALICIA M. QUIJANO
Capital Expenditures by Majority-Owned
Foreign Affiliates of ILS, Companies, 1989
MAJORITY-OWNED foreign affiliates of U.S. companies plan to increase capital expenditures 12 percent
in 1989, to $48.1 billion, following a
24-percent increase in 1988 (table 1,
chart I).1 The growth in expenditures in both years is widespread by
area and industry. If realized, the
1989 increase will represent the third
consecutive year of growth in capital expenditures abroad and a reversal of the declining trend of 1982-86.
Factors that adversely affected spending during the earlier period included
sluggish economic growth abroad in
1982-84 and dollar depreciation and
weak petroleum prices in 1985—86.
The spending increases that began in
1987 primarily reflect the influence
of expanding foreign markets and efforts to keep up with international
competitors.
In Europe, plans by the European
Communities (EC-12) to dismantle internal trade barriers by 1992 have
led to a surge in capital spending in
1988 and 1989 by U.S.-owned affiliates, in order to compete with domestically owned European companies to expand or maintain market shares. The
expenditures also reflect concerns that
lower barriers within the EC-12 may
lead to increased protectionism against
non-EC countries. In the newly industrialized countries of Asia, continNOTE.—Alain A. Chardain prepared the estimates of expenditures using computer programs
designed by Jane M. Fry.
1. Capital expenditures estimates are for majorityowned nonbank foreign affiliates of nonbank U.S. parents. (An affiliate is majority owned when the combined
ownership of all U.S. parents exceeds 50 percent.) For
affiliates other than those engaged in natural resource
exploration and development, capital expenditures include all expenditures that are charged to capital accounts and that are made to acquire, add to, or improve
property, plant, and equipment. For affiliates engaged
in natural resource exploration and development, capital expenditures also include the full amount of exploration and development expenditures, whether capitalized or expensed. Capital expenditures are on a gross
basis; sales and other dispositions of fixed assets are
not netted against them. They are reported to BEA in
current dollars; they are not adjusted for price changes
in host countries or for changes in the value of foreign
currencies, because the necessary data are unavailable.
20
ued strong economic growth and lower
production costs have encouraged affiliates to step up their spending plans.
In Latin America, the growth in expenditures in several highly indebted
countries is partly attributable to increased efforts by those governments to
attract foreign direct investment.
In addition, much of the increase in
expenditures planned by manufacturing affiliates has been facilitated by
the restructuring of U.S. multinational
companies in response to intense international competition. The companies
have shed unprofitable operations and
have modernized production systems
here and abroad in order to lower costs
through higher productivity. The resulting higher earnings have, in turn,
encouraged further capital spending.
The latest spending estimates for
both 1988 and 1989, which are based
on a BEA survey taken in December
1988, are higher than those published
6 months ago, which were based on a
survey taken in June 1988 (table 2).
The revision for 1988 is small; the estimate is up 1 percent from that based
Table 1.—Capital Expenditures by Majority-Owned Foreign Affiliates of U.S. Companies, 1984-89
Billions of dollars
Percent change from preceding year
Most
recent
plans 1
Actual
expenditures
Actual expenditures
Earlier
plans 2
Earlier
plans 2
Most
rece nt
plan
1985 1986 1987 1988 1989 1988 1989 1984 1985 1986 1987 1988 1989 1988 1989
2
Total
4
34.1 34.9 32.6 34.4
42.8
48.1 42.3 44.1
5
24
12
23
2
-3 -30
10
10
5
8 18
2
12 22
15
8 -14
14
4
-3 -5
-2 -4 22
26
40
18
14
13
11
1
— 1 10
36
21
19
19
16
20
15
19
36
21
3
17
11
16
28
21
9
8
29
16
8 14.1 13.7 9.6 9.8 13.3 13.7 13.0 14.1
33
2 13.6 14.9 16.4 17.2 20.8 24.5 21.1 21.5
23
3 1.2 1.2 1.3 1.5 1.8 2.0 2.0 2.0
27
18 -3 2.4 2.7 3.1 3.7 4.4 5.2 4.4 4.3
.9 1.2 1.0 1.0
.8
.9
.9
5 1.0
21
3.1 3.0 2.9 3.0 3.6 4.3 3.5 4.1
15
19
1.5 1.4 1.4 1.7 1.9 2.1 2.0 2.1
4
18
27 -11 2.3 3.3 4.1 3.4 4.0 4.4 4.3 3.8
5 2.1 2.4 2.7 3.0 4.1 5.3 4.0 4.2
32
2.4 2.4 2.6 2.6 3.2 3.7 3.1 3.4
9
16
-7
By industry
Petroleum
Manufacturing
Food and kindred products
Chemicals and allied products
Machinery, except electrical
Electric and electronic equipment
Transportation equipment
Other manufacturing . . . .
Wholesale trade
Finance (except banking), insurance, and
real estate
Services
Other industries
39
4
4 (*)
1 _4
117 -25
21
26
-3 26
7 -15 -13
2
7
13
6
19
9
.3
1.4
2.3
.3
1.3
2.3
.5
1.3
2.2
1.0
1.7
2.1
.8
2.0
2.7
.8
2.2
3.2
.9
1.9
2.3
.8
2.0
2.5
By area
Developed countries
. . .
Canada
Europe
European Communities (10) 3
France. .
Germany
United Kingdom
Other
Other
Japan
Australia, New Zealand, and South
Africa
2
5
10 -4
2 -4
7 -3
2 17
14
9
7 -20
4
6
-21 -9
8
27
Developing countries
Latin America
Other Africa
Middle East
Other Asia and Pacific
International
Addenda:
European Communities (12) 4
OPEC5
21
19
22
22
6
31
24
19
22
45
2 24.4 25.5 25.0 27.3 33.9 37.1 33.1 33.8
2
6.2 6.8 6.6 6.5 8.2 8.1 7.7 7.6
2 15.9 16.2 15.6 17.7 21.6 24.2 21.6 22.0
2 13.2 14.1 13.7 15.4 18.8 21.1 18.8 19.1
3 1.7 1.7 2.0 2.3 2.5 2.9 2.5 2.5
2.7 3.0 3.4 3.3 4.1 4.3 4.3 4.0
-6
5 5.8 6.2 5.0 6.2 8.2 9.1 7.8 8.2
1 3.0 3.2 3.3 3.5 4.0 4.8 4.2 4.3
6 2.6 2.1 1.9 2.3 2.8 3.1 2.8 3.0
.8 1.0 1.1 1.2 1.7 2.4 1.7 2.3
32
9
-2
13
12
15
-3
25
7
22
11
24
26
22
22
7
25
32
13
21
47
9
-1
12
12
15
5
11
19
13
38
15
23
-3
7
9
1.5
1.5
1.7
1.9
2.4
2.3
2.1
1.9
4
8
18
6 11 -6
4 -32 -28
31 -24 33
9
-14 -19
24
18
18
12
44
23
27
14
9
23
29
27
21
9
46
8
8
11
(*)
9
9.4
3.6
1.5
.7
3.5
8.9
3.9
1.5
.5
3.0
7.3
3.4
1.0
.4
2.4
6.7
3.3
.7
.5
2.2
8.4 10.3
3.8 4.8
.9 1.0
.5
.5
3.2 3.9
8.7
4.1
.9
.5
3.2
9.5
4.5
1.0
.5
3.5
7
54
29
29
86
.4
.5
.3
.4
.7
.5
.9
13
-16 -21 -36
23
43
12
16
22
55
1
16
13
25
.6
2
........ 14.2 16.1 19.8 22.2 19.7 20.0
4 ""2.4
1.6 1.0 1.5 1.7 1.6 1.7
* Less than 0.5 percent (±).
1. Based on BEA survey taken in December 1988.
2. Based on BEA survey taken in June 1988.
3. European Communities (10) comprises Belgium, Denmark, France, Germany, Greece, Ireland, Italy, Luxembourg,
Netherlands, and the United Kingdom.
4. European Communities (12) comprises European Communities (10), Portugal, and Spain.
5. OPEC comprises Algeria, Ecuador, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab
Emirates, and Venezuela.
NOTE.—Estimates are for majority-owned nonbank foreign affiliates of nonbank U.S. parents.
March 1989
on the earlier survey. The estimate
for 1989 planned spending has been revised up 9 percent. Affiliates in all industries except petroleum revised their
1989 spending plans upward.
The largest revision occurred
in manufacturing (particularly "other
manufacturing" and chemicals). Most
of the revision is accounted for by affiliates in the EC-12. Anticipation of the
changes within the EC-12, described
earlier, appears to have had a greater
impact on the most recent estimates
than on those made 6 months earlier.
Petroleum affiliates revised their
1988 spending plans up 3 percent and
their 1989 spending plans down 2 percent. Several affiliates shifted their
spending from 1989 to 1988, so that
their 1988 spending is higher and their
1989 spending lower than reported 6
months earlier. In addition, a Canadian affiliate made a major acquisition
in 1988 and cancelled projects planned
for 1989. The cancelled projects were
mainly expansions that were no longer
needed because of the capacity added
through the acquisition.
By area, affiliates in developed
countries plan a 9-percent increase
in expenditures in 1989, to $37.1
billion, following a 24-percent increase in 1988.
Affiliates in developing countries plan a 23-percent
increase, to $10.3 billion, following
a 24-percent increase. Affiliates in
"international"—those that have operations in more than one country and
that are engaged in petroleum shipping, other water transportation, or operating movable oil and gas drilling
equipment—plan to increase spending 30 percent, following a 54-percent
increase.
SURVEY OF CURRENT BUSINESS
In developed countries, affiliate
spending, at $9.3 billion, will be virtually unchanged in 1989, after increasing 39 percent in 1988. The decline in Canada, mentioned earlier,
and smaller declines elsewhere will offset increases in the United Kingdom
and Norway. In the United Kingdom,
affiliates plan a 9-percent increase, to
$3.7 billion, following a 51-percent increase. In Norway, affiliates plan an
11-percent increase, to $1.0 billion, following a 26-percent increase. Expenditures in both years and both countries
are primarily for exploration and development in the North Sea.
CHART 1
Capital Expenditures by
Majority-Owned Foreign
Affiliates of U.S. Companies
Billion $
(Ratio scale)
Billion $
60
50 „ BY INDUSTRY
60
50
_ BY AREA
Wholesale Trade
Countries
- --
Petroleum
Petroleum affiliates plan to increase
capital spending 3 percent in 1989, to
$13.7 billion, following a 36-percent increase in 1988. The 1988 increase
was the largest year-to-year increase
in the past decade. Despite declining crude oil prices in 1988, spending in exploration and development,
as well as in refining and marketing,
was strong. The high margins resulting from strong demand, firm product prices, and tight capacity justified continued spending. The 1989
planned increase is mainly in developing countries; spending in "international" will decline, and spending in developed countries will remain at 1988
levels.
21
Table 2.—Revisions to Capital Expenditures
Estimates, 1988-89
Percent change
from preceding
year:
Millions of
dollars
1988
Date of BE A survey:!
June 1987
December 1987
June 1988
December 1988
Addenda:
Percent change from
earlier to most recent
Total percent change
from first to most
1989
33,445
38,905
42,294
42,839
n.a.
n.a.
44,097
48,079
1
9
28
n.a.
1988
-1
15
23
24
1989
n.a.
n.a.
4
12
n.a. Not applicable.
1. Results of the June 1987, December 1987, and June 1988
surveys were published in the September 1987, March 1988,
and September 1988 issues, respectively, of the Survey of
Current Business. Results of the December 1988 survey are
presented in this article.
In developing countries, affiliates
plan to increase spending 16 percent
in 1989, to $4.1 billion, following a
28-percent increase. The increases in
both years are concentrated in Asian
countries, particularly Indonesia, Singapore, and Thailand. Expenditures
are for exploration and development as
well as for refinery expansions. The
strong economic growth in the region
has caused a surge in demand for oil
and gas for both transportation and
power generation. This increased demand has prompted several affiliates
there to upgrade or expand refinery
capacity.
Affiliates in "international" plan to
decrease spending 5 percent in 1989 after a sharp increase in 1988. The 1988
increase reflected spending for tankers
and offshore drilling rigs in response
to increased exploration and development. Although spending for these activities will be up slightly, the demand
for tankers and rigs is expected to level
off in 1989.
Manufacturing
A
v^~
/L
/
/
3
1
Finance (Except Banking),
Insurance, and Real Estate
\/
International
.2 -
I I I I I
198485 86 87 88 89 198485 86 87 88 89
* Planned
Note-Estimates are for nonbank foreign affiliates of nonbank U.S. parents.
U.S. Department of Commerce, Bureau of Economic Analysis
8i
Manufacturing affiliates plan to increase spending 17 percent in 1989, to
$24.5 billion, following a 21-percent increase. Affiliates in all manufacturing
industries plan increases. The largest
dollar increases are in "other manufacturing," nonelectrical machinery, and
chemicals. These industries were also
among those with the largest increases
last year.
Affiliates in "other manufacturing"
plan to increase spending 29 percent
this year, to $5.3 billion, following a 36percent increase in 1988. The spending in both years is mainly in the paper and rubber industries, in which
22
consumer and industrial demand is
strong. In addition, rubber manufacturers are facing increasing competition in international markets and
are responding by upgrading facilities
and building new plants to expand
capacity.
In nonelectrical machinery, affiliates
plan to increase spending 21 percent,
to $4.3 billion, following a 20-percent
increase. Both increases primarily reflect expenditures by computer manufacturers for facilities to produce new
or improved product lines in an effort
to maintain their share of the highly
competitive computer market.
Chemical affiliates plan to increase
spending 16 percent, to $5.2 billion,
following a 19-percent increase. Since
1983, spending in this industry has
been growing substantially. In general, the expenditures reflect the need
to expand capacity to meet the continued strong demand for chemical
products.
In transportation, affiliates plan to
increase spending 8 percent, to $4.4
billion, following a 19-percent increase.
Expenditures in both years are for the
construction of new plants, the expansion of existing plants, and product
development.
Affiliates in primary and fabricated
metals and in food products also plan
significant increases. In primary and
fabricated metals, affiliates plan to increase spending 28 percent, to $1.2 billion, following a 16-percent increase. A
large portion of the spending will be
by affiliates in aluminum can production. In food products, affiliates plan
to increase spending 11 percent, to $2.0
billion, following a 19-percent increase.
The increases in both years partly reflect efforts by tobacco producers to expand their operations in the food industry as demand for tobacco products
declines. The increases also reflect expenditures by beverage manufacturers
for new plants and expansions of existing ones, in the face of increased
competition.
Affiliates in electrical machinery
plan to increase spending 9 percent, to
$2.1 billion, following a 15-percent increase. The increases in both years,
which are related to those in nonelectrical machinery, are mainly to meet
demand for semiconductors and other
electrical components for computers.
By area, manufacturing affiliates in
developed countries plan to increase
spending 16 percent, to $20.1 billion, in
1989, following a 21-percent increase
in 1988. A substantial portion of the
increase in both years is in Europe,
SURVEY OF CURRENT BUSINESS
particularly in the EC-12 where, as
mentioned earlier, affiliates are stepping up investments in anticipation of
the dismantling of internal trade barriers by 1992. Increases in the EC-12 in
both years are widespread by country
and industry.
Among individual developed countries, the largest 1989 dollar increases are in the United Kingdom and
Japan. British affiliates plan to increase spending 18 percent, to $3.7 billion, following a 23-percent increase
last year. The largest increases are
in transportation equipment and nonelectrical machinery. In transportation equipment, an automobile manufacturer plans a major expansion of
productive capacity.
The expenditures in nonelectrical machinery are
for new facilities to manufacture computer equipment.
Japanese affiliates plan to increase
spending 41 percent, to $1.7 billion, following an even more robust increase—
70-percent—last year. In 1988, the
largest increases were in nonelectrical machinery, chemicals, and electrical machinery. In 1989, the increase is
concentrated in nonelectrical machinery; in that industry, a manufacturer
of computer equipment is expanding its
operations in an attempt to capture a
larger share of the Japanese market.
Smaller increases are planned in
Canada, the Netherlands, France, and
Germany in 1989. In Canada, the
increase in expenditures is mainly in
chemicals and "other manufacturing;"
in the Netherlands, Germany, and
France, increases are largest in "other
manufacturing."
In Canada, manufacturing affiliates
plan to increase spending 11 percent,
to $4.0 billion, following a 21-percent
increase. Several Canadian chemical
affiliates plan to expand capacity; expenditures in "other manufacturing"
are mainly by affiliates in paper and
rubber manufacturing. In France, the
large expenditures in "other manufacturing7' are by several affiliates in paper products that are expanding capacity; in Germany and the Netherlands,
in contrast, expenditures in that industry are mainly by affiliates in photographic equipment and supplies and in
miscellaneous plastics.
In developing countries, manufacturing affiliates plan to increase spending 24 percent, to $4.4 billion, following a 26-percent increase in 1988.
The 1989 increase is mostly in Latin
America; the 1988 increase was largest
in "other Asia and Pacific." In 1988,
manufacturing affiliates in Asia began
March 1989
construction of new plants, primarily
in electrical equipment; these affiliates plan smaller increases for these
purposes in 1989.
In Latin America, the largest increases in planned spending in both
years are in Brazil and Mexico. In
these countries, government programs
to attract foreign direct investment
may have contributed to the increases
in expenditures by providing low-cost
funds and other incentives to direct
investors. Brazilian affiliates plan
to increase spending 23 percent, to
$1.7 billion, following an 11-percent increase. Affiliates in "other manufacturing," chemicals, and nonelectrical machinery plan to expand capacity by constructing new plants and upgrading existing plants. In Mexico, affiliates plan
to increase spending 33 percent, following a 20-percent increase. The increase
is primarily in transportation equipment, in which automobile manufacturers are expanding operations.
Other industries
Affiliates in all other industries combined plan a 14-percent increase in
spending, to $9.9 billion, following a
16-percent increase in 1988. Wholesale trade affiliates plan to increase
spending 16 percent, to $3.7 billion;
the largest increases are in France and
Japan. In France, the increase is accounted for by a wholesale trade affiliate of an automobile company and by
a computer company that is expanding
its leasing operations. In Japan, affiliates of chemical, computer, and photographic supply companies are building new distribution facilities. In Singapore and Switzerland, large expenditures are mainly by a chemical company that plans to double its storage
capacity.
Affiliates in services plan to increase
spending 7 percent, to $2.2 billion, following a 21-percent increase. In Europe, a rental car company is expanding operations. In the Caribbean, expenditures are for the construction of
a hotel and casino.
Affiliates in "other industries"—
agriculture, construction, public utilities, mining, and retail trade—plan a
19-percent increase, to $3.2 billion, in
1989, following a 26-percent increase
last year. In developing countries,
Chilean affiliates plan large expenditures for mining operations and a Hong
Kong affiliate is expanding its power
generation capacity. In international
shipping, the increase is mostly attributable to the expansion of a cruise
line's fleet.
SURVEY OF CURRENT BUSINESS
March 1989
23
Table 3.—Capital Expenditures by Majority-Owned Affiliates of U.S. Companies in 1987l
[Millions of dollars]
Manufacturing
All
industries
Total
Transportation
equipment
Finance
(except
banking),
WholeinsurOther
sale
ance,
manuand real
facturing
estate
Services
Other
industries
34,413
812
2,974
1,677
3,398
3,022
2,638
1,021
1,685
2,144
3,229
638
2,628
1,057
2,934
2,623
2,234
909
1,493
1,559
1,959
3,000
178
513
196
241
161
1,071
639
196
220
353
742
4,140
9,797
974
2,325
413
1,984
767
1,485
1,849
1,621
538
1,086
535
3,348
33
50
243
362
4
25
136
1
241
11
29
2,213
9,520
614
46
1,539
2,350
28
195
726
165
698
45
535
2,581
(D)
32
25
82
128
CO
20
56
0
100
11
45
441
2,287
286
3
422
315
CO
37
156
(D)
298
11
90
532
407
16
2
40
130
0
6
19
4
50
(*)
20
119
1,936
(D)
1
573
545
0
45
741
24
7
59
228
(*)
33
50
(D)
16
CO
104
204
(D)
CO
2
68
584
0
6
(D)
(*)
2
3
141
477
1,780
104
5
296
420
6
46
145
CO
189
(D)
73
459
1,216
71
38
281
217
4
5
97
(*)
67
11
36
390
528
6
C)
15
17
(*)
9
29
(')
46
0
1
404
981
30
10
162
193
1
1
68
0
61
6
26
422
524
4
2
93
153
(*)
(*)
8
0
26
0
7
230
1,599
145
60
733
151
427
66
17
792
15
10
691
14
13
36
13
276
79
6
7
74
86
23
1
(D)
6
0
(*)
7
CO
(D)
0
37
4
3
2
9
19
1
0
6
(*)
0
(*)
48
1
(*)
5
0
0
41
5
0
0
26
(*)
0
0
1
23
1
0
CO
(D)
0
0
6
(D)
0
0
69
CO
2
5
9
22
CO
405
36
44
26
47
243
7
2
9
0
0
0
5
5
0
(*)
104
8
(*)
7
11
78
1
(*)
12
7
0
2
1
2
(*)
(*)
1,182
Other Europe
Austria
Finland.....
Norway
Sweden
Switzerland
Turkey
Other
3,736
1,243
16,117
758
146
2,333
3,291
37
236
1,065
166
1,139
73
633
6,241
European Communities (12)
Belgium . .
Denmark
France
Germany
Greece
Ireland
Italy
Luxembourg
Netherlands
Portugal
Spain
United Kingdom
1,543
14,353
17,716
Europe
17,162
6,762
6,469
Canada....
9,762
27,310
All countries
Developed countries
72
711
10
170
16
CO
104
42
241
58
13
88
D
93
77
6
10
177
138
29
9
93
85
8
(*)
42
38
(*)
3
194
170
21
3
1
42
C)
62
349
South America
Argentina
Brazil.
Chile ..
Colombia
Ecuador
Peru
Venezuela
Other
Central America
Mexico
Panama
Other
Other Western Hemisphere
Bahamas
Bermuda . ..
Jamaica
Netherlands Antilles
Trinidad and Tobago
United Kingdom Islands, Caribbean
Other
.
Middle East
Israel
Saudi Arabia
United Arab Emirates
Other
Other Asia and Pacific
Hong Kong
India
Indonesia
Malaysia
Philippines
Singapore
South Korea
Taiwan
Thailand
Other
International
Addendum—OPEC 2
.....
846
757
55
34
80
69
5
6
221
206
4
11
13
10
(*)
3
()
CO
CO
26
25
1
1
2,756
2,810
300
507
174
346
620
464
399
405
111
192
469
562
2,060
236
382
149
272
231
447
343
232
43
163
191
452
74
99
1
182
25
50
8
13
25
2
11
13
1,579
140
1,220
36
46
5
9
114
9
457
435
3
19
188
45
79
1
10
1
1
45
6
47
38
1
8
286
41
199
CO
24
1
5
(D)
(*)
78
73
1
4
133
(D)
94
CO
3
0
1
3
(*)
15
14
(*)
254
CO
224
0
(*)
0
0
CO
(*)
17
17
0
0
174
2
160
1
1
2
0
9
(*)
56
55
0
1
273
CO
248
(*)
3
(*)
0
CO
(*)
175
175
0
0
271
12
216
2
6
1
2
31
2
68
63
1
4
185
21
110
19
10
4
9
8
4
39
28
7
5
25
8
12
4
1
(*)
0
(*)
0
4
1
2
2
65
2
35
1
10
1
(*)
15
1
39
33
2
4
143
15
19
27
69
2
(*)
4
6
41
9
10
22
196
55
19
25
4
71
3
20
85
9
1
3
0
64
3
5
24
1
0
17
(*)
2
(*)
4
2
0
0
(*)
(*)
18
1
0
D
()
0
(*)
D0
1
0
0
0
(*)
0
0
1
0
0
0
0
0
0
0
0
1
0
0
0
0
0
(*)
(*)
0
0
0
0
0
0
0
0
3
0
0
CO
0
1
0
CO
8
1
(*)
13
7
3
(*)
1
(*)
(*)
1
58
35
14
3
2
0
(*)
3
7
1
0
(*)
(*)
747
309
272
(*)
37
438
18
101
319
Latin America
590
512
22
56
2,450
260
1,495
88
317
38
69
149
33
605
507
34
64
Developing countries
1,942
1,700
135
106
3,251
Australia, New Zealand, and South Africa
Australia
New Zealand
South Africa
(D)
CO
(D)
CO
(*)
6,743
Japan
Other Africa
Saharan
Egypt
Libya...
Other
Sub-Saharan
Liberia
Nigeria
Other
Petroleum
Electrical
MaChemi- Primary
and
Food
chinery,
and
icals
elecand
except
fabriand
tronic
kindred
cated
elecallied
equipproducts products metals
trical
ment
640
292
262
(*)
29
348
(*)
92
256
68
12
8
0
4
56
(D)
6
CO
34
(D)
1
0
(D)
CO
CO
0
19
13
3
3
0
1
10
0
6
4
15
CO
3
0
CO
D
()
0
0
D
(*)
(*)
(*)
0
2
(*)
(*)
0
0
1
0
(*)
1
0
0
0
0
0
0
0
0
0
4
3
0
0
3
1
0
(*)
1
9
(*)
2
7
2
1
(*)
0
1
1
C)
0
1
2
(*)
(*)
(*)
0
2
0
(*)
2
524
55
16
104
349
456
0
9
102
345
32
32
C)
(*)
(*)
0
0
0
0
0
2
2
(*)
0
(*)
(*)
27
27
(*)
(*)
0
0
0
0
0
0
2
2
(*)
0
0
21
16
2
1
3
1
(*)
<*)
(*)
(*)
11
7
3
(*)
(*)
2
0
2
(*)
(*)
2,221
324
12
566
438
110
213
68
200
127
164
1,098
8
(*)
501
282
31
53
1
(*)
81
140
649
33
11
8
144
60
129
63
160
30
11
29
4
0
1
1
11
2
3
3
2
1
109
3
5
4
7
17
7
6
47
4
8
74
1
2
1
2
(D)
38
0
(D)
3
0
360
12
0
(*)
130
25
73
45
55
19
(*)
17
0
0
0
0
(D)
3
1
(D)
0
0
50
11
4
2
5
5
(*)
137
40
0
11
7
6
22
2
36
9
5
65
51
(*)
(*)
17
4
0
(-*)
(*)
(*)
5
2
(*)
255
187
0
45
4
10
(*)
(*)
(*)
360
245
1,028
791
0
1
()
(*)
(*)
(*)
0
0
10
2
0
(*)
(*)
C)
5
0
2
(*)
0
0
(*)
0
0
(*)
(*)
(*)
0
0
12
2
2
(*)
1
(*)
4
14
5
(
i
-
3
3
1
5
1
(*)
C)
(*)
1
21
(
'l
(*)
0
21
CO
(*)
CO
8
115
133
47
* Less than $500,000.
Suppressed to avoid disclosure of data of individual companies.
1. See footnote 2, table 1.
2. See footnote 5, table 1.
NOTE.—Estimates are for majority-owned nonbank foreign affiliates of nonbank U.S. parents.
D
()
'
24
3
1
12
(D)
CO
28
(*)
20
54
24
SURVEY OF CURRENT BUSINESS
March 1989
Table 4.—Capital Expenditures by Majority-Owned Affiliates of U.S. Companies in 1988l
[Millions of dollars]
Manufacturing
Marimary
chinery,
and
except
fabrieleccated
trical
metals
Other
industries
Food
and
kindred
products
Chemiicals
and
allied
products
20,848
1,829
4,443
944
3,555
1,933
4,029
4,115
3,188
765
2,038
2,692
17,314
1,494
3,824
743
3,118
1,138
3,510
3,487
2,625
611
1,879
2,112
2,917
3,622
233
617
203
338
162
1,027
1,042
244
129
377
881
21,620
5,563
11,613
1,122
2,614
512
2,156
740
2,216
2,254
1,900
383
1,335
826
19,780
917
208
2,502
4,117
29
280
1,188
220
1,153
110
836
8,221
4,557 11,371
718
39
47
(D)
1,567
252
3,087
364
17
4
232
21
806
(°)
1
220
743
238
69
(D)
700
41
3,165
3,351
1,096
25
19
127
168
3
29
79
(*)
91
16
55
483
2,566
350
5
403
445
8
46
228
(D)
330
(°)
110
559
500
21
3
42
123
0
7
13
2
52
(*)
56
181
2,103
122
1
528
659
0
53
168
2
45
4
77
444
725
(D)
9
62
218
1
35
51
(D)
22
(D)
(°)
212
2,201
(°)
2
61
1,030
0
2
89
1
1
5
(°)
665
2,180
99
7
344
445
5
60
177
132
202
9
79
620
1,606
67
63
379
228
4
14
119
(*)
76
18
40
599
317
13
1
13
29
(*)
7
2
(*)
19
0
1
231
1,190
76
(D)
163
189
4
5
(D)
0
53
(")
49
526
738
5
3
128
219
(*)
(*)
5
0
23
0
5
348
26
8
0
(*)
5
9
3
0
47
4
5
6
12
19
1
0
12
(*)
(*)
(*)
(*)
(D)
(°)
0
52
1
(*)
47
3
0
0
15
1
0
0
1
12
1
0
15
8
0
0
6
0
0
0
74
8
7
4
14
(°)
(°)
294
44
43
22
51
124
7
2
66
0
0
(*)
59
0
(*)
145
9
CO
(°)
(D)
114
(*)
(*)
88
6
0
(D)
(*)
3
(D)
(*)
20
297
9
(D)
208
(°)
84
274
24
59
(D)
All
industries
Petroleum
Total
42,839
13,308
33,920
9,379
Canada
8,171
Europe
All countries
Developed countries
European Communities (12)
Belgium
Denmark
France
....
Germany
. ...
.. .
Greece
. . . .
Ireland
Italy
Luxembourg
Netherlands
Portugal
Spain
United Kingdom
Other Europe
Austria
Finland ....
Norway
.
Sweden
...
Switzerland
Turkey
Other
Finance
(except
banking),
WholeinsurOther
sale
ance,
manuand real
acturing
estate
Slectrical
Transand
portation
elecequiptronic
ment
equipment
J
.
.
.. .
Services
.
.
Japan
Australia, New Zealand, and South Africa
Australia
New Zealand
South Africa
1,006
19
875
(D)
14
(D)
14
241
31
12
12
85
70
30
1
(D)
1,209
2,394
2,023
263
108
,
. ...
1,840
110
68
921
178
383
164
17
1,735
...
... .
D
()
579
131
(D)
870
775
58
37
118
103
P)
(°)
297
279
5
13
19
13
(*)
6
(D)
D
()
(*)
4
27
25
1
1
(D)
(D)
D
108
91
7
9
207
160
41
7
76
69
8
(*)
108
104
(*)
3
(°)
33t
()
(°)
(b)
8,363
3,518
3,534
335
618
201
438
795
519
628
563
153
160
436
,
3,823
728
2,359
268
439
168
321
217
476
470
335
84
124
193
,
2,866
296
1,700
168
352
51
106
166
27
743
622
26
94
587
105
124
(D)
229
38
(D)
22
8
30
2
10
18
1,765
156
1,350
51
70
5
13
112
7
556
521
3
32
195
61
84
1
13
(*)
2
31
3
67
53
1
13
335
23
253
3
24
2
9
20
(*)
76
68
1
7
147
(°)
95
(D)
2
0
1
3
(*)
21
19
(*)
2
296
(D)
250
0
(*)
0
0
163
2
146
1
1
1
(*)
11
0
53
52
0
2
250
(D)
228
(D)
3
(*)
0
(D)
(*)
226
226
0
0
379
19
293
3
27
1
1
32
3
88
79
1
8
267
13
172
37
10
3
13
14
4
58
46
6
6
68
5
17
(°)
(°)
C)
0
(*)
0
4
3
(*)
1
49
4
19
(°)
7
2
(*)
(D)
131
12
17
27
(°)
3
(°)
40
35
(*)
4
55
15
7
33
214
46
7
37
9
87
4
23
111
11
2
37
3
1 B
2
P)
0
0
0
0
0
0
0
0
1
0
0
0
0
0
0
0
0
0
0
0
0
0
3
0
0
1
0
1
0
2
11
1
(*)
2
(*)
13
9
3
35
23
2
(*)
(")
28
1
(*)
(°)
0
(*)
0
(*)
0
0
0
3
7
5
0
0
(*)
3
1
0
1
7
1
(*)
(*)
(*)
(°)
(*)
(°)
Other Africa
Saharan
Egypt
Libya
Other
Sub-Saharan
Liberia
Nigeria
Other
884
346
301
801
322
286
45
538
6
181
351
36
479
1
176
303
45
16
11
0
5
29
(*)
21
4
4
0
(*)
16
0
0
0
0
0
0
0
0
0
4
3
0
0
3
1
0
(*)
14
6
1
(*)
Middle East
Israel
Saudi Arabia
United Arab Emirates
Other
461
76
42
90
253
c
27
20
1
2
4
Other Asia and Pacific
Hong Kong
India
Indonesia
Malaysia
..
Philippines
Singapore
South Korea
Taiwan
Thailand
Other
Developing countries
Latin America
South America
Brazil
Chile
Colombia
Ecuador
Peru
Venezuela ..
Other
Central America
Mexico
Panama ....
Other
.
. . .
Other Western Hemisphere
Bahamas.
Bermuda
Jamaica
Netherlands Antilles
Trinidad and Tobago
United Kingdom Islands, Caribbean
Other
International
Addendum— OPEC 2
....
.
....
0
0
5
3
0
2
6
0
4
2
8
4
3
0
(*)
4
0
0
4
1
^1
(*)
0
(*)
0
0
25
0
16
372
0
36
88
248
44
44
(*)
(*)
(*)
0
0
0
0
0
3,195
321
31
865
553
133
447
201
206
208
231
1,617
39
(D)
717
371
(D)
114
1
1,086
54
13
40
173
85
262
187
194
53
24
46
3
0
2
167
(°)
25
<")
21
16
2
1(
IS
%
D
555
1,145
161
(*)
(*)
(*)
0
(*)
(*)
1
(*)
(*)
0
0
0
0
(*)
fl
38
38
9
0
0
0
0
0
0
539
16
0
1
152
42
140
68
93
29
(*)
43
0
0
0
0
(*)
11
(D)
D
13
(*)
0
1
0
(*)
6
8
(*)
9
(*>
9
i
(*;
c
i
c:
i
i
(*)
(*)
(*)
(*)
g
2
0
(*)
E
(°)
3
(*:
(°:i
(D:
(D)
(°:i
(*)
411
1,465
24
0
0
134
193
c
(*)
(*]
0
(*)
117
1
4
(°)
]
11
15
(*;
1
65
0
(D)
P
33
47
3
(D)
e
(°:
27
( 0;
4
(:
c
5
(*;
c
67
(D)
(°)
P
148
13
4
(°,
187
68
7
(°)
(D)
28
(
^
(D)
61
9
10
14
5
(D4
:
35
32
(*>
(°:
1
1
r
19
o
9
r
t(
c
n
*
(°)
(*)
(*)
(*)
0
(°)
5
(*)
(D)
(°)
5
(D)
(*)
(*)
219
(°)
(*)
97
4
(°)
(*)
(*)
1
2
9
145
* Less than $500,000.
Suppressed to avoid disclosure of data of individual companies.
1. See footnote 1, table 1.
2. See footnote 5, table 1.
NOTE.—Estimates are for majority-owned nonbank foreign affiliates of^nonbank U.S. parents.
D
(°)
11
(*)
0
(")
(*)
24
(D)
20
106
SURVEY OF CURRENT BUSINESS
March 1989
25
Table 5.—Capital Expenditures by Majority-Owned Affiliates of U.S. Companies in 1989
[Millions of dollars]
Manufacturing
All
industries
Petroleum
Total
Finance
(except
Electrical
MaChemi- Primary
Whole- banking),
TransFood
and
insurOther
chinery,
icals
and
sale
portation
and
elecance,
manuexcept
fabriand
equiptronic
kindred
and real
facturing
elecallied
cated
ment
equipproducts products metals
estate
trical
ment
Services
Other
industries
48,079
Europe
European Communities (12)
Belgium
Denmark
France
Germany
Greece
Ireland
Italy
Luxembourg
Netherlands
Portugal
Spain
United Kingdom
Other Europe
Austria
Finland
Norway
Sweden
Switzerland
Turkey
Other
2,032
5,155
1,206
4,293
2,116
4,359
5,312
3,702
821
2,179
3,195
20,094
1,658
4,319
889
3,744
1,352
3,713
4,419
3,028
659
1,913
2,121
8,126
2,431
4,018
240
757
244
386
184
1,056
1,152
237
120
350
969
5,878
13,482
1,233
2,943
605
2,392
861
2,425
3,022
2,205
433
1,397
832
22,181
1,028
225
2,880
4,329
32
401
1,364
243
1,475
116
981
9,104
. ..
24,473
9,255
24,228
Canada
13,710
37,071
All countries
Developed countries
4,805 13,216
812
53
60
(D)
1,799
227
3,310
338
4
19
30
349
930
(D)
1
243
215
1,075
64
7
42
819
3,660
3,737
1,207
20
23
214
151
6
32
100
(*)
84
11
47
518
2,896
447
(D)
443
444
9
44
256
D
()
357
(°)
124
671
602
18
5
33
144
0
30
26
4
83
(*)
44
215
2,333
149
2
534
650
0
87
215
2
45
2
63
584
848
37
(D)
90
249
1
48
44
D
()
20
(D)
63
249
2,414
36
3
45
1,082
0
2
77
1
2
4
319
844
2,916
105
7
440
590
3
105
213
141
484
13
158
657
1,779
73
59
515
245
6
13
162
(*)
85
36
56
529
356
9
1
18
29
(*)
8
3
(*)
13
0
1
275
1,236
75
38
174
191
3
2
83
0
64
8
58
541
789
6
(D)
148
216
(*)
(*)
(D)
0
23
0
6
363
3
(*)
(*)
(*)
(*)
2
1
0
59
2
(*)
1
53
3
0
0
13
1
0
0
1
11
1
0
11
4
0
0
6
0
0
0
106
8
8
7
15
(D)
(°)
(*)
426
47
(D)
29
60
200
(D)
2
77
0
0
(*)
(D)
(D)
161
(D)
(*)
5
(D)
133
(*)
(*)
44
(D)
0
4
(*)
8
(D)
(*)
,(D)
2,047
113
81
1,028
187
518
100
20
1,073
18
(D)
973
8
(D)
30
18
266
28
12
16
97
94
20
(*)
26
9
0
(*)
4
(D)
(D)
0
47
5
3
7
17
13
1
0
Japan
2,399
(D)
1,707
(D)
324
14
(D)
279
(D)
114
385
43
39
Australia, New Zealand, and South Africa
Australia
New Zealand
South Africa
2,319
1,988
179
152
D
D
26
14
(*)
12
(D)
D
()
(*)
4
27
25
1
1
(D)
(D)
D
()
3
131
109
8
14
201
173
20
8
63
56
7
(*)
127
123
1
3
259
18
(D)
. .. .
Other Asia and Pacific
Hong Kong
India
Indonesia
Malaysia
Philippines
Singapore
South Korea
Taiwan
Thailand
Other
International
Addendum— OPEC 2
.,
836
317
549
764
646
893
673
161
266
745
293
574
286
415
226
586
674
330
82
212
442
543
101
157
(D)
200
15
(D)
9
16
27
2
10
15
2,288
199
1,657
(D)
107
5
(°)
128
6
734
694
4
37
210
78
82
2
16
(*)
3
27
3
80
66
2
13
446
32
351
3
23
2
7
28
(*)
102
93
1
7
273
4
97
(D)
1
0
(D)
(D)
1
14
12
(*)
2
388
(D)
336
0
(*)
0
0
(D)
(*)
27
27
0
0
163
(D)
136
(D)
335
335
0
0
556
22
426
D
(D)
()
1
2
42
1
114
102
1
11
249
12
(D)
21
(D)
3
(D)
16
4
70
56
8
6
68
5
2
1
13
0
63
59
0
3
251
3
230
(*)
(°)
(*)
0
(°)
51
3
22
2
7
2
1
14
1
49
44
(*)
4
289
10
40
(D)
(D)
2
(°)
5
9
(D)
20
6
(D)
158
10
3
4
2
(D)
(°)
33
2
(*)
24
1
1
(*)
5
3
0
0
(*)
26
2
(*)
(D)
0
(*)
D0
(*)
0
0
0
0
0
0
0
0
0
0
0
10
1
(*)
2
(*)
1
. (*)
6
(D)
(D)
4
(*)
(*)
112
(D)
2 '
3
2
0
(*)
(D)
(°)
1
(*)
<*)
0
0
1
0
0
0
0
0
(*)
(*)
4
0
0
(°)
0
()
0
0
0
0
0
0
0
0
912
346
319
(*)
27
567
(*)
211
355
54
14
10
0
4
40
(*)
2
38
26
3
3
0
(')
23
(*)
0
23
9
4
3
0
2
5
0
2
3
12
4
3
0
(*)
8
0
0
8
(*)
(*)
(*)
2
1
1
0
0
1
0
5
2
0
0
2
3
0
(*)
2
14
7
3
(*)
(*)
1
0
0
0
0
0
0
0
0
0
1
C)
(*)
0
0
1
(*)
0
1
(D)
3
3
(*)
0
(°)
(')
(*)
(D)
(°)
(*)
(*)
(*)
0
(D)
5
(*)
(°)
503
78
27
107
290
Middle East
Israel
Saudi Arabia
United Arab Emirates
Other
374
3,055
1,005
369
334
(*)
35
636
5
215
416
..
4,379
727
417
112
9
32
6
D
(D)
()
119
Other Western Hemisphere
Bahamas
Bermuda
Jamaica...
Netherlands Antilles
Trinidad and Tobago
United Kingdom Islands, Caribbean
Other
4,065
3,488
330
2,068
398
365
26
93
171
36
944
819
29
96
South America
Argentina
Brazil
Chile
Colombia
Ecuador
Peru
Venezuela
Other
Central America .
Mexico
Panama
Other
()
128
(D)
7
295
275
5
15
4,848
Latin America
()
584
96
(°)
887
794
36
57
10,289
Developing countries
Other Africa
Saharan
Eevot
Libya .
Other
Sub-Saharan
Liberia
Nigeria
Other
0
(*)
409
0
(D)
(D)
283
50
49
(')
(*)
(*)
0
0
0
0
0
1
1
(*)
0
(*)
(*)
(*)
(*)
0
0
0
0
39
39
(*)
(*)
0
0
0
0
0
0
9
9
(*)
0
0
22
15
1
2
4
1
(*)
(*)
C)
(*)
(D)
(D)
3
(D)
(*)
(D)
(D)
(D)
(*)
3
3,933
393
32
1,098
583
153
627
312
217
240
279
2,016
42
(*)
943
388
33
202
1
2
159
246
1,220
53
31
49
188
96
225
301
197
61
19
55
3
0
1
2
20
5
15
3
1
5
252
5
(D)
13
4
31
12
(°)
14
11
11
18
9
0
(*)
(')
(*)
5
0
3
(*)
0
133
2
9
(D)
4
1
63
0
D
(D)
()
496
19
0
1
156
36
111
66
81
26
C)
60
0
0
0
0
(*)
(°)
2
(D)
0
0
205
14
(D)
(D)
21
7
D
(D)
()
29
(D)
2
307
77
(*)
(D)
3
5
172
(D)
15
14
4
77
(°)
(*)
(*)
(*)
2
(D)
1
(*)
(*)
39
7
0
(')
(*)
(*)
(D)
(°)
0
4
(*)
274
(D)
(*)
(D)
4
17
(*)
(*)
(*)
2
9
184
28
45
5
(D)
17
(D)
45
34
1
20
719
1,352
0
0
(*)
0
0
(*)
(*)
(*)
(*)
1
0
(D)
8
(*)
7
0
(*)
0
(D)
3
(*)
(D)
(*)
(*)
4
(*)
(D)
329
* Less than $500,000.
D
Suppressed to avoid disclosure of data of individual companies.
1. See footnote 1, table 1.
2. See footnote 5, table 1.
NOTE.—Estimates are for majority-owned nonbank foreign affiliates of nonbank U.S. parents.
(*)
0
(°)
1
(')
390
1,693
1
0
1
(D)
(°)
102
By CHRISTOPHER L. BACH
U.S. International Transactions,
Fourth'Quarter and Year 1988
Fourth Quarter 1988
nn
JL HE U.S. current-account deficit
decreased to $31.9 billion in the fourth
quarter from $32.6 billion (revised) in
the third.1 The decrease was more
than accounted for by service transactions, which shifted to net receipts of
$4.6 billion from net payments of $0.2
billion. In contrast, the merchandise
trade deficit increased to $32.0 billion
from $29.2 billion, and net unilateral
transfers were $4.4 billion compared
with $3.2 billion.
Merchandise
trade.—Merchandise
exports increased $2.0 billion, or 2 percent, to $83.6 billion. The increase
was all in volume. Nonagricultural exports increased $2.6 billion, or 4 percent, to $74.0 billion. Volume increased
3 percent. The largest increases in
value were in capital goods, $1.1 billion, and automotive products, $0.6 billion. Within automotive products, en1. Quarterly estimates for U.S. current- and capitalaccount components are seasonally adjusted when statistically significant seasonal patterns are present.
gines and parts to Canada accounted
for one-half of the increase. Agricultural exports decreased $0.6 billion, or
6 percent, to $9.6 billion. Volume decreased 5 percent. Soybeans decreased
$0.5 billion, or 33 percent, largely because of decreases to Japan and Mexico. Corn decreased $0.3 billion, or
18 percent; decreases to Japan and
Western Europe more than offset an
increase to the Soviet Union. Prices
of most major commodities decreased
from peaks related to the U.S drought.
The average price of rice decreased 15
percent; soybeans, 11 percent; and cotton, 7 percent. The average price of
corn was unchanged, and the average
price of wheat increased 12 percent.
Merchandise imports increased $4.8
billion, or 4 percent, to $115.7 billion. Volume increased 3 percent. Nonpetroleum imports increased $5.4 billion, or 5 percent, to $106.4 billion. Volume increased 3 percent. The largest
increases in value were in automotive
products, $1.8 billion, and consumer
goods, $1.6 billion. Within automotive
products, passenger cars from areas
other than Canada increased $1.0 billion, mostly from South Korea, Japan,
and Mexico. Within consumer goods,
manufactured consumer durables increased $1.0 billion, and textile apparel and household goods, $0.6 billion. Petroleum imports decreased $0.6
billion, or 6 percent, to $9.2 billion.
The decrease in value was more than
accounted for by lower prices. The
average price per barrel decreased to
$12.89 from $14.21. The average number of barrels imported daily increased
to 7.83 million from 7.57 million. Domestic production and inventories decreased and consumption increased.
Service transactions.—Service transactions shifted to net receipts of $4.5
billion in the fourth quarter from
net payments of $0.2 billion in the
third. Among major components, receipts of income on U.S. direct investment abroad increased to $15.5 billion from $10.4 billion. The increase
was accounted for by a shift to capital gains that reflected appreciation
of major foreign currencies against the
dollar; operating earnings remained
Table A.—Summary of U.S. International Transactions
[Millions of dollars, seasonally adjusted]
Lines in tables 1, 2, and 10 in which transactions are
included are indicated in ( )
Line
1
2
3
M h d' e cludine military (2)
Other goods and services (3-14)
4
5
g
Merchandise excluding military (17)
Other goods and services (18-29)
1Q87
1 qoo p
Change:
1987-88
507,821
319,905
187,916
82,998
70,335
12,663
-565342 -629,569
-409 850 -446,430
-155,492 -183,139
-64,227
-36,580
27,647
424 823
249 570
175 253
1987
I
98,907
56,791
42,116
II
100,353
59,864
40,489
-133,564 -138,080
-96,662
99,416
-36,902
38,664
1988
III
IV
106 318
64902
41416
119 247
68013
51234
Ir
120 909
75140
45769
- 145,305 -148397 - 154 760
-104,567 - 109 205 -110327
-40,738 -39,192 -44433
Change:
II r
mr
IV P
122 767
79443
43324
127 845
81 674
46 171
136 303
83648
52 655
8458
1 974
6484
153 804
109 595
44209
157 237
110 844
46393
163 771
115 664
48 107
6?534
4 820
1 714
IV
7 U.S. Government grants (excluding military grants of
goods and services)(32).
8 Remittances, pensions, and other transfers (33, 34)
-10,011
-10,052
-41
-2,100
-2,241
-2,125
-3,545
-2,239
-1,958
-2,343
-3,512
-3,434
-3,531
-97
-867
-884
-855
-828
-908
-819
-872
-932
9 U.S. assets abroad, net (increase/capital outflow
(-))(35).
U S official reserve assets, net (36)
10
U.S. Government assets, other than official reserve
11
assets, net (41).
U S private assets net (45)
12
-75,987
-91,954
-15,967
11,072
-22,878
-25,292
-38,891
6,505
-19,057
-39,223
-40,181
9,149
1,162
-3,566
3,641
-12,715
2,479
1,956
67
3,419
-170
32
252
3,741
1,012
1,503
-814
39
-801
-7380
1,990
2272
3,266
-86 297
-92,029
-5,732
9,049
-26,127
-25576
43645
5817
18295
33 833
45718
11 885
211,490
210,738
-752
33,100
50,660
71,658
56,072
26,066
65,495
48,097
71,080
22,983
44,968
166,522
39,012
171,726
5,956
5,204
13,977
19,122
10,332
40,327
611
71,047
20,047
36,025
24,670
1,395
5946
59549
2534
50631
10930
60 150
13 464
9 519
18461
16548
-1913
6547
13,071
4399
16342
4428
12624
23733
13 Foreign assets in the United States,net (increase/
capital inflow (+))(50).
Foreign official assets net (51)
14
Other foreign assets net (58)
15
16 Allocations of special drawing rights (64)
iscrepan y
17
r
p
Revised.
Preliminary.
26
1 013
-1,169
-60
-958
9652
1,276
22 720
March 1989
SURVEY OF CURRENT BUSINESS
27
strong. Payments of income on foreign major cash grant for Israel was paid banks that restructured its internadirect investment in the United States in full after funds were appropriated tional bank debt and permitted new
decreased to $3.3 billion from $4.2 bil- by Congress in the first quarter of the credits to be extended. Brazil also belion; there was a shift to capital losses new fiscal year.
came current on its interest payments
and a decrease in operating earnings
during the fourth quarter, eliminating
of petroleum, manufacturing, and fiU.S. assets abroad.—U.S. assets its interest arrears with its creditor
nance affiliates. Receipts of income on abroad increased $40.2 billion in the banks.
other private investment increased to fourth quarter compared with a $39.2
Claims payable in foreign currencies
$15.6 billion from $14.2 billion, and billion increase in third. U.S. official increased $5.1 billion compared with
payments of income on other private reserve assets decreased $2.3 billion $9.8 billion. Most of the increase was
investment increased to $16.5 billion following an increase of $7.4 billion. accounted for by Japan, and was refrom $15.1 billion. Sharply higher Intervention sales, mostly of Japanese lated to both the strong credit demand
interest rates and large increases in yen and German marks, accounted for there and the continued high level of
claims increased receipts, and higher much of the decrease. Other U.S. Japanese activity in the Euroyen and
interest rates and large increases in li- Government assets decreased $3.3 bil- Asian interbank markets.
abilities increased payments.
lion compared with a $2.0 billion deBanks' domestic customers' claims
Foreign visitors spent $5.1 billion for crease; the decrease in the fourth quar- increased $11.4 billion compared with
travel in the United States, a 7-percent ter was more than accounted for by re- $0.1 billion because of a sharp stepincrease. Receipts from overseas vis- payments on U.S. credits.
up in purchases by U.S. money maritors increased 5 percent to $3.2 bil- U.S. private assets abroad increased ket mutual funds of Eurodollar certifilion; receipts from Canada, 8 percent to $45.7 billion compared with $33.8 bil- cates of deposit and in deposits placed
$1.1 billion; and receipts from Mexico, lion. U.S. claims on foreigners re- abroad to take advantage of rising in16 percent to $0.8 billion. U.S. travel- ported by U.S. banks increased $33.5 terest rates. Customers' claims were
ers spent $6.0 billion in foreign coun- billion compared with $27.8 billion. In- boosted further as U.S. banks acted
tries, a 5-percent increase. Payments terbank claims payable in dollars on as trustees for foreign governments
for overseas travel increased 1 percent offices the United Kingdom increased who raised funds in U.S. security marto $3.8 billion; payments to Canada in- $10.9 billion following a $2.6 billion in- kets to prepay existing Foreign Milicreased 15 percent to $0.9 billion; and crease; in contrast, claims payable in tary Sales credits that carried high inpayments to Mexico increased 12 per- dollars on offices in the Caribbean in- terest rates. (See U.S. Government ascent to $1.3 billion.
creased only $2.1 billion following a sets other than official reserve assets).
Other transportation receipts were $11.9 billion increase. Over one-half of
Net U.S. purchases of foreign secuvirtually unchanged at $4.9 billion. the increase in claims on the United rities were $3.0 billion compared with
Other transportation payments were Kingdom occurred in December, and $1.6 billion. Net U.S. purchases of
$5.1 billion, up 4 percent, due mostly was probably related to yearend trans- stocks increased to $1.2 billion from
to the higher volume of ocean and air actions. The incentive to book LIBOR- $0.2 billion, due to a shift to large net
imports.
based loans at Caribbean branches purchases of Japanese stocks. A sharp
Transfers under U.S. military sales lessened significantly as Eurodollar rise in Japanese stock prices and apcontracts decreased $0.5 billion to $2.2 rates rose more rapidly than the U.S. preciation of the Japanese yen were
billion. Direct defense expenditures prime rate. Claims on Japan increased contributing factors. Net purchases
abroad were virtually unchanged at $3.2 billion compared with $4.9 billion, of Western European stocks dropped
$3.6 billion.
as demand shifted to claims payable in sharply, mostly in December in the
foreign currencies (see below). Claims United Kingdom. U.S. purchases of
Unilateral transfers.—Net unilateral on Latin America continued to be re- the British Government's holdings of
transfers were $4.4 billion in the fourth duced, largely on Argentina and Mex- British Steel only partly offset slower
quarter compared with $3.2 billion in ico. In November, Brazil signed a net purchases of other British stocks.
the third. Pursuant to legislation, a major debt accord with commercial Net U.S. purchases of bonds were $1.8
Table B.—Selected Transactions with Official Agencies
[Millions of dollars]
1987
T ina
1
2
3
4
Changes in foreign official assets in the United States, net
(decrease -) (table 1, line 51).
Industrial countries 1
Members of OPEC 2
...
...
Other countries
5 Changes in U.S. official reserve assets, net (increase — )
(table 1, line 36).
g
6a
6b
Activity under U.S. official reciprocal currency
arrangements with foreign monetary authorities: 3
Drawings
Repayments
r
•
• ••
• •>
Change:
1987-88
1987
I
II
19 88
III
IV
I
III r
II
44,968
39,012
-5,956
13,977
10,332
611
20,047
24,670
5,946
49,231
-9,956
5,693
29,896
-2,909
12,025
-19335
7,047
6,332
16561
-2801
926
217
17533
2681
4520
16063
2750
6734
20814
1 875
5231
6839
1 783
890
9,149
-3,566
-12,715
1,956
3,419
32
3,741
1,503
39
167
446
17
1,913
-1,896
184
1,467
-1,283
27
225
198
225
31
221
190
129
550
421
110
50
160
-613
Revised.
Preliminary.
1. Western Europe, Canada, Japan, Australia, New Zealand, and South Africa.
p
1988 p
1 723
3 260
-225
IV"
Change:
III-IV
-2,534
10,930
13,464
3 314
466
5 557
715
4 658
8 871
1 181
3 412
-7,380
2,272
9,652
1 246
50
1 233
1*283
4R
80
32
no
1 153
1 251
2. Based on data for Ecuador, Venezuela, Indonesia, and other Asian and African oil-exx>orting
countries.
3. Consists of transactions of the Federal Reserve System and the U.S. Treasury Department's
Exchange Stabilization Fund.
28
billion compared with $1.3 billion. Foreign new issues in the United States
decreased; a decrease in borrowing
by foreign private corporations more
than offset an increase in borrowing
by foreign governments. Tunisia, under a special U.S. Government guarantee, floated a special issue to fund
prepayment of existing Foreign Military Sales credits (see U.S. Government assets other than official reserve
assets). In transactions in outstanding
bonds, net purchases were $1.4 billion
compared with $0.1 billion. U.S. investors increased their net purchases
of British gilt-edged bonds to $2.3 billion from $0.3 billion, attracted by relatively high yields and appreciation of
the pound. In contrast, U.S. investors
sold $1.3 billion of Japanese bonds after purchasing $0.6 billion. Redemptions were $1.3 billion compared with
$0.8 billion.
Net capital outflows for U.S. direct
investment abroad were $9.2 billion
compared with $5.2 billion; much of
the increase was accounted for by reinvested earnings (largely a shift to capital (currency translation) gains from
capital losses). Intercompany debt
shifted to outflows, and equity capital
shifted to inflows.
Foreign assets in the United States.—
Foreign assets in the United States
increased $71.1 billion in the fourth
quarter compared with $48.1 billion in
the third. Foreign official assets increased $10.9 billion following a $2.5
billion decrease. Dollar assets of industrial countries increased $5.6 billion, partly reflecting intervention purchases of dollars. Dollar assets of
OPEC members increased $0.7 billion,
and dollar assets of other countries, including newly industrialized countries
in Asia, increased $4.7 billion (table B).
Other foreign assets in the United
States increased $60.2 billion, compared with $50.6 billion. U.S. liabilities to private foreigners and international financial institutions reported by U.S. banks, excluding U.S.
Treasury securities, increased $35.8
billion compared with $29.2 billion.
There was heavy borrowing, payable
in dollars, by U.S.-owned banks from
Caribbean branches to finance domestic (U.S.) acquisitions and to fund offices in the United Kingdom. Borrowing by foreign-owned banks was moderate. Liabilities payable in dollars to
branches in the Caribbean increased
$20.7 billion, following a $9.5 billion increase; to Western European countries,
$8.4 billion following a $3.1 billion decrease; and to Japan, $1.1 billion following a $7.7 billion increase.
Liabilities payable in foreign currencies, virtually all to Japan, increased
$9.8 billion compared with $6.1 billion. Banks' custody liabilities decreased $0.5 billion following a $3.3 billion increase.
Net foreign purchases of U.S. Treasury securities were $4.1 billion compared with $3.4 billion. Purchases
were especially strong in November
when U.S. interest rates rose sharply
relative to foreign rates; there was a
shift to net sales in December.
Net foreign purchases of U.S. securities other than U.S. Treasury securities were $6.8 billion compared with
$7.9 billion. New bond issues abroad
by U.S. corporations were $6.4 billion
compared with $4.8 billion. Some of
the new issues were associated with
leveraged buyout financing and corporate restructuring. Net foreign purchases of outstanding corporate and
agency bonds were $2.6 billion compared with $2.2 billion.
March 1989
SURVEY OF CURRENT BUSINESS
Transactions in U.S. stocks shifted
to net sales of $2.2 billion from net
purchases of $1.0 billion. The United
Kingdom, Switzerland, and Japan
were net sellers. The sharp rise in
interest rates in the United States,
the volatility in foreign exchange markets, and the strength of several foreign stock markets probably damped
foreign demand for U.S. stocks.
Net capital inflows for foreign direct investment in the United States
were $13.4 billion compared with $8.4
billion. Both equity capital and intercompany debt inflows increased to
finance several sizable acquisitions
in mining, banking, petroleum, and
wholesale trade. Reinvested earnings
decreased.
The statistical discrepancy (errors
and omissions in reported transactions) was a net inflow of $1.0 billion
compared with a net inflow of $23.7
billion.
U.S. dollar in exchange markets.—
From September to December, the dollar depreciated 6 percent and 5 percent on a trade-weighted average basis against the currencies of 10 industrial and of 22 OECD countries and 4
newly industrialized countries in Asia,
respectively. The dollar depreciated 8
percent against the British pound and
Japanese yen, 6 to 7 percent against
the continental European currencies,
and 2 percent against the Canadian
dollar (table C, chart 2). Intervention
sales of Japanese yen and, to a lesser
extent of German marks, by U.S. and
foreign monetary authorities were concentrated in November when the dollar's decline intensified. In December,
the dollar recovered about one-half of
the losses incurred since the end of
September.
Table C.—Indexes of Foreign Currency Price of the U.S. Dollar
[December 1980=100]
IV
1987
1988
1987
I
II
III
1
101.4
99.1
99.1
102.9
Trade-weighted average against 10 currencies 2
101.5
99.0
99.5
107.3
109.6
134.0
1125
126.4
86.8
133.5
899
78.7
64.6
106.0
130.7
1108
124.4
85.2
132.3
88.1
77.2
60.9
102.8
127.6
112.8
126.9
86.8
135.9
89.7
79.6
59.9
102.0
138.5
123.6
138.9
94.9
148.4
98.6
87.8
63.6
Trade-weighted average against 26 currencies
Selected currencies: 3
United Kingdom
France
Germany
Italy
Switzerland
Japan
IV
19 88
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
98.2
97.8
99.8
99.7
97.7
97.5
98.5
101.4
102.2
1035
1030
993
96 8
98 4
102.3
97.6
98.2
100.2
98.7
97.9
98.7
101.8
1062
1081
1077
104 6
101 1
101 1
100.9
131.1
117.4
133.0
90.2
141.0
93.7
83.9
59.6
109.3
128.4
107.8
121.6
83.1
128.8
86.1
74.7
61.0
107.5
130.4
109.3
122.5
84.1
130.3
87.0
75.6
60.8
106.0
133.5
112.1
125.9
86.3
133.8
89.2
78.1
61.5
104.4
128.1
110.9
124.9
85.3
132.8
88.2
77.8
60.5
103.3
125.0
1105
124.5
85.0
132.9
87.8
77.6
59.5
103.4
125.6
1117
125.9
86.1
134.8
889
79.2
59.4
101.8
132.1
1162
130.2
89.4
139.9
925
82.1
60.7
101.0
137.7
1220
136.7
93.9
146.4
975
86.1
63.3
102.3
138.4
1249
140.4
96.0
149.7
998
88.9
63.7
1026
1394
123 9
1395
94.9
149.2
98 6
88.5
63.9
1008
1350
1202
1361
924
145.0
959
86.3
61.3
101 9
1298
1158
1312
890
1391
924
82.4
58.6
1000
128 6
116 2
131 7
89 3
1388
928
831
588
1. Currencies of 22 OECD countries—Australia, Austria, Belgium-Luxembourg, Canada, Denmark, Finland, France, Germany, Greece, Iceland, Ireland, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Spain, Sweden, Switzerland, Turkey, United Kingdom—plus Hong Kong,
South Korea, Singapore, and Taiwan. Data: U.S. Department of the Treasury. End-of-month rates
for months; averages of end-of-month rates for quarters.
Dec.
2. Currencies of—Belgium, Canada, France, Germany, Italy, Japan, Netherlands, Sweden, Switzerland, and United Kingdom. Data: Federal Reserve Board. Monthly and quarterly average
rates. Index rebased by BEA.
3. Data: Federal Reserve Board. Monthly and quarterly average rates. Indexes prepared by
BEA.
March 1989
CHART 2
The Year 1988
U.S. dollar in exchange markets
The dollar stabilized in 1988 following a protracted decline since early
1985. After rebounding from historic
lows at the beginning of the year, the
dollar moved gradually higher through
mid-May and then strengthened more
rapidly through September. In the
fourth quarter, the dollar lost much of
its gains from the previous 3 months,
but at yearend, remained 7 to 8 percent
higher against most European currencies than at the beginning of the year.
The dollar was unchanged against the
British pound, depreciated 4 percent
against the Japanese yen, and depreciated 9 percent against the Canadian
dollar.
Several factors accounted for a gradual 6- to 7-percent appreciation of the
dollar through mid-May against the
European currencies. These factors included a widening of interest differentials in favor of the dollar, especially after March, increased confidence in the
U.S. economy, and evidence that the
U.S. trade deficit was still improving.
In addition, it was perceived that the
G-7 countries were opposed to any renewed sharp decline in the dollar. This
was evidenced by several periods of
limited intervention purchases of dollars by both U.S. and foreign monetary
authorities.
The dollar then appreciated another
6 to 7 percent against most European currencies, the Japanese yen,
and the British pound, mostly in June
and early July, and remained strong
through the end of September, partly
because of continued improvement in
the monthly trade balance figures.
In addition, the U.S. economy was
stronger than many had anticipated
early in the year, with employment,
output, and capacity utilization all at
high levels. Concerns shifted toward
the possible reemergence of inflation
and higher interest rates.
Given these conditions and strong
demand for credit, U.S. interest rates
moved sharply higher, and the demand
for dollars in foreign exchange markets
strengthened to the extent that substantial intervention sales of dollars
were necessary from late June through
July to limit dollar appreciation. The
dollar continued strong through most
of September, even though foreign
monetary authorities moved to restrain depreciation of their currencies
against the dollar and to reduce domestic inflationary pressures that might
29
SURVEY OF CURRENT BUSINESS
Indexes of Foreign Currency Price of the U.S. Dollar (January 1985 = 100)
110
TRADE-WEIGHTED AVERAGES
100
90
80
70
60 —
50
110
100
1987
1988
1985
1986
1. Currencies of 22 OECD countries—Australia, Austria, Belgium-Luxembourg, Canada, Denmark, Finland, France, Germany, Greece, Iceland,
Ireland, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Spain, Sweden, Switzerland, Turkey, United Kingdom-plus Hong Kong, South
Korea, Singapore, and Taiwan. Data: U.S. Department of the Treasury. End-of-month rates. Index rebased by BEA.
2. Currencies of Belgium, Canada, France, Germany, Italy, Japan, Netherlands, Sweden, Switzerland, and United Kingdom. Data: Federal Reserve
Board. Monthly average rates. Index rebased by BEA.
3. Data: Federal Reserve Board. Monthly average rates. Indexes prepared by BEA.
U.S. Department of Commerce, Bureau of Economic Analysis
89-
30
SURVEY OF CURRENT BUSINESS
arise from a stronger dollar. German,
British, and Canadian interest rates
all rose faster than U.S. interest rates.
From October to December, the dollar lost nearly all of its gains from
the previous quarter against the European currencies, the Japanese yen,
and the British pound. The widening
of short-term interest differentials in
favor of the dollar had little positive
effect on exchange rates, and in December, foreign interest rates rose as
rapidly as U.S. interest rates. Furthermore, the pace of improvement in
the monthly U.S. trade balance figures slowed considerably. Heavy intervention purchases of dollars, largely
against Japanese yen and German
marks, by U.S. and foreign monetary
authorities were necessary in November to slow the dollar's decline.
The Canadian dollar appreciated
substantially against the U.S. dollar,
mostly in the first half of the year,
partly reflecting a strong economy,
high interest rates, and large additions
to Canada's international reserves.
The dollar depreciated in 1988
against the currencies of the newly industrialized countries in Asia. From
December 1987 to December 1988,
the dollar fell 14 percent against the
Korean won, 3 percent against both
the Taiwan dollar and the Singapore
dollar, and was virtually unchanged
against the Hong Kong dollar. The
declines against the Korean and Taiwanese currencies totaled 21 and 22
percent, respectively, over the past 2
years.
Merchandise trade
The U.S. merchandise trade deficit
was $126.5 billion in 1988 compared
March 1989
Table D.—Selected Balances on U.S. International Transactions
[Millions of dollars, quarters seasonally adjusted]
IQRfi
19 88
1QOQ p
1 Q87
lr
Merchandise trade balance
144 547
160 280
126 525
23 142
33038
6291
16187
Investment income net
Direct net
Other private net
TJ S Government net
20375
41 804
2709
18720
II r
III r
IV
35 187
30 152
29 170
32 016
2 601
30918
4831
23486
1 128
7 148
1 422
4 598
1 986
5423
1 581
5828
1 234
6 159
961
6432
4 694
12 189
867
6 628
2115
614
2176
208
1 101
1 012
15308
13445
13 584
3 147
2 777
3 215
4 444
138 828
153 964
135 332
36998
33 814
32 607
31 912
Other services net
Current account balance
146
r
Revised.
" Preliminary.
with $160.3 billion in 1987 (tables
D,E,F). Exports increased strongly due
to the cumulative effects of earlier dollar depreciation and a step-up in economic growth abroad. The increase
in imports, although restrained by dollar depreciation, reflected continued
strength in U.S. economic activity.
Exports increased $70.3 billion, or
28 percent, to $319.9 billion; volume
increased 24 percent.
Nonagricultural exports increased $61.6 billion to
$281.6 billion, and agricultural exports
increased $8.8 billion to $38.3 billion.
The 28-percent increase in nonagricultural exports followed increases of 12
percent in 1987 and 6 percent in 1986.
Imports increased $36.6 billion, or 9
percent, to $446.4 billion; volume increased 7 percent. Nonpetroleum imports more than accounted for the increase; they increased $40.2 billion, or
11 percent, to $407.1 billion. They had
increased 10 percent in 1987 and 16
percent in 1986. Petroleum imports decreased $3.6 billion to $39.3 billion.
The price competitiveness of U.S.
goods in export markets and at home
continued to improve in 1988, but not
by as much as in 1987 and 1986 because of the dollar's stabilization.
Price changes of exports and imports for major end-use categories were
not uniform (table G). Prices of exports in 1988 continued to rise moderately for capital goods, consumer
goods (nonfood), and autos, which
when combined accounted for 52 percent of export trade. Prices of industrial supplies and materials, determined largely in world markets, increased sharply. Prices of foods, feeds,
and beverages reflected the severity of
the U.S. drought. When converted into
foreign currencies, prices in most categories increased somewhat, reflecting
moderate dollar appreciation in addition to domestic price increases. In
1987, prices had fallen substantially
as dollar depreciation more than offset
the rise in domestic prices (table H).
Dollar prices of most imports rose
significantly, especially capital goods,
consumer goods (nonfood), and autos.
However, the increases were somewhat
smaller in 1988 than in 1987. These
three categories accounted for 65 percent of import trade in 1988. Import
Table E.—U.S. Merchandise Trade, Current and Constant (1982) Dollars
[Balance of payments basis, millions of dollars, quarters seasonally adjusted]
Current dollars
1986
,
A t otive vehicles Darts and engines
Consumer goods (nonfood) except automotive
Petroleum and products
Nonpetroleum products
Foods feeds and beverages
Industrial supplies and materials
,
Capital goods except automotive
,
Automotive vehicles, parts, and engines
Consumer goods (nonfood) except automotive
r
p
Revised.
Preliminary.
1988"
Ir
II r
III r
IV p
1986
1987
1988
1988"
I'
II
r
III r
IV P
223,969
27,357
196,612
Ex orts
Agricultural products
eeds and bevera es
Industrial "supplies and materials
1987
Constant (1982) dollars
1988
249,570
29,517
220,053
319,905
38,268
281,637
75,140
8,910
66,230
79,443
9,547
69,896
81,674
10,213
71,461
83,648
9,598
74,050
242,815
30,612
212,203
274,530
34,894
239,636
339,001
37,724
301,277
81,836
9,716
72,120
84,670
9,852
74,818
85,368
9,310
76,058
87,127
8,846
78,281
23,129
64,068
79,342
24,917
14,612
24,588
69,115
88,100
26,290
17,952
32,897
88,948
111,956
33,144
23,800
7,426
21,651
26,335
7,900
5,295
8,119
22,597
27,433
8,248
5,734
8,919
22,334
28,556
8,213
6,210
8,433
22,366
29,632
8,783
6,561
26,323
69,695
92,360
22,332
14,093
29,941
71,855
109,472
23,237
16,716
32,932
84,742
144,220
28,884
21,259
8,420
21,036
34,417
6,942
4,781
8,637
21,587
35,205
7,241
5,147
8,160
21,048
36,742
7,123
5,536
7,715
21,071
37,856
7,578
5,795
368,516
34,391
334,125
409,850
42,882
366,968
446,430
39,291
407,139
110,327
9,960
100,367
109,595
10,258
99,337
110,844
9,838
101,006
115,664
9,235
106,429
413,603
75,310
338,293
435,738
77,845
357,893
466,777
86,150
380,627
115,619
20,579
95,040
114,465
21,282
93,183
116,635
21,765
94,870
120,058
22,524
97,534
24,345
104,264
72,139
78,110
79,179
24,749
114,090
84,787
85,151
88,676
24,803
122,251
101,649
87,869
96,307
6,470
31,245
24,075
21,820
23,547
5,913
31,082
25,167
21,110
23,182
6,211
29,967
25,667
21,582
23,988
6,209
29,957
26,740
23,357
25,590
23,204
156,995
82,769
65,986
74,489
23,893
155,951
99,418
68,087
77,130
22,525
165,378
122,478
66,959
78,061
5,930
41,577
29,083
16,915
19,391
5,395
41,145
30,347
16,189
18,741
5,631
40,875
31,398
16,450
19,407
5,569
41,781
31,650
17,405
20,522
March 1989
SURVEY OF CURRENT BUSINESS
31
Table F.—U.S. Merchandise Trade, Current and Constant (1982) Dollars (Change from Preceding
Period)
1988. Peripherals and parts accounted
for most of the growth in the computer
category, mainly to Western Europe
and the newly industrialized countries
in Asia, with increasing amounts to
Malaysia, Thailand, and the Philippines. The rate of decline for export
prices of computer equipment slowed
in 1988, in contrast to rapid declines
in recent years. Civilian aircraft accelerated strongly after two years of stability; sales of new and used aircraft
were largely for replacement.
Nonagricultural industrial supplies
and materials increased $18.8 billion,
or 30 percent, to $81.6 billion, following
a 7-percent increase. Volume increased
18 percent. In contrast to 1987, volumes for all major commodities increased strongly, and were augmented
by sharp price increases of some commodities. Chemicals increased $4.8 billion, and paper and paper base products $1.5 billion; both volumes and
prices reflected strengthened demand
abroad. Building materials were up
$1.4 billion. Products in basic industries, such as iron and steel products
and steelmaking materials, were also
up in both volume and price in response to demand. Exports of nonmonetary gold were boosted in the first
and second quarters by sales to Taiwan
and several other Asian countries. Exports of other nonferrous metals were
higher, partly because of sharp price
increases in metals prices in world
markets.
Automotive products increased $6.9
billion, or 26 percent, to $33.1 billion,
following a 6-percent increase. Volume increased 24 percent. Passenger
cars to Canada, to Western Europe and
to Japan increased. Shipments of engines, parts, and accessories were also
substantially higher.
Consumer goods (nonfood) increased
$5.8 billion, or 33 percent, to $23.8
billion, following a 23-percent increase. Volume increased 27 percent.
The increase in value, primarily to
Western Europe, was widespread by
commodity.
Agricultural exports increased $8.8
billion, or 30 percent, to $38.3 billion,
compared with an 8-percent increase.
Exports in 1988 were the highest since
1984. The largest increases were in
corn, $1.9 billion, mostly to the Soviet
Union, Japan, and Taiwan; wheat, $1.9
billion, mostly to China and the Soviet Union; agricultural industrial supplies, $1.0 billion; and soybeans, $0.6
billion, mostly to Japan, Taiwan, and
Mexico. Volume increased 8 percent
[Percent: Based on estimates on a balance of payments basis, millions of dollars]
Current dollars
1986
Exports
Agricultural products
Nonagricultural products
1986
1987
1988 p
28.2
29.6
28.0
6.9
.8
7.8
13.1
14.0
12.9
23.5
8.1
25.7
6.3
7.9
11.0
5.5
22.9
33.8
28.7
27.1
26.1
32.6
4.2
10.2
7.6
16
7.0
13.7
3.1
18.5
4.1
18.6
10.0
17.9
31.7
24.3
27.2
9.0
-32.9
16.5
11.2
24.7
9.8
8.9
-8.4
10.9
13.1
24.8
10.8
5.4
3.4
5.8
7.1
10.7
6.4
11.3
83
17.4
20.0
19.3
Foods, feeds, and beverages
Industrial supplies and materials
Capital goods, except automotive
Automotive vehicles parts, and engines
Consumer goods (nonfood), except automotive
11.4
7.9
11.9
-4.2
6.3
3.7
.8
11.3
Imports
Petroleum and products
Nonpetroleum products
1.7
9.4
17.5
9.0
12.0
.2
7.2
19.9
3.2
8.6
3.7
19.0
13.2
8.5
10.5
3.0
7
20.1
3.2
3.5
-5.7
6.0
23.2
-1.7
1.2
Preliminary.
prices of industrial supplies increased
more sharply than in 1987, as raw materials, nonfood commodities, and metals prices rose sharply in world markets. Prices of petroleum declined.
Relative growth rates in real domestic demand also exerted an important influence on trade in 1988.
Strength in U.S. domestic demand continued to boost expenditures on imports as well as domestically produced
goods. Stepped-up growth in domestic demand abroad, which had begun
in mid-1987 in Western Europe and
Japan, contributed to the U.S. export
boom.
Table G.—U.S. Merchandise Trade, FixedWeighted Price Indexes (Change from Same
Period One Year Earlier)
[Percent: Based on index numbers (1982=100), seasonally
adjusted]
1987:IV
1988:IV P
— 1.7
-7.8
-.5
3.5
2.7
3.6
8.0
26.0
4.8
-8.3
1.1
30.9
56
9.8
7.6
1.2
.2
Exports
Agricultural products
Nonagricultural productsFoods, feeds, and beveragesIndustrial supplies and
Capital goods, except
automotive
Computers, peripherals,
-19.9
1.4
Other capital goods
Automotive vehicles, parts,
and engines
Consumer goods (nonfood),
except automotive
-5.9
3.6
2.4
1.5
Imports
Petroleum and products
Nonpetroleum products
Food, feeds, and beverages ....
Industrial supplies and
materials, excluding
Capital goods, except
Computers, peripherals,
Other capital goods
Automotive vehicles, parts,
Consumer goods (nonfood),
except automotive
Preliminary.
Exports.—Nonagricultural exports
increased $61.6 billion in 1988, or 28
percent, to $281.6 billion, compared
with a 12-percent increase in 1987.
Volume increased 26 percent compared
with a 13-percent increase. The impressive increases in value and volume
in both 1987 and 1988 are the largest
percentage increases since 1978-79.
Capital goods increased $23.8 billion, or 27 percent, to $112.0 billion,
following an 11-percent increase. Volume increased 32 percent. Percentage increases in nearly all of the major
categories of electrical and nonelectrical equipment—including telecommunications equipment, hospital and scientific instruments, machine tools, industrial engines, and oil drilling and
mining equipment—were about double those of a year earlier. Computers, peripherals, and parts, as well as
semiconductors, increased by about the
same percentage amounts in 1987 and
3.0
45
1.6
1.6
1986:IV
p
Constant (1982) dollars
1988"
3.7
75
5.5
Food, feeds, and beverages
Industrial supplies and materials
Capital goods, except automotive
Automotive vehicles, parts, and engines ...
Consumer goods (nonfood), except automotive
p
1987
6.0
3.1
3.9
-5.9
-51.5
7.0
10.5
36.0
7.2
2.8
-26.1
7.4
8.7
0
5.0
9
11.1
14.0
103
8.0
5.3
45
109
-19.9
8.9
-5.9
5.5
10.6
4.1
5.8
8.0
8.9
5.5
Table H.—Foreign Currency Cost of U.S. Merchandise Exports (Change from Same Period
One Year Earlier)
[Percent: Based on index numbers (1982=100), seasonally
adjusted]
1986:IV 1987:IV
Exports
Nonagricultural products
Foods, feeds, and beverages
Industrial supplies and
materials
Capital goods, except
Computers, peripherals, and
parts
Other capital goods
Automotive vehicles, parts,
and engines.
Consumer goods (nonfood),
except automotive
p
11 5
170
-10.4
-17.5
93
10 0
-9.3
-11.5
1988:IV "
45
220
1.5
26.7
-150
-38
89
122
3
140
-8.5
298
-11.2
89
3
-7.8
-11.1
46
97
42
-17
6
Preliminary.
NOTE.—Fixed-weighted price indexes multiplied I tradeweighted exchange rate index of the currencies of \ ! OECD
countries plus newly industrialized countries.
32
SURVEY OF CURRENT BUSINESS
compared with 14 percent. The rise in
prices related to the U.S. drought more
than offset the slower growth in volume. For the year, the average price
of corn increased 38 percent; soybeans,
33 percent; wheat, 20 percent; and
cotton, 20 percent. Tighter supplies
in other countries also contributed to
higher prices on world markets. Despite higher prices, U.S. exports remained competitive in world markets;
average export prices were still far below their highs of 1980-84. Lower commodity price supports and subsidies
under the Export Enhancement Program helped moderate the impact of
the drought on average export prices.
supplies and materials were boosted by
sharp increases in world market prices
of raw materials, nonfood commodities,
and metals, including nickel, zinc, copper, and aluminum. Prices of these
commodities have risen strongly for 2
consecutive years. Imports of nonmonetary gold from Western Europe were
large in the first and second quarters,
and were associated with the previously mentioned exports to Taiwan and
other Asian countries.
Consumer goods (nonfood) increased
$7.6 billion, or 9 percent, to $96.3 billion, compared with a 12-percent increase. Volume increased 1 percent.
Imports of both durables and nondurables were mainly boosted by price
increases.
Automotive products increased $2.7
billion, or 3 percent, to $87.9 billion,
compared with a 9-percent increase.
The increase was more than accounted
for by an increase in prices; volume
decreased 2 percent. Passenger cars
from Canada increased $3.1 billion.
Passenger cars from areas other than
Canada decreased $3.9 billion, mostly
from Japan and West Germany. Passenger cars from South Korea and
Mexico increased. The number of foreign cars sold in the United States decreased 3 percent, and their share of
total cars sold in the United States decreased to 29 percent from 31 percent.
The decrease in sales was mostly accounted for by decreases from Japan
and West Germany of 4 percent and
18 percent, respectively. Over the past
three years, prices of Japanese cars
have risen 16 percent; German cars,
33 percent; and South Korean cars, 16
percent. Engines, parts, and assemblies from areas other than Canada increased strongly, both from Mexico and
from the newly industrialized countries in Asia.
Imports.—Nonpetroleum imports increased $40.2 billion in 1988, or 11
percent, to $407.1 billion, compared
with a 10-percent increase 1987. Volume increased 6 percent, the same as
in 1987. Price increases continued to
push import values in 1988 higher but
at slower rates than in 1987. Volume
increases for capital goods remained
strong; volume increases for consumer
goods, automotive products, and nonpetroleum industrial supplies slowed
further or decreased.
Capital goods increased $16.9 billion, or 20 percent, to $101.6 billion,
compared with an 18-percent increase.
Volume increased 23 percent. Capital
goods from Western Europe and Japan
accelerated to increases of 15 percent
and 18 percent, respectively. Capital goods from the newly industrialized
countries in the Far East increased 29
percent. Although price increases for
capital goods other than computers, peripherals, and parts were 7 percent,
volume increases remained as strong
as in each of the two previous years.
The strength was evident in nearly all
major categories. Imports of computer
peripherals and parts, and semiconductors, from Japan and the newly industrialized countries in the Asia accelerated. Some categories, such as oil
drilling equipment, industrial engines,
and machine tools, increased strongly
following little increase in 1987.
Nonpetroleum industrial supplies
and materials increased $11.7 billion,
or 16 percent, to $83.0 billion, following a 2-percent increase. Volume increased 1 percent. Iron and steel products, chemicals, and paper and paper
base products increased strongly; sizable price increases due to stepped-up
demand boosted import values. Other
March 1989
Table I.—U.S. Merchandise Trade Balances by
Area
[Balance of payments basis, millions of dollars]
1986
1987
1988 "
-144,547 -160,280 -126,525
Total
13020
Japan
Australia, New Zealand,
South Africa
10962
27457
-3,418
15404
-156
15643
372
12248
899
54422
Western Europe
United Kingdom
Germany
Other
12555
28409
-3,881
14052
-909
Canada
56944
52578
1167
2049
3264
11,761
3087
5343
1,709
1,038
Latin America
Brazil
Mexico
Venezuela
Other
13068
4059
5740
2,094
-380
-8,898
-5,146
-2,612
-626
863
Other Western Hemisphere
584
795
1,377
OPEC (non-Latin America)
-5,860
-10,917
-7,967
Asia (non-OPEC)
Hong Kong, Korea,
Singapore, Taiwan
Other
Eastern Europe
p
33 240
,
41554
37309
-28,643
4597
65
-34,822
6732
319
-29,227
8082
1,615
Preliminary.
for the Strategic Petroleum Reserve,
were nearly unchanged; consumption
increased 3 percent.
Balances by area.—Industrial countries accounted for $19.0 billion of the
$33.8 billion reduction in the trade
deficit. Most of the reduction was in
Western Europe where the deficit fell
$11.8 billion; the reduction with Japan
was $4.4 billion, and the reduction
with Canada was $1.6 billion. Developing countries accounted for $10.3 billion of the reduction; the newly industrialized countries in Asia accounted
for $6.6 billion. The deficit with OPEC
members was reduced $4.5 billion
(table I).
Table J.—U.S. International Service
Transactions
[Millions of dollars]
1988 P
1986
1987
Petroleum imports decreased $3.6
billion, or 8 percent, to $39.3 billion, Service transactions, net
4,777
21,027
19,761
compared with a 25-percent increase.
151,084 175 253 187,916
Receipts
130 057 155 492 183 139
Most of the decrease was due to a 15-4,372 -2,368 -4,229
Military transactions, net x
percent decline in prices. For 1988,
Travel and passenger fares,
6503
net
9105
8087
the average price per barrel decreased
-477
-1,257 -1,176
Other transportation, net
to $14.34 from $17.33. The average
8,529
7,702
6,273
Royalties and license fees, net .
2,601
23,142
20,375
Investment income, net
number of barrels imported daily in30918
41804
33038
Direct net
6291
4831
2709
Other private net
creased to 7.48 million from 6.78 mil- U S Government net
23486
18720
16187
Other private and U.S.
lion, the highest level since 1979. One5,327
Government, net
4,856
4,333
1,252
1,288
1,271
Contractor operations, net ....
half of the increase was from members
-884
900 -1,046
Reinsurance net
-1,279 -1,407 -1,547
Communications, net
of OPEC, mostly Indonesia and Saudi
-1,094 -1,369 -1,365
U.S Government, net
7,562
6,721
7,313
Other, net
Arabia. This 10-percent increase in
volume in 1988 followed a 3-percent
p
Preliminary.
1. Consists of goods and services
increase in 1987. Domestic produc- military agency sales contracts less transferredof under U.S.
imports
goods and
tion and inventories, excluding those services by U.S. defense agencies.
SURVEY OF CURRENT BUSINESS
March 1989
Table K.—Direct Investment Income and
Capital
[Millions of dollars]
(Credits +; debits -)
1986
1987
38417
52308
48 170
28779
36666
49786
9639
15642
1616
1988 P
Income
Income receipts on U.S. direct
investment abroad
Income before capital gains/
losses
Capital gains/losses
(gains +; losses-)
Income payments on foreign
direct investment in the
United States
Income before capital gains/
losses.
Capital gains/losses (gains- ;
losses +)
5379
10504
17 252
7433
10686
16596
2054
182
655
27811
274
19709
7 828
44455
2470
35669
6*315
20435
3754
19429
4761
34,091
25086
2293
11298
41977
25477
2537
13962
42224
28824
7 172
6228
Capital
U.S. direct investment
abroad (increase/capital
outflow(— ))
Equity capital
Reinvested earnings
Intercompany debt
Foreign direct investment in
the United States (increase/
capital inflow (+))
Equity capital .
Reinvested earnings
Intercompany debt
Service transactions
Net service receipts were $4.8 billion
in 1988 compared with $19.8 billion in
1987 (table J).
Receipts of income on U.S. direct
investment abroad were $48.2 billion
compared with $52.3 billion. In contrast to 1987 when income receipts
were boosted $15.6 billion by capital
gains largely related to dollar depreciation, income receipts in 1988 were
reduced $1.6 billion by capital losses
largely related to dollar appreciation.
Income receipts before capital gains or
losses were $49.8 billion in 1988 compared with $36.7 billion in 1987 (table K). The swings to capital losses
from capital gains in 1988 were largest
for the Western European countries.
Operating earnings, especially those
of manufacturing and "other" affiliates
in Western Europe, again increased
strongly on a general pickup in ecoTable L.—Other Private Income
[Billions of dollars]
1986
1987
1988 "
54.1
45.3
Dividends
Interest on bonds
Interest on other liabilities
2
.9
7.8
1.1
7.7
32.8
40.2
4.6
5.1
39.0
Dividends
Interest on bonds
Interest on bank claims 1
Interest on other claims 2
46.1
.9
77
321
4.6
Receipts
48.8
58.9
2.9
9.3
234
3.4
3.7
3.1
13.5
27.4
15.6
34.7
4.2
5.5
NOTE.—Excludes direct investment receipts and payments.
1. Receipts include certain fee-based income.
2. Primarily income of business concerns other than banks.
nomic activity. Net interest payments
decreased to $1.6 billion from $2.4
billion.
Receipts of income on other private
investment were $54.1 billion compared with $46.1 billion, reflecting increases in interest rates and a step-up
in bank-reported claims (table L). Receipts of income on U.S. Government
assets were $5.9 billion compared with
$5.3 billion. The increase was more
than accounted for by large capitalizations of interest pursuant to agreements rescheduling debts of foreign
governments, particularly Egypt.
Payments of income on foreign direct investment in the United States
were $17.3 billion compared with $10.5
billion. Income before capital gains
or losses was $16.6 billion compared
with $10.7 billion; income growth was
strongest for petroleum and "other" affiliates and was boosted by an accounting change effective in the first quarter. For petroleum affiliates, lower
earnings from crude exploration and
production were more than offset by
higher earnings from refined products.
Within the "other" category, several
European-owned banking affiliates recovered from losses associated with developing countries. Net interest payments were $5.2 billion, compared with
$3.8 billion, as affiliates continued to
take on a substantial amount of debt
for acquisitions.
Payments of income on other private
investment were $58.9 billion compared with $48.8 billion, reflecting increases in interest rates and a continued large increase in both bankreported liabilities and foreign bond
purchases. Payments of income on
U.S. Government liabilities were $29.4
billion compared with $24.0 billion, reflecting the shift to strong net foreign
private purchases of Treasury securities and a continued high level of foreign official purchases.
Net travel and passenger fare payments decreased to $6.5 billion from
$9.1 billion. Foreign visitors spent
$18.4 billion for travel in the United
States, up 25 percent from the previous year. Travel receipts from overseas were $11.8 billion. The number of
visitors from Japan increased 25 percent; from Western Europe, 24 percent;
from Oceania, 17 percent; and from the
Caribbean, 10 percent. Receipts from
Canada increased 22 percent to $4.0
billion, largely because of an increase
in the number of auto travelers. Receipts from Mexico increased 29 per-
33
cent to $2.6 billion, as the number of
visitors to the U.S. interior increased
15 percent.
U.S. travel payments totaled $23.1
billion, a 13-percent increase. Travel
payments overseas increased 11 percent to $15.1 billion. The number of
travelers to Europe increased 3 percent
following a 20-percent increase, and
travelers to the Far East increased 10
percent following a 7-percent increase.
Increases in 1987 had been especially
large because of the rebound from 1986
which had been depressed by fear of
terrorist activities in the peak midsummer travel season. Travel payments to
Canada increased 10 percent to $3.2
billion; the number of travelers decreased. Payments to Mexico totaled
$4.7 billion, up 20 percent; the number of travelers to Mexico's interior increased 3 percent, and the number of
border crossers increased 25 percent.
Passenger fare receipts from foreign
visitors traveling on U.S. flag carriers increased 35 percent to $7.3 billion. The number of visitors was up 31
percent: Increases were largest from
Japan, 43 percent; Oceania, 41 percent; and Europe, 36 percent. U.S.
payments to foreign transocean carriers totaled $9.1 billion, a 4-percent increase. The number of U.S. travelers
on foreign flag carriers increased 2 percent; a 1-percent decrease in travelers
on European carriers was more than
offset by an increase in travelers to
Latin America and Oceania on foreign
carriers.
Other net transportation payments
were $0.5 billion compared with $1.2
billion. Total receipts increased 14 percent to $19.3 billion. Ocean freight
receipts increased 24 percent to $4.2
billion because of strength in exports.
Air freight receipts increased 41 percent to $1.4 billion. Total payments
increased 9 percent to $19.8 billion.
Ocean freight payments increased 3
percent to $9.1 billion. Air port expenditure payments increased 16 percent
to $4.8 billion. Air freight payments
were unchanged at $2.2 billion.
U.S. military transactions with foreigners resulted in net payments of
$4.2 billion, up from $2.4 billion.
Transfers under U.S. military sales
contracts were $10.0 billion compared
with $11.5 billion. Major decreases
occurred in aircraft and other major
equipment deliveries, although deliveries to a few countries increased. U.S.
direct defense expenditures abroad
were $14.2 billion, up $0.3 billion.
34
SURVEY OF CURRENT BUSINESS
Continued growth in expenditures for
contractual services and major equipment was partly offset by reductions
in construction, pay to foreign nationals, and personnel expenditures. In
Western Europe, contractual services
and major equipment expenditures increased and construction expenditures
decreased. Personnel expenditures declined slightly in Western Europe and
Japan, despite protection by cost-ofliving allowances. Pay to Japanese
nationals decreased, as the Japanese
Government assumed a greater share
of these costs.
Net receipts from unaffiliated foreigners for miscellaneous services were
unchanged at $2.5 billion. Among the
components, transactions in securities
commissions resulted in net payments
of $0.4 billion, down from $0.5 billion in 1987. Receipts and payments
both decreased, reflecting reduced activity in stock markets. Increased activity in bond markets was partly offsetting. U.S. brokers' gross receipts
of commissions from foreigners on securities transactions decreased 15 percent to $1.6 billion, mostly because of a
25-percent drop in stock transactions.
Commissions on outstanding corporate
bonds also decreased; in contrast, commissions on U.S. Treasury bonds increased 16 percent, reflecting a step-up
in purchases.
Gross payments of commissions to
foreign brokers decreased 17 percent
to $2.1 billion; commissions and transfer taxes on stocks decreased 20 percent because activity in most foreign
markets was flat for 3 quarters before
picking up in the fourth. Payments
on transactions in outstanding foreign
bonds increased 9 percent, mostly because of the pickup in activity in the
second half of the year. Payments
to Canada and Western Europe increased, and those to Japan decreased.
Fees paid on new Eurobond issues by
U.S. corporations were slightly lower
because of a moderate decrease in the
number of issues floated.
Commissions paid by foreigners on
futures trading in the United States
were $0.3 billion, unchanged from the
previous year.
U.S. assets abroad
Unilateral transfers
Net unilateral transfers were $13.6
billion, virtually unchanged from 1987.
U.S. Government grants were unchanged. A decrease in development
assistance and related grants under
the Foreign Assistance Act was almost
offset by increases in grants financing
military purchases.
U.S. assets abroad increased $92.0
billion in 1988 compared with a $76.0
billion increase in 1987.
U.S. official reserve assets.—U.S. official reserve assets increased $3.6 billion following a $9.1 billion decrease.
The increase was more than accounted
for by an increase in foreign currency
assets, mostly German marks. The
U.S. reserve position with the International Monetary Fund decreased $1.0
billion, and holdings of special drawing
rights decreased $0.5 billion.
