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MARCH 1992 ^ VOLUME 72 NUMBER
Ksnt tfe
DEPARTMENT OF COMMERCE ^ECONOMICS AND STATISTICS APMINISTRATION
BUREAU OF ECONOMIC ANALYSIS
MARCH 1992
*<*>> VOLUME /2 NUMBER
SURVEY of CURRENT BUSINESS
U.S. Department of Commerce
Barbara Hacfcnaan BraxiHm, Secretary
1
Business Situation
2 Corporate Profits
2 Government Sector
5
National Income and Product Accounts
5 Selected NIPA Tables
24 NIPA Charts
26 Reconciliation and Other Special Tables
Economics and Statistics
f/nder Secretary for Economic Affmn
&n4 Administrator
Bureau of Economic Analysis
IJiirol S.; Carson, Director
Acting
27
Sir Richard Stone and the Development of National Economic Accounts
29
Federal Budget Estimates, Fiscal Year 1993
36
State and Local Government Fiscal Position in 1991
Publication Staff W, Ronnie Foster,
M^Gretctai Gibson, Brie BL Manning,
Donald -
43
Capital Expenditures by Majority-Owned Foreign Affiliates
of U.S. Companies, Plans for 1992
101* C0RK£Nf;
monthly by the Bureau of Economic Analysis of the
U,S, Department of Commerce Editorial correspon*
dence should be addressed to the Editor*in-Chief,
51
U.S. International Transactions, Fourth Quarter and Year 1991
Mit0r~m~C$ief
tOh, t»€
Douglas E, Fox
Man4 L, Scott
S» |)epa^tpaent of Commerce, "Washing*
"
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"
"
C-pages: Business Cycle Indicators
(See page C-l for contents)
Srpages: Current Business Statistics
(Seepage S-36for contents and subject index)
Inside back cover: BEA Information
E.—-This issue of the SimvBir went to the printer on April 6»
It incorporates 4ata from the fpffloiying monthly BEA news
Gross Domestic Frodtict (Mar, 26X
"
Personal Income and Outlays (Mar, 27), and :
Composite indexes of Leading* Coincidentv and l
Indicators (Mar. 31}*
March 1992
SURVEY OF CURRENT BUSINESS
THE BUSINESS SITUATION
Daniel Larkins
prepared the
introduction and
the section on
corporate profits,
and David T.
Dobbs prepared
the section on the
government sector.
Q7INAL ESTIMATES for the fourth quarter of
JL 1991 show that real GDP increased at an annual rate of 0.4 percent; the preliminary estimates
issued a month ago had shown a o.S-percent increase (table i).1 The fourth-quarter change in
real gross domestic purchases was revised from
a o.3-percent to a o.4-percent decrease. The
downward revision in GDP was larger than that
in gross domestic purchases because of a downward revision in net exports. Revisions in net
exports—that is, exports minus imports—lead
to revisions in GDP but not in gross domestic
purchases.2
The downward revision in net exports mainly
reflected revised data on exports of services in
the quarter. The change in business inventories
was also revised down, mainly reflecting revised
data on December inventories of retailers and
merchant wholesalers. Personal consumption expenditures and fixed investment were revised up.
Increases in the fixed-weighted price indexes for
gross domestic purchases and for GDP were revised down o.i percentage point, to 2.2 percent
and 2.1 percent, respectively.
Gross national product.—The final national income and product account estimates for the
1. Quarterly estimates in the national income and product accounts are
expressed at seasonally adjusted annual rates, and quarterly changes are differences between these rates. Quarter-to-quarter percent changes are annualized.
Real, or constant-dollar, estimates are expressed in 1987 dollars and are based
on 1987 weights.
2. Gross domestic purchases is the sum of personal consumption expenditures, gross private domestic investment, and government purchases. GDP is
the sum of these three components plus exports minus imports, thereby including U.S. production of goods and services sold outside the United States
and excluding those goods and services in gross domestic purchases that are
not produced in the United States.
Looking Ahead...
• Input-Output Accounts. The 1987 annual input-output
tables will be presented in the April SURVEY. The 1987 tables
will be the first of the annual tables to be based on the 1982
benchmark tables. Annual accounts are prepared using basically the same procedures as used to prepare the benchmark
accounts, but with less comprehensive and less reliable source
data.
fourth-quarter include the initial estimate of
gross national product (GNP) for the quarter.
This measure of U.S. production, which is now
released at the same time as the preliminary estimate of corporate profits, shows a o.4-percent
increase, the same as GDP. GNP equals GDP plus
Table 1.—Revisions in Selected Real NIPA Components,
Fourth Quarter 1991
[Seasonally adjusted at annual rates]
Final estimate minus
preliminary
estimate
Percent change
from preceding
quarter
PrelimiFinal
nary
Billions of
estimate
1987 dollars estimate
Gross domestic product
-4.2
Less: Exports of goods and services
Plus: Imports of goods and services
-4.2
-.5
0.8
9.7
2.1
-.4
Equals: Gross domestic purchases
-.5
-.3
Personal consumption expenditures
Durables
Nondurables
Services
1.6
.3
-.2
Fixed investment
Nonresidential
Residential .
Change in business inventories
Nonfarm
Farm
-1.9
-6.0
-3.2
3.2
.
Government purchases
Federal
State and local ,
..
0.4
2.5
13.1
2.9
1.0
1.5
-.3
-.2
-4.5
13.1
0
-5.7
-3.9
3.7
.4
-3.4
12.3
-3.3
-3.3
0
-5.4
-5.4
-14.6
1.4
-13.6
.8
0
2.2
2.1
0
2.3
2.2
.1
1.1
-.8
Index
numbers,
1987=100'
GDP price index (fixed weights)
Gross domestic purchases price index (fixed
weights)
2
1. Not at annual rates.
2. The preliminary estimate of the fourth-quarter level of the GDP price index (fixed
weights) was shown in the February 1992 SURVEY OF CURRENT BUSINESS as 118.6. The
correct value is 118.7, the same as the final estimate.
NOTE.—For the fourth quarter of 1991, the following revised or additional major source data
were incorporated.
Personal consumption expenditures: Revised retail sales for December.
Nonresidential fixed investment Revised construction put in place for November and
December, revised manufacturers' shipments of equipment for December, and newly available
estimates of shipments of complete civilian aircraft for December.
Residential investment. Revised construction put in place for November and December.
Change in business inventories: Revised manufacturing and trade inventories for December.
Net exports of goods and services: Revised merchandise exports and imports for December
and revised exports and imports of services for the quarter.
Government purchases of goods and services: Revised State and local government
construction put in place for November and December.
Net interest Financial assets held by households for the quarter and net interest from the
rest of the world for the quarter.
Corporate profits'. Domestic book profits for the quarter and profits from the rest of the
world for the quarter.
GDP prices: Revised fw^sii^ pr«e« for the quarter
SURVEY OF CURRENT BUSINESS
2 • March 1992
net receipts of factor income from the rest of the
world. Net receipts of factor income was unchanged, as receipts from the rest of the world
and payments to the rest of the world both
decreased.
In estimating real GNP, the current-dollar value
of exports of goods and services is deflated by
export prices, the current-dollar value of imports
of goods and services is deflated by import prices,
and the current-dollar value of most factor income is deflated by the deflator for net domestic
product. Another measure of U.S. production,
command-basis GNP, is calculated by deflating
exports of goods and services and receipts of
factor income by the implicit price deflator for
imports of goods and services and payments
of factor income. Thus, command-basis GNP
measures U.S. production in terms of its purchasing power. (Command-basis GNP is shown
in table 1.11 of the "Selected NIPA Tables.") In
the last two quarters, command-basis GNP has
presented much the same picture of the U.S.
economy that GNP has: In the fourth quarter,
command-basis GNP increased o.i percent, cornTable 2.—Corporate Profits
Level
1991 :IV
Change from
preceding
quarter
1991:111 1991:IV
Billions of dollars
Profits from current production
Domestic
Financial
Nonfinancial
.
Rest of the world
316.6
251.6
36.5
215.2
65.0
IVA
CCAdj
Profits before tax
Profits tax liability
Profits after tax
Profits by industry:
Profits before tax with IVA
Domestic
Financial
Nonfinancial
Manufacturing
Trade
Transportation and public utilities
Other
Rest of the world
Receipts (inflows)
Payments (outflows)
.7
-1.3
2.6
1.4
2.2
-.9
1.3
-14.7
5.3
317.2
126.9
190.3
12.0
317.9
252.9
-2.7
-4.0
41.6
211.3
5.1
6.9
1.4
-5.4
10.5
8.5
-1.0
9.7
2.0
5.5
6.0
1.0
-1.7
.7
4.5
2.5
1.9
4.4
1.2
-2.3
-4.9
.. .
65.0
61.9
-3.1
.6
1.3
3.4
2.1
2.0
1.0
-3.0
Dollars
Unit prices, costs, and profits of domestic
nonfinancial corporations:
Unit price
Unit labor cost
Unit nonlabor cost
Unit profits from current production
pared with the o.4-percent increase in GNP; in the
third, command-basis GNP increased 2.1 percent,
compared with a 2.o-percent increase in GNP.
Corporate Profits
Profits from current production—profits before
tax plus inventory valuation adjustment (IVA)
and capital consumption adjustment (ccAdj)—
increased $10.5 billion in the fourth quarter of
1991 after increasing $2.6 billion in the third
quarter (table 2). Most of the fourth-quarter increase was accounted for by profits of domestic
nonfinancial corporations and reflected a larger
decrease in unit costs than in unit prices.
Cash flow from current production, a profitsrelated measure of internally generated funds
available to corporations for investment, increased $13.9 billion after decreasing $2.6 billion.
The increase, together with a decrease in nonresidential fixed investment, lifted cash flow as
a percentage of nonresidential investment to 81.2
percent in the fourth quarter from 77.5 percent
in the third.
Profits by industry.—Profits before tax with IVA
is the best available measure of industry profits
because estimates of the CCAdj by industry do
not exist. For domestic industries, this measure
of profits increased $2.5 billion after decreasing
$4.0 billion. The increase was more than accounted for by a $4.4 billion increase in the
profits of nonfinancial corporations; all major
nonfinancial industry groups increased except the
transportation and public utilities group. Profits
of financial corporations decreased $1.9 billion after increasing $1.4 billion; the decrease was more
than accounted for by insurance carriers.
Profits from the rest of the world increased
$2.0 billion after increasing $1.3 billion. This
component of profits measures receipts of profits
from foreign affiliates of U.S. corporations less
payments of profits by U.S. affiliates of foreign
corporations. Receipts decreased $1.0 billion,
mainly reflecting lower profits of petroleum affiliates of U.S. corporations; payments decreased
$3.0 billion, mainly reflecting lower profits of
affiliates of European corporations.
Government Sector
1.137
.763
.295
.079
0.003
.002
.002
-.001
-0.001
-.002
-.002
.003
NOTE.-Levels of these and other profits series are found in tables 1.14, 1.16, 6.16C, and
7.15 of the "Selected NIPA Tables."
IVA Inventory valuation adjustment
CCAdj Capital consumption adjustment
The fiscal position of the government sector deteriorated in the fourth quarter of 1991, as the
combined deficit of the Federal Government and
of State and local governments increased $24.0
billion, to $202.4 billion (table 3). The Federal
SURVEY OF CURRENT BUSINESS
Government deficit increased $32.6 billion, and
the State and local surplus increased $8.6 billion.
Federal
The Federal Government deficit increased
to $242.8 billion, as expenditures increased
considerably more than receipts.
Receipts increased $1.9 billion in the fourth
quarter after increasing $10.4 billion in the third.
Personal tax and nontax receipts, corporate profits tax accruals, and contributions for social
insurance all contributed to the deceleration.
Personal tax and nontax payments declined $0.9
billion after increasing $1.1 billion; the decline
was accounted for by a $1.1 billion drop in estate and gift taxes. Corporate profits tax accruals
declined $1.4 billion after increasing $4.1 billion, reflecting the pattern of corporate profits.
Contributions for social insurance increased $1.7
billion after increasing $3.6 billion; the thirdquarter increase had included $1.8 billion for an
expansion of the medicare program to cover additional State and local government employees.
Indirect business tax and nontax accruals increased $2.5 billion after increasing $1.6 billion;
the acceleration was largely attributable to customs duties, which increased $1.8 billion after
increasing $1.0 billion.
Expenditures increased $34.5 billion after increasing $13.9 billion; purchases declined, but
other expenditure categories increased sharply.
Transfer payments to persons increased $13.5
billion after increasing $4.4 billion. The fourthquarter increase included $3.1 billion for benefits
paid under the emergency unemployment compensation program enacted in November, $1.8
billion for payments to Japanese-Americans interned during World War n, $1.4 billion for a
cost-of-living adjustment in food stamps, and
$0.8 billion for retroactive social security benefits.
Transfer payments to foreigners increased $8.2
billion after increasing $25.4 billion. The fourthquarter deceleration was attributable to the pattern of payments to the Federal Government
by U.S. coalition partners for Operation Desert
Storm expenses; these contributions peaked in
the first quarter of 1991 and have declined steadily
since then. In the NIPA'S, they are treated as
negative transfer payments to foreigners.
Subsidies less the current surplus of government enterprises increased $12.2 billion after
decreasing $8.9 billion. Both changes were attributable to agricultural subsidies, which were
unusually low in the third quarter.
March 1992 • 3
Grants-in-aid to State and local governments
increased $10.1 billion after increasing $2.2 billion;
medicaid grants accounted for $6.8 billion of the
latest increase. Net interest paid increased $3.5
billion after declining $1.8 billion.
Purchases declined $12.9 billion after declining $7.2 billion. Defense purchases declined $11.3
billion after declining $6.1 billion; the declines
in both quarters reflected decreases in purchases
of most types of military services and goods.
Nondefense purchases decreased $1.7 billion after
decreasing $1.1 billion; both decreases were atTable 3.—Government Sector Receipts and Expenditures
[Billions of dollars, seasonally adjusted at annual rates]
Change from preceding quarter
Level
1991: IV
Government sector
Receipts
Expenditures
Surplus or deficit (-)
1990
1991
IV
I
1,759.2
1,961.6
-202.4
0.3
52.2
-52.0
1,126.6
-4.7
6.1
-43.4
49.5
IV
III
II
6.4
59.5
-53.0
21.5
20.8
.7
10.4
34.4
-24.0
Federal Government
Receipts
Personal tax and nontax receipts
Corporate profits tax accruals
Indirect business tax and nontax accruals
Contributions for social insurance
469.0
104.8
-1.2
-9.5
3.3
2.6
81.2
471.6
Expenditures
1,369.3
Purchases . .
. . ..
National defense
Nondefense
Of which: Commodity Credit Corporation inventory
change
Transfer oavments
To ioreiqners
Of which: Contributions for Operation Desert Storm
Grants-in-aid to State and local governments
Net interest paid
Subsidies less current surplus of government enterprises
Subsidies
Of whictr Agriculture
Less: Current surplus of government enterprises
Less". Wage accruals less disbursements
Surplus or deficit (-)
39.3
432.0
311.0
121.0
4.1
-66.3
-4.3
.4
-17.0
6.1
-242.8
-42.8
17.0
11.7
13.1
12.7
6.4
0
9.6
13.1
-.7
-2.7
26.0
32.4
12.5
-6.7
9.9
9.5
.4
556.6
560.9
-14.6
163.3
191.4
4.4
-11.6
-5.9
16.3
15.2
14.7
-1.1
.1
-43.9
5.3
24.1
-90.5
-73.7
6.4
8.0
-7.7
-4.5
-4.6
3.3
0
47.2
-.9
-5.1
3.1
-1.0
2.2
59.4
.6
-3.9
4.6
-1.3
47.6
7.7
39.9
44.2
7.4
4.0
-.7
1.1
.8
1.9
-.6
-60.2
10.4
1.1
4.1
1.6
3.6
13.9
7.2
1.9
-.9
-1.4
2.5
1.7
34.5
-12.9
-6.1
-1.1
11.3
-1.4
29.8
-3.2
21.7
13.5
4.4
25.4
28.0
2.2
1.8
-8.9
-9.1
-9.2
-.2
.4
-3.5
1.7
8.2
3.8
10.1
3.5
12.2
11.8
11.6
-.4
0
-32.6
State and local governments
Receipts
795.9
Personal tax and nontax receipts
Corporate profits tax accruals
Indirect business tax and nontax accruals
Contributions for social insurance
Federal grants-in-aid
22.1
.9
-2.3
5.5
.8
6.1
401.1
59.9
163.3
Expenditures
8.1
14.7
13.4
18.5
.7
.6
6.4
1.7
1.0
4.0
.6
7.4
.4
1.0
9.6
.2
2.2
10.1
10.0
1.4
-1.0
4.2
-.3
4.1
.3
755.6
Purchases
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
11.0
149.5
19.0
5.7
7.5
9.1
647.5
15.3
.7
3.1
1.3
5.6
.1
0
0
0
0
3.8
1.6
6.7
-.9
.2
-.2
0
.2
0
3.3
1.0
7.3
-.8
-.3
-.1
0
.1
0
2.3
7.2
4.2
8.6
.1
2.3
.6
6.7
0
4.2
-.5
9.1
196.7
-58.4
9.1
-21.1
.4
21.5
0
40.4
.
3.9
5.1
-.7
.2
-.4
0
.4
0
90.2
-8.0
.7
65.1
-24.7
-8.8
NOTE.-Dollar levels are found in tables 3.2 and 3.3 of the "Selected NIPA Tables."
-4.5
6.2
-.9
-1
-.3
0
.3
0
-1.0
SURVEY OF CURRENT BUSINESS
4 • March 1992
tributable to the Commodity Credit Corporation
inventory change.
Cyclically adjusted surplus or deficit.—BEA has
suspended publication of estimates of the cyclically adjusted Federal Government surplus or
deficit. The detailed models supporting these estimates are being reviewed and updated to reflect
the recent comprehensive revision of the NIPA'S
and changes in the Federal sector's cyclical responsiveness following recent tax and unemployment legislation. Information on the availability
of these estimates will appear in a subsequent
issue of the SURVEY.
State and local
The State and local government surplus increased
to $40.4 billion, as receipts increased more than
expenditures.
Receipts increased $18.5 billion in the fourth
quarter after increasing $13.4 billion in the third.
Grants-in-aid increased $10.1 billion after increasing $2.2 billion. Personal tax and nontax receipts
increased $4.2 billion after increasing $0.4 billion;
the fourth-quarter increase included a new income tax in Connecticut and an increase in the
New York City income tax. Indirect business tax
and nontax accruals increased $4.1 billion after
increasing $9.6 billion; the third-quarter increase
had included a sales-tax increase in California.
Contributions for social insurance increased $0.3
billion after increasing $0.2 billion. Corporate
profits tax accruals declined $0.3 billion after
increasing $1.0 billion, reflecting the pattern of
corporate profits.
State and local government expenditures increased $10.0 billion after increasing $9.1 billion;
a deceleration in purchases was more than offset by accelerations in other expenditure categories. Purchases increased $3.3 billion after
increasing $3.8 billion; an acceleration in compensation was more than offset by decelerations
in purchases of other services, nondurable goods>
and structures. All other expenditure categories
combined increased $6.7 billion after increasing
$5.3 billion.
S
SURVEY OF CURRENT BUSINESS
March 1992
NATIONAL INCOME AND PRODUCT ACCOUNTS
Selected NIPA Tables
New estimates in this issue: Fourth quarter and annual 1991, final.
The selected set of national income and product accounts (NIPA) tables shown in this section presents quarterly estimates, which are updated monthly. (In most tables, the annual estimates are also shown.) Alternative
quantity and price measures and a few series for tables 1.10 and 1.16 are not yet available; leaders are shown for
these parts.
The tables shown are available on the day of the gross domestic product (GDP) news release on printouts
and diskettes on a subscription basis or from the Commerce Department's Economic Bulletin Board. Most
shown in this section are available, beginning with 1959, on diskette or magnetic tape. For order information,
write to the National Income and Wealth Division (BE-54), Bureau of Economic Analysis, Washington, DC 20230,
or call (202) 523-0669.
NOTE.—This section of the SURVEY is prepared by the National Income and Wealth Division and the
Government Division.
Table 1.1 .—Gross Domestic Product
Table 1.2.—Gross Domestic Product in Constant Dollars
[Billions of dollars]
[Billions of 1987 dollars]
Seasonally adjusted at annual rates
1990
1990
1991
III
Gross domestic
product
Personal consumption
expenditures
Durable goods
Nondurable goods
Services
Gross private domestic
investment
Fixed investment
Nonresidential
Structures
Producers' durable
equipment
Residential
Change in business
inventories
Nonfarm
Farm
Net exports of goods and
services
Exports
Imports
Government purchases
Federal
National defense
Nondefense
State and local
IV
I
II
HI
3,785.2 3,812.0 3,827.7 3,868.5 3,916.4 3,943.7
3,742.6
440.7 440.0 452.9 447.3
465.9 445.2 467.1 451.9
1,217.7 1,251.9 1,228.4 1,246.4 1,246.3 1,252.9 1,257.4 1,251.1
2,059.0 2,191.9 2,089.6 2,113.6 2,140.7 2,175.6 2,206.1 2,245.2
802.6
726.7
821.8
750.9
709.3
708.8
740.9
747.9
802.7
587.0
198.7
745.2
550.1
174.6
807.7
596.3
201.7
787.4
585.2
191.2
748.4
560.0
184.0
745.8
554.6
180.0
744.5
546.8
169.0
742.0
539.0
165.2
388.3
215.7
375.5
195.1
394.7
211.4
394.0
202.2
375.9
188.4
374.7
191.2
377.8
197.7
373.8
203.0
-18.5
-15.0
14.1
-36.5
-28.9
-39.2
-35.0
-37.1
-34.0
-3.6
-3.2
-7.6
-4.2
-3.1
0
-2.0
2.0
-3.5
9.6
4.4
-.4
6.0
12.1
-6.1
-74.4
-30.7
-82.5
-76.6
-36.8
-17.2
-37.3
-31.4
550.4
624.8
591.3
622.0
548.7
631.2
572.6
649.2
565.9
602.7
589.8
607.0
597.0
634.3
612.5
643.8
1,042.9 1,087.5 1,046.0 1,071.2 1,088.8 1,092.5 1,089.1 1,079.5
424.9
313.4
111.5
618.0
445.1
323.5
121.6
642.4
424.7
311.1
113.6
621.4
434.5
320.6
113.9
636.7
451.5
332.3
119.2
637.3
452.1
328.4
123.7
640.4
444.9
322.3
122.6
644.2
432.0
311.0
121.0
647.5
1990
1991
III
IV
5,513.8 5,672.6 5,570.5 5,557.5 5,589.0 5,652.6 5,709.2 5,739.7
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
Seasonally adjusted at annual rates
1990
1991
Gross domestic
product
Personal consumption
expenditures
Durable goods
Nondurable goods
Services
Gross private domestic
investment
Fixed investment
Nonresidential
Structures
Producers' durable
equipment
Residential
Change in business
inventories
Nonfarm
Farm
Net exports of goods and
services
Exports
Government purchases
Federal
National defense
Nondefense
State and local
1991
IV
I
II
IV
III
4,884.9 4,848.8 4,903.3 4,855.1 4,824.0 4,840.7 4,862.7 4,868.0
3,262.6 3,259.0 3,281.2 3,251.8 3,241.1 3,252.4 3,271.2 3,271.1
408.9 418.3 412.2
440.3 424.0 410.8
438.9 412.5
1,050.8 1,043.0 1,053.7 1,044.7 1,043.9 1,046:2 1,046.1 1,035.8
1,797.2 1,806.8 1,823.1
1,773.0 1,803.4 1,787.3 1,783.1 1,786.3
744.5
673.7
760.3
696.6
657.0
656.3
686.5
694.9
744.2
548.8
177.9
687.6
512.4
154.0
746.4
555.5
180.0
727.8
544.5
170.4
689.8
519.1
163.3
686.8
514.8
158.9
686.5
510.0
148.4
687.2
505.6
145.4
370.8
195.5
358.3
175.2
375.5
190.9
374.0
183.3
355.8
170.7
355.8
172.0
361.6
176.5
360.1
181.7
13.9
-31.2
-25.7
-32.8
-31.1
.1
-2.8
7.6
9.2
-5.5
-1.7
-30.4
-30.8
.4
.2
-1.5
1.7
-13.9
-13.9
0
9.9
4.0
2.9
-1.6
-51.3
-20.9
-65.7
-31.2
-18.6
-12.3
-31.1
-21.3
505.7
557.0
537.8
558.7
501.6
567.4
522.5
553.7
512.5
531.1
535.7
548.0
545.2
576.3
558.0
579.3
929.1
937.1
927.5
937.9
944.5
944.3
936.1
923.3
380.9
281.3
384.9
281.4
103.5
552.2
378.4
278.0
100.4
549.1
382.6
282.0
100.6
555.3
391.7
289.4
102.3
552.7
392.7
287.0
105.7
551.7
384.5
280.4
104.1
551.6
370.7
268.7
102.0
552.7
99.6
548.2
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
SURVEY OF CURRENT BUSINESS
March 1992
Table 1.3.—Gross Domestic Product by Major Type of Product
Table 1.4.—Gross Domestic Product by Major Type of Product
in Constant Dollars
[Billions of dollars]
[Billions of 1987 dollars]
Seasonally adjusted at annual rates
1990
1990
1991
III
Gross domestic
product ...
Final sales of domestic
product .
Change in business
inventories
Goods1
Final sales .
Change in business
inventories
Durable goods
Final sales
Change in business
inventories
Nondurable goods
Final sales
Change in business
inventories
Services1
Structures
Seasonally adjusted at annual rates
1991
I
IV
II
III
III
IV
5,513.8 5,672.6
5,570.5 5,557.5 5,589.0 5,652.6 5,709.2 5,739.7
5,513.8 5,691.1
5,556.5 5,594.0 5,628.2 5,689.6 5,712.8 5,733.8
0
-18.5
-36.5
14.1
-39.2
-37.1
6.0
-3.6
2,167.6 2,193.2
2,195.6 2,158.0 2,169.4 2,186.1 2,210.5 2,206.8
2,167.6 2,211.7
2,181.6 2,194.5 2,208.6 2,223.2 2,214.1 2,200.8
0
927.7
934.6
-7.0
185
14.1
-36.5
-39.2
-37.1
-3.6
901.3
926.5
953.8
939.3
897.7
927.2
873.0
916.4
906.1
939.5
920.3
929.4
906.1
920.5
14.5
-29.4
-43.5
-33.5
-9.2
-14.5
-25.1
1,239.9 1,291.9
1,233.0 1,285.2
6.9
6.0
1,241.8 1,260.2 1,296.4 1,280.1 1,290.3 1,300.7
1,242.3 1,267.3 1,292.1 1,283.7 1,284.7 1,280.3
5.6
20.4
-3.6
-.4 -7.1
4.3
2,864.8 2,905.5 2,951.7 2,999.0 3,035.1 3,065.7
494.0 467.9 467.4 463.5 467.3
466.5 510.1
6.7
2,834.0 3,012.9
512.2
1990
1991
1990
Gross domestic
product
Final sales of domestic
product
Change in business
inventories
Goods1
Final sales
Change in business
inventories
Durable goods
Final sales
Change in business
inventories
Nondurable goods
Final sales
Change in business
inventories
Services l
Structures
1991
I
IV
II
IV
III
4,884.9 4,848.8
4,903.3 4,855.1 4,824.0 4,840.7 4,8627 4,868.0
4,884.7 4,862.7
4,889.4 4,886.3 4,856.8 4,871.2 4,862.6 4,860.3
.2
-13.9
13.9
-31.2
-32.8
-30.4
.1
7.6
1,968.5 1,928.6 1,917.0 1,922.0 1,940.5 1,936.4
1,957.8 1,942.9 1,954.6 1,959.8 1,949.8 1,952.4 1,940.4 1,928.8
1,958.0 1,929.0
.2
139
13.9
-31.2
-32.8
-30.4
.1
7.6
886.2
892.9
850.1
873.0
905.4
892.3
857.5
884.8
827.0
866.4
852.8
883.3
865.5
873.9
855.1
868.6
-6.7
-22.9
1,071.8 1,078.8
1,065.0 1,069.8
6.9
-13.4
-8.4
13.1
-27.3 -39.4 -30.5
1,063.1 1,071.1 1,090.0 1,069.2 1,074.9 1,081.3
1,062.3 1,075.0 1,083.4 1,069.1 1,066.5 1,060.2
.1
8.4
6.6
-3.9
.8
21.1
2,476.3 2,481.8 2,487.6 2,502.7 2,511.8 2,516,2
458.5 444.6 419.4 416.1 410.4 415.3
415.3
9.0
2,464.8 2,504.6
462.0
1. Exports and imports of certain goods, primarily military equipment purchased and sold by the Federal
Government, are included in services.
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
1. Exports and imports of certain goods, primarily military equipment purchased and sold by the Federal
Government, are included in services.
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
Table 1.5.—Relation of Gross Domestic Product, Gross Domestic
Purchases, and Final Sales to Domestic Purchasers
Table 1.6.—Relation of Gross Domestic Product, Gross Domestic
Purchases, and Final Sales to Domestic Purchasers in Constant
Dollars
[Billions of dollars]
Gross domestic product
5,513.8 5,672.6 5,570.5
Less: Exports of goods and
550.4 591.3 548.7
services
Plus: Imports of goods and
services
..... 624.8 622.0 631.2
Equals: Gross domestic
purchases ' . ..
5,588.1 5,703.3 56530
Less: Change in business
0
14.1
inventories
-18.5
Equals: Final sales to 2
5,588.2 5,721.8 5,638.9
domestic purchasers
[Billions of 1987 dollars]
5,557.5 55890 56526 5,709.2 5,739.7
572.6
565.9
589.8
597.0
612.5
649.2
602.7
607.0
634.3
643.8
5,634.0 56258 5,669.8 5,746.5 5,771.1
-36.5
-39.2
-37.1
-3.6
6.0
5,670.6 5,665.0 5,706.8 5,750.1 5,765.1
4,884.9 4,848.8 4,903.3
Gross domestic product
Less: Exports of goods and
505.7 537.8 501.6
services
Plus: Imports of goods and
services
. . . . 557.0 558.7 567.4
Equals: Gross domestic
l
4,936.2 4,869.7 4,969.1
purchases
Less: Change in business
.2 -13.9
13.9
inventories
Equals: Final sales to 2
4,936.0 4,883.6 4,955.1
domestic purchasers
4,855.1 4,824.0 4,840.7 4,862.7 4,868.0
522.5
512.5
535.7
545.2
558.0
553.7
531.1
548.0
576.3
579.3
4,886.3 4,842.6 4,853.1 4,893.8 4,889.3
-31.2
-32.8
-30.4
.1
7.6
4,917.5 4,875.4 4,883.5 4,893.7 4,881.7
1. Purchases by U.S. residents of goods and services wherever produced.
2. Rnal sales to U.S. residents of goods and services wherever produced.
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
1. Purchases by U.S. residents of goods and services wherever produced.
2. Final sales to U.S. residents of goods and services wherever produced.
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
Table 1.7.—Gross Domestic Product by Sector
Table 1.8.—Gross Domestic Product by Sector in Constant Dollars
[Billions of dollars]
[Billions of 1987 dollars]
Gross domestic
product
Business
Nonfarm
Nonfarm less housing ....
Housing
Farm
Statistical discrepancy
Households and institutions
Private households
Nonprofit institutions
General government
Federal
State and local
Addendum:
Gross domestic business
product less housing
5,513.8 5,672.6 5,570.5 5,557.5 5,589.0 5,652.6 5,709.2 5,739.7
4,699.4 4,803.3 4,748.7 4,722.3 4,734.7 4,786.8 4,835.0 4,856.8
4,605.6 4,704.1 4,634.8 4,640.4 4,640.1 4,687.2 4,730.1 4,759.1
4,155.8 4,231.2 4,179.5 4,180.6 4,175.7 4,217.6 4,256.0 4,275.4
449.8 472.9 455.3 459.8 464.3 469.7 474.1 483.7
85.7
80.4
18.8
85.7
28.2
79.8
2.1
76.6
18.0
83.1
16.5
82.9
22.0
79.2
18.6
225.1
246.4
228.9
233.3
237.5
243.7
249.9
254.3
91
91
2161
95
2368
2198
91
224.2
92
228.3
95
234.2
9.6
240.2
98
244.5
589.2
622.9
592.9
601.9
616.8
622.0
624.3
628.6
1794
1888
4341
1791
1810
1894
1887
1884
1886
413.8
420.9
427.4
433.2
435.9
440.0
8.1
4098
4,245.1
Gross domestic
nroduct
Business
Nonfarm
Nonfarm less housing ....
Housing
Farm
Statistical discrepancy
Households and institutions
Private households
Nonprofit institutions
General government
Federal
State and local
Addendum:
Gross domestic business
product less housing
4,884.9 4,848.8 4,903.3 4,855.1 4,824.0 4,840.7 4,862.7 4,868.0
4,180.4 4,134.7 4,196.4 4,145.1 4,111.4 4,126.4 4,148.6 4,152.4
4,101.9 4,045.3 4,099.9 4,071.2 4,024.6 4,040.1 4,055.6 4,061.1
3,711.3 3,650.6 3,708.4 3,678.3 3,631.2 3,645.9 3,660.4 3,664.8
392.9 393.4 394.2 395.2 396.3
390.6 394.8 391.5
73.2
16.2
71.7
24.9
72.0
7.2
1.9
71.1
15.7
72.1
14.3
74.1
18.9
75.4
15.9
195.7
202.1
197.2
197.9
198.8
201.1
203.1
205.4
8.6
187.1
8.6
193.5
8.5
188.7
8.4
189.4
8.4
190.4
8.6
192.6
8.6
194.5
8.6
196.7
508.8
512.0
509.6
512.1
513.9
513.2
511.0
510.2
1557
1551
1553
1562
1570
353.1
356.9
354.4
356.0
356.9
155.5
357.7
154.4
356.6
153.5
356.6
71.4
37858
SURVEY OF CURRENT BUSINESS
March 1992 • 7
Table 1.9.—Relation of Gross Domestic Product, Gross National
Product, Net National Product, National Income, and Personal
Income
Table 1.10.—Relation of Gross Domestic Product, Gross National
Product, Net National Product, and National Income in Constant
Dollars
[Billions of dollars]
[Billions of 1987 dollars]
Seasonally adjusted at annual rates
1990
1990
1991
III
Gross domestic product
Plus: Receipts of factor
income from the rest of the
world ]
Less: Payments of factor
income to the rest of the
world2
Equals: Gross national
product
Less: Consumption of fixed
capital
Capital
consumption
allowances
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: Personal interest income
Personal dividend
income
Government transfer
payments to
persons
Business transfer
payments to
persons
.
Equals: Personal income
Addenda:
Net domestic product
Domestic income
Gross national income
Seasonally adjusted at annual rates
1990
1991
IV
I
II
III
147.7
135.0
145.4
158.3
147.9
131.6
132.0
128.6
137.0
121.8
139.1
132.6
125.2
123.5
121.0
117.6
5,524.5 5,685.8 5,576.8 5,583.2 5,611.7 5,660.6 5,720.1 5,750.7
594.8
548.5
622.9
562.4
598.3
547.1
605.4
547.0
615.4
550.8
620.0
556.2
623.7
564.6
632.7
577.8
-46.2 -60.6 -51.2
-58.4
-64.5 -63.8 -59.1
-54.9
4,929.8 5,062.8 4,978.5 4,977.8 4,996.3 5,040.6 5,096.4 5,118.0
439.2
471.0
442.3
451.2
461.6
464.5
475.6
482.3
27.7
31.2
18.8
27.6
28.2
28.5
29.6
18.0
30.7
16.5
31.8
22.0
32.8
18.6
-5.2
10.8
8.1
4.8
.6
2.1
2.7
1.9
-7.1
4.9
4,459.6 4,542.5 4,475.2 4,506.8 4,489.8 4,530.8 45598 4,589.3
319.0
490.1
307.1
480.2
299.8
491.8
296.1
506.4
302.1
492.6
303.5
481.6
306.1
480.1
316.6
466.5
501.7
527.4
505.8
509.3
522.9
525.7
529.5
531.5
.1
721.3
-.1
718.6
0
729.1
.2
736.9
.2
730.1
-.4
721.8
0
716.7
0
705.7
124.8
128.5
124.8
127.0
128.7
127.4
128.7
129.4
651.7
733.2
664.4
682.2
712.5
725.7
736.8
757.6
23.2
26.3
23.2
23.6
24.7
25.8
26.9
27.8
4,679.8 4,834.4 4,719.3 4,764.7 4,768.0 4,821.1 4,853.3 4,895.3
4,919.0 5,049.7 4,972.2 4,952.1 4,973.6 5,032.6 5,085.5 5,107.1
4,448.9 4,529.3 4,469.0 4,481.1 4,467.1 4,522.8 4,548.9 4,578.4
5,516.5 5,667.0 5,548.6 5,581.1 5,593.7 5,644.1 5,698.1 5,732.1
1. Consists largely of receipts by U.S. residents of interest and dividends and reinvested earnings of foreign
affiliates of U.S. corporations.
2. Consists largely of payments to foreign residents of interest and dividends and reinvested earnings of U.S.
affiliates of foreign corporations.
III
IV
5,513.8 5,672.6 5,570.5 5,557.5 5,589.0 5,652.6 5,709.2 5,739.7
1990
1991
Gross domestic product
Plus: Receipts of factor
income from the rest of the
world '
Less: Payments of factor
income to the rest of the
world2
Equals: Gross national
product
Less: Consumption of fixed
capital
Equals: Net national product
Less: Indirect business tax
and nontax liability plus
business transfer payments
less subsidies plus current
surplus of goverment
enterpris
Statistical discrepancy
Equals: National income
Addenda:
Net domestic product
Domestic income
Gross national income
1991
IV
I
II
IV
III
4,884.9 4,848.8 4,903.3 4,855.1 4,824.0 4,840.7 4,862.7 4,868.0
130.2
114.5
127.2
137.4
126.8
111.8
111.4
108.0
120.4
103.1
121.4
114.7
107.0
104.7
102.2
98.6
4,894.6 4,860.2 4,909.2 4,877.7 4,843.7 4,847.8 4,872.0 4,877.3
550.5
568.4
552.4
556.7
561.9
565.3
569.0
577.2
4,344.2 4,291.8 4,356.7 4,321.0 4,281.8 4,282.5 4,303.0 4,300.1
7.2
16.2
24.9
1.9
15.7
14.3
18.9
15.9
4,334.4 4,280.5 4,350.9 4,298.3 4,262.0 4,275.4 4,293.7 4,290.7
4,887.5 4,844.2 4,884.4 4,875.9 4,828.2 4,833.7 4,853.2 4,861.6
1. Consists largely of receipts by U.S. residents of interest and dividends and reinvested earnings of foreign
affiliates of U.S. corporations.
2. Consists largely of payments to foreign residents of interest and dividends and reinvested earnings of U.S.
affiliates of foreign corporations.
Table 1.11.—Command-Basis Gross National Product in Constant
Dollars
[Billions of 1987 dollars]
4,894.6 4,860.2 4,909.2 4,877.7 4,843.7 4,847.8 4,872.0 4,877.3
Gross national product
Less: Exports of goods and
services and receipts of
factor income from the rest
of the world
. . . . 635.8 652.3 628.9 659.9 639.3 647.5 656.6 666.0
Plus: Command-basis exports
of goods and services and
receipts of factor income 1 . 620.8 646.2 620.6 625.0 625.8 644.5 654.7 659.8
Equals: Command-basis
gross national product .... 4,879.7 4,854.1 4,900.9 4,842.8 4,830.2 4,844.9 4,870.1 4,871.1
Addendum:
99.7
99.1
94.7
97.9
99.6
99.1
98.7
Terms of trade2
97.6
1. Exports of goods and services and receipts of factor income deflated by the implicit price deflator for
imports of goods and services and payments of factor income.
2. Ratio of the implicit price deflator for exports of goods and services and receipts of factor income to the
corresponding implicit price deflator for imports with the decimal point shifted two places to the right.
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
SURVEY OF CURRENT BUSINESS
8 • March 1992
Table 1.14.—National Income by Type of Income
Table 1.16.—Gross Domestic Product of Corporate Business in
Current Dollars and Gross Domestic Product of Nonfinancial
Corporate Business in Current and Constant Dollars
[Billions of dollars]
Seasonally adjusted at annual rates
1990
1991
1990
III
National income . .
Compensation of employees
Wages and salaries
Government
Other
Supplements to wages and
salaries
Employer contributions
for social insurance ...
Other labor income
Proprietors' income with
IVA and CCAdj .
Farm
Proprietors' income with
IVA
CCAdj
Nonfarm
Proprietors' income
IVA
CCAdj
Rental income of persons
with CCAdj .
Rental income of persons ..
CCAdi
Corporate profits with IVA
and CCAdi
Corporate profits with IVA ..
Profits before tax
Profits tax liability
Profits after tax
Dividends
Undistributed profits
IVA
CCAdj
Net interest
Addenda:
Corporate profits after tax
with IVA and CCAdj
Net cash flow with IVA
and CAdj . . .
Undistributed profits
with IVA and CCAdj
Consumption of fixed
capital
Less: IVA
Equals: Net cash flow ....
IV
II
I
III
1990
IV
1990
1991
III
1991
IV
II
I
III
IV
4,459.6 4,542.5 4,475.2 4,506.8 4,489.8 4,530.8 4,559.8 4,589.3
3,290.3 3,388.2 3,325.3 3,340.0 3,342.9 3,377.4 3,405.3 3,427.4
2,738.9 2,808.2 2,769.9 2,778.3 2,771.1 2,800.2 2,822.4 2,839.3
514.0 540.5 517.7 525.4 536.0 540.1 541.8 544.2
2,224.9 2,267.7 2,252.2 2,253.0 2,235.1 2,260.1 2,280.6 2,295.1
551.4
580.0
555.4
561.6
571.8
577.2
582.9
588.1
277.3
274.0
289.4
290.6
279.1
276.3
281.7
279.9
287.5
284.2
288.7
288.5
290.2
292.8
291.1
297.0
373.2
379.7
368.8
373.9
364.2
380.0
382.5
392.0
42.5
35.1
32.4
41.2
32.8
39.6
32.0
36.1
50.3
-7.9
42.7
-7.6
40.2
-7.8
49.0
-7.8
40.5
-7.7
47.1
-7.6
39.6
-7.6
43.6
-7.5
330.7
308.9
-.8
344.5
325.4
-.3
336.5
315.7
-.9
332.7
313.0
-.5
331.4
312.5
-.3
340.4
321.6
-.3
350.5
331.5
-.5
355.9
335.8
-.1
22.7
19.5
21.6
20.2
19.1
19.2
19.4
20.1
-12.9
-12.7
-10.4
-11.7
-14.2
-13.1
-9.5
-11.9
40.9
44.7
40.6
42.5
43.5
44.0
41.9
42.6
-53.4
-55.2
-53.9
-53.5
-53.8
-54.2
-55.1
-57.7
319.0
307.1
299.8
296.1
302.1
303.5
306.1
316.6
318.2
332.3
135.3
197.0
133.7
315.8
312.7
124.6
188.1
137.8
302.4
335.1
138.8
196.3
133.8
304.9
326.1
127.1
199.0
136.2
315.7
309.1
119.4
189.7
137.8
316.1
306.2
123.5
182.7
136.7
313.4
318.2
128.6
189.6
138.1
317.9
317.2
126.9
190.3
138.5
63.3
50.3
62.5
62.8
51.9
46.1
51.5
-4.8
51.7
-14.2
.8
490.1
-32.6
-21.2
-8.7
-2.7
-8.8
480.2
491.8
506.4
3.1
6.7
9.9
.7
-13.6
-12.6
-7.3
-1.3
492.6
481.6
480.1
466.5
183.6
182.5
161.0
169.0
182.7
180.0
177.5
189.7
415.4
428.3
394.7
405.4
425.1
426.5
423.9
437.8
49.9
44.7
27.2
32.8
45.0
43.4
39.4
51.2
365.5
-14.2
429.5
CCAdj Capital consumption adjustment
IVA Inventory valuation adjustment
Seasonally adjusted at annual rates
1991
383.6
3.1
425.2
367.5
-32.6
427.3
372.7
-21.2
426.7
380.1
6.7
418.4
383.2
9.9
416.6
384.6
-4.8
428.7
386.6
.7
437.0
Billions of dollars
Gross domestic
product of corporate
business
Consumption of fixed capital ..
Net domestic product
Indirect business tax and
nontax liability plus
business transfer
payments less subsid ....
Domestic income
Compensation of
employees
Wages and salaries ...
Supplements to wages
and salaries
Corporate profits with
IVA and CCAdj
Profits before tax
Profits tax liability ..
Profits after tax
Dividends
Undistributed
profits
IVA
;.
CCAdj
Net interest
Gross domestic
product of financial
corporate business ..
Gross domestic
product of
nonfinancial
corporate business ..
Consumption of fixed capital ..
Net domestic product
Indirect business tax and
nontax liability plus
business transfer
payments less subsid ....
Domestic income
Compensation of
employees
Wages and salaries ...
Supplements to wages
and salaries
Corporate profits with
IVA and CCAdj
Profits before tax
Profits tax liability ..
Profits after tax
Dividends
Undistributed
profits
IVA
„
CCAdj
Net interest
3,280.9 3,345.3
3,298.6
383.6
367.5
365.5
3,291.6 3,295.7 3,333.7 3,364.1 3,387.8
372.7
383.2
380.1
384.6
386.6
2,915.5 2,961.7 2,931.1 2,919.0 2,915.6 2,950.5 2,979.6 3,001.2
307.2
331.3
309.8
315.4
325.9
324.0
335.6
339.7
2,608.3 2,630.4 2,621.3 2,603.5 2,591.6 2,624.6 2,643.9 2,661.5
2,186.8 2,231.1 2,215.6 2,215.9 2,202.4 2,223.9 2,242.8 2,255.3
1,833.3 1,868.0 1,857.2 1,857.2 1,844.0 1,862.3 1,877.7 1,887.9
353.5
363.1
358.4
358.7
358.4
361.5
365.1
367.4
258.8
272.1
135.3
136.8
116.7
241.0
246.6
124.6
122.0
125.3
243.1
278.4
138.8
139.6
113.3
223.3
253.3
127.1
126.3
126.8
227.5
234.5
119.4
115.1
120.7
241.7
244.5
123.5
121.0
121.9
243.1
255.2
128.6
126.6
124.0
251.6
252.2
126.9
125.3
134.5
26.4
-5.5
-.9
9.9
-12.6
159.0
-4.8
-7.3
-1.3
158.1
154.6
289.8
294.0
296.0
20.1
-3.3
-14.2
.8
162.7
-32.6
-.6
-21.2
-8.7
-2.7
-8.8
158.4
162.6
164.4
6.7
-13.6
161.7
272.0
290.9
277.4
277.5
283.9
3.1
2.6
-9.3
.7
3,008.9 3,054.4 3,021.2 3,014.2 3,011.8 3,043.9 3,070.1 3,091.8
327.3
342.9
328.9
333.1
339.6
342.5
343.8
345.5
2,681.6 2,711.6 2,692.4 2,681.1 2,672.2 2,701.4 2,726.3 2,746.3
285.5
308.1
288.0
293.2
301.3
303.0
312.2
315.8
2,396.1 2,403.5 2,404.3 2,387.9 2,370.9 2,398.5 2,414.1 2,430.6
2,023.3 2,052.8 2,046.0 2,043.8 2,028.0 2,046.1 2,063.5 2,073.5
1,694.5 1,716.7 1,713.1 1,710.9 1,696.0 1,711.5 1,725.5 1,733.6
328.8
336.1
332.9
332.8
332.0
334.7
338.0
339.9
224.3
232.5
205.4
204.8
209.4
239.1
193.3
216.9
194.4
194.4
206.4
202.4
205.5
211.7
215.2
210.5
96.1
84.2
99.1
89.0
79.9
83.6
87.2
86.1
136.4
112.2
120.6
118.6
140.0
109.5
127.9
119.9
114.5
114.1
118.9
115.3
124.5
117.3
124.5
127.8
30.5
8.0
-21.2
.4
6.7
3.6
9.9
24.2
-14.2
5.9
148.5
2.0
3.1
-2.5
145.3
-32.6
2.9
149.0
7.2
-2.4
-6.6
-5.9
-4.8
-1.4
150.9
148.4
145.9
145.1
-3.4
.7
3.9
141.9
Billions of 1987 dollars
Gross domestic
product of
nonfinancial
corporate business ..
Consumption of fixed capital ..
Net domestic product
Indirect business tax and
nontax liability plus
business transfer
payments less subsidies
Domestic income
2,717.4 2,692.0 2,710.4 2,697.6 2,668.1 2,682.1 2,699.0 2,718.6
303.0 312.3 303.9 305.7 309.1 311.3 313.6 315.1
2,414.4 2,379.7 2,406.5 2,391.8 2,359.0 2,370.7 2,385.4 2,403.5
CCAdj Capital consumption adjustment
IVA Inventory valuation adjustment
SURVEY OF CURRENT BUSINESS
Table 2.1 .—Personal Income and Its Disposition
March 1992 •
Table 2.2.—Personal Consumption Expenditures by Major Type of
Product
[Billions of dollars]
[Billions of dollars]
Seasonally adjusted at annual rates
1990
1990
1991
III
Personal income
Wage and salary
disbursements
Commodity-producing
industries
Manufacturing
Distributive industries
Service industries
Government
Other labor income
Proprietors' income with
inventory valuation and
capital consumption
adjustments
Farm
Nonfarm
Rental income of persons
with capital
consumption
adjustment
Personal dividend income
Personal interest income
Transfer payments to
Seasonally adjusted at annual rates
1991
IV
I
II
III
1991
IV
I
II
IV
III
4,679.8 4,834.4 4,719.3 4,764.7 4,768.0 4,821.1 4,853.3 4,895.3
2,738.9 2,808.3 2,769.8 2,778.2 2,770.9 2,800.6 2,822.4 2,839.3
745.4
555.8
634.6
845.0
514.0
738.7
556.5
641.2
887.8
540.6
751.2
560.4
640.4
860.6
517.7
745.2
557.3
639.0
868.8
525.2
733.4
549.3
635.1
866.5
535.8
735.2
552.3
642.0
883.0
540.5
742.3
559.9
644.0
894.4
541.8
744.1
564.3
643.9
907.2
544.2
274.0
290.6
276.3
279.9
284.2
288.5
292.8
297.0
373.2
379.7
368.8
373.9
364.2
380.0
382.5
392.0
42.5
35.1
32.4
41.2
32.8
39.6
32.0
36.1
330.7
344.5
336.5
332.7
331.4
340.4
350.5
355.9
-12.9
-12.7
-10.4
-9.5
-11.9
-11.7
-14.2
-13.1
124.8
128.5
124.8
127.0
128.7
127.4
128.7
129.4
721.3
718.6
729.1
736.9
730.1
721.8
716.7
705.7
759.5
687.7
705.8
737.2
751.5
763.7
352.0
380.0
353.0
358.4
373.1
377.2
381.7
388.1
17.9
17.8
26.6
18.4
18.0
17.7
20.5
17.9
23.6
18.0
27.0
18.7
26.5
18.4
Personal consumption
expenditures
3,742.6
465.9
Durable goods
Motor vehicles and parts .... 203.7
Furniture and household
equipment
173.2
Other
89.0
Nondurable goods
1,217.7
Food
595.8
Clothing and shoes
208.7
Gasoline and oil
106.8
Fuel oil and coal
12.5
Other
293.9
Services
20590
Housing
547.1
Household operation
212.7
Electricity and gas
97.2
Other household
operation
115.6
Transportation
147.6
523.1
Medical care
Other
628.4
3,889.1 3,785.2 3,812.0 3,827.7 3,868.5 3,916.4 3,943.7
445.2
467.1
451.9
440.7
440.0
452.9
447.3
184.1
204.7
192.5
180.7
179.3
188.4
188.0
172.0
173.1
170.4
171.1
172.8
173.9
170.0
89.2
89.4
89.1
88.9
87.8
90.7
89.4
1,251.9 1,228.4 1,246.4 1,246.3 1,252.9 1,257.4 1,251.1
619.3
211.0
102.8
601.1
211.0
106.4
604.8
206.8
123.2
616.3
208.2
105.0
620.5
212.8
102.0
620.4
214.6
101.7
620.0
208.4
102.5
11.7
13.3
13.1
12.2
11.4
11.7
11.2
307.2
296.6
298.6
304.5
306.2
309.0
308.9
2,191.9 2,089.6 2,113.6 2,140.7 2,175.6 2,206.1 2,245.2
574.7
225.4
103.0
553.6
215.8
559.3
216.5
565.7
218.6
99.1
99.6
99.8
571.7
225.4
103.7
577.0
226.5
102.4
584.2
230.9
106.1
122.3
155.9
576.9
659.1
f16.7
148.5
531.3
640.3
116.9
151.7
543.4
642.8
118.8
152.2
555.9
648.2
121.6
153.9
570.0
654.7
124.1
157.4
583.5
661.6
124.8
160.1
598.1
671.9
785.4
29.4
18.3
Table 2.3.—Personal Consumption Expenditures by Major Type of
Product in Constant Dollars
[Billions of 1987 dollars]
93.1
99.7
93.1
94.6
99.3
234.8
205.7
214.4
100.3
222.2
98.9
203.9
229.7
237.8
100.3
249.4
19.8
21.8
19.9
20.5
20.9
21.7
22.1
22.6
184.2
212.9
185.8
193.9
201.2
208.0
215.7
226.8
Personal consumption
3,262.6
expenditures
438.9
Durable goods
. .
Motor vehicles and parts .... 191.4
Furniture and household
170.6
eQuioment
othlr _::::::::::::::
224.3
238.0
226.7
227.5
235.4
237.0
239.3
240.4
621.0
616.1
627.5
627.2
617.1
613.6
615.1
618.4
4,058.8 4,218.4 4,091.8 4,137.5 4,151.0 4,207.5 4,238.2 4,276.8
3,853.1 3,999.1 3,896.2 3,922.5 3,938.4 3,978.7 4,025.7 4,053.5
3,742.6 3,889.1 3,785.2 3,812.0 3,827.7 3,868.5 3,916.4 3,943.7
107.5 106.8 107.7
107.6 107.5 107.1 106.3 106.3
2.9
3.2
3.3
2.9
3.1
3.1
2.9
3.5
205.8
219.3
195.6
215.0
212.6
228.8
212.5
223.4
3,538.3 3,534.9 3,547.0 3,529.5 3,514.8 3,537.4 3,539.9 3,547.5
16,236 16,695 16,344 16,479 16,492 16,678 16,752 16,855
14,154 13,990 14,168 14,058 13,965 14,022 13,992 13,981
250.0
252.7
250.3
251.1
251.7
252.3
253.0
253.7
5.1
5.2
4.8
5.2
5.1
5.4
5.0
5.2
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
1990
1991
III
684.9
Old-age, survivors,
disability, and health
insurance benefits
Government
unemployment
insurance benefits
Veterans benefits
Government employees
retirement benefits
Other transfer payments
Aid to families with
dependent children
Other
Less: Personal
contributions for social
insurance
Less: Personal tax and
nontax payments
Equals: Disposable personal
income
Less: Personal outlays
Personal consumption
expenditures
Interest paid by persons ....
Personal transfer payments
to rest of the world (net)
Equals: Personal saving
Addenda:
Disposable personal
income:
Total, billions of 1987
dollars
Per capita:
Current dollars
1987 dollars
Population (mid-period,
millions)
Personal saving as
percentage of
disposable personal
income
1990
IV
Nondurable goods
Food
Clothing and shoes
Gasoline and oil
Fuel oil and coal
Other
Services
Housing
Household operation
Electricity and gas
Other household
opearation
Transportation
Medical care
Other
76.9
3,259.0 3,281.2 3,251.8 3,241.1 3,252.4 3,271.2 3,271.1
412.5
440.3
424.0
410.8
408.9
418.3
412.2
167.9
192.9
179.8
166.7
164.2
170.9
169.7
170.5
170.5
168.0
168.9
171.1
172.5
169.4
74.2
76.9
76.2
75.1
73.6
74.9
73.1
1,050.8 1,043.0 1,053.7 1,044.7 1,043.9 1,046.2 1,046.1 1,035.8
515.8
187.4
517.2
182.9
517.1
188.2
515.9
184.1
518.7
181.7
517.0
186.1
517.4
184.7
515.6
179.0
85.0
10.0
83.0
84.4
11.0
84.0
81.8
83.0
83.6
8.9
251.7
9.3
252.5
9.8
250.3
83.6
10.1
2526
9.6
250.3
252.9
250.3
9.4
248.2
1,773.0 1,803.4 1,787.3 1,783.1 1,786.3 1,797.2 1,806.8 1,823.1
4745
202.1
478.9
206.8
475.4
206.3
92.2
94.9
94.9
1099
1290
1120
1283
4243
543.0
4396
549.7
111 4
129.6
4277
548.2
476.9
203.7
93.5
1102
128.7
4296
544.3
477.3
201.7
478.3
207.1
479.4
208.0
480.7
210.4
91.7
95.6
95.2
96.9
110.0
127.0
432.9
547.5
111.5
127.9
436.9
547.1
112.9
128.9
441.7
548.9
113.5
129.5
447.0
555.5
SURVEY OF CURRENT BUSINESS
JO • March
Table 3.2.—Federal Government Receipts and Expenditures
Table 3.3.—State and Local Government Receipts and Expenditures
[Billions of dollars]
[Billions of dollars]
Sieasonaliy adjuste d at annual rates
1990
19 90
1991
Receipts .. .
Personal tax and nontax
receipts
Income taxes
Estate and gift taxes
Nontaxes
Corporate profits tax accruals
Federal Reserve banks
Other
Indirect business tax and
nontax accruals
Excise taxes
Customs duties
Nontaxes
Contributions for social
insurance
Expenditures
Purchases
National defense
Nondefense
Transfer payments (net)
To persons
To rest of the world (net) ...
Grants-in-aid to State and
local governments
Net interest paid
Interest paid
To persons and business
To rest of the world (net)
Less: Interest received by
government
Subsidies less current surplus
of government enterprises .
Subsidies
Less: Current surplus of
government enterprises ..
Less: Wage accruals less
disbursements
Surplus or deficit (-),
national income and
product accounts
Social insurance funds
Other . . .
19 31
I
IV
III
Seasonally adjusted at annual rates
1990
III
II
III
1,104.8 1,120.2 1,115.4 1,110.7 1,115.2 1,114.3 1,124.6 1 126.6
482.2
469.7
470.4
458.4
486.6
474.7
485.5
474.0
473.9
462.1
468.8
457.2
469.9
457.0
4690
4572
11.6
11.0
11.1
10.7
10.9
10.6
11.8
10.7
.9
1.0
.8
.8
112.1
103.0
115.1
105.7
23.6
88.5
22.8
80.1
24.7
90.4
24.0
81.7
65.8
36.2
78.8
46.3
65.2
35.5
175
122
172
153
175
122
444.7
468.0
448.5
.9
11
1.0
10
99.0
23.3
75.7
102.0
106.2
104.8
22.6
79.5
23.0
83.2
22.6
68.5
39.0
78.2
46.6
77.1
46.4
78.7
46.0
81.2
46.1
174
121
166
150
161
146
171
156
189
162
451.1
464.1
466.3
469.9
822
471.6
1,270.1 1,321.7 1,265.1 1,304.4 1,261.6 1,321.0 1,334.8 1,369.3
424.9
445.1
3235
121.6
424.7
311 1
113.6
434.5
3206
113.9
513.5
546.6
-33.1
510.7
498.4
523.8
511.1
12.6
12.3
132.2
152.8
177.5
209.2
171.4
451.5
332.3
119.2
452.1
328.4
123.7
444.9
322.3
122.6
432.0
457.5
535.3
-77.8
505.1
543.0
-37.9
534.9
547.4
-12.5
556.6
560.9
12.7
131.2
137.3
143.7
151.0
153.3
163.3
188.7
220.1
181.1
183.7
213.4
175.3
177.7
216.5
177.4
185.7
217.4
178.2
189.7
220.3
181.2
187.9
220.4
181.4
191.4
222.3
183.7
37.9
39.0
38.1
39.1
39.3
39.1
39.0
38.6
31.8
31.5
29.7
38.8
31.7
30.6
32.5
31.0
24.7
27.5
21.5
27.8
14.8
17.8
31.2
33.0
23.4
28.6
22.7
29.7
13.9
20.6
26.0
32.4
3134
111.5
510.8
498.2
3110
121.0
-4.3
2.8
6.3
3.0
1.9
5.1
7.0
6.8
6.4
1
-1
o
.2
.2
.4
0
0
-165.3 -201.5 -149.7 -193.6 -146.4 -206.7 -210.2 -242.8
60.6
43.4
64.2
58.2
47.9
44.6
44.4
1990
1991
IV
36.7
-2259 -2449 -213.9 -251.8 -194.4 -251.3 -254.6 -279.5
Receipts
Personal tax and nontax
receipts
Income taxes
Nontaxes
Other
Corporate profits tax accruals
Indirect business tax and
nontax accruals
Sales taxes
Property taxes
Other
Contributions for social
insurance
Federal grants-in-aid
Exoenditures
Purchases
Compensation of
employees
Other
Transfer payments to persons
Net interest paid
Interest paid
Less: Interest received by
government
Less: Dividends received by
government l
Subsidies less current surplus
of government enterprises .
Subsidies
Less: Current surplus of
government enterprises ..
Less: Wage accruals less
disbursements
Surplus or deficit (-),
national income and
product accounts
Social insurance funds
Other
1991
II
I
IV
IV
III
724.5
771.7
730.3
741.3
749.4
764.1
777.4
795,9
138.8
106.1
145.7
110.8
140.9
107.8
141.8
108.2
143.2
109.1
144.9
110.3
145.2
110.0
149.5
113.7
15.5
17.3
16.7
18.2
15.6
17.5
15.9
17.6
16.2
17.9
16.5
18.1
16.8
18.4
17.2
18.6
23.2
21.6
23.7
21.4
20.4
21.4
22.4
22.1
373.4
181.4
152.1
392.2
188.8
162.1
377.1
183.8
153.5
382.6
185.0
156.1
383.4
183.9
158.6
387.3
186.3
161.0
397.0
192.4
163.3
401.1
192.7
165.7
39.8
41.2
39.8
41.5
40.9
40.0
41.2
42.7
57.0
59.4
57.4
58.2
58.8
59.4
59.6
59.9
132.2
152.8
131.2
137.3
143.7
151.0
153.3
163.3
698.8
741.7
704.2
723,3
729.0
736.5
745.6
755.6
618.0
642.4
621.4
636.7
637.3
640.4
644.2
647.5
409.8
208.2
434.1
208.2
413.8
207.6
420.9
215.7
427.4
209.9
433.2
207.2
435.9
208.3
440.0
207.5
163.5
186.5
166.0
171.0
177.2
182.7
189.4
196.7
-53.7
-57.1
-54.1
-54.8
-55.7
-56.7
-58.4
61.1
64.5
61.6
62.4
63.2
64.0
57.6
64.9
114.9
121.6
115.7
117.2
118.9
120.7
122.5
124.2
9.0
9.2
9.0
9.2
9.1
9.2
9.4
9.1
-20.0
.4
-20.9
.4
-20.0
.4
-20.4
.4
-20.8
.4
-20.8
.4
-21.0
.4
-21.1
.4
20.3
21.3
20.4
20.8
21.1
21.2
21.4
21.5
0
0
0
0
0
0
0
0
65.8
25.7
30.0
26.1
18.0
20.4
27.6
31.8
40,4
63.8
65.3
64.2
64.9
65.0
65.6
65.6
65.1
-38.1
-35.3
-38.2
-46.9
-44.7
-38.0
-33.8
-24.7
SURVEY OF CURRENT BUSINESS
March 1992 • 11
Table 3.7B.—Government Purchases by Type
Table 3.8B.—Government Purchases by Type in Constant Dollars
[Billions of dollars]
[Billions of 1987 dollars]
Seasonally adjusted at annual rates
1990
1990
1991
III
Government purchases
Federal
National defense
Durable goods
Nondurable goods
Services
Compensation of
employees
Military
Civilian
Other services
Structures
Nondefense
Durable goods
Nondurable goods
Commodity Credit
Corporation
inventory change ...
Other nondurables
Services
Compensation of
employees
Other services
Structures
State and local
Durable goods
Nondurable goods
Services
Compensation of
employees
Other services
Structures
Seasonally adjusted at annual rates
1990
1991
IV
II
I
III
424.9
445.1
424.7
434.5
451.5
452.1
444.9
432.0
313.4
323.5
311.1
320.6
332.3
328.4
322.3
311.0
85.9
12.7
89.5
12.9
87.5
12.0
87.5
18.6
91.5
14.8
93.9
11.2
88.6
12.4
84.1
13.3
208.4
216.3
205.3
208.7
220.8
217.9
217.0
209.3
124.5
131.7
124.4
126.2
132.6
131.8
131.3
131.0
82.7
41.8
83.9
87.3
44.4
84.6
82.5
41.9
80.9
83.9
42.2
82.5
88.5
44.1
88.2
87.4
44.4
86.1
86.7
44.6
85.7
86.4
44.6
78.3
6.4
4.8
6.4
5.8
5.1
5.4
4.3
4.3
111.5
5.7
5.1
121.6
5.9
6.2
113.6
5.8
6.7
113.9
6.0
5.4
119.2
5.7
8.5
123.7
6.3
8.6
122.6
6.0
5.1
121.0
5.9
2.6
1.9
6.6
-.1
6.8
-.8
6.2
3.3
5.2
92.5
99.6
93.0
94.3
96.9
98.8
-.5
5.6
101.4
5.4
101.3
54.9
37.6
57.1
42.5
54.7
38.3
54.8
39.5
56.8
40.1
56.9
41.9
10.1
57.1
44.3
10.1
57.6
43.7
11.1
640.4
644.2
647.5
-1.7
6.8
8.2
618.0
.5
5.7
9.9
642.4
8.0
621.4
8.2
8.1
636.7
637.3
III
IV
1,042.9 1,087.5 1,046.0 1,071.2 1,088.8 1,092.5 1,089.1 1,079.5
-2.7
33.7
54.9
35.7
55.2
34.1
55.2
34.7
58.2
35.3
56.1
35.6
55.0
35.7
55.1
36.0
54.8
439.2
462.5
442.6
450.4
457.1
462.3
464.2
466.5
409.8
434.1
413.8
420.9
427.4
433.2
435.9
440.0
29.4
90.1
28.4
89.0
28.8
89.5
29.5
93.4
29.6
88.9
29.1
87.6
28.3
89.2
26.6
90.2
1990
1991
1991
IV
I
II
III
IV
Government purchases
Federal . . .
929.1
937.1
927.5
937.9
944.5
944.3
936.1
923.3
380.9
384.9
378.4
382.6
391.7
392.7
384.5
370.7
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
emolovees ...
Other services
Structures
State and local
Durable goods
Nondurable goods
Services
Compensation of
employees
Other services
Structures
281.3
281.4
278.0
282.0
289.4
287.0
280.4
268.7
80.5
82.3
11.3
80.9
81.2
12.2
83.7
12.1
86.3
10.2
81.7
11.2
77.5
11.6
9.9
185.4
184.2
9.8
181.9
183.7
189.7
186.4
184.4
176.2
108.1
108.4
107.9
109.1
110.2
108.9
107.9
106.7
72.1
36.1
77.3
72.3
36.1
75.8
71.7
36.1
74.0
72.9
36.1
74.6
74.0
36.2
79.5
72.7
36.2
77.5
71.7
36.2
76.6
70.8
35.9
69.4
5.5
99.6
5.5
5.1
-1.0
6.2
3.6
5.5
4.9
3.9
4.2
3.1
3.4
103.5
5.7
5.7
100.4
5.5
6.1
100.6
5.9
5.3
102.3
5.4
7.6
105.7
5.9
7.9
104.1
5.7
4.8
102.0
5.7
2.7
.8
4.9
-.4
5.8
0
6.1
3.2
4.4
2.1
5.8
-.1
4.8
-2.0
4.6
81.5
83.4
81.6
82.1
82.0
83.0
84.7
83.9
47.6
33.9
46.7
36.7
47.4
34.2
47.1
35.0
46.8
35.2
46.6
36.4
46.6
38.2
46.8
37.1
7.4
8.7
548.2
552.2
7.2
549.1
7.4
7.2
555.3
552.7
8.9
551.7
8.9
551.6
9.8
552.7
31.2
47.5
32.1
47.9
31.4
47.6
31.7
48.0
31.9
48.0
32.1
48.0
32.2
47.8
32.2
47.6
387.2
392.1
388.5
390.5
392.1
392.9
391.6
391.5
353.1
356.9
354.4
356.0
356.9
357.7
356.6
356.6
34.1
82.4
35.1
80.2
34.1
81.6
34.6
85.1
35.3
80.6
35.2
78.6
35.1
80.0
34.9
81.4
Table 3.10.—National Defense Purchases
Table 3.11 .—National Defense Purchases in Constant Dollars
[Billions of dollars]
[Billions of 1987 dollars]
National defense
purchases
Durable goods
Military equipment
Aircraft
Missiles
Ships
Vehicles
Electronic equipment
Other
Other durable goods
Nondurable goods
Petroleum products
Ammunition
Other nondurable goods ....
Services
Compensation of
employees
Military
Civilian
Other services
Contractual research and
development
Installation support 1
Weapons support23
Personnel support
Transportation of
material
Travel of persons
Other
>
Structures
Military facilities
Other
313.4
323.5
311.1
320.6
332.3
328.4
322.3
311.0
85.9
89.5
87.5
87.5
91.5
93.9
88.6
84.1
79.3
77.7
80.6
83.3
78.7
82.3
76.5
73.5
306
154
125
4.7
267
166
31 7
322
275
272
258
168
12.1
11.9
17.1
14.1
18.1
11.5
16.1
12.6
266
161
4.3
4.8
4.4
4.1
5.1
4.5
3.4
7.3
88
6.6
6.6
11 4
7.4
80
6.8
7.7
78
4.2
6.9
106
7.4
140
6.1
11 1
6.1
99
12.9
11.6
12.1
10.6
14.8
11.2
12.4
13.3
12.7
11.8
12.9
12.0
6.2
3.1
3.4
5.3
4.1
3.5
5.0
3.6
3.4
208.4
216.3
124.5
131.7
18.6
12.1
16.1
12.2
3.5
3.6
6.5
4.9
3.4
4.0
3.8
3.4
205.3
208.7
220.8
217.9
217.0
209.3
124.4
131.0
11.5
5.5
3.4
3.6
5.1
4.4
3.7
126.2
132.6
131.8
131.3
827
418
873
444
83.9
42.2
84.6
80.9
825
87.4
44.4
86.1
864
83.9
88.5
44.1
88.2
867
41 9
44.6
85.7
44.6
78.3
28.7
23.7
26.2
23.7
11.0
12.2
28.6
20.9
26.8
23.4
26.0
24.7
11.1
13.0
27.4
21.3
11.4
12.7
26.7
25.7
11.1
12.4
24.6
23.1
10.3
10.8
9.6
13.5
825
9.4
13.5
8.5
13.8
4.9
4.0
-.6
6.5
5.7
-7
5.2
4.2
-.8
6.3
4.4
-.6
7.6
6.2
-.4
7.6
6.1
-.5
6.4
4.8
6.4
5.8
5.1
5.4
4.3
4.3
3.7
27
2.3
25
3.7
27
3.0
28
2.5
2.7
2.8
25
1.8
24
1.9
2.4
5.6
5.5
-1.3
5.0
5.0
-.5
National defense
purchases
Durable goods
Military equipment
Aircraft
Missiles
Ships .
Vehicles
Electronic equipment
Other
Other durable goods
Nondurable goods
Petroleum products
Ammunition
Other nondurable goods ....
Services
Compensation of
employees
Military
Civilian
Other services
Contractual research and
development
Installation support l
Weapons support23
Personnel support
Transportation of
material
Travel of persons
Other
Structures
Military facilities
Other
281.3
281.4
278.0
282.0
289.4
287.0
280.4
268.7
80.5
82.3
80.9
81.2
83.7
86.3
81.7
77.5
74.8
28.4
15.8
72.2
24.9
16.6
10.4
75.1
29.0
16.5
10.8
77.6
30.0
16.7
12.7
72.7
25.7
17.2
10.1
76.4
25.1
16.4
10.8
71.4
25.2
16.2
10.4
68.2
23.7
16.7
10.4
114
4.4
6.9
7.9
5.8
9.9
4.0
2.8
3.0
10.0
10.1
4.5
7.0
7.2
5.8
11.3
9.8
4.0
6.2
3.9
4.1
3.3
3.5
3.2
3.1
4.1
7.2
6.9
3.6
12.2
5.7
3.2
3.2
3.9
6.5
9.4
11.0
12.1
4.2
4.8
3.1
4.8
6.9
12.4
9.8
10.2
3.3
3.7
3.2
4.1
5.8
9.7
10.3
11.2
4.3
3.5
3.3
3.0
5.7
8.6
9.3
11.6
3.7
4.5
3.4
185.4
184.2
181.9
183.7
189.7
186.4
184.4
176.2
1081
72.1
1084
72.3
107.9
1091
72.9
110.2
1089
72.7
1079
71.7
1067
70.8
71.7
74.0
361
361
361
361
362
362
362
359
77.3
75.8
74.0
74.6
79.5
77.5
76.6
69.4
27.0
21.4
24.0
20.9
26.8
18.5
24.9
20.5
24.0
21.8
10.0
10.6
25,1
19.0
10.2
10.1
24.2
22.6
22.5
20.2
8.9
11.5
9.8
9.7
8.6
11.4
7.7
11.3
9.9
9.9
9.0
8.3
5.9
5.1
5.1
4.7
-.4
5.3
3.8
-.5
6.6
5.2
-.5
5.6
3.8
-.7
6.7
4.0
-.5
7.9
5.5
-.3
7.7
5.7
-.4
5.5
3.6
5.5
4.9
3.9
4.2
3.1
3.4
3.4
2.1
2.0
1.6
3.4
2.1
2.8
2.1
2.3
1.6
2.6
1.6
1.6
1.5
1.7
1.7
-1.0
1. Includes utilities, communications, rental payments, maintenance and repair, and payments to contractors to
1. Includes utilities, communications, rental payments, maintenance and repair, and payments to contractors to
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.
2. Includes depot maintenance and contractual services for weapons systems, other than research and
development.
3. Includes compensation of foreign personnel, consulting, training, and education.
SURVEY OF CURRENT BUSINESS
12 • March 1992
Table 4.1.—Foreign Transactions in the National Income and Product
Accounts
Table 4.2.—Exports and Imports of Goods and Services and
Receipts and Payments of Factor Income in Constant Dollars
[Billions of dollars]
[Billions of 1987 dollars]
Seeisonally adjuste datan nual rates
1990
III
Receipts from rest of the world
Exports of goods and services
Merchandise }
Durable
Nondurable
Services '
2
Receipts of factor income
Capital grants received by the United
States (net)
Payments to rest of the world ...
Imports of goods and services
Merchandise l
Durable
Nondurable
Services ]
Payments of factor income 3
Transfer payments (net)
From persons (net)
From government (net)
From business
Net foreign investment
19 31
19 90
1991
IV
I
II
698.2 726.3 694.1 730.9 713.8 721.4
550.4 591.3 548.7 572.6 565.9
3982 4272 3950 4100 4123
262.6 283.8 262.4 266.2 2652
1356
1434
1*>?? 164.1
147.7
0
1990
III
728.9 741.1
1438 1472
1395 1401
153.7 162.6 153.5 163.1 169.7
135.0 145.4 15R3
0
0
0
147 9 131.6
0
0
730.9 713.8 721.4
624.8 622.0 631.2 649.2 602.7
507.4 5005 511 8 525.0 485.4
3143 3160 3191 3200 3046
1469
170.1
132.0 128.6
0
0
728.9 741.1
607.0 634.3 643.8
488.3 511.1 517.1
3048 3257 3287
1931
1845
121.5 119.4
1807
1835
124.1 117.3 118.7
1854
117.4
1370
1218
1391
132.6 125.2 1235
121.0 1176
20.0
-25.1
19.9
29
126
4.5
-83.6
32
-331
4.9
1927
33
123
4.3
7.6 -96.1
2051
20.4
29
12.7
4.9
-71.3
-30.0
31
31
-69.8
-778
4.9
55.7
-379
4.9
20.8
1884
123.2 126.8
-4.7
29
-125
4.9
4.1
35
-43
4.9
1990
1991
III
IV
589.8 597.0 612.5
4267 4273 4424
287.3 287.2 2955
1326
698.2 726.3 694.1
Seasonally adjusted at annual rates
Exports of goods and services
1
505.7
369.4
249.3
120.1
136.2
Merchandise
Durable
Nondurable
Services l
1991
IV
537.8 501.6 522.5
397.4 365.1 379.4
268.9 248.6 254.5
128.5 116.5 124.9
140.4 136.5 143.1
I
II
III
IV
512.5
379.9
251.2
128.7
132.6
535.7
395.8
271.0
124.8
139.9
545.2
400.3
272.8
127.6
144.8
558.0
413.7
280.6
133.1
144.3
111.4
108.0
Receipts of factor income2
130.2
114.5
Imports of goods and services
Merchandise l
Durable
Nondurable
Services l
Payments of factor income3
557.0
458.5
290.0
168.4
558.7 567.4 553.7 531.1 548.0 576.3 579.3
459.8 467.9 453.0 435.9 451.2 475.7 476.6
293.2 296.4 293.0 278.9 283.2 304.8 306.0
166.6 171.5 160.0 156.9 168.0 170.9 170.6
96.8 100.6 102.8
98.9
99.5 100.7 95.3
98.5
120.4
103.1
127.2 137.4 126.8 111.8
121.4 114.7 107.0 104.7 102.2
98.6
1. Exports and imports of certain goods, primarily military equipment purchased and sold by the Federal
Government, are included in services.
2. Consists largely of receipts by U.S. residents of interest and dividends and reinvested earnings of foreign
affiliates of U.S. corporations.
3. Consists largely of payments to foreign residents of interest and dividends and reinvested earnings of U.S.
affiliates of foreign corporations.
-21.8 -24.5
1. Exports and imports of certain goods, primarily military equipment purchased and sold by the Federal
Government, are included in services.
2. Consists largely of receipts by U.S. residents of interest and dividends and reinvested earnings of foreign
affiliates of U.S. corporations.
3. Consists largely of payments to foreign residents of interest and dividends and reinvested earnings of U.S.
affiliates of foreign corporations.
Table 4.3.—Exports and Imports of Merchandise by End-Use Category
Table 4.4.—Exports and Imports of Merchandise by End-Use Category
in Constant Dollars
[Billions of dollars]
[Billions of 1987 dollars]
Exports of merchandise
Foods feeds and beverages . . .
Industrial supplies and materials
Durable goods
Nondurable goods
. . .
Capital goods, except automotive
Civilian aircraft, engines, and parts ...
Computers, peripherals, and parts ....
Other
Automotive vehicles, engines, and parts
Consumer goods, except automotive
Durable goods
Nondurable goods
Other
Durable goods
Nondurable goods
Imports of merchandise
Foods, feeds, and beverages
Industrial supplies and materials, except
petroleum and products
Durable goods
Nondurable goods
Petroleum and products
Capital goods, except automotive
Civilian aircraft, engines, and parts ...
Computers, peripherals, and parts ....
Other .
Automotive vehicles, engines, and parts
Consumer goods, except automotive
Durable goods
Nondurable goods
Other
Durable goods
Nondurable goods
Addenda:
Exports of agricultural products '
Exports of nonagricultural products ...
Imports of nonpetroleum products
1. Includes parts of line 2 and line 5.
398.2 427.2 395.0 410.0
32.5
353 368 34.1
102.0 106.3 100.6 110.2
35.7
37.3
35.5
663
690
651
37.0
73.2
412.3 426.7 427.3 442.4
36.4
34.5
37.0
39.4
109.8 106.7 103.9 104.8
36.5
73.3
38.1
68.6
38.0
65.9
36.4
68.3
153.3 166.9 152.6 155.0 155.8 170.5 165.7 175.3
38.9
27.3
30.8
26.2
30.8
27.3
980
977 104.4
40.6
45.9
23.7
31.6
26.5
94.6
37.7
42.3
22.7
35.4
45.3
34.2
45.9
40.3
44.5
?30
?36
?3?
?31
199
222
196
22.3
30.8
15.4
15.4
27.6
13.8
13.8
21.3
30.1
21.7
28.4
14.2
14.2
22.3
31.7
32.2
25.9
95.2
36.5
42.8
22.9
36.6
27.3
103.0
507.4 500.5 511.8
35.6
26.7
1035
44.9
44.8
41.0
27.9
106.5
151
311
155
15.1
15.5
42.9
48.3
25.0
23.3
31.7
15.8
15.8
525.0 485.4 488.3 511.1
517.1
15R
30?
151
15.8
15.1
26.7
26.5
25.8
26.0
25.6
27.9
26.3
26.3
776
759
78.7
74.2
75.8
76.2
39.0
36.5
39.4
78.3
39.7
395
39?
728
359
383
529
36?
397
517
369
393
520
77.6
37.0
40.6
387
623
116.0
10.5
23.0
82.5
87.7
3R5
51 2 61 8
121.6 115.8 120.2
9.7 12.6
11.9
26.1
83.5
85.4
23.0
83.0
90.7
23.3
84.2
86.5
483
119.3 121.1 122.6
123.3
12.4
26.0
82.7
78.7
11.6
26.7
85.0
88.8
11.2
24.2
83.9
82.1
12.5
27.6
82.5
92.1
105.3 107.9 106.9 107.2 100.5 100.3 110.5 120.5
5? 5 584 63.5
570 52.0
55.7
56.6
56.6
5?1
57.0
31.4
15.7
15.7
324
16.4
16.4
38.2
40.6
43.5
485
310
478
327
16.7
15.5
15.5
37.7
39.8
49.6
51.4
50.2
31 8
31 9
159
159
325
162
503
334
167
15.9
15.9
16.2
40.2
40.5
39.2
16.2
16.2
358.0 386.7 355.8 372.3 372.6 388.5 386.7 398.9
445.1 449.2 449.9 452.2 432.5 436.6 459.1 468.8
Exports of merchandise
Foods, feeds, and beverages
Industrial supplies and materials
Durable goods
Nondurable goods
Capital goods, except automotive
Civilian aircraft, engines, and parts ...
Computers, peripherals, and parts ....
Other
Automotive vehicles, engines, and parts
Consumer goods, except automotive
Durable goods
Nondurable goods
Other
Durable goods
Nondurable aoods
Imports of merchandise
Foods, feeds and beverages
Industrial supplies and materials, except
petroleum and products
uurable goods . . .
Nondurable goods
Petroleum and products
Capital goods, except automotive
Civilian aircraft, engines, and parts ...
Computers, peripherals, and parts ....
Other
Automotive vehicles, engines, and parts
Consumer goods, except automotive
Durable goods
Nondurable goods
Other
Durable goods
Nondurable goods
Addenda:
Exports of agricultural products l
Exports of nonagricultural products ...
Imports of nonpetroleum products
1.Includes parts of line 2 and line 5.
369.4 397.4 365.1
379.4 379.9
30.7
32.4
29.0
29.5
32.1
901
958
884
943
951
313
325
307
330
58.8
63.3
57.7
31.3
63.9
61.3
OQC Q
30.4
95.9
33.2
62.6
400.3 413.7
32.8
95.4
33.4
62.0
34.1
96.9
32.1
64.7
149.8 164.6 149.2 151.8 153.8 167.0 164.4 173.4
28.3
33.9
876
34.0
39.3
21.5
17.8
255
128
128
30.9
41.6
92.2
36.5
40.7
21.6
19.2
27.4
27.5
34.8
86.9
33.7
40.0
137
137
124
??6
17.4
24.8
12.4
26.6
35.7
89.6
34.2
41.4
21.4
20.0
28.1
14.1
14.1
26.5
38.7
88.6
31.1
41.0
33.0
40.1
29.7
42.0
93 R
9? 6
36.4
39.3
40.3
39.8
?17
?09
?09
193
184
?6R
1R9
?77
13.4
13.4
13.9
26.8
13.4
13.4
458.5 459.8 467.9 453.0 435.9 451.2
13 R
34.2
45.5
93.8
38.2
42.9
22.7
20.2
28.1
14.1
14.1
475.7 476.6
25.5
24.6
24.4
24.5
?39
?56
?4?
24.5
66.4
66.0
67.1
67.4
314
330
333
33.8
34.6
34.1
34.1
65.5
30.9
34.6
51.4
67.4
326
62.4
29.9
32.5
44.8
68.7
32.4
36.3
45.9
547 43.1
48.5
51.5
114.0 122.5 113.8 117.0
8.5 10.9
9.2 10.1
116.9 121.6
9.6 10.6
3? 3
35.1
51.9
125.2 126.2
9.7
10.4
33.9
37.5
41.7
734
735
730
72.7
87.9
69.3
88.8
46.9
81.0
98.1
419
290
457
30.1
74.8
79.1
93.3
50.0
43.4
38.6
73.8
75.0
95.1
50.3
44.8
30.1
75.3
83.4
95.3
51.6
43.7
31.5
74.6
77.4
93.9
50.5
43.5
286
143
282
141
292
146
296
148
14.3
14.1
14.6
14.8
27.2
13.6
13.6
35.4
35.8
34.2
34.4
35.0
458
4?1
5? 4
41.3
75.2
76.8
105.8
14.5
14.5
28.0
14.0
14.0
56.2
49.6
28.6
14.3
14.3
33.6
36.3
38.3
334.0 361.6 330.9 345.0 344.9 362.2 364.1 375.3
407.0 411.3 413.1 409.9 391.0 399.8 423.8 430.7
SURVEY OF CURRENT BUSINESS
March 1992 • 13
Table 5.1 .—Gross Saving and Investment
[Billions of dollars]
Seasonally adjusted at annual rates
1990
1991
1990
Gross saving
Gross private saving
Personal saving
Undistributed corporate
profits with inventory
valuation and capital
consumption adjustment
Undistributed profits
Inventory valuation
adjustment
Capital consumption
adjustment
Corporate consumption of
fixed capital
Noncorporate consumption
of fixed capital
Wage accruals less
disbursements
Government surplus or
deficit (-), national
income and product
accounts
Federal
State and local
Capital grants received by
the United States (net)
Gross investment
Gross private domestic
investment
Net foreign investment
Statistical discrepancy
1991
II
I
IV
III
IV
III
710.9
715.5
697.5
677.5
746.9
713.1
697.2
704.8
850.4
205.8
887.0
219.3
821.1
195.6
853.1
215.0
873.0
212.6
892.1
228.8
875.5
212.5
907.2
223.4
49.9
63.3
44.7
50.3
27.2
62.5
32.8
62.8
45.0
51.9
43.4
46.1
39.4
51.5
51.2
51.7
-32.6
-21.2
6.7
9.9
-14.2
3.1
.8
.7
-4.8
-8.7
-2.7
.-8.8
-13.6
-12.6
-7.3
-1.3
365.5
383.6
367.5
372.7
380.1
383.2
384.6
386.6
229.3
239.3
230.8
232.7
235.3
236.8
239.1
246.1
0
0
0
0
0
0
0
0
-139.5 -171.5 -123.6 -175.6 126.1 -179.1 -178.4 -202.4
-165.3 -201.5 -149.7 -193.6 -146.4 -206.7 -210.2 -242.8
25.7
30.0
0
0
26.1
0
18.0
20.4
27.6
40.4
31.8
0
0
719.0
734.3
725.7
679.6
764.9
729.6
719.1
723.4
802.6
-83.6
726.7
7.6
821.8
-96.1
750.9
-71.3
709.3
708.8
55.7
20.8
740.9
-21.8
747.9
-24.5
18.8
28.2
2.1
18.0
16.5
22.0
18.6
8.1
0
0
0
Table 5.4.—Fixed investment by Type
Table 5.5.—Fixed Investment by Type in Constant Dollars
[Billions of dollars]
[Billions of 1987 dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1990
1990
1991
III
Fixed investment
Nonresidential
Structures
Nonresidential buildings, including
farm .
Utilities
Mining exploration, shafts, and
wells
Other structures
Producers' durable equipment
Information processing and related
equipment
.
. .
Computers and peripheral
!
eauioment
Other
Industrial equipment
Transportation and related
eauioment
Other
Residential
Structures
Single family
Multifamily
Other structures
Producers' durable equipment
IV
I
II
III
802.7 745.2 807.7 787.4 748.4 745.8 744.5
587.0 550.1 596.3 585.2 560.0 554.6 546.8
198.7 174.6 201.7 191.2 184.0 180.0 169.0
148.2
124.5
150.9
140.7
134.2
128.6
119.0
30.4
31.7
30.6
31.7
31.4
31.9
31.8
11.0
10.4
11.3
8.8
9.5
8.8
9.1
8.4
10.3
8.2
10.0
9.5
9.2
9.1
388.3 375.5 394.7 394.0 375.9 374.7 377.8
129.9
38.7
94.1
92.2
36.6
93.3
87.4
36.7
92.8
84.0
37.6
94.6
82.0
39.9
96 3
82.8
83.6
85.4
82.1
76.5
85.5
75.6
89.2
74.3
82 1
72.6
203.0
196.4
105.8
13.9
76.7
6.6
37.3
91.9
91.6
37.7
94.3
84.1
36.1
91.9
90.4
83.5
84.0
84.8
74.7
91.6
84.6
195.1 211.4 202.2 188.4 191.2 197.7
208.8 188.4 204.5 195.4 181.7 184.4 190.9
98.2
87.5
88.9
100.9
108.7 95.8
105.5
6.9
15.3
77.3
6.7
19.0
80.0
6.9
8.5
87
373.8
136.2
132.8
19.3
80.8
1164
31.7
132.3
128.0
215.7
742.0
539 0
165.2
18.5
78.8
6.8
17.5
76.8
6.7
15.5
80.0
6.8
14.1
75.9
6.8
1990
1991
III
IV
129.5
129.2 132.0
1. Includes new computers and peripheral equipment only.
1990
1991
Fixed investment
Nonresidential
Structures
Nonresidential buildings, induding
farm
Utilities
Mining exploration, shafts, and
wells
Other structures
Producers' durable equipment
Information processing and related
equipment
Computers and peripheral
equipment!
Other
Industrial equipment
Transportation and related
i
equipment
Other
Residential
Structures
Single family
Multifamily
Other structures
Producers' durable equipment
1991
IV
I
II
III
IV
744.2 687.6 746.4 727.8 689.8 686.8 686.5 687.2
548.8 512.4 555.5 544.5 519.1 514.8 510.0 505.6
177.9 154.0 180.0 170.4 163.3 158.9 148.4
133.6
26.8
9.5
8.0
110.9 135.3
27.4
7.8
7.9
27.0
9.3
8.3
126.2
120.1
27.9
27.4
8.7
7.6
8.5
7.3
114.7
27.6
8.2
8.4
145.4
105.5
103.3
27.4
27.3
7.5
8.1
7.0
7.8
370.8 358.3 375.5 374.0 355.8 355.8 361.6 360.1
137.1
146.4
135.2
141.8
140.4
141.9
148.4
155.1
48.8
88.3
80.9
57.2
89.2
71.4
46.9
88.2
79.5
52.1
89.7
79.8
51.6
88.7
74.7
53.9
88.0
71.6
58.9
89.5
69.5
64.3
90.8
69.6
76.9
75.9
74.8
65.8
84.5
76.4
76.1
76.2
73.0
67.7
75.7
66.7
78.5
65.2
71.9
63.4
195.5 175.2 190.9 183.3 170.7 172.0 176.5 181.7
188.9 168.7 184.3 176.9 164.3 165.4 170.0 175.3
98.1
17.4
73.4
6.6
86.4
13.7
68.7
6.5
1. Includes new computers and peripheral equipment only.
94.7
17.0
72.5
6.6
88.8
16.6
71.4
6.5
79.5
15.8
69.0
6.4
80.6
13.9
70.9
6.6
90.5
12.5
66.9
6.5
95.0
12.4
67.9
6.4
SURVEY OF CURRENT BUSINESS
14 • March 1992
Table 5.10.—Change in Business Inventories by Industry
Table 5.11.—Change in Business Inventories by Industry in Constant
Dollars
[Billions of dollars]
[Billions of 1987 dollars]
Seeisonally adjuste>d at an nualrates
1990
19 90
1991
0 -18.5
2.0
-2.0
19.2
-21.3
-1.7
-3.1
14
3.4
20
1.4
2.2
22
-.1
1.3
-.2
1.5
-74
-64
-64
o
-1 1
3.6
.5
31
I
IV
14.1
-35
4.4
-15.0
9.6
-18.8
60.7
3.8 -51.1
-80
67
-113
4.6
32
22
.3
2.3
-15
50
1.7 -2.7
1.1
.9
52
13
2.5 -4.3
-.8
1.3
-.1 -.2
-.7
1.6
12
-46
-87
50
-83
61
-4 -1 1
41 -38
-?6
-.6
-.1
-3.7
1 1 -5
II
1990
III
-36.5 -39.2 -37.1
-76 -4.2 -31
-3.6
-289
-3.2
6.0
-61
121
1990
1991
IV
III
Change in business inventories
Farm
Nonfarrn
Change in book value
Inventory valuation adjustment
Manufacturing
Durable goods
Nondurable goods
Wholesale trade
Durable goods
Nondurable goods
Merchant wholesalers
Durable goods
Nondurable goods
Nonmerchant wholesalers
Durable goods
Nondurable goods
Retail trade
Durable goods
Automotive
Other
Nondurable goods
Other
. . . .
Durable goods
Nondurable aoods
Seasonally adjusted at annual rates
19 31
-350 -340
-451
11.2
-.4 -47.8
-28.5
12.8
5
-162
-108
-88
-54
93
1.6
1.0
32
-9
2.5 -2.1
3.4
3.8
$
24
3.2
1.0
-2.2
-1.5
-14.8
-2.0
-143
-44
2.4
-.6
-14.2
128
-58
2.1
1.6
1.4
-1.5
.9
.3
71
-36
-1 5
20
0
-12
.4
20
-21
51
.2 -39
-.6
-284
-232
-5.2
-23
-5.8
-9.4
-3
-3.6
-1.4
-.7 -3.1
-97 -307
-4.5
-4.2
13.7
-1.6
-44 -125
-44 -166
1 42
_5
.7
3.7
3.9
-7.1
-158
-152
-2.4
-134
-104
-3.0
-4
-2.4
27
36
-2.5
-14
17.0
97
7.3
18.9
108
8.2
-2.0
-1.1
-.9
88
-70
-90
2.0
15.8
-1.1
III
Change in business inventories
Farm
Nonfarm
Manufacturing
Durable goods
Nondurable goods
Wholesale trade
Durable goods
Nondurable goods
Merchant wholesalers
Durable goods . . . .
Nondurable goods
Nonmerchant wholesalers .....
Durable goods
Nondurable goods
Retail trade
Durable goods
Automotive
Other
Nondurable goods
Other
Durable goods
Nondurable goods
-31.2
4.0 -5.5
9.9 -25.7
5.4 -13.7
-7.3
-10.2
4.0 101
1.4 -3.6
2.9
.4
2.5
.9
4.4
-.9
-1.3
1.7 -1.9
1.8
1.7
1.0
3.8
1 2 4.7
.6
2.1 -3.0
3.2
-.6
.9 -2.9
-.1 -.3 -1.5
-.5
1.1 -1.4
-4.5
1.8 -8.9
-8.0
4.8 -12.4
-7.7
5.7 -9.7
-.4 -.9 -2.7
3.6
3.5 -3.0
-2.5
.2 -4.0
1 -3.9
-3.4
—1
.9
.3
.2 -13.9
1.7
0
-1.5
-13.9
-1.3
-2.9
1.6
3.1
1.8
1.3
2.3
2.1
.2
.8
-.2
1.1
-6.8
-6.0
-6.0
0
-.8
3.6
.5
3.1
1991
II
I
IV
13.9
III
-32.8 -30.4
.4
-1.7
-31.1 -30.8
.5 -14.2
-7.8
139
3
8.2
1.9 137
3.1 -13.1
-1.1
-.7
3.5 -13.2
2.4 -11.7
1.1 -1.5
-.6
-1.6
.7 -1.4
.8
-2.2
-3.0
-28.3
-1.4
-26.2
-1.1
-21.5
-4.7
-.3
.1
7.6
2.9 -1.6
9.2
-2.8
11.4
-4.1
-4.0 -15.2
-.1
-1.5
-3.9
2.4
-3.0
-5.2
2.2
1.6
1.3
.2
6.2
1.8
0
1.7
4.4
-1.7
-2.1
52
.2
-2.2
-8.6
3.4
2.3
IV
-3.4
-2.2
-1.2
3.8
14.7
8.6
6.1
16.5
9.7
6.8
-1.8
-1.1
-.7
7.2
-6.3
-8.1
1.8
13.6
-1.3
-.6
-.7
-.5
-6
Table 5.12.—Inventories and Final Sales of Domestic Business
by Industry
Table 5.13.—Inventories and Final Sales of Domestic Business
by Industry in Constant Dollars
[Billions of dollars]
[Billions of 1987 dollars]
£Seasonal!y adjusteid quarterly totals
Seasonally adjusted quarterly totals
1990
III
l
inventories
Farm
Nonfarm
Durable goods
Nondurable goods
Manufacturing
Durable goods
Nondurable goods
Wholesale trade
Durable goods .
Nondurable aoods
Merchant wholesalers
Durable goods
Nondurable goods
Nonmerchant wholesalers
Durable goods
Nondurable goods
Retail trade
,
Durable goods
Automotive
Other
Nondurable goods
Other
Final sales of domestic business2
Final sales of goods and structures of
domestic business2
1990
1991
IV
I
II
III
1,114.8 1,103.4 1,087.8 1,081.0 1,079.0 1,073.9
96.8
93.1
1,018.0 1,010.3
588.3 582.3
429.7 428.1
423.1 416.6
271.6 268.8
147.8
151.6
233.7 234.3
149.9
149.5
95.6
98.0
96.2
992.1
570.5
421.7
410.3
265.3
145.1
233.3
150.7
983.1
563.3
419.8
404.8
260.7
144.1
229.1
147.4
982.8
560.1
422.7
403.7
259.2
144.5
229.1
146.1
985.1
557.9
427.2
400.4
255.7
144.8
233.3
149.3
84.2
84.4
82.6
81.8
82.9
84.0
204.5
132.4
206.2
133.2
206.5
133.9
202.5
130.9
201.9
129.4
206.6
132.6
72.1
29.2
17.1
12.1
73.0
28.1
16.7
11.4
72.6
26.8
16.8
10.0
71.6
26.6
16.4
10.2
72.6
27.1
16.8
10.4
74.0
26.7
16.6
10.1
249.8
120.5
248.8
117.8
241.5
111.0
242.1
111.8
243.9
112.4
245.9
110.7
61.3
59.2
59.1
58.7
53.5
57.6
53.6
58.1
53.7
58.7
51.4
59.3
129.3
111.3
394.0
131.0
110.7
394.4
130.5
106.9
395.9
130.4
107.0
401.3
131.5
106.1
402.3
135.2
105.4
403.3
224.3
224.0
223.0
224.2
223.1
222.3
IV
I
II
III
IV
970.6
Nonfarm
Durable goods
Nondurable goods . .
Manufacturing
Durable goods
Nondurable aoods
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 aoods
Other
Final sales of domestic business2
Rnal sales of goods and structures of
domestic business2
992.3
984.5
976.3
968.7
968.7
84.1
Inventories
82.7
82.2
82.3
83.1
82.7
908.3
538.4
3699
375.9
248.5
127.5
205.4
901.9
531.5
370.3
372.5
245.9
126.6
205.6
894.1
521.7
372.4
372.6
244.0
128.6
206.1
886.4
514.1
372.3
369.1
240.5
128.5
202.6
1343
71.1
1340
71.6
1348
71.3
1315
71.1
885.7
512.0
373.7
368.0
239.5
128.5
202.3
130.6
888.0
508.6
379.3
365.2
235.7
129.4
205.9
132.7
71.7
73.2
180.1
118.7
181.1
118.9
182.0
119.5
178.7
116.6
177.9
115.3
182.0
117.7
61.4
25.2
15.5
62.2
24.5
15.1
62.5
24.1
15.3
62.1
24.0
15.0
62.6
24.4
15.3
64.3
23.9
15.0
97
226.4
112.7
94
224.2
109.6
88
217.2
103.1
90
216.4
102.8
91
217.9
103.2
89
219.8
101.6
58.3
544
55.9
537
50.5
526
50.3
525
50.3
529
48.2
534
1137
1146
1141
1136
1147
1181
1005
348.1
995
346.1
982
343.7
983
345.8
974
344.9
971
344.6
201.1
200.4
197.4
197.4
195.9
195.3
285
284
2.61
2.61
2.84
2.60
2.80
2.56
2.81
2.57
2.82
2.58
452
450
4.53
4.49
4.52
4.55
Ratio of inventories to final sales of domestic
business
2.83
2.58
2.80
2.56
2.75
2.51
2.69
2.45
2.68
2.44
2.66
2.44
4.54
4.51
4.45
4.38
4.40
4.43
1. Inventories are as of the end of the quarter. The quarter-to-quarter change in inventories calculated from
current-dollar inventories in this table is not the current-dollar change in business inventories (CBI) component of
GDP. The former is the difference between two inventory stocks, each valued at their respective end-of-quarter
prices. The latter is the change in the physical volume of inventories valued at average prices of the quarter. In
addition, changes calculated from this table are at quarterly rates, whereas CBI is stated at annual rates.
2. Quarterly totals at monthly rates. Final sales of domestic business equals final sales of domestic product
less gross product of households and institutions and general government and includes a small amount of final
sales by farm.
l
88.8
Ratio of inventories to final sales of domestic
business
Inventories to final sales
Nonfarm inventories to final sales .
Nonfarm inventories to final sales of goods and
structures
III
IV
19<31
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-tc-quarter changes calculated from this table are at
quarterly rates, whereas the constant-dollar change in business inventories component of GDP is stated at annual
rates.
2. Quarterly totals at monthly rates. Final sales of domestic business equals final sales of domestic product
less gross product of households and institutions and general government and includes a small amount of final
sales by farm.
SURVEY OF CURRENT BUSINESS
Table 6.1 C.—National Income Without Capital Consumption Adjustment
by Industry
March 1992 • 15
Table 6.16C.—Corporate Profits by Industry
[Billions of dollars]
[Billions of dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1990
1990
1991
III
National income
without capital
consumption
adjustment
Domestic industries
Private industries
Agriculture, forestry, and
fisheries
Mining
Construction
Manufacturing
Durable goods
Nondurable goods
Transportation and public
utilities
Transportation
Communications
Electric, gas, and
sanitary services ....
Wholesale trade
Retail trade
Finance, insurance, and
real estate
Services
Government
Rest of the world
1990
1991
IV
I
II
III
III
4,497.5 4,594.5 4,518.0 4,556.7 4,545.8 4,586.1 4,610.4 4,635.7
38289 3,886.2 3,849.7 3,858.2 3,834.7 3,884.3 3,902.3 3,923.6
97.1
38.1
90.2
38.4
87.2
35.2
95.8
41.9
87.7
40.4
94.6
38.0
87.1
38.1
234.4
221.4
236.4
230.0
219.7
217.5
223.7
846.9
484.3
362.6
836.0
465.9
370.1
851.4
486.2
365.2
834.1
471.3
362.8
820.9
457.7
363.1
831.9
465.9
366.0
842.4
469.2
373.3
328.7
139.4
332.7
140.5
328.5
135.4
326.7
140.1
332.2
139.8
336.9
141.9
333.1
139.9
96.4
98.5
96.8
97.5
98.3
98.2
99.5
92.9
93.8
96.4
89.0
94.0
96.8
93.7
263.6
392.1
270.2
397.8
264.2
390.3
265.9
391.5
268.7
392.5
271.2
398.3
270.2
398.5
679.8 697.3
948.3 1,002.3
691.7
964.6
694.3
978.2
695.5
977.0
700.0 698.7
995.9 1,010.6
657.9
695.1
662.0
672.8
688.4
693.8
10.8
13.2
6.3
25.7
22.7
1991
IV
I
II
IV
III
IV
4,486.7 4,581.3 4,511.7 4,531.0 4,523.1 4,578.0 4,599.4 4,624.7
8.1
1990
1991
697.2
701.1
10.9
10.9
Corporate profits with inventory
valuation and capital
consumption adjustments
Domestic industries
Financial
Nonfinancial
Rest of the world
Receipts from the rest of the world ...
Less: Payments to the rest of the
world
Corporate profits with inventory
valuation adjustment
Domestic industries
Financial
Federal Reserve banks
Other
Nonfinancial
. .
Manufacturing
Durable goods
Primary metal industries
Fabricated metal products ....
Industrial machinery and
equipment
Electronic and other electric
equipment
Motor vehicles and
equipment
.....
Other
Nondurable goods
Food and kindred products ...
Chemicals and allied
products
Petroleum and coal products
Other
Transportation and public utilities ..
Wholesale and retail trade
Other
Rest of the world
319.0
307.1
258.8 241.0
34.5
35.6
299.8 296.1
302.1
303.5 306.1 316.6
243.1 223.3 227.5 241.7 243.1 251.6
33.7
30.0
33.1
35.3
37.5
36.5
224.3 205.4 209.4 193.3 194.4 206.4 205.5 215.2
60.2
64.9
4.7
66.1
63.8
-2.3
318.2 315.8
56.6
64.5
7.9
72.8
67.2
74.6
70.7
61.7
59.5
-5.6
-3.9
-2.2
302.4 304.9 315.7
258.0 249.7 245.8 232.1
39.6
21.3
18.3
41.8
20.7
21.1
39.3
22.3
17.0
36.4
21.7
14.7
316.1
63.0
62.9
-.1
65.0
61.9
-3.1
313.4 317.9
241.2 254.4 250.4 252.9
40.1
21.0
19.1
42.1
20.4
21.7
43.5
20.8
22.7
41.6
20.5
21.1
218.3 207.9 206.5 195.7 201.0 212.3 206.9 211.3
95.7
37.2
4.6
5.6
10.2
7.9
81.9
23.5
2.2
4.6
94.8
35.6
3.5
4.9
82.9
26.5
84.1
24.0
2.9
3.0
1.7
4.9
1.1
4.9
9.8
9.3
9.5
9.4
6.8
6.4
7.2
5.7
7.2
7.0
5.3
-11.1
12.8
58.4
15.6
-5.0
15.1
59.2
14.7
20.3
20.2
20.3
6.5
4.3
3.7
75.0
20.4
8.5
-7.1
16.0
58.5
12.6
19.2
44.5
39.8
38.4
60.2
78.9
24.6
4.0
18.7
45.3
46.1
34.6
66.1
4.3
19.9
41.5
34.4
35.9
56.6
-12.3
-14.9
-11.4
14.0
54.2
13.9
12.7
54.5
15.0
14.9
56.4
15.8
17.0
8.0
15.4
37.5
38.2
41.1
72.8
16.6
8.7
14.2
45.7
45.3
35.1
74.6
18.7
2.9
19.1
49.2
46.9
33.3
61.7
-8.3
14.2
60.0
17.1
21.5
.8
20.6
44.3
44.6
33.9
63.0
'"So
l6 • March
SURVEY OF CURRENT BUSINESS
Table 7.1 .—Fixed-Weighted and Alternative Quantity and Price Indexes
[Index numbers, 1987=100]
Seasonally adjusted
Seasonally adjusted
1990
1990
1991
III
Gross domestic product:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
1990
1991
IV
I
II
III
126.4
121.5
124.9
122.7
122.4 123.1
124.5
125.8
107.6
106.8
108.0
106.9
106.3
106.6
107.1 107.2
113.1
117.6 113.9
Rpnrhrnsrk-vpsrQ wpinntQ
Price indexes:
Fixed 1987 weights
Chain-type annual weights ....
Benchmark-years weignts
Implicit price deflator
Personal consumption expenditures:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
. .
Implicit price deflator
Durable goods:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weignts
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weignts
Benchmark-years weignts
Implicit price deflator
Nondurable goods:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weignts
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weignts
Implicit price deflator
Services:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Implicit price deflator
Gross private domestic investment:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weionts
Implicit price deflator
Fixed investment:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weignts
Benchmark-years weights
Implicit price deflator
114.8 116.3 117.3 118.0
118.7
114.5
115.9
116.8
117.4 117.9
122.6 127.4 124.0 124.9
125.4
126.7
128.3
129.2
106.2
106.6
107.2
107.2
112.9 117.0 113.6
106.9 106.8
107.5
106.5
115.0 119.7 115.7 117.6
118.5
119.3 120.1 121.0
III
Nonresidential:
117.9
Current dollars
Quantity indexes:
110.2
Fixed 1987 weights
Chain-type annual weights ....
Benchmark-years weights
Price indexes:
107.9
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights . .. .
Implicit price deflator
107.0
Structures:
116.0
Current dollars
Quantity indexes:
103.8
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights .
Price indexes: Fixed 1987
urpinhte
114.7 119.3
115.4
117.2 118.1
118.9
119.7
120.6
115.4
110.3
115.7
111.9 109.2
109.0
112.2
110.8
108.7
102.2
109.1
105.0
101.8
101.3
103.6
102.1
106.8 109.4 106.7 107.4 108.4
109.0 109.9
110.2
106.6
107.3
107.6
108.3
108.5
120.4 123.8 121.5 123.3
123.3
123.9
124.4
123.7
104.2 103.3
103.2
103.5
103.5
102.4
119.8
120.2
120.6
121.2
106.1
103.9
107.9 106.1
103.2
116.2 120.5 116.9
119.8
1990
1991
IV
Chain-type annual weights
Benchmark-years weights .
Implicit price deflator
Producers' durable
equipment:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights .
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights .
Implicit price deflator
Residential:
Current dollars
Quantity indexes:
Fivpri 1Qfi7 u/pinhtc
1991
IV
I
II
III
IV
110.5
119.8
117.6 112.5 111.4 109.9
102.9
111.6
109.4
104.3
103.4
110.2
108.2
108.9
109.8
110.0 110.3
107.4 107.4 107.5
107.9
107.7 107.2 106.6
101.9 117.7 111.6
107.4
105.0
98.7
96.5
105.0
95.3
92.8
86.6
84.9
89.9
99.5
111.9 113.6 112.2 112.4 112.9
111.7 113.3
101.6
110.5
113.4 114.1 113.8
112.0 112.2 112.7 113.2
118.9 115.0 120.9
102.5
108.3
120.7 115.2 114.8
113.9
113.6
115.7 114.5
113.6 109.8 115.0 114.6 109.0 109.0 110.8 110.3
105.9 108.1 106.1 107.1 107.9
107.9
108.1
108.5
104.7 104.8
105.1
105.3
105.7
105.3
104.5
103.8
95.8
86.6
93.9
89.8
83.7
84.9
87.8
90.1
86.8
77.8
84.7
81.4
75.8
76.4
78.3
80.7
Ohsin-tvnp Annual wpinhte
115.9 120.0 116.6
125.7 133.9
108.3
127.6
119.4
119.8
120.2
120.8
129.1 130.7
132.9
134.7
137.1
109.1
109.8
110.3
111.3
119.3
110.1 109.2 108.9
116.3
121.8
117.1 118.7
120.1
121.4 122.4
123.5
116.1
121.5
116.9
118.5
119.8
121.1 122.1
123.2
107.1
97.0
109.7
100.2
94.7
94.6
98.9
99.8
99.4
89.9
101.5
93.0
87.7
87.6
91.6
92.7
111.0 103.1
111.7 108.9
103.5
103.2
103.0
102.6
102.9
95.1
103.2
100.7
95.4
95.0
94.9
95.1
108.7
110.5
109.0
109.4
110.0
110.3
110.9
110.9
107.9 108.4 108.2
108.2
108.5
108.6
108.5
108.0
Benchmark-years weiohts
Price indexes:
Fixed 1987 weights
Chain-type annual weights ...
Benchmark-years weights
Implicit price deflator
Exports of goods and services:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Implicit price deflator
Imports of goods and services:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weiohts
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Implicit price deflator
110.4 111.4 110.9
110.4 110.4
110.4 111.3 110.7 110.3
111.1 112.1 111.8
110.4
111.2 112.0
111.7
151.2
162.5
150.8
157.3
155.5
162.1 164.0
168.3
138.9
147.7 137.8
143.5
140.8
147.1 149.8
153.3
109.8
111.6 110.7 110.6
111.8
111.7
108.9
109.9
109.4
109.6
110.4 110.1 109.5
109.8
123.2
122.7 124.5
128.0
118.9
119.7
125.1
127.0
109.8
110.2 111.9 109.2
104.7 108.1
113.7
114.3
113.3
113.6 112.4 119.0 115.3
113.0
112.5 113.5
112.2
111.3 111.2 117.2 113.5
110.8
110.1
111.0 111.9
111.1
SURVEY OF CURRENT BUSINESS
March 1992 • 1J
Table 7.1.—Fixed-Weighted and Alternative Quantity and Price IndexesContinued
Table 7.2.—Fixed-Weighted and Alternative Quantity and Price Indexes
for Domestic Product, Final Sales, and Purchases
[Index numbers, 1987=100]
[Index numbers, 1987=100]
Se asonall / adjusted
Seasonally adjusted
1990
1990
1991
III
Government purchases:
Current dollars ,
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Implicit price deflator
Federal:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Implicit price deflator
National defense:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Implicit price deflator
Nondefense:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weignts
Implicit price deflator
State and local:
Current dollars
.
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Rxed 1987 weights
Chain-type annual weights
Benchmark-years weights
Implicit price deflator . . .
1990
1991
IV
I
118.3
123.4 118.7
105.4
106.3 105.2 106.4 107.1
112.4
116.3 112.9
112.2
116.1
112.8
110.4
115.6
99.0
100.0
121.5
II
III
IV
123.5 123.9 123.6 122.5
107.1
106.2 104.7
114.3
115.5 116.0
116.5 117.2
114.2
115.3
115.7
116.4 116.9
110.3 112.9
117.3
117.4 115.6 112.2
99.4
101.8
102.0
98.3
99.9
96.3
116.4 117.4
112.1
116.4 112.7
111.6
115.7
112.2 113.6
107.3
110.8
106.5 109.8 113.8
96.3
96.3
112.2
116.3
113.0 114.1
111.4
115.0
111.9
113.7
114.8
120.1
131.0
122.3
122.7
128.3 133.2 132.1 130.2
107.2
111.5
108.1 108.4 110.2
111.5
116.8 111.9
112.0
117.5
95.2
113.8 115.9 116.0
96.6
115.3 115.1
115.7
"ii'SS
112.4 110.4 106.5
96.0
92.0
116.0 115.8 116.1
117.3
114.4 114.9
115.8
99.1
98.3
..
....
....
....
113.0
113.1 113.2
124.4 129.4 125.1 128.2
113.8 112.1 109.8
115.8 116.6
117.1
117.6
117.1
117.9
118.6
116.5
128.3
129.0 129.7 130.4
110.4
111.2 110.6 111.8 111.3
111.1
111.1
112.7
116.2
113.1
114.6
115.2
116.0
116.7 117.1
112.7
116.3
113.2 114.7
115.3
116.1
116.8 117.2
111.3
NOTE.—The quantity and price indexes in this table are calculated from weighted averages of the detailed
output and prices used to prepare each aggregate and component. The fixed weighted measures use as weights
the composition of output in 1987. For the alternative indexes, the chain-type indexes with annual weights use
weights for the preceding and current years, and the indexes with benchmark-years weights use weights of 1959,
1963, 1967, 1972, 1977, 1982, and 1987 and the most recent year. Percent changes from preceding period for
selected items in this table are shown in table 8.1.
19 90
1991
III
Gross domestic product:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Implicit price deflator
Final sales of domestic product1:
Current dollars
Quantity indexes:
Rxed 1987 weights
Chain-type annual weignts
Benchmark-years weignts
Price indexes:
Rxed 1987 weights
Chain-type annual weights
Benchmark-years weights
Implicit price deflator
Gross domestic purchases2:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weignts
Implicit price deflator
Final sales to domestic purchasers3:
Current dollars . .
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weignts
Price indexes:
Rxed 1987 weights
Chain-type annual weights
Benchmark-years weights
Implicit price deflator
1991
IV
I
II
III
IV
121.5 124.9 122.7 122.4 123.1 124.5 125.8 126.4
107.6
106.8
108.0
106.9
106.3
106.6 107.1
107?
113.1
117.6
113.9
114.8
116.3
117.3
118.0
118.7
112.9
117.0
113.6
114.5
115.9
116.8
117.4
117.9
122.2
126.1
123.1
123.9
124.7
126.1
126.6
127.0
1082
1077
1083
1083
1076
1079
1077
1077
113?
117.6 114.0 114.9
116.4
1174
118.1
1187
112.9 117.0
113.6
114.5 115.9
116.8
117.5
118.0
119.3 121.8
120.7
120.3
120.1
121.1
122.7
123.2
105.4 104.0
106.1 104.3
103.4
103.6
104.5
104.4
1140
1165
1172
1134
1176
117.9
118.6
113.2
117.1 113ft 115.3 116.2 116.8 117.4
1180
1200
122.9
1156
121.8
121.7
122.5
123.5
123.8
106.4 105.6
104.7
104.9
105.1
104.8
114.1
115.7
116.6
117.3
118.0
118.7
113.2 117.2 113.8
115.3
116.2 116.9
1175
1181
106.0 104.9
113.5
117.6
121.1
1. Equals GDP less change in business inventories.
2. Equals GDP less net exports of goods and services or the sum of personal consumptions expenditures,
gross private domestic investment, and government purchases.
3. Equals gross domestic purchases less change in business inventories or the sum of personal consumption
expenditures, gross private domestic fixed investment, and government purchases.
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
l8 • March 1992
SURVEY OF CURRENT BUSINESS
Table 7.3.—Fixed-Weighted and Alternative Quantity and Price Indexes
for Gross National Product and Command-Basis Gross National
Product
Table 7.6.—Price Indexes for Fixed investment by Type, Fixed
1987 Weights
[Index numbers, 1987=100]
[Index numbers, 1987=100]
Seasonally adjusted
Seasonally adjusted
1990
1990
1991
III
1990
IV
I
II
III
Less: Exports of goods and services
and receipts of factor income:
Current dollars
Quantity index, fixed 1987 weights
Plus: Command-basis exports of
goods and services and receipts
of factor income:
Current dollars
Quantity index, fixed 1987 weights
Equals: Command-basis gross
national product:
Current dollars
Quantity index, fixed 1987 weights
121.6 125.1 122.7 122.9 123.5 124.6 125.9 126.5
107.7 106.9 108.0 107.3 106.6 106.7 107.2 107.3
113.1 117.6 113.9 114.8 116.3 117.3 118.0 118.7
112.9 117.0 113.6 114.5 115.9 116.8 117.4 117.9
148.9 154.9 148.0 155.8 152.2 153.8 155.4 158.0
135.5 139.1 134.1 140.7 136.3 138.0 140.0 142.0
151.2 162.5 150.8 157.3 155.5 162.1 164.0 168.3
132.4 137.8 132.3 133.3 133.4 137.4 139.6 140.7
121.6 125.1 122.7 122.9 123.5 124.6 125.9 126.5
107.4 106.8 107.8 106.6 106.3 106.6 107.2 107.2
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
Table 7.4.—Price Indexes for Personal Consumption Expenditures
by Major Type of Product, Fixed 1987 Weights
[Index numbers, 1987=100]
Personal consumption
expenditures .
Durable aoods
Motor vehicles and parts
Furniture and household equipment ..
Other
Nondurable goods
Food
Clothing and shoes
Gasoline and oil
Fuel oil and coal
Other
Services
Housing
Household operation
Electricity and gas
Other household operation
Transportation
Medical care
Other
115.0
119.7
115.7
1098
1061
117.6
118.5 119.3 120.1 121.0
1071
1086
1094
1104
116.4
112.1
126.1
120.9
118.1
119.8 119.8 120.2
117.4 119.1 120.4
112.3 114.6 114.4
146.5 1?R3 1??9
149.1 132.7 116.6
120.7 122.0 1??9
115.7
111 4
125.6
125.5
117.4
120.1
115.4
123.8
121.0
123.5
116.3 121.8
117.1
118.7
1201
1165
120.2
116.3
121.6
115.6
124.0
120.6
116.5
1??fi
119.2
1?53
120.1 121.4 122.4 123.5
117.3 118.7 119.6
105.7 109.6 105.1 106.8 109.0 109.4
1054 1085 1044 1065 108.8 108.3
106.0 110.6 105.8 107.2 109.2 110.5
1145 1220 1146 1181 120.4 120.8
1236 1318 1246 127.0 129.0 131.0
115.9 120.3 117.0 118.3 118.8 120.1
1153
IV
110.3
110.9
110.9
107.9 110.2 108.2 108.9 109.8 110.0
110.3
110.5
108.7 110.5
Nonresidential
109.0 109.4 110.0
Structures
Nonresidential buildings, including
farm
Utilities
Mining exploration, shafts, and
wells
Other structures
111.9 113.6 112.2 112.4 112.9 113.4 114.1 113.8
Producers' durable equipment
Information processing and related
equipment
Computers and peripheral
eauiDment l
Other1
Industrial equipment
Transportation and related
eauiDment
Other
105.9 108.1 106.1 107.1 107.9 107.9 108.1 108..5
118.7 122.1 118.3 119.6 121.4 122.3 123.0 121.6
109.9 112.2 110.1 110.5 111.5 112.8 112.7 112.0
96.0
94.2
96.3
95.9
95.2
94.6
93.7
93.4
78.0
68.8
78.5
75.9
73.0
70.3
66.7
65.2
100.4 105.7 104.3 104.9 105.3 105.6 105.9 106.2
113.5 117.9 114.1 115.9 117.2 117.5 118.2 118.8
108.0 112.7 107.8 109.6 111.8 112.1 112.9 114.1
111.0 114.3 111.1 112.6 113.6 113.9 114.6 115.2
110.4 111.4
.
Producers' durable equipment
Addenda:
Price indexes for fixed investment:
Chain-type annual weights
Benchmark-years weights
110.9 110.4 110.4 111.1
110.6
110.9
110.7
110.2
Residential
Structures
Single family
Multifamily
Other structures
111.0 112.3 111.5 111.5 111.7 112.1 112.8 112.6
113.3 115.6 113.4 113.7 114.6 115.3 116.2 116.2
111.0
111.4
111.5
110.3
111.6
110.8
111.7
112.6
110.5
110.5
111.4
110.3
110.6
110.0
110.9
111.3
111.3
110.3
111.2
112.8
112.1
111.8
112.3
111.5
112.4
113.4
112.1
111.4
112.3
112.9
104.1 104.2 104.1 104.9 104.3 103.6 105.5 103.6
Table 7.9.—Price Indexes for Exports and Imports of Goods
and Services and for Receipts and Payments of Factor Income,
Fixed 1987 Weights
[Index numbers, 1987=100]
120.6 121.2
120.5
109.6
107.6
111.5
122.6
132.8
120.9
Addenda:
Price indexes for personal
consumption expenditures:
Chain-type annual weights
Benchmark-years weights
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
1108
102.4 102.9 102.5 102.5 102.7 102.8 103.2 102.9
1159 120.5 116.3 117.2 118.6 119.4 121.2 122.8
116.2 120.5 116.9
ill
I
1. Includes new computers and peripheral equipment only. Prior to 1982, all computers and peripheral
equipment are included in other information processing and related equipment (line 11).
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
106.8 109.4 106.7 107.4 108.4 109.0 109.9 110.2
1064
1991
II
IV
IV
III
Fixed investment
Gross national product:
Current dollars .
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights . . .
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Implicit price deflator
1990
1991
1991
121.6
110.4
109.5
111.3
124.2
134.5
121.4
Exports of goods and services
Merchandise l
Durable
Nondurable
Services l
109.8 111.6
110.7
109.1 109.6 109.9
1068 1083 107.6
113.0 111.8 114.0
111.7 116.5 112.6
110.6 111.8
109.3
106.2
114.6
113.6
111.7
111.0
111.9
110.2 109 ft 108 R 1095
108.2 108.3 108.1 108.6
1138
11?3
1100
1111
115.7 116.3 116.4 117.7
Receipts of factor income2
113.5
118.0
117.7
118.4 119.0
Imports of goods and services
113.3
113.6 112.4 119.0
115.3
113.0
112.5 113.5
110.5 118.0
1095 111.6
112.2 129.0
120.8 123.9
113.4
112.2
115.4
124.0
110.8
111.5
109.5
123.2
110.4
111.5
108.6
121.6
111.5
112.2
110.4
122.2
118.3 114.7 115.6
117.0
118.0
118.7
119.3
Merchandise l
Durable
Nondurable
Services *
Payments of factor income 3
111.8 111.5
1103 111 8
114.5 111.0
119.9 123.2
113.8
114.3 115.2 116.7
Addenda:
Price indexes for exports of goods
and services:
Chain-type annual weights
Benchmark-years weights
Price indexes for imports of goods
and services:
Chain-type annual weights
Benchmark-years weights
1. Exports and imports of certain goods, primarily military equipment purchased and sold by the Federal
Government, are included in services.