U.S. Government assets other than
official reserve assets.—Disbursements
of U.S. Government credits were $6.6
billion, up slightly. A movement away
from credit financing of foreign assistance toward grant or financial guaranty financing was masked in 1988 by
the unusually large reorganization in
March 1989
the first half of the year of certain
debts of the Egyptian Government to
the U.S. Government. This reorganization, primarily through capitalization
of interest due and unpaid, added approximately $1.3 billion to total credits
disbursed during the year. Other debt
reorganizations accounted for approximately $1.0 billion, consistent with levels in recent years. Disbursements for
other than debt reorganizations continued to decline sharply, reflecting the
contraction of lending authority for virtually all major U.S. Government lending agencies in recent years.
Repayments of principal on U.S.
Government credits were $10.0 billion,
up from $7.6 billion in 1987. The increase resulted from prepayments of
approximately $6.2 billion of outstanding debt in the second half of the year
pursuant to the previously mentioned
new U.S. Government programs to fa-
Table M.—Private Capital Flows, Net
[Billions of dollars]
19 38
Claims (increase/capital outflow(— )); liabilities (increase/capital
inflow(+))
I
III r
II
IV P
Private capital flows
89.5
80.2
79.7
6.4
38.5
17.5
17.0
Bank-reported capital, net 1
US claims 1
U.S liabilities
19.8
600
798
47.3
405
878
21.4
57 5
789
-.1
171
172
17.8
133
311
1.4
278
292
2.3
335
358
705
-4.3
74.8
38
710
301
-4.5
34.6
76
422
394
-7.5
46.9
199
270
48
-4.5
9.3
69
24
168
1.5
15.3
55
98
97
-1.6
11.3
34
79
79
-3.0
10.9
41
68
63
278
341
25
445
420
218
204
422
0
73
73
109
-2.2
13.1
40
44
8.4
68
66
13.4
71
42
29
53
31
22
n.a
na
1.7
3
20
-7.0
-7.1
2.4
7
17
n.a.
n.a.
Securities net
Net U.S. purchases of foreign securities
Net foreign purchases of U.S. securities
U.S. Treasury securities
Other than U.S. Treasury securities
Direct investment, net
U.S. direct investment abroad
Foreign direct investment in the United States
Nonbank-reported capital, net
U.S. claims
U S liabilities
1
n.a. Not available.
r
Revised.
p
Preliminary.
1. Liabilities exclude U.S. Treasury securities.
Table N.—U.S. Bank-Reported Claims and Liabilities by Type
[Billions of dollars]
19 38
I
Claims on foreigners reported by U.S. banks (increase/capital
outflow (—))
Of which International banking facilities' (IBF) claims
Banks' claims for own accounts, payable in dollars:
Own foreign offices
Unaffiliated banks
Public borrowers and other foreigners
Banks' claims for domestic customers' accounts, payable in dollars...
Claims payable in foreign currencies
..
Liabilities to foreigners reported by U.S. banks (excluding U.S.
Treasury securities) (increase/capital inflow( + )) 1
Of which International banking facilities' (IBF) liabilities
Banks' liabilities for own accounts, payable in dollars:
Own foreign offices
Unaffiliated banks
Other private foreigners and international financial institutions,..
Banks' custody liabilities payable in dollars
Liabilities payable in foreign currencies
. . .
r
p
Revised.
Preliminary.
1. Excludes liabilities to foreign official agencies.
II
III r
IV p
-40.5
-57.5
17.1
-13.3
-27.8
376
-37.3
-31.5
11.5
-9.7
-17.8
-15.6
373
63
4
-5.0
118
-116
-4.4
20
-227
-348
-2.0
33
-9.7
142
4.1
9.4
4.2
/ .6
-1 1
-8.3
-5.5
-2.2
1.6
1.1
-15.4
-1.4
-1.4
-.5
-9.2
-15.2
-4.6
2.8
-11.4
-5.1
79.8
87.8
78.9
-17.2
31.1
29.2
35.8
515
54.0
34.3
-13.1
13.1
14.4
19.9
357
217
3.4
47
143
38.5
22.6
-1.3
2.6
25.3
47.6
-2.8
9.8
8.6
15.7
-9.5
-14.1
.4
5.8
.2
26.9
1.4
3.1
.1
-.4
5.9
7.5
6.4
24.3
2.3
-.1
-.5
9.8
-60.0
qo
— o.o
O Q
6.1
33.5
March 1989
cilitate prepayment of Foreign Military
Sales credits that carried annual interest rates of 10 percent or more. Under
these programs, debtor governments
issued securities for sale in U.S. securities markets with a U.S. Government
guarantee of 90 percent of the principal and interest due on the securities.
Proceeds from the sales were used to
prepay principal and interest accrued
through the date of settlement on Foreign Military Sales credits maturing in
fiscal 1990 and thereafter.
U.S. private assets abroad increased
$92.0 billion compared with a $86.3 billion increase.
Claims reported by banks.—U.S.
claims on foreigners reported by U.S.
banks increased $57.5 billion compared
with $40.5 billion (tables M,N). Claims
of U.S.-owned banks on own foreign offices payable in dollars increased $23.1
billion, mostly in the second half of the
year on the United Kingdom; claims
had increased $2.5 billion in 1987.
SURVEY OF CURRENT BUSINESS
Loan demand was buoyed by a pickup
in economic activity abroad; by a rise
in interbanking activity in the Eurodollar market, partly due to the resurgence of syndicated bank credits as a
substitute for securitized lending; and
by acquisition-related funding in Western Europe. U.S.-owned banks provided fewer funds to their offices in the
Caribbean.
Foreign-owned banks provided a
slightly larger amount of funds to own
foreign offices than in 1987; claims
payable in dollars increased $11.8
billion compared with $9.1 billion.
Claims on offices in Japan accounted
for most of the increase, but these
claims dropped in the second half of
the year when Japan shifted to claims
payable in foreign currencies.
Claims payable in foreign currencies
increased $14.2 billion compared with
$22.7 billion. Claims on Japan increased sharply in the third and fourth
quarters, as Japanese activity in the
35
Euroyen and Asian interbank markets
and final demand for bank credit in
Japan were especially strong. The
combined increase in dollar and foreign
currency claims on Japan was $39.4
billion compared with $27.8 billion.
Claims on foreign public borrowers
payable in dollars decreased $3.1 billion compared with a $1.2 billion increase; there was little net new discretionary lending to problem debtor
countries. Banks sold their international debt at deeply discounted values
or swapped debt for domestic currencies or equity; only the share booked
with banks in the United States was
recorded in the U.S. accounts. Bonds
of the Mexican Government were exchanged for debt held by U.S. commercial banks. Interim lending to Brazil in
the second quarter preceded the signing of a major debt reorganization program and additional advancement of
funds in the fourth quarter.
Banks' domestic customers' claims
payable in dollars increased $9.7 billion compared with $3.8 billion. The
step-up was more than accounted for
in the fourth quarter when U.S. money
CHART 3 market mutual funds made large purchases of Eurodollar certificates of dePrivate Bank-Reported Capital Flows
posit and other U.S. residents placed
Billion $
deposits abroad to take advantage of
sharply rising interest rates. Customers' claims also included holdings
of securities issued in U.S. capital
markets by foreign governments to
1
Claims on Foreigners
fund prepayment of existing Foreign
Liabilities to foreigners2
Military Sales credits, as previously
3
— Net Capital Flows
mentioned.
U.S. banks continued to be net borrowers in international credit markets in 1988, although the increase
in claims was larger and the increase in liabilities was smaller than
in 1987. Net funds raised from abroad
increased $21.4 billion compared with
a $47.3 billion increase (chart 3).
+ 10 Foreign securities.—Net U.S. purchases of foreign securities were
$7.5 billion compared with $4.5 bil+ 20 lion. Transactions in bonds remained
strong, and transactions in stocks
shifted to small net purchases.
+ 30 Net U.S. purchases of bonds were
$6.8 billion, virtually unchanged (chart
+ 40 4). New issues in the United States
were $6.8 billion compared with $6.2
billion. Canadian issuers increased
+ 50
their placements to $2.5 billion from
I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV
$2.0 billion, and Western European
1981
1982
1983
1984
1985
1986
1987
1988
and Japanese issuers doubled their
1. Increase/outflow (-); decrease/inflow ( + ).
placements to $1.4 billion and $1.1 bil2. Increase/inflow ( + ); decrease/outflow(-). Excludes U.S. Treasury securities and liabilities to foreign official agencies.
lion, respectively. International finan3. Sum of flow in claims and flow in liabilities.
cial institutions reduced their borrowing. The Mexican Government placed
U.S. Department of Commerce, Bureau of Economic Analysis
36
SURVEY OF CURRENT BUSINESS
March 1989
Gross purchases and sales of bonds
in the first two quarters of the year
trailed the level in the last quarter of
1987, but stepped-up interest in fixed
income securities in the second half of
1988 brought activity for the year to
9 percent above the annual total for
1987.
Transactions in foreign stocks
In transactions in outstanding shifted to net purchases of $0.7 bilbonds, redemptions were $5.1 billion lion from net sales of $2.4 billion. A
compared with $3.0 billion, and net shift to net purchases of $0.3 billion
purchases were $5.1 billion compared in Japanese stocks from net sales of
with $3.6 billion. Net purchases of $7.1 billion more than accounted for
British securities, mainly gilt-edged se- the shift. Net purchases of Japanese
curities, were $5.9 billion. Most pur- stocks occurred in the first and fourth
chases occurred in the first and fourth quarters when the Japanese market
quarters when the interest differential rose sharply; net sales occurred in
favoring gilt-edged securities was the the second and third quarters when
largest. Purchases for the year, how- the market was relatively stable. For
ever, were well below the $9.0 billion in the United Kingdom, there would have
1987 arid $13.0 billion in 1986. Several been net sales if the British Govmajor U.S. dealers continued to offer ernment had not sold its holdings in
currency hedging options on these se- British Petroleum and British Steel to
curities to offset currency fluctuations. U.S. residents in the third and fourth
quarters. Interest in foreign stocks,
special bonds with U.S. residents in
exchange for discounted public sector
debt held by commercial banks in the
United States; U.S. Government zerocoupon bonds were issued as collateral
against the principal. Tunisia placed
bonds to fund prepayment of Foreign
Military Sales credits.
• H B B B H
B B B H B H CHART 4
as measured by gross purchases and
sales, was subdued in 1988, with activity 20 percent lower than in 1987.
Direct investment.—Net outflows for
U.S. direct investment abroad were
$20.4 billion compared with $44.5 billion. Most of the decrease was in reinvested earnings, which fell $16.2 billion. Also contributing to the decrease
in outflows were a $6.2 billion shift
to equity capital inflows and a $1.6
billion decrease in intercompany debt
outflows.
A $17.3 billion shift to small capital (currency translation) losses from
large gains in 1987 more than accounted for the decrease in reinvested
earnings. Because operating earnings
rose somewhat more than distributed
earnings, the decrease in reinvested
earnings was smaller than the shift to
capital losses. European manufacturing affiliates largely accounted for the
decrease.
The shift to equity capital inflows reflected smaller increases, and larger
Table O.—Selected Direct Investment Transactions with Netherlands Antilles Finance Affiliates
U.S. and Foreign Interest Rates
[Millions of dollars]
Percent
12
19 88
19 87
LONG TERM
I
20-30 year U.S. Corporate Aaa Bonds
11
4-7 year International
Dollar Bonds
10
7-15 year international
Dollar Bonds
Capital
Equity capital
5317
785
388
4920
Intercompany debt
Income ..
....
Of which interest
.,
2558
928
472
3014
3250
732
215
3767
1,918
2,174
2,752
-3,888 -3,251 -2,773
II
III
467 -1324 -1,331
103
507
24
132
69
189
632 -1762 -1,302
-597
-855
-512
-760
-563
-831
mr
IV p
-369 -1,367 -1,592
0
108
294
79
153
82
-581 -1,215 -1,779
50
9
-164
204
340
615
22
-977
431
693
-475
-673
-453
-673
IV
-503
-805
II
I
-559
-734
p
Preliminary.
r Revised.
N0te—Table shows only transactions with affiliates established primarily to borrow funds abroad and relend them to their
U.S. parents.
\
Table P.—New International Bond Issues by U.S. Borrowers
10-year U.S. Treasury Bonds
[Millions of dollars]
i i i i i t I > i' r t i I i i i i
19 38
1 Qfifi
I
Total
II
III
IV *
6 -
1986
1987 1988
1. Interest rates for 3-month interbank loans or short-term paper for other
Group of 10 countries and Switzerland weighted by average total trade
shares in 1972-76.
Data: Federal Reserve Board; Organization for Economic Cooperation and
Development.
U.S. Department of Commerce, Bureau of Economic Analysis
89-3-4
22585
19 407
2 626
5227
4988
6566
16632
4065
12267
675
6414
10 659
970
4273
'600
6 083
10222
517
5730
619
2319
1 450
2 120
167
2095
270
575
2982
100
1 597
185
124
3 670
250
1 938
164
544
By instrument:
Straight fixed-rate bonds
Floating-rate notes
Zero-coupon bonds
Bonds convertible into stock .
Other debt instruments
7 -
40053
By issuer:
Industrial corporations 1
Banking corporations
Nonbank financial institutions ..
U.S. federally sponsored agencies . ..
All other borrowers
24 194
8 154
302
3021
4382
14 596 15836
1 059 2277
'l!9
1 125
4 582
50
2*348
3802
771
119
535
3 687
871
5771
635
430
160
By currency:
U.S. dollars
Dual currency2
Foreign currencies
Japanese yen
Swiss franc
German mark
British pound 3
Other currencies
28766
816
10471
3 395
3*673
797
562
2044
18545
50
3990
351
989
735
468
1447
3014
270
1 943
119
230
250
363
981
2627
3 531
116
2919
304
497
35
217
1866
10694
386
8327
423
927
908
1669
4400
100
1 076
2576
50
1 522
1 104
200
492
91
321
p
Preliminary.
1. Fortune 500 industrial corporations.
2. Generally, repayment of principal in dollars, with initial issue and interest paid in foreign currency.
3. Includes European Currency Unit.
2361
131
998
1232
March 1989
SURVEY OF CURRENT BUSINESS
37
crease of $10.0 billion. Dollar assets
of other countries increased $12.0 billion compared with $5.7 billion; much
of the increase was accounted for by
the newly industrialized countries in
Asia whose international reserves increased strongly.
Other foreign assets in the United
States increased $171.7 billion compared with a $166.5 billion increase.
Liabilities reported by banks.—U.S.
liabilities reported by U.S. banks and
international financial institutions, exForeign assets in the United States
cluding U.S. Treasury securities, inForeign assets in the United States creased $78.9 billion compared with
increased $210.7 billion in 1988 com- $87.8 billion. Liabilities to own foreign
pared with a $211.5 billion increase in offices payable in dollars increased
$47.6 billion compared with $38.5 bil1987.
lion. U.S.-owned banks increased their
Foreign official assets.—Foreign of- liabilities to own
offices $32.3
ficial assets in the United States in- billion compared foreign$23.9 billion.
with
creased $39.0 billion compared with
$45.0 billion. Dollar assets of indus- That step-up was accompanied by a
major shift in the source of funding
trial countries increased $29.9 billion from branches in the United Kingdom
compared with $49.2 billion. Early in to branches in the Caribbean. Banks
the year, some official placements in in the United States drew heavily on
the United States reflected the reposi- Caribbean branches to fund loan detioning of deposits from the Eurodol- mand in the United States, especially
lar market.
In July and August, in the first half of the year. Borrowing
reductions largely reflected interven- was particularly strong in the second
tion sales of dollars, and in October and fourth quarters, encouraged by
and November, placements largely re- widened differentials between U.S. and
flected intervention purchases of dol- Eurodollar overnight interest rates as
lars by foreign monetary authorities. Eurodollar rates increased less rapidly
Dollar assets of OPEC members de- than U.S. rates. Demand was also
creased $2.9 billion following a de- heaviest in those quarters for funds to
finance domestic (U.S.) and foreign acCHART 5 quisitions. Concurrently, on the supply side, larger increases in U.S. shortNet Purchases and Sales of U.S.
term (90-day) interest rates than in
Securities by Private Foreigners
most key foreign rates, and appreciaBillion $
tion of the dollar favored placement of
20
funds in dollar-denominated deposits.
Foreign-owned banks' liabilities to
own foreign offices payable in dollars
increased $15.3 billion compared with
$14.7 billion. The increase was more
than accounted for by borrowing in the
second and fourth quarters to meet
loan demand of parent banks in Japan.
Liabilities payable in foreign currencies increased $15.7 billion compared
with $25.3 billion. Borrowing, mostly
in Japanese yen to meet demand for
credit in Japan and for Japanese activity in the Euroyen and Asian interbank markets, was particularly large
in the third and fourth quarters. The
increase in combined dollar and foreign
currency liabilities to Japan was $31.7
billion compared with $12.6 billion.
Banks' custody liabilities increased
$8.6 billion compared with $2.6 billion;
1986
1987
1988
most of the increase was in the first
and third quarters.
U.S. Department of Commerce, Bureau of Economic Analysis
89-3-5
U.S.
Treasury securities.—Transactions in U.S. Treasury securities
shifted to net purchases of $19.9 billion
from net sales of $7.6 billion. Net purchases, mainly of marketable bonds,
were due to several factors: A shift to
liquidity and safety early in the year to
counter uncertainties associated with
the stock market decline of October
1987; some increase in the interest
differential in favor of U.S. assets as
U.S. bond yields edged higher; and a
rapid rise in the yields of 1- and 2year securities. In contrast to transactions in other U.S. securities, gross
activity in Treasury securities in 1988
exceeded that in 1987. By February
1988, activity had recovered to October
1987 levels and remained at or above
those levels until December when activity dropped off sharply.
Net purchases by Western Europeans increased to $11.6 billion from
$2.8 billion, over one-half of which was
in the first quarter when volatility in
financial markets generated a desire
for liquidity and safety. Thereafter,
purchases slowed. Net purchases by
Japan were $5.5 billion following net
sales in the two previous years; over
three-fifths of the purchases were in
the fourth quarter. Canadians sold
U.S. Treasury securities on balance,
perhaps because of the large differential between higher Canadian interest rates and lower U.S. rates and a
strengthening of the Canadian dollar
in exchange markets.
Other U.S. securities.—Net foreign
purchases of U.S. securities other than
U.S. Treasury securities were $27.0 billion compared with $42.2 billion. Foreigners purchased $18.8 billion in Eurobonds issued abroad by U.S. corporations compared with $22.6 billion, and
shifted to net sales of stocks of $0.7 billion from $15.5 billion in net purchases
(chart 5).
Although new issues abroad of U.S.
corporations were weak in the first
quarter because of volatility in financial markets that followed the stock
market decline, borrowing by U.S. corporations strengthened thereafter, especially in the fourth quarter. The rise
in Eurobond interest rates was less
than in U.S. rates, and the demand
for funds continued to be fueled by the
need to finance acquisitions. Use of the
market for that purpose, however, was
probably less than in 1987. For the
year, the total amount of borrowing in
all bond markets by U.S. corporations
decreased to $222 billion from $325
billion; the overseas share increased
reductions, in equity in 1988 than
in 1987. The shift was concentrated
in the petroleum industry and was
widespread by area. Equity reductions largely reflected selloffs of affiliates in Europe and South America. The decrease in intercompany debt
outflows to $4.8 billion from $6.3 billion
may have reflected affiliates' generally strong economic condition, which
dampened the need for financial support from U.S. parents (tables K, 0).
March 1989
38
SURVEY OF CURRENT BUSINESS
to 9 percent from 7 percent. Additional short- and intermediate-term
corporate borrowing took the form of
drawdowns on Euronote issuance facilities and Eurocommercial paper, reported in banks' custody liabilities.
Industrial corporations reduced their
borrowing slightly to $10.2 billion from
$10.7 billion (table P). Borrowing by
nonbank financial corporations was
above a year earlier, and borrowing by
banking corporations was small.
Straight fixed-rate bonds accounted
for over 80 percent of all borrowing in
1988, up from 64 percent in 1987. Convertible issues dropped sharply to a 6percent share from 20 percent due to
the volatility of stock prices. Floatingrate note issues recovered somewhat to
an 12-percent share from 5 percent, despite the continued absence of borrowing by banking corporations.
The share of borrowing denominated
in dollars dropped to 55 percent from
82 percent. Much of the decline was
accounted for by an increase in the
shares denominated in currencies with
high domestic interest rates, including the British pound, and the currencies of New Zealand, Australia, and
Canada.
Net foreign purchases of outstanding bonds were $8.9 billion compared
with $4.1 billion. Most purchases
were by Japan, especially in the last
three quarters, and coincided with
Table Q.~Selected U.S. Transactions with OPEC Membersl
[Millions of dollars]
(Credits +; debits -)
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984 r
1985 T
1986 r
1987 r
20651
4694
24
92
230
1 105
29
15,256
5,548
11
68
261
971
44
13,771
3237
10
64
214
879
48
11,409
2,958
12
68
173
812
41
10,470
3,006
10
71
170
733
15
10,709
2,810
14
93
153
692
25
13,869
1,483
13
102
117
694
15
3463
2710
174
1,910
2,480
274
3373
2648
212
2,463
2,152
222
1,572
1,659
196
1,896
1,780
167
2,054
2,052
217
33286 45039 55602 49934 31 517 25 282 26 852
1455 -1,580 -1489 -1,862 -1798 -1,976 -1,440
D
D
(D)
(D)
(D)
(D)
(*)
(D)
(*)
(D)
(D)
(*)
(D)
(D)
(D)
(*)
D
D
D
2
4
()
()
()
()
()
-167
-186
-162
-92
-104
-113
-79
-114
-106
-98
-71
-70
-85
-73
22680
-861
D
(D)
(D)
( )
-176
-118
18 894
-488
D
(D)
(D)
()
-186
-101
24367
-279
(D)
(D)
(D)
-204
-117
23015
151
D
(D)
(D)
()
-225
-97
1988"
Exports of goods and services:
Merchandise, adjusted, excluding military
Transfers under U.S. military agency sales contracts
Royalties and license fees from affiliated foreigners 2
Royalties and license fees from unaffiliated foreigners
Otner private services from affiliated foreigners 2
Other private services from unaffiliated foreigners
U.S. Government miscellaneous services
6,219
1,258
16
14
165
253
7
9957
1765
10
20
174
372
8
11561
2865
9
29
200
590
22
12877
4318
17
25
184
799
18
14846
4734
17
31
267
948
32
14,556
3077
10
36
246
606
37
17368
2962
47
(D)
803
34
21097
3655
16
53
227
993
28
Receipts of income on U.S. assets abroad:
Direct investment
Other private receipts
U.S. Government receipts
6,106
330
105
3717
332
118
3498
405
117
3360
489
134
3142
841
135
4514
1,206
155
2591
1517
147
4133
2187
167
17234
-240
(*)
(*)
(*)
-20
-34
18897
141
(*)
(*)
(*)
-22
-40
27409
441
(*)
(*)
(*)
-31
-60
35 778
-790
(*)
(*)
(*)
-57
-61
5
451
276
11
574
650
5
655
816
6
788
1 093
27
1096
1 271
46
3
41
3
26
4
31
4
25
4
5912
4225
211
436
229
44
256
212
4
(*)
6
9
11
9
10
7
2
21
4 181
6123
7121 -3022
5
32
1560
305
35
1293
2
18
4420
925
164
1493
1783
258
541
2106
321
2959
523
130
6922
1595
218
3 400
316
-77
(D)
Imports of goods and services:
Merchandise adjusted excluding military
Direct defense expenditures
Royalties and license fees to affiliated foreigners 2
Royalties and license fees to unaffiliated foreigners ...
Other private services to affiliated foreigners 2
Other private services to unaffiliated foreigners
U.S. Government miscellaneous services
Payments of income on foreign assets in the United States:
Direct investment
Other private payments
U S Government grants
U S assets abroad net (increase /capital outflow ( ))
U.S. Government assets, other than official reserve assets,
net
U S credits and other long-term assets
Repayments on U.S. credits and other long-term assets
U.S. foreign currency holdings and U.S. short-term
assets net
U S. private assets net
Direct investment abroad
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
k
Foreign assets in the United States, net (increase/capital
inflow(+))
Of which' foreign official
U S. Treasury securities
Other U.S. securities
Other U.S. Government liabilities
U.S. liabilities reported by U.S. banks, not included
elsewhere
Direct investment in the United States
U.S. liabilities to unaffiliated foreigners reported by U.S.
nonbanking concerns
All other transactions with OPEC and transfers of funds
between foreign areas, net
Memorandum:
Balance on merchandise trade
D
1 821
1 332
261
467
212
39
317
269
107
412
316
48
3120
3901
165
3384
5821
9
2746
5 176
31
2925
4463
43
17
48
7
47
7
52
g
64
g
61
9
71
9
76
14
70
9
1 672
290
3 147
6881
3 318
1 150
2029
790
1 146
2,591
179
465
277
251
353
112
188
432
251
41
195
238
82
525
586
92
425
331
7
358
348
157
195
349
142
165
308
-19
-372
355
3
3
1
2
33
15
947
2036
355 -1,201
33
156
1288 -2,572
-132
-476
58
365
264
589
98
171
208
43
48
5698
3 105
124
1 317
178
918
14784
13 092
10 338
4621
416
9776
7 271
7 345
673
737
7921
8 561
6 650
1 947
276
3126
4664
3 501
3228
838
1 161
240
2054
2689
4660
715
1043
1
3458
754
296
1092
1226
3008
90
1447
-201
-1,320
130
15801
16,399
548
41
371
141
209
202
536
643
1 331
942
3472
241
1 684
11,499
10455
5473
1 191
133
7924
6937
2426
3'l99
944
10837
9084
3 206
3 005
2480
7324
6369
3477
2938
390
4098
111
631
32
1638
6
409
10
934
111
5088
20
493
756
514
120
136
338
1 074
2 602
1 620
139
2
1 058
1677
324
120
211
329
380
2382 -1,821 -1681 -1,778
1790
2231
2751
3 823
2302
467
7 047 14968
5498 12680
2 179
9 566
1 089 4 688
543
1 033
-134
1 941
3,916 -9,615 -5,433 -1,610
2909
9 956
9327
6714
1,578
5389
4938
1389
1799 -2,581
1,746
2327
988
119
47
-446
325
277
1,459
294
2401 -1,308
212
1,179
-597
9,937
-13575
207
1135
10 383
16 505
20087
21 033
14 557
6 540
19521
15253
10,712
11,015
8940
15848
22901
18440
30483
38234
28837
10866
10026
13081
11271 -8424 -13,658 -9,146
Suppressed to avoid disclosure of data of individual companies.
Revised.
Preliminary.
* Less than $500,000 (±).
1. OPEC members are Algeria, Ecuador, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria,
Qatar, Saudi Arabia, United Arab Emirates, and Venezuela. Individual country information is
not available for all accounts; therefore, some accounts are estimated from regional data.
2. Royalties and license fees of affiliated foreigners are redefined to include only intangible
property rights, beginning with data for 1982. Other fees and charges, previously included in royalties and license fees, are transferred to other private services of affiliated foreigners.
T
p
4527
40
2415
2408
49
1646
1 382
SURVEY OF CURRENT BUSINESS
39
Equity capital inflows were $28.8
billion compared with $25.5 billion.
Funding from Japan and the United
Kingdom for large acquisitions ac-
counted for 60 percent of the equity inflows, most of which were to manufacturing and wholesale trade affiliates.
Reinvested earnings almost tripled, increasing to $7.2 billion from $2.5 billion. The increase was mainly attributable to higher operating earnings
and was almost entirely accounted for
by nonpetroleum affiliates. Affiliates
of European parents accounted for over
60 percent of the increase.
Intercompany debt inflows were $6.2
billion compared with $14.0 billion. Inflows had been boosted in 1987 by an
especially large loan to finance the acquisition of a petroleum affiliate; there
were no transactions of similar magnitude in 1987. Although affiliates continued to borrow substantial amounts
from their foreign parents for acquisitions in 1988, some of these debts were
paid off within the year.
The statistical discrepancy (errors
and omissions in reported transactions) decreased to an inflow of $16.5
billion from an inflow of $18.5 billion.
Increased quarterly volatility in the
discrepancy over the past 2 years may
in part reflect reporting, timing, and
valuation problems associated with the
volatility of exchange rates and new financial instruments, affecting both the
current and capital accounts.
March 1989
their sales of stocks over the same time
period. Gross activity was 16 percent
lower than in 1987.
Transactions in U.S. stocks shifted
to net sales of $0.7 billion from net
purchases of $15.5 billion (chart 6).
Net purchases were limited in the first
three quarters; large sales occurred
in the fourth quarter. Net purchases
by Japan were $1.6 billion compared
with $11.1 billion, and transactions by
Western Europe shifted to net sales of
$3.9 billion from net purchases of $1.2
billion. Although gross purchases and
sales recovered somewhat from February through July, activity dropped off
sharply thereafter. For the year, gross
activity was 24 percent below that in
1987. Interest rates on short-term,
high-quality debt were high relative
to the expected return on stocks, and
currency volatility in the last half of
the year may have also discouraged
interest.
CHART 6
Private Foreign Transactions
in U.S. Stocks
Billion $
70
i Purchases
l
a Sales
-n
60
—
50
~
^
40
-
-
30
-
20
-.
—.
-i
-I
~
-
10
Direct investment.—Net inflows for
foreign direct investment in the United
States were a record $42.2 billion, up
slightly from 1987. Substantial increases in equity capital inflows and
reinvested earnings were nearly offset
by a drop in intercompany debt inflows.
s
N
0
m
' ' I
,
.
I !,
1986
L
\
\
,
I
m
m_^
Net
.
I
1987
I
I
I
I
1988
U.S. Department of Commerce, Bureau of Economic Analysis
89-s-e
SURVEY OF CURRENT BUSINESS
40
March 1989
Table 1-2.—U.S. International Transactions
[Millions of dollars]
Seasonally adjusted
Not seasonally adjusted
(Credits +; debits -) l
Line
II
I
1 Exports of goods and services 2
1988
1988
1988 »
1987
lr
IV P
III'
II r
III r
IV P
424,823
2
3
4
5
6
Travel
Passenger fares
Other transportation
120,853
125,326
123,524
138,118
120,909
122,767
127,845
136,303
319,905
9,986
75,665
2,482
81,139
2,642
77,967
2,688
85,134
2,175
75,140
2,482
79,443
2,642
81,674
2,688
83,648
2,175
14,778
5,398
16,985
.. ..
507,821
249,570
11,529
Merchandise, adjusted, excluding military 3
Transfers under U.S. military agency sales contracts
18,426
7,283
19,287
4,234
1,554
4,596
4,548
2,010
4,838
5,347
2,071
4,945
4,297
1,648
4,908
4,195
1,716
4,692
4,365
1,814
4,864
4,761
1,833
4,859
5,106
1,921
4,872
7
8
9
10
11
Royalties and license fees from affiliated foreigners 4 ..
Royalties and license fees from unaffiliated foreigners
Other private services from affiliated foreigners
Other private services from unaffiliated foreigners
U.S. Government miscellaneous services
6,917
2,122
2,391
10,851
526
7,791
2,336
2,764
11,224
629
1,733
571
727
2,811
119
1,918
582
739
2,817
143
1,938
590
648
2,818
187
2,202
593
651
2,777
181
1,865
571
779
2,811
135
1,973
582
725
2,817
162
2,057
590
653
2,818
161
1,896
593
607
2,777
171
12
13
14
Receipts of income on U.S. assets abroad:
Direct investment
Other private receipts
U.S. Government receipts .
52,308
46,116
5,332
48,170
54,117
5,903
12,262
12,056
2,044
10,533
12,267
1,151
8,814
14,184
1,328
16,562
15,610
1,380
12,426
12,056
2,041
9,841
12,267
1,272
10,393
14,184
1,174
15,511
15,610
1,416
58
86
45
4
7
30
45
4
7
30
153,804 -157,237
163,771
.
....
15 Transfers of goods and services under U.S. military grant programs, net
-565,342 -629,569 -150,029 -157,190 -158,967 -163,383 -154,760
16 Imports of goods and services
17
18
Merchandise, adjusted, excluding military 3
Direct defense expenditures
19
20
21
Travel
Passenger fares
Other transportation
22
23
24
25
26
27
28
29
-409,850 -446,430 -107,463 -111,678 -110,465 -116,824 -110,327 -109,595 -110,844 -115,664
3,600
3,545
-3,556
-3,515
-3,545
-3,515
-3,600
-3,556
-13,897 -14,215
-20,496
-8,785
-18,161
-23,092
-9,120
-19,764
-4,257
-1,930
-4,678
-6,334
-2,799
-4,887
-7,519
-2,505
-5,062
-4,982
-1,886
-5,137
-5,606
-2,176
-4,940
-5,753
-2,192
-4,772
-5,721
2365
-4,929
-6,012
2,387
-5,123
Royalties and license fees to affiliated foreigners 4
Royalties and license fees to unaffiliated foreigners
Other private services to affiliated foreigners
Other private services to unaffiliated foreigners
U.S. Government miscellaneous services
-774
-563
866
-8,406
1895
-1,007
-591
949
8716
-1,994
-230
-148
164
2047
531
-251
148
428
2144
456
-258
-148
246
2197
-529
-269
148
111
2,328
478
-230
-148
164
2047
-540
251
148
428
-2,144
-455
258
-148
246
-2,197
-491
-269
-148
111
-2,328
-508
Payments of income on foreign assets in the United States:
Direct investment . . . .
Other private payments
U.S. Government payments.
. .
10504
48825
24052
17252
58948
29,389
5278
13478
6639
4418
13848
7100
4234
15145
7606
-3,322
-16,477
-8,044
5,278
-13,478
6,639
-4,418
-13,848
-7,100
-4,234
-15,145
-7,606
-3,322
16,477
-8,044
58
86
45
4
_7
-30
-45
-4
7
-30
31 Unilateral transfers (excluding military grants of goods and services), net
-13,445
-13,584
-3,003
-2,742
-3,117
-4,721
-3,147
-2,777
-3,215
-4,444
32
33
34
-10,011
-2,212
1222
-10,052
2490
1041
-2,239
494
270
-1,958
589
195
-2,343
537
237
-3,512
-870
-339
-2,239
-620
-288
-1,958
622
-197
-2,343
626
246
-3,512
-622
-310
-75,987
30 U.S. military grants of goods and services, net
U.S. Government grants (excluding military grants of goods and services)
Private remittances and other transfers
91 954
5,578
21 690
38389
-37,453
6,505
19057
39,223
-40,181
36
37
38
39
40
U.S. official reserve assets, net 5
Gold ... .
Special drawing rights
Reserve position in the International Monetary Fund
Foreign currencies
9,149
-3,566
1,503
39
-7,380
2,272
1,503
39
-7,380
2,272
-509
2,070
7,588
474
1,025
-5,064
155
446
901
isb
69
-210
-35
202
7547
173
307
1,791
155
446
901
180
69
-210
-35
202
-7,547
173
307
1,791
41
42
43
44
U.S. Government assets, other than official reserve assets, net
U.S. credits and other long-term assets
Repayments on U.S. credits and other long-term assets 6
U.S. foreign currency holdings and U.S. short-term assets, net
1,162
6493
7,620
35
3,641
6558
10,007
192
996
1953
852
105
745
1,861
1,061
55
2,030
-1,451
3,404
77
3,352
-1,294
4,691
-45
-814
-1,953
1,034
105
-801
1,861
1,005
55
1,990
1,451
3,364
77
3,266
-1,294
4,605
-45
45
46
47
48
49
U.S. private assets net
86297
Direct investment
-44,455
Foreign securities
.. .
-4,456
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns....
3,145
U.S. claims reported by U S banks not included elsewhere
-40,531
-92,029
-20,435
7474
n.a.
-57,493
5,071
-7,255
4467
-315
17,108
-20,984
-2,178
1,529
-7,061
-13,274
-33,040
-4,403
1,554
749
-27,832
-43,077
6600
-2,982
n.a.
33495
5,817
6,509
-4,467
-315
17,108
-18,295
511
1,529
-7,061
-13,274
-33,833
-5,196
1,554
749
-27,832
45,718
9,241
-2,982
n.a.
-33,495
211,490
210,738
26,066
65,495
48,097
71,080
26,066
65,495
48,097
71,080
44,968
44,931
43,361
1,570
-2,824
3,901
-1,040
39,012
43,054
41,703
1,351
-1,278
-269
-2,495
24,670
27,580
27,701
-121
-123
-1,954
-833
5,946
6,065
5,863
202
-570
868
417
-2,534
3197
-3,769
572
-292
1,463
508
10,930
12,606
11,908
698
293
646
737
24,670
27,580
27,701
-121
123
-1,954
-833
5,946
6,065
5,863
202
-570
868
-417
-2,534
-3,197
3,769
572
-292
1,463
-508
10,930
12,606
11,908
698
-293
-646
737
166,522
41,977
7596
42,213
2,150
171,726
42,224
19,886
26,961
n.a.
1,395
7,347
6,887
2,379
2,015
59,549
13,061
5,457
9,797
113
50,631
8,395
3,412
7,948
1,650
60,150
13,420
4,130
6,837
n.a.
1,395
7,347
6,887
2,379
2,015
59,549
13,061
5,457
9,797
113
50,631
8,395
3,412
7,948
1,650
60,150
13,420
4,130
6,837
n.a.
87,778
78,877
-17,233
31,121
29,226
35,763
-17,233
31,121
29,226
35,763
18,461
16,548
535
9,199
28,852
3,640
4,428
3,893
-12,624
-3,425
23,733
-5,119
1,013
4,653
126 525
160 280
-140,519
121,748
-143,953 -125,280
-153,964 -135,332
31798
-29,176
-29,940
-32,179
30539
-31,864
-32,649
-34,606
32498
-35,443
-36,217
-38,560
-31,690
-25,265
-26,474
-29,986
35,187
-33,851
-34,759
-36,998
-30,152
-31,037
-31,856
33814
-29,170
-29,392
-30,264
32607
-32,016
-27,468
-28,400
-31,912
1,503
24,793
39
6,516
-7,380
-2,242
2,272
11,223
1,503
24,793
39
6,516
7380
-2,242
2,272
11,223
35 U S. assets abroad net (increase/capital outflow ( ))
50 Foreign assets in the United States, net (increase/capital inflow ( + )) .
51
52
53
54
55
56
57
Foreign official assets in the United States, net
U.S. Government securities
U.S. Treasury securities 7
Other 8
Other U.S Government liabilities 9
U.S. liabilities reported by U S banks not included elsewhere
Other foreign official assets 10
58
59
60
61
62
Other foreign assets in the United States net .
Direct investment
.. ..
U.S. Treasury securities
..
U.S. securities other than U.S Treasury securities
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking
concerns.
U.S. liabilities reported by U.S. banks, not included elsewhere
63
,
64 Allocations of special drawing rights
65 Statistical discrepancy (sum of above items with sign reversed)
65a
Of which seasonal adjustment discrepancy
66
67
68
69
Memoranda:
Balance on merchandise trade (lines 2 and 17) ..
Balance on goods and services (lines 1 and 16) ll
Balance on goods, services, and remittances (lines 67, 33, and 34)
Balance on current account (lines 67 and 31) 1 1
70
71
Transactions in U.S. official reserve assets and in foreign official assets in the
United States:
Increase (— ) in U.S. official reserve assets net (line 36)
Increase (+) in foreign official assets in the United States (line 51 less line 55) ..
See footnotes on page 51.
9,149
47,792
3566
40,290
SURVEY OF CURRENT BUSINESS
March 1989
41
Table 3.—U.S. Merchandise Trade
[Millions of dollars]
Seasonally adjusted
Not seasonally adjusted
Line
1988 p
1987
1987
III r
II
I
IV
III
II
1988
1987
1988
IV *
78,745
85,897
Ir
IV
III
II
II
r
III
r
IV"
A Balance of payments adjustments to Census
trade data:
EXPORTS
1 Merchandise exports, Census basis 1
including reexports and including military
grant shipments.
252,684 322,477
62,511
62,271
70,096
76,213
81,622
60,969
65,458
68,834
75,684
79,952
82,437
84,405
Adjustments:
2
Private gift parcel remittances
....
243
234
52
59
74
58
58
58
60
52
59
74
58
58
58
60
3
Gold exports, nonmonetary
.....
718
592
147
363
56
14
296
126
156
147
363
56
14
296
126
156
4
5
Inland U.S. freight to Canada
U.S.-Canadian reconciliation adjustments,
n.e.c., net 2.
Merchandise exports transferred under
U.S. military agency sales contracts
identified in Census documents 3.
Other adjustments net 4
1,607
1,847
423
399
418
453
473
458
463
399
411
421
457
447
475
468
6
7
-5,686 -5,220 -1,685 -1,396 -1,384 -1,076 -1,304 -1,472 -1,368 -1,685 -1,396 -1,384 -1,076 -1,305 -1,472 -1,368
-25
-19
6
14
3
6
52
-74
19
6
14
3
-6
52
-74
249,570 319,905
8 Equals: Merchandise exports, adjusted to
balance of payments basis excluding
"military" (table 1, line 2).
61,429
61,702
69,274
75,665
81,139
77,967
85,134
59,864
64,902
68,013
75,140
79,443
81,674
83,648
4
IMPORTS
9 Merchandise imports, Census basis 1 (general
imports).
406,043 440,965 100,807 103,299 108,826 105,571 109,748 109,778 115,868
98,899 103,429 107,675 108,434 107,664 110,157 114,709
Adjustments:
10
11
12
13
14
15
Electric energy
Gold imports, nonmonetary
Inland freight in Canada
U.S.-Canadian reconciliation adjustment,
n.e.c., net 2.
Merchandise imports of U.S. military
agencies identified in Census documents 3.
Other adjustments net 5
16 Equals: Merchandise imports, adjusted to
balance of payments basis, excluding
"military" (table 1, line 17).
986
2,133
1,739
767
3,576
2,164
-1,330 -1,671
279
629
242
170
451
-330
16
256
560
441
-370
251
247
1,139
429
219
1,573
530
172
1,460
600
-345
-395
-386
60
35
84
211
224
501
-445
196
165
319
533
-445
384
242
170
451
-330
16
256
560
441
-370
251
247
1,139
429
219
1,573
530
172
1,460
600
-345
-395
-386
60
35
84
211
224
501
-445
196
165
319
533
-445
384
409,850 446,430 101,324 104,436 110,356 107,463 111,678 110,465 116,824
99,416 104,567 109,205 110,327 109,595 110,844 115,664
249,570 319,905
B Merchandise trade, by area and country,
adjusted to balance6 of payments basis,
excluding military:
EXPORTS
1 Total, all countries (A-8)
61,429
61,702
69,274
75,665
81,139
77,967
85,134
59,864
64,902
68,013
75,140
79,443
81,674
83,648
68,758
59,660
6,141
7,959
11,548
5,468
8,058
13,791
6,695
9,098
86,809
74,854
7,361
10,025
14,085
6,686
10,028
18,129
8,540
11,955
17,091
14,824
1,454
1,969
2,716
1,435
1,889
3,597
1,764
2,267
15,862
13,721
1,587
1,857
2,650
1,174
1,756
3,254
1,443
2,141
18,781
16,194
1,613
2,281
3,208
1,450
2,132
3,652
1,858
2,587
21,587
18,664
1,832
2,613
3,583
1,610
2,548
4,438
2,040
2,923
22,166
19,081
1,799
2,441
3,675
1,775
2,399
4,692
2,300
3,085
19,994
17,262
1,768
2,378
3,148
1,503
2,289
4,227
1,949
2,732
23,062
19,847
1,962
2,593
3,679
1,798
2,792
4,772
2,251
3,215
16,664
14,460
1,411
1,912
2,647
1,407
1,867
3,486
1,730
2,204
16,682
14,442
1,657
1,942
2,788
1,235
1,882
3,396
1,542
2,240
18,469
15,912
1,591
2,254
3,158
1,427
2,057
3,616
1,809
2,557
21,493
18,574
1,831
2,610
3,566
1,601
2,515
4,439
2,012
2,919
21,678
18,667
1,751
2,378
3,591
1,741
2,374
4,565
2,267
3,011
20,892
18,049
1,839
2,472
3,291
1,569
2,418
4,399
2,061
2,843
22,744
19,562
1,940
2,566
3,636
1,774
2,720
4,726
2,200
3,182
61,092
27,604
7,403
73,116
37,241
9,474
15,888
6,486
1,915
14,206
7,515
1,913
16,672
7,794
1,940
17,719
8,724
1,911
19,346
9,244
2,159
17,206
9,557
2,484
18,845
9,716
2,920
15,399
6,378
1,851
14,796
7,959
1,993
16,550
7,557
1,923
17,728
8,592
1,910
18,823
9,118
2,093
17,873
10,090
2,576
18,691
9,441
2,895
2
3
4
5
6
7
8
9
10
11
Western Europe
European Communities
Belgium and Luxembourg
France
Germany, Federal Republic of
Italy
Netherlands
United Kingdom
Other
Western Europe, excluding EC
12
13
14
Canada 2
Japan
Australia, New Zealand, and South Africa ....
15
Eastern Europe
2,238
3,773
697
572
629
1,180
1,033
540
1,020
705
632
578
1,121
1,090
599
963
16
35,041
43,867
8,473
9,368
9,587
9,601
10,660
11,406
12,200
8,247
9,823
9,418
9,541
10,408
11,951
11,968
17
18
19
20
Latin America and Other Western
Hemisphere.
Brazil
Mexico
Venezuela
Other
4,119
14,582
3,548
12,792
4,293
20,660
4,559
14,355
909
3,557
842
3,165
1,320
3,744
984
3,320
1,163
3,935
1,055
3,434
983
4,284
999
3,335
1,194
5,028
1,040
3,398
1,053
5,398
1,239
3,716
1,063
5,950
1,281
3,906
882
3,456
822
3,087
1,372
3,916
1,036
3,499
1,143
3,882
1,032
3,361
985
4,265
989
3,302
1,160
4,905
1,017
3,326
1,090
5,657
1,303
3,901
1,058
5,833
1,250
3,827
21
22
23
24
25
26
27
28
29
30
Other countries in Asia and Africa
Asia
Members of OPEC
China
Hong Kong
Korea, Republic of
Singapore
Taiwan
Africa .
Members of OPEC
47,434
42,865
5,763
3,506
3,990
7,576
4,058
7,106
4,329
779
65,625
59,745
7,444
5,063
5,689
10,653
5,772
11,906
5,542
1,188
10,879
9,763
1,369
704
909
1,867
973
1,578
1,051
205
12,266
11,120
1,460
839
1,037
1,998
994
1,715
1,083
164
13,871
12,650
1,636
1,100
1,132
2,040
1,132
2,480
1,149
217
14,943
13,722
1,830
1,057
1,201
2,382
1,248
3,241
1,149
285
16,531
14,858
1,718
1,262
1,360
2,563
1,398
3,426
1,575
307
16,780
15,275
1,838
1,325
1,632
2,843
1,528
2,703
1,432
262
17,371
15,890
2,058
1,419
1,496
2,865
1,598
2,536
1,386
334
10,620
9,516
1,343
685
886
1,830
941
1,548
1,039
206
13,017
11,764
1,558
880
1,090
2,140
1,034
1,820
1,186
181
13,518
12,361
1,583
1,081
1,110
1,970
1,122
2,428
1,090
204
14,755
13,580
1,802
1,052
1,193
2,333
1,248
3,221
1,104
274
16,233
14,558
1,692
1,237
1,325
2,524
1,356
3,358
1,576
314
17,693
16,068
1,946
1,393
1,699
3,005
1,583
2,846
1,545
285
16,946
15,539
2,004
1,381
1,472
2,791
1,585
2,481
1,317
316
31
International organizations and unallocated
164,857 206,640
10,709 13,869
74,004 99,396
41,380
2,593
17,456
39,496
2,764
19,442
45,187
3,059
21,028
49,941
3,271
22,453
52,915
3,218
25,006
49,241
3,529
25,197
54,543
3,851
26,740
40,292
2,545
17,027
41,430
2,938
20,534
44,499
2,967
20,547
49,723
3,218
22,199
51,712
3,175
24,556
51,431
3,732
26,511
53,771
3,744
26,133
,
Memoranda:
32
33
34
Industrial countries 6
Members of OPEC 6
Other countries 6
See footnotes on page 51.
SURVEY OF CURRENT BUSINESS
42
March 1989
Table 3.—U.S. Merchandise Trade—Continued
[Millions of dollars]
Seasonally adjusted
Not seasonally adjusted
Line
1987
1988 f
II
I
IV
III
III r
II
1988
1987
1988
1987
IV P
lr
IV
III
II
II r
III r
rv p
B Merchandise trade, by area and country,
adjusted to balance of payments basis,
excluding military 6 —Continued:
IMPORTS
35 Total, all countries (A-16)
409,850 446,430 101,324 104,436 110,356 107,463 111,678 110,465 116,824
36
37
38
39
40
41
42
43
44
45
Western Europe
European Communities
Belgium and Luxembourg
France
Germany, Federal Republic of
Italy
Netherlands
United Kingdom
Other
Western Europe, excluding EC
46
47
48
Canada 2
Japan
Australia, New Zealand, and South Africa ....
49
Eastern Europe
50
51
52
53
54
Latin America and Other Western
Hemisphere.
Brazil
Mexico
Venezuela.. .
Other
55
56
57
58
59
60
61
62
63
64
Other countries in Asia and Africa .
Asia
Members of OPEC
China
Hong Kong
Korea, Republic of
Singapore
Taiwan
Africa
Members of OPEC
65
99,416 104,567 109,205 110,327 109,595 110,844 115,664
4,232
1,665
3,794
23,016
19,588
1,071
2,587
6,179
2,804
973
4,249
1,725
3,428
26,940
22,932
1,259
2,943
7,350
2,941
1,851
4,706
1,882
4,008
25,271
21,302
1,172
2,788
6,675
2,860
1,836
4,182
1,789
3,969
26,148
21,718
1,201
3,242
6,493
2,781
1,621
4,597
1,783
4,430
23,976
20,221
992
3,014
6,111
2,839
1,189
4,165
1,911
3,755
27,057
22,625
1,144
3,088
7,054
3,061
1,308
4,813
2,157
4,432
23,483
19,765
999
2,549
6,850
2,602
978
4,155
1,632
3,718
23,042
19,610
1,073
2,591
6,185
2,806
974
4,254
1,727
3,432
26,663
22,696
1,246
2,912
7,272
2,908
1,840
4,656
1,862
3,967
25,958
21,885
1,205
2,873
6,868
2,940
1,863
4,296
1,840
4,073
25,648
21,294
1,177
3,175
6,355
2,724
1,600
4,514
1,749
4,354
24,055
20,286
995
3,024
6,128
2,847
1,194
4,181
1,917
3,769
26,792
22,402
1,132
3,060
6,982
3,030
1,297
4,766
2,135
4,390
18,528
21,127
1,356
17,072
21,282
1,470
20,023
22,620
1,250
20,680
20,894
1,652
22,553
21,509
1,608
19,733
22,269
1,489
21,112
25,147
1,461
18,172
20,681
1,328
17,084
21,302
1,471
19,811
22,380
1,236
21,234
21,510
1,697
22,133
21,064
1,575
19,800
22,342
1,493
20,911
24,904
1,445
International organizations and unallocated-
.
96,215 102,452
81,527 85,866
4,224
4,509
10,450 12,132
26,952 26,333
11,035 11,541
5,954
4,806
17,209 17,757
7,640
6,851
14,688 16,586
23,964
20,170
1,017
2,604
6,999
2,657
84,078
89,819
6,210
73,647
84,548
5,354
1,919
2,158
489
500
504
514
625
478
541
482
501
499
526
616
481
535
47,314
51,388
11,726
12,113
12,607
12,706
12,813
12,954
12,915
11,550
12,136
12,479
13,007
12,600
13,001
12,779
8,178
20,322
5,642
13,172
9,439
23,272
5,185
13,492
1,858
5,197
1,375
3,296
2,264
5,005
1,532
3,312
2,347
5,440
1,424
3,396
2,358
5,703
1,205
3,440
2,283
5,896
1,418
3,216
2,542
5,668
1,332
3,412
2,256
6,005
1,230
3,424
1,823
5,109
1,373
3,245
2,268
5,015
1,538
3,315
2,324
5,385
1,409
3,361
2,418
5,850
1,217
3,522
2,238
5,790
1,413
3,159
2,550
5,688
1,340
3,423
2,233
5,944
1,215
3,387
100,853 110,325
90,178 100,925
11,522 11,315
8,519
6,298
9,833 10,244
16,962 20,168
7,961
6,152
24,605 24,874
10,595
9,331
5,937
5,284
24,134
21,602
2,335
1,516
2,280
4,339
1,454
6,209
2,510
1,426
28,983
25,640
3,894
1,721
2,918
4,696
1,648
6,713
3,324
1,945
26,412
23,493
3,171
1,488
2,557
4,451
1,723
6,204
2,893
1,623
25,746
23,326
2,913
1,814
2,209
4,511
1,755
5,913
2,400
1,299
26,422
23,934
2,640
1,892
2,300
4,798
1,924
6,145
2,473
1,543
29,566
27,258
2,964
2,373
2,891
5,530
2,078
6,676
2,267
1,253
28,591
26,407
2,798
2,440
2,844
5,329
2,204
6,140
2,191
1,189
23,720
21,196
2,328
1,484
2,232
4,251
1,424
6,078
2,502
1,429
29,031
25,677
3,905
1,722
2,922
4,705
1,650
6,720
3,335
1,952
26,137
23,248
3,140
1,470
2,530
4,407
1,706
6,139
2,863
1,608
26,395
23,949
2,942
1,865
2,275
4,644
1,807
6,085
2,428
1,308
25,959
23,484
2,626
1,856
2,252
4,698
1,885
6,017
2,459
1,540
29,672
27,352
2,982
2,381
2,900
5,548
2,085
6,694
2,280
1,262
28,298
26,140
2,765
2,417
2,817
5,278
2,184
6,078
2,164
1,174
259,764 282,559
24,367 23,015
125,719 140,856
64,975
5,372
30,977
62,840
7,654
33,942
70,833
6,635
32,888
68,497
5,727
33,239
71,818
5,887
33,973
67,467
5,856
37,142
74,777
5,545
36,502
63,664
5,361
30,391
62,899
7,678
33,990
70,090
6,570
32,545
70,399
5,784
34,144
70,420
5,861
33,314
67,690
5,891
37,263
74,052
5,478
36,134
42 734 -41,082
31 798
30 539
32498 -31,690 -39,552 -39,665 -41,192 -35,187 -30,152 -29,170
32,016
Memoranda:
Industrial countries 6
Members of OPEC 6
Other countries 6
66
67
68
BALANCE (EXCESS OF EXPORTS + )
69 Total all countries
-160,280 126 525 -39,895
70
71
72
73
74
75
76
77
78
79
Western Europe
European Communities
.
Belgium and Luxembourg
France.. .
Germany Federal Republic of
Italy
Netherlands
-27,457
-21,867
1,917
2491
15404
5567
3,252
3418
-156
-5,590
80
81
82
2 527 -2,267
2,220
1,927
Canada 2
2773 -2,288 -3,261 -3,506 -3,310
-12,555 10962
2640
2866 -3,351 -2,961 -3,207
Japan
-56,944 -52',578 -14,641 -13,767 14826 -12,170 -12,265 -12,712 15431 -14,303 -13,343 -14,823 12918 11946 -12,252 -15,463
1,450
1,083
518
213
687
Australia, New Zealand, and South Africa ....
522
523
1,459
995
259
690
559
3,264
2,049
443
551
83
Eastern Europe
62
479
84
-12,273 -7,521 -3,253 -2,745 -3,020 -3,105 -2,153 -1,548
-715
85
86
87
88
Latin America and Other Western
Hemisphere.
Brazil
Mexico
Venezuela
Other
89
90
91
92
93
94
95
96
97
98
Other countries in Asia and Africa
Asia
Members of OPEC
China
Hong Kong
Korea Republic of
Singapore
Taiwan
Africa
Members of OPEC .
-53,419
-47,313
-5,759
-2,792
-5,843
-9,386
-2,094
-17,499
-6,266
5158
99
International organizations and unallocated.
Other
5.
Western Europe excluding EC
319
-15,643
-11,012
2,852
-2,107
-12,248
-4,855
4,074
372
900
-4,631
1,615
-4,059 -5,146
5740 -2,612
-2,094
-626
380
863
-44,700
-41,180
3871
3456
-4,555
-9,515
-2,189
-12,968
-3,789
-4,096
-6,873
-5,346
437
-635
4283
-1,222
893
-635
99
-1,527
208
7 154
-5,867
516
-730
-3,529
-1,630
783
-995
-282
-1,287
72
3 982
3684
-8,159
6738
2*637
2638
598
660
354
-801
-175
-662
-4,142 -3,092 -2,818
-1,491 -1,250 -1,006
712
281
778
256
-1,054
95
517
24
251
-1,421 -1,046 -1,345
125
666
408
3995 -6,819 -6,360
-3,982
2778 -5,305 -5,168
-2,959
584
412
818
776
649
-637
-495
-636
3397
4203
-2,963 -3,375
-1,336 -1,263 -1,195 -1,571
908
889
1,484
1,100
858
669
-41
62
-185
98
94
38
-1,023 -1,217 -1,514 -1,192
118
428
-3,303 -2,313 -3,061 -3,466 -2,192 -1,050
-811
223
-941
-944 -1,184 -1,375 -1,089 -1,489 -1,193
-949
-55 -1,653
-270
-868
1 640 -1,261 -1,505 -1,419
551
-378
369
51
-93
-206
-548
533
158
482
304
182
-105
38
131
8
-13,255
-11,839
966
812
-1,371
-2,472
-481
-4,631
-1,459
-1,221
-16,717
-14,520
2434
882
-1,881
-2,698
-654
-4,998
-2,241
-1,781
3970 -3,163 -4,048
-8,194 -4,465
-6,784
3311 -2,627 -2,237 -2,840
808
844
574
626
345
-494
-552
-797
-263
-658
3,346
2837
4 114 -3,302 -2,764
-983 -1,278 -1,256
1339
-1,481
1,423
1,224
774
652
217
40
218
51
143
1 040
65
144
518
172
-53
-926 -1,208
1343
1 154
-1,410
-12,541 -10,803 -9,891 -12,786 -11,220 -13,100
9604
-10,843
9076 -11,983 10517 -11,680
922 -1,126
1 535 1 083
-985
740
1 021 -799
757
-388
630 -1,048
-1,425
1 348 -1,346
940 -1,259
1 008
2464 -2,421
2411 -2,129
2235 -2,687
-507
-591
-483
-606
-550
-526
-3,724 -2,672 -2,719 -3,973 -3,604 -4,530
-1,744 -1,251
-835
-898
-805 -1,463
-1,406 -1,014 -1,236
-855 -1,223
-991
131
79
-896 -1,181
1099 -1,503
-377
502
184
-16,014
-13,913
-2,347
-842
-1,832
-2,565
-616
-4,900
-2,149
-1,771
595
1433
1,585
-228
-220
-12,619 -11,640
10887 -10,369
1 557 -1,140
-813
-389
-1,420 -1,082
-2,437 -2,311
-559
-584
-3,711 -2,864
-1,773 -1,324
-1,404 -1,034
474
1078 -1,460 -1,175
-111
-31
-885
35
-37
-396
440
478
167
-9,726
-8,926
-934
-619
-927
-2,174
-529
-2,659
-883
-1,226
-11,979
11284
-1,036
-988
-1,201
-2,543
502
3848
-735
977
-11,352
-10,601
-761
-1,036
-1,345
-2,487
-599
-3,597
-847
-858
Memoranda:
100
101
102
Industrial countries 6
Members of OPEC 6
Other countries 6
See footnotes on page 51.
-94,907 75919 -23,595 -23,344
-13,658
9 146 -2,779 -4,890
-51,715 -41,460 -13,521 -14,500
25646 18 556
2456
3 576
11 860 -10,786
18903 -18,226 20234 23372
2816
2669 -2,327 -1,694
9762 -13,364
8967 -11,945
21 469 -25,591 20676 18708 -16,259 -20,281
1 734
2686 -2,159
2566
4740 -3,603
13456 -11,998 -11,945 -8,758 -10,752 -10,001
43
SURVEY OF CURRENT BUSINESS
March 1989
Table 3.—U.S. Merchandise Trade—Continued
[Millions of dollars]
Seasonally adjusted
Not seasonally adjusted
Line
1987
1988 "
II
III
IV
I
II
1988
1987
1988
1987
III r
IV "
II
III
IV
lf
II r
III'
IV P
C Merchandise trade, by principal end-use category, adjusted
to balance of payments basis, excluding military: 2
1 Merchandise exports, balance of payments basis, excluding
military (A-8).
249,570 319,905 61,429 61,702 69,274 75,665 81,139 77,967 85,134 59,864 64,902 68,013 75,140 79,443 81,674 83,648
2
3
Agricultural products •
Nonagricultural products
29,517 38,268 6,724 7,054 8,661 9,657 8,966 8,900 10,745 7,118 8,287 7,626 8,910 9,547 10,213 9,598
220,053 281,637 54,705 54,648 60,613 66,008 72,173 69,067 74,389 52,746 56,615 60,387 66,230 69,896 71,461 74,050
4
Foods, feeds, and beverages
24,588
Agricultural
Grains and preparations
Wheat
Corn
Soybeans
Meat products and poultry
Vegetables, fruits, nuts, and preparations .
Other agricultural foods, feeds, and beverages ..
13
14
Nonagricultural (fish, distilled beverages, etc.)
Fish and shellfish
15
Agricultural
Raw cotton
Tobacco, unmanufactured
Hides and skins, including furskins
Other agricultural industrial supplies
21
22
23
24
25
Nonagricultural
Energy products
Fuels and lubricants 7
Coal and related fuels
Petroleum and products
26
27
28
29
30
Paper and paper base stocks
Textile supplies and related materials
Chemicals, excluding medicinals
Building materials, except metals
Other nonmetals
31
32
33
34
35
36
37
38
6,411
7,026
7,694
7,607
8,404
9,192
5,876
7,022
6,347
7,426
8,119
8,919
8,433
5,137
2,564
749
944
718
454
754
647
5,639
2,739
1,093
772
933
457
754
756
6,545
2,731
822
855
1,547
547
969
751
7,243
3,569
1,189
977
1,578
459
833
804
7,042
3,702
1,301
1,185
920
597
894
929
7,292
3,831
1,348
1,368
880
765
881
935
8,693
4,350
1,303
1,612
1,503
811
1,075
954
5,390
2,727
826
925
782
462
782
637
6,565
2,846
914
960
1,688
471
832
728
5,751
2,589
863
737
1,075
507
809
771
6,790
3,429
1,284
897
1,154
483
897
827
7,428
3,912
1,409
1,151
1,066
611
919
920
8,270
4,025
1,096
1,702
1,596
788
960
901
7,782
4,086
1,352
1,392
1,065
751
907
973
2,627
2,161
409
310
772
673
481
367
451
347
565
430
1,112
1,000
499
384
486
387
457
364
596
481
636
523
691
558
649
546
651
535
6,344
1,651
1,091
1,731
1,791
88,948 17,300 17,273 18,819 21,594 23,117 21,818 22,419 16,847 17,742 18,674 21,651 22,597 22,334 22,366
7,334
1,990
1,253
1,819
2,173
1,455
382
247
452
357
1,292
341
132
385
420
1,975
556
389
424
579
2,228
751
396
523
535
1,739
543
296
454
412
1,479
280
215
420
543
1,888
416
346
422
683
1,593
391
329
428
428
1,584
470
187
459
454
1,735
507
238
464
499
1,954
608
395
425
503
1,932
588
377
430
503
1,796
408
289
497
581
1,652
386
192
467
586
62,771
9,221
9,211
3,503
4,667
7,483
4,414
25,322
5,692
8,536
1,512
952
5,234
985
1,617
1,567
892
5,228
1,118
1,543
1,527
922
5,293
1,183
1,696
1,786
1,045
6,108
1,274
1,950
1,848
1,102
6,388
1,549
2,211
1,914
1,112
6,585
1,422
2,052
1,935
1,155
6,241
1,447
2,323
1,461
905
5,014
951
1,563
1,571
927
5,224
1,168
1,555
1,562
927
5,493
1,189
1,729
1,809
1,053
6,124
1,241
1,957
1,784
1,048
6,122
1,500
2,145
1,911
1,155
6,570
1,488
2,069
1,979
1,158
6,506
1,461
2,365
12,843
1,244
1,390
6,401
2,598
434
3,369
3,808
i
81,614 15,845 15,981 16,844 19,366 21,378 20,339 20,531 15,254 16,158 16,939 19,697 20,665 20,538 20,714
9,744 2,429 2,313 2,483 2,030 2,547 2,566 2,601 2,358 2,361 2,315 2,232 2,471 2,603 2,439
9,698 2,426 2,310 2,480 2,020 2,539 2,550 2,589 2,355 2,357 2,313 2,222 2,463 2,586 2,427
1,218
924 1,048 1,138
917
820
806
714 1,147 1,224 1,243
952
4,328
905
901
1,035
1,107 1,179 1,119
994 1,169 1,209 1,236 1,130
1,161
4,440 1,192 1,100 1,259 1,116
5,961
3,641
20,482
4,246
6,377
Metals and nonmetalic products
Steelmaking materials
Iron and steel products
Nonferrous metals
Nonmonetary gold
Other precious metals
....
Other nonferrous metals
*
Other metal and nonmetalic products . .
39
5,546
30,270
15,452
5,141
5,142
4,881
2,632
3,683
3,622
69,115
Industrial supplies and materials
16
17
18
19
20
32,897
22,608
10,485
3,268
3,250
4,330
1,856
3,163
2,774
1,980
1,587
5
6
7
8
9
10
11
12
20,423
1,689
2,184
11,909
5,763
533
5,613
4,641
3,116
341
348
1,439
485
127
827
988
3,320
314
345
1,654
702
115
837
1,007
3,740
377
373
2,012
936
108
968
978
5,173
284
416
3,390
2,202
144
1,044
1,083
5,733
511
489
3,550
1,951
136
1,463
1,183
4,688
444
523
2,567
906
122
1,539
1,154
4,829
450
756
2,402
704
131
1,567
1,221
3,002
310
336
1,417
485
125
807
939
3,352
311
355
1,678
702
126
850
1,008
3,724
357
375
1,999
936
105
958
993
5,281
364
412
3,398
2,202
133
1,063
1,107
5,595
466
476
3,524
1,951
133
1,440
1,129
4,742
437
545
2,598
906
135
1,557
1,162
4,806
422
751
2,390
704
133
1,553
1,243
88,100 111,956 21,390 22,155 24,654 26,330 28,118 27,195 30,313 20,812 23,337 24,120 26,335 27,433 28,556 29,632
Capital goods, except automotive
Machinery, except consumer-type
Electric generating machinery, electric apparatus, and
parts.
Nonelectric, including parts and attachments
Oil drilling, mining, and construction machinery
Industrial engines, pumps, and compressors
Machine tools and metalworking machinery .
Measuring, testing, and control instruments
Other industrial, agricultural, and service industry
machinery.
42
43
44
45
46
47
48
49
50
51
52
70,647
8,431
89,741 17,531 17,541 19,861 21,233 22,103 22,152 24,253 17,024 18,131 19,598 21,503 21,466 22,889 23,883
10,786 2,126 2,066 2,350 2,574 2,732 2,683 2,797 2,044 2,137 2,362 2,574 2,625 2,777 2,809
62,218
4,757
3,089
2,036
4,223
13,888
78,955 15,405 15,476 17,512 18,659 19,371 19,469 21,456 14,980 15,995 17,237 18,929 18,841 20,112 21,074
6,178 1,185
1,331 1,469 1,494 1,557 1,658 1,127 1,235 1,329 1,482 1,426 1,615 1,655
1,188
935
988
867
818 1,056
825
732
960 1,004
876
876 1,005
739
3,845
794
714
631
588
532
522
520
519
602
721
2,464
611
530
527
541
496
1,322
1,318
1,234 1,251
5,125 1,068 1,063 1,152
1,205 1,264 1,291 1,365 1,060 1,085 1,118
17,984 3,520 3,430 3,842 4,256 4,496 4,450 4,782 3,352 3,567 3,840 4,299 4,290 4,627 4,769
Computers, peripherals and parts
Semiconductors
Telecommunications equipment
Other office and business machines
Scientific, hospital, and medical equipment and
parts.
40
41
17,357
5,434
4,667
1,432
4,005
21,723
7,085
5,897
1,562
5,052
4,194
1,345
1,143
344
1,003
4,281
1,446
1,151
371
982
5,047
1,530
1,328
391
1,081
5,301
1,574
1,379
365
1,230
5,305
1,750
1,455
389
1,208
5,209
1,860
1,466
410
1,243
5,908
1,901
1,597
398
1,371
4,150
1,262
1,120
340
994
4,493
1,430
1,170
375
1,020
4,834
1,595
1,316
387
1,072
5,386
1,623
1,398
370
1,206
5,256
1,637
1,424
385
1,196
5,467
1,841
1,498
414
1,291
5,614
1,984
1,577
393
1,359
15,871
7,525
1,582
20,457
10,289
1,758
3,440
1,475
419
4,214
2,084
400
4,397
2,092
396
4,671
2,380
426
5,598
3,119
417
4,628
2,088
415
5,560
2,702
500
3,377
1,392
411
4,805
2,629
401
4,122
1,871
400
4,401
2,127
431
5,557
3,043
410
5,253
2,657
414
5,246
2,462
503
53
54
55
Civilian aircraft, engines, parts
Civilian aircraft, complete, all types
Other transportation equipment
56
Automotive vehicles, parts, and engines
.
26,290
33,144
6,783
5,672
7,541
8,207
8,864
7,284
8,789
6,213
6,352
7,635
7,900
8,248
8,213
8,783
57
58
59
60
61
To CanadaPassenger cars, new and used
Trucks, buses, and special purpose vehicles
Engines and engine parts
Other parts and accessories
19,302
6,274
2,564
1,868
8,596
23,178
7,878
2,765
2,069
10,466
5,043
1,854
699
498
1,992
4,039
1,145
647
400
1,847
5,546
1,876
762
468
2,440
6,049
1,961
771
575
2,742
6,369
2,173
754
548
2,894
4,961
1,717
645
443
2,156
5,799
2,027
595
503
2,674
4,538
1,554
604
459
1,921
4,611
1,422
679
460
2,050
5,714
1,990
811
474
2,439
5,726
1,818
780
540
2,588
5,840
1,857
656
504
2,823
5,661
2,078
684
516
2,383
5,950
2,125
645
509
2,671
62
63
64
65
66
To other areas
<
Passenger cars, new and used
Trucks, buses, and special purpose vehicles
Engines and engine parts .:
Other parts and accessories
6,988
1,167
732
932
4,157
9,966
2,442
1,065
1,224
5,235
1,740
301
161
227
1,051
1,633
204
153
218
1,058
1,995
421
243
257
1,074
2,158
516
230
246
1,166
2,495
609
273
299
1,314
2,323
472
246
319
1,286
2,990
845
316
360
1,469
1,675
299
155
218
1,003
1,741
289
151
223
1,078
1,921
345
235
255
1,086
2,174
490
253
248
1,183
2,408
608
261
287
1,252
2,552
667
246
328
1,311
2,833
677
306
361
1,489
67
Consumer goods (nonfood), except automotive
68
69
70
71
72
73
74
75
Consumer nondurables, manufactured
Medical, dental, and pharmaceutical preparations,
including vitamins.
Consumer durables manufactured
Household and kitchen appliances and other
household goods.
Unmanufactured consumer goods (gem stones, nursery
stock).
Exports n.e.c., and reexports
Other domestic exports and balance of payments
adjustments not included above (minimum value
shipments and miscellaneous exports).
Foreign (reexports)
See footnotes on page 51.
17,952
23,800
4,549
4,545
4,780
5,285
5,952
6,049
6,514
4,383
4,649
4,813
5,295
5,734
6,210
6,561
10,312
3,393
12,813
4,144
2,608
886
2,697
858
2,661
795
2,904
961
3,203
1,032
3,303
1,057
3,403
1,094
2,553
851
2,687
876
2,710
836
2,908
914
3,133
995
3,300
1,089
3,472
1,146
6,576
2,684
9,398
3,724
1,694
666
1,585
678
1,803
731
2,066
849
2,366
911
2,370
928
2,596
1,036
1,593
647
1,680
694
1,800
736
2,067
846
2,228
887
2,517
949
2,586
1,043
794
1,088
195
214
216
243
273
282
290
185
232
203
248
263
299
277
23,525
29,160
5,861
5,646
6,454
6,555
7,481
7,217
7,907
5,733
5,800
6,424
6,533
7,312
7,442
7,873
14,621
17,219
3,576
3,464
3,996
3,950
4,448
4,253
4,568
3,497
3,564
4,006
3,912
4,353
4,375
4,578
8,904
11,941
2,285
2,182
2,458
2,605
3,033
2,964
3,339
2,236
2,236
2,418
2,621
2,959
3,067
3,295
44
SURVEY OF CURRENT BUSINESS
March 1989
Table 3.—U.S. Merchandise Trade—Continued
[Millions of dollars]
Seasonally adjusted
Not seasonally adjusted
Line
1987
1988 '
II
III
IV
I
II
1988
1987
1988
1987
III r
IV P
II
III
IV
lr
II r
III r
IV P
C Merchandise trade, by principal end-use category,
adjusted 2 balance of payments basis, excluding
to
military: — Continued:
76 Merchandise imports, balance of payments basis,
excluding military (A-16).
409,850 446,430 101,324 104,436 110,356 107,463 111,678 110,465 116,824
77
78
Petroleum and products
Nonpetroleum products
42,882 39,291
366,968 407,139
79
Foods, feeds, and beverages
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
Agricultural
Coffee, cocoa, and sugar
.
Green coffee
Meat products and poultry
Vegetables, fruits nuts, and preparations
Wine and related products ...
Other agricultural foods, feeds, and beverages
Nonagricultural (fish, distilled beverages, etc)
Fish and shellfish
Whiskey and other alcoholic beverages
Industrial supplies and materials
Agricultural
Nonagricultural products
Energy products
Fuels and lubricants 7
Paper and paper base stocks
Textile supplies and related materials
Chemicals, excluding medicinals
Building materials, except metals
Other nonmetals
Metals and nonmetallic products
Steelmaking materials
Iron and steel products
Nonferrous metals
Nonmonetary gold
Other precious metals
Bauxite and aluminum
Other nonferrous metals
Other metalic and nonmetalic products
Capital goods, except automotive
Transportation equipment, except automotive
Civilian aircraft, engines, parts ..
Civilian aircraft, complete, all types
Automotive vehicles parts, and engines
24,749 24,803
6,227
6,052
6,405
6,519
5,901
6,041
6,342
6,215
6,199
6,285
6,470
5,913
6,211
6,209
17,107
3,130
2,285
3,461
4,564
1,888
4,064
7,696
5,327
1,525
4,302
995
768
866
1,124
473
844
1,925
1,392
302
3,936
819
620
846
922
465
885
2,116
1,498
329
4,269
897
633
800
1,005
543
1,024
2,136
1,451
433
4,633
877
635
1,058
1,391
410
897
1,886
1,311
359
3,977
652
483
869
1,055
494
907
1,924
1,355
317
4,207
853
659
790
982
488
1,094
1,834
1,279
357
4,290
748
508
744
1,136
496
1,166
2,052
1,382
492
4,261
988
768
866
1,064
459
884
1,954
1,381
344
4,156
857
620
846
1,110
455
889
2,043
1,436
330
4,247
912
633
800
1,122
480
934
2,038
1,431
340
4,440
831
635
1,058
1,108
499
944
2,030
1,400
415
3,955
660
483
869
997
480
949
1,958
1,347
362
4,445
892
659
790
1,189
473
1,101
1,766
1,223
354
4,268
747
508
744
1,271
436
1,070
1,941
1,358
395
114,090 122,251 27,110 30,252 31,029
30,935
31,175 31,245
31,082
29,967
29,957
16,768
3,664
2,710
3,305
4,356
1,863
3,580
7,981
5,589
1,407
2,100
1,373
2,455
1,901
1,417
2,205
1,386
2,356
1,979
1,329
2,361
1,432
2,678
1,812
1,392
2,508
1,370
3,114
1,734
1,250
2,615
1,408
3,207
1,967
1,316
2,681
1,358
2,963
1,899
1,260
2,433
1,366
3,121
1,722
1,344
2,120
1,312
2,368
1,749
1,347
2,236
1,372
2,450
1,861
1,338
2,297
1,496
2,742
1,936
1,431
2,521
1,391
3,018
1,880
1,276
2,648
1,342
3,105
1,806
1,253
2,704
1,349
3,094
1,790
1,271
2,364
1,420
3,188
1,846
1,370
27,415 34,962
1,273 1,938
10,960 12,599
11,874 15,461
3,781 4,868
2,021
1,889
2,976 3,728
3,228 4,844
3,308 4,964
6,282
315
2,737
2,406
472
437
729
768
824
6,747
334
2,647
2,964
903
496
744
822
802
8,048
412
2,821
3,910
1,651
494
835
930
905
9,061
413
3,089
4,345
1,872
452
893
1,128
1,214
9,337
478
3,199
4,395
1,765
537
932
1,161
1,265
8,005
523
3,143
3,128
559
461
965
1,143
1,211
8,559
524
3,168
3,593
672
571
938
1,412
1,274
5,976
282
2,622
2,280
472
437
656
715
792
6,738
301
2,613
3,017
903
496
748
870
807
8,085
401
2,819
3,951
1,651
494
896
911
914
9,384
552
3,229
4,383
1,872
452
890
1,169
1,220
8,957
429
3,070
4,240
1,765
537
839
1,099
1,218
8,000
458
3,114
3,204
559
462
978
1,205
1,224
8,623
499
3,186
3,636
672
571
1,022
1,371
1,302
25,585 27,100 20,594
21,739
23,299 24,075 25,167
25,667
26,740
18,670 19,617 21,143 22,389 22,751
2,435 2,409 2,534 2,693 2,818
23,556
3,015
24,633
3,095
84,787 101,649 20,863
93,329 18,948
11,621 2,486
8,320
7,544
2,695
4,507
2,171
2,223
1,033
832
4,332
2,335
2,135
993
766
4,471
2,719
2,275
925
843
4,618
2,934
2,399
1,000
873
4,979
2,980
2,583
1,170
924
3,505
1,862
1,963
822
725
3,900
2,024
2,104
925
738
4,238
2,203
2,144
993
787
4,390
2,393
2,297
993
793
4,559
2,661
2,293
974
853
4,784
2,898
2,312
1,000
885
4,667
3,016
2,490
1,120
875
1,915
1,658
557
2,099
1,658
541
2,156
1,888
703
1,726
1,572
365
2,403
2,106
939
2,080
1,913
734
2,111
1,953
657
1,924
1,674
557
2,122
1,678
542
2,156
1,882
702
1,686
1,535
365
2,416
2,127
940
2,111
1,940
734
2,107
1,942
657
19,197 23,067 21,330
22624
21,110 21,582
23,357
7,180
3,423
1,403
502
1,852
8,153
3,916
1,634
518
2,085
7,172
3,169
1,644
432
1,927
7,324
3,005
1,672
552
2,095
60,627 58,715 16,147 14,376
37,728 33,780 10,190 9,028
5,497 4,275 1,582
1,087
874
947
3,696 4,556
13,706 16,104 3,428 3,387
147
148
149
Imports, n.e.c., and U.S. goods returned
U.S. goods returned
Other products, including balance of payments
adjustments not included above (minimum value
shipments and miscellaneous imports).
See footnotes on page 51.
17,208 18,609 19,696 19,933 20,541 21,538
956
967
997
889 1,067
814
970 1,089
780
765
777
662
983
838
846
823 1,001
753
741
756
718
725
686
623
4,665 5,069 5,272 5,252 5,146 5,586
3,750
2,080
2,180
927
730
From other areas
Passenger cars new and used
Trucks, buses, and special purpose vehicles
Engines and engine parts
Other parts and accessories
88,676
39,313
20,511
5,557
44,863
16,071
24,989
3,152
3,432
1,903
1,944
785
719
85,151 87,869 22,454
Consumer goods (nonfood), except automotive
Consumer nondurables manufactured
Textile apparel and household goods, except rugs....
Footwear of leather, rubber, and other materials
Consumer durables, manufactured
Household and kitchen appliances and other
household goods.
Toys, shooting, and sporting goods, including
bicycles.
Television and video receivers
Radio and stereo equipment, including records,
tapes, and disks.
Unmanufactured consumer goods (gemstones,
nursery stock).
23,487 25,477
19,635 21,444 21,761 23,074 23,505
2,407 2,585 2,582 2,877 3,010
81,709 16,462 17,228 18,859 19,179 20,197 20,496 21,837 16,235
762
922
1,002
1,058
853 1,005
814
843
3,987
640
966 1,030
844
764
730
692
3,604
663
856
996
883
834
850
939
793
858
3,668
602
781
722
734
703
708
614
606
2,940
21,256 4,701 4,656 4,968 5,207 5,478 5,099 5,472 4,498
14,876 18,400
7,779 10,968
9,392
8,121
3,525 4,088
2,950 3,406
7,645
6,506
2,027
21,734 23,600
132
133
134
135
136
146
26,505 30,457
10,237
5,502
12,405
7,322
5,170
8,778
5,422
9,918
7,310
5,483
24524 29,154
10,195 13,257
5,245 6,077
1,720 1,976
7,364 7,844
144
145
31,801 29,691 29,824
942
884
778
768
782
749
769
924
805
857
756
667
770
787
3,093 3,373
110,997 118,878 26,340 29,585 30,273 30,078 31,014 28,886 28,900 25,736 29,708 30,393 30,477 30,304 29,083 29,015
46,673 43,280 10,812 13,583 12,550 11,041 11,164 10,720 10,355 10,864 13,713 12,406 11,007 11,193 10,875 10,204
45,687 42,512 10,571 13,327 12,303 10,822 10,991 10,509 10,190 10,622 13,457 12,160 10,788 11,021 10,664 10,039
From Canada
Passenger cars, new and used
Trucks, buses, and special purpose vehicles
Engines and engine parts
Other parts and accessories
143
9,235
9,838
12,759 11,288 9,960 10,258
91,808 97,917 100,367 99,337 101,006 106,429
12,712
91,724
127
128
129
130
131
137
138
139
140
141
142
11,401 9,899 10,270 9,770 9,352 10,075
98,955 97,564 101,408 100,695 107,472 89,341
10,058
91,266
Machinery, except consumer-type
77,142
Electric generating machinery, electric apparatus
9,630
and parts.
Nonelectric, including parts and attachments
67,512
Oil drilling, mining, and construction machinery- 3,209
Industrial engines, pumps, and compressors
2,732
Machine tools and metalworking machinery
3,291
Measuring, testing, and control instruments
2,470
Other industrial, agricultural, and service
18,559
industry machinery.
Computers, peripherals, and parts
Semiconductors
Telecommunications equipment
Other office and business machines
Scientific, hospital, and medical equipment and
parts.
99,416 104,567 109,205 110,327 109,595 110,844 115,664
6,307
2,538
1,366
423
1,980
4,821
1,639
1,250
368
1,564
6844
3^098
1,411
464
1,871
16,223 14,150
10334 8,033
1,150
1,226
948 1,080
3,887
3,715
19644 24,271 20,992 21,021
6,137
2,638
1,362
386
1,751
7 684
3,280
1,678
570
2,156
5831
2,320
1,211
405
1,895
5,596
1,986
1,487
408
1,715
22,183 21,820
6546
2,87]
1,409
453
1,813
7,149
3,523
1,312
490
1,824
7,508
3,560
1,449
501
1,998
14,471 13,507 16,587 15,161 15,425 15,637 14,671 13,602 14,410 16,033
8,145 7,633 9,969 9,393 9,947 9,716 8,545 7,494 8,375 9,365
929 1,148
1,048
1,150
1,226
1,087
1,582
929 1,148
1,048
1,224
1,078
1,164
941 1,091
908
912
1,040 1,227
1,209
4,069 3,905 4,243 3,274 3,483 3,754 3,885 3,896 4,028 4,296
96,307 21594 24,156 22,968 22,120 22,599 26,163 25,425 22,202 22,029 23,005 23,547
42,969 9,657 11,111 9,576 10,183 10,144 12,107 10,535 9921 9,734 10,248 10,540
5,068 5,241 5,129
20,891 5,027 5,965 4,631 5,140 4,836 5,962 4,953 5,192
1,444 1,466
1,384
1,365
1,370
1,636
1,455
1,504
1,435
1,438
5,899 1,379
47,780 10,860 11,857 12,256 10,584 11,109 12,644 13,443 11,155 11,155 11,638 11,646
17,207 4,051 4,192 4,177 4,103 4,218 4,392 4,494 4,095 3,992 4,126 4,314
23,182 23,988 25,590
10,382 10,715 11,332
5,681
4,975 5,107
1,430
1,496 1,507
11,403 11,894 12,837
4,257 4,176 4,460
7,193
7,979
1,736
2,115
1,914
1,644
1,849
2,234
2,252
1,784
1,862
1,868
1,927
1,888
1,952
2,212
6,405
4,846
5,833
5,651
1,551
1,117
1,626
1,309
1,665
1,417
1,295
1,106
1,230
1,312
1,574
1,553
1,734
1,680
1,585
1,180
1,513
1,170
1,574
1,333
1,433
1,287
1,261
1,387
1,474
1,392
1,664
1,586
4,500
5,558
1,077
1,188
1,136
1,353
1,346
1,412
1,447
1,125
1,141
1,120
1,361
1,397
1,379
1,421
12,397
7,187
5,210
13,551
7,858
5,693
3,076
1,735
1,341
3,045
1,739
1,306
3,287
1,936
1,351
3,072
1,742
1,330
3,276
1,906
1,370
3341
1,976
1,365
3,862
2,234
1,628
2,908
1,654
1,254
3,122
1,792
1,330
3,258
1,875
1,383
3,170
1,830
1,340
3,141
1,824
1,317
3,429
2,042
1,387
3,811
2,161
1,650
45
SURVEY OF CURRENT BUSINESS
March 1989
Table 4.—Selected U.S. Government Transactions
[Millions of dollars]
1988
1987
Line
1987
Al U.S. Government grants (excluding military) and transactions increasing Government assets, total
1988"
16,469
16,419
3,231
10,011
2,816
7,195
10,052
3,165
6,888
I
III r
IV P
3,764
3,717
4,851
2,239
994
1,245
1,958
681
1,278
2,343
705
1,638
3,512
785
2,727
II
I
III
IV
4,213
4,187
4,838
4,087
2,100
715
1,386
2,241
683
1,558
2,125
611
1,514
3,545
807
2,739
II
By category
2
3
4
Grants, net (table 1, line 32, with sign reversed)
Financing military purchases *
Other grants
5
6
7
8
9
Credits and other long-term assets (table 1 line 42 with sign reversed)
Capital subscriptions and contributions to international financial institutions, excluding IMF
Credits repayable in U S dollars
Credits repayable in other than U S dollars
Other long-term assets 8 . . .
6,493
1,212
4,716
115
450
6,558
1,314
4,850
53
342
978
189
685
-6
109
2,112
282
1,693
19
118
2,060
407
1,484
61
107
1,342
333
853
41
115
1,953
279
1,685
11
(*)
1,861
298
1,446
6
110
1,451
325
977
57
92
1,294
412
742
1
139
10
11
Foreign currency holdings and short-term assets net (table 1 line 44 with sign reversed)
Foreign currency holdings (excluding administrative cash holdings) net
Receipts from:
Sales of agricultural commodities
Interest
.
Repayments of principal
,
Reverse grants
Other sources
Less currencies disbursed for:
Grants and credits in the recipient's currency
Other grants and credits
Other U.S. Government expenditures
,
,
,
Assets acquired in performance of U.S. Government guarantee and insurance obligations, net
Other assets held under Commodity Credit Corporation Charter Act, net
2
Assets financing military sales contracts, net
Other short-term assets (including changes in administrative cash holdings), net
,
-35
-129
-192
-101
153
-66
-140
-20
2
5
-49
47
-105
-13
55
47
77
11
45
-31
17
36
60
2
34
7
5
14
20
24
17
12
14
11
14
4
12
16
(*)
12
21
8
10
9
(*)
3
15
12
13
14
15
16
17
18
19
20
21
22
23
45
76
54
12
6
4
3
3
2
1
1
3
1
15
4
1
1
7
7
(*)
3
(*)
(*)
301
236
(*)
211
-88
(*)
112
165
(*)
61
-134
(*)
45
45
(*)
83
161
(*)
44
-171
(*)
77
-8
(*)
40
-5
(*)
49
97
(*)
-3
54
15
-48
-162
79
(*)
61
-21
-141
By program
24
25
26
27
28
29
30
31
32
Capital subscriptions and contributions to international financial institutions, excluding IMF
Under Agricultural Trade Development and Assistance Act and related programs
Under Foreign Assistance Act and related programs
;
Under Export-Import Bank Act
Under Commodity Credit Corporation Charter Act
Under other grant and credit programs
Other foreign currency assets acquired (lines A13, A14, and A16)
,
Less foreign currencies used by U S. Government other than for grants or credits (line A19)
Other (including changes in administrative cash holdings) net
1,314
1,738
11,350
711
291
786
102
211
338
189
239
2,230
152
212
114
46
112
162
282
374
2,767
486
76
122
37
61
130
407
590
2,640
199
209
93
32
45
61
333
417
3,609
153
217
212
28
83
-47
279
320
3,062
152
79
130
28
44
81
298
494
2,554
152
80
121
34
77
108
325
511
2,286
295
42
246
22
40
30
412
413
3,448
111
90
289
18
50
120
33
34
35
36
37
38
39
40
41
42
2,353
1,325
426
457
218
3,214
1,066
948
809
499
3,183
1,520
501
868
504
2,869
1,438
597
674
272
3,278
1,289
1,215
539
108
2,848
1,074
840
726
332
2,742
1,302
677
521
179
2,752
1,427
827
423
111
239
88
173
1
310
306
151
364
111
266
-1
402
40
206
1
431
175
109
-2
394
157
136
1
342
84
211
(*)
312
19
111
(*)
4
5
38
4
4
7
13
5
44
Estimated transactions involving no direct dollar outflow from the United States
11,617 11,620
Expenditures on U.S. merchandise
,
...
5,092
5,350
Expenditures on U.S. services 4
2,472
3,560
Financing of military sales contracts by U.S. Government 5 (line C6)
2,807
2,209
By long-term credits 1
730
1,492
By short-term credits
By grants 1
1,315
1,479
U.S. Government grants and credits to repay prior U.S. Government credits 1 *
434
545
U.S. Government long- and short-term credits to repay prior U.S. private credits 6 and other assets796
568
3
Increase in liabilities associated with U.S. Government grants 7and transactions increasing
1
Government assets (including changes in retained accounts) (line Cll).
l
Less receipts on short-term U.S. Government assets (a) financing military sales contracts, (b)
29
52
financing repayment of private credits and other assets, and (c) financing expenditures on U.S.
merchandise.
Less foreign currencies used by U.S. Government other than for grants or credits (line A19)
211
301
45
Estimated dollar payments to foreign countries and international financial institutions
1,212
1,621
11,246
990
713
540
142
301
306
By disposition 3
43
Bl Repayments on U.S. Government long-term assets, total (table 1, line 43)
2
3
4
5
6
7
Receipts of principal on U.S. Government credits
Under Agricultural Trade Development and Assistance Act and related programs .
Under Foreign Assistance Act and related programs
Under Export-Import Bank Act
Under Commodity Credit Corporation Charter Act
Under other credit programs
8
Receipts on other long-term assets 8
Cl U.S. Government liabilities other than securities total net increase ( + ) (table 1 line 55)
2
3
4
5
6
7
8
9
10
Associated with military sales contracts 2
U.S. Government cash receipts from foreign governments (including principal repayments on
credits financing military sales contracts), net of refunds 1.
Less U.S. Government receipts from principal repayments
Less U.S. Treasury securities issued in connection with prepayments for military purchases in the
United States.
Plus financing of military sales contracts by U S Government 5 (line A36)
By long-term credits 1
By short-term credits
By grants 1
Less transfers of goods and services (including transfers financed by grants for military purchases,
and by credits) * 2 • (table 1, line 3).
11
Associated with U.S. Government grants and transactions increasing Government assets (including
changes in retained accounts) 7 (line A42).
12
13
14
15
Associated with other liabilities
Sales of nuclear material by Department of Energy
Sales of space launch and other services by National Aeronautics and Space Administration
Other sales and miscellaneous operations
See footnotes on page 51.
112
61
45
83
44
77
40
49
4,854
4,799
880
1,001
1,001
1,972
809
916
975
2,099
7,620
10,007
1,012
1,862
2,353
2,392
852
1,061
3,404
4,691
7,171
275
2,340
4,285
151
120
9,667
453
7,672
1,312
109
122
901
31
250
564
47
9
1,750
53
357
1,313
25
1
2,241
46
601
1,543
46
5
2,279
145
1,131
865
33
105
850
123
386
324
11
6
944
90
369
431
52
1
3,292
118
2,832
293
45
5
4,581
122
4,085
264
1
110
449
341
111
113
112
113
2
116
-2,824 -1,278 -1,337 -1,309
-287
108
123
-570
-292
-293
112
110
1325 -1,136
2,223
1,971
-217
1,723
150
1,951
-151
1,604
-538
1,366
310
3,831
-267
3,527
161
262
160
700
387
-324
594
-266
184
-371
139
-152
1,417
606
1,749
293
2,209
730
457
218
809
499
868
504
674
272
539
108
726
332
521
179
423
111
1,315
11,529
1,479
9,938
239
3,330
310
3,307
364
2,745
402
2,147
431
2,482
394
2,642
342
2,640
312
2,175
1
-3
1
-1
1
2
1
(')
(*)
298
-75
68
-155
9
17
-1
-25
13
27
14
1
69
-3
-29
-38
-43
-20
2
-26
31
20
3
48
-32
-11
-1
-20
18
46
-2
-27
-26
2
1
-26
2527
7,868
1266
10,328
1,301
373
3,489
376
2,807
1,492
173
25
-56
-92
SURVEY OF CURRENT BUSINESS
46
March 1989
Table 5.-^-Direct Investment: Income, Capital, Royalties and License Fees, and Other Private Services
[Millions of dollars]
Line
1987
(Credits +-, debits — )
1988 p
1988
1987
I
II
III
IV
I
II
III r
IV P
8,814
11,401
2,587
9,194
4,468
4,726
-380
495
-876
16,562
13,917
2,645
16,933
10,826
6,108
-371
499
-870
U.S. direct investment abroad:
1
2
3
4
5
6
7
8
9
Income (table 1, line 12)
Income before capital gains/losses
Capital gains /losses (gains -{-* losses
Earnings (net of withholding taxes)
Distributed earnings
Reinvested earnings
Interest (net of withholding taxes)
U.S. parents' receipts
U.S. parents' payments
10
11
12
13
14
15
16
17
,
Royalties and license fees (table 1 line 7)
U.S parents' receipts
U.S. parents' payments
21
22
23
,
Capital (table 1, line 46)
Equity capital
,
Increases in equity capital 2
Decreases in equity capital 3
Reinvested earnings
Intercompany debt
..
U.S parents' receivables. . . .