2. Consists largely of receipts by U.S. residents of interest and dividends and reinvested earnings of foreign
affiliates of U.S. corporations.
3. Consists largely of payments to foreign residents of interest and dividends and reinvested earnings of U.S.
affiliates of foreign corporations.
NOTE— Percent changes from preceding period for selected items in this table are shown in table 8.1.
SURVEY OF CURRENT BUSINESS
March 1992
Table 7.10—Price Indexes for Exports and Imports of Merchandise
by End-Use Category, Fixed 1987 Weights
Table 7.11.—Price Indexes for Government Purchases by Type,
Fixed 1987 Weights
[Index numbers, 1987=100]
[Index numbers, 1987=100]
Seasonall] \ adjusted
1990 1991
19 90
III
Exports of merchandise
Foods, feeds, and beverages
Industrial supplies and materials
Durable goods
Nondurable goods
Capital goods, except automotive
Civilian aircraft, engines, and parts ...
Computers, peripherals, and parts ....
Other
Automotive vehicles, engines, and parts
Consumer goods, except automotive
Durable goods
Nondurable goods
Other
Durable goods
Nondurable goods
Seasonally adjusted
19 91
IV
I
109.1 109.6 109.9 109.3 110.2
II
1990
III
109.8 108.8 109.5
115.2 114.9 117.9 110.0 112.5 115.4 113.5 118.1
113.2 110.9 113.8 116.6 115.1 111.3 108.9 108.2
114.4 115.1 115.9 112.4 116.6 115.1 1149 1139
1126
1089
1128
1186
1145
1095
1062
1056
104.0 105.1 104.3 104.4 104.8 105.2 104.8 105.5
113.9 118.4 114.9 115.6 116.3 117.6 119.6 120.0
77.7
1098
68.2
1133
70.1
1131
66.2
1132
64.3
1149
107.3
110.3
109.4
111 0
111.3
111 3
110.8
114.9
112.4
117.1
112.3
1123
1123
111.3
113.9
111.2
116.3
111.8
111 8
111 8
112.2
114.2
111.4
116.6
112.6
1113
111.1 112.0 103.6 110.0
114.1 108.0 110.3 113.4
111.6 102.8 110.1 111.5
1162 1126 1104 114.9
112.4 111.3 112.7 112.8
1124 111 3 1127 1128
1124 111 3 1127 1128
111.8
111.5
1180 113.4
110.8
110.4 111.5
77.2
1102
110.5
74.8
1109
72.1
1122
1126
1126
Foods, feeds, and beverages
Industrial supplies and materials, except
petroleum and products
Durable goods
Nondurable goods
Petroleum and products
Capital goods except automotive
Civilian aircraft, engines, and parts ...
Computers, peripherals, and parts ....
Other
Automotive vehicles, engines, and parts
Consumer goods, except automotive
Durable goods
Nondurable goods
Other
Durable goods
Nondurable goods
79.4
71.9
79.8
110.9
110.5
113.2
112.0
114.6
111.3
111.3
111.3
114.4
113.6
114.2
113.9
114.5
113.1
113.1
113.1
111.0
108.4
112.4
110.2
115.1
111.2
111.2
111.2
Addenda:
Exports of agricultural products l
Exports of nonagricultural products ...
Imports of nonpetroleum products
113.9 113.0 116.3 109.3 111.7 114.2 111.5 114.6
108.4 109.1 109.1 109.3 110.0 109.2 108.4 108.9
110.8 112.2 110.2 112.1 112.9 112.0 111.6 112.3
1. Includes parts of line 2 and line 5.
104.2 108.5 104.7 105.8
116.4 114.5 116.4 116.8
1177
1150
1145
1145
1188
1137
120.9 106.0 113.0
1049
1064
1051
114.0 118.4 114.9
1177
1159
168.8
1070
115.6
77.7
113.8
111.5
114.6
113.9
115.6
112.8
112.8
112.8
107.8 109.1 108.2 108.7
117.4 115.3 113.0 112.3
1162
1188
1153
1076
1059
1137
1127
1153 1122 111 8
118.0 100.5 100.2 105.3
1060
1059
116.3 117.7 119.6 120.0
70.9
69.3
114.1
113.5
113.4
113.1
113.9
112.6
1137 11?9 112.6
113.7 112.9 112.6
114.4
115.2
114.9
114.7
115.1
74.6
115.3
112.7
114.9
114.6
115.2
113.7
72.8
113.6
113.1
113.6
113.2
114.0
112.9
1133
1133
J13.3
1990
1991
1991
III
IV
Government purchases
Federal
National defense
Durable goods
Nondurable goods
Services
Compensation of employees
Military
Civilian
Other services
Structures
Nondefense
Durable goods
Nondurable goods
Commodity Credit Corporation
inventory change
Other nondurables
Services
Compensation of employees .....
Other services
Structures
State and local
Durable goods
Nondurable goods
Services
Compensation of employees
Other services
Structures
Addenda:
Price indexes for government
purchases:
Chain-type annual weights
Benchmark-years weights
Price indexes for Federal national
defense purchases:
Chain-type annual weights
Benchmark-years weights
Price indexes for Federal nondefense
purchases:
Chain-type annual weights
Benchmark-years weignts
Price indexes for State and local
purchases:
Chain-type annual weights
Benchmark-years weights
IV
I
II
III
IV
112.4
116.3
115.5
116.0
116.5
117.2
116.4
112.9
112.7
114.3
112.1
113.8
115.9
116.0
116.4
117.4
112.2
109.4
124.7
112.8
115.2
114.9
115.9
109.3
115.7
116.3
111.1
119.1
118.1
121.6
120.9
122.9
113.1
129.1
113.0
111.1
122.2
113.2
115.3
115.0
115.9
110.1
116.4
114.1
110.6
143.3
114.0
115.8
115.2
116.9
111.4
116.3
116.0
111.1
125.8
117.0
120.4
119.8
121.7
112.1
134.2
115.8
110.9
115.2
117.6
121.2
120.4
122.6
112.6
128.2
116.1
110.3
115.7
118.3
121.8
121.2
123.2
113.4
130.1
117.3
112.2
119.6
119.4
122.8
122.2
124.0
114.5
124.0
111.5
104.1
116.8
106.5
111.9
106.0
113.0
104.6
115.8
107.6
116.6
106.6
117.1
106.1
117.6
105.7
109.2
113.2
115.4
110.2
110.6
110.5
119.1
122.3
114.7
113.2
108.7
113.8
115.5
111.3
110.9
109.1
114.6
116.3
112.3
111.3
108.3
118.0
121.4
113.4
112.4
109.9
118.7
122.2
113.9
113.3
111.7
119.3
122.6
114.8
113.6
112.0
120.4
123.2
116.6
113.4
112.7
108.2
115.6
113.3
116.1
116.2
111.2
115.3
117.8
121.7
113.1
108.7
115.8
113.8
116.9
114.6
109.4
121.5
115.1
118.3
115.2
110.7
116.7
116.4
119.8
116.0
110.9
114.4
117.4
121.2
116.7
111.2
115.2
118.3
122.3
117.1
112.0
115.1
118.9
123.5
82.1
74.5
80.1
80.0
78.1
76.3
74.2
69.6
109.4
111.0
109.6
109.8
110.3
111.5
111.5
110.7
SURVEY OF CURRENT BUSINESS
2O • March 1992
Table 7.12.—Price Indexes for National Defense Purchases, Fixed
1987 Weights
[Index numbers, 1987=100]
Table 7.14.—Implicit Price Deflators for Gross Domestic Product
by Sector
[Index numbers, 1987=100]
Se asonally adjust sd
1990
Military equipment
Aircraft
Missiles
Ships
Vehicles
Electronic equipment
Other
Other durable goods
.>.
Nondurable goods
1990
IV
I
II
112.2 116.3 113.0
114.1
116.0
115.8
116.1 117.3
109.4 111.1
110.6 111.1
1109
1103
112.2
1105
1125
1138
1026
1180
1195
1076
1166
1095
III
National defense purchases
Durable goods
Seasonally adjusted
19 31
19 90
1991
111.1
109.4 111 3 111.3 1107
112.4 111.6 115.7 113.1
101 0 1049 1029 1045
1100 1168 1105 111 0
1105 1154 111 2 1121
105.9 1070 106.4 1062
113.0 115.8 112.3 113.8
1088
1092
124.7 119.1
1090
1097
III
111.3 111.0
111.2 111.6
109.9
1089
1148
1125
1068
1037
1172
1159
1071
1042
1172
1137
1068
114.7 115.6 116.3
1094
1093
1085
146.3 133.2 140.9 198.5 152.6 120.1 125.0
112.1 109.5 111.1 111.5 109.3 112.4 108.0
Other nondurable goods
1132
Services
Compensation of employees
Military
Civilian
Other services
Contractual research and
development
Installation support l
Weaoons suooort2
Personnel support
Transportation of material
Travel of persons
Other
Structures
Military facilities
Other
1128
112.8 1181
1123
1135
113.2 114.0
1124
1209
1150
1152
1353
108.2
1129
1133
117.0 117.6 118.3
1194
115.2 121.6 115.3 115.8 120.4
1149
1127
1198
1?1?
1204
121.8
1212
124.0
114.5
106.2 108.9 106.2 107.2 107.8
110.7 113.1 111.8 112.8 112.5
1097 1141 1101 111 4 111 9
117.9 1260 1195 123.1 124.0
96.3 105.4 97.9
97.9 102.4
107.4 109.1 109.6 109.8 112.6
108.9
112.2
109.8
113.6
109.0
114.3
1130
1138
125.3
105.2
108.1
129.1
109.2
107.3
10R3
129.1 116.4 116.3 134.2 128.2
130.1
124.0
107.3 110.5 108.5 108.1 108.2 1099 111.8
131 0 1633 131 0 1314 1821 161 9 163.6
1455
112.3
112.9 117.0
113.6
114.5 115.9 116.8 117.4 117.9
1135
1179
1143
1152
1167
1138
117.0 118.0 118.5 119.3
1177
1184
1190
1182
1146
1156
Equals: Gross national product
112.9 117.0
113.6
114.5 115.9 116.8
Less: Consumption of fixed capital
108.0 109.6 108.3 108.7 109.5 109.7 109.6 109.6
Equals: Net national product
113.5 118.0
Less: Indirect business tax and nontax
liability plus business transfer
payments less subsidies plus current
surplus of goverment enterprises
Statistical discrepancy
112.4 116.2 113?
114.3 115.2 116.7 117.7
113.9 115?
117.4 117.9
118.4 119.0
116.0 116.5 117.0
Equals: National income
113.5 118.0 114.3 115.2 116.7 117.7 118.4 119.0
1. Consists largely of receipts by U.S. residents of interest and dividends and reinvested earnings of foreign
affiliates of U.S. corporations.
2. Consists largely of payments to foreign residents of interest and dividends and reinvested earnings of U.S.
affiliates of foreign corporations.
Addendum:
Gross domestic business product
less housing
I
II
III
IV
113.6
113.2
113.0
112.7
116.3
119.5
113.2
116.1
106.8
116.5
116.3
115.3
116.8
114.5
113.9
114.0
113.7
117.0
110.8
113.9
117.9
108.6
118.3
117.5
115.9
118.3
115.9
115.2
115.3
115.0
118.0
107.7
115.2
119.5
109.8
119.9
120.0
120.6
119.8
116.8
116.0
116.0
115.7
119.1
115.3
116.0
121.2
110.9
121.6
121.2
121.4
121.1
117.4
116.5
116.6
116.3
120.0
111.9
116.5
123.0
111.8
123.5
122.2
122.0
122.3
117.9
117.0
117.2
116.7
122.1
105.0
117.0
123.8
113.2
124.3
123.2
122.9
123,4
112.1
Gross domestic product
Business
Nonfarm
Nonfarm less housing
Housina
Farm
Statistical discrepancy
Households and institutions
Private households
Nonprofit institutions
117.0
116.2
116.3
115.9
119.8
109.9
116.2
121.9
111.4
122.4
121.7
121.7
121.6
Table 7.15.-Current-Dollar Cost and Profit Per Unit of ConstantDollar Gross Domestic Product of Nonfinancial Corporate Business
[Dollars]
Current-dollar cost and profit
per unit of constant-dollar
gross domestic product '
1.107
1.117
.127
.121
.123
.987
1.007
.993
.994
.105
.114
.106
109
882
893
887
.745
.763
.755
.885
.758
.889
.760
.083
.035
.076
.031
.077
.037
.072
.033
.047
.045
.041
055
054
055
.039
.056
.120
Net domestic product
Indirect business tax and nontax
liability plus business transfer
payments less subsidies
Domestic income
Compensation of employees
Corporate profits with inventory
valuation and capital
consumption adjustments
Profits tax liability
Profits after tax with inventory
valuation and capital
consumption adjustments
Net interest
1.129 1.135 1.138 1.137
1.135 1.115
Consumption of fixed capital
Table 7.13.—Implicit Price Deflators for the Relation of Gross
Domestic Product, Gross National Product, Net National Product,
and National income
[Index numbers, 1987=100]
Addenda:
Net domestic product
Domestic income
General government
Federal
State and local
112.9
112.4
112.3
112.0
115.2
120.1
112.4
115.1
106.0
115.5
115.8
115.2
116.1
IV
1175
125.6
104.9
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, other than research and
development.
3. Includes compensation of foreign personnel, consulting, training, and education.
Plus: Receipts of factorl income from
the rest of the world
Less: Payments of factor income to the
rest of the world2
III
1222
Addenda:
Price indexes for national defense
purchases:
Chain-type annual weights
Benchmark-years weights
Gross domestic product
1991
122.8
115.9 122.9 115.9 116.9 121.7 122.6 123.2
109.3 113.1 110.1 111.4 112.1 112.6 113.4
115.7
1991
IV
122.2 143.3 125.8 115.2 115.7 119.6
Petroleum products
1990
.127
.127
1.002 1.007 1.010
1.010
.127
113
.128
113
894
116
.763
.894
,765
.116
.894
.763
.073
.030
.077
.031
.076
.032
.079
.032
.043
.056
.046
.054
.044
.054
.047
.052
1. Equals the deflator for gross domestic product of nonfinancial corporate business with the decimal point
shifted two places to the left.
SURVEY OF CURRENT BUSINESS
March 1992 • 21
Table 8.1 .—Percent Change From Preceding Period in Selected Series
Seasonally adjusted at annual rates
1990
1991
1990
IV
III
Gross domestic product:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights ....
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Personal consumption expenditures:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weiQhts
Durable goods:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Nondurable goods:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type' annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Services:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Gross private domestic investment:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Fixed investment:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Nonresidential:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-vears weiahts
Seasonally adjusted at annual rates
1990
1991
I
II
2.3
4.6
4.1
2.2
1.4
1.8
.4
III
IV
2.9
4.9
1.0
-.7
.2
4.3
3.9
4.8
3.2
5.4
3.3
2.6
2.1
6.4
3.9
8.8
2.9
1.7
4.3
5.0
2.8
1.2
-.1
2.8
1.4
2.3
0
5.2
4.1
6.1
-3.9
-3.5
6.8
-2.5
-1.3
3.1
1.3
-4.4
2.2 -12.4
-9.6
-.4
-6.0
1.5 -14.0
11 9
2.9
-.6
-1.8
2.8
12.3
9.5
2.8
-4.9
-5.7
2.1
2.4
.7
2.3
3.9
2.1
3.5
6.2
2.8
9.5
6.0
0
2.1
1.4
-2.0
.1
-.7
1.3
-3.4
-.3
.9
0
-3.9
6.2
3.7
8.4
10.3
0
1.3
1.3
1.3
2.0
Structures:
Current dollars . . .
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights .
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights .
Producers' durable
equipment:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights .
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights .
Residential:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights ....
Benchmark-years weights ,, , ,
Price indexes:
Fixed 1987 weights
Chain-type annual weights ....
Benchmark-years weights
Exports of goods and services:
1991
IV
III
5.1
-.9
1990
1991
PivoH 1QA7 uuoinhto
III
IV
2.9 -12.1
4.5 -19.3
-14.2
-8.4
-22.3
-8.7
.3 -13.4
2.5 -19.7
-15.7
-10.3
-23.9
-7.8
2.6
1.5
1.9
2.8
-3.3
15.8
1.6
-3.4
11.5
2.2
2.1
3.3
.6
1.7
1.9
2.4
-1.0
-.7 -17.1
-1.3
3.4
-4.2
-18.1
0
6.7
-1.6
0
.7
-1.6
3.9
2.9
1.7
-6.6
-9.6
-15.2
-16.3
-24.6
6.1
14.3
11.2
-8.7
-10.4
-16.2
-15.0
-24.8
3.1
10.9
12.3
.2
2.5
2.4
.9
1.4
-1.7
9.0
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
II
I
7.4
2.1
18.6
7.8
6.3
-.4
17.7
1.6
1.6
4.4
6.3
-.4
2.2
.3
4.3
c
-4.6
7.4
3.6
18.0
5.0
19.4
7.3
4.6
-.9
10.8
9.7
-2.4
3.0
19.2
6.1
22.3
2.1
-2.0
3.6
Chain-type annual weights
7.7
6.5
2.3
1.7
5.4
4.8
4.7
5.2
6.7
5.7
7.3
4.1
-.9
.7
2.5
2.2
3.7
6.0
5.7
4.9
4.1
3.5
3.6
10.0
-4.2
-9.5
-2.0
-30.3
-20.4
-.3
19.4
3.8
-5.7
-9.5
-2.9
-29.5
-20.9
-.4
19.7
5.0
Imports of goods and services:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Government purchases:
11.9
-25.7
9.6
-9.3
-15.4
.3
6.8
26.0
-11.9
10.0
17.5
2.9
13.3
7.7
7.4
4.3
5.0
6.7
1.4
3.2
.9
q
4.6
2.8
1
4.2
3.5
4.7
4.9
4.5
1.6
5.9
4.8
1.6
1.1
4.5
3.9
4.5
3.2
-2.0
0
-7.9
Quantity indexes:
Fiypri 1Q87 u/pinhtc
Phsin-tvnp annual vupinhfc
19
-3.4
-3.5
-5.4
Dpn/thmnrl/.tiparc U/piflfltQ
Price indexes:
Cjvorl 1QP7 uiainhte
2.0
2.3
Ghain-tvoe annual weiohts
Bpnphmsrk-vpflrQ wpinnta
.1
-1.6
2.3
-7.2
3.8
-7.6
1.4
9.6
2.4
1.3
1.7
2.9
-6.3
1.2
-6.6
2.3
2.1
11.7
8.5
2.8
-9.7
-18.4
19.3
2.3
-1.4
-.7
-1.3
1.7
-.2
.4
1.3
2.0
.1
-7.2
-16.1
-3.8
-5.5
-5.6
-7.7
-17.4
-3.3
-3.7
-3.4
2.7
3.2
.7
1.3
.7
Federal:
Current dollars
Quantity indexes:
Fixed 1987 weiahts
Chain-type annual weiQhts
Benchmark-years weiQhts
Price indexes:
Fixed 1987 weights
Chain-type annual weiQhts
Benchmark-years weights
National defense:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
.2
4.6
3.6
1.3
-5.0
5.2
5.7
.5
-6.2
-11.1
4.5
9.9
1.0
-8.1
-13.6
4.1
7.5
.1
9.6
12.8
5.9
4.1
16.6
1.3
3.7
15.4
-4.6
-7.2
-13.3
10.9
-3.3
-8.9
-15.7
6.7
-.7
1.2
4.3
SURVEY OF CURRENT BUSINESS
22 • March 1992
Table 8.1 .—Percent Change From Preceding Period in Selected
Series—Continued
Table 8.2.—Selected Per Capita Product and Income Series in
Current and Constant Dollars and Population of the United States
[Percent]
[Dollars]
Seasonsilly
Seasonally adjusted at annual rates
1990
1991
1990
Nondefense:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights ....
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights ....
Benchmark-years weights
State and local:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Addenda:
Final sales of domestic product:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Gross domestic purchases:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Final sales to domestic purchasers:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weignts
Gross national product:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weiahts
Benchmark-years weights
Command-basis gross national
product:
Quantity index, fixed 1987 weights ...
Disposable personal income:
Current dollars
1987 dollars
9.9
9.1
5.5
3.9
4.3
8.4
4.4
3.9
4.8
3.9
.7
3.2
1991
10.9
3.7
3.7
7.8
3.2
4.4
1990
I
IV
III
1.1
.8
4.0
10.2
4.6
5.5
II
III
20.0
16.0
-3.5
-5.1
14.0
-5.9
6.9
10.4
.4
-1.9
2.2
2.8
2.0
-.7
2.7
1.7
2.4
-.1
2.5
III
78
1.7
2.1
.8
1.3
5.9
3.2
5.8
2.7
2.5
4.4
1.6
1.5
1.7
-.5
.9
-.3
-2.4
1.2
-.7
-.2
4.3
3.9
5.0
3.0
5.4
3.4
2.6
2.1
Gross domestic
product
Gross national
product
Disposable
.5
2.1
-1.3
6.5
-1.3
-.6
3.2
5.5
1.7
1.3
-6.5
-3.5
.9
3.4
-.4
4.5
3.6
5.0
5.6
2.4
7.4
1.1
11
2.0
4.5
3.6
5.3
5.6
5.3
2.9
5.3
.5
1.1
-.7
.7
-2.5
4.3
3.9
4.8
3.2
.8
-.5
.2
-4.7
7.1
1.9
3.9
-.1
6.1
.2
-2.0
5.8
2.3
-3.0
4.5
3.2
2.4
2.5
-.4
3.0
3.1
.7
.8
3.2
2.4
2.5
2.2
2.1
3.5
4.3
2.2
.3
2.0
.4
3.3
2.6
2.1
1.2
2.1
.1
5.6
2.6
3.0
.3
3.7
.9
-3.4
-2.8
5.4
-1.0
1.3
-1.7
2.2
1.0
-1.0
IV
I
II
III
IV
22,056
22,450
22,251
22,135
22,206
22,406
22,567
22,620
22,099
18,720
22,502
19,133
22,276
18,851
22,237
18,977
22,296
18,944
22,438
19,110
22,610
19,184
22 664
16,236
16,695
16,344
16,479
16,492
16,678
16,752
16,855
14,971
15,392
15,542
19,292
15,120
15,183
15,208
15,334
15,481
1,864
1,762
1,866
1,800
1,751
1,744
1,790
1,763
4,871
8,236
4,955
8,675
4,907
8,347
4,964
8,418
4,952
8,505
4,966
8,624
4,970
8,720
4,931
8,849
19,540
19,190
19,586
19,337
19,166
19,188
19,221
19,185
19,579
19,235
19,609
19,428
19,245
19,216
19,258
19,222
14,154
13,990
14,168
14,058
13,965
14,022
13,992
13,981
13,051
12,898
13,107
12,952
12,877
12,892
12,930
12,891
1,756
1,633
1,759
1,689
1,632
1,621
1,653
1,624
4,203
7,092
4,128
7,137
4,209
4,161
7,102
4,148
7,097
4,147
7,124
4,135
7,142
4,082
nprcnnat
UOIdUIICU
income
Personal
consumption
expenditures ...
Durable goods
Nondurable
goods
4.9
NOTE.—Except for disposable personal income, the quantity and price indexes in this table are calculated from
weighted averages of the detailed output and prices used to prepare each aggregate and component The fixed
weighted measures use as weights the composition of output in 1987. For the alternative indexes, the chain-type
indexes with annual weights use weights for the preceding and current years, and the indexes with benchmarkyears weights use weights of 1959,1963, 1967, 1972,1977,1982, and 1987 and the most recent year.
Current dollars:
Gross domestic
product
Gross national
product
Personal income .
Disposable
personal
income
Personal
consumption
expenditures ...
Durable goods
Nondurable
goods
Services
Constant (1987)
dollars:
19 31
1990
1991
IV
adjuste d at annual rates
Services
Population (midperiod,
thousands)
7,139
249,992 252,676 250,349
7,185
251,074 251,689 252,281 252,990 253,742
SURVEY OF CURRENT BUSINESS
Table 8.3.-Auto Output
March 1992 • 23
Table 8.4.—Auto Output in Constant Dollars
[Billions of dollars]
Seasonally adjusted at annual rates
1990
1990
1991
III
Auto output
130.3 118.0
Final sales
135.0
Personal consumption expenditures .. 132.4
New autos .
96.6
Net purchases of used autos
35.8
Producers' durable equipment
35.5
New autos
55.0
Net purchases of used autos
-19.6
Net exports
-35.4
Exports
10.5
Imports
45.9
Government purchases
2.5
Change in business inventories of
-4.7
new and used autos
New
-4.2
Used
-.6
Addenda:
Domestic output of new autos l
Sales of imported new autos2
99.7
59.3
Seasonally adjusted at annual rates
1990
1991
IV
147.6 118.5
I
II
109.8 115.5
III
95.7
37.8
38.9
60.9
89.7
35.7
36.1
55.8
78.4
36.7
35.3
55.5
125.2 121.4
78.2
82.4
79.0
38.7
34.7
33.9
37.4
39.9
36.5
57.2
59.6
64.7
-222 -24.7 -20.7
-22.0 -19.7 -20.2
-35.8 -38.3 -35.7 -29.9 -36.8 -32.6
12.4
10.9
9.0 10.5
14.3
12.9
11.7
-22.0
-33.7
46.1
46.7
2.1
3.0
8.8 -7.7
8.9 -6.9
.7
-.2
-3.1
-3.8
.7
94.0
54.0
47.3
2.2
116.4
59.6
89.1
58.5
46.3
3.0
-7.8
-7.0
-.7
86.8
50.4
41.5
1.9
-6.0
-8.2
2.2
89.4
55.8
51.1
1.8
2.5
2.1
.4
102.1
57.8
1990
III
IV
121.1 138.8 126.2 117.6 121.5 122.6 122.7
115.5 133.5 125.4 115.0 112.1 117.7 117.1
79.5
36.0
37.3
59.3
1991
45.4
1.6
-1.3
-2.0
.7
97.7
51.9
Auto output
121.1
126.5
Final sales
Personal consumption expenditures .. 124.9
New autos
91.5
Net purchases of used autos
33.4
Producers' durable equipment
33.1
52.1
New autos
Net purchases of used autos
-19.0
Net exports
-33.8
9.7
Exports
Imports
43.6
2.3
Government purchases
1991
IV
106.0 135.9 110.7
99.3
72.6
33.2
32.9
54.1
91.3
35.3
36.7
58.1
84.7
33.4
33.4
52.6
71.5
31.6
32.9
54.5
71.9
35.3
35.3
58.9
74.8
31.4
32.2
51.9
-21.4 -19.2 -19.8 -21.6 -23.6 -19.7
-35.8 -34.9 -32.6 -27.9 -34.4 -29.6
9.3 10.3
12.5
11.3
10.9
9.3
8.9
-21.2
-31.1
45.2
43.8
1.8
2.0
2.8
2.5
-3.5
-4.2
6.5
6.6
.1
-8.6
-8.0
-8.7
-8.1
.7
-.6
-.6
107.9
83.5
55.2
93.5
56.2
IV
104.5 112.3 107.8
72.2
34.5
31.4
51.2
-.5
Addenda:
Domestic output of new autos l
Sales of imported new autos2
III
109.4 129.3 119.3 108.0 109.7 109.8 110.2
105.8 126.5 118.0 106.8 103.1 107.3 106.2
-5.3
-4.8
Change in business inventories of
new and used autos
New
Used
II
I
42.0
84.9
49.3
56.9
38.2
41.9
1.7
-5.2
7.4
2.2
78.4
46.4
81.2
51.0
46.9
1.6
2.5
2.0
.5
92.6
52.6
40.9
1.4
-2.4
-3.2
.8
87.6
47.1
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.
1. Consists of final sales and change in business inventories of new autos assembled in the United States.
2. Consists of personal consumption expenditures, producers' durable equipment, and government purchases.
Table 8.5.—Truck Output
Table 8.6.—Truck Output in Constant Dollars
[Billions of dollars]
[Billions of 1987 dollars]
Truck outout l
Final sales
Personal consumption expenditures ..
Producers' durable equipment
Net exports
Exports
Imports
Government purchases
Change in business inventories
1. Includes new trucks only.
72.8
67.8
74.4
67.1
56.8
68.2
72.3
73.8
73.8
69.2
36.0
30.7
-3.8
72.7
39.3
33.7
-6.4
69.6
35.9
32.7
656
69.3
34.2
30.4
70.8
38.3
31.4
-4.2
71.0
38.6
31.7
-5.1
39.5
33.4
-5.4
42
96
6.3
-1.0
53
91
6.3
-1.4
4.0
104
6.1
1.6
-42
45
87
5.3
-2.5
32.8
29.4
-3.5
45
80
6.8
-8.8
2.6
5.8
84
7.3
-1.1
53
95
5.4
1.4
Truck output l
5.9
Final sales
Personal consumption expenditures .
Producers' durable equipment
Net exports
Exports
Imports
Government purchases
2.8
Change in business inventories
5.4
10.5
1. Includes new trucks only.
67.4
60.4
68.6
61.2
51.2
61.7
64.1
68.3
61.7
31.8
27.5
-3.3
67.1
36.3
31.1
-6.0
63 5
59?
6? 9
6??
32.7
29.9
-3.9
29.3
26.6
fi?6
30.4
27.6
33.6
28.1
33.8
27.7
-?9
4.1
7.0
61
-?0
5.3
7.3
-37
4.7
8.4
48
-45
4.7
9?
51
-7.9
-1.0
1.3
2.5
36.5
30.9
-5.0
3.9
8.9
58
-1.0
4.7
8.0
57
-1.3
3.7
9.7
!5fi
1.5
4.1
8.0
48
-2.3
fifi
64.6
SURVEY OF CURRENT BUSINESS
24 • March 1992
NIPA Charts
Dec. Nov.
P
T
,
Net exports of goods and services-
1964 65
66 67
68
70 71 72
73
74 75
76 77
78 79
90
91 1992
SURVEY OF CURRENT BUSINESS
Percent Change
10
March 1992 •
Percent Change
10
REAL GROSS DOMESTIC PRODUCT1
llllli..
GROSS DOMESTIC PURCHASES PRICE INDEX
(FIXED WEIGHTS)1
••
F
-5
-10
1988
1989
1990
1988
1991
Percent Change
10
1989
1990
1991
Billion $
500 r^
CORPORATE PROFITS WITH IVA AND CCAdj2
REAL GROSS DOMESTIC PURCHASES1
4001-
-5
-10
1988
1989
1990
1988
1991
Percent Change
10
1989
1990
1991
Percent
10
PERSONAL SAVING RATE3
REAL DISPOSABLE PERSONAL INCOME1
LdLiiL
-5
-10
1988
1989
1990
1991
1. Percent change at annual rate from preceding quarter; based on seasonally adjusted estimates.
2. Seasonally adjusted annual rate; IVA is inventory valuation adjustment, and CGAdj is capital consumption adjustment.
3. Personal saving as percentage of disposable personal income; based on seasonally adjusted estimates.
UJS. Department of Commerce, Bureau of Economic Analysis
1988
1989
1990
1991
2$
SURVEY OF CURRENT BUSINESS
26 • March 1992
Reconciliation and Other Special Tables
Table 1.—Relation of Net Exports of Goods and Services and Net Receipts of Factor Income in the National
Income and Product Accounts (NIPA's) to Balance of Goods, Services, and Income in the Balance
of Payments Accounts (BPA's)
19<)1
iQQn
Line
1QQ1
II
I
1 Exports of goods, services, and income, BPA's
?
10
11
5
fi
7
8
9
IV
6529
Less- Gold, BPA's
Capital gains net of losses in direct investment income receipts, BPA's
Statistical differences l
Other items
Plus. Adjustment for grossing of parent/affiliate transactions:
Services
Income
Adjustment for U.S. territories and Puerto Rico
...
Services furnished without payment by financial intermediaries except life insurance carriers
and private noninsured pension plans
Nonresident taxes
3
4
III
676.5
667.6
672.1
680.3
3.7
3.6
2.3
-.9
.3
4.1.
2.6
-1 1
.6
3.3
2.1
-14
.1
3.4
6.0
1.3
.1
9.5
5.1
9.6
5.5
1.1
6
.1
8.6
4.7
27.4
10.9
55
27.9
27.3
27.7
12.2
5.6
28.1
686.0
3.7
-1.5
-.4
.6
12.4
5.6
28.3
8.3
18
8.4
24
8.4
2.1
8.4
2.2
8.4
2.5
8.4
2.8
Equals'. Exports of goods and services and receipts of factor income, NIPA's
698.2
726.3
713.8
721.4
728.9
741.1
12
imports of goods, services, and income, BPA's
722.7
704.8
693.8
689.0
715.2
721.4
13
14
15
16
17
2.5
2.7
1.9
-1
0
2.4
3.3
3.8
-.6
0
3.0
1.4
-7
0
2.3
3.3
-2.0
2.4
2.0
.6
0
2.7
18
19
20
21
22
Less- Gold BPA's
Capital gains net of losses in direct investment income payments, BPA's
Statistical differences1
Other items
.
.
Plus- Gold NIPA's
Adjustment for grossing of parent/affiliate transactions:
Services
Income
Adjustment for U S territories and Puerto Rico
Imputed interest paid to rest of world . .
Nonresident taxes
12.2
12.4
23
-1.9
...
0
0
-2.5
8.6
4.7
19.2
10.9
5.5
19.4
-2.9
9.5
5.1
18.9
-2.0
9.6
5.5
19.3
-0.2
0
5.6
19.6
5.6
19.7
8.3
1.4
8.4
1.7
8.4
1.6
8.4
1.6
8.4
1.7
8.4
1.7
Equals: Imports of goods and services and payments of factor income, NIPA's
761.8
743.8
727.9
730.5
755.3
761.5
24
Balance on goods, services, and income, BPA's (1—12)
-69.8
-28.3
-26.2
16.9
-34.9
-35.4
25
26
27
28
Less- Gold (2-13+17)
Capital gains net of losses in direct investment income, BPA's (3-14)
Statistical differences (4-15) l
-1.3
-1.5
-2.1
-1.2
-1.7
-.9
2.7
-1.4
-3.5
-1.0
29
30
Plus: Adjustment for U.S. territories and Puerto Rico (8-20)
Nonresident taxes (10-22)
31
Equals-. Net exports of goods and services and net receipts of factor income, NIPA's (11-23) .
Other items (5-16)
1. Consists of statistical revisions in the NIPA's that have not yet been incorporated in the
BPA's (1990 and 1991 :IV) and statistical revisions in the BPA's that have not yet been incorporated in the NIPA's (1991:1-1991:111).
. . . .
.
3.0
.6
.1
.4
-.8
.4
8.2
.4
-63.6
.5
.6
3.5
.7
.1
8.5
.7
8.4
.5
8.4
.6
-17.5
-14.1
-9.1
-1.1
.1
.6
8.5
.8
8.6
1.1
-26.4
-20.4
March 1992
SURVEY OF CURRENT BUSINESS
Sir Richard Stone and the Development of National Economic Accounts
SIR RICHARD STONE WAS A FOUNDER of national income accounting. He was awarded the 1984 Nobel Prize in Economic Sciences
"for having made fundamental contributions to the development
of systems of national accounts." His death in December 1991
came as the United Nations was revising its System of National
Accounts (SNA), the development of which is largely attributable
to him, and as the United States was embarking on the path of
modernizing and extending its national accounts along the lines
of the revised SNA.
Stone began his work in national accounting when he and
James Meade prepared an annex on the national income and
expenditure of Britain to accompany John Maynard Keynes'
1941 "White Paper" on British war finance. The presentation
was a landmark because it applied the double-entry bookkeeping method to national accounts. When applied to sectors of
the economy, this method shows how sectors are related to
each other and to the economy as a whole. Stone and Meade
suggested accounts for four sectors: Household, business, government, and the rest of the world. The application was timely
because it offered a method of presenting detailed information about increasingly complex economies at a time when the
growing interest in macroeconomics and counter-cyclical policies intensified the need for such knowledge. By illustrating that
the expenditures of one sector show up as income elsewhere, the
method also offered a way to cross-check the estimates.
That this method, introduced at the time as the "social
accounting approach," ultimately received widespread acceptance is a testament to Stone's qualifications as a theoretician,
bureaucrat, and statesman. Stone published many articles explaining and expanding the approach and was well aware that its
acceptance depended on its potential for practical applications.
International comparability of estimates was also a major concern of his. As early as 1944, while at the United Kingdom
Central Statistical Office, he participated in discussions with representatives from the United States and Canada to try to reach
agreement on national accounting principles and presentation.
It was during these meetings that Stone and George Jaszi, former
director of BE A, developed a lasting friendship.
Meanwhile, Stone served as chairman of the League of Nations
Sub-Committee on National Income Statistics of the Committee
of Statistical Experts. He guided the Committee to a comprehensive presentation of the social accounting approach in 1947.
Stone's memorandum to the Sub-Committee, "Definition and
Measurement of the National Income and Related Totals," was
an appendix to the committee's presentation but in fact made
up the bulk of the report. Many countries quickly adopted
Stone's approach, establishing a common basis for statistical
comparisons between countries.
The 1947 report was the predecessor of the first edition of the
United Nations System of National Accounts, published in 1953.
Stone served as chairman of the Expert Group convened to develop the SNA and simultaneously directed a similar effort in the
National Accounts Research Unit of the Organisation for Euro-
pean Economic Cooperation to design A Standardized System of
National Accounts, published in 1952.
Though generally satisfied with the 1953 SNA, Stone regretted
what he considered its limited scope. Much of his subsequent
work concentrated on expansions of the system. His 1954 article
"Input-Output and the Social Accounts" supported the future
inclusion of input-output analysis and extended the development
of the "social accounting matrix" or "transactions matrix." To
improve comparability, he conducted studies emphasizing the
compatibility of complete systems of price and volume indexes
in a national accounting framework. He explored less traditional areas by applying classifications corresponding to those in
the national accounts to demographic and population data and
developing an input-output model of the education system.
Stone's goal, the extension of national accounting, was fulfilled
in 1968, when the SNA underwent its first substantial revision.
Stone again served as chairman of the Expert Group, and under his influence the revised SNA included input-output analysis,
flow-of-funds accounts, and national and sector balance sheets.
It also outlined his "social accounting matrix," which had been
widely recognized by that time. Stone continued publishing articles on national accounts well into the i98o's. In a 1986 article,
"Social Accounting: The State of Play," he appraised the position
of social accounts and considered possible future developments,
including improved linkage of social and demographic statistics
to economic statistics.
The development of national accounting techniques was not
Stone's only interest. He investigated methods of demand analysis, the practical applications of these methods, and more
extensive economic models. His 1954 study of private consumption in England, one of the most extensive econometric studies
ever conducted, offered econometric insights into saving behavior. Much of Stone's attention during the 1960*8 was given to
directing a Cambridge University project intended to reveal the
prospects for more rapid growth of the British economy by developing more extensive models for economic policy. It tied in
well with his development of national accounts and intensified
his interest in demographic accounting.
Stone's long career included, in addition to the consultancies
and chairmanships mentioned earlier, the following: A position
in the U.K. Office of War Cabinet, Central Statistical Office,
1940-44; Director, Applied Economics Department, University
of Cambridge, 1945-55; Director, Organisation for European
Economic Cooperation, National Accounts Research Unit, 194551; P.D. Leake Professor of Financial Accounting, University
of Cambridge, 1955-80; and Professor Emeritus, University of
Cambridge, 1980-91.
Between 1936 and 1989, Stone authored 205 papers and publications (a complete list is available in Econometric Theory, vol.
7, 1991). The following bibliography, arranged chronologically,
has been selected to trace his interest in national accounting.
With James E. Meade. Annex to John M. Keynes, Analysis of the
Sources of War Finance and Estimate of the National Income
28 • March 1992
SURVEY OF CURRENT BUSINESS
and Expenditure in 1938 and 1940. Cd. 6261. London: H.M.
Stationery Office, 1941.
With James E. Meade. "The Construction of Tables of National Income, Expenditure, Savings and Investment." The
Economic Journal 51 (1941): 216-31. (Reprinted in Readings in the Concepts and Measurement of Income. Edited by
R.H. Parker and G.C. Harcourt. Cambridge: Cambridge
University Press, 1969.)
"Definition and Measurement of the National Income and Related Totals." Appendix to Measurement of National Income
and Construction of Social Accounts. Geneva: United
Nations, 1947.
"Functions and Criteria of a System of Social Accounting." In
Income and Wealth* series I, Cambridge, England: Bowes
and Bowes, 1951.
With D.A. Bowe, et al. The Measurement of Consumers' Expenditure and Behavior in the United Kingdom, 1920-1938, vol. i.
Cambridge: Cambridge University Press, 1954.
"Input-output and the Social Accounts." In The Structural Interdependence of the Economy. New York: Wiley and Sons,
Inc., 1955.
Quantity and Price Indexes in National Accounts.
Paris:
Organisation for European Economic Cooperation, 1956.
"Social Accounting and Standardised National Accounts." Department of Applied Economics, University of Cambridge,
1964.
"Demographic Input-Output: An Extension of Social Accounting." In Contributions to Input-Output Analysis^ vol. i.
Amsterdam: North-Holland, 1970.
"Where Are We Now? A Short Account of the Development
of Input-output Studies and Their Present Trends." In
Proceedings of the Seventh International Conference on Inputoutput Techniques. United Nations Industrial Development
Organization. New York: United Nations, 1984.
"Social Accounting: The State of Play." The Scandinavian
Journal of Economics 88 (1986): 453-72.
SURVEY OF CURRENT BUSINESS
March 1992
Federal Budget Estimates, Fiscal Year 1993
By David T. Dobbs
HE
sent to
a
year
T 1993PRESIDENTconsistentCongressActfiscal1990.
budget
with the requirements of the Budget Enforcement
of
1
The budget recommends discretionary spending
levels that are within the statutory caps of the act
for defense, international, and domestic spending. It also conforms to the "pay-as-you-go"
requirements; that is, new proposals to reduce
taxes or increase spending are offset so that the
effect on the deficit is neutral. The principal
feature of the budget is its incorporation of the
President's agenda for economic growth, which
was announced in the State of the Union Message. This agenda proposes a variety of tax
changes, increases and decreases in many expenditure programs, several executive actions,
regulatory reforms, and budget reforms. Some
of these changes are intended to provide an immediate economic stimulus; others are designed
to improve long-term growth.
Major tax law changes in the budget include
the following proposals:
Major changes affecting outlays include the
following proposals:
•
•
•
•
Further extend unemployment benefits;
Increase expenditures for selected programs;
Reduce defense spending;
Reduce or eliminate spending for many
"discretionary" programs; and
• Freeze Federal nondefense civilian employment.
This article summarizes the administration's
budget estimates and the economic analysis underlying them, and it provides a translation of
those estimates into the national income and
product accounts framework. The translation
does not include the President's comprehensive
health reform plan, because receipt and outlay details are not incorporated into the budget
estimates.
Economic assumptions
• Reduce excessive personal income tax withholding (implemented in March by executive
action);
• Reduce the long-term capital gains tax;
• Increase the personal exemption for dependent children under 18 by $500;
• Adopt an investment tax allowance permitting extra depreciation for equipment
acquired between February i, 1992, and January i, 1993, and placed in service before July
i> 1993;
• Extend tax benefits for research and
experimentation expenditures;
• Provide a $5,000 tax credit for first-time
homebuyers;
• Extend hospital insurance (medicare) coverage to additional State and local government
employees; and
• Increase employee contributions to the Civil
Service Retirement System.
Early in 1991, the economy appeared to be recovering from the recession that began in the second
half of 1990. Later in the year, however, the
recovery lost momentum, and the economy remained sluggish for the rest of 1991. According to
the Economic Report of the President,2 the rise in
oil prices following the Iraqi invasion of Kuwait
triggered the recession, but "a number of structural imbalances and the lagged effect of tight
monetary policy in 1988 and 1989 also slowed the
economy." The structural problems cited by the
Council include the buildup of private debt and
the flattening of real estate values, the problems
of the banking and thrift industries, the reduction
of defense spending, and demographic factors associated with the maturing of the baby boom
generation.
The Council of Economic Advisers projects a
sluggish economy in the early part of 1992, followed by a renewed pickup in the second half.
i. The Budget of the United States Government, Fiscal Year 1993, Office of
Management and Budget (Washington, DC: U.S. Government Printing Office,
January 1992).
2. "Annual Report of the Council of Economic Advisers," in the Economic
Report of the President (VVashington, DC: U.S. Government Printing Office,
February 1992).
3O • March 1992
SURVEY OF CURRENT BUSINESS
The Council believes several factors will contribute to increased growth. First, lower interest
rates will result in higher consumer and business
spending by midyear. Second, because business
inventories remain relatively lean, production will
respond quickly to increases in demand. Third,
export growth will continue because of the relatively low exchange value of the dollar and growth
in the world economy. The Economic Report
states, "With the adoption of the President's progrowth proposals ..., the prospects for renewed
solid growth improve markedly. The policy forecast shows the expected course of the economy
given the adoption of the pro-growth policies."
With the economic assumptions of the policy forecast (table i), real gross domestic product
(GDP) is projected to increase 2.2 percent from
the fourth quarter of 1991 to the fourth quarter
of 1992 and 3.0 percent from the fourth quarter
Table 1.—Economic Assumptions Underlying the Fiscal
Year 1993 Budget
Calendar year
Actual
Estimates
1990
1991
1992
1993
Billions of dollars
GDP:
Current dollars
1987 dollars
5,514 5,675 5,926 6,307
4,885 4,848 4,919 5,066
Incomes:
Personal income
Wages and salaries
Corporate profits before taxes
4,680
2,739
332
4,832
2,810
313
5,037
2,943
341
of 1992 to the fourth quarter of 1993. Inflation is
expected to remain stable through 1993: The GDP
implicit price deflator is projected to increase 3.4
percent in 1993 (fourth quarter to fourth quarter)
after increasing 3.2 percent in 1992 and 3.3 percent
in 1991. The unemployment rate is expected to
decrease to 6.8 percent by the fourth quarter of
1992 and to 6.4 percent by the fourth quarter of
1993. The interest rate on 9i-day Treasury bills is
expected to average 4.1 percent in 1992 and then
rise to a 4.9-percent average in 1993.
Current services estimates
Current services estimates show what receipts and
outlays would be without policy change. In concept, these estimates are neither recommended
amounts nor forecasts; they form a base with
which administration or congressional proposals
can be compared. The estimates are based on the
same economic assumptions as those underlying
the budget.
Budget receipts in 1993 are $3.6 billion lower
than current services receipts, reflecting the tax
proposals mentioned earlier (table 2). Budget
outlays are $8.5 billion lower than current services outlays; proposed reductions in defense,
medicare, and other programs are larger than
proposed program increases.
Table 2.—Relation of Current Services Estimates to
the Budget
[Billions of dollars]
5,378
3,134
423
Fiscal year
1992
Percent change from
preceding year
GDP in 1987 dollars:
Annual average
Fourth quarter
Receipts
1,081.0 1,169.0
Current services estimates
GDP in current dollars:
Annual average
Fourth quarter
5.1
4.1
,
1.0
-.1
2.9
3.5
-.8
.2
4.4
5.4
1.5
2.2
6.4
6.5
3.0
3.0
GDP implicit price deflator:
Annual average
Fourth quarter
4.1
4.2
3.7
3.3
2.9
3.2
3.3
3.4
Consumer Price Index: *
Annual average
Fourth quarter
5.4
6.2
4.2
2.9
3.0
3.1
Plus: Proposed legislation:
Increase personal exemption by $500 per child
Reduce capital gains tax
...
Adopt investment tax allowance
Extend medicare coverage to State and local
government employees
Create credit for first-time homebuyers
Extend tax benefits for research and experimentation
Other
3.3
3.3
Equals: The budget
Unemployment rate:2
Annual average
Fourth quarter
5.5
5.9
6.7
6.9
6.9
6.8
6.5
6.4
Interest rate (annual average):3
91 -day Treasury bills
10-year Treasury notes
7.5
8.6
5.4
7.9
4.1
7.0
4.9
6.9
-4.4
.6
-6.1
.3
-.2
'A
3.8
-1.6
1.6
-2.1
-1.3
.4
1,075.7 1,165.4
Outlays
Current services estimates
Percent
1. Consumer Price Index for urban wage earners and clerical workers.
2. Percent of labor force, including armed forces residing in the United States.
3. Average rate on new issues within a year.
Source: The Budget of the United States Government, Fiscal Year 1993.
1993
Plus: Proposed program changes:
National defense
Medicare
Petroleum reserves
Veterans home loan reforms
Administration of justice
Unemployment benefits
Other
Equals' The budget cash basis
1,475.9 1,523.8
-.6
-.1
, . ..
.1
2.5
-2.4
-4.8
-1.4
-1.2
-.7
1.0
.3
-1.7
1,475.4 1,515.3
Surplus or deficit (-)
Current services estimates
The budaet. cash basis
-394.9
-399.7
-354.8
-349.9
SURVEY OF CURRENT BUSINESS
The budget estimates
Beginning in 1992, the budget proposes that the
outlays for deposit and pension insurance be converted from a cash to an accrual basis. In the
past, the budget has recorded the cash received or
paid by the government as the cost of these programs. For deposit insurance, the gross accrual
cost in any year is the amount by which the resolution costs for insolvent firms increase between
the beginning of the year and the end of the year
(or the date of closure, for firms that close during
the year). Offsetting cost reductions are recorded
to the extent that insolvent firms improve during
the year. Similarly for pension guarantees, the
gross accrual cost is the difference between the
accrued cost at the beginning of the year and that
at the end of the year (or at termination, if that
happens during the year). The accrued cost is
the present value as of a given date of all active
plans' estimated future insurance claims over the
expected life of the firm.
Table 3 presents the administration's estimates
on both a cash and an accrual basis. Elsewhere
in this article, the budget numbers are cited on a
cash basis only.3 The national income and product accounts (NIPA) estimates are not affected by
the difference.
The budget deficit decreases $49.8 billion in
fiscal year 1993 to $349.9 billion (chart i). Of this
decrease, $40.1 billion results from a decline in
the current services budget deficit and $9.7 billion
from the administration's proposals.
March 1992 •
Receipts increase $89.7 billion—or 8.2 percent—
in 1993, to $1,165.4 billion. Receipts in 1992 are
$1,075.7 billion, up 2.0 percent from 1991. Administration proposals for tax legislation reduce
receipts in both years from their current services
levels.
Outlays increase $39.9 billion—or 2.7 percent—
in 1993, to $1,515.3 billion. Outlays in 1992
are $1,475.4 billion, up 11.5 percent. The 1993
increase is the net result of $84.6 billion in
increases and $44.7 billion in decreases. As table 4 shows, increases in budget outlays for four
Federal Fiscal Position:
Surplus or Deficit (-)
Billion $
-50
•100
-150
-200
•250
Unified Budget, Cash
-300
-— Unified Budget, Accrual
*350
-400
I
I
I
i
I
I
I
I
198384 85 86 $7 88 89 90 91 92* 93*
tates by 0^8 and 0EA
U-S, Department of Commerce, Bureau of Economic Analysis
3. The budget estimates in this article differ slightly from those published
in the original Budget document. Updated numbers were published in The
Budget of the United States Government, Fiscal Year 1993, Supplement, Office of
Management and Budget (Washington, DC: U.S. Government Printing Office,
February 1992).
Table 4—Budget Outlays by Function
[Billions of dollars]
Fiscal year
1990
Table 3.—Federal Government Receipts and Expenditures
1991
1992
1993
1991
[Billions of dollars]
Total, cash basis
Fiscal year
Actual
1991
Estimates
1992
1993
Budget, cash basis
Receipts
Outlays
Surplus or deficit (-)
1,054.3 1,075.7 1,165.4
1,323.0 1,475.4 1,515.3
-268.7 -399.7 -349.9
Budget, accrual basis
Receipts
Outlays
Surplus o r deficit (-)
.
.
.
1,054.3 1,075.7 1,165.4
1,323.0 1,441.7 1,496.2
-268.7 -366.0 -330.8
National income and product accounts
Receipts
Expenditures
Surplus or deficit (-)
1,114.0 1,141.9 1,252.4
1,310.6 1,449.8 1,504.1
-196.6 -307.9 -251.7
Sources: The Budget of the United States Government, Fiscal Year 1993, Supplement and
the Bureau of Economic Analysis.
Change from preceding
year
National defense
Defense cooperation account
Other
Social security
Net interest
Income security
Medicare
Health
Education, training, employment, and social
services
Veterans benefits and services
Commerce and housing credit
Agriculture
General science space, and technology
International affairs
Energy
Undistributed offsetting receipts
Other functions
Addenda:
Social security, net interest, health and
medicare
All other functions
1992
1993
1,475.4 1,515.3
71.2
152.4
39.9
291.4
-26.0
-43.2
17.2
20.4
10.3
23.5
-15.9
5.0
-20.9
94.6
291.4
302.3
213.7
196.7
129.3
108.2
34.0
38.2
-4.2
17.7
42.8
31.3
75.6
15.2
16.1
15.9
45.0
33.8
87.1
17.2
16.4
17.8
49.6
34.4
83.7
15.9
17.0
18.0
2.4
-36.6
1.7
-39.4
4.0
-38.8
4.6
-41.6
75.9
80.5
88.8
92.1
588.6
663.2
639.2
683.8
698.7
776.7
753.5
761.8
1,251.8 1,323.0
273.3
-43.2
316.5
269.0
194.5
170.8
104.5
307.3
71.2
38.5
29.1
67.1
12.0
14.4
13.8
299.3
299.3
248.6
184.2
147.3
98.1
57.7
-5.0
312.3
286.7
198.8
198.1
118.6
6.4
13.5
4.3
2.2
8.5
3.2
1.7
2.1
-.7
-2.8
4.6
50.6
20.6
15.6
14.9
-1.4
10.7
13.6
4.3
27.3
14.1
23.4
2.2
2.5
4.6
.6
-3.4
-1.3
11.5
2.0
.3
1.9
2.3
.6
8.3
59.5
92.9
.6
.2
.6
-2.8
3.3
54.8
-14.9
Sources: The Budget of the United States Government, Fiscal Year 1993. Supplement and the Bureau of Economic Analysis.
SURVEY OF CURRENT BUSINESS
3-2 • March 1992
functions—social security, net interest, health,
and medicare—more than account for the increase in total outlays; all other functions, on
balance, decline. The largest increase—$15.6
billion—is for social security and includes $64
billion for a 3.o-percent cost-of-living adjustment, effective January i, 1993. The largest
decline—$15.9 billion—is for national defense.
NIPA estimates for the Federal sector
BEA has prepared estimates of the Federal sector on the NIPA basis that are consistent with
the budget estimates.4 Estimates of the Federal
sector, which are integrated conceptually and statistically with the rest of the NIPA'S, differ in
several respects from the budget estimates; unlike the budget estimates, these estimates exclude
financial transactions, such as loans, and they
record several categories of receipts and expenditures on a timing basis different from that of
the budget. (For a more detailed discussion
of the differences, see Government Transactions^
NIPA Methodology Paper Series MP-S; order information appears on the inside back cover of
this issue. Also see "The Comprehensive Revision of the U.S. National Income and Product
4. The national income and product accounts (NIPA) estimates presented in this article incorporate the comprehensive NIPA revision released in
December 1991. This revision made several changes to the definitions and
classifications used to measure the Federal sector. Changes with major statistical impacts on the Federal sector include revisions to the treatment of
deposit insurance and the Commodity Credit Corporation and of the payment of taxes from nonresidents to the Federal Government. All of these
changes were discussed in detail in the September 1991 SURVEY OF CURRENT
BUSINESS; the impact on the Federal sector of these changes and of changes
in methodology was discussed in the December 1991 SURVEY. Revised estimates for 1987-90 were presented in "National Income and Product Accounts
Tables, 1987-90" in the January 1992 SURVEY.
Accounts: A Review of Revisions and Major Statistical Changes" in the December 1991 SURVEY
OF CURRENT BUSINESS.) Table 5 shows the relation between budget receipts and NIPA receipts*
and table 6 shows the relation between budget:
outlays and NIPA expenditures.
A major expenditure reconciliation item—$73.8
billion in fiscal year 1993—is for deposit insurance; this item represents the difference in the
treatments of spending for the bailout of failed financial institutions. In the budget, this spending
is included in outlays; in the NIPA'S, this spending
Table 5.—Relation of Federal Government Receipts in
the National Income and Product Accounts to the
Budget
[Billions of dollars]
Fiscai year
Budget receipts
1993
1992
1991
1,054.3 1,075.7 1,165.4
Less'. Coverage differences
1.7
1.7
Plus Netting differences:
Contributions to government employees
retirement funds
Taxes received from rest of the world ....
Other
Timina differences:
Corporate income tax
..
Federal and State unemployment
insurance taxes
Withheld personal income tax and social
security contributions
Excise taxes
Other
48.4
-2.7
23.1
51.2
-2.7
28.2
-9.5
-6.7
1.9
54.5
-2.7
29.4
3.4
0
0
.3
1.9
-1
-.6
.7
-2
4.7
0
-.4
o
Miscellaneous
Equals-. Federal Government receipts, NIPA's
0
0
0
1,114.0 1,141.9 1,252.4
Table 6.—Relation of Federal Government Expenditures
in the National Income and Product Accounts to
the Budget
[Billions of dollars]
Federal Government Receipts,
NIPA Basts
F seal year
1991
1992
1993
BillionS
600
Budget outlays, cash basis
Less: Coverage differences:
Geographic
Other
Financial transactions:
Net lending
Deposit insurance
Other
Net purchases of land:
Outer Continental Shelf
Other
Personal Tax and Nontax Receipts
500
400
300
Contributions for Social Insurance
200
Corporate Profits Tax Accruals
100
mWecf^usTnesslaxaifid Nontax Accruals
I
I
I
I
I
I
I
I
I
03 64
•***.*•*
I
85 86 87 88 89 90 91 92* 93*
BscalYear
U.S. Department of Commerce, Bureau of Economic Analysis
Plus: Netting differences:
Contributions to government employees
retirement funds
Taxes received from rest of the world ....
Other
Timing differences:
National defense purchases
Other
. .
Miscellaneous
Equals: Federal Government expenditures,
NIPA's
1,323.0 1,475.4 1,515.3
7.0
2.2
15.1
65.6
-3.5
-.4
.2
48.4
-2.7
231
5.0
0
0
7.6
8.0
-1.3
-1.4
20.0
81.3
-2.4
20.5
73.8
-2.2
-.2
.3
51.2
-2.7
26.2
4.8
.4
o
1.6
.2
54.5
-2.7
29.4
4.5
.4
o
1,310.6 1,449.8 1,504.1
SURVEY OF CURRENT BUSINESS
is regarded as an asset transfer, a type of financial
transaction that is excluded from the NIPA'S.
Federal receipts on the NIPA basis increase
$110.5 billion, to $1,252.4 billion, in fiscal year 1993
(chart 2). The 1993 increase is the result of a $93.6
billion increase due to higher tax bases and a
$16.9 billion increase due to tax changes (table 7).
The increase due to tax changes is accounted
for by proposed legislation, stricter requirements
for estimated tax payments, the revision of the
income-tax withholding table, and social security
base changes.
Federal expenditures on the NIPA basis increase
$54.4 billion, to $1,504.1 billion, in 1993 (charts 3
600
Change from preceding
fiscal year
1991
Total receipts
Due to tax bases
Due to tax changes
Omnibus Budget Reconciliation Act of 1990
Social security '
Revision to withholding table
Estimated tax requirements
Proposed legislation
\
National Defense Purchases
\
1993
1992
26.1
110.5
27.9
33.5
-5.6
5.4
20.7
17.7
93.6
16.9
9.0
3.6
-14.7
3.1
3.0
-.3
2.6
9.8
-2.8
7.6
-6.6
Personal tax and nontax receipts
Due to tax bases
Due to tax changes
Omnibus Budget Reconciliation Act of 1990 ...
Revision to withholding table
Estimated tax requirements
Proposed legislation
3.9
-.5
4.5
4.5
9.9
-10.9
1.0
1.0
11.9
1.0
9.5
49.6
45.9
3.6
0
9.8
-8.5
3.6
-14.7
2.3
.3
-2.1
-4.1
23.7
14.3
-6.9
.2
9.4
-.3
9.7
-7.1
.2
-7.3
5.4
1.5
3.9
3.9
.2
11.7
11.7
Contributions for social insurance
Due to tax bases
Due to tax changes
Omnibus Budget Reconciliation Act of 1990 ...
Social security ]
Estimated tax requirements
Proposed legislation
Transfer Payments
300
[Billions of dollars]
Indirect business tax and nontax accruals
Due to tax bases
Due to tax changes
Omnibus Budget Reconciliation Act of 1990 ...
Proposed legislation
Bfttion$
700
400
Table 7.—Sources of Change in Federal Government
Receipts, NIPA Basis
Corporate profits tax accruals
Due to tax bases .
.
Due to tax changes
Omnibus Budget Reconciliation Act of 1990 ...
Proposed legislation
Federal Government Expenditures
NIPA Basis
500
March 1992
3.0
2.8
.2
0
.2
28.5
22.4
20.2
16.7
3.5
.5
3.0
34.3
30.6
3.7
6.1
1.3
3.6
.8
.4
2.6
-.7
1.8
1. Consists of social security rate and base changes since 1990.
200
""
Table 8.—Sources of Change in Federal Government
Expenditures, NIPA Basis
\
All Other
100
[Billions of dollars]
Net Interest Paid
Change from preceding
fiscal year
. I I , I
83 84 85 86 87 8$ 80 90 91 92* 93*
Fiscal Yeaf
U,& Department of Commerce, Bureau of Eeonomte Analysts
Total expenditures
Changes in Federal government
Expenditures, NIPA Basis
-30
30
B««on$
60
90 f 120
150
Purchases
....
Military hardware
Pay raises 1 . .
National defense
Nondefense
Commodity Credit Corporation inventory change .
National Aeronautics and Space Administration ..
Other
National defense
Nondefense
Transfer payments
Social security
Medicare
Military and civilian pensions
Unemployment benefits
Food stamps
Supplemental security income
Defense cooperation account
Other
TOTAL
National
Defense
Purchases
Nondefense
Purchases
Transfer
Payments
Fiscal Year
|1993*
01992*
O1991
Net interest
Paid
All Other
i
*EstfmatesbyB£A
;
U.S. Department tf Commerce, Sumau of Economic Analysis
1991
I
Grants-in-aid to State and local governments
Medicaid
Highways
Education
. .
Other
65.0
139.2
5.2
4.1
2.7
1.4
2.1
1.5
-13.7
5.4
3.5
1.9
12.6
90.1
17.3
14.8
33.8
15.0
12.6
-.1
17.7
5.1
9.5
6.9
6.5
19.5
2.0
9.2
3.8
4.0
38.2
x
.7
29.1
19.9
.3
1.3
5.7
1.4
1.9
5.9
Net interest paid
9.9
6.1
Subsidies less current surplus of government
enterprises
Agriculture
Housing
Postal Service
Other
.4
.6
1.4
-.3
1.8
.3
2.3
1. Consists of pay raises beginning in January 1991.
-1.2
-7.5
4.7
2.9
1.8
1.0
.3
-12.2
-15.4
3.2
-1.8
16.4
18.7
11.4
54.4
12.2
-9.0
29.5
6.5
3.8
7.9
3.7
1.8
-43.2
6.6
1993
1992
-1.4
.5
2.3
-8.6
0
1.5
5.0
6.0
16.0
11.9
1.1
.9
2.1
14.1
4.2
1.3
1.9
1.2
-.1
• 33
SURVEY OF CURRENT BUSINESS
34 • March 1992
and 4). Table 8 highlights the major factors
that contribute to recent changes in Federal expenditures. The 1991 and 1992 changes from
prior-year expenditures are heavily influenced by
contributions to the defense cooperation account
from coalition partners in the Persian Gulf war.
The largest 1993 increase—$15.0 billion—is for
social security and includes $9.1 billion for costof-living adjustments. Within purchases, pay
raises add $4.7 billion, and "other nondefense"
purchases add $3.2 billion; more than offsetting
these increases is a $15.4 billion decline in "other
defense" purchases and a $7.5 billion decline in
purchases of military hardware. Net interest paid
increases $14.1 billion, and grants-in-aid to State
and local governments for medicaid increases
$11.9 billion. Subsidies less the current surplus of
government enterprises increases $4.2 billion, as
agricultural and housing subsidies increase and
the current surplus of the Postal Service declines.
Table 9 shows the relation between national defense outlays in the budget estimates and national
defense purchases in the NIPA'S. There are three
principal reasons why the measures differ: First,
some defense outlays are not treated as purchases
in the NIPA'S; second, NIPA deliveries of goods and
services exceed cash outlays in all 3 years, creating
a timing difference; and third, financing of the
military retirement program is treated differently
in the two series. Defense outlays includes a cash
payment from the military personnel appropriation account to the military retirement trust fund,
while the NIPA measure uses total military retired
pay as the measure of the retirement program's
cost; as a result, the budget series is declining
with the military payroll, while the NIPA series
continues to increase with the rising number of
retirees and higher benefits.
Table 9—Relation of National Defense Purchases in
the National Income and Product Accounts to National
Defense Outlays in the Budget
Quarterly pattern.—Table 10 shows the major
factors that affect the quarterly pattern of NIPA
Federal receipts and expenditures through 1993.
Receipts reflect the pattern of enacted and proposed legislation and the administration's projected quarterly pattern of wages and profits.
Expenditures reflect the pattern of proposed legislation and selected other items, mainly pay
raises for Federal employees and cost-of-living
adjustments in social security and in Federal employee retirement benefits. The Federal deficit
increases through the first half of 1992, reflecting
January pay raises and cost-of-living adjustments
and the March 1992 revision of the income-tax
withholding tables. From this peak, the deficit
declines steadily through fiscal year 1993. In the
first quarter of 1993, the January pay raises and
cost-of-living adjustments are offset by higher
individual income tax payments (compensating
for 1992'$ lower withholdings) and a rebound in
corporate profits taxes from the sharp 1992 cut
caused by the investment tax allowance.
H
[Billions of dollars]
F seal year
1992
1991
National defense outlays in the budget
Department of Defense, military
Military personnel
Operation and maintenance
Procurement
Aircraft
Missiles
Ships
Weapons
Ammunition
Other
Research, development, test, and evaluation
Defense cooperation account
Other
Atomic energy and other defense-related activities .
Plus' Military assistance purchases
1993
273.3
307.3
291.4
262.4
294.6
278.3
83.4
82.0
79.3
97.8
74.0
77.0
87.6
67.3
257
9.4
240
8.6
11.5
10.3
101.8
8.7
2.1
24.6
34.6
-432
3.8
10.9
8.0
1.5
209
7.8
9.4
6.7
1.5
21 6
21 0
36.1
37.9
-50
7.1
12.4
12.7
2
2.7
-50
1
1
2.1
13.1
Less' Grants-in-aid and net interest paid
Defense cooperation account
Timing difference
Military retired pay adjustment
Other differences
-432
-5.0
-5.7
Equals: National defense purchases, NIPA's
325.8
-.5
28
-4.8
-7.9
-3.1
-4.5
-9.6
-2.6
325.4
305.4
SURVEY OF CURRENT BUSINESS
March 1992 • 35
Table 10.—Federal Government Receipts and Expenditures, NIPA Basis
[Billions of dollars; quarters at seasonally adjusted annual rates]
Calendar year
Fiscal year
1992
Actual
1991
1993
Estimate
1992
Receipts
Corporate profits tax accruals
Federal Reserve banks
Other
Omnibus Budget Reconciliation Act of 1990
Proposed legislation
Other
Indirect business tax and nontax accruals
Omnibus Budget Reconciliation Act of 1990 .
Other
Contributions for social insurance
Social security
Tax on wages and salaries
Base increases:
January 1992
January 1993
Omnibus Budget Reconciliation Act of 1990 ....
Proposed legislation
Other
Tax on self-employment earnings . .
Base and rate increases
Estimated tax requirements . . .
Other
Supplementary medical insurance
Unemployment insurance .
Other
Expenditures
Purchases
National defense
Pay raises:
January 1992
January 1993
Other
. . .
Nondefense
Pay raises:
January 1992
January 1993
Commodity Credit Corporation inventory change .
National Aeronautics and Space Administration ...
Other
Transfer payments
To persons
Social security
Benefit increases:
January 1992
January 1993
Other
Medicare .
....
Proposed reductions
Other
Unemployment insurance
Emergency unemployment
Other
Other
To foreigners
Defense cooperation account
Other
;.
1992
1991
II
I
Personal tax and nontax receipts
Omnibus Budget Reconciliation Act of 1990
Revised withholding table
Estimated tax requirements
Proposed legislation
Other
Estimates
Actual
Estimates
Actual
1991
IV
III
I
II
1993
III
II
I
IV
III
1,114.0 1,141.9 1,252.4 1,120.2 1,147.6 1,115.2 1,114.3 1,124.6 1,126.6 1,128.6 1,132.2 1,155.2 1,174.6 1,241.7 1,268.1 1,288.5
485.9 514.6 529.3 537.7
476.1 • 477.1 526.6 470.4 475.7 473.9 468.8 469.9 469.0 472.4 466.5 477.8
8.8
8.8
8.6
8.7
7.9
5.8
5.7
5.7
8.1
8.1
8.3
5.7
8.1
5.6
' 8.0
4.5
-5.2
-5.1
-25.4
-25.6
-5.0
-8.3
-25.1
-14.7
-21.1
-4.9
2
.2
.2
.2
2.3
23
2.3
2.3
2.3
2.3
-4.1
-5.3
.3
-3.3
-1.3
.3
.3
.3
-3.8
-0.8
526.7 539.2
471.7
526.4 464.7 487.1
481.1
468.3 463.1 464.2 463.2 470.2 480.9 492.5 505.0 514.1
132.2
121.9
126.9
93.7
98.9
104.8
91.3
106.2
102.0
96.3
96.3
103.2
95.0
99.0
120.0
103.0
21.2
82.0
18.4
77.9
17.7
22.7
80.3
17.1
77.9
22.6
79.5
23.0
83.2
22.1
82.6
17.1
79.1
17.1
81.8
17.9
17.9
17.9
1.8
-10.1
1.7
-10.4
104.0
1.6
6.4
87.4
90.5
96.0
109.0
1.5
6.7
100.8
114.3
1.5
6.7
106.0
81.5
15.6
65.9
82.7
15.6
67.1
83.7
15.6
68.1
84.3
15.6
68.7
84.9
15.6
69.3
491.4
398.4
371.8
499.6
406.1
379.5
507.2
412.1
385.5
521.5
420.1
393.9
527.6
425.1
398.9
533.7
430.0
403.8
2.0
23.3
75.7
2.0
2.0
2.0
1.8
1.8
1.8
1.7
380.0
2.2
2.3
1.8
1.7
385.9
2.3
2.3
1.8
1.7
390.8
2.3
2.4
1.8
1.7
395.7
26.6
26.2
26.2
26.2
17.1
74.2
17.1
76.5
1.9
-73
102.3
1.6
24
80.3
83.3
98.2
78.3
86.0
73.7
77.5
81.2
80.6
-9.4
81.7
-9.7
84.5
75.6
75.6
80.9
11.7
69.2
83.9
15.6
68.3
78.8
14.6
64.2
81.3
15.6
65.7
78.2
14.5
63.7
77.1
14.5
62.6
78.7
14.5
64.2
81.2
15.0
66.2
80.3
15.6
64.7
80.6
15.6
65.0
459.1
372.1
349.2
487.6
395.5
368.9
521.9
421.2
395.0
468.0
379.8
355.6
495.7
402.2
375.6
464.1
376.3
353.0
466.3
378.5
354.5
469.9
381.6
357.0
471.6
382.9
357.7
484.5
392.3
365.7
6
22
.7
1.8
1.7
388.6
.9
1.8
1.8
348.7
1.8
.4
366.1
22.9
26.6
26.2
1.7
.5
.4
8
22.9
11.8
21.0
54.2
26.2
12.6
22.8
56.8
2.0
2.0
2.0
2.0
2.0
2.0
1.9
1.8
354.7
1.8
9
371.0
353.0
354.5
355.2
355.9
362.0
368.0
1.8
1.7
374.0
24.3
26.6
23.4
24.0
24.6
25.2
26.6
26.6
26.6
.4
.8
.4
.8
.4
1
25.8
14.7
25.8
60.2
1.8
-99
.4
.8
24.3
12.0
21.7
54.4
26.2
12.8
23.3
57.4
234
12.0
21.7
54.1
24.0
12.0
21.7
54.1
24.6
12.1
21.7
54.5
25.2
12.1
21.7
55.0
26.2
12.7
22.8
56.8
26.2
12.7
23.1
57.2
.4
.8
26.2
12.8
23.5
57.3
.4
.8
.8
.1
.8
.1
.8
.1
26.2
12.9
23.8
58.4
25.4
15.2
26.1
60.1
25.4
15.3
26.5
60.7
25.4
15.4
26.9
61.4
1,310.6 1,449.8 1,504.1 1,321.6 1,480.7 1,262.0 1,320.2 1,334.8 1,369.3 1,460.1 1,484.8 1,483.8 1,494.3 1,507.8 1,507.8 1,506.0
439.1
435.9
449.1
444.9 432.0 467.2 467.9 464.3 453.1
452.1
445.9
458.0 444.3 445.1
451.5
463.1
333.9 330.0 325.8 314.9 309.7 300.0 296.9
325.8 325.4 305.4 323.5 326.2 332.3 328.4 322.3 311.0
2.5
325.8
120.1
322.9
132.6
14
.7
3.3
2.1
300.0
138.9
19
1.3
-.2
3.2
322.9
137.0
332.3
119.2
328.4
123.7
322.3
122.6
311.0
121.0
1.9
.5
-.5
3.3
1.9
-.5
3.3
330.7
133.3
326.7
137.9
1.8
3.3
323.5
121.6
1.9
-.8
-.6
3.3
3.3
322.5 Tii"6
138.2
138.5
1.9
-.4
1.9
-.2
3.3
2.8
303.6
139.4
3.3
2.9
293.8
139.1
3.3
2.9
290.7
139.0
1.9
1.6
-.2
1.9
1.7
-.2
1.9
1.7
-.2
13.6
-1.2
13.6
13.9
13.5
13.8
12.9
14.0
14.1
-2.7
13.1
13.6
13.8
13.8
13.8
13.9
13.9
13.9
105.8
118.8
122.1
107.6
121.8
103.1
107.8
109.1
110.6
118.7
122.8
123.2
122.7
122.2
121.8
121.7
508.5
535.4
259.1
598.5
591.1
276.4
632.3
616.3
291.4
513.5
546.6
264.0
614.6
601.4
280.0
457.5
535.3
260.9
505.1
543.0
262.9
534.9
547.4
264.8
556.6
560.9
267.4
604.3
596.3
278.3
616.1
616.1
603.1 " 600.5
279.4 280.4
621.7
605.7
282.0
633.7
617.7
292.3
635.8
619.8
294.5
637.4
621.4
296.7
10.0
10.0
10.1
10.1
10.2
10.3
259.1
113.4
6.4
274.8
140.8
-1 4
142.2
264.0
116.0
262.9
114.4
264.8
116.9
267.4
120.7
268.4
125.7
269.4
130.7
8.5
273.7
140.7
8.6
275.7
141.7
8.6
277.8
142.2
-1.1
-1.3
-1.5
-1.7
112.2
114.4
116.9
120.7
125.7
130.7
270.4
135.7
-.4
136.1
271.9
138.7
116.0
270.0
132.7
-4
133.1
260.9
112.2
113.4
268.9
128.2
-1
128.3
139.8
142.0
143.2
143.9
25.0
34.2
25.6
26.8
33.6
23.8
27.1
26.7
29.7
40.1
13.2
26.9
38.4
11.7
26.7
28.6
27.3
25.6
25.0
24.5
26.6
26.1
25.6
25.0
24.5
152.2
8.0
154.6
155.8
157.7
159.1
158.6
158.0
13.0
-1.0
14.0
15.6
16.0
16.0
16.0
16.0
16.0
7.5
7.5
.3
9.9
100
10.2
.8
3.1
7.0
25.0
26.7
25.3
26.1
26.6
23.8
27.1
26.7
26.6
137.9
-26.9
-43.2
152.3
7.4
158.5
155.1
138.4
-77.8
-90.7
139.0
-12.5
-18.4
5.9
143.1
2.0
1.2
16.3
-5.0
12.4
16.0
139.8
-33.1
-42.5
9.4
12.9
138.7
-37.9
-46.4
8.5
10.3
-4.0
12.0
16.0
16.0
16.0
16.0
Grants-in-aid to State and local governments
Medicaid
Aid to families with dependent children
Highways
Education
Other
147.0
176.0
192.0
152.8
182.6
143.7
151.0
153.3
163.3
171.2
180.6
189.2
189.3
191.0
192.5
194.7
52.4
13.4
14.1
13.1
53.9
72.3
15.0
15.4
15.0
58.2
84.2
15.2
16.5
16.0
60.1
57.3
13.8
13.9
13.3
54.5
76.2
15.3
16.2
15.5
59.3
48.6
13.7
14.0
13.3
54.1
55.9
13.3
14.2
13.9
53.7
59.0
13.8
13.8
12.3
54.4
65.8
14.3
13.5
13.9
55.8
69.9
14.9
14.9
14.7
56.8
74.4
15.3
16.3
15.4
59.2
79.4
15.6
17.1
16.1
61.0
81.3
15.3
16.5
15.9
60.3
83.2
15.2
16.6
15.9
60.1
85.2
15.2
16.4
15.9
59.8
87.1
15.2
16.5
15.9
60.0
Net interest paid
185.2
191.3
205.4
188.7
192.8
185.7
189.7
187.9
191.4
190.9
191.4
192.4
196.4
202.4
208.4
214.4
24.1
25.9
30.1
10.1
21.5
27.7
23.4
222
-.5
18.0
-2.0
-2.7
21.3
-1.3
-1.4
17.7
-1.2
-2.4
26.5
10.4
19.9
-1.6
-2.2
28.8
10.4
21.3
-1.4
-1.5
33.7
13.8
22.0
-1.0
-1.1
31.6
11.7
22.2
32.0
11.7
22.3
23.6
9.3
26.0
12.5
18.2
-1.8
-2.9
21.8
9.2
22.7
10.1
17.9
-2.8
-2.5
13.9
8.2
22.3
-.3
-•1.7
-1.7
Subsidies less current surplus of government
enterprises
Agriculture
Housing
Postal Service
Other
Less" Wage accruals less disbursements
Surplus or deficit (-)
8.4
18.0
-.3
-2.0
8.8
20.3
-1.7
-1.5
16.0
-1.6
13.2
-1.4
14.5
.9
18.1
-2.3
-2.9
-4.3
-14.6
-.4
2.0
21.8
-1.2
-.8
-.7
-1.6
3.0
0
0
0
0
0
.4
0
0
0
0
-.2
0
.1
0
0
0
0
-196.6 -307.9 -251.7 -201.4 -333.1 -146.8 -205.9 -210.2 -242.8 -331.5 -352.6 -328.6 -319.7 -266.1 -239.7 -217.6
SURVEY OF CURRENT BUSINESS
March
State and Local Government
Fiscal Position in 1991
By David F. Sullivan
HE SURPLUS of State and local governments
JL measured on a national income and product
accounts (NIPA) basis was $30.0 billion in 1991,
$4.3 billion more than in 1990 (table i).1 This
improvement in the overall fiscal position was the
result of a $1.5 billion increase in the surplus of
social insurance funds and a $2.8 billion decrease
in the "other funds" deficit.
Although the "other funds" measure improved
for the first time since 1984, the level of the deficit
remained high; the deficit in 1991 was exceeded
only by that in 1990. The improvement in 1991 resulted from a sharp deceleration in expenditures
that exceeded a deceleration in receipts. In 1990,
the "other funds" deficit had increased $18.9 billion as a result of an acceleration in expenditures;
receipts had increased at about the same rate as
in 1989. On a quarterly basis, the "other funds"
deficit decreased from its high of $46.9 billion in
the fourth quarter of 1990 to $24.7 billion in the
fourth quarter of 1991 (chart i). 2
Receipts
State and local government receipts increased 6.5
percent in 1991, 0.5 percentage point less than in
1990 (table 2).
General own-source receipts—
that is, receipts excluding contributions for social
insurance and Federal grants-in-aid—increased
1. The estimates in this article reflect the recently released comprehensive revision of the national income and product accounts. The revision is
discussed in the section "Revised Slate and local government estimates."
2. The quarterly estimates of State and local governments receipts and
expenditures for 1991 are shown in table 3.3 of the "Selected NIPA Tables."
4.5 percent in 1991, 1.6 percentage points less
than in 1990. Personal, corporate, and indirect
business taxes all contributed to the deceleration,
reflecting the effects of the slowdown in economic
growth on personal and corporate income, retail
sales, and real property, the tax bases of major
State and local taxes. The deceleration in receipts occurred despite substantial tax increases
by a number of governments, mostly for personal
income and sales taxes. Excluding the effects of
tax legislation, general own-source receipts would
have increased only 2.9 percent in 1991 instead of
4.5 percent.
Personal tax and nontax receipts increased 4.9
percent in 1991 after a 5.6-percent increase in
1990. The deceleration was most marked in
"other" personal taxes, specifically in estate and
gift taxes, which increased 6.3 percent after increasing 17.7 percent in 1990. Personal income
State and Local Government
Surplus or Deficit, NIPA Basis
Biliion$
70 TOTAL &SO(:IAL INS UR/\NCEFU ND 3
Social Insur ancfjFui ids
60 rota ^
\
50
\
40
30
20
10
I
Table 1.—State and Local Government Receipts,
Expenditures, and Surplus or Deficit, NIPA Basis
[Billions of dollars]
i
i lI
-10
Calendar years
•20
1987
Receipts
Expenditures
Surplus or deficit (-)
Social insurance funds
Other funds
<* i
1988r
1989
1990
1991
594.3
554.2
631.3
593.0
677.0
635.9
724.5
698.8
771.7
741.7
40.1
54.8
38.4
56.8
41.1
60.4
25.7
63.8
30.0
65.3
-14.7
-18.4
-19.2
-38.1
-35.3
NOTE.-The estimates for 1990 and 1991 are in table 3.3 of the "Selected NIPA Tables" in
this issue: the estimates for 1987-89 are in table 3.3 in "National Income and Product
Accounts Tables, 1987-90" in the January 1992 SURVEY OF CURRENT BUSINESS.
-30
-40
-50
1988
1909
1990
1991
Seasonally Adjusted at Annual Bates
U.S, Department of Commerce, Bureau of Economic Analysis
SURVEY OF CURRENT BUSINESS
taxes increased 4.4 percent, about the same rate
as in 1990. Slower economic growth held down
personal income and, thus, taxes in 1991, while
legislative actions increased taxes. Personal income increased 3.3 percent after increasing 6.8
percent in 1990 (see table 2.1 of the "Selected NIPA
Tables" in this issue). Legislative actions added
an estimated $4.0 billion to income taxes in 1991
after having little effect in 1990. In the absence of
these actions, income taxes would have increased
only 0.7 percent in 1991.
Corporate profits tax accruals decreased 6.8
percent in 1991, the third consecutive year of decline. This reflects the effects of slower economic
growth on corporate profits.
Indirect business tax and nontax accruals increased 5.0 percent in 1991, down from a 6.9percent increase in 1990. Much of the deceleration was-in sales taxes, which increased 4.1
percent after a 5.8-percent increase. Legislative
actions added about $9.4 billion to sales taxes in
1991 and $4.6 billion in 1990. In the absence of
these actions, sales taxes would have increased 1.5
percent in 1991 and 3.2 percent in 1990. Property
taxes also decelerated, to a 6.6-percent increase
from an 8.1-percent increase. "Other" indirect
business tax and nontax accruals increased 3.5
percent, down from a /.9-percent increase. The
deceleration is largely traceable to energy-related
receipts: Severance taxes—that is, taxes imposed
March 1992 • 37
on the extraction of natural resources—decreased
2.2 percent after a 2o.o-percent increase, and
payments by oil companies to States to settle
lawsuits added $0.2 billion to indirect business
nontax payments in 1991, down from $0.4 billion.
Excluding these payments and severance taxes,
"other" indirect business tax and nontax accruals
increased 5.2 percent in 1991 and 4.8 percent in
1990.
Contributions for social insurance increased 4.3
percent in 1991, down from a 54-percent increase
in 1990. The deceleration was in contributions
to State and local government employee retirement systems, primarily reflecting a deceleration
in State and local government employment.
Federal grants-in-aid accelerated sharply in
both 1990 and 1991; they increased 15.6 percent in
1991,11.8 percent in 1990, and 6.3 percent in 1989.
Grants for medicaid accounted for the acceleration in 1991; they increased 32.4 percent, up from
a 2i.5-percent increase in 1990. Grants excluding
medicaid increased 7.4 percent in 1991, compared
with a /./-percent increase in 1990. Because of
the deceleration of total receipts and the acceleration of Federal grants-in-aid in 1990 and 1991,
the share of total receipts represented by grantsin-aid increased from 17.5 percent of total receipts
in 1989 to 19.8 percent in 1991.
Table 2.—State and Local Government Receipts, NIPA Basis
Calendar years
Percent change
Billions of dollars
1987
Receipts
1991
1988
1989
1990
1991
631.3
677.0
724.5
771.7
6.2
7.2
7.0
6.5
468.1
504.7
535.4
559.5
5.9
7.8
6.1
4.5
111.8
117.6
86.0
11.9
14.0
89.9
12.7
15.0
131.5
101.4
138.8
106.1
145.7
110.8
14.1
15.9
15.5
17.3
16.7
18.2
5.2
4.6
6.7
7.7
11.8
12.8
11.4
5.9
5.6
4.6
9.4
8.5
4.9
4.4
7.8
5.6
23.9
.
..
Addendum— Receipts excluding selected law changes: '
Total
...
General own-source receipts
1. Estimates of the effect on receipts of law changes are calculated as follows. For changes
of which BEA is aware (hence the use of "selected" in the line title in the table), the estimate
is of the amount of the change over the 12-month period after the change is introduced. For
personal taxes, the change is introduced when the tax is paid/refunded or when withholding is
changed. For indirect business taxes, the change is introduced to coincide with the transaction
affected. The calculations are made by months for personal taxes and nontaxes (because they
are used to prepare monthly estimates of disposable personal income) and by quarters for other
taxes. Two characteristics of the resulting estimates should be noted. First, aggregation of the
monthly or quarterly estimates to calendar years may give results that appear anomalous. For
example, a sales tax imposed for 1 year beginning July 1 would be recorded as follows: (a) For
quarters, ah increase in receipts by the amount of the 12-month yield in the third quarter of that
24.1
23.2
21.6
8.9
-7.3
-4.0
-6.8
324.5
161.4
127.6
349.1
171.4
140.8
373.4
181.4
152.1
392.2
188.8
162.1
35.7
Indirect business tax and nontax accruals
Sales taxes
Property taxes .
.
Other
26.0
306.5
149.8
121.1
Corporate profits tax accruals
1990
442.3
Personal tax and nontax receipts
Income taxes ..
Nontaxes
Other
Federal grants-in-aid .
1989
594.3
...
General own-source receipts
Contributions for social insurance . . .
1988
35.4
36.9
39.8
41.2
5.9
7.8
5.4
-.8
7.6
6.2
10.3
4.2
6.9
5.8
8.1
7.9
5.0
4.1
6.6
3.5
49.2
51.9
54.1
57.0
59.4
5.5
4.1
5.4
4.3
102.8
111.3
118.2
132.2
152.8
8.2
6.3
11.8
15.6
592.9
440.8
629.4
466.3
672.9
500.6
715.8
526.6
754.1
541.9
6.2
5.8
6.9
7.4
6.4
5.2
5.4
2.9
year and a decrease by the same amount in the third quarter of the following year, and (b) for
calendar years, an increase in receipts by the amount of the 12-month yield divided by 2 in the
year that the increase takes place, no change in receipts in the following year, and a decrease
by the amount of the 12-month yield divided by 2 in the year after that (i.e.. 2 years after the
increase). Second, a law change after July, which is the beginning of the fiscal year for many
States, would have more impact on receipts of the next calendar year than on those of the calendar year in which it occurs.
The effects of tax law changes excluded from receipts to derive the addenda items in the table
are the effects of the changes beginning with those introduced in 1986. The 12-month effects,
recorded for calendar years as described above, are cumulated.
SURVEY OF CURRENT BUSINESS
March 1992
Expenditures
State and local government expenditures decelerated sharply in 1991 after accelerating in 1990;
expenditures increased 6.1 percent in 1991, 9.9
percent in 1990, and 7.2 percent in 1989 (table 3).
The 1991 deceleration was primarily in purchases,
the largest category of expenditures. Expenditures other than purchases increased 22.9 percent,
slightly more than in 1990.
Purchases increased 3.9 percent in 1991, down
from an 8.4-percent increase in 1990; the deceleration reflected the efforts of many governments to improve their fiscal position, which had
been deteriorating since 1984 as indicated by the
"other funds" measure. Purchases of structures
decreased 1.3 percent, following a 12.1-percent increase. Compensation of employees and "other"
purchases both decelerated in 1991. The 1991 decrease in purchases of structures was the first
since 1982. A $2.1 billion decrease in highway construction and decreases in construction
of electric, sewer, and transit facilities, "other"
buildings (such as prisons and offices), and
miscellaneous nonbuilding construction (such
as parks, airports, gas utilities, and parking
facilities) more than offset increases in educational buildings, conservation and development,
hospitals, housing, and water facilities.
Compensation of employees increased 5.9 percent in 1991, down from an 8.1-percent increase
in 1990. Most of the deceleration reflects slower
growth in State and local government employ-
ment: Full-time equivalent employment for State
and local general government increased 1.4 percent in 1991, following a 3.o-percent increase in
1990. The 1991 increase in employment was
the smallest since 1984, when State and local
governments were beginning to increase employment following reductions in the early 1980'$.
The deceleration in compensation also reflected
a slightly slower rate of increase in compensation
per employee.
"Other" purchases increased 1.1 percent in 1991
after a 6.9-percent increase in 1990. Purchases of
services other than employee compensation decreased 3.4 percent after a o.i-percent decrease.
Purchases of nondurable goods increased 0.5 percent after a 9.7-percent increase, and durable
goods increased 5.8 percent after an 8.9-percent
increase. The 1991 increase in "other" purchases
was small in comparison with recent annual increases; these purchases grew at an average rate
of 6.7 percent during the previous 5 years.
Measured in constant (1987) dollars, State and
local government purchases increased 0.7 percent
in 1991, following a 44-percent increase in 1990
(table 4). The deceleration was apparent in all
major categories of purchases: Compensation of
employees increased 1.1 percent after a 3.o-percent
increase; structures decreased 2.7 percent after a
io.4-percent increase; and "other" purchases increased 2.0 percent after a 44-percent increase,
reflecting slowdowns in all categories.
Transfer payments to persons increased 14.1
percent in 1991, the same as in 1990. The three
Table 3.—State and Local Government Expenditures, NIPA Basis
Calendar years
Percent change
Billions of dollars
1987
1988
1989
1988
1991
1990
1989
1990
1991
Expenditures
554.2
593.0
635.9
698.8
741.7
7.0
7.2
9.9
6.1
Purchases
Compensation of employees
Structures
Other
496.6
327.3
531.7
351.9
570.0
379.1
618.0
409.8
642.4
434.1
3.9
5.9
75.9
80.4
90.1
89.0
103.9
110.5
118.0
119.3
7.2
7.7
6.0
6.3
8.4
8.1
71.0
98.2
7.1
7.5
6.8
5.8
Transfer payments to persons
Benefits from social insurance funds
Public assistance
Other
119.6
130.0
143.3
163.5
186.5
37.4
75.6
40.9
82.0
44.3
91.2
Net interest paid
Interest paid
Less' Interest received by government
Social insurance funds
Other
-41.2
-44.2
51.9
93.1
39.9
53.2
54.4
98.6
41.7
56.9
Less: Dividends received
Social insurance funds
Other
Subsidies less current surplus of government enterprises
Subsidies
Less' Current surplus of government enterprises
Less: Wage accruals less disbursements
6.6
7.0
47.8
51.8
106.9
8.7
125.1
9.6
-49.9
-53.7
61.1
64.5
107.5
114.9
121.6
45.7
61.8
49.0
65.9
52.0
69.6
7.8
5.9
5.7
.2
6.9
6.7
.2
8.1
7.9
.2
9.0
8.8
.2
9.2
9.0
.2
-14.9
.3
-17.5
.4
-19.5
.4
-20.0
.4
-20.9
.4
15.2
17.9
19.8
20.3
21.3
0
0
10.3
8.2
6.9
14.1
8.0
-1.3
1.1
14.1
8.2
-57.1
57.6
8.7
9.5
8.5
6.5
12.1
0
0
0
4.7
6.0
4.7
6.9
17.6
17.9
8.6
28.4
17.4
11.2
11.6
5.9
9.0
9.4
8.7
17.2
11.7
6.1
6.9
7.2
6.6
17.1
10.1
5.5
5.8
6.2
5.5
.6
2.3
2.9
2.9
1.7
5.7
2.1
2.5
3.4
4.8
16.8
17.3
11.0
11.2
11.4
SURVEY OF CURRENT BUSINESS
largest categories of transfers—medical care, government pensions, and aid to families with dependent children (AFDC)—increased at about the
same rate in 1991 as in 1990. The increases in 1991
and 1990 for medical care and AFDC were much
larger than those in 1989; the increases for government pensions were about the same as in 1989.
(The detailed estimates of government transfers
to persons for 1987-90 are shown in table 3.12
of "National Income and Product Accounts Tables, 1987-90," in the January 1992 SURVEY OF
CURRENT BUSINESS.)
Net interest paid increased less in 1991 than in
1990. Interest paid and interest received both decelerated, reflecting the decline in interest rates
during the year. However, the deceleration in
interest received was more than that in interest paid, because borrowing increased during the
year. Dividends received decelerated sharply in
1991: They increased 2.9 percent, down from
an ii.2-percent increase in 1990. The deceleration reflected a decrease in the dividend yield of
corporate equities.
Outlook for fiscal position in 1992
A major factor in the outlook for the State and
local fiscal position in 1992 will be the pace of
economic activity; 1991 began with a recession
under way, and growth was slow during the
year. This discussion assumes a modest upturn
in economic activity—i.5-percent year-over-year
growth in real gross domestic product in 1992,
compared with a decrease of 0.7 percent in 1991.
Total receipts are likely to increase about $60$65 billion, to about $830-$835 billion, in 1992.
Tax and nontax receipts are likely to accelerate
only slightly. (This assumes that no further tax
law changes will become effective in 1992; State
and local governments may change tax laws during the year, but such changes are difficult to
predict.) Tax legislation already enacted is likely
March 1992 • 39
to increase personal income taxes about $3 billion
and sales taxes about $31/2 billion; these increases
would be smaller than in 1991. Assuming little
change in corporate profits tax accruals in 1992
and a continued slowing in property tax accruals,
general own-source receipts are likely to increase
slightly faster than in 1991.
Federal grants-in-aid are expected to increase
nearly 20 percent in 1992; the Federal budget calls
for large increases for 1992 in grants for medicaid,
highways, education, and health care. Contributions for social insurance are assumed to increase
at about the same rate as in 1991.
Total expenditures are likely to increase about
$55-$6o billion, to about $795-$8oo billion, in
1992. Purchases are likely to accelerate slightly.
Purchases of structures are likely to increase
slightly after the decrease in 1991, given increases
in new borrowing by State and local governments
in 1991 and expected increases in Federal grants
for capital purposes in 1992. In particular, highway construction is likely to increase: The Federal
budget calls for a large increase in grants for highways in 1992. Evidence from proposed State and
local government budgets suggests that the efforts of many governments to improve their fiscal
positions are likely to continue in 1992. These
efforts are likely to involve continued restraint
in employee compensation and purchases from
business other than structures.
Transfer payments are likely to increase faster
in 1992 than in 1991. The largest component of
transfer payments, payments for medical care, is
likely to accelerate: The Federal budget calls for
a 33-percent increase for medicaid grants in 1992.
The other categories of expenditures are assumed
to increase at about the same rate as in 1991.
The changes in receipts and expenditures discussed earlier in this section would result in a
slight increase in the NIPA surplus, to about $35$40 billion. The social insurance funds surplus is
likely to increase about $i-$2 billion, so that the
Table 4.—State and Local Government Purchases in Constant Dollars
Calendar years
Billions of 1987 dollars
1987
State and local government purchases
Compensation of employees
Structures
Other
Addendum:
Fixed-weighted price index total purchases
NOTE.—The constant-dollar estimates for 1990 and 1991 are in table 3.8B of the "Selected
NIPA Tables" in this issue: the estimates for 1987-89 are in table 3.8B in "National Income and
Product Accounts Tables. 1987-90" in the January 1992 SURVEY OF CURRENT BUSINESS.
Percent change
1990
1991
1988
1989
1990
1991
496.6
509.6
525.3
548.2
552.2
2.6
3.1
4.4
0.7
327.3
71.0
98.2
333.9
72.5
103.2
342.7
74.6
108.0
353.1
82.4
112.8
356.9
80.2
115.1
2.0
2.1
5.1
2.6
2.9
4.7
3.0
10.4
4.4
1.1
-2.7
2.0
100.0
104.3
108.5
112.7
116.2
4.3
4.0
3.9
3.1
1988
1989
40 • March 1992
SURVEY OF CURRENT BUSINESS
"other funds" deficit is likely to decrease slightly,
to about $3O-$35 billion.
surplus or deficit, both when new escrow accounts are established and when withdrawals are
made.
Revised State and local government estimates
Statistical changes also affected the State and
local government estimates. The revised estimates reflect the incorporation of data from the
1982 benchmark input-output tables and the 1987
Census of Governments. For 1988-91, they also
reflect the incorporation of new and revised data
from regular sources that are usually incorporated at the time of the annual July revisions of
the NIPA'S. The major statistical changes were the
following:
The State and local government estimates in this
article reflect the results of the recent comprehensive revision of the NIPA'S, which was released
in December 1991. Most series are revised beginning with 1978, and many are revised for earlier
years. All constant-dollar series and price indexes
are revised to reflect a shift in the base period
from 1982 to 1987. The revised NIPA estimates reflect definitional and classificational changes and
statistical changes. These changes were described
in the September and December 1991 issues of
the SURVEY; the revised estimates for 1987-90
were presented in "National Income and Product
Accounts Tables, 1987-90" in the January 1992
issue.
Three definitional and classificational changes
affected State and local government receipts and
expenditures. First, receipts for certain services
provided by government—largely health and hospital charges, tuition, and park and recreation
charges—were reclassified as government sales,
which are treated as deductions from government purchases. Previously, the payments for
these services were treated as personal nontax
payments. In the revised estimates, payments for
goods and services similar to those provided by
the private sector are included in personal consumption expenditures or are treated as intermediate expenses of business. This change reduced
the estimates of both receipts and expenditures
of State and local governments; estimates of gross
purchases and sales for 1987-90 are shown in
table 3.9 in the January SURVEY.
Second, imputed financial services charges of
domestic security dealers were added to State
and local government purchases. These dealers do not charge explicit commissions on many
types of transactions; instead, their income is the
"spread," or the difference, between the cost of
acquiring a security and its sales value. Previously, this imputation had been made only for
individual domestic purchasers.
Third, Federal court-mandated escrow accounts were recognized as part of the government
accounts. In the revised estimates, withdrawals
from these accounts that represent payments to
State and local governments are recorded as Federal grants-in-aid. Previously, payments into the
escrow accounts were recorded as State and local government indirect business nontax receipts.
The change in treatment affects the government
• A new procedure to benchmark the estimates
of private and of State and local government
nonresidential construction was introduced.
The benchmark procedure, which uses information from the census of construction
industries, provided estimates of State and
local construction for 1982. Estimates from
annual Census Bureau surveys of State and
local government expenditures were used as
interpolators to prepare estimates of State
and local construction between 1974 and 1982
and as extrapolators to prepare estimates for
the years since 1982. The new procedure was
introduced in an effort to resolve a longstanding problem with the Census Bureau's
monthly construction put-in-place survey—
the need for benchmark estimates for most
types of nonresidential construction. The
new procedure resulted in higher estimates
of State and local government purchases of
structures for all years except 1975 and 1978.
• Interest earned by State and local governments on industrial development bonds was
transferred from rental receipts, which are
included in indirect business nontaxes, to interest received. The downward revisions to
indirect business nontaxes were largely offset
by the upward revisions to interest received.
• Wages and salaries of students who work for
public educational institutions and of other
State and local government employees not
covered by unemployment insurance were
added to employee compensation.
• Capital gains were excluded from interest
received by State and local government retirement systems for 1983-84; previously, the
exclusion went back to 1985. This change
reduced the estimates of interest received by
SURVEY OF CURRENT BUSINESS
social insurance funds; the estimates of capital gains of retirement systems for fiscal
years 1987-89 are shown in table 3.19 in the
January 1992 SURVEY.
Not all of these definitional, classificational,
and statistical changes affected the State and local government surplus on a NIPA basis. The
reclassification of government sales and of personal nontaxes resulted in equal and offsetting
revisions in receipts and in expenditures. The
transfer of interest earned on industrial development bonds from nontaxes to interest received
resulted in largely offsetting revisions. The higher
estimates of purchases of structures and of employee compensation, the addition of imputed
financial services charges of domestic security
dealers, and the lower estimates of interest received by social insurance funds reduced the NIPA
surplus. The change in the treatment of escrow
accounts reduced the surplus when the escrow
accounts mandated by Federal courts were established, and it raised the surplus when payments
were made to State and local governments from
the escrow accounts; the changed treatment af-
fected the State and local government accounts
for 1986 and later years.
The net effect of the revisions was to reduce
the State and local government surplus on a NIPA
basis for recent years. The NIPA surpluses for all
years since 1981 were revised down by more than
$5 billion. The largest cause of the revisions is
the higher estimates of purchases of structures.
For 1988,1989, and 1990, the downward revisions
in the NIPA surplus were $8.1 billion, $5.3 billion,
and $9.7 billion, respectively. The social insurance funds surpluses were also revised down for
recent years. For 1988,1989, and 1990, the downward revisions were $6.1 billion, $6.0 billion, and
$5.6 billion, respectively. The revisions resulted
from the revised estimates of capital gains and
the incorporation of new source data for social
insurance funds. The "other funds'' deficit was
revised down $2.0 billion in 1988, up $0.7 billion
in 1989, and down $4.1 billion in 1990. As a result
of the comprehensive revision, the fiscal position
of State and local governments as measured by
the "other funds" deficit shows less deterioration
in 1988 and in 1989, but greater deterioration in
1990, than previously indicated.
H
March 1992
• 41
Detailed Data on U.S. Multinational Companies
UJS. DIRECT INVESTMENT ABROAD:
1989 Benchmark Survey, Preliminary Results
This publication presents the preliminary results from the latest benchmark survey, or census, of the worldwide operations of U.S.
multinational companies. Benchmark surveys are BEA's most comprehensive surveys, both in terms of companies covered and
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The publication contains detailed 1989 data on the financial structure and overall operations of U.S. parent companies and their
foreign affiliates. In the 91 tables organized by country and by industry, you can find data on:
• Balance sheets and income statements
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U.S. )
• Property, plant, and equipment
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This publication provides some of the most detailed information on U.S. multinational companies collected by the U.S.
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March 1992
43
Capital Expenditures by Majority-Owned
Foreign Affiliates of U.S. Companies,
Plans for 1992
By Mahnaz Fahim-Nader
Laura A. March
fit ^AJORITY-OWNED FOREIGN affiliates of U.S.
prepared the
J \± companies plan to increase capital expendIxpSituL, using itures 4 percent in 1992, to $65.8 billion, after
computer
an estimated 3-percent increase in 1991 (table i,
programs designed chart i).1 The slow rates of spending growth in
by Jane M. Fry.
Capital Expenditures by
Majority-Owned Foreign
Affiliates of U.S. Companies
1991-92 follow 3 years of rapid expansion during
1987-90. The slowdown reflects sluggish economic activity abroad, as well as weakness in
the U.S. economy, which has reduced corporate
cash flow and constrained the ability of parent
companies to finance overseas operations. The
4-percent increase in spending projected for 1992
is about in line with the 5-percent increase in
domestic capital spending by all U.S. businesses
projected by the Census Bureau.2
Revisions for 1991
, ratio scale
100
60
70
60
50
LEVELS
40
30
20
10
8
7
6
I
i
I
I
I
I
I
I
I
I
I
Percent
30
20
PERCENT CHANGE IN TOTAL
EXPENDITURES
10
-20
r
198i$2 83 84 85 86 87 88 89 >90 01 92
Irajed • .-" : '. ' ' "-... ,/-V; - -•- •
.- - "" ;
hBttaatesamfor nonbank foreign aftttotes of^r*ba«kU.S/parieRt&,
U.S. Oepartment of Commerce, Bureau of Economic Analysis
The most recent estimates for 1991 are based on a
BEA survey conducted in December 1991; the previous estimates were based on a survey conducted
in June 1991. According to the latest survey,
planned spending for 1991 was 6 percent lower
than that reported 6 months earlier (table 2). The
weakness in economic conditions worldwide appears to have had a greater impact on the most
recent plans than on those made 6 months earlier,
perhaps because these conditions have continued longer than expected. Estimates were revised
downward for all industries except "other industries"; the largest revision was in manufacturing,
particularly in "other manufacturing," chemicals,
and transportation equipment. By area, estimates
for all major areas except "Other Africa" and "International" were revised downward; affiliates in
the European Communities (£0(12)) and Canada
1. Capital expenditures estimates are for majority-owned 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.) Capital expenditures include all expenditures that are charged to capital accounts and
are made to acquire, add to, or improve property, plant, and equipment. For
affiliates engaged in natural resource exploration and development, they also
include those exploration and development expenditures that are expensed
on the books of the affiliates. Capital expenditures are measured on a gross
basis; sales and other dispositions of fixed assets are not netted against them.
They are reported to BEA in current dollars and are not adjusted for price
changes in host countries or for changes in the value of foreign currencies.
2. The projected increase in capital spending by all U.S. businesses is from
a survey conducted in December 1991 by the Bureau of the Census. Although
the Census Bureau projection covers all U.S. businesses rather than only
U.S. parent companies, the available estimates of domestic capital spending
of parent companies (covering 1977 and 1982-89) are significantly correlated
with spending by all U.S. businesses.
SURVEY OF CURRENT BUSINESS
44 • March 1992
accounted for more than 80 percent of the total
revision.
In "Other Asia and Pacific," affiliates plan to
increase spending 15 percent in 1992, to $6.6 billion, after a 14-percent increase in 1991. Almost
all of the 1992 increase is accounted for by petroleum affiliates, whose spending has been stimulated by the area's growing demand for energy
resulting from its rapid economic development.
Plans for 1992
This section discusses the 1992 spending plans of
majority-owned foreign affiliates in two ways—
by area and by industry. In the analysis, information from outside sources, mainly press reports,
has been used to supplement BEA'S survey data.
Area highlights
In the Middle East, affiliates plan to increase
spending 11 percent, to $0.9 billion, after a 2percent increase in 1991. More than 80 percent of
the 1992 increase is accounted for by petroleum
affiliates.
By major geographic area, projected spending
changes in 1992 are quite mixed, ranging from a
15-percent increase in "Other Asia and Pacific" to
a 6-percent decrease in "Australia, New Zealand,
and South Africa." In no area is the 1992 growth
rate projected to equal the average annual rate
recorded during 1987-90 (table 3).
In Japan, affiliates plan to increase spending 9
percent, to $2.4 billion, after a 6-percent increase.
Spending increases by affiliates in wholesale trade
and "finance (except banking), insurance, and
real estate" are partly offset by a decrease in manufacturing, mainly in chemicals and nonelectrical
machinery.
Table 1.—Capital Expenditures by Majority-Owned Foreign Affiliates of U.S. Companies, 1987-92
Billions of dollars
Percent change from preceding year
1988
1991
1990
1989
Previous
plans2
Most recent
plans1
Actual expenditures
1987
1991
1992
24
21
19
3
4
10
36
19
11
26
41
14
23
7
24
21
-1
24
16
16
24
22
9
26
46
23
27
16
9
24
28
13
14
29
-1
13
18
-4
19
-3
-34
-7
5
-2
-7
23
5
30
3
-15
n
6
5
9
1
11
-3
7
6
11
9
-23
24
30
104
63
45
30
5
26
-18
-9
13
24
23
22
23
2
19
39
13
10
52
34
19
12
21
21
19
18
16
35
19
14
30
18
8
29
30
34
34
29
28
17
3
-25
18
11
23
-22
37
27
26
2
28
36
International5
94
Addendum-OPEC 6
21
Total
34,4
1990
1989
1988
Previous
plans2
Most recent
plans ]
Actual expenditures
1991
1992
1991
42.6
51.5
61.2
63.1
65.8
67.3
13.3
20.4
13.2
25.3
16.7
29.4
19.7
28.2
20.8
29.6
20.5
30.9
By industry
Petroleum
Manufacturing
Food and kindred products
Chemicals and allied products
Primary and fabricated metals
Machinery except electrical
Electric and electronic equipment
Transportation equipment
. .
....
Other manufacturing
Wholesale trade
Finance (except banking), insurance, and real
estate
Services
Other industries
9.8
17.2
13
4
8
14
1.5
3.7
.8
3.0
1.7
3.4
3.0
2.6
1.7
4.7
1.1
3.4
2.1
3.6
3.7
3.2
2.0
5.5
1.4
4.1
2.3
4.6
5.5
3.9
2.2
6.8
1.8
4.7
2.6
6.0
5.4
4.4
2.6
6.5
1.2
4.3
2.7
5.8
5.0
4.5
2.8
6.6
1.3
4.2
2.9
6.1
5.6
4.9
2.8
6.9
1.5
4.7
2.9
6.2
5.8
5.0
5
8
-10
-2
-8
8
1.0
1.7
2.1
.8
2.1
2.8
1.6
3.4
4.0
2.1
3.6
5.1
1.7
3.3
5.8
1.8
3.5
5.2
2.0
3.3
5.5
1
-12
4
3
-1
10
7
-7
12
6
11
3
1
4
3
6
3
-4
12
11
9
-6
10
11
7
25
8
6
27
11
29
22
13
50
45
22
10
9
3
2
14
10
5
5
11
15
12
9
2
10
18
23
11
13
5
-29
.4
.7
.9
1.0
1.1
1.1
.7
28
53
5
19
9
1.0
1.2
1.6
2.4
2.6
3.0
2.7
n
By area
Developed countries
Canada
Europe
.
.
European Communities (12) 3
France 4
Germany
United Kingdom
Other
Other .
..
Japan
Australia, New Zealand, and South Africa
Developing countries
Latin America and Other Western Hemisphere
Other Africa
Middle East
Other Asia and Pacific
* Less than 0.5 percent (±).
1. Based on BEA survey taken December 1991.
2. Based on BEA survey taken June 1991.
3. European Communities (12) comprises Belgium, Denmark, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, Spain, and the United Kingdom.
4. Prior to 1990, this line includes data only for the Federal Republic of Germany. Beginning
in 1990, this line also includes the former German Democratic Republic (GDR). This change has
no effect'on the,data because',.prior to 1991, there were no majority-owned affiliates of U.S. com-
!2
27.3
6.5
17.7
16.1
33.9
7.9
21.5
19.8
2.3
3.3
6.2
4.3
1.6
1.2
1.9
2.4
3.9
8.6
4.8
1.8
1.8
2.6
6.7
3.3
.7
.5
2.2
8.0
3.6
.9
.4
3.0
40.4
8.9
26.1
24.0
2.8
4.6
10.0
6.5
2.1
2.0
3.4
10.2
4.6
.9
.5
4.1
47.9
9.6
33.7
31.2
3.8
6.2
12.9
8.3
2.5
2.1
2.6
12.4
5.1
1.4
.8
5.1
48.4
8.4
34.9
32.2
3.8
6.8
13.8
7.8
2.7
2.2
2.8
13.6
5.6
1.5
.8
5.8
49.8
8.5
36.1
33.1
4.0
7.1
13.3
8.7
3.1
2.4
2.7
14.9
5.9
1.5
.9
6.6
52.8
9.6
37.6
34.5
4.1
7.7
13.9
8.8
3.1
2.3
3.3
13.8
5.6
1.4
.8
6.0
panies in the former GDR.
5. "International" affiliates are those that have operations in more than one country and that
are engaged in petroleum shipping, other water transportation, or operating movable oil- and gasdrilling equipment.
6. OPEC, the Organization of Petroleum Exporting Countries, 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.
SURVEY OF CURRENT BUSINESS
In "Latin America and Other Western Hemisphere," affiliates plan to increase spending 5
percent, to $5.9 billion, after a 9-percent increase
in 1991. Almost all of the increase is accounted
for by affiliates in Mexico and Brazil. In Mexico,
most of the increase is in manufacturing, particularly in transportation equipment. In Brazil,
increases are projected in several manufacturing
industries after decreases in 1991; the turnaround
appears to be partly due to a relaxation of import
controls and to other policies favorable to foreign
direct investment.
In Europe, affiliates plan to increase spending
4 percent, to $36.1 billion, after a similar increase
in 1991. In the £0(12), spending by affiliates is
projected to grow only 3 percent in 1992, the
same as in 1991. Within the Ec(i2), increases
in spending in several countries—particularly
Spain, Germany, France, and the Netherlands—
are expected to be partly offset by a decrease
in the United Kingdom. Although the dollar
amounts involved so far are small, capital spending by affiliates in Europe has to some extent been
stimulated by market-oriented economic reforms
in Eastern Europe and the opening of the region
to foreign direct investment. A few U.S. parent
companies have begun to establish production facilities within the region; others have chosen to
serve these markets initially by expanding existing
affiliates located in Western Europe.
In Canada, affiliates plan to increase spending i
percent, to $8.5 billion, after a 12-percent decrease
in 1991, Sluggish economic conditions continue
to restrain spending in several industries.
In "Australia, New Zealand, and South Africa,"
affiliates plan to decrease spending 6 percent, to
$2.7 billion, after an ii-percent increase in 1991.
Most of the decrease is in Australia, mainly in
petroleum.
Industry detail
Petroleum.—Petroleum affiliates plan to increase
spending 6 percent in 1992, to $20.8 billion, after an iS-percent increase in 1991 and an average
annual increase of 19 percent during 1987-90.
The 1992 increase is in sharp contrast to a 14percent decline in domestic capital spending projected by the Census Bureau for U.S. petroleum
companies.3 These spending patterns reflect a
continuing emphasis by U.S. parent companies
on overseas exploration and development; this
emphasis has occurred partly because exploitable
oil and gas reserves abroad are larger than those
in the United States, partly in response to favorable financial incentives and production licenses
by host governments, and partly because environmental regulations are less restrictive in some
countries than in the United States. However, the
recent weakness in oil prices—a consequence of
3. This figure is from the Census Bureau survey identified in footnote 2.
The data from this survey, like the BEA data for foreign affiliates, are classified
according to the primary activity of each company. Although the Census Bureau figure is only for companies classified in petroleum manufacturing, these
companies include the large, integrated companies that account for much of
the total activity in the domestic petroleum industry. Therefore, the inclusion
of smaller, independent companies primarily engaged in extraction (included
in mining) or other phases of the industry probably would not eliminate the
difference between the changes in domestic and foreign expenditures.
Table 3.—Growth Rates in Capital Expenditures by
Majority-Owned Foreign Affiliates of U.S. Companies,
1987-90,1991, and 1992
Table 2.—Revisions to Capital Expenditures Estimates,
1991
Billions of
dollars
Date of BEA survey: '
June 1990
December 1990
June 1991
December 1991
566
61 2
673
63.1
Percent
change from
preceding
year
1
6
10
3
Percent
Average Percent change from
preceding year
annual
growth
rate for
1992
1991
1987-90
Total .
21
3
4
19
20
19
18
-4
n
6
5
9
27
29
33
-18
-9
13
5
8
-10
14
24
25
15
21
10
16
24
13
31
38
-12
4
3
12
6
11
9
3
2
14
13
1
4
3
11
9
-6
5
5
11
15
5
By industry
Petroleum
Manufacturing
Wholesale trade
Finance (except banking), insurance, and real
estate
Services
Other industries
By area
Addenda:
Revision from previous to most recent estimate
-6
Revision from first to most recent estimate
11
1. The results of each survey are published 3 months later in the SURVEY OF CURRENT
BUSINESS. Currently, the initial spending estimate for a given year is based on a survey
conducted in December of the preceding year. Previously, initial estimates were based on a
survey conducted in June of the preceding year, but a study of affiliate budgeting cycles
showed that the June survey was too early to obtain reliable estimates for the year ahead.
The 1991 estimate based on the June 1990 survey is the last initial estimate prepared
according to the previous schedule. (For more information, see page 34 of "Capital
Expenditures by Majority-Owned Foreign Affiliates of U.S. Companies, Revised Estimates for
1991" in the September 1991 SURVEY.)
March
Canada
Europe
European Communities (12)
Other
Japan . . . .
Australia, New Zealand, and South Africa
Latin America and Other Western Hemisphere
Other Africa
Middle East
Other Asia and Pacific
International
* Less than 0.5 percent (±).
45
4-6 • March1992
SURVEY OF CURRENT BUSINESS
the oil glut that has developed during the current
period of weak worldwide industrial activity—
apparently is constraining growth in planned
spending abroad.
Spending increases by affiliates in petroleum
are planned in "Other Asia and Pacific," Europe,
and the Middle East. More than 80 percent of
the total increase is accounted for by affiliates in
"Other Asia and Pacific," which plan to increase
spending 34 percent, to $3.9 billion. An increase
in oil exploration and development activity in Indonesia, the expansion of refineries in Thailand
and Singapore, and the development of natural
gas fields in Malaysia have all contributed to the
region's spending increase. In Europe, affiliates
plan to increase spending 2 percent, to $10.1 billion; affiliates in the Netherlands and Germany
more than account for the increase. In the North
Sea area, exploration and development activity is
expected to continue at about the record levels set
in 1991, as an increase in spending by Norwegian
affiliates is projected to slightly more than offset a decrease by British affiliates. In the Middle
East, the planned spending increase is mainly for
the exploration and development of oil reserves
in Yemen.
Spending decreases are planned by affiliates in
Australia and Canada. In Australia, affiliates plan
to decrease spending 10 percent, to $0.9 billion.
In Canada, affiliates plan to decrease spending
5 percent, to $2.0 billion. In both countries,
the decreases mainly reflect postponement of investment projects until business conditions have
improved.
Manufacturing.—Manufacturing affiliates plan to
increase spending 5 percent in 1992, to $29.6 billion, after a 4-percent decrease in 1991 and a 20percent average annual increase during 1987-90.
The 1992 increase is above the 3-percent increase
in domestic capital spending projected by the
Census Bureau for all U.S. manufacturing companies (excluding petroleum manufacturing). By
area, most of the increase will occur in the Ec(i2);
an increase is also expected in "Latin America
and Other Western Hemisphere." Decreases are
expected in Canada and Japan.
Increases in spending are planned in all major manufacturing industries except nonelectrical
machinery. In "other manufacturing," affiliates
plan to increase spending 11 percent, to $5.6 billion, after a /-percent decrease in 1991. Large
spending increases are planned by producers of
consumer nondurables in Germany, France, and
the Netherlands for a variety of projects, including the modernization of a formerly State-owned
cigarette factory in eastern Germany that was
recently acquired by a U.S. company.
In primary and fabricated metals, affiliates plan
to increase spending 11 percent, to $1.3 billion,
after a 34-percent decrease. Manufacturers of
primary aluminum in Brazil and of fabricated
products in Spain account for a large portion of
the overall increase.
In food products, affiliates plan to increase
spending 9 percent, to $2.8 billion, after a 19percent increase. The increase is centered in
Europe, where U.S. producers of soft drinks and
breakfast cereals continue to expand their presence. Soft drink producers also are expanding
their capacity in Japan.
In electric and electronic equipment, affiliates
plan to increase spending 7 percent, to $2.9 billion, after a 5-percent increase. Particularly large
spending is planned in the household-appliance
industry in the £0(12), where production facilities
are being overhauled to produce new standardized products for sale throughout the £0(12) in
response to provisions of the Ec(i2)'s 1992 singlemarket initiative. (Previously, each country had
its own technical standards for goods sold within
its borders.) Producing for a wider market
should yield economies of scale and, ultimately,
lower costs, which, if passed on to consumers,
could increase affiliates' market share.
In transportation equipment, affiliates plan to
increase spending 6 percent, to $6.1 billion, after
a 2-percent decrease in 1991. In Europe, spending
is expected to increase only i percent, after sharp
increases in recent years. Automobile producers
are continuing projects to introduce new models and to increase production efficiency, partly
in response to rising competition from Japaneseowned producers in Europe. Within the Ec(i2),
sizable increases are planned by affiliates in Spain
and Germany. A large decrease is planned by
affiliates in the United Kingdom, where recessionary conditions have weakened sales. Outside
Europe, affiliates in Mexico and, to a much lesser
extent, Brazil plan increases. In Mexico, factors
that appear to have stimulated spending include
a booming auto market, more favorable government policies toward foreign investment, and the
prospects for a free-trade agreement with Canada
and the United States.
In chemicals, affiliates plan to increase spending i percent, to $6.6 billion, after a 3-percent
decrease. The small 1992 increase is the net result
of increases in drugs and toiletries and decreases
in industrial chemicals. Industrial chemical producers have been experiencing overcapacity, as
SURVEY OF CURRENT BUSINESS
rapid expansion during 1987-90 has been followed by a weakening of demand resulting from
sluggish worldwide industrial activity.
In nonelectrical machinery, affiliates plan to
decrease spending 3 percent, to $4.2 billion, after
a /-percent decrease. The decreases in both years
mostly reflect reductions planned by computermanufacturing affiliates, particularly in Canada
and Japan.
All other industries.—In all other industries combined, affiliates plan to increase spending i percent in 1992, to $15.4 billion, after virtually no
change in 1991. In wholesale trade, affiliates plan
to increase spending 9 percent, to $4.9 billion,
after little change in 1991; the largest increases are
in Canada and Japan.
In services, affiliates plan to increase spending
8 percent, to $3.5 billion, after a 9-percent decrease. More than one-half of the increase is in
the United Kingdom.
In finance (except banking), insurance, and
real estate, affiliates plan to increase spending 5
percent, to $1.8 billion, after an 18-percent decrease. Most of the increase is in Japan and
Canada; affiliates in the EC(12) plan decreases.
In "other industries," affiliates plan to decrease spending 10 percent, to $5.2 billion, after
a 13-percent increase.4 About 80 percent of the
planned decrease is in the United Kingdom and
"Other Asia and Pacific."
Tables 4.1, 4.2, and 4.3 follow.
E2
4. "Other industries" consists of agriculture, forestry, and fishing; mining; construction; transportation, communication, and public utilities; and
retail trade.
March 1992 •
47
• March 1992
SURVEY OF CURRENT BUSINESS
Table 4.1—Capital Expenditures by Majority-Owned Foreign Affiliates of U.S. Companies in 1990'
[Millions of dollars]
Manufacturing
All indus- Petroleum
tries
All countries
Food and
kindred
products
Total
Electric
Primary
Machinand fabri- ery, ex- and electronic
cept eleccated
equiptrical
metals
ment
Chemicals and
allied
products
Finance
(except
banking),
WholeOther
sale trade nsurance,
manufacand real
turing
estate
Transportation
equipment
Services
Other ir
dustrie;
61,235
16,665
29,353
2,179
6,753
1,806
4,664
2,574
5,954
5,423
4,4- 15
2,077
3,597
5,0$
47,922
10,987
24,582
1,622
5,786
1,368
4,102
1,665
5,384
4,655
3,8- (1
1,822
3,232
3,41
Canada
9,586
2,679
4,332
267
991
568
189
905
n
2 72
419
381
1,5(
Europe
33,681
7,499
17,984
1,201
4,219
757
(°)
3,053
1,100
4,335
3,318
2,9 69
1,265
2,352
1,6
31,218
1,664
296
3,825
6,189
58
523
2,057
67
2,205
143
1,333
12,856
6,389
111
65
264
335
17,480
1,144
65
2,428
4,662
34
439
1,111
50
1,473
73
1,045
4,956
1,146
35
35
128
126
17
19
85
0
184
14
100
402
4,159
675
(D)
715
671
12
147
319
(°)
24
(D)
104
251
0
25
27
H
83
1
(D)
196
n
187
2,6 23
155
77
5 73
3 75
12
10
4 11
1,099
2,094
139
1,5
(
fl
361
2(
3'
(
504
60
55
12
0
0
60
(D)
3
6
13
16
(D)
0
Developed countries
...