U S parents' payables
18
19
20
52,308 48,170 12,623
7,936
36,666 49,786
4,687
1616
15,642
54,701 49,750 13,260
4,331
19,031 30,321
8,929
35,669 19,429
-2,393 -1,580 -637
374
1,637
1,919
-4,029 -3,499 -1,011
)1
Other private services (table 1 line 9)
U S parents' receipts
U S parents' payments
20,066
11,032
9,035
20,660
6,215
14,445
-594
433
1,027
12,262 10,532
11,344 13,125
919 -2,592
12,713 10,910
6,696
8,331
4,214
4,382
451 -377
489
436
-866
887
-18,345 7,255 -2,178 -4,402 -6,600
680
-213
2,379
908
-2,801
1,580 -1,302
1,193
-4,692 -2,807
1,367
1,981
3,572
3,716
1,891
4,214 -4,726 -6,108
4,382
-14,445
536 -1,171
-1,099 —3,782 —343
1,310
528 -271
194 -3,251
807 -2,481
872
-1,293 -531
-44,455
-2,470
-11,366
8,896
-35,669
-6,315
-3,192
-3,123
-10,957
-927
-3,478
2,551
-8,929
-1,101
-2,254
1,153
-7,948
1,283
-1,283
2,566
-6,661
-2,570
-2,137
-433
-7,205
-25
-1,913
1,888
-5,635
-1,545
1,005
-2,550
7,791
7,897
-106
1,512
1,529
-17
1,609
1,640
-31
1,666
1,721
-54
2,130
2,175
-45
1,733
1,767
-34
1,918
1,945
27
1,938
1,954
16
2,202
2,231
-29
2,764
2,391
5,147
5,682
2756 -2,918
.
-20,435
3,754
-6,882
10,636
-19,429
-4,761
-1,684
-3,077
6,917
7,065
-148
.
. . .
.
.
10,162
9,457
8,469
9,230
988
932
10,723 10,057
4,423
4,062
5,635
6,661
-600
-561
398
431
-960 -1,031
481
1,175
-694
578
1,286
-708
539
1,290
-751
794
1,396
-602
727
1,363
-636
739
1,427
688
648
1,428
780
651
1,464
-814
48,170
8,349
23,433
16,388
49,786
7,768
25,955
16,063
12,623
1,985
6,561
4,077
7,936
1,466
3,953
2,516
10,162
1,718
4,916
3,527
9,230
1,646
4,641
2,943
9,457
1,627
4,305
3,526
8,469
1,495
3,818
3,156
20,066
2,799
11,260
6,007
11,032
2,021
6,256
2,755
12,262 10,532
1,955
2,547
4,550
5,401
4,028
4,315
11,344 13,125
1,998
1,976
5,768. 6,757
4,370
3,600
8,814
1,972
4,273
2,568
11,401
1,827
6,096
3,478
16,562
1,875
9,210
5,477
13,917
1,968
7,334
4,615
1,283
-927
3,754
-2,470
-107
-241
3,837
-1,589
233
40
552
-205
1,157
-726
-635
-676
35,669 19429 -8,929 -6,661
-704
-721
-2,933 -880
-20,385 10,419 -5,073 -3,370
12,352 -8,130 -3,134 -2,587
4761 -1,101 -2,570
6315
636
394
1 101
-135
-214
-554
1,158
503
941 -2,992
-6,684 -4,818
-25
109
-304
170
-5,635
-180
-2,451
-3,004
-1,545
-1,075
1,311
-1,782
By industry of affiliate: 4
24
25
26
27
28
29
30
31
Income (line 1) ...
Petroleum ..
..
Manufacturing.. .
.
Other
,
Income before capital gains/losses (line 2). .
Petroleum
Manufacturing
Other
Capital:
Equity capital (line 11)
Petroleum
Manufacturing
,
Other
Reinvested earnings (line 14, or line 6 with sign reversed)
Petroleum
Manufacturing
Other
Intercompany debt (line 15)
Petroleum
Manufacturing
..
Other
32
33
34
35
36
37
38
39
40
41
42
43
52,308
8,130
27,041
17,137
36,666
, 6,628
18,668
11,370
,
.
. . .
680
-213
2,379
908
-2,801
863
-3
1,191
1,786
-1,350
72 -197
747
70
-174
14
441 -282
808
-1,277
-14,445 -4,382 -4,214 -4,726 -6,108
2,043
811 -1,245 -866
-1,328
-794 -2,063 -6,013
1,549
-9,492
2,022 -2,174 -1,796 -2,137
-3,626
536 -1,171
3,782 -343
-1,099
-80
-24 -638
-90 -359
-120
816
-31
493
-40
358 -972
-289
-969 -3,916
Foreign direct investment in the United States:
44
45
46
47
48
49
50
51
52
Income (table 1, line 27)
Income before capital gains/losses
Capital gains/losses (gains — ; losses +) 5
Earnings (net of withholding taxes)
Distributed earnings
Reinvested earnings
Interest (net of withholding taxes).,
U.S. affiliates' payments
U.S. affiliates' receipts
-10,504 17252 -3,390
10686 16596 -1,972
655 -1,418
182
6,695 12,100 -2,601
4,928 -956
-4,158
-2,537 -7,172 -1,645
789
-3,810 -5,152
6,347 -1,005
4,679
217
1,196
869
53
54
55
56
57
58
59
60
Capital (table 1, line 59)
Equity capital
Increases in equity capital 23
Decreases in equity capital
Reinvested earnings
Intercompany debt
U.S. affiliates' payables
U.S. affiliates' receivables
7,979
41,977 42,224
3,406
25,477 28,824
4,478
29,376 30,454
1072
-3,899 -1,631
1,645
7,172
2,537
2,929
6,228
13,962
4,000
15,647 12,603
6375 -1,071
1685
61
62
63
Royalties and license fees (table 1, line 22)
U.S. affiliates' payments
U.S. affiliates' receipts
64
65
66
Other private services (table 1, line 24)
U S affiliates' payments
U S affiliates' receipts
-2,807
-2,690
-116
-1,965
-1,229
736
841
-1,070
229
-3,971 -337 -5,278 -4,418 -4,234 -3,322
4,854 -4,400 -3,830 -3,513
-3,553 -2,471
191
404
-19
-424
2,134
-418
1,901
749 -4,208 -3,083 -2,908
-2,877
1,025 -1,049
1,176 -863 -1,990
-796
852
1,882
1,925 -3,345 -1,093
2,081
-1,094 -1,086 -1,070 -1,335 -1,326 -1,421
1,589 -1,632 -1,831
1,273 -1,330 -1,295
410
305
254
226
245
179
7,347
7,229 15,026 11,742
6,700 11,266
7,075
4,105
7,687
8,073 12,045
4,780
-612
675 -1,373 -779
3,345
2,081 -1,925
736
3,073
2,401
6,245
2,388
1,983 -1,443
6,673
2,991
417 -1,630
-428
-603
8,395
13,061
6,111
7,308
6,388
7,703
277
395
1,882
1,093
402
4,660
3,797
5,258
598 -3,395
13,420
8,330
8,676
-346
852
4,238
4,991
-753
-774 -1,007
1181
-995
174
221
-199
220
21
183
232
49
174
-236
62
219
-308
89
-230
-267
37
-251
295
43
-258
300
42
269
-320
51
866
948
-1,928 -2,319
3,267
2,794
125
-476
601
209
470
679
135
394
528
397
-589
986
164
-654
818
428
-486
915
246
-506
752
111
673
783
By industry of affiliate: 4
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
Income (line 44). . .
Petroleum
Manufacturing
.
Other
Income before capital gains/losses (line 45)
Petroleum
Other
Capital:
Equity capital (line 54) ,
Petroleum
Manufacturing
Other
Reinvested earnings (line 57, or line 49 with sign reversed)
Petroleum
,. . .,
Manufacturing
Other
Intercompany debt (line 58)
Petroleum
,
Manufacturing
Other
See footnotes on page 51.
3,322
3971 -337 -5,278 -4,418 -4,234
2807
-10,504 -17,252 3390
-467
-819
-849
-773 -1,816
-754
637
292
3,952
-2,456
-4,515 -6,726 -838 -1,359 -1,481 -837 -1,556 -1,840 -1,886 — 1,444
1,273 -1,905 -1,729 -1,529 -1,411
811 -1,736
2,260
3533
6574
3,513
3,830
4,400
10,686 16,596 -1,972 -2,690 -3,553 -2,471 -4,854
497
882 -813
-782 -1,780
-702
-657
-292
3,972
-2,433
— 6,138 -973 -1,351 -1,519 -1,267 -1,494
1,614 -1,591
-682 -1,332 -422 -1,579 -1,702
-3,143 -6,486 -707
25,477 28,824
895
447
13,210 11,217
11,821 16,711
7,172
2,537
1,527
1,378
3,997
2,146
-987
1,649
6,228
13,962
4,585 -2,591
2,563
5,088
6,255
4,290
3,406
41
2,197
1,168
1,645
-23
454
1,214
2,929
258
2,657
14
4,105
45
1,767
2,294
736
361
860
-485
2,388
437
374
1,578
6,700 11,266
11
350
5,417
3,829
2,521
5,838
1,925
2,081
509
531
-155
986
564 -2,279
2,401
6,245
250
4,141
1019
3,076
972
3,670
7,075
12
852
6,211
3,345
1,493
976
876
3,073
1,890
576
-607
7,308
-5
4,866
2,447
1,093
622
1,281
434
4,660
-196
2,864
1,993
6,111
3
2,036
4,072
1,882
598
1,075
209
402
-165
51
516
8,330
885
3,464
3,981
852
57
665
130
4,238
-339
224
4,353
47
SURVEY OF CURRENT BUSINESS
March 1989
Table 6.—Securities Transactions
[Millions of dollars]
I
3
4
5
6
7
8
9
10
11
12
13
14
15
16
I
II
III r
IV P
1,554 -2,982
33
24
25
?,6
27
Redemptions of U.S.-held foreign bonds 3
Western Europe
Canada
Other countries
International financial institutions 2
28
29
30
31
32
33
Other transactions in outstanding bonds, net 3 .
Western Europe
Of which United Kingdom
Canada
Japan
Other
88
1363
599
383
3,937
-591
24
-232
-1,450
148
-797
315
-205
155
854
5
528
300
471
851
621
92
562
2077
43
1180
271
2
310
1515
246
4,142
956
-367
23
3015
148
-679
34
563
82
936
141
6728
276
511
1 355
5694
3,788
6216
6798
1139
1001
377
3699
2058 -1,048 -2,051 -1,641
2329
2368
179
1 340
2294
1 440
2573
491
891
188
60
193
325
87
396
261
116
984
1739
32
944
668
893
497
1 427
2537
1079
250
1014
491
440
134
414
116
597
1140
396
302
1291
565
190
397
5132
1618
1981
33
1500
1094
447
347
800
550
550
1,000
350
300
350
500
2,048
1,448
300
1200
New issues in the United States
By issuer:
Central governments and their agencies and corporations
Other governments and their agencies and corporations *
Private corporations
International financial institutions 2
1,639
746
713
1994
642
Bonds, net U.S. purchases
7 474
6814
Transactions in outstanding stocks, net
Western Europe
Of which United Kingdom..
Canada
Japan
Other ..
4456
5042
854
1626
1831
7038
689
New issues in the United States
Of which Canada
By area:
Western Europe
Canada
Japan
Latin America
Other countries
International financial institutions 2
300
450
500
300
3592
8039
8955
1060
14
5521
5062
5491
5874
3689
1 801
2317
231
1223
1202
185
803
1980
.. .
1526
1341
. .
....
2994
447
1347
....
Bl U.S. securities, excluding Treasury securities and transactions of foreign official agencies, net foreign
purchases ( + ), (table 1, line 61 or lines 2 + 10 below).
3
4
5
6
7
8
9
IV
-2,684
463
Stocks, net U.S. purchases
17
18
19
20
21
22
2
III
II
2358
Al Foreign securities, net U.S. purchases (— ), (table 1, line 47 or lines 2 + 11 below)
2
19 88
19 87
Line
1131
918
1169
982
431
338
By area:
Western Europe
Of which Germany
Switzerland
United Kingdom
Canada
Japan
Other
,
1,529
-679
1,343
112
712
2664
3582
156
1 685
1847
149
622
-944
250
200
1528
909
2277
1070
36
415
2,545
3,243
1,894
351
932
1,279
237 -1,173
-124
-286
250
215
-181
24
1,629
661
689
46
520
402
1,049
56
23
1,526
323
934
266
134
1,265 -1,149
143
71
186 -1,317 -1,809
725 -156
-150
224 -1,553
-192
99
-745
-397
-299
-200
450
-99
-263
333
-728
-642
342
-419
-174
-137
-99
-156
-192
-506
-200
2,730 -814
2,892 -1,220
2,166 -1,080
949 -985
414
669
977
442
822
22
400
400
1,262
148
781
33
300
-88 -1,430
1,687
308
-314 -2,314
-606 -1,149
1301
583
105
793
7,948
6,837
12,819 -4,977
2,379
9,797
5026
7,763
218
726
975 -2,197
3044
149
413
1488
20
4041
1 316
1973
93
14
1483
125
1830
1 098
1007
8355
193
36
2060 -418
642
5,063
506 -102
994
1,766
103
1 680
-792
-5
-493
-189
147
1,449
78
-194 -1,917
20
_9
-781
-654
677 -1,093
708
242
124 -926
62
803
42,213
26,961
18,373
15,998
15521
Stocks, net foreign purchases
972 -1,757 -4,467
714
9837
8421
1 210
119
1 326
260
911
11 084
2 316
3910
199
2346
1 247
995
1641
560
4548
' 87
335
2352
260
3447
1 582
10
Corporate and other bonds, net foreign purchases
26692
27 675
8536
7 576
7,793
2,787
2,597
9,071
6,973
9,034
11
12
13
By type:
New issues sold abroad by U.S. corporations 4
U.S. federally-sponsored agency bonds net
Other outstanding bonds, net..'... .
22585
3 395
712
18788
5371
3 516
7000
773
763
5929
767
880
6,348
726
719
3,308
1129
1650
2,626
265
294
4,957
2,448
1,666
4,803
889
1,281
6,402
1,769
863
14
15
16
17
18
19
20
21
By area:
Western Europe
Of which Germany
Switzerland
United Kingdom ...
Canada
Japan
Other countries
International financial institutions
21665 17519
1 466
15
47
1643
19638 14218
701
1 289
1 552 7 635
1 476 2388
568
710
6385
125
697
5535
449
1 555
149
2
6457
65
338
5910
230
8
724
173
7114
35
721
6084
125
198
467
111
1,709
110
-113
2109
485
193
136
650
2,234
437
-63
1766
84
525
581
827
4,899
586
68
3894
416
3015
525
216
4,460
331
39
3,537
1770
624
119
5,926
112
3
5,021
201
2325
658
-76
31182 26587
1 570 1 351
103
445
2391
597
5761 21 548
8213 10650
256
62
231
36
325
83
1 601 1 940
6204
714
250
374
3848
6,115 20,415
121
662
36
72
797
185
1 628 6 191
6,479 -5,293
572
202
7
88
-420
-410
3772
5751
4,986
698
28
-764
5834
2
Memoranda:
Other foreign transactions in marketable, long-term U.S. securitiess included elsewhere in
international transactions accounts:
Foreign official assets in the United States (lines in table 9):
1
U.S. Treasury marketable bonds (line A4)
2
Other U.S. Government securities (line A6)
3
U.S. corporate and other bonds (part of line A14)
4
U.S. stocks (part of line A14)
5 Other foreign transactions in U S Treasury bonds and notes (table 9 line B4)
6 New issues of bonds sold abroad by U.S. corporations' finance affiliates in the Netherlands Antilles
(included in table 5, line 17) 4.
See footnotes on page 51,
48
SURVEY OF CURRENT BUSINESS
March 1989
Table 7.—Claims on and Liabilities to Unaffiliated Foreigners Reported by U.S. Nonbanking Concerns
[Millions of dollars]
3
4
5
6
By type: Deposits
Other claims x
7
8
9
By area: Industrial countries 2
Of which United Kingdom
Canada
Caribbean banking centers 3
Other
in
11
12
13
14
15
16
By type* Trade receivables
Advance payments and other claims
17
18
19
By area* Industrial countries 2
Members of OPEC 4
Other
Bl Liabilities, total (table 1 line 62)
5
6
7
8
9
10
11
12
13
14
15
16
Financial liabilities
Denominated in U S dollars
Denominated in foreign currencies
By area' Industrial countries 2
Of which United Kingdom
Caribbean banking centers 3
Other
Commercial liabilities
Denominated in US dollars
Denominated in foreign currencies
By type* Trade payables
Advance receipts and other liabilities
By area: Industrial countries
Members of OPEC4
Other ..
See footnotes on page 51.
III
-491
2,603
-215
4,127
4841
-714
-517
-154
-363
2,582
2869
-287
589
-1,106
1,442
-97
1,315
1,922
763
-367
-496
264
-422
272
IV
III"
II
I
IV
1,248
-315
-7,061
749
n.a.
38,092
110
472
1,480
2016
-536
-13
-942
-6,297
-6,409
132
112
-360
492
n.a.
n.a.
n.a.
26,969
24,941
2,028
2,812
-230
-523
1,105
2,416
-936
1,434
-1,447
-6,768
471
172
-40
n.a.
n.a.
19,866
7,103
574
-748
526
2,129
121
648
483
446
742
808
587
664
79
-527
1420
-491
-329
-44
525
47
-1,866
-2,133
-169
-4,345
86
395
1,587
-694
-209
54
n.a.
n.a.
n.a.
n.a.
na
15,523
9,820
3,768
10,478
968
582
929
2
246
220
21
315
336
797
232
210
22
302
483
181
764
617
761
144
na
n a.
n.a.
11,123
10,569
29
1 133
151
99
125
3
24
857
60
174
58
262
40
-865
101
542
75
n.a.
n.a.
10,016
1,107
868
31
145
308
104
230
52
52
21
524
27
300
16
152
96
221
22
103
-483
61
220
753
3
133
n.a.
n.a.
n.a.
5,787
1,059
4,277
2 150
Commercial claims
Denominated in U S dollars
Denominated in foreign currencies
2
3
4
II
5,294
-1,167
Financial claims
Denominated in U.S. dollars
Denominated in foreign currencies
I
3,145
Al Claims, total (table 1, line 48)
?,
1987
Amounts
out
standing
Sept. 30,
1988
19 38
19 37
(Credits +; increase in U.S. liabilities or decrease in U.S. assets.
Debits -; decrease in U.S. liabilities or increase in U.S. assets.)
Line
1,696
1 570
116
1000
2,015
113
1,650
n.a.
32,692
760
1853
1093
539
1361
1 199
1303
1137
1357
1887
-172
-185
344
530
2347
1299
1048
13,456
10,082
3,374
358
101
1 133
15
142
124
376
21
1994
1279
614
19
625
155
769
91
1153
1659
126
78
1 157
982
1 Oil
26
28
567
162
732
65
166
703
61
554
13
-131
475
n.a.
n.a.
n.a.
1888
1743
465
6
294
429
1
123
672
546
278
50
n.a.
n.a.
n.a.
n.a.
11,963
6,318
831
662
332
285
1,306
1251
55
n.a.
n. a.
n.a.
19,236
17,435
1,801
286
1443
209
1472
1263
1187
1161
357
483
26
80
277
1104
1,806
541
616
315
-106
243
944
5
352
806
474
258
27
48
1,258
n.a.
n.a.
6,614
12,622
1986
140
784
561
252
344
371
113
49
140
215
832
914
214
343
281
990
377
-60
262
83
1,178
143
-15
n.a.
n.a.
n.a.
13,126
1,745
4,365
2910
2427
381
49
287
2
49
SURVEY OF CURRENT BUSINESS
March 1989
Table 8.—Claims on Foreigners Reported by U.S. Banks
[Millions of dollars]
Line
(Credits +; decrease in U.S. assets. Debits - ; increase in U.S. assets.)
1987
1988"
II
III
21,870
-22,422
-16,519
23,460
I
IV
II
III'
17,108
-13,274
-27,832
I
1 Total (table 1, line 49)
40,531
-57,493
By type:
Banks own claims
38667
47 939
18891
21 873
15625
20060
16803
14657
13 970
33509
27250
22 169
8 124
10927
17667
15994
11 578
4372
1234
3214
34817
2010
3106
212
21 085
5583
960
1 542
14532
8559
764
158
5288
1553
2813
1530
12843
157
1 775
16
4052
9431
2729
1455
23063
1267
'997
6174
5384
662
12365
450
1164
161
437
543
3885
3078
2796
9 111
11 947
229
11754
743
4,315
14911
199
-80
2167
8109
2,086
5127
1 116
-740
16728
2921
-1,037
-24,697
-14,430
-8,359
296
-7,501
2,979
2,484
1,031
3493
-2,040
495
-549
-1,640
-93
833
-714
1,091
-894
-750
371
687
-434
-144
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
Payable in dollars
By borrower:
Claims on:
own foreign offices
unaffiliated foreign banks
foreign public borrowers 1
other private foreigners
By bank ownership: 2
U.S.-owned banks' claims on:
own foreign offices
unaffiliated foreign banks
other foreigners
Foreign-owned banks' claims on:
own foreign offices
unaffiliated foreign banks
other foreigners
Payable in foreign currencies
Banks' domestic customers' claims
Payable in dollars
Deposits
Negotiable and readily transferable instruments
Outstanding collections and other
Payable in foreign currencies
2467
7 575
1 751
1,864
3,822
740
2640
1*922
1958
-9,554
9,741
-4,639
1 093
6,195
187
Amounts
19 88
19 87
IV "
standing
December 31,
1988
33,495
607,842
27957
22,128
560,284
18182
-17,000
494,199
8259
5518
804
1413
15425
-1353
978
-426
-15,185
-4,570
2,159
596
256,183
129,421
61,577
42,568
115
2250
1574
5887
3432
1867
13026
1750
2514
-15,809
1,665
1,810
115,917
45,825
60,734
4167
7 181
2,610
14146
2086
-350
2399
397
1,110
624
6,235
945
140,266
83,596
43,411
9,133
-864
1,337
-9,775
5,128
66,085
3,400
3,916
569
4613
1266
516
305
564
-1,361
3244
1,319
-259
1,383
1,577
167
781
2,191
-194
125
-487
-547
3086
-3,026
612
-11,367
-11,395
-2,898
4456
-4,041
28
47,558
47,196
8,289
25372
13,535
362
322,730
154,358
93,265
28,758
135,763
3,851
By area:
Industrial countries 3
Western Europe
,
Of which United Kingdom
Canada
Japan
Other
.. .
-30,605
2,212
5,765
-5,077
27 831
' 91
-50,825
-13,988
-12,716
1,790
39393
766
12,576
9,000
5,932
846
2703
27
-22,374
-14,533
-6,021
-2,025
6177
361
-809
8,979
5,948
243
10 142
111
19,998
1,234
-94
-4,141
14215
408
10,259
10,300
6,551
3,250
4029
738
-19,926
-3,712
-2,598
-2,041
13928
245
-10,298
-2,739
-2,921
449
8524
516
-30,860
17,837
13,748
132
-12,912
-243
?,7
Caribbean banking centers 4
-8,418
-3,762
7,899
-3,152
-11,243
-1,922
3,009
8,543
12,745
-2,569
133,057
28
29
30
31
32
33
Other areas
Of which Members of OPEC included below 5
Latin America
Asia
Africa 6
Other
3104
1633
134
2237
200
801
4467
1279
1086
37
1
3343
3840
939
110
2465
181
1446
1891
1144
1277
2,319
271
578
4,790
1,954
1,180
-2,912
-19
3,039
-66
218
2,110
-4,805
-266
2,895
152,055
22,354
92,127
49,245
4,290
6,393
-10,363
-3,329
13,341
-9,897
-8,056
-13,197
255,327
21
flfl
?,3
?A
25
26
Memoranda:
1 International banking facilities' (IBF's) own claims, payable in
dollars (lines 1-13 above).
By borrower:
Claims on:
2
own foreign offices
3
unaffiliated foreign banks
4
foreign public borrowers
5
all other foreigners
By bank ownership: 2
6
U.S.-owned IBF's
7
Foreign-owned IBF's
8 Banks' dollar acceptances payable by foreigners
See footnotes on page 51.
1 508
*918
1353
809
134
1 918
2906
1941
4677
7 571
'737
725
1 395
1 472
850
1 153
327
281
1 540
200
1723
4*162
6
905
-15,286
-17,809
10,369
-11,963
4685
10517
182
266
21 270
255
-60
3 266
9319
'876
442
268
4 192
8371
-809
1409
6976
1 811
-815
761
2836
1*211
1*364
646
8024
4677
421
219
8729
1731
133
430
8,770
1,159
940
933
-11,795
-1,532
-1,554
1,684
99,727
86,367
47,333
21,900
8659
6627
2390
8195
9614
4258
950
9419
215
7184
4779
1783
6136
4227
1921
3711
7040
1529
332
13009
5,059
1,453
-11,350
-935
-5,483
-2,573
888
-4,497
-8,700
754
84,767
170,560
19,484
50
March 1989
SURVEY OF CURRENT BUSINESS
Table 9.—Foreign Official Assets and Other Foreign Assets in the United States Reported by U.S. Banks
[Millions of dollars]
Line
1987
44,968
2
3
4
5
6
7
8
9
10
11
12
13
14
13,977
10,332
611
20,047
41,703
14,893
26,586
224
1,351
1 278
-269
12,193
3,980
8,213
842
-4,962
6,204
-400
714
-287
-34
19,243
13,128
6,115
-62
-1,337
3,543
11,083
1,033
10,650
-600
256
-1,309
615
3,258
-319
1,931
1,646
643
-1,040
By type:
U.S. Treasury securities (table 1 line 53)
Bills and certificates
Bonds and notes marketable
Bonds and notes nonmarketable
Other U S Government securities (table 1 line 54)
Other U S Government liabilities (table 1 line 55)
U.S. liabilities reported by U.S. banks, not included elsewhere
(table 1, line 56).
Banks' liabilities for own account, payable in dollars 1
Demand deposits
Time deposits 1 2
Other liabilities
Banks' custody liabilities, payable in dollars l 3
Other foreign official assets (table 1 line 57)
39,012
43,361
13,179
31,182
1,000
1,570
2824
3,901
Al Foreign official assets in the United States (table 1, line 51)
1988"
-1,513
-30
-3,045
1,562
1,244
-2,495
2,889
348
569
2,668
654
360
372
176
2,458
-1,910
243
313
II
III r
IV"
24,670
5,946
-2,534
10,930
321,553
662
108
-223
27,701
6,794
20,415
492
121
123
-1,954
5,863
-325
6,478
-290
202
-570
868
-3,769
1,513
-5,293
11
572
-292
1,463
11,908
6,911
4,986
11
698
-293
-646
252,901
103,722
148,655
524
9,608
12,438
31,456
-344
57
742
-1,143
310
-624
341
148
-1,838
2,031
-564
257
-1,769
72
-1,094
-747
-185
-833
968
186
75
1,079
-100
-417
841
-80
-292
1,213
622
508
-1,553
164
-1,734
17
907
-737
27,057
1,915
9,744
15,398
4,399
15,150
III
II
I
Amounts
outstanding
December 31,
1988
1988
1987
(Credits +; increase in foreign assets.
Debits — ; decrease in foreign assets.)
I
IV
By area (see text table B):
80,182
98,763
-8,926
15,530
43,318
30,260
-10,346
36,578
32,638
39,893
716,184
2
By type:
U S Treasury securities (line 60)
-7,596
19,886
-2,826
-2,431
2,835
496
6,887
5,457
3,412
4,130
98,383
3
4
By security:
Bills and certificates
Marketable bonds and notes
-1,835
-5,761
-1,663
21,549
-1,225
-1,601
-491
-1,940
1,013
3,848
1,132
1,628
696
6,191
-295
5,752
-360
3,772
-1,704
5,834
11,254
87,129
5
6
7
By holder:
Foreign banks ....
Other private foreigners
International financial institutions 4
. ..
,
-850
-1,183
-5,563
-1,531
20,903
514
-225
2,677
76
-693
426
-2,164
140
261
3,236
72
807
-239
463
6,995
-571
-384
3,761
2,080
243
4,773
1,118
1,367
5,374
123
7,602
85,374
5,407
,
87,778
85,143
59,817
78,877
70,298
54,593
6,100
-4,610
-13,075
17,961
14,648
13,715
46,153
45,115
38,344
29,764
29,990
20,833
-17,233
-22,990
-23,173
31,121
31,058
31,469
29,226
25,956
19,823
35,763
36,274
26,474
617,800
565,899
494,856
,
38,545
47,576
-5,363
8,852
16,658
18,398
-9,480
26,905
5,906
24,245
295,339
,
-765
15,329
6,708
-945
6,146
1,816
-1,527
-6,739
554
782
5,833
-1,752
1,707
14,351
9,042
1,687
1,884
1,136
-900
-9,417
-3,376
1,275
3,750
-461
1,572
7,872
7,617
252
3,941
-1,964
19,882
141,142
38,491
38,545
22,567
51
-1,346
47,576
2790
7,621
2,186
-5,363
-4,993
-3,467
748
8,852
6,107
947
-2,191
16,658
15,742
3,879
2,065
18,398
5,711
-1,308
-1,968
-9,480
-14,054
-1,044
1,405
26,905
1,446
2,007
1,111
5,906
7,513
4,034
2,370
24,245
2,305
2,624
-2,700
295,339
120,421
74,690
4,404
23,866
-82
-669
32,257
-582
5,971
-1,984
-1,556
-1,434
7,341
376
-1,145
15,767
4,422
3,493
2,742
-3,324
-1,583
-6,229
1,782
-385
11,124
850
2,656
9,989
1,022
3,797
17,373
-2,536
97
136,374
19,832
48,811
14,679
22,649
-626
15,319
2208
3336
3379
-3,437
-1,285
1,511
5,731
-99
891
11,320
2,451
15,656
9,035
-1,693
3,251
15836
746
15,781
2,296
462
-4,083
6,491
2,607
6,872
4,841
21
158,965
100,589
30,283
25,326
15,705
8,465
933
6,771
9,157
183
411
6,133
9,800
71,043
2,635
652
8,579
-1,606
-1,490
-1,389
3,313
1,549
1,038
-728
226
1,220
5,757
-431
63
584
3,270
-1,653
-511
-106
51,901
12,216
64,455
50,145
5,985
8,325
9,923
5,804
3,966
1,422
11,236
28
-6,882
46,411
16,642
-8,069
37,839
42,094
10,258
744
6,467
2,406
67
1,318
4,548
6,567
376
-2,395
11,197
2277
-996
-1,763
-760
-194
440
14,203
18,807
-3,840
-764
1,211
116
1,410
707
3,702
36
-4,329
27,032
10,529
4,725
11,778
13,483
2,803
2,790
1,211
2,511
30
-949
18,672
14,242
4,724
-294
6,426
5,162
762
1,267
5,783
156
-2,044
-12,787
-13,655
4,767
5,635
596
1,845
87
2,744
1,708
126
935
21,973
18,560
1,385
2,028
10,519
4,086
759
103
-27
293
3,717
14,128
3,026
-1,654
12,756
13,550
4,960
3,415
1,966
2,672
-201
523
23,097
8,711
3,033
17,429
-633
-1,825
1,654
1,469
101
3,857
385,675
241,960
27,768
115,947
218,850
111,659
19,321
53,885
44,325
2,492
10,957
35,179
17,911
-10,998
13,551
20,177
12,449
-16,691
13,832
8,536
12,234
279,688
11,417
22,091
3,472
-1,801
22,339
-3,597
4733
3,902
4793
-3,509
-50
-2,646
4,187
5,826
2,388
1,150
2,897
13,382
2,357
1,541
9,126
6,392
-1,223
-1,846
-1,312
-14,043
-2,774
1,438
12,060
1,078
363
331
-214
6,609
13
2,128
11,805
2,759
-2,335
5
138,694
101,938
12,206
26,850
9,198
25,981
9,755
8,156
1736
9262
434
13,117
8,518
11,659
1,982
10,467
-304
-16,387
930
12,902
1,804
6,732
7,325
4,909
83,965
195,723
-183
-985
359
-499
-855
812
11
386
-1,616
234
6,357
Bl Other foreign assets in the United States (table 1, lines 60 and 63)
8
9
10
U.S. liabilities reported by U.S banks (line 63)
Banks' own liabilities l
Payable in dollars
12
13
14
By account:
Liabilities to own foreign offices
Liabilities to unaffiliated foreigners:
demand deposits
time deposits 1 2
other liabilities
15
16
17
18
By holder:
Liabilities to:
own foreign offices
unaffiliated foreign banks
other private foreigners ..
international financial institutions
11
4
By bank ownership:5
U.S.-owned banks' liabilities to:
own foreign offices
unaffiliated foreign banks
other private 4
foreigners and international financial
institutions .
Foreign-owned banks' liabilities to:
own foreign offices
19
20
21
22
23
24
other private 4
foreigners and international financial
institutions .
25
Payable in foreign currencies
Banks' custody liabilities payable in dollars * 3
Of which negotiable and readily transferable instruments
26
27
By area:
Industrial countries 6
Western Europe
Canada
Other
Caribbean banking centers 7
Other areas .
...
Of which Members of OPEC included below 8
Latin America
Asia
....
Africa 9
Other
28
29
30
31
32
33
34
35
36
37
38
Memoranda:
1 International banking facilities' (IBF's) own liabilities, payable in
dollars (in lines A9, and BIO above).
2
3
4
6
7
By holder:
Liabilities to:
own foreign offices
unaffiliated foreign banks
foreign official agencies
other private 4
foreigners and international financial
institutions .
By bank ownership:5
U S -owned IBF's
Foreign-owned IBF's
8 Negotiable certificates of deposit held for foreigners * (in lines A13
and B27 above).
See footnotes on page 51.
March 1989
SURVEY OF CURRENT BUSINESS
51
Footnotes to U.S. International Transactions Tables 1-10
General notes for all tables: r Revised.
p
Preliminary. *Less than $500,000 (±) n.a. Not available.
Table 1-2:
1. Credits, +: Exports of goods and services; unilateral transfers to United States; capital inflows (increase in foreign assets (U.S. liabilities) or decrease in U.S. assets); decrease in U.S. official reserve assets; increase in foreign official assets in the United States.
Debits, —: Imports of goods and services; unilateral transfers to foreigners; capital outflows
(decrease in foreign assets (U.S. liabilities) or increase in U.S. assets); increase in U.S. official reserve assets; decrease in foreign offical assets in the United States.
2. Excludes transfers of goods and services under U.S. military grant programs (see line 15).
3. Excludes exports of goods under U.S. military agency sales contracts identified in Census
export documents, excludes imports of goods under direct defense expenditures identified in
Census import documents, and reflects various other adjustments (for valuation, coverage, and
timing) of Census statistics to balance of payments basis; see table 3.
4. Beginning in 1982, line 7 and line 22 are redefined to include only net receipts and payments
for the use or sale of intangible property rights, including patents, industrial processes, trademarks, copyrights, franchises, designs, know-how, formulas, techniques, and manufacturing
rights. Other direct investment services, net—including fees for management, professional, and
technical services; charges for the use of tangible property; film and television tape rentals; and
all other charges and fees—are shown in line 9 and line 24. Data on the redefined basis are not
separately available prior to 1982.
5. For all areas, amounts outstanding December 31, 1988, were as follows in millions of dollars:
Line 36, 47,802; line 37, 11,057; line 38, 9,637; line 39, 9,745; line 40, 17,363.
6. Includes sales of foreign obligations to foreigners.
7. Consists of bills, certificates, marketable bonds and notes, and nonmarketable convertible
and nonconvertible bonds and notes.
8. Consists of U.S. Treasury and Export-Import Bank obligations, not included elsewhere, and
of debt securities of U.S. Government corporations and agencies.
9. Includes, primarily, U.S. Government liabilities associated with military agency sales contracts and other transactions arranged with or through foreign official agencies; see table 4.
10. Consists of investments in U.S. corporate stocks and in debt securities of private corporations and State and local governments.
11. Conceptually, the sum of lines 69 and 64 is equal to "net foreign investment" in the national income and product accounts (NIPA's). However, the foreign transactions account in the
NIPA's (a) includes adjustments to the international transactions accounts for the treatment of
gold, (b) excludes capital gains and losses of foreign affiliates of U.S. parent companies from the
NIPA's measure of income receipts from direct investment abroad, and from the corresponding
income payments on direct investment in the United States, (c) includes an adjustment for the
different geographical treatment of transactions with U.S. territories and Puerto Rico, and (d)
includes services furnished without payment by financial intermediaries except life insurance
carriers and private noninsured pension plans. In addition, for NIPA purposes, U.S. Government
interest payments to foreigners are excluded from "net exports of goods and services" but included with transfers in "net foreign investment." A reconciliation of the balance on goods and services from the international accounts and the. NIPA net exports appears in the Reconciliation
and Other Special Tables" section in this issue of the SURVEY OF CURRENT BUSINESS. A reconciliation of the other foreign transactions in the two sets of accounts appears in table 4.5 of the full
set of NIPA tables (published annually in the July issue of the SURVEY).
Table 3:
1. Exports, Census basis, represent transaction values, f.a.s. U.S. port of exportation; imports,
Census basis, represent Customs values (see Technical Notes, June 1982 SURVEY). Both unadjusted and seasonally adjusted data have been prepared by BEA from "actual" and "revised statistical" month data supplied by the Census Bureau (see Technical Notes, December 1985 SURVEY).
The seasonally adjusted data are the sum of seasonally adjusted five-digit end-use categories (see
Technical Notes, June 1980 SURVEY).
2. Adjustments in lines A5 and A13, B12, B46, and B80 reflect the Census Bureau's reconciliation of discrepancies between the merchandise trade statistics published by the United States and
the counterpart statistics published in Canada. These adjustments are distributed to the affected
end-use categories in section C. Beginning in 1986, estimates for undocumented exports to
Canada, the largest item in the U.S.-Canadian reconciliation, are included in the Census basis
data shown in line Al.
3. Exports of military equipment under U.S. military agency sales contracts with foreign governments (line A6), and direct imports by the Department of Defense and the Coast Guard (line
A14), to the extent such trade is identifiable from Customs declarations. The exports are included
in tables 1, 2, and 10, line 3 (transfers under U.S. military agency sales contracts); the imports
are included in tables 1, 2, and 10, line 18 (direct defense expenditures).
4. Addition of electrical energy; deduction of exposed motion picture film for rental rather than
sale; net change in stock of U.S.-owned grains in storage in Canada; and coverage adjustments for
special situations in which shipments were omitted from Census data.
5. Deduction of foreign charges for repair of U.S. vessels abroad, which are included in tables 1,
2, and 10, line 21 (other transportation); and coverage adjustments for special situations in which
shipments were omitted from Census data.
6. Annual and unadjusted quarterly data shown in this table correspond to country and area
data in table 10, lines 2 and 17. Trade with international organizations includes purchases of nonmonetary gold from the International Monetary Fund (IMF), transfers of tin to the International
Tin Council (ITC), and sales of satellites to Intelsat. The memoranda are defined as follows: Industrial countries: Western Europe, Canada, Japan, Australia, New Zealand, and South Africa;
Members of OPEC: Venezuela, Ecuador, Iraq, Iran, Kuwait, Saudi Arabia, Qatar, United Arab
Emirates, Indonesia, Algeria, Libya, Nigeria, and Gabon; Other countries: Eastern Europe, Latin
American Republics, other Western Hemisphere, and other countries in Asia and Africa, less
OPEC. For all years, "Asia" and "Africa" exclude certain Pacific Islands and unidentified countries included in "Other countries in Asia and Africa."
7. Includes nuclear fuel materials and fuels.
Table 4:
1. Expenditures to release foreign governments from their contractual liabilities to pay for military goods and services purchased through military sales contracts—first authorized (for Israel)
under Public Law 93-199, section 4, and subsequently authorized (for many recipients) under
similar legislation—are included in line A3. Deliveries against these military sales contracts are
included in line CIO; see footnote 2. Of the line A3 items, part of these military expenditures is
applied in lines A40 and A43 to reduce short-term assets previously recorded in lines A38 and C8;
this application of funds is excluded from lines C3 and C4. A second part of line A3 expenditures
finances future deliveries under military sales contracts for the recipient countries and is applied
directly to lines A39 and C9. A third part of line A3, disbursed directly to finance purchases by
recipient countries from commercial suppliers in the United States, is included in line A34. A
fourth part of line A3, representing dollars paid to the recipient countries to finance purchases
from countries other than the United States, is included in line A45.
2. Transactions under military sales contracts are those in which the Department of Defense
sells and transfers military goods and services to a foreign purchaser, on a cash or credit basis.
Purchases by foreigners directly from commercial suppliers are not included as transactions
under military sales contracts. The entries for the several categories of transactions related to
military sales contracts in this and other tables are partly estimated from incomplete data.
3. The identification of transactions involving direct dollar outflows from the United States is
made in reports by each operating agency.
4. Line A35 includes foreign currency collected as interest and line A40 includes foreign currency collected as principal, as recorded in lines A13 and A14, respectively.
5. Includes (a) advance payments to the Department of Defense (on military sales contracts)
financed by loans extended to foreigners by U.S. Government agencies and (b) the contraentry for
the part of line CIO that was delivered without prepayment by the foreign purchaser. Also includes expenditures of appropriations available to release foreign purchasers from liability to
make repayment.
6. Includes purchases of loans from U.S. banks and exporters and payments by the U.S. Government under commercial export credit and investment guarantee programs.
7. Excludes liabilities associated with military sales contracts financed by U.S. Government
grants and credits and included in line C2.
8. Estimates of the U.S. Government investment in the Panama Canal Commission are omitted
from the entries for the first quarter of 1988, pending further analysis of Public Law 100-203 (approved December 22, 1987).
9. Excludes return export from the United States, at a contractual replacement value of $48
million in 1988:111, of leased aircraft originally reported in table 1, line 18. Transactions recording
the offsets for this leased property are included in line C15.
Table 5:
1. Also included in line 4.
2. Acquisition of equity holdings in existing and newly established companies, capital contributions, capitalization of intercompany debt, and other equity contributions.
3. Sales, liquidations, and other dispositions of equity holdings, total and partial.
4. Petroleum includes, and manufacturing and "other" industries exclude, the exploration, development, and production of crude oil and gas, and the transportation, refining, and marketing
of petroleum products, exclusive of petrochemicals. "Other" industries includes wholesale trade;
banking; finance (except banking), insurance, and real estate; services; and other industries—agriculture, forestry, and fishing; mining; construction; transportation, communication, and public
utilities; and retail trade.
5. Also included in line 47.
Table 6:
1. Primarily provincial, regional, and municipal.
2. Largely transactions by International Bank for Reconstruction and Development (IBRD),
International Development Association (IDA), International Finance Corporation (IFC), Asian Development Bank (ADB), and Inter-American Development Bank (IDE).
3. Estimate for scheduled redemptions and identifiable early retirements. Includes estimates
based on Canadian statistics for redemptions of Canadian issues held in the United States. Unidentified and nonscheduled retirements appear in line 28.
4. Issues through finance affiliates established primarily to borrow capital from abroad. Issues
are almost always guaranteed by the establishing U.S. parent and are often convertible into the
parents' securities. To the extent proceeds are transferred from offshore affiliates to U.S. parents—the common practice—they are recorded as direct investment transactions in table 5, line
10.
Table 7:
1. Primarily mortgages, loans, and bills and notes drawn on foreigners.
2. Western Europe, Canada, Japan, Australia, New Zealand, and South Africa.
3. Bahamas, British West Indies (Cayman Islands), Netherlands Antilles, and Panama.
4. Based on data for Ecuador, Venezuela, Indonesia, and other Asian and African oil-exporting
countries.
Table 8:
1. Includes central governments and their agencies and corporations; state, provincial, and
local governments and their agencies and corporations; and international and regional organizations.
2. U.S.-owned banks are mainly U.S.-chartered banks and Edge Act subsidiaries. U.S. brokers'
and dealers' accounts may be commingled in some categories. Foreign-owned banks include U.S.
branches and agencies of foreign banks and majority-owned bank subsidiaries in the United
3. Western Europe, Canada, Japan, Australia, New Zealand, and South Africa.
4. Bahamas, British West Indies (Cayman Islands), Netherlands Antilles, and Panama.
5. Based on data for Ecuador, Venezuela, Indonesia, and other Asian and African oil-exporting
countries.
6. Includes Eastern Europe and international and regional organizations.
Table 9:
1. Negotiable certificates of deposit issued by banks in the United States are included in banks'
custody liabilities and are separately identified in memorandum line 8. Nonnegotiable certificates
of deposit are included in time deposits.
2. Includes borrowing under Federal funds or repurchase arrangements, deferred credits, and
liabilities other than deposits.
3. Mainly negotiable and readily transferable instruments, excluding U.S. Treasury securities.
4. Mainly International Bank for Reconstruction and Development (IBRD), International Development Association (IDA), International Finance Corporation (IFC), Asian Development Bank
(ADB), Inter-American Development Bank (IDE), and the Trust Fund of the International Monetary Fund.
5. U.S.-owned banks are mainly U.S.-chartered banks and Edge Act subsidiaries. U.S. brokers'
and dealers' liabilities may be commingled in some categories. Foreign-owned banks are U.S.
branches and agencies of foreign banks and majority-owned bank subsidiaries in the United
6. Western Europe, Canada, Japan, Australia, New Zealand, and South Africa.
7. Bahamas, British West Indies (Cayman Islands), Netherlands Antilles, and Panama.
8. Based on data for Ecuador, Venezuela, Indonesia, and other Asian and African oil-exporting
countries.
9. Includes Eastern Europe and international and regional organizations.
Table 10:
For footnotes 1-11, see table 1.
12. The "European Communities (10)" includes the "European Communities (6)," United Kingdom, Denmark, Ireland, and Greece. "European Communities (12)" reflects the admission of
Spain and Portugal in 1986.
13. The "European Communities (6)" includes Belgium, France, Germany, Italy, Luxembourg,
Netherlands, European Atomic Energy Community, European Coal and Steel Community, and
European Investment Bank.
14. Includes, as part of international and unallocated, the estimated direct investment in foreign affiliates engaged in international shipping, in operating oil and gas drilling equipment that
is moved from country to country during the year, and in petroleum trading.
15. Details not shown separately; see totals in lines 51 and 58.
16. Details not shown separately are included in line 63.
52
SURVEY OF CURRENT BUSINESS
March 1989
Table 10.—U.S. International
[Millions
EC (12)
Western Europe
(Credits +; debits -) 1
Line
1988
1987
1 Exports of goods and services 2
I
III r
II
1988"
. 1987
IV P
12
138,635
151,976
37,232
35,933
34,411
44,401
119,773
129,599
68,758
3,334
86,809
3,649
21,587
1,026
22,166
855
19,994
943
23,062
825
59,660
2,594
74,854
2,695
Travel
Passenger fares
Other transportation
3,812
2,097
5,244
4,839
2,977
5,744
1,005
638
1,445
1,186
755
1,443
1,510
943
1,437
1,138
641
1,418
3,104
1,806
4,336
3,945
2,466
4,678
7
8
9
10
11
Royalties and license fees from affiliated foreigners 4
Royalties and license fees from unaffiliated foreigners
Other private services from affiliated foreigners
Other private services from unaffiliated foreigners
U.S. Government miscellaneous services
4,697
695
948
3,111
121
5,032
767
1,283
3,109
139
1,151
187
409
791
38
1,224
191
357
775
28
1,255
194
267
766
37
1,403
195
250
111
35
4,226
550
900
2,460
96
4,576
605
1,208
2,482
103
12
13
14
Receipts of income on U.S. assets abroad:
Direct investment
Other private receipts
U.S. Government receipts
30,860
13,864
1,094
21,243
15,032
1,353
5,359
3,320
275
3,327
3,408
218
3,005
3,812
248
9,553
4,492
612
27,084
12,156
801
17,926
13,291
769
2
3
Merchandise, adjusted, excluding military 3
Transfers under U.S. military agency sales contracts
4
5
6
15 Transfers of goods and services under U.S. military grant programs net
4
Merchandise, adjusted, excluding military 3
Direct defense expenditures
19
20
21
Travel
Passenger fares
Other transportation
22
23
24
25
26
Royalties and license fees to affiliated foreigners 4
Royalties and license fees to unaffiliated foreigners
Other private services to affiliated foreigners . .
Other private services to unaffiliated foreigners
U.S. Government miscellaneous services
27
28
29
32
33
34
35 U.S. assets abroad, net (increase/capital outflow (— ))
36
37
38
39
40
U.S. official reserve assets, net 5
Gold.,
Special drawing rights
Reserve position in the International Monetary Fund
Foreign currencies
41
42
43
44
U.S. Government assets, other than official reserve assets net
U.S. credits and other long-term assets
Repayments on U.S. credits and other long-term assets 6
U.S. foreign currency holdings and U.S. short-term assets, net
45
46
47
48
49
U.S. private assets, net
Direct investment....
Foreign securities
U.S. claims on unaffiliated foreigners reported by U S nonbanking concerns
U.S. claims reported by U.S. banks, not included elsewhere
,
50 Foreign assets in the United States, net (increase/capital inflow ( + ))
51
52
53
54
55
56
57
Foreign official assets in the United States, net
U.S. Government securities7
U.S. Treasury securities
Other8
Other U.S. Government liabilities 9
U.S. liabilities reported by U.S. banks, not included elsewhere
Other foreign official assets 10
58
59
60
61
62
63
Other foreign assets in the United States, net
Direct investment
U.S. Treasury securities
U.S. securities other than U.S. Treasury securities
U.S. liabilities to unaffiliated foreigners reported by U S nonbanking concerns
U.S. liabilities reported by U.S. banks, not included elsewhere
23976
2,543
27,057
-2,520
-81,527
^9,077
-85,866
-9,614
-7,801
-5,800
-6,346
-916
-1,214
-1,523
2560
1,897
-1,597
2993
1479
-1,593
-1,332
-1,210
-1,633
-5,877
-4,606
-4,520
-6,478
-4,758
-5,120
-749
-428
260
3,160
-578
166
107
15
717
-161
192
107
113
753
-134
191
107
103
805
-137
-200
-107
29
-885
-147
-363
-318
336
-2,852
-406
-501
-334
388
-2,785
-439
-13,457
-28,769
-12,809
-4,170
-6,775
-3,028
-3,577
-6,923
-3,053
-3,295
^-7,290
-3,268
-2,415
-7,781
-3,460
-7,111
-21,456
-8,184
11,881
25 163
10,090
-22
-12
-2
-2
-6
2
-15
89
31
49
81
-71
565
768
-330
766
1,146
-456
828
1,373
-123
-198
351
-112
-201
362
-70
-196
347
-151
-233
313
84
624
1,273
-101
-652
1,521
-29,408
4,822
-4,169
-7,261
-22,801
-29,050
-31,311
-3,906
656
-214
-4,795
447
1,672
-3,470
-3,906
656
-214
-4,795
447
1,672
-3,470
53
-1,525
1,491
87
889
-1,030
1,912
7
23
-204
253
-25
-222
340
139
-21
9
249
226
15
1,097
-237
1,295
38
223
-963
1,112
75
174
663
486
4
33417
-23,724
-11,073
-856
2,236
26391
-4,576
-6,454
n.a.
-14,004
4,143
-2,627
-3,161
-395
10,326
3733
2,735
153
-2,801
-3,820
-2,457
-125
-1,542
1,839
^2,629
-24,344
4559
1,904
n.a.
-17,881
-30,945
20,870
-12,032
-912
2,869
27,667
-5,844
-7,740
n.a.
-12,816
55,314
-5,168
28,695
7,731
24,055
125,644
56,169
36,058
. .
26148
2566
145,094
.
25271
2,645
2,168
U.S. Government grants (excluding military grants of goods and services)
U.S. Government pensions and other transfers
Private remittances and other transfers
102 452
10,274
2,168
31 Unilateral transfers (excluding military grants of goods and services), net
-162,641
-31,196
30 U.S. military grants of goods and services, net
15
-145,961
50
,
2
-48,716
-4
.
6
-47,575
-8,717
-24,583
-10,764
..
2
-49,393
-559
-407
208
-3,197
-544
Payments of income on foreign assets in the United States:
Direct investment
Other private payments
U.S. Government payments
.
2
-46,679
-7,127
-5,670
-5,647
.
12
-192,363
-96,215
-9,574
17
18
22
172,796
16 Imports of goods and services
-53
4,483
-2,746
-5,756
3,968
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
36
-404
(16)
(16)
(15)
(15)
(15)
(15)
(15)
(15)
(15)
(15)
(15)
(15)
(15)
(15)
(15)
(15)
(15)
(15)
(15)
(15)
84
75
-492
-274
-108
-193
109,037
34,974
55,367
21,942
-9,650
641
31,442
9,414
31,352
22,429
(15)
13,488
4,455
20,088
7,433
(15)
22,876
1,024
13,610
n.a.
1,228
2,130
4,107
617
4,266
1,712
4,009
n.a.
(15)
(15)
22,148
1,138
16
70,970
15,422
n.a.
16
15,554
-79,787
14,391
9,762
-11,116
12,613
3,132
-70,971
7,416
27457
34162
33782
34,112
-15,643
-40,386
39841
40297
-3,684
-9,448
9 294
9417
-3,982
-13,460
13 299
-13,411
-3,982
-13,164
-13,013
13083
3995
4315
4235
-4,386
21867
26188
25539
-25,623
11012
33,042
32 174
-32,274
(15)
(15)
(15)
(15)
(15)
(15)
(15)
(15)
(15)
(15)
(15)
(15)
(15)
(15)
(15)
(15)
(15)
(15)
(15)
(15)
(16)
(16)
(16)
(16)
(16)
(16)
64 Allocations of special drawing rights
65 Statistical discrepancy, and transfers of funds between foreign areas, net (sum of above
items with sign reversed).
66
67
68
69
Memoranda:
Balance on merchandise trade (lines 2 and 17) 11
Balance on goods and services (lines 1 and 16)
Balance on goods services and remittances (lines 67 33 and 34)
Balance on current account (lines 67 and 31) X1
See footnotes on page 51.
.
.
.
53
SURVEY OF CURRENT BUSINESS
March 1989
Transactions, by Area
of dollars]
European Communities (12)12
European Communities ( )13
6
United Kingdom
1988
1987
1988 P
1987
II
III'
31,866
30,349
29,528
37,856
36,066
41,518
10,116
9,812
9,777
11,813
70,107
18,664
808
19,081
605
17,262
701
19,847
581
13,791
330
.18,129
497
4,438
140
4,692
94
4,227
143
4,772
121
39,174
1,119
801
536
1,138
949
627
1,183
1,262
765
1,187
933
538
1,171
713
547
1,036
993
823
1,113
216
163
272
249
266
281
283
233
281
245
161
280
2,055
977
2,449
1,060
148
386
633
33
1,112
151
344
619
19
1,144
153
247
613
25
1,260
154
230
617
26
980
112
395
1,119
44
1,170
123
515
1,103
23
262
30
165
288
9
281
31
163
275
1
296
31
111
272
11
330
31
76
268
2
4,561
2,908
191
2,615
2,915
129
2,510
3,486
174
8,241
3,982
275
9,030
7,903
65
8,349
8,630
50
2,355
1,778
1
1,535
1,945
1
1,615
2,272
1
IV
I
IV P
I
II
72,323
17,835
16,483
16,316
21,689
1
48,185
1,111
12,186
232
12,089
267
11,086
322
12,824
291
2
3
2,538
1,226
2,597
494
299
643
597
281
648
858
423
659
589
223
647
4
5
6
2,939
399
365
1,101
41
3,028
439
575
1,121
59
718
107
193
280
21
732
109
152
280
9
763
111
109
277
11
815
112
121
284
17
7
8
9
10
11
2,845
2,635
48
15,169
3,844
477
6,770
4,225
451
1,513
1,044
106
379
859
81
510
1,106
82
4,368
1,216
182
12
13
14
IV P
III'
II
Line
1988
1988
1988 P
I
III'
9
2
1
3
-3
(*)
(*)
(*)
-39,614
-41,539
-40,141
-41,347
-48,557
-56,013
-13,170
-14,341
-14,084
-14,418
-86,273
-93,889
-23,666
-24,036
-22,672
-23,514
16
-21,302
-2,480
-21,718
-2,411
-20,221
-2,338
-22,625
-2,385
-17,209
-1,105
-17,757
-1,395
-4,182
-430
-4,597
-326
-4,165
-314
-4,813
-325
-57,467
-7,346
-60,469
-7,616
-15,331
-1,897
-15,338
-1,925
-14,145
-1,895
-15,655
-1,900
17
18
-709
-1,034
-1,188
-2,156
-1,489
-1,306
-2,405
-1,187
-1,291
-1,208
-1,048
-1,334
-1,974
-1,679
-1,099
-2,299
-1,760
-1,336
-233
-401
-295
-763
-532
-335
-846
-425
-345
-457
-402
-361
-3,045
-2,147
-2,438
-3,237
-2,251
-2,694
-367
-471
-654
-1,108
-716
-687
-1,180
-554
-659
-582
-510
-694
19
20
, 21
-92
-84
36
-629
-111
-135
-84
138
-658
-105
-140
-83
112
-712
-106
-135
-83
102
-786
-117
-102
-104
114
-1,668
-49
-178
-110
327
-1,582
-69
-16
-28
54
-351
-18
-52
-27
92
-376
-17
-56
-27
115
-409
-17
-54
-27
66
-446
-17
-246
-203
208
-1,123
-269
-309
-214
54
-1,084
-265
-72
-53
-17
-259
-70
-79
-53
41
-255
-62
-81
-54
-5
-272
-63
-77
-54
35
-299
-71
22
23
24
25
26
-3,753
-5,910
-2,357
-3,140
-6,062
-2,414
-2,792
-6,393
-2,584
-2,196
-6,798
-2,735
-4,355
-16,887
-2,440
-6,881
-19,742
-3,231
-1,942
-4,599
-729
-1,811
-4,816
-781
-1,741
-5,017
-836
-1,386
-5,310
-885
-2,538
-4,291
-5,367
-4,729
-5,032
-6,043
-1,752
-1,231
-1,493
-1,271
-1,164
-1,420
-970
-1,276
-1,520
-736
-1,361
-1,610
27
28
29
9
-2
_1
3
226
167
201
174
-3
-163
392
-67
-162
396
-18
-163
381
3,509
-3,984
722
-154
15
3
310
556
-13
-165
351
-92
402
2
-97
655
-8,539
-22,297
-13,797
-4,781
743
-3
(*)
(*)
(*)
559
533
111
124
31
-13
-381
926
168
_1
-95
264
129
— 11
-364
934
122
— 11
-95
234
(*)
-94
206
_1
-97
222
32
33
34
30
-24
144
149
_1
-24
174
165
_1
-25
190
-24,615
2,782
-6,187
-4,182
-17,028
-12,303
-4,844
1,579
1,335
-3,594
-4,164
35
-3
-1
-1
-1
-1
1,674
-3,467
722
-153
-4,780
744
36
37
38
39
40
120
-24"
146
722
-154
-4,781
743
-3
-3
-1
-1
-1
-1
1,674
-3,467
722
-153
-4,780
744
-89
190
129
-29
-68
-125
76
-19
-2
-142
121
20
-15
-207
160
32
352
102
-2
-5
(*)
110
116
55
-10
1
31
33
347
5
107
-4
-2
-5
(*)
107
3
51
64
52
3
14
-24
12
-11
14
18
12
20
41
42
43
44
2,877
-3,487
-2,609
-426
9,399
-3,762
2,519
-900
-2,641
-2,739
-3,757
-92
-1,813
1,800
-3,652
-23,026
-4,784
-2,418
n.a.
-15,824
-14,146
-7,951
-11,702
-259
5,765
-24,714
-5,080
-5,942
n.a.
-12,716
2,785
-1,830
-1,604
-332
6,551
-6,181
-782
-453
-2,348
-2,598
-4,181
-1,715
-1,248
1,703
-2,921
-17,137
-752
-2,637
n.a.
-13,748
-14,093
-10,796
240
-643
-2,894
-1,433
732
-1,928
n.a.
30
867
-1,168
-1,052
-106
3,193
1,487
3,350
-968
-259
-636
1,155
1,826
-379
99
-391
-4,941
-3,276
471
n.a.
-2,136
45
46
47
48
49
-3,292
29,262
5,631
24,568
78,895
37,500
-9,229
24,296
10,456
(16)
(16)
(16)
(6
1)
(16)
(6
1)
(6
1)
(16)
(16)
(16)
(6
1)
(16)
-120
-112
(16)
(6
1)
(6
1)
(6
1)
-300
(6
1)
(16)
(16)
(6
1)
(16)
16
1,606
1,897
1-7,723
3,715
(16)
16
4,467
-493
15,719
4,989
1,764
-4,725
6,349
3,779
836
-8,263
9,997
50
(16)
(6
1)
(16)
(16)
(6
1)
(6
1)
(16)
(16)
(16)
(16)
(6
1)
(16)
(6
1)
(6
1)
(16)
(6
1)
(16)
(6
1)
(16)
(16)
(6
1)
(6
1)
(6
1)
(16)
(6
1)
(6
1)
(6
1)
(6
1)
(16)
(6
1)
20
-41
(16)
(16)
7
0
(6
1)
(16)
85
(16)
(16)
-31
-57
(16)
(6
1)
-45
30
(16)
(16)
- 9
7
(16)
(16)
(6
1)
(6
1)
(6
1)
(6
1)
51
52
53
54
55
56
57
(16)
(6
1)
(16)
(6
1)
(16)
(16)
145
-31
(16)
(16)
(16)
(16)
18,562
7,797
(16)
16
42,525
(6
1)
(6
1)
(6
1)
(16)
(16)
(6
1)
(6
1)
(6
1)
1 8
2
(6
1)
(16)
(6
1)
9,690
1,228
11,976
(6
1)
(16)
(16)
(16)
(6
1)
(6
1)
(16)
(6
1)
16
4,360
n.a.
12,283
13,256
16
19,897
306
39,985
12,972
n.a.
8,788
16
1,897
-12,265
16
3,706
-430
15,095
16
4,214
1,048
2,745
3,928
n.a.
3,213
16
2,248
579
27,192
16
1,072
(6
1)
(16)
2,311
n.a.
-5,017
16
473
-19
2,310
1?
737
-69
-3,498
(6
1)
2,546
1,114
(16)
3,711
(16)
16
41
(6
1)
(6
1)
(6
1)
(6
1)
(16)
(16)
844
,4
1,2
241
(16)
(6
1)
16
(16)
(6
1)
(16)
(6
1)
476
,6
(16)
(6
1)
1,124
16
(6
1)
2,490
(16)
5,906
9
4
(16)
(16)
(6
1)
(16)
(16)
(16)
(
16
680
730
-10,817
(16)
16
421
n.a.
6,988
58
59
60
61
62
63
64
7,304
-14,255
13,320
1,047
-52,918
1,054
9,381
-13,730
-2,131
7,534
-14,616
19,528
306
5,254
18,101
-4,132
65
-2,638
-7,748
-7,518
-7,521
-2,637
-11,191
-10,957
-11,024
-2,959
-10,613
-10,394
-10,412
-2,778
-3,491
-3,305
-3,317
-3,418
-12,490
-12,181
-12,181
372
-14,494
-13,937
-13,939
256
-3,054
-2,934
-2,934
95
-4,529
-4,378
-4,379
62
-4,307
-4,142
-4,142
-41
-2,605
-2,483
-2,483
-18,293
-16,165
-15,595
-15,606
-12,284
-21,566
-21,020
-21,033
-3,145
-5,832
-5,663
-5,663
-3,249
-7,554
-7,414
-7,425
-3,059
-6,356
-6,244
-6,244
-2,831
-1,825
-1,700
-1,701
66
67
68
69
54
SURVEY OF CURRENT BUSINESS
March 1989
Table 10.—U.S. International
[Millions
Canada
Eastern Europe
(Credits +; debits -) 1
Line
1988
1987
1 Exports of goods and services 2
2
3
4,150
1,274
1,130
626
1,120
82,415
98,118
2,238
3,773
(*)
1,180
(*)
1,033
540
1,020
61,092
167
73,116
228
70
90
29
25
18
18
3,252
604
965
3,976
664
1,030
16
17
4
4
5
5
86
5
90
10
22
1
23
1
22
5
23
3
586
157
953
1,228
56
688
173
1,030
1,320
34
142
35
146
24
32
5
32
13
34
3
48
3
7,022
6,292
41
9,011
6,817
31
-2,339
-2,565
600
-621
-618
82,480
-94,886
-1,919
4
2158
3
514
1
625
-1
-478
-1
-541
-1
-73,647
200
84,078
264
116
117
5
-26
-75
-11
172
148
41
-44
-31
-32
2,949
-195
612
3,235
247
735
(*)
(*)
(*)
11
9
12
11
-12
-10
-7
-19
-141
-614
149
-6
20
323
657
116
10
12
-11
-896
-2,148
904
-1,247
2,545
1,414
-301
Travel
Passenger fares
Other transportation
7
8
9
10
11
Royalties and license fees from affiliated foreigners 4 ..
Royalties and license fees from unaffiliated foreigners .
Other private services from affiliated foreigners
Other private services from unaffiliated foreigners
U S Government miscellaneous services
12
13
14
IV"
2,592
Merchandise, adjusted excluding military 3
Transfers under U.S. military agency sales contracts
4
5
6
1988"
1987
III r
II
I
Receipts of income on U.S. assets abroad:
Direct investment
Other private receipts
U S Government receipts
.
.
.
15 Transfers of goods and services under U S military grant programs net
16 Imports of goods and services
-726
17
18
Merchandise adjusted excluding military 3
Direct defense expenditures
19
20
21
Travel
Passenger fares
Other transportation
22
23
24
25
26
Royalties and license fees to affiliated foreigners 4
Royalties and license fees to unaffiliated foreigners
Other private services to affiliated foreigners
Other private services to unaffiliated foreigners
U S Government miscellaneous services
1
1
-42
-48
46
48
(*)
11
18
27
28
29
Payments of income on foreign assets in the United States:
Direct investment
Other private payments
U S Government payments
-34
-4
-43
-10
31 Unilateral transfers (excluding military grants of goods and services) net
-159
-173
-37
42
-39
-54
296
32
33
34
-11
-18
-130
-8
20
145
6
31
-6
-3
-33
-1
-5
-33
(*)
6
48
(*)
-298
3
145
1,012
122
-160
-141
832
-13,953
-8,171
163
134
12
83
12
27
154
63
135
28
110
23
10
3
67
16
6
6
28
1
158
5
5tf
13
18
-1,145
110
-243
153
-859
-ijj
23
n.a.
-1,138
15
13
112
-76
-167
-9
79
223
1
n.a.
-860
-14,106
-6,358
4,003
1,331
-5,077
8,233
-5,405
-3,742
n.a.
1,790
-272
30 U S. military grants of goods and services net
U.S Government grants (excluding military grants of goods and services)
U.S Government pensions and other transfers
Private remittances and other 'transfers
35 U.S. assets abroad, net (increase/capital outflow (— )) .
36
37
38
39
40
U S official reserve assets net 5
Gold
Special drawing rights
Reserve position in the International Monetary Fund
Foreign currencies
41
42
43
44
U.S. Government assets, other than official reserve assets, net
45
46
47
48
49
U.S. private assets, net
Direct investment
Foreign securities
U.S. claims on unaffiliated foreigners reported by U S nonbanking concerns
U S claims reported by U S banks not included elsewhere
-317"
15
Repayments on U.S. credits and other long-term assets 6
U.S. foreign currency holdings and U S short-term assets net
46
-45
55
198
91
202
177
12,029
-150
51
52
53
54
55
56
57
Foreign official assets in the United States, net
U.S. Government securities7 . . . .
....
.
U.S. Treasury securities
Other 8
Other U S Government liabilities 9
U.S. liabilities reported by U.S. banks, not included elsewhere
Other foreign official assets 10
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
3,019
4,575
(*)
(16)
(16)
(*)
(16)
(16)
(*)
(16)
(16)
(*)
(16)
(16)
(15)
(15)
-48
(16)
(16)
63
(16)
(16)
58
59
60
61
62
63
Other foreign assets in the United States net
Direct investment
U.S. Treasury securities
U.S. securities other than U.S. Treasury securities
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns
U S liabilities reported by U S banks not included elsewhere
(16)
(16)
(16)
(16)
(16)
(16)
9,011
959
(16)
(16)
(16)
(16)
(16)
(15)
-4,725
1,926
(16)
85
16
21
12
2
5
6
2,201
-134
1,697
n.a.
283
2
n.a.
16
175
-404
447
208
2,285
5,391
408
404
368
362
62
5
-33
-34
479
502
447
447
-12,555
-65
-361
361
-10,962
3,232
2,930
2,930
50 Foreign assets in the United States, net (increase/capital inflow ( + ))
16
-156
16
n.a.
219
-41
16
120
16
7
207
16
(15)
(15)
(15)
(15)
(15)
(15)
(15)
(15)
(15)
(15)
(15)
64 Allocations of special drawing rights
65 Statistical discrepancy, and transfers of funds between foreign areas, net (sum of above
items with sign reversed).
66
67
68
69
Memoranda:
Balance on merchandise trade (lines 2 and 17) 1 1
Balance on goods and services (lines 1 and 16)
Balance on goods, services, and remittances (lines 67 33 and 34)
Balance on current account (lines 67 and 31) *l
. ..
See footnotes on page 51.
. . . .
-184
319
253
105
94
-598
1,615
1,585
1,420
1,412
-850
666
674
637
637
SURVEY OF CURRENT BUSINESS
March 1989
55
Transactions, by Area—Continued
of dollars]
Canada
Japan
Latin American Republics and Other Western Hemisphere
1988
1988
1988p
1987
II
m-
80,014
18,170
19,215
20,875
21,754
44,860
43,867
301
9,601
59
10,660
63
11,406
111
12,200
68
27,604
375
4,860
986
2,943
1,061
215
686
1,085
254
658
1,221
305
804
1,493
212
795
165
113
172
2,074
91
192
124
205
2,186
120
39
30
26
542
23
48
31
31
561
28
46
32
70
532
40
3,870
15,811
604
5,040
18,623
567
1,434
4,266
188
1,371
4,316
109
1,252
4,874
182
19
13
6
1
II
III'
24,148
25,861
23,306
24,803
65,603
17,719
63
19,346
75
17,206
65
18,845
26
35,041
289
1,011
184
256
1,110
165
250
1,061
141
258
794
174
265
4,007
841
2,525
152
43
271
325
6
161
43
256
328
10
171
43
250
337
10
205
43
253
331
9
2,560
1,543
15
2,454
1,662
1
1,963
1,787
15
2,033
1,825
IV P
Line
1988
1988p
1987
I
IV P
I
I
II
58,694
13,823
14,201
14,773
15,897
1
37,241
269
8,724
120
9,244
33
9,557
40
9,716
76
2
3
2,111
1,132
2,524
2,722
1,653
2,637
702
375
631
613
583
631
868
341
690
539
354
685
4
5
6
59
32
78
551
30
1,076
750
-395
842
12
1,314
825
-507
934
31
282
201
-144
238
3
353
206
-108
248
3
324
208
-124
258
22
355
210
-132
190
3
7
8
9
10
11
3,642
5,018
170
3,415
8,095
66
1,055
1,626
10
751
1,637
7
354
2,228
8
1,256
2,604
42
12
13
14
IV "
III'
2
982
5,167
88
4
-23,118
-25,152
-23,037
-23,579
-75,922
-86,211
-20,894
-20,984
-21,938
-22,395
-103,335
-111,847
-25,750
-26,924
-28,060
-31,114
16
-20,680
-68
-22,553
-48
-19,733
-72
-21,112
-75
-47,314
-329
-51,388
-241
-12,706
-52
-12,813
-50
-12,954
-68
-12,915
-70
-84,548
-2,019
-89,819
-1,870
-20,894
-394
-21,509
-483
-22,269
-479
-25,147
-514
17
18
-378
-38
-164
-776
-73
-181
-1,528
-88
-191
-553
-48
-199
-6,813
-1,354
-2,235
-7,677
-1,387
-2,285
-2,069
-353
-592
-1,792
-416
-540
-1,835
-403
-566
-1,981
-215
-586
-911
-366
-3,331
-1,139
-365
-3,591
-198
-80
-837
-413
-125
-815
-288
-107
-973
-240
-53
-965
19
20
21
-2
-5
-229
-162
-21
-5
-5
-7
-164
-28
(*)
-5
-32
-161
-40
1
-5
-54
-170
-28
-14
-16
29
-2,614
-325
-4
-17
-14
-2,885
-336
-1
-4
14
-707
-95
-1
-4
(*)
-737
-75
-1
-4
-12
-706
-94
-2
-4
-16
-735
-72
-219
-108
237
-833
-62
-257
-114
422
-763
-96
-61
-28
84
-163
-19
-64
-28
94
-182
-28
-64
-29
130
-206
-31
-68
-29
114
-212
-18
22
23
24
25
26
-478
-613
-279
-324
-633
-355
-155
-652
-380
-289
-647
-400
53
-13,897
-1,092
-935
-17,897
-1,147
-248
-3,843
-239
-217
-4,055
-284
-250
-4,741
-304
-221
-5,258
-320
-1,178
-3,952
-6,045
-1,693
-5,265
-7,298
-410
-1,141
-1,609
-395
-1,200
-1,775
-490
-1,353
-1,900
-398
-1,571
-2,014
27
28
29
19
-13
—6
1
—2
—4
1
-75
-65
-93
-68
-3,031
-2,783
-643
-680
-662
-798
-68
-62
-19
-11
-17
-15
31
1453
-464
-866
339
-99
-205
-357
-109
-214
342
-101
-219
415
-155
-228
-14
-54
-28
-33
-9
-9
-2
-8
-9
-8
-8
-8
32
33
34
-13,153
-552
-18,505
-41,531
-4,742
-13,160
-10,742
-12,887
35
—48
5,253
1 142
375
-156
-2,752
1,392
1,392
36
37
38
39
40
-79
4
-79
14
-80
-14
-79
11
1,746
-416
-869
38
-3,807
-3,347
-1,055
-11,878
-8,035
1,331
4,339
167
17
129
160
15
30
167
9
33
20
13
-4
23
10
14
6
29
-1,279
-1,659
-283
3,250
-3,839
-1,114
-738
54
-2,041
-3,367
-2,345
-824
-647
449
-997
4,835
-2,435
2,992
2,773
-736
(15)
(15)
(15)
(15)
(15)
(15)
(5
1)
(5
1)
(15)
-1
(15)
(15)
-46
-17
-3,990
695
2,062
411
(15)
(15)
(15)
-18
101
(15)
563
-297
(15)
(15)
(5
1)
(5
1)
-1,699
-205
17
129
160
—48
5,253
— 1,142
375
156
-2,752
-271
-1,077
898
-93
-117
231
162
-49
30
205
233
2
-68
330
307
-45
-116
-311
197
-1
320
1
(*)
3
318
1
6
4
2
3
(*)
-984
-2,045
1,144
-82
1
1
(*)
1
(*)
-1
3
(*)
41
42
43
44
-1,056
-667
-521
n.a.
132
-11,061
-7,166
876
2,312
-7,084
-7,747
-5,454
1,303
n.a.
903
1,577
-2,035
195
298
3,119
4,150
-2,359
1,171
-4,487
9,825
-13,085
-1,218
21
-309
-11,579
-388
158
-84
n.a.
-462
-24,077
-2,639
6,178
215
-27,831
-40,396
-1,740
422
n.a.
-39,393
-5,119
-745
-268
-78
-4,029
-13,005
-179
671
431
-13,928
-7,989
532
40
-37
-8,524
-14,282
-1,348
-22
n.a.
-12,912
45
46
47
48
49
-1,553
11,005
55,926
7,457
12,213
17,233
19,023
39,460
84,196
23,646
14,764
20,985
24,801
50
(*)
(15)
(15)
(5
1)
(6
1)
(6
1)
(16)
(6
1)
(16)
(16)
(6
1)
(6
1)
(6
1)
(16)
(16)
(6
1)
(6
1)
(6
1)
(16)
(6
1)
(6
1)
(6
1)
(16)
(16)
(16)
(16)
(16)
(6
1)
(6
1)
(16)
(16)
(16)
(6
1)
(16)
(16)
(6
1)
16
-175
- 4
6
(16)
(16)
-19
(6
1)
(16)
4
9
(16)
(16)
-54
(6
1)
(16)
- 0
4
(16)
(6
1)
-103
209
(16)
(16)
(6
1)
(16)
(15)
(15)
-1,099
1,025
(5
1)
243
-83
909
n.a.
(15)
(15)
(6
1)
(16)
-1,453
(5
1)
2,311
-1,203
11,524
16
(6
1)
1,965
2,206
(6
1)
16
2,950
n.a.
50,343
-283
(6
1)
(16)
16
737
509
4,265
399
16
394
237
11,816
16
(6
1)
912
-255
16,231
16
907
n.a.
18,031
6,181
16
12,635
1,389
19,359
16
9,276
n.a.
59,439
16
1,519
-170
18,498
-43
(16)
(16)
16
4,464
291
5,835
(6
1)
(6
1)
3,296
3,826
(16)
(6
1)
(6
1)
(16)
(6
1)
246
(16)
(16)
4,068
3,899
15,089
(16)
(16)
(6
1)
(6
1)
(6
1)
(6
1)
(16)
(16)
(16)
125
(16)
(16)
(6
1)
(6
1)
(16)
(16)
(16)
(16)
(16)
(6
1)
(16)
(6
1)
1 6
0
(16)
(6
1)
-99
(16)
(16)
(16)
(16)
(16)
(16)
(6
1)
(6
1)
(16)
-454
16
1,894
62
14,957
16
1,399
n.a.
20,149
51
52
53
54
55
56
57
58
59
60
61
62
63
64
4
-1,672
5,607
1,452
14,223
-38,911
-5,421
-14,103
-2,355
-17,032
37,588
10,550
-6,959
11,129
3,060
3,319
65
-2,961
1,030
955
955
-3,207
709
643
643
-2,527
269
176
176
-2,267
1,224
1,156
1,156
-12,273
-10,319
-11,604
-13,350
-7,521
-6,197
-7,527
-8,980
-3,105
-2,724
-3,028
-3,367
-2,153
-1,769
-2,092
-2,449
-1,548
-1,063
-1,383
-1,725
-715
-641
-1,024
-1,439
-56,944
-58,476
-58,544
-58,544
-52,578
-53,153
-53,215
-53,215
-12,170
-11,927
-11,946
-11,946
-12,265
-12,723
-12,733
-12,733
-12,712
-13,286
-13,303
-13,303
-15,431
-15,217
-15,232
-15,232
66
67
68
69
56
SURVEY OF CURRENT BUSINESS
March 1989
Table 10.—U.S. International
[Millions
Australia, New Zealand, and South Africa
(Credits +; debits -) 1
Line
1988
1987
1 Exports of goods and services
2
III r
II
I
IV
12,669
16,482
3,123
4,231
4,213
4,915
7,403
629
9,474
937
1,911
170
2,159
261
2,484
262
2,920
244
Travel
Passenger fares ...
Other transportation
570
407
301
691
600
342
111
73
94
214
150
79
252
188
85
114
189
85
7
8
9
10
11
Royalties and license fees from affiliated foreigners 4
Royalties and license fees from unaffiliated foreigners
Other private services from affiliated foreigners
Other private services from unaffiliated foreigners
U.S. Government miscellaneous services
240
94
156
332
4
305
104
140
349
8
59
26
33
84
1
70
26
35
87
2
77
26
36
88
2
100
26
36
90
4
12
13
14
Receipts of income on U.S. assets abroad:
Direct investment
Other private receipts
U S Government receipts
1,818
699
17
2,836
687
11
376
184
3
990
156
3
528
185
2
942
162
3
-8,087
-9,476
-2,370
2366
2,345
-2,395
-5,354
-46
-6,210
-58
-1,652
-15
1608
-10
-1,489
18
-1,461
15
-925
575
514
-1,201
-659
535
-307
-126
-148
-273
132
133
245
230
-124
376
171
-130
1
5
23
79
-57
2
6
19
85
-60
(*)
11
19
20
3
1
3
-21
-9
—1
-1
-2
-22
-15
(*)
-1
-3
-23
-16
28
153
326
51
75
520
38
43
66
6
-43
-142
-51
5
-152
-44
6
160
100
133
-25
-36
-35
37
8
22
70
10
24
99
2
6
17
-2
-6
-29
5
-6
-25
2
6
29
-1,942
738
1,109
-1,203
268
912
46
35
15
7
3
10
34
12
31
4
7
8
9
2
6
-3
9
1
-1,988
1,388
-577
114
91
773
-1,340
-206
n.a.
766
1,094
-41
350
47
738
-1,209
870
61
-33
-245
265
-318
74
7
516
-922
-110
-569
n.a.
-243
50 Foreign assets in the United States, net (increase/capital inflow ( + ))
490
3,840
987
2,674
670
-492
51
52
53
54
55
56
57
Foreign official assets in the United States, net . . . . .
U.S. Government securities
U.S. Treasury securities 7
Other 8
Other U.S. Government liabilities 9
U.S. liabilities reported by U.S. banks, not included elsewhere
Other foreign official assets 10
(16)
(16)
58
59
60
61
62
63
Other foreign assets in the United States, net
Direct investment
U.S. Treasury securities
U S securities other than U S Treasury securities
U.S liabilities to unaffiliated foreigners reported by U S nonbanking concerns
U.S. liabilities reported by U S banks not included elsewhere
2
3
Merchandise, adjusted, excluding military 3
Transfers under U.S. military agency sales contracts
4
5
6
..
. ..
15 Transfers of goods and services under U 8 military grant programs net
16 Imports of goods and services
17
18
Merchandise, adjusted excluding military 3
Direct defense expenditures
19
20
21
Travel
Passenger fares
Other transportation
22
23
24
25
26
Royalties and license fees to affiliated foreigners 4
Royalties and license fees to unaffiliated foreigners
Other private services to affiliated foreigners
Other private services to unaffiliated foreigners
U.S. Government miscellaneous services
27
28
29
Payments of income on foreign assets in the United States:
Direct investment
,
Other private payments ....
. .
U.S. Government payments.
...
.
..
.
.
. ..
. . . .
30 U.S. military grants of goods and services, net
31 Unilateral transfers (excluding military grants of goods and services), net
32
33
34
U.S. Government grants (excluding military grants of goods and services)
U.S. Government pensions and other transfers
Private remittances and other transfers
35 U.S. assets abroad, net (increase/capital outflow ( ))
36
37
38
39
40
U.S. official reserve assets net 5
Gold
Special drawing rights
Reserve position in the International Monetary Fund.
Foreign currencies
41
42
43
44
U.S. Government assets, other than official reserve assets, net
U.S. credits and other long-term assets
Repayments on U.S. credits and other long-term assets 6 .. . .
U.S. foreign currency holdings and U.S. short-term assets, net
45
46
47
48
49
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
.
...
.
...
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
. . . .
(16)
(16)
,
(16)
(16)
(16)
(16)
(16)
(16)
24
-426
6
-163
148
(16)
(16)
(16)
(16)
(16)
121
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
(16)
996
-312
(16)
(16)
132
(16)
-449
(16)
213
208
(16)
(16)
-55
n.a.
-529
206
66
-753
59
n.a.
16
3,983
173
107
16
570
46
269
16
3,062
-13
159
16
880
-3,031
-9,975
-2,824
-3,300
-2,772
-1,079
2,049
4,582
4,490
4,482
3,264
7,006
6,884
6,873
259
753
730
728
551
1,865
1,830
1,828
995
1,869
1,838
1,833
1,459
2,520
2,485
2,483
16
16
64 Allocations of special drawing rights
65 Statistical discrepancy, and transfers of funds between foreign areas, net (sum of above items with
sign reversed).
66
67
68
69
Memoranda:
Balance on merchandise trade (lines 2 and 17)1 1
Balance on goods and services (lines 1 and 16)
Balance on goods services and remittances (lines 67 33 and 34)
Balance on current account (lines 67 and 31) 1 1
See footnotes on page 51.
57
SURVEY OF CURRENT BUSINESS
March 1989
Transactions, by Area—Continued
of dollars]
International organizations and unalloctaed 14
Other countries in Asia and Africa
1988
1988
1987
1988 '
I
II
1987
IV P
III'
1988 »
I
Line
IIIr
II
IV P
1
73,742
93,378
21,921
23,551
24,057
23,849
47,434
6,735
65,625
4,602
14,943
1,043
16,531
1,356
16,780
1,267
17,371
935
1,026
317
4,239
1,338
403
4,979
344
69
1,122
340
103
1,335
435
153
1,265
219
78
1,258
1,118
1,522
333
417
387
385
4
5
6
154
297
513
1,707
233
260
327
632
1,729
284
51
80
139
427
47
63
81
168
433
70
65
82
151
433
71
81
83
174
436
96
45
1,471
3
-18
1,507
4
_7
381
(*)
_1
363
1
-2
382
1
-8
381
1
7
8
9
10
11
5,159
3,242
2,686
6,326
3,647
3,226
1,492
796
1,368
1,588
817
667
1,620
1,015
720
1,627
1,019
472
-63
1,050
685
300
1,069
626
-13
289
181
53
238
134
93
249
152
168
293
160
12
13
14
-2,245
-2,992
-615
-768
-799
-811
16
5,010
4,308
1,204
1,164
1,380
1,262
2
3
36
51
26
1
4
20
-118,137
-129,230
-30,003
-30,878
-34,593
-33,756
-100,853
-1,726
110,325
1506
25746
339
26422
-398
-29,566
-364
-28,591
405
-1,655
-555
-4,351
1,922
-592
-4,290
-384
-98
-974
-494
-143
-1,103
555
-180
-1,107
489
-171
-1,107
26
556
-877
709
7
-7
622
-941
-759
-1
-2
290
-228
-197
9
-2
231
-233
-172
-1
-2
60
-238
-202
(*)
-2
40
-242
-187
-150
-1
-179
-1
-39
-44
-1
-47
-49
263
-3,742
-4,507
132
-3,971
-5,678
-10
-960
-1,355
88
-890
-1,349
8
-1,004
-1,444
45
-1,117
-1,530
-316
-410
-384
-523
-93
-63
-94
-142
-99
-158
-98
-160
27
28
29
_rj
15
17
18
-70
-1,298
-70
-1,836
-13
-474
-21
-398
-is
-18
-478
-486
19
20
21
22
23
24
25
26
-36
51
26
-1
-4
-20
-8,932
-8,867
-2,027
-1,680
-1,959
-3,201
-909
-1,354
-209
-277
-393
-476
31
-7,340
-344
-1,248
-7,247
-346
1275
-1,582
-82
363
-1,312
-93
-275
-1,589
-84
-286
-2,764
-87
-351
-576
-333
-878
-465
-12
-193
-16
-169
-96
-12
-337
-56
-179
-296
32
33
34
1,388
-6,253
919
-3,448
-1,182
-2,542
30
-47
3493
1,980
-84
-2,831
4,128
35
1,561
1,498
602
249
167
481
-509
2,070
474
1,025
155
446
180
69
-35
202
173
307
36
37
38
39
40
2,193
-2,135
4,335
-7
3,764
-3,473
7,001
235
-752
-1,329
406
171
-431
-1,071
591
49
2,305
-640
2,845
99
2,643
-434
3,160
-83
-784
-788
4
-978
-979
1
-189
-189
1
-245
-245
-232
-232
-312
-312
41
42
43
44
-805
-3,341
3,478
211
-1,153
-10,017
-2,162
494
n.a.
-8,121
1,672
-665
11
82
2,243
-3,017
-349
104
-148
-2,624
-3,487
-1,097
540
-162
-2,768
-5,185
-52
-161
n.a.
-4,972
-824
161
683
(*)
-1,668
2,672
242
733
n.a.
1,704
1,566
137
80
1
1,349
-88
-42
229
-1
-274
-2,766
169
146
-7
-3,074
3,959
-22
278
n.a.
3,703
45
46
47
48
49
9,108
9,505
283
-2,076
3,523
7,775
-5,642
1,909
-234
4,188
662
-2,707
50
(6
1)
(16)
(6
1)
(6
1)
(6
1)
(6
1)
(6
1)
(16)
(6
1)
(6
1)
(16)
(16)
(6
1)
(16)
(6
1)
(16)
-52
(*)
(*)
(*)
2 4
6
(6
1)
(6
1)
408
-125
(6
1)
(6
1)
(6
1)
(6
1)
-189
(16)
(16)
-52
(6
1)
(6
1)
(*)
(*)
(*)
(6
1)
(6
1)
(6
1)
(6
1)
(16)
1,909
-234
662
-2,707
17
(6
1)
-100
-5,590
4,188
1,373
1 8
2
(16)
1,328
(16)
(6
1)
(16)
(16)
(16)
(16)
(6
1)
(6
1)
(16)
(6
1)
-2,607
-458
(6
1)
(16)
(16)
321
(16)
16
1,246
926
9,222
(16)
16
97
n.a.
8,743
16
-407
-628
1,037
(16)
(16)
(16)
(16)
(16)
16
132
178
-1,878
16
495
200
2,825
(16)
16
-123
n.a.
6,759
16
653
66
-6,309
16
-749
n.a.
2,743
-865
7
624
16
16
181
59
3,948
51
52
53
54
55
56
57
146
-151
667
16
16
-211
n.a.
-2,496
58
59
60
61
62
63
64
42,831
41,467
8,908
14,531
10,154
7,874
4,535
-5,765
-2,085
-4,265
2,098
-1,514
65
53419
-44,395
-45,987
-53,328
44700
-35,852
-37,472
-44,719
10803
-8,083
-8,527
-10,110
-9,891
-7,326
-7,695
-9,007
-12,786
-10,536
-10,906
-12,495
-11,220
-9,907
-10,344
-13,108
2,063
1,730
1,154
2,017
1,541
663
549
533
340
437
329
160
463
407
71
569
272
93
66
67
68
69
Papers from the Conference on Research
in Income and Wealth
This issue presents a second group of papers from the "New Horizons in
Data Sets" sessions from the fiftieth anniversary meeting of the Conference
on Research in Income and Wealth. Three papers appeared in the November
1988 issue of the SURVEY OF CURRENT BUSINESS; a final group will appear
in a subsequent issue.
The first paper in this issue grew out of the discussant's remarks on the
paper by G. Donald Wood that was published in the November 1988 SURVEY.
Alice and Masao Nakamura ask whether the kind of detailed compensation
data developed by Wood is necessary for economic analysis or whether wage
or earnings information, without detail on nonwage benefits, is sufficient.
They show that inferring compensation differentials from information on
wage or earnings differentials alone can lead to errors, and they call for
expanding the benefits and compensation data to include more occupational,
industry, and demographic detail.
The second paper, by Timothy Smeeding, Lee Rainwater, and Rick Simpson, describes an innovation in making existing information more useful by
combining surveys from different countries. The objective of this international project is to permit comparisons across countries by using data sets
that have been made as comparable as possible by a staff assembled especially for this purpose in Luxembourg. The discussant for this paper,
Katharine Abraham, assesses the potential usefulness of the international
project for research in labor economics.
All of the papers in the "New Horizons" sessions presented economic information that contributes to improving theNIPA estimates or that provides
supplemental data that will be useful for analyzing the NIPA components.
For this reason the conference papers are being published in the SURVEY.
Jack E. Triplett
New Measures of Nonwage Compensation Components:
Are They Needed?
By Alice Nakamura and Masao Nakamura
Introduction
IN his paper, Donald Wood describes a new measure of
labor costs that is estimated using data collected by the Bureau of Labor Statistics to produce the Employment Cost
Index.1 A key feature of these new cost estimates is the detail provided about the nonwage components of labor compensation. This is an important development because more
than one-fourth of the total compensation of today's average employee is in the form of some sort of nonwage benefit. The largest category of nonwage benefits are legally required benefits, such as social security, workers' compensation, and unemployment insurance. These legally required
benefits now make up almost a third of all nonwage benefit
costs.
Despite recognition of the growing importance of nonwage
benefits and the consequent implications for analyses and
for comparisons of labor costs over time, some economists
NOTE.—Alice Nakamura and Masao Nakamura are members of the Faculty of Business, University of Alberta, Edmonton, Alberta, Canada. The
authors wish to thank Guy H. Orcutt and Jack E. Triplett for their helpful
comments.
1. Donald Wood's paper was published in the November 1988 SURVEY OF CURRENT
BUSINESS.
58
have questioned the need for more comprehensive compensation data for cross-sectional analyses. In their widely
used undergraduate textbook, Fleisher and Kniesner maintain that nonwage benefits are related to total compensation "more or less consistently by a fraction" (Fleisher and
Kniesner 1980, 23); Triplett (1983) terms this the "consistency hypothesis."2 If the consistency hypothesis is true,
there may be little need for more information about nonwage benefits. However, if the consistency hypothesis is
rejected, then there may be a need to invest more resources
in providing details about the wage and the nonwage components of compensation for certain industrial, occupational,
and other groups of workers. The need for this data might
even be a reason for releasing microdata on compensation
that the analyst could group and manipulate as desired.
In the following sections, we briefly review evidence that
suggests that, for both the United States and Japan, the
ratio of nonwage benefits to total compensation varies systematically by the level of total compensation, by the firm
size, and by the gender of the employee. We also use data
from Japan to examine the interrelationships between certain components of compensation; the results also contradict what we would expect to find if the consistency hypothesis were true. We summarize our conclusions in the last
section.
2. Triplett has given this hypothesis a name, but he does not accept its validity.
March 1989
SURVEY OF CURRENT BUSINESS
Level of Compensation
59
Table 1.—Average Monthly Labor Cost, Cash Earnings, and Total
Benefits Per Employee, Japan, 1985 *
[In yen]
The consistency hypothesis is at odds with certain economic expectations. Some nonwage benefits are more like
prespecified goods and services than like income (which can
be spent or saved as desired). For goods and services that
are luxuries, the standard economic argument predicts that
demand will rise faster than income. Thus, the demand for
nonwage benefits such as paid vacation days would be expected to rise faster than earned income. Other nonwage
benefits, such as pension plans, are essentially deferred
wage payments. It is sometimes argued that the discount
rate for future income falls as the level of current income increases. The progressiveness of Federal and State income
tax schedules and the differential tax treatment of wages
(and salaries) versus that of nonwage benefits are further
reasons why higher wage workers might prefer to receive
higher proportions of their total compensation in the form
of nonwage benefits.3
A priori reasoning suggests, therefore, that nonwage benefits as a fraction of total compensation should increase as
the level of total compensation increases. This result is
what Wood (1988) states that he expected to find and what
he did find when workers were grouped by industry. However, for the broad occupational groupings of workers that
he used, he did not find the expected relationship. Wood
writes:
The proportion of total compensation that is accounted for by wages decreases as the level of compensation by industry increases ... However, for
any level of compensation, blue-collar workers tend
to have a lower proportion of total compensation accounted for by wages than do white-collar workers,
even though blue-collar workers earn less .. .Even
when blue-collar and white-collar worker groups
are considered separately, the expected inverse relationship between the level of compensation and
the proportion of compensation accounted for by
wages and salaries does not appear (Wood 1988,
38).
Other economists have found evidence of the positive relationship predicted by economic theory between the level
of total compensation and the share of nonwage benefits for
the United States and for other countries. For instance, the
figures shown in table 1 are based on establishment data for
Japan that have been aggregated by industry.4 The industries for which figures are shown have been arrayed from
highest to lowest in terms of the average monthly compensation for regular employees. Reading the figures in the
last column of table 1 from bottom to top, it can be seen
that average nonwage benefits as a fraction of average total compensation generally rise as the average level of total
compensation increases.
Smeeding (1983) obtains a similar result for the United
States, using information merged from three data sources.
His primary data source was the March 1980 Current Population Survey (GPS), which contains wage and salary income
data for a large number of U.S. workers; for each worker, information is also available on whether or not the worker was
3. For information on the demand for various sorts of nonpecuniary job benefits
and characteristics, see Atrostic (1982).
4. Benefits, in this case, are evaluated in terms of actual employer costs.
Total
compensation
Industry
Cash earnings
Yen
Percent
of total
Wage benefits
Yen
Percent
of total
22.2
516,343
401,759
77.8
14,585
480,845
402,930
83.8
77,915
16.2
393,016
331,352
84.3
61,664
15.7
Real estate
371,579
314,704
84.7
56,878
15.3
Manufacturing
365,918
308,344
84.3
57,574
15.7
Construction
364,821
309,275
84.8
55,547
15.2
321,268
275,450
85.7
45,818
14.3
287,924
249,470
86.6
38,453
13.4
Utilities
Finance .
.
.
Transportation/communication
Retail/wholesale . . .
Service
»
. ,
1. Figures are per month per regular employee and are calculated using data from the
Ministry of Labor (Japan 1978-87).
covered by employer pension or health plans. Then, using
microsimulation techniques of the sort pioneered by Orcutt5
and industry data on employer outlays for various fringe
benefits from the Bureau of Labor Statistics Employer's Expenditure for Employee Compensation Survey and the 1977
Employment Cost Index Survey, Smeeding assigned additional types of fringe benefits and dollar values for the various benefits to the records for individual workers in the
CPS data set. Smeeding uses this "adjusted" CPS data to
address a number of questions about the wage and nonwage
components of total compensation. One of his findings is
that "pay for time worked declines as a percentage of earnings as wages rise, indicating that paid leisure (vacations
and holidays) and other benefits included in salary increase
with earnings" (Smeeding 1983, 253).
Both the nature of the survey data and the definition of
benefits used in the Smeeding study differ from those used
in the Wood study; thus, it is not surprising that the results of their studies differ. In both the Nathan (1987) and
the Wood studies, the data that are published are highly
aggregated; if firm sizes, employee characteristics, the distributions of types of benefits, and so forth, vary across the
aggregate groups (as it is likely that they do), then one may
not be able to form conclusions about the nonwage benefit to
compensation ratio from such highly aggregated data. Using the raw microdata for jobs within establishments, the
Bureau of Labor Statistics should carry out a further study
of this issue.
Firm Size
Using tabulations of unpublished data from the May 1979
CPS,6 Oi finds that the percentages of employees receiving
important nonwage benefits rise steeply as firm size rises
(Oi 1983, 90, table 2.7). For'instance, there is a steady rise,
as firm size rises, in the percentages of male workers with
pension plan coverage and disability insurance coverage.
5. See Orcutt, Greenberger, Korbel, and Rivlin (1961) and Orcutt, Caldwell, and
Wertheimer (1976).
6. The pension supplement to the May 1979 Current Population Survey provides
information on employee participation in private pension and health insurance plans
andfirm-employment-sizedata.
March 1989
SURVEY OF CURRENT BUSINESS
60
Table 2.—Days and Hours Worked and Paid Vacation Days by Firm
Size, Japanese Manufacturing, 1985
Average per month
Firm size
Days
worked
Hours
worked
Table 3.—Relationships Among Compensation Components, Japanese
Manufacturing, 1978-85
Dependent variable
Vacation days per year
Entitled
Legally mandated benefits *
Acquired
(1)
5-29
30-99
100-499 * or 100-999 2
500-f 1 or 1000+ 2
23.0
22.2
21.2
20.3
182.5
183.5
179.0
177.3
13.1
14.7
17.2
7.3
8.2
10.3
1. Class limit for columns 1 and 2.
2. Class limit for columns 3 and 4.
Source: Figures are calculated from the tables "Average Monthly Labor Cost Per Regular
Employee by Industry, Size of Enterprise, and Item of Labor Cost" and "Average Monthly Cash
Earnings Per Regular Employee by Industry, Size of Establishment, Status, Sex, and Item"
(Japan 1978-87).
Cash earnings
1 2
(2)
(3)
(4)
(5)
(6)
0.357
(60)
-0.157
(.59)
Regular pay *
Nonmandated benefits 1
0188
(.306)
—0.494
(2.10)
0.648
(2.29)
0070
(.36)
In the research literature on female-male earnings differences, nonwage benefits are rarely mentioned. Recent
textbooks on the work behavior and economic condition of
women are also largely silent on the issue of nonwage benefits. Yet there is evidence of important differences in the
extent to which female and male workers are covered by
nonwage benefit programs.
Based on his analysis of adjusted microdata from the
March 1980 CPS, Smeeding concludes that:
Considering all workers ..., men received a higher
dollar amount and a higher percent of salary in
fringe benefits than did women. The ratio of female
to male salary is 47.0 percent, while their [sic] ratio
of fringe benefits at the employee value is only 39.5
percent (Smeeding 1983, 246).
Using microdata from the Health Insurance Study, Leibowitz (1983) takes a closer look at the female to male differences in the use of particular sorts of nonwage benefits.
For full-time employees, Leibowitz finds that:
Female employees were significantly more likely to
receive paid sick leave and vacation than male employees, while men were more likely to receive both
accident and life insurance. Male and female workers were equally likely to receive health insurance
through their employment (Leibowitz 1983, 380).
Using 1979 CPS data, Oi finds that, even after controlling
for firm size, female workers are substantially less likely
to be covered by a private pension program than are male
workers (Oi 1983, 92-93, table 2.8).
There are even greater differences in Japan than in the
United States in the extent to which female, versus male,
workers are covered by nonwage benefit programs. On av-
.467
(5.61)
.349
(2.39)
.827
(3.23)
.924
(4.81)
.534
(2.77)
.173
(2.66)
.205
(5.22)
.167
(1.77)
.257
(2.09)
.312
(3.68)
.062
(.53)
Time trend
Gender
.371
(3.02)
Size: 100-499 3
It can also be seen in columns 3 and 4 of table 2 that in
Japan the average days of entitled and of acquired (that is,
actually used) paid vacation rise as firm size rises. Consistent with this result, it can be seen in columns 1 and 2 that
both the average number of days and of hours worked per
month tend to decrease as firm size increases. This firmsize-related variation in the provision of nonwage benefits
is further evidence against the validity of the consistency
hypothesis.
Size: 500-f
.031
(7.64)
.035
(8.17)
.030
(6.63)
-.021
(1.76)
-.020
(1.53)
026
(2.67)
0.63
(7.42)
12.34
(10.21)
10.06
(13.98)
6.69
(2.09)
7.64
(2.41)
6.14
(5.73)
Constant
R2.
...
.916
.925
.916
.962
.961
.967
1. Monetary variables are in natural logs.
2. Cash earnings consist of regular pay plus bonus payments.
3. The size category of 30-99 was omitted.
Source: Figures are calculated using data from the Ministry of Labor (Japan 1978-87).
NOTE.—Regressions reported in columns (1) and (4) use cash earnings as an independent
variable; those in columns (2) and (5) use regular pay, and those in columns (3) and (6) use bonus
payments. The number of observations is 24 (which is 8 years times three size groups). Numbers
in parentheses are t-ratios based on White heteroskedasticity-corrected standard errors.
erage, female workers also receive smaller portions of their
total compensation in the form of bonus payments. See
Nakamura and Nakamura (1988, table 2).
Interrelationships Among Components of
Compensation
Another way to disprove the validity of the consistency hypothesis is to show that the interrelationships between two
alternative categories of nonwage benefits and a common
set of other compensation components differ systematically.
This approach is adopted in this section.
Using published data for 1978-85 from annual surveys
of Japanese establishments (Japan 1978-87), the logarithm
of legally mandated benefits and the logarithm of nonmandated benefits7 were regressed separately on each of three
types of compensation (total cash earnings and its regular
pay and bonus payment components), on a common set of
firm-size dummies, and on a time trend. (The results are
reported in table 3.) Legally mandated benefits are found
to be unrelated to total cash earnings, negatively related to
regular pay, unrelated to bonus payments, and positively
related to the time trend variable. Nonmandated benefits
are found to be unrelated to total cash earnings, unrelated
to regular pay, positively related to bonus payments, and
negatively related to the time trend variable. Thus, benefits are not related to wage earnings by a constant fraction.
7. Legally mandated benefits consist of contributions to health insurance, pension
funds, employment insurance, worker's accident compensation insurance, children allowances, seamen's insurance, employment benefits for handicapped, and obligatory
compensation cost. Nonmandated benefits consist of contributions to company housing; medical and health services; food services; cultural, sporting and recreational
facilities; private insurance plans; supplementary worker's accidental compensation;
payments for congratulations and condolences; incentive bonus for assets formation;
and other minor categories.
SURVEY OF CURRENT BUSINESS
March 1989
Conclusions
61
of Chicago Press, for the National Bureau of Economic
Research, 1983: 389-394.
Although the wage and nonwage components of total com- David, M. (1983), "Comment," The Measurement of Labor
Cost, Edited by J.E. Triplett, Chicago: University of
pensation are highly correlated, we find that it is not true
Chicago Press, for the National Bureau of Economic Rethat nonwage benefits are related to total compensation
search, 1983: 278-285.
"more or less consistently by a fraction." In fact, we have
Fleisher, B.M., and T.J. Kniesner (1980), Labor Economics,
reviewed evidence that demonstrates that this fraction rises
2nd edition, Englewood Clifs, NJ: Prentice-Hall.
as total compensation rises, that it rises as firm size rises,
Japan (1978-87), Rodo Tokei Yoran (Summary of Labor
and that it is higher for male workers than for female workStatistics) for 1976-85, 10 books, Ministry of Labor,
ers. However, rejecting the consistency hypothesis does not
Tokyo: Ministry of Finance Printing Office.
mean that information on the nonwage components of compensation is required for all labor supply and other sorts of Leibowitz, A. (1983), "Fringe Benefits in Employee Compensation," The Measurement of Labor Cost, Edited by J.E.
analyses that, theoretically, should incorporate a measure
Triplett, Chicago: University of Chicago Press, for the
of total compensation. In some cases, it is possible that no
National Bureau of Economic Research, 1983: 371-389
serious biases would result from using only wage and salary
information as a measure of compensation; this point can Nakamura, A., and M. Nakamura (1988), "Risk Behavior
and the Determinants of Bonus Versus Regular Pay in
only be demonstrated empirically for specific applications,
Japan," Working Paper, Faculty of Business, University
however, if the data containing nonwage information, as
of Alberta, April 1988.
well as wage information, on compensation are available.8
Nathan, F. (1987) "Analyzing Employers' Costs for Wages,
However, for many applications, such as studies of the naSalaries, and Benefits," Monthly Labor Review (October
ture of the female to male difference in compensation or of
1987): 3-11.
interindustry or intercountry differences in compensation,
information on nonwage benefits is crucial. Moreover, we Oi, W.Y. (1983), "The Fixed Employment Costs of Specialized Labor," The Measurement of Labor Cost, Edited
have reviewed evidence that suggests that the importance
by J.E. Triplett, Chicago: University of Chicago Press,
of nonwage benefits in total compensation probably differs
for the National Bureau of Economic Research, 1983:
depending on the characteristics of both the workers and
63-122.
the firms that employ them. Unfortunately, worker characteristics are not usually collected in surveys of firms, and Orcutt, G.H., S. Caldwell, and R. Wertheimer II (1976),
Policy Exploration Through Microanalytic Simulation,
firm (or employer) information is not usually collected in
Washington, DC: Urban Institute.
household surveys.
We join with Smeeding (1983), David (1983), Leibowitz Orcutt, G.H., M. Greenberger, J. Korbel, and A. Rivlin
(1961), Microanalysis of Socioeconomic Systems: A Sim(1983), and Atrostic (1983) in supporting Smith and Ehrenulation Study, New York: Harper & Brothers.
berg's recommendation that "employer based data sets [like
the one discussed in Wood's paper] should either include Orcutt, G.H., A. Nakamura, and M. Nakamura (1980),
"Poverty Research on Family Determination of Labor
measures of average employee characteristics directly, or
Income," Poverty and Public Policy: An Evaluation
they should contain sufficient identification so that they can
of Social Science Research, Edited by V.T. Covello,
be cross-referenced to employee based data sets" (Smith and
Cambridge, MA: Schenkman Publishing Co., National
Ehrenberg 1983, 364). Such a development would have imAcademy of Sciences.
plications for research on employment, on work behavior,
and on the distribution of income that would reach far be- Smeeding, T.M. (1983), "The Size Distribution of Wage and
Nonwage Compensation: Employer Cost versus Emyond the topic areas touched on in this comment.9
ployee Value," The Measurement of Labor Cost, Edited
by J.E. Triplett, Chicago: University of Chicago Press,
for the National Bureau of Economic Research, 1983:
237-277.
References
Smith, R.S., and R.G. Ehrenberg (1983), "Estimating WageFringe Trade-Offs: Some Data Problems," The Measurement of Labor Cost, Edited by J.E. Triplett, Chicago:
Atrostic, B.K. (1982), "The Demand for Leisure and Nonpecuniary Job Characteristics," American Economic ReUniversity of Chicago Press, for the National Bureau
view 72 (1982): 428-440.
of Economic Research, 1983: 347-367.
Atrostic, B.K (1983), "Comment," The Measurement of La- Triplett, J.E. (1983), "Introduction: An Essay on Labor
bor Cost, Edited by J.E. Triplett, Chicago: University
Cost," The Measurement of Labor Cost, Edited by J.E.
Triplett, Chicago: University of Chicago Press, for the
National Bureau of Economic Research, 1983: 1-60.
Wood, G.D. (1988), "A New Measure of the Cost of Com8. See David (1983, 284-285).
pensation Components," SURVEY OF CURRENT BUSINESS 68
9. For further discussion of this point, see Orcutt, Nakamura, and Nakamura
(1980).
(November 1988): 38-43.
62
March 1989
SURVEY OF CURRENT BUSINESS
Comparative Cross-National Research on Income and
Economic Well-Being:
The Luxembourg Income Study
By Timothy M. Smeeding, Lee Rainwater, and Rick Simpson
Introduction
1970, the use of household survey data for taxation
and income transfer policy analyses within academia and by
governments has increased dramatically. These data have
been used in micro simulation models to provide us with increasingly detailed insights into the effects of government
policy changes on economic behavior (e.g., labor supply and
savings), on public budgets, and on family well-being.
However, although the analytical techniques used in
Canada, West Germany, and the United States are similar,
the analyses are usually limited to one nation. Based on
the assumption that the institutional differences between
nations provide fertile ground for research and for unique
insights into the effects of government policy, it seems reasonable to suppose that a cross-national focus using comparable data would improve policy analysis. The Luxembourg
Income Study (LIS) is a data bank of household income surveys designed to accommodate such a focus. This paper describes the LIS, an example of research using the LIS data
bank, and the future endeavors of the LIS project.
Under the sponsorship of the Government of Luxembourg,
the LIS project began in April 1983. The purpose of the
project was to gather, in one central location, sophisticated
microdata sets that contain comprehensive measures of income and economic well-being for a group of modern industrialized countries. This location is the Center for Population, Poverty, and Policy Studies and the International
Networks for the Studies of Technology, Environment, Alternatives, and Development in Luxembourg.
From its inception, the LIS was to be a researchled project with a flexible, nonbureaucratic administrative
structure. On January 1, 1989, the LIS data bank contains data sets from 10 countries: Australia, Canada, Israel,
the Netherlands, Norway, Sweden, Switzerland, the United
Kingdom, the United States, and West Germany. Table 1
presents an overview of these data sets by country, by data
set name, size, and income year, by data sampling frame,
and by the coverage of the population.1 The U.S. data set
used in the LIS is the Current Population Survey; microdata sets from other countries have been adjusted to yield
comparable variables.
NOTE.—Timothy Smeeding is Professor of Public Policy and Economics,
Vanderbilt University, and Overall Project Director, Luxembourg Income
Study. Lee Rainwater is Professor of Sociology, Harvard University, and
Research Director, Luxembourg Income Study. Rick Simpson is a member
of the Department of Economics, Vanderbilt University.
1. The reader will note in table 1 that the data sets from some countries are
expenditure surveys and tax record files. The choice of which data set to include was
determined by several criteria, for example, depth and comprehensivity of income
reporting on expenditure surveys and the definition of tax units and income sources
used for tax surveys.
Table 1.—An Overview of the LIS Data Sets
Country
Data set name, income year (and
size1)
Population
coverage 2
Basis of household
sampling frame 3
Australia
Income and Housing Survey, 198182 (17,000).
97.5 Decennial census
Canada
Survey of Consumer Finances, 1981
(37,900).
97.5 Decennial census
Israel
Family Expenditure Survey, 1979
(2,300).
89.0 Electoral register
The Netherlands
Survey of Income and Program
Users, 1983 (4,833).
99.2 Address register of the
postal and telephone
companies
Norway
Norwegian Tax Files, 1979 (10,400) ...
98.5 Tax records
Sweden
Swedish Income Distribution
Survey, 1981 (9,600).
98.0 Population register
Switzerland
Income and Wealth Survey, 1982
(7,036).
95.5 Electoral register and
central register for
foreigners
United Kingdom
Family Expenditure Survey, 1979
(6,800).
96.5 Electoral register
United States
Current Population Survey, 1979
(65,000).
97.5 Decennial census
West Germany
Transfer Survey 1981 (2 800)
91.5 Electoral register
1. Data set size is the number of actual household units surveyed.
2. As a percent of total national population.
3. Sampling frame indicates the overall base from which the relevant household population
sample was drawn. The actual sample may be drawn on a stratified probability basis, e.g., by
area or age.
The Contents of the LIS Data Bank
The LIS data bank consists of microdata sets from annual household surveys from the 10 LIS member countries;
these data sets contain information for each household that
is divided into two categories: Income variables (including
taxes) and demographic variables. There are 42 income
variables and 28 demographic variables from which a researcher may choose. (See the appendix for a list of these
variables.)
In selecting the income variables, we have concentrated
particularly on the sources of taxation and of cash and inkind transfer income in each country.2 From the list of
income variables, a researcher can construct the following: Several definitions of income—including market, or
factor, income; several sources of private and public income transfers; several types of pensions—socially provided
(e.g., social security in the United States) and employmentrelated pensions for private sector and public sector workers; and a set of noncash income components—including
"near cash" transfer-benefits, which are nominally defined
as in kind but which have a cash-equivalent value equal
2. A project to add several sources of noncash income for most LIS countries is
currently under way and should be completed by October 1989. See Buhmann et al.
(1987) for additional information on this project.
March 1989
SURVEY OF CURRENT BUSINESS
to their market value.3 The several categories of transfer income allow for a detailed breakdown of means-tested
benefits, employment-related social insurance entitlements,
and universal benefits, such as child allowances. In several countries, realized capital gains are also recorded. The
earnings and the average wages (average annual earnings
divided by total hours worked) of head of household and of
spouse are recorded separately.
The demographic variables for each household or family
unit include information—such as age, education, occupation, industry, type of worker, and disability status—for
both spouses in married couple households. From this list of
variables, a researcher has many choices. For example, the
"relatedness" variable allows a researcher to choose either
the "household" (i.e., all persons living together regardless
of relatedness) or the "family" (i.e., all persons living together who are related by blood, marriage, or adoption) as
the unit of analysis. Although a completely comparable set
of definitions of units are not available across all countries,
the differences in the definitions of the income recipient unit
are carefully noted for each country's data set.4 The LIS
data bank also includes three sets of weights—for persons,
households, and families.
The Comparability of the Data Sets in the
LIS Data Bank
One of the most important issues for a database that is to
be used for cross-national analyses is the comparability of
the data used in the data sets that compose the data bank.
One criterion of comparability requires that the variables
in the data set are defined and measured in the same way
across different nations. Therefore, emphasizing the availability of extensive, detailed income measures, especially
those of tax and transfer income, the LIS staff have chosen
data sets from each country that are, by their nature, comparable. To be eligible for inclusion in the LIS database,
a data set must contain a set of income and demographic
variables that can be rearranged to be consistent with the
common definitions agreed upon by the LIS staff and the
LIS member countries. The comparability of these variables is necessary to accommodate policy analyses related
to income distribution.
Another criterion of comparability is the timeliness of the
data sets. When LIS began in 1983, the only available,
acceptable data set for Norway was for 1979, and the 1979
Current Population Survey for the United States contained
more extensive income measures than the previous surveys.
Hence, 1979 was chosen as the target survey period. West
Germany, with a data set only for 1981, and Switzerland
and Australia, with data sets for 1982, joined later.5
Despite careful efforts to ensure comparability, a few
anomalies still exist. For example, the definition of family
used in the data set from the United States differs slightly
3. For instance, near cash benefits include food stamps in the United States and
housing allowances that are paid in cash to tenants in the United Kingdom and
Sweden.
4. For instance, the data sets for only six countries use the definition of household
defined above. However, except for some minor differences that are discussed later,
the data sets for all 10 countries use a reasonably consistent definition of family.
5. Providing a 1983 data set, the Netherlands was the most recent country to
join the LIS. Because of business cycle considerations, this 1983 data set must be
compared with the data sets for other years with some degree of caution.
63
from the one used in the data sets from the Netherlands,
Norway, and Sweden. In these countries, unmarried persons living together as if they were married are defined as
a married family unit. Moreover, in Sweden, persons 18
years old (the age of legal independence) or older who reside with their parents are defined as one-person families.
These definitional differences are not important to many research projects; however, a researcher studying government
policies that affect the incomes of college students, for example, would have to consider these differences if Swedish
data are to be included in the study. (Smeeding, Schmaus,
and Allegrezza (1985) present a more detailed discussion of
the comparability of the data sets in the LIS data bank.)
The Quality of the Data Sets in the LIS
Data Bank
Another important issue for a database is the quality of
its data sets, especially those composed of survey data. Although there are many factors that determine the quality
of a data set, the criteria used by the LIS staff in selecting
the data sets include the survey response rate, the sample
size, and the population coverage. Two problems that affect the quality of the data in the data sets merit particular
attention—item nonresponse and underreporting of income.
The problem of item nonresponse plagues virtually all income survey data, including the data sets that make up
the LIS database. Two methods are used to correct for
this problem. The first method is "hot deck" imputation,
which assigns a value to the nonresponse item based on the
value of the record nearest (in terms of age, sex, family size,
and other characteristics) to the record with the item nonresponse. The second method is "cold deck" imputation, which
assigns a value ta the nonresponse item based on average
levels from similar records. Using one of these methods,
the statistical and research agencies in each member country have adjusted all LIS data sets for item nonresponse.
The underreporting of income is another problem with
income survey data, especially for some types of income,
such as property or self-employment income. This problem
is compounded if inferences are to be drawn from crossnational comparisons in which the relative rates of underreporting differ for the same income variables across nations. Canada, the United Kingdom, and the United States
have constructed ratios of survey estimates to aggregate national accounting data. For all three countries, the survey
estimates for total income (weighted and summed over all
families) are approximately 90 percent of the national income aggregates for overall income. Although some variance in underreporting is apparent across types of income,
we would judge these data sets to be of comparable overall quality with respect to their reporting differences. (A
more complete description of the quality of the data sets
in the LIS data bank is found in Smeeding, Schmaus, and
Allegrezza 1985).
Research Using the LIS Data Bank
The LIS data bank has proved to be an extremely useful resource for both basic and applied economic and social science research. For example, Aguilar and Gustafsson
64
SURVEY OF CURRENT BUSINESS
Table 2.—Income Taxes, Income Tax Rates, and Redistributive Effects
in Eight Countries
Average
tax
rate 1
Families
paying
no taxes
Families
with tax
rate
greater
than 50
percent
29.6
5.3
3.4
17.7
169
19.9
0.1
8.1
West German
217
QO O
1.7
3.4
Norwa
25.3
14.9
0.5
5.9
Canada
15.2
22.8
0
8.6
Israel
28.7
16.4
4.1
12.8
United States
21.0
15.1
0.4
12.1
Switzerland
19.9
1.8
Table 3.—Marginal Income Tax Rates in Eight Countries by Type of
Family l
Redistributional
effect of
income
taxes2
Country
March 1989
Country
Elderly
head of
family
Single
parents
Single
without
children
Couples
with no
children
Couples
with 12
children
Couples
with
more
than 2
children
Sweden
Sweden
0
n.a.
n.a. Not available.
1. Ratio between total income taxes to total gross income.
2. Calculated as one minus the difference between the Gini coefficients of family disposable
income and family gross income, as reported by O'Higgins, Stephenson, and Schmaus (1989).
Source: Aguilar and Gustafsson (1987).
(1987) used the LIS data bank as a resource for their comparison of the role of income taxes across nations. They
found that the structure of income taxes was quite different in the eight LIS member countries that they studied.6
In some countries, almost all families pay income taxes. In
other countries, a sizable proportion of families do not pay
any income taxes (see table 2); in particular, low-income
families with elderly heads of household and single-parent
families do not pay income taxes in many of the countries
studied. They also found that the redistributional effect of
income taxes could be as high as 17.7 percent (in terms of
the percentage change in the Gini coefficient due to income
taxes) and that this redistribution tended to increase with
the relative size of income taxes as measured by the average
tax rate.
Aguilar and Gustafsson used regression models to compute marginal tax rates evaluated at the average income
level for different groups in each country (see table 3). They
concluded that marginal income tax rates vary substantially
both across countries and across population groups within
countries. In general, Sweden, Norway, and Israel had
the highest marginal tax rates; Switzerland and the United
States constituted the middle group, and the United Kingdom and Canada had the lowest marginal tax rates. In
some countries, the marginal tax rates were consistently
high across all population groups; for example, in Sweden
and, to a lesser extent, in Norway, all forms of money income, including all forms of cash transfer, are subject to
income taxes. The U.S. marginal income tax rates were
below the group average for couples without children and
for small families, but these rates were nearly average for
larger families. For the elderly and single-parent families,
the U.S. rates were much lower than average. Given the recent reductions in marginal income tax rates in the United
States and the United Kingdom, it will be interesting to
recompute table 3 when the data from later years become
available in the LIS data bank.
Aguilar and Gustafsson also computed average income
tax elasticities by family type (see table 4). Families with
elderly heads of household have the greatest tax elastic6. Their study excluded data from the Netherlands and Australia.
452
357
43 2
43 2
42 3
42 1
United Kingdom
21.9
262
159
259
253
240
West Germany-
126
33 8
20 6
290
457
28 1
Norway
355
30 1
39 6
464
46 6
21 1
Canada
142
188
224
22 9
226
24 1
Israel
289
326
37 7
447
447
479
United States
160
157
254
31 8
31 5
31 5
Switzerland
333
243
242
386
31 1
307
Average2
260
27 1
286
353
36 2
31 2
1. Marginal income tax rates were computed at the mean value of income.
2. The simple average of the estimates from all countries.
Source: Aguilar and Gustafsson (1987).
ities, followed by single-parent families and couples with
more than two children. The United States was singled
out as the country with the highest income tax elasticities, particularly for the elderly, in 1979. This overall steep
elasticity was largely the product of the high inflation of
the 1970's that pushed the middle-income population group
into higher tax brackets as nominal incomes rose faster than
the corresponding tax exemptions and deductions. The Economic Recovery Act of 1982 and the subsequent changes in
marginal tax rates in 1986 have reduced the tax elasticity
in the United States for all groups, except possibly for the
elderly. Among LIS member countries, the United States is
the most lenient country in taxing the social security benefits of retirees; at present, only half of these benefits are
taxed and then only if the adjusted income is above $25,000
for single retirees and above $32,000 for couples. Tables 2,
3, and 4 indicate that, compared with the other countries,
the U.S. pre-income-tax treatment of social security benefits
has kept the average and marginal tax rates for the elderly
low but the tax elasticity for this group high.
The LIS data bank has also been used for research on
human resource issues, including the following studies:
• The distribution of household income and the relative
income positions of the old and the young, of urban
and rural residents, and of single parents (O'Higgins,
Stephenson, and Schmaus 1989; Ringen and Hedstrom
1989; Hauser and Fischer 1989; and Buhmann, Rainwater, Schmaus, and Smeeding 1988);
• The distribution of earnings for both men and women
and the change in earnings over a worker's life cycle, including the transition to retirement (Achdut and Tamir
1989, Phipps 1988, and Wagner and Lorenz 1988); and
• Comparative studies of the welfare state and its policies
toward the elderly and children (Smeeding, Torrey, and
Rein 1988; Smeeding and Torrey 1988; and Kohl 1987).
These examples of research present only a glimpse at
the breadth of the analyses undertaken using the LIS data
bank. Although the data bank is still in its infancy, it has
already become a valuable resource for research into both
the normative and the positive aspects of tax and transfer
policy in modern Western nations.
SURVEY OF CURRENT BUSINESS
March 1989
Table 4.—Average Income Tax Elasticities 1 in Eight Countries by Type
of Family
Couples
with
Couples Couples
Single
withlmore
without with no
2
children children children than 2
children
Elderly
head of
family
Single
parents
Sweden
20
18
16
1.4
1.4
1.6
United Kingdom
23
1.9
1.3
1.3
1.4
1.5
West Germany
14
1.1
14
1.1
1.6
1.3
Norway
2.3
1.6
1.4
1.6
1.7
0.8
Canada
22
1.7
1.4
1.5
1.5
1.6
Israel
2.1
2.2
1.5
1.4
1.4
1.6
United States
4.7
2.0
1.7
1.5
1.6
1.8
Switzerland
26
17
14
15
1.5
24
18
15
12
1.5
1.5
the LIS data bank, the researcher is required to make the
results available as a Luxembourg Income Study at the Center for Population, Poverty, and Policy Studies (LIS-CEPS)
working paper. In this way, we can document previous LIS
research for those interested in furthering the use of our
network, and we can provide for a statistical review of the
results by the central statistical offices of the LIS member
countries. Twice a year, the Center publishes a newsletter
that reports new working papers, new country members,
research conferences, and technical matters relating to the
database. A current list of LIS-CEPS working papers, a
copy of the biannual LIS newsletter, and other information
are available from LIS at CEPS/INSTEAD, B.P. No. 65,
L-7201 Walferdange, Luxembourg.
1.6
Average 2
65
Country
1. Percent change in income tax given a 1-percent change in income calculated at the mean
income level for each family size.
2, The simple average of the estimates from all countries.
Source: Aguilar and Gustafsson (1987)
Gaining Access to the LIS Data Bank
The LIS project and the data bank are permanently
housed at the Center for Population, Poverty, and Policy
Studies and the International Networks for the Studies of
Technology, Environment, Alternatives, and Development
(CEPS/INSTEAD) in Luxembourg. The data are stored in
the central computers of the Government of Luxembourg;
access to these computers is via several computer terminals at the Center and is restricted by the Government of
Luxembourg's data access and privacy laws. Due to these
restrictions and to the assurances of confidentiality under
which the central statistical offices of some member countries have loaned copies of their data sets to the LIS, public
use tapes are not available. However, there are three ways
that researchers may gain access to the LIS database: (1)
Visit the Center in Luxembourg, (2) communicate with the
Center by traditional postal services, or (3) use the BITNETEARN-NETNORTH computer telecommunications network
for access to the data bank.7
Although the first two ways are either expensive or time
consuming, the third has proven to be a very efficient and
inexpensive alternative. Almost all of the major educational
institutions in North America and Europe have access to the
BITNET-EARN-NETNORTH system, and they can therefore easily access the LIS data bank.8
The LIS data bank—its maintenance and its data
renewal—is financed by contributions from the national science foundations of the countries whose data sets make up
the database. Although there are no charges for reasonable
use to researchers from member countries, there are minimal user charges to researchers from nonmember countries
and from international research organizations. All users
are required to sign a pledge to respect the confidentiality
of the data before they can use the data bank. In addition, after research papers or reports are prepared using
7. BITNET is the abbreviation for Because It's Time Network. EARN is the abbreviation for European Academic Research Network. NETNORTH spans Canada.
For an overview of the BITNET, see Oberst and Smith (1986).
8. For further information about gaining access to the LIS data bank and for "The
LIS Information Guide" (Coder, Rainwater, and Smeeding 1988) and related documents, write to John Coder, LIS at CEPS/INSTEAD, B.P. No. 65, L-7201 Walferdange, Luxembourg.
Future Endeavors
Solidified by the stable financial base provided by the
international consortium of financial organizations of LIS
member countries, the LIS staff is planning several projects.
To continue to be useful for cross-national research, the LIS
data bank is currently being updated with data sets for
1985, 1986, or 1987, depending on their availability from
the member countries. Data sets from several additional
countries—such as Poland, Italy, Finland, France, Belgium,
Luxembourg, and Ireland—will be added to the more recent
data sets from the present LIS member countries; adding
data sets from Spain, New Zealand, Japan, Hungary, Argentina, and Denmark remain in the planning stages. If
data sets from Poland and Hungary were added, then EastWest comparisons would be possible. Moreover, data sets
from ongoing longitudinal household panel data sets—such
as the Survey of Income and Program Participation and the
Panel Study of Income Dynamics from the United States
and the equivalent data sets from West Germany, Belgium,
and Luxembourg—will be added to the LIS data bank in
1989. In time, these data sets will provide an opportunity
for cross-national panel research.
In July 1989, the Center will conduct the second annual
2-week summer workshop. Last year, 26 students from 14
countries were granted admission to the workshop. The objective of this workshop is to introduce young scholars (i.e.,
those at, or just beyond, the doctoral dissertation stage) to
topics in cross-national economic and social science research
so that their future research projects will be based, in large
part, on the LIS data bank. Several student papers (e.g.,
Phipps 1988 and Wagner and Lorenz 1988) from the 1988
workshop are already in circulation.
The goal of the LIS project is to provide interested researchers with comparable household income survey data
on which cross-national economic and social science research can be based. To the extent that the Center can
continue to make these data available relatively quickly and
inexpensively, the future of cross-national economic and social science research seems bright indeed.
References
Achdut, L., and Tamir, Y. (1989). "Comparative Economic
Status of the Retired and Nonretired Elderly." Poverty,
Inequality, and the Distribution of Income in an International Context: Initial Research from the Luxembourg
Income Study (LIS). Edited by T.M. Smeeding, L. Rain-
66
SURVEY OF CURRENT BUSINESS
water, and M. O'Higgins. London: Wheatsheaf Books.
Forthcoming.
Aguilar, R., and Gustafsson, B. (1987). "The Role of Public
Sector Transfers and Income Taxes: An International
Comparison." Luxembourg Income Study at the Center for Population, Poverty, and Policy Studies Working Paper No. 10. Luxembourg: Center for Population, Poverty, and Policy Studies and International
Networks for the Studies of Technology, Environment,
Alternatives, and Development. April 1987.
Buhmann, B., Hugenaars, A., Hauser, R., Sounders, P.,
Smeeding, T., and Wolfson, M. (1987). "Improving the
LIS Income Measure: Towards Microdata Estimates
of the Size Distribution of Cash and Noncash Income
in Eight Countries." Luxembourg Income Study at
the Center for Population, Poverty, and Policy Studies
Working Paper No. 13. Luxembourg: Center for Population, Poverty, and Policy Studies and International
Networks for the Studies of Technology, Environment,
Alternatives, and Development. October 1987.
Buhmann, B., Rainwater, L., Schmaus, G., and Smeeding, T. (1988). "Equivalence Scales, Well-Being, Inequality, and Poverty: Sensitivity Estimates Across Ten
Countries Using the Luxembourg Income Study (LIS)
Database." Review of Income and Wealth (June 1988):
115-42.
Coder, J., Rainwater, L., and Smeeding, T. (1988). "The
LIS Information Guide." Luxembourg Income Study at
the Center for Population, Poverty, and Policy Studies
Working Paper No. 7. Luxembourg: Center for Population, Poverty, and Policy Studies and International
Networks for the Studies of Technology, Environment,
Alternatives, and Development. November 1988.
Hauser, R., and Fischer, I. (1989). "The Relative Economic Status of One-Parent Families in Six Major Industrialized Countries." Poverty, Inequality, and the
Distribution of Income in an International Context:
Initial Research from the Luxembourg Income Study
(LIS). Edited by T.M. Smeeding, L. Rainwater, and M.
O'Higgins. London: Wheatsheaf Books. Forthcoming.
Kohl, J. (1987). "Alterssicherung im internationalen Vergleich. Zur Einkommensstruktur und Versorgungssituation alterer Haushalte." Luxembourg Income Study at
the Center for Population, Poverty, and Policy Studies
Working Paper No. 11. Luxembourg: Center for Population, Poverty, and Policy Studies and International
Networks for the Studies of Technology, Environment,
Alternatives, and Development. May 1987.
Oberst, D., and Smith, S. (1986). "BITNET: Past, Present,
and Future." EDUCOM Bulletin 21 (Summer 1986):
10-17.
O'Higgins, M., Stephenson, G., and Schmaus, G. (1989).
"Income Distribution and Redistribution." Poverty, Inequality, and the Distribution of Income in an International Context: Initial Research from the Luxembourg
Income Study (LIS). Edited by T.M. Smeeding, L. Rainwater, and M. O'Higgins. London: Wheatsheaf Books.
Forthcoming.
Phipps, S. (1988). "Measuring Gender Differences in Wage
Distributions for Five Countries." Luxembourg Income
Study at the Center for Population, Poverty, and Policy
Studies Working Paper No. 25. Luxembourg: Center
for Population, Poverty, and Policy Studies and International Networks for the Studies of Technology, En-
March 1989
vironment, Alternatives, and Development. November
1988.
Ringen, S., and Hedstrom, P. (1989). "Age and Income
in Contemporary Society." Poverty, Inequality, and
the Distribution of Income in an International Context:
Initial Research from the Luxembourg Income Study
(LIS). Edited by T.M. Smeeding, L. Rainwater, and M.
O'Higgins. London: Wheatsheaf Books. Forthcoming.
Smeeding, T., Schmaus, G., and Allegrezza, S. (1985).
"Introduction to LIS." Luxembourg Income Study at
the Center for Population, Poverty, and Policy Studies
Working Paper No. 1. Luxembourg: Center for Population, Poverty, and Policy Studies and International
Networks for the Studies of Technology, Environment,
Alternatives, and Development. July 1985.
Smeeding, T., and Torrey, B. (1988). "Poor Children in Rich
Countries." Science 242 (November 1988): 873-77.
Smeeding, T., Torrey, B., and Rein, M. (1988). "Levels of
Well-Being and Poverty Among the Elderly and Children in the United States and Other Major Countries."
The Vulnerable. Edited by J. Palmer, T. Smeeding, and
B. Torrey. Washington: Urban Institute Press (1988):
89-120.
Wagner, J., and Lorenz, W. (1988). "An International Comparison of the Rates of Return to Human Capital: Evidence from Five Countries." Luxembourg Income Study
at the Center for Population, Poverty, and Policy Studies Working Paper No. 23. Luxembourg: Center for
Population, Poverty, and Policy Studies and International Networks for the Studies of Technology, Environment, Alternatives, and Development. November 1988.
Appendix
LIS Data Bank Income Variables
Wage and salary income
Mandatory employer contributions
Nonmandatory employer contributions
Farm self-employment income
Nonfarm self-employment income
In-kind earnings
Mandatory contributions for self-employed
Cash property income
Noncash property income
Home value
Income tax
Property or wealth tax
Mandatory employee contributions
Other direct taxes
Indirect taxes
Sick pay
Accident pay
Disability pay
Social retirement
Child allowance
Unemployment pay
Maternity allowance
Military, veterans, or war-related benefits
Other social insurance
Cash benefits
Near cash benefits
March 1989
SURVEY OF CURRENT BUSINESS
Food benefits
Housing benefits
Medical benefits
Heating allowance
Education benefits
Private sector pensions
Public sector pensions
Alimony/child support
Other regular
Other cash income
Realized lump sum income
Total (or net) income question
Pay of head of household
Wages of head of household
Pay of spouse
Wages of spouse
67
Relatedness
Number of earners
Nonfarm-farm
Ethnicity, head of household
Race, head of household
Education, head of household
Education, spouse
Occupation training, head of household
Occupation training, spouse
Occupation, head of household
Occupation, spouse
Industry, head of household
Industry, spouse
Type of worker, head of household
Type of worker, spouse
Location (urban, rural)
Marital status, head of household
Tenure, owned or rented housing
Head of household, full-time or part-time employed
Spouse, full-time or part-time employed
Disability, head of household
Disability, spouse
Number of children under 18 years old
Age of youngest child
LIS Data Bank Demographic Variables
Age, head of household
Age, spouse
Sex, head of household
Number of persons
A Comment
on
"Comparative Cross-National Research on Income and Economic Well-Being:
The Luxembourg Income Study"
By Katharine G. Abraham
ALTHOUGH comparative research is potentially quite illuminating, it is all too rare. An important reason for
the paucity of comparative research is the difficulty that
researchers typically experience in obtaining comparable
cross-national data. Thus, the Luxembourg Income Study
(LIS) data bank is a very welcome resource. Smeeding,
Rainwater, and Simpson have done a nice job of describing
the LIS data bank and of illustrating its usefulness for addressing a variety of research questions. Not surprisingly,
they have emphasized the strengths of the LIS. It therefore
seems appropriate for me, as the discussant, to emphasize
the limitations of the LIS.
Comparative research may be valuable for a variety of different purposes. One purpose is simply to provide descriptive statistics of the economies of different countries. Just
as individuals compare themselves with the Joneses (or the
Schmidts), in the same way, questions of the form "where
does my country stand relative to the rest of the world with
respect to X?" are of perennial interest. The work that has
been done so far with the LIS has been oriented towards
NOTE.—Katharine G. Abraham is an Associate Professor, University of
Maryland, a Eesearch Associate, National Bureau of Economic Research,
and a Guest Scholar, the Brookings Institution
answering this sort of question about the level and the distribution of income.
Comparative research may also be valuable because it
identifies alternative policies that have been tried elsewhere
and that might be adopted at home. More importantly perhaps, researchers should, in principle, be able to exploit the
variations in policy regimes across countries to test various
hypotheses. I suspect that the LIS data bank, at least in its
present form, will prove to be less valuable to researchers interested in testing cause-and-effect hypotheses than it has
proven to be to those interested in simply describing the
differences in the distribution of economic well-being across
countries.
A first step in analyzing the effects of any policy, or policy
package, is to specify the outcomes that one might expect
it to influence. Tax and transfer policies, the set of policies
that the LIS designers appear to be most interested in, are
likely to influence both individuals' labor supply decisions
and the distribution of income. Moreover, these two effects
cannot be readily separated; understanding the effects of
tax and transfer policies on labor supply is likely to be important for understanding their effects on income distribution. Ideally, any data set that is used for analyzing the
consequences of alternative tax and transfer policy regimes
68
SURVEY OF CURRENT BUSINESS
should include good information on hours of work, weeks
worked per year, and so on. In its present form, the LIS
data bank contains very limited information on individuals'
work experiences.
The most persuasive studies of the effects of a policy are
obviously those in which other factors that might explain
the observed outcomes can be ruled out. Any researcher interested in using the LIS data bank for testing hypotheses
concerning the effects of particular policies would need to
begin by developing a thorough understanding of the labor market and of other relevant institutions in each of
the countries to be included in the study. Comparisons
among dissimilar countries are unlikely to provide particularly useful information, because there are likely to be too
many other possible explanations for the differences in the
outcomes. Comparisons among countries that are similar
along as many dimensions as possible are apt to be less
problematic. In many cases, the most appealing research
strategy may be to rely on before and after analyses with
a control group; that is, this strategy would use data for
two or more time periods and would compare the develop-
March 1989
ments in a country that has experienced a change in policy
regime with the developments in another country, or countries, where policy has not been altered.
Two things are apparent. First, access to the LIS
database by no means obviates the need for researchers to
have an in-depth knowledge of the countries that they are
studying. Second, to the extent that testing hypotheses concerning the effects of different policies involves the identification and exploitation of natural experiments, a database
that includes data for 1 year, or even for 2 widely separated
years, for each country may not provide the requisite information. Less ambitious, custom-designed data sets may
prove to be more useful in many research contexts.
Having said that, I should note that confidentiality restrictions frequently preclude researchers from gaining access to the information that they would ideally like to have.
In my view, one of the most exciting things about the LIS
project is the model that it offers for reconciling the conflict between maintaining the confidentiality of the data provided by the survey respondents and providing researchers
with access to the data for legitimate research endeavors.
69
SURVEY OF CURRENT BUSINESS
March 1989
Constant-Dollar Inventories, Sales, and Inventory-Sales Ratios for Manufacturing and
Trade
Tables 1, 2, and 3 present quarterly and monthly constant-dollar inventories, sales, and inventory-sales ratios, respectively. Table 4 presents
quarterly fixed-weighted constant-dollar inventory-sales ratios, i.e., ratios
obtained by weighting detailed industry ratios by 1982 sales. Table 5 preTable 1.—Manufacturing and Trade Inventories in Constant Dollars,
Seasonally Adjusted, End of Period
sents quarterly and monthly inventories for manufacturing by stage of
fabrication. Quarterly constant-dollar manufacturing and trade inventories, sales, and inventory-sales ratios for 1985 forward were published in
the September 1988 SURVEY OF CURRENT BUSINESS.
Table 2.—Manufacturing and Trade Sales in Constant Dollars, Seasonally
Adjusted Total at Monthly Rate
[Billions of 1982 dollars]
[Billions of 1982 dollars]
1988
m
Manufacturing and trade
w
| Aug.
696.1 702.7
Sept.
1989
Oct.'
Nov.
Dec.
Durable goods
Primary metals ,
Fabricated metals
Machinery, except electrical
Electrical machinery . . . .
Transportation equipment
,
Motor vehicles
Other
Other durable goods '
2159 2190
18.4 18.6
229 227
46.6 47.0
364 370
559 576
11.4 11.7
44.5 45.9
357 361
693.3 696.1 698.1 700.5 702.7 705.3
328.6 329.1 329.5 3304 332.0 334.0
2150 2159 2165 2175 2190 2210
18.2 184 18.5 185 18.6 187
227 229 227 227 227 229
46.1 46.6 46.6 46.5 47.0 47.4
365 364 364 370 370 372
55.8 559 564 569 57.6 587
11.5 114 11 5 117 11.7 121
44.3 44.5 44.9 45.2 45.9 46.5
357 357 358 359 361 36 1
Nondurable goods
Food and kindred products ....
Nonfood
Paper and allied products
Chemicals and allied products
Petroleum and coal products
Rubber and plastic products
Other nondurable goods 2
1132 1130
229 236
903 894
10.1 103
26.8 27.0
14.6 14.1
8.4
8.5
30.4 29.6
1136 1132 1131 1128 1130 1130
23.1 229 229 232 236 234
90.5 903 90.1 896 894 895
10.1 10.1 10.1 102 10.3 10.2
26.8 26.8 26.9 26.9 27.0 26.8
14.7 14.6 14.5 14.2 14.1 14.7
8.4
8.2
8.5
8.5
8.5
8.6
30.7 30.4 30.1 29.8 29.6 29.2
168.9 169.5
168.4
Manufacturing
329.1 332.0
Merchant wholesalers
109.2 109.3
59.8 60.2
203 199
39.5 40.2
198 1 2013
Retail trade
Durable goods
Auto dealers ..
Other durable goods
Nondurable goods
Food stores
Other nondurable goods
..
168.9 169.5 168.9 169.5 168.9
107.9 109.2 109.6 109.0 109.3 109.1
60.4 59.8 59.9 59.9 60.2 59.8
205 203 205 200 199 194
39.9 39.5 39.4 39.8 40.2 40.4
1964 198 1 1991 2012 2013 2024
102 1 1047
516 535
505 512
95.9 96.5
18.8 18.9
77.1 77.7
Durable goods
Nondurable goods
Groceries and farm products
Other nondurable goods
1988
Jan.'
998 102 1 1033 105 3 1047 105 8
49.6 51 6 532 546 535 543
50.2 505 50.1 507 512 515
96.6 95.9 95.8 95.9 96.5 96.6
19.1 18.8 18.7 18.5 18.9 18.8
77.5 77.1 77.1 77.4 77.7 77.8
See footnotes to table 4.
Ill
Manufacturing and trade
IV
1 Aug.
Sept
1989
Oct."
Nov.
Dec.
Jan/
457.1 463.7
Durable goods
Primary metals
Fabricated metals
Machinery, except electrical
Electrical machinery
Transportation equipment
Motor vehicles
Other
Other durable goods '. .
. . .
Nondurable goods
Food and kindred products
Nonfood
Paper and allied products
Chemicals and allied products
Petroleum and coal products
Rubber and plastic products
Other nondurable goods 2
459.1 456.9 462.0 463.1 466.2 467.9
207 1 210.6
Manufacturing
208.5 207.8 208.7 209.1 2139 2137
1103 1130
99 100
106 11 1
26.2 25.9
17.3 17.3
26.4 28.1
160 175
104 106
199 205
111 7 111 5 111 3
100 10 1 100
107 108 108
26.5 26.1 25.8
173 175 170
27.6 26.9 27.7
170 165 17 1
105 105 105
198 201 200
97.6
27.0
706
8.5
17.7
17.9
7.1
19.5
96.7
26.7
700
8.4
17.5
17.9
6.9
19.3
968
26.6
702
8.4
17.7
17.8
7.0
19.2
Durable goods
Nondurable goods
Groceries and farm products
Other nondurable goods . ,
577
69.4
26.7
427
Durable goods
. ...
Auto dealers
Other durable goods
Nondurable goods
Food stores
Other nondurable goods . . .
....
593
69.2
27.3
41.9
122.9
Retail trade
124.7
478
26.7
21 1
75.1
229
522
97.1
26.9
701
8.5
17.9
17.6
6.9
19.3
984
27.2
71 2
8.6
17.5
17.9
7.3
19.9
986
27.6
710
8.6
17.6
17.7
7.4
19.7
1272 1269 1295 128.6 1274 1293
1271 1285
Merchant wholesalers
974
26.8
705
8.4
17.6
18.2
7.0
19.3
963
26.6
696
8.4
17.1
17,9
6.9
19.4
1120 1155 115 1
10 1 10 1 10 1
11 2 11 4 11 6
25.6 26.3 26.0
17.1 179 178
27.7 29.0 28.4
172 182 182
105 107 10 1
204 210 213
49.0
27.6
21 4
75.7
22.9
52.8
575
69.7
26.7
430
590
70.4
28.2
422
596
69.0
27.2
41 8
592
68.2
26.5
41.7
603
68.9
27.2
418
1238 125.4
124.8
124.9
493
27.7
21 5
76.2
23 1
530
494
27.6
21 7
75.5
22.7
528
491
27.0
22 1
75.9
230
52.8
579
69.0
26.6
424
123.3 122.2
478
26.7
21 1
75.5
23 1
525
472
26.2
210
75.0
227
52.2
483
27.4
21 0
75.5
228
527
See footnotes to table 4.
Table 3.—Constant-Dollar Inventory-Sales Ratios for Manufacturing and
Trade, Seasonally Adjusted
Table 4.—Fixed-Weighted Constant-Dollar Inventory-Sales Ratios for
Manufacturing and Trade, Seasonally Adjusted
[Ratio, based on 1982 dollars]
[Ratio, based on 1982 dollars]
1.52
1.59
. .
Nondurable goods
Food and kindred products
Nonfood
Paper and allied products
Chemicals and allied products
Petroleum and coal products
Rubber and plastic products
Other nondurable goods 2
Merchant wholesalers
Durable goods
Nondurable goods
Groceries and farm products
Other nondurable goods
Retail trade
Durable goods
. .
Auto dealers
Other durable goods
Nondurable goods
Food stores
Other nondurable goods
See footnotes to table 4.
1.15
.85
1.26
1.19
1.52
.83
1.16
1.49
. . . .
1.31
1.31
1.33
1.31
1.86
.85
.73
.93
1.83
.87
.74
.95
1.85
.88
.75
.97
1.81
.87
.71
.97
. . .
1.61
2.14
1.94
2.39
1.27
.82
1.46
1.60
1.61
1.62
2.14
1.97
2.35
1.26
.80
1.46
2.12
1.94
2.36
1.28
.83
1.47
2.16
2.01
2.33
1.27
.82
1.47
1.18
.86
1.30
1.21
1.57
.82
1.21
1.57
1.16
.86
1.28
1.21
1.52
.80
1.22
1.56
1.32
1.32
1.33
1.84
.87
73
.96
1.88
.87
77
.93
1.88
.87
76
.93
1.61
1.59
1.62
2.14
1.93
2.39
1.28
.82
1.48
2.14
1.94
239
1.28
.83
1.47
2.09
1.86
238
1.28
.83
1.48
2.16
1.97
2.40
1.28
.83
1.48
1.49
1.58
200
1.19
1.49
1.58
1.48
1.57
1.31
1.30
2.00
1.19
1.30
1.99
1.17
1.28
1.90
.84
1.96
.84
1.88
.89
1.90
.87
1.45
1.15
.87
1.26
1.20
1.54
.79
1.16
1.49
1.17
.87
1.29
1 19
1.51
.82
1.18
1.60
1.49
1.61
202
1.21
1.52
1.51
1.99
1.20
214
1.23
1.49
2.02
1.25
2.05
1.25
1.52
2.14
1.23
1.85
.88
1.52
Nondurable goods
1.16
.86
1.28
1.20
1.50
.81
1.24
1.55
1.16
.87
1.27
121
L53
.79
1.20
1.52
1.61
. . .
1.96
1 85
2.15
1.78
211
2.12
71
428
1.79
1.89
.86
.76
.92
Fabricated metals
Machinery, except electrical
Electrical machinery
Transportation equipment
1.51
1.58
1.94
183
2.02
1.82
216
2.06
68
432
1.76
1.33
Durable goods
1.58
1.95
185
2.09
1.81
2.14
2.04
67
428
1.79
1.60
202
1 19
1.28
1.82
.81
Manufacturing and trade
Manufacturing
.
1.51
1.58
1.94
181
2.12
1.78
209
2.08
69
425
1.78
1.49
Nondurable goods
Merchant wholesalers
1.51
1.56
1.92
185
1.98
1.83
209
2.07
67
459
1.70
1.52
1.58
1.93
183
2.13
1.74
211
2.03
68
422
1.81
IV
1.60
203
1.19
1.23
1.55
1.90
1.85
2.00
1.79
2.07
1.99
64
427
1.72
1.51
1.58
1.94
1 85
2.04
1.82
213
2.05
67
434
1.77
III
1.46
1.51
1.52
Nov.
n
IV
Dec.
Oct/
1.17
.86
1.29
1 21
1.53
.81
1.22
1.57
Manufacturing and trade
Other
Other durable goods *
•v
Sept.
I
HI
Jan."
Aug.
19 38
19 87
1989
1988
m
..
Retail trade
Durable goods
Nondurable goods
2.15
1.22
r
Revised.
* Preliminary.
1. Includes lumber and wood products; furniture and fixtures; stone, clay, and glass products;
instruments and related products; and miscellaneous manufacturing industries.
2. Includes tobacco manufacturers; textile mill products; apparel products; printing and publishing; and
leather and leather products.
NOTE—Manufacturing inventories are classified by the type of product produced by the establishment
holding the inventory. Trade inventories are classified by the type of product sold by the establishment
holding the inventory.
Table 4: The I-S ratios shown in this table were obtained by weighting detailed industry I-S ratios by
1982 sales. For manufacturing, 21 industries were used; for merchant wholesalers, 20 kinds of business;
and for retail trade, 8 kinds of business.
70
SURVEY OF CURRENT BUSINESS
March 1989
Table 5.—Manufacturing Inventories by Stage of Fabrication in Constant Dollars, Seasonally Adjusted, End of Period
[Billions of 1982 dollars]
1988
Aug.
Sept.
Oct.'
Nov.
Jan."
Materials and supplies
108.6
108.6
108.2
107.2
107.2
61.7
5,4
8.8
12.6
9.8
4.8
7.6
12.7
61.5
5.3
8.8
12.7
10.0
4.5
7.6
12.7
61.3
5,3
8.8
12.3
10.1
4.5
7.4
12.8
61.0
5.4
8.7
12.1
10.0
4.4
7.6
12.7
61.5
5.4
8.9
12.5
10.1
4.5
7.4
12.8
46.2
8.9
5.6
9.7
4.9
3.4
13.7
46.8
8.9
5.6
9.6
5.2
3.4
14.0
46.9
9.0
5.6
9.6
5.2
3.5
14.0
47.1
9.0
5.6
9.7
5.3
3.5
14.0
46.9
9.0
5.6
9.8
5.1
3.5
13.9
46.2
8.9
5,6
9.7
4.9
3.4
13.7
45.6
8.8
5.6
9.6
4.9
3.5
13.2
118.7
115.9
115.9
116.3
117.4
118.7
119.6
98.0
7.4
7.6
18.6
18.1
4.1
33.0
9.2
100.7
7.5
7.7
18.8
18.1
4.5
34.7
9.5
97,9
7.3
7.5
18.5
18.2
4.3
32.8
9.3
98.0
7.4
7.6
18.6
18.1
4.1
33.0
9.2
98.3
7.5
7.6
18.3
17.9
4.4
33.4
9.1
99.5
7.6
7.6
18.7
18.1
4.4
33.9
9.2
100.7
7.5
7.7
18.8
18.1
4.5
34.7
9.5
101.2
7.6
7.6
18.8
18.2
4.5
35.1
9.4
17.9
2.3
1.0
4.6
2.6
1.1
6.3
,
108.6
61.7
5.5
9.0
12.4
9.8
4.7
7.7
12.7
115.9
Nondurable goods
Food and kindred products
Paper and allied products
Chemicals and allied products
Petroleum and coal products
Rubber and plastic products
Other nondurable goods
108.5
61.0
5,4
8.7
12.1
10.0
4.4
7.6
12.7
46.9
9.0
5.6
9.6
5.2
3.5
14.0
Durable goods
Primary metals
Fabricated metals
Machinery, except electrical
Electrical machinery
Motor vehicles
Other transportation equipment
Other durable goods
107.2
61.7
5.4
8.8
12.6
9.8
4.8
7.6
12.7
Manufacturing
18.0
2.2
1.0
4.8
2.6
1.1
6.3
18.0
2.1
1.0
4.7
2.6
1.1
6.5
17.9
2.3
1.0
4.6
2.6
1.1
6.3
17.9
2.4
1.0
4.7
2.6
1.1
6.3
17.9
2.3
1.0
4.7
2.6
1.1
6.2
18.0
2.2
1.0
4.8
2.6
1.1
6.3
18.3
2.2
1.0
4.8
2.8
1.1
6.4
Work-in-process
Manufacturing
Durable goods
Primary metals
Fabricated metals
Machinery, except electrical
Electrical machinery
Motor vehicles
Other transportation equipment
Other durable goods
,
Nondurable goods
Food and kindred products
Paper and allied products
Chemicals and allied products
Petroleum and coal products
Rubber and plastic products
Other Nondurable goods
Finished goods
Manufacturing
104.6
106.0
104.2
104.6
104.6
104.8
106.0
107.3
Durable goods
Primary metals
Fabricated metals
Machinery, except electrical
Electrical machinery
Motor vehicles
Other transportation equipment
Other durable goods
56.2
5.5
6.5
15.4
8.5
2.6
3.9
13.8
57.3
5.6
6.3
16.1
8.9
2.8
3.6
13.9
55.5
5.5
6.3
15.2
8.5
2.5
3.8
13.7
56.2
5.5
6.5
15.4
8.5
2.6
3.9
13.8
56.6
5.6
6.3
15.6
8.6
2.6
3.9
14.0
56.7
5.6
6.3
15.5
8.8
2.8
3.9
13.9
57.3
5.6
6.3
16.1
8.9
2.8
3.6
13.9
58.2
5.7
6.4
16.1
9.0
3.2
4.0
13.9
Nondurable goods
Food and kindred products
Paper and allied products
Chemicals and allied products
Petroleum and coal products
Rubber and plastic products
Other nondurable goods
48.4
11.7
3.5
12.6
6.8
3.8
10.1
48.8
12.5
3.6
12.4
6.6
3.9
9.7
48.7
12.0
3.5
12.4
6.9
3.7
10.3
48.4
11.7
3.5
12.6
6.8
3.8
10.1
48.1
11.6
3.6
12.5
6.7
3.9
9.8
48.1
11.9
3.6
12.4
6.5
3.9
9.7
48.8
12.5
3.6
12.4
6.6
3.9
9.7
49.0
12.4
3.6
12.4
7.0
4.0
9.6
See footnotes to table 4.
Data Availability
Quarterly and monthly constant-dollar manufacturing and trade inventories, sales, and
inventory-sales ratios, as well as constant-dollar manufacturing inventories by stage of fabrication, for 1967-87, are available on printouts and computer tape. To order, write to Economic and Statistical Analysis/BEA, U.S. Department of Commerce, P.O. Box 100606, Atlanta, GA 30384. Specify Constant-Dollar Manufacturing and Trade Inventories, Sales, and
Ratios (Accession No. BEA NIW 88-210 for printouts or BEA NIW 88-430 for computer tape),
and include a check or money order for $35.00 for printouts or $100.00 for computer tape,
payable to "Economic and Statistical Analysis/BEA."
71
SURVEY OF CURRENT BUSINESS
March 1989
A User's Guide to BEA Information
Publications, Computer Tapes, Diskettes, and Other Information Services
BEA provides basic information on such key issues as
economic growth, inflation, regional development, and
the Nation's role in the world economy. This guide,
which lists the most recent and most frequently requested BEA products and services, helps users locate
that information.
The guide contains program descriptions and entries
for specific products and services. The first section, entitled "General," describes the products and services that
cut across the range of BEA's work. The following sections describe the products and services related to BEA's
four program areas: National economics, regional economics, international economics, and other tools for measuring, analyzing, and forecasting.
General
BEA's current national, regional, and international estimates usually appear first in news releases. The information in news releases is available to the general public
in three forms: On recorded telephone messages, online
through the Economic Bulletin Board, and in BEA Reports. This section describes these services, as well as
the SURVEY OF CURRENT BUSINESS—BEA's monthly publication of record—and products related to it. With few
exceptions (mainly the work on business cycle indicators), BEA's work is presented in the SURVEY OF CURRENT
BUSINESS, either in full or summary form. The presentations of current estimates and analyses are usually on
a regular schedule; this schedule is noted in each of the
program-description sections that follow. For more information on BEA's programs, products, and services, write
to the Public Information Office, BE-53, Bureau of Economic Analysis, U.S. Department of Commerce, Washington, DC 20230, or call (202) 523-0777.
1.1 Recorded Telephone Messages. Brief (3—5 minutes) recorded telephone messages summarizing key estimates immediately after their release. (See outside
back cover for 1989 release dates.) The messages- are
available 24 hours a day for several days following release. The usual time of release (eastern standard or
eastern daylight time) and the telephone numbers to call
are:
Leading Indicators (8:30 a.m.)
(202) 898-2450
The message is updated weekly, usually on Monday, to include recently available component
data that will be incorporated into the next release.
Gross National Product (8:30 a.m.)
-2451
Personal Income and Outlays
(10:00 a.m.)
-2452
Merchandise Trade, Balance of Payments
Basis or U.S. International
Transactions (10:00 a.m.)
-2453
The message summarizes the most recently released of these two series.
1.2 Economic Bulletin Board. Online computer access to news releases and other information. BEA places
an increasing range of its information on the Economic
Bulletin Board (EBB) maintained by the Office of Business Analysis of the Department of Commerce. News
releases are available on the Bulletin Board shortly after their release. (See outside back cover for 1989 release
dates.) Selected estimates and articles (including those
in this guide marked with an EBB following their title)
are also available. The Bulletin Board may be accessed
What's New?
New prices effective May 1, 1989:
BEA has updated its estimates of the costs it incurs in distributing
the products and services for which it is the sales agent and has
adjusted its charges accordingly. For example, the price for magnetic tapes is reduced from $200 to $100 per reel. The prices for a
few items increased, and the prices for many stayed the same.
BEA does not set the prices for items available through other
sales agents; questions about those prices should be directed to
the Government Printing Office or the National Technical Information Service.
New products in 1988:
• The fifth paper in the national income and product accounts
methodology paper series,"this one on government transactions
(see reference no. 2.14);
• Gross state product estimates for detailed industries (see reference no. 7.1);
• The results of a benchmark survey of selected services transactions with unaffiliated foreign persons (see reference no. 10.8).
Program transfer:
In October 1988, the plant and equipment expenditures survey
was transferred from BEA to the Census Bureau. For information
about the estimates, call the Census Bureau at (301) 763-4584.
72
SURVEY OF CURRENT BUSINESS
by personal computer, computer terminal, or word processor equipped with a modem; the information available
on it—which includes information from several Federal
agencies—may be either viewed on the user's screen or
downloaded. The Bulletin Board is available by subscription from NTIS. A $25.00 registration fee covers 2 hours
of connect time on the system; additional time is charged
by the minute. Instant hook-up is available. For more
information, call the Commerce Department's Office of
Business Analysis at (202) 377-1986.
1.3 BEA Reports (EBB, news release). Five sets of
reports that present the information contained in the
BEA news releases for the following areas: Gross national product; personal income and outlays; regional
reports; international reports; and composite indexes of
leading, coincident, and lagging indicators. The reports
contain summary estimates. All reports are available online through the EBB (see reference no. 1.2). The printed
reports are mailed the day after estimates are released.
Annual subscriptions to the printed reports may be ordered individually or for the group of five sets. Order
information for the group of five sets is given below. For
information on individual sets: Gross national product,
see reference no. 2.1; personal income and outlays, see
reference no. 2.2; regional reports, see reference no. 5.1;
international reports, see reference no. 8.1; and composite indexes, see reference no. 11.1.
All Five Sets. Usually a total of 55 printed reports.
Available from ESA/BEA: Accession No. BEA-19-S,
price $110.00 per year.
1.4 Survey of Current Business (publication). A
monthly journal containing estimates and analyses of
U.S. economic activity. Includes the "Business Situation"—a review of current economic developments—and
articles pertaining to the national, regional, and international economic accounts and related topics. A few of
the articles that appeared in 1988 were "International
Services: New Information on U.S. Transactions with
Unaffiliated Foreigners," "State and Local Government
Fiscal Position in 1987," "Pollution Abatement and Con-
March 1989
trol Expenditures, 1983-86," "Gross State Product by Industry, 1963-86," and "Key Source Data and Assumptions for the Advance Estimates of GNP: Easier Access
and Redesigned Format." "Looking Ahead," a box on
the first page of each issue of the SURVEY OF CURRENT
BUSINESS, highlights upcoming special articles, changes
in the schedule for regular articles, and the availability of major BEA publications. (The June and December issues contain subject guides for the January-June
and the January-December issues, respectively.) Current quarterly estimates of the national income and product accounts (see reference no. 2.A) appear every month.
In addition, the journal contains 36 pages of tables (the
S-pages) that present over 1,900 major economic series
obtained from public and private sources. Available from
GPO: List ID SCUB, price $18.00 per year (second class),
$22.50 (foreign), or $46.00 (domestic first class); $6.50
single issue.
1.5 Advance Business Situation (EBB). The lead article in the SURVEY OF CURRENT BUSINESS presenting an
analysis of the advance estimates of gross national product. The article is available four times each year (October, January, April, and July), 7-10 days after the advance gross national product release. Available online
through the EBB (see reference no. 1.2).
1.6 S-page Data (EBB, diskette). Series shown in
the S-pages (or blue pages) of the current issue of the
SURVEY OF CURRENT BUSINESS. Updated monthly. Available
online through the EBB (see reference no. 1.2). The
diskettes are available from ESA/BEA on a subscription
basis: Accession No. BEA CBA 87-401, price $200.00
per year.
1.7 Business Statistics: 1986 (publication). Monthly
or quarterly data for 1983-86 and annual data for 196186 for series that appear in the S-pages (or blue pages)
of the SURVEY OF CURRENT BUSINESS. These series include
business sales, inventories, and orders; prices; employment and unemployment; construction; banking and finance; transportation; and many other industries and
How To Use This Guide and
How To Order BEA Products and Services
Entries in this guide are arranged by program area. A sample entry follows:
2.7 The National Income and Product Accounts of the United States,
1929-82: Statistical Tables (publication). The full set of NIPA tables. Also
includes a selected bibliography and the definitions and classifications underlying
the NIPA's. (1986) Available from GPO: Stock No. 003-010-00174-7, price $23.00.
The sample entry begins with a reference number, which consists of a number, a period, and a second number; the first number refers to the subject
area, and the second number refers to the specific product.
Products and services are available from three sales agents. Abbreviations used for the sales agents follow:
ESA/BEA—Economic and Statistical Analysis/Bureau of Economic Analysis
GPO—U.S. Government Printing Office, Superintendent of Documents
NTIS—National Technical Information Service
Order forms are provided at the end of this guide. They give the agents' complete mailing addresses and, for GPO and NTIS, telephone
and fax numbers for placing charge orders. Orders placed by mail must include title and stock or accession numbers (see sample entry) and must
be accompanied by payment.
SURVEY OF CURRENT BUSINESS
March 1989
commodities. An appendix provides data for several BEA
series—national income and product accounts, U.S. international transactions, and plant and equipment expenditures. Also contains definitions of terms, sources of
data, and methods of compilation. (1988) Available from
GPO: Stock No. 003-010-00181-0, price $16.00.
National Economics
BEA's national economics program encompasses the
national income and product accounts, government
transactions on a national income and product accounting basis, and the input-output accounts.
National income and product accounts
2.A The national income and product accounts
(NIPA's)—the most widely used branch of the national
economic accounts—show the value and composition of
the Nation's output and the distribution of incomes generated in its production. The accounts include estimates
of gross national product (GNP)—the market value of
the Nation's output of goods and services—in current and
constant dollars, GNP price measures, the goods and services that make up GNP in current and constant dollars,
national income, personal income, and corporate profits.
In addition, BEA produces specialized measures such
as estimates of auto and truck output, gross domestic
product of corporate business, housing output, and business inventories and sales. Measures of the inventory
and fixed capital stocks consistent with the NIPA output measures are also provided. Further, the accounts
provide a consistent framework within which estimates
of special interest—such as expenditures to protect the
environment—are prepared. (Information about the environmental estimates is provided in program description 12.A.)
The estimates of GNP are prepared each quarter in
the following sequence: Advance estimates are released
in the first month after the end of the quarter, and, as
more detailed and comprehensive data become available,
preliminary and final estimates are released in the second and third months, respectively. Estimates of personal income and outlays are prepared each month. The
NIPA's are also revised in each of the following 3 years,
usually in July, and in comprehensive (benchmark) revisions, usually every 5 years (most recently in 1985).
Current quarterly and monthly estimates are reported
in the SURVEY OF CURRENT BUSINESS; quarterly NIPA estimates appear in a set of 54 "selected" tables, and monthly
personal income and outlays estimates are reported in
the S-pages (or blue pages). The full set of annual revisions (132 tables) usually is reported in the July issue.
Annual estimates of the fixed capital stock are reported
in the August issue.
In addition to the current and historical estimates described in the entries that follow, a considerable amount
of component detail (for example, purchases of private
structures by type) and industry detail (for example,
change in business inventories by industry) is available.
For further information about this detail or about the
73
listed computer tapes, printouts, and diskettes, write to
the National Income and Wealth Division, BE-54, Bureau of Economic Analysis, U.S. Department of Commerce, Washington, DC 20230, or call (202) 523-0669.
For specific questions, the following telephone numbers
may be used:
GNP
Personal income and outlays
Corporate profits
Personal consumption expenditures
Gross private domestic investment
GNP by industry
(202) 523-0824
-0832
-0888
-0819
-0791
-0808
A recorded telephone message summarizing the latest
GNP estimates is available by calling (202) 898-2451 (see
reference no. 1.1). A recorded message summarizing the
latest personal income and outlays estimates is available
at (202) 898-2452.
Current estimates:
2.1 BEA Reports: Gross National Product (EBB,
news release). Monthly reports with summary NIPA
estimates that feature GNP and corporate profits. Reports are available online through the EBB (see reference no. 1.2). Printed reports are mailed the day after
estimates are released. (This set of reports is included
in the five sets of BEA Reports', see reference no. 1.3.)
The gross national product printed reports are available
from ESA/BEA on a subscription basis: Accession No.
BEA-15-S, price $24.00 per year.
2.2 BEA Reports: Personal Income and Outlays
(EBB, news release). Monthly reports with summary
NIPA estimates that feature personal income and outlays. Reports are available online through the EBB (see
reference no. 1.2). Printed reports are mailed the day
after estimates are released. (This set of reports is included in the five sets of BEA Reports', see reference no.
1.3.) The personal income and outlays printed reports
are available from ESA/BEA on a subscription basis: Accession No. BEA-14-S, price $24.00 per year.
2.3 Monthly Advance National Income and Product Accounts Tables (EBB, diskette, or printout). NIPA
estimates as they appear in the current issue of the
SURVEY OF CURRENT BUSINESS. Updated monthly. Available online through the EBB (see reference no. 1.2).
Diskettes and printouts are available 1 day after the
release of GNP and are available from ESA/BEA on a
subscription basis:
Diskette—Accession No. BEA NIW 85-401, price
$200.00 per year.
Printout—Accession No. BEA NIW 83-201, price
$100.00 per year.
2.4 Key Source Data and Assumptions (EBB,
printed table). Available source data and assumptions
for missing source data that are used to prepare the advance estimates of GNP. Available in January, April,
July, and October. Available online through the EBB
(see reference no. 1.2). Annual subscriptions for the
printed table begin in January and are available from
ESA/BEA: Accession No. BEA NIW 84-209, price $20.00
per year.
74
SURVEY OF CURRENT BUSINESS
Historical estimates:
2.5 National Income and Product Accounts
(diskette). Most NIPA tables with estimates from 1929
to the present. Available from ESA/BEA: Accession
No. BEA NIW 86-424, price $480.00 (24 diskettes).
(Diskettes can be ordered individually; for information,
write or call the National Income and Wealth Division.)
2.6 National Income and Product Accounts (computer tape). The full set of NIPA tables with estimates
from 1929 to the present. Available from ESA/BEA: Accession No. BEA NIW 83-001, price $100.00.
2.7 The National Income and Product Accounts of
the United States, 1929-82: Statistical Tables (publication). The full set of NIPA tables. Also includes a
selected bibliography and the definitions and classifications underlying the NIPA's. (1986) Available from GPO:
Stock No. 003-010-00174-7, price $23.00.
Recent information related to the NIPA's:
2.8 Index of Items Appearing in the National Income and Product Accounts Tables (publication). An
index to the NIPA tables with listings by general subject
area as well as by detailed series. First appeared in July
1987 SURVEY OF CURRENT BUSINESS. (1987) Available from
GPO: Stock No. 003-010-00180-1, price $1.25.
2.9 National Income and Product Accounts Estimates: When They Are Released, Where They Are
Available, How They Are Presented (reprint). A guide
to assist users in locating NIPA estimates and to explain
some of the conventions used in their presentation. First
appeared in January 1988 SURVEY OF CURRENT BUSINESS.
(1988) Available upon request from the National Income
and Wealth Division.
Methodology Papers (publications). A series of papers that documents the conceptual framework of the
NIPA's and the methodology used to prepare the estimates. To date, five papers are available. (Papers on
personal consumption expenditures and gross private
fixed domestic investment will be completed next. Their
availability will be announced in the SURVEY OF CURRENT
BUSINESS.)
2.10 An Introduction to National Economic Accounting (NIPA Methodology Paper No. 1). An introduction to the concepts of the U.S. NIPA's that
places these accounts within the larger framework
of national economic accounting. Shows the stepby-step derivation of a general national economic
accounting system from the conventional accounting statements used by business and government
and inferred for other transactors. Also shows how
the income and product accounts, the capital finance
accounts, and the input-output accounts—the major branches of national economic accounting in the
United States today—are derived from this general
system. First appeared in March 1985 SURVEY OF
CURRENT BUSINESS. (1985) Available from GPO: Stock
No. 003-010-00158-5, price $1.25.
2.11 Corporate Profits: Profits Before Tax, Profits
Tax Liability, and Dividends (NIPA Methodology
Paper No. 2). A description of the concepts, sources,
and methods of the corporate profits components of
March 1989
the NIPA's. (1985) Available from GPO: Stock No.
003-010-00143-7, price $2.50.
2.12 Foreign Transactions (NIPA Methodology Paper No. 3). A description of the preparation of estimates in the NIPA's of net exports (both currentand constant-dollar), transfer payments to foreigners, capital grants received by the United States,
interest paid by Government to foreigners, and net
foreign investment. Also describes the relationship between foreign transactions estimates in the
NIPA's and those in the balance of payments accounts. (1987) Available from GPO: Stock No. 003010-00178-0, price $2.75.
2.13 GNP: An Overview of Source Data and Estimating Methods (NIPA Methodology Paper No. 4).
Basic information about GNP, including the conceptual basis for the account that presents GNP, definitions of each of the components on the income
and product sides of that account, and a summary,
presented in tabular form, of the source data and
methods used in preparing estimates of current- and
constant-dollar GNP. Also provides an annotated
bibliography, with a directory, of the more than 50
items over the last decade that provided methodological information about GNP. First appeared in July
1987 SURVEY OF CURRENT BUSINESS. (1987) Available
from GPO: Stock No. 003-010-00179-8, price $2.00.
2.14 Government Transactions (NIPA Methodology
Paper No. 5). Presents the conceptual basis
and framework of government transactions in the
national income and product accounts, describes
the presentation of the estimates, and details the
sources and methods used to prepare estimates of
Federal transactions and of State and local transactions. (1988) Available from GPO: Stock No. 003010-00187-9, price $5.50.
2.15 Evaluation of the GNP Estimates (reprint). An
evaluation of the GNP estimates, covering the reliability of estimates, sources of error and types of statistical
improvement, status of source data, documentation of
methodology, release schedules, and security before release. This article first appeared in August 1987 SURVEY
OF CURRENT BUSINESS. (1987) Available from ESA/BEA:
Accession No. BEA CBA 88-101, price $5.00.
2.16 The Use of National Income and Product Accounts for Public Policy: Our Successes and Failures
(BEA Staff Paper No. 43). An evaluation using two indirect approaches. The first reviews the "accuracy" of the
estimates, using the size of revisions to GNP estimates
as an indicator. The second reviews users' recommendations drawn from publications issued over the last 30
years. (1985) Available from ESA/BEA: Accession No.
BEA CBA 86-101, price $1.25.
2.17 The Underground Economy: An Introduction
(reprint). A discussion of the coverage, measurement
methods, and implications of the underground economy.
Part of the discussion features the relation between the
NIPA's and the underground economy—illegal activities
in the context of the NIPA's, three sets of NIPA estimates
sometimes misunderstood as being measures of the underground economy, and the effect on NIPA estimates
March 1989
SURVEY OF CURRENT BUSINESS
75
of possible misreporting in source data due to the underground economy. (1984) This reprint contains both items
2.17 and 2.18. Available from ESA/BEA: Accession No.
BEA CBA 84-101, price $5.00.
2.18 Improved Adjustments for Misreporting of
Tax Return Information Used to Estimate the National Income and Product Accounts, 1977 (reprint).
A description of the use of tax return information in
the NIPA's and the methodology used to prepare the
improved adjustments that were subsequently incorporated in the 1985 comprehensive revision. (1984) This
reprint contains both items 2.17 and 2.18. Available from
ESA/BEA: Accession No. BEA CBA 84-101, price $5.00.
(1987) Available from GPO: Stock No. 003-010-00177-1,
price $18.00.
2.22 Dollar Measures of Energy Production and
Consumption in the United States, 1972-82 (BEA
Working Paper No. 5). Presents a new set of accounts
for measuring energy production and consumption and
describes the methodology of the new accounts. Pulls together energy data from a wide variety of sources and organizes the data in the framework of the national income
and product accounts. (1987) Available from ESA/BEA:
Accession No. BEA CBA 87-101, price $10.00.
2.19 Wealth (computer tape). Annual estimates
through 1988 of gross and net stocks, depreciation, and
discards for fixed nonresidential private and residential
capital, durable goods owned by consumers, and fixed
capital owned by governments. For fixed private capital, contains estimates by each NIPA type of equipment
and structures starting in 1925. For fixed private capital, also contains estimates of total equipment, total
structures, and the total of equipment and structures
owned by each two-digit SIC establishment-based industry starting in 1947. For durable goods owned by consumers, contains estimates by each NIPA type of goods
starting in 1925. For fixed capital owned by governments, contains estimates by each NIPA type of equipment and structures, separately for the Federal Government and for State and local governments, starting in
1925. The estimates are in historical-cost, constant-cost,
and current-cost valuations. Also includes stock series
similar to those used by the Bureau of Labor Statistics
to derive measures of capital input for multifactor productivity studies. The investment series through 1988
used to derive all of these estimates are also included, in
the same detail as the stock estimates, in historical-cost
and constant-cost valuations. Updated annually. Available from ESA/BEA: Accession No. BEA NIW 88-001,
price $100.00.
3. A BEA's estimates of government receipts, expenditures, and surplus or deficit are on a national income and
product accounting basis. The estimates are prepared
separately for Federal and for State and local governments on the same schedule as described for the NIPA's.
Reconciliations of the Federal sector on a NIPA basis and
the unified budget prepared by the Office of Management
and Budget are the basis for an article in the SURVEY OF
CURRENT BUSINESS, usually in February, about Federal
fiscal programs for the next fiscal year and for detailed
tables in the July issue. These reconciliations, and more
specialized work such as described in the papers that follow, facilitate analysis of the effects of government fiscal
policies on the economy. An article on the fiscal position of State and local governments is usually published
in February. For further information, write to the Government Division, BE-57, Bureau of Economic Analysis,
U.S. Department of Commerce, Washington, DC 20230,
or call (202) 523-0715. For specific questions, the following telephone numbers may be used:
2.20 Detailed Investment by Industry (computer
tape). Annual estimates through 1987 of investment
owned by each two-digit SIC establishment-based industry, separately for each detailed NIPA type of equipment
and structures. (The Wealth tape in item 2.19 also includes investment series for each industry, but only for
total equipment, total structures, and the total of equipment and structures.) The estimates are in historicalcost and constant-cost valuations. Updated annually.
Available from ESA/BEA: Accession No. BEA NIW 87002, price $100.00.
2.21 Fixed Reproducible Tangible Wealth in the
United States, 1925-85 (publication). Annual estimates
of the stock of privately owned and government-owned
durable equipment and structures and of durable goods
owned by consumers for 1925—85. Estimates are for fixed
nonresidential private capital by major industry group
(farm, manufacturing, and nonfarm nonmanufacturing),
for residential capital by tenure group (owner-occupied
and tenant-occupied), for government-owned fixed capital by type of government (Federal, and State and local),
and for 11 types of durable goods owned by consumers.
Government transactions
Federal
State and local
National defense
(202) 523-0744
-0725
-5017
3.1 Government Transactions (NIPA Methodology
Paper No. 5). Presents the conceptual basis and framework of government transactions in the national income
and product accounts, describes the presentation of the
estimates, and details the sources and methods used to
prepare estimates of Federal transactions and of State
and local transactions. (1988) Available from GPO: Stock
No. 003-010-00187-9, price $5.50.
3.2 Cyclical Adjustment of the Federal Budget and
Federal Debt: Updated Detailed Methodology and
Estimates (BEA Staff Paper No. 45). Description of
the models that BEA uses to estimate the cyclically adjusted Federal budget and inflation-induced changes in
the cyclically adjusted budget. The quarterly data for
the variables in the models and the regression equations
underlying the coefficients are presented. The paper also
discusses the cyclical adjustment of Federal debt and
shows some results. (1986) Available from NTIS: Accession No. PB87-157376, price $21.95 (paper copy), $6.95
(microfiche).
3.3 Price Changes of Defense Purchases of the
United States (publication). Annual and quarterly estimates of purchases that were the result of a project
undertaken in cooperation with the Department of Defense. Provides five major product groupings in current
and constant dollars for 1972-77, along with estimates
76
SURVEY OF CURRENT BUSINESS
of implicit price deflators for these groupings and for
greater detail. Also contains a conceptual framework
and methodology used in preparing these estimates.
(1979) Available from NTIS: Accession No. PB80217359, price $21.95 (paper copy), $6.95 (microfiche).
Input-output accounts
4.A Input-output accounts for the United States show
how industries interact—providing input to, and taking
output from, each other—to produce the GNP. Benchmark tables, based largely on the economic censuses, are
prepared every 5 years; the latest benchmark table is for
1977, and the next (which will be available in late 1989
or early 1990) will be for 1982. Annual tables are prepared using basically the same procedures as used for
the benchmark tables, but with less comprehensive and
less reliable source data. (An annual 85-industry 1983
input-output table based on the 1977 benchmark table
was published in the February 1989 SURVEY OF CURRENT
BUSINESS.) Associated tables showing capital flows from
producing to using industries and employment and employee compensation by industry are also prepared. The
computer tapes, diskettes, and printouts listed below are
for the tables at the 85-industry level; more detailed tables are also available. For further information about
this detail or about the listed computer tapes, diskettes,
and printouts, write to the Interindustry Economics Division, BE-51, Bureau of Economic Analysis, U.S. Department of Commerce, Washington, DC 20230, or call (202)
523-0792. For specific questions, the following telephone
numbers may be used:
Benchmark tables
Annual tables
Methodology
Computer tapes
(202) 523-0683
-0867
-0683
-0792
4.1 Annual 85-industry Input-Output Tables
Based on the 1977 Benchmark Input-Output Study:
1983 Summary Input-Output Tables (computer tape,
diskette, and printout). Five tables: (1) Use table, (2)
make table, (3) commodity-by-industry direct requirements table, (4) commodity-by-commodity total requirements table, and (5) industry-by-commodity total requirements table. Available from ESA/BEA:
Computer tape—Accession No. BEAIED 89-001, price
$100.00.
Diskette—Accession No. BEA IED 89-401, price
$40.00 (two diskettes). (Diskettes can be ordered
individually; for information, write or call the Interindustry Economics Division.)
Printout—Accession No. BEA IED 89-201, price
$55.00. (Printouts can be ordered individually; for
information, write or call the Interindustry Economics Division.)
4.2 Annual 85-industry Input-Output Tables
Based on the 1977 Benchmark Input-Output Study:
1982 Summary Input-Output Tables (computer tape,
diskette, and printout). Five tables: (1) Use table, (2)
make table, (3) commodity-by-industry direct requirements table, (4) commodity-by-commodity total requirements table, and (5) industry-by-commodity total requirements table. Available from ESA/BEA:
March 1989
Computer tape—Accession No. BEA IED 88-001, price
$100.00.
Diskette—Accession No. BEA IED 88-401, price
$40.00 (two diskettes). (Diskettes can be ordered
individually; for information, write or call the Interindustry Economics Division.)
Printout—Accession No. BEA IED 88-201, price
$55.00. (Printouts can be ordered individually; for
information, write or call the Interindustry Economics Division.)
4.3 Annual 85-industry Input-Output Tables
Based on the 1977 Benchmark Input-Output Study:
1981 Summary Input-Output Tables (computer tape,
diskette, and printout). Five tables: (1) Use table, (2)
make table, (3) commodity-by-industry direct requirements table, (4) commodity-by-commodity total requirements table, and (5) industry-by-commodity total requirements table. Available from ESA/BEA:
Computer tape—Accession No. BEA IED 87-003, price
$100.00.
Diskette—Accession No. BEA IED 87-409, price
$40.00 (two diskettes). (Diskettes can be ordered
individually; for information, write or call the Interindustry Economics Division.)
Printout—Accession No. BEA IED 87-218, price
$55.00. (Printouts can be ordered individually; for
information, write or call the Interindustry Economics Division.)
4.4 Annual 85-industry Input-Output Tables
Based on the 1977 Benchmark Input-Output Study:
1980 (Revised) Summary Input-Output Tables (computer tape, diskette, and printout). Five tables: (1) Use
table, (2) make table, (3) commodity-by-industry direct
requirements table, (4) commodity-by-commodity total
requirements table, and (5) industry-by-commodity total
requirements table. Available from ESA/BEA:
Computer tape—Accession No. BEA IED 87-002, price
$100.00.
Diskette—Accession No. BEA IED 87-406, price
$40.00 (two diskettes). (Diskettes can be ordered
individually; for information, write or call the Interindustry Economics Division.)
Printout—Accession No. BEA IED 87-212, price
$55.00. (Printouts can be ordered individually; for
information, write or call the Interindustry Economics Division.)
4.5 The Input-Output Structure of the U.S. Economy, 1977 (reprint). An explanation of the concepts,
conventions, definitions, and uses of the 1977 inputoutput tables. Includes the input-output tables at the
85-industry level as published in the May 1984 SURVEY
OF CURRENT BUSINESS; the tables have since been revised
(see the next item). Also includes an extensive bibliography of BEA publications relating to input-output. (1984)
Available from ESA/BEA: Accession No. BEA IED 84101, price $5.00.
4.6 1977 (Revised) 85-industry Input-Output Tables (computer tape, diskette, and printout). Five tables:
(1) Use table, (2) make table, (3) commodity-by-industry
direct requirements table, (4) commodity-by-commodity
total requirements table, and (5) industry-by-commodity
SURVEY OF CURRENT BUSINESS
March 1989
total requirements table. The revised input-output tables reflect the statistical changes and the changes in definition and classification incorporated in the 1985 comprehensive revision of the national income and product
accounts. Available from ESA/BEA:
Computer tape—Accession No. BEAIED 87-001, price
$100.00.
Diskette—Accession No. BEA IED 87-403, price
$40.00 (two diskettes). (Diskettes can be ordered
individually; for information, write or call the Interindustry Economics Division.)
Printout—Accession No. BEA IED 87-206, price
$55.00. (Printouts can be ordered individually; for
information, write or call the Interindustry Economics Division.)
Regional Economics
BEA's regional economics program provides estimates,
analyses, and projections by region, State, metropolitan
statistical area, and county.
5.1 BEA Reports: Regional Reports (EBB, news release). Reports (usually six a year) with summary estimates of State personal income (quarterly and annual)
and of county and metropolitan area personal income
(annual). Reports are available online through the EBB
(see reference no. 1.2). (The EBB carries, in addition
to the news release, estimates of personal income and
wages by State and by industry.) Printed reports are
mailed the day after estimates are released. (This set of
reports is included in the five sets of BEA Reports', see
reference no. 1.3.) These printed reports are available
from ESA/BEA on a subscription basis: Accession No.
BEA-17-S, price $12.00 per year.
Regional estimates
6.A Current quarterly State personal income estimates are reported in the January, April, July, and October issues of the SURVEY OF CURRENT BUSINESS. Preliminary annual State estimates for the preceding year are
usually reported in April; revised annual estimates are
usually reported in August. The August estimates are
subsequently revised to incorporate newly available data
used to prepare the local area estimates. These revised
State estimates are usually reported the following April
together with consistent local area estimates.
Through the Regional Economic Information System,
the following data sets are available: Quarterly and annual State personal income and wage and salary disbursements; annual State disposable personal income
and personal tax and nontax payments; annual State
full- and part-time wage and salary employment; annual
State and county personal income, transfer payments,
and farm income and expenses; and annual State and
county full- and part-time total employment. The system
includes an information retrieval service that provides a
variety of analytical tabulations for counties and specified combinations of counties. All of the tabulations are
available in several media.
77
BEA also makes its regional estimates available
through the BEA User Group, members of which include State agencies, universities, and Census Bureau
Primary State Data Centers. BEA provides its estimates
of income and employment for all States and counties
to these organizations with the understanding that they
will make the estimates readily available.
For further information, write to the Regional Economic Measurement Division, BE-55, Bureau of Economic Analysis, U.S. Department of Commerce, Washington, DC 20230, or call (202) 523-0966. For specific
questions, the following telephone numbers may be used:
Quarterly State personal income
Wage and salary income and employment
Proprietors' income and employment
(202) 523-0911
-0945
-0937
6.1 Local Area Personal Income, 1981-86 : (publication). Personal income by major type of payment
and earnings by major industry, population, and total
and per capita personal income for States, counties, and
metropolitan areas. (Estimates are available from BEA
on computer tape, diskette, microfiche, and printout.)
(1988) Publication available from GPO.
Volume 1.
Summary: Regions, States, and
Metropolitan Areas. Estimates for the United
States, regions, States, and metropolitan areas. Also
contains county definitions of metropolitan areas,
a detailed description of sources and methods, and
samples of tables available. GPO Stock No. 003010-00182-3, price $13.00.
Each of the following volumes provides a methodology
and estimates for the listed States and their counties
and metropolitan areas.
Volume 2. New England, Mideast, and Great
Lakes Regions. (Connecticut, Delaware, District of
Columbia, Illinois, Indiana, Maine, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island,
Vermont, and Wisconsin) GPO Stock No. 003-01000183-6, price $14.00.
Volume 3. Plains Region. (Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, and
South Dakota) GPO Stock No. 003-010-00184-4,
price $11.00.
Volume 4. Southeast Region. (Alabama, Arkansas,
Florida, Georgia, Kentucky, Louisiana, Mississippi,
North Carolina, South Carolina, Tennessee, Virginia, and West Virginia) GPO Stock No. 003-01000185-2, price $16.00.
Volume 5. Southwest, Rocky Mountain, and Far
West Regions and Alaska and Hawaii. (Alaska,
Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, New Mexico, Oklahoma, Oregon,
Texas, Utah, Washington, and Wyoming) GPO Stock
No. 003-010-00186-1, price $14.00.
6.2 State Personal Income: Estimates for 1929-87
and a Statement of Sources and Methods (publica1. Revised 1985—86 estimates and 1987 estimates of county and metropolitan
area personal income will be available in May 1989 from the Regional Economic
Measurement Division. Estimates of total and per capita personal income will be
available in May online through the EBB (see reference no. 1.2). The Local Area
Personal Income, 1982-87 5-volume publication will be available in the summer
of 1989. Ordering information, when available, will be published in the SURVEY
OF CURRENT BUSINESS.
78
SURVEY OF CURRENT BUSINESS
tion). Estimates of annual personal income and disposable personal income, total and per capita, for 192987 and 1948-87, respectively; annual personal income
by major type of payment and earnings by industry for
1929-87; and quarterly total personal income for 196988. The estimates are for each State, eight BEA regions,
and the United States. A comprehensive statement of
sources and methods used for estimating State personal
income is provided. Availability of the publication, probably in summer 1989, will be announced in the SURVEY
OF CURRENT BUSINESS. (Estimates will be available from
BEA in several media in May 1989.)
Regional analyses and projections
7.A BEA prepares analyses to identify and measure
factors that determine area differences in total and per
capita income and in industry employment and output. Long-term projections of personal income, employment, and earnings by industry are prepared every 5
years for all States and metropolitan areas and for selected States and areas in other years. BEA maintains
mid-term regional econometric models to forecast annual
changes in economic activity and to analyze the impacts
of projects and programs. In conjunction with the projections work, BEA has developed estimates of gross state
product. These estimates, prepared by industry, supplement the estimates of personal income described in program description 6.A. For further information, write to
the Regional Economic Analysis Division, BE-61, Bureau
of Economic Analysis, U.S. Department of Commerce,
Washington, DC 20230, or call (202) 523-0946. For specific questions, the following telephone numbers may be
used:
OBERS regional projections
NRIES II regional projections (mid-term) .
Regional input-output multipliers
Gross state product by industry
(202) 523-0971
-9212
-9213
-9180
7.1 Gross State Product, Annual Estimates, 196386 (computer tape, diskette). These estimates are the
counterpart of gross domestic product and provide the
most comprehensive measure of State production now
available. Gross state product is measured in current
dollars as the sum of four components for each industry:
Compensation of employees; proprietors' income with inventory valuation adjustment and capital consumption
allowances; indirect business tax and nontax liability;
and other, mainly capital-related, charges. The estimates are for the 50 States, nine BEA regions, and
the United States and for 61 industries. Estimates are
in current and constant dollars. These estimates were
originally published in the May 1988 SURVEY OF CURRENT
BUSINESS, with errata on page 37 of the October 1988
SURVEY. (1988) Available from ESA/BEA:
Computer tope—Accession No. BEA REA 88-401,
price $100.00.
Diskettes—A diskette for a region contains estimates
for the United States, the BEA region, and each
State of the region. (The Southeast region, on two
diskettes, costs $40.00.)