European Communities (12) .
Belgium
Denmark
France
Germany2
Greece
Ireland
Italy
Luxembourg
Netherlands
Portugal
Spain
United Kingdom
Other Europe
Austria
Finland
Norway
Sweden
Switzerland
Turkev
Other
.
.
.
2,464
170
83
1,075
248
668
146
73
B
R
306
18
(D)
5,054
1,110
n
(D)
983
7
B
n
6
18
25
20
5,390
4,771
557
5,134
901
3,169
468
3,313
340
2,083
299
265
45
47
186
47
1,177
1,026
16
135
618
131
256
9
124
37
(D)
37
(°)
31
1
7
23
2,237
145
1,636
208
106
4
12
119
8
901
840
4
57
644
253
2
2
6
0
(D)
32
1
0
South America
Argentina
Brazil .
Chile ..
Colombia
Ecuador
Peru ..
Venezuela
Other .
Central America
Mexico
Panama
Other
Other Western Hemisphere
Bahamas
Bermuda
Jamaica
Netherlands Antilles
Trinidad and Tobago
United Kingdom Islands, Caribbean
Other.
Other Africa
Saharan .
Egypt .
Libya .
Other .
Sub-Saharan
Liberia
Nigeria
Other .
Middle East
Israel
Saudi Arabia
United Arab Emirates
Other
Other Asia and Pacific
Hong Kong
India
Indonesia
Malaysia
Philippines
Singapore
South Korea
Taiwan ...
Thailand
Other
International3
Addendum-OPEC4
* Less than $500,000.
D
Suppressed to avoid disclosure of data of individual companies.
1. See footnote 2, table 1.
2. See footnote 4, table 1.
§
3
',!
264
1,414
316
257
0
59
1,097
2
203
893
760
113
37
156
454
5,050
561
24
1,454
807
180
614
319
343
377
369
n
0
318
292
9
17
12,359
Latin America and Other Western Hemisphere
0
0
259
R
fl
438
562
909
684
395
375
207
294
65
150
4
17
1
1
50
6
171
139
1
31
509
32
347
336
2
358
134
3
126
3
0
0
24
1
0
f]
0
2
9
<r!
152
144
2
6
n
0
r
2
4
8
53
1
5
1
0
0
(°r])
•30
9
10
2
1
0
3
12
2
1
0
1
10
0
0
10
71
70
1
2
2
1
0
0
n
0
n
8
1,492
80
16
(°)
190
119
382
276
258
105
(D)
74
272
33
155
52
n
619
0
IS
n
2,559
i°)
6
1,192
603
18
120
1
n
245
954
(°)
288
2,441
1,994
8
n
3
967
38
9
7
0
3
29
0
2
27
200
814
65
54
'l
1
1
2
9
3
24
10
17
7
<1
(
1
0
n
D
()
2
1
S
20
43
22
97
31
24
17
47
0
1
R
0
1
0
8
16
16
0
n
0
0
0
0
0
0
0
0
j
0
8
0
0
8
n
0
n
1
0
0
(
1
n
3
:
!
1
0
n
186
9
i
ifl
1
( 0)
17
7
1
5
n
D
3
163
823
0
1
0
7
R
?,
i
«
3
137
134
Q
2
(D
30
23
22
1
0
(
10
544
745
5
112
154
27
n
0
353
fl
1,014
1
<3
4,305
49
2
' 113
1,733
0
15
118
0
7
14
380
1,874
(D)
36
31
1
4
D
( )
1,311
297
245
54
18
i t
47
£
630
i
fl
106
103
0
3
2,556
2,303
171
81
76
(n
808
748
21
39
2,100
Australia New Zealand and South Africa
Australia
New Zealand
South Africa
ft
n
53
224
78
4
a°)
((°)
R
1,046
42
fl
Q
255
0
166
100
74
(D)
1,458
Japan
Developing countries
n
596
17
210
776
2,975
133
0
714
912
0
68
332
3
R
n
(D)
n
0
0
(D
^
R
62
62
n
n
0
639
27
0
1
153
37
191
60
130
41
8
Q
727
&
%
4«
f
(
3 45
62
33
37
47
159
I
166
258
6
°!
n
(D0)
n
(D)
214
2
0
f]
i
898
fl
i
(
72
73
275
219
i°!
67
56
10
0
426
416
9
1
570
768
603
255
365
9
498
542
270
132
294
3
210
3
198
396
(D)
340
177
75
48
1
1
20
8
R
78
326
0
1
0
0
0
0
0
J
69
163
146
10
7
n
fj fl n
'<•!
0
73
73
0
1
n
128
25
130
7 55
112
(*)
1
288
288
0
0
142
128
1
13
0
0
0
0
0
0
0
0
4
0
0
1
0
1
0
3
0
0
0
0
0
0
0
0
0
5
(°)
0
0
B
fj
(>
72
215
30
0
0
0
(D)
(D1
23
3
88
73
4
11
5
1
'3
]
0
q
30
28
89
n
n
0
5
0
R
fl
n
8
a
8 4
2
D\
4
°1
£
°!
5
0
0
0
0
0
n
0
24
79
18
(°)
°1
1
)
D
2 88
80
R
6
4
78
38
']
1
2
1
(D)
29
I
fl
(
S"j
(
3
1
0
3
I
(
•
0
i
122
'!
0
3
(D)
(
n
p
]
1
(n)
45
9
0
G|
5
2
2
°l
24
4
n
n
17
0
8
n
4
n
42
g
23
a|
(
jj
?
n
q 3
s
n
]
(D
(
n
3. See footnote 5, table 1.
4. See footnote 6, table 1.
NOTE.—Estimates are for majority-owned nonbank foreign affiliates of nonbank U.S. parents.
1
D\
0
e
7
SURVEY OF CURRENT BUSINESS
March 1992
•
Table 4.2—Capital Expenditures by Majority-Owned Foreign Affiliates of U.S. Companies in 1991'
[Millions of dollars]
Manufacturing
All indus- Petroleum
tries
All countries
Food and
kindred
products
Total
Chemicals and
allied
products
Electric
Primary
Machinand elecand fabri- ery, extronic
cated
cept elecequipmetals
trical
ment
Transportation
equipment
Finance
(except
banking),
WholeOther
manufac- sale trade insurance,
and real
turing
estate
Services
Other i
dustrie
63,052
19,668
28,203
2,602
6,523
1,194
4,337
2,712
5,810
5,024
4,454
1,710
3,263
5,7
48,405
13,291
23,589
1,951
5,600
780
3,863
1,811
5,241
4,343
3,645
1,408
2,868
3,6
Canada
8,431
2,115
3,770
248
1,029
270
320
172
1,028
702
252
219
583
1,4
Europe
34,911
9,902
17,339
1,460
3,739
470
2,998
1,202
4,051
3,420
2,832
1,098
2,045
1,6
32,164
1,409
276
3,781
6,835
73
570
1,741
72
2,068
155
1,407
13,778
8,427
73
(D)
327
392
7
60
(D)
(D)
371
19
48
6,881
16,832
963
72
2,327
5,081
45
418
1,110
60
1,306
82
988
4,380
1,420
39
49
139
278
27
28
70
0
271
21
108
392
3,674
489
8
533
608
15
157
341
7
461
23
199
833
456
19
5
56
138
0
16
35
2
51
2,909
93
0
710
839
0
108
324
(D)
96
1,116
44
(D)
114
220
1
45
79
1
178
(D)
80
342
(D)
101
1
148
1,922
0
9
90
0
7
D)
2,444
165
100
552
548
13
12
209
978
1,883
132
D
)
307
1,6
Developed countries .
European Communities (12)
Belgium
Denmark
France
Germany 2
Greece
Ireland
Italy .
Luxembourg
Netherlands
Portugal
Spain
United Kingdom
Other Europe
Austria
Finland
Norway
Sweden
Switzerland
Turkey
Other
2,748
227
64
1,417
237
533
115
154
1,476
8
1,318
(°)
16
40
19
508
50
8
147
120
34
127
40
12
•0
C)
4
(D)
(D)
2
65
6
a
13
26
C3)
3
8
110
14
9
n
R
2
3
0
89
630
89
4
1
1
(D)
H
0
2
85
9
8
14
0
n
320
1,378
D
179
D
)
27
1,076
2
54
170
n
2 42
ffl
696
D
n
124
24
145
551
( )
3
0
0
1
0
2
(D)
15
( )
8
3
6
37
62
5
(n)
80
387
101
40
53
144
DJ
5
n
( )
D
51
144
7
(D)
40
1
95
2
5
559
120
322-
2
3
P
93
D
)
102
26
59
796
1
6
162
n
(
a
1
117
0
103
(
n
4
0
(
Japan
2,216
(D)
1,544
90
424
14
511
409
337
45
D
Australia, New Zealand, and South Africa
Australia
New Zealand
South Africa
2,847
2,572
170
105
(D)
981
936
881
17
38
154
150
0
4
407
383
8
15
26
21
1
4
34
28
147
144
n
2
142
128
6
8
224
187
32
5
45
36
9
0
D
n
5
28
27
1
0
)
149
D
)
1
(
3
13,569
5,965
4,613
651
924
414
474
901
569
680
809
302
395
1,4
5,578
1,047
3,013
539
670
361
272
157
513
502
407
195
306
6
3,265
363
1,739
420
265
76
70
220
112
1,496
1,141
54
301
652
121
208
(|:>)
142
54
2,002
170
1,337
269
75
4
7
131
10
957
902
6
50
360
74
186
3
29
1
1
59
7
176
149
2
25
399
33
280
323
(D)
\D)
v)
5
1
1
6
230
71
2
63
D
( )
252
2
236
(*)
2
367
D
)
i
i
13
70
61
D
)
54
2
2
0
12
216
2
6
33
1
4
261
0
0
P
b
)
18
1
130
116
1
14
2
0
0
47
1
0
(D)
n
0
0
0
0
0
0
0
0
0
4
0
0
1
0
1
0
2
182
37
54
(D)
°)
(D)
D
)
31
(D)
2 19
D
)
D
)
°)
6
1
0
0
0
0
0
0
0
0
0
D)
DJ
Developing countries
Latin America and Other Western Hemisphere
South America
Argentina
Brazil
Chile
Colombia
Ecuador
Peru
Venezuela
Other
Central America
Mexico
Panama
Other
Other Western Hemisphere
Bahamas
Bermuda
Jamaica
Netherlands Antilles
Trinidad and Tobago
United Kingdom Islands, Caribbean
Other
Other Africa
Saharan
Egypt
Libya
Other
Sub-Saharan
Liberia
Nigeria
Other
35
5
8
22
817
(D)
M
58
2
127
44
321
359
6
2
(D)
0
113
7
1,456
411
328
1,349
390
314
&
8
54
1
0
(D)
(/
1
fl
n
n
1
0
1
39
11
8
0
2
28
0
4
24
17
4
4
0
1
12
0
3
10
4
4
1,045
4
456
585
959
(*)
451
508
Middle East
Israel ....
Saudi Arabia
United Arab Emirates
Other ....
778
100
36
89
552
644
0
11
86
547
60
57
3
(*)
Other Asia and Pacific
Hong Kong
India ....
Indonesia
Malaysia
Philippines
Singapore
South Korea
Taiwan .
Thailand
Other ...
5,757
727
20
1,590
933
203
755
231
364
486
449
2,925
(D)
5
1,239
638
(D)
202
1
1
336
359
.1,501
71
15
(D)
283
120
365
187
287
106
(D)
91
(D)
International3
1,078
2,564
1,968
182
64
25
1
(D)
32
n
224
o
0
0
n
(
?
3
0
(D)
5
0
1
4
n
38
0
0
n
0
0
0
8
1
1
0
1
(D)
0
n
0
0
1
n
43
42
0
n
0
0
0
0
0
0
0
0
(*)
n
n
0
0
(°)
(D)
(*)
0
(*)
n
3
n
0
n
n
1
n
0
0
0
n
244
7
4
13
20
49
20
55
45
17
14
43
(D)
1
201
5
7
2
3
D
( )
0
47
9
7
0
0
7
n
n
n
4
0
86
84
0
1
1
0
0
0
0
0
:
i)
2
1
1
0
0
1
0
n
n
261
0
0
4
0
(*)
4
n
3
n
1
n
(D6)
3
0
4
(D)
n
19
9
1
n
0
(D0
)
n
0
D1
)
n
()
H
(°)
6
n
n
n
n
H
(D)
( ;
0
0
* Less than $500,000.
D
Suppressed to avoid disclosure of data of individual companies.
1. See footnote 1, table 1.
2. See footnote 4, table 1.
n
n
0
0
o
1
3
23
3
17
14
(D)
10
3
n
3
n
8
n
1
'DJ
48
48
0
0
0
0
0
h
n
0
0
56
2
90
3
14
6
2
695
25
0
1
200
33
219
32
153
31
1
0
0
0
(D)
4
(D)
0
0
171
28
4
2
ID
)
13
n
5
n
0
D
H
)
n
n
0
n
0
'DJ
74
i°)
11
n
1
(D)
3
n
0
3
(
1
(
I
)
1
D
'
32
(b)
n
'
D
(
)
°)
°)
3
1
J)
4
D)
4
4
P
)
b
412
Addendum—OPEC4
(D)
n
)
(
0
0
D\
(D)
/DJ
DJ
(°)
( )
l)
°)
D
)
1
4
n
n
n
366
74
104
28
53
9
0
4
1
n
2
I?
6
8
135
39
'DJ
31
D
!)
n
20
63
n
n
D2
(18)
n
n
n
0
3. See footnote 5, table 1.
4. See footnote 6, table 1.
NOTE—Estimates are for majority-owned nonbank foreign affiliates of nonbank U.S. parents.
8
n
33
1
1
5
0
3
(D)
2
(
(
6
3
5O • March 1992
SURVEY OF CURRENT BUSINESS
Table 4.3—Capital Expenditures by Majority-Owned Foreign Affiliates of U.S. Companies in 1992'
[Millions of dollars]
Manufacturing
All indus- Petroleum
tries
Food and
kindred
products
Total
Finance
(except
banking),
WholeOther
sale trade nsurance,
manufacand real
turing
estate
Electric TransporPrimary
Machinand fabri- ery, ex- and electation
tronic
cated
cept elecequipequipment
metals
trical.
ment
Chemicals and
allied
products
Other in
dustries
Services
All countries
65,772
20,802
29,583
2,845
6,589
1,321
4,210
2,913
6,141
5,565
4,874
1,801
3,509
5,2C
Developed countries
49,751
13,306
24,443
2,198
5,560
843
3,768
1,910
5,364
4,800
4,066
1,483
3,133
3,3J
Canada
8,517
2,007
3,592
(D)
844
201
234
208
1,112
P)
551
284
617
1,4*
Europe
36,126
10,119
18,444
1,709
3,911
600
3,077
1,244
4,108
3,794
2,836
1,003
2,261
1,4(
33,072
1,435
318
4,015
7,069
68
786
1,881
90
2,219
183
1,724
13,285
8,605
72
17,936
981
73
2,571
5,298
40
566
1,240
76
1,335
90
1,279
4,385
1,652
89
50
188
347
25
85
72
0
234
20
137
403
3,832
520
6
584
578
12
276
384
7
407
23
175
861
583
(D)
2,977
66
0
758
827
0
58
407
P)
91
P)
81
667
1,147
4,082
62
1
139
2,037
0
5
96
0
3,663
164
2,270
177
105
475
460
12
12
215
806
P)
2,112
127
P)
346
363
1
P)
95
9
127
30
52
925
1,3'
3,054
394
67
1,464
249
667
109
104
1,514
508
60
57
28
0
80
6
17
100
4
1
97
8
29
P)
153
153
46
64
Japan
2,419
(D)
1,489
p>
Australia New Zealand and South Africa
Australia
New Zealand
South Africa
2,688
2,387
181
120
(D)
879
919
851
20
48
14,892
6,995
5,853
3,387
383
1,881
284
276
104
100
228
131
1,751
1,465
71
215
714
230
283
4
European Communities (12)
Belgium
Denmark
France
Germany2
Greece
Ireland
Italy
Luxembourg
Netherlands
Portugal
Spain
United Kingdom
Other Europe . . . .
Austria
Finland
Norway
Sweden
Switzerland
Turkey
Other
Developing countries
Latin America and Other Western Hemisphere
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 Kinqdom Islands Caribbean
Other
.
P)
67
3
( )
10
174
D
&
489
8
59
(D)
447
27
39
6,840
8
8
p)
P)
8
13
n
32
1
102
541
1,157
834
141
26
211
435
26
9
0
0
1
0
P)
P)
131
6
-3
10
30
72
4
7
566
276
36
38
59
146
7
3
197
n
25
10
P)
3
0
8
T
344
8
n
149
P)
1!
!
12
429
419
10
P)
461
127
P)
(
132
127
0
5
407
379
9
19
29
19
1
9
27
23
n
4
39
38
1
0
134
131
1
2
150
133
8
9
219
169
43
8
67
58
9
0
iQ
2
R
(
5,139
647
1,028
478
442
1,003
777
764
807
318
376
1,2
964
3,511
523
767
421
254
242
731
573
343
199
298
5
630
111
142
P)
161
82
P)
23
2,237
201
1,544
P)
335
96
156
4
19
1
1
51
7
184
157
2
26
416
46
277
5
33
1
6
46
1
P)
290
378
(J
232
164
2
147
1
281
P)
257
430
21
357
P)
19
180
30
60
17
P)
53
20
28
P)
49
4
41
2
fl
29
8
3
0
0
P)
8
B
5
19
27
n
0
P)
(D)
n
4
9
167
10
P)
1,158
(D)
48
P)
D0
()
n
fl
1
0
2
(
1
n
0
0
0
0
4
3
0
1
7
0
1
6
10
3
3
0
1
6
0
0
6
1
1
2
p)
11
Other Asia and Pacific
Hona Kona
6,641
737
26
1,897
1,011
245
988
225
337
664
511
3,916
P)
1,508
77
20
(D)
260
119
331
185
269
155
P)
101
3
0
1
4
27
4
18
23
17
249
11
2
29
12
40
30
43
56
16
12
237
59
78
International3
1,128
3,045
2,490
<3
n
0
n
0
0
45
9
<(
1
«i
2
P)
8
0
n
0
0
n
n
22
22
0
n
0
0
0
0
0
0
0
0
8
0
n
0
n
0
i
n
0
0
n
fl
P)
0
78
76
0
1
1
0
0
0
0
0
8
2
1
1
0
0
1
0
n
n
61
61
8
0
187
3
6
P)
P)
2
98
3
11
18
4
698
29
0
1
216
37
165
41
156
5C
P)
14
Q
(
'l
n
35
3
157
P)
450
0
0
2
139
125
1
13
0
0
0
0
0
0
0
0
4
0
0
1
0
1
0
2
']
n
0
0
0
0
0
0
0
0
0
4
q
<8
0
0
0
0
0
46
n
0
0
0
0
P)
6
P)
0
0
n
0
0
n
4
0
0
5
5
n
0
0
182
23
P)
2
P)
13
a
6
1
(
i
3
n
<;j
p)
p)
8
2
2
427
80
n
P)
24
8
P)
175
35
37
38
P)
32
75
8
8
196
0
(
Di
T
<<>;>>
5
8
:
(!i
1
6
8
0
0
2
n
0
2
8
n
115
P)
8
PI
'<]
1
s
(
('
(
I
n
P)
(
3
1
0
3
4
(
<i
P)
4
4
(
n
n
i
fl
8
(
3
1
(
51
7
0
6
n
n
1
D
3c
2
26
36
p;
1
5
0
;1
7
502
Addendum—OPEC4
c
n
4
T0
7
4
4
0
0
1,606
736
(D)
410
1
3
450
435
n
43
38
T0
78
71
6
8
1
2
9
0
726
0
15
92
619
,'.
3!
399
864
104
42
96
622
* Less than $500,000.
D
Suppressed to avoid disclosure of data of individual companies.
1. See footnote 1, table 1.
2. See footnote 4, table!.
3. See footnote 5, table 1.
(
2,
3-
0
3
Middle East
Israel
Saudi Arabia
United Arab Emirates
Other
India ..:.;.:.;:::.::...:
n
7r]
86
a
16
7
6
0
1
9
0
2
7
Indonesia
Malaysia
PhiijQDines
Singapore
South Korea
Taiwan
Thailand
Other
8
fl
1,160
2
79
151
47
(
0
34
P)
43
16
14
0
2
27
0
3
23
....
,'ai
%
P)
1
S»j
1,388
369
289
0
80
1,020
1
519
500
.
P)
66
8
130
210
1
56
94
1
194
9
71
336
fl
B
fl
1,370
1,535
397
310
0
86
1,138
5
524
609
Other Africa
Saharan
Eavot
Libya
Other
Sub-Saharan
Liberia
Nigeria
Other
62
138
0
6
37
6
13
P)
4. See footnote 6, table 1.
NOTE.—Estimates are for majority-owned nonbank foreign affiliates of nonbank U.S. parents.
SURVEY OF CURRENT BUSINESS
March 1992
U.S. International Transactions,
Fourth Quarter and Year 1991
By Christopher L Bach
Fourth Quarter 1991
lar, declining 6-8 percent against the German
mark and the European currencies linked to it,
and 5 percent against the Japanese yen (table B,
chart i). The depreciation reflected continued
weakness in the U.S. economy and sharply lower
U.S.interest rates. The U.S. dollar appreciated i
percent against the Canadian dollar.
Depreciation occurred in November and December, as evidence accumulated that domestic
growth would be below expected ranges, as
consumer confidence declined, and as market
participants expected interest rates would fall further. To counter weakness in the economy, the
Federal Reserve Board reduced the federal funds
rate from 5.25 percent to 5.00 percent on October
30 and to 4.75 percent on November 6, bringing
the cumulative decline to 2.50 percentage points
in 11 months. A 120-point decline in the Dow
Jones industrial stock market average on November 15 reinforced the gloomy outlook for the U.S.
economy and expectations of further interest rate
HE u.s. CURRENT-ACCOUNT deficit was $10.3
L billion in the fourth quarter, down from
$11.6 billion (revised) in the third (table A).1 A
decline in the merchandise trade deficit, augmented by a small decline in net outflows for
unilateral transfers, more than accounted for the
reduction. Partly offsetting were decreases in the
surpluses on services and investment income.
In the capital account, U.S. banks' claims and
liabilities picked up sharply, and net U.S. purchases of foreign stocks and bonds remained
strong.
U.S. dollar in exchange markets.—The U.S. dollar
depreciated sharply in the fourth quarter against
all major currencies except the Canadian doli. Quarterly estimates for U.S. current- and capital-account components
are seasonally adjusted when statistically significant seasonal patterns are
present. The accompanying tables present both adjusted and unadjusted
estimates.
Table A.—Summary of U.S. International Transactions
[Millions of dollars, seasonally adjusted]
Line
Lines in tables 1 and 10 in which transactions are
included are indicated in ( )
1990
1991*
Change:
1990-91
1990
I
II
9
Unilateral transfers (29)
-22,329
19,728
42,057
U.S. assets abroad, net (increase/capital outflow (-))
(33).
U S official reserve assets net (34)
U.S. Government assets, other than official reserve
assets, net (39).
U S private assets net (43)
-57,706
-67,747
-2,158
2,976
5,763
3,572
-58,524
-77,082
-18,558
40,993
-33,033
86,303
79,503
-6,800
-33,082
31,257
11
12
13
23,562
26,967
11,380
-14,785
158,782
95,244
31,579
31,959
160,759
97,088
32,357
31,314
162,292
96,638
33,642
32,012
171,100
100,580
35,715
34,805
168,035
103,889
35,839
28,307
170,070
104,018
37,514
28,538
-4,326
-9,280
16,919
7,108
-2,880
-1,417
-10,041
37,147
-33,462
-26,689
-34,703
-1,123
-15,181
-11,206
-40,235
7,921
596
-3,177
371
1,739
-1,091
4,759
-353
1,014
1,422
-493
3,877
3,197
-28,114
-38,370
-2,192
49,096
39,033
-669
-800
-314
III-
IV
1,225
-553
-872
1,195
1,463
-29,029
-2,652
-3,750
-15,702
-18,281
-40,908
-22,627
3,503
26,979
49,751
22,772
6,631
-7,361
-3,105
6,608
3,854
23,125
13,205
36,546
9,351
13,421
19,072
-8,522
8,781
-4,156
750
4,906
-23,402
10,374
2,897
-11,617
-10,266
32,425
53,879
20,585
58,918
-11,840
5,039
7,022
-26,059
5,805
25,452
13,341
35,754
20,301
18,732
17
18
Allocations of special drawing rights (62) ...
Statistical discrepancy (63)
63,526
-3,139
-66,665
18,601
24,383
1,475
19
Memorandum:
Balance on current account (69)
-92,123
-8,616
83,507
-22,667
-22,178
-23,881
166,903
100,549
33,606
32,748
-4,693
15
16
' Revised.
/' Preliminary.
IV
-4,032
Foreign assets in the United States, net (increase/
capital inflow (+)) (48).
Foreign official assets net (49)
Other foreign assets net (56)
14
III'
-1,533
-1,856
Imports of goods, services, and income (15)
Merchandise excluding military (16)
Services (17)
Income payments on investments (25)
10
1991
II'
17,888 -177,417 -178,244 -181,847 -185,222 -173,448 -172,246 -178,807 -180,340
7,562 -122,781 -121,178 -125,398 -128,308 -119,087 -119,426 -124,867 -126,723
-28,137
-27,265
-26,878
-26,515
-1,877 -25,679
-28,242
-27,239
-25,759
-25,480
-26,675
-25,942
-27,846
-28,957
-31,307
-29,210 -28,672
12,203
5
6
7
8
-722,730 -704,842
-497,665 -490,103
-106,919 -108,796
-118,146 -105,943
\r
1,421
4,043
202
-2,824
Exports of goods services, and income (1)
Merchandise, excluding military (2)
Services (3)
Income receipts on investments (11)
676,498
416,517
144,675
115,306
IV
171,491
108,061
37,716
25,714
1
2
3
4
652,936
389,550
133,295
130,091
Change:
1991
III
-729
1,351
SURVEY OF CURRENT BUSINESS
52 • March 1992
declines. By comparison, German interest rates
were expected to remain high as signs of inflation
began to emerge, and those in most other European countries were expected to remain relatively
stable.
On December 6, amid weakening economic
conditions and expectations of further declines
in interest rates, the Federal Reserve Board again
reduced the federal funds rate, from 4.75 percent to 4.50 percent. Interest-rate differentials
against dollar assets widened further (charts 2
and 3), and dollar depreciation accelerated, when
indexes of Foreign Currency Price of the U.S. Dollar
(January 1985 = 100)
too
TRADE-WEIGHTED AVERAGES
90
26 currencies1
80
70
60
50
110
SELECTED CURRENCIES3
100
Canadian dollar
90
80
British pound
70
60
\-x*-' "/
50
i I i i i i i 1 i i I'MTri i i i I i i i i i
110
SELECTED CURRENCIES3
100
90
80
\
/
South Korean won
*^v
~~\
Taiwan dollar
70
60
1987
1988
1989
1990
1991
1. Currencies of 22 OECD countries-Australia, Austria, Belgium^uxemtouro^Canada, Denmark, Finland, France,
Germany, Greece, Iceland, Italy, Japan, Netnerlands, Wew Zealand, Morway, Portugal; Spain, Sweden,
Switzerland, Turkey, United Kfnodonvpftts Hon0 Kon0, -Reptfttfe-of Korea, Singapore, and Taiwan*
End-of-month rates, Index rebased by BEA, Data: U.$. Department of Treasury, . -•
2. Currencies of BeHfium, Canada, franca; Sermany, Itaty, Japan; Netherlands, Sweden, Switzerland, and United
Kingdom, Data: Federal Reserve Board. Monthly average rates, index rebased by B£A,
3. Date: Federal Reserve Board, Monthly average rates, indexes prepredfryBEA.
U,S; Department of Commerce, Bureatf of Economic Analysts
an unexpectedly large rise in the German Lombard rate—from 9.25 percent to 9.75 percent—on
December 19 was followed the next day by
an unexpectedly large cut in the U.S. discount
rate—from 4.50 percent to 3.50 percent. Simultaneously, the U.S. federal funds rate was lowered
from 4.50 percent to 3.75 percent.
The dollar depreciated slightly less against the
Japanese yen than against the European currencies, as Japanese authorities, concerned about
slowing domestic growth, permitted Japanese interest rates to ease. The Japanese discount rate
was lowered on November 14 and again on
December 30.
Current account
Merchandise trade.—The merchandise trade
deficit decreased to $18.7 billion in the fourth
quarter from $20.8 billion in the third, as exports
increased more than imports.
Exports.—Merchandise exports increased $4.0
billion, or 4 percent, to $108.1 billion in the fourth
quarter. Volume, measured in constant (1987)
dollars, also increased 4 percent. Nonagricultural
exports accounted for most of the increase.
Nonagricultural exports increased $3.3 billion,
or 3 percent, to $97.2 billion; volume also increased 3 percent. Three-fourths, or $2.4 billion,
of the cur rent-dollar increase was in exports of
capital goods—particularly civilian aircraft, engines, and parts, and computers, peripherals, and
parts—to Western Europe, Canada, Mexico, and
Japan; these are the same commodities and destinations that exhibited strength throughout the
year. Consumer goods increased $0.9 billion;
the strength in recent quarters has been largely
in exports to Western Europe and Latin America, particularly Mexico. Automotive products
decreased $0.5 billion. Industrial supplies and
materials were unchanged; most of the recent
weakness has been due to reduced shipments
of chemicals to Western Europe and to the
developing countries in Asia.
Agricultural exports increased $0.8 billion, or
8 percent, to $10.8 billion; volume increased 6
percent. All major commodities except corn increased in value. Exports of wheat, sustained by
U.S. Government credit guarantees to the former Soviet Union, accounted for $0.1 billion of
the increase. Exports of cotton increased $0.3
billion. U.S. shippers reduced cotton prices to
stay competitive with foreign suppliers after last
year's strong prices attracted more producers into
SURVEY OF CURRENT BUSINESS
the market. Average prices of wheat and corn
increased, and those of soybeans decreased.
March 1992 • 53
percent. Nearly all of the current-dollar increase,
or $2.5 billion, was in imports of consumer goods.
Part of that increase, especially for textile apparel
and household goods, went into domestic inventories, which increased 3 percent from the end of
September to the end of December. The increase
in consumer goods was in imports from Western Europe, Japan, China, and Mexico. Capital
goods increased $0.2 billion. Expansion in capital goods imports in recent quarters has come
from computers, peripherals, and parts from the
newly industrialized countries in the Far East,
from Western Europe, and from Canada. Exclud-
Imports.—Merchandise imports increased $1.9
billion, or i percent, to $126.7 billion in the
fourth quarter. Volume, measured in constant
(1987) dollars, increased less than i percent. Nonpetroleum imports more than accounted for the
increase.
Nonpetroleum imports increased $2.7 billion,
or 2 percent, to $114.5 billion; volume increased 2
U.S. and Foreign Interest Bates
Percent
12 LONG TERM
1t - 4-7 year International Dollar Bonds
/
Interest Rate Differentials
(Plus (+) Indicates Differentials In Favor
20-30 year U.S. Corporate Aaa Bonds
5
4
':;3-
V-x/^A U.S. Treasury Bonds v
^—
10-year
2
1 "Germany
0
•1
^x
. . i . 1 . t . i i I i i . . i l . . i . . 1 . . . , , 1 . , ,t \
6
SHORT TERM
.SHORT TERM2
10
;"*•'
8
' 1
0
; 7-
/-I
-2
,
198$
_
,
,. .
i. interest m$&n u;S; S^rnmentfeontts{cordite *jverl#
1991
1990
1 Interest rates for &»?fo$H Wtef&ariK Jogns or sftorHerm paper for
irtb£r SroMP of "to(30untrfe$ and SMiierfand weighted % average
oit German ^i$y^r p|iWtesecf0t|ott4s» Data OE€^ '!'';; : ,
y,S. Oe^artn^eniof (lotnfoferee* Barest* of Economic Analysis
.' :•;
Table B.—Indexes of Foreign Currency Price of the U.S. Dollar
[December 1980=100]
19 91
1990
IV
Trade-weighted average against 26 currencies
1
Trade-weighted average against 10 currencies2
Selected currencies: 3
Canada
European Monetary System currencies:4
Belgium
France
Germany
Italy
Netherlands
United Kingdom
Switzerland
Japan
I
94.2
95.8
91.3
93.0
97.1
96.7
II
Sept.
III
IV
99.9
98.7
95.5
94.4
93.5
94.1
99.7
99.4
99.2
101.0
99.8
99.4
97.0
96.8
96.2
93.7
102.3
102.6
96.9
91.7
91.9
90.3
96.9
100.6
101.5
104.7
104.7
102.8
100.3
99.8
96.8
94.2
96.0
95.6
94.9
97.0
96.6
96.6
96.8
96.4
96.1
95.6
96.1
95.7
95.1
94.3
94.5
95.9
101.7
117.3
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Oct.
Nov.
Dec.
98.0
99.8
113.2
129.9
105.7
121.8
98.2
96.3
114.6
112.7
129.1
98.0
111.2
111.8
112.6
110.7
104.9
120.5
110.6
126.4
111.7
128.0
115.9
132.8
116.1
133.1
113.4
130.1
110.2
126.5
109.9
126.5
105.5
121.6
76.4
78.0
88.3
88.5
82.6
76.2
76.8
75.3
82.0
86.6
87.5
90.7
90.8
88.7
86,1
85.9
8?.4
79.5
120.2
123.1
138.4
139.0
130.6
120.2
121.6
118.9
128.9
135.4
137.2
142.7
142.7
139.0
135.4
135.4
130.5
125.9
79.3
81.4
91.5
91.8
85.7
79.1
79.7
79.5
85.1
89.8
90.7
94.0
94.2
92.0
89.3
89.1
85.5
82.5
120.8
123.3
137.6
139.2
132.2
122.2
121.4
119.5
128.9
134.2
136.2
142.3
142.2
139.4
136.0
136.3
131.9
128.5
71.5
73.6
82.8
85.1
80.4
623
637
659
649
61 6
71.9
63.7
71.4
63.6
71.2
62.1
78.1
65.4
80.8
65.3
81.8
65.8
85.9
66.5
86.9
65.6
85.3
65.1
83.1
63.9
83.0
62.2
80.5
61.7
77.8
60.9
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. Republic of Korea, Singapore, and Taiwan. Data: U.S. Department of the Treasury. End-of-month rates for months; averages of end-of-month rates for quarters.
19<31
1990
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 quartecly average rates. .-Indexes prepared by BEA.
4. Beginning October 1990, includes United Kingdom.
54 • March 1992
SURVEY OF CURRENT BUSINESS
ing these products, capital goods have been flat
for the past year. Automotive products decreased
$0.8 billion; although imports in the second half
of the year exceeded those in the first half, they
continued to reflect weak domestic car sales and
a shift of production from Canada to Mexico and
from Japan to the United States.
Petroleum imports decreased $0.9 billion, or
7 percent, to $12.2 billion, as a decrease in volume more than offset an increase in prices. The
average number of barrels imported daily decreased to 7.41 million, the lowest level since the
first quarter of 1988, from 8.31 million. The average price per barrel increased to $18.04 from
$17.26. The volume of imports from OPEC members decreased 10 percent. Both U.S. inventories
and consumption decreased; the decrease in inventories followed a buildup in the previous
quarter.
Services.—Net service receipts decreased to $9.6
billion in the fourth quarter from $10.2 billion in
the third.
Transfers under U.S. military sales contracts
were $3.0 billion in the fourth quarter, an increase
of $0.3 billion from the third. A surge in aircraft
deliveries (primarily to the Middle East) under
foreign military sales programs raised transfers to
the highest level since the second quarter of 1987.
The contracts and construction for these deliveries were put in place prior to the war in the
Persian Gulf. U.S. direct defense expenditures
abroad were down slightly to $3.5 billion. Petroleum purchases dropped below $0.1 billion for the
first time since the third quarter of 1973, and the
retrenchment of U.S. military operations abroad
continued to reduce pay to foreign nationals as
well as personnel expenditures abroad.
Foreign visitors spent $12.2 billion in the
United States, a 2-percent increase. Receipts
from overseas increased i percent to $9.1 billion; receipts from Mexico increased 8 percent to
$1.3 billion; and receipts from Canada were unchanged at $1.7 billion. U.S. travelers spent $10.7
billion in foreign countries, a 6-percent increase.
Payments for overseas travel increased 6 percent
to $8.0 billion; payments to Mexico increased 8
percent to $1.8 billion; and payments to Canada
were unchanged at $0.9 billion.
Passenger fare receipts increased 3 percent to
$3.7 billion, and passenger fare payments were
unchanged at $2.5 billion.
Other transportation receipts increased less
than i percent to $6.0 billion; both freight receipts and port expenditure receipts were weak.
Other transportation payments decreased 2 per-
cent to $5.9 billion; other than strength in air
freight, other freight payments and port expenditure payments reflected weakness in the U.S.
economy.
Receipts from foreigners for other private services decreased $0.2 billion, to $8.7 billion. Payments to foreigners for other private services
increased $0.5 billion, to $4.0 billion.
Investment income.—Net receipts of investment
income decreased to $0.2 billion in the fourth
quarter from $1.9 billion in the third; the decrease was more than accounted for by direct
investment.
Direct investment.—Receipts of income on U.S.
direct investment abroad decreased to $10.9 billion from $13.2 billion. The decrease resulted
mainly from a shift to capital losses of $0.4
billion from capital gains of $1.9 billion. Operating earnings for petroleum affiliates fell $0.4
billion; earnings for nonpetroleum affiliates were
unchanged.
Payments of income on foreign direct investment in the United States were almost zero,
compared with $1.1 billion. Operating losses increased to $2.7 billion from $1.9 billion, and
capital gains decreased to $0.5 billion from $0.8
billion. Weakness in the U.S. economy continued
to affect the earnings of U.S. affiliates.
Portfolio investment.—Receipts of income on
other private investment were $13.1 billion, compared with $13.3 billion; sharply lower interest
rates more than offset an increase in outstanding
claims. Payments of income on other private investment were unchanged at $15.8 billion; sharply
lower interest rates were offset by an increase in
outstanding liabilities.
Receipts of income on U.S. Government assets
decreased to $1.6 billion from $2.0 billion. Payments of income on U.S. Government liabilities
decreased to $9.6 billion from $9.7 billion as a
result of lower interest rates.
Unilateral transfers.—Unilateral transfers were
net payments of $1.4 billion in the fourth quarter, compared with net payments of $2.9 billion
in the third.
U.S. Government grants included two groups
of offsetting transactions that netted to zero in
the fourth quarter. First, cash contributions from
the coalition partners in Operation Desert Storm
decreased to $3.6 billion from $4.6 billion; these
contributions are expected to cease early in 1992
after payment of all commitments. In related
transactions, U.S. military grants increased $126
SURVEY OF CURRENT BUSINESS
million, to $170 million, partly as a result of
recently established programs that permit the Department of Defense to dispose of excess military
equipment from the Persian Gulf war on a grant
basis*
Second, grant disbursements fell sharply to $3.7
billion from $6.2 billion; the third-quarter disbursements contained a large amount of debt
forgiveness for Poland, Egypt, and developing
countries. In addition, economic support fund
assistance to Israel was held below usual levels, pending authorization and appropriation of
additional funds from Congress.
Private remittances and other transfers increased slightly to $0.6 billion. Remittances to
support the emigration of Soviet and Ethiopian
Jews to Israel remained strong.
Capital account
Net recorded capital inflows—that is, net changes
in U.S. assets abroad less net changes in foreign
assets in the United States—decreased to $9.5 billion in the fourth quarter from $15.8 billion in
the third, as U.S. residents stepped up their acquisitions of foreign assets by a greater amount
than foreigners stepped up their acquisitions of
U.S. assets.
L7.S, assets abroad.—U.S. assets abroad increased
$40.2 billion in the fourth quarter, compared
with an $11.2 billion increase in the third.
U.S. official reserve assets.—U.S. official reserve
assets decreased $1.2 billion, following a $3.9 billion decrease. The fourth-quarter decrease was
due to the completion of a series of off-market
transactions begun in late June. U.S. and foreign
monetary authorities agreed to exchange their respective holdings of foreign currencies because
holdings exceeded current needs.
U.S. Government assets other than official reserve
assets.—U.S. Government assets other than official reserve assets increased $0.6 billion, following
a decrease of $3.2 billion. The unusually large
disbursements of long-term credits and repayments of credits that were present in the third
quarter as a result of debt forgiveness and debt
rescheduling agreements were not present in the
fourth quarter. The U.S. Government also acquired short-term claims from private U.S. banks
through payment of guarantees on loans to Iraq.
Claims reported by banks.—U.S. claims on foreigners reported by U.S. banks increased $20.7
billion, following a $2.3 billion decrease. Claims
on own foreign offices and unaffiliated foreign
banks, payable in dollars, increased $15.6 billion,
following a $3.3 billion decrease. Most of the
surge occurred in October, when U.S. interest
rates dropped especially rapidly relative to foreign
rates and U.S. offices were used to fund a temporary increase in demand at foreign offices in
the Caribbean. Additional temporary funding of
offices in Western Europe took place late in the
quarter. In contrast to many other years, lending
to foreign offices at yearend was subdued.
Claims on foreign public borrowers and other
private foreigners decreased $2.7 billion, following a $3.1 billion decrease. Short-term lending
arranged for international financial institutions
under repurchase agreements was more than offset by repayments of repurchase agreements with
Caribbean investment companies. Claims on foreign public borrowers in Latin America decreased
in the fourth quarter.
Banks' domestic customers5 claims payable
in dollars decreased $1.2 billion, following no
change, as U.S. money market mutual funds reduced their Eurodollar holdings. Banks' domestic customers' claims payable in foreign currencies increased $8.1 billion, following a $3.4 billion
increase; most of the fourth-quarter increase was
in claims on Japan.
Foreign securities.—Net U.S. purchases of foreign
securities were $11.4 billion, down from $12.5 billion; a decrease in net purchases of foreign stocks
was partly offset by an increase in net purchases
of foreign bonds.
Net U.S. purchases of foreign stocks decreased
$2.7 billion, to $5.9 billion. Net purchases of
Japanese stocks slowed $0.9 billion, to $2.5 billion, but remained strong. Slower economic
growth, reduced corporate earnings, and financial scandals affecting the large brokerage houses
contributed to a 7-percent decline in Japanese
stock prices; this decline was partly offset by
strong appreciation of the Japanese yen against
the dollar. Net purchases of British stocks increased $0.6 billion, to a strong $2.4 billion;
a 7-percent decline in British stock prices was
partly offset by strong appreciation of the pound
against the dollar. Net sales of Canadian stocks
reflected poor economic conditions in Canada.
Net sales of Latin American stocks contrasted
with the second and third quarters, when purchases surged because of privatizations in Mexico
and Brazil.
New foreign bond issues in the United States
increased, more than doubling to $5.6 billion.
Further declines in U.S. bond rates, due to
weakness in the economy and aggressive easing
March 1992 • 55
SURVEY OF CURRENT BUSINESS
March 1992
of financial conditions by monetary authorities,
contributed to the pickup. U.S. corporate AAA
bond rates fell from 8.80 percent in the third
quarter to 8.45 percent in the fourth; they reached
8.22 percent by the end of the quarter. Aside from
steep drops in Canadian bond and Eurobond
rates, other foreign bond rates declined less, on
average, than U.S. rates. Issues by foreign private
corporations, government borrowing (mainly by
Canada), and borrowing by international financial institutions each accounted for one-third of
the step-up.
Net U.S. purchases of outstanding foreign
bonds were $1.4 billion, compared with $2.7 billion. Transactions were dominated by $9.2 billion
in net purchases of British gilt-edged securities
in the fourth quarter, an increase of $3.0 billion
from the third. The steep rise in sterling against
the dollar, combined with yields 120 basis points
higher than U.S. rates, encouraged the step-up.
Concurrently, there were large step-ups in net
sales: To Japan, up $1.2 billion, to $2.0 billion;
to Caribbean financial centers, up $0.4 billion, to
$1.5 billion; and to Far Eastern financial centers,
up $0.7 billion, to $2.8 billion.
Direct investment—Net capital outflows for U.S.
direct investment abroad were $8.8 billion, compared with $6.7 billion. The increase was mainly
accounted for by a decrease in intercompany debt
inflows to $0.2 billion from $2.1 billion. The absence of unusually large inflows from Caribbean
finance affiliates and in parents* borrowings from
affiliates in Western Europe accounted for much
of the decrease. Partly offsetting the decrease was
an increase in debt inflows resulting from a U.S.
parent's capitalization of the debt of its Canadian
affiliate. Equity capital outflows increased to $4.1
billion from $3.3 billion; outflows to Caribbean fi-
nance affiliates and to acquire a major ownership
position in the Venezuelan telephone company
more than accounted for the increase. In addition, reinvested earnings decreased to $4.8 billion
from $5.4 billion.
Foreign assets in the United States.—Foreign assets in the United States increased $49.8 billion
in the fourth quarter, compared with an increase
of $27.0 billion in the third.
Foreign official assets.—Foreign official assets increased $13.2 billion, following an increase of $3.9
billion (table C). Assets of industrial countries
increased $2.8 billion. Assets of OPEC members
increased $2.9 billion. Assets of other countries
increased $7.6 billion as a result of dollar accumulations by several countries in the Far East and
Latin America.
Liabilities reported by banks.—U.S. liabilities to
private foreigners and international financial institutions reported by U.S. banks, excluding U.S.
Treasury securities, increased $26.0 billion, compared with a $6.5 billion increase. Liabilities
to own foreign offices and unaffiliated banks,
payable in dollars, increased $17.4 billion, compared with a $7.7 billion increase. Foreign-owned
banks borrowed from own foreign offices and
unaffiliated foreign banks to meet temporary increases in credit demand overseas both early and
late in the quarter. There was little activity
by U.S.-owned banks. Banks' custody liabilities
decreased $3.9 billion, following a $4.7 billion
decrease. Banks' liabilities payable in foreign currencies increased $11.7 billion, following a $3.7
billion increase; the step-up was mainly due to
heavy borrowing by Japanese offices in the United
States.
Table C.—Selected Transactions with Official Agencies
[Millions of dollars]
1QQfi
Line
1 Changes in foreign official assets in the United States, net (decrease -) (table 1,
2
3
4
5
line 49).
Industrial countries '
Members of OPEC Other countries
Changes in U.S. official reserve assets, net (increase -) (table 1, line 34)
32,425
1991p
Change:
1990-91
20,585 -11,840 -7,022
25547 -8553 -34 100 -6917
2,163 -3,656 -5,819
3,094
4715 32794 28079 -3199
-2,158
5,763
7,921
19 91
19 30
I
-3,177
II
5,805
IV
I
II
13,341
20,301
6,631
-3,105
6393 13231
193 -1,699
-781
1 809
371
Change:
1991 IIIIII
HI"
IV/'
IV
3,854
13,205
9,351
28
12840 -8411 -2923
988 -3,162 -4,352
575
6886 14054
2980
8178
2753
2,870
7582
2725
7,222
-596
1,225
-2,652
1,739 -1,091
-353
1,014
3,877
Activity under U.S. official reciprocal currency arrangements with foreign monetary
authorities: 3
6
fia
fin
Foreign drawings or repayments (-) net
Drawings
Repayments
r
Revised.
f Preliminary.
1. Western Europe, Canada, Japan, Australia, New Zealand, and South Africa.
-1 245
1 487
-2,732
40
-40
1 245
80
-1 447 1 325
2,692 -1 245
-463
153
-616
-827
9
-836
-35
-35
40
-40
2. Based on data for Ecuador, Venezuela, Indonesia, and other Asian and African oil-exporting countries.
3. Consists of transactions of the Federal Reserve System and the U.S. Treasury Department's Exchange Stabilization Fund.
SURVEY OF CURRENT BUSINESS
U.S. Treasury securities.—Transactions in U.S.
Treasury securities shifted to net purchases of $1.5
billion from net sales of $1.5 billion. Western European investors shifted to net purchases of $3.9
billion from net sales of $0.8 billion, and Japanese
investors shifted to net purchases of $3.2 billion
from net sales of $2.3 billion. These net purchases were nearly offset by net sales by Canadian
and Caribbean investment funds. A sharply depreciating dollar and significantly higher interest
rates in key countries abroad generally limited
the demand for Treasury securities.
Other U.S. securities.—Net foreign purchases of
U.S. securities other than U.S. Treasury securities were $4.9 billion, down from $10.2 billion.
Foreigners shifted to net sales of stocks from net
purchases, accounting for most of the decrease.
In addition, foreign net purchases of corporate
bonds slowed.
Foreigners shifted to net sales of U.S. stocks of
$1.8 billion—mostly in December—from net purchases of $2.1 billion. Sharp declines in U.S. stock
prices in late November and early December, further depreciation of the dollar, and the sluggish
pace of economic recovery led to substantial net
sales by Western European investors, especially
those in the United Kingdom and Switzerland,
following small net purchases in the previous
quarter.
New bond issues abroad by U.S. corporations
were $5.4 billion, up from $4.2 billion, as nonbank financial corporations took advantage of
a much more rapid decline in Eurobond rates
on dollar securities than in U.S. corporate bond
rates and the flexibility of borrowing arrangements available in the Euro medium-term note
market.
Foreign net sales of outstanding U.S. bonds
were $1.3 billion, and net purchases of U.S.
federally sponsored agency bonds were $2.6
billion.
Direct investment.—Net capital inflows for foreign direct investment in the United States were
$4.2 billion, compared with $6.1 billion. A
decrease in net intercompany debt inflows to
$1.8 billion from $3.8 billion and a decline in
reinvested earnings to —$4.2 billion from —$2.2
billion were only partly offset by an increase in
equity capital inflows to $6.6 billion from $4.4
billion.
The Year 1991
The merchandise trade deficit improved by a
substantial amount in 1991: Merchandise imports were virtually unchanged, restrained by
weak domestic demand, while merchandise exports continued their expansion, albeit at a much
slower pace than in recent years. Weak demand
also severely limited growth of key service imports, while service export growth continued, but
at one-half the pace in recent years. Sharply lower
interest rates greatly reduced returns on both
foreign and U.S. portfolio investments. Unilateral transfers included substantial nonrecurring
cash contributions from coalition partners in
Operation Desert Storm.
Capital flows mainly reflected stepped-up purchases of portfolio assets both in the United
States and abroad and the continued retrenchment of U.S. banks from international markets,
partly as the demand for overseas interbank credit
dropped especially sharply.
U.S. dollar in exchange markets.—Following 18
months of depreciation, the dollar appreciated
sharply in the first 6 months of 1991, rising 18-19
percent against the German mark and the European currencies linked to it in the Exchange
Rate Mechanism (table B, chart i). The dollar
retraced much of its rise in the last half of the
year, ending the period 4-5 percent higher than
at the beginning of the year. Fluctuations against
the Japanese yen were less pronounced; the dollar
appreciated only 5 percent against the Japanese
yen in the first 6 months and ended the year 4
percent lower than it began. A restoration of
confidence following the quick conclusion of the
war in the Persian Gulf and favorable prospects
for economic recovery in the United States propelled the dollar higher in the first half of the
year. Lack of a strong recovery and aggressive
monetary actions to lower interest rates were the
primary causes of depreciation in the second half.
The dollar depreciated against the German
mark and other European currencies from January through mid-February, held down by both
adverse interest differentials against dollar assets
and uncertainty about the outcome of the war in
the Persian Gulf. Once it became clear that the
war would end quickly, focus shifted toward the
likelihood and timing of the U.S. economic recovery. On balance, market participants judged
that the recovery would begin soon and bid the
dollar higher. Simultaneously, strains among
the republics of the former Soviet Union and
political tensions in Eastern Europe pushed the
March
• 57
5 8 • March 1992
SURVEY OF CURRENT BUSINESS
German mark down. Consequently, the dollar advanced strongly, appreciating 13-14 percent
from mid-February through late March.
Concerted intervention by monetary authorities in exchange markets in early April temporarily halted the dollar's appreciation, and
throughout much of April and May, the dollar
fluctuated in a narrow range in response to shifting assessments of the strength of the economic
recovery. Largely in anticipation that the recovery might be more vigorous than expected and
that the decline in U.S. interest rates would cease,
the dollar was bid up another 5 percent against
the German mark and other European currencies
in May and early June. This assessment was partially confirmed by positive economic indicators
released early in June. In addition, interest-rate
differentials against dollar assets narrowed, as foreign rates declined while U.S. rates were relatively
stable (charts 2 and 3).
By early July, evidence began to accumulate
that the recovery would not be as vigorous as
anticipated and that U.S. interest rates would resume their decline. Reacting to this evidence and
to signs that inflationary pressures were diminishing, the Federal Reserve Board took a number
of steps to ease monetary policy further in the
second half of the year. The Board reduced the
federal funds rate in August and the discount rate
in early September. Simultaneously, German authorities tightened monetary policy as inflation
picked up, partly as a result of the high costs
of unification. Consequently, the dollar depreciated 4-5 percent against the European currencies
as U.S. interest rates fell, while most key foreign
rates were stable or moved higher. The failed
coup in the former Soviet Union in mid-August
created only a brief flurry of demand for dollars.
As evidence of economic weakness persisted
in the United States, and with the unexpected
slowing of the broad monetary aggregates in the
third quarter, the Federal Reserve Board lowered
the discount rate again in early November and
mid-December, the latter time by a full percentage point to its lowest level since 1964. Also,
in mid-December, the German Lombard rate
was raised further in response to rising inflation, in spite of a definite slowing in German
economic activity. Exchange markets focused
on the widening interest-rate differentials against
the dollar and the differing monetary policies of
the two countries. Interest rates in other European countries were stable or moved higher along
with German rates, leading to dollar depreciation of 6-8 percent against the German mark and
the other European currencies in November and
December.
Dollar appreciation against the Japanese yen in
the first half of the year, at 5 percent, was significantly less than that against the European currencies. The Japanese yen was relatively isolated
from the events in Eastern Europe, which at times
depressed the German mark against the dollar.
Dollar depreciation against the Japanese yen in
the second half of the year, at 9 percent, was
also less than against the European currencies,
partly because the Japanese economy slowed and
monetary authorities permitted Japanese interest rates to ease, so that interest-rate differentials
narrowed against dollar assets.
Against the Canadian dollar, there was relatively little movement, as the U.S. dollar
depreciated i percent in 1991.
Against the currencies of the newly industrialized countries in the Far East, the U.S. dollar
appreciated 6 percent in 1991 against the South
Korean won, depreciated 5 percent against both
the Singapore dollar and the Taiwan dollar, and
was unchanged against the Hong Kong dollar.
Table D—Selected Balances on U.S. International Transactions
[Millions of dollars, quarters seasonally adjusted]
1QRQ
19<)1
1QQft
1QQ1 P
I'
Merchandise trade balance
-115917 -108115
II'
III'
IV*
-73 586
-18538
-15537
-20 849
-18662
22415
26376
35879
7091
8961
10249
9579
2688
42484
-9580
-30216
11 945
52662
-12,792
-27 925
9363
51 393
-10,732
-31 298
4902
15355
-2,784
-7669
2365
13,066
-2,743
-7958
1 863
12057
-2,503
-7691
234
10,916
-2,702
-7980
Unilateral transfers, net
-15491
-22 329
19728
16919
7108
-2880
-1,417
Current account balance
-106305
-92 123
-8616
10374
2897
-11617
-10266
Services n e t
Investment income net
Direct, n e t
Other private, net
U S Government net
r
Revised.
f Preliminary.
.
.
. . . .
.
.
....
.
.
SURVEY OF CURRENT BUSINESS
Current account
The U.S. current-account deficit was $8.6 billion
in 1991, down sharply from $92.1 billion in 1990.
About one-half of the reduction is attributable to
the step-up, from $4.3 billion to $42.5 billion, in
cash contributions from the coalition partners in
Operation Desert Storm to defray the expenses of
U.S. operations in the Persian Gulf in the second
half of 1990 and early in 1991. The remainder of
the reduction reflects a $34.5 billion decrease in
the merchandise trade deficit and a $9.5 billion
increase in the surplus on service transactions
(table D).
Merchandise trade.—The U.S. merchandise trade
deficit was $73.6 billion in 1991, compared with
$108.1 billion in 1990
(tables E and F). U.S. export growth slowed further, largely in response to
a substantial decline in world output and trade;
strong dollar appreciation in the first half of 1991
offset much of the stimulative effect from dollar
depreciation in 1990. U.S. import growth, particularly for nonpetroleum imports, was severely
limited by the weakness in U.S. economic activity
that persisted throughout 1991.
The continued slowdown in real demand and
output, both abroad and in the United States,
had a substantial impact on U.S. trade in 1991.
Economic activity abroad was mixed: Continued, but slowing, growth in Germany, Japan,
and Mexico helped cushion the impact of much
reduced growth in continental Europe and of recession in the United Kingdom and Canada. The
March 1992 • 59
growth in U.S. real gross domestic product weakened further to -0.7 percent in 1991 from 1.0
percent in 1990 and 2.5 percent in 1989. The slowing in the U.S. economy began earlier and was
sharper than in industrial countries abroad.
Price changes in exports and imports by major
end-use categories were not uniform in 1991 (table G). Domestic prices of exports were mixed,
rising for automotive goods, consumer goods
Table F.—Percent Changes in U.S. Merchandise Trade,
Current and Constant (1987) Dollars
[Balance of payments basis]
Constant (1987)
dollars
Current dollars
1989
1991'
1990
Exports
Agricultural products
Nonagricultural products ..
12.8
10.3
13.2
-4.7
Foods, feeds, and beverages
Industrial supplies and
materials
Capital goods, except
automotive
Automotive vehicles, parts,
and engines
Consumer goods (nonfood),
except automotive
10.9
-5.3
Imports
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
7.8
5.3
7.2
11.2
7.9
4.4
9.1
8.5
7.0
15.5
.2
6.5
5.9
18.3
6.7
10.8
1.8
10.4
3.2
36.1
6.9
-.2
7.7
9.4
11.0
17,1
1989
4.3
32.1
1990
199U
7.7
.6
8.6
7.7
.8
8.4
2.2
3.1
7.4
4.5
9.6
10.0
3.4
4.3
3.1
15.6
-.1
2.1
-17.2
.7
4.2
8.2
3.7
1.7
1.1
1.8
-6.2
4.6
.6
6.3
-.6
3.0
4.0
-4.0
28.5
-1.5
22.0
10.1
7.0
10.0
3.5
2.4
-8.6
4.2
-.6
-1
7.3
2.1
-2.8
.7
.3
12.7
-2.9
-2.7
4.3
-.8
2.3
4.5
7.0
-6.8
1.7
-.6
Preliminary.
Table E.—U.S. Merchandise Trade, Current and Constant (1987) Dollars
[Balance of payments basis, millions of dollars, quarters seasonally adjusted]
Constant (1987) dollars
Current dollars
1991
1991
1989
1990
1989
1991^
I"
Exports
Agricultural products
Nonagricultural products
Foods, feeds, and beverages
Industrial supplies and materials
Capital goods, except automotive
Automotive vehicles, parts, and
engines
Consumer goods (nonfood), except
automotive
Imports
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
Revised.
f Preliminary.
II'
III"
1990
1991
r
V
IV
II'
III'
IV
361,451
42,185
319,266
389,550
40,217
349,333
416,517
40,121
376,396
100,549
9,819
90,730
103,889
9,435
94,454
104,018
10,047
93,971
108,061
10,820
97,241
335,484
34,957
300,527
361,405
35,152
326,253
389,175
35,438
353,737
93,060
8,643
84,417
96,730
8,291
88,439
97,888
8,971
88,917
101,497
9,533
91,964
37,403
99,908
139,341
35,423
105,201
153,839
36,053
109,817
166,992
8,892
28,478
38,948
8,410
27,505
42,622
9,049
26,737
41,495
9,702
27,097
43,927
30,043
89,330
136,590
30,712
93,307
150,252
31,679
100,193
164,743
7,848
25,025
38,451
7,416
24,974
41,723
8,022
24,837
41,140
8,393
25,357
43,429
34,941
37,394
39,841
8,417
9,957
10,968
10,499
33,271
34,686
35,867
7,652
8,995
9,854
9,366
36,565
43,271
45,842
11,463
11,114
11,173
12,092
34,163
39,495
40,700
10,227
9,810
9,924
10,739
477,368
50,920
426,448
497,665
62,108
435,557
490,103
51,445
438,658
119,087
13,215
105,872
119,426
12,919
106,507
124,867
13,101
111,766
126,723
12,210
114,513
445,360
51,398
393,962
452,900
51,967
400,933
452,476
48,735
403,741
107,480
11,199
96,281
110,884
12,855
98,029
116,709
13,075
103,634
117,403
11,606
105,797
25,077
135,113
112,453
26,650
144,619
116,389
26,487
132,226
121,316
6,375
33,227
29,806
6,972
33,038
30,279
6,572
33,134
30,507
6,568
32,827
30,724
24,549
123,779
109,622
25,526
124,154
114,335
24,505
120,802
122,300
5,964
28,608
29,228
6,379
30,688
30,393
6,035
31,182
31,170
6,127
30,324
31,509
87,380
87,314
84,848
20,387
19,536
22,852
22,073
80,614
79,957
74,480
18,058
17,212
20,099
19,111
103,453
105,666
108,059
25,148
25,091
27,652
30,168
94,161
93,628
95,243
21,990
22,228
24,544
26,481
SURVEY OF CURRENT BUSINESS
6O • March 1992
(nonfood), and capital goods excluding computers, and declining for industrial supplies and
materials and foods. However, domestic price
increases remained low, held down by weak economic activity. When converted into foreign
currency prices, price increases of all export categories were slightly less, as a small depreciation of
the dollar (measured on a year-over-year basis)
offset some of the increase in domestic prices
(table H). In contrast, substantial dollar depreciation in 1990 had pulled all foreign currency
prices of U.S. exports lower, more than offsetting
domestic price increases.