Area
New England
Mideast
Great Lakes
Plains
Southeast (AL-LA)
Southeast (MS-WV)
Southwest
Rocky Mountain
Far West (plus AK
and HI)
March 1989
.
.
Accession No.
Price
BEA REA 88-402 $20.00
BEA REA 88-403 $20.00
BEA REA 88-404 $20.00
BEA REA 88-405 $20.00
BEA REA 88-406 $20.00
BEA REA 88-407 $20.00
BEA REA 88-408 $20.00
BEA REA 88^09 $20.00
.
BE A RE A 88-4 10
.
.
.
$20.00
7.2 Experimental Estimates of Gross State Product by Industry (BEA Staff Paper No. 42). A description of the issues and methodology for preparing estimates of gross state product—the State equivalent of
GDP. The estimates are consistent with BEA's State personal income and with GNP by industry. Estimates for
1963, 1967, 1972, and 1977 are presented. (These estimates were superseded; see item description 7.1.) (1985)
Available from NTIS: Accession No. PB85-240885, price
$21.95 (paper copy), $6.95 (microfiche).
7.3 Regional Multipliers: A User Handbook for
the Regional Input-Output Modeling System (RIMS
II) (publication). An explanation of how to use regional
input-output multipliers, by industry, for output, earnings, and employment. Includes information on how to
perform systematic analyses of the regional economic impacts of projects and programs. Also contains multipliers for all States from RIMS II, sample tables of inputoutput multipliers, and hypothetical case studies. (1986)
Available from GPO: Stock No. 003-010-00163-1, price
$6.50.
7.4 1985 OBERS BEA Regional Projections (two
volumes). Estimates for 1969, 1973, 1978, and 1983,
and projections for 1990, 1995, 2000, 2005, 2015, and
2035 for total personal income, population, per capita
personal income, and employment and earnings by industry for the United States, States, and metropolitan
statistical areas. (1985)
Volume 1. State Projections to 2035. Available from
NTIS: Accession No. PB86-124526, price $21.95 (paper copy), $6.95 (microfiche).
Volume 2. Metropolitan Statistical Area Projections to 2035. Available from GPO: Stock No. 003010-00159-3, price $12.00.
International Economics
BEA's international economics program encompasses
the international transactions accounts (balance of payments) and the direct investment estimates. The international transactions accounts, which measure U.S.
transactions with foreign countries, include merchandise
trade, trade in services, the current-account balance, and
capital transactions. The direct investment estimates
cover estimates of U.S. direct investment abroad and foreign direct investment in the United States, income and
other flows associated with these investments, and other
aspects of the operations of multinational enterprises.
March 1989
SURVEY OF CURRENT BUSINESS
8.1 BEA Reports: International Reports (EBB,
news release). Reports (usually 13 a year) with summary estimates of merchandise trade, balance of payments basis (quarterly); summary of international transactions (quarterly); international investment position
(annual); capital spending by majority-owned foreign affiliates (semiannual); direct investment (annual); and related topics. Reports are available online through the
EBB (see reference no. 1.2). Printed reports are mailed
the day after estimates are released. (This set of reports
is included in the five sets of BEA Reports', see reference no. 1.3.) These printed reports are available from
ESA/BEA on a subscription basis: Accession No. BEA18-S, price $26.00 per year.
U.S. international transactions
9.A The international transactions accounts provide
a detailed and comprehensive view of economic transactions between the United States and foreign countries.
The accounts include estimates of merchandise exports
and imports; travel, transportation, and other services;
foreign aid; and private and official capital flows, including direct investment. (Information about direct investment and international services is provided in program description 10.A.) Current estimates, including estimates of merchandise trade on a balance of payments
basis, are reported in the March, June, September, and
December issues of the SURVEY OF CURRENT BUSINESS. Estimates include detail for the current and capital accounts,
classified by type of transaction and by area. Each June,
these estimates are revised back 4 years. Estimates
of the international investment position of the United
States appear in June. International travel estimates
usually appear in May or June. For further information, write to the Balance of Payments Division, BE-58,
Bureau of Economic Analysis, U.S. Department of Commerce, Washington, DC 20230, or call (202) 523-0620.
For specific questions, the following telephone numbers
may be used:
Current-account analysis
Current-account estimates
Merchandise trade
Capital-account transactions
Government transactions
(202) 523-0621
-0625
-0668
-0603
-0614
A recorded telephone message summarizing key estimates of merchandise trade or U.S. international transactions, whichever is the most recent release, is available
at (202) 898-2453 (see reference no. 1.1).
9.1 U.S. Merchandise Trade Data (printout,
diskette). Seasonally adjusted and unadjusted exports
and imports for the end-use categories used by BEA to
derive trade totals on a Census basis. Series begin in
1979. Updated monthly or quarterly. Available from
ESA/BEA on a subscription basis:
U.S. Merchandise Trade Data, Monthly.
Printout—Accession No. BEA BPD 86-201, price
$100.00 per year.
Diskette—Accession No. BEA BPD 86-401, price
$200.00 per year.
U.S. Merchandise Trade Data, Quarterly. Also includes, on a balance of payments basis, exports of
agricultural products, nonagricultural products, and
79
nonmonetary gold, and imports of petroleum and
products, nonpetroleum products, and nonmonetary
gold.
Printout—Accession No. BEA BPD 86-202, price
$40.00 per year.
Diskette—Accession No. BEA BPD 86-402, price
$80.00 per year.
9.2 U.S. Merchandise Trade: Exports and Imports by End-Use Category, Monthly (computer tape).
Monthly end-use detail (not seasonally adjusted) on a
Census basis for exports and imports for 70 countries and
areas. Series begin in 1978. Updated monthly. Available
from ESA/BEA:
U.S. Merchandise Exports, Monthly. Accession No.
BEA BPD 86-001, price $100.00.
U.S. Merchandise Imports, Monthly. Accession No.
BEA BPD 86-002, price $100.00.
9.3 U.S. Merchandise Trade: Exports and Imports by End-Use Category, Quarterly (computer tape).
Quarterly end-use detail (not seasonally adjusted) on a
Census basis for exports and imports for 70 countries
and areas. Series begin in 1978. Updated quarterly.
Available from ESA/BEA:
U.S. Merchandise Exports, Quarterly. Accession No.
BEA BPD 86-003, price $100.00.
U.S. Merchandise Imports, Quarterly. Accession No.
BEA BPD 86-004, price $100.00.
9.4 U.S. Merchandise Trade: Exports and Imports
by End-Use Category, Annually (computer tape, printout). Annual end-use detail on a Census basis for exports
and imports for 70 countries and areas. Series begin in
1978. Updated annually. Available from ESA/BEA:
U.S. Merchandise Exports, Annually.
Computer tape—Accession No. BEA BPD 86-005,
price $100.00
Printout—Accession No. BEA BPD 86-103, price
$55.00
U.S. Merchandise Imports, Annually.
Computer tape—Accession No. BEA BPD 86-006,
price $100.00
Printout—Accession No. BEA BPD 86-104, price
$55.00
9.5 Status Report on Statistical and Methodological Improvements in the U.S. Balance of Payments
Statistics (BEA Working Paper No. 6). Reviews major
problems, such as timing and coverage, in the balance
of payments accounts; describes statistical and methodological improvements BEA has undertaken to resolve
some of the problems; and discusses projects for future
improvements. (1988) Available from ESA/BEA: Accession No. BEA OD 88-001, price $5.00.
NOTE.—For a discussion of the relationship between foreign transactions estimates in the balance of payments
accounts and those in the national income and product
accounts, see reference no. 2.12.
Direct investment and international services
10.A BEA conducts quarterly, annual, and benchmark surveys of U.S. direct investment abroad and of foreign direct investment in the United States. The information collected relates to the direct investment position
80
SURVEY OF CURRENT BUSINESS
and flows of capital, income, royalties and license fees,
and other service charges between parent companies and
affiliates; capital expenditures by majority-owned foreign
affiliates of U.S. companies; the financial structure and
operations of U.S. parent companies and their foreign
affiliates; the financial structure and operations of U.S.
affiliates of foreign companies; and U.S. business enterprises acquired or established by foreign direct investors.
The information on the annual and quarterly surveys
usually appears in the SURVEY OF CURRENT BUSINESS on
the following schedule:
Foreign direct investment in the United States:
• The position and balance of payments flows, in June,
with additional detail in August.
• Operations of U.S. affiliates of foreign companies, in
May.
• U.S. business enterprises acquired or established by
foreign direct investors, in May.
U.S. direct investment abroad:
• The position and balance of payments flows, in June,
with additional detail in August.
• Operations of U.S. parent companies and their foreign affiliates, in June.
• Capital expenditures by majority-owned foreign affiliates of U.S. companies, in March and September.
BEA is expanding and improving the information it
provides on U.S. international trade and investment in
services. (For a description of the major elements of this
program, see part I of "U.S. Sales of Services to Foreigners" in the January 1987 SURVEY OF CURRENT BUSINESS.)
Information on sales of services by U.S. parents and their
foreign affiliates is collected as part of the annual survey on their financial structure and operations. BEA
has completed a benchmark survey and is conducting an
annual follow-on survey on selected U.S. services transactions with unaffiliated foreign persons (see reference
no. 10.8).
For further information on direct investment and international services, write to the International Investment Division, BE-50, Bureau of Economic Analysis,
U.S. Department of Commerce, Washington, DC 20230,
or call (202) 523—0659. For specific questions, the following telephone numbers may be used:
Foreign direct investment in the United
States
International services
Operations of U.S. parent companies and
their foreign affiliates
Operations of U.S. affiliates of foreign
companies
U.S. direct investment abroad
(202) 523-0640
-0646
-0649
-0650
-0649
10.1 Foreign Direct Investment in the United
States: Operations of U.S. Affiliates of Foreign Companies (publication, diskette). The results of BEA's annual survey of foreign direct investment in the United
States. Contains information on the financial structure
and operations of nonbank U.S. affiliates of foreign direct investors. Data are classified by industry of U.S.
affiliate, by country and industry of ultimate beneficial
March 1989
owner, and, for selected data, by State. Updated annually. Available from ESA/BEA:
Foreign Direct Investment in the United States:
Operations of U.S. Affiliates of Foreign Companies, Preliminary 1986 Estimates. (1988)
Publication—Accession No. BEA IID 88-102, price
$5.00.
Diskette—Accession No. BEA IID 88-402, price
$40.00 (two diskettes).
Foreign Direct Investment in the United States:
Operations of U.S. Affiliates of Foreign Companies, Revised 1985 Estimates. (1988)
Publication—Accession No. BEA IID 88-101, price
$5.00.
Diskette—Accession No. BEA IID 88-401, price
$40.00 (two diskettes).
10.2 Foreign Direct Investment in the United
States: Direct Investment Position and Related Capital and Income Flows, 1980-87 (computer tape). Annual
estimates of the foreign direct investment position in the
United States and selected capital and income flows between U.S. affiliates and their foreign parent companies.
Estimates are for 32 countries by 16 industries. Available from ESA/BEA: Accession No. BEA IID 80-002,
price $100.00.
10.3 Foreign Direct Investment in the United
States, 1980 (publication). The results of BEA's 1980
benchmark survey of foreign direct investment in the
United States. Contains information on the financial
structure and operations of the U.S. affiliates of foreign
direct investors in 1980. Data are classified by industry
of U.S. affiliate, by country and industry of foreign parent or ultimate beneficial owner, and, for selected data,
by State. Also contains a complete methodology for foreign direct investment in the United States and copies of
the survey forms and instructions. (1983) Available from
ESA/BEA: Accession No. BEA IID 83-101, price $10.00.
10.4 U.S. Direct Investment Abroad: Operations of
U.S. Parent Companies and Their Foreign Affiliates
(publication, diskette). Results of BEA's annual survey
of the worldwide operations of U.S. multinational companies. Contains information on the financial structure
and operations of both U.S. parent companies and their
foreign affiliates. Data are classified by country and industry of foreign affiliate and by industry of U.S. parent.
Updated annually. Available from ESA/BEA:
U.S. Direct Investment Abroad: Operations of U.S.
Parent Companies and Their Foreign Affiliates,
Preliminary 1986 Estimates. (1988)
Publication—Accession No. BEA IID 88-104, price
$5.00.
Diskette—Accession No. BEA IID 88-404, price
$80.00 (four diskettes).
U.S. Direct Investment Abroad: Operations of U.S.
Parent Companies and Their Foreign Affiliates,
Revised 1985 Estimates. (1988)
Publication—Accession No. BEA IID 88-103, price
$5.00.
Diskette—Accession No, BEA IID 88-403, price
$80.00 (four diskettes).
March 1989
SURVEY OF CURRENT BUSINESS
10.5 U.S. Direct Investment Abroad: Balance of
Payments and Direct Investment Position Estimates,
1977-81 (publication). Contains revised estimates of the
U.S. direct investment position abroad and balance of
payments transactions between U.S. parent companies
and their foreign affiliates for 1977-81. Includes estimates by country and industry of foreign affiliate. (1987)
Available from ESA/BEA: Accession No. BEA IID 86150, price $5.00
10.6 U.S. Direct Investment Abroad, Country by
Industry Estimates, 1950-87 (computer tape). Annual
estimates of the U.S. direct investment position abroad
and of selected capital and income flows between U.S.
parent companies and their foreign affiliates. Estimates
are for 56 countries by 7 industries for 1950-65, 56 countries by 14 industries for 1966-76, 76 countries by 15
industries for 1977-81, and 80 countries by 15 industries for 1982-88. Available from ESA/BEA: Accession
No. BEA IID 50-002, price $100.00.
10.7 U.S. Direct Investment Abroad: 1982 Benchmark Survey Data (publication, computer tape). Results of BEA's latest benchmark survey of over 2,000 U.S.
multinational companies and their 17,000 foreign affiliates. Presents a detailed account of U.S. direct investment abroad in 1982, including data on balance sheets;
income statements; employment; employee compensation; U.S. merchandise trade; sales of goods and services;
research and development expenditures; property, plant,
and equipment; and taxes. Data are classified by country and industry of affiliate and industry of U.S. parent.
(1985)
Publication—Available from ESA/BEA: Accession No.
BEA IID 85-102, price $18.00.
Computer tape—Available from ESA/BEA: Accession
No. BEA IID 86-001, price $100.00.
10.8 International Services: New Information
on U.S. Transactions With Unaffiliated Foreigners
of business cycle indicators and a set of estimates relating to the environment.
Business cycle indicators
ll.A BEA maintains a system of indicators to track
business cycles. The system features the composite indexes of leading, coincident, and lagging indicators. The
composite indexes were revised as of the release of January 1989 data in March 1989. The revision incorporated
changes in components, changes in methodology for computing the indexes, and updated statistical factors and
historical revisions in data. (An article presenting the revision appeared in the January 1989 issues of the SURVEY
OF CURRENT BUSINESS and the Business Conditions Digest.)
The data base includes series classified as cyclical indicators (because they conform well to broad fluctuations
in economic activity), as well as other series useful in
interpreting the economic situation and outlook. Each
month a preliminary value of the composite indexes for
the latest month and the revised values for the 5 preceding months are released. Once a year, in the fall,
the composite indexes are recalculated to incorporate historical revisions in component data. The monthly Business Conditions Digest, described below, is devoted to the
presentation of this system. Summary information on
the composite indexes appears in the SURVEY OF CURRENT
BUSINESS. For further information, write to the Business
Outlook Division, BE-52, Bureau of Economic Analysis,
U.S. Department of Commerce, Washington, DC 20230,
or call (202) 523-0800. A recorded telephone message at
(202) 898-2450 provides current data for the composite
indexes (and the leading index components) immediately
upon their release. The message is updated weekly, usually on Monday, to include recently available component
data that will be incorporated into the next release (see
reference no. 1.1).
Other Tools for Measuring, Analyzing, and
Forecasting
Current data:
11.1 BEA Reports: Composite Indexes of Leading,
Coincident, and Lagging Indicators (EBB, news release). Monthly reports with summary estimates of the
composite indexes. Reports are available online through
the EBB (see reference no. 1.2). Printed reports are
mailed the day after estimates are released. (This set of
reports is included in the five sets of BEA Reports', see
reference no. 1.3.) The printed composite index reports
are available from ESA/BEA on a subscription basis: Accession No. BEA-16-S, price $24.00 per year.
11.2 Business Conditions Digest (publication). A
monthly publication containing tables and charts for
more than 300 series, including business cycle indicators
and other series that help evaluate economic conditions.
Features the composite indexes of leading, coincident,
and lagging indicators. Also includes historical data and
data sources. Available from GPO: List ID BCD, price
$44.00 per year (domestic first class), $55.00 (foreign);
$4.00 single issue.
BEAs work on economic accounts is supplemented by
various other tools for measuring, analyzing, and forecasting economic developments. These include a system
(EBB, diskette, printout). Data for the last 4 years for
most of the series in Business Conditions Digest (more
than 300 series). Updated monthly. Available online
(reprint). A presentation of the results of a new BEA
benchmark survey of selected U.S. international services
transactions. This article first appeared in the October
1988 SURVEY OF CURRENT BUSINESS. (1988) Available upon
request from the International Investment Division.
10.9 U.S. International Trade and Investment in
Services: Data Needs and Availability (BEA Staff Paper No. 41). A description and evaluation of available BEA data on U.S. international trade and investment in services. Includes a discussion of efforts by
BEA to improve its data and suggestions for further
improvements. (1984) Available from NTIS: Accession
No. PB85-117521, price $15.95 (paper copy), $6.95 (microfiche).
11.3
81
Business Conditions Digest Current Data
82
SURVEY OF CURRENT BUSINESS
Need Help? Try An Index!
March 1989
Environmental estimates
12.A BEA maintains a set of annual current- and
constant-dollar estimates of capital expenditures and operating costs for pollution abatement and control. These
estimates, which are prepared within the framework of
the national income and product accounts, are classified
by sector (consumers, business, and government) and by
element of the environment affected (air, land, and waBusiness Conditions Digest:
ter). The most recent SURVEY OF CURRENT BUSINESS article
• Subject Index—at the back of every issue.
reporting the capital expenditures appeared in November 1988, and the most recent article reporting the total expenditures (including operating costs) appeared in
through the EBB (®m reference no. 1.2). Diskettes and May 1988. For further information, write to the Environprintouts are available fr®m ESA/BEA on a subscription mental Economics Division, BE-62, Bureau of Economic
Analysis, U.S. Department of Commerce, Washington,
basis:
Diskette—Accession No. BEA SID 86-401, price DC 20230, or call (202) 523-0687. For specific questions,
the following telephone numbers may be used:
$200.00 per year.
Total expenditures
(202) 523-4821
Printout—Accession No. BEA SID 88-201, price
Capital expenditures
-0882
$100.00 per year.
12.1 BEA Reports: Pollution Abatement and ConHistorical data:
trol Expenditures (EBB, news release). News release
11.4 Business Conditions Digest Historical Data on annual pollution abatement and control expenditures.
File (computer tape). Historical data (from 1945, when Available online through the EBB (see reference no. 1.2).
available, to the present) for most of the series in Busi- Printed release available by calling or writing the Enviness Conditions Digest and some diffusion index compo- ronmental Economics Division in May 1989.
nents not shown in the publication (more than 500 se12.2 Stocks and Underlying Data for Air and Waries). Updated monthly. Available from ESA/BEA: Acter Pollution Abatement Plant and Equipment (printcession No. BEA SID 76-001, price $100.00.
out). Estimates of the gross and net capital stocks at
11.5 Business Conditions Digest Historical Data
historical, constant, and current cost; estimates of cap(diskette). Historical data (from 1945, when available, ital expenditures in constant and current dollars; price
to the present) for most of the series in Business Condi- indexes by media (air and water) and for selected industions Digest (more than 300 series). Updated monthly. try groups (manufacturing, electric utilities, and other
Available from ESA/BEA: Accession No. BEA SID 86- nonmanufacturing); and estimates of lifetimes by media
402, price $40.00 (two diskettes).
for pollution abatement plant and equipment. Available
11.6 Handbook of Cyclical Indicators (publication). from ESA/BEA: Accession No. BEA EED 86-201, price
Series descriptions and data for 1947-82 for all se- $35.00.
ries that appear in Business Conditions Digest. Includes an explanation of how the composite indexes
are constructed. (1984) Available from NTIS: Accession
No. PB85-106946, price $21.95 (paper copy), $6.95 (microfiche).
Survey of Current Business:
• Subject Index—in every June and December issue.
• NIPA Index—just after the NIPA tables in the July 1988 issue.
(See also reference no. 2.8.)
• S-Pages Index—at the back of the S-pages (blue pages) in every
83
SURVEY OF CURRENT BUSINESS
March 1989
Subject Index
This index is designed to help locate BEA materials
for particular subject areas. The index uses reference
numbers to indicate where in the guide information on
particular subjects can be found. For each reference, the
number refers to the section of the guide where the in-
Subject area
formation is located, and the letter refers to the program
description. For example, in the entry for "Balance of
payments," the reference number "9.A" refers to the paragraph in the guide describing BEA's work on the balance
of payments.
Reference
number
Subject area
Balance of payments (also see Net exports)
9.A
Business cycle indicators
11.A
Business inventories and sales (also see Inventories)..
2.A
Capital expenditures:
Gross private domestic fixed investment
Majority-owned foreign affiliates of U.S. companies
Majority-owned U.S. affiliates of foreign companies
2.A
10.A
10.A
Capital stock
2.A
Compensation of employees:
National
State
International transactions (see Balance of payments and
Net exports)
2.A
6.A, 7.A
Inventories (also see Business inventories and sales)
Reference
number
Composite indexes of leading, coincident, and lagging
indicators (see Business cycle indicators)
10.A
10.A
Disposable personal income:
National
State
2.A
6.A
2.A, 4.A
6.A, 7.A
Equipment (see Capital expenditures)
3.A
2.A, 3.A
2.A, 3.A
2.A, 3.A
2.A, 4.A
Leading, coincident, and lagging1 indicators, composite
indexes of (see Business cycle indicators)
9A
Motor vehicle output
2.A
2.A
National income and product accounts
2.A, 3.A
Net exports (also see Balance of payments).
2.A
Personal consumption expenditures
2.A
Personal income:
National
State, county, and metropolitan area..
2.A
Personal outlays (see Personal consumption
expenditures)
12.A
2.A, 3.A
Profits (see Corporate profits)
Gross national product
2.A, 3.A
Saving
2.A
Services, international
9.A, 10.A
Travel, international
2.A, 3.A
2.A, 3.A
9.A
U.S. affiliates of foreign companies
10.A
U.S. business enterprises acquired or established by
foreign direct investors.
10.A
U.S. direct investment abroad (see Direct investment)
Gross private domestic investment (see Capital
expenditures)
9.A, 10.A
Price measures—fixed-weighted price index, etc..
Government, State and local:
Purchases of goods and services.
Receipts and expenditures
Imports (see Balance of payments and Net exports)
International investment
Pollution abatement and control spending
Foreign direct investment in the United States (see
Direct investment)
Gross state product
4.A
7.A
Plant and equipment expenditures (see Capital
expenditures)
Exports (see Balance of payments and Net exports)
Government, Federal:
Cyclically adjusted budget
National defense purchases of goods and services..
Nondefense purchases of goods and services
Receipts and expenditures
Input-output:
National
State, county, and metropolitan area by industry.
National income
2.A
Direct investment:
Foreign direct investment in the United States..
U.S. direct investment abroad
Employment:
National
State, county, and metropolitan area
State, county, and metropolitan area by industry.
2.A, 4.A, 10.A,
12.A
6.A, 7.A
Merchandise trade (also see Net exports)
Construction (see Capital expenditures)
Corporate profits
Industries:
National estimates by industry.
U.S. multinational companies
7.A
Wages and salaries (see Compensation of employees)
Wealth (see Capital stock)
10.A
BEA Publications, Printouts, and Diskettes
How To Order
Orders should specify the item's accession number, title, number of copies, and price. An order form is provided
below; payment by check or money order payable to Economic and Statistical Analysis/BEA must accompany
all orders. The average processing time for new orders is 2 to 4 weeks. Correspondence about late delivery or
nondelivery should be sent to Economic and Statistical Analysis/BEA at the address below.
Foreign orders—For foreign orders, 25 percent should be added to the listed domestic price to cover additional
mailing costs.
Express delivery—.Express delivery is available at an extra charge; for more information, write or call BEA (see
appropriate program description for address or telephone number).
Note to diskette users—All files are copied, using DOS, onto 5 1/4 inch diameter diskettes (9 sector, doublesided, double density). Documentation is included. The prices of sets of diskettes may be reduced in the near
future to reflect the use of data compression techniques. Contact the BEA division mentioned in the relevant
program description about this possibility and the possibility of obtaining other microcomputer media.
ORDER FORM
for BEA Publications, Printouts, and Diskettes
Mail to:
Name_
Economic and Statistical
Analysis/BEA
U.S. Department of Commerce
Citizens and Southern National Bank
222 Mitchell Street
P.O. Box 100606
Atlanta, Georgia 30384
Organization..
Address
.Zip_
. State_
City
Country
_Phone (
)_
Enclosed is my check or money order for the items listed:
Accession Number
No. of
copies
Title
Price
$
Subtotal
$
Foreign orders, add 25% of subtotal
Express charge (write or call BEA)
4/89
Total enclosed
$
BEA Computer Tapes
How To Order
Orders should specify the computer tape's accession number, title, desired density, and price (and for EBCDIC
tapes, whether internal labels should be included). An order form is provided below; payment by check or money
order payable to Economic and Statistical Analysis/BEA must accompany all orders. The average processing
time for new orders is 1 to 3 weeks. Correspondence about late delivery or nondelivery should be sent to Economic
and Statistical Analysis/BEA at the address below.
Foreign orders—For foreign orders, 25 percent should be added to the listed domestic price to cover additional
mailing costs.
Express delivery—Express delivery is available at an extra charge; for more information, write or call BEA (see
appropriate program description for address or telephone number).
e—The recording mode is odd parity, 9 track, and density of either 1600 or 6250 BPI. BEA's standard output
tape is the ASCII character set with ANSI standard labels; however, an alternate EBCDIC character set, with or
without internal labels, may be requested.
ORDER FORM
for BEA Computer Tapes
Mail to:
Name_
Economic and Statistical
Analysis/BEA
U.S. Department of Commerce
Citizens and Southern National Bank
222 Mitchell Street
P.O. Box 100606
Atlanta, Georgia 30384
Organization _
Address
State
City
Country
_Phone (
. Zip_
)_
Enclosed is my check or money order for the items listed:
Accession Number
ASCII
Density
1600 6250
Tape Title
EBCDIC
Density
Labels
6250 Yes
1600
No
Price
$
v-P
Subtotal
Foreign orders, add 25% of subtotal
Express charge (write or call BEA)
4/89
Total enclosed
$
M>
GPO Publications and Subscriptions
How To Order
Orders should specify the publication's stock number or the subscription's List ID symbol, title, number of
copies, and price. Payment must accompany all orders unless charged to a GPO Deposit Account or charged
to VISA or MasterCard.
Charge orders using a GPO Deposit Account number, VISA, or MasterCard may be placed by either of two
methods:
o By telephone—Call GPO at (202) 783-3238.
o By fax machine—Fill out the order form below and send to GPO. GPO can receive charge orders by
fax machine 24 hours a day, 7 days a week, from U.S. and international customers. The fax service
reduces order processing time. Customers should use (202) 275-0019 or FTS 8-275-0019 for fax
service.
Foreign orders—International customers, please add an additional 25 percent. For information on foreign
airmail delivery, write to GPO at the address below, or call (202) 275-3097.
The average processing time for new orders is 2 to 6 weeks. Correspondence about late delivery or nondelivery
should be sent directly to GPO.
ORDER FORM
for GPO Publications and Subscriptions
Order Processing Code:
Charge your order.
It's easy!
*6639
1. Please Type or Print (Form is aligned for typewriter use.)
All prices include regular domestic postage and handling and are good through 10/89. After this date, please call Order and
Information Desk at 202-783-3238 to verify prices.
Qty.
Please Tvoe or Print
2.
International customers please add an additional 25%
(Company or personal name)
(Additional address/attention line)
(Street address)
(City, State, ZIP Code)
(Daytime phone including area code)
Total
3. Please Choose Method of Payment:
I
I Check payable to the Superintendent of Documents
EH GPO Deposit Account
I
I I I I
IT
I VISA or MasterCard Account
(Credit card expiration date)
Thank you for your order!
(Signature)
4. Mail To: Superintendent of Documents, Government Printing Office, Washington, D.C. 20402-9325
Total
Price
Price
Each
Title of Publication or Subscription
Stock Number or List ID
4/89
NTIS Service and Publications
How To Order
Orders for publications should specify the accession number, title, number of copies, and price. An order form
is provided below. To order the Economic Bulletin B oard, check box below. Payment (by check or money order)
must accompany all orders unless charged to an NTIS Deposit Account, or to VISA, Master Card, or American
Express.
Charge orders using an NTIS Deposit Account number, VISA, MasterCard, or American Express may be placed
by either of two methods:
o By telephone—To order publications, call (703) 487-4650; for the Economic Bulletin Board, call (703)
487-4630.
o By fax machine—Pill out the order form below and send to NTIS. Use fax number (703) 321-8547.
Foreign orders—For foreign orders, the price is double the listed domestic price; there is an additional $3.00
charge for airmail delivery.
The average processing time for new publication orders is 2 to 6 weeks. Correspondence about late delivery or
nondelivery should be sent directly to NTIS.
ORDER FORM
for NTIS Service and Publications
Mail to:
Name
U.S. Department of Commerce
National Technical Information
Service
5285 Port Royal Road
Springfield, VA 22161
Organization.
Address
Country,
|
I
.Zip,
State_
City
JPhone (
| Service: Please start my one year subscription to the Economic Bulletin Board, registration fee $25.00.
I understand this entitles me to 2 hours of connect time on the system, after which I will be billed
at the rate of 10 cents ($.10) per minute or 5 cents ($.05) per minute at night or on weekends.
I Publications: Please send the publications listed below.
Accession Number
No. of
copies
Title
Price
$
Shipping and handling charge: Domestic $3.00, foreign $4.00
$
Total
$
EH Enclosed is my check to NTIS for $
I | Enclosed is Purchase Order No.
EH Charge my NTIS Deposit Account No.
Charge to: Q] American Express Q VISA
Card No.
Expiration Date
Signature
(Required to validate order)
Q MasterCard
The Bureau of Economic Analysis
announces the publication of
GOVERNMENT TRANSACTIONS
Government Transactions is the fifth in the BEA series of methodology papers on the national income
and product accounts (NIPA's). The methodology papers describe both the conceptual framework for and
the practical aspects of producing the NIPA's, an important tool for measuring the U.S. economy.
Government Transactions:
•
•
•
•
Presents the conceptual basis and framework of government transactions in the
NIPA's
Describes the presentation of the estimates
Details the sources and methods used to prepare estimates of Federal transactions
and of State and local transactions
Includes bibliographies, definitions, and convenient tabular summaries of estimating procedures
Government Transactions will be of interest and use to economists, researchers, scholars, economic
forecasters, public officials, students—to everyone interested in the conceptual and practical aspects of
national economic accounting.
TO ORDER:
STILL AVAILABLE:
Use the form below to order the paper from the Superintendent of Documents, U.S. Government Printing Office (GPO). Order GPO stock no. 003-010-00187-9, price
$5.50.
Methodology Paper No. 1: An Introduction to National
Economic Accounting
Methodology Paper No. 2: Corporate Profits
Methodology Paper No. 3: Foreign Transactions
Methodology Paper No. 4: GNP: An Overview of Source
Data and Estimating Methods
Superintendent of Documents Publication Order Form
Charge your order.
It's easy!
Order Processing Code:
*6558
1. Please Type or Print (Form is aligned for typewriter use.)
All prices include regular domestic postage and handling and are good through 7/89. After this date, please call Order and
Information Desk at 202-783-3238 to verify prices.
Title
MP-1 An Introduction to National Economic Accounting
MP-2 Corporate Profits
MP-3 Foreign Transactions
MP-4 GNP: An Overview of Source Data and Estimating Methods
$2.50
$2.75
$2.00
MP-5 Government Transactions
$5.50
003-010-00178-0
003-010-00179-8
, 003-010-00187-9
Please Tvoe or Print
2.
International customers please add an additional 25%
(Company or personal name)
(Additional address/attention line)
(Street address)
(City, State, ZIP Code)
(Daytime phone including area code)
$1.25
Total for Publications
3. Please Choose Method of Payment:
I
I Check payable to the Superintendent of Documents
I
I GPO
I
I VIS A "or MasterCard Account
Deposit Account
(Credit card expiration date)
I
I
Thank
(Signature)
4. Mail To: Superintendent of Documents, Government Printing Office, Washington, D.C. 20402-9325
Total
Price
Price
Each
Stock Number
003-010-00158-5
003-010-00143-7
Qty.
I
I
I
I
I
l~l
I
y°u for y°ur order!
1789
CURRENT BUSINESS STATISTICS
The statistics here update series published in BUSINESS STATISTICS: 1986, a statistical supplement to the SURVEY OF CURRENT BUSINESS. That volume
(available from the Superintendent of Documents for $16.00, stock no. 003-010-00181-0) provides a description of each series, references to sources of
earlier figures, and historical data as follows: For all series, monthly or quarterly, 1983 through 1986, annually, 1961-86; for selected series, monthly or
quarterly, 1961-86 (where available).
The sources of the series are given in BUSINESS STATISTICS: 1986; they appear in the main methodological note for each series, and are also listed
alphabetically on pages 145-146. Series originating in Government agencies are not copyrighted and may be reprinted freely. Series from private sources
are provided through the courtesy of the compilers, and are subject to their copyrights.
Unless otherwise stated in footnotes
below, data through 1986 and
methodological notes are as shown hi
BUSINESS STATISTICS: 1986
Annual
TT .,
un 8
"
1987
1989
1988
1988
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Feb.
Jan.
GENERAL BUSINESS INDICATORS
PERSONAL INCOME BY SOURCE t
Seasonally adjusted, at annual rates:
Total personal income
bil $
Wage and salary disbursements,
total
do
Commodity-producing industries,
total
do
Manufacturing .
do
Distributive industries
do ....
Service industries
do
Govt. and govt. enterprises
do ....
Other labor income
do
Proprietors' income: $
Farm ....
do
Nonfarm
do
Rental income of persons with capital
consumption adjustment
bil. $ ..
Dividends
.
do
Personal interest income
do
Transfer payments
do....
Less: Personal contributions for
social insurance
do
Total nonfarm income
do ...
DISPOSITION OF PERSONAL INCOME t
Seasonally adjusted, at annual rates:
Total personal income
bil $
Less: Personal tax and nontax
payments
do
Equals: Disposable personal income
do ....
Less: Personal outlays
do
Personal consumption expenditures
do....
Durable goods
do
Nondurable goods....
do
Services
do
Interest paid by consumers to
business
do
Personal transfer payments to
foreigners (net)
do....
Equals: personal saving
do
Personal saving as percentage of disposable
personal income §
percent
Disposable personal income in constant (1982)
dollars
bil. $ ..
Personal consumption expenditures in
constant (1982) dollars
do....
Durable goods
.
do
Nondurable goods
do ....
Services
do
Implicit pricfr deflator for personal consumption
expenditures
index, 1982—100..
INDUSTRIAL PRODUCTION <>
Federal Reserve Board Index of Quantity Output
Not Seasonally Adjusted
Total index
1977=100 ..
By industry groupings:
Mining and utilities
do ....
Manufacturing
do
Nondurable manufactures
do....
Durable manufactures
do....
Seasonally Adjusted
Total index . . . . . .
do
By market groupings:
Products, total
do....
Final products
do
Consumer goods
do
37800
4062 1
3921 8
39467
39859
4001 0
40214
40449
40753
4091 8
41147 '4 175 5 '4 165 2 '4 200 8 '4 272 9 43153
22484
24369
23423
23590
23747
23940
24084
24275
24519
24591
24750 '2 506 9 '2 514 1 '2 529 5 '2,558 4
6498
4903
531.7
6468
420.1
2079
6954
5225
578.7
7166
446.1
2183
6694
5052
554.8
6831
435.0
2140
6735
5073
559.3
6890
437.1
2146
6850
5163
560.4
690.2
439.0
215.2
685 1
5143
568.5
6995
441.0
215.8
6877
5168
571.6
7061
443.0
216.4
6944
521 1
576.3
7120
444.8
2174
6993
5244
583.9
7218
447.0
2185
7002
5249
584.7
7251
449.1
219.5
7044
5284
588.8
7306
451.2
220.5
7164
'5392
r
596.1
7412
453.2
221.5
430
2700
363
2882
359
2786
41 5
2790
568
2799
448
2833
452
2852
403
287 5
34 i
2894
314
2902
27 2
2926
r
415
2961
18.4
886
5270
548.8
193
963
5759
586.0
208
928
5544
572.2
205
936
554 1
574.6
202
940
554 1
582.2
193
947
5588
582.8
18.9
950
5637
582.0
190
954
5687
583.6
193
963
5749
587.0
197
97 5
581 8
589.2
20.0
980
589 1
589.7
r
19.0
989
5964
594.7
1720
3,716 0
1951
4,004 8
1891
38655
1902
38847
1912
39087
1924
39354
1934
39551
1946
39833
1962
40202
1965
40393
1974
4,066.3
37800
4062 1
3921 8
39467
39859
4001 0
40214
40449
40753
40918
4 1147 '4 175 5 '4 165 2 '4 200 8 '4 272 9 4,315 3
5703
3,209.7
31055
3,012.1
421 9
997 9
15923
5903
3,471.8
33275
3,227.5
451 1
1 0469
17296
5781
3,343.7
32069
3,109.8
437 1
1 009 1
1 6636
5700
3,376.7
32229
3,125.4
4374
10119
1 6760
5795
3,406.4
32472
3,149.0
4389
1 027 5
1 6826
643 5
3,357.6
32596
3,161.3
4426
10257
1 693 1
5799
3,441.5
32898
3,190.9
447 4
10382
17053
579 6
3,465.3
3331 4
3,231.5
4593
1 0460
1726 1
5842
3,491.1
33420
3,241.7
451 6
1 0530
1737 1
5859
3,505.9
33726
3,271.7
4562
1 0644
1751 1
r
5955 r5973 '601.3
5892
3,525.5 '3,580.0 •"3,567.9 '3,599.5
r
r
33710 r3,409 3 r3,427.7 '3,449.1
3,270.2 3,307.7 3,325.4 '3,346.0
r
r
'4802
4586
4532
4508
10650 1 071 3 10809 '1 069 4
17544 1 783 2 1 785 9'1,796.4
92 1
989
959
964
97 1
975
98 1
99 1
994
1000
1000
1004
101 3
'1020
1026
1032
1.3
1042
1.0
1443
.8
979
.8
1517
.8
1339
.8
149 1
.8
1333
.8
1545
11
.
1708
1.1
140.1
11
.
'150.4
11
.
198.3
1.1
219.6
42
1.2
1538
44
1.2
1591
32
1.2
1369
43
41
40
37
42
40
42
'45
52
2,686.3
2,788.3
2,739.8
2,768.0
2,779.2
2,721.5
2,776.5
2,788.4
2,797.0
2,802.2
2,802.0 '2,832.5 '2,818.5 '2,834.3 '2,863.4
2,521.0
3909
890.5
1 2395
2,592.2
4097
899.6
1 2830
2,548.1
3998
887.7
1 2607
2,562.0
4017
892.1
1 2682
2,569.2
4020
898.3
1 2690
2,562.5
4050
888.1
1 2694
2,574.3
4087
893.5
1 2720
2,600.3 2,597.3
410 4
4180
901.0
899.1
1 283 1 1 2859
2,615.0
4132
909.4
1 2923
2,599.1 '2,617.1 '2,626.9 '2,634.6 '2,627.2 2,636.6
4117
'4125
'4288
4127
408 1
4076
911.3
'912.6
'903.2
914.2
904.9
903.0
12885 1 304 2 1 300 0 '1 302 6 '1 302 1 13137
119.5
124.5
122.0
122.0
1226
1234
1240
1243
124.8
129.8
137.2
130.8
134.2
134.1
133.9
135.0
139.3
104.3
134.7
136.8
133.1
107.6
142.7
143.9
141.9
111.8
134.4
134.2
134.6
111.2
138.5
138.4
138.6
106.1
139.4
139.2
139.5
103.5
139.6
139.8
139.4
101.3
141.3
140.7
141.6
106.5
145.5
146.4
144.8
1298
1372
1344
1344
1347
1354
1361
1365
138.3
1368
1278
145.9
1443
133.9
142.7
141 1
131.2
143.4
1416
131.3
143.6
1418
131.2
144.1
1425
1319
145.0
1435
1327
145.3
1440
1330
r
43
2,572.6
r
7150
r
r
7149
r
5356
'602.5
r
754.6
457.6
223.5
'7213
'5401
'609.4
'764.2
463.5
224.5
7240
5424
612.7
769.9
465.9
225.4
r
135
2975
231
'2995
'470
'3024
62.0
3035
r
18.0
994
6037
596.5
r
17.2
998
611 1
'597.9
17.2
1012
'6197
'612.1
17.2
1021
6285
614.1
'209.5
200.9
200.0
199.5
4,112.8 r4,130.4 '4,156.4 '4,204.5
210.2
4,231.9
r
5364
'597.2
'746.4
455.5
222.5
r
r
44
126.4
r
43
126.6
'127.0
'613.0
'3,659.9
'3,461:6
'3,357.9
'461 1
1,088.1
'1,808.6
127.8
615.7
3,699.7
3,480.0
3,375.7
459.7
1,089.0
1,827.0
2,889.6
128.0
125.1
125.8
136.3
141.7
143.0
142.2
139.3
136.5
"137.4
140.9
108.3
141.5
145.1
138.9
112.6
147.2
151.7
144.0
107.9
149.6
152.8
147.3
105.1
149.1
151.2
147.6
106.6
145.4
146.0
145.0
109.7
141.5
141.4
141.6
"110.8
"142.3
"141.1
"143.1
111.5
146.1
145.1
146.9
1380
1385
1386
1394
1399
1405
"141.1
141.1
146.5
1450
1342
147.3
1458
1350
147.4
1458
134.8
148.1
1464
136.4
148.4
1468
136.8
149.4
1477
138.2
"150.3
"148.5
"138.8
150.7
149.0
139.0
See footnotes at end of tables.
S-l
S-2
Unless otherwise stated in footnotes
below, data through 1986 and
methodological notes are as shown in
BUSINESS STATISTICS: 1986
SURVEY OF CURRENT BUSINESS
..
unus
March 1989
1989
1988
Annual
TT
1987
Jan.
1988
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
GENERAL BUSINESS INDICATORS—Continued
INDUSTRIAL PRODUCTION (^-Continued
Seasonally Adjusted— Continued
By market groupings —Continued
Final products— Continued
Durable consumer goods
1977=100...
Automotive products
do ....
Autos and trucks, consumer
do....
Autos, consumer
do ....
Trucks, consumer
do ....
Home goods
do
Nondurable consumer goods
do ....
Consumer staples
do ....
Consumer foods and
tobacco
do
Nonfood staples
do....
Equipment
do
Business and
defense
equipment
do
Business equipment
do ....
Construction, mining,
and farm
. do..
Manufacturing
do ....
Power
do
Commercial
do
Transit . . .
do
Defense and space equipment
do....
Intermediate products
do .
Construction supplies
do....
Business supplies
do
Materials
do
Durable goods materials
do....
Nondurable goods materials
do....
Energy materials
do .
By industry groupings:
Mining and utilities .
do
Mining
do
Metal mining ...
do
Coal
do
Oil and gas extraction #
do ....
Crude oil
do.
Natural gas
do
Stone and earth minerals
do
Utilities
do
Electric
do
Manufacturing
do .
Nondurable manufactures
do ....
Foods
do
Tobacco products
do
Textile mill products
do....
Apparel products....
..
do
Paper and products
do ....
Printing and publishing
do ....
Chemicals and products
do
Petroleum products
do ....
Rubber and plastics products
do ....
Leather and products
do
Durable manufactures
do ....
Lumber and products
do
Furniture and fixtures
do
Clay, glass, and stone products
do ....
Primary metals.. ,
do
Iron and steel
do...,
Nonferrous metals
do....
Fabricated metal products
do ....
Nonelectrical machinery
do ...
Electrical machinery
do...
Transportation equipment
do . . .
Motor vehicles and parts
do ...
Instruments
do
BUSINESS SALES
Mfg. and trade sales (unadj.), total $
Mfg. and trade sales (seas, adj.),
total $
Manufacturing, total
Durable goods industries
Nondurable goods industries
Retail trade, total
Durable goods stores
.
Nondurable goods stores
Merchant wholesalers, total
Durable goods establishments
Nondurable goods establishments
Mfg. and trade sales in constant (1982)
dollars (seas, adj.), total §
Manufacturing
Retail trade ..
Merchant wholesalers..
. ..
iSee footnotes at end of tables.
120.2
118.5
115.1
90.7
160.5
121 6
130.6
137.4
125.3
124.9
122.7
93.4
177.0
1256
137.1
144.9
121.7
118.7
112.8
77.5
178.3
1240
134.7
142.3
120.6
117.6
111.8
79.5
171.6
1228
135.3
142.9
1363
138.5
1489
1409
149.1
1582
1403
144.3
1543
1408
145.0
1553
1394
145.7
1559
153 6
144.5
1633
157.6
159 2
151.2
1603
152.4
1608
153.3
bil $ .
do
do
do
125.3
127.1
125.3
99.0
174.1
1239
135.8
143.5
125.3
124.4
120.8
93.8
170.8
1259
137.5
145.3
125.7
124.2
123.1
93.0
179.0
1268
138.5
146.6
126.3
126.4
124.8
97.7
175.3
1262
138.0
145.8
129.3
128.9
128.3
101.3
178.4
1297
139.0
147.0
129.2
129.5
129.5
101.0
182.4
1289
139.7
147.9
132.0
134.5
138.0
105.1
199.1
1300
140.6
149.1
"131.5
"132.7
"135.6
"99.6
"202.3
"130.7
"141.5
"149.9
1383
146.8
1565
1392
147.0
1577
1393
147.9
1585
1411
149.6
1594
1413
152.1
160 1
141 1
150.7
1604
1424
151.8
1597
143.7
152.2
1599
1445
153.8
1603
"145.1
"155.0
"161 5
155.6
1623
161 4
154.6
1
125.6
127.1
126.9
98.9
178.9
1244
135.4
143.1
1627
156.9
163 5
158.1
1646
159.3
1652
160.2
1656
160.8
165 1
160.2
1655
161.2
1662
162.4
"1675
"164.1
168.5
165.4
r
131.4
141.8
150.3
622
117.9
826
2265
1084
188.9
1434
131.5
153 5
1182
125.0
125.9
998
719
131.3
894
2452
1149
185.9
1515
138.6
162 5
1252
135.4
132.0
1015
671
125.4
862
2380
1065
190.6
148 1
136.8
1578
1230
131.8
129.9
1014
676
124.9
883
2403
1082
191.0
1494
137.7
1594
122 1
131.4
128.1
1006
683
127.0
878
2399
111 1
189.9
1499
137.3
1607
1225
131.3
130.1
1006
70.8
127.7
870
2415
1123
187.9
149.6
137.6
1599
1236
132.7
131.1
1010
718
128.3
874
2457
1153
185.5
1504
138.8
1603
1239
134.8
130.1
995
724
130.3
883
247 1
1157
184.6
1500
137.6
1606
124 5
134.9
130.1
1013
736
132.4
898
2482
1159
184.9
1516
138.4
1628
1264
136.8
132.8
1027
731
134.0
909
2498
1152
184.9
1523
138.1
1644
1265
136.6
133.1
1032
743
135.8
922
2487
1168
184.5
1529
138.4
1652
1265
137.8
132.6
1015
74.2
136.2
91 5
2454
1203
184.0
1540
140.0
1659
1275
138.9
134.7
1013
74.5
136.2
921
r
2470
1223
182.2
154.2
140.7
1657
1283
139.8
135.1
102.3
75.3
137.0
r
919
r
2489
1233
181.0
155.0
141.2
1667
1285
139.1
136.5
1030
"74.9
"138.4
"922
"253.4
"122.0
"180.9
"156.5
"143.7
"1674
"128.5
"140.3
"136.6
"100.9
'74.8
139.3
'92.2
'256.6
121.9
180.6
156.4
142.7
1043
1007
776
1318
92.7
1003
855
1282
1103
1266
1347
136.8
1378
1035
115.9
1074
144.4
172.1
140 2
935
163.6
600
133.1
1303
1528
119.1
81 3
706
101.6
111.0
152.7
172.3
129.2
111.8
1439
107 6
1035
93 1
1379
93.0
985
1078
1033
91 5
1402
93.1
996
87 2
132 1
1152
1303
1394
141.4
141 2
1058
116.2
1087
149.9
177.5
147 9
963
170.5
583
137.9
1363
1580
120.4
865
778
103.0
117.1
162.9
177.4
128.6
109.7
1482
1068
101 5
839
1337
92.4
984
87 1
1343
1156
1307
1395
141.1
141 9
1070
115.3
108 5
148.0
178.7
145 4
959
172.3
597
138.4
139 0
1583
121.6
864
774
103.5
117.6
163.6
177.8
128.4
109.3
149 2
1067
1027
849
1291
94.8
1009
86 1
1369
1133
1290
1400
141.7
141 1
107 2
117.0
1087
149.1
180.4
146 4
984
172.2
595
138.8
137 8
1594
122'.5
85 1
742
105.7
118.8
164.6
176.6
130.0
113.0
1497
107 1
1047
869
1360
95.5
1014
854
141 2
111 0
127 6
1408
142.3
1403
107 2
117.3
1092
149.2
181.8
1489
985
172.3
580
139.7
1380
159 2
121.4
853
745
105.6
118.8
167.2
178.7
130.4
114.8
150 5
1060
1026
860
1278
94.6
994
87 2
140 1
111 6
1297
1418
142.1
141 0
1072
114.6
1086
149.5
180.7
149 1
952
173.4
57 1
141.5
1398
1605
121.5
892
786
109.1
119.8
170.3
179.1
133.1
119.6
151 3
1068
1030
822
1269
95.8
1005
877
1374
113 2
1321
142 1
142.6
141 3
104 5
114.3
1093
148.6
182.3
150 5
941
174.4
589
141.7
1364
161 2
123.4
87 5
742
112.7
120.4
171.2
179.5
132.8
119.1
1530
108 1
1043
940
1415
107 2
1037
99 1
1422
92.0
971
84 1
1397
1130
1322
1444
145.3
1432
1050
116.2
1099
150.9
188.0
1553
93.7
175.3
599
143.8
133 5
1649
122.6
93 1
814
115.1
122.5
174.8
181.8
132.7
118.5
1578
1072
103 1
1016
1385
91.5
959
874
1428
1139
1328
1453
146.3
1440
1054
117.0
109 5
151.8
188.1
1567
96.3
176.9
61 0
144.6
137 5
1645
123.3
942
831
115.0
122.6
173.8
183.0
134.8
121.7
159 9
1081
1047
1046
1497
90.8
r
96.9
892
1440
1137
131 6
1458
146.7
1457
1024
117.2
1101
150.7
188.5
157 5
95.0
177.5
r
615
145.2
1394
1654
124.7
r
927
r
80.8
115.2
124.6
175.4
, 182.2
135.2
122.9
1604
1092
1054
1114
1551
r
89.6
r
959
"1077
"1034
107.3
101.5
"144.7
"89.0
"94.7
134.0
'89.0
983
849
1402
1144
1346
1436
144.6
1433
1006
117.1
1094
152.3
184.9
1534
950
175.4
59 1
142.9
1366
1629
122.2
91 5
802
112.7
121.7
173.1
181.5
131.9
116.6
1564
1090
1038
966
1372
93.2
977
860
141 3
1178
1388
1440
145.1
1433
105 1
116.4
1089
151.0
186.7
1548
960
175.3
594
143.2
1338
1649
122.6
908
789
113.3
122.1
174.1
182.2
131.8
117.5
1568
1495
1154
1329
1464
147.3
1456
1057
117.5
1085
151.7
188.4
1590
r
98.0
178.0
r
602
145.7
1426
1660
125.2
r
901
r
77.7
113.4
124.9
177.9
181.4
136.4
125.5
1590
"1531
"114.8
"131.8
"147.4
"148.3
"1464
464,494
498,567
504,156 '536,140
467,939
1399
1143
1320
1427
143.9
1426
105 1
116.3
109 1
150.3
184.2
1520
96.0
174.4
595
141.9
137 3
162 1
122.6
892
781
110.2
120.9
170.8
180.1
132.1
117.2
1543
mil. $. 5,421,451 5,861,529
do
do
do..
do ...
do...
do
do
do...
do...
do ...
131.5
131.7
133.1
'96.0
123.3
121.9
118.0
91.0
168.2
1243
135.1
142.5
120.4
120.6
116.4
86.3
172.2
1202
135.1
142.5
:
420,740 448,050 496,625 476,341 488,453 511,487
r
5421 4511 5 861 529 464 730
2 390 045 '2611 589 206 283
1,263 492 1 388 211 109 125
1,126,553 1 223 378 97158
1
1,510,579 1 1,612,371 128,844
559 105 609 258 r48 710
951 474 1 003 113 r80 134
1
1,520,827 1 1 637 569129 603
739,277 802,032 r62 709
781,550 835,537 r66,894
1
4455
2004
1202
1249
r
468 978
206 932
109 829
97103
130,424
r
49 828
r
80 596
131 622
63795
67,827
476 922
211 778
112 744
99034
132,259
50480
81779
132 885
64,881
68,004
477 768
213 036
112 521
100 515
131,717
50419
81 298
133 015
66,081
66,934
481 874
215 777
114 751
101 026
132,833
50418
82415
133 264
65933
67,331
4496
2007
1220
1269
4554
2042
1233
1279
453.6
2045
1221
1270
4544
2057
1226
1261
488 787
218 881
116 522
102 359
133 617
50709
82908
136 289
66242
70047
4578
2077
123 1
1270
507,028 509,448
489 235
216 698
113 122
103 576
134,342
50754
83588
138 195
67262
70,933
495 482
221 715
117 866
103 849
134,759
50257
84 502
139 008
67065
71,943
495 418
221 395
118 030
103 365
134 341
49797
84 544
139 682
67-755
71927
501 906
222 917
118 439
104 478
136,560
51 198
85362
142 429
69275
73154
4554
2048
1233
1273
4591
2085
1233
1272
4569
207 8
1222
1269
r
4620
r
2087
1238
129 5
504 010
224 632
119 874
104,758
138,292
52307
85985
141 086
70,086
71,000
r
4631
209 1
1254
1286
r
"152.0
"191.4
"1591
"99.7
"178.5
"61.6
"146.7
"1427
"1670
"127.0
"93.8
"83.1
"114.1
"124.9
"179.7
"181.3
"136.1
"124.1
"1615
513 895
231 613
124 017
107,596
138,849
52442
86407
143 433
71,502
71,931
r
4662
r
467.9
2137
1249
1293
2139
1248
1274
116.9
147.4
148.2
"118.7
508 894
230 827
124 175
106 652
137,862
r
52 620
r
85 242
140 205
r
70 040
r
70,165
r
128.0
139.9
136.5
'99.9
191.9
'98.1
146.9
—£
125X)
181.8
181.8
135.4
122.6
1622
Unless otherwise stated in footnotes
below, data through 1986 and
methodological notes are as shown in
BUSINESS STATISTICS: 1986
S-3
SURVEY OF CURRENT BUSINESS
March 1989
IT .,
un118
1987
1989
1988
Annual
Jan.
1988
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Dec.
Nov.
Jan.
Feb.
GENERAL BUSINESS INDICATORS-Continued
BUSINESS INVENTORIES
Mfg. and trade inventories, book value
(non-LIFO basis), end of period,
(unadjusted), total %
mil. $..
Mfg. and trade inventories, book value
(non-LIFO basis), end of period,
(seas adj ) total $
mil $
Manufacturing, total
•
do
Durable goods industries
do
Nondurable goods industries
do
Retail trade, total
do
Durable goods stores
do
Nondurable goods stores
do
Merchant wholesalers, total
do
Durable goods establishments
do
Nondurable goods establishments
do
Mfg. and trade inventories in constant (1982)
dollars, end of period(seas adj ) total § bil $
Manufacturing
do
Retail trade
do
Merchant wholesalers
do
BUSINESS INVENTORY-SALES RATIOS
Manufacturing and trade, total $
ratio
Manufacturing total
do
Durable goods industries
do
Materials and supplies
do
Work in process
do
Finished goods .
do
Nondurable goods industries ..
do
Materials and supplies
do
Work in process
do
Finished goods
do
Retail trade, total
.
do
Durable goods stores
do
Nondurable goods stores
do
Merchant wholesalers total
do
Durable goods establishments
do
Nondurable goods establishments
do ....
Manufacturing and trade in constant (1982)
dollars total §
do
Manufacturing
do
Retail trade ...
do
Merchant wholesalers
do
696,652
707 081
331 132
216 598
114 534
r
210 361
107 095
103 266
165 588
108 619
r
56 969
760 587
354 163
233 666
120 497
225 005
115 905
109 100
181 419
118 069
63350
r
r
735,843 745,255 760,733 '765,866 '750,042
150
1 61
200
57
91
51
118
46
19
53
158
214
125
1 25
1 69
.83
150
1 57
194
55
90
49
115
45
19
51
160
214
127
1 28
171
.87
766 210
357 348
236,563
120,785
227,068
117 491
109 577
181 794
118,341
63,453
r
7027
r
3320
r
2013
169.5
7053
334.0
202.4
168.9
150
1 57
193
54
89
50
114
45
18
51
160
218
126
128
168
.88
149
153
188
53
r
87
r
48
1.13
44
- 18
51
163
r
220
1.28
129
169
r
.90
1.49
154
191
53
88
.49
1.12
44
18
50
1.64
2.24
1.27
127
166
.88
1 51
158
160
131
151
155
161
133
151
156
162
1.31
714 746
335 416
219 913
115 503
208 698
104 479
104 219
170 632
112 661
57971
717 249
336 695
220 523
116 172
208 822
103 631
105 191
171 732
113 694
58038
721 016
337 936
221 405
116 531
209 550
104 349
105 201
173 530
114 812
58718
725 381
340 074
222 948
117 126
211 889
106 551
105 338
173 418
113 666
59752
730 916
341 963
224 000
117 963
213 952
107 607
106 345
175 001
112 674
62327
735 890
343 788
225 467
118 321
214 795
108 020
106 775
177 307
114 702
62605
743 851
345 798
226 600
119 198
218 888
111 078
107 810
179 165
115 685
63480
750 261
347 785
228 214
119 571
222 198
114 750
107 448
180 278
117 294
62984
750 588
349 412
229 735
119 677
220 127
112 525
107 602
181 049
118 026
63023
753 746
351 603
231 766
119 837
221 816
113 832
107 984
180 327
117 544
62783
6832
3257
1912
1663
6849
3263
1917
1669
6862
326 5
1919
1678
6880
327 2
1939
1669
6897
3277
1951
1669
6894
3278
194 1
1676
6933
3286
1964
1684
696 1
329 1
1981
1689
698 1
3295
1991
1695
r
7005
r
153
1 62
200
57
92
51
118
46
19
53
163
r
217
129
1 30
1 77
.85
152
1 62
200
56
93
51
119
46
19
54
160
210
129
1 30
177
.85
150
1 59
1 96
55
90
50
1.17
46
19
52
158
205
129
1 29
1 75
.85
151
1 59
1 97
56
91
50
116
45
19
52
159
207
129
1 30
174
.88
1 51
1 58
1 94
55
90
49
116
45
19
52
1 60
211
128
1 30
172
.89
150
1 56
192
55
89
48
115
45
19
51
160
212
128
1 28
170
.89
150
1 59
1 99
57
92
50
1 14
45
19
51
160
2 13
128
1 28
171
.88
150
1 56
1 92
55
88
49
115
45
18
51
162
221
128
1 29
172
.88
151
1 57
1 93
55
88
50
116
46
18
51
165
230
127
1 29
173
.88
150
1 57
1 94
55
89
50
115
46
18
51
161
220
126
1 27
170
.86
1 53
1 62
1 59
1 31
1 52
1 62
1 57
1 31
1 50
1 60
1 56
1 31
1 51
1 60
1 57
132
1 51
1 59
1 58
1 32
1 51
1 58
1 59
1 31
1 51
1 60
1 57
1 32
1 51
1 58
1 59
1 32
1 52
1 58
1 62
133
1 51
1 58
1 61
131
188,349 207,962
97 328 110 727
4933
4449
10*280 11 112
5031
4*586
10,212 11704
16,521 18955
16391 18 187
24,460 28,860
18,475
15,500
5716
5140
91 021 97235
26564 27 971
1466
985
4,143
4,726
9 520 10 075
18317 19383
9542
9790
7 249
6447
206,283 206 932
222,888 213,670
121 221 114 059
5374
5 445
12 150 11 772
5303
5417
12,446 11951
21,993 19929
19752 17760
31,488 29,219
19,423 18,686
5939
6263
101 667 99611
29 178 28438
2 106
1 444
4872
5,103
10 194 10 213
20721 20 419
9847 10395
7619
7 668
211 778 213 036
216,450
116 049
5 505
11 970
5256
12338
20147
18309
30,383
19,646
5894
100 401
29 130
2 244
4888
10 201
19 838
10556
7 662
215 777
232 773 199,670
126 159 101 393
4 999
5 767
12 922 10728
4641
5577
13338 10832
23727 18553
20 102 16961
22,550
31,388
12,605
19,733
5895
6590
106 614 98277
31*036 29 479
2 192
1 275
4,256
5419
10 859 10 076
20 887 18748
10867 10977
6935
8066
218 881 216 698
217,031
112 493
5653
11 930
4*978
11845
19565
18845
27,100
16,616
5900
104 538
29*913
1771
5186
10639
20342
10*966
7*707
221 715
234,386
125 058
5852
12614
5,193
12,696
23,111
21 239
30,570
19,156
6545
109 328
32455
2353
5,599
10782
21 051
10*365
8 159
221 395
229,541
122 606
5745
12614
5,187
12,736
20,841
19222
32,582
21,348
6,150
106 935
31339
1 696
5,243
10727
20269
10430
8335
222 917
r
759,076
760 587
354 163
233 666
120,497
r
225,005
115 905
109 100
181 419
118,069
r
63,350
711 032
333 374
218 507
114 867
r
209 428
105 893
103 535
168 230
111 190
r
57 040
6799
3244
1915
1639
MANUFACTURERS' SHIPMENTS,
INVENTORIES, AND ORDERS t
Shipments (not seas, adj.), total
mil. $.. 2,390,045 2,611,589
Durable goods industries total
do
1 263 492 1 388 211
Stone, clay and glass products
"
do
62142
64 044
Primary metals
do
117*092 142 196
Blast furnaces, steel mills
do....
50,812
60,950
Fabricated metal products
do .... 135,005
144 064
Machinery, except electrical
do .... 216,605 247,152
Electrical machinery
...
do
210 695 227 136
Transportation equipment
do .... 323,026 351,927
Motor vehicles and parts
do.... 197,049 219,257
Instruments and related products
do....
72456
66,805
Nondurable goods industries, total
do
1 126 553 1 223 378
Food and kindred products
do
324 996 356 804
Tobacco products
do
19935
22240
Textile mill products
do....
59,774
57,481
Paper and allied products
do
110 252 124 187
Chemical and allied products
do
212 705 240 476
Petroleum and coal products
do
124 528 124*218
Rubber and plastics products
do
91089
80510
Shipments (seas, adj.), total
do....
By industry group:
Durable goods industries, total #
do
Stone, clay, and glass products
do ....
Primary metals
do
Blast furnaces, steel mills
do
Fabricated metal products
do
Machinery, except electrical
do
Electrical machinery
do
Transportation equipment
do ....
Motor vehicles and parts ....
do
Instruments and related
products
do
Nondurable goods industries total # do
Food and kindred products
do
Tobacco products
do
Textile mill products
do
Paper and allied products
do
Chemicals and allied products..
....do
Petroleum and coal products..
do
Rubber and plastics products
do ....
See footnotes at end of tables.
703,279 714,741 721,685 727,433 727,528 729,780 731,876
750,042
3304
2012
168.9
222,837
118 636
5507
12308
4,945
12,234
20,124
19640
31,334
20,049
5,901
104 201
30582
2253
5,221
10373
20 104
10 120
7724
224,632
r
'226,032 211,716
122 482 111 009
r
4865
4815
12130
11 796
r
5,049
4,836
11,717
11,732
r
18,485
23,686
r
17,775
20,728
r
31,993 29,134
18,020 20,139
r
5,982
6,523
103,550 100,707
r
29705
30 719
1218
2455
r
4,727
5,118
10697
10 528
r
20823
20 397
9,980
10 363
r
7,779
7,518
r
230,827 231,613
109 125 109 829 112 744 112 521 114 751 116 522 113 122 117 866 118 030 118 439 119 874 124,175
r
5,549
5,588
5442
5399
5184
5299
5226
5193
5435
5 115
5305
5*311
10855 10785 11 472 11 254 11 576 12 201 11 667 11 990 12334 12369 12709 12 861
r
5,201
5206
5 151
4882
5211
5023
5 152
4*745
5091
5032
5 160
5061
11 306 11 659 11779 11785 12082 12398 11 519 11 870 12049 12123 12597 12 865
r
19248 19368 19692 20*113 20*346 21 003 20*749 21488 21 224 20970 20894 21,642
18 421 18235 18480 18 444 18 888 18 742 19*019 19 131 19354 18931 19099 19 953
r
26,913 27,298 28*,762 28,011 29160 29264 27,252 30683 29,960 30,924 30*.960 r32,521
16024 16700 17579 17 348 18363 18368 16380 19349 18700 19585 19,671 20,948
124,017
5,633
12894
5,243
13116
21,399
19936
31,918
21,001
r
6,342
5,960
6057
6147
103 365 104 478 104 758 106,652
r
30339 30564 30,607 30,995
1957
1 911 2109
2021
r
5,397
5269
4890
5*047
10550 10669 10779 10,956
20 144 20948 21352 r21,110
9,940 10,237
10256 10,238
7.835
'8,318
7.893
7.855
6,552
107,596
31,740
1903
5,512
10,989
21,354
10,259
8,429
5736
97 158
28,518
1479
4785
9747
18796
10,031
6.999
5775
97 103
28127
1 641
4791
9760
18907
10112
7.095
5910
99034
28,568
1 896
4757
9956
19479
10,234
7.495
6293
6148
6075
5951
100 515 101 026 102 359 103 576
29028 29 143 30061 30484
1778
1 647 1 663
2096
4970
4*919
4999
4910
10071 10280 10356 10*485
19657 19614 19893 20478
10,579 10631 10712 10787
7.422
7.468
7.476
7.511
6048
103 849
30265
1 846
4*956
10575
20680
10546
7.894
;;;"". .; ;
S-4
Unless otherwise stated in footnotes
below, data through 1986 and
methodological notes are as shown in
BUSINESS STATISTICS: 1986
SURVEY OF CURRENT BUSINESS
Annual
TT ..
Unlts
1987
March 1989
1989
1988
1988
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
14073
42823
14,328
42458
14386
42969
14,454
43253
15,317
r
43 518
15,112
44 656
36537
22243
r
38,315
r
F*b.
37231
23,474
GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' SHIPMENTS,
INVENTORIES, AND ORDERS t— Continued
Shipments (seas, adj.)—Continued
By market category:
Home goods and apparel
mil. $ 1 164 861 ' 170 860 14003
Consumer staples
do
'461 025 ' 501 301 39970
Equipment and defense products,
1
except auto
do
391 189 ' 433 296 34570
1
Automotive equipment
do
223 069 ' 248 003 18213
Construction materials, supplies, and
intermediate products
do ... ' 192 664 '204,769
16576
Other materials, supplies, and
intermediate products
do .... 1 957,237 1,052,710
82,951
Supplementary series:
1
Household durables
do
6565
75 607 '79219
1 445 633 '486607
Capital goods industries
do
39 151
Nondefense ...
do
30274
'336 190 '380017
1
Defense
do
109 443 ' 106 590 8877
Inventories, end of year or month:
Book value (non-LIFO basis),
(unadjusted), total
do
325 695 348 465 331 784
Durable goods industries total
do
212 265 229 040 216 545
Nondurable goods industries total .
do
113 430 119 425 115 239
Book value (non-LIFO basis),
354,163 333,374
(seasonally adjusted), total
do .... 331,132
By industry group:
Durable goods industries,
total #
do
216 598 233 666 218 507
7,505
Stone, clay, and glass products
do....
7,236
7,216
Primary metals
do
20279
18 189
18476
Blast furnaces steel mills
do
8867
10 119
8590
Fabricated metal products
do
22992
23 552
22684
Machinery, except electrical
do .
46729 42206
41935
Electrical machinery
do
40 683 39535
39396
63,229
Transportation equipment
do ..
57203
57891
Motor vehicles
and
parts
do ....
11,839
11,704
11,391
Instruments and related
products
do ....
14,040
12,704
12,669
By stage of fabrication:
Materials and supplies
do....
61,753
65,252
61,255
Work in process
do
99952 108 392 100 751
Finished goods
do....
60,022
55,391
56,003
Nondurable goods industries,
total #
do
114 534 120 497 114 867
Food and kindred products
do....
24,744
24670
26,361
Tobacco products
do ....
5632
5,609
5,586
Textile mill products
do ....
7,605
7,537
7,458
Paper and allied products
do....
12,065
11,242
11,326
Chemicals and allied
products
do
27515 25459
25061
Petroleum and coal
products
do
8879
9951
9694
Rubber and plastics
products
do
9112
10326
9410
By stage of fabrication:
Materials and supplies ..
do
47294
44354
44694
Work in process
do
19291 18759
18752
Finished goods
do .
53912
51428
51414
By market category:
Home goods and apparel
do .
26772
26313 26615
Consumer staples
do ...
42399
44,900 42430
Equip, and defense prod.,
exc. auto
do
96004 105 287
96530
Automotive equipment
do
14013
14611 14327
Construction materials, supplies, and
intermediate products
do ....
25,250 24,754
24,222
Other materials, supplies, and
intermediate products
do
127 722 137 802 128 718
Supplementary series:
Household durables
do
12791 12888
12843
Capital goods industries
do .... 110,643 121,064 111,273
Nondefense
do
77139
85691 77617
Defense ....
do
35373 33656
33504
New orders, net (unadj.), total
do. 2,423 597 2 659 525 198 988
Durable goods industries total
do
1 293 236 1 435 605 107 342
Nondurable goods industries, total
do ... 1,130 361 1 223 920 91 646
New orders, net (seas, adj ), total ...
do 1 2 423 597 ' 2 659 525 210 202
By industry group:
Durable goods industries, total ..
do 1 1 293 236 ' 1 435 605 113 069
1
Primary metals
do
122 590 ' 144 128 10813
1
Blast furnaces, steel mills
do
53 724 '60273
4684
Nonferrous and other pri1
mary metals
do
59 129 '73288
5371
1
Fabricated metal products
do ...
136,494 ' 142,602 10,669
Machinery, except electrical
do
' 221 041 '253798
19997
1
Electrical machinery
do
212 442 '227440
19 133
Transportation equipment
do ... '337,585 '388,832
30,050
Aircraft, missiles, and parts
do... '116,403 ,'136,560
11,653
Nondurable goods industries, total
do .. 1 1,130 361 ' 1 223 920 97133
Industries with
unfilled
orders $ ...
do
'291 418 '311 623 25026
Industries without unfilled
orders ^
do
72107
'838943 '912297
By market category:
Home goods and apparel ..
do
' 166 091 ' 170 374 13924
Consumer staples
do
39889
'460952 '501477
Equip, and defense prod., exc. auto
do... '409,548 '466,606
35842
Automotive equipment
do
'223543 '247655
18049
Construction materials, supplies, and
intermediate products
do ... '192,464 '205,319
16,660
Other materials, supplies, and
intermediate products
do ... '970,999 '1,066,503 85,838
Supplementary series:
Household durables
do ...
'75,832 '78,985
6,453
Capital goods industries
do ... '466,264 '528,817
43,090
Nondefense
do
' 356 478 '419559
33867
Defense
do
' 109 786 ' 109 258 9 223
See footnotes at end of tables.
13962
39749
34524
18996
13786
40507
35337
19854
13890
41 266
35398
19622
13958
41 474
35651
20755
14297
41 538
36286
20793
14270
41 765
36557
18685
36 507
21 888
37042
21188
36395
22076
23,527
16795
16,983
16976
16958
17,125
16646
16,963
17,045
17,113
17,529
18,102
18,360
82,906
85,311
85,884
86,981
88,842
88,775
89,461
89,334
89,978
90,616
'92,048
92,780
6509
38776
30 179
8597
6416
39906
30593
9313
6484
39 542
31001
8541
6567
40045
31668
8377
6292
40543
31822
8721
6424
40675
32012
8663
6571
41 449
32414
9035
6638
41 353
32523
8830
6671
41 026
32595
8431
6949
41 172
32512
8660
r
6934
r
42 772
r
32 675
10 097
7076
42018
33267
8751
336 650 337 392 340 312 343 446 342 678 344 304 346 830 346 388 348 699 350 223 r348 465
220 394 221 136 223 119 225 646 225 046 226 096 227 521 227 815 229 283 230 625 r229 040
116 256 116 256 117 193 117 800 117 632 118 208 119 309 118 573 119 416 119 598 119,425
356 319
235 001
121 318
341,963 343,788 345,798 347,785 349,412 351,603 '354,163
357,348
219 913 220 523 221 405 222 948 224 000 225 467 226 600 228 214 229 735 231 766 233 666
'7,505
7,464
7,551
7,389
7,198
7,297
7,293
7,276
7,220
7,169
7,217
18790 18845 18851 18897 18730 18958 19246 19 544 19825 19980 r20 279
10
9763 r 119
9029
9677
9 551
9351
9206
9067
9 103
9046
9004
23142 22900 23129 23111 22831 22928 23266 23496 23430 23478 23,552
42441 42846 43013 43497 43942 44391 45123 45797 45992 46172 '46,729
39642 39,526 39440 39438 39495 39358 39791 39,797 40010 40746 '40,683
58206 58,739 59,309 59,997 60,932 61206 60,621 60,933 61578 62,305 '63,229
236 563
7,542
20469
10176
23797
47,404
41,012
64,645
12,300
335,416 336,695 337,936 340,074
11,606
11,485
11,443
11,419
11,574
11,548
11,618
11,568
11,657
11,872
11,839
12,786
12,802
12,907
13,109
13,127
13,275
13,455
13,513
13,578
13,798
14,040
14,112
61,830
101 955
56,128
62,552
101 709
56,262
62,541 63,105
102 665 103 678
56,199 56,165
63,522
104 112
56,366
64138
104 257
57,072
64,998 65,253
103 927 104 440
57,675 58,521
65,324
105 239
59,172
65,298 '65,252
106 884 '108 392
59,584 '60,022
66,190
109 211
61,162
115 503 116 172
24861 24,962
5,638
5606
7,484
7,495
11,316
11,393
116 531 117 126
25069 25,140
5,613
5,669
7,588
7,552
11,391 11,390
117 963
25,666
5,703
7,571
11,436
118 321 119 198 119 571 119 677 119 837 '120 497
25548 25,688 25,742 25/791 26,003 '26,361
'5,609
5,710
5,810
5,763
5,848
5784
'7,605
7,648
7,620
7,545
7,737
7,742
11,775
11,835 11,939 12,065
11,530 11,647
120 785
26,313
5,353
7,590
12,035
27,496
25765
25922
25633
25742
25954
26154
26544
26882
27060
27,235
'27,515
9693
9937
10055
10 154
10024
9839
9518
9336
9092
8757
'8879
9303
9387
9381
9323
9383
9528
9688
9847
10089
10298
10394
'10,326
10,496
44858
18610
52035
45458
18891
51823
45578
19061
51 892
45790
19075
52261
46255
19050
52658
46350
19218
52753
46931
19163
53104
47364
19110
53,097
47 611
19172
52,894
47664
19071
53,102
'47,294
'19,291
'53,912
46,962
19,623
54,200
26689
42704
26645
43068
26492
43111
26696
43010
26463
43510
26544
43793
26662
44157
26478
44,282
26328
44367
26459
44,485
'26,313
'44,900
26,173
44,110
97 063
14201
98120
14088
98492
14062
99582
14068
100 817
14309
100 716
14414
101 110 101 871 102 586 103 320 '105,287
14411 14415 14 533 14717 14,611
106,191
15,124
24,844
24,618
24,758
24,857
24,762
25,202
25,142
131 021 131 861 132 102
133 119
134 316
129 915 130 156
25,184
25,392
135 555 136 206
12934
122,669
86,906
35763
221,598
120 557
101,041
235 826
123 035 132 149
12624 13,210
'5,350
4950
128 545
13126
5857
'6902
6820
6795
12,026 12,411 12,917
21 181 21443 '21,710
18977 20 110 '19 922
34898 32401 '39,550
12,005 10,763 14,145
104 304 105 118 '106 737
6331
13,043
22061
19 591
36,190
13,279
107 281
12801
112,971
79026
33945
225 993
124 082
101 911
211 799
12599
113,689
79620
34069
216 330
116 889
99441
217 029
12650
114338
80143
34695
214 369
114 133
100 236
216 398
12609 12653 12620 12614
116,012 116,243 116,653 117,620
80684 81444 82582 82781
35328 34799 34071 34839
239 026 203 370 218 860 234 757
132 393 104 377 114 410 125 584
106 633 98993 104 450 109 173
228 090 219 877 227 009 222 669
114 155
11074
4607
113 063 116 836
11553 11 200
5130
4692
115 369
12348
5654
125 442 116 112 122 806 119 321 122 791
12271 12103 11794 12496 12428
4*730
5301
5210
4788
5085
5546
11,775
20097
17 839
29,664
9,464
98736
6221
6097
6 178
5771
6 156
5658
11,958 11,471 11,638 12,007
12,038
11,640
21051 20969 22018 21 408 22851 21459
18417 18865 18461
19039 19025 18629
31,435 28,313 37,735 29239 34,707 31,618
11,504
8,555 12,831 10,987 12,638
11,479
100 193 101 029 102 648 103 765 104 203 103 348
25,263
140 487
25,303
'12 791
121,064
'85,691
'35 373
'235,710
'132 230
'103,480
'238 886
12600
118,529
83119
35410
231 583
125 170
106 413
227 095
12924
112^012
78 153
33859
215 304
117 701
97 603
211 283
5613
11,918
19815
18082
30,486
12,005
97128
'25,250
137 319 '137 802
12712
119,518
84,167
35351
225 235
121 294
103 941
228 153
25007
24928
25538
25781
25998
26 152
26589
26 112
26 134
27001
'27 018
26702
72121
73808
74655
75248
76650
77 613
77614
77236
78170
78 117
'79 719
80579
14318
39926
38544
18781
13 159
40528
35,963
19860
13795
41209
37,007
19752
13565
41450
34615
20778
14347
41 532
44262
20656
14007
41 895
39153
18681
14 170
42871
39283
21 725
14502
42456
36343
21 200
14264
42936
39164
22063
14481
43268
40391
22311
'15 504
'43 491
'46 534
'23 633
15 110
44604
40464
23442
16,806
17,326
16,782
16,970
17,284
16,606
17,022
17,001
17,190
17,547
18,098
18,156
82,908
84,963
88,484
89,020
90,009
89,535
91,938
91,167
91,478
90,155
'91,626
94,050
6,777
42,299
33819
8 480
5,883
39,989
31 924
8 065
6,461
43,617
33746
9 871
6,343
39,737
31 522
8 215
6,322
49,287
35458
13 829
6,258
43,208
36213
6 995
6,668
46,845
38808
8 037
6,786
42,330
34858
7 472
6,590
45,318
34623
10 695
6,963
44,216
35825
8 391
'7,158
'49,839
'39 432
'10 407
6,997
46,931
40052
6 879
=
Unless otherwise stated in footnotes
below, data through 1986 and
methodological notes are as shown in
BUSINESS STATISTICS: 1986
S-5
SURVEY OF CURRENT BUSINESS
March 1989
IT ..
uniw
1987
1989
1988
Annual
1988
Jan.
Mar.
Feb.
Apr.
May
June
July
Aug.
Sept.
Nov.
Oct.
Dec.
Jan.
Feb.
GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' SHIPMENTS,
INVENTORIES, AND ORDERS tt-Continued
Unfilled orders, end of period (unadjusted),
total
mil $
Durable goods industries total
do
Nondurable goods industries with
unfilled orders $
do. .
Unfilled orders, end of period (seasonally
adjusted) total
mil $
By industry group:
Durable goods industries total #
do
Primary metals
do
Blast furnaces steel mills
do
Nonferrous and other primary metals
do
Fabricated metal products
do
Machinery, except electrical
do
Electrical machinery
do
Transportation equipment
do
Aircraft,
missiles, and
parts
do
Nondurable goods industries with
unfilled orders $
do
By market category:
Home goods and apparel
do
Consumer staples
do
Equip, and defense prod., excl.
auto
do
Automotive equipment
do
Construction materials, supplies, and
intermediate products
do
Other materials, supplies, and
intermediate products
do ....
Supplementary series:
Household durables
do....
Capital goods industries
do....
Nondefense ....
do
Defense
do
BUSINESS INCORPORATIONS @
New incorporations (50 States and Dist. Col.):
Unadjusted
.
number
Seasonally adjusted
do
415 998 463 934
396 563 443 957
r
426 637 433 979 437 084 439 744 437 663 443 916 447 616 449 445 449 816 451 858 454 256 r463,934
406 577 413 551 416 412 419 242 417 326 423 560 426 544 428 461 428 987 431 551 434 209 443 957
473,816
453 505
19,977
20,311
421 243 468 860
425 162 429 513 429 534 433 527 434 148 443 357 446 536 451 830 453 103 457 281 460 802 r468 860
473 073
400 720 447 868
23896 25737
11637 10903
r
404 664 408 990 409 309 413 624 414 242 423 162 426 152 431 092 432 382 436 734 439 895 447 868 452 396
r
25969
23854 24 143 24224 24 170 24942 25012 25448 25252 25414 25473 25388 r25 737
11 576 11301 11 279 10948 11 541 11 591 11 644 11 341 11431 11 010 10754 !0 903 11517
10265 12591
29970 28406
52702 59963
93696 93498
173 733 212 120
10276 10807 10872 11136 11293
29333 29592 29588 29443 29399
53451 53898 54303 55241 55864
94408 94255 93614 93587 93564
176 870 180 058 180 960 184 384 183 537
144 343 174 722
147 082
19,435
19977
20060
20428
20,672
150 535 150 744
20502
153 599
20337
153 459
20,356
21,072
20,984
20,829
20,307
20,047
11 295 11626 11707 11757 12219 12,428 12,591 12,165
r
28333
28959 28911 28679 28637 28540 28354 r28 406
56879 57538 58901 59 136 59347 59896 r59 963 60625
93283 93303 93197 92472 92518 93529 r 93 498 93153
192 008 193 995 198 019 199 676 203 650 205 091 212 120 216 392
157 516
159 569
162 950
165 376
168 121 169 763 174 722
20523
20992
20498
20523
20,225
19903
19906
20,195
20,384
20,738
20,721
20,547
20,907
9075
675
8387
836
8996
594
9352
'771
8725
792
8630
735
8237
711
8287
705
8024
835
8121
883
8295
881
8173
848
8,200
863
252 751 286 731
8888
9239
15060
15541
134,443
148,477
6,122
6,480
301,674 345,037
139 814 179 640
161 860 165 397
r
INDUSTRIAL AND COMMERCIAL
FAILURES @
Failures total
number
61235
Commercial service
do
24029
Construction
do
6724
Manufacturing and mining. ..
do
4939
Retail trade
do
12 185
Wholesale trade
do
4304
Liabilities (current) total
mil $ 33 024 5
Commercial service
do
8*0887
Construction
.
do
22786
Manufacturing and mining
do
47464
Retail trade
.
do
37137
Wholesale trade
do
13368
Failure annual rate
No. per 10,000 concerns..
102.0
20,992
r
179,136
20,677
8,387
r
836
8,385
784
254 023 258 043 258 669 260 278 259 242 267 21? 269 814 272 590 271 890 274 659 278 513 r286 731
r
8782
8888
8714
8727
8715
8882
9019
8996
8866
8878
8860
9075
289 964
8856
15,541
15,337
148,899 148,477
149,747
5,898 r r6,122
5,884
6,103
5,965
5,817
5,720
5,886
5,856
6,080
6,636
6,368
305,613 309,136 309,219 313,294 312,986 321,730 324,263 329,659 330,635 334,927 337,971 345,037
143 407 147 047 148 378 151 123 150 977 154 613 158 814 165 208 167 543 169 571 172 884 179 640
162 206 162 089 160 841 162 171 162 009 167 117 165 449 164 451 163 092 165 356 165 087 165,397
6,043
349,950
186,425
163,525
15 144
15155
15498
137,330 137,332 136,984
15304
15316
15475
139,584 141,623 142,790
59547
58379
58806
54908
15494
15450
15527
143,550 146,027
147,860
149,360
15435
53439
57277
53274
55610
57030
57490
67757
59698
57 144
54841
5005
1986
523
389
1006
401
3894 1
7764
942
2760
1628
802
685 572 684 109
r
5062
2011
575
422
1043
391
46255
14104
177 6
1 1958
1626
6889
5851
2439
666
491
1 104
432
32920
8992
3500
3478
2790
2145
4 511
5 us
4702
4957
1 847 1763
1 990 1969
574
560
570
614
424
362
415
417
908
929
1 024 1 008
401
390
369
432
30656 23165 24534 45650
5046
702 1
6126
7660
1408
2389
1136
877
3549
1766
2956
242 1
2370
1779 1 6373
1979
1486
2851
1109
1238
15545
53993
56126
54521
56557
r
49 186
r
4599
4984
1958
2077
563
556
383
436
905
983
317
394
2248 1 35330
5000
6245
201 1 1077
1838
4996
1515
1780
873
1047
4 146
1798
479
320
801
297
18255
3852
1183
2289
2454
807
4262
1531
597
350
888
319
20475
3431
1095
355.4
413.9
91.2
659
584
723
437
432
414
691
1,363
737
759
944
317
654
577
642
458
430
423
698
1,388
734
795
933
302
657
588
726
477
421
429
717
1,410
728
820
918
294
60186
59649
53,638
58,169
55,611
COMMODITY PRICES
PRICES RECEIVED AND PAID BY
FARMERS t
Prices received, all farm products
1910-14=100..
Crops #
do
Commercial vegetables
:.do....
Cotton
do ....
Feed grains and hay
do....
Food grains
do
Fruit
do
Tobacco
do....
Livestock and products #
do....
Dairy products
do ....
Meat animals
. do
Poultry and eggs
do.
Prices paid:
Production items
do ....
All commodities and services, interest, taxes,
and wage rates (parity index)
1910-14—100
Parity ratio §
..
do
CONSUMER PRICES 0
(U.S. Department of Labor Indexes)
Not Seasonally Adjusted
ALL ITEMS, WAGE EARNERS AND
CLERICAL WORKERS (CPI-W)... 1982-84 =100 ..
ALL ITEMS, ALL URBAN CONSUMERS
(CPI-U)
1982-84=100..
Special group indexes:
All items leste shelter
do....
All items less food
do....
All items less medical care
do...,
See footnotes at end of tables.
578
458
718
503
268
282
669
1,255
703
765
921
244
630
543
705
483
378
378
669
1,287
722
747
949
269
597
493
1,037
521
294
321
571
1 241
706
764
935
230
cqq
oyo
473
674
481
303
333
613
1231
718
752
972
217
593
478
707
489
308
327
604
1,227
714
728
966
231
595
485
661
506
315
330
608
1229
711
709
971
223
614
507
576
492
329
343
730
1229
726
697
994
241
631
557
596
524
400
382
697
1,227
707
691
947
260
648
590
622
502
449
396
718
1,230
709
697
917
311
659
588
765
444
437
404
673
1,256
731
722
950
313
663
590
725
467
423
432
712
1,412
739
826
939
288
'682
r
604
'891
'455
r
432
r
439
'656
1,411
'762
820
'983
r
294
676
599
910
448
425
441
672
1,411
756
801
981
292
849
908
879
895
922
936
'944
1 110
52
1 166
54
1 135
53
1 155
52
1 180
55
1 193
55
1,202
56
112.5
117.0
114.5
114.7
115.1
115.7
116.2
116.7
117.2
117.7
118.5
118.9
119.0
119.2
119.7
113.6
118.3
115.7
116.0
116.5
117.1
117.5
118.0
118.5
119.0
119.8
120.2
120.3
120.5
121.1
121.6
111.6
113.6
112.6
115.9
118.3
117.0
113.3
115.7
114.6
113.5
116.0
114.8
114.0
116.6
115.3
114.7
117.2
115.9
115.2
117.6
116.3
115.7
118.1
116.8
116.1
118.4
117.2
116.5
118.9
117.8
117.5
119.7
118.6
117.9
120.2
118.9
118.0
120.3
119.0
118.1
120.4
119.1
118.7
120.8
119.7
119.2
121.3
120.1
120.2
S-6
Unless otherwise stated in footnotes
below, data through 1986 and
methodological notes are as shown in
BUSINESS STATISTICS: 1986
SURVEY OF CURRENT BUSINESS
March 1989
1989
1988
Annual
TT u
Unlte
1987
1988
Jan.
Apr.
Mar.
Feb.
June
May
Aug.
July
Nov.
Oct.
Sept.
Feb.
Jan.
Dec.
COMMODITY PRICES—Continued
CONSUMER PRICES t-Continued
(U.S. Department of Labor Indexes)— Continued
Not Seasonally Adjusted
All items (CPI-U)-Continued
Commodities
1982-84= 100 ..
Nondurables
do ....
Nondurables less food
do....
Durables
do
Commodities less food
do....
Services
do
Food #
do
Food at home
do
Housing
do
Shelter #
do. .
Rent, residential
do
Homeowners' cost
12/82=100..
Fuel and utilities #
1982-84—100
Fuel oil, coal, and bottled
gas
do
Gas (piped) and electricity
. do
Household furnishings and operation
do
Apparel and upkeep
do
Transportation
.
do
Private
do
New cars
do
Used cars
do
Public
do
Medical care
do ....
Seasonally Adjusted *
All items, percent change from
previous month
Commodities
1982-84=100..
Commodities less food
do....
Food
do
Food at home
do
Apparel and upkeep
do....
Transportation
.. .do
Private
do..,,
New cars
do....
Services
do
PRODUCER PRICES §
(U.S. Department of Labor Indexes)
Not Seasonally Adjusted
All commodities .. ..
1982—100
By stage of processing:
Crude materials for further
Intermediate materials, supplies, etc
do....
Finished goods #
, ,
do
Finished consumer goods
do....
Capital equipment
do....
By durability of product:
Durable goods
do...,
Nondurable goods
... .
do
Total manufactures
do....
Durable manufactures
do
Nondurable manufactures
do
Farm products, processed foods and
feeds
.. .
do
Farm products
do
Foods and feeds, processed
do....
Industrial commodities
do
Chemicals and allied products
do....
Fuels and related prod., and
power
do
Furniture and household durables
do....
Hides, skins, and leather products
do...
Lumber and wood products
do
Machinery and equipment
do
Metals and metal products
do...
Nonmetallic mineral products...
do
Pulp, paper, and allied products
do...
Rubber and plastics products
do ...
Textile products and apparel
do ...
Transportation equip. #
do...
Motor vehicles and equip
do...
Seasonally Adjusted *
Finished goods, percent change from previous
month
By stage of processing:
Crude materials for further processing
1982—100
Intermediate materials, supplies, etc
do...
Finished goods #
do
Finished consumer goods
do.
Foods
do...
Finished goods, exc. foods
do...
Durable
do
Nondurable
,
do ...
Capital equipment
do...
PURCHASING POWER OF THE DOLLAR
As measured by:
Producer prices
1982—$! 00
Consumer prices
1982-84—$! 00
See footnotes at end of tables.
107.7
107.5
101.8
1082
104.3
1202
1135
1119
1142
121.3
123 1
124,8
1030
111.5
111.8
105.8
1104
107.7
1257
1182
1166
118.5
127.1
1278
131.1
1044
109.2
1091
102.8
1094
105.5
1229
1157
114 1
1162
1246
1260
1285
1024
109.1
1090
102.7
1094
105.4
1234
1157
1139
1166
1250
1263
129.0
1028
109.8
109.8
104.1
109 5
106.3
1238
1159
1139
1170
125.6
1264
129.2
1027
110.7
111.0
105.6
1097
107.3
124 1
1166
1146
1173
125.8
1266
129.4
1028
111.1
1114
106.0
1099
107.6
1246
1170
115 1
1177
1262
1269
1299
103 5
111.1
1114
105.5
1102
107.4
1255
1176
1158
1186
1266
1273
130.4
1059
111.5
1119
105.4
1103
107.4
126 1
1188
1173
1191
1274
1278
131.0
1060
111.9
112.4
105.9
1103
107.7
1267
1194
1181
119.5
128.2
1284
131.8
106 1
113.0
113.7
107.7
1106
108.9
1273
1202
1190
1199
128.4
129 1
132.6
1064
113.5
114.2
108.3
111 1
109.5
1276
1203
1190
119.9
128.8
1294
133.1
1054
113.5
114.1
108.2
111 8
109.7
1278
120.2
118.7
119.9
129.1
1298
133.8
1043
113.5
113.9
107.5
1122
109.4
128.1
120.7
119.1
120.2
129.3
1301
134.0
1050
113.9
114.3
107.1
112.5
109.2
128.9
122.2
121.2
120.7
129.8
1305
134.4
1060
114.3
114.9
107.6
112.4
109.5
129.4
122.9
122.0
121.1
130.3
130.9
134.7
105.9
1038
1046
1019
1017
1016
1026
1078
1081
108.3
1085
746
1015
105.8
75.0
103.7
76.8
104.1
80.5
105.1
81.4
104.9
107 1
1106
1054
1042
1146
113 1
1211
130.1
1094
1154
1087
1076
1169
1180
1233
138.6
107 5
1104
107 1
1060
1162
1160
1218
134.4
1077
1102
1068
1057
1162
1160
1208
135.5
1083
1143
1065
1054
1160
1161
1214
136.3
109 1
1170
1072
1060
1159
1166
1224
136.9
1093
1163
108 1
1070
1163
1170
1224
137.5
1096
1146
1085
1074
1165
1176
1232
138.2
1098
1127
1089
1078
1165
1179
1237
139.3
1097
1126
1096
1086
1163
1192
1237
139.9
110 1
1178
1097
1086
1168
1194
1240
140.4
1103
1207
1100
1090
1177
1199
124.2
141.2
1106
1199
1107
1096
1187
119.7
125.3
141.8
1106
1180
1108
109.6
119.1
120.2
126.5
142.3
1109
1153
1111
109.8
119.5
120.5
127.5
143.8
110.9
115.3
111.6
110.3
119.6
120.5
128.1
145.2
4
109.5
1060
1157
1138
112.7
1072
1062
1156
1232
2
109.4
106.0
1155
113.3
112.3
1071
1061
115.9
1237
3
109.9
106.6
116.0
113.8
114.1
1072
106.2
116.1
124 1
.4
110.5
107.1
116.6
114.4
115.5
107.5
106.4
116.2
1245
4
111.0
107.7
1171
115.0
116.3
1082
1072
116.5
1250
3
111.3
107.7
117.8
115.9
115.9
1084
1074
116.6
1254
4
111.8
108.0
118.9
117.2
115.7
1087
107.7
116.7
1258
3
112.1
108.1
119.5
118.0
113.9
109.6
108.6
117.0
1264
4
112.7
108.6
120.3
119.0
116.0
1097
108.7
117.7
1268
4
113.0
109.0
120.6
119.2
117.4
110.1
109.1
117.8
1274
.3
113.2
109.1
120.8
119.3
117.4
110.4
109.3
117.9
1280
.3
113.4
109.2
121.2
119.8
117.7
110.4
109.3
118.1
128.6
.6
114.2
109.9
122.1
120.9
117.7
111.2
110.0
118.9
129.1
.4
114.6
110.2
122.6
121.4
117.5
111.9
110.8
119.3
129.7
1082
1083
1090
110.3
110.8
779
781
808
809
805
802
800
791
769
763
759
1028
1069
1046
1048
1049
1058
1065
107 2
1079
1080
108 1
93,7
95.9
93.7
94.7
94.1
95.6
97.2
97.9
97.3
96.9
96.7
95.9
94.0
97.0
101.0
101.0
101.5
1054
103.6
111.7
107.1
1080
106.2
114.3
104.2
1063
104.5
112.9
104.3
106 1
104.1
113.2
104.7
1063
104.4
113.2
105.6
1070
105.1
113.6
106.3
107 5
105.7
113.8
107.4
1077
105.9
113.9
108.2
1086
107.0
114.2
108.4
1087
107.1
114.5
108.7
1086
107.0
114.3
108.6
1094
107.6
116.0
109.0
1097
107.9
116.0
109.5
110.0
108.2
116.3
110.5
111.0
109.3
117.0
110.9
111.7
110.2
117.4
109.9
97 5
104.4
1096
114.7
101 1
109.1
1140
1041
1128
1130
1133
1138
106.6
1122
101 1
106.8
1124
101 3
107.1
1126
101 7
107.9
1132
1027
114 1
1008
108.6
113 5
1037
1144
101 8
109.0
1137
1043
114.8
1026
109.8
114 1
1054
115.1
1026
110.0
1144
1056
115.2
1027
110.1
1145
1056
116.4
1022
110.5
1156
1054
116.7
1021
111.0
116.0
106.0
117.1
1029
111.3
116.3
106.3
117.9
1046
112.3
117.0
107.6
118.2
105.2
112.8
117.3
108.3
1037
1100
1048
112.8
1063
116.4
1053
1053
1058
1064
107.9
1026
106.4
109.3
1044
110.6
109.1
1046
111.6
109.6
1047
112.7
110.1
1056
113.8
108 1
1022
111.2
106 1
114.6
111 2
1068
113.5
1064
115.3
1129
109 1
115.0
1068
117.4
1127
1093
114.5
1070
118.2
1140
111 6
115.4
1068
119.1
1135
1109
115.0
1071
119.9
1123
107.4
114.9
107.4
121.1
1129
108.6
115.1
108.1
121.7
1148
111.4
116.7
109.4
123.2
114.6
110.5
116.8
110.0
124.4
702
109.9
120.4
1128
1104
107.1
1100
1218
103.0
105.1
112.5
111.7
668
113.1
131.5
1189
1132
118.7
111 2
1304
109.4
109.2
114.2
113.0
672
111.6
128.4
1178
1119
1144
1108
1266
106.2
107.6
113.2
112.0
667
111.9
129.1
1184
1122
1147
1109
1273
106.9
108.1
113.2
111.9
659
112.3
132.6
1189
1123
1154
1109
1280
107.7
108.4
113.1
111.8
67 6
112.5
134.2
1192
1125
1169
111 0
1289
108.2
108.7
113.5
112.0
684
112.8
134.6
119 1
1129
1174
111 2
1296
108.8
108.9
113.7
112.3
686
112.7
131.2
1193
1129
1180
111 3
1300
109.1
109.3
114.0
112.4
680
113.1
130.1
1200
1132
1192
111 1
1310
109.8
109.5
113.9
112.6
676
113.4
131.6
1188
1136
1198
111 1
1313
110.6
109.6
114.0
112.8
66 1
113.7
132.5
1189
1139
1202
111 3
1321
111.0
109.8
113.2
110.9
645
113.9
131.9
1187
1142
121 4
111 4
1328
111.1
110.0
116.6
116.9
645
114.2
130.7
1188
1145
122.7
1116
1331
111.4
110.2
116.0
115.7
659
114.4
130.4
1189
1148
123.8
1117
133.4
111.4
110.5
116.1
115.8
682
115.0
131.0
1198
115.6
124.7
1117
1348
112.0
111.0
116.7
116.1
68.8
115.0
133.1
1216
116.0
124.8
1119
136.3
112.3
111.2
116.7
116.1
o
4
3
3
r2
5
10
10
992
955
985
973
986
979
950
988
982
946
998
992
956
6
3
6
94 1
104.3
1064
1046
1104
101.7
1123
95.9
112.8
949
880
926
846
104.6
1064
1046
1100
101.9
1127
96.1
113.1
105.0
1068
105.0
110.6
102.2
1129
96.4
113.2
105.7
1071
105.3
110.6
102.7
1127
97.1
113.4
106.3
1074
1056
1112
102.9
1132
97.2
113.7
107.1
1076
1058
1121
102.7
1134
96.8
114.0
107.9
1082
1065
1129
103.3
1139
97.6
114.3
108.2
1085
1068
1136
103.5
114 5
97.6
114.7
972
97 "
108.6
1091
1073
1146
103.7
115 1
97.6
115.7
941
943
941
935
930
929
921
920
92'
864
862
858
854
960
851
969
847
966
844
840
r
835
r
966
108.6
1092
1074
1147
103.8
1150
r
97.8
115.6
r
914
832
109.1
1094
1077
1151
104.0
1147
98.3
115.7
109.6
1099
1082
1152
104.7
1153
99.0
116.1
976
1014
110.6
111 0
1094
1165
106.0
1163
100.3
116.8
1013
111.2
112 1
1107
1179
107.1
1166
101.7
117.3
912
909
901
895
944
831
830
826
823
Unless otherwise stated in footnotes
below, data through 1986 and
methodological notes are as shown in
BUSINESS STATISTICS: 1986
S-7
SURVEY OF CURRENT BUSINESS
March 1989
Annual
fT .,
units
1987
1989
1988
1988
Jan.
Apr.
Mar.
Feb.
May
June
July
Aug.
Sept.
Oct.
38874
30788
19106
13201
38388
30066
18623
13154
37837
30,328
18,551
12,974
Jan.
Dec.
Nov.
Feb.
CONSTRUCTION AND REAL ESTATE
CONSTRUCTION PUT IN PLACE @
New construction (unadjusted) total
mil $
398 850 403 434
Private, total #
do
323 820 325 201
Residential
do
194 772 195 404
New housing units
do
139 915 139 150
Nonresidential buildings, except farm and
public utilities, total #
mil. $.. 91,994
93,186
Industrial
do
14239
13707
55445 55588
Commercial
'
do
Public utilities:
Telephone and telegraph
do
8202
8530
Public, total #
do
75030 78234
25 158 27 146
Buildings (excl military) #
do
Housing and redevelopment
do
1519
1545
Industrial
.
do
1 442
1457
4324
Military facilities
do
4075
22757 25720
Highways and streets
do
New construction (seasonally adjusted at
annual rates), total ....
..
bil $
Private, total #
do
Residential
do
New housing units
do
Nonresidential buildings, except farm and
public utilities, total #
bil. $..
Industrial .
do
Commercial
do
Public utilities:
Telephone and telegraph. ...
do
Public, total #
do
Buildings (excl. military) #
do....
Housing and redevelopment
do....
Industrial
do
Military facilities
.
do
Highways and streets .
...
do
CONSTRUCTION CONTRACTS
Construction contracts in 50 States (F.W. Dodge
Division, McGraw-Hill):
Valuation, total
mil $
Index (mo. data seas, adj.)
1982=100 ..
Public ownership
mil. $ .
Private ownership
do ..
By type of building:
Nonresidential
do ....
Residential
i ..A
do ....
Non-building construction
..
do
New construction planning
(Engineering News-Record) §
do
HOUSING STARTS AND PERMITS
New housing units started: .
Unadjusted:
Total (private and public)
thous
Privately owned
do
One-family structures
do....
Seasonally adjusted at annual rates: <)
Total privately owned
do
One-family structures
do....
New private housing units authorized by building
permits (17,000 permit-issuing places):
Monthly data are seas. adj. at annual rates:
Total .
..
thous
One-family structures
do....
Manufacturers' shipments of mobile homes:
Unadjusted
thous ..
Seasonally adjusted at annual,
rates
....
do
CONSTRUCTION COST INDEXES
Dept. of Commerce composite $
1982=100 ..
Boeckh indexes:
Average, 20 cities:
Apartments, hotels,
office
buildings
1982 — 100
Commercial and factory- buildings
do....
Residences.....
,
do ..
Engineering News-Record:
Building
1967-100..
Construction . . .
.
do
Federal Highway Adm. —Highway construction:
Composite (avg for year or qtr )
1977 — 100
See footnotes at end of tables.
26307
21852
12669
9470
25776
21382
12023
8788
6,766
1003
3956
6,813
993
4012
29 132
23950
13957
10 253
7,205
1 053
4233
30977
25248
15059
10889
34266
27 560
16521
11776
36206
28730
17568
12560
37431
29647
18644
12967
7,484
1069
4523
8,051
1 168
4891
8,034
1 152
4840
7,827
1 163
4756
8,310
1 222
5 104
8,196
1 218
5035
35 934 r32 306
29,174 r26,475
17,684 14,998
12,537 10,580
r
r
8,356
1 417
4899
8,171
1426
4726
505
602
672
542
663
680
693
807
782
725
4394
1799
5181
2049
5730
2 103
6706
2291
7476
2516
7784
2447
8,086
2700
8323
2685
7,509
2342
6,760
2255
'152
7,974
1,355
r
4,613
122
106
348
1001
101
104
273
991
130
117
351
1 283
123
116
323
1677
124
108
296
2288
133
129
404
2737
129
117
363
3046
120
132
3048
138
172
408
2887
3953
3216
1952
1408
3925
3178
1921
1380
4036
3243
1956
1392
3962
3185
192.0
138.5
3985
3202
1904
1377
3957
3177
1881
1368
4042
3247
1942
1364
4032
3268
1954
137.1
4069
3272
1969
138.7
91.1
13 5
90.5
135
93.7
145
93.2
138
94.9
139
94.2
137
93.3
139
93.3
140
, 91.7
135
83
80
793
536
80
737
24.4
1.5
13
42
248
536
74.7
25.3
1.2
12
33
253
548
26.8
562
6.7
77.7
26.4
42
270
1.5
14
39
269
1.6
14
574
77
78.3
27.5
1.5
13
35
253
566
75
78.0
28.1
567
83
795
27.0
564
8.5
76.4
28.3
48
248
44
277
1.4
16
40
235
1.6
15
1.5
14
558
87
79.7
28.&
1.7
21
49
238
138
119
305
5,831
2171
4,986
2037
r
133
105
346
123
60
313
1633
1199
r
r
r
r
422.3
336.4
r
202.3
143.7
424.0
342.3
204.6
144.5
93.1
159
539
'95.0
151
r
55.9
99.1
16.2
57.9
,8.7
80.3
r
27.3
. 9.0
r
85.9
r
28.3
81.7
27.7
2227
413.6
333.3
r
201.8
142.7
4082
3303
199.6
140.4
r
93.2
152
547
8.2 '
r
77.9
26.7
26.0
r
118
328
2903
1.7
14
3.7
7,386
1213
4,277
760
773
4454
1787
r
28302
23,316
13,279
9,746
1
r
1.8
14
3.9
26.4
1.6
1:3
4.1
1.5
.7
30.9
,3.8
27.8
r
253 147
'161
66077
187,070
15113
154
3,867
11,245
17 496
163
r
4646
12 850
21708
156
5,562
16,145
20,510
158
5,311
15,199
23013
166
6468
16545
25,461
169
7,756
17,705
21379
160
5,592
15,788
23,142
162
5,496
17,645
21,174
157
5,659
15,515
20,313
164
5,370
14,943
18,601
158
4,257
14,345
18,027
163
4,468
13,558
15,776
155
3,723
12,053
15,086
148
3,998
11,089
91,041 86,794
121,128 120,867
45921 45486
5,840
6,739
2534
r
6,152
'7,997
r
3346
6,957
10,898
3852
6,438
10,326
3746
6,826
11,004
5 182
8,567
11,888
5006
7,595
9,912
3872
8,391
11,119
3632
' 7,524
10,117
3533
6,939
9,996
3,378
6,592
9,450
2,560
5,888
8,897
3,242
6,081
7,515
2,181
5,183
7,137
2,766
267 823 283 448
28423
28 172
31 547
21 094
23 321
20096
19566
21 883
20405
23 176
25 114
20652
782
782
903
902
64.0
1290
1288
99.9
1534
1532
106.1
1403
1402
104.0
1503
1502
113.6
1372
1370
100.3
1368
136.8
101.4
131 4
131.1
' 91.7
1352
135.1
97.7
1132
113.0
81.2
r
94.2
r
100.5
r
69.9
87.7
60.5
1 391
1,021
1 511
1,095
1 528
1,169
1 576
1,087
1 392
1,001
1 463
1,088
1 478
1,067
1459
1,076
1463
1,039
1,532
1,136
1,567
, 1,138
1,690,
1,202
1,498
1,045
1 394
974
1 516
1,027
1516
1,046
1,507
1,064
1,404
1,082
258,090
'164
66,318
191,772
1 6227
16205
1,146.4
1 488 1
1,081.3
55.8
65.7
1,577
1,141
1 535
1,024
1 463
1,005
1 248
918
1429
1,003
1476
1,030
1 449
960
1436
982
1 493
1,002
1420
984
1464
1,022
232.8
218.3
13.0
15.2
18.8
18.8
20.0
21.7
16.7
21.9
20.6
19.8
17.6
. 14.2
15.3
200
212
213
215
221
227
207
223
224
216
227
225
232
115.7
116.1
115.1
,115.4
115.4
116.4
116.6
116.6
116.9
116.6
114.3
114.9
1173
115.1
119.7
r
116.0
1202
118.3
122.3
1185
116.2
1201
375.6
4098
384.6
4207
3810
4158
1720
1847
381.3
416 1
382.7
417 2
2018
383.5
4180
383.6
4183
116.2
1206
118.9
1229
1200
118.3
1223
1196
117.7
1218
116.2
384.0
4213
1674
384.6
4219
1215
119.6
123.7
121 1
119.0
123.1
386.5
4228
386.6
4222
193 5
386.6
424.1
123.9
121.1
125.6
387.2 , 387.3
425.2
425.2
387.7
425.8
985
184.1
2
386.8
2
425.2
S-8
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes
below, data through 1986 and
methodological notes are as shown in
BUSINESS STATISTICS: 1986
Annual
IT ..
Units
1987
March 1989
1989
1988
Jan.
1988
Mar.
Feb.
Apr.
May
June
July
Aug.
Sept.
Nov.
Oct.
Jan.
Dec.
Feb.
CONSTRUCTION AND REAL ESTATE— Continued
REAL ESTATE 0
Mortgage applications for new home construction:
FHA applications
thous units
Seasonally adjusted annual rates
do....
165.3
104.9
7.4
108
8.3
101
10.8
103
9.6
102
10.5
112
9.5
109
8.1
104
9.4
102
8.3
96
8.5
120
7.3
104
7.2
104
7.3
91
6.4
86
DOMESTIC TRADE
ADVERTISING
Magazine advertising (Leading National
Advertisers):
Cost, total
Apparel and accessories..
.
Automotive, incl. accessories
Building materials
Drugs and toiletries
Foods, soft drinks, confection-
ery ..
Beer, wine, liquors
Houshold equip., supplies, furnishings
Industrial materials
Soaps, cleansers, etc
Smoking materials
All other
mil $
do
do
do
do
do
do....
do
do
do
do
do
Newspaper advertising expenditures (Newspaper
Advertising Bureau, Inc.): ft
Total
mil $
Classified
do
National
do
Retail
do
29,412
10,691
3,494
15,227
31,197
11,771
3,586
15,840
WHOLESALE TRADE t
Merchant wholesalers sales (unadj.),
total
Durable goods establishments
Nondurable goods establishments
mil $ 1 520 827
1,637,569
do.... 739,277 802,032
do
781,550 835,537
Merchant wholesalers inventories, book value
(non-LIFO basis),
end of period (unadj.), total
mil. $.. 165,819 181,837
Durable goods establishments
do.... 107,257 116,430
Nondurable goods establishments
do
58,562
65,407
RETAIL TRADE *
All retail stores:
Estimated sales (unadj.), total
mil. $.. 1,510,579 1,612,371
Durable goods stores #
do....
Building materials, hardware, garden
supply, and mobile home dealers
mil. $..
Automotive dealers
do....
Furniture, home furnishings,
and equipment
do
Nondurable goods stores
do....
General merch. group stores
do....
Food stores
do
Gasoline service stations
do...,
Apparel and accessory stores
do....
Eating and drinking places
do
Drug and proprietary stores
do....
Liquor stores
do
Estimated sales (seas, adj.), total ...
do
Durable goods stores #
do...,
Bldg. materials, hardware, garden supply, and mobile home dealers*
mil. $..
Building materials and
supply stores
do...
Hardware stores
do...,
Automotive dealers
do
Motor vehicle and miscellaneous
auto dealers
do. „
Auto and home supply
stores
do
Furniture, home furnishings,
and equipment #
do...,
Furniture, home furnishings stores
do
Household appliance, radio, and
TV stores
do..
See footnotes at end of tables.
8,520
2,844
7623
3,168
920
3,895
879
3,448
3,014
867
3,741
920
4756
118,752
54,944
63,808
124,987
59,327
65,660
142,148
69,184
72,964
131,787
66,378
65,409
136,044
67,242
68,802
141,242
70,060
71,182
130,726
64,030
66,696
142,673
69,460
73,213
140,996
70,060
70,936
145,332
72,339
72,993
142,234 140,648
70,364 '68,644
71,870 '72,004
134,935
64,342
70,593
168,783
109,662
59,121
171,742
111,920
59,822
173,184
113,888
59,296
174,543
115,597
58,946
171,978
114,132
57,846
174,346
113,721
60,625
175,528
115,596
59,932
175,692
115,639
60,053
178,837
117,755
61,082
181,949
117,824
64,125
181,123 181,837
116,892 116,430
64,231 '65,407
182,823
116,833
65,990
115,101
131,589
51,327
130,884
135,959
53,467
137,472
134,098
138,863
51,170
55,343
51,451
53,505
131,646
49,463
134,575
49,542
139,085 169,460 121,288 117,493
1
43,804
50,240 '58,331 '44,769
6,590
32,144
7,398
31,240
8,119
8,013
7,431
33,685
7,457
30,915
7,731
32,342
31,991
28,822
7,482
28,746
559,105
609,258
113,639
41,293
78,005
326,850
84,221
357,816
4,852
24,942
92,141
84,148
951,474 1,003,113
175,885 183,693
314,287 331,177
103,154 107,764
79,069
83,343
147,645 157,266
56,000
59,987
19,506
19,203
7,982
7072
2,745
6,577
72,346
10,318
25,682
44,126
5,214
27,422
6,457
70,975
10,662
24,693
8,316
8,018
4,952
5,103
11,347
11,518
4,642
4,619
1,348
1,443
128,844 130,424
'48,710 '49,828
7,208
80,262
13,743
26,968
8,708
6,640
12,537
4,987
7,106
79,714
13,814
26,762
7,269
82,492
14,707
27,620
9,248
132,259
50,480
8,817
6,449
12,874
4,850
1,529
131,717
50,419
6,516
13,279
4,960
1,598
132,833
50,418
1,462
7,681
7,451
7,781
82,129
14,339
27,866
9,294
6,298
13,570
4,904
82,647
13,310
28,940
9,469
85,358
14,786
28,409
133,617
50,709
6,190
14,092
4,759
1,690
134,342
50,754
9,751
7,149
14,268
4,934
1,587
134,759
50,257
1,629
7,475
82,183
13,966
27,806
9,087
6,847
13,415
4,808
7,651
85,033
15,351
27,869
9,224
7,122
13,664
4,899
1,516
1,512
134,341
7,013
27,856
'6,921
'27,711
'5,711
'26,334
1
5,317
' 26,328
1
6,967
'7,491
8,558 10,927
1
88,845 111,129 '76,519 1 73,689
18,780 '29,917 10,970 1 11,128
25,807
27,755 '30,807 '27,200
1
7,985
'8,379
'8,987
8,845
' 5,467
'5,619
12,162
7,915
12,936 13,766 12,413 '11,916
1
4,754
'4,978
'6,637
4,988
1,440
'2,310
1,579
138,292 137,862 138,849 138,232
52,307 '52,620 '52,442 1 51,756
49,797
136,560
51,198
r
6,511
r
6,812
6,987
7,057
7,087
6,988
6,904
6,952
7,020
7,023
7,264
'7,424
'7,509
'4,777
'5,058
5,259
5,329
5,264
5,203
5,243
5,255
5,485
'5,625
5,759
1,285
1,268
1,280
1,271
1,326
1,306
1,310
1,290
1,297
29,569
29,488
29,623
5,182
1,282
29,890
29,388
28,973
30,298
30,820
'30,828
'30,295
1
27,112
27,022
27,087
27,440
26,899
26,520
27,878
28,430
'28,420
'27,876
' 27,414
1,181
1,200
'28,977
'29,624
5,188
1,240
29,895
r
'27,154
27,401
r
2,418
'2,470
2,494
2,457
2,466
2,536
2,450
2,489
2,453
2,420
2,390
'2,408
'7,364
7,513
7,655
7,720
7,853
7,672
7,684
7,657
7,748
7,879
'7,832
'8,256
r
3,753
'3,810
3,892
3,941
3,935
3,992
3,933
3,885
3,911
4,028
4,070
'4,093
4,328
'2,963
3,071
3,155
3,224
3,278
3,337
3,206
3,261
3,222
3,186
3,289
'3,198
3,375
7,324
2,419
'7,198
1
26,559
29,786
1
8,196
Unless otherwise stated in footnotes
below, data through 1986 and
methodological notes are as shown in
BUSINESS STATISTICS: 1986
S-9
SURVEY OF CURRENT BUSINESS
March 1989
Annual
IT ..
Umts
1987
1989
1988
1988
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Jan.
Dec.
Feb.
DOMESTIC TRADE-Continued
RETAIL TRADE t— Continued
All retail stores — Continued
Estimated sales (seas, adj.)— Continued
Nondurable goods stores
mil. $..
General merch. group stores
do
Department stores excluding
leased departments
do
Variety stores
.do
Food stores
do
Grocery stores
do
Gasoline service stations
do. ..
Apparel and accessory stores #
do....
Men's and boys' clothing and
furnishings stores
do
Women's clothing, specialty stores,
and furriers
do
Shoe stores
do
Eating and drinking places
do....
Drug and proprietary stores
do
Liquor stores
do
Estimated inventories, end of period:
Book value (non-LIFO basis),
(unadjusted) total
mil $ 205 138
Durable goods stores #
do
106 689
Bldg. materials, hardware, garden sup14503
Automotive dealers
do
57740
Furniture, home furnishings,
and equipment
do
16881
Nondurable goods stores #
do
98449
General merch group stores
do
33401
Department stores excluding
leased departments. . .
do
26032
20581
Food stores
do
Apparel and
accessory
17471
stores
do
Book value (non-LIFO basis),
(seas, adj.), total . .
.
do
211 100
Durable goods stores #
do
107 948
Bldg. materials, hardware, garden supply and mobile home dealers
do
15234
Automotive dealers
do
57312
Furniture, home furn.,
and equip
do
16932
Nondurable goods stores #
do
103 152
General merch group stores
do
36742
Department stores excluding
leased departments
do
28481
Food stores
do
20334
Apparel and accessory
stores
do
18827
Firms with 11 or more stores:
Estimated sales (unadj ) total
mil $ 569 081
Durable goods stores. .. .
do
67665
Auto and home supply stores
do
7185
Nondurable goods stores #
do
501 436
General merchandise group
stores
do
162 289
Food stores
do
179 635
Grocery stores
. .
do
176 918
42405
Apparel and accessory stores
do
Eating places
do
37486
Drug stores and proprietary
stores
do
32868
Estimated sales(sea. adj.), total*
do
Auto and home supply stores
do
Department stores excluding
leased departments
do
Variety stores
.
do
Grocery stores
do
Apparel and accessory stores.
do
Women's clothing, specialty stores,
and furriers
do
Shoe stores
do
Drug stores and proprietary
stores
do....
80,596
14 784
81,779
14911
81,298
14787
82,415
14952
82,908
15 129
83,588
15 126
84,502
15 118
84,544
15211
85,362
15620
85,985
15713
r
r
86,407
16,029
1
!2r 436 12 r389
692
690
r
26 622
25072
8715
8837
r
r
6,554
6537
12468
691
27036
25507
8996
6,689
12399
670
26869
25309
8879
6,621
12512
670
27451
25833
8979
6,737
12685
684
27423
25780
8,962
6,782
12682
724
27656
25990
8,950
6,925
12667
711
28094
26473
9173
6,952
12801
703
27974
26354
9,0*42
7,085
13160
734
28,108
26505
9,124
7,174
13,214
734
28,392
26775
9,007
7,161
13,226
r
725
r
27,946
r
26 333
r
8,960
r
7,202
13,457
709
13,295
r
28,658
r
27 012
r
1
28,695
1
27,058
1
768
751
742
755
771
758
774
783
740
r
80,134
14 847
r
r
r
26 219
r
24 672
r
r
r
762
775
r
r
2,799
1275
13,674
5126
1,573
2,743
2,684
2,720
2681
2,680
2673
2624
2605
2610
2585
1 178 1 175 1 227 1 200 1 226 1 223 1 200 1 283 1 281 1271
12,664 12,659 12,744 12,899 13,060 13,236 13,375 13,489
12,520 12,636
r
5071
4962
5066
5019
4974
5000
4985
4977
4891
4811
1544
1561
1606
1634
1585
1626
1616
1586
1 591 1582
219 740
115 546
15 158
62227
18653
104 194
35 116
85,242
15,722
r
762
r
2,792
1328
13,684
r
4,983
1,594
8,895
7,392
090
r
86,476
15,897
1
8,962
7,428
2,863
1,352
13,671 13,681
r
5,185 1 5,201
1,629
202 712 206 349 211 109 212 578 212 104 212 756 212 044 213 321 220 030 230 085 r234 520 219 740
105 297 106 051 107 493 108 039 108 992 109 423 107 070 105 294 108 330 112 533 116 223 115,546
14 834
56313
15375
56403
16030
56236
15975
56034
15755
56636
16598 16537 17283 17 655 17730
97415 100 298 103 616 104 539 103 112
33361 35 191 37053 37956 37034
15731
57 169
15465
54651
17828 17679
103 333 104 974
36804 36686
15383
51724
15 195
53490
15 122
r
58 892
15066
56004
15158
62227
18271 1920S 19893 r20 112 18653
108 027 111 700 117 552 118 297 104 194
37893 39834 43591 r43 953 35,116
27784
22060
26156
20420
27581
20482
28982
20904
29857
20788
29134
20796
28756
21 084
28244
21 134
29248
21303
30800
21 447
18 162
16933
17997
18739
18727
18728
18443
19409
20343
21006
r
34,791
r
21 973
27,784
22060
r
34165
22066
18162
22 222
21 837
r
225 146 209 824 208 698 208 822 209 550 211 889 213 952 214 795 218 888 222 198 220 127 221 816 225,146
115911 106 377 104 479 103 631 104 349 106 551 107 607 108 020 111 078 114 750 112 525 113,832 115,911
15499
53307
15609
51 905
15435
52*575
15222
54396
15423
55 116
15297
55253
15322
57 598
15318
60762
15249
58774
15 542
r
59 371
15939
60857
15939
60857
15356
55500
18709
109 235
38718
17006
103 447
37 145
30498
21 883
29 192
20467
29404
20665
29664
20951
29649
20957
29 638
21 015
29985
21 165
29 178
21398
29248
21737
29250
21 563
29838
21 538
r
30
r
174
21 305
30498
21883
19656
18710
18904
18871
18783
19 149
19272
19625
19808
19780
19813
19,655
19,656
r
17 101 17618 17797 17891 17972 18040 18400 18924 18749 18 831 18,709
104 219 105 191 105 201 105 338 106 345 106 775 107 810 107 448 107 602 107 984 109 235
37 500 37 976 37*905 37902 38351 37 595 37 666 37 607 38063 r38 340 38718
600 623
74358
7485
526 275
41 161
4661
513
36510
40583
4674
489
35909
47 574
5563
628
42011
47340
5809
'g4l
41 531
48818
6051
651
42767
48629
6203
670
42426
47931
6014
652
41 917
49907
6 116
678
43791
48243
5958
634
42285
50371
6128
670
44243
54 903
r
6759
640
r
48,144
75163
10422
619
64,741
170 608
188 161
185 419
44635
38857
9510
15064
14862
2 537
2918
9845
14257
14042
2 506
2891
12722
15559
15334
3 613
3 159
12735
15413
15 182
3 417
3 217
13 610
15518
15302
3 487
3 258
13303
15735
15521
3 365
3 294
12280
16223
16009
3 272
3455
13746
15789
15575
3 874
3*479
12989
15615
15409
3641
3281
14274
15742
15535
3764
3377
17 555
15 639
15 418
r
4362
r
3 193
28039
17607
17,230
6797
3335
35251
2724
48504
614
2696
48288
614
2930
48895
634
2805
48831
624
2907
49207
631
2853
49626
635
2747
49846
625
2858
50020
631
2772
50295
625
2807
51065
630
r
2921
51,147
r
606
4,231
50,911
604
12 128
544
14922
3 531
11 853
532
15050
3492
12075
545
15 182
3 579
11 951
519
15 167
3566
12083
521
15348
3668
12259
541
15428
3669
12275
579
15483
3735
12233
'582
15669
3681
12374
576
15533
3769
12739
595
15740
3837
12 r793
580
15,685
r
3842
12826
571
15,398
3789
1 420
720
1 402
712
1 390
774
1400
751
1 431
790
1447
779
1441
820
1425
803
1450
814
1484
804
1507
r
791
1492
788
2,904
2,911
2,945
2,937
2,951
2,920
2,898
2,943
2,958
2,974
'3,002
2,908
186,801
186,522
125,088 123,546 124,li9
1,687
1,704
1,692
184,830 184,962 185,114
123,396 121,842 122,432
116,737 115,474 116,250
6,182
124,344
1,705
185,244
122,639
116,314
6,325
187,098
123,816
1,696
185,402
122,120
115,978
6,142
187,340 187,461
123,791 123,590
1,684
1,696
185,644 185,777
122,095 121,906
114,786 115,023
7,309
6,883
121,984 122,091 122,510 122,563
66.1
66.1
66.0
66.0
115,370 115,573 115,947 116,009
62.6
62.6
62.4
62.4
3,193
3,238
3,238
3,176
112,194 112,335 112,709 112,816
6,554
6,563
6,518
6,614
123,428 123,181
66.3
66.5
116,711 116,853
62.9
3,300
113,411 113,630
6,716
LABOR FORCE, EMPLOYMENT, AND EARNINGS
LABOR FORCE AND POPULATION
Not Seasonally Adjusted
Noninstitutional population, persons 16
years of age and over
thous.
do...
Labor force @
Resident Armed Forces
do...
Civilian noninstitutional population
do...
Civilian labor force, total
do...
do...
Employed
do...
Unemployed
Seasonally Adjusted 0
do...
Civilian labor force, total
..percent.
Participation rate t
Employed, total
Employment-population ratio t- .percent.
thous.
Agriculture
do...
Nonagriculture
Unemployed, total
Long term, 15 weeks and
over
See footnotes at end of tables.
184,490
121,602
1,737
182,753
119,865
112,440
7,425
61.5
3,208
109,232
186,322
123,378
1,709
184,613
121,669
114,968
6,701
185,571
121,491
1,749
183,822
119,742
112,139
7,603
185,705
121,678
1,736
183,969
119,942
112,460
7,482
62.3
3,169
111,800
121,035
65.8
114,055
62.0
3,256
110,799
121,165 120,936
65.7
65.9
114,273 114,129
62.0
62.1
3,181
3,200
111,073 110,948
6,807
1,610
1,728
1,732
185,847
121,693
1,736
184,111
119,957
112,867
7,090
1,693
185,964
121,996
1,732
184,232
120,264
113,905
122,489
1,714
184,374
120,775
114,222
6,553
186,247
124,713
1,685
184,562
123,028
116,209
6,819
186,402
125,561
1,673
184,729
123,888
117,066
6,823
121,328 121,203 121,524 121,658
65.8
65.9
65.7
65.9
114,660 114,403 115,001 115,034
62.3
62.2
62.0
62.3
3,121
3,060
3,110
3,187
111,473 111,293 111,880 111,974
6,624
6,523
6,800
6,668
122,000
66.0
115,203
62.3
3,142
112,061
6,797
1,619
1,636
1,582
1,614
1,543
1,568
1,554
1,502
1,495
1,512
1,304
S-10
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes
below, data through 1986 and
methodological notes are as shown in
BUSINESS STATISTICS: 1986
,T ..
uniw
Annual
1987
March 1989
1989
1988
1988
Jan.
Mar.
Feb.
June
May
Apr.
July
Sept.
Aug.
Nov.
Oct.
Feb.
Jan.
Dec.
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
LABOR FORCE-Continued
Seasonally Adjusted <>
Civilian labor force— Continued
Unemployed—Continued
Rates(unemployed in each group as percent
of civilian labor force in the group):
All civilian workers
,
Men, 20 years and over
Women, 20 years and over
Both sexes 16-19 years
White
Black
Hispanic origin
,
Married men, spouse present
Married women, spouse present
Women who maintain families
Industry of last job:
Private nonagricultural wage and
salary workers..
:
Construction
,
Manufacturing
Durable goods
Agricultural wage and salary workers ....
Not Seasonally Adjusted
Occupation:
Managerial and professional specialty
Technical, sales, and administrative
support
Service occupations
Precision production, craft, and repair....
Operators, fabricators, and laborers
Farming, forestry, and fishing.,,
EMPLOYMENT §
Employees on payrolls of nonagricultural estab.:
Total, not adjusted for seas, variation
thous..
Private sector (excl. government)
do....
62
5.4
5.4
169
53
130
88
3.9
4.3
9.2
5.5
4.8
4.9
153
47
117
8.2
3.3
3.9
8.1
5.8
5.0
5.1
160
50
12.2
7.5
3.5
4.1
8.8
5.6
4.9
4.9
164
4.7
5.5
4.7
4.9
158
46
5.6
4.9
4.9
156
4.7
12.5
5.7
4.9
5.1
155
48
124
8.3
3.4
4.0
8.3
12.0
12.1
8.3
3.4
4.0
7.5
9.0
3.1
3.8
8.5
8.8
33
3.9
8.4
See footnotes at end of tables.
5.3
4.7
4.7
5.4
4.6
4.7
15.0
14.1
14.8
16.4
4.6
4.6
11.2
11.2
4.6
1L6
7.6
3.1
3.7
8.2
5.4
4.5
5.0
5.6
4.9
4.8
5.4
4.6
4.8
5.3
4.6
4.7
14.1
15.1
15.4
15.5
4.6
4.7
4.9
4.7
11.7
11.5
11.4
10.9
8.4
3.4
4.0
7.5
7.5
3.1
3.8
8.1
8.7
3.2
3.9
7.9
8:1
3.1
4.0
8.5
7.8
3.1
3.7
7.9
8.0
3.3
3.8
7.7
4.6
12.0
8.4
3.1
3.6
8.0
5.1
4.8
4.9
4.5
4.9
5.0
5.2
5.0
4.9
5.0
5.0
11.0
11.0
12.4
10.0
11.0
11.0
10.8
10.2
9.3
8.8
9.5
1.7
1.7
2.0
2.3
2.6
2.1
1.9
1.6
1.7
2.1
2.0
3.5
4.1
4.0
4.1
4.1
4.2
3.9
3.8
3.5
4.3
6.4
6.8
7.0
7.0
6.6
6.5
6.8
6.8
6.2
7.0
5.3
8.6
6.3
5.1
8.3
6.1
4.8
7.2
5.0
4.6
7.3
6.0
4.2
7.6
6.1
4.3
7.7
6.7
5.0
7.0
6.3
5.2
7.8
7.5
5.3
8.2
7.5
6.7
10.0
9.2
4.0
6.3
6.8
9.2
8.5
105,159
87,505
105,956
88,268
106,920
89,478
106,069
89,619
106,241
89,933
107,138
89,939
107,850
90,124
5.5
5.8
5.7
5.6
5.4
5.6
5.4
5.4
5.6
5.4
5.4
5.5
5.4
5.6
10.6
5.3
11.9
5.5
10.9
5.6
10.6
5.2
10.6
5.3
10.5
5.3
10.3
4.9
10.4
5.2
10.7
5.5
9.6
5.4
10.0
5.3
10.6
5.1
10.4
5.2
10.4
5.3
58
5.0
5.3
5.7
10.5
10.6
11.4
10.5
2.3
1.9
2.1
2.0
1.6
4.3
4.0
4.4
4.1
4.1
7.7
6.9
7.7
8.0
7.0
6.1
9.4
7.1
5.4
8.4
7.2
6.9
10.4
10.3
6.9
10.3
9.5
6.8
9.8
8.6
102,310
85,295
106,039
88,653
102,802
85,593
103,373
85,844
104,161
86,490
69,039
17,41
51
390
1299
7,45
61
41
71,692
18,000
529
4,133
13,33
7,67
63
42
70,40
17,69
524
394
1322
7,58
62
42
70,787
17,798
527
4,022
13,249
7,599
63
427
.
70,96
17,839
529
4,059
13,25
7,59
63
42
71,170
17,909
533
4,096
13,280
7,632
633
427
71,260
17,925
535
4,088
13,30
7,64
63
42
108,313 108,491 106,523 "106,939
r
90,386 90,654 '88,989 "89,053
106,057 106,271 106,425 106,737 106,973 107,419 107,641 108,056
89,205 89,481 89,855 '90,100 '90,515
88,678 88,941 89,066
69,833 70,141 '70,360 '70,722
69,656
69,134 69,348 69,506
25,743 25,849 '25,889 '26,044
25,648
25,592 25,663 25,639
'716
719
722
729
734
739
740
740
'5,535
'5,430
5,413
5,366
5,365
5,340
5,330
5,308
19,714 19,740 19,793
19,648
19,549
19,560
19,593
19,544
11,595 11,637 11,651 11,688
11,537
11,547
11,515 11566
=•776
'771
767
760
753
753
756
757
540
540
541
540
538
537
541
537
'592
'592
590
588
585
586
589
587
'796
794
796
794
787
785
781
789
1,487
1,479
1,474
1,469
1,460
1,458
1,464
1,457
'2,196
'2,190
2,185
2,173
2,159
2,156
2,151
2,134
'2,120
'2,123
2,130
2,126
2,124
2,126
2,122
2,120
'2,066
'2,05]
2,050
2,045
2,032
2,044
2,052
2,047
"108,345
"90,739
"70,954
"26,012
"714
"5,513
"19,785
"11,674
"770
"542
"593
"794
"1,490
"2,203
"2,115
"2,050
'729
'386
'8,105
1,6fc
'52
'725
"729
"388
"8,111
"1,658
"52
"724
1,096
'69:
1,597
1,081
167
"1,100
"691
"1,599
"1,082
"168
718
384
716
383
8,013
1,630
8,012
1,632
719
381
8,053
721
383
8,077
385
'8,089
1,66]
1,656
'726
713
382
8,029
715
387
8,027
1,645
1,631
53
727
52
726
52
719
51
722
52
722
53
723
1,097
1,096
1,089
1,087
1,093
688
1,086
691
1,565
1,065
167
1,567
1,067
167
1,572
1,070
167
1,575
1,069
168
1,581
1,071
169
1,583
1,073
169
1,592
1,076
168
873
146
80,465
5,582
6,148
19,205
882
147
80,608
5,598
6174
19,261
878
145
80,786
5,605
6,192
19,279
874
146
81,089
5,618
6,219
19,29
882
145
81,230
5,631
6,246
19,327
" 887
144
81,570
5,658
6,275
19,401
'890
144
'81,752
'5,670
'6,301
19,429
"892
887
"145
145
'82,012 "82,333
'5,711 "5,723
'6,332 "6,362
19,557 "19,631
6,679
25,472
17,379
2,951
4,049
10,379
6,684
25,561
17,330
2,951
4,059
10,320
6,689
25,662
17,359
2,956
4,070
10,333
6,692
25,737
17,532
2,989
4,086
10,457
6,708
25,826
17,492
2,989
4,070
10,433
6,725
25,947
17,564
2,989
4^74
10,501
'6,741
'26,070
17,541
'2,990
4,071
10,480
"6,743
'6,732
26,139 "26,268
17,541 "17,606
'2,973 "2,975
'4,061 "4,079
10,507 "10,552
72,446
13,424
72,533
13,268
72,831
13,407
72,799
13,498
72,963
13,522
73,181
13,549
'73,393
13,507
'71,723 "71,752
13,403 "13,414
71,736
18,025
535
4,149
13,34
7,676
634
429
71,948
18,085
535
4,168
13,38
7,72
630
43
72,063
18,058
536
4,170
13,352
7,705
628
428
72,109
18,049
530
4,187
13,332
7,689
626
430
72,328
18,124
527
4,185
13,412
7,733
632
432
72,627
18,210
519
4226
13,465
7,765
638
433
'72,83
18,24
'517
'4,24
13,48
7,77
'64
'43
'73,18 "73,342
18,363 "18,331
"512
'51
"4,295
'4,324
13,52 "13,524
"7,801
'7,80
"640
64
"434
43
691
692
1,654
691
691
'53
'722
1,096
692
56
59
58
58
59
59
59
60
60
1,04
1,19
1,22
1^9
1,08
1,27
1,25
1,27
1,06
1,24
1,24
1,27
1,07
1,25
1,24
1,27
1,07
1,25
1,24
1,26
1,07
1,26
1,24
1,27
1,07
1,26
1,24
1,27
1,08
1,27
1,25
1,27
1,09
1,28
1,25
1,28
1,08
1,28
1,25
1,28
1,08
1,28
1,25
1,26
1,09
1,29
1,25
1,27
1,10
1,31
1,26
1,21
1,10
1,31
1,25
1,27
'46
'60
1,11
1,32
1,25
1,28
37
27
39
27
38
27
38
28
38
28
38
28
39
27
39
27
39
28
39
27
39
27
39
27
40
27
'40
27
'40
28
45
457
45
454
586
5.1
4.5
4.5
14.8
4.3
11.9
6.8
3.1
3.4
8.0
5.1
10.0
4.9
4.4
8.9
62
11.6
6.0
Seasonally Adjusted
Total employees, nonagricultural
payrolls
do
102 310 106 039 104 262 104 729 105,020 105,281 105,489
87,973 88,139
87,044 87,475 87,700
Private sector (excl. government)
do...,
85,295 88,653
68,649
67,675 68,085 68,295 68,513
69,114
Nonmanufacturing industries
do.... 66,230
25,435 25,466
25,180 25,271 25,330
Goods-producing
do .... 24,784
25,565
739
737
733
Mining
,
do
731
728
733
721
5,237
5,238
5,192
5,083
Construction
do ....
5,150
5,293
4,998
19,490
19,405 19,460
19,369
Manufacturing
do....
19,390
19,539
19,065
11477
11411
11 459
11404
Durable goods
do
11393
11 516
11 218
757
754
Lumber and wood products
do....
758
755
756
758
740
537
534
535
535
.536
538
Furniture and fixtures
do....
518
585
585
584
583
Stone, clay and glass products
do....
587
587
582
776
Primary metal industries
do....
773
772
768
782
770
T49
1,448
1444
1439
Fabricated metal products...
do .
1438
1435
1,455
1407
2,121
Machinery, except electrical...
do...*.
2,111
2,099
2,091
2085
2,138
2,023
Electric and electronic equip
do ....
2,115
2,117
2,115
2,112
2,112
2,120
2,084
2,048
Transportation equipment
do...,
2,045
2,025
2,036
2,042
2,031
2,048
Instruments and related
709
products
do...
706
705
705
704
713
696
Miscellaneous manufacturing
do
381
382
382
380
383
383
370
8,013
Nondurable goods
do
8,001
7,994
7,976
8,023
7,847
7,986
1 643
Food and kindred products..
do '
1648
1647
1649
1645
1624
1647
52
54
54
54
55
53
Tobacco manufactures
do
54
728
732
727
729
732
725
Textile mill products
do
726
Apparel and other textile
1,100
products
do ....
1,100
1,106
1,105
1,104
1,097
1,100
689
Paper and allied products....
do
687
687
686
685
689
679
1,559
1,554
Printing and publishing
do....
1,548
1,544
1,538
1,565
1,507
1,060
1,056
1,052
1,049
1,047
Chemicals and allied products
do...,
1,063
1,026
166
165
164
Petroleum and coal products
do ....
165
166
167
165
Rubber and plastics prod870
864
860
856
ucts nee
do
854
873
823
146
146
147
147
147
144
Leather and leather products
do....
146
Service-producing
do
79082 79458 79690 79846 80023
80475
77 525
5,556
5,543
5,530
Transportation and public utilities
do...
5,513
5,499
5,584
5,385
6 115
6089
6061
6010
6035
6 156
5872
Wholesale trade
do
19093 19,130
19045 19050
18927
Retail trade .
do
19206
18509
Finance, insurance, and real
6,656
6650
6651
6636
estate
do
6633
6679
6549
Services
' do
24795 24975 25,078 25,163 25,216
25464
24196
17,350
17,308
17,320
17,254
17015
Government
do
17218
17387
2,957
2,970
2,963
2,972
2,973
2,971
Federal
do...
2,943
4,050
4,041
4,031
4,014
4,006
4,051
3,963
State
t
do...
10343
10304
10319
10268
10365
Local
do
10239
10 109
Production or nonsupervisory workers on private
71,379
70,717
69,797
69,028 69,239
71,692
69,039
nonagric. payrolls, not seas, adjusted
thous
13,27
13,213
13,165
13,10
13,136
13,338
12,995
Manufacturing
do..
Seasonally Adjusted
Production or nonsupervisory workers on private
nonagricultural payrolls
thous
Goods-producing
do ..
Mining
do
Construction
do
Manufacturing
do.
Durable goods
do..
Lumber and wood products
do..
Furniture and fixtures
do.:
Stone, clay, and glass
products
do ..
Primary metal industries
do
Fabricated metal products
do..
Machinery, except electrical
do..
Electric and electronic equip
do ..
Transportation equipment
do..
Instruments and related
products
do ..
Miscellaneous manufacturing
do . .
5.4
4.8
4.7
5.4
4.6
4.9
45
457
45
457
46
457
455
603
457
609
459
610
46
'61
"463
"609
"1,111
"1,332
"1,252
"1,273
"404
"283
Unless otherwise stated in footnotes
below, data through 1986 and
methodological notes are as shown in
BUSINESS STATISTICS: 1986
S-ll
SURVEY OF CURRENT BUSINESS
March 1989
.....
1989
1988
Annual
Unlta
1988
1987
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Dec.
Nov.
Jan.
Feb.
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
EMPLOYMENT §-Continued
Seasonally Adjusted
Production or nonsupervisory workers—Continued
Nondurable goods
thous ..
Food and kindred products
do....
Tobacco manufactures
do....
Textile mill products
do....
Apparel and other textile
products
do
Paper and allied products
do....
Printing and publishing
do
Chemicals and allied products
do....
Petroleum and coal products
do ....
Rubber and plastics products, nee
,
do ...
Leather and leather products
do....
Service-producing
,...do....
Transportation and public utilities
do ....
Wholesale trade
do ....
Retail trade
do
Finance, insurance, and real
estate
do
Services
,
do
AVERAGE HOURS PER WEEK §
Seasonally Adjusted
Avg. weekly hours per worker on private nonag.
payrolls: ^
Not seasonally adjusted
hours ..
Seasonally adjusted
do .
Mining $
, ..
do
Construction $
do
Manufacturing:
Not seasonally adjusted
do....
Seasonally adjusted ..
do
Overtime hours
do
Durable goods
do
Overtime hours
do
Lumber and wood products
do....
Furniture and fixtures
do....
Stone, clay, and glass products
do ....
Primary metal industries
do ....
Fabricated metal products
do ....
Machinery, except electrical
do....
Electric
and
electronic
equip
,
do
Transportation equipment
do....
Instruments and related
products
do ....
Miscellaneous manufacturing
do....
Nondurable goods
do
Overtime hours
do
Food and kindred products
do....
Tobacco manufactures $
do....
Textile mill products
do....
Apparel and other textile
products
do
Paper and allied products
do....
Printing and publishing
do....
Chemicals and allied products
do....
Petroleum and coal products $
do....
Rubber and plastics products, nee
do
Leather and leather products
do....
Transportation and public utilities
do....
Wholesale trade
do
Retail trade
do
Finance, insurance, and real
estate $
do
Services
do ..
AGGREGATE EMPLOYEE-HOURS §
Seasonally Adjusted
Employee-hours, wage & salary workers in nonagric. establish, for 1 week in the month,
seas adj. at annual rate
bil. hours..
Total private sector .
do
Mining
do
Construction
do .
Manufacturing
do
Transportation and public utilities
do ....
Wholesale trade
doRetail trade
do....
Finance, insurance, and real
estate
do
Services
do
Government
do
Indexes of employee-hours (aggregate weekly): Q
Private nonagric. payrolls, total
1977=100..
Goods-producing
do
Mining
do ....
Construction
do ....
Manufacturing
do ....
Durable goods
do....
Nondurable goods
do..,.
Service-producing
do ....
Transportation and public
utilities
do....
Wholesale trade
do....
Retail trade
do
Finance, insurance, and real
estate
do
Services
do....
See footnotes at end of tables.
5,543
1,149
41
629
5,662
1,166
40
630
5,643
1,169
42
636
5,650
1,172
41
636
5,653
1,168
41
634
5,648
1,169
40
632
5,653
1,164
39
632
5,665
1,168
40
630
5,662
1,153
39
632
5,647
1,151
38
622
5,643
1,153
37
626
5,679
1,174
38
626
5,700
1,181
40
626
'5,705
1,176
r
40
r
625
'5,718
1,185
38
'628
"5,723
"1,179
"39
"628
924
516
842
576
108
923
522
876
598
108
929
520
863
589
109
928
521
867
589
108
930
521
870
592
107
926
520
871
593
107
925
521
872
596
108
923
523
875
599
108
922
524
876
600
108
916
524
879
603
109
915
520
880
601
109
916
521
883
603
110
922
522
885
603
110
924
522
'889
'605
110
927
'521
'890
608
108
"930
"521
"892
"606
"110
639
120
51,628
4,464
4,704
16,454
679
120
53692
4,635
4,955
17,019
664
122
52,707
4,560
4,825
16,795
666
122
52989
4,574
4,848
16,902
669
121
53122
4587
4,881
16897
670
120
53,261
4,600
4,902
16,949
676
120
53,335
4,611
4,924
16,949
679
120
53711
4632
4,956
17,028
687
121
53,863
4,648
4,975
17,070
685
120
54,005
4661
4,990
17,087
682
120
54,060
4,656
5,011
17,078
688
120
54,204
4,672
5,030
17,109
692
119
54,417
4,701
5,054
17,163
4807
21 198
4843
22239
4831
21696
4827
21838
4825
21932
4823
21987
4828
22023
4842
22253
4844
22326
4851
22416
4847
22468
4855
22538
4865
22634
34.4
347
421
359
34.5
348
418
361
34.4
346
419
374
34.7
349
428
379
34.6
347
422
382
34.9
347
425
387
35.1
349
423
385
35.0
346
420
386
34.8
347
422
384
34.9
349
427
390
34.7
348
419
377
40.9
41 0
39
40.7
41 1
39
418
40
40.5
39.7
421
43.4
41.7
43.0
40.8
410
39
416
41
40.0
39.0
421
43.5
41.8
42.4
41.3
41 2
39
419
40
39.9
39.6
423
44.0
42.0
42.7
41.3
412
40
419
42
40.7
39.4
425
43.8
41.9
42.6
r
695
119
54,594
r
4,718
5,071
17,187
"698
'693
"120
120
'54,817 "55,011
'4,747 "4,765
'5,092 "5,114
17,309 "17,354
4865
22 753
'4867 "4,863
22802 "22,915
r
r
34.9
347
427
372
34.5
'348
'419
'364
"34.3
"347
"41.6
"36.2
41.5
41 2
39
41 9
42
40.3
39.4
426
43.7
422
42.5
'41.6
'408
39
41 5
41
40.3
39.2
424
'43.4
41.7
42.3
'41.0
410
39
'418
41
'40.3
'40.0
'426
'43.7
'41.8
42.4
"40.7
"410
"39
"416
"40
"39.6
"39.6
"41.8
"43.3
"41.7
"42.4
410
43.3
41 0
43.3
r
407
'42.4
'407
42.7
"40.7
"42.8
41.6
39.2
402
37
40.3
41.2
41.1
41.9
39.1
402
38
40.6
41.3
41.0
41.6
39.2
402
36
40.6
40.3
41.0
41.0
38.9
399
36
'40.3
'39.9
'40.5
'41.7
'39.5
401
36
'40.1
'37.9
'40.8
"41.7
"39.6
"40.1
"3.7
"40.2
"37.5
"40.7
368
43.2
38.0
42.1
446
37 1
43.3
38.1
42.1
447
368
43.2
38.0
42.5
447
370
43.1
37.8
42.4
442
366
'43.1
37.7
'42.3
'44.3
370
'43.1
38.0
42.5
'43.3
"370
"43.3
"37.9
"42.5
"43.3
41 6
37.0
39.5
382
293
41 5
37.6
39.3
378
290
41 6
37.5
39.4
38 1
289
41 5
37.9
39.4
38 1
292
417
37.3
39.2
380
290
'41 2
37.7
39.4
380
'292
416
'38.3
39.5
'382
'292
"416
"38.6
"39.3
"381
"291
36 2
327
357
824
358
326
36 0
328
357
326
358
326
'362
'328
"358
"325
197.14
162 41
164
1057
41 66
11.43
1213
28.98
198.25
163 56
1 63
1044
41 77
11.55
1226
29.35
197.60
162 66
1 63
1050
41 62
1L49
12 19
2910
198.21
163 05
1 62
1045
41 74
11.49
1231
29.01
199.95
16472
1 62
1075
4200
11.57
1239
29.39
1240
43 15
3493
1247
4354
3473
1259
4397
3469
1243
4370
3495
1249
4395
3516
1259
4441
3523
1250
4429
3439
'1258
'4460
'3518
1269
'4495
'3534
"1258
"4492
"3574
125.1
1027
85.9
141.1
96.1
94.0
99.1
137,4
124.4
102 1
84.4
139.3
95.7
93.9
98.4
136.8
125.4
1032
85.0
144.0
96.1
94.3
98.9
137.8
126.4
1033
85.6
142.4
96.5
94.8
99.1
139.1
125.5
1028
83.5
142.5
96.0
94.2
98.7
138.1
126.0
103 1
82.8
143.4
96.3
94,6
98.7
138.7
127.1
1040
83.5
145.3
96.9
95.2
99.4
139.9
127.1
1045
80.9
147.5
97.2
95.6
99.7
139.6
127.2
'1035
'81.2
144.6
96.6
'94.8
'99.2
140.4
128.3
'1043
'79.9
146.2
'97.4
'95.7
'99.8
141.6
"127.9
"104 1
"80.0
"145.6
"97.2
"95.3
"99.9
"141.2
111.2
123.6
1248
113.5
124.8
1260
113.5
124.4
125 1
113.8
124.9
1262
114.7
126.3
1273
114.5
125.4
1262
114.6
126.9
1257
115.0
127.4
1272
115.2
127.7
1267
116.2
128.1
'127 8
117.2
129.3
'1287
"117.0
"129.5
"1286
1396
157.2
1411
159.0
1401
158.3
1401
160.0
142 1
161.5
1400
160.7
1406
162.0
141 2
163.5
1404
163.2
1400
164.1
'1424
165.4
"140.3
"164.7
34.8
34.8
424
378
423
379
41.0
41.1
37
415
38
40.6
40.0
423
43.1
41.5
42.2
39
41 8
4i
40.3
39.4
423
43.6
41.8
42.6
41.0
41 1
39
41 6
40
40.2
39.6
420
43.4
41.8
42.7
40.7
41 0
37
41 5
38
40.3
39.5
423
43.1
41.6
42.6
40.9
409
37
41 5
38
40.1
39.3
423
43.3
41.6
42.5
41.0
41 2
39
420
42
40.6
39.5
425
43.5
42.0
42.8
41 8
42
40.1
39.5
423
43.6
41.9
42.6
41.2
41 1
39
41 8
41
40.2
39.4
424
43.6
42.0
42.5
409
42.0
410
42.7
41 1
42.0
409
42.0
409
42.1
412
43.0
410
43.0
41 1
43.0
410
42.6
408
42.7
410
43.3
41.4
39.4
402
36
40.2
39.0
41.8
41.5
39.2
402
37
40.4
39.8
41.1
41.8
39.1
403
38
40.6
39.2
41.5
41.3
39.3
402
36
40.3
38.6
41.6
41.4
39.2
40 1
36
40.1
39.3
41.2
41.8
39.4
403
36
40.1
38.5
41.6
41.4
39.2
400
36
40.1
39.5
40.8
41.3
39.3
40 1
36
40.3
39.8
40.7
41.8
39.2
402
37
40.5
39.2
41.1
41.5
39.2
40 1
36
40.4
40.1
41.1
370
43.4
38.0
42.3
44.0
369
43.2
38.0
42.3
444
368
43.4
38.1
42.5
442
370
43.3
38.1
42.4
433
37 0
43.2
38.1
42.5
437
374
43.3
38.2
42.1
444
368
43.3
37.7
42.0
44 1
369
43.2
38.0
42.4
45 1
369
43.2
38.0
42.3
453
416
38.2
39.2
38 1
292
416
37.5
39.3
38 1
29 1
417
38.0
39.5
38 1
290
416
37.8
39.1
382
29 1
417
37.9
38.8
38 1
290
420
37.3
39.5
38 3
29 2
417
37.3
39.4
380
290
41 6
36.9
39.3
379
29 1
363
325
35 9
326
36 2
326
364
327
35 8
324
36 2
327
35 8
32 5
358
32 5
190.09
15647
1 59
982
4059
10.99
1165
28.10
197.30
16250
1 61
1043
41 64
11.43
1220
29.06
193.56
15925
1 57
976
41 28
11.26
11 90
28.60
195.05
160 50
1 57
1001
4129
11.25
1200
28.84
194.92
160 15
1 59
1024
41 29
11.17
1201
28.72
196.33
161 56
1 64
1031
41 50
11.36
12 13
28.88
196.09
161 16
1 63
1026
41 49
11.37
1206
28.81
1237
4135
3362
1251
4362
3481
1250
4239
3431
1258
4297
3454
1238
4276
3477
1254
4320
3477
120.9
992
81.3
133.5
93.4
90.9
97.1
132.8
125.4
1027
83.3
141.9
96.1
94.1
99.0
138.0
123.0
1005
81.7
132.1
95.2
92.7
99.0
135.5
123.9
101 1
82.5
136.0
95.2
92.7
99.0
136.4
123.6
101 6
83.2
139.1
95.2
92.7
98.8
135.8
109.3
119.3
1225
113.8
125.4
1260
112.6
122.2
1240
111.8
123.1
1252
1409
152.4
1407
160.3
1413
156.5
141.6
158.0
r
r
r
Ir
198.94 '200.11 '201.49 "201.70
164 55 164 94 '166 15 "165 96
'1 54 "1 53
1 57
1 57
'1077 "1075
1065
1085
'41 93 '42 15 "4212
42 14
"11.71
11.71
11.58
11.63
'1257 "1262
1247
1238
'29.77 "29.73
'29.51
29.23
S-12
Unless otherwise stated in footnotes
below, data through 1986 and
methodological notes are as shown in
BUSINESS STATISTICS: 1986
SURVEY OF CURRENT BUSINESS
.T ..
unira
1987
March 1989
1989
1988
Annual
1988
Jan.
Apr.
Mar.
Feb.
June
May
Aug.
July
Oct.
Sept.
Jan.
Dec.
Nov.
Feb.
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
HOURLY AND WEEKLY EARNINGS §
Average hourly earnings per worker: ^
Not seasonally adjusted:
Private nonagric. payrolls
dollars..
Mining .
do
Construction
do ....
Manufacturing
do
Excluding overtime
do
Durable goods . . .
do
Excluding overtime
do....
Lumber and wood products
do....
Furniture and
fixtures
do....
Stone, clay, and glass products
do....
Primary metal industries
do ....
Fabricated metal products
do....
Machinery, except electrical
do
Electric and electronic
equip
do .
Transportation equipment
do ..
Instruments and related
products
do
Miscellaneous manufacturing. . . .
do
Nondurable goods
do....
Excluding overtime
do....
Food and kindred products
do ..
Tobacco manufactures
do....
Textile mill products
do....
Apparel and other textile
products
do
Paper and allied products
do....
Printing and publishing
do....
Chemicals and allied products
do....
Petroleum and coal products
do ....
Rubber and plastics products, nee
do....
Leather and leather products
do....
Transportation and public utilities
do....
Wholesale trade
do
Retail trade
do
Finance, insurance, and real
estate
do
Services
do ....
Seasonally adjusted:
Private nonagricultural payrolls
dollars .
Mining
do....
Construction
do ....
Manufacturing
do ....
Transportation and public utilities
do ....
Wholesale trade
do
Retail trade
do
Finance, insurance, and real
estate
do .
Services
do .
Indexes of avg. hourly earnings, seas, adj.: <>
Private nonfarm economy:
Current dollars
1977—100
1977 dollars $
do
Mining $$
do
Construction
do
Manufacturing
do
Transportation and public utilities
do
Wholesale trade $$
do
Retail trade
do
Finance, insurance, and real
estate $$
do
Hourly wages, not seasonally adjusted:
Common labor
Skilled labor
$ per hr
do...,
Avg. weekly earnings per worker,
private nonfarm: ^
Current dollars, seasonally adjusted
1977 dollars, seasonally adjusted t
Current dollars, not seasonally adjusted:
Private nonfarm, total
dollars.
Mining
do
Construction
do ...
Manufacturing
do
Durable goods
do...
Nondurable goods
do .
Transportation and public
utilities
do
Wholesale trade
do
Retail trade
do
Finance, insurance, and real
estate
do
Services
do
1252
12.69
991
948
1043
9.98
8.40
7.67
10.25
11.94
10.00
1070
9.29
1269
12.97
1017
971
1070
10.21
8.60
7.92
10.48
12.15
10.24
1097
918
1277
12.99
1007
962
1060
10.13
8.51
7.80
10.35
12.06
10.12
1085
917
1271
12.82
1005
963
1058
10.13
8.53
7.74
10.33
12.03
10.13
1082
918
1259
12.87
1007
964
1059
10.13
8.45
7.76
10.36
12.07
10.14
1084
923
1260
12.88
1012
968
1065
10.17
8.50
7.81
10.41
12.11
10.22
1088
9.26
1254
12.87
10 14
970
1067
10.19
8.54
7.87
10.45
12.13
10.23
1090
923
1255
12.85
1016
970
1069
10.19
8.60
7.91
10.48
12.15
10.26
1093
9.25
1266
12.91
1016
972
1067
10.20
8.65
7.97
10.54
12.22
10.18
1094
9.24
1262
12.95
1012
966
1064
10.16
8.58
8.00
10.46
12.11
10.20
1093
940
1275
13.13
1025
975
1078
10.25
8.67
8.07
10.55
12.25
10.32
1105
9.45
1272
13.13
1024
976
1078
10.26
8.76
8.04
10.58
12.20
10.32
1107
9.46
1283
13.04
1030
982
1085
10.32
8.68
8.00
10.61
12.23
10.35
11.17
9.46
1297
13.16
1037
r
987
10.90
10.35
r
8.75
8.04
10.58
12.27
10.43
11.20
r
9.54
1311
13.21
10.37
r
991
10.90
10.40
r
8.70
r
8.07
10.60
12.27
10.44
11.16
"9.54
"13.03
"13.16
"10.37
"9.92
"10.90
"10.41
"8.69
"8.06
"10.60
"12.23
"10.44
"11.20
9.88
12.95
1013
1336
1002
1322
1002
1317
1004
1320
1009
13.28
10.12
13.31
1015
13.35
10.13
13.23
10.15
13.26
1019
13.49
10.16
13.49
10.24
13.60
10.29
13.65
10.27
13.63
"10.25
"13.61
971
995
993
992
988
989
987
988
993
991
997
1005
1005
1010
10.17
"10.24
775
9.18
8.78
8.94
14.03
7.17
798
9.42
9.01
911
14.56
7.37
797
9.32
8.92
906
13.79
7.34
790
9.31
8.93
906
14.01
7.30
791
9.33
8.95
907
14.42
7.31
792
9.37
8.98
9.14
14.98
7.35
794
9.38
8.99
9.15
15.24
7.31
793
9.39
8.99
9.12
15.78
7.33
794
9.45
9.05
9.13
15.66
7.31
793
9.40
8.98
9.04
14.84
7.37
799
9.50
9.04
9.12
13.98
7.43
807
9.48
9.05
9.04
13.92
7.45
8.09
9.53
9.10
9.16
14.43
7.47
8.17
r
9.60
9.18
9.26
14.18
7.52
8.22
'9.62
'9.21
r
9.28
14.33
r
7.59
"8.20
"9.62
"9.22
"9.30
"14.71
"7.60
593
11.43
10.28
12.37
14.59
610
11.64
10.53
12.67
15.05
602
11.54
10.38
12.55
14.89
602
11.50
10.40
12.55
14.96
603
11.52
10.45
12.53
14.98
604
11.60
10.40
12.57
15.00
605
11.64
10.43
12.59
14.93
608
11.65
10.43
12.60
15.04
602
11.71
10.49
12.70
14.99
607
11.63
10.55
12.63
14.91
619
11.70
10.70
12.76
15.08
620
11.67
10.68
12.79
15.22
6.23
11.72
10.68
12.87
15.25
6.27
11.79
10.71
12.91
15.28
r
6.29
11.77
10.73
12.84
15.30
"6.28
"11.80
"10.69
"12.92
"15.34
8.91
6.08
12.03
959
611
9.11
6.28
12.32
992
631
9.00
6.16
12.16
978
624
9.00
6.19
12.23
978
623
9.00
6.23
12.19
978
624
9.04
6.29
12.27
988
626
9.04
6.27
12.28
987
628
9.07
6.27
12.27
985
626
9.11
6.20
12.33
993
628
9.14
6.23
12.35
988
626
9.18
6.31
12.41
1001
637
9.20
6.34
12.43
1008
6.38
9.22
6.42
12.46
10.05
6.43
r
9.27
r
6.45
12.43
10.12
r
6.42
r
9.32
r
6.49
12.51
10.22
6.47
"9.29
"6.53
"12.48
"10.22
"6.49
873
8.48
9 10
8.90
896
8.81
902
8.81
897
8.80
903
8.82
909
8.84
898
8.78
903
8.79
904
8.79
914
8.98
929
9.07
927
9.10
932
9.15
r
9.48
r
9.24
"9.45
"9.27
8.98
12.52
12.69
9.91
12.03
9 59
611
929
12.69
12.97
10.17
12.32
992
631
914
(i)
1291
10.02
12.14
975
620
913
(i)
1282
10.03
12.19
972
620
916
(i)
1290
1005
1221
976
622
923
(i)
1293
10.11
12.29
988
625
9.27
(i)
12.91
10.15
12.35
988
628
9.27
(i)
12.93
10.18
12.33
986
629
9.32
(i)
13.03
10.17
12.37
997
633
9.32
(i)
12.99
10.20
12.39
993
632
9.37
(i)
13.04
10.26
12.37
1001
634
9.43
(i)
13.03
10.28
12.43
10 13
637
9.42
(i)
13.01
10.29
12.37
10.04
642
r
9.45
0)
13.09
10.31
12.36
10.08
r
6.42
9.50
(*)
13.13
10.32
12.50
10.19
6.43
"9.51
(*)
"13.17
"10.35
"12.43
"10.16
"6.46
873
8.48
910
890
892
872
891
872
890
875
899
881
908
888
900
886
910
892
909
893
918
899
9.36
9.06
9.26
9.04
9.37
9.09
1735
940
1822
1549
1749
176 1
177 1
1609
1766
938
1852
1576
1768
1783
180 4
163 4
1767
937
184 6
1568
1770
179 1
180 5
163 4
177 0
93 5
183 6
1575
1773
1794
180 4
163 8
1780
936
184 6
1578
1779
1806
182 3
1648
1787
936
1842
157 5
1784
181 6
182 2
1654
1786
932
1846
1578
1788
181 0
181 7
1657
1793
932
1858
1588
1788
1815
1830
1668
1795
929
1856
1586
1793
181 9
182 1
1667
1803
930
1866
1593
1800
1820
184 5
167 1
181 5
93 1
1865
1592
1805
1831
1860
1684
1814
929
1871
1593
1807
1829
1851
1689
1817
927
1873
159.9
180.9
182.8
1866
1682
1875
181 1
1929
186 5
1942
186 3
1934
186 9
1948
188 3
1959
189 9
1940
189 4
1948
190 8
1952
190 9
197.0
191 9
200.2
1940
199.5
1933
200.2
1939
17.62
22.99
1528
8.98
1686
22.12
1425
1733
22.67
1500
1706
2243
14 75
1707
2245
1504
17 11
2254
1475
1711
22.54
1500
1720
22.58
15 11
1736
22.54
1506
1740
22.61
1504
1741
22.7]
1487
17.42
22.80
1503
17.55
22.89
1491
17.60
22.94
15 11
31250
169.28
32329
16829
317 16
16843
31772
16828
31694
16725
322 13
16936
321 67
168.4
32167
167.89
32527
169.06
32247
166.82
32514
167.68
32911
169.03
327.82
167.77
312.50
53085
479.68
40631
432.85
369.04
323.29
53679
491.56
41799
447.26
37868
315.79
537 62
466.34
41287
440.96
37466
316.37
53128
462.80
40904
436.95
37054
315.79
527 52
481.34
411 86
440.54
37320
320.28
53928
488.15
41492
444.11
37386
320.40
52919
491.63
41473
444.94
37426
322.13
53338
497.30
41859
448.98
37748
324.68
53552
497.04
41351
439.60
377.06
323.40
53004
499.87
41290
439.43
377 88
327.12
53805
504.19
42333
452.76
38475
329.81
54314
512.07
42291
452.76
382.04
328.26
53758
491.61
427.45
457.87
385.97
471 58
36538
17841
484 18
37795
18362
47424
37066
17659
47575
37066
17756
47053
37066
17846
48098
37742
18091
48138
37506
18149
48467
37529
18404
49073
38032
18840
49030
37544
18655
49020
38138
18473
49099
38506
18566
48968
38190
18518
316.90
27560
326.69
29014
32435
28544
328.33
28721
32113
28424
326.89
28753
325.42
28642
321.48
287 11
326.89
29007
322.73
28831
32721
291 85
334.44
29659
330.94
29575
EMPLOYMENT COST INDEX
Civilian workers t
6/81—100
Workers, by occupational group
White-collar workers
do
Blue-collar workers
. . . do
Service workers
do..
Workers, by industry division
Manufacturing
do
Nonmanufacturing
do
Services
do
Public administration
do
HELP-WANTED ADVERTISING
Seasonally adjusted index
1967—100
See footnotes at end of tables.
15
(2)
(2)
(2)
(2)
(2)
(2)
(2)
(2)
(2)
(2)
17.63
22.99
1508
330.15
553 82
489.55
r
431 .39
r
462.16
r
388.80
'329.13
r
549.31
r
480.84
r
425.17
454.53
r
383.84
r
490 99
38658
190 03
333.66
29738
r
343.18
r
144.0
1479
1372
147.2
1390
1461
1577
1540
"338.31
301 22 "300 35
140.1
147.7
1597
1544
16
156
15
160
153
16
158
161
"327.22
"542.05
"476.39
"422.06
"451.26
"381.91
"487.97
388.36 "386.32
184.40 "184.97
1497
138.2
148.5
1381
143.9
1538
151 2
330.60 "330.00
167.73 "166.75
145.5
1457
136.2
144.3
157
17.64
23.02
r
489 14
r
r
142.1
15
"9.33
"9.18
r
1368
1423
1528
150
15
9.14
327.92
167.39
144.2
134.7
142.9
15
r
9.43
r
r
140.6
15
r
15
Unless otherwise stated in footnotes
below, data through 1986 and
methodological notes are as shown in
BUSINESS STATISTICS: 1986
S-13
SURVEY OF CURRENT BUSINESS
March 1989
Annual
„ ..
1987
1989
1988
1988
Jan.
Feb.
Mar.
Apr.
June
May
July
Sept.
Aug.
Nov.
Oct.
Feb.
Jan.
Dec.
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
WORK STOPPAGES
Work stoppages involving 1,000 or more workers:
Number of stoppages:
Beginning in month or year
number
Workers involved in stoppages:
Beginning in month or year
thous ..
Days idle during month or year
do....
UNEMPLOYMENT INSURANCE *
State programs:
Initial claims
thous
Average weekly insured unemployment .. . .
do
Rate of insured unemployment @
percent
Total benefits paid
mil $
Weeks of unemployment compensated
thous
Average weekly benefit
dollars .
Federal civilian employees unemployment
insurance (UCFE):
Initial claims
thous
Average weekly insured unemployment
do
Total benefits paid
mil $
Weeks of unemployment compensated
thous
Average weekly benefit
dollars .
Veterans unemployment insurance (UCX):
Initial claims
thous
Average weekly insured unemployment
do
Total benefits paid
mil $
Weeks of unemployment compensated
thous ..
Average weekly benefit
dollars..
46
40
3
174
4,481
114
4,381
7
37
5
18
337
3
o
5
7
4
7
2
3
1
o
3
0
18
505
0
332
14
344
14
490
21
726
12
713
4
510
9
293
2
78
0
52
7
153
0
138
65,961
66,678
17054
2205
1 418
1301
1 153
1084
1 200
1 450
1176
975
1052
2286
2568
29
1 338
2743
28
1 445
2597
'25
1 543
2 173
'22
1 141
1 972
19
1017
1 902
19
1 034
1871
1 936
1 554
1 527
962
1 096
904
820
6424
14519
5,872
14606
14262
105 226
14062
9646
14606
10 141
14740
10860
14717
8 114
14574
7288
14505
7379
14328
6876
14256
7785
14336
1185
124
91
86
84
86
113
118
108
86
105
21 1
1322
227
121
244
128
234
140
20 1
106
192
99
198
107
197
106
23 1
132
209
113
226
11 7
10095
13097
898
13435
923
13882
1000
14004
754
14002
706
13997
796
13482
769
13764
974
13551
846
13343
867
13436
141 3
121
11 3
149
174
163
131
102
95
80
83
178
122 1
166
94
188
104
188
11 2
19 1
98
225
11 8
256
153
228
128
202
131
138
84
123
70
813.2
151.97
61.3
153.33
67.0
154.51
72.1
154.78
67.4
145.98
75.6
156.67
95.9
159.44
84.3
152.06
80.0
164.20
53.6
156.83
44.1
158.01
FINANCE
BANKING
Open market paper outstanding, end of period:
Bankers' acceptances
mil. $..
Commercial and financial company
paper, total
do
Financial companies
do
Dealer placed
>
do
Directly placed
do
Nonfinancial companies
do....
Loans of the Farm Credit System: **
Total, end of period
mil $
Federal land banks and Federal
land bank associations
. do
Federal intermediate credit banks and
production credit associations
do....
Banks for cooperatives
do....
Federal Reserve banks, condition, end of period:
Assets, total #
mil $
Reserve bank credit outstanding, total #
do
Loans
do
U.S. Government securities
do....
Gold certificate account
do
Liabilities, total #
do....
Deposits, total
do....
Member-bank reserve balances
do
Federal Reserve notes in circulation
do
All member banks of Federal Reserve System,
averages of daily figures:
Reserves held, total
mil $
Required
do
Excess
do
Borrowings from Federal Reserve
banks
do. .
Free reserves "I" .
do
Large commercial banks reporting to Federal
Reserve System, last Wed. of mo.: $
Deposits:
Demand, total #
mil $
Individuals, partnerships, and
corporations
do
States and political subdivisions
do....
U S Government
do
Depository institutions hi U.S
do....
Transaction balances other than demand
deposits n
do....
Nontransaction balances, total $$
do
Individuals, partnerships, and
corporations
do
Loans and leases(adjusted),total §
do....
Commercial and industrial
do...
For purchasing and carrying
securities
do
To nonbank depository and other
financial
do ...
Real estate loans
do...
To States and political subdivisions
doOther loans
do ...
Investments, total .
do
U.S. Treasury and Govt. agency securities,
total
do ...
Investment account
do...
Other securities
do ...
See footnotes at end of tables.
70,565
2
373 586
2
287 274
2
115 034
2
172 240
2
86,312
1
1
64,111
63381
64359
63240
64,036
63,452
62,253
r
452 090 r378 303 r388 202 r387 633 r408 662
354 285 295 704 r301 587 r301 896 r315 226
161 693 122 838 127 032 129 698 135 673
192 592 172 866 174 555 172 198 179 553
86,615 85,737 93,436
82,599
97,805
415 492
324 985
139 339
185 646
90,507
415 125
324 953
143 026
181 927
90,172
419 003
327 959
143 725
184 234
91,044
422 090
331 754
145 427
186 327
90,336
425 104
332 630
151 039
181 591
92,474
429 549
332 513
147 759
184 754
97,036
66,678
63,152
62,419
63,454
52498
52814
53 110
33 566
33048
(4)
9,927
8,225
9479
9770
10127
9935
469,063
362,767
164,016
198,751
106,296
52583
34346
442 396 r452 090
344 544 r354 285
151 581 161,693
192,963 192,592
97,852 97,805
275 566
293 674
265 174
260 693
265 072
283 979
269 989
277 442
(4)
9,734
275 408
274 592
285 185
279,331 285,638
293,674
286,771 284,582
241,413 230,795
1,602
863
232,933 229,499
11,061
11 056
286,771 284,582
48,245 44,126
35,810 36,985
236 046 250 945
3815
2 170
222,551 238,422
11 060
11078
275,566 293,674
48,368 48,898
41,784 39347
226 563 225 526 227 504 244 006
2590
336
'333
2311
218,411 216,891 217,496 203,971
11 068
11 063
11 063
11063
265,174 260,693 265,072 283,979
58,481
46,284 42,954 42,150
41720
35338 39701 38777
233 886 239 867 236 075 233 882 243 607 238 370 243 803 250 945
3304
2,170
2328
2275
2154
3237
3650
2464
223,192 227,636 224,450 222,795 229,181 225,638 232,702 238,422
11 060
11059
11062
11 062
11 061
11 063
11 063
11 063
269,989 277,442 275,408 274,592 285,185 279,331 285,638 293,674
42,354 46,176 44,464 42,881 52,757 46,547 45,859 48,898
38758 35681 39994 37868 39,038 39,741 40,012 39,347
212 890
229 640
205 871
215 168
3
62 123
3
61 094
3
3
63
3
62
3
1029
3
777
3
739
699
1040
3
206 300
209 719
210 842
62640 60047
61345 58914
1 295
1 133
60 076
59 147
62 064
61 205
929
859
217 812
217 240
218 068
217 676
60 681
59641
1 040
61 991
61 103
888
62756
61 749
1007
61965
61012
953
62153
61 181
972
219 232
224,535 229,640
221,619
63739
62,699
1040
222,769
r
63 468
r
61915 62407
60853 61,287
1 119
1 062
60695
59,548
62 323
1 145 1147
1,487
1716
a 568
1082
396
942
2578
569
3083
359
3440
105
3241
365
2839
192
2,299
544
1,716
655
2993
490
2,861
585
1752
735
568
1,662
r
529
247 359
247 292
221 655
214 894
223 226
225 053
215 417
233 070
226 623
229 814
221 621
215 612
240 926
247 292
219 344
228,937
190 558
6,744
3258
27,448
195 477
6,993
2706
24,194
173 528
6,741
3079
23,250
167 736
6,743
3250
21,878
175 045
5^882
3069
21,954
176 868
6,317
4010
21,590
170 851
5,629
2 121
21,035
182 936
5,979
3008
22,360
177 802
6,156
2899
22,710
184 300 174 338
5,788
6,157
1 656 2083
21,829 20,696
172 675
5,575
2610
20^272
191 827
6,456
2950
22,105
195 477
6,993
2706
24,194
175 018
6,770
2531
19,438
180 983
5,868
1709
23,360
67,094
565,046
75,369
624,122
68,742 69,248
583,641 587,949
70,977
590,904
72,244 70,507
589,401 594,842
70,240
611,896
71,308
616,569
73,593 75,369
622,679 624,122
75,237
651,078
75,988
657,457
524 423
846,807
287,232
585 340
918,742
302,544
543 581
864,261
288,028
547 278
861,774
290,090
550 777
871,882
293,278
549 652
881,326
297,918
12600
12853
14216
13081
70,702 71,614
599,611 603,936
553 766 559 581
882,613 893,086
299,004 300,160
564 529
891,898
299,456
13712
73,511
609,987
569 683 572 104
898,166 894,711
296,817 296,542
580
576 524 583 032 585,340
897,345 911,557 918,742
297,205 301,245 302,544
710
609,532 615,019
930,811 942,133
305,191 310,049
12490
13930
11994
13667
13,930
12,455
13,480
23,925
260,308
32,448
230,404
196 268
22,685
299,180
28,608
251,795
200 900
22,302
22,717
22,492 21,782 22,274 22,031 22,350
267,728 268,713 271,581 273,834 276,959 280,873 283,672
32,422 32,076 31,632 31,258 30,993 30,759 30,352
240,991 236,260 238,901 243,204 241,603 244,865 244,122
202 980 204 712 202 529 202,133 205 463 203 455 203 860
22,479
288,289
30,036
246,878
203 630
22,158 21,195 21,953 22,685
290,991 293,242 296,023 299,180
29,351 28,873 28,608
29,754
242,736 243,701 248,192 251,795
203 339 207 287 209 162 200,900
21,472
310,552
28,204
252,937
208,049
20,728
312,665
28,099
257,112
206,933
122,902
111,858
73,366
128,626
114,255
72,274
129,273
115,280
73,707
130,814
113,982
72,816
130,713
114,183
72,626
128,626
114,255
72,274
135,361
118,240
72,688
134,622
119,751
72,311
132,168
114,980
72,544
129,797
114,258
72,732
130,107
115,498
72,026
11704
132,752 130,311
117,084 113,455
72,711 73,144
130,854
113,340
73,006
12530
12651
134,510
114,283
72,777
15,271
135,852
116,035
73,310
S-14
Unless otherwise stated in footnotes
below, data through 1986 and
methodological notes are as shown in
BUSINESS STATISTICS: 1986
SURVEY OF CURRENT BUSINESS
Annual
,,„,..,
March 1989
1989
1988
Units
1987
1988
Feb.
Jan.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
2,387.5
2,398.1
356.8
2,398.3
360.9
2,403.3
360.8
194.8
1,846.5
190.9
1,846.5
Feb.
1,856.3
FINANCE—Continued
BANKING-Continued
Commercial bank credit, seas, adj.: §
Total loans and securities 6
U.S. Government securities
Other securities
Total loans and leases ^
Money and interest rates:
Prime rate charged by banks on
short-term business loans
Discount rate (New York Federal
Reserve Bank) @ @
Ml. $ ..
do ....
do
do .
2,233.0
335.0
2,398.3
360.9
2,244.8
336.4
2,264.1
336.4
2,281.3
340.2
2,304.7
343.8
2,328.5
346.5
2,348.4
350.5
2,360.8
348.0
2,374.9
350.5
2,373.6
352.5
194.5
1,703.5
190.9
1,846.5
192.0
1,716.5
193.7
1,734.0
195.7
1,745.4
196.6
1,764.3
196.1
1,786.0
196.5
1,801.5
196.8
1,815.9
196.4
1,827.9
194.2
1,826.8
355.1
195.4
1,836.9
8.22
9.32
8.75
8.51
8.50
8.50
8.84
9.00
9.29
9.84
10.00
10.00
10.05
10.50
10.50
10.93
5.66
6.20
6.00
6.00
6.00
6.00
6.00
6.00
6.00
6.37
6.50
6.50
6.50
6.50
6.50
6.59
8.54
3
()
8.56
3
()
8.94
'8.94
8.83
9.01
8.75
8.92
8.76
8.84
8.77
8.84
8.76
8.93
8.59
8.90
8.90
8.98
8.80
8.98
8.68
9.00
8.90
8.98
8.77
9.11
9.05
9.16
9.04
9.31
'9.20
'9.31
9.45
9.44
6.75
6.85
7.56
7.68
6.77
6.92
6.49
6.58
6.51
6.64
6.79
6.92
7.12
7.31
7.38
7.53
7.77
7.90
8.19
8.36
8.06
8.23
8.15
8.24
8.55
8.55
8.96
8.97
8.93
9.02
9.27
9.35
percent.
do
Federal intermediate credit bank
loans
do .•
Home mortgage rates (conventional 1st
mortgages):
New home purchase (U.S. avg.)
percent..
Existing home purchase(U.S. avg.)
do....
Open market rates, New York City:
Bankers' acceptances, 90 days
do ....
Commercial paper, 6-month $
do ....
Finance co. paper placed directly, 6-mo
do ..
Yield on U.S. Gov. securities (taxable):
3-month bills (rate on new issue)... percent..
186.2
2
6.37
7.14
6.53
6.27
6.23
6.51
6.75
7.01
7.19
7.57
7.71
7.80
7.94
8.24
8.44
8.65
5.820
6.690
5.900
5.690
5.690
5.920
6.270
6.500
6.730
7.020
7.230
7.340
7.680
8.090
8.290
8.480
mil. $..
623,628
678,149
621,579
618,926
621,625
627,052
632,329
641,198
646,689
654,667
658,352
661,156
665,686 '678,149
673,600
do ....
do
do ....
do....
do....
285,856
141,118
82,044
46,907
64,099
324,217
144,731
87,274
49,736
68,517
286,159
140,811
81,669
44,725
64,456
286,024
140,321
81,094
43,078
64,873
288,362
140,935
81,645
42,673
64,564
291,542
141,716
82,339
42,560
65,341
293,708
142,542
83,269
42,655
66,551
298,954
143,751
84,470
42,793
65,570
302,617
144,231
85,340
42,622
68,039
307,130
145,371
86,310
42,931
68,957
310,993
145,995
86,332
42,944
68,277
313,851
145,635
86,850
43,371
67,723
317,217 '324,217
144,882 144,731
86,929 r87,274
49,736
44,793
68,256 r68,517
322,493
144,382
86,873
47,020
69,042
CONSUMER INSTALLMENT CREDIT t
Not seasonally adjusted
Total outstanding (end of period) #
By major holder:
Commercial banks
Finance companies
Credit unions
Retailers
Savings institutions
Seasonally adjusted
Total outstanding (end of period) #
By major holder:
Commercial banks
Finance companies
Credit unions
Retailers
Savings institutions .
By major credit type:
Automobile
Revolving
Mobile home .
Total net change (during period) #
By major holder:
Commercial banks
Finance companies
Credit unions
Retailers
. .
Savings institutions
By major credit type:
Automobile
. ..
Revolving
Mobile home
.
do. ..
619,258
624,293
629,485
633,336
636,318
644,371
647,993
653,317
653,319
657,,226
661,889 ••666,191
670,551
do . .
do ....
do
do
do
284,753
141,695
81,662
42,926
64,633
287,344
142,946
81,897
43,080
65,396
290,832
144,053
82,595
43,271
65,078
293,166
144,516
83,204
43,295
65,387
295,547
144,454
83,881
43,162
65,510
300,275
144,748
84,911
43,450
67,274
303,189
143,812
85,469
43,634
68,182
307,119
143,962
85,881
43,712
68,909
308,960
142,723
85,554
43,956
68,462
312,969
142,480
86,024
44,250
67,845
317,127 "•319,129
142,226 143,523
86,102 '86,213
45,370
44,644
68,140 '68,299
320,600
145,187
86,864
45,131
69,153
do .
do
do
273,133
163,462
25,857
276,762
165,644
25,732
278,567
167,356
25,764
279,418
169,154
25,703
5,191
3,851
2,982
285,561
177,568
25,914
5,324
284,782
178,675
25,746
5,035
282,254
172,810
25,852
8,053
283,359
174,928
25,882
do ....
269,883
162,065
25,926
6,236
286,107
181,277
25,776
3,906
287,474 ••289,823
184,468 185,755
25,831 r25,552
'4,302
4,663
292,041
186,578
25,634
4,360
do
do ..
do ....
do
do
3,188
1,623
598
144
684
2,591
1,251
235
154
763
3,487
2,335
2,380
4,729
3,929
1,107
698
191
-318
462
609
24
309
-61
677
133
123
294
1,030
287
1,765
2,914
-936
557
185
908
1,841
1239
-327
244
-447
do
do
do
2,704
2,758
3,250
3,628
2,182
-125
1,805
1,713
32
851
1,798
-61
2,836
3,655
1,106
2,118
29
2,201
1,396
-69
-32
FEDERAL GOVERNMENT FINANCE
Budget receipts and outlays:
1
Receipts (net) . .
mil $
854,143 '908,953
1
Outlays (net) §§
do
1,003,804 '1,064,055
Budget surplus or deficit (— ) §§
do.... '-149,661 '-155,102
Budget financing, total §§
do.... 1 149,661 '155,102
Borrowing from the public §§
do .... 1 151,717 '166,171
Reduction in cash balances
do .... 1 -2,056 '-11,069
Gross amount of debt outstanding §§
do.... 1 2,355,206 '2,614,581
Held by the public §§
do
' 1,897,761 '2,063,932
Budget receipts by source and outlays by
agency:
Receipts (net), total
mil $
' 854,143 '908,953
Individual income taxes (net)
do .... 1 392,557 '401,181
Corporation income taxes (net)
do ....
'94,195
' 83,926
Social insurance taxes and contributions
(net)
.
mil $
'303,318 '334,335
1
Other
,.
do
'79,241
74,342
Outlays (net), total §§
do
'1,003,804 '1,064,055
Agriculture Department
do ....
'44,003
'49,593
Defense Department, military
do .... '273,938 '281,940
Health and Human Services
Department
.. .. mil $
'351,315 '373,169
Treasury Department
do .... '180,345 '202,472
National
Aeronautics
and
Space Adm .
do
'7,591
'9,092
Veterans Administration
do ...
'26,952
'29,244
GOLD AND SILVER:
Gold:
Monetary stock, U.S. (end of
period) @
mil. $
Price at New York $$
dol. per troy oz.
Silver:
Price at New York $$
dol. per troy oz.
See footnotes at end of tables.
149
3,621
149
412
78
727
"8
69,479
60,690
99,205
59,711
65,730 109,323
60,355
81,791
95,554
84,382
92,561
83,634
95,013
65,895
90,071
82,295
9,134 -22,944 -23,082
13,769 -22,583
15,896 -24,027 -29,283
23,082
22,944
22,583 -9,134
29,283 -13,769
24,027
-15,896
23,370
11,699
-213
20,280
5,470
3,665
7,680
17,296
-288
19,279
14,903 -20,883
11,987 -13,556
3,747
-21,366
2,454,096 2,477,438 2,493,195 2,508,342 2,526,492 2,555,086 2,560,795 2,586,091
1,965,645 1,985,923 2,003,207 2,003,007 2,010,706 2,022,232 2,025,897 2,049,267
81,791
43,987
3,630
60,355
25,651
28,162
28,500
5,230
84,382
975
2
-779
1,107
-169
4,009
242
471
294
-617
1,325
2,602
30
4,159
-254
78
394
295
'2,002
1,366
3,190
54
'2,350
'1,288
'-278
1,297
11
1
726
158
1,471
1,663 "~"""\
651
238
854
2,218
823
82
61,978
89,369
93,795
64,408
63,646
97,803
89,850
86,563
93,541 105,241
87,588
90,655
2,806 -27,871
10,214 -27,009 -29,133 -11,446
27,871
11,446 -2,806
29,133
-10,214
27,009
17,190
7,359
11,914
31,635
14,665
10,285
10,681
-468 -10,165
16,724 -2,502
-24,879
2,720,742 2,745,577
2,614,581 2,636,657 2,672,211 2,707,284
2,063,932 2,074,217 2,105,852 2,117,766 2,125,125 2,142,315
61,978
23,427
93,795
39,673
22,160
89,369
48,627
3,181
907
24,698
7,265
105,241
31,652
5,909
86,563
32,086
5,559
89,850
97,803
41,784
20,668
63,646
31,287
64,408
29,822
1,794
1,442
23,848
25,075
8,069
90,655
5,769
25,189
93,541
2,221
23,764
28,694
6,657
87,588
2,764
21,036
5,318
4,917
4,610
4,153
23,905
28,201
19,281
22,546
65,730
20,637
12,706
109,323
53,334
12,026
59,711
17,958
99,205
46,092
18,347
60,690
25,791
69,479
31,942
1,613
1,499
1,461
25,676
33,396
6,745
27,967
6,800
28,373
7,703
92,561
6,711
37,357
6,606
643
23,067
95,013
4,358
25,756
95,554
4,449
26,102
82,295
3,642
20,273
90,071
2,552
24,589
26,915
6,485
83,634
2,300
23,856
12,441
13,902
30,790
15,184
32,479
13,900
32,044
14,704
30,025
16,681
35,005
30,071
29,228
13,291
32,162
14,901
32,271
13,045
29,138
13,838
31,956
16,943
33,491
34,643
31,487
15,555
32,227
16,554
622
1,210
606
2,158
804
816
863
2,130
2,355
717
2,261
530
3,091
998
1,854
993
3,748
777
1,432
805
2,555
2,705
884
3,531
822
1,182
2,278
11,063
437.633
11,061
431.313
11,062
412.790
11,062
406.781
11,059
420.068
11,060
418.488
404.014
387.776
6.708
6.365
6.285
6.275
6.198
5.972
5.891
6,012
65,895
4,428
19,205
11,078
446.504
11,060
436.931
11,068
476.580
11,063
441.903
11,063
443.607
11,063
451.833
11,063
450.840
11,063
451.332
7.009
6.535
6.732
6.325
6.413
6.478
6.543
7.037
7.146
6,717
709
Unless otherwise stated in footnotes
below, data through 1986 and
methodological notes are as shown in
BUSINESS STATISTICS: 1986
S-15
SURVEY OF CURRENT BUSINESS
March 1989
Annual
1989
1988
IT u
u Ita
1987
1988
Jan.
Mar.
Feb.
Apr.
May
June
Jw«y
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
FINANCE—Continued
MONETARY STATISTICS
Currency in circulation (end of period)
bil $
2302
Money stock measures and components (averages
of daily figures): t
Measures (not seasonally adjusted):
Ml
bil $
7442
M2
do
28632
M3
do . 35919
L (M3 plus other liquid assets)
dp.... '4,246.2
Components (not seasonally adjusted):
Currency
do
1888
Demand deposits
do....
294.3
Other checkable deposits $$
do....
254.3
Overnight RP's and Eurodollars A
do..
792
General purpose and broker/dealer
money market funds
do....
213.8
Money market deposit accounts
do....
552.2
Savings deposits
do
4081
Small time deposits @
do....
865.7
Large time deposits @
do
4618
Measures (seasonally adjusted):
Ml
do
M2
do
M3
do
L (M3 plus other liquid assets) ..
do
Components (seasonally adjusted):
Currency
do ....
Demand deposits
do
Other checkable deposits rjrrj:
do ....