Dollar prices of most imports increased moderately. A decline in industrial supplies and
materials excluding petroleum reflected continued declines in nonfood commodity prices in
world markets.
Prices of petroleum drifted
Table G.—Percent Changes in U.S. Merchandise Trade
Fixed-Weighted Price Indexes
[Based on index numbers (1987=100)]
1989
Exports
Agricultural products . . .
Nonagricultural products
2.2
19
2.1
1
-77
.5
14
-6.1
-109
4.6
33
29
3.8
3.1
220
1.2
0.5
-8
6
_3
-2.0
11
-124
-27
4.3
-1 5
-13.6
46
11
2.2
2.9
Exports.—Nonagricultural exports increased $27.1
billion, or 8 percent, to $376.4 billion in 1991,
compared with a 9-percent increase in 1990.
Volume increased 8 percent, compared with a 9percent increase. Rates of expansion for capital
goods, industrial supplies and materials, and automotive products slowed further, and the rate
for consumer goods slowed sharply (chart 4).
Capital goods exports increased $13.2 billion,
or 9 percent, to $167.0 billion. Volume increased
10 percent. Percentage increases in value in key
export categories remained moderately strong in
spite of slowing demand abroad. There were
significant pickups in oil-drilling equipment, industrial pumps and engines, and hospital and
scientific equipment. The percentage increase for
computers was unchanged, and the increase for
semiconductors slowed further. Civilian aircraft
slowed significantly from exceptional increases
in 1988-90, restraining the impact of steady increases in many other categories. Capital goods
exports to Western Europe and Japan slowed further, partly offset by a sharp acceleration to the
newly industrialized countries in the Far East.
Nonagricultural industrial supplies and materials exports increased $5.0 billion, or 5 percent, to
4.0
32
35
3.4
6.3
32
22
2.0
3,1
188
18
Imports
Petroleum and products
Nonpetroleum products
1991/7
0.3
-58
11
20
1.6
18
Foods feeds and beverages
Industrial supplies and materials
Capital goods except automotive . . . .
Computers peripherals, and parts
Civilian aircraft, engines, and parts
Other capital goods
Automotive vehicles parts and engines .
Consumer goods (nonfood), except automotive
Foods feeds and beverages
industrial supplies and materials, excluding petroleum
Capital goods except automotive
Computers peripherals, and parts
Civilian aircraft engines and parts
Other capital goods
Automotive vehicles, parts, and engines
Consumer goods (nonfood), except automotive
1990
higher from lows in April after declining from a
peak in October 1990.
-.3
-123
13
4.1
2.3
-2.8
-1.6
-6.9
Growth in U.S. Merchandise
Nonpetroleum Exports
and Imports (1987=100)
-9.4
11
1.3
39
32
2.8
.9
63
2.6
2.1
2.9
Preliminary.
280
<260,j
340 220
200
Table H.—Percent Changes in Foreign Currency Cost
of U.S. Merchandise Exports
EXPORTS
Consumer goods (nonfood), except automotive
Capital goods, except automotive
Industrial supplies and materials,
excluding petroleum
Foods, feeds, and beverages
• • • Automotive vehicles, parts,
and engines
180
[Based on index numbers (1987=100)]
160
1989
1990
1991P
140
Exports
Agricultural products
Nonagricultural products
Foods feeds and beverages
Industrial supplies and materials
Capital goods, except automotive
Computers peripherals and parts
Civilian aircraft, engines, and parts
Other capital goods
Automotive vehicles parts, and engines
Consumer goods (nonfood) except automotive
4.4
4.2
44
-3.5
-9.3
-27
4.2 -11.2
3.9 -3.2
4.1 -2.4
-4.0
6.9
5.6
52
62
-142
2.4
-.7
-1 6
-1 8
-0.3
-1.5
_1
-1.1
-2.8
.3
120
100
160
-130
3.3
2.4
2.8
27
f Preliminary.
NOTE.—Fixed-weighted price indexes multiplied by trade-weighted exchange rate index of
the currencies of 22 OECD countries and 4 newly industrialized countries in the Far East.
IMPORTS
; 140
120
100
198?
198&
1989
71990
U.S. Department of Commerce, Bureau of Economic Analysts
1991
SURVEY OF CURRENT BUSINESS
$101.7 billion, a pace no faster than in 1990. An 8percent increase in volume more than accounted
for the rise, as prices of major commodities declined. Percentage increases in value in 1990 and
1991 have been limited or have declined for energy, paper and paper base products, building
materials, iron and steel products, and nonferrous metals, reflecting the slowing in growth
abroad. However, exports of chemicals, mainly
to Mexico and Brazil, exhibited a strong surge
upward, perhaps as a result of increased competitiveness due to earlier dollar depreciation. The
limited increase in iron and steel products was
mostly to Mexico, possibly for use in automotive
assembly operations in the northern border area.
There was a slight pickup in demand for paper
and paper base products in Asia and, as a result
of the removal of various tariff barriers, in both
Canada and Mexico.
Automotive products exports increased $2.4
billion, or 7 percent, to $39.8 billion, the same
percentage increase as last year. Volume increased 3 percent, following a 4-percent increase.
The value of exports to Canada changed little,
reflecting weak economic activity there as well as
in the IJnited States. Exports of parts to Mexico increased 20 percent, following a 28-percent
increase; these strong increases reflect the continued transfer of assembly operations from the
United States to Mexico, as well as increased
sales of cars manufactured in Mexico (table I).
In addition, exports of both passenger cars and
nonmilitary trucks, buses, and special purpose
vehicles to Saudi Arabia and Kuwait jumped 87
percent and 585 percent, respectively, following
the Persian Gulf war.
Consumer goods (nonfood) exports increased
$2.6 billion, or 6 percent, to $45.8 billion, following an i8-percent increase. Volume slowed to
a 3-percent increase from a 16-percent increase.
March
The sharp slowdowns in both value and volume
were widespread by commodity and mostly involved exports to Japan, the newly industrialized
countries in the Far East, and Western Europe.
Agricultural exports decreased $0.1 billion, or
less than i percent, to $40.1 billion, compared
with a 5-percent decrease. Volume increased
i percent, unchanged from last year's increase.
Grains were down in value for the second consecutive year. The largest decreases were in corn,
$1.0 billion, and in wheat, $0.5 billion. Corn
exports to Korea, Mexico, Western Europe, and
Japan fell sharply, but these drops were partly
offset by an increase to the former Soviet Union.
Wheat exports fell because of a 25-percent drop
in prices. Soybeans increased $0.4 billion after 2
years of decline, largely because Brazil's soybean
harvest was severely reduced by bad weather. The
2o-percent increase in soybean volume was in
shipments was to Mexico, the Netherlands, the
former Soviet Union, and Japan.
Many countries offered credits and financial
guarantees to the former Soviet Union in 1991
to finance Soviet purchases of grains and foodstuffs. In response to this competition, the U.S.
Government offered financial guarantees to U.S.
exporters of $3.1 billion in 1991, and late in the
year it announced that an additional $0.7 billion
would be available in installments in February,
March, and April of 1992. Without these financial
guarantees, Soviet purchases of corn and wheat
from the United States in 1991 would have been
severely reduced.
Meat and poultry exports increased $0.5 billion, and exports of vegetables, fruits, nuts, and
other products increased $0.3 billion. Combined,
they offset over one-half of the decline in corn
and wheat exports for the year.
The importance of meat, poultry, vegetables,
fruits, and nuts relative to corn, wheat, and
Table I.—U.S. Trade in Selected Automotive Products
[Balance of payments basis, millions of dollars]
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991'
Imports of passenger cars
From selected countries:
Japan
Canada
Mexico
17846
20059
24649
30505
35983
45150
47922
47053
44478
45868
45693
9,498
4,372
9,609
5,584
10,800
7,840
12,946
9,904
15,768
11,086
20,950
11,681
19,873
13,256
38
133
425
1272
20,140
12,879
1 174
19,522
13,701
14
21,273
10,185
1 176
2164
20,659
14,070
2578
Imports of automotive parts
From selected countries:
Japan
Canada
Mexico
8,117
8,701
12,675
17,754
19,527
22,531
26,508
30,548
32,380
31,746
29,976
1,746
3,593
1,791
4,189
2,537
5,936
3,860
8,154
4,309
8,649
7,465
9,085
3382
9,177
9,862
4279
10,937
9,692
4456
10,540
9,039
4549
10,080
7,926
5027
Exports of automotive parts
From selected countries:
Canada
Mexico ....
...
" Preliminary.
470
695
1289
1818
2416
6,020
8,756
2702
12157
11 797
12246
15091
16228
14642
16015
19278
20737
22114
22747
7,264
1 901
7,691
1 127
8,996
10,983
1 428
11732
1 965
10,145
1 849
10,774
12,762
13,120
2791
13,519
3269
13,622
2144
4195
5021
803
•
6l
SURVEY OF CURRENT BUSINESS
62 • March 1992
soybeans has increased during 1984-91, but the
shift has not been as rapid in recent years as
in 1984-88. At their peak in 1984, corn, wheat,
and soybeans accounted for 50 percent of total agricultural exports, but by 1991 their share
had declined to 32 percent. Increased competition among world producers and the transition of
many former buyers from net purchasers to net
producers, particularly in Western Europe and
Asia, were direct causes of a 25-percent decrease
in the volume of corn, wheat, and soybeans from
1984 to 1991. As world supplies increased, average prices also declined—32 percent for wheat,
22 percent for corn, and 19 percent for soybeans.
Concurrently, exports of meat, poultry, vegetables, fruits, and nuts increased strongly, rising
from a 9-percent share to a 24-percent share during 1984-91. With this transition has come a
reorientation from traditional agricultural markets in Western Europe, Eastern Europe, and
Asia excluding Japan, toward markets in Canada,
Japan, and Latin America.
Imports.—Nonpetroleum imports increased $3.1
billion, or i percent, to $438.7 billion in 1991,
compared with a 2-percent increase in 1990.
Volume increased i percent, compared with a 2percent increase. Capital goods and consumer
goods accounted for the increase in 1991, but their
pace of expansion was no faster than in 1990.
Growth in other categories was negative (chart 4).
Capital goods imports increased $4.9 billion, or
4 percent, to $121.3 billion, the same percentage
increase as last year. Volume increased 7 percent, following a 4-percent increase. The step-up
was attributable to just three import categories—
computers, semiconductors, and civilian aircraft.
Increases for other major categories remained at
depressed rates or slowed further; in total, they
were nearly unchanged, as weakness in the U.S.
economy persisted. By country or area of origin, capital goods from Western Europe slowed
sharply to a i-percent increase following a 7percent increase. Imports from Japan increased
5-percent following a 6-percent decline.
Consumer goods (nonfood) imports increased
$2.4 billion, or 2 percent, to $108.1 billion, the
same percentage increase as last year. Volume
increased 2 percent. Durables increased in value
at about the same pace as a year earlier, largely
because increases in television, radio, and audio equipment offset decreases in other durables.
Nondurables slowed further, including textiles
from the newly industrialized countries in the Far
East. An exception to the slowdown was a sharp
increase in nondurables imported from China.
Nonpetroleum industrial supplies and materials imports decreased $1.7 billion, or 2 percent,
to $80.2 billion, the same percentage decrease as
last year. Volume was unchanged. Many industrial supplies and materials, including iron
and steel products, building materials, and paper and paper base products, declined by even
larger amounts in 1991 than in 1990, as demand
weakened further. Chemicals increased, but at
a slower pace, mostly from Canada, Western
Europe, and the newly industrialized countries
in the Far East. Other industrial supplies reflected further weakness in world market prices of
raw materials, nonfood commodities, and metals,
including nickel, zinc, copper, and aluminum.
U.S. ofPetroleum imports; Total and From Selected Countries
Millions barrets per day
(right scale)
• Saudi Arabia
Q Nigeria
• Venezuela
Q Mexico
t
* H
4
m :* tv ' i
-1 it
1988
U.S. Department of Commerce, Bureau of Economic Analysis
J
1909
m
Millions of barrets per day
3
SURVEY OF CURRENT BUSINESS
Automotive products imports decreased $2.5
billion, or 3 percent, to $84.8 billion, following
no change. Volume decreased 7 percent. Passenger cars fell slightly to $45.7 billion, as small
decreases in imports from Germany and South
Korea were slightly greater than small increases
from Japan, Canada, and Mexico (table I). Passenger car imports have been virtually unchanged
for the past 3 years, reflecting both the severity
of the downturn in the U.S. auto industry and
the significant inroads made by Japanese transplant production. In 1991, U.S. car sales dropped
12 percent from 9.5 million units to 8.4 million
units, the lowest level since 1982. Sales of domestic nameplate cars decreased 13 percent, and sales
of Japanese cars, both imports and transplants,
fell 6 percent. The market share of domestic
nameplate cars fell to 56 percent, the lowest level
ever, whereas the Japanese share, including imports and transplants, increased to 35 percent, the
highest level yet.
Automotive parts imports from Japan, Canada,
and Mexico decreased 5 percent to $23.0 billion:
Weak economic activity and transplant operations appear to have affected imports of parts
from Japan and Canada even more severely than
imports of complete cars from those countries.
Parts imports from Mexico continued to rise as
assembly operations continue to be transferred
to northern Mexico from Canada and the United
States (table I).
Petroleum imports decreased $10.7 billion, or
17 percent, to $51.4 billion in 1991, compared
with an increase of 22 percent. The decrease was
in both volume and price. Volume dropped 6
percent, as the average number of barrels imported daily decreased to 7.76 million from 8.29
million, reflecting the severity of the U.S. economic downturn and weak recovery. Excluding
the temporary drop brought on by the war in the
Persian Gulf, the volume of imports by yearend
1991 was no higher than in the first quarter of
1988 (chart 5). Prices fell from $20.60 to $18.16
per barrel on a year-to-year basis, but from $28.82
to $18.04 on a fourth-quarter to fourth-quarter
basis, reflecting the peak in prices that occurred
in October 1990 as hostilities in the Persian Gulf
escalated. The runup in prices was much less
severe and more short-lived than the sharp increases in prices in 1973 and 1979. Consequently,
its impact on U.S. trade flows and payments was
not nearly as large.
U.S. supplies of petroleum and products remained plentiful relative to demand during 1991,
in spite of the Persian Gulf war and the sub-
March 1992 • 63
sequent loss of petroleum output from Kuwait
and Iraq. Although imports from OPEC members
decreased 5 percent because of weak economic
activity, the share of imports from OPEC members increased to 55 percent from 54 percent,
the highest level since 1981. The volume of imports from Saudi Arabia, Venezuela, and Mexico
increased 35 percent, 8 percent, and 7 percent,
respectively, the volumes from both Saudi Arabia and Venezuela during 1991 were the highest
amounts yet recorded. The volume from Nigeria
fell 9 percent.
U.S. consumption of petroleum decreased from
16.99 million barrels per day to 16.64 million
barrels per day, the lowest level since 1986.
Domestic production and inventories were virtually unchanged. Imports as a percentage of
consumption dropped to 47 percent from 49
percent.
Balances by area.—For 5 consecutive years,
deficits with most key industrial countries or areas have decreased substantially or surpluses have
increased (tables J and K, and chart 6). The
largest changes were with Western Europe and
the newly industrialized countries in the Far East.
The surplus with Western Europe increased to
$14.7 billion in 1991 from a surplus of $2.1 billion
in 1990. Significant gains in U.S. net exports of
capital goods and sharp reductions in imports
of industrial supplies and materials, automotive
Table J.—U.S. Merchandise Trade Balances by Area
[Balance of payments basis, millions of dollars]
1989
Total
1990
-115,917 -108,115
1991 P
-73,586
-7,976
Canada
-9,277
-9454
Western Europe
United Kingdom . ...
Germany 1
Other
-3990
2121
14,724
2381
2999
-9 664
8786
-5340
16878
Japan
Australia
Latin America
Brazil
Mexico
Venezuela
Other
-8280
1 909
-49669
4,246
-10594
-3670
-2450
-3795
3186
-41 690 -44,107
3,893
4,269
1,611
-3,597
1,836
-679
-1 1 665
-2922
-2392
-6424
73
1 934
1 617
1 115
OPEC (non-Latin America)
-12 933
-17,528
-10,830
Asia (non-OPEC)
Hong Kong, Republic of Korea, Singapore,
Taiwan
Other
-39 280
-38 054
-34 595
-26,299
-12981
-20,622
-17 432
-14,832
-19763
3,480
2,074
3,071
Other Western Hemisphere
Eastern Europe
-819
-669
p Preliminary.
1. Includes the former German Democratic Republic (East Germany) beginning in the fourth
quarter of 1990. In earlier periods, the German Democratic Republic is included in Eastern
Europe.
SURVEY OF CURRENT BUSINESS
64 • March 1992
products, and consumer goods accounted for the
increase.
The deficit with the newly industrialized countries in the Far East decreased substantially to
$14.8 billion in 1991 from $20.6 billion in 1990.
Lower U.S. net imports of consumer goods accounted for about one-third of the improvement.
Additional improvements resulted from higher
U.S. net exports of industrial supplies and materials and from a substantial drop in U.S. net
imports of capital goods.
In contrast, the deficit with Japan was $44.1 billion in 1991, up from $41.7 billion in 1990, but still
well below the annual deficits of 1987-89. U.S.
net imports of capital goods, consumer goods,
and automotive products and U.S. net exports of
industrial supplies and materials all showed only
minor changes in 1991.
The deficit with China was $12.7 billion in 1991,
up from $10.4 billion in 1990. U.S. net imports
of consumer goods accounted for the increase.
The deficit with OPEC members declined to
$14.8 billion in 1991 from $24.6 billion in 1990,
as both prices and volume of petroleum imports
in 1991 were significantly below those of a year
earlier.
The deficit with Latin America dropped to $0.8
billion in 1991 from $11.7 billion in 1990. A drop
in U.S. net imports of industrial supplies and
materials (mainly petroleum from Venezuela)
accounted for much of the decrease; it was accompanied by an increase in U.S. net exports of
capital goods, mainly to Mexico.
Services.—Net service receipts were $35.9 billion
in 1991, compared with $26.4 billion in 1990
(table L).
Military transactions with foreigners resulted
in net payments of $5.3 billion in 1991, down from
$7.2 billion in 1990, mostly reflecting the quick
conclusion of the war in the Persian Gulf and
political decisions recognizing the breakup of the
former Soviet Union and the end of the Cold
Table K.—U.S. Merchandise Trade by Major End-Use Category for Selected Areas and Countries
[Balance of payments basis, millions of dollars]
Foods feeds, and beverages
industrial supplies and materials
Capital goods, except automotive
Automotive vehicles, parts, and engines
Consumer goods (nonfood), except automotive
Imports
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
1990
199V
1989
1990
199V
111,375
7,809
103,566
116,846
7,811
109,035
16,395
1,029
15,366
18,300
1,135
17,165
20,769
1,083
19,686
43,863
8,177
35,686
47,977
8,089
39,888
47,492
7,776
39,716
8,100
157
7,943
8,302
226
8,076
8,262
284
7,978
5,769
25,825
48,048
3,466
11,944
5,957
29,136
53,197
3,918
14,544
6,112
29,083
57,600
4,308
14,910
643
3,532
9,335
836
1,451
749
3,874
9,968
1,183
1,802
749
3,792
11,625
1,561
2,178
8,674
15,556
12,152
1,126
5,620
8,752
15,232
14,438
1,760
6,897
8,873
14,864
15,153
1,489
6,142
156
2,004
4,195
478
820
219
1,834
4,534
440
809
276
1,939
4,252
320
875
93,080
7,471
85,609
102,388
5,150
97,238
109,254
5,784
103,470
102,122
3,847
98,275
24,675
65
24,610
27,964
68
27,896
26,109
71
26,038
93,532
76
93,456
89,667
42
89,625
91,599
33
91,566
3,854
219
3,635
4,409
456
3,953
3,993
147
3,846
4,560
35,315
14,084
28,700
3,833
5,677
27,716
31,690
13,041
20,410
5,986
28,009
34,019
13,959
21,845
5,837
24,619
34,437
11,250
20,880
494
5,017
9,090
6,933
2,431
531
5,281
10,278
7,954
2,740
547
5,140
10,061
6,628
2,729
348
8,527
36,644
34,017
12,961
327
8,397
34,567
32,119
12,919
338
8,467
36,193
32,781
12,470
959
2,141
266
63
198
1,177
2,306
327
239
186
1,148
1,823
327
292
199
199V
1989
80,657
4,373
76,284
83,572
4,899
78,673
85,104
5,256
79,848
98,398
7,448
90,950
4,144
18,119
24,728
22,598
6,734
4,769
19,663
26,475
22,609
7,605
5,171
18,901
25,907
22,306
8,670
89,934
5,974
83,960
93,026
7,451
85,575
4,066
35,544
11,350
29,545
3,815
4,360
35,847
13,405
29,529
3,735
Imports
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
1990
1989
1989
1990
9,668
1,780
7,888
12,947
1,485
11,462
59,687
8,851
50,836
62,868
8,118
54,750
1,723
1,994
3,199
1,174
1,075
1,442
1,978
3,432
1,147
1,173
1,112
2,360
4,954
2,368
1,463
6,751
19,163
26,208
1,460
4,423
31,526
4,688
26,838
22,408
19,622
2,786
27,196
24,217
2,979
23,777
20,149
3,628
2,802
7,791
6,135
7,857
5,342
400
20,953
30
8
886
373
25,443
37
7
1,214
468
21,667
102
6
1,443
199V
63,295
5,760
57,535
24,678
2,769
21,909
28,103
2,573
25,530
33,137
3,019
30,118
9,475
2,117
7,358
4,491
16,001
19,412
5,637
6,158
5,023
18,391
22,521
6,906
7,595
2,387
7,149
8,354
3,363
2,450
2,210
7,687
9,459
4,520
2,885
2,585
8,935
11,304
5,363
3,425
57,502
14,259
43,243
64,320
18,379
45,941
62,999
15,691
47,308
27,128
4,306
22,822
30,495
5,268
25,227
8,650
23,286
7,036
7,014
9,997
9,388
27,106
7,381
7,899
10,476
8,914
24,200
7,475
8,693
11,592
2,663
7,619
5,601
5,765
4,388
2,925
8,549
5,889
6,947
4,653
1991*
48,842
5,414
43,428
54,272
5,142
49,130
4,697
15,117
17,194
4,424
5,447
1990
1989
1990
199V
Hong Kong, Republic of
Korea, Singapore, Taiwan
Asia (non-OPEC)
199V
1990
1990
f Preliminary.
1. Includes the former German Democratic Republic (East Germany) beginning in the fourth quarter of 1990.
In earlier periods, the German Democratic Republic is included in Eastern Europe.
OPEC (non-Latin America)
Mexico
1989
1989
Foods feeds and beverages
Industrial supplies and materials
Capital goods except automotive
Automotive vehicles parts, and engines
Consumer goods (nonfood), except automotive
Australia
1989
1990
Latin America and Other
Western Hemisphere
Exports
Agricultural
Nonagricultural
Japan
1991'
1989
Exports
Agricultural
Nonagricultural
Germany ]
Western Europe
Canada
199V
1989
1990
199V
69,958
7,606
62,352
37,661
5,155
32,506
39,882
5,190
34,692
44,425
4,986
39,439
5,827
19,913
28,300
1,665
4,891
5,582
22,153
32,100
1,853
5,200
3,563
13,046
15,954
1,133
3,081
3,504
13,499
16,852
1,275
3,404
3,621
14,830
19,332
1,409
3,509
98,967
1,909
97,058
100,922
2,361
98,561
104,553
1,355
103,198
63,960
218
63,742
60,504
224
60,280
59,257
131
59,126
4,126
10,453
25,203
3,599
54,200
4,221
11,035
26,550
3,262
54,299
4,449
10,419
28,458
3,024
56,617
782
5,216
19,550
3,201.
34,231
746
5,401
20,035
2,792
30,506
733
5,554
20,688
2,486
28,747
SURVEY OF CURRENT BUSINESS
War. Transfers under U.S. military agency sales
contracts were $10.4 billion, an increase of $0.5
billion from 1990. Deliveries of aircraft fell in the
first half of 1991 from their accelerated pace in
the second half of 1990 to support allied partners
in Operation Desert Storm; by the second half of
1991, they had returned to the stepped-up delivery schedule agreed to prior to the outbreak of
hostilities. Other transfers, including reconstruction activity in Kuwait, were somewhat higher
than a year earlier.
Direct defense expenditures abroad were $15.7
billion in 1991, down $1.4 billion from 1990. After
reaching near record levels in the first quarter of
1991, expenditures fell in almost all major categories throughout the rest of the year. The quick
conclusion of the war in the Persian Gulf, troop
reductions in Western Europe marking the end
of the Cold War and sharp cutbacks in the defense budget, and the abrupt midyear closing of
a major airbase in the Philippines were the primary reasons for the decline. The decrease in
expenditures was led by downturns of $0.7 billion
in petroleum and $0.3 billion in pay to foreign
nationals.
Net travel and passenger fare receipts were
$10.7 billion in 1991, up from $5.2 billion in 1990,
as receipts increased much more than payments.
Foreign visitors spent $45.6 billion for travel in
^^
Exports
and Imports by Selected Areas
and Countries (1987=100)
260
EXPORTS
Mexico
March 1992
the United States, up 12 percent from last year.
Travel receipts from overseas were $34.4 billion,
up 11 percent, following a 15-percent increase in
1990 and a 21-percent increase in 1989. The number of visitors increased about 7 percent in both
1991 and 1990. In 1991, increases in visitors from
Japan slowed further, while increases in visitors
from Western Europe picked up. War in the Persian Gulf did not appear to restrain travel to the
United States during the first quarter as much
as it restrained travel from the United States to
foreign destinations. Receipts from Canada increased 16 percent to $6.6 billion. Although travel
to the U.S. interior dropped significantly, the
drop was more than offset by a surge in Canadian travelers and related expenditures in the U.S.
border area, which led Canadian authorities to
impose taxes early in 1992 on purchases by Canadian residents in the U.S. border area. Receipts
from Mexico increased 14 percent to $4.6 billion,
also a result of a large number of visitors in the
border area.
U.S. travel payments totaled $39.4 billion, up 2
percent from last year. Travel payments overseas
decreased i percent to $29.0 billion. The number of travelers is estimated to have declined 4
percent, the first decline since 1985. The decline
affected all areas, but especially Western Europe
and Japan. Travel to these areas was severely curtailed by uncertainties created by the Persian Gulf
war during the first quarter and has recovered
slowly since then. However, because only fragmentary source data are available, these estimates
are subject to larger-than-normal amounts of revision. Payments to Canada increased 5 percent
to $3.7 billion despite a small drop in the num-
• • - Hong Kong, Republic of Korea, Signapore, Taiwan
20 •
4
20
2
Latin America and Other Western Hemisphere
Table L—Services and Investment Income, Net
[Millions of dollars]
Japan
Western Europe
1989
200 • - - - Canada
Services, net
Military transactions l
Travel and passenger fares
Other transportation
Royalties and license fees
Other private services
Affiliated services
Unaffiliated services
Education
Financial
Insurance
Telecommunications
Business, professional, and technical
Other
U S. Government .
180
160
140
12Q
100
Investment income, net
Direct
Other private
U.S. Government .
100
108?
198$
1989
1990
S, Department of Commerce, 8wea« of Economic Analysts
1991
1990
1991"
22,415
-6204
2,612
9
9,776
17,655
4787
12,867
3950
26,376
-7220
5,196
-1 056
12647
18354
4789
13,566
4357
2527
22
-3238
5,507
35,879
-5280
10,680
3019
692
-2,652
4,022
3836
-1 433
-353
12921
19706
5236
14,470
4847
2119
37
-3,952
6,599
4391
4819
-1 545
-1795
9,363
2,688
11,945
42,484
52662
51,393
-9,580 -12,792 -10,732
-30,216 -27 925 -31,298
p Preliminary.
1. Consists of goods and services transferred under U.S. military agency sales contracts
less imports of goods and services by U.S. defense agencies.
66 • March 1992
SURVEY OF CURRENT BUSINESS
her of travelers. Payments to Mexico increased 12
percent to $6.7 billion; expenditures were pushed
sharply higher as a result of price increases, in
spite of a decline in travel to both the interior
and border areas.
Passenger fare receipts from foreign visitors
traveling on U.S.-flag carriers increased 13 percent
to $13.8 billion, down from an iS-percent increase
last year. U.S. payments to foreign transocean
carriers increased 4 percent to $9.3 billion, down
from a /-percent increase in the previous year.
Other net transportation payments were $0.4
billion in 1991, compared with $1.1 billion in 1990.
The strength of expansion of air freight receipts
slowed from large rates of increase in the past 5
years. The economic downturn and weak economic activity in the United States limited freight
payments to foreign carriers for U.S. imports
of both petroleum and nonpetroleum products.
Total other transportation receipts increased $0.7
billion, or 3 percent, to $23.1 billion, down sharply
from last year's increase of 8 percent. Freight
receipts increased only $0.1 billion, or i percent,
because expansion of air freight receipts was significantly lower than in recent years. The rise
in air freight receipts was also held down by the
liquidation of two major U.S. airlines. Port expenditure receipts increased more strongly than
freight receipts, by $0.6 billion or 4 percent, as a
result of an increase in passenger traffic, but this
increase was also below that of recent years due
to the reduced volume of U.S. and world trade.
Total other transportation payments were unchanged at $23.5 billion.
Freight payments
dropped $0.5 billion, or 4 percent. Ocean payments accounted for the decline; this was the
largest annual decline in 9 years. The economic downturn and weak economic activity
contributed to declines of 7 percent in petroleum
and 8 percent in nonpetroleum import tonnage
carried by foreign carriers. Offsetting the decrease in ocean payments was an increase in port
expenditure payments, but these payments rose
by less than one-third their rates in recent years.
The sharp drop in travel from the United States
and stable jet fuel prices exerted strong restraints
on the increase in port expenditure payments.
Net receipts from foreigners for other private
services were $19.7 billion in 1991, compared with
$13.6 billion in 1990. Among transactions with
unaffiliated foreigners, net receipts for education rose 10 percent, the same pace as last year.
Expenditures of foreign students in the United
States continued to increase at the same pace
as a year earlier and at a higher pace than in
1987-89. The pace of U.S. students' expenditures
abroad is estimated to have increased over the
past 2 years. Net payments for telecommunications increased, as payments quickened more
rapidly than receipts; payments now account for
45 percent of all unaffiliated other private service
payments. Net receipts for business, professional,
and technical services increased, reflecting continued rapid expansion in sales of services to
foreigners. Net receipts for the sale of financial services decreased; a decline in bank fees,
reflecting weak demand for bank lending, was
responsible. Partly offsetting was an increase
in net receipts of fee and commission income
from commodities and securities brokers. Receipts and payments on primary and reinsurance
transactions were close to balance.
Investment income.—Net receipts of investment
income were $9.4 billion in 1991, compared with
net receipts of $11.9 billion in 1990 (table L).
Direct investment income.—Receipts of income on
U.S. direct investment abroad were $51.8 billion
in 1991, compared with $54.4 billion in 1990 (table M). The decrease was more than accounted
for by a decline in operating earnings. Operating earnings of manufacturing affiliates declined,
particularly in the United Kingdom, Canada,
and Australia, where recessions were underway.
Economic slowdowns also depressed earnings of
manufacturing affiliates in Belgium, France, and
Germany. Operating earnings of petroleum affiliates declined sharply in Canada, but were down
only a small amount worldwide.
Table M.—Direct Investment Income and Capital
[Millions of dollars]
1989
1990
53,997
52411
1,585
54,444
53336
1,108
51,754
49,455
2,299
-11,512
-9,867
-1,646
-1,782
-3,640
1,858
1,574
-1,935
U.S. direct investment abroad (increase/capital
outflow (-))
Eouitv capital
Reinvested earnings .
Intercompany debt
-33,388
4472
-22,370
-15,491
-33,437
-6179
-22,250
-5,008
-29,497
-8,137
-23,742
2,382
Foreign direct investment in the United States
(increase/capital inflow (+))
Equity capital
Reinvested earnings
Intercompany debt
70,551
51,884
-3844
22511
37,213
47,035
-14008
22,197
22,915
-14801
14082
(Credits +; debits -)
1991*
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 +)
-361
Capital
Preliminary.
4185
SURVEY OF CURRENT BUSINESS
Payments of income on foreign direct investment in the United States were $0.4 billion in
1991, compared with $1.8 billion in 1990. The
decrease was more than accounted for by an increase in operating losses to $10.4 billion from
$4.4 billion. Reductions in earnings were particularly large in petroleum, due to weak economic
activity and lower oil prices, and in insurance,
manufacturing, and wholesale, due also largely to
weak economic activity. A shift to capital gains
from capital losses offset more than one-half of
the reduction in operating earnings.
Portfolio investment income.—Receipts of income
on other private investment decreased $9.7 billion, to $56.0 billion, in 1991 (table N). Interest
receipts on bank claims decreased $11.3 billion
because of the continued decline of U.S. interest rates; for the year, average interest rates fell
more than 160 basis points. Income receipts on
foreign securities held by U.S. residents increased
$2.1 billion as a result of strong acquisitions of
both bonds and stocks.
Receipts of income on U.S. Government assets
were $7.5 billion in 1991, down from $9.9 billion
in 1990. Most of the decline reflected the absence in 1991 of the forgiveness of $2.1 billion in
interest on military debt owed by the Government of Egypt to the U.S. Government (table O).
In addition, but to a much lesser extent, receipts
dropped because debt rescheduling programs in
1991 resulted in capitalization of less interest. In
other transactions, interest receipts on foreign
currency holdings remained stable at high levels,
while receipts on other credits were slightly lower.
Payments of income on other private investment fell $11.8 billion, to $66.7 billion, in 1991.
Interest payments on bank liabilities decreased
$10.8 billion as a result of the decline in interest rates. Interest payments on foreign-held U.S.
Table N.—Other Private Income
[Billions of dollars]
1989
Receipts
...
Dividends
Interest on bonds
Interest on bank claims
Interest on other claims1
Payments
Dividends
Interest on bonds
Interest on bank liabilities
Interest on other liabilities '
.
.
.
1991^
69.0
65.7
.9
96
508
7.7
1.5
106
464
7.2
78.6
78.5
66.7
6.6
175
468
7.7
7.5
189
438
8.3
7.1
199
330
6.7
p Preliminary.
1. Primarily income of business concerns other than banks.
NOTE—Excludes direct investment income receipts and payments.
1990
56.0
1.9
123
35.1
6.7
bonds increased $1.0 billion because of continued
strength in foreign acquisitions.
Payments of income on U.S. Government liabilities were up slightly to $38.9 billion, as the
decline in interest rates nearly offset an increase
in foreign official holdings.
Unilateral transfers.—Unilateral transfers shifted
to net receipts of $19.7 billion in 1991 from net
payments of $22.3 billion in 1990. Most of
the shift was accounted for by U.S. Government
grants, which shifted to net receipts of $25.1 billion in 1991 from net payments of $17.5 billion in
1990.
U.S. Government grants consisted of receipts
of $42.5 billion and disbursements of $17.4 billion.
Receipts in 1991 resulted from nonrecurring cash contributions from coalition partners
(Kuwait, Saudi Arabia, the United Arab Emirates, Japan, Germany, Korea, Belgium, and
Norway) in Operation Desert Storm. Partners
had contributed $4.3 billion in 1990 (table O).
Disbursements for debt forgiveness were $5.2
billion in 1991, following $7.2 billion in 1990
(table O). Disbursements in both years were especially high, but the nature of forgiveness differed
significantly. In 1991, following the breakup of
the Eastern European bloc, Poland received $1.6
billion. An additional $2.6 billion was disbursed
for expanded assistance programs to developing countries in Latin America and sub-Saharan
Africa. Egypt received $1.0 billion in forgiveness
of military debt. In 1990, Egypt received $7.0
billion in forgiveness of military debt, partly in
recognition of Egypt's strategic position in the
Middle East.
Disbursements for other than debt forgiveness
decreased to $12.2 billion in 1991 from $14.5 billion in 1990 (table O). Grants financing military
purchases dropped to $3.7 billion from $6.1 billion; these grants had been boosted in 1990, when
the United States assisted allies (Israel, Egypt,
and Turkey) during military operations in the
Persian Gulf. Grants had also been boosted in
1990, when Israel received $4.5 billion in economic support fund assistance and funds under
the waiver credit program. These grants dropped
to $1.9 billion in 1991, partly because new fiscal year appropriations for Israel were limited by
Congress.
Private remittances and other transfers were
$2.2 billion in 1991, up from $1.9 billion in 1990.
Remittances to support the emigration of Soviet
and Ethiopian Jews to Israel remained strong.
March 1992 •
67
68 • March 1992
SURVEY OF CURRENT BUSINESS
Capital account
Net recorded capital inflows—that is, net changes
in U.S. assets abroad less net changes in foreign
assets in the United States—decreased to $11.8
billion in 1991 from $28.6 billion in 1990.
Private capital flows were characterized by unusually large swings in securities transactions in
1991, both on the asset and liability sides of the
accounts. A further retrenchment from international activities by U.S. banks also prominently
affected both sides of the accounts. For foreign assets in the United States, a further sharp
dropoff of foreign direct investment in the United
States and a reduction of funds placed on deposit with U.S. banks was more than offset by
especially strong foreign acquisitions of U.S. securities. For U.S. assets abroad, U.S. acquisitions
of foreign securities increased significantly, while
U.S. banks pulled back further from activities in
international markets.
U.S. assets abroad.—U.S. assets abroad increased
$67.7 billion in 1991, compared with an increase
of $57.7 billion in 1990.
U.S. official reserve assets.—U.S. official reserve
assets decreased $5.8 billion in 1991, compared
with an increase of $2.2 billion in 1990. In
1991, both U.S. and foreign monetary authorities
agreed that their respective holdings of foreign
currencies were in excess of current needs and
that it was to their mutual advantage to reduce these holdings. Consequently, in a series
of off-market spot and forward transactions in
the third and fourth quarters, the Exchange Sta-
bilization Fund (ESF) and the Federal Reserve
System purchased dollars from foreign authorities in exchange for U.S. holdings of foreign
currencies.
In transactions in special drawing rights
(SDR'S), the ESF sold German marks against SDK'S
(in the third and fourth quarters) and purchased
dollars against sales of SDR'S (throughout the
year) in transactions with foreign monetary authorities in need of SDR'S, either for payment of
International Monetary Fund (IMF) charges or
for repurchases. Both the sales and purchases of
SDR'S were arranged by the IMF. These operations
began in July 1990.
U.S. Government assets other than official reserve assets.—Disbursements of U.S. Government
credits and other long-term assets were $11.9 billion in 1991, compared with $7.3 billion in 1990
(table O). For both years, disbursements for debt
reschedulings of long-term credits overshadowed
other developments in U.S. Government credit
programs.
Disbursements for debt reschedulings in 1991
were a record $8.5 billion, or 70 percent of total
credits disbursements. In 1990, disbursements for
reschedulings were $3.3 billion, or 50 percent of
total disbursements.
In 1991, the U.S. Government rescheduled $2.1
billion of Polish debt (mainly related to agricultural credits) and $4.7 billion of Egyptian debt,
both in the third quarter. In 1990, the U.S.
Government rescheduled $1.0 billion of Egyptian
military debt and $0.5 billion in long-term assets
originally owned by private U.S. banks.
Table 0.—Selected U.S. Government Transactions
[Millions of dollars]
19S)1
1QRQ
1QQ1 P
1QQD
II
I
U S. Government grants
.
Disbursed
F o r debt forgiveness
Other disbursements
.
Received
For Defense Cooperation Account
U S. Government credits and other long-term assets
For debt rescheduling
Other disbursements
Repayments of U S Government credits and other long-term assets ..
From debt rescheduling
From debt forgiveness
Other repayments
U.S. Government receipts of income
From debt rescheduling
From debt forgiveness
Other receipts
U.S. Government payments of income
* Less than $500,000 (±).
r
Revised.
p
Preliminary.
.
.
IV
-17486
25111
18,255
8,444
-1,588
0
-1 1 075 -21 750
-207
-7206
-14 544
-10 868
-17428
-5232
-12 196
-4419
-1206
-3213
-3167
-3 650
-3034
-6192
-3892
-2300
11,612
11 612
4,604
4604
3,650
3650
-8471
-7546
-1 069
-925
-978
-11,071
.
III"
-133
3
4264
4260
42,540
42540
22,674
22674
-5563
-1,539
-4,024
-7319
-3290
-4029
11 916
-8465
-3450
-1 314
1 062
-650
-664
-178
-884
6726
16466
7733
2762
5795
10327
1 967
5077
3283
5013
3721
1 144
1 253
5640
9945
7541
2197
711
54
778
779
152
533
219
365
211
62
-1
-3 649
-91
770
82
97
592
12115
7,244
3772
1 099
820
41
1
111
1,710
2047
1,586
55
37
219
120
4875
2129
7037
6789
1,925
1,619
-35 856
-37 870
-38 839
-9814
-9715
49
1,708
1,537
-9705
-9605
SURVEY OF CURRENT BUSINESS
Increases in U.S. Government short-term credits in 1991 included the acquisition of $0.9 billion in claims from private U.S. banks through
payment of guarantees on loans to Iraq.
Repayments of principal on U.S. Government
credits and other long-term assets were $16.5
billion, an increase of nearly 60 percent over
the 1990 level of $10.3 billion (table O). The
larger repayments in 1991 included debt forgiveness of $2.4 billion to developing countries in
sub-Saharan Africa and Latin America, $1.6 billion to Poland, and $1.0 billion to Egypt; the
repayments also included reschedulings of $2.1
billion of Polish debt and $4.7 billion of Egyptian
debt.
March 1992 •
Claims reported by banks.—U.S. claims on foreigners reported by U.S. banks decreased $3.4
billion in 1991, following a $5.3 billion decrease
in 1990 (tables P and Q). Weak U.S. bank credit
expansion partly reflected the sharp slowing in
economic activity among industrial countries and
the related severe drop in the international demand for bank credit. The extent of the drop is
evident from estimates of worldwide bank credit
published by the Bank for International Settlements. Net bank credit increased only $75 billion
in the 9 months ending September 1991 (the latest
figures available), compared with a $370 billion
increase in the 9 months ending September 1990.
Weak U.S. bank credit expansion was also attributable to the increasingly strict assessments
Table P.-Private Capital Flows, Net
[Billions of dollars]
1989
Ptaim^ /inrrpflQP/rflnital nntflnw / \\' liflhilitip<> /inrrpflQP/ranitfll inflnw (j-\\
Private capital flows
106.6
Bank-reported capital, net1
U.S claims . 1
U.S liabilities
Securities, net
Net U S. purchases of foreign securities
Stocks
. .
Bonds
Net foreign purchases of U.S. securities
U.S. Treasury securities
Other than U S Treasury securities
Stocks
Bonds
12.1
-51.3
1991
1990
6.9
-1.0
-27.5
1.2
-28.7
8.8
2.3
6.5
5.3
-20.7
-11.6
3.4
-15.0
-18.8
5.3
6.1
-46.2
-30.2
-16.0
-6.9
-21.6
2.9
1.1
1.8
-14.5
32.0
52.3
16.9
35.4
9.2
16.3
40.5
Direct investment net
U.S. direct investment abroad
Foreign direct investment in the United States
3.6
15.3
-25.6
-28.5
-5.3
68.5
29.6
38.9
,.«
-10.4
-10.3
45.9
-22.6
-17.3
II
-18.1
10.0
3.8
-33.4
26.2
1.8
20.6
-.7
-9.4
-6.5
-2.9
8.7
3.4
5.3
1.5
3.8
III'
15.7
72.2
-12.5
-9.1
-3.7
28.5
13.4
15.1
-8.6
-3.9
7.5
7.6
4.3
Nonbank-reported capital, net
US claims
U.S. liabilities
1
r
8.1
2.6
5.5
-7.4
n.a.
n.a.
n.a.
1.9
3.8
-12.8
4.3
-3.2
22.1
-1.9
-8.5
-29.5
37.2
-3.8
-12.8
-2.9
-1.3
-1.6
-2.9
-2.1
I
-31.7
IVP
I
-4.6
63.4
.
1991*
II
7.5
-.8
8.7
-1.5
10.2
2.1
8.1
-1.9
-8.0
26.0
-5.0
11 4
-5.9
-5.5
6.4
1.5
4.9
-1.8
6.7
-1.3
-5.5
6.1
4.2
.5
14
n.a.
n.a.
n.a.
1.9
n.a. Not available.
Preliminary.
Revised.
1. Liabilities exclude U.S. Treasury securities.
Table Q.—U.S. Bank-Reported Claims and Liabilities by Type
[Billions of dollars]
1991
1989
Claims on foreigners reported by U.S. banks (increase/capital outflow (-))
-51.3
Of which International banking facilities' (IBF) claims
' Revised.
f Preliminary.
38.7
17.6
-38.6
-7.1
15.1
12.0
-11.5
1.5
-10.7
2.6
-.5
-5.5
.1
-8.0
.7
Liabilities to foreigners reported by U.S. banks (excluding U.S. Treasury securities)(increase/capital
inflow (+)) '
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
3.4
5.3
-29.2
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
Of which International banking facilities' (IBF) liabilities
1991'
1990
63.4
48.2
29.7
15.0
14.2
11.6
-7.1
11.3
-4.0
20.6
23.0
6.2
7.3
.8
4.1
2.2
III'
\\jp
2.3
-20.7
-2.7
3.4
-6.1
-6.9
-4.3
2.1
1.2
3.1
0
-13.0
1.2
4.7
-2.8
10.5
-4.1
-2.7
2.8
1.2
-9.0
10.0
-15.0
-18.8
-28.7
6.5
26.0
-16.3
-18.7
-11.9
-22.7
5.9
10.0
2.5
-17.7
.1
7.6
-.2
10.1
1.2
2.6
-7.4
12.2
1.4
5.1
-7.1
-2.3
-15.1
4.4
* Less than $500,000 (±).
1. Excludes liabilities to foreign official agencies.
-7.5
-4.4
1.0
-1.9
-6.0
-3.8
-4.6
-5.1
-4.7
3.7
7.4
.7
-3.9
11.7
69
March 1992
SURVEY OF CURRENT BUSINESS
by banks of the credit worthiness of both their
domestic and international borrowers.
This
was due to poor loan performance in recent
years and increasingly stringent capital adequacy
requirements and credit standards applied by
regulators.
In this environment, foreign demand for U.S.
bank credit in the interbank market was weak
and intermittent. A temporary surge in claims
in the second quarter was to foreign offices in
the Caribbean. A temporary surge late in the
fourth quarter was attributable to the need for
Japanese offices in the United States to provide
funds, mainly in foreign currencies, to home offices in Japan. For the year, U.S. claims on own
foreign offices and unaffiliated banks increased
$10.0 billion.
In the forefront of the decline in U.S. bank
claims during the past 2 years has been the largescale reduction of claims on banks in Japan,
as home offices adjusted to depressed asset values that accompanied sharp price declines of
Japanese stocks in 1990 and 1991, as Japanese regulators tightened capital adequacy requirements
throughout the period, and as Japanese economic
growth slowed in 1991. These factors, combined
with the drop in worldwide demand for bank
credit, were responsible for a $26.2 billion reduction in U.S. banks' claims on Japan in 1990 and
1991. (Corresponding reductions occurred on the
liabilities side of the U.S. accounts.)
Banks' claims on foreign public borrowers decreased $5.9 billion. As in 1990, most of the
decrease was in claims on Argentina and Brazil.
Although both countries made progress toward
debt restructuring in 1991, including partial payments of interest to foreign commercial banks,
U.S. regulators required U.S. banks to increase
special transfer risk reserves on Brazilian and
Argentine credits in February, and, later in the
year, insisted on additional amounts on Brazilian
credits.
Banks' claims on other private foreigners decreased $5.4 billion, mostly as a result of large
repurchase agreements with international investment funds in the Caribbean at yearend 1990 that
were reversed early in 1991.
Banks' own claims payable in foreign currencies increased $6.7 billion. The increase occurred
in the last half of the year, when the dollar
depreciated and overseas demand for foreign currencies strengthened, particularly by banks in
Japan.
Banks' domestic customers' claims payable in
dollars decreased $2.6 billion; the decrease was
more than accounted for by a $4.3 billion reduction in U.S. money market mutual funds'
holdings of overseas negotiable instruments.
Foreign securities.—Net U.S. purchases of foreign
securities were $46.2 billion in 1991, compared
with $28.5 billion in 1990. This was the third successive year of record portfolio capital outflows;
stocks were more than twice their record outflows
of 1989, and bonds were strong in both 1990 and
1991 (table P).
Net U.S. purchases of foreign stocks were $30.2
billion, up strongly from $6.9 billion in 1990
and well above the previous record of $17.3 billion in 1989. In each of the past 3 years, U.S.
activity in foreign stocks has been exceptionally
strong. Gross purchases and sales jumped 48 percent in 1989 and increased 13 percent in 1990 and
8 percent in 1991.
In 1989, this pattern of gross activity translated into strong U.S. net purchases of stocks of
Western European countries, where growth remained especially strong and stock prices were
expected to rise further. In 1990, net purchases
of Western European stocks dropped sharply as
stock prices leveled in most key markets in the
first half of the year, reflecting a slowing in earnings and growth prospects, and they fell in the
second half, as investors contemplated diminished growth prospects in light of the potential
for war in the Persian Gulf. In 1991, once the
Persian Gulf war was concluded, net purchases
of Western European stocks resumed at a record
pace; although growth and earnings prospects
were far less robust than in 1989, they were especially attractive relative to prospects in the United
States. By comparison, only small net purchases
of Japanese stocks were made in 1989, when prices
had been bid exceptionally high relative to earnings prospects, and in 1990, when prices fell more
than 50 percent. In 1991, investors moved heavily
into Japanese stocks, which were more reasonably
valued than at their peak prices in 1989.
For the year 1991, net purchases of Japanese
stocks were $13.3 billion, up $13.2 billion from
1990; purchases were strong in all four quarters. Net purchases of Western European stocks
were $11.9 billion, up $10.0 billion, with purchases concentrated in the last three quarters.
Among Western European stocks, net purchases
of British stocks were $7.2 billion, up $7.7 billion, on a 2o-percent rise in British stock prices
before prices fell in the fourth quarter; net purchases of German and French stocks were strong,
particularly in the first half of the year, generally reflecting better growth prospects than in the
SURVEY OF CURRENT BUSINESS
United States. Net purchases of Latin American
stocks were mostly associated with the privatization of previously state-owned enterprises in
Mexico and Brazil.
New issues of foreign bonds in the United
States remained strong at $19.8 billion, following
a record $23.2 billion in 1990, which included $9.0
billion of issues associated with Latin American
debt refinancing. Absent those refinancings, new
issues in 1991 would have increased by a substantial margin over 1990. A 50-basis-point decline in
U.S. bond rates was a significant factor strengthening debt issues. New issues by Canada were
$7.8 billion, up from $6.5 billion. New issues by
Western Europe nearly doubled to $5.9 billion,
more than one-half of which was accounted for
by the Netherlands.
Private foreign corporations were the most active issuers in the United States, nearly tripling
their borrowing to $9.2 billion: Canadian and
Dutch corporations accounted for three-fourths
of these new issues. Government borrowing remained strong at $7.2 billion, and was down only
a small amount after elimination of the special
financing packages for Latin America from the
1990 estimate. Borrowing by international financial institutions, at $3.4 billion, was somewhat
higher than in 1990.
Sixty percent of foreign borrowing in the
United States was in longer term maturities not
available in the Eurobond markets. New issues
with maturities of 10 to 12 years totaled $8.3 billion, and new issues with maturities of 20 to 40
years totaled $3.4 billion. Medium-term issues
with maturities of 2 to 7 years totaled $6.4 billion, accounting for 32 percent of new issues. In
1991, 104 foreign bond issues were placed in the
United States, 47 more than in 1990.
Net sales of outstanding foreign bonds by U.S.
residents were $1.2 billion, compared with $3.1
billion. There were unusually large net purchases
of British gilt-edged securities of $14.2 billion, all
in the second half, after negligible net trading
in 1990. After nearly a 3oo-basis-point decline
in bond rates in 1990, British rates slowed their
decline relative to falling U.S. rates in 1991, but
still remained over 200 basis points higher than
U.S. rates. Nonetheless, it wasn't until the British
pound began to strengthen sharply against the
dollar at midyear and the decline in U.S. bond
rates accelerated in the fourth quarter that U.S.
investors returned to gilt-edged securities, with
net purchases of $6.2 billion in the third quarter
and $9.2 billion in the fourth. More than offsetting these net purchases were net sales of bonds in
the Far East, the Caribbean, and Japan. Net purchases of Canadian bonds were mostly offset by
redemptions. Gross purchases and sales of outstanding bonds increased 2 percent in 1991 and
were strongest in the first and fourth quarters.
Direct investment—Net capital outflows for U.S.
direct investment abroad were $29.5 billion in
1991, compared with $33.4 billion in 1990. The
decrease resulted from a shift to intercompany
debt inflows, which were more than offset by
increases in equity outflows and in reinvested
earnings (table M).
Intercompany debt shifted to net inflows of
$2.4 billion from outflows of $5.0 billion, as affiliates, mostly in the Caribbean, repaid loans to
their parents or extended credit to them.
Equity capital outflows increased to $8.1 billion
from $6.2 billion. Equity funds were advanced
to Caribbean finance affiliates, as well as to acquire equity interests in previously state-owned
telephone companies in Mexico and Venezuela.
Reinvested earnings increased to $23.7 billion
from $22.2 billion, reflecting a mixed pattern
of worldwide earnings and a pickup in reinvested earnings in petroleum affiliates in Pacific
Rim countries that far exceeded growth in their
operating earnings.
Foreign assets in the United States.—Foreign assets in the United States increased $79.5 billion
in 1991, compared with an $86.3 billion increase
in 1990.
Foreign official assets.—Foreign official assets in
the United States increased $20.6 billion in 1991,
following a $32.4 billion increase in 1990 (table C). Dollar assets of industrial countries decreased $8.5 billion in 1991, mostly reflecting
intervention sales of dollars by foreign monetary
authorities against German marks and Japanese
yen to limit the dollar's appreciation late in the
first quarter. Dollar assets of OPEC members decreased $3.6 billion, mostly related to repayments
of war debts in the second and third quarters.
Dollar assets of other countries increased $32.7
billion; two countries in Asia and one in Latin
America accounted for much of the increase.
Liabilities reported by banks.—U.S. liabilities to
foreigners reported by U.S. banks, excluding U.S.
Treasury securities, decreased $15.1 billion in 1991,
compared with a $10.0 billion increase in 1990
(tables P and Q). Demand for funds from foreigners by U.S. banks, for lending either in the
United States or abroad, weakened further during 1991, as U.S. economic activity remained
March 1992
•
/2 • March 1992
SURVEY OF CURRENT BUSINESS
weak and activity in international banking markets was severely curtailed. In addition, for
much of the year, already adverse interest-rate
differentials against dollar assets widened by substantial amounts, and foreign banks, particularly
Japanese banks, were reluctant to increase their
placement of deposits in the United States.
U.S. banks' reliance on the overseas interbank
market as a source of funds fell sharply in 1991.
Liabilities of U.S.-owned banks to own foreign
offices and unaffiliated banks decreased by $11.8
billion, as there was little need to borrow from
abroad to meet temporary surges in demand and
the supply of excess reserves in the U.S. banking system was plentiful. In contrast, liabilities
of foreign-owned banks to own foreign offices
and unaffiliated banks increased $9.8 billion; they
fell sharply in the first half, reflecting a curtailment in borrowing from foreign sources, and
increased strongly in the second half. The curtailment in the first half reflected the substitution
of funds that could be cheaply acquired in the
United States with the issuance of U.S. certificates
of deposit. The curtailment was encouraged by
the removal of the reserve requirement on nonpersonal time deposits in December 1990 and by
sharply falling U.S. interest rates. Also in the
first half of 1991, foreign-owned banks rebooked
a large volume of offshore loans to U.S. residents
from offices in the Caribbean to U.S. offices. In
the second half, foreign-owned banks resumed
borrowing from foreign sources to meet temporary increases in loan demand in the overseas
interbank market and in Japan, both in dollars
and foreign currencies.
Japanese banks continued to scale back their
activities worldwide and in the United States, as
evidenced by their U.S. offices' decreasing external accounts. In the past 2 years, reductions in
liabilities (and claims) of U.S. offices with home
offices in Japan have been large: Home office activity abroad has been limited by sharp declines
in the value of asset portfolios, more stringent Japanese capital requirements, and declining
economic growth in Japan.
Banks' custody liabilities decreased $15.1 billion
in 1991, mostly reflecting the previously mentioned rebooking of loans by U.S. foreign-owned
banks from offices in the Caribbean to U.S.
offices.
Banks' liabilities payable in foreign currencies
increased $4.4 billion in 1991. Liabilities decreased in the first half of the year as foreign
currencies depreciated sharply in exchange markets, and they increased strongly in the second
half as foreign currencies appreciated in exchange
markets. Japanese banks borrowed heavily in the
fourth quarter.
U.S. Treasury securities.—Net foreign purchases
of U.S. Treasury securities increased to $16.9 billion in 1991 from $1.1 billion in 1990 (table P).
International investment funds in the Caribbean
made unusually large investments in marketable
bonds during the Treasury's auction in May. European purchases were moderate in the first half
of the year, and Japanese purchases were moderate in the second half, partly reflecting the sharp
decline in interest rates on these securities and the
significantly higher rates available on government
obligations abroad.
Other U.S. securities.—Net foreign purchases of
U.S. securities other than U.S. Treasury securities surged to $35.4 billion from $1.8 billion, but:
remained below the strong inflows in both 1989
and 1987. Stocks shifted to moderately strong net
purchases from large net sales; new bond issues
abroad by U.S. corporations and net purchases
of outstanding bonds strengthened (table P).
Transactions in U.S. stocks shifted to net purchases of $9.2 billion from net sales of $14.5
billion. Net purchases resumed in the first
quarter as confidence returned to the securities
markets following the quick conclusion of the
Persian Gulf war. Concurrently, moderately encouraging economic indicators pointing to a U.S.
economic recovery together with a sharp appreciation of the dollar in foreign exchange markets
pushed up U.S. stock prices sharply at the end of
the first quarter and early in the second, leading
to near record second-quarter inflows. Net purchases slowed sharply in the third quarter, when
it became clear that the recovery would not be
sustained, and shifted to net sales in the fourth,
when confidence eroded, the dollar fell sharply
in exchange markets, and U.S. stock prices fell 4
percent in late November. Gross purchases and
sales of U.S. stocks increased 13 percent in 1991;
volume was strong throughout the year.
New bond issues sold abroad by U.S. borrowers were $21.2 billion, up from $16.2 billion, as
U.S. offshore new issues reached their highest
level since 1987 (table R). U.S. borrowing was
strong throughout the year, but particularly in
the second quarter, when indicators of a U.S. economic recovery sparked a surge in issues, partly
to avoid an expected increase in interest rates
that might accompany a recovery. For the year,
a more rapid decline in Eurobond rates than in
U.S. bond rates and in corporate rates relative to
SURVEY OF CURRENT BUSINESS
Government rates, combined with a high volume
of maturing issues, buoyed new issue activity.
Both nonbank financial corporations and industrial corporations stepped up their borrowing,
spurred by interest rates that were 50 basis points
lower than a year earlier. Borrowing by banks,
which had been dominated by asset-backed trusts
a year earlier, declined.
Straight fixed-rate bonds accounted for 71 percent of all new issues, down from 76 percent in
1990. Euro medium-term notes (EMTN) increased
to a 15-percent share from a 9-percent share. The
EMTN market expanded significantly in 1991 as
the flexibility of currencies, maturities, and types
of notes attracted issuers.
The share of borrowing denominated in U.S.
dollars was 58 percent, compared with 61 percent; although the dollar weakened in the second
half of the year, dollar issues were relatively well
maintained. Foreign currency issues increased to
42 percent from 39 percent, as Canadian dollar
issues increased more than threefold. Stability of
the Canadian dollar plus strong Canadian Government bond market performance encouraged
institutional demand. Issues in Japanese yen,
Swiss francs, and European currency units declined, the latter because of uncertainty about the
future direction of that market and the uncertain
implications of the pending European monetary
union.
March 1992 • 73
Net sales of outstanding corporate bonds
dropped to $3.7 billion from $5.4 billion. Gross
purchases and sales were 32 percent higher than
in 1990.
Foreign net purchases of U.S. federally sponsored agency bonds increased to $8.9 billion
from $5.6 billion. Japanese investors more than
accounted for the step-up, raising their net purchases to $4.7 billion from $0.4 billion, mostly in
the third quarter. Gross purchases and sales of
U.S. agency bonds were 19 percent above 1990.
Direct investment—Net capital inflows for foreign direct investment in the United States were
$22.2 billion in 1991, compared with $37.2 billion
in 1990. Equity capital inflows, which decreased
to $22.9 billion from $47.0 billion, more than accounted for the decline. Net intercompany debt
inflows increased to $14.1 billion from $4.2 billion, and reinvested earnings were -$14.8 billion,
compared with —$14.0 billion (table M).
This is the second year of substantial decreases
in net capital inflows from both Western Europe and Japan, bringing the cumulative declines
in 1990-91 to $27.2 billion from Western Europe
and to $13.1 billion from Japan. The factors that
contributed to the reduction in 1991 are basically
the same as those in 1990: Weakness in the U.S.
economy, which made new acquisitions or additions to existing positions less attractive; interest
in investment opportunities in Europe, partly related to the single market to be created there in
Table R—New International Bond Issues by U.S. Borrowers
[Millions of dollars]
•iQQQr
19 31
IQQfU
1QQ1 p
I"
Total
.
.
.
By issuer:
Industrial corporations
Banking corporations1
Nonbank financial corporations2
U S federally sponsored agencies
A l l other borrowers
. . . .
.
.
r
Revised.
f Preliminary.
1. Includes banks and bank holding companies.
.
.
19,262
3814
2,099
10938
551
.
. . .
. . . .