Savings deposits
do ....
Small time deposits @
do....
Large time deposits @
do
2477
793.0
804.3
7883
7821
7810
7823
7869
7799
7791
7526
7652
7646
7455
7760
30094 2941 1 29383 29624 30014 29901 30155 30314 30305 30285 3,038 3 '3,057 6 '3,077.1 '3,076.6
38192 3710 1 37193 37503 37858 37844 38159 38397 '3 853 0 '3 860 9 '3,877 4 '3,905 6 '3,927.7 '3,931.2
4,535.4 '4,392.7 '4,402.1 '4,432.8 '4,478.7 '4,491.7 '4,521.4 '4,557.2 '4,581.3 '4,591.5 '4,614.7 '4,657.6 '4,703.1 4,713.0
772.3
3,058.3
3,922.6
2149 ,
298.8
283.7
211.8
290.5
283.7
211.9
275.7
277.6
'78.1
1970
295.9
265.7
2053
289.0
274.4
197 1
279.1
262.4
201 6
292.1
278.5
2036
283.1
270.8
2057
291.3
275.3
2080
293.1
277.7
2079
289.0
277.2
2080
287.4
277.8
2090
'288.7
276.9
2113
290.0
279.8
'81.9
79.7
242.0
239.6
495.1
502.7
422.8
4259
1,026.5 '1,041.8
'544.5
'539.5
247.9
485.1
418.8
1,054.6
551.3
'7862
7902
7866
7854
7712
7837
7824
7825
771 1 7765
7638
760 1
7584
29305 29508 29693 29903 29998 3013 1 30239 30297 30350 '3 042 1 30591 '3 069 4 '3 066.3
'3 852 1 '3 862 8 '3 879 7 '3,900 5 '3,917 9 '3,923.7
3701 5 r 37313 37559 37796 37946 38156
'4 376 5 4 406 3 '4 436 3 '4 475 3 '4 503 8 '4 521 0 '4 565 3 '4 586 5 '4 596 3 '4 618 7 '4,649 6 '4,689.3 4,696.2
7874
3,070.7
3,934.7
214.3
2848
280.8
424.7
1,048.5
5505
780
828
779
745
756
804
808
776
79.9
77.3
225.2
525.0
4125
930.5
4879
231.0
523.6
4132
947.1
4929
234.8
525.5
4192
955.8
4978
235.8
524.2
4245
962.2
4961
231.8
520.5
4277
965.1
5005
228.9
523.2
4323
970.5
5048
229.6
522.0
4360
979.4
5095
230.8
517.7
4337
986.0
5192
231.0
511.4
4309
996.9
'5291
1985
2894
263.4
4170
925.4
4870
199.4
288 1
2654
418.8
942.4
4923
200.7
2884
267.5
421.5
952.8
4963
202.4
2903
271.2
423.3
963.4
4992
2034
288 1
2722
4252
9710
5024
2047
2898
2747
4276
9757
507 8
2064
2904
278.5
429.7
981.0
5140
207.0
2899
278.3
430.9
988.3
5194
208.6
2888
279.0
430.5
998.7
5267
36924
4548
388
1744
6378
4996
94
802
369
1481
3017
2734
41465
6093
473
2 195
6 199
4 102
1000
1125
802
1751
2954
3*485
1231
3877
6178
13710
209.7
2889
279.4
429.2
1,009.7
5320
210.5
2877
280.9
431.8
1,017.8
5344
213.4
211.8
2840
2886
'281.2
282.3
427.8
431.3
1,025.3 '1,035.9
'5437
'5377
5,703
12234
75.4
237.4
506.7
4304
1,019.5
'5372
1,611
2,090
5,786
75.9
231.3
507.5
4309
1,010.6
5354
38230
5249
302
2227
5483
5956
807
1060
693
1,264
3844
3327
1274
3313
14,476
228,387
20,174
23,196
20,843
18,288
19,636
30,815
19,282
15,977
15,728
'12,991
'16,436
10,421
172,499
45485
6506
15,769 15,303
2714
6782
261
1 242
16,532
3420
625
15,132
2667
241
14,513
3998
400
26,114
3700
501
11,767
6474
741
11,905
3396
501
11,443
3,795
291
'9,355
'2,886
575
'12,891
'3,008
'527
7,627
2,088
475
224 490
33327
4742
12793
3078
4 031
147 030
19725
2946
802
492
1
60
12905
22346
2000
87
1429
760
20577 18640 18911 30315
1 595 3793
4 045
2286
315
928
221
189
1 515 1 535 1946
1 814
250
589
631
365
906
243
78
488
13754 10657 13608 19579
15802
2510
642
647
o
72
1 307
3
11 103 10045
15529
3917
125
824
88
457
8923
'12,816 '16,426
'3 136
2388
244
30
478
'1 683
64
258
298
132
r
9454
'7785
10,221
1066
1
185
0
59
8454
117,011
22602
r
5,951
'1 115
r
31 320
SECURITY MARKETS
Stock Market Customer Financing
Margin credit at broker-dealers, end of year
or month
mil $
31990 32740
Free credit balances at brokers, end of year
or month:
Margin-account
do....
5,660
4,750
1
Cash-account
do
15640 16595
Bonds
Prices:
Standard & Poor's Corporation, domestic
municipal (15 bonds)
dol. per $100 bond62.0
62.7
Sales:
New York Stock Exchange, exclusive of some
stopped sales, face value, total
mil. $.. 9,726.24 7,701.39
See footnotes at end of tables.
199 1
279.9
266.7
232.3
517.5
4264
979.2
5125
PROFITS AND DIVIDENDS (QTRLY.)
Manufacturing corps. (Bureau of the Census):
Net profit after taxes, all manu115
facturing
mil $ 1 1 599
Food and kindred products
do
15 627
Textile mill products
do
'1891
7
Paper and allied products . ..
do
5 520
1
Chemicals and allied products....
do
16 559
Petroleum and coal products
do.. 7 1
10,900
Stone, clay, and glass products
do ..
2,911
Primary nonferrous metal.....
do.. . 1 1,077
Primary iron and steel
do.... 1 1,356
1
Fabricated metal products
do....
4,427
1
Machinery (except electrical) ....
do
10 203
Electrical and electronic equipment.. .. do .
'9570
Transportation equipment (except motor
vehicles and equipment)
mil. $.. 1 4,677
Motor vehicles and equipment
, ,do.... 1 10,647
All other manufacturing industries
do.... 7 20,234
Dividends paid (cash), all manu7
facturing
do
49,512
SECURITIES ISSUED
Securities and Exchange Commission:
Estimated gross proceeds, total
mil. $.. r275,418
By type of security:
Bonds and notes, corporate
do.... 191,339
Common stock .
do
65,835
Preferred stock
do
11735
By type of issuer:
Corporate, total #
mil. $.. 268,909
Manufacturing
do
46 172
Extractive
do
8229
Public utility
do
19943
Transportation
. . do
6698
Communication
do
7 326
Financial and real estate
do
151 049
State and municipal issues (Bond Buyer): §
Long-term
do .... 105,523
Short-term
do
'20 271
2477
2355
2354
227 1
o
16842
18982
3025
1 150
245
9,267 '10,285
1 059
'489
'6,413
'3257
'8,746 '15,075 '11,206
'1 009 '3 391 '1 372
'7,591
'5942
'10,743
'675
'11,200
1 109
9,036
1765
11,496
1419
6,692
845
7,028
1 182
31 990
32 660
33270
33070
32 300
31 770
31 930
32 770
33410
33640
32740
32530
31 480
4,675
15270
4,555
14695
4,395
4,615
14355 , 13 965
4,380
14 150
4580
14460
4485
14340
4,655
14 045
4,725
14 175
5,065
14 880
4,920
15185
5,660
16595
5,790
15705
5,605
16,195
61.8
63.7
61.8
61.0
60.4
61.4
61.4
61.4
62.5
63.8
62.6
62.9
65.0
64.3
634.54
688.14
688.44
612.76
648.40
675.53
542.87
642.88
596.74
610.58
632.13
558.88
581.89
640.57
S-16
Unless otherwise stated in footnotes
below, data through 1986 and
methodological notes are as shown in
BUSINESS STATISTICS: 1986
SURVEY OF CURRENT BUSINESS
Annual
,, .,
unu8
1987
March 1989
1989
1988
1988
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
FINANCE-Continued
Bonds— Continued
Yields:
Domestic corporate (Moody 's)
By rating:
Aaa
Aa
A
Baa
By group:
Industrials
Public utilities
Railroads
Domestic municipal:
Bond Buyer (20 bonds)
Standard & Poor's Corp. (15
bonds)
U.S. Treasury bonds, taxable $
percent
do
do
do
do
991
1018
1037
989
986
10 15
1037
1036
1047
1058
1028
990
991
1003
10.05
10.05
938
968
999
971
994
988
940
960
994
939
959
989
967
986
990
986
996
1057
10 10
1041
11 04
10 13
1042
11 00
1026
1055
11 11
10 11
1037
1063
11 21
982
1006
1034
1090
951
971
999
1041
945
972
999
1048
957
981
10 11
1065
962
981
1010
1065
964
983
10.13
10.61
1009
1043
11 07
1062
1058
1024
1083
do
do
do
983
998
991
998
967
961
999
998
1075
1004
1011
991
1053
1008
997
1045
1003
10 11
9 63
1075
1003
1071
1004
1096
1006
1007
1109
10 10
1000
1056
10 12
988
992
1003
993
989
1000
1004
10.02
1006
10.08
10.02
1004
10.08
10.02
1005
do
769
766
751
747
790
777
787
774
776
776
764
733
766
750
729
7.55
do
do....
773
774
758
755
780
791
801
786
787
8.64
8.98
8.82
8.41
8.61
8.91
9.24
9.04
9.20
786
q qq
y.oo
771
9.06
754
8.89
758
9.07
7.66
9.13
7.41
9.07
7.47
9.16
Stocks
Prices:
Dow Jones averages (65 stocks)
84946
72221
77217
Industrial (30 stocks)
2 275 99 2 060 82 1 947 35
Public utility (15 stocks)
20170
18218
17974
Transportation (20 stocks)
92919
75597
86383
Standard & Poor's Corporation: §
286.83
Combined index (500 Stocks)
1941-43=10..
250.48
265.79
Industrial, total (400 Stocks) #
do....
330.90
288.36
306.68
Capital goods
do
28823
24647
25283
Consumer goods
do....
323.77
279.64
305.95
Utilities (40 Stocks)
do ....
112.70
106.13
108.74
Transportation (20 Stocks)
1982=100...
228.91
192.20
209.02
Railroads
1941-43=10..
166.90
150.08
158.73
Financial (40 Stocks)
1970=10..
22.41
28.15
24.09
112.03
Money center banks
1941-43-10..
78.23
92.05
109.54
Major regional banks
do ....
89.63
103.22
311.50
Property-Casualty Insurance
do ....
278.01
271.62
N.Y. Stock Exchange common stock indexes:
Composite
12/31/65- 50 ..
16170
14055
14991
Industrial
do.
16847
18095
19531
Transportation
do ...
140.39
12120
13412
Utility
do
7430
7001
7177
Finance .
. .
do
14648
11940
12726
NASDAQ over-the-counter price indexes:
Composite
2/5/71=100..
402.74
339.28
374.43
Industrial
do.
42272
34441
37949
Insurance
do
42525
37555
40817
Bank
do
46495
41093
444 14
NASDAQ/NMS composite
7/10/84= 100 ..
172.49
161.95
146.36
Industrial
do
161 06
13297
14678
Yields (Standard & Poor's Corp.):
Composite (500 stocks)
percent
308
364
366
Industrials (400 stocks)
do ....
2.62
3.14
3.14
Utilities (40 stocks)
do
652
704
708
Transportation (20 stocks)
do....
2.20
2.57
2.48
Financial (40 stocks) .
do
360
434
466
Preferred stocks, 10 high-grade
do ....
8.37
9.24
9.04
Sales:
Total on all registered exchanges (SEC):
Market value
mil $ 2 284 166 1 584 106 128 230
Shares sold
millions
63771
4323
52474
On New York Stock Exchange:
Market value
mil $ 1 983 311 1 377 711 112 389
Shares sold (cleared or settled)
millions
3643
53038
44018
New York Stock Exchange:
Exclusive of odd-lot stock sales
(sales effected)
:... millions.,
40,850
47,801
3495
NASDAQ over-the-counter:
Market value
mil $
498 301 347 089
27 577
Shares sold
millions
31 070
37890
2465
Shares listed, NYSE, end of period:
Market value, all listed shares
bil $
2 216 31 2 457 46 2 321 33
Number of shares listed
millions.
71,802
72,952
76,093
985
10 17
1090
976
880.52
851.45
817.30
796.20
808.29
78526
73931 78420
76755 780.41
73963 76655 75910
1 980 65 2 044 31 2,036 13 1,988 91 2,104 94 2 104 22 2,051 29 2,080.06 2 144 31 2,099.04 2,148.58 2,234.68 2,304.30
186.64
188.88
185.15
18501 184.12
179.85
17856
16930
17140
18496
17871
18002
17768
879.45
856.14
79014
92312 916.21 955.39 1,009.31 1,073.18
87311 88117
82024
86133 853.73
258.13
296.46
24968
292.04
110.67
199.03
153.52
23.27
8339
94.09
283.37
265.74
308.04
25847
305.52
107.24
212.88
162.44
23.30
8476
9574
276.33
262.61
305.78
255 19
301.69
104.12
209.54
160.17
22.38
82.50
96.44
258.31
256.12
297.39
24632
286.71
103.11
197.57
148.23
22.28
84.24
99.23
256.05
270.68
312.78
26521
305.51
109.86
211.33
160.44
24.46
9754
107.94
274.56
269.05
310.87
26293
302.22
108.49
210.37
157.72
24.55
9737
108.85
270.45
263.73
303.12
24769
301.27
107.89
203.10
152.79
25.00
97.85
110.97
270.64
267.97
307.40
24760
313.68
109.67
209.71
158.59
25.75
102.18
112.82
276.57
277.40
319.05
25319
327.18
113.00
219.89
164.78
26.05
99.61
111.78
280.22
271.02
311.84
24736
324.78
111.70
216.97
164.74
24.85
98.23
107.34
268.26
276.51
319.07
25387
331.12
113.02
225.63
171.25
24.79
98.74
103.82
266.65
285.41
330.17
26280
339.49
114.37
237.65
178.57
25.51
99.73
104.72
274.49
294.01
339.70
273.90
353.53
116.88
251.42
187.76
26.68
104.23
109.91
288.70
14513
17344
12609
7289
12436
14988
18157
13515
71 16
12527
14846
18088
133.43
6940
121 67
14494
17602
12763
6865
12035
15272
18492
13602
7225
12904
15212
18409
13649
71 50
13000
14925
17972
132.53
7067
13077
151.47
182.18
136.27
7183
13315
156.36
188.58
141,93
74 19
13466
152.67
183.79
138.60
7383
12961
155.35
187.75
144.07
7481
12883
160.40
194.62
153.09
7587
13226
165.08
200.00
162.66
77.84
137.19
353.58
35462
40005
43503
152.69
13597
375.54
38634
404 17
44607
162.34
149 52
377.24
38754
40042
44776
163.05
14952
371.88
38272
39232
441 27
160.65
14802
386.44
40091
39809
45095
167.16
15529
391.40
40562
39852
45696
169.21
15697
379.61
38538
41214
457 12
164.06
14894
382.16
384.00
429.93
45291
165.30
14848
385.01
38249
43245
45081
166.78
148 10
372.89
365.82
426.82
44091
161.60
14176
375.78
371.11
425.34
43645
163.15
14424
389.32
385.71
441.91
44601
169.07
149.98
404.08
399.80
461.07
458.87
175.62
155.66
356
348
9.07
3.26
744
2.64
470
9.25
3 58
3.08
696
2.43
424
9.32
365
2.96
699
2.34
4 51
3 57
3.02
7 30
2.46
478
9.19
380
3.07
673
2.44
449
9.02
3.14
716
2.45
424
9.33
375
3.25
720
2.64
4 12
9.39
369
3.21
709
2.55
396
9.28
361
3.13
701
2.44
396
9.23
370
3.22
7.04
2.43
416
9.36
3.68
3.19
6.98
2.34
426
9.38
3.64
3.14
6.99
2.41
4.15
9.31
9.31
140 033
4641
158 878
5*471
141 203
4429
115 481
3927
150 481
4*857
134 368
4521
128 481 116 768 138 281 120 360 117,060
r
r
3,922
3,805
4247
4014
4465
123 996
144 622
123 459
100 894
131 410
118 972
112 242
100 854
118 416
103,902
100,228
3981
4791
3714
3297
4150
3819
3759
3352
3528
3162
3,222
3694
4052
3261
3232
4307
3338
3327
3,060
3,415
2,823
2,845
3,532
3,217
27 609
2502
38729
3 158
28887
2381
25292
2468
33 296
3 115
29054
2614
29585
2601
26524
2348
28698
2522
25017
2287
25761
2488
33475
2716
30227
2,532
2 411 62 2 346 23 2 369 71 2 359 14 2 456 51 2 439 65 2 353 78 2 440 00 2 489 44 2 443 44 2 457 46 2,609.24 2,545.11
76,603 76,836
76,093
76,160
75,891
75,498
75,320
73,025 73,517
74,360 74,688 75,267
73,911
FOREIGN TRADE OF THE UNITED STATES
VALUE OF EXPORTS
Exports (mdse.), incl. reexports,
total @
Seasonally adjusted t
By geographic regions:
Africa
Asia
Australia and Oceania
Europe
Northern North America
Southern North America
South America
By leading countries:
Africa:
Egypt
Republic of South Africa
Asia; Australia and Oceania:
Australia, including New
Guinea
Japan
See footnotes at end of tables.
mil. $.. 254,121.9 321 813 1 22 990 1 24,138 6 29 105 7 26 334 9 28 142 6 26 838 8 25 098 2 26 538 1 27,236 6 28 624 7 27,854.5 29,321.7
24 488 2 24,518 3 26 877 0 26,028 6 27 478 4 26 283 2 26 515 6 27,493.0 27,988.8 27 816 4 27,542.0 29,192.0
do....
do
do
do
do
do
do ....
do....
62834
73 267 5
65259
71 917 2
59,817 6
21,941.5
13,036.1
7 4309
99 704 6
82422
91 644 9
71 034 3
26,974.2
15 146 5
4920
6889 1
4986
66507
51542
1,553.6
10914
5092
7 111 6
'5158
7 259 7
55902
1,533.2
10397
577 9
8871 3
6029
90397
6527 5
2,032.6
13174
6908
82477
'5690
7961 9
57962
2,094.6
1 1470
5738
79099
627 0
80494
65217
2,184.0
13923
741 2
87552
691 0
7 5292
63738
2,141.7
11390
7692
85924
6720
65986
47176
2,375.3
13047
5550
86233
7397
68939
59054
2,518.8
13276
6487
85998
7509
7411 8
61636
2,445.6
13856
5864
8561 4
9050
80190
64373
2,684.1
12438
6088
83029
7332
7 5593
63289
2,669.2
12628
6780
9240 1
937 1
8671 8
55179
2,741.5
1,495.2
do
, 2 210 3
do ....
1,281.2
23397
16903
1748
1156
1277
108.1
1192
161.8
1659
108.9
1687
148.9
3305
1423
3196
1390
127 0
164.9
197 0
152.5
159 6
1425
2054
1715
2445
134.4
4209
70939
37 732 1 26680
4355
29370
5197
32323
492 1
30159
5497
29321
5743
34168
5822
32287
6475
32672
5963
32445
7984
3206 1
6389
31996
8385
33837
do
do....
55457
28,248.6
Unless otherwise stated in footnotes
below, data through 1986 and
methodological notes are as shown in
BUSINESS STATISTICS: 1986
S-17
SURVEY OF CURRENT BUSINESS
March 1989
..
units
Annual
1989
1988
IT
1987
1988
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
FOREIGN TRADE OF THE UNITED STATES-Continued
VALUE OF EXPORTS— Continued
Exports (mdse.), incl. reexports—Continued
Europe:
900.0
898.7
875.4
France
mil. $ ..
897.8
759.3
721.4
823.2
782.3
830.7
986.3
815.8
806.9
7,943.2 10,085.5
12.2
2.2
4.4
41.0
German Democratic Republic
do....
21.0
1.9
6.1
10.6
1.8
4.9
1.3
1.7
109.2
53.9
Federal Republic of Germany
do
11,747.7 14,331.3 1,086.1 1,141.8 1,407.0 1,247.8 1,229.9 1,262.6 1,028.6 1,035.7 1,178.5 1,284.3 1,123.6 1,305.5
648.9
536.5
630.5
Italy
do
551.8
519.2
474.8
591.7
573.4
642.4
483.5
503.0
626.9
6,781.9
5,529.7
Union of Soviet Socialist Re275.6
263.8
215.0
publics
do
115.9
127.5
63.2
151.0
313.1
341.8
308.9
328.0
263.8
2,767.6
1,479.8
United Kingdom
..
do
14,113.9 18,403.5 1,279.9 1,465.7 1,768.4 1,486.1 1,605.8 1,618.3 1,360.9 1,457.5 1,507.8 1,698.6 1,511.5 1,642.9
North and South America:
Canada Q
do
59,814.3 70,861.9 5,154.0 5,589.9 6,527.4 5,796.1 6,520.8 6,373.4 4,717.4 5,905.2 6,162.9 6,437.0 6,328.7 5,517.8
Latin American Republics,
total #
.
do
31,574.4 40,076.7 2,623.9 2,728.5 3,349.3 2,966.7 3,507.1 3,243.8 3,329.8 3,554.9 3,772.2 3,661.5 3,565.5 3,773.6
408.0
334.4
314.4
Brazil
do
330.8
334.3
387.9
314.6
510.7
368.0
340.7
304.8
340.6
4,289.2
4,039.9
Mexico
...
do
14,582.2 20,643.4 1,215.5 1,359.7 1,678.3 1,482.8 1,789.1 1,737.6 1,645.3 1,859.8 1,935.6 2,043.6 1,955.2 1,940.9
472.5
409.5
411.8
469.4
Venezuela
...
do
408.4
403.9
353.0
350.6
389.1
295.4
334.3
312.8
3,586.0
4,610.8
Exports of U.S. merchandise, total @
do.... 245,115.0 308,013.5 22,106.9 23,304.9 28,138.0 25,311.3 26,979.5 25,756.0 24,114.4 25,596.9 26,336.5 27,400.9 26,458.3 28,026.2
Agricultural products total
do
28,636.2 37,015.2 2,876.7 3,156.2 3,326.9 3,054.0 2,970.6 2,675.8 2,622.7 2,876.4 3,179.5 3,302.0 3,350.0 3,624.3
Nonagricultural products, total
do . . . . 215,222.7 270,998.3 18,569.7 19,569.4 24,676.8 22,443.3 23,134.7 23,626.2 21,491.7 22,720.5 23,157.0 24,098.9 23,108.3 24,401.9
By commodity groups and principal
commodities:
Food and live animals #
mil $
19,178.8 26,414.7 1,735.5 1,874.1 2,142.0 2,026.3 2,201.5 1,954.6 2,295.6 2,384.0 2,554.1 2,487.8 2,326.3 2,432.8
434.7
417.0
374.3
377.0
382.1
343.6
361.9
359.9
389.8
383.4
348.9
375.7
Beverages and tobacco
do....
4,548.3
3,666.7
Crude materials, inedible, exc.
fuels #
do
20,416.3 25,135.0 1,929.6 2,209.6 2,306.8 2,135.8 2,021.9 2,128.0 1,842.5 1,984.8 1,922.3 1,993.0 2,154.5 2,506.3
863.9
653.8
656.3
Mineral fuels, lubricants, etc. #
do...
711.4
727.2
659.8
753.3
728.6
678.4
645.2
548.0
560.0
7,713.1
8,185.8
Oils and fats, animal and vege102.0
106.6
125.7
table.,
do
158.2
156.1
106.5
153.7
85.9
121.8
117.5
151.6
67.9
981.4
1,453.7
Chemicals
do
26,380.9 32,299.6 2,287.0 2,444.6 2,933.1 2,646.2 2,645.7 2,815.2 2,616.8 2,805.4 3,119.1 2,622.6 2,534.3 2,829.7
17,136.1 22,844.8 1,498.9 1,685.1 1,948.9 1,781.2 1,949.1 1,969.0 1,746.9 1,981.4 2,180.6 1,938.5 1,928.3 2,237.0
Machinery and transport equipment,
total
mil $. 108,596.0 135,134.8 9,441.4 10,107.9 12,743.1 11,182.4 11,814.7 11,327.0 10,112.2 11,136.8 11,275.4 12,011.7 11,513.4 12,468.9
Machinery total #
do
69,637.0 88,432.0 6,431.7 6,515.9 7,993.4 7,079.3 7,330.9 7,353.1 6,952.3 7,430.2 7,567.1 7,923.6 7,473.0 8,381.4
Transport equipment total
do
38,959.0 46,7023 3,009.7 3,592.0 4,749.7 4,103.1 4,483.8 3,973.9 3,159.9 3,706.6 3,708.2 4,088.0 4,040.4 4,087.5
Motor vehicles and parts
do.... 20,878.8 25,178.0 1,729.9 2,110.6 2,563.8 2,208.8 2,345.2 2,133.7 1,463.2 1,817.0 2,275.1 2,148.1 2,297.8 2,084.8
VALUE OF IMPORTS
General imports total @
do
406,241.0
Seasonally adjusted t
do....
By geographic regions:
Africa
do.... 11,939.4
Asia
do
174,452.3
Australia and Oceania
do....
4,135.9
Europe
•.. .. do
97,418.7
Northern North America
do.... 71,093.5
Southern North America
do
26,498.1
South America
do
20,362.6
By leading countries:
Africa:
Egypt
do
464.9
Republic of South Africa
do
1,345.5
Asia; Australia and Oceania:
Australia, including New
Guinea
mil $
3,029.5
Japan
•
do
84,575.0
Europe:
France
do
10,730.2
German Democratic Republic
do....
85.4
Federal Republic of Germany
do.. . 27,069.3
Italy
do
11,039.6
Union of Soviet Socialist Republics
.
do
424.7
United Kingdom
. ..
do
17,341.3
North and South America:
Canada •.
do
71,085.0
Latin American Republics,
total*
do
44,370.9
7,865.4
Brazil
do
Mexico
.
do
20,270.8
Venezuela
do
5,579.0
By commodity groups and principal
commodities:
Agricultural products,
total
mil. $.. 20,686.9
Nonagricultural products,
total
do . . . . 385,213.7
Food and live animals #
do .... 20,547.1
4,104.9
Beverages and
tobacco
do....
Crude materials, inedible, exc.
fuels #
do.... 11,525.7
Mineral fuels, lubricants, etc
do .... 44,219.5
Petroleum and products
do .... 41,529.4
Oils and fats, animal and vegetable
do
568.1
16,213.4
Chemicals
do
Manufactured goods #
do.... 53,356.3
Machinery
and
transport
177,808.7
equipment
do
Machinery, total #
do.... 99,432.9
Transport equipment
do .... 78,375.8
Motor vehicles and parts
do.... 70,763.8
See footnotes at end of tables.
441,573.5 32,995.1 35,569.0 37,030.0 35,026.9 36,146.9 38,589.5 35,582.9 37,741.1 36,459.1 38,731.2 38,339.6 38,729.0
34,257.6 37,729.0 36,643.7 34,825.0 35,731.7 37,948.4 34,532.9 38,139.7 37,178.1 36,600.0 38,199.8 39,419.2
928.7
776.8
884.7
858.2
927.6
908.8
929.3
854.8 1,028.0
894.5
915.8
955.9
10,863.0
190,729.3 14,314.4 15,374.9 14,802.2 14,489.5 14,740.2 16,145.3 16,032.2 17,445.6 16,048.4 17,248.2 16,606.9 17,481.6
350.7
384.9
344.8
341.8
434.2
370.9
466.9
415.6
387.4
428.7
430.9
467.1
4,824.0
102,673.0 7,458.3 8,200.1 9,329.4 8,163.3 8,676.7 9,069.3 8,523.7 7,922.3 7,898.4 8,657.8 9,039.8 9,733.7
80,924.7 5,993.4 6,598.6 7,273.0 6,830.9 7,242.2 7,470.4 5,790.9 6,301.1 7,017.6 7,332.6 7,145.9 5,928.2
29,485.0 2,186.6 2,524.3 2,557.8 2,248.7 2,492.2 2,670.7 2,225.6 2,576.8 2,450.9 2,466.6 2,600.9 2,484.0
21,783.4 1,842.0 1,773.0 1,826.2 1,827.2 1,858.5 1,694.6 1,730.4 2,100.5 1,839.0 1,750.1 1,719.7 1,822.0
221.3
1,529.6
9.8
107.8
29.2
125.1
25.5
128.7
17.4
110.3
12.8
128.9
12.6
126.0
15.1
132.7
31.8
136.6
15.9
121.0
13.4
152.9
13.2
136.9
24.6
123.0
3,565.4
89,802.1
366.7
6,353.9
336.3
7,186.4
286.6
7,480.8
276.5
7,183.0
288.8
6,785.6
346.1
7,537.6
248.5
7,405.5
302.7
7,736.0
248.0
7,073.4
269.7
8,417.2
312.3
8,186.7
283.1
8,456.0
12,216.6
110.4
26,502.8
11,610.9
860.3
10.0
2,090.1
859.9
954.9
8.9
2,162.8
970.6
1,087.8
17.3
2,513.2
1,060.2
895.8
5.8
2,154.6
893.5
1,149.1
10.8
2,158.8
893.7
1,281.8
7.7
2,212.5
1,033.1
1,056.1
7.6
2,067.1
1,089.9
922.0
6.5
1,942.6
1,058.6
943.6
8.7
2,132.4
717.2
990.7
12.4
2,124.8
978.1
973.5
7.7
2,302.0
1,023.9
1,104.3
7.1
2,641.8
1,032.5
578.0
18,041.7
49.4
1,154.4
45.5
1,463.5
70.6
1,649.8
28.9
1,546.0
39.2
1,549.7
28.3
1,551.5
24.9
1,401.2
54.5
1,449.0
38.9
1,381.0
34.8
1,509.1
65.3
1,638.7
97.6
1,747.6
81,496.3
5,992.8
6,598.1
7,272.7
6,830.7
7,241.8
7,470.1
5,790.6
6,301.0
7,017.4
7,332.6
7,145.6
5,928.0
48,913.7
9,323.8
23,276.9
5,228.1
3,825.0
791.6
1,746.3
444.9
4,075.9
741.1
1,982.0
416.1
4,173.4
728.6
2,004.9
403.6
4,155.1
746.9
1,978.8
549.1
4,160.8
754.4
2,116.6
429.5
3,754.0
743.2
1,699.9
405.8
4,487.7
934.0
2,025.8
497.2
4,129.7
857.0
1,951.6
437.7
4,045.7
779.8
1,989.5
403.1
4,105.3
740.4
2,049.4
375.7
4,077.8
743.9
1,932.9
430.3
::::::::::::::: :::::::::::::
3,923.3
763.0
1,799.2
435.1
21,207.5 1,888.1 1,935.0 1,946.2 1,715.0 1,662.5 1,599.5 1,594.8 1,897.3 1,659.4 1,774.9 1,775.6 1,759.2
420,074.9 31,329.5 33,882.7 35,165.6 33,086.8 34,790.9 36,846.8 33,987.7 35,810.8 34,794.9 36,910.0 36,499.3 36,969.8
20,106.6 1,840.1 1,838.4 1,868.6 1,628.5 1,633.4 1,530.8 1,519.1 1,752.3 1,548.0 1,603.3 1,648.6 1,695.5
350.6
412.1
444.7
361.9
353.2
322.2
340.7
323.9
318.0
305.7
318.8
286.8
4,139.0
13,397.5
41,087.8
38,175.2
976.7
3,575.6
3,268.0
1,050.5
3,795.1
3,479.3
1,199.2
3,190.3
2,948.0
1,098.1
3,280.6
3,048.6
1,150.3
3,864.6
3,627.0
1,165.6
3,490.5
3,296.0
1,070.1
3,338.8
3,115.5
1,186.8
3,608.0
3,386.5
1,110.8
3,203.6
3,020.5
1,170.7
3,057.0
2,865.0
1,142.5
3,101.3
2,854.3
1,076.1
3,582.5
3,266.4
849.0
19,875.6
61,636.0
55.0
1,526.2
4,685.0
61.9
1,646.3
4,901.4
55.8
1,866.2
5,325.7
52.6
1,649.1
4,850.9
51.5
1,647.4
5,257.5
60.0
1,716.6
5,388.3
64.8
1,540.0
5,138.8
98.4
1,747.1
5,344.9
81.8
1,541.9
5,116.6
89.2
1,695.5
5,354.6
94.5
1,630.0
5,445.4
83.6
1,669.5
4,826.9
197,053.3 14,131.8 15,693.8 16,859.6 16,027.8 16,107.3 17,391.0 15,211.4 15,719.9 16,250.0 17,765.8 17,549.0 18,345.8
117,281.0 8,115.4 9,235.2 9,995.0 8,988.9 9,169.2 10,333.9 9,526.6 10,010.1 9,904.8 10,571.4 10,370.8 10,807.4
79,772.4 6,016.4 6,458.6 6,864.6 7,038.9 6,938.1 7,057.1 5,684.8 5,709.8 6,345.2 7,194.5 7,178.3 7,538.4
71,347.0 5,485.0 5,823.6 6,102.8 6,207.4 5,980.5 6,110.6 5,012.6 5,175.6 5,655.0 6,556.0 6,486.4 6,751.5
:::::::::::::
S-18
Unless otherwise stated in footnotes
below, data through 1986 and
methodological notes are as shown in
BUSINESS STATISTICS: 1986
SURVEY OF CURRENT BUSINESS
March 1989
1989
1988
Annual
TI it
uims
1987
1S88
Jan.
Feb.
Apr.
Mar.
May
July
June
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
FOREIGN TRADE OF THE UNITED STATES—Continued
Indexes
Exports (U.S. mdse., excl. military grant-aid):
Unit value @ .
1977 — 100
1586
Quantity
do
1270
Value
do
201 4
General imports:
Unit value @
do
1646
Quantity
do
1692
Value
do
2785
Shipping Weight and Value
Waterborne trade:
Exports (incl. reexports):
Shipping weight
thous. sh. tons.. 357 287
Value
mil $
99011
General imports:
Shipping weight
. thous sh tons 471 693
Value
.....mil. $.. 245,030
1634
1307
2136
1613
142 4
2296
1626
1730
281 2
1654
1540
2547
1696
1531
2597
1696
1519
2577
1737
1367
2374
1746
1459
2546
1769
1486
2629
1758
1498
2634
1758
145 1
2550
1763
1590
2804
1687
1621
2735
170 4
173 1
2949
171 5
1782
3056
1722
1664
2866
1763
1703
3002
1769
1790
3166
177 1
1654
2930
174 0
1785
3105
1725
1740
3002
171 8
1854
3186
1723
1830
315.2
1744
1829
318.9
28246
8801
29911
9467
34890
11 166
35766
10234
35092
10374
33834
10396
31315
10 178
32344
10422
34794
11497
31,994
10555
39280
19,811
39960
20,732
39456
20,830
41 029
20,044
44764
20,718
42086
21^677
41 679
21,247
45030
22,468
42933
20,519
44 562
22,041
TRANSPORTATION AND COMMUNICATION
TRANSPORTATION
Air Carriers
Certificated route carriers:
Passenger-miles (revenue)
bil
Passenger-load factor
percent
Ton-miles (revenue) total
mil
Operating revenues (quarterly) # §
mil $
Passenger revenues
.
do
Cargo revenues ..
.
do
Mail revenues
do
Operating expenses (quarterly) §
do
Net income after taxes (quarterly) §
do...
Domestic operations:
Passenger-miles (revenue)
bil
Cargo ton-miles
mil
Mail ton-miles.
do
Operating revenues (quarterly) §
. mil $
Operating expenses (quarterly) § .
do
International operations:
Passenger-miles (revenue)
bil
Cargo ton-miles
mil
Mail ton-miles
do
Operating revenues (quarterly) §
mil. $ ..
Operating expenses (quarterly) § ..
do
Net income after taxes (quarterly) § .. . do.
Urban Transit Systems
Passengers carried, total *
,
milMotor Carriers
Carriers of property, large, class I, qtrly.:
Number of reporting carriers
Operating revenues, total
mil. $..
Net income, after extraordinary and prior
period charges and credits
..*
mil. $.
Tonnage hauled (revenue), common and
contract carrier service
..mil. tons .,
Freight carried—volume indexes, class I and II
intercity truck tonnage (ATA):
Common carriers of general freight,
, ,
seas, adj
1967-100
Class I Railroads t
Financial operations, quarterly (AAR),
excluding Amtrak:
Operating revenues, total #
mil. $..
Freight.....
do
Passenger, excl. Amtrak
'.
do....
Operating expenses
,
do
Net railway operating income
do ....
Ordinary income "1"
do
Traffic:
Revenue ton-miles, qtrJy. (AAR) . ..
bil
Price index for railroad freight
12/84=100 ..
Travel
Lodging industry:
Restaurant sales index....same month 1967—100.
Hotels: Average room sale A
dollars.
Rooms occupied
% of totalMotor hotels: Average room sale ^
dollars .
Rooms occupied
% of total.
Economy hotels: Average room
sale Q
dollars
Rooms occupied
% of total.
Foreign travel:
U.S. citizens: Arrivals (quarterly)
thous .
Departures (quarterly)
do...
Aliers: Arrivals (quarterly)
do
Departures (quarterly)
do...
Passports issued
do...
National parks, recreation visits ##
do...
See footnotes at end of tables.
40431
624
50451
56699
44883
6395
'924
54262
459
3045
558
3861
2971
57 5
3803
3619
644
4585
14478
11 374
1726
244
14246
52
3402
625
4305
3535
625
4449
3824
666
4780
16088
12850
1834
'235
14865
600
4088
682
5058
4300
709
5261
3382
603
4364
3545
61 9
4605
32.53
598
4295
32448
4339
1312
45468
43756
. '57
2409
354
111
2436
355
105
2947
419
121
11 616
11 489
90
2720
391
111
2769
394
105
2905
415
106
12725
11 800
463
3050
407
103
3221
416
105
2522
417
106
2732
437
111
2585
426
113
7983
3921
443
10,907
10214
'302
636
316
35
534
338
34
672
388
39
2,772
2681
28
682
364
37
766
379
36
9 18
399
36
3,293
3046
'l27
1038
424
36
1080
403
36
860
423
35
812
473
39
8,972
726
737
835
779
750
758
695
753
740
1727
1786
1785
2
100
18,772
100
4403
100
4,710
263
38
108
179
42
43
1638
177 2
1753
171 9
26,623
25798
' 95
23881
1752
1 989
9437
100,1
1752
1755
1796
1847
7009
6804
21
6649
'225
347
6868
6666
21
6034
'569
523
178.3
1783
1781
2484
105.4
2
105.3
233
2,241
223
1304
283
1,516
"181.9
740
103.2
103.2
247 4
103.2
105.2
105.2
2513
104.9
105.2
105.4
2500
105.4
105.4
223
8258
68
47.79
62
178
8664
57
4711
54
217
8817
63
4578
60
241
8927
72
4888
72
233
8537
70
4635
68
276
8497
70
4448
64
265
8270
70
4558
71
259
7658
68
5156
75
218
8049
72
4661
74
222
8365
66
4301
64
3287
64
3280
52
4187
56
36 10
71
5030
68
53 52
66
50 19
74
5044
80
36 18
78
3430
65
3342
65
2
2,007
2
1,699
2
1 540
2
2
1,411
2
1,398
2
1 214
2
408
4,677
4,340
4,529
3337
2881
421
7790
2
1,834
2
1,887
2
1 634
2
378
1,563
4,126
3,717
2801
2440
467
2,272
765
105.9
258
8971
72
4425
66
9970
1
17,005
1
16,425
1
11 639
1
10 239
4872
55,782
4061
55,422
326
1,407
432
2,925
1 181
335
10359
1 579
339
9871
1173
263
6,277
235
4,737
2
761
105.9
S-19
SURVEY OF CURRENT BUSINESS
March 19S9
Unless otherwise stated in footnotes
19 Ks
Ann ual
1989
Units
methodoYogical notoTare as shown in
BUSINESS STATISTICS: 1986
1987
1988
Jan.
Feb.
Mar.
May
Apr.
June
July
Sept.
Aug.
Nov.
Oct.
Feb.
Jan.
Dec.
IRAN SPORT ATION AND(^OMMlJNICA1PION- Continiled
COMMUNICATION
Telephone carriers: (>
Operating revenues #
Station revenues
Tolls, message
Operating expenses (excluding taxes)
Net operating income (after taxes)
Access lines
mil $
do ...
do
do....
.
do....
mil ..
74657
31,669
9 171
50,384
13,370
CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Inorganic Chemicals
Production:
Aluminum sulfate, commercial (17% AlaOa) $
thous sh tons
Chlorine gas (100% Cy $
do .
Hydrochloric acid (100% HC1) $
do
Phosphorus, elemental $ .
<
do
Sodium hydroxide (100% NaOH) $
Sodium silicate anhydrous $
Sodium sulfate, anhydrous $
Sodium tripolyphosphate
(100% NasPaOio) f
Titanium dioxide (composite and
pure) $
1264
11019
2869
344
do ....
do
do
11,486
107
974
226
30
100
953
233
30
108
910
187
30
118
904
183
30
110
922
181
28
121
951
232
27
108
960
232
29
96
987
205
29
98
966
221
29
939
85
352
11,610
952
946
59
1,031
63
1,022
62
851
57
845
74
999
71
1,033
76
1,038
70
1,022
66
65
69
69
70
68
872
65
60
68
67
63
65
65
75
45
49
91
93
1,101
60
813
789
586
551
41
48
54
53
47
49
39
41
36
51
do
968
1026
83
81
86
88
92
84
85
84
88
78
Inorganic Fertilizer Materials
Production:
Ammonia, synthetic anhydrous $
thous. sh.
Ammonium nitrate, original solution $
Ammonium sulfate $
Nitric acid (100% HNO3) $
Nitrogen solutions (100% N) $
Phosphoric acid (100% P2O5) $
Sulfuric acid (100% HzSOJ $
Superphosphate and other phosphatic
fertilizers (gross weight):
Production
thous. sh
Stocks, end of period
Potash sales (K2O)
Imports:
Ammonium nitrate
.
Ammonium sulfate
Potassium chloride
Sodium nitrate
815
r
233
30
1,012
(3)
86
777
(3)
47
Sulfur, native (Frasch) and recovered:
Production..
thous met tons
Stocks (producers') end of period
.
do....
92
101
907
221
30
do
.
105
102
903
214
30
1 274
2568
796
779
773
769
805
762
836
816
r
r
2,316
9618
1,112
2,250
2,133
1,963
1,894
1,750
1,580
1,536
1,490
1,368
1,324
1,210
931
1,112
tons ..
16095
16946
1409
1304
1455
1475
1,513
1,395
1,443
1,388
1,289
1,346
1,400
6547
7225
2385
10685
39235
7 188
2337
7889
3 119
11717
42779
582
181
658
251
940
589
191
650
231
978
652
200
736
253
648
187
710
285
1015
560
172
623
227
902
3425
3366
1017
3591
635
210
690
281
972
3657
3590
3376
3,510
3549
3,441
3673
3675
16862
1 351
1370
(3)
66
945
3,926
15674
229
30
1,529
> do
do....
do
do
do
do
(3)
'9363
2189
tons .
do
do
704
'886
6204
5703
307
285
750
699
7491
102
144
762
422
30
64
698
294
371
7290
do
do
do
do
754
26
22
692
7
(2)
574
188
631
246
958
565
190
630
251
971
515
188
570
240
945
587
213
627
272
1,004
621
207
654
278
961
660
210
710
304
1,054
1385
1277
1223
1339
1436
1378
1588
1608
620
688
780
536
690
392
726
280
728
467
570
347
602
438
1515
436
749
447
886
548
27
44
912
12
35
42
952
42
21
24
589
19
19
9
380
10
19
32
334
7
18
15
564
16
15
26
509
17
18
14
599
5
18
44
646
49
35
615
9
1 392
'581
(2)
Industrial Gases t
Production:
Acetylene
mil cu ft
Nitrogen (high and low purity)
Oxygen (high and low purity)
do
do
5284
149 217
675 843
402 644
5 533
143 229
718 901
447 701
'241
379
382
424
483
339
324
354
462
628
559
616
12408
60 587
37074
12212
58 894
35*147
11 824
61 298
37*469
12 152
58 205
36*474
13215
60 681
38863
12724
57286
36002
12389
62210
37*856
11738
11077
11022
11,849
60754
58901
36676
60566
10,619
60912
38359
224
38 156
583
37 603
r
58 607
r
38 022
Organic Chemicals §
Production:
Acetylsalicylic acid (aspirin)
Ethyl acetate
Formaldehyde (37% HCHO)
Glycerin, refined, all grades . .
Methanol, synthetic
Phthalic anhydride
ALCOHOL
Ethyl alcohol and spirits:
Production.........
Stocks, end of period
Denatured alcohol:
Production . .
.
Consumption (withdrawals)
For fuel use
Stocks, end of period
See footnotes at end of tables.
.. mil Ib
do .
do....
do
mil gal
mil. Ib.
1
1
'2722
'2140
5,733.2 '67298
2817
2764
1 135 1 1 1 105 9
1,035 2 1 141 3
65
480
r
24 1
233
249
242
248
48
872
71.6
1,650 0
68
470
1 651 1
1,668.3
1,733.5
220
255
208
2532
2844
2720
2704
21 9
2718
43
248
2946
mil tax gal
do..
.
7303
434
626
477
474
61 2
642
364
607
395
698
347
61 2
659
405
628
386
612
284
697
359
mil wine gal
do
do
do
4425
4605
2083
365
348
148
102
365
357
143
440
458
185
114
369
408
190
435
40 1
11 1
385
386
173
109
362
387
190
87
36 1
76
334
354
178
74
97
11 5
41 6
210
313
422
203
86
385
18.2
75
260
194
315.6
291.8
27.7
S-20
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes
below, data through 1986 and
methodological notes are as shown in
BUSINESS STATISTICS: 1986
1T .,
units
Annual
1987
March 1989
1989
1988
Jan.
1988
Feb.
Mar.
Apr.
May
June
July
Sept.
Aug.
Oct.
Dec.
Nov.
Jan.
CHEMICALS AND ALLIED PRODUCTS-Continued
PLASTICS AND RESIN MATERIALS
Production:
Phenolic resins
mil. lb.. 2 1,697.1
Polyethylene and copolymers
do.... ' 17,374.6
Polypropylene
do
'6977 3
2
Polystyrene and copolymers
do
82828
Polyvinyl chloride and copolymers
do
'83378
PAINTS, VARNISH, AND LACQUER t
Total shipments
mil $
Architectural coatings
do
Product coatings (OEM)
do
Special purpose coatings
do ....
10 058 4
42158
38588
1,983.8
1
18,331.5
1 6 922 9
4,597.1
1 6793
4,555 4
17046
4,422.5
18531
4,753.5
16861
^89624
21331
2 1534
2 324 2
2,333.5
11 073 6
4 384 1
44572
2,232.3
751 5
2738
3345
143.2
8223
3048
3580
159.4
9580
3850
3877
185.3
9701
390 7
3817
197.6
10340
421 0
395 8
217.1
10670
457 6
3922
217.2
937 5
401 4
3342
202.0
10000
427 6
367 5
205.0
9633
3830
3837
196.7
9402
3558
3984
186.0
8502
3014
3782
170.7
7794
2820
3452
152.2
ELECTRIC POWER AND GAS
ELECTRIC POWER
Production:
Electric utilities, total. . .
mil kw -hr 2 572 127
By fuels
do
2 322 432
By waterpower
do
249 695
Sales to ultimate customers, total (Edison
Electric Institute) <>
mil. kw.-hr.. 2,431,192
Commercial §
do
656 708
Industrial §
do .... 842,680
Railways and railroads ... .
do
4878
Residential or domestic
do
845 069
Street and highway lighting
do
14542
Other public authorities
do
62,819
Interdepartmental
do
4495
Revenue from sales to ultimate customers
(Edison Electric Institute) Q
mil $
155 523
GASO
Total utility gas, quarterly
(American Gas Association):
Customers end of period total @
Residential
Commercial
Industrial @
Other
Sales to customers, total
Residential
Commercial .
Industrial
Electric generation
Other
Revenue from sales to customers total
Residential
Commercial
Industrial
Electric generation
Other
thous
do
do
do
do
tril. Btu
do
do
do
do
do
mil $
do
do ...
do
do
do ...
237 586 216 813 213 838 195 818 208 144 232 183 257 048 267 148 220 035 210 377 209 382
215 371 197 648 194 324 176 717 186 913 213 353 240 145 250 701 203 764 195 266 190 925
22214 19165 19514 19 102 21 230 18829 16904 16447 16270 15112 18457
638,859
166 780
211,402
1 304
238 639
3755
16098
881
591 912
165 289
218,376
1 183
187 087
3469
15526
982
705,136
197 196
228,555
1274
256 101
3570
17327
1 113
39012
37353
47539
51 802
47 579
3990
179
54
10543
4,385
2 156
2541
1306
155
52720
48357
4133
175
54
4084
2,192
982
640
211
60
52431
48 139
4058
179
54
1961
791
398
480
264
28
52093
47871
3992
177
53
1628
373
260
471
502
22
45492
23622
10,271
7 500
3569
530
18238
10779
4510
2 160
581
208
8353
4390
1,857
1362
645
97
6307
2489
1,185
1284
1291
58
FOOD AND KINDRED PRODUCTS; TOBACCO
ALCOHOLIC BEVERAGES
Beer:
Production
mil bbl
Taxable withdrawals
do
Stocks, end of period
do
Distilled spirits (total):
Production
mil tax gal
Consumption, apparent, for beverage
purposes "I*
mil wine gal
Stocks, end of period
mil tax gal
Imports .
mil proof gal
Whisky:
Production.
mil tax gal
Stocks, end of period
do
Imports
mil. proof gal..
Wines and distilling materials:
Effervescent wines:
Production
mil. wine gal..
Taxable withdrawals
do....
Stocks, end of period
do...,
Imports
do
Still wines:
Production
do
Taxable withdrawals
do ....
Stocks, end of period
do...,
Imports
;
do
Distilling materials produced at
wineries
do...,
See footnotes at end of tables.
19542
17785
1294
1585
13 94
1385
1773
15 24
1513
1831
1648
1525
1402
1321
1347
1332
1223
1323
31 01
42638
1175
11 12
700
391
36990
561
561
36740
8.14
7.30
4.37
266
175
1900
108
304
348
1827
106
365
387
17.95
199
302
4.69
15.48
212
1 29
672
3898
38752
552
2650
3640
371.93
534
19253
3309
569.32
524
11701
3246
548.27
7 12
5330
34.33
587.32
700
5 17
196
1009
4053
3288
895
1817
1641
1488
1772
1622
1432
1545
14 12
1368
1561
1409
14 15
19769
178 05
1323
1580
1380
1347
7651
480
650
743
787
9 16
7 10
570
514
982
1296
38776
45500
10689
9596
2512
44963
771
2653
448 14
622
3065
44643
7 53
3031
44514
7 12
30 11
39506
7 58
3270
44021
681
2803
43539
647
2948
43154
780
2993
42733
884
3833
39372
7092
61 26
179
38931
497
253
38647
367
406
38478
500
446
38408
434
468
33427
485
345
37987
427
300
37728
369
282
37378
506
1302
1.78
2.13
15.36
60
248
1.24
16.50
72
166
151
16.46
94
226
136
17.29
72
136
191
1757
86
345
196
1767
78
271
170
1845
87
6800
6.23
35.02
586.92
478
4.61
31.84
539.39
498
5.14
38.47
501.19
611
3.84
40.49
542.89
538
488
4165
470.22
569
350
4722
454.47
568
7.60
10.98
2.21
3.10
3.50
294
27.88
30.04
14.99
1387
442.82
r
452.89
601.63
8242
145.90
17 12
15 26
1412
1858
17 04
1495
851.3
3103
3780
163.0
Feb.
Unless otherwise stated in footnotes
below, data through 1986 and
methodological notes are as shown in
BUSINESS STATISTICS: 1986
S-21
SURVEY OF CURRENT BUSINESS
March 1989
1989
1988
Annual
1T M
vnns
1987
1988
Feb.
Jan.
Mar.
May
Apr.
June
Aug.
July
Nov.
Oct.
Sept.
Jan.
Dec.
Feb.
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
DAIRY PRODUCTS
Butter:
Production (factory)
mil Ib
1 104 1 1 1983
Stocks, cold storage, end of period
do
2147
1432
Producer Price Index
1982=100 ..
90.8
95.3
Cheese:
53442 55317
Production (factory), total
mil Ib
American, whole milk
do
27167 27870
Stocks, cold storage, end of period
do .
3881
4571
American, whole milk
do
3674
2834
Imports
do
2649
2526
Price, wholesale, cheddar, single daisies
(9)
(Chicago)
$ per Ib
Condensed and evaporated milk:
Production, case goods
mil Ib
558 5
5797
Stocks, manufacturers', case goods, end of
period
do
44 1
31 8
Exports
do
77
52
Fluid milk:
Production on farms "j"
do
121 294 123 896
Utilization in manufactured dairy
products
do
81740 84762
Price, wholesale, U.S. average
$ per 100 Ib ..
12.14
12.54
Dry milk:
Production:
Dry whole milk.
mil Ib
1699
1459
Nonfat dry milk (human food) .
do
1 0590
9684
Stocks, manufacturers', end of period:
Dry whole milk
do
128
80
Nonfat dry milk (human food)
do
45 1
651
Exports, whole and nonfat
(human food)
do
3376
3878
Price, manufacturers' average selling, nonfat
dry milk (human food)
$ per Ib
773
793
GRAIN AND GRAIN PRODUCTS
Exports (barley, corn, oats, rye,
wheat)
mil bu
29204
Barley:
2
Production (crop estimate)
do
5295
6
Stocks (domestic), end of period, total
do
3356
6
On farms
do
193 9
6
Off farms
do
1417
Exports including malt §
do
1430
Producer Price Index, No. 2 feed,
I0
Minneapolis
1982=100 ..
85.7
Corn:
Production (crop estimate, grain
only)
mil bu 21 064 1
79 771 o
Stocks (domestic), end of period, total
do
7
On farms
do
6 100 0
7
Off farms
do
3 671 0
Exports, including meal and
flour
do ..
16067
Producer Price Index, No. 2, Chicago
1982= 100 ..
67.7
Oats:
2
Production (crop estimate)
mil. bu
3740
Stocks (domestic), end of period,
6
total
do
132 7
6
On farms
do
103 3
6
Off farms
do
294
Exports including oatmeal
do
21
Producer Price Index, No. 2, Minneapolis
1982=100..
"92.5
Rice:
2
Production (crop estimate)
mil bags #
129 6
Southern States mills (Ark., La., Tenn., Tex.):
Receipts, rough, from producers
mil. Ib ,
9533
Shipments from mills, milled
7791
rice
do
Stocks, domestic, rough and cleaned (cleaned
basis), end of period
mil Ib
2689
Exports
...
do
5247
Producer Price Index, medium grain,
milled
1982= 100 ..
83.3
Rye:
2
Production (crop estimate)
.
mil bu
19 8
Producer Price Index, No. 2,
Minneapolis
1982 — 100
547
Wheat:
2
Production (crop estimate) total
mil bu
2 108
2
Spring wheat
do
542
2
Winter wheat
.do
1565
r
Distribution, quarterly @
do
2304
7
Stocks (domestic) end of period total
do
2 500 6
On farms
do
?9660
71 5346
Off farms
do
1 168 1
1 1067
Wheat only
do
See footnotes at end of tables.
34483
1247
1573
*88.9
117 1
1988
88.6
1164
221 1
88.8
4839
2446
443 1
3541
169
1079
2825
88.8
4744
2452
4818
3824
200
759
2957
92.1
479
466
414
404
384
445
1053
4
923
14
894
3
515
21
44.1
.3
59.4
9967
10 125
9790
10 251
10,465
9,830
6891
11.80
6684
12.40
6630
13.00
6342
13.40
6,916
13.50
7,189
13.40
"13.10
148
795
143
666
147
601
133
560
126
560
138
734
15.3
871
106
677
114
713
114
533
11 2
444
106
499
108
39 1
128
451
122
604
296
402
326
349
352
264
293
321
735
740
753
770
807
826
841
849
3328
274 1
2502
2667
2892
2734
2466
2954
154
530
544
51 3
545
518
6
597
2
713
2
85 1
9
943
6
9822
10 693
10 605
1 064
1
10 562
10 514
10 282
6881
12.50
6847
12.30
7552
11.90
7519
11.60
7832
11.40
7592
11.30
7076
11.40
136
838
134
858
129
958
157
1026
167
104 1
141
1046
91
569
90
63 5
66
562
84
708
93
74 1
219
120
281
153
744
738
734
734
2885
2749
3277
3289
473 1
251 8
4533
3606
166
98
72
158
90
128 2
50
89.3
89.3
97.7
106.6
102.4
1335
24 921 2
77 070 9
74 280 2
7
2 790 7
18234
76356
44210
32146
1237
1639
80.8
80.2
8
97.1
73.3
r
4675
2241
3973
289.9
233
5
450 7
5
2392
5
4
3213
4
1931
4
8
4826
242.1
388.1
283.4
270
88.6
448
41 6
110.4
4540
2141
364.7
258.5
277
456.6
225.6
394.1
283.0
103 5
6
442
1929
103 1
1290
246.2
89.2
4485
210 1
4110
3045
193
402
1
r
1112
2147
92.1
922
2263
92.1
922
2373
92.2
4417
2137
4580
3481
242
4542
2359
4921
3847
238
4288
221 0
4459
357.5
17 1
10 221
830
247 6
92.6
742
2900
92.6
4328
2258
4538
3636
198
2
2905
7
375 7
7
182 8
7
2
91 7
2947
91.4
4902
2587
4601
3667
167
111 7
2398
88.8
r
117
2115
25
88
22
375.7
182.8
192.9
31
122.8
104.5
138.7
120.2
117.5
110.2
1537
173.9
70709
42802
2,790.7
149.2
172.6
112.8
114.4
104.2
106.4
853
124
125.4
353355
33 241 0
325945
1794
1663
1329
M259 1
'20028
'22563
1518
1225
80.1
81.3
102.4
115.5
113.4
114.9
118.6
113.0
108.7
133.4
218 8
2
2
1
2
«H20
«769
«35 i
3
4
1
2
1
107.0
110.7
103.0
94.3
116.0
162.5
159.8
165.6
163.8
8985
648
600
420
278
258
277
163
457
2567
6722
556
596
491
400
525
465
428
476
700
2011
4848
2614
409
2496
299
2310
411
2 145
333
1826
486
1 577
278
1 283
373
1 108
251
107.4
115.4
117.7
116.6
120.6
117.5
114.9
«549
549
505
469
535
938
82 1
61120
6
769
6
351
21
133.3
2
8
2
1
143.2
142.6
155.3
2063
640
614
773
677
633
775
601
1870
360
2529
518
2397
525
2,011
604
2,053
114.6
111.9
106.7
108.4
104.5
104.5
104.5
784
813
71 8
779
828
791
791
968
91.2
549
17110
6140
1,097 0
94 1
90.7
1068
99.8
1
156.1
159 5
113.1
2
8
150
69 1
2
1 811
2
250
1561
2622
7
1711 0
76140
7
1 0970
1 5186
14692
2
1450
1379
r
580
1923 5
7480
1 1755
1438
1417
4
1480
1473
1534
1516
r
666
1 260 8
4
5250
4
735 8
148 1
1461
1284
1215
1158
1100
r
827
22536
7980
14556
112 1
106.5
1264
124.8
SURVEY OF CURRENT BUSINESS
S-22
Unless otherwise stated in footnotes
below, data through 1986 and
methodological notes are as shown in
BUSINESS STATISTICS: 1986
,,mUm
umts
1987
March 1989
19 89
1988
Annual
1988
Jan.
Feb.
Apr.
Mar.
May
June
Aug.
July
Nov.
Oct.
Sept.
Feb.
Jan.
Dec.
FOOD AND KINDRED PRODUCTS; TOBACCO-Continued
GRAIN AND GRAIN PRODUCTS-Continued
Wheat—Continued
Producer Price Indexes:
Hard red winter, No. 1, ord. protein (K.C.)
70.6
1982=100..
90.8
Hard red spring, No. 1, ord. protein (Minn.)
93.1
68.8
1982=100..
Wheat flour:
Production:
Flour
thous. sacks (100 lb.).. 338 484 339 453
Millfeed
thous sh tons
6 130
6135
Grindings of wheat
thous bu 760 459 759 833
Stocks held by mills, end of period
5858
thous sacks (100 lb )
5 137
Exports
do
26367 21 181
Producer Price Index
6/83—100
102 1
897
POULTRY AND EGGS
Poultry:
Slaughter
mil lb
Stocks, cold storage (frozen), end of period,
total
mil lb
Turkeys
do
Price, in Georgia producing area,
live broilers
$ per lb..
Eggs:
2
78.8
82.6
75.1
79.1
76.8
93.6
93.9
93.3
101.7
105.3
103.6
105.2
110.1
108.0
76.5
83.8
75.5
79.6
81.6
104.0
97.9
102.6
104.0
106.2
102.7
103.3
111.5
108.9
26,199
473
58833
25,601
460
57590
26498
476
60371
25,660
453
57583
28,944
515
64858
28,173
500
62961
28,251
502
63002
31,167
556
69182
29,133
530
65,226
31,058
552
69,172
30,853
561
68,846
27,916
r
552
62,209
28,536
526
62,651
3057
912
883
944
5719
'273
906
782
935
833
939
5205
2941
1070
2,490
107.0
2385
107.7
5,640
689
110.0
2,411
110.5
1,447
109.0
5,137
2,991
109.1
110.8
1 619
1 831
2
r
r
r
19 886
20520
1618
1779
1648
1759
1600
1847
1792
1750
1,672
1607
1,666
501
282
451
250
489
262
562
335
594
353
628
384
639
422
674
467
719
507
739
562
770
583
793
595
510
304
451
250
110.2
454
257
.330
Stocks, cold storage, end of period:
Shell
thous. cases § ..
Frozen
mil lb
Price, wholesale, large (delivered; Chicago)
$perdoz..
.265
.313
.245
.230
.250
.255
.315
.340
.425
.410
.390
.350
.325
.335
.340
1932
1930
168
157
168
160
162
155
159
160
155
162
15.8
16.2
15.9
43
17
9
20
67
18
53
18
67
14
14
17
21
20
30
25
28
23
25
25
23
22
24
20
26
18
9
20
18
19
.579
.583
.512
.489
.536
.479
.471
.528
.698
.654
.714
.631
.622
.661
.678
2679
34468
2,410
34,047
205
2836
203
2,679
216
2,812
169
2,707
171
2,830
204
2,983
207
2,897
227
3,120
207
2,927
197
2,871
202
2,698
203
2,685
196
2,711
67.71
69.13
70.07
71.21
72.35
72.92
79.89
202.44
82.99
213.75
81.31
230.88
80.99
225.63
82.02
230.25
82.91
225.06
.666
LIVESTOCK
Cattle and calves:
Slaughter (federally inspected):
Calves..
thous animals
Cattle
. . do.
Prices, wholesale:
Beef steers (Omaha)
$ per 100 lb
Steers, stacker and feeder
(Kansas City)
.
do
Calves, vealers (So. St. Paul) .. .
.dollars i
Hogs:
Prices:
Wholesale, average, all weights (Sioux City)
$per lOOlb..
Hog-corn price ratio (bu. of corn equal in
value to 100 lb live hog)
»
Sheep and lambs:
mil lb
Exports (meats and meat prepImports (meats and meat preparations)
do
Beef and veal:
Production, total
do....
Stocks, cold storage, end of period
do....
Exports
.
do
Imports
. do .
Price, wholesale, beef, fresh steer carcasses,
choice (600-700 Ibs.)
(Central US.)
. $ per lb
Lamb and mutton:
Production total
mil lb
Pork (excluding lard):
Production, total
.
do
Exports
do
t
Imports
.
do
Prices:
Producer Price Index, Hams, smoked
1982=100
Fresh loins, 8-14 lb. average,
wholesale (N.Y.)
$ per lb
MISCELLANEOUS FOOD PRODUCTS
Cocoa (cacao) beans, imports
(including shells)
thous Ig tons
Coffee:
Imports, total
thous. bags Q
From Brazil
do
U S Import Price Index t
1985—100
Fish:
Stocks, cold storage, end of period
mil. lb
See footnotes at end of tables.
6500
6831
71.53
7271
75.15
70.58
65.96
67.08
8026
86.88
8164
87.50
83.12
87.50
82.61
96.41
78.99
97.66
70.77
100.88
74.14
77.50
79.45
87.50
78 913
85 515
6803
6 519
7 505
6 929
6 713
6 715
6 199
7 101
7 ^34
7887
7908
7703
7 116
47.11
43.25
44.59
47.45
43.19
42.28
47.75
48.26
45.60
45.98
41.28
38.92
36.52
40.58
41.64
41.11
33.6
193
243
25.0
22.7
223
23.7
19.5
16.2
16.9
15.7
15.0
14.4
15.7
15.7
15.7
7132
7892
4
4
5042
5 122
380
408
535
414
413
387
442
452
437
418
447
418
75.77
60.71
78.17
79.38
79.50
(*)
75.17
58.80
57.55
54.90
58.35
60.44
61.90
64.75
66.25
38442
623
39753
716
3245
665
3070
693
3354
716
3 158
758
3206
720
3317
669
3 170
666
3505
630
3462
646
3,510
664
3,397
704
3,358
716
3,265
747
2017
Price, wholesale, lambs, average (Omaha)
$per!001b..
MEATS
Total meats (excluding lard):
Production
6958
8050
227 67
6460
2383
159
153
165
179
191
198
205
23'
219
225
227
231
2755
2784
290
238
280
247
230
276
219
252
200
194
196
163
23,821
293
868
1,599
23,809
323
977
1660
1,978
321
65
198
1,860
332
60
134
1,958
317
68
168
1,870
309
72
154
1,948
278
73
135
2,058
25
74
178
2,013
269
81
127
2,197
294
99
159
2,075
31
97
116
2,040
300
100
106
1,908
305
101
110
1,904
323
88
75
1,928
324
972
1031
972
995
1035
1052
1.117
1064
971
1.010
1.032
1.044
1.047
1.062
1.073
310
g
329
24
26
g
35
26
27
g
27
24
28
28
28
27
g
29
6
27
14312
285
155
1017
15615
358
324
967
1244
291
14
77
1183
308
16
90
1360
346
15
97
1263
396
22
81
1,231
389
26
82
1,232
363
37
85
1,133
337
33
80
1,281
287
37
81
1,359
288
27
72
1,442
321
34
76
1,462
364
33
1,310
379
T
1,424
358
30
75
2
388
104.2
96.2
101.8
99.6
99.6
93.4
91.8
92.0
91.4
92.4
94.5
98.4
99.1
100.2
1.188
124
1.150
1.098
1.142
1.298
1.315
1.259
1.277
1.215
1.071
.996
1.132
(6)
2585
2330
27
300
267
183
147
21
144
195
88
86
13.5
30.5
15,33
421
90
1,17
35
1,683
37
41
41
1.080
(6)
1.265
66.83
19,906
392
81
42
39
1,42
27
92
1,17
31
1,14
233
83
25
92
1,543
375
1,62
51
1,238
438
887
37
38
367
38
376
40
40
3
1,27
64
42
1,19
20
404
1,027
240
894
415
r
39
"394
S-23
SURVEY OF CURRENT BUSINESS
March 1989
Unless otherwise stated in footnotes
below, data through 1986 and
methodological notes are as shown in
BUSINESS STATISTICS: 1986
1989
1988
Annual
IT u
ljnlts
1987
1988
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
FOOD AND KINDRED PRODUCTS; TOBACCO—Cont.
MISCELLANEOUS POOD PRODUCTS—Cont.
Sugar:
Exports, raw and refined
sh tons
617 947 967 129
Imports raw and refined
thous sh tons
1 275 1 337
Producer Price Indexes:
Raw (cane)
1982=100..
111.9
110.3
Refined
do
1086
1064
Tea, imports
thous. lb.. 170,616 198,731
25483
104
14325
78
24716
84
9873
106
45883
68
39671
123
31 171
159
25371
109
42 134
181
18536 678 530
148
99
4
109.7
105 7
14,377
111.4
107 0
15,800
111.4
1067
17,770
111.9
107 2
19,962
111.8
1066
18,596
112.7
1069
19,386
118.0
1082
17,609
111.8
1100
17,356
111.6
1099
12,918
110.7
1123
12,438
110.2
1120
14,974
112.0
112.8
17,547
4471
425 886 s 477 259
489 861 433 053
72022
33369
37 692
28984
4176
48364
40392
56740
43969
34933
40 121
3792
22778
41363
26025
43354
24651
42543
3925
31480
44983
32641
35469
46046
26936
45,388
11569
millions
111 199
do
576 998
do
2675
do .... 100,246 118,499
TOBACCO
Leaf:
Production (crop estimate)
Stocks, dealers' and manufacturers',
end of period . ...
Exports, incl. scrap and stems ..
Imports incl scrap and stems
Manufactured products:
Consumption (withdrawals):
Cigarettes (small):
Tax-exempt
Taxable
Cigars (large), taxable
.
Exports, cigarettes
11 435
78
8728
32441
145
7,583
10311
46 100
185
9,500
10 1%
55291
214
9,478
9286
44825
188
9,058
10 316
51 609
216
10,110
12 526
52699
251
10,271
9 164
31 416
173
10,167
11 664
34373
224
9,914
11 682
51941
237
10,557
11338
46871
208
10,501
15585
56 264
200
10,214
11,146
mil lb
do
thous lb
do
'1191
4
111.0
113.2
111.9
. 114.4
165.5
170.5
125.2.
114.3
109.6
125.8
115.0
110.0
'1348
LEATHER AND PRODUCTS
LEATHER
Exports:
Upper and lining leather
Producer Price Index, leather
thous sq ft
1982=100 ..
194 152 215 358
167.8
140.9
16033
158.0
18431
160.1
18430
171.1
14647
' 175.1
19273
176.4
17 623
165.0
15023
165.7
13967
168.2
21022
168.8
22556
170.7
15835
166.9
22519
166.5
15656
19398
20 158
17 870
18630
18263
13887
19531
19451
19403
19 611
15,758
(3)
(3)
(3)
(3)
(3)
(3)
(3)
(3)
(3)
(3)
(3)
4
LEATHER MANUFACTURES
Footwear:
Production, total Q..
.
thous pairs
225 888 217 616
Shoes, sandals, and play shoes,
except athletic
thous pairs 162 323
Slippers
do
55548 57774
Athletic..
do
8017
Other footwear
do
2464
2360
Exports
do
14713 18394
Producer Price Indexes:
Men's leather upper, dress and casual
121.3
111.4
1982=100..
Women's leather upper
do
1126
1072
Women's plastic upper
do....
107.6
104.9
3352
4348
5477
(3)
(3)
179
1278
189
1 603
190
1 903
117.2
119.6
1114
107.4
119.7
111 8
107.2
(3)
4
4
1107
4
107.4
(3)
4807
(3)
(3)
(3)
(3)
117
1661
313
1432
306
1635
204
1483
210
1,652
11432
3422
904
165
1,438
120.1
111 9
107.2
121.9
1130
107.2
122.8
1136
107.3
123.2
113.3
107.7
123.1
113,5
105.9
123.3
114.2
108.4
124.9
114.1
109.4
5436
194
1 495
5283
(3)
208
1 369
119.7
111 5
107.2
120.1
111 5
107.3
4055
(3)
(3)
189
1443
5348
4909
5 181
6 156
LUMBER AND PRODUCTS
LUMBER-ALL TYPES #
National Forest Products Association:
Production total
mil bd ft «49 395
r2\\ 160
Hardwoods
do
r»38 235
Softwoods
do
r?49 761
Shipments total
do
Hardwoods
do
^11460
rt
Softwoods
do
38301
Stocks (gross), mill, end of
period total
do
6 183
Hardwoods ..
do
1 412
Softwoods
..
do
4771
Exports, total sawmill products
do....
Imports, total sawmill products
do
15 211
2
48 350
2
11*446
2
3814
955
2859
3790
1 025
2765
4042
*951
3091
4092
1 084
3008
4389
1093
3296
4320
1 068
3252
4247
1 013
3*234
4257
'967
3 290
4245
1*030
3215
4261
1001
3260
4 137
1 099
3038
4309
1037
3272
3671
958
2713
3 688
898
2790
4056
1 158
2898
3929
1 117
2812
4 180
1003
3177
4038
921
3 117
4040
778
3262
3871
737
3134
3715
747
2,968
3656
716
2940
3,595
690
2,905
3604
665
2,939
6251
1 384
4867
6282
1332
4950
6341
1 347
4994
6302
1363
4939
6257
1363
4894
4685
4677
4765
4823
4951
4979
4,945
14215
991
1 134
1 338
1 186
1 259
1406
1 222
1 186
1206
1,217
1,142
928
10325
548
10,354
10445
*790
684
138
546
9,412
636
9,390
9324
856
905
234
788
766
619
728
695
823
55
7
48
741
573
822
787
858
61
10
51
898
683
839
788
909
65
8
57
786
620
818
849
878
91
25
66
817
619
834
818
894
77
12
65
896
622
840
827
830
84
10
74
795
611
840
806
864
83
11
72
651
553
732
709
887
51
14
64
897
636
783
814
856
84
99
75
125.1
135.7
'129.8
131.6
134.2
132.0
142.7
140.5
138.7
133.0
36 904
2
47 962
2
11 163
2
36*799
SOFTWOODS
Douglas fir:
Orders, new
Orders, unfilled, end of period
Production
Shipments
.
_+ t fV mi ' e,? °njpe?
Sawed timber
mil. bd. ft..
do....
do ....
do
j°
do
Producer Price Index, Douglas fir, dressed
1982=100..
See footnotes at end of tables.
130.9
844
626
734
837
791
76
11
65
135.7
599
541
668
684
775
91
14
76
140.6
721
553 ,
751
709
817
87
13
75
138.6
869
691 •••
781
814
823
135.9
"'
140.9
S-24
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes
below, data through 1986 and
methodological notes are as shown in
BUSINESS STATISTICS: 1986
Annual
TT ,.
Unlt8
1987
March 1989
1989
1988
1988
Jan.
Mar.
Feb.
Apr.
June
May
July
Sept.
Aug.
Oct.
Dec.
Nov.
Jan.
Feb.
LUMBER AND PRODUCTS—Continued
SOFTWOODS— Continued
Southern pine:
Orders, new
mil bd ft n 12 614 1 12 552
r
Orders, unfilled, end of period
do
837
'836
n
Production
do
12 473 1 12 622
1
rl
Shipments
do
12 487 12 553
Stocks (gross), mill and concentration yards,
end of period
mil bd ft
1 996 2065
Exports, total sawmill products
thous bd ft
263 166 524 423
Producer Price Index, southern pine,
dressed
1982-100..
112.4
114.1
Western pine:
Orders, new
mil. bd. ft..
10,976
11,427
Orders unfilled end of period
do
537
524
Production
do.
11407 10898
Shipments
do
11354 10963
Stocks (gross), mill, end of period
do....
1,300
1,365
Producer Price Index, other softwood,
dressed
1982-100.
1200
1190
843
894
938
909
985
933
946
1090
789
1 124
1 113
2026
30745
2046
27715
2056
33503
2068
33770
1181
1196
118.4
979
620
889
883
1,371
961
607
997
974
1,394
1161
113
150
8.9
2
2
1 109
717
1056
1087
1 133
772
1089
1078
1 151
852
1,028
1,069
872
836
928
890
2086
44539
2057
52 193
2068
52585
2028
68603
2065
72,739
114.9
106.3
1016
102.9
108.8
109.4
110.1
901
564
839
935
1,222
705
500
714
769
1,167
790
504
787
786
1,168
897
507
940
894
1,214
925
521
982
911
1,285
819
487
887
853
1,319
955
537
885
905
1,300
987
624
885
900
1,285
1213
1242
1264
1231
1199
1180
1168
115.8
117.8
118
169
10.0
102
192
101
130
10.4
86
168
10.5
86
164
10.5
103
163
10.9
10.2
149
11.3
8.9
153
10.9
1 116
799
1127
1 149
867
658
1033
1012
2049
37449
2024
38499
2045
32083
118.6
115.7
115.2
1,026
621
1011
1 012
1,393
987
577
999
1031
1,361
1,032
598
968
1 Oil
1,318
1169
1200
120.9
109
152
9.6
123
18 1
8.9
13.4
159
9.6
1 063
576
1085
1073
1 155
832
1 081
1 101
1 042
694
1042
999
109.7
121.7
HARDWOOD FLOORING
Oak:
Orders, unfilled, end of period
Shipments
Stocks (gross), mill, end of period
89
1930
10.9
110
1738
8/7
mil bd ft
do
do....
lo'.i
METALS AND MANUFACTURES
IRON AND STEEL
Exports:
Steel mill products
thous sh tons
Scrap
do
Pig iron
do
Imports:
Steel mill products
do....
Pig iron
do
Iron and Steel Scrap
Production
thous sh tons
Receipts, net
do
Consumption
do
Stocks, end of period
do
Composite price, No. 1 heavy melting scrap:
American Metal Market *
% per long ton
2069
10098
71
89
649
15
100
630
114
724
3
116
903
18
124
126
1006
1288
128
815
2
139
799
2
207
935
17
244
579
2
243
806
1
437
964
1
257
1,887
3
20,891
1038
700
1,810
89
1,916
86
1,844
69
1,936
39
1,979
65
1,614
66
1,783
90
1,648
136
1,553
94
54
11
1,533
102
136
67
84
12
45
25
99
1,846
124
74
1,420
77
16
1,779
129
18
24730
46 105
69615
4821
27601
49946
76904
4789
2 138
4558
6988
4487
2331
4 153
6331
4623
2422
4404
6660
4731
2247
4210
6407
4653
2328
4431
6627
4708
2219
4*169
6*277
4691
2 177
3987
6102
4549
2252
4254
6379
4657
2296
4256
6553
4640
r
2353
r
4390
r
6606
r
r
4779
2294
4085
6336
r
4828
2,184
3,807
6,055
4,789
8576
10898
9972
114 55
11393
10960
10463
10252
111 67
11326
11067
11081
109 17
10728
46894
47257
16601
55549
54918
19809
4083
2289
1467
4278
1 327
'986
4243
1 153
900
4718
5282
1*646
4941
5826
1 588
4273
5723
1974
5015
6*329
2305
5071
5704
1837
4559
2714
2952
6053
6673
6678
7 115
7 129
5504
223
27
21 334
21261
7*351
4410
12190
14980
1720
1 944
5903
84
20363
10 398
9239
726
1129
10367
50
20,414
843
355
Ore
Iron ore (operations in all U.S. districts):
Mine production
thous Ig tons
Shipments from mines
do
Imports
do
U.S. and foreign ores and ore agglomerates:
Receipts at iron and steel
plants
do
Consumption at iron and steel
plants
.
do
Exports (domestic)
do
Stocks, total, end of period
do
At mines
do
At furnace yards
do
At U S docks
do
Manganese (manganese content),
general imports
.
do
1
58596
1
72 063
60087
6 121
20944
2616
16304
2024
1
70 731
5649
23120
3 244
17720
2 156
801
5751
77
10
5707
6118
548
363
20442 20 107
8 949
9 834
9 585 10*136
1 022
1 023
(3)
4833
5463
1409
4631
4813
1 419
4718
5,569
1,782
6798
6568
6248
7,053
5549
5729
5998
358
423
674
677
19652 20 153 21 135 22567
5288
5 593
6 226
7 496
12265 13*843 15*211
11 119
2068
1 699
1 662
1 037
5915
564
22495
4287
15920
2288
5606
476
22846
4 105
16,620
2 121
5871
785
23120
3244
17,720
2 156
77
110
117
r
4745
5440
2497
5641
r
1 110
85
64
96
128
63
118
95
74
82
281
55890
57 353
240
4 683
4472
4 443
4647
4 842
4939
4 699
4*706
4 932
4996
4 497
4712
236
4762
4884
229
4 584
4687
4 612
4759
241
4646
4*766
242
8606
6002
8514
5714
601
325
650
435
771
497
731
493
788
543
765
516
605
443
748
533
744
504
805
516
r
701
r
500
605
409
318
168
365
193
31
18
30
17
42
23
34
19
32
17
34
18
21
10
27
15
31
16
31
15
23
10
29
15
Pig Iron and Iron Products
Pig iron:
Production (including production of
ferroalloys)
thous sh tons
Consumption
do
Stocks, end of period
do
Castings, gray and ductile iron:
Shipments, total
thous. sh. tons
For sale
.
do
Castings, malleable iron:
Shipments, total
do...
For sale
do...
See footnotes at end of tables.
7
48 137
1 49 875
2
240
225
228
250
222
247
r
4455 .
4611
236
4 712
4819
240
4 964
4654
Unless otherwise stated in footnotes
below, data through 1986 and
methodological notes are as shown in
BUSINESS STATISTICS: 1986
S-25
SURVEY OF CURRENT BUSINESS
March 1989
1987
1989
1988
Annual
„ .,
onus
Jan.
1988
Mar.
Feb.
Apr.
June
May
Aug.
July
Jan.
Dec.
Nov.
Oct.
Sept.
Feb.
METALS AND MANUFACTURES—Continued
Steel, Raw and Semifinished
Steel (raw):
Production
thous sh tons
Rate of capability utilization
percent . .
Steel castings:
Shipments, total
thous sh tons
For sale, total
do
Steel Mill Products
Steel products, net shipments:
Total'(all grades)
thous sh tons
By product:
Semifinished products
do
Structural shapes (heavy),
steel piling
do
Plates
do
Rails and accessories ....
do
Bars and tool steel, total
do....
Bars: Hot rolled (including
light shapes)
do....
Bars* Reinforcing
do
Bars' Cold finished
do
Pipe and tubing
do
Wire and wire products
do....
Tin mill products
do
Sheets and strip (including electrical),
total
.
do
Sheets' Hot rolled.
do
Sheets: Cold rolled
do
By market (quarterly):
Service centers and distributors
do ....
Construction, incl. maintenance
do ....
Contractors' products .. .
do
Automotive
do ....
Rail transportation
do....
Machinery, industrial equip., tools
do....
Containers, packaging, ship,
materials
do ....
Other
. .
do
Producing steel mills, inventory, end of period:
Total
mil. sh. tons
Steel in process
do .
Finished steel
do .
Service centers (warehouses), inventory, end
of period
mil sh tons
1
89,151
79.5
99,328
88.7
8,380
88.1
7,984
89.7
8,763
92.2
8,398
91.4
8,832
93.1
8,031
87.4
8,313
88.0
8,181
86.6
8,237
90.1
8,332
87.7
7,883
85.8
7,954
83.8
830
797
1,015
999
62
61
72
71
86
84
77
75
85
83
82
81
77
76
92
90
99
98
94
93
'92
'91
Copper:
Production:
Mine, recoverable copper
thous. met. tons..
Refined from primary materials
do....
Electrolytically refined:
From domestic ores @
do
From foreign ores
do
Electrowon
do
Refined from scrap <)
do....
Imports, unmanufactured (general):
Refined, unrefined,
scrap (copper cont.)
do....
Refined
do
Exports:
Refined and scrap
do
Consumption, refined
(reported by mills, etc ) A
do
Stocks, refined, end of period 6
do....
Price, avg. U.S. producer cathode, delivered §
$ per lb..
See footnotes at end of tables.
8,729
88.2
8,022
89.8
97
96
1
6,712
7,278
6,738
83,974
6,608
6,848
7,693
7,082
7,422
6,325
7,035
6,922
6,912
5,456
5,950
569
515
512
497
502
497
441
521
486
490
453
468
550
5,120
4,048
515
1
13,575
5,313
5,077
507
1
14,618
445
593
38
1,030
470
608
42
1,187
486
689
43
1,246
443
620
45
1,183
475
632
45
1,235
433
686
43
1,248
381
600
41
1,143
432
625
47
1,304
453
627
45
1,167
422
577
39
1,203
411
543
42
1,185
387
367
36
1,121
504
601
44
1,326
8,025
5,029
1,499
4,443
1,073
4,069
581
323
121
363
88
260
742
329
111
365
94
274
714
390
136
457
103
334
650
395
133
439
106
353
691
418
120
411
93
342
711
410
121
417
109
376
616
418
104
350
94
321
745
432
122
336
92
355
637
411
113
319
87
322
657
424
116
321
92
323
664
404
111
291
83
321
593
418
105
302
67
489
736
443
142
302
87
288
39,279
13,048
13,859
40,639
12,589
13,871
3,220
1,009
1,127
3,295
1,033
1,141
3,823
1,234
1,306
3,395
1,056
1,181
3,452
1,065
1,190
3,614
1,110
1,243
2,955
947
1,013
3,322
983
1,117
3,445
1,032
1,159
3,384
1,042
1,129
3,360
1,099
1,072
3,577
1,025
1,217
18,629
5,619
2,701
1
11,135
734
2,096
18,980
6,014
2,815
12,078
1,116
2,537
5,185
1,493
740
2,910
287
656
4,423
36,011
990
8,745
76,654
1
1
7,238
'4,918
1,361
3,570
1,105
3,988
1
1
1
4,371
31,337
1
7,187
3,416
1,044
1,149
5,080
1,559
714
3,193
346
648
4,197
1,398
681
3,046
270
601
1,121
8,790
1,163
8,944
2
::::::::
1,528
2
485
2
232
2
1,153
2
102
2
218
1,146
9,003
——
4,537
1,460
691
2,901
176
598
11.3
6.7
4.6
12.6
7.6
5.0
11.9
7.1
4.8
12.1
7.1
5.0
11.8
6.9
4.9
12.0
7.0
5.0
12.5
7.4
5.1
11.9
7.1
4.8
12.9
7.7
5.2
12.6
7.5
5.1
12.7
7.6
5.1
12.9
7.7
5.2
13.0
'7.8
5.2
6.4
6.5
6.4
6.7
6.8
6.9
7.0
7.1
7.1
7.2
6.9
6.7
6.6
6.5
3,343
1,986
3,946
1,953
320
149
304
155
330
175
324
166
336
157
323
158
334
160
333
170
327
167
339
177
332
163
344
156
1,378.0
452.3
1,136.0
428.2
111.6
36.0
101.4
36.4
115.6
49.7
98.1
34.4
101.5
32.9
88.8
35.9
87.7
44.8
88.2
31.4
101.8
32.9
90.3
32.7
90.4
31.4
60.6
29.6
309.9
284.5
441.0
377.5
20.3
25.8
15.1
25.5
21.8
35.1
23.0
28.9
38.0
36.7
47.8
32.0
45.9
27.2
48.8
35.6
43.0
35.3
28.3
34.2
52.4
26.5
56.6
34.7
.7230
1.1009
.8971
.9628
1.0709
1.0712
1.1448
1.2627
1.2225
1.2439
1.1138
1.0472
1.0735
1.1000
15,584
12,234
7,379
2,232
15,480
12,283
7,404
2,429
1,165
919
537
178
1,163
964
564
195
1,398
1,138
685
229
1,246
1,033
608
206
1,313
1,056
637
221
1,425
1,123
679
225
1,271
1,003
633
146
1,354
1,095
673
193
1,365
1,070
647
209
1,311
1,006
591
221
1,316
976
580
220
1,153
900
572
186
4,184
4,344
4,401
4,388
4,423
4,388
4,258
4,272
4,213
4,221
4,175
4,160
4,184
1,255.9
1,146.1
1,434.6
1,446.0
114.3
112.8
103.6
111.4
122.0
124.0
189.1
123.9
121.6
113.8
125.5
120.9
123.7
128.4
127.7
126.5
107.4
105.2
2
320
3,242
12.6
7.6
5.0
4,175
NONFERROUS METALS AND PRODUCTS
Aluminum:
Production, primary (dom. and foreign ores)
thous. met. tons ..
Recovery from scrap "f
do
Imports (general):
Metal and alloys, crude
do
Plates, sheets, bars, etc
do ..
Exports:
Metal and alloys, crude
do
Plates, sheets, bars, etc
do
Price, U.S. market, 99.7% purity,
monthly average
$ per lb..
Aluminum products:
Shipments:
Ingot and mill prod, (net ship )
mil lb
Mill products, total
do
Sheet and plate
do
Castings
do
Inventories, total (ingot, mill products, and
C
1
988.1
r
112.9
122.3
121.2
120.6
116.5
120.1
'93.5
r
29.7
20.1
37.1
'20.3
39.3
'21.4
36.0
'20.9
'36.8
21.3
39.9
43.4
25.1
33.4
22.3
46.4
27.7
42.4
25.7
62.1
44.2
59.4
39.2
44.0
20.2
67.1
7.7
77.6
9.5
44.7
3.5
54.1
4.4
111.3
14.3
48.6
2.3
56.1
4.0
54.5
4.5
183
135
195
115
194
92
153
105
199
102
192
r
91
r
201
'83
196
84
188
99
1.0364
1.0437
1.1428
1.1485
1.0145
1.1612
1.3805
1.5232
1.6127
101.8
95.9
'96.1
105.7
104.7
102.0
227.5
442.1
17.0
34.5
15.3
35.6
18.3
43.2
17.5
36.9
18.6
37.2
18.3
36.9
657.3
515.6
626.1
390.4
68.4
49.4
64.1
38.0
63.6
39.0
51.0
33.7
48.0
25.9
454.8
17.9
70.8
66.5
35.5
4.9
50.2
2.0
56.6
3.8
51.4
5.7
2,152
173
2,267
108
175
122
182
135
210
137
.8249
1.2051
1.3250
1.0752
1.0972
158.0
414.7
1,218.5
1
116.5
121.3
102.9
is.4
103.8
r
99.5
:::::::::::::::: ::::::::::::
1.0772
. ". . '.
S-26
Unless otherwise stated in footnotes
below, data through 1986 and
methodological notes are as shown in
BUSINESS STATISTICS: 1986
SURVEY OF CURRENT BUSINESS
TT .t
units
1987
March 1989
1989
1988
Annual
1988
Jan.
Mar.
Feb.
Apr.
June
May
Nov.
Oct.
Sept.
Aug.
July
Feb.
Jan.
Dec.
METALS AND MANUFACTURES—Continued
NONFERROUS METALS AND
PRODUCTS-Continued
Copper-base mill and foundry products,
shipments (quarterly total):
Brass mill products....
mil. lb..
2,624
Copper wire mill products
(copper content)
do
1,922
Brass and bronze foundry products
do ....
528
Lead:
Production:
1
Mine, recoverable lead
thous. met. tons.. 1 311.3
Recovered from scrap (lead cont.)
do....
710.2
Imports (general), ore (lead content),
metal
.
do
240.3
Consumption, total
do
' 1,230.4
Stocks, end of period:
Producers', ore, base bullion, and in process
(lead content), ABMS
thous. met. tons..
59.2
Refiners' (primary), refined and antimonial
(lead content)
thous met tons
21.6
Consumers' (lead content) 6
do....
88.6
Scrap (lead-base, purchased), all smelters
(gross weight)
. thous met tons
24.0
Price, common grade, delivered @©
$ per lb..
.3594
Tin:
Imports (for consumption):
Ore (tin content)
metric tons ..
2,967
Metal, unwrought, unalloyed
do .. 1 41,151
Recovery from scrap, total (tin cont.)
do.... 15,793
As metal
do
'1,151
Consumption total
do
'58,100
Primary
do
39,800
Exports, incl. reexports (metal)
do ....
1,701
Stocks, pig (industrial), end of
period
do.
4,428
Price, Straits quality (delivered)
$ per lb.. 4.1878
Zinc:
Mine prod., recoverable zinc
thous. met. tons'217.0
Imports (general):
Ores (zinc content)
.do
425.5
Metal (slab, blocks)
do
705.9
Consumption (recoverable zinc content):
1
Ores
do
2.5
1
Scrap, all types
.
do
303.5
Slab zinc: @
Production, total $
thous. met. tons ., 1 220.5
Consumption, fabricators
do
1,052.0
Exports
. ..
do
1.1
Stocks, end of period:
Producers', at smelter (ABMS)
do...,
7.0
Consumers'
do
'57.1
Price, high grade
$ per lb
.4192
MACHINERY AND EQUIPMENT
Heating, combustion, atmosphere equipment, new
orders (domestic), net, qtrly #
mil. $..
Electric processing heating equipment
do....
Fuel-fired processing heating equip
do...,
Materials handling equipment, dollar value
bookings index *
1982=100..
Industrial supplies, machinery and equipment:
New orders index, seas, adjusted
1977=100 ..
Industrial suppliers distribution:
Sales index seas adjusted
1977—100
Inflation index, not seas. adj. (tools, material
handling equip., valves, fittings, abrasives,
fasteners, metal products, etc.)
1977=100 ..
Fluid power products shipments indexes:
Hydraulic products §
1985—100
Pneumatic products §
,
.do
Machine tools:
Metal cutting type tools:
Orders, new (net), total
mil $
Domestic
do.
Shipments, total . .
do
Domestic
do
Order backlog, end of period
do...
Metal forming type tools:
Orders, new (net), total
do...
Domestic
do
Shipments, total
do...
Domestic
do ..'
Order backlog, end of period
do...
See footnotes at end of tables.