3,241
8,092
4,176
5,677
1 746
4,914
8,282
3802
1,731
11 499
255
3,899
944
119
1 975
1 166
659
4026
970
228
2187
722
725
3,311
255
664
15,126
272
3,158
1 524
1 033
73
2,310
69
1,164
2,652
12,257
1,669
1,534
155
713
.
60
655
1 308
13149
9830
6,113
1,240
6,310
1,965
1 695
.
IV
21,186
1,860
748
III"
16,175
13,686
By instrument:
Straight fixed-rate bonds
Floating-rate notes
Medium-term notes
Zero-coupon bonds
Bonds convertible into stock
Other debt instruments
By currency:
US dollars 3
Dual currency
Foreign currencies
Japanese yen
Swiss franc
German mark
British pound
..
European currency unit
Canadian dollar
Other currencies
.
II"
203
461
470
2241
6,035
72
562
1 100
250
73
791
3,346
50
640
140
3,435
150
1,495
424
173
12187
1 065
5791
1 860
3471
8,999
1,812
1 277
280
816
520
2639
2,176
510
544
2,301
810
389
145
151
23
400
528
2,316
29
149
34
480
497
767
360
2,206
463
195
246
40
35
579
59
876
151
306
1 955
1 012
674
730
111
404
1655
701
276
771
491
2. Principally credit, securities, brokerage, and insurance companies.
3. Generally, repayment of principal in dollars, with initial issue and interest paid in foreign
currency.
SURVEY OF CURRENT BUSINESS
74 • March 1992
1992; and, to a much lesser extent, interest in
investment in Eastern Europe. The slowing in
economic growth abroad may also have dimin-
ished the capability of foreign parents to make
investments in the United States.
Tables i through 10 follow.
H
Table S.- Selected U.S. Transactions With OPEC Members1
[Millions of dollars]
(Credits +; debits -)
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
12,877
14,846
14,556
17,368
21,097
20,651
15,256
13,771
11,409
10,387
10,706
13,762
13,076
13,400
18,492
4327
4747
3087
3664
4700
5555
3007
2730
1 537
1 296
2673
2971
42
983
48
46
966
69
116
79
47
103
75
73
100
134
1 522
15
1 426
25
1 326
17
1 321
12
1 782
15
1,990
9
1987'
1988'
1990'
1989'
1991'
Exports of goods, services, and income:
Merchandise, adjusted, excluding military ...
Transfers under U.S. military agency sales
contracts
Royalties and license fees 23
Other private services23 .. .
U.S. Government miscellaneous services ..
Income receipts on U.S. assets abroad:
Direct investment receipts
Other private receipts
U.S. Government receipts . . . .
2991
P)
P
4
3241
74
18
1,385
32
3,360
3,142
4,514
489
134
671
135
1092
-35,778
-33,286
-45,039
-55,602
-49,934
-31,517
-25,282
-26,852
-1,455
-1,580
-1,489
-1,862
-1,798
-1,976
-1,440
0
-75
(*)
-90
(D)
(D)
(D)
(D)
83
1 824
41
(D)
P
-70
-71
(D)
P
2900
4
2,762
2929
34
28
29
44
48
2,591
1 401
4,133
2047
3,468
2547
2,505
2270
3,459
2457
2,542
1 995
1,925
1 537
2,024
1 681
1,763
1 970
2,025
2450
2,663
2249
3,005
1,492
155
147
167
174
274
212
222
196
167
215
154
250
229
-22,680
-18,895
-24,416
-23,016
-30,711
-38,049
-33,301
-426
-388
-486
-1,302
-606
P)
(*)
254
-5
-80
-1
-1
-102
-118
-97
37
4
2931
2006
Imports of goods, services, and income:
Merchandise, adjusted, excluding military ...
Direct defense expenditures23
Royalties and license fees
Other private services23
U.S. Government miscellaneous services ..
Income payments on foreign assets in the
United States:
Direct investment payments
Other private payments
U.S Government payments
U S Government grants
U.S. Government pensions and other
transfers
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
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
5
-790
o
-57
-61
-73
4 D
( )
-85
-106
4/D)
-120
-116
-519
-122
-112
-1
-30
-174
-121
-132
-27
-49
-40
-48
165
9
31
380
-1,093
-1,096
-1,271
-1,646
-1,382
-2,592
-2430
-3,294
-4,007
-3,556
-6,062
-2,914
-5,462
-3,094
-4,806
-2,550
-4,234
329
-1,966
-3,117
289
-1,855
-2,542
145
-2,053
-2,073
-251
-2,663
-2,654
-139
-2,757
-3,162
173
-2,475
-2,680
-40
-38
-43
-73
-57
-53
-56
-68
-64
-75
-85
-99
-129
3,367
27,770
-4
-4
-15
-17
-7
-7
-8
-8
-9
-9
-14
10
16
-12
-13
-1,332
-4,527
-1 672
290
-3,147
-6,886
-3,914
-1,235
1,949
-1,059
-654
-907
-2,953
2,550
158
-107
-412
-179
-465
-802
-252
6
-788
-39
-317
-251
-353
-188
-432
41
-195
82
-525
-92
-425
-7
-358
158
141
-61
134
-195
-165
-396
-212
-144
-612
269
316
277
112
251
238
586
331
348
349
308
344
343
461
399
9
-11
9
-10
-7
-2
21
2
3
4
-2
-9
3
7
-949
-1,293
-4,420
-1,493
-1,783
541
-2,959
-6,927
-1,600
-3,996
-1,143
-1,762
1,956
2,106
-1,217
-1,471
-795
-147
-3,087
-518
321
33
58
96
2,694
-694
-2,815
-2,241
258
-846
1,000
-365
2
18
-925
-164
-523
130
960
-77
324
275
156
589
98
171
208
43
81
41
54
27
-97
-218
-912
-17
-371
141
-942
-3,472
241
-1,684
-2,302
-5,698
-3,105
124
1,317
178
-787
-1,522
-2,719
6,176
3,315
7,324
6,369
338
7,047
5,498
14,968
12,680
14,784
13,092
9,776
-1074
-7,921
-8,561
-3,126
-4,664
-3,856
-6,654
-9,611
-9,323
-5,533
-9,890
-817
-2,993
14,103
10,738
5,987
2,163
-3,239
-3,656
9,566
4,688
10,338
7,345
-673
-6,650
-1,947
-3,501
-3,228
-1,389
-2,327
7,815
3,170
-2,676
838
-5,398
-1,808
-908
1,688
-2,591
13
-4,938
-1,746
-442
575
4,621
69
451
520
-5,893
1,852
1,777
-209
-202
-264
7,271
390
139
2,179
1,089
-1,033
543
416
737
409
934
5,088
-1,161
4,660
-10
111
20
240
-2,054
2,689
120
136
-296
1,092
10,383
16,505
20,087
-22,901
-18,440
-30,483
3,477
2,938
-2,602
1,620
-276
325
3,458
715
1,043
-1
754
-277
-1,459
294
2,405
85
-1,146
1,648
1,836
606
5,860
1,290
-337
-631
-1,226
-3,008
-90
-1,447
-201
-1,320
91
-485
225
418
-7
21,231
13,468
5,552
18,517
15,077
10,652
15,899
16,238
8,735
5,556
10,681
-13,946
-38,234
-28,837
-10,866
-10,026
-13,081
-11,271
-8,508
-13,710
-9,254
-17,635
-24,649
-14,809
Suppressed to avoid disclosure of data of individual companies.
r
Revised.
'* Preliminary.
* Less than 5500,000 (±).
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
p
-98
-875
accounts are estimated from regional data.
2. Royalties and license fees 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.
3. Affiliated and unaffiliated transactions, previously shown separately, have been combined.
4. Break in series. See Technical Notes in June 1989 and June 1990 SURVEY.
SURVEY OF CURRENT BUSINESS
March 1992 • 75
Table 1.—U.S. International Transactions
[Millions of dollars]
Seasonally adjusted
Not seasonally adjusted
Line
(Credits +; debits -) '
1990
1991''
I
1
Exports of goods, services, and income
1991
1991
II
II r
I"
IV
II
I'
\MP
III'
652,936
676,498
167,455
170,351
167,809
170,883
166,903
168,035
170,070
171,491
2
Merchandise, adjusted, excluding military2
389,550
416,517
101,720
106,503
100,161
108,133
100,549
103,889
104,018
108,061
3
4
Services3
Transfers under U.S military agency sales contracts4
133,295
9,899
144,675
10,429
32,834
2,410
35,163
2,382
40,214
2,686
36,464
2,951
33,606
2,410
35,839
2,382
37,514
2,686
37,716
2,951
40,579
12,251
22,407
45,551
13,836
23,114
8,978
2,650
5,495
11,333
3,472
5,681
14,129
4,412
5,986
11,111
3,302
5,952
10,018
3,027
5,495
11,376
3,501
5,661
12,004
3,602
5,958
12,154
3,706
5,999
15,291
32,173
695
16,330
34,736
679
3,833
9,291
178
3,990
8,155
150
4,008
8,778
215
4,500
8,512
136
4,027
8,469
160
4,055
8,698
166
4,203
8,867
194
4,046
8,702
158
130,091
54,444
65,702
9,945
115,306
51,754
56,011
7,541
32,901
15,472
15,232
2,197
28,685
12,678
14,297
1,710
27,434
12,047
13,340
2,047
26,286
11,558
13,142
1,586
32,748
15,371
15,232
2,145
28,307
12,253
14,297
1,757
28,538
13,184
13,340
2,014
25,714
10,947
13,142
1,625
5
6
7
8
9
10
11
12
13
14
Travel
Passenger fares
Other transportation
Royalties and license fees 5 6
Other private services6
U.S. Government miscellaneous services
. .
Income receipts on U.S. assets abroad
Direct investment receipts
Other private receipts
U.S. Government receipts
-722,730
-704,842
-168,669
-173,264
-181,498
-181,411
-173,448
-172,246
-178,807
-180,340
16
Merchandise, adjusted, excluding military 2
-497,665
-490,103
-116,512
-119,625
-124,311
-129,655
-119,087
-119,426
-124,867
-126,723
17
18
Services 3
Direct defense expenditures
-106,919
-17,119
-108,796
-15,709
-24,311
-4,739
-27,697
-3,866
-30,512
-3.568
-26,276
-3,535
-26,515
-4,739
-26,878
-3,866
-27,265
-3,568
-28,137
-3,535
-10,595
-2,460
-5,768
-12,753
-2,987
-6,099
-9,121
-2,150
-5,980
-8.727
-1,987
-5,737
-9,883
-2,338
-5,764
-10,112
-2,471
-6,035
-10,696
-2,493
-5,931
15
Imports of goods services, and income
19
20
21
Travel .
Passenger fares
Other transportation
-38,671
-6,963
-23,463
-39,418
-9,289
-23,467
-6,949
-1,692
-5,621
22
23
24
Royalties and license fees 50
Other private services6
U.S. Government miscellaneous services
-2,644
-13,819
-2,240
-3,409
-15,030
-2,474
-807
-826
-876
-901
-807
-826
-876
-901
-3,923
-3,603
-3,512
-3,992
-3,926
-3,621
-3,506
-3,976
-580
-579
-718
-597
-593
-579
-697
-118,146
-1,782
-78,494
-37,870
-105,943
25
26
27
28
29
30
31
32
33
Income payments on foreign assets in the United States
Direct investment payments
Other private payments
U.S. Government payments
....
-66,743
-38,839
-27,846
-16
-18,016
-9,814
-25,942
813
-17,040
-9,715
-361
-26,675
-1,127
-15,843
-9,705
-25,480
-31
-15,844
-9,605
-27,846
-16
-18,016
-9,814
-25,942
813
-17,040
-9,715
-605
-26,675
-1,127
-15,843
-9,705
-25,480
-31
-15,844
-9,605
-22,329
. . .
U.S. assets abroad, net (increase/capital outflow (-))
34
35
36
37
38
U S official reserve assets net7
Gold
Special drawing rights
Reserve position in the International Monetary Fund .
Foreign currencies
39
40
41
42
U.S. Government assets, other than official reserve assets, net
U S credits and other long-term assets
Repayments on U S credits and other long-term assets8
U.S. foreign currency holdings and U.S. short-term assets net
43
44
45
46
47
U S private assets net
.
.
Direct investment
Foreign securities
U S claims on unaffiliated foreigners reported by U S nonbanking concerns
U S claims reported by U S banks not included elsewhere
>
. .
19,728
16,720
7,506
-2,813
-1,684
16,919
7,108
-2,880
-1,417
25,111
-3,187
-2,196
18,255
8,444
-1,588
0
18,255
8,444
-1,538
-698
-837
-600
-339
-687
-1,202
-794
-&
-482
-542
-796
-540
-793
-538
-67,747
-1,933
-2,158
U S Government grants4
U S Government pensions and other transfers
Private remittances and other transfers
-17,486
-2,947
-1,896
-57,706
Unilateral transfers, net
5,763
-192
-177
-367
731
-2,697
-353
31
-341
-16,380
-12,553
-36,882
1,014
3,877
1,225
6
3,986
-23
17
1,232
3,171
-8,471
12,115
-1,069
820
-190
72
1,132
-114
6,307
-43
2,976
-7,319
10,327
-32
3,572
-11,916
16,466
1,392
-1,314
2,762
-56
-1,062
770
-58,524
-33,437
-28,476
-1,944
5,333
-77,082
-29,497
-46,215
-2,972
-12,832
-9,430
-1,308
20,598
-16,906
-3,212
-12,833
-2,076
1,215
-19,601
-7,979
-12,533
-1,414
2,325
-37,604
-5,475
-11,419
-979
n.a.
3,428
-488
-196
-472
-503
-254
n.a.
-20,710
-1,123
-353
31
-341
-43
-500
-15,181
-11,206
1,014
3,877
6
1,225
3,986
-23
17
1,232
3,197
-8,471
12,140
-1,069
770
-190
72
1,132
-613
-40,235
-114
1,422
-1,314
2,792
-56
-1,062
765
-2,192
-12,052
-9,430
-1.308
20,598
-15,702
-2,008
-12,833
-2,076
1,215
-18,281
-6,659
-12,533
-1,414
2,325
-40,908
-8,779
-11,419
-493
-196
-472
-553
-254
n.a.
-20,710
48
Foreign assets in the United States, net (increase/capital inflow (+))
86,303
79,503
-729
3,503
26,979
49,751
-729
3,503
26,979
49,751
49
50
51
52
53
54
55
Foreign official assets in the United States net
U.S. Government securities
U.S. Treasury securities9
Other10
Other U S Government liabilities ' '
U S liabilities reported by U S banks not included elsewhere .
Other foreign official assets ' 2
32,425
29,310
28,643
667
1,703
2,998
-1,586
20,585
19,549
18,623
926
1,603
-1,856
1,289
6,631
2,352
2,381
-29
1,012
2,501
766
-3,105
-2,506
-2,287
3,854
6,206
5,799
407
453
-2,830
25
13,205
13,497
12,730
767
6,631
2,352
2,381
-29
1,012
2,501
766
-3,105
-2,506
-2,287
3,854
6,206
5.799
407
453
-2,830
25
13,205
13,497
12,730
767
56
57
58
59
60
61
Other foreign assets in the United States net
Direct investmenf
. . .
..
.
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
53,879
37,213
1,131
1,781
3,779
9,975
58,918
22,197
16,861
35,417
6,608
7,548
13,434
15,073
-7,361
4,336
3,409
5,306
-1,616
-18,795
6,608
7,548
13,434
15,073
-28,687
23,125
6,100
-1,468
10,154
1,865
6,474
36,546
4,214
1,486
4,884
-28,687
23,125
6,100
-1,468
10,154
1,865
6,474
36,546
4,214
1,486
4,884
-15,046
-7,361
4,336
3,409
5,306
-1,616
-18,795
63,526
-3,139
-12,844
8,285
2,076
-8,522
4,322
8,781
496
-4,156
-6,232
750
1,407
-108,115
26,376
11,945
-69,794
-22,329
-92,123
-73,586
35,879
9,363
-28,344
19,728
-8,616
-14,792
8,524
5,055
-1,214
16,720
15,506
-13,122
7,466
2,743
-2,913
7,506
4,592
-24,150
9,701
759
-13,689
-2,813
-16,502
-18,538
7,091
4,902
-6.545
16,919
10,374
-15,537
8,961
2,365
-4,211
7,108
2,897
-20,849
10,249
1,863
-8.737
-2,880
-11,617
-18,662
9,579
234
-8,849
-1,417
-10,266
62
63
63a
64
65
66
67
68
69
.
n.a.
-219
370
-1,084
115
-760
-232
-443
383
n.a.
25,962
-219
370
-1,084
115
-760
-232
-443
383
n.a.
25,962
Allocations of special drawing rights
Statistical discrepancy (sum of above items with sign reversed)
Of which seasonal adjustment discrepancy
Memoranda:
Balance on merchandise trade (lines 2 and 16)
Balance on services (lines 3 and 17)
. .
Balance on investment income (lines 1 1 and 25)
.
.
Balance on goods services and income (lines 1 and 15 or lines 64 65 and 66) 13
Unilateral transfers net (line 29)
Balance on current account (lines 1 15 and 29 or lines 67 and 68) 13
See footnotes on page 87.
-657
-21,522
10,188
806
-10,528
-1,684
-12,213
SURVEY OF CURRENT BUSINESS
• March 1992
Table 2.—U.S. Merchandise Trade
[Millions of dollars]
Not sezisonally acjjusted
Line
1990
1991'
A
Merchandise exports, Census basis ' including reexports and
including military grant shipments
I
IV
III
19J 1
1990
r
II
II
IV"
lll
\r
IV
III
lllr
If
IV"
Balance of payments adjustments to Census trade data:
1
19 31
1990
II
Seas(jnally adjisted
EXPORTS
393,592 422,152 100626
93903 101 467 102 630 107 820 101 599 110103
98170
97569 101 664 101 460 105 205 105,456 110,031
Adjustments:
2
Private gift parcel remittances
291
291
65
71
84
71
66
70
3
Gold exports, nonmonetary
740
226
85
325
198
184
39
3
4
5
6
Inland U S freight to Canada2
U.S.-Canadian reconciliation adjustments, n.e.c., net3
Merchandise exports transferred under U.S. military agency sales
contracts identified in Census documents4
Other adjustments, net5
-5162
89
-4970
-1,182
7
8
Equals: Merchandise exports, adjusted to balance of payments
basis excluding "military" (table 1, line 2)
389,550 416,517
-1 218 -1 272 -1 416 -1 137
-14
-28
-56
51
99,544
92,971 100,384
65
71
84
71
66
70
85
84
325
198
184
39
3
-1 126 -1 159 -1 548 -1 218 -1 272 -1 416 -1 137
-506
-14
-28
-296
-352
-56
51
101,720 106,503 100,161 108,133
97,088
84
-1 126 -1 159 -1,548
-296
-352
-506
96,638 100,580 100,549 103,889 104,018 108,061
IMPORTS
9
Merchandise imports, Census basis ' (general imports)
495,313 488,055 120,937 124 329 130 291 115,853
119085
123812
20
203
649
21
216
592
129 305 120,654 124,767 127,509 118,428 118,886 124,368 126,373
Adjustments:
10
11
12
13
14
15
Electric energy
Gold imports, nonmonetary
Inland freight in Canada2
U.S.-Canadian reconciliation adjustment, n.e.c., net3
Merchandise imports of U.S. military agencies identified in Census
documents4
Other adjustments net6
16
Equals: Merchandise imports, adjusted to balance of payments
basis, excluding "military" (table 1, line 16)
B
Total, all countries (A-8)
82
791
2527
-1,048
-1 ,253
-99
-294
20
294
561
-262
-89
21
457
539
-284
-101
21
478
578
-251
-27
20
299
656
-285
-31
-313
-19
-301
-29
21
73
630
-354
-20
20
294
561
-262
-89
21
457
539
-284
-101
21
478
578
-251
-27
20
299
656
-285
20
203
649
-313
-19
21
216
592
-301
21
73
630
-354
-29
-20
119,087 119,426 124,867
126,723
-31
Merchandise trade, by area and country, adjusted to balance of
payments basis, excluding military:8
1
82
1,348
2,264
497,665 490,103
121,461 124,961 131,090 116,512 119,625 124,311 129,655 121,178 125,398
128,308
EXPORTS
389,550 416,517
Western Europe
European Communities
Belgium and Luxembourg
France
Germany
Italy
Netherlands
United Kingdom
Other
Western Europe excluding EC
12
13
14
15
Canada3
Japan
Australia New Zealand and South Africa7
Australia
16
Eastern Europe
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
99,544
92,971 100,384 101,720 106,503
1 1 1 375 116846
2
3
4
5
6
7
8
9
10
11
29003
25,020
2649
3267
4,806
2098
25630
22,027
29389
25,293
2612
2810
3,360
96,276 101,368
10371 10692
13,682 15,354
18,300 20,769
8456
7849
12,769 13,278
22,928 21,547
10377 11 272
15,099 15,478
30454
26,276
2974
30,382
26,405
2725
3,728
4,830
2082
4,117
5,106
3,491
5,839
2,513
4,096
3,406
5,593
2972
4,178
3,801
5,777
2,270
3,413
5,637
2,782
3,977
20,203
12266
22,700
100,161 108,133
26,265
22,904
2523
3,650
4,954
29745
25,783
2470
3,786
4,932
2,346
3,847
97,088
96,638 100,580
28,255
24,379
2574
26,555
22,827
2,695
3,465
29,519
25,403
2,824
3,745
4,852
2,090
3,498
5,874
2,520
100,549 103,889
30,203
26,055
2,954
4,090
5,066
2,090
3,370
5,557
2,928
29,618
25,743
2,652
3,698
5,625
104,018 108,061
27,218
23,737
2.609
3,768
29,807
25,833
2,477
3,798
4,949
5,531
2,871
3,962
3,176
4,680
2,047
3,093
5,929
2,880
3,876
4,116
4,148
2,217
3,344
5,484
2,723
3,875
1 1 ,901
20,538
11,313
21,663
12,012
22,234
10,982
19,952
12,438
20,413
12,738
20,026
12,068
22,119
11,656
21,253
11,821
21,706
11,947
2,314
4,310
1,759
2,900
5,312
2,386
3,728
5,129
1,798
2,724
4,951
2,758
3,481
3,983
4,161
1 693
2,785
5,136
2,280
3,603
83572
47977
85104
47492
22827
19,255
11 238
1 1 ,900
20,314
12,777
8,302
8,262
1,932
2,249
2,047
1,858
1,883
2,211
2,310
1,874
2,319
2,055
1,843
1,827
2,278
4,341
4,872
1,510
571
724
1,405
947
1,005
1,515
1,533
620
730
1,348
947
1,103
1,474
Latin America and Other Western Hemisphere
Brazil
Mexico
Venezuela
Other
54,272
5,040
28,103
3055
18,074
63,295
13,128
14,148
14,549
13,361
15,974
16,503
17,457
12,778
14,678
14,554
13,186
15,562
17,111
17,436
6,148
1,004
33,137
4599
19,411
7,005
1,396
7,189
796
4,767
1,716
9,151
1,259
5,331
973
6,819
758
4,228
1,715
9,148
1,259
5,314
Other countries in Asia and Africa 7 s
Asia 78
Members of OPEC
China
Hong Kong
Korea Republic of
Singapore
Taiwan
Africa7 H
Members of OPEC
79153
70,919
90256
81,200
11,242
6266
19627
17,615
23,374
20,969
. .. .
8,051
4791
6783
13,961
8000
11,138
7,990
3,163
6,096
2941
780
4,339
1,776
1,219
1,671
3,451
2224
2,662
2,170
395
20,571
18,331
2,284
21,676
19,464
2,394
22,160
19,978
2,672
23,100
20,820
2,957
1,149
1,592
3,636
2,026
2,826
2,147
487
1,338
1,902
3,859
2,402
2,893
2,121
373
1,559
1,949
3,578
2,301
3,088
2,081
386
1,647
2,186
3,697
1,942
3,480
2,190
481
22,192
20,030
2,852
1 595
1,998
1,587
2,109
3,541
1 880
3,337
2,078
458
3,219
1,723
2,069
3,779
2074
3,250
2,291
470
134
57
279
61 054
4,718
66,421
34255
36,445
63,972
3,254
29,583
2413
2,942
2,161
490
2,169
385
1,151
1,590
3,647
279
65646
3,326
30293
20,076
17.832
1,913
1,196
1,920
3,489
1 938
2,737
1,940
415
22,716
20,489
2,747
2,830
254 083 260816
13,400 18,492
121 509 136819
19,153
17,181
21 ,974
2015
390
1,223
5,169
20,584
18,327
2,278
2,544
2,066
558
1,919
8,800
1,179
4,778
1,181
4,973
2160
375
1,375
8,230
938
4,150
1,861
8,488
1,211
4,899
1997
1,705
1,139
6,959
908
4,779
1,420
8,444
948
4,208
3,568
2,801
1,977
420
1,397
7,470
830
4,951
1,151
7,054
909
4,785
8731
14,901
1,437
7,460
1,395
12,691
8,663
8102
1227
1968
1,732
2,612
4,786
2,647
3,361
7,460
19218
17,086
1,700
1 158
1 604
3,283
1,954
1,617
International organizations and unallocated
2108
19,712
2,424
1.361
1,926
3,919
3,662
2364
3,162
2,125
392
199
2,351
3.840
5,555
2,863
3,974
23,320
20,938
3,219
1,722
2,065
3,767
2,086
3,230
2,271
465
134
199
57
63.323
4,897
35,664
66,467
5,204
36,333
Memoranda:
33
34
35
Industrial countries K
Members of OPECS
Other countries x
See footnotes on page 87.
.
59754
3,054
30163
65,361
3,855
31,168
65,586
3,972
31 ,963
67,755
4,592
34,156
5,210
62,008
3,192
31,438
65,562
3,857
31,161
64,940
3,918
31,492
66,086
4,473
33,330
SURVEY OF CURRENT BUSINESS
March 1992 •
Table 2.—U.S. Merchandise Trade—Continued
[Millions of dollars]
Not seasonally adjusted
Line
1990
1991^
1990
II
B
I
IV
III
Seasonally adjusted
1991
II
1990
III'
II
IV
1991
IV
III
It'-
V
III'
IV
Merchandise trade, by area and country, adjusted to balance of
payments basis, excluding military s— Continued:
IMPORTS
36
Total, all countries (A-16)
497,665 490,103 121,461 124,961 131,090 116,512 119,625 124,311 129,655 121,178 125,398 128,308 119,087 ll 9,426 124,867 126,723
37
38
39
40
41
42
43
44
45
46
Western Europe
European Communities
Belgium and Luxembourg
France
Germany
Italy
Netherlands
United Kingdom
Other
Western Europe excluding EC
47
48
49
50
Canada3
Japan
Australia, New Zealand, and South Africa7
Australia
51
Eastern Europe
52
53
54
55
56
Latin America and Other Western Hemisphere
Brazil
Mexico
Venezuela
Other
57
58
59
60
61
62
63
64
65
66
Other countries in Asia and Africa 7 S
Asia 7K
Members of OPEC
China
Hong Kong
Korea Republic of
Sinqaoore
Taiwan
Africa7 s
Members of OPEC
67
109,254 102,122
91,326 85,974
4,575
4,139
13,062 13,217
27.964 26,109
12,698 11,687
4,928
4,858
19,929 18,361
8,170
7,603
17,928 16,148
27,268
22,666
1,124
3,300
6,933
3,220
1,244
4,712
2,133
4,602
26,717
22,384
1,123
3,115
6,982
3,142
1,270
4,714
2,038
4,333
28,843
24,156
1,162
3,565
7,168
3,189
1,185
5,837
2,050
4,687
25,039
21,066
1,042
3,164
6,624
2,883
1,028
4,490
1,835
3,973
25,408
21,347
1,063
3,321
6,378
2,851
1,115
4,693
1,926
4,061
24,842
21,060
934
3,335
6,060
2,920
1,375
4,548
1,888
3,782
26,833
22,501
1,100
3,397
7,047
3,033
1,340
4,630
1,954
4,332
27,202
22,612
1,121
3,293
6,912
3,211
1,241
4,706
2,128
4,590
26,835
22,486
1,126
3,132
7,016
3,155
1,274
4,736
2,047
4,349
28,187
23,602
1,136
3,483
6,996
3,114
1,158
5,712
2,003
4,585
25,616
21,551
1,066
3,238
6,779
2,949
1,052
4,591
1,876
4,065
25,353
21,299
1,061
3,313
6,362
2,844
1,114
4,683
1,922
4,054
24,969
21,168
939
3,352
6,094
2,935
1,383
4,567
1,898
3,801
26,184
21,956
1,073
3,314
6,874
2,959
1,309
4,520
1,907
4,228
23,560
24,126
93,026
89,667
93,080
91,599
24,372
21,608
22,317
21,899
23,973
24,569
22,095
22,554
24,309
21,085
22,574
23,228
24,102
24,732
24.309
21,555
22,403
22,015
23,458
23,996
22,576
23,079
24,264
21,034
22,680
23,360
4,409
1,040
1,273
1,107
963
1,071
1,058
901
1,037
1,277
1,083
985
1,068
1,062
878
1,801
467
543
650
497
397
451
456
466
544
637
508
396
452
445
64,320
7,962
30,495
9,479
16,384
62,999
6,817
31,526
8,196
16,460
15,017
2,071
7,254
1,892
3,800
16,130
2,084
7,568
2,271
4,207
17,569
1,786
8,173
3,287
4,323
15,034
1,706
7,223
2,099
4,006
15,850
1,810
7,995
1,857
4,188
15,840
1,599
7,897
2,175
4,169
16,275
1,702
8,411
2,065
4,097
14,987
2,064
7,237
1,896
3,790
16,155
2,090
7,590
2,261
4,214
17,259
1,744
8,011
3,262
4,242
15,338
1,744
7,380
2,127
4,087
15,833
1,805
7,986
1,860
4,182
15,880
1,607
7,931
2,162
4,180
15,948
1,661
8,229
2,047
4,011
134,722 134,509
118,809 119,852
17,887 15,299
15,234 18,974
9,617
9,285
18,445 16,976
9,791
9,965
22,651 23,031
15,776 14,404
9,309
8,478
31,689
28,002
3,530
3,486
2,254
4,671
2,424
5,573
3,667
2,132
36,082
32,285
4,830
4,492
2,671
4,939
2,593
6,033
3,728
2,222
34,379
30,413
4,810
4,146
2,491
4,535
2,570
5,601
3,948
2,224
30,330
26,570
3,839
3.555
1,959
3,898
2,273
5,091
3,601
2,328
31,505
27,768
3,694
4,012
2,015
4,100
2,411
5,409
3,702
2,247
36,318
32,645
3,908
5,614
2,650
4,542
2,516
6,329
3,632
2,020
36,356
32,869
3,858
5,793
2,661
4,436
2,765
6,202
3,469
1,883
31.622
27,938
3,532
3,480
2,248
4,657
2.418
5,555
3,667
2,133
36,169
32,387
4,807
4,516
2,684
4,963
2,607
6,061
3,711
2,206
33,688
29,770
4,762
4,055
2,433
4,426
2,511
5,466
3,900
2,204
30,985
27,173
3,895
3,645
2,007
3,989
2,327
5,212
3,656
2,355
31,478
27,736
3,700
4,012
2,012
4,091
2,407
5,398
3,706
2,251
35,464
32,806
3,890
5,654
2,668
4,569
2,531
6,368
3,616
2,005
35,582
32,137
3,814
5,663
2,598
4,327
' 2,700
• 6,053
3,426
1,867
299,257 293,740
38,049 33,301
160,359 163,062
.
3,993
2,267
75,036
7,842
38,583
72,926
9,736
42,299
79,215
10,665
41,210
71,406
8,564
36,542
72,729
8,170
38,726
72,413
8,463
43,435
77,192
8,104
44,359
74,849
7,850
38,479
73,253
9,686
42,459
77,429
10,567
40,312
73,027
8,679
37,381
72,572
8,184
38,670
72,785
8,418
43,664
75,356
8,020
43,347
International organizations and unallocated
Memoranda:
68
69
70
Industrial countries8
Members of OPEC8
Other countries s
BALANCE (EXCESS OF EXPORTS +)
71
Total, a l l countries
72
73
74
75
76
77
78
79
80
81
Western Europe
.
.
European Communities
Belgium and Luxembourg
France
Germany
Italy
Netherlands
United Kingdom
Other
Western Europe excluding EC
..
..
....
82
83
84
85
Canada3
Australia New Zealand and South Africa7
Australia
86
Eastern Europe
87
88
89
90
91
.
...
.
.
. -108,115 -73,586 -21,917 -31,990 -30,706 -14,792 -13,122 -24,150 -21,522 -24,090 -28,760 -27,728 -18,538 -15,537 -20,849 -18,662
2,121 4,950
5,796
620
-9,664
-4,849
7,841
2,999
2,207
-2,829
14,724
15,394
6,553
2,137
-5,340
-3,231
8,420
3,186
3,669
-670
1,735
2,354
1,525
-33
-2,127
-1,122
1,919
1,384
808
-619
-9,454 -7,976 -1,545
-41,690 -44,107 -10,370
-1,087
-357
1,489
245
-2,821
-1,449
1,515
422
242
-730
546
1,137
1,648
163
-2,338
-1,107
2,306
2
463
-591
5,415
5,210
1,932
953
-1,518
-775
2,378
1,103
1,137
205
-3,062 -3,659 -1,892
-9,999 -11,792 -10,288
4,974
5,058
1,662
480
-601
-581
2,298
944
856
-84
1,423
1,844
1,589
315
-1,106
-1,188
1,237
238
759
-421
2,912
3,282
1,370
389
-2,115
-687
2,507
901
917
-370
1,053
1,767
1,453
-117
-2,232
-1,164
1,852
1,223
752
-714
-1,609 -2,036 -2,439 -2,075
-9,184 -11,915 -12,720 -10,573
-280
341
1,569
333
-2,706
-1,396
1,626
576
339
-621
1,332
1,801
1,688
262
-2,144
-1,024
2,340
162
517
-469
4,587
4,504
1,888
852
-1,713
-859
2,318
966
1,052
83
-2,451 -3,045 -2,550
9,577 -11,258 -11,011
4,265
4,444
1,591
385
-737
-627
2,230
801
801
-179
2,249
3,623
2,569
3,877
1,404
1,670
484
416
-965 -1,925
-1,137
-608
1,341
2,531
384
1,035
860
956
-254
-320
-2,145 -1,427 -1,854
-9,378 -11,539 -12,179
1,436
3,893
4,269
892
976
940
895
812
1,153
1,409
837
1,042
972
858
759
1,216
2,074
3,071
1,043
28
74
908
550
554
1,059
1,067
76
93
840
551
651
1,029
Latin America and Other Western Hemisphere
Brazil
Mexico
Venezuela
Other
-10,048
-2,922
-2,392
-6,424
1,690
296
-669
1,611
-3,597
2,951
-1,889
-1,067
-249
-1,112
539
-1,982
-688
-379
-1,475
560
-3,020
-391
-713
-2,378
462
-1,673
-555
-169
-1,151
202
124
-390
449
-646
711
663
262
591
-994
804
1,182
14
740
-806
1,234
-2,209
-1,091
-418
-1,138
438
-1,477
-653
-130
-1,431
737
-2,705
-347
-541
-2,354
537
-2,152
-605
-421
-1,189
63
-271
-430
244
-681
596
1,231
312
869
-939
989
1,488
54
919
-788
1,303
92
93
94
95
96
97
98
99
100
101
Other countries in Asia and Africa 78
Asia7 K
Members of OPEC
China
Hong Kong
Korea Republic of
Singapore
Taiwan .
Africa78
Members of OPEC
-55,569
-47,890
-9,836
-10,443
-2,834
-4,484
-1,791
-11,513
-7,786
-7,692
-44,253 -12,062 -16,864
-38,652 -10,387 -15,199
-4,057 -1,576 -3,130
-12,708 -2,259 -3,334
-1,183
-286 -1,067
-2,075 -1,103 -1,656
-1,234
-427
-433
-10,340 -2,772 -3,489
-5,741 -1,690 -1 ,662
-6,773 -1,712 -1,847
-13,795
-12,086
-2,532
-2,995
-901
-888
-555
-2,771
-1,787
-1,734
-8.356
-6,858
-1,415
-2,194
-33
21
140
-2,149
-1 ,432
-1,943
-8,789 -14,126 -12,982 -12,469 -16.093 -13,117
-7,279 -12,615 -11,900 -10,757 -14,555 -11,439
-947 -1,056
-639 -1,619 -3,031 -2,478
-2,417 -4,027 -4.070 -2,284 -3,297 -2,906
-17
-841
-541
-592
-328 -1,013
-790
-438 -1,001
-657 -1,168 -1,512
-485
-47
-383
-636
-691
-480
-2,247 -2,992 -2,952 -2,818 -3,399 -2,640
-1,577 -1,554 -1,178 -1,727 -1,541 -1,753
-1,855 -1,562 -1,413 -1,718 -1,811 -1,717
-9,309
-7,709
-1,501
-2,307
-105
-130
75
-2,319
-1,535
-1,982
102
International organizations and unallocated
558
390
279
199
134
57
279
-9,318 -13,364 -12,262
-7,758 -11,986 -11,199
-933
-595
-1,028
-2,453 -4,007 -3,941
-482
-533
-63
-872
-560
-513
-614
-589
-106
-2,310 -2,888 -2,823
1,426 -1,155
-1,625
-1,865 -1,524 -1,402
134
199
57
-9,462
-3.521
-8,000
-8,889
-2,816
-7,014
Memoranda:
103
104
105
Industrial countries8
Members of OPECS
Other countries s
See footnotes on page 87.
-45,174 -32,924
-24,649 -14,809
-38,850 -26,243
-9,390 -13,172 -13,854
-4,516 -6,682 -6,810
-8,290 -12,136 -10,042
-5,820
-4,592
-4,579
^1,974 -11,359 -10,771 -10,877 -11,245 -11,867
-3,578 -3,745 -2,894 -4,596 -6,494 -6,710
-4,570 -9,180 -7,914 -8,896 -11,021 -9,151
-8,087
-4.761
-5.889
-6,486
-3.711
-5,340
SURVEY OF CURRENT BUSINESS
• March 1992
Table 2.—U.S. Merchandise Trade—Continued
[Millions of dollars]
Seasonally adjusted
Not seasonally adjusted
Line
1990
1991*
1990
II
C
Merchandise exports, balance of payments basis, excluding
military (A-8)
IV
I
II
lllr
IV*
II
1991
IV
III
\r
IIr
lllr
IV
Merchandise trade, by principal end-use category, adjusted to
balance of payments basis, excluding military:
1
III
1990
1991
2
3
Agricultural products
Nonagricultural products
4
Foods, feeds, and beverages
...
389,550 416,517
99,544
97,088
96,638 100,580 100,549 103,889 104,018 108,061
11,516
96,617
10,201
86,887
9,819
86,819
9,457
91,123
9,819
90,730
9,435
94,454
10.047
93,971
10,820
97,241
92,971 100,384 101,720 106,503 100,161 108,133
40,217 40,121
349,333 376,396
10,015
89,529
8,593
84,378
9,974
90,410
10,590
91,130
9,197
97.306
8,818
91.343
35,423
36,053
8,864
8,168
8,379
9,210
8,124
8,581
10,138
9,137
8,560
8,155
8,892
8,410
9,049
9,702
5
6
7
8
9
10
11
12
Agricultural
Grains and preparations
Wheat
Corn
Soybeans
Meat products and poultry
Vegetables, fruits, nuts, and preparations
Other agricultural foods, feeds, and beverages
31,484
14,919
4,018
6,274
3,572
3,338
5,646
4,009
31,758
13,283
3,481
5,237
4,013
3,871
5,971
4,620
7,980
4,082
1,027
1,944
660
812
1,421
1,005
6,891
3,259
999
1,318
501
817
1,273
1,041
7,586
3,088
725
1,193
942
902
1,632
1,022
7,962
3,446
761
1,516
1,188
934
1,388
1,006
7,109
2,854
721
1,131
749
914
1,487
1,105
7,377
3,271
902
1,333
618
930
1,342
1,216
9,310
3,712
1,097
1,257
1,458
1,093
1,754
1,293
8,159
3,950
1,027
1,774
998
809
1,396
1,006
7,700
3,608
999
1,515
837
811
1,400
1,044
7,130
3,057
725
1,180
706
867
1,493
1,007
7,539
3,318
761
1,552
787
982
1,431
1,021
7,309
2,727
721
981
1,133
909
1,434
1,106
8,260
3,606
902
1,485
1,019
923
1,496
1,216
8,650
3,632
1,097
1,219
1,074
1,057
1,610
1,277
13
14
Nonagricultural (fish, distilled beverages, etc.) ...
Fish and shellfish
3.939
3,241
4,295
3,571
884
708
1,277
1,094
793
612
1,248
1,087
1,015
846
1,204
1,032
828
606
978
802
860
677
1,025
844
1,353
1,192
1,101
932
789
617
1,052
830
105,201 109,817
26,006
25,322
28,433
28,604
28,314
26,136
26,763
25,195
25,930
28,766
28,478
27,505
26,737
27,097
8,147
2,491
1,422
1.383
2,851
1,970
645
333
468
524
1,667
492
200
423
552
2,348
701
491
382
774
2,565
1,114
336
400
715
2,023
598
473
368
584
1,402
209
233
314
646
2,157
570
380
301
906
1,991
636
374
457
524
2,070
718
346
454
552
2,276
731
365
406
774
2.228
877
268
368
715
2,076
631
502
359
584
1,733
353
398
336
646
2,110
630
254
320
906
96,667 101,670
14,547 14,355
14,030 14,276
5,233
5,063
7,647
7,599
24,036
3,149
3,010
1,314
1,321
23,655
3,688
3,556
1,383
1,802
26,085
4,647
4,559
1,278
2,964
26,039
3,997
3,978
1,135
2,549
26,291
3,347
3,335
1,279
1,650
24,734
3,298
3,268
1,458
1,538
24,606
3.713
3,695
1,361
1,862
23,204
3,059
2,920
1,224
1,321
23,860
3,601
3,469
1,296
1,802
26,490
4,621
4,533
1,252
2,964
26,250
4,209
4,189
1,347
2,549
25,429
3,252
3,240
1,184
1,650
25,004
3,210
3,180
1,370
1,538
24,987
3,684
3,667
1,332
1,862
15
Industrial supplies and materials
16
17
18
19
20
Agricultural
..
Raw cotton
Tobacco unmanufactured .
Hides and skins, including furskins
Other agricultural industrial supplies
21
22
23
24
25
Nonagricultural
Energy products
Fuels and lubricants9
Coal and related fuels
Petroleum and products
8,534
2,801
1,462
1.761
2,510
26
27
28
29
30
Paper and paper base stocks
Textile supplies and related materials
Chemicals excluding medicinals
Building materials except metals
Other nonmetals
8,479
5,759
28,377
7,631
9,043
8,767
6,543
31,272
7,611
9,624
2,174
1,502
7,240
2,009
2,304
2,126
1,390
6,733
1,806
2.276
2,050
1,456
7,509
1,860
2.280
2,221
1,574
8,219
1,810
2,362
2,310
1,745
8,196
2,011
2,469
2,136
1,595
7,541
1,868
2,389
2,100
1,629
7,316
1.922
2,404
2,111
1,444
6,984
1,879
2,229
2,134
1,435
6,863
1,868
2,303
2,114
1,470
7,727
1,878
2,362
2,212
1,576
8,129
1,859
2,329
2,246
1,676
7,922
1,879
2,388
2,145
1,650
7,709
1,933
2,416
2,164
1,641
7,512
1,940
2,491
31
32
33
34
35
36
37
38
Metals and nonmetallic products
Steelmaking materials
Iron and steel products
Nonferrous metals
.
Nonmonetary gold
Other precious metals
Other nonferrous metals
Other metals and nonmetallic products
22,831
2,118
4,333
10,933
3,005
1,529
6.399
5,447
23,498
1,685
4,480
11,258
3,602
895
6.761
6,075
5,658
639
1,023
2,552
705
373
1,474
1,444
5,636
499
1,074
2,736
742
398
1,596
1,327
6,283
492
1,233
3,182
1,089
380
1,713
1,376
5,856
389
1,049
3,004
1,016
230
1,758
1,414
6,213
529
1,258
2,877
813
210
1,854
1,549
5,907
381
1,145
2,790
853
239
1,698
1,591
5,522
386
1,028
2,587
920
216
1,451
1,521
5,498
528
1,030
2.552
705
373
1,474
1,388
5,656
492
1,058
2,736
742
398
1,596
1,370
6,318
502
1,248
3,182
1,089
380
1,713
1,386
5,936
471
1,043
3,005
1,016
231
1,758
1,417
6,066
438
1,265
2,876
813
209
1,854
1,487
5,941
377
1,131
2,790
853
239
1,698
1,643
5,555
399
1,041
2,587
920
216
1,451
1,528
153,839 166,992
39,404
37,373
39,094
39,193
43,208
40,578
44,013
38,819
38,267
38,992
38,948
42,622
41 ,495
43,927
119,815 128,785
12,747 13,495
107,068 115.290
9,157 10,194
7,635
6,426
3,095
3,143
6,020
5,775
30,307
3,419
26,888
2,309
1,559
802
1,441
29,154
3,058
26,096
2,222
1,452
758
1,412
30,833
3,141
27,692
2,512
1,794
765
1,528
31,037
3,249
27,788
2,381
1,673
716
1,395
33,009
3,474
29,535
2,796
1,880
830
1,542
31,429
3,349
28.080
2,625
1,876
741
1,494
33,310
3,423
29,887
2,392
2,206
808
1,589
29,734
3,322
26,412
2,244
1,559
771
1,413
29,955
3,123
26,832
2,300
1,452
785
1.450
30,787
3,186
27,601
2.520
1,794
762
1,518
30,825
3,241
27,584
2.359
1,673
723
1,398
32,433
3,373
29,060
2,729
1,880
801
1,510
32,258
3,416
28,842
2,707
1,876
765
1,533
33,269
3,465
29,804
2,399
2,206
806
1,579
39
Capital goods except automotive
40
41
42
43
44
45
46
47
Machinery, except consumer-type
Electric generating machinery, electric apparatus, and parts ...
Nonelectric including parts and attachments
Oil drilling mining and construction machinery
Industrial engines pumps and compressors
Machine tools and metalworking machinery
Measuring, testing and control instruments
Other industrial, agricultural, and service industry
machinery
48
49
50
51
52
Computers peripherals and parts
Semiconductors
.
Telecommunications equipment
Other office and business machines
Scientific, hospital, and medical equipment and parts
23,821
24,809
6,270
5,753
5,949
5,830
6,497
6,076
6,406
5,994
5,931
5,996
5,887
6,208
6,257
6,457
25,923
13,333
9,625
2,140
7,725
27,259
14,341
10,446
2,485
9,006
6,237
3,389
2,460
519
1.902
6,280
3,367
2,482
517
1,853
6,841
3,344
2,328
588
2,043
6,981
3,512
2,439
633
2,228
6,764
3,737
2,577
649
2,263
6.320
3,491
2,686
594
2,177
7,194
3,601
2,744
609
2,338
6,274
3,290
2,460
519
1,888
6.614
3,340
2,482
530
1,948
6,604
3,444
2,328
578
2,057
6,827
3,534
2,439
628
2,116
6,822
3,640
2,577
649
2,244
6,652
3,464
2,686
609
2,293
6,958
3,703
2,744
599
2,353
53
54
55
Civilian aircraft engines parts
Civilian aircraft complete all types
Other transportation equipment
32,303
18,445
1,721
36,520
22,629
1.687
8,672
5,286
425
7,819
4,278
400
7,770
4,228
491
7,740
4,249
416
9,719
6,298
480
8,782
5,480
367
10,279
6,602
424
8,660
5,286
425
7,912
4,278
400
7,714
4.228
491
7,707
4,249
416
9.709
6,298
480
8,870
5,480
367
10.234
6,602
424
56
Automotive vehicles engines and parts
37,394
39,841
10,530
8,112
9,297
8,880
10,930
9,421
10,610
9,666
9,594
9,279
8,417
9,957
10,968
10,499
57
58
59
60
61
To Canada
Passenger cars new and used
Trucks buses and special purpose vehicles
Engines and engine parts
Other parts and accessories .
22,609
6,297
2,690
2,769
10,853
22,306
6.448
2,738
2,846
10,274
6,632
1,983
861
752
3,036
4,779
1,184
535
647
2,413
5,259
1,337
638
670
2,614
5,165
1,610
623
614
2,318
6,213
1,832
732
814
2,835
5,185
1,345
646
706
2,488
5,743
1,661
737
712
2,633
5.954
1.701
743
689
2,821
5,874
1,603
620
111
2,874
5,386
1,436
695
670
2,585
4,783
1,455
622
555
2,151
5,477
1,509
613
739
2,616
6,217
1,781
717
828
2,891
5,829
1,703
786
724
2,616
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 ..
14,785
4,648
1,645
1,485
7,007
17,535
5,408
2,500
1,750
7,877
3,898
1,306
388
377
1,827
3,333
757
374
353
1,849
4,038
1,314
539
370
1,815
3,715
1,230
502
348
1,635
4,717
1,465
824
411
2,017
4,236
1,082
621
455
2,078
4,867
1,631
553
536
2,147
3,712
1,201
388
359
1,764
3,720
1,132
374
365
1,849
3,893
1,151
540
368
1,834
3,634
1,092
502
354
1,686
4,480
1,319
824
392
1,945
4,751
1,590
621
470
2,070
4,670
1,407
553
534
2,176
43,271
45,842
11,311
10.445
11,258
11,555
11,526
10,887
11,874
10,942
10,701
11,459
11,463
11,114
11,173
12.092
20,227
21,930
5,066
4,984
5,553
5,517
5,411
5,338
5,664
4,940
4,997
5,658
5,526
5,269
5,355
5,780
4.838
21,047
5,390
21.959
1,283
5,722
1,148
4,981
1,229
5,220
1,309
5,511
1,403
5,622
1.327
5.095
1,351
5,731
1,228
5.526
1,172
5.174
1.280
5.315
1.287
5.418
1,344
5.395
1.358
5.316
1,401
5.830
7,094
1,997
8,365
1.953
1,870
523
1,688
480
1,747
485
1,907
527
2,150
493
2,048
454
2,260
479
1,807
476
1,767
530
1,781
486
1,852
519
2,071
450
2,141
502
2,301
482
14,422
17,972
3,429
3,551
3,923
4,278
4,401
4,558
4,735
3,329
3,586
3,929
4,351
4,281
4,596
4,744
67
68
69
Consumer goods (nonfood) except automotive
70
71
Consumer nondurable goods, manufactured
Medical, dental, and pharmaceutical preparations, including
vitamins
Consumer durable goods manufactured
Household and kitchen appliances and other household
72
Unmanufactured consumer goods (gem stones, nursery stock) ..
goods
73
Exports, n.e.c
See footnotes on page 87.
March 1992 • 79
SURVEY OF CURRENT BUSINESS
Table 2.—U.S. Merchandise Trade—Continued
[Millions of dollars]
Seasonally adjusted
Not seasonally adjusted
Line
1990
199T1
1990
II
C
74
IV
I
II
1991
1990
III'
IV"
II
III
IV
J--
llr
lllr
IV
Merchandise trade, by principal end-use category, adjusted to
balance of payments basis, excluding military—Continued:
Merchandise imports, balance of payments basis, excluding
military (A-16)
75
76
77
...
Petroleum and products
Nonpetroleum products
Foods, feeds, and beverages
78
79
80
81
82
83
84
85
86
87
III
1991
497,665 490,103
121,461 124,961 131,090
12,801
62,108
51,445
435,557 438,658 108,660
15,557
109,404
18,151
112,939
116,512 119,625
124,311 129,655
121,178
125,398
128,308
11 9,087 119,426
124,867
126,723
12,888
13,055
103,457 106,737
13,198
111,113
12,304
117,351
12,825
108,353
15,456
109,942
18,021
110,287
13,215
105,872
12,919
106,507
13,101
111,766
12,210
114,513
26,650
26,487
6,647
6,190
6,723
6,438
6,896
6,333
6,820
6,774
6,453
6,502
6,375
6,972
6,572
6,568
19,378
3,009
1,766
4,018
5,734
1,865
4,753
7,272
5,208
1,725
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
18,894
2,633
1,735
3,962
5,331
1,773
5,195
7,593
5,654
1,593
4,873
831
452
1,003
1,381
468
1,190
1,774
1,303
382
4,400
717
362
943
1,050
476
1,214
1,790
1,313
394
4,678
585
400
1,073
1,192
553
1,275
2,045
1,368
587
4,801
632
536
980
1.512
378
1,300
1,637
1,249
309
4,969
680
426
1,110
1,486
442
1,251
1,927
1,486
356
4,366
678
337
938
1,063
436
1,250
1,967
1,467
414
4,758
643
436
934
1,270
517
1,394
2,062
1,452
514
4,935
831
452
1,003
1,422
457
1,221
1,839
1,315
436
4,673
717
362
943
1,352
470
1,192
1,780
1,281
415
4,630
585
400
1,073
1,270
482
1,220
1,872
1,324
458
4,621
632
536
980
1,196
465
1,348
1,754
1,320
356
4,986
680
426
1,110
1,487
430
1,279
1,986
1,493
408
4,608
678
337
938
1,336
428
1,228
1,964
1,437
441
4,679
643
436
934
1,312
450
1,340
1,889
1,404
388
88
Industrial supplies and materials
144,619
132,226
33,659
36,188
38,965
33,137
33,254
33,057
32,778
33,326
36,282
38,989
33,227
33,038
33,134
32,827
89
90
91
92
Agricultural
Nonagricultural products
Energy products
Fuels and lubricants9
3,727
140,892
66,276
65,734
3,994
128,232
55,876
55,308
941
32,718
13,663
13,547
880
35,308
16,485
16,314
862
38,103
19,429
19.274
1,010
32,127
14,210
14,106
1,042
32,212
13,893
13,775
926
32,131
14,232
14,047
1,016
31,762
13,541
13,380
947
32,379
13,743
13,627
954
35,328
16,497
16,327
890
38,099
19,240
19,084
897
32,330
14,256
14,153
1,050
31,988
14,070
13.952
1,010
32,124
14,203
14,018
1,037
31,790
13,347
13,185
Paper and paper base stocks
Textile supplies and related materials
Chemicals, excluding medicinals
Building materials, except metals
Other nonmetals
9,472
5,695
14,309
7,349
6,207
8,457
6,131
14,868
6,850
7,170
2,426
1,436
3,613
2,026
1,545
2,353
1,448
3,419
1,914
1,563
2,277
1,412
3,575
1,596
1,600
2,253
1,358
3,746
1,471
1,533
2,133
1,504
3,815
1,765
1,631
2,027
1,589
3.572
1,896
1,976
2,044
1,680
3,735
1,718
2,030
2,443
1,385
3,530
1,879
1,504
2,341
1,446
3,545
1,823
1,569
2,249
1,442
3,656
1,692
1,629
2,276
1,378
3,619
1,566
1,536
2,148
1,450
3,728
1,639
1,584
2,015
1,587
3,703
1,807
1,982
2,018
1,716
3,818
1,838
2,068
Metals and nonmetallic products .
Steelmaking materials
Iron and steel products
Nonferrous metals
Nonmonetary gold
Other precious metals
Bauxite and aluminum
Other nonferrous metals
Other metallic and nonmetallic products
31,584
1,793
11,314
13,666
2,452
2,519
3,548
5,147
4,811
28,880
1,614
10,199
12,722
2,744
2,354
3,160
4,464
4,345
8,009
472
2,883
3,406
532
535
955
1,384
1,248
8,126
502
2,904
3,552
693
609
937
1,313
1,168
8,214
465
2,884
3,693
814
806
826
1,247
1,172
7,556
299
2,680
3,471
819
700
843
1,109
1,106
7,471
452
2,580
3,330
739
612
817
1,162
1,109
6,839
433
2,390
2,956
577
540
800
1,039
1,060
7,014
430
2,549
2,965
609
502
700
1,154
1,070
7,895
437
2,829
3,406
532
535
955
1,384
1,223
8,107
481
2,887
3,552
693
609
937
1,313
1,187
8,191
448
2,881
3,693
814
806
826
1,247
1,169
7,699
357
2,756
3,471
819
700
843
1,109
1,115
7,369
416
2,536
3,330
739
612
817
1,162
1,087
6,827
424
2,370
2,956
577
540
800
1,039
1,077
6,985
417
2,537
2,965
609
502
700
1,154
1,066
116,389
121,316
28,972
28,875
30,606
29,322
30,283
30,324
31,387
28,897
29,055
30,045
29,806
30,279
30,507
30,724
104,570
12,781
91,789
4,244
4,512
4,051
2,560
108,318
12,930
95,388
3,474
4,587
4,119
2,814
26,001
3,310
22,691
1,187
1,113
946
610
26,161
3,302
22,859
1,046
1,126
1,115
632
27,085
3,228
23,857
933
1,149
998
692
26,224
3,206
23,018
1,013
1,152
1,037
669
26,876
3,253
23,623
1,042
1,142
1,172
657
26,973
3,191
23,782
728
1,127
979
713
28,245
3,280
24,965
691
1,166
931
775
25,926
3,210
22,716
1,140
1,070
946
613
26,342
3,307
23,035
1,051
1,145
1,115
645
26,523
3,234
23,289
969
1,183
998
659
26,708
3,300
23,408
1,018
1,138
1,037
684
26,872
3,150
23,722
1,012
1,099
1,172
663
27,156
3,197
23,959
730
1,148
979
727
27,582
3,283
24,299
714
1,202
931
740
22,639
21,669
5,730
5,474
5,717
5,597
5,474
5,133
5,465
5,598
5,597
5,773
5,556
5,358
5,251
5,504
22,994
12,168
9,399
4,149
5,073
26,146
13,099
9,812
4,200
5,468
5,544
3,079
2,212
1,036
1,234
5,654
3,050
2,447
1,004
1,311
6,203
3,068
2,610
1,070
1,417
5,936
3,072
2,242
999
1,301
6,287
3,210
2,331
970
1,338
6,806
3,359
2,526
1,033
1,378
7,117
3,458
2,713
1,198
1,451
5,727
3,009
2,298
1,083
1,232
5,750
3,011
2,404
1,002
1,315
5,816
3,072
2,432
1,022
1,365
6,052
3,175
2,387
1,003
1,358
6,503
3,140
2,425
1,015
1,335
6,913
3,321
2,479
1,033
1,378
6,678
3,463
2,521
1,149
1,397
11,819
10,671
2,690
12,998
11,954
3,421
2,971
2,680
765
2,714
2,481
524
3,521
3,196
850
3,098
2,796
616
3,407
3,107
885
3,351
3,128
996
3,142
2,923
924
2,971
2,680
765
2,713
2,481
524
3.522
3,196
850
3,098
2.796
616
3,407
3,107
885
3,351
3,128
996
3,142
2,923
924
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
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 metalwbrking machinery
Measuring, testing, and control instruments
Other industrial, agricultural, and service industry
machinery ..
Computers peripherals and parts
Semiconductors
Telecommunications equipment
Other office and business machines
Scientific, hospital, and medical equipment and parts
Transportation equipment, except automotive
Civilian aircraft engines parts
Civilian aircraft, complete, all types
Automotive vehicles, engines, and parts
87,314
84,848
22,795
20,431
23,008
20,031
20,539
20,616
23,662
21,829
22,579
21,519
20,387
19,536
22,852
22,073
29,719
13,701
6,979
1,732
7,307
28,701
14,070
6,705
1,350
6,576
8,497
3,893
1,954
556
2,094
6,724
2,879
1,681
411
1,753
7,305
3,669
1,663
322
1,651
5,874
2,767
1,354
264
1,489
7,785
4,079
1,669
376
1,661
7,021
3,503
1,552
351
1,615
8,021
3,721
2,130
359
1,811
7,741
3,505
1,792
511
1,933
8,055
3,689
1,926
484
1,956
6,823
3,379
1,542
311
1,591
5,793
2,633
1.395
248
1,517
7,018
3,620
1,532
342
1,524
8,447
4,448
1,793
413
1,793
7,443
3,369
1,985
347
1,742
57,595
32,167
2,721
4,917
17,790
56,147
31,623
2,474
4,860
17,190
14,298
7,703
701
1,308
4,586
13,707
7,324
698
1,185
4,500
15,703
9,406
672
1,209
4,416
14,157
8,406
600
1,132
4,019
12,754
6,754
555
1,156
4,289
13,595
7,532
641
1,197
4,225
15,641
8,931
678
1,375
4,657
14,088
7,637
701
1,230
4,520
14,524
7,979
699
1,254
4,592
14,696
8,410
672
1,230
4,384
14,594
8,836
600
1,120
4,038
12,518
6,666
555
1,075
4,222
14,405
8,197
641
1,267
4,300
14,630
7,924
678
1,398
4,630
105,666
49,180
23,884
6,625
50,792
108,059
50,668
24,555
6,580
51,648
25,211
1 1 ,747
5,482
1,637
12,178
28,903
13,897
7,097
1,864
13,468
27,252
11,953
5,592
1,569
13,849
23,440
11,483
5,530
1.519
10,543
24,143
11,374
5,165
1.487
11,415
29,831
14,270
7,232
1,879
14,049
30,645
13,541
6,628
1,695
15,641
26,175
12,215
5,897
1,686
12,660
26,655
12,430
6,168
1,691
12,680
26,717
12,414
5,928
1.629
12,871
25,148
11,947
5,682
1,575
11,790
25,091
11,777
5,531
1,528
11,948
27,652
12,855
6,307
1.718
13J277
30,168
14,089
7,035
1,759
14,633
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) ....
18,662
9,740
6,371
18,808
9,412
6,698
4,698
2,332
1,413
4,940
2,770
1,647
4,657
2,663
1,911
4,198
1,643
1,335
4,348
1,955
1,399
5,092
2,667
1,849
5,170
3,147
2,115
4,643
2,505
1,524
4,740
2,448
1,565
4,668
2.420
1,691
4,438
2,005
1,529
4,296
2,128
1,525
4,884
2,366
1,765
5,190
2,913
1,879
5,328
5,694
5,991
5,743
1,242
1,286
1,464
1,538
1,504
1,450
1,098
1,414
1,316
1,354
1,700
1,512
1,877
1,463
1,291
1,300
1,350
1,545
1,367
1,432
1,311
1,411
1,379
1,366
1,579
1,520
1,722
1,446
Imports n e e and U S goods returned
U S. goods returned
Other products, including balance of payments adjustments not
included above (minimum value shipments and miscellaneous
imports)
17,027
10,327
17,167
10,585
4,177
2,642
4,374
2,546
4,536
2,773
4,144
2,401
4,510
2.823
4,150
2,568
4,363
2,793
4,177
2.642
4,374
2.546
4,536
2.773
4,144
2.401
4,510
2.823
4,150
2.568
4,363
2,793
6,700
6,582
1,535
1,828
1,763
1,743
1,687
1,582
1,570
1.535
1,828
1,763
1,743
1,687
1.582
1,570
125
126
127
128
129
From Canada
Passenger cars new and used .