384.6
697.9
27.9
52.2
28.2
57.5
36.0
60.1
32.7
55.9
30.3
52.2
32.5
59.4
30.4
55.3
36.3
56.3
33.1
60.7
34.4
61.8
31.1
61.6
31.8
59.7
256.6
1,221.1
21.2
96.0
21.9
96.4
26.4
115.4
22.2
98.8
20.8
104.3
8.7
103.1
25.3
91.6
21.7
100.9
23.3
101.7
21.3
109.3
23.5
103.0
19.1
91.5
66.9
57.0
59.9
53.9
59.0
57.8
60.8
58.9
73.0
79.9
,70.8
68.7
66.9
15.4
65.2
21.8
70.2
26.6
60.7
25.8
58.9
26.7
59.3
24.1
55.6
15.0
59.4
14.7
63.3
6.0
58.6
4.6
62.2
10.6
59.4
11.9
r
60.7
15.4
65.2
21.4
.3714
22.6
.3800
17.0
.3485
17.7
.3400
17.3
.3400
16.2
.3457
16.3
.3630
16.4
.3650
19.9
.3652
23.7
.3841
21.8
.3915
19.6
.4138
21.4
.4202
2,837
43,493
9,793
1,174
61,100
4,840
1,573
400
2,761
846
88
4,600
3,600
87
128
2,582
932
119
4,700
3,700
185
121
3,153
941
92
4,800
3,800
171
335
3,011
793
88
4,700
3,700
96
3,419
919
96
5,300
4,200
108
4,042
984
98
5,600
4,500
126
4,379
771
113
5,300
4,200
89
4,602
693
96
5,300
4,200
204
1,105
3,249
712
96
5,500
4,400
171
443
4,372
821
96
5,600
4,500
197
4,328
r
703
96
r
4,900
r
3,800
94
130
3,695
678
96
4,900
3,800
45
5,480
4.4142
4,490
4.2659
5,989
4.1950
5,631
4.2407
5,868
4.2295
6,128
4.2500
6,456
4.3984
5,665
4.4611
4,350
4.5770
4,171
4.6305
4,371
4.5462
r
4,781
4.5767
5,480
4.6029
242.1
16.8
18.2
22.3
21.9
22.0
22.4
18.8
21.5
19.9
19.9
19.9
34.4
53.2
27.2
48.6
32.6
71.7
38.9
66.4
37.9
84.5
24.6
57.3
48.9
55.8
35.2
4.6
35.1
61.2
30.8
63.9
32.3
64.2
.2
26.1
.2
23.1
.2
22.5
.2
22.8
.2
22.0
22^0
22!o
.2
22.0
.2
22.0
.2
22.0
.2
22.0
14.9
79.5
(2)
16.4
76.4
.1
17.5
110.3
16.4
97.9
16.3
110.7
- (2)
16.3
84.6
(2)
16.8
73.9
(2)
16.6
111.8
.1
15.1
86.9
15.9
97.5
.1
17.6
'87.2
(2)
14.7
95.0
(2)
5.6
46.8
.6020
6.6
44.3
.4444
4.4
46.0
.4544
4.5
45.0
.4790
3.4
41.5
.5150
4.3
41.8
.5604
4.5
46.3
.6255
6.0
53.2
.6564
7.5
48.4
.6646
9.4
49.4
.6826
6.3
47.0
.6945
5.4
r
48.8
.7125
5.6
49.9
.7344
188.2
:::::::::::::::
.2
22.0
194.4
1,111.0
.5
:
27.9
47.4
2.4
270.6
:
19.3
405.7
740.8
60,1
211.3
'226.0
54.9
'1711
43.8
182
257
207.1
17.8
16.3
5.0
4.0
.7927
50.fr
15.7
34.8
149.5
213.1
172.0
204.9
203.1
243.7
210.6
128.7
138.2
142.5
140.4
135.5
134.5
138.2
133 4
133.5
, 135.4
134.9
141.0
142.7
146.5
149.1
164.0
153.5
155.0
162.0
161.3
155.5
159.1
162 4
176.2
179.7
170.1
166.7
167.6
166.6
172.2
168.9
168.0
170.2
172.3
174.2
174.8
176.0
171.3
171.9
172.1
1734
173.9
107
105
129
120
119
108
126
120
136
136
134
118
127
117
137
122
116
112
134
125
132
124
134
125
125
118
132
114
141
138
1,451.45
1,294.45
1,676.50
1,498.85
672.2
2,707.90
2,315.75
1,574.55
1,400.10
1,805.5
223.95
205.75
71.20
61.60
825.0
250.40
217.95
108.90
97.00
966.4
191.90
174.15
137.75
123.95
1,020.6
195.30
146.45
95.30
82.20
1,120.6
242.85
205.65
111.25
100.25
1,252.2
238.35
210.65
132.80
116.00
1,357.8
187.00
167.55
137.70
126.15
1,410.0
261.50
179.30
105.40
93.00
1,566.2
266.50
252.95
151.20
133.50
1,681.4
215.40
199.25
145.90
123.35
1,751.0
188.35
164.60
170.80
156.70
1,768.5
'246.40
191.50
209.35
186.40
1,805.5
167.00
145.45
102.85
89.50
1,869.6
667.35
536.05
647.15
537.90
327.3
882.95
749.35
824.55
702.20
385.8
73.55
60.30
72.15
64.05
328.7
47.65
40.90
57.55
48.10
318.8
62.55
47.90
68.95
61.80
312.4
57.70
47.00
62.10
51.70
308.0
81.85
73.25
68.45
57.35
321.4
144.45
134.60
81.25
69.25
384.6
67.95
53.80
53.00
43.75
399.6
78.00
73.50
48.55
40.75
429.0
61.70
51.65
76.35
65.70
414.4
46.85
40.00
66.25
55.30
395.0
90.65
66.25
86.75
80.15
398.8
70.05
60.20
'83.20
64.30
385.8
63.85
56.60
49.35
42.20
400.2
::::::::::::::
S-27
SURVEY OF CURRENT BUSINESS
March 1989
Unless otherwise stated in footnotes
below, data through 1986 and
methodological notes are as shown in
BUSINESS STATISTICS: 1986
„u
Unlts
1987
1989
1988
Annual
1988
Jan.
Feb.
May
Apr.
Mar.
June
July
Aug.
Sept.
Nov.
Oct.
Dec.
Jan.
Feb.
METALS AND MANUFACTURES—Continued
MACHINERY AND
EQUIPMENT— Continued
Tractors used in construction, shipments, qtrly:
Tracklaying (ex. shovel loaders)
units..
mil $
Wheel (contractors' off-highway) *
units
mil $
Shovel loaders $
units..
mil $
ELECTRICAL EQUIPMENT
Batteries (auto.-type replacement),
shipments
,
Radio sets, production, total market $$
Television sets (incl. combination models),
production, total market $$
Household major appliances (electrical),
shipments (domestic and export) #
Air conditioners (room)
Dishwashers
Disposers (food waste)
Microwave ovens/ranges @
Ranges .. .
.
Refrigerators
. . .
Freezers
Washers
Dryers (incl. gas)
Vacuum cleaners (qtrly.)
thous
thous
thous
factory
thous..
do.-..
do
do....
do....
do
do
do....
!"....do....
do....
do
GAS EQUIPMENT (RESIDENTIAL)
Furnaces, warm air, shipments
thous ..
Ranges, total, shipments
do
Water heaters (storage), automatic,
shipments
do .
6,245
4,674
4606
1528
4031
1,518
4122
Ir736
4988
2284
4733
2,202
5783
2,099
6757
2,353
6463
2,647
6,041
1810
1 909
1710
1582
1 931
1485
1853
2567
1953
1838
2329
3,731
'324
r
298
'360
950
r
248
r
477
'89
'519
'394
3,955
702
308
361
761
251
512
82
498
359
2733
3,895
686
334
306
778
253
533
108
471
328
3,949
647
326
324
697
244
616
112
515
353
4,463
835
330
336
789
260
753
126
546
383
2487
3,824
405
312
345
746
252
778
156
460
328
3,150
198
349
364
770
287
781
152
589
429
3,963
111
335
369
1,031
270
686
128
584
437
2882
3,975
129
336
387
1,123
302
625
110
533
413
3,933
126
355
381
1,224
287
537
99
508
401
3,679
215
318
343
1,161
262
467
94
440
363
2550
3,947
352
326
391
1,054
245
466
93
553
436
118
168
138
176
164
162
201
193
252
203
223
'203
177
191
178
158
317
333
287
290
321
381
307
'383
337
246
78
1003
360
97
1003
315
195
1008
384
104
'1009
307
55
1024
258
96
1033
233
234
1033
1033
75325 76757 83943 75324 73981 76443 69176 88175 83196 83964 86,054
78413 71 529 68994 63811 66 131 74714 81 301 84922 71 196
67702 61 162 58518 53928 56256 65094 71*190 75006 61461 59446 59 192
9330
9389
9506
9235
9561
9352
9990
9793 10080
3414
3457
3601
3359
3692
3515
3336
3216
3059
345
586
604
721
385
313
532
396
573
169 495 165 548 166 825 170 632 171 298 166 504 153 490 146 341 147 706
155 613 152 406 154 428 158 342 159 114 154 427 141 613 134 664 136 229 140 330 143 151
13882 13 142 12397 12291 12 184 12078 11877 11 677 11478
2868
3*164
3460
3794
3872
3757
3831
3868
3875
8,241
8898
9864
9223
4390
8224
8885
7998
7816
7099
4451
95.4
'95.5
94.5
95.0
95.6
95.1
95.1
95.8
95.4
96.2
'95.6
83,100
81,717
74,890
8,917
94.6
94.0
93.7
49.6
50.2
63487
5524
1,329
20 170
1 544
r
r
4 194
1>567
59878
26 775
23497
2
2,835
2826
1376
1152
14,944
503 1
3,150
323 1
1320
1065
17,060
5543
2809
2836
1 242
989
15390
5089
9668
9738
5482
4155
62825
1 8195
r
49,981
3,798
4032
4,438
12,610
3,346
6,972
1,260
5,998
4,637
10417
47,070
4,637
3,907
4,233
10,988
3,202
7,227
1,349
6,190
4,601
10652
3,549
199
307
361
957
235
446
91
519
413
2,073
2 143
2,092
2 167
157
158
134
169
148
171
125
163
3,951
3,956
355
320
334
329
C
C
254
182
C
C
3,916
546
293
380
963
225
460
94
510
394
PETROLEUM, COAL, AND PRODUCTS
COAL
Anthracite:
Production t
thous. sh tons.
Exports
do . .
Producer Price Index
1982—100
Bituminous:
Production f
thous. sh tons
Consumption total "f
.
do
Electric power utilities
do
Industrial, total .
do
Coke plants (oven and beehive)
do
Residential and commercial
do
Stocks end of period total "I*
do
Electric power utilities
do
Industrial total
do
Oven-coke plants
do
Exports
do
Producer Price Index
1982=100 ..
3560
1181
100 1
3475
901
101 2
915 202 955 438
834 337
716 922
111 696
36920
5719
178 485
163 857
14628
3879
77645 94007
97.1
95.3
215
42
101 9
268
27
101 9
279
43
1019
265
58
1002
296
54
1002
282
52
100 1
COKE
Production:
Beehive and oven (byproduct) thous. sh. tons ..
Petroleum coke §
.
do
Stocks, end of period:
Oven-coke plants,
total
do....
At furnace plants
do
At merchant plants
do
Petroleum coke ft
do
Exports
do
PETROLEUM AND PRODUCTS
Crude petroleum:
Producer Price Index
1982=100 ..
Gross input to crude oil distillation
units ft
•
mil bbl
Refinery operating ratio °|"l"
% of capacity
All oils, supply, demand, and stocks: ft
New supply, total Q
mil bbl
Production:
Crude petroleum
do
Natural gas plant liquids
do
Imports:
Crude and unfinished oils
do
Refined products
do
Change in stocks all oils. .
do
Product demand,
total
.
do .
Exports:
Crude petroleum
do
Refined products
do
See footnotes at end of tables.
28,037
37380
1,064
846
218
1 350
650
55.5
4746 1
83
39766
1 558
1 114
3)464
1463
58
3 164
7347
3414
1 437
92
902
714
188
1 441
30
3 159
1490
24
5357
8311
3274
1497
239
1,140
942
198
1 636
76
3326
1694
62
3343
8,195
3179
3276
3338
3,471
1512
66
1,271
1 107
164
1427
93
1612
45
1,660
334
1,558
184
46.2
'50.1
49.7
47.2
49.1
51.5
50.6
45.7
45.0
42.6
'39.3
39.2
44.2
49206
84
4083
83
3743
81
4105
84
3999
84
4225
86
411 1
86
4279
86
4322
87
4007
84
4128
84
4002
84
4202
85
60896
62146
5199
4933
5198
5095
5300
5010
5183
5248
504 1
5384
5175
538.1
30474
6056
29750
6154
2556
505
2429
476
2588
526
2480
500
2543
520
2447
497
2498
51 8
250.0
525
2370
506
2473
536
239.6
518
247.2
529
18373
5994
149
63608
1,995 9
6283
79
6,583 1
156.0
579
102
5615
146 1
567
222
5350
1588
496
-166
5694
167.4
440
193
513.5
177.2
465
338
524.9
1655
41 0
10
5398
1699
469
161
C
5389
168.0
543
59
563.9
1666
500
67
524.7
183.6
540
27
564.7
165.0
61 2
42
544.3
171.9
661
34.8
602.6
550
2230
58 1
241 0
66
210
43
208
67
192
35
168
44
209
42
239
59
198
48
204
37
165
53
175
45
170
41
27.2
SURVEY OF CURRENT BUSINESS
S-28
Unless otherwise stated in footnotes
below, data through 1986 and
methodological notes are as shown in
BUSINESS STATISTICS: 1986
TT .,
UIMIB
1987
March 1989
1989
1988
Annual
Jan.
1988
Feb.
June
May
Apr.
Mar.
Jan.
Aug.
Sept.
Oct.
Nov.
Dec.
513.2
232.7
1.8
82.1
36.5
43.4
4.7
21.0
43.9
1,626.7
900.7
551.3
538.6
233.7
1.8
88.6
39.0
44.6
5.0
25.0
47.0
1,620.7
885.3
552.1
504.5
221.3
2.4
84.2
33.4
42.7
4.9
21.1
51.1
1,627.4
883.1
554.7
541.9
226.7
2.7
99.3
39.1
46.0
4.8
17.9
55.4
1,630.1
895.6
556.0
522.8
221.7
3.3
94.6
43.6
43.1
4.8
11.7
52.6
1,634.4
895.7
558.7
Feb.
571.3
228.3
4.8
110.3
54.4
48.2
3.6
7.0
62.9
15996
890.8
559.5
July
PETROLEUM, COAL, AND PRODUCTS—Continued
PETROLEUM AND PRODUCTS t-Continued
All oils, supply, demand, and stocks —Continued
Domestic product demand, total #
mil. bbl..
Gasoline
do
Kerosene
do
Distillate fuel oil
do
Jet fuel
Lubricants
Asphalt
Strategic petroleum reserve
Unfinished oils, natural gasoRefined products
Refined petroleum products:
Gasoline (incl. aviation):
do....
do....
534.0
207.8
5.5
109.0
48.9
47.5
4.2
3.8
64.1
1,597.3
888.2
542.7
509.9
203.8
4.1
101.8
46.4
43.7
5.0
5.4
57.5
1,575.1
892.0
544.1
543.4
226.0
3.1
109.9
44.4
43.3
5.5
8.6
53.0
1,558.5
898.6
544.9
493.2
222.2
2.1
86.1
38.2
41.6
4.5
10.7
40.2
1,577.8
904.4
547.3
499.6
226.4
1.9
85.5
29.3
42.2
5.5
17.0
41.9
1,611.6
905.7
547.9
145.9
562.9
142.7
566.3
143.7
539.4
147.8
512.1
148.7
524.8
158.6
547.4
160.1
541.4
159.8
566.2
157.7
577.7
158.5
585.8
156.4
578.2
158.5
580.2
145.9
562.9
2,506.2
191.1
2,554.4
191.8
209.1
202.3
195.8
204.4
208.2
195.9
207.9
191.5
213.2
190.4
210.3
175.6
222.9
179.7
224.3
184.3
209.3
183.8
214.0
182.0
212.3
185.7
227.2
191.8
53.7
53.9
53.9
58.2
60.9
60.7
63.2
64.4
58.1
56.6
59.6
55.1
55.3
57.5
.881
.933
.859
.913
.850
.904
.883
.930
.911
.955
.910
.955
.923
.967
.945
.987
.933
.974
.910
.957
.904
.949
.885
.930
.876
.918
.886
.926
.9
2.0
^f
5^6
54.0
54.1
do
Stocks, end of period
do....
Prices, regular grade (excl. aviation):
Producer Price Index
1982—100 .,
Retail, U.S. city average (BLS):
Leaded
$ per gal
Unleaded .
do
Aviation gasoline:
Stocks
d f ne 'od
Kerosene:
Stocks, end of period
Producer Price Index (light
distillate)
Distillate fuel oil:
Production
Imports
Stocks, end of period
Producer Price Index (middle
distillate)
Residual fuel oil:
59.5
At gas processing plants
(LPG)
At refineries (L.R.G.)
Stocks (at plants and refineries)
2
.900
.946
9.1
2.3
9.2
2.1
.6
2.3
.5
2.1
.7
2.0
.7
2.0
28.7
8.4
do....
Stocks, end of period
Asphalt:
Production
Stocks end of period
Liquefied petroleum gases:
58.2
.897
.948
d
Imports
Stocks, end of period
Producer Price Index
Jet fuel:
Production
Stocks, end of period
Lubricants:
C
6,284.1
2,686.6
35.0
1,136.0
486.4
529.3
57.1
170.8
609.9
1,599.6
890.8
559.5
138.3
579.5
do
do
do
Stocks, end of period, total
511.6
236.1
1.5
84.6
33.0
43.0
4.6
21.6
40.3
1,610.6
909.1
550.1
6,082.7
2,639.1
34.5
1,086.4
461.5
505.5
58.7
170.3
588.3
1,607.5
889.6
540.6
28.7
7.3
3.2
7.2
3.4
6.9
2.1
6.4
1.5
6.0
51.6
54.1
1982-100 .,
996.6
93 et
134^5
mil. bbl .,
do ....
do....
1,046.9
103.2
123.5
2
55.2
93.2
11.0
127.2
.8
1.8
1.0
1.8
1.0
1.9
.8
1.9
.8
1.9
.6
1.9
.8
2.1
1.6
6.0
2.0
6.2
2.5
7.1
2.3
7.5
2.5
8.0
3.0
8.1
3.1
7.3
55.1
53.7
52.4
53.7
53.0
51.0
50.0
49.2
46.9
48.4
50.4
77.8
9.6
109.6
84.3
75
89^3
86.1
6.3
94.3
90.9
7.1
104.5
86.8
6.3
110.7
86.3
6.4
119.4
88.5
8.^
125.2
83.4
8.7
131.0
87.7
10.1
127.9
87.1
9.2
128.7
95.1
12.7
123.5
1982-100 .,
55.5
49.5
54.8
51.5
49.7
53.3
54.3
50.6
46.9
46.8
45.9
42.3
47.2
50.7
54.9
53.3
.. do
do...
1982—100
323.2
206.1
47.^
53.1
339.6
217.0
44.5
41.1
31.3
22.8
46.6
2
45.4
28.9
23.0
45.5
43.5
29.3
18.9
44.1
41.9
28.5
13.9
43.2
40.5
26.8
13.1
45.7
42.6
26.4
10.5
28.3
13.5
40.4
25.8
17.0
44.2
40.4
26.7
16.2
42.4
38.8
27.7
22.9
43.7
26.8
16.0
37.8
39.6
36.5
33.1
29.2
44.5
39.8
41.9
43.7
mil. bbl .
...do...
490.1
49.9
501.3
43.7
43.9
46.3
40.1
43.6
45.0
46.7
38.7
46.0
39.9
46.8
40.2
45.7
42.3
47.0
41.7
46.8
41.3
46.8
42.3
47.3
40.1
46.5
45.8
43.7
do...
60.9
13.3
62.5
13.3
5.2
14.1
5.1
13.9
5.8
13.9
5.3
14.1
5.6
13.8
5.5
13.9
5.2
14.0
5.3
13.6
4.3
12.5
5.2
12.8
5.0
12.5
5.0
13.3
158.4
18.8
162.1
20.8
7.2
22.7
7.9
25.7
10.6
28.6
11.8
30.6
15.3
30.1
17.5
27.0
18.6
25.6
20.1
219
17.8
19.6
15.7
18.6
11.0
18.7
8.5
20.8
638.2
662.4
53.4
51.0
55.9
53.9
56.1
54.1
56.7
57.3
55.1
57.9
54.9
56.1
474.5
163.7
97.1
481.2
181.2
98.9
39.4
14.0
80.7
37.5
13.4
70.2
40.9
14.9
68.8
39.2
14.6
79.7
40.9
15.2
90.0
38 9
15.2
100.0
40.2
16.6
111.9
40.4
16.9
120.6
39.3
15.8
121.6
42.1
15.9
119.9
409
14.0
115.1
415
14.6
98.9
do
do
do
do..
do..
2
PULP, PAPER. AND PAPER PRODUCTS
PULPWOOD
Receipts
thous cords (128 cu ft )
Consumption
do ....
Inventories, end of period
do....
WASTE PAPER
Consumption
thous. sh. tons ..
Inventories, end of period
do....
1
95,537
1
95,497
4,888
7,737
8,223
4,629
7,924
7,743
4,777
8,345
8,249
4,942
7,911
8,137
4,642
7,611
7,650
4,420
7,766
7,689
4,507
7,652
7,901
4,232
8,007
7,951
4,325
8,080
7,956
4,484
8,245
7,908
4,726
7,889
7,887
4,790
8,370
8,198
4,888
1
18,859
1,089
1,555
847
1,529
871
1,660
926
1,541
937
1,611
897
1,565
908
1,525
905
1,626
971
1,553
1,057
1,601
1,043
1,569
1,074
1,507
1,089
1
61,210
1,367
49,543
5,276
98
4,285
4,917
116
3,981
5,222
109
4,259
5,004
105
4,037
5,004
113
4,011
4,949
117
4,003
5,219
117
4,241
5,265
119
4,272
'5,007
135
4,045
'5,079
99
4,100
'4,974
112
4,007
5,282
127
4,303
5,702
4,246
5,943
4,357
517
376
471
350
495
360
509
354
507
373
480
349
497
363
504
371
473
'354
513
367
489
'366
484
368
170
224
173
261
162
292
165
265
169
237
169
256
160
243
175
193
194
236
199
247
198
272
161
275
170
301
173
261
622
5,529
866
'4,821
1
4,939
137
1
4,829
508
391
67
324
390
10
380
503
444
41
403
429
14
415
532
491
79
569
432
14
446
532
453
81
372
428
12
415
513
433
61
372
415
7
408
534
497
101
396
415
13
402
548
392
56
336
416
2
415
634
497
63
435
460
16
444
628
518
81
437
379
11
367
583
421
74
347
436
4
432
591
420
73
347
425
16
409
622
572
89
483
314
18
296
1
94,312
1
93,946
5,096
rl
18,279
'887
WOODPULP
Production:
1
Dissolving pulp
do
59,552
1,312
48,293
Groundwood and thermo<N
. ,
•
l
j
""
Inventories, end of period:
At pulp mills:
Market DU!D
Market pulp at paper and board
mills
H0
do
529
5,047
691
1
4,520
1
4,974
96
1
4,899
1
Dissolving and special alpha
All other
do...
do
Dissolving and special alpha
All other
do...
do
See footnotes at end of tables.
1
S-29
SURVEY OF CURRENT BUSINESS
March 1989
Unless otherwise stated in footnotes
below, data through 1986 and
methodological notes are as shown in
BUSINESS STATISTICS: 1986
Annual
....
un 8
"
1987
1989
1988
1988
Jan.
Feb.
Mar.
Apr.
May
June
July
Sept.
Aug.
Jan.
Dec.
Nov.
Oct.
Feb.
PULP, PAPER, AND PAPER PRODUCTS—Continued
PAPER AND PAPER PRODUCTS
Paper and board:
Production (API):
Total
thous sh tons « 74 435 1 76 705
r
Paper
do
36 996 38476
Paperboard
do .
38230
37439
Producer Price Indexes:
Paperboard
1982—100
118 1 1332
Building paper and board
do....
113.2
111.2
Selected types of paper (API):
Groundwood paper, uncoated:
Orders, new
thous sh tons
*1 529 i\ 630
207
Orders, unfilled, end of period
do
181
Shipments
do
*1 485 i igol
Gloated paper:
Orders, new
do
'7406
'7066
r
Orders, unfilled, end of period ... .
do
722
734
Shipments
do
7 361
6860
Uncoated free sheet papers:
Orders, new
do
'11 184 1 11 365
1
Shipments
do
11 228 1 11 554
Unbleached kraft packaging and industrial
converting papers:
n 3 081 ;3038
Shipments
thous sh tons
Tissue paper, production
do..
'5301 '5476
Newsprint:
Canada:
r
Production
thous metric tons
9969
9669
r
Shipments from mills
do
9757
9*867
Inventory, end of period
do....
291
189
United States:
Production
. do
5427
5300
Shipments from mills
do
5415
5310
Inventory end of period
do
48
36
Estimated consumption, all
users Q
do
12336
12322
Publishers' stocks, end of period #
thous metric tons
932
900
Imports
thous. sh. tons8,591
8,975
Producer Price Index,
standard newsprint
1982-100..
1275
1123
Paper products:
Shipping containers, corrugated and solid
fiber shipments
mil. sq. ft. surf. area.. 297,827 307,457
6466
3216
3251
6215
3 119
3097
6724
3382
3342
6313
3 197
3 H6
6440
3 176
3264
6317
3 165
3 152
6271
3090
3181
6607
3323
3284
6346
3219
3127
r
6466
3264
3203
r
6223
r
r
6,297
r
3,140
3,157
6,511
3,229
3,282
2
126 6
2
113.7
127 1
114.0
1305
113.1
1326
113.3
1334
113.4
1340
114.2
1343
113.9
1345
112.7
1362
112.5
1364
112.5
1365
112.6
1365
113.3
1378
112.9
132
137
131
121
152
131
136
143
145
113
196
139
167
127
177
r
207
135
197
129
179
135
122
187
128
627
693
638
583
692
593
646
704
653
631
678
609
944
963
917
943
1 032
1039
262
446
255
437
822
716
295
3,165
3,058
177
134
171
147
173
141
168
147
145
130
620
678
601
612
688
617
662
746
594
641
756
648
584
729
606
666
749
625
575
729
606
r
570
r
722
r
580
663
627
990
967
921
941
965
953
909
920
953
1001
927
973
937
965
880
943
r
989
r
860
909
262
474
255
445
236
461
244
454
240
452
250
471
261
458
248
476
254
445
r
258
'450
273
481
815
782
328
874
881
321
826
789
359
860
856
363
799
851
311
827
794
343
846
847
342
790
830
301
865
803
364
837
845
356
809
874
291
850
763
378
452
437
51
434
435
51
463
458
55
451
446
60
466
463
63
445
449
59
436
431
65
461
459
67
446
447
67
461
461
67
448
456
59
464
475
48
460
437
71
958
964
1059
1023
1058
997
968
995
1047
1135
1094
905
931
962
972
952
990
973
898
697
811
725
766
715
728
1004
742
936
727
1007
731
703
1271
1279
1279
1277
1279
1279
1278
1277
1278
24,782
24,679
27,222
26,053
24,986
25,830
24,470
26,878
2
r
125
573
948
1,038
r
See footnotes at end of tables.
thous
do
do
do
do
do
do .
do....
1
202 978
255 220
60758
186 406
8056
34338
9580
1,518
7
211 351
264 808
62932
189 210
12666
34005
16 149
934
707
1277
1271
126.2
126.1
26,059
27,797
24,876
23,467
26,444
r
61
r
47
6393
r
7086
r
r
7248
r
6306
6174
58 19
1499
6822
7621
7355
132.7
18961
162 45
258 61
3801
193 15
170 58
r
259 03
3659
20186
180 53
r
258 21
3568
18876
15050
27662
31.61
18 115
18058
24 002
23738
5556
4844
17 118
18 042
1064
1 116
36064 34771
1 348 1420
19 138
24 312
5672
17476
1 163
34074
1400
17253
22622
5*529
16 103
989
33434
1322
16603
20394
4934
14706
993
34005
1314
1712
182
144
132
7907
7487
6516
7532
88 10
7069
5868
7464
6573
7294
6046
71 56
49 11
6874
7659
71 18
8189
6849
85 65
1324
67 51
66 18
6383
1758
4871
8194
18695
15852
23784
3907
179 13
16682
235 11
3676
201 20
18680
22964
41 11
19372
16305
23750
4102
20540
17208
246 18
3979
197 36
166 30
24956
4047
187 36
16091
261 01
2929
20036
171 10
r
259 87
4334
17403
22 539
6010
15 559
17 941
24 764
5718
18 055
15022
20 101
3*526
15783
40 159
1 380
37 976
1 157
37 355
113
162
17345
18027
18 795
19 472
4713
5065
13243
13061
1 021
1 163
37047
39904
1 328
1 410
95
138
19305 17642
22808 21 200
5*759
5606
14 501
15740
1 309
1 093
41 149
40737
1 598
1 477
165
141
970
161
992
793
995
966
932
539
RUBBER AND RUBBER PRODUCTS
TIRES AND TUBES
Pneumatic casings:
Production
Shipments,
total
Original equipment
Replacement equipment
Exports
Stocks, end of period
Exports (Bu. of Census)
Inner tubes:
Exports (Bu. of Census)
180
143
188
120
RUBBER
Natural rubber:
r
Consumption
thous metric tons
775 82 81077
Stocks, end of period . . .
do
6174
7246
Imports, incl. latex and guayule
thous long tons
74567 84037
U.S. Import Price Index f
1985-100 ..
1477
115.7
Synthetic rubber:
Production
thous metric tons 2 184 12 2 324 86
Consumption
do
2 017 31 2 009 64
Stocks, end of period
do
22972
27662
Exports (Bu. of Census)
thous. Ig. tons .. 42264 45274
138.7
113.8
130
r
149
5792
5843
128.8
S-30
Unless otherwise stated in footnotes
below, data through 1986 and
methodological notes are as shown in
BUSINESS STATISTICS: 1986
SURVEY OF CURRENT BUSINESS
Annual
IT .t
Units
1987
March 1989
1988
1988
Jan.
Mar.
Feb.
Apr.
1989
July
June
May
/
Aug.
Sept.
Oct.
Nov/
Jan.
Dec.
Feb.
STONE, CLAY, AND GLASS PRODUCTS
PORTLAND CEMENT
Shipments, finished cement
thous bbl
CLAY CONSTRUCTION PRODUCTS
Shipments:
Brick, unglazed (common and face)
mil. standard brick
Structural tile, except facing
thous. sh. tons..
Sewer pipe and fittings, vitrified
do
Floor and wall tile and accessories, glazed
and unglazed
mi. sq. ft..
Producer Price Index, brick and structural
clay tile
12/84—100
1
480 410 1 480 314
76005
3988
47
181
(2)
3169
GLASS AND GLASS PRODUCTS
Flat glass, mfrs.' shipments
thous $ 1 457 587
Glass containers:
Production f
thous gross 285 030
281 636
Shipments, total t
do
Narrow-neck containers:
Food t
do.... 27,252
Beverage ..
do
62434
Beer
do
85357
Liquor and wine 1°
do
28382
Wide-mouth containers:
Food and dairy products
do.... 62,673
Narrow-neck and wide-mouth containers:
Medicinal and toilet
do
14 167
Chemical, household, and industrial
do ..
1371
Stocks, end of period t
do
41926
GYPSUM AND PRODUCTS
Production:
7
Crude gypsum (exc. byproduct).... thous sh tons
15 612
1
Calcined
do
17 592
Imports crude gypsum
do
9717
Sales of gypsum products:
J
TJncalcined
do
6324
Calcined:
Industrial plasters
do
'496
Building plasters, total
(incl. Keene's cement)
do
'280
1 20 507
Board products total
mil sq ft
23
Lath
do
J
Veneer base
do
479
Gypsum sheathing
do
'313
1 13 920
Regular gypsum board
do
14439
Type X gypsum board
do
Predecorated wallboard
do
'128
5
/i6 mobile home board
do
'598
Water /moisture resistant board
do ....
'557
26 293
4867
47
21 1
36404
39926
45356
50 117
43803
49 564
47 580
47 250
39750
32505
7097
47
314
6854
47
247
7168
51
275
777 1
53
341
682 1
53
312
751 0
47
366
714 1
47
277
7526
47
262
6173
47
222
5156
4.7
15.6
359
478.9
1082
20979
1109
384
44.7
407
413
443
368
422
420
413
40.5
40.0
1099
110 5
110 4
1107
110 9
111 1
111 1
ill i
111 1
111 0
111 2
111 2
25457
22882
20993
20344
17009
19431
22231
21940
Ill 4
377 961
372 286
353 737
111 3
280 102
276 024
21 588
21 875
22497
20864
24 506
22522
24950
24327
25027
24834
24789
25764
25475
24387
25225
25598
22586
23 196
25,137
61 325
86299
26593
1837
3885
7928
2 153
1815
4260
6645
2*068
2211
5178
6032
2423
2,445
5753
7 503
2523
2,532
5617
8 142
2518
2,367
6342
7546
2718
2,167
5896
7741
2533
2,828
5968
7*482
2338
2349
5129
6943
1*846
1748
4775
7332
1 960
1,511
4216
6602
1798
1,327
4306
6403
1715
1,605
4528
7390
1959
65885
5198
5256
5508
5225
5,091
5874
5,324
6121
6013
6153
5294
4,828
5,635
9772
788
737
1050
787
879
850
674
786
825
829
814
753
723
1013
42426
86
40948
83
42680
120
44569
91
44953
55
44970
67
43614
52
44466
75
43 544
91
42466
85
44835
109
45150
99
42426
100
42807
1075
1361
801
1297
1402
512
1272
1524
986
1231
1327
685
1291
1277
878
1203
1 340
804
1429
1760
850
1279
1,385
915
1,460
1,330
306
378
359
415
632
444
10
20
11
13
11
11
18
1 468
2
36
19
884
420
9
49
48
21
1 595
2
36
19
975
451
9
51
52
1
15 100
1
16 900
1031
1 255
837
5313
342
150
235
20612
20
473
287
12420
5797
117
828
669
23
1 896
2
21
1 687
1
44
27
1 154
*528
10
72
59
41
24
1 003
*473
9
80
55
20
1 667
2
40
25
998
462
9
77
53
1059
1458
775
1521
1 444
760
417
462
533
460
564
11
13
12
13
18
1 699
2
40
18
1 043
468
10
65
55
16
1 641
1
37
30
1 005
453
10
53
53
12
10
19
1 683
2
19
1 698
1
39
26
992
474
11
74
66
37
23
1 027
*479
10
69
53
22
1 914
2
44
26
1 143
*549
11
79
60
19
1766
1
19
1 897
40
24
1057
499
10
79
56
40
26
1 139
541
9
80
59
2277
14,709
3
676
6888
14714
454
11,698
14,837
509
14,276
15,197
3
554
552
18 122
18,122
12,487
5027
608
17755
17,755
8,975
8210
570
17115
17,115
4,838
11,722
555
16062
16,062
1,957
13,524
581
14809
14,809
1,081
13,141
587
TEXTILE PRODUCTS
FABRIC
Woven fabric, finishing plants:
Production (finished fabric) . . mil linear yd
Cotton
.
do
Manmade fiber and silk fabrics
do....
Inventories held at end of period
do .
Cotton
do
Manmade fiber and silk fabrics
do....
Backlog of finishing orders .
do
Cotton
do ....
Manmade fiber and silk fabrics
do....
COTTON AND MANUFACTURES
Cotton (excluding linters):
Production:
Ginnings ^
thous. running bales .
Crop estimate
thous. net weight bales §.,
Consumption
thous running bales
Stocks in the United States, total, end of
period $
thous. running bales
Domestic cotton,
total
do....
On farms and in transit
do....
Public storage and compresses
do....
Consuming establishments
do....
See footnotes at end of tables.
14359
14,760
7446
13722
13,722
2,525
10,555
642
662
433
804
14934
563
6567
6,567
761
5073
733
5723
5,723
300
4714
709
18973
18,973
13,974
4348
651
136
568
16062
16,062
1,957
13,524
581
590
12394
12,394
1,470
10197
727
11 245
11,245
1,312
9151
782
3
738
556
551
9711
9,711
953
7,972
786
8607
8,607
791
7,028
788
7707
7,707
968
5,987
752
5
13,858
13,858
1,204
12,042
612
Unless otherwise stated in footnotes
below, data through 1986 and
methodological notes are as shown in
BUSINESS STATISTICS: 1986
S-31
SURVEY OF CURRENT BUSINESS
March 1989
IT .«.
Unlts
1987
1989
1988
Annual
1988
Jan.
Feb.
Mar.
Apr.
May
June
Aug.
July
Sept.
Oct.
Nov.
Jan.
Dec.
Feb.
TEXTILE PRODUCTS-Continued
COTTON AND MANUFACTURES-Cont.
Cotton (excluding linters)— Continued
Exports
thous running bales
Imports
thous. net-weight bales §
Price(farm), American upland 6
cents per Ib ..
Price, Strict Low Middling, Grade 41, staple 34
(IVie"), average 10 markets
cents per Ib
Spindle activity (cotton system spindles):
Active spindles, last working
day, total
mil ..
Consuming 100 percent cotton
do
Spindle hours operated, all
fibers, total
bil
Average per working day
... do
Consuming 100 percent cotton
do
Cotton cloth:
Cotton broadwoven goods over 12" in width:
Production (qtrly.)
mil sq. yd ..
Orders, unfilled, end of period, compared
with average weekly production
no weeks' prod .
Inventories, end of period, compared with
avg. weekly production
no. weeks' prod ;.
Ratio of stocks to unfilled orders (at cotton
mills), end of period
Exports, raw cotton equivalent
thous. net-weight bales §..
Imports, raw cotton equivalent
do
Producer Price Index, gray cotton
broadwovens
1982=100..
5683
2
3
64.6
3
526
5649
1
56.5
626
(i)
61.7
698
(i)
57.0
735
541
488
523
303
249
57.9
59.9
58.3
62.0
59.5
52.6
249
(i)
51.8
224
(i)
54.2
56.5
632
(i)
55.3
53.9
644
597
57 8
596
60 1
61 6
629
574
552
51 3
522
534
548
556
11.6
46
11.5
46
11.7
47
11.7
47
11.7
46
11.7
46
11.7
46
11.6
46
11.5
44
11.5
43
11.4
43
62
308
23
64
319
25
'80
321
43 i
67
334
25
65
324
24
4
50
252
18
60
299
22
4
75
301
27
60
299
21
57
287
22
11.6
46
829
319
323
'
4772
114.4
185
987
2504
1 1468
105.2
5
181
1026
239
1076
20.4
986
19.3
904
204
873
16.8
860
19.3
91 6
250
872
20.5
929
22.8
945
25.4
1094
112.7
114.3
114.5
115.9
116.2
116.1
115.9
115.6
114.8
111.9
111.8
111.5
MANMADE FIBERS AND MANUFACTURES
Fiber production, qtrly:
Acetate filament yarn
mil. Ib..
2139
1911
Rayon staple, including tow
do....
3998
413.8
Noncellulosic, except textile glass:
Yarn and monofjlaments....
do ;... 4,009.7 4,160.4
Staple, incl. tow
... do
43062 43456
Textile glass fiber
do....
Fiber stocks, producers', end of period:
Acetate filament yarn
mil Ib
142
114
Rayon staple, including tow
. do
207
140
Noncellulosic fiber, except textile glass:
Yarn and monofilaments
do....
298.4
2844
Staple, incl. tow...
do
3196
2984
Textile glass fiber
do....
Manmade fiber and silk broadwoven fabrics:
Production (qtrly.), total
mil. sq. yd ..
Filament yarn (100%) fabrics
do....
Chiefly rayon and/or acetate
fabrics
do
Chiefly nylon fabrics
do....
Spun yarn (100%) fabrics
do....
Rayon and/or acetate fabrics, blends
do ....
Polyester blends with cotton
do ....
Acetate filament and spun
yarn fabrics
do ..
Producer Price Index, gray synthetic
5
broadwovens
....1982=100 ..
110.0
112.7
105.6
Manmade fiber textile trade:
Exports, manmade fiber equivalent
mil. Ibs.. 59187 68475
4590
Yarn, tops, thread, cloth
do . 26031 28219
2007
Cloth, woven
do
15265 16931
1254
Manufactured prods., apparel,
furnishings
. do
2583
33156 40256
Imports, manmade fiber equivalent
do.... 1,805 44 1 735 70 14198
Yarn, tops, thread cloth
do
2222
28000 258 18
Cloth, woven
do
18252 17923
1463
Manufactured products, apparel,
furnishings
.. do
1 525 44 1 477 52 11976
Apparel total
do
1 033 22 99103
8240
Knit apparel .
do
2854
48536 44303
WOOL AND MANUFACTURES
Wool consumption, mill (clean basis):
Apparel class
-....
mil Ib
Carpet class
do
Wool imports, clean yield
•
do
Duty-free
.. do
Wool prices, raw, shorn, clean basis, delivered
to U.S. mills:
Domestic—Graded territory, 64's, staple 2%"
and up
dollars per Ib..
Australian, 64's, Type 62, duty-paid
do...,
Wool broadwoven goods, exc. felts:
Production (qtrly.)
mil sq yd .
FLOOR COVERINGS
Carpet, rugs, carpeting (woven, tufted, other),
shipments, quarterly $
mil sq. yds.
APPAREL
Women's, misses', juniors' apparel cuttings: t
Coats
thous units
Dresses
do
Suits (incl pant suits, jumpsuits)
do
Skirts
do
Slacks, jeans, dungarees, and
jean-cut casual slacks
do
Blouses
thous dozen
See footnotes at end of tables.
4
"53.1
1213
1233
2600
16172
78
313
*29
379
54.4
101.2
1,017.8
10620
1,062.4
11008
132
203
124
134
11 5
133
3131
3429
3170
3290
113.7
114.5
5674
2220
14 22
5677
2363
1488
5998
2732
1564
3602
14603
1873
1264
3454
14423
2220
1566
3314
13203
2044
1364
3266
123.37
1860
1247
12730
8726
4330
12203
8186
4044
111 59
71 62
3272
10477
6571
2673
106
*17
33
19
100
1.0
67
22
91
1.0
86
20
450
461
4.63
4.88
4.75
4.72
111.6
111.8
112.2
113.0
113.4
113.8
113.0
5283
2302
1281
6484
2787
1656
5983
2436
1497
6449
2209
13 48
5685
23 10
1289
5204
2080
12 19
57 52
2377
1425
5997
2395
1486
2981
13501
1886
1249
3697
125 48
2123
1493
3547
12322
22 11
1587
3940
14877
2340
1654
3375
171 32
2473
1795
31 23
16991
2300
1598
3375
17437
2266
1643
116 15
7604
2686
10425
6460
2363
101 11
6334
2571
12536
83 24
3850
14658
103 25
5058
14690
104 81
5237
15171
106 93
5364
13 5
18
88
21
10 1
13
91
17
96
13
86
19
435
496
4:53
5.64
463
5.64
101
14
127
19
265
3.24
438
487
315
3.91
397
468
113.0
284.4
2984
4
4
4
136
*12
74
24
460
513
1,055.1
1,124.5
1,025.1
1 058 3
111.1
10 1
13
120
27
114.2
114
140
3023
3057
1283
158
967
244
111.8
55.5
92.6
54.9
99.4
491
1066
1297
131
105 1
311
111.6
98
11
77
23
450
4.89
97
17
50
19
450
467
4
1689
506
530
1,263 2
3009
3390
3291
23982
174 982
7458
111 162
3721
45272
1919
27416
5188
42582
2488
26064
5251
34502
2489
22716
294 791
30595
64099
9025
71 065
9010
72509
8630
113.5
4
121
4
1.0
67
13
4.50
4.75
4.50
5.11
S-32
Unless otherwise stated in footnotes
below, data through 1986 and
methodological notes are as shown in
BUSINESS STATISTICS: 1986
SURVEY OF CURRENT BUSINESS
Annual
IT .,
umre
1987
March 1989
1989
1988
1988
Jan.
Mar.
Feb.
Apr.
Jan.
Aug.
Sept.
Oct.
Nov.
Dec.
29,404
27,557
3476
4411
109 232
19497
27,006
32,948
27,475
1 573 1 13602
956
1 063
1 126 5
725
9763
811
1 2445
517
14688
949
11885 1 406 0
829
814
726
668
1,010
722
287
9
110
9
78
9
31
386
347
863
605
258
107
7.8
3.0
484
442
886
603
283
106
7.4
3.2
618
556
830
579
251
106
76
3.1
655
589
838
592
246
9.8
6.8
3.0
648
591
796
554
243
10.2
7.2
2.9
584
533
882
617
265
11.5
8.4
3.1
616
570
721
512
209
9.8
7.0
2.7
1,663
1,588
9
24
6733
5251
357 9
1213
981
1,431
1,440
22
4393
3261
304 7
589
883
1,326
1,457
24
46 11
3944
3360
742
901
1,409
1,516
24
7656
6592
3488
1005
937
1,506
1,609
2.9
6511
5011
400 1
1015
807
1,632
1,631
2.7
6850
4898
4092
101.0
764
1,602
1,612
2.3
5824
4061
4157
88.9
894
1,738
1,678
r
2.9
Feb.
25,120
May
June
July
TEXTILE PRODUCTS—Continued
APPAREL-Continued
Men's apparel cuttings: $$
Suits
thous units
Coats (separate) dress and sport
do
Trousers, slacks, jeans, pants, etc
do
Shirts, dress and sport
thous doz
Hosiery, shipments
thous. doz. pairs..
7
12167
18*236
480 350
86649
308,982
322,124
24,018
25,729
3210
4627
109 575
21*328
26,184
24,718
24,886
3 182
4 144
114 658
22927
27,084
TRANSPORTATION EQUIPMENT
AEROSPACE VEHICLES
Orders, new (net), qtrly, total
mil $ 5 3 098
119
U.S. Government
do
64 892
3
Prime contract
do
115 298
Sales (net), receipts, or billings, quarterly,
3 3 053
109
total
do
U.S. Government
.
do
67 680
3
Backlog of orders, end of period # .
do
157 250
3
U.S. Government
do
91 436
3
Aircraft (complete) and parts
do
64 494
3
Engines (aircraft) and parts
do
15 521
Missiles, space vehicle systems, engines,
propulsion units, and parts
mil. $.. 3 30,259
Other related operations (conversions, modi3
fications), products, services
mil $
16 527
Aircraft (complete):
Shipments
do
12 295 0 15 127 2
7380
Exports, commercial
do
9971
7374
504
1 2353
744
MOTOR VEHICLES (NEW)
Passenger cars:
Factory sales (from U.S. plants):
5
Total
thous ..
7,085
563
472
7,105
Domestic
do
6437
«6487
504
435
Retail sales, total, not seas, adj
do....
10,278
888
765
10,639
Domestics §
do
7539
531
7081
649
Imports §
do....
3,197
238
234
3,099
Total, seas. adj. at annual rate
mil
107
111
Domestics §
do..
79
75
Imports §
do...
32
31
Retail inventories, domestics, end of period: §
Not seasonally adjusted
thous ..
1,680
1,608
1,602
1,677
Seasonally adjusted
do....
1,702
1,612
1,518
1,626
Inventory-retail sales ratio, domestics §
29
26
26
23
Exports (BuCensus) total
do
62765 765 12
68 14
4380
To Canada.. .
..
do
561 88 616 18
3394
60 17
Imports (ITC) complete units
do
4 589 0 4 450 2
379 8
369 2
From Canada, total
do
9269 1 1914
1073
910
r
Registrations A, total new vehicles
do.... 1 10 166 1 10,478
810
784
Imports, including domestically
r
sponsored..
do
291
'3709
'3654
281
Trucks and buses:
Factory sales (from U.S. plants):
6
Total
do
4 121
3821
317
344
6
Domestic
do ..
3,795
3509
295
318
Retail sales, domestics:
Total, not seasonally adjusted
do.... 4,088.4 4,544.5
374.8
306.6
0-10,000 Ibs. GVW
do
37861 41951
2843
348 1
10,001 Ibs. GVW and over
do....
302.3
348.7
26.7
22.3
4
Total, seasonally adjusted .
do
3846
362 6
4
0-10,000 Ibs. GVW
do ...
3538
3363
10,001 Ibs. GVW and over
do
*263
309
Retail inventories, domestics, end of period: t
Not seasonally adjusted
thous
9993 10240 "10348
9679
8
Seasonally adjusted
do.... 1,015.4 1,041.6 1,004.0
982.2
Exports (BuCensus)
do
22927
24692
2257
1865
Imports (BuCensus), including separate
chassis and bodies
..
do
9625
1 378 19 1 1 155 66
9404
Registrations <>, new vehicles, excluding buses
r
14954
not produced on truck chassis
thous
15209
379
389
Truck trailers and chassis, complete (excludes
detachables), shipments
number
180 142 176 158
12661 14601
Van type
do .. 135 380 127,534
10791
8,946
Trailer bodies (detachable), sold
separately
do
4931
438
37
39
Trailer chassis (detachable), sold
separately
do
2497
1711
32086
23014
RAILROAD EQUIPMENT
Freight cars (new), for domestic use; all
railroads and private car lines (excludesrebuilt cars and cars for export):
Shipments
number
Equipment manufacturers
do ..
New orders
do ...
Equipment manufacturers
do...
Unfilled orders, end of period
do...
Equipment manufacturers ....
do
Freight cars (revenue), class I railroads(AAR): $
Number owned, end of period;
thous .
Capacity (carrying), total, end of month
mil tons .
Average per car
tons.
See footnotes at end of tables.
13645
13645
18,504
18,504
6,736
6736
14475
1056
13631
1003
665
592
1,006
734
272
10.6
7.5
3.1
613
552
901
652
250
105
7.2
33
690
626
974
702
272
104
73
30
1,572
1,485
24
8371
7040
355 2
1140
919
1,571
1,503
25
6878
57 38
394 7
117 8
852
1,595
1,563
26
7491
64 12
378 9
1149
874
(2)
'754
554
'200
'9.9
7.1
e
2.8
1,811
1,681
2.9
733
306
284
290
333
303
329
360
297
278
316
258
402
364
340
311
366
333
372
343
240
223
337
318
349
324
375
340
351
323
327
303
365
338
439.7
4074
32.3
3745
3446
299
382.4
3502
32.1
3772
3482
290
426.0
3958
30.2
3864
3570
294
426.9
3958
31.1
3653
3375
278
385.5
3565
29.1
3965
3679
286
371.1
3437
27.4
3817
3547
270
346.4
3173
29.0
3613
333.3
280
371.0
339.7
31.4
3861
355.6
305
355.0
328.0
27.0
373.6
341.8
317
359.2
329.0
30.1
361.2
332.7
28.6
326.8
300.1
26.7
376.1
344.6
31.4
337.7
313.1
24.6
368.0
338.2
29.8
10227
966.7
2801
10204
960.4
2332
9929
941.6
24 18
9876
949.6
22 14
8516
924.1
1437
8546
924.7
1720
8384
895.2
21 53
9450
972.3
21 80
9983
1,003.5
1523
999.3
1,041.6
1791
1,093.7
1,072.5
1,170.5
1,109.9
12094
10940
9081
10225
7899
75 16
7290
10983
9720
10739
443
432
432
487
442
444
470
410
398
443
371
16 111
11325
13779
9553
14619
10226
15980
11,622
12694
8714
15347
11412
15845
11990
15580
11,494
14,500
10,888
14,441
10,573
13,642
9,659
76
114
462
619
673
670
922
310
483
526
2356
2785
2 163
2620
2668
3478
3599
3209
3001
1999
4457
4,457
7,209
7,209
12,692
12692
22524
22,524
28,871
28,871
15,953
15953
9
767.2
7864
7864
8,044
8,044
15,953
15953
5605
5605
4487
4487
16,107
16 107
4598
4,598
9,131
9,131
17,225
17225
749
744
742
743
740
738
735
733
728
726
724
724
6363
85.01
6337
85.13
6352
8558
6338
8529
6321
85.39
6310
8548
6287
8555
6271
8560
6236
8569
6224
8578
6215
8588
6227
8605
(ii)
" 1 490
(2)
March 1989
S-33
SURVEY OF CURRENT BUSINESS
FOOTNOTES FOR PAGES S-l THROUGH S-32
General Notes for all Pages:
r
p
e
c
Revised,
Preliminary,
Estimated,
Corrected.
Page S-l
t Revised series. See Tables 2.6 - 2.9 in the July 1988 SURVEY for revised estimates
for 1985-87.
$ Includes inventory valuation and capital consumption adjustments.
§ Monthly estimates equal the centered three-month average of personal saving as a
percentage of the centered three-month moving average of disposable personal income.
<> See note "0" for p. S-2.
Page S-2
1. Based on data not seasonally adjusted.
O Effective Oct. 1987 SURVEY, the industrial production index has been revised back
to Jan. 1985. These revisions are available upon request.
# Includes data not shown separately.
$ Effective Sept. 1988 SURVEY, data have been revised back to January 1982. Revised
data appear in the report "Manufacturing and Trade Inventories and Sales" CB-88-146,
available from the Bureau of the Census, Washington, DC 20233.
§ Revised series. Data have been revised back to 1985. Revisions are available upon
request.
Page S-3
# Includes data for items not shown separately.
t Revised series. Data have been revised back to 1982. A detailed description of the
changes appear in the report "Manufacturers' Shipments, Inventories, and Orders: 1982-88"
M3-l(88), available from the Bureau of the Census, Washington, DC 20233.
$ See note "$" for p. S-2.
§ See note "§" for p. S-2.
Page S-4
1. Based on data not seasonally adjusted.
# Includes data for items not shown separately.
$ Includes textile mill products, leather and products, paper and allied products, and
printing and publishing industries; unfilled orders for other nondurable goods industries
are zero.
O For these industries (food and kindred products, tobacco, apparel and other textile
products, petroleum and coal, chemicals and allied products, and rubber and plastics products)
sales are considered equal to new orders.
t See note "t" for p. S-3.
Page S-5
@ Compiled by Dun & Bradstreet, Inc.
# Includes data for items not shown separately.
§ Ratio of prices received to prices paid (parity index).
$ See note "$" for p. S-4.
t Effective with the Feb. 1988 SURVEY, data (back to 1984, for some commodities) have
been revised. Effective with July 1988 SURVEY, data (back to 1982, for some commodities)
have been revised. Effective with the Feb. 1989 SURVEY, data (back to 1985, for some
commodities) have been revised. These revisions are available upon request.
O See note "t" for p. S-6.
ft See note "t" for p. S-3.
Address requests for data to:
Statistical Series Branch
Current Business Analysis Division
Bureau of Economic Analysis
U.S. Department of Commerce
Washington, D.C. 20230
§ Data for Mar., June, Sept., and Dec. 1988 are for five weeks; other months four weeks.
O Effective Feb. 1989 SURVEY, data for seasonally adjusted housing starts have been
revised back to 1986. Effective Feb. 1988 SURVEY, data for seasonally adjusted housing
starts have been revised back to 1985.These revisions are available upon request.
t Effective May 1988 SURVEY, data for seasonally adjusted building permits have been
revised back to Jan. 1986. These revisions are available upon request.
@ Effective July 1988 SURVEY, data have been revised back to Jan. 1985. In addition
to the normal revisions to the unadjusted and seasonally adjusted data, the "Improvements"
component of private residential buildings has been revised back to 1982 to adjust for a
change in estimation of the monthly data. Revised data are available from the Construction
Statistics Division at the Bureau of the Census, Washington, DC 20233.
t Effective July 1988 SURVEY, data have been revised back to 1985 and are available
upon request.
Page S-8
1. Advance estimate.
<> Home mortgage rates (conventional first mortgages) are under money and interest
rates on p. S-l4.
§ Data include guaranteed direct loans sold.
# Includes data for items not shown separately.
@ Effective Oct. 1987 SURVEY, data are for mortgage loans closed as FSLIC-insured
institutions. Historical data back to 1976 are available upon request.
t Effective April 1988 SURVEY, wholesale trade data have been revised back to Jan.
1983. Revised data and a summary of changes appear in the report. Revised Monthly Wholesale
Trade Sales and Inventories BW-13-87S, available from the Bureau of the Census, Washington, DC 20233.
t Effective April 1988 SURVEY, retail trade data have been revised. Estimates of retail
sales and inventories have been revised back to January 1983. Some series have been revised
back to 1978. Revised data and a summary of changes appear in the report Revised Monthly
Retail Sales and Inventories BR-13-87S, available from the Bureau of the Census, Washington, DC 20233.
tt Beginning with data for 1988, data will be reported on a quarterly basis only.
Page S-9
1. Advance estimate.
# Includes data for items not shown separately,
O Effective with the January 1989 SURVEY, the seasonally adjusted labor force series
have been revised back to January 1984. The January 1989 issue of Employment and Earnings contains the new seasonal adjustment factors, a description of the current methodology, and
revised data for the most recent 13 months or calendar quarters. Revised monthly data for
the entire 1984-88 revision period are in the February 1989 issue of Employment and Earnings.
t The participation rate is the percent of the civilian noninstitutional population in the
civilian labor force. The employment-population ratio is civilian employment as a percent
of the civilian noninstitutional population, 16 years and over.
@ Data include resident armed forces.
$ See note "$" for p. S-8.
Page S-6
Page S-10
§ Effective with the release of the January 1988 index, all producer price indexes previously
expressed on a base of 1967=100, or any other base through December 1981, have been
rebased to 1982=100. Only indexes with a base later than December 1981 remain unchanged.
Selection of the 1982 period was made to coincide with the reference year of the shipment
weights, which have been taken primarily from the 1982 Census of Manufactures. The last
rebasing of these indexes occurred in February 1971, when the 1967 base was substituted
for the 1957-59 base. Historical data on the new base are available upon request. For producer
price indexes of individual commodities, see respective commodities in the Industry section
beginning p. S-l9. All indexes subject to revision four months after original publication.
# Includes data for items not shown separately.
t Effective with the release of the January 1988 index, all consumer price indexes previously
expressed on a base of 1967 = 100, or any other base through December 1981, have been
rebased to 1982-84=100. Only indexes with a base later than December 1981 remain
unchanged. Selection of the 1982-84 period was made to coincide with the updated expenditure
weights, which are based upon data tabulated from the Consumer Expenditure Surveys for
1982, 1983, and 1984. The last rebasing of these indexes occurred in February 1971, when
the 1967 base was substituted for the 1957-59 base. Historical data on the new base are
available upon request. Beginning with January 1987, data are calculated using 1982-84
expenditure patterns and updated population weights. Additional information regarding
these changes is available from the Bureau of Labor Statistics, Washington, DC 20212.
$ Effective with the Feb. 1989 SURVEY, data have been revised back to 1984 and are
available upon request.
O See note "O" for p. S-9.
§ Effective June 1988 SURVEY, data have been revised back to April 1986 (not seasonally
adjusted) and January 1983 (seasonally adjusted) to reflect new benchmarks and seasonal
adjustment factors. The June 1988 issue of Employment and Earnings contains a detailed
discussion of the effects of the revisions.
Page S-7
1. Computed from cumulative valuation total.
2. Index as of Mar. 1, 1989: building, 387.3; construction, 425.2.
# Includes data for items not shown separately.
Page S-l 1
$ This series is not seasonally adjusted because the seasonal component is small relative
to the trend-cycle and/or irregular components and consequently cannot be separated with
sufficient precision.
0 Production and nonsupervisory workers.
§ See note"§" for p. S-10.
Page S-12
1. This series is not seasonally adjusted because the seasonal component is small relative
to the trend-cycle and/or irregular components and consequently cannot be separated with
sufficient precision. Use the corresponding unadjusted series.
2. The hourly earnings index has been discontinued.
§ See note "§" for p. S-10.
0 Production and nonsupervisory workers.
$ Earnings in 1977 dollars reflect changes in purchasing power since 1977 by dividing by
Consumer Price Index. Effective Feb. 1988 SURVEY, this series has been revised back to
1983 to reflect new seasonal factors for the CPI-W. Revised data are available upon request.
§§ Wages as of Mar. 1, 1989: Common, $17.64; Skilled, $23.05.
t Excludes farm, household, and Federal workers.
i$ See note "4" for p. S-l 1.
S-34
SURVEY OF CURRENT BUSINESS
March 1989
PageS-13
Page S-16
1. Beginning with Jan. 1988 data, the number of respondents in the bankers acceptance
survey was reduced from 155 to 111 institutions—those with $100 million or more in total
acceptances. The new reporting group accounts for over 90 percent of total acceptances
activity.
2. Effective December 31, 1987, eight brokers and dealers in commercial paper were
added to the reporting panel resulting in a series break. End of month figures on the old basis
are as follows: All issuers, 352,915; financial companies, 275,907; dealer placed, 103,667;
directly placed, 172,240; and nonfinancial companies, 77,008.
3. Average for Dec.
4. Pursuant to the 1987 Agricultural Credit Act, the FICBs merged with the FLBs on
July 6, 1988. Third quarter loans for the combined FLBs, FLBAs, FICBs, and PCAs are
$42,849 million.
,
,
@ Effective with the June 1988 SURVEY, total exports and imports have been revised
back to Jan. 1986. These revisions are available upon request. Data may not equal the
sum of the geographic regions, or commodity groups and principal commodities, because
the revisions to the totals are not reflected in the component items.
t Effective with the June 1988 SURVEY, seasonal adjustment of exports and imports
was reintroduced. The monthly data were last adjusted for December 1985. Historical data
from Jan. 1986 forward are available upon request.
§ Number of issues represents number currently used; the change in number does not
affect the continuity of the series.
$ For bonds due or callable in 10 years or more.
# Includes data for items not shown separately.
t Effective Aug. 1988 SURVEY, free reserves have been restated to correspond with the
Federal Reserve's computation, which is as follows: excess reserves, minus borrowings, plus
extended credit. Historical data back to 1961 are available upon request.
$ Effective Jan. 1988, series revised due to changes in the panel of reporting banks. The
new reporting panel of 168 banks accounts for about 52 percent of total assets in U.S. offices
of domestically-chartered banks. Back data have been estimated for the years 1984-87.
# Includes data for items not shown separately.
$$ "Transaction balances other than demand deposits" consists of ATS, NOW, super
NOW, and telephone transfer accounts.
§ Excludes loans and federal funds transactions with domestic commercial banks and
includes valuation reserves (individual loan items are shown gross; i.e., before deduction of
valuation reserves).
.
# New series. Source: The Employment and Training Administration. Covers 50 States
and the District of Columbia. Only regular benefits are included,
@ Insured unemployment as a percent of covered employment in a 12-month period.
** Effective Aug. 1987 SURVEY, data are provided by the Farm Credit Corporation of
America on a quarterly basis. Quarterly, data are available back to first quarter 1985, with
annual data available back to 1961.
Page S-14
1. Data are for fiscal years ending Sept. 30 and include revisions not distributed to the
months.
2. Weighted by number of loans.
3. Beginning Feb. 1988, data temporarily suspended by the Farm Credit. Administration, which is revising the information it collects and amending the reports it distributes.
§ Effective Mar. 1988 SURVEY, data have been revised to reflect new benchmark and
seasonal adjustments. These revisions are available upon request.
t Effective Apr. 1988 SURVEY, the consumer installment credit series have been revised
back to Jan. 1980 to reflect newly available historical information and to incorporate new
seasonal factors. These revisions are available upon request.
# Includes data for items not shown separately.
O Adjusted to exclude domestic commercial interbank loans and federal funds sold to
domestic commercial banks.
$ Rates on the commercial paper placed for firms whose bond rating is Aa or the equivalent.
§§ Effective Sept. 1988 SURVEY, the outlays by month for fiscal year (FY) 1987 have
been increased by a net of $582 million to reflect reclassification of the Thrift Savings Fund
receipts of $736 million and Federal Retirement Thrift Investment Board (FRTIB) administrative expenses of $154 million to a non-budgetary status. The FRTIB outlays by month
for 1988 have been adjusted by a net of $1,084 million. Data for fiscal years 1987 and 1988
previously reported by Treasury for Federal Savings and Loan Insurance Corporation (FSLIC)
and FRTIB have been reclassified in consultation with the Office of Management and
Budget resulting in revised totals back, to April 1987. Effective Apr. 1988 SURVEY, a total
adjustment of $920 million for FY 1987 and $1,565 million thru Feb. 1988 has been distributed by month for notes issued by the FSLIC in lieu of cash and not reported as outlays. The
previous adjustment, in the Feb. 1988 SURVEY, has been reversed prior to these corrections. Effective Sept. 1987 SURVEY, the outlays for the Federal Deposit Insurance Corporation (FDIC) have been adjusted by $442 million for 1986 and $158 million for 1987 to
reflect FDIC debentures issued in lieu of cash and not reported previously as outlays.
$$ Courtesy of Metals Week.
'
@@ Average effective rate
@ Revised for periods between October 1986 and February 1987. During this interval,
outstanding gold certificates were inadvertently in excess of the gold stock.
PageS-15
1. Beginning in the first quarter 1987, the universe of manufacturing corporations was
redefined to exclude corporations with less than $250,000 in assets at the time of sample
selection.
t Effective Feb. 1989 SURVEY, the money stock measures and components have been
revised and are available from the Banking Section of the Division of Research and Statistics at the Federal Reserve Board, Washington, D.C. 20551.
$$ Includes ATS and NOW balances at all depository institutions, credit union share
draft balances, and demand deposits at thrift institutions.
O Overnight (and continuing contract) RP's are those issued by commercial banks to
the nonbank public, and overnight Eurodollars are those issued by Caribbean branches of
member banks to U.S. nonbank customers.
@ Small time deposits are those issued in amounts of less than $100,000. Large time
deposits are those issued in amounts of $100,000 or more and are net of the holdings of
domestic banks, thrift institutions, the U.S. Government, money market mutual funds, and
foreign banks and official institutions.
# Includes data for items not shown separately.
§ Effective Apr. 1988 SURVEY, 1987 data have been revised. Revisions for Jan. 1987:
long-term, 7,486; short-term, 372.
Page S-17
@ See note "@" for p. S-16.
t See note "t" for p. S-16.
# Includes data not shown separately.
O Data include undocumented exports to Canada, which are based on official Canadian
import totals.
Page S-18
1. Annual total; quarterly or monthly revisions are not available.
2. For month shown.
# Includes data for items not shown separately.
§ Total revenues, expenses, and income for all groups of carriers also reflect nonscheduled
service.
# Data have been revised back to 1981. They now include commuter railroads and small
transit systems. Revised data are available upon request.
$ The threshold for Class I railroad status is adjusted annually by the Interstate Commerce Commission to compensate for inflation..
O Average daily rent per room occupied, not scheduled rates.
## Data represent entries to a national park for recreational use of the park, its services,
conveniences, and/or facilities.
t Before extraordinary and prior period items.
@ Changes in these unit value indexes may reflect changes in quality or product mix as
well as price changes.
Page S-19
1. Reported annual total; monthly or quarterly revisions are not available.
2. Less than 500 short tons.
3. Figure is being suppressed because of not meeting Bureau of Census' publication
standards.
# Includes data for items not shown separately.
§ Data are reported on the basis of 100 percent content of the specified material unless
otherwise indicated.
$ Data for 1985-86 (and 1984, for inorganic chemical production items) have been revised.
Effective with the Jan. 1989 SURVEY, series for industrial gases have been revised for 1986
and 1987. Effective with the Feb. 1989 SURVEY, series for inorganic chemicals and fertilizer materials have been revised for 1986 and 1987. These revisions are available upon
request.
O Beginning January, 1986, data are not directly comparable to earlier periods because
the data represent only companies that have annual revenues over $100 million.
PageS-20
1. Reported annual total; monthly or quarterly revisions are not available.
2. Quarterly data are no longer available.
§ Data are not wholly comparable from year to year because of changes from one classification to another.
O Effective with the Jan. 1989 SURVEY, data for 1986 and 1987 have been revised and
are available upon request.
@ Includes less than 500 electric generation customers not shown separately.
t Effective with the May 1988 SURVEY, data have been revised back to 1985 and are
available upon request.
^Effective with the Nov. 1988 SURVEY, data for 1986 and 1987 have been revised and
are available upon request.
Page S-21
1. Previous year's crop. New crop is not reported until Sept. (crop year: Sept. 1-Aug. 31).
2. Crop estimate for the year.
3. Stocks as of June 1.
4. Stocks as of June 1 and represents previous year's crop; new crop not reported until
June (beginning of new crop year).
5. Beginning with Sept. 1, 1988 data, quarterly stock estimates have been reinstated.
6. Stock estimates are available once a year as June 1 stocks and shown here in the May
column and (as previous year's crop) in the annual column.
7. Stocks as of Dec. 1.
8. See note "§" for p. S-6 regarding a change to a new reference base in 1988.
9. Prices are no longer available.
10. Based on quotations for fewer than 12 months.
§ Excludes pearl barley.
# Bags of 100 Ibs.
@ Quarterly data represent the 3-month periods Dec.-Feb., Mar.-May, June-Aug.,
and Sept. -Nov. Annual data represent Dec.-Nov.
t Coverage for 21 selected States, representing approximately 85 percent of U.S. production.
Page S-22
1 . Monthly quotation not available.
2. See note "§" for p. S-6 regarding a change to a new reference base in 1988.
3. See note "t" for this page.
4. See note "$" for this page.
5. Series has been discontinued by the source.
$ Beginning with Sept. 1988 and annual 1988 data, price represents dollars per head and
is not comparable with earlier prices, which represent dollars per 100 pounds.
§ Cases of 30 dozen.
O Bags of 60 kilograms.
t Effective with the release of 1st Qtr. 1988 data, the import price index for coffee has
been discontinued by BLS and replaced in the SURVEY with the import price index for
coffee and coffee substitutes. The weighting structure used for the import price index reflects
U.S. foreign trade flows based on 1985 data. Indexes, beginning with 2nd Qtr. 1975, are
available upon request.
Page S-23
1 . Crop estimate for the year.
2. Reported annual total; revisions not distributed to the months.
3. Data suppressed because they did not meet publication standards of the Bureau of
the Census.
4. See note "§" for p. S-6 regarding a change to a new reference base in 1988.
# Totals include data for items not shown separately.
0 Effective Oct. 1988 SURVEY, the footwear production series have been revised for
1986 and 1987. These revisions are available upon request.
Page S-24
1 . Annual data; monthly revisions not available.
2. See note "§" for p. S-6 regarding a change to a new reference base in 1988.
3. Less than 500 tons.
# New series from the American Metal Market. The composite scrap price represents
the average of consumers' buying prices, delivered, at the following markets: Chicago,
Pittsburgh, and Philadelphia. Annual and monthly composite price data are available back
to January 1982.
Page S-25
1 . Annual data; monthly revisions are not available.
2. For month shown.
@ Beginning 1987, includes foreign ores.
t Beginning January 1982, data represent metallic (mostly aluminum) content. Data for
1 98 1 and prior years represent aluminum content only.
0 The source for these series is now the Bureau of Mines.
§ Source: Metals Week.
Page S-26
1 . Annual data; monthly revisions are not available.
2. Less than 50 tons.
0 Includes secondary smelters' lead stocks in refinery shapes and in copper-base scrap.
@ All data (except annual production figures) reflect GSA remelted zinc and zinc purchased
for direct shipment.
$ Source for monthly data: American Bureau of Metal Statistics. Source for annual
data: Bureau of Mines.
# Includes data not shown separately.
§ Beginning with the Aug. 1985 SURVEY, unadjusted fluid power shipments indexes are
shown. Seasonally adjusted indexes are no longer available.
# New series from The Material Handling Institute, Inc. and Cahners Economics. Includes
bookings (new orders) for automatic guided vehicles, automated storage and retrieval systems, below hook lifters, cranes, hoists, monorails, racks, shelving, casters and floor trucks,
and conveyors. Annual and quarterly historical data back to 1972 are available upon request.
@@ Beginning Oct. 1986, the Lead price represents North American Mean.
Page S-27
1 . See note "§" for p. S-6 regarding a change to a new reference base in 1988.
2. Beginning January 1986, data have been restated because a new methodology has
been adopted.
3. Annual total includes revisions not distributed to the months.
# Includes data for items not shown separately.
§ Includes nonmarketable catalyst coke. See also note "tf'for this page.
O Includes small amounts of "other hydrocarbons and alcohol new supply (field
production)," not shown separately.
t Effective with the Oct. 1987 SURVEY, coal production data for 1986 have been revised.
Effective with the May 1988 SURVEY, coal consumption and stocks back through 1986
have been revised. Effective with the Oct. 1988 SURVEY, coal production data for 1987
have been revised. These revisions are available upon request.
(a) Includes U.S. produced and imported microwave ovens and combination microwave
oven/ranges.
$ "Tractor shovel loaders" includes some front engine mount wheel tractors that had
previously been included in "Tractors, wheel, farm, and nonfarm."
tt Effective with the June 1988 SURVEY, data for 1987 have been revised and are available upon request.
$$ March, June, September and December are five-week months. All others consist of
four weeks.
S-35
SURVEY OF CURRENT BUSINESS
March 1989
Page S-28
1.
2.
#
t
Reported annual totals; revisions not allocated to the months.
See note "§" for p. S-6 regarding a change to a new reference base in 1988.
Includes data for items not shown separately.
Except for price data, see note "ft" for p. S-27.
Page S-29
1. Reported annual totals; revisions not allocated to the months.
2. See note "§" for p. S-6 regarding a change to a new reference base in 1988.
O Source: American Paper Institute. Total U.S. estimated consumption by all newspaper
users.
# Compiled by the American Newspaper Publishers Association.
t Effective with the April 1988 SURVEY, the import price index for natural rubber has
been revised. The index is now expressed on a base of 1985 = 100. Also new weights based on
1985 trade flows have been applied to all data from 1985 onward. Revised data are available
back to 4th qtr. 1983.
Page S-30
1. Reported annual total; revisions not allocated to the months.
2. Data are being withheld to avoid disclosing data from individual firms.
3. Data cover five weeks; other months, four weeks.
# Includes data for items not shown separately.
O Cumulative ginnings to the end of month indicated.
§ Bales of 480 Ibs.
t Data for 1987 have been revised and are available upon request.
Page S-31
1. Less than 500 bales.
2. Annual total includes revisions not distributed to the months.
3. Average for crop year; Aug. 1-Jul. 31.
4. For five weeks; other months four weeks.
5. See note "§" for p. S-6 regarding a change to a new reference base in 1988.
O Based on 480-lb. bales, preliminary price reflects sales as of the 15th; revised price
reflects total quantity purchased and dollars paid for the entire month (revised price includes
discounts and premiums).
# Beginning 1st Qtr. 1986; quarterly data are estimated by the American Textile
Manufacturers Institute based on annual data collected by the Bureau of Census
§ Bales of 480 Ibs..
t Beginning 1st Qtr. 1987, data are not comparable with earlier periods. Girls apparel
are now included with women's, misses' and juniors' and boys' apparel are now included
with men's. Also, some classification changes were made.
Page S-32
1. Annual total includes revisions not distributed to the months.
2. Production of new vehicles (thous. of units) for Feb. 1989: passenger cars, 608; trucks
and buses, 379.
3. Data are reported on an annual basis only.
4. Effective with the Feb. 1988 SURVEY, data have been revised back to 1985 and are
available upon request.
5. Beginning with January 1987, data include Honda, Nissan, and Toyota passenger cars
produced in U.S. plants.
6. Beginning with January 1987, data include Nissan trucks produced in U.S. plants.
7. Beginning with 1st qtr. 1987, jeans, jean-cut casual and dungarees are included with
trousers.
8. See note "t" for this page.
9. Effective with July 1988 SURVEY, data have been revised back to 1985 and are available upon request.
10. Data for jumpers are included with dresses to avoid disclosing information for individual companies.
11. Shipments of trailer bodies are included with trailer chassis to avoid disclosure of
data from individual firms.
# Total includes backlog for nonrelated products and services and basic research.
§ Domestics comprise all cars assembled in the U.S. and cars assembled in Canada and
imported to the U.S. under the provisions of the Automotive Products Trade Act of 1965.
Imports comprise all other cars.
<> Courtesy of R.L. Polk & Co.; republication prohibited. Because data for some states
are not available, month-to-month comparisons are not strictly valid.
$ Excludes railroad-owned private refrigerator cars and private line cars.
t Effective with the Mar. 1988 SURVEY, retail inventories for trucks and buses have
been restated to exclude captive imports (vehicles manufactured overseas by U.S. affiliates). These data are available back through 1966.
ti See note "t" for page S-31.
S-36
March 1989
SURVEY OF CURRENT BUSINESS
Index to Current Business Statistics
Sections
General:
Business indicators
Commodity prices
Construction and real estate
Domestictrade
Labor force, employment, and earnings
Finance
Foreign trade of the United States
Transportation and communication
,... .
1-5
5,6
7,8
8,9
9-13
13-16
16-18
18,1.9
Industry:
Chemicals and allied products
Electric power and gas
Food and kindred products; tobacco
Leather and products
Lumber and products
Metals and manufactures
Petroleum, coal, and products
Pulp, paper, and paper products
Rubber and rubber products
Stone, day, and glass products
Textile products
Transportation equipment
19,20
20
20-23
23
23,24
24-27
27,28
28,29
29
30
30-32
32
Footnotes.
32-35
Individual Series
Advertising
Aerospace vehides
Agricultural loans
Air carrier operations
Air conditioners (room)
Aircraft and parts
Alcohol, denatured and ethyl
Alcoholic beverages
Aluminum
Apparel
Asphalt
Automobiles, etc
8,12
32
13
18
27
4, 5,32
19
8,20
25
2, 4-6, 8-12,31, 32
28
2-4, 6, 8,9,14,15,17, 32
Banking
Barley
Battery shipments
Beef and veal
Beverages
Blastfurnaces, steel mills
Bonds, issued, prices, sales yields
Brass and bronze
Brick
Building and construction materials
Building costs
Building permits
Business incorporation (new), failures
Business sales and inventories
Butter
Carpets
Cattle and calves
Cement
Chain-store sales, firms with 11 or more stores .
Chemicals
Cigarettes and cigars
Clay products
Clothing (see apparel)
Coal
Cocoa
Coffee
Coke
Combustion, atmosphere, heating equipment
Communication
Construction:
Contracts
Costs
Employment, unemployment, hours, earnings
Housing starts
New construction put in place
Consumer credit
Consumer goods output, index
Consumer Price Index
Copper and copper products
Corn
Cost of living (see Consumer Price Index)
Cotton, raw and manufactures
Credit, commercial bank, consumer
Crops
Crude oil
Currency in circulation
Dairy products
Debt, U.S. Government
Deflator, PCE
Department stores, sales, inventories
Deposits, bank
Dishwashers and disposers
13,14
21
27
22
8,17,20
3-5
15,16
26
30
2,4, 5
7
7
5
2,3
21
31
22
30
9
21
2-4,10-12,15, 17,19,20
23
2-4,30
2,27
22
22
27
26
15,19
7
7
10-12
7
,
7
14
1,2
5,8
25,26
21
5,6
.5,30,31
14
5, 21-23, 30
3,27
15
5,21
14
1
9
13,15
27
1
20
1,15
Disposition of personal income.
Distilled spirits
Dividend payments
Drugstores, sales
Earnings, weekly and hourly
Eating and drinking places
Eggs and poultry
Electric power
Sectrical machinery and equipment
Employee-hours, aggregate, and indexes
Employment and employment cost
Exports (see also individual commodities)
12
8,9
5, 22
2, 20
2-5,10-12,15, 27
11
10-12
16-18
Failures, industrial and commercial
Farm prices
Fats and oils
Federal Government finance
Federal Reserve System
Federal Reserve member banks
Fertilizers
Rsh
Rooring, hardwood
Rour, wheat
Ruid power products
Food products
5
5,6
17
14
13
13
19
22
24
22
26
2-6,8,10-12,15,17,20-23
Foreign trade (see also individual commod.)
Freight cars (equipment)
Fruits and vegetables
Fuel oil
Fuels
Furnaces
Furniture
Gas, output, prices, sales, revenues
Gasoline
Glass and products
Glycerin
Gold
Grains and products
Grocery stores
Gypsum and products
Hardware stores
Heating equipment
Help-wanted advertising index
Hides and skins
Hogs
Home loan banks, outstanding advances
Home mortgages
.Hotels, motor hotels, and economy hotels
Hours, average weekly
Housefurnishings
Household appliances, radios, and television sets
Housing starts and permits
Imports (see also individual commodities)
Income, personal
Income and employment tax receipts
Industrial production indexes:
By industry
By market grouping
Installment credit
Instruments and related products
Interest and money rates
Inventories, manufacturers' and trade
Inventory-sales ratios
Iron and steel
16-18
32
5
6,28
2, 6,17, 27, 28
27
2, 6,8-12
2,6, 20
28
30
19
14
5,21, 22
9
30
8
26
12
6
22
8
8
18
11
2,4-6,8,9
27
7
17,18
1
14
1,2
1,2
14
2-4,10-12
14
3,4, 8,9
3
2,15, 24, 25
Labor, force
9,10
Lamb and mutton
22
Lead
26
Leather and products
2,6,10-12,23
Livestock
5, 22
Loans, real estate, agricultural, bank (see also Consumer credit)
8,13
Lubricants
28
Lumber and products
2,6,10-12, 23,24
Machine tools
26
Machinery
2-6,10-12,15,17,26,27
Manufacturers' sales (or shipments), inventories, orders
3-5
Manufacturing employment, unemployment, production workers,
hours, earnings
10-12
Manufacturing production indexes
1,2
Meat animals and meats
5,22
Medical care
6
Metals
2-6,10-12,15, 24-26
Milk
21
Mining
2,10-12
Mobile homes, shipments, installment credit
7,14
Monetary statistics
15
Money and interest rates
14
Money supply
15
Mortgage applications, loans, rates
8,13,14
Motor carriers
18
Motor vehides
2-4, 6, 8, 9,15,17,32
National parks, visits
Newsprint
New York Stock Exchange, selected data
Nonferrous metals
Oats
Oils and fats
Orders, new and unfilled, manufacturers'
Outlays, U.S. Government
18
29
16
2, 4, 5,15,25,26
21
17
4,5
14
Paint and paint materials
20
Paper and products and pulp
2-4, 6,10-12,15, 28, 29
Parity ratio
5
Passenger cars
2-4, 6, 8,9,15,17,32
Passports issued
18
Personal consumption expenditures
1
Personal income
1
Personal outlays
1
Petroleum and products
2-4,10-12,15,17, 27,28
Rg iron
24
Plastics and resin materials
20
Population
9
Pork
22
Poultry and eggs
5,22
Price deflator, implicit (PCE)
1
Prices (see also individual commodities)
5,6
Printing and publishing
2,10-12
Private sector employment, hours, earnings
10-12
Producer Price Indexes (see also individual commodities)
6
Profits, corporate
15
Public utilities
1, 2, 7,15,16, 20
Pulp and pulpwood
28
Purchasing power of the dollar
6
Radio and television
Railroads
Ranges and microwave ovens
Rayon and acetate
Real estate
Receipts, U.S. Government
Refrigerators
Registrations (new vehicles)
Rent (housing)
Retail trade
Rice
Rubber and products flnd. plastics)
Saving, personal
Savings deposits
Savings institutions
Securities issued
Security markets
Services
Sheep and lambs
Shoes and other footwear
Silver
Spindle activity, cotton
Steel and steel manufactures
Stock market customer financing
Stock prices, yields, sales, etc
Stone, day, glass products
Sugar
Sulfur
Sulfuric add
Superphosphate
Synthetic textile products
Tea imports
Telephone carriers
Television and radio
Textiles and products
Tin
Tires and inner tubes
Tobacco and manufactures
Tractors
Trade (retail and wholesale)
Transit lines, urban
Transportation
Transportation equipment
Travel
Trucktrailers
Trucks
8,27
13,16,18, 32
27
31,
8,13
14
27
32
6
2,3,5, 8-12,14,32
21
2-4,6,10-12, 29
1
13
8,14
15
15,16.
6,10-12
22
23
14
31
24,25
15
16
2-4,10-12,15, 30
23
19
19
19
31
23
19
27
2-4,10-12,15,30-32
26
29
2-4,10-12,23
27
2,3, 5,8-12,32
18
6,10-12,15,16,18
2-6,10-12,15,17,32
18
32
2,32
Unemployment and insurance
U.S. Government bonds
U.S. Government finance
Utilities
Vacuum cleaners
Variety stores
Vegetables and fruits
9,10,13
16
15
2, 6, 7,15,16, 20
27
9
5
Wages and salaries
Washers and dryers
Water heaters
Wheat and wheatflour
Wholesale trade
Wood pulp
Wool and wool manufactures
Zinc
1,12
27
27
21,22
2,3,5, 8,10-12
28
31
26
BEA Information
Available From GPO
SURVEY OF CIIERENT BUSINESS. Contains estimates and analyses of U.S.
economic activity. Features include a review of current economic developments; articles pertaining to BEA's work on the national, regional, and
international economic accounts and related topics; quarterly national
income and product accounts tables; and 36 pages of tables that present
over 1,900 major economic series obtained from other public and private
sources. Monthly. $6.50 single copy; $18.00 per year.
Business Statistics; 1986. (1987) Provides monthly or quarterly data
for 1983-86 and annual data for 1961-86 for series that appear in the
SURVEY OF CURKENT BUSINESS, Also contains definitions of terms, sources of
data, and methods of compilation. 325 pages, $16.00 (GPO Stock No. 003010-00181-0).
Business Conditions Digest. Contains tables and charts for 300
series, including business cycle indicators and other series that help
evaluate business conditions. Features the composite indexes of leading,
coincident, and lagging indicators. Also included are cyclical comparison
charts and data sources. Monthly. $4.00 single copy; $44.00 per year.
The National Income and Product Accounts of the United
States, 1929-82: Statistical Tables, (1986) Contains detailed estimates
of the national income and product accounts for 1929-82 from the comprehensive revision released in 1985. Also includes definitions of the major
components of the accounts and of the major sectors of the economy. 442
pages. $23.00 (GPO Stock No. 003-010-00174-7),
BEA Methodology Paper No. Is Introduction to National Economic Accounting. (1985) Introduces the concepts of the national
income and product accounts by placing these accounts within the framework of national economic accounting. Shows how the national income and
product accounts, capital finance accounts, and input-output accounts—
the major branches of national economic accounting in the Unite d State s—
are derived from the conventional accounting statements. 19 pages. $1.25
(GPO Stock No. 003-010-00158-5),
BEAMethodoIogyPaperNo.2; Corporate Profits: Profits Before
Tax, Profits Tax Liability, and Dividends. (1985) Describes the concepts, sources, and methods of the corporate profits components of the
national income and product accounts. 61 pages $2.50 (GPO Stock No. 00 3010-0014S-7).
BEA Methodology Paper No. 3: Foreign Transactions. (1987) Describes the preparation of estimates in the national income and product
accounts (NIPA's) of net exports (both current- and constant-dollar),
transfer payments to foreigners, capital grants received by the United
States, interest paid by Government to foreigners, and net foreign investment. Also describes the relationship between foreign transactions estimates in the NIPA's and those in the balance of payments accounts. 52
pages. $2.75 (GPO Stock No. 003*010-00178-0).
BEA Methodology Paper No. 4: GNP: An Overview of SourceData
and Estimating Methods. (1987) Providesbasic information about GNP,
including the conceptual basis for the account that presents GNP, definitions of each of the components on the income and product side of that
account, and a summary* presented in tabular form, of the source data and
methods used in preparing estimates of current- and constant-dollar GNP.
Also provides an annotated bibliography, with a directory, of the more than
50 items over the last decade that provided methodological information
about GNP. 36 pages. $2.00 (GPO Stock No. 003-010-00179-8).
BEA Methodology Paper No. 5: Government Transactions.
(1988) Presents the conceptual basis and framework of government
transactions in the national income and product accounts; describes the
presentations of the estimates; and delineates the sources and methods
used to prepare estimates of Federal transactions and of State and local
transactions. 112 pages. $5.50 (GPO Stock No. 003-010-00187-9).
Index of Items Appearing in the National Income and Product
Accounts Tables. (1987) Indexes general subject areas as well as detailed
line items in the national income and product accounts tables. 18 pages,
$1.25 (GPO Stock No. 003-010-00180-1).
Fixed Reproducible Tangible Wealth in the United States,
1925-8$, (1987) Contains annual estimates of the stock of privately
owned and government-owned durable equipment and structures and of
durable goods owned by consumers in the United States for 1925-85.
Estimates are for fixed nonresidential private capital by major industry
group (farm, manufacturing, and nonfarm nonmanufacturing), for residential capital by tenure group (owner-occupied and tenant-occupied), for
government-owned fixed capital by type of government (Federal and
State and local), and for 11 types of durable goods owned by consumers.
400 pages. $18.00 (GPO Stock No. 003-010-00177-1),
Local Area Personal Income, 1981-86. (1988) Contains estimates of
personal income by major type of payment and earnings by major industry, population, and total and per capita personal income for regions.
States, counties, and metropolitan areas.
Vol. 1. Summary; Regions, States, and Metropolitan Areas. Estimates for the United States, regions, States, and metropolitan areas.
Also contains county definitions of metropolitan areas, a detailed
description of sources and methods, and samples of tables available.
254 pages. $13.00 (GPO Stock No, 003-010-00182-3).
Vol. 2. New England, Mideast, and Great Lakes Eegions, (CT, DE,
DC, IL, IN, ME, MD, MA, MI, NH, NJ, NY, OH, PA, RI, VT, WI) 276
pages. $14.00 (GPO Stock No. 003-010-00183-6).
Vol. 3. Plains Region. (IA, KS, MN, MO, NE, ND, SD) 190.pages.
$11.00 (GPO Stock No. 003-010-00184-4).
Vol. 4. Southeast Region. (AL, AE, FL, GA, KY, LA, MS, NC, SC, TN,
VA, WV) 326 pages. $16.00 (GPO Stock No. 003,010-00185-2).
Vol. £». Southwest, Kocky Mountain, and Far West Regions and
Alaska and Hawaii. (AK, AZ, CA, CO, HI, ID, MT, NV, NM, OK, OB,
TX, UT, WA, WY) 278 pages.$14.00 (GPO StockNo 003-010-00186-1).
Regional Multipliers: A User Handbook for the Regional InputOutput Modeling System (RIMS II), (1986) Contains an explanation of
how to use regional input-output multipliers, by industry, for output,
earnings, and employment. 131 pages. $6.50 (GPO Stock No. 003-01000163-1).
TO ORDER: The GPO publications listed above must be ordered from:
Superintendent of Documents, U.S. Government Printing Office, Washington, DC 20402. Payment may be by check (made payable to Superintendent of Documents) or charged to a GPO deposit account number,
VISA, or MasterCard. To order by phone; (202) 783-3238; by fax (202) 2750019.
Available From BEA
Foreign Direct Investment in the United States; Operations of
U.S* Affiliates of Foreign Companies, Preliminary 1986 Estimates.
. (1988) Contains information on the financial structure and operations of
nonbank U.S. affiliates of foreign direct investors. Data are classifed by
industry of U.S. affiliate, by country and industry of ultimate beneficial
owner, and, for selected data, by State. 56 pages. $5.00 (Accession No,
BEA-IID-88-102).
U.S. Direct Investment Abroad; Operations of U.S. Parent
Companies and Their Foreign Affiliates, Preliminary 1986 Estimtes. (1988) Contains information on the financial structure and operations of both U.S. parent companies and their foreign affiliates. Data are
classified by country and industry of foreign affiliate and by industry of
U.S. parent. 76 pages. $5.00 (Accession No. BEA-IID-88-104),
BEA Working Paper No. 6: Status Report on Statistical and
Methodological Improvements in the U.S. Balance of Payments
Statistics. (1988) Reviews major problems, such as timing and coverage,
in the balance of payments accounts; describes statistical and methodological improvements BEA has undertaken to resolve some of the problems; and discusses projects for future improvements, 20 pages. $5.00
(Accession No. BEA-OD-88-001).
TO ORDER: The BEA publications listed above must be ordered from:
Economic and Statistical Analysis/BEA, U.S. Department of Commerce,
Citizens and Southern National Bank, 222 Mitchell St., P.O, Box 100606,
Atlanta, GA 30384. Orders must include a check, payable to Economic
and Statistical Analysis/BEA. For further information, call (202) 5230777.
BEA*s economic information is available in publications, on computer
tapes, on diskettes, and through a variety of other products and services.
Most of these are described in A User's Quid® to BEA. Information. For
a copy, send a self-addressed stamped envelope (8 1/2 by 11 inches, with
75 cents postage) to Public Information Office, Bureau of Economic
Analysis, U.S« Department of Commerce, Washington, DC 20230.
SECOND CLASS MAIL
UNITED STATES
GOVERNMENT PRINTING OFFICE
POSTAGE AND FEES PAID
U.S. GOVERNMENT PRINTING OFFICE
SUPERINTENDENT OF DOCUMENTS
WASHINGTON, D C 20402
USPS Pub. No. 337-790
OFFICIAL BUSINESS
Penalty for Private Use, $300
1989 RELEASE DATES FOR BEA ESTIMATES
Subject
State Personal Income, 3d quarter 1988
Gross National Product, 4th quarter 1988 (advance)
Personal Income and Outlays, December 1988
Release
Date*
Jan.
Jan.
Jan.
24
27
30
Composite Indexes of Leading, Coincident, and Lagging Indica- Feb.
tors, December 1988.
Gross National Product, 4th quarter 1988 (preliminary)
Feb.
Merchandise Trade (balance of payments basis), 4th quarter 1988
Feb.
1
Personal Income and Outlays, January 1989
Mar.
Composite Indexes of Leading, Coincident, and Lagging Indica- Mar.
tors, January 1989.
Summary of International Transactions, 4th quarter 1988
Mar.
Gross National Product, 4th quarter 1988 (final)
Mar.
Corporate Profits, 4th quarter 1988
Mar.
Personal Income and Outlays, February 1989
Mar.
Composite Indexes of Leading, Coincident, and Lagging Indica- Mar.
tors, February 1989.
28
28
1
3
14
23
23
24
29
Subject
State Personal Income, 1st quarter 1989
Gross National Product, 2d quarter 1989 (advance)
Personal Income and Outlays, June 1989
Release
Date*
July
July
July
Composite Indexes of Leading, Coincident, and Lagging Indica- Aug.
tors, June 1989.
State Per Capita Personal Income, 1988 (revised).
Aug.
Merchandise Trade (balance of payments basis), 2d quarter 1989
Aug.
Gross National Product, 2d quarter 1989 (preliminary)
Aug.
Corporate Profits, 2d quarter 1989
Aug.
Personal Income and Outlays, July 1989
Aug.
20
27
28
3
23
28
29
29
30
Composite Indexes of Leading, Coincident, and Lagging Indica- Sept.
1
tors, July 1989.
Summary of International Transactions, 2d quarter 1989
Sept. 12
Gross National Product, 2d quarter 1989 (final)
Sept. 21
Corporate Profits, 2d quarter 1989 (revised)
-.
Sept. 21
Personal Income and Outlays, August 1989
Sept. 22
Composite Indexes of Leading, Coincident, and Lagging Indica- Sept. 29
tors, August 1989.
State Personal Income, 4th quarter 1988 and Per Capita Personal
Income, 1988 (preliminary).
Gross National Product, 1st quarter 1989 (advance)
Corporate Profits, 4th quarter 1988 (revised)
Personal Income and Outlays, March 1989
Composite Indexes of Leading, Coincident, and Lagging Indicators, March 1989.
Apr.
20
Apr.
Apr.
Apr.
Apr.
26
26
27
28
State Personal Income, 2d quarter 1989
Gross National Product, 3d quarter 1989 (advance)
Personal Income and Outlays, September 1989
Composite Indexes of Leading, Coincident, and Lagging Indicators, September 1989.
Oct.
Oct.
Oct.
Oct.
19
26
27
31
Metropolitan Area Personal Income, 1987
Gross National Product, 1st quarter 1989 (preliminary)
Corporate Profits, 1st quarter 1989
Merchandise Trade (balance of payments basis), 1st quarter 1989
Personal Income and Outlays, April 1989
Composite Indexes of Leading, Coincident, and Lagging Indicators, April 1989.
May
May
May
May
May
May
4
25
25
26
26
31
Merchandise Trade (balance of payments basis), 3d quarter 1989
Gross National Product, 3d quarter 1989 (preliminary)
Corporate Profits, 3d quarter 1989
Personal Income and Outlays, October 1989
Nov.
Nov.
Nov.
Nov.
28
29
29
30
Summary of International Transactions, 1st quarter 1989
Gross National Product, 1st quarter 1989 (final)
Corporate Profits, 1st quarter 1989 (revised)
Personal Income and Outlays, May 1989
Composite Indexes of Leading, .Coincident, and Lagging Indicators, May 1989.
June
June
June
June
June
13
22
22
23
28
' These are target dates and are subject to revision.
Composite Indexes of Leading, Coincident, and Lagging Indica- Dec.
tors, October 1989.
Summary of International Transactions, 3d quarter 1989
Dec.
Gross National Product, 3d quarter 1989 (final)
Dec.
Corporate Profits, 3d quarter 1989 (revised)
.
Dec.
Personal Income and Outlays, November 1989
Dec.
Composite Indexes of Leading, Coincident, and Lagging Indica- Dec.
tors, November 1989.
,
13
20
20
21
29
For information, call (202) 523-0777, Bureau of Economic
Analysis, U.S. Department of Commerce.
@FedFRASER