.
Trucks, buses, and special purpose vehicles
Engines and engine parts
Other parts and accessories
130
131
132
133
134
From other areas
Passenger cars, new and used
Trucks buses and special purpose vehicles
Engines and engine parts
Other parts and accessories
135
136
137
138
139
140
141
142
143
144
145
146
147
.
..
Consumer goods (nonfood) except automotive
Consumer nondurable goods, manufactured
Textile apparel and household goods, except rugs
Footwear of leather rubber and other materials
Consumer durable goods manufactured
Household and kitchen appliances and other household
See footnotes on page 87.
So • March 1992
SURVEY OF CURRENT BUSINESS
Table 3.—Selected Service Transactions
[Millions of dollars]
Not seasonally adjusted
1990
Line
1991/7
1991
I
1
Exports of selected services
Seasonally adjusted
1990
II
III
IV
I
II
1991
1990
IV
III'
I
II
III
IV
\r
II'
III'
IV P
122,701
133,567
28,406
29,422
33,058
31,815
30,247
32,631
37,313
33,377
29,167
29,923
30,764
32,846
31,036
33,291
34,634
34,607
Travel (table 1, line 5)
Passenger fares (table 1, line 6)
Other transportation (table 1, line 7)
Freight
Port services
Other
40,579
12,251
22,407
6,766
14,690
952
45,551
13,836
23,114
6,821
15,305
988
8,745
2,568
5,423
1,602
3,586
235
10,020
3,017
5,427
1,602
3,588
237
11,766
3,599
5,785
1,775
3,771
238
10,048
3,067
5,772
1,787
3,745
241
8,978
2,650
5,495
1,689
3,561
245
11,333
3,472
5,681
1,748
3,686
246
14,129
4,412
5,986
1,715
4,024
247
11,111
3,302
5,952
1,668
4,034
250
9,738
2,901
5,429
1,602
3,592
235
9,982
2,998
5,404
1,602
3,565
237
9,899
2,918
5,751
1,775
3,738
238
10,960
3,433
5,823
1,787
3,795
241
10,018
3,027
5,495
1,689
3,561
245
11,376
3,501
5,661
1,748
3,667
246
12,004
3,602
5,958
1,715
3,996
247
12,154
3,706
5,999
1,668
4,081
250
8
9
10
11
12
13
14
Royalties and license fees (table 1 , line 8) ...
Affiliated, net
U.S. parents' receipts
U.S. parents' payments
Unaffiliated
Industrial processes '
Other2
15,291
11,846
12,062
215
3,445
2,609
836
16,330
t2,410
12,519
109
3,920
3,000
920
3,236
2,437
2,503
66
798
596
202
3,610
2,768
2,825
57
842
637
205
3,829
2,946
2,997
51
882
672
210
4,617
3,694
3,736
42
923
704
219
3,833
2,882
2,904
22
951
728
223
3,990
3,015
3,040
25
975
747
228
4,008
3,017
3,046
29
990
759
231
4,500
3,496
3,527
31
1,004
766
238
3,411
2,614
2,683
69
798
596
202
3,688
2,846
2,904
58
842
637
205
4,037
3,154
3,208
54
882
672
210
4,155
3,232
3,267
35
923
704
219
4,027
3,074
3,097
23
951
728
223
4,055
3,080
3,106
26
975
747
228
4,203
3,213
3,245
32
990
759
231
4,046
3,042
3,069
27
1,004
766
238
15
16
17
18
19
20
21
22
23
24
25
26
Other private services (table 1, line 9)
Affiliated services, net
U.S. parents' receipts
U.S. parents' payments
Unaffiliated services
Education
Financial services
Insurance, net
Premiums received
Losses paid
Telecommunications
Business, professional, and technical
services
Other unaffiliated services3 . . . .
32,173
4,333
8,496
4,163
27,840
5,022
4,873
1,832
5,694
3,862
2,742
34,736
4,513
8,798
4,284
30,223
5,638
4,568
2,030
6,280
4,250
3,036
8,434
976
1,901
924
7,458
1,987
1,210
434
1,376
942
663
7,348
1,104
2,107
1.003
6,243
650
1,181
450
1,403
953
675
8,080
1,039
2,053
1,014
7,041
1,257
1,225
466
1,437
971
692
8,311
1,213
2,435
1,222
7,098
1,128
1,258
482
1,479
997
712
9,291
1,139
2,190
1,051
8,152
2,182
1,111
495
1,527
1,032
737
8,155
1,295
2,326
1,031
6,860
713
1,168
506
1,564
1,058
756
8,778
1,147
2,110
963
7,631
1,442
1,101
514
1,589
1,075
768
8,512
932
2,171
1,239
7,580
1,301
1,188
516
1,601
1,085
775
7,687
1,009
1,986
977
6,679
1,208
1,210
434
1,376
942
663
7,851
1,027
2,073
1,046
6,823
1,230
1,181
450
1,403
953
675
8,159
1,083
2,126
1,043
7,077
1,293
1,225
466
1,437
971
692
8,475
1,214
2,311
1,097
7,261
1,291
1,258
482
1,479
997
712
8,469
1,176
2,291
1,114
7,292
1,322
1,111
495
1,527
1,032
737
8,698
1,204
2,276
1,072
7,495
1,348
1,168
506
1,564
1,058
756
8,867
1,199
2,187
988
7,668
1,479
1,101
514
1,589
1,075
768
8,702
934
2,043
1,109
7,768
1,489
1,188
516
1,601
1,085
775
7,552
5,819
8,615
6,336
1,765
1,399
1,837
1,450
1,934
1,467
2,015
1,503
2,087
1,540
2,155
1,563
2,188
1,618
2,185
1,615
1,765
1,399
1,837
1,450
1,934
1,467
2,015
1,503
2,087
1,540
2,155
1,563
2,188
1,618
2,185
1,615
87,560
90,613
18,830
22,261
25,448
21,019
18,993
23,252
26,226
22,144
21,149
21,378
22,284
22,748
21,183
22,433
23,000
23,997
38,671
8,963
23,463
12,586
9,920
957
39,418
9,289
23,467
12,031
10,438
998
7,416
1,830
5,566
3,188
2,141
238
10,448
2,373
5,628
3,107
2,275
246
12,410
2,791
6,050
3,171
2,646
233
8,397
1,969
6,219
3,120
2,859
240
6,949
1,692
5.621
2,903
2,474
244
10,595
2,460
5,768
3,016
2,504
248
12,753
2,987
6,099
3,056
2,798
245
9,121
2,150
5,980
3,056
2,662
261
9,313
2,138
5,676
3,188
2,246
242
9,679
2,246
5,625
3,107
2,279
239
9,796
2,302
5,991
3,171
2,586
234
9,883
2,277
6,171
3,120
2,808
243
8,727
1,987
5,737
2,903
2,587
247
9,883
2,338
5,764
3,016
2,509
239
10,112
2,471
6,035
3,056
2,732
247
10,696
2,493
5,931
3,056
2,610
265
2,644
1,621
333
1,954
1,023
786
237
3,409
2,164
406
2,570
1,245
945
300
588
359
76
435
229
184
45
583
335
81
416
248
191
57
696
429
83
512
267
200
67
776
498
93
591
278
210
68
807
510
94
605
296
224
72
826
519
93
613
307
234
72
876
562
107
669
314
241
73
901
573
111
684
328
246
83
588
359
76
435
229
184
45
583
335
81
416
248
191
57
696
429
83
512
267
200
67
776
498
93
591
278
210
68
807
510
94
605
296
224
72
826
519
93
613
307
234
72
876
562
107
669
314
241
73
901
573
111
684
328
246
83
13,819
(456)
3,842
3,386
14,274
665
2,346
1,810
10,124
8,314
5,980
15,030
(723)
4,956
4,233
15,753
791
2,449
1,993
10,602
8,609
6,988
3,431
85
845
930
3,346
134
572
346
2,515
2,169
1,400
3,230
(278)
959
681
3,509
169
588
441
2,515
2,074
1,456
3,502
(169)
957
787
3,671
209
593
499
2,530
2,031
1,524
3,657
3,924
104
1,148
1,252
3,820
138
621
509
2,608
2,099
1,678
3,603
(231)
1,202
970
3,834
173
559
499
2,643
2,144
1,733
3,512
(413)
1,348
934
3,925
265
557
493
2,667
2,174
1,785
3,992
(183)
1,258
1,075
4,175
216
712
492
2,684
2,192
1,792
3,434
85
845
930
3,349
162
572
346
2,515
2,169
1,400
3,245
(278)
959
681
3,523
167
588
441
2,515
2,074
1,456
3,499
(169)
957
787
3,668
173
593
499
2,530
2,031
1,524
3,640
1,081
988
3,751
152
594
525
2,564
2,039
1,600
1,081
988
3,733
163
594
525
2,564
2,039
1,600
3,926
104
1,148
1,252
3,822
168
621
509
2,608
2,099
1,678
3,621
(231)
1,202
970
3,853
172
559
499
2,643
2,144
1,733
3,506
(413)
1,348
934
3,919
219
557
493
2,667
2,174
1,785
3,976
(183)
1,258
1,075
4,159
232
712
492
2,684
2,192
1,792
2,045
1,428
2,016
1,517
502
392
525
330
540
306
479
401
486
387
515
355
495
330
519
445
502
367
525
346
540
339
479
372
486
360
515
375
495
370
519
412
2
3
4
5
6
7
27
28
Imports of selected services
29
30
31
32
33
34
Travel (table 1, line 19)
Passenger fares (table 1 line 20)
Other transportation (table 1, line 21)
Freiaht
Port services
Other
35
36
37
38
39
40
41
Royalties and license fees (table 1 , line 22) .
Affiliated net
U.S. affiliates' receipts
U.S. affiliates' payments
Unaffiliated .
Industrial processes1
Other2
42
43
44
45
46
47
48
49
50
51
52
53
Other private services (table 1, line 23)
Affiliated services net
U.S. affiliates' receipts
U.S. affiliates' payments
Unaffiliated services
Education
Financial services
Insurance, net
Premiums paid
Losses recovered
Telecommunications
Business, professional, and technical
services
Other unaffiliated services3
54
See footnotes on page 87.
(93)
(93)
SURVEY OF CURRENT BUSINESS
8i
March 1992
Table 4.—Selected U.S. Government Transactions
[Millions of dollars]
Line
A1
1990
U.S. Government grants and transactions increasing Government assets, total
1991P
1990
19J31
I
II
III
IV
II
I
III'
IV
24836
-12 217
4754
5,425
4392
10,266
-16 885
-7,186
10,531
1,323
17486
6085
15661
-4260
-25111
3598
13830
-42540
2813
883
1 930
3,570
1 694
1 876
3024
1 030
1 994
8,079
2479
9860
-4260
-18255
1 408
3011
-22 674
-8,444
474
2693
-11,612
1 588
476
5716
-4,604
1 240
2410
-3,650
7319
1,301
5295
253
471
11916
1499
9889
24
504
1 867
325
1296
132
115
1868
304
1 433
11
122
1 345
461
681
90
113
2239
212
1 886
21
121
1 314
283
916
4
112
1 062
420
507
-2
137
8471
341
7990
7
133
1 069
455
476
15
122
32
-66
979
-14
74
-19
-13
5
23
-43
-52
-9
56
8
196
-11
472
26
254
-37
13
38
84
8
43
96
6
9
21
3
8
17
4
11
22
9
24
n
3
13
22
4
10
17
1
18
48
n
22
22
3
6
6
9
2
15
0
5
41
18
5
3
27
6
3
2
2
11
181
16
(*)
163
929
(*)
53
1
(*)
25
g
0
57
8
(•)
46
-3
(*)
29
86
0
53
176
(*)
39
391
(*)
42
276
(*)
82
65
91
-27
58
-40
-37
31
56
15
1 301
1,970
22,249
2420
22
-3,639
144
181
552
1 499
5,067
16,483
1 490
4580
-41,892
159
163
561
325
372
2,965
750
8
149
34
53
206
304
552
3,376
968
9
116
31
25
96
461
607
2,732
297
5
139
37
57
171
212
440
13,177
405
0
-4,043
42
46
79
283
382
4,258
172
417
-22,477
36
29
74
420
334
3,050
150
178
-11,472
41
53
167
341
4,040
5,679
978
3,701
-4,418
66
39
182
455
311
3,496
190
284
-3,525
16
42
138
24,047
7114
6141
3,252
593
23,466
5960
3624
3,025
404
3,713
1 241
1,465
569
297
4,628
1,383
1,074
1,400
72
3,183
1 646
777
512
96
12,524
2,845
2,825
770
128
5,000
801
1,116
1,419
129
2,370
888
772
429
103
12,429
2,777
795
253
49
3,667
1,494
941
924
123
2,659
7,161
585
2,621
9,852
1,172
272
441
56
1,328
417
384
417
214
101
642
6,090
44
1,290
1,533
163
326
116
218
204
8,169
474
801
34
317
0
0
By category
?
3
4R
4h
5
fi
7
8
q
10
11
12
1?
14
15
16
17
18
19
?0
21
22
?3
Grants, net (table 1, line 30, with sign reversed)
Financing military purchases '
Other grants
Cash contributions received from coalition partners for Persian Gulf operations
Credits and other long-term assets (table 1 , line 40 with sign reversed)
Capital subscriptions and contributions to international financial institutions, excluding IMF
Credits repayable in U S dollars
Credits repayable in other than U S dollars
Other long-term assets
Foreign currency holdings and short-term assets net (table 1 line 42 with sign reversed)
Foreign currency holdings (excluding administrative cash holdings), net ...
..
.
Receipts from:
Sales of agricultural commodities
Interest
Repayments of principal
Reverse grants
i
Other sources8
Less currencies disbursed for:
Grants and credits in the recipient's currency
Other grants and credits
Other U S. Government expenditures 8
Assets acquired in performance of U.S. Government guarantee and insurance obligations, net
Other assets held under Commodity Credit Corporation Charter Act net
Assets financing military sales contracts, net2
Other short-term assets (including changes in administrative cash holdings) net
.
0
2
9
By program
24
?*i
?fi
27
28
?9
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
By disposition 3
W
34
35
36
37
38
39
40
41
42
43
44
45
Estimated transactions involving no direct dollar outflow from the United States
Expenditures on U S merchandise
Expenditures on U S services4
.
...
Financing of military sales contracts by U.S. Government5 (line C6)
By long-term credits
By short-term credits '
By grants '
U.S Government grants and credits to repay prior U.S. Government creditsl 4 6
U.S. Government long- and short-term credits to repay prior U.S. private credits and other assets
Increase in liabilities associated with U.S. Government grants and transactions increasing Government
assets (including changes in retained accounts)7 (line C11)
Less receipts on short-term U.S. Government assets (a) financing military sales contracts,! (b) financing
repayment of private credits and other assets, and (c) financing expenditures on U.S. merchandise
Less foreign currencies used by U.S Government other than for grants or credits (line A19)
Estimated dollar payments to foreign countries and international financial institutions
B1 Repayments on U S Government long-term assets total (table 1, line 41)
2
Receipts of principal on U S Government credits
3
Under Agricultural Trade Development and Assistance Act and related programs
4
Under Foreign Assistance Act and related programs
5
Under Export-Import Bank Act
6
Under Commodity Credit Corporation Charter Act .
...
7
Under other credit programs
8
Receipts on other long-term assets
C1
2
3
4
5
6
7
8
g
10
11
12
13
14
15
U S Government liabilities other than securities total net increase (+) (table 1 line 53)
Associated with military sales contracts 2
U.S. Government cash receipts from foreign governments (including principal repayments on credits
financing military sales contracts) net of refunds '
.
Less U S. Government receipts from principal repayments
Less U.S. Treasury securities issued in connection with prepayments for military purchases in the United
States
Plus financing of military sales contracts by U S Government5 (line A36)
.
By long-term credits
...
By short-term credits '
By grants '
Less transfers of goods and services (including transfers financed by grants for military purchases, and by
credits) ] 2 (table 1 line 4)
Associated with U.S.7 Government grants and transactions increasing Government assets (including changes in
retained accounts) (line A42)
.
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 87.
0
0
0
(*)
0
0
0
0
25
181
789
3
163
-35 682
7
53
1 041
5
25
797
9
57
1 209
4
46
-2258
3
29
-21 ,884
-9,556
-1 ,898
-2,344
10,327
9819
578
7,263
1 786
70
123
508
16,466
15959
3,954
6,567
1 759
3,559
122
509
1,241
1,118
68
467
561
18
4
124
1,062
937
101
311
507
17
1
125
1,039
913
211
341
332
26
4
126
6,985
6,852
198
6,144
386
10
114
133
2,762
2,629
65
1,990
297
276
1
133
770
646
38
334
273
0
1
125
12,115
11,989
3,716
4,002
820
695
135
241
204
0
1,703
1,999
1,603
1,420
-292
-258
1,141
1,287
-248
-142
1,102
1,111
1,012
976
370
225
453
448
9,004
546
8,393
1,014
1,635
134
2,162
145
1,929
197
3,279
70
1,840
510
1,554
40
2,797
-189
3,252
593
-1 445
3,025
404
83
569
297
-130
1,400
72
-324
512
96
182
770
128
-637
1,419
129
-664
429
103
-445
2659
2,621
272
1,328
417
642
1,290
9899
10429
2243
2,260
2,710
2,686
0
-296
-132
17
-181
0
191
-92
117
165
0
-34
-15
-15
-5
(*)
-147
-78
19
-87
0
-106
7
-24
-89
0
-9
-46
36
0
S
S
985
3,283
4
126
362
8
116
125
-232
-229
2,202
102
253
49
301
924
123
326
204
801
2,410
2,382
2,686
2,951
0
36
-6
38
4
0
146
-33
28
151
0
12
-29
17
24
-24
34
-14
0
82 • March 2992
SURVEY OF CURRENT BUSINESS
Table 5.—Direct Investment: Income, Capital, Royalties and License Fees, and Other Private Services
[Millions of dollars]
1991
1990
Line
(Credits +; debits -)
1991 f
1990
I
II
III
IV
I
II
13,676
13,300
376
13,336
7,130
6,206
340
992
12,388
12,050
338
11,899
5,228
6,671
489
1,137
14,868
14,697
171
14,344
11,805
2,539
524
1,275
15,472
14,819
653
15,028
6,443
8,585
444
1,151
12,678
12,163
515
12,323
5,360
6,963
355
1,165
-648
-750
IV
Ilk
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
54,444
53,336
1,108
52,787
30,538
22,250
1,657
4,433
-2,776
51,754
49,455
2,299
50,354
26,612
23,742
1,400
4,608
-3,208
13,512
13,289
223
13,208
6,373
6,835
304
1,030
-33,437
-6,179
-17,023
10,844
-22,250
-5,008
-9,959
4,951
-29,497
-8,137
-14,964
6,827
-23,742
2,382
-10,255
12,637
-10,031
10
11
12
13
14
15
16
17
Capital (table 1, line 44)
Equity capital
Increases in equity capital 2
Decreases in equity capital3
Reinvested earnings
Intercompany debt .. . .
U.S. parents' receivables
U S parents' payables
18
19
20
Royalties and license fees (table 1, line 8)
U S parents' receipts
U.S. parents' payments
11,846
12,062
12,410
12,519
-215
-109
21
22
23
Other private services (table 1 line 9)
U.S. parents' receipts
U.S. parents' payments
4,333
8,496
-4,163
-726
-652
-4,284
2,207
-2,020
4,227
-6,206
-867
-824
-7,979
-3,310
-4,414
1,104
-6,697
2,028
-3,912
5,940
-5,475
-4,130
-5,097
967
-1,497
152
1,771
-1,619
2,882
2,904
-22
3,015
3,040
-25
3,017
3,046
-29
3,496
3,527
-31
1,213
2,435
-1,222
1,139
2,190
-1,051
1,295
2,326
-1,031
1,147
"2,110
-963
932
2,171
-1,239
12,388
2,427
4,798
5,163
12,050
2,135
5,001
4,914
14,868
4,068
5,760
5,040
14,697
4,064
5,804
4,829
15,472
3,787
4,731
6,954
14,819
3,666
4,911
6,242
12,678
2,275
4,922
5,481
12,163
1,853
5,294
5,016
12,047
2,863
3,695
5,489
10,544
2,248
3,874
4,423
11,558
2,211
4,408
4,940
11,929
2,445
4,360
5,124
-5,644
85
-1,885
-98
232
-2,019
-2,539
-1,167
-1,115
417
17
840
-3,310
-4,130
-31
1,157
-1,442
2,437
2,503
-66
2,768
2,825
-57
2,946
2,997
-51
3.694
3,736
-42
4,513
8,798
-4,284
976
1,901
-924
1,104
2,107
-1,003
1,039
2,053
-1,014
54,444
10,854
22,875
20,715
53,336
10,540
23,013
19,783
51,754
11,135
17,756
22,863
49,455
10,212
18,438
20,805
13,512
2,492
6,212
4,809
13,289
2,453
6,031
4,805
13,676
1,867
6,105
5,703
13,300
1,888
6,176
5,236
-6,179
-8,137
-857
-923
-1,201
175
169
-6,835
2,207
1,015
147
1,045
-6,206
-285
-371
11,229
9.732
1,497
329
1,154
-810
-1,885
-4,367
2,481
-2,539
4,322
477
3,845
-857
11,558
11,929
-3,211
417
-2,597
3,015
-6,963
3,334
-5,213
8,548
-19,020
-5,644
-6,916
1,272
-6,671
-6,706
-10,330
3,624
-3,720
2,863
-6,835
-2,339
-1,264
-1,075
12,047
10,544
1,503
11,775
5,078
6,697
272
1,139
-102
-707
-12,832
-1,115
-2,857
1,742
-8,585
-3,132
-2,901
-232
By industry of affiliate:4
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
Income (line 1)
Petroleum
Manufacturing
Other
Income before capital gains/losses (line 2)
Petroleum
Manufacturing
Other
Capital:
Equity capital (line 1 1 )
Petroleum
Manufacturing
Other
Reinvested earnings (line 14 or line 6 with sign reversed)
Petroleum
Manufacturing
Other
Intercompany debt (line 15)
Petroleum
Manufacturing
Other
-198
-323
-3,840
-1,669
-5,546
-23,742
-4,382
-6,543
-12,817
2,382
2,428
-1,344
1,298
-1,782
-3,640
1,858
6,244
-7,764
14,008
-8,027
-9,938
1,911
1,574
-1,935
8,446
-6,355
14,801
-8,807
-11,088
2,281
-1,162
614
1,218
-1,863
3,081
-1,766
-2,174
409
37,213
47,035
50,431
-3,396
-14,008
4,185
14,882
-10,697
22,197
22,915
27,509
-4,594
-14,801
14,082
17,166
-3,084
16,269
12,660
13,782
-1,122
-3,081
6,690
7,107
-5,658
-22,250
-4,055
-8,903
-9,292
-5,008
-230
-938
-802
-983
-3,773
-2,260
-2,339
-2,788
-2,434
-446
-285
326
-2,449
555
-832
-548
-2,300
-2,231
-69
220
-877
-4,852
-6,671
-1,102
-2,006
-3,562
-6,706
-603
406
-6,509
-336
-1,035
4,322
493
1,936
1,893
-356
-553
-712
-440
-8,585
-1,555
-2,347
-4,684
-3,132
277
-2,299
-1,110
-6,963
-1,024
-2,586
-3,353
3,334
155
-1,505
-1,253
-6,697
-1,801
-1,000
-3,896
2,028
1,651
-376
-379
3,555
756
-16
944
-1,127
-46
-959
-3,140
-1,497
-2
-610
-885
152
345
1,710
-1,903
Foreign direct investment in the United States:
44
45
46
47
48
49
50
51
52
Income (table 1, line 26)
Income before capital gains/losses
Capital gains/losses (gains — ' losses +) -s
Earnings (net of withholding taxes)
Distributed earnings
.
Reinvested earnings
Interest (net of withholding taxes)
U.S. affiliates' payments
U S affiliates' receipts
53
54
55
56
57
58
59
60
Capital (table 1 line 57)
Equity capital
Increases in equity capital 2
Decreases in equity capital3
Reinvested earnings
Intercompany debt
U S affiliates' payables
U S affiliates' receivables
61
62
63
Royalties and license fees (table 1 line 22)
U S affiliates' payments
U S affiliates' receipts
-1,621
-1,954
333
-2,164
-2,570
406
64
65
66
Other private services (table 1 line 23)
U S affiliates' payments
U.S. affiliates' receipts
456
-3,386
3,842
723
-4,233
4,956
-930
-361
-928
-548
-619
-2,300
-649
-301
-864
-2,926
3,494
1,574
-856
-2,251
601
-2,231
-1,204
1,766
-1,622
-757
-908
-1,595
121
-1,241
528
12,840
44
3,004
9,792
9,992
.
:...
-361
-384
-1,296
912
-1,916
-2,337
421
-301
-1,622
1,320
1,605
-1,155
2,760
-1,906
-2,433
527
1,367
1,375
-8
3,806
-3,450
7,256
-2,440
-2,994
555
2,123
-1,835
3,958
-2,140
-2,705
566
813
461
351
3,095
1,413
4,508
-2,282
-2,855
573
4,336
6,388
8,173
-1,784
-3,958
1,905
6,622
-4,716
7,548
5,458
7,333
-1,874
-4,508
6,597
839
5,758
-510
-519
-613
-2,583
-172
-466
4,984
-5,156
4,538
11,544
12,588
-1,044
-7,256
250
3,257
-3,007
-429
-512
-498
-591
9,346
12,840
13,069
-229
-912
-417
-2,117
-359
-335
-435
-416
7,060
9,992
10,993
-1,001
-2,760
76
81
83
93
-85
278
169
93
845
-681
959
-787
957
-988
1,081
-960
-605
94
-104
-1,252
1,148
-31
476
-307
-820
-507
1,070
-1,096
2,166
-2,197
-2,749
553
2,157
-2,011
4,169
-2,188
-2,778
590
6,100
4,449
4,908
4,214
6,619
7,096
-458
-477
-2,166
3,816
8,778
-4,962
-4,169
1,763
927
836
-562
-573
-684
-669
93
107
111
231
413
183
-1,075
1,258
-970
-934
1,202
1,348
813
-1,127
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
Manufacturing
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 87.
-1,782
-3,171
-4,270
5,659
-3,640
-3,384
-3,453
3,197
47,035
779
15,291
30,965
-14,008
1,442
-3,997
-11,453
4,185
-1 ,448
315
5,319
-809
-2,966
5,349
22,915
317
9,972
12,626
-14,801
-953
-3,776
-10,072
14,082
-1 ,741
4,399
11,425
927
-1,162
-703
-829
371
12,660
699
4,327
7,633
-3,081
209
-764
-2,526
6,690
-912
289
850
-2,051
-2,583
-262
-539
-845
-1,653
7,797
-391
4,687
5,305
-2,760
522
-311
-2,970
-172
1,259
982
-2,413
1,367
-1,039
41
2,365
1,375
-1,014
212
2,177
11,544
36
3,274
8,235
-7,256
422
-3,772
-3,906
250
-1,906
1,831
325
-16
-634
95
522
944
-254
-103
-893
-1,401
377
1,959
461
-1,181
1,876
-664
5,458
118
4,150
1,190
-4,508
4,449
26
1,459
2,964
-2,166
6,619
21
1,859
4,739
-4,169
-233
231
1,350
6,388
152
2,503
3,733
-3,958
-6
-1,563
-2,388
1,905
-630
-243
634
476
143
-83
-1,352
1,127
-637
2,778
-307
-31
63
-728
-141
-632
-181
-299
-3,735
6,597
-1,526
1,439
6,685
-1,686
3,816
-72
68
3,820
997
-624
-1,282
-2,263
1,763
487
113
1,163
SURVEY OF CURRENT BUSINESS
March 1992 •
$3
Table 6.—Securities Transactions
[Millions of dollars]
Line
(Credits +' debits )
1990
1990
1991/3
I
A1
?
Foreign securities, net U.S. purchases (-), (table 1, line 45 or lines 2 + 11 below)
q
10
11
1?
13
14
15
16
Bonds, net U.S. purchases
28
30
31
3?
33
B1
2
3
4
5
6
7
8
9
m
-46,215
-8,756
-11,160
-1,014
-7,546
-9,430
-12,833
-12,533
-11,419
-30,203
-9
-5,985
-541
-389
-6,562
-9,160
-8,580
-5,901
-5480
-595
-378
-453
-332
-1 957
-83
-1 291
-24 723
-11 928
-7163
630
-13316
-7203
-4459
-2463
309
-2503
-7289
-2924
-1 816
-550
-467
-204
-109
-222
-15
-40
-163
1 520
-5390
-3027
-1 694
29
-1 638
-735
-754
-761
213
-115
261
-457
206
663
203
189
-139
952
-6230
-1 867
-501
392
-4884
129
-459
-3439
-4001
-2678
-2383
388
-2490
779
-8,747
-5,175
-473
-7,157
-2,868
-3,673
-3,953
5,518
-19843
-9971
-4560
-1 537
-7085
-5261
-6406
-2544
-5632
-105
-495
-446
-596
-2386
-2332
-1 376
-95
-1 519
-2163
-1 484
-1 100
-1 495
-3116
-643
-1 742
-695
-159
-2121
-2150
-1 104
-1,455
-2322
-1 ,780
-2503
-1,241
-9618
-6,616
-3839
-3080
-1 452
-5,778
-9171
-3442
-5,904
-7840
-892
. ..
-347
-618
-8989
-2,512
-1 350
-1 496
-593
-298
-1,571
-2366
-1 423
-122
-991
-398
-296
-496
-150
-197
-846
-2389
-274
-593
4,999
100
2,399
100
2,400
1,162
1,175
1,335
1,078
762
675
535
478
322
-3178
-1,230
1,766
-1 168
-14211
-14,221
-2507
2,434
13,116
62
573
704
4,750
.
2,450
2300
-3149
-507
.
U.S. securities, excluding Treasury securities and transactions of foreign official agencies, net foreign
purchases (+), (table 1, line 59 or lines 2 + 10 below)
-1,692
-3442
400
-189
-199
-123
-30
500
-1 790
800
-930
-271
-848
-1,906
-1,771
-911
-538
-1,151
1,202
842
273
-2287
-298
-991
600
-257
-696
-347
-350
-1 078
101
-268
-513
-695
-159
-1 104
999
1,200
1,300
399
600
700
1,500
100
700
100
600
-1 484
600
600
600
-1 150
698
3,295
-1 540
1 394
920
376
175
-2709
7365
-6,238
-722
-581
880
1 533
2,271
846
-2550
203
1,609
414
-1,428
-2319
-478
806
4,328
-1 386
-10037
-9,205
346
2,006
6,299
1,781
35,417
1,397
2,140
-2,558
802
5,306
15,073
10,154
4,884
-14,542
9,219
-3,288
-3,614
-2,473
-5,167
1,556
7,445
2,062
-1,844
-8,797
Stocks, net foreign purchases
By area:
Western Europe .
Of which Germany
Switzerland
United Kingdom
Canada
.
Japan
.
Other
-517
-6552
-80
-1 496
-605
-3080
.
-6632
-1 326
-111
-110
-218
-285
-1,303
145
-2,351
-2,620
-2,523
-120
-774
-442
-239
-651
-373
-170
-559
-250
-659
-857
-885
-326
-830
3,462
74
1,167
1 074
1,177
1,876
930
99
69
74
148
591
0
1 372
-2,787
73
6,728
-395
..
...
.
-2,931
-3189
804
-3,024
-3525
3,703
1,066
4561
-939
-775
-270
-729
-986
-1 115
685
93
-631
7,628
4,703
3,432
2,452
85
3,241
884
8,092
1,556
2020
4,176
3,852
64
5,422
2,632
-1,326
2,956
1,989
261
459
657
557
236
783
185
5,091
391
421
3,558
685
988
1,041
2,763
259
74
2,414
3,529
600
-177
-134
2275
-29
-88
854
2,638
-2,918
-163
5,754
12
13
16,106
5,588
-5371
20,931
8,924
-3657
3,146
2,690
-1 151
4,825
1,123
14
15
16
17
18
19
20
21
By area:
Western Europe
Of which Germany
Switzerland
United Kingdom
Canada
Japan
Other countries
International financial institutions2
9,367
13,372
1,511
603
9,497
1,295
5,720
5,769
42
1,295
3,957
-3
341
3,697
862
1,159
206
21
1,296
76
-914
-804
-561
384
10,540
1,891
731
4,735
-401
23
2,007
823
852
1,923
-208
1,844
5
-101
3,750
4,685
-456
-670
2360
-629
-1 ,752
1,184
140
5,969
26,198
-384
245
751
-85
16,323
By type:
New issues sold abroad by U.S. corporations
U.S federally-sponsored agency bonds net
Other outstanding bonds net
-194
628
-1,737
-1 535
8,092
Corporate and other bonds, net foreign purchases
11
64
983
1 370
172
1 900
-121
-16,012
-3,113
-6474
Other transactions in outstanding bonds net3
Western Europe
Of which United Kingdom
Canada
Japan
Other
?q
IV P
-21,552
By area:
Western Europe
Canada
Japan
Latin America
Other countries
International financial institutions2
Redemptions of U.S.-held foreign bonds3
Western Europe
Canada
Other countries
International financial institutions2
III''
-23153
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 institutions2
?3
?4
?5
26
?7
II
-5276
-1 953
600
-53
-68
-3202
Of which Canada
17
18
19
20
?1
22
I
-1 648
-55
Transactions in outstanding stocks, net
Western Europe
Of which United Kingdom
Canada
Japan
.
Other
R
IV
-6,924
New issues in the United States
5
6
7
19 31
III
-28,476
Stocks, net U.S. purchases
3
4
II
-677
-4111
45
-131
-1
3,540
130
1,597
1,529
-243
-375
-166
3,240
2,389
-351
2,868
219
1,256
1,556
168
Memoranda:
Other foreign transactions in marketable, long-term U.S. securities included elsewhere in international
transactions accounts:
Foreign official assets in the United States (lines in table 9):
1
U S Treasury marketable bonds (line A4)
2
Other U S Government securities (line A6)
3
U S corporate and other bonds (part of line A14)
4
U S stocks (part of line A14)
5 Other foreign transactions in U S Treasury bonds and notes (table 9, line B4)
See footnotes on page 87.
23913
667
-153
-1,433
-4,440
4982
926
340
949
16,181
3625
346
-46
11 108
134
-89
14022
708
-30
-138
-228
-1,936
1,012
-176
-690
-2,826
-4842
-521
12
-891
-219
102
13
15,214
407
140
-115
-1,743
10,338
767
186
197
72
84 • March 1992
SURVEY OF CURRENT BUSINESS
Table 7.—Claims on and Liabilities to Unaffiliated Foreigners Reported by U.S. Nonbanking Concerns
[Millions of dollars]
19S 1
19SJO
(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
Amounts
ing
Sept.30,
1990
I
II
I
IV
III
II
IV
\\\f
1991
A1
2
3
4
5
6
7
8
9
10
11
12
13
14
Claims, total (table 1, line 46)
n.a.
38,460
-1 706
-551
-1 848
-1 678
22392
20,972
228
256
-28
na
n.a.
r..a.
249
-3223
1,517
n.a.
n.a.
15,522
6,870
-1 558
na.
-702
n.a.
na
n.a.
na
15,973
10,886
2,066
5,496
-164
-155
1 031
-1 229
-248
1,505
125
By type: Deposits
Other claims1
-1 034
-26
581
715
1,182
-2,058
1,897
-306
-126
-197
By area: Industrial countries2
Of which United Kingdom
Canada
Caribbean banking centers 3
Other
-2320
-2987
-2,969
1,574
1,585
-1 ,308
-204
344
401
448
134
462
293
-1,625
493
-283
-787
-1665
416
77
-348
-741
-992
-1 011
65
-46
-56
26
504
-11
-186
-211
-995
1,657
Commercial claims
Denominated in U S dollars
Denominated in foreign currencies
40
By area: Industrial countries2
Members of OPEC4
Other
-1,094
B1
Liabilities, total (table 1, line 60)
14
15
16
-1,414
-1 592
1463
17
18
19
12
13
-2076
-323
-1477
-1 300
9
10
11
-1308
-1 461
-1,471
-1,760
1 156
By type* Trade receivables
Advance payments and other claims
5
6
7
8
-2,509
1,649
-319
15
16
2
3
4
676
-1,944
Financial claims
Denominated in U.S. dollars
Denominated in foreign currencies
Financial liabilities
Denominated i n U.S. dollars
.
Denominated in foreign currencies
-325
40
-571
.
3,779
...
.
2
By area Industrial countries
Members of OPEC4
Other ..
See footnotes on page 87.
-97
40
-39
-284
203
963
134
45
-350
-134
-756
-1 010
-364
-43
-59
84
47
na
n.a.
13345
2,723
n.a.
na
n.a.
10,127
-129
474
-182
619
-327
435
-14
787
971
4,970
n.a.
43,228
836
801
35
n.a.
n.a.
n.a.
17,603
14,673
2,930
449
664
221
166
n.a.
n.a.
n.a.
na
12,823
6,370
3,505
1,275
25,625
24,153
515
399
-190
-1 202
821
283
-617
-710
-376
-2,355
-1 743
-681
-397
-160
-503
709
-530
-557
3,346
-978
3,171
35
175
-141
3075
271
46
663
1 057
-547
914
-206
1,619
-190
813
98
-34
-943
866
408
-881
-104
16.068
15,281
1,865
1 250
1,507
-921
-127
923
n.a.
na
n.a.
760
1 795
-177
-10
292
-40
-554
-389
412
-484
-474
-1,616
-153
2290
-985
158
-8
-1 086
2414
. .
-1 ,048
29
-2,549
-1.932
593
485
761
288
1,097
-90
-608
-148
-80
-98
-50
-1,840
-1,177
711
-697
-99
-54
-196
914
-3,129
-2945
1 988
4,209
4,006
87
-1,279
1 054
4,260
148
566
174
-198
725
-893
-1 ,841
-1 742
-1,354
1,420
699
173
-485
41
-1,155
-249
-610
-437
-434
10
-224
250
Commercial liabilities
Denominated in U.S. dollars
Denominated in foreign currencies
1
18
-680
.
By area: Industrial countries 2 . .
Of which United Kingdom
Caribbean banking centers3
Other
By type' Trade payables
Advance receipts and other liabilities
660
1,492
1 642
1,494
-430
.
230
77
186
-277
-42
850
-824
476
27
-1 635
1 105
219
-484
-265
-167
-210
170
176
158
-203
-13
1,029
na.
-495
-225
681
348
n.a.
n.a.
188
370
659
na
n.a.
9,067
16,558
858
151
20
n.a.
n.a.
n.a.
17,084
2,450
6,091
-720
-908
-1 441
159
562
1,472
SURVEY OF CURRENT BUSINESS
March 1992 • 85
Table 8.—Claims on Foreigners Reported by U.S. Banks
[Millions of dollars]
19 90
Line
1990
(Credits +; decrease in U.S. assets. Debits -; increase in U.S. assets.)
1
Total (table 1, line 47)
2
By type:
Banks' own claims
3
4
5
6
7
8
q
10
11
1?
1?
14
15
1fi
17
1R
19
?0
Payable i n dollars
-9,984
-24,513
20,598
II
lll
1,215
2,325
\\fP
-20,710
ing December
31, 1991
654,364
-5394
49954
-7627
-5938
-17303
13221
-659
3070
-21 026
584 993
1,276
45909
-2029
-4554
-19259
14263
-6488
6439
-12,938
511,917
-11 537
1,513
5868
5432
21 060
12013
7746
5090
-5122
1,204
1 126
-3,456
652
-2876
-24179
5302
6160
-6869
^,256
2141
-12,969
-2,676
3,625
316,917
116,529
35988
42,483
1 530
3,952
9,590
21 378
4009
8,374
3971
1455
-4903
-2,808
-20 752
3090
1,548
7551
1,201
-6,809
6,730
3804
-13,067
-2,439
1 710
-318
-9,093
8,004
4462
-251
688
6,029
-3,235
584
-3427
2,212
-1930
-1,391
5,882
860
-11,488
-6,015
1 666
-981
-6,670
4,045
-5,598
-1 ,384
1,956
-1,042
5,829
7131
-9628
-8,665
1 273
-8449
-1,489
-4046
-3,815
1 001
-3625
-1,191
7377
4,141
-2669
7497
1,874
-2,751
-2338
-963
-231
-7210
-3,490
-2565
664
-1,589
-3,720
-2,752
-6603
-6327
-881
-14487
-10220
12,541
7724
3,584
-1,388
6,516
-13753
-10,697
-4253
-2447
-3,997
-3,056
4273
6,233
5,273
-3962
8963
272
1,858
15,266
-9823
-7603
9,349
7078
13643
31,802
18084
15034
8822
2,589
-857
-827
2179
-290
-12,903
-6817
-6090
-2,729
-3,193
-221
6151
-6533
7,280
-2229
3052
1 398
-37
-687
3,236
4631
6
1,165
4384
-1251
4619
1759
-3985
2,971
4,749
-6655
1,499
1,907
141 551
30,652
40,607
6,126
1,869
-1 616
-6,314
-4,175
800
175,366
85,877
37,864
-3,369
-8,088
73,076
-745
316
1,242
4,272
-2,864
69,371
66,097
15,240
37,918
12,939
3,274
-454
41
4,625
-704
-43
-122
94
-15
-702
-472
-1557
-5662
-24 295
-3891
-17,730
-1,211
3,076
218,037
-1 570
1 065
3,440
-1,108
780
1,261
25
1,374
6,404
2,184
3,792
3,820
98
-1 ,306
3,728
317
270
-1 055
663
4,380
6,211
-6954
78
1 328
2,427
44
1,542
263
1,922
3,826
302
86
-3,951
118,475
15,343
52,611
51 ,860
4,174
9,830
3,420
-6,091
234,084
-985
-6,615
-1,106
2,162
-532
106,498
86,741
22,105
18,740
-1,206
-4,885
-2,103
54,392
179,692
6,562
1985
-164
-29 526
-19756
1988
19593
6,176
21,849
-2914
359
299
13835
23295
-311
-192
-4318
-2937
1,790
2,590
-254
3315
2381
8,113
253
-2341
14,784
8638
-66
-61
-2,795
-1,650
986
-3945
77
87
38,720
17,611
24,070
-1,782
6,320
10,112
22,961
-2,679
10525
9,796
15,465
2934
11 063
277
6,360
-89
6178
9,063
7,362
1 467
-4,632
67
1,844
939
7205
-3,160
1,838
437
1 774
3,826
4,421
91
16,365
5,437
899
260
2,298
-4,970
582
-589
916
2,717
772
28,250
10,470
8,938
8673
2,896
315
-2,097
676
4,670
1 650
56
7,966
3,695
19,266
1,893
4,632
-7,31 1
1,351
1,817
1.603
1,755
8771
-694
317,852
166,164
90,783
20,133
126,970
4,585
13,983
95
10,210
-402
-585
-24,049
-10,508
-3,324
1,182
-14,651
-72
1435
1523
2,861
15,299
-166
-926
2,304
112
-188
23,304
I2028
7810
-918
21,049
14180
16,320
-1,772
8,406
235
-243
:
Memoranda:
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
ft
U.S.-owned IBF's
7
Foreign-owned IBF's
8 Banks' dollar acceptances payable by foreigners
-17,255
-306
Other areas
Of which Members of OPEC included below5
Latin America
Asia
Africa
"~....
. .
Other6
See footnotes on page 87.
57,085
I
8,333
8,315
Caribbean banking centers4
1
3,428
IV
-7115
15,063
16728
-4609
Banks' domestic customers' claims
Payable in dollars
Deposits
Negotiable and readily transferable instruments
Outstanding collections and other .. ..
Payable in foreign currencies
28
29
30
31
32
33
III
r
19086
Payable in foreign currencies
27
II
Amounts
19 91
20067
. . .
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
By area:
Industrial countries 3
Western Europe
Of which United Kingdom
Canada
.
Japan
Other
I
5,333
By borrower:
Claims on:
own foreign offices
unaffiliated foreign banks
foreign public borrowers '
other private foreigners
?1
22
23
?4
?5
26
1991P
-132
-653
2146
-623
-285
86 • March 1992
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]
199 1
199 0
Line
(Credits +: increase in foreign assets. Debits -; decrease in foreign assets.)
Amounts
out
standing
December 31,
1991''
1990
II
IV
III
II
HI'
IV-"
1991
A1
2
3
4
5
6
7
8
9
10
11
12
13
14
Foreign official assets in the United States (table 1, line 49)
13,341
20,301
2461
11 849
20119
-1 236
3625
6021
11 108
32,425
20,585
-7,022
5,805
28643
1 508
23913
3222
By type:
U S. Treasury securities (table 1 line 51)
Bills and certificates
Bonds and notes, marketable
Bonds and notes nonmarketable
Other U S Government securities (table 1 line 52)
Other U S Government liabilities (table 1 line 53)
U.S. liabilities reported by U S banks not included elsewhere (table 1 line 54)
Banks' liabilities for own account, payable in dollars '
Demand deposits
....
.
.
Time deposits '
Other liabilities 2
Banks' custody liabilities payable in dollars ' -1
Other foreign official assets (table 1, line 55)
18623
13270
4982
-5786
-3945
-4842
667
1 703
2998
3,590
-255
3,470
375
371
926
72
346
668
73
134
1 603
-1 856
3001
-521
-292
-297
1 141
-248
2131
-872
1,250
1,880
1 871
1,999
-370
-139
-215
919
1,745
-3536
26
887
1,166
-54
14022
3,854
13,205
388,361
2381
-2287
4567
-2275
5799
5869
-2918
12730
2298
10,338
301 468
92692
204615
76
708
89
-29
1 102
1 012
-707
2501
-1 ,539
3,800
-557
-278
2,417
-3399
-319
-984
1 759
-1 547
2069
-592
-1,586
1,289
-126
-274
-128
-265
-921
11,106
1,815
-44,385
13,267
26,992
1 131
16861
-1 151
4287
24
251
-3,105
6,631
4397
-1299
536
95
-163
93
407
453
4161
383
5,006
27,448
829,741
13434
-1468
1,486
150,061
-1 ,780
15,214
1,414
-1,743
18,039
132,022
370
-1 084
-1,782
101
711
-2392
-2830
-3,010
103
-1,434
-1 679
766
698
115
180
25
15,232
-15,386
-15,253
-2029
3409
832
94
767
11 164
18328
37,959
33.974
2,840
16,024
15110
3,985
19,442
-219
-232
-443
120
1,195
2,787
-3,862
-563
By area (see text table B):
B1
2
Other foreign assets in the United States (table 1 lines 58 and 61)
By type:
U S Treasury securities (line 58)
3
4
By security:
Bills and certificates
Marketable bonds and notes
5
6
7
By holder:
Foreign banks
Other private foreigners
International financial institutions4
8
9
10
U S liabilities reported by U S banks (line 61 )
Banks' own liabilities '
Payable in dollars
12
13
14
By account:
Liabilities to own foreign offices
Liabilities to unaffiliated foreigners:
demand deposits
time deposits '
other liabilities2
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
-1,936
3275
1,012
-3,189
18591
1,459
-13
4,142
-318
-820
5571
-174
9975
-2,189
-3,613
. . . .
By holder:
Liabilities to:
own foreign offices
unaffiliated foreign banks
other private foreigners
international financial institutions4
11
785
16,181
3,592
-2287
.
680
-4,440
...
1221
-43
..
467
-322
.
.
.
.
.
...
Memoranda:
International banking facilities' (IBF's) own liabilities, payable in dollars (in lines A9, and B10 above) .
941
-3,389
3,288
6,835
6,638
3,553
2,927
12,197
9,076
-1,468
6,771
1 1 ,892
-7,512
-4,435
2,497
-17,671
-2,907
18,444
-8,686
-2036
-3,908
-20,508
1,717
2,537
109
922
-1,965
1,039
390
1,619
-59
-697
-867
609
685
-2,985
-2,860
-2,866
-4,905
6,441
6,970
-2,277
13,656
-1,608
-7,947
5.482
-14,811
793
371
4,929
6,974
-1,111
-448
5,377
1,177
680
5,301
-21 ,826
13590
-1,872
-33,544
25017
-9,040
-3072
-35,162
-13,161
-3,204
-18,797
-7,272
-1,951
-5,110
769
456
722
455
2,993
-586
1,243
-2,155
-165
-874
-568
660
-923
-693
-707
5,703
10,355
1,533
-6,185
3,491
4,073
1,116
1,459
1,901
11,341
7,488
-3,708
8,908
7
706
314
970
-581
4,434
10,161
5,490
1,036
-195
4,401
380
-12,996
18,637
303
1,953
-470
554
566
-347
-312
200,086
105,499
33,708
-5,954
-5,111
3,703
11,730
74,919
-1 ,883
1,201
-4,552
-4,693
-1,247
-3,939
2,085
65,887
14,777
-11,637
-9,857
2,403
-4,183
-7,528
3,779
-3,478
1,419
27,632
18,913
-3,282
12,001
2,799
-21 ,557
-13,547
1,316
-9,326
8,410
-2,106
-1,582
4,639
-5,077
55
546
-52
4
449
-1,616
1,236
2,827
389,798
281,837
23,604
84,357
302,771
137,172
27,985
54,774
59,527
3,991
18,880
-241
379
-211
16
-4,913
11,421
-3,032
-261
-5,365
1,093
-651
467
1,171
-4,763
1,954
-22,720
5,872
10,028
297,642
111
-4,106
668
891
8631
-9,484
12,075
1,079
-5,294
-5,762
-1,132
981
7,233
-1 ,871
3,258
5,634
1,947
267
-5,967
-16,690
1,695
-1 ,758
-471
-811
145,080
110,854
18.136
23,572
-7,617
10,364
-4,405
-7.516
-8,584
-14,136
-4,328
10.200
-1,078
11,106
54,322
243,320
677
134
-86
7,456
-1,892
-2,773
-1,969
-632
-923
6
7
By bank ownership:5
U S -owned IBF's ..
Foreign-owned IBF's
-15,314
-18,395
-5,108
-17423
-1,695
1 396
-894
4749
393
-1,163
-97
-1,321
9.641
7,098
127,329
24,423
47,829
-11,921
-3,693
-18706
-1 ,764
1,632
-190
412
262
1,070
327,415
129,922
75,541
5,996
2,747
639
-346
-984
668
909
172
586
3,855
-7,022
-9 585
-914
10,053
7,360
618
5,523
-892
-913
24
7,642
-1 ,734
1,532
-5,904
3,512
-4,562
-6,421
11 652
-943
6.241
2,395
9,048
-1,764
-2,287
4,368
453
723
266
2,569
3,930
-335
5,756
2,106
-15,067
1,828
640
-923
-571
168
17,678
142,712
51,069
24
-1,320
-16,246
-3,955
-17,172
2668
See footnotes on page 87.
327,415
-518
2,497
-1,178
-3,954
1,686
3
4
5
Negotiable certificates of deposit held for foreigners1 (in lines A13 and B27 above)
10,053
-7,512
-22,531
8
679,680
613,793
538,874
207
-18,741
.
25,962
29,901
18,171
6,771
-16,228
2
6,474
11,167
7,464
46
849
By holder:
Liabilities to:
own foreign offices
..
..
unaffiliated foreign banks
foreign official agencies
other private foreigners and international financial institutions4
1
7,471
132,069
10,521
-690
12,197
-16,766
1,228
-5,958
3,519
2,037
4,701
2,130
97
-269
7915
-28,687
-24,134
-19,024
72
-503
-599
-366
2,927
1 424
By area:
f t
Industrial countries
Western Europe
Canada
Other
Caribbean banking centers7
Other areas
Of which Members of OPEC included below8
Latin America
Asia
Africa
Other9
-48
-20,674
12164
-1,683
Payable in foreign currencies
-2,008
15.490
5,062
2,793
Banks' custody liabilities payable in dollars ' 3
Of which negotiable and readily transferable instruments
-257
-18795
-16.912
-10,958
-13,382
1,582
-579
12
3654
164
17,261
16,601
17,169
-20,674
-19280
-4,350
1 195
-43
-2150
804
26968
21,667
20,490
-1,572
3,189
-8,639
By bank ownership: -s
U.S.-owned banks' liabilities to:
own foreign offices
..
.
unaffiliated foreign banks
.
.
other private foreigners and international financial institutions4
Foreign-owned banks' liabilities to:
own foreign offices .
unaffiliated foreign banks
other private foreigners and international financial institutions4
-494
-286
275
8980
8,300
2,923
5,062
-7104
-3746
1,441
1,221
2610
-8706
1,262
2,638
-43 234
-48,757
-44,195
22
-1 196
-14,237
-8,088
-638
771
-2,826
714
-4,347
-15046
-2075
-11,390
4,056
-4153
....
.
797
-690
-299
-38
-725
-644
SURVEY OF CURRENT BUSINESS
March 1992
•
FOOTNOTES TO U.S. INTERNATIONAL TRANSACTIONS TABLES 1-1O
'Revised.
General notes for all tables:
P Preliminary. 'Less than $500,000 (±).
Table 1:
1. Credits, +: Exports of goods and services; unilateral transfers to United States; capital inflows (increase in
foreign assets (U.S. liabilities) or decrease in U.S. assets); decrease in U.S. official reserve assets; increase in foreign
official assets in the United States.
Debits, -: Imports of goods and services; unilateral transfers to foreigners; capital outflows (decrease in
foreign assets (U.S. liabilities) or increase in U.S. assets); increase in U.S. official reserve assets; decrease in foreign
offical assets in the United States.
2. Excludes exports of goods under U.S. military agency sales contracts identified in Census export documents,
excludes imports of goods under direct defense expenditures identified in Census import documents, and reflects various
other adjustments (for valuation, coverage, and timing) of Census statistics to balance of payments basis; see table 2.
3. Includes some goods: Mainly military equipment in line 4; major equipment, other materials, supplies, and
petroleum products purchased abroad by U.S. military agencies in line 18; and fuels purchased by airline and steamship
operators in lines 7 and 21.
4. Includes transfers of goods and services under U.S. military grant programs.
5. Beginning in 1982. line 8 and line 22 are redefined to include only net receipts and payments for the use or sale
of intangible property rights. Other services are reclassified to lines 9 and 23.
6. Affiliated and unaffiliated transactions, previously shown separately, have been combined.
7. For all areas, amounts outstanding December 31,1991, were as follows in millions of dollars: Line 34,77,718;
line 35,11,057; line 36,11,240; line 37, 9,488; line 38,45,934. Data are preliminary.
8. Includes sales of foreign obligations to foreigners.
9. Consists of bills, certificates, marketable bonds and notes, and nonmarketable convertible and nonconvertible
bonds and notes.
10. Consists of U.S. Treasury and Export-Import Bank obligations, not included elsewhere, and of debt securities
of U.S. Government corporations and agencies.
11. Includes, primarily, U.S. Government liabilities associated with military agency sales contracts and other
transactions arranged with or through foreign official agencies; see table 4.
12. Consists of investments in U.S. corporate stocks and in debt securities of private corporations and State and
local governments.
13. Conceptually, the sum of lines 69 and 62 is equal to "net foreign investment" in the national income and product
accounts (NIPA's). However, the foreign transactions account in the NIPA's (a) includes adjustments to the international
transactions accounts for the treatment of gold, (b) excludes capital gains and losses of foreign affiliates of U.S. parent
companies from the NIPA's measure of income receipts from direct investment abroad, and from the corresponding
income payments on direct investment in the United States, (c) includes an adjustment for the different geographical
treatment of transactions with U.S. territories and Puerto Rico, and (d) includes services furnished without payment
by financial intermediaries, except life insurance carriers and private noninsured pension plans. 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 2:
1. Exports, Census basis, represent transactions values, f.a.s. U.S. port of exportation; imports, Census basis,
represent Customs values (see Technical Notes in the June 1982 SURVEY). Unadjusted data are as published by the
Bureau of the Census. Seasonally adjusted data reflect the appplication of seasonal factors developed jointly by Census
and BEA, and are the same totals except for six series which use quarterly factors; these series are not seasonally
adjusted by Census (see Technical Notes in the June 1991 SURVEY).
2. Beginning in 1990, the Census Bureau replaced its compiled export statistics with counterpart Canadian import
statistics. Similarly. Statistics Canada replaced its compiled export statistics with counterpart U.S. import statistics. This
exchange of data has eliminated the need for the inland freight adjustment on U.S. exports, but not on U.S. imports.
3. Adjustments in lines A5 and A13, B12, B47, and B82 reflect the Census Bureau's reconciliation of discrepancies
between the merchandise trade statistics published by the United States and the counterpart statistics published in
Canada. These adjustments are distributed to the affected end-use categories in section C.
4. Exports of military equipment under U.S. military agency sales contracts with foreign governments (line A6), and
direct imports by the Department of Defense and the Coast Guard (line A14), to the extent such trade is identifiable
from Customs declarations. The exports are included in tables 1 and 10, line 4 (transfers under U.S. military agency
sales contracts); the imports are included in tables 1 and 10, line 18 (direct defense expenditures).
5. Addition of electrical energy; deduction of exposed motion picture film for rental rather than sale; net change in
stock of U.S.-owned grains in storage in Canada; coverage adjustments for special situations in which shipments were
omitted from Census data; deduction of the value of repairs and alterations to foreign-owned equipment shipped to the
United States for repair; and the inclusion of fish exported outside of U.S. customs area.
6. Deduction of foreign charges for repair of U.S. vessels abroad, which are included in tables 1 and 10, line 21
(other transportation); coverage adjustments for special situations in which shipments were omitted from Census data;
and the deduction of the value of repairs and alterations to U.S.-owned equipment shipped abroad for repair.
7. Beginning in 1986, New Zealand and South Africa are included in "Other countries in Asia and Africa," with New
Zealand included as part of "Asia" and South Africa as part of "Africa."
8. Annual and unadjusted quarterly data shown in this table correspond to country and area data in table 10, lines 2
and 16. Trade with international organizations includes purchases of nonmonetary gold from the International Monetary
Fund, transfers of tin to the International Tin Council (ITC), and sales of satellites to Intelsat. The memoranda are
defined as follows: Industrial countries: Western Europe, Canada, Japan, Australia, New Zealand, and South Africa;
Members of OPEC. Venezuela. Ecuador, Iraq. Iran, Kuwait, Saudi Arabia, Qatar, United Arab Emirates, Indonesia,
Algeria, Libya, Nigeria, and Gabon; Other countries: Eastern Europe, Latin America and Other Western Hemisphere,
and other countries in Asia and Africa, less OPEC. For all years, "Asia" and "Africa" exclude certain Pacific Islands and
unidentified countries included in "Other countries in Asia and Africa."
9. Includes nuclear fuel materials and fuels.
Table 3:
1. Patented techniques, processes, and formulas and other intangible property rights that are used in goods
production.
2. Copyrights, trademarks, franchises, rights to broadcast live events, and other intangible property rights.
3. Other unaffiliated services receipts (exports) include mainly expenditures of foreign governments and international
organizations in the United States. Payments (imports) include mainly wages of foreign residents temporarily employed
in the United States and Canadian and Mexican commuters in U.S. border areas.
Table 4:
1. Expenditures to release foreign governments from their contractual liabilities to pay for military goods and
services purchased through military sales contracts—first authorized (for Israel) under Public Law 93-199, section 4,
and subsequently authorized (for many recipients) under similar legislation—are included in line A3. Deliveries against
these military sales contracts are included in line C10; see footnote 2. Of the line A3 items, part of these military
expenditures is applied in lines A40 and A43 to reduce short-term assets previously recorded in lines A38 and C8; this
application of funds is excluded from lines C3 and C4. A second part of line A3 expenditures finances future deliveries
under military sales contracts for the recipient countries and is applied directly to lines A39 and C9. A third part of line
n.a. Not available.
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 C10 that was delivered
without prepayment by the foreign purchaser. Also includes expenditures of appropriations available to release foreign
purchasers from liability to make repayment.
6. Includes purchases of loans from U.S. banks and exporters and payments by the U.S. Government under
commercial export credit and investment guarantee programs.
7. Excludes liabilities associated with military sales contracts financed by U.S. Government grants and credits and
included in line C2.
8. Lines A16 and A19 exclude offsetting amounts for the receipt and near immediate conversion into dollars of cash
contributions in foreign currencies from two coalition partners for Persian Gulf operations. The amounts were $6,475
million in 1991:1 and $2,147 million in 1991:11.
Table 5:
1. Also included in line 4. Excludes currency translation adjustments. See Technical Notes in the June 1990
SURVEY.
2. Acquisition of equity holdings in existing and newly established companies, capital contributions, capitalization
of intercompany debt, and other equity contributions.
3. Sales, liquidations, and other dispositions of equity holdings, total and partial.
4. Petroleum includes, and manufacturing and "other" industries exclude, the exploration, development, and
production of crude oil and gas, and the transportation, refining, and marketing of petroleum products, exclusive of petrochemicals. "Other" industries includes wholesale trade; banking; finance (except banking), insurance, and real estate;
services; and other 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 (IDB).
3. Estimate for scheduled redemptions and identifiable early retirements. Includes estimates based on Canadian
statistics for redemptions of Canadian issues held in the United States. Unidentified and nonscheduled retirements
appear in line 28.
Table 7:
1. Primarily mortgages, loans, and bills and notes drawn on foreigners.
2. Western Europe, Canada, Japan, Australia, New Zealand, and South Africa.
3. Bahamas, British West Indies (Cayman Islands), Netherlands Antilles, and Panama.
4. Based on data for Ecuador, Venezuela, Indonesia, and other Asian and African oil-exporting countries.
Table 8:
1. Includes central governments and their agencies and corporations; state, provincial, and local governments and
their agencies and corporations; and international and regional organizations.
2. U.S.-owned banks are mainly U.S.-chartered banks and Edge Act subsidiaries. U.S. brokers' and dealers'
accounts may be commingled in some categories. Foreign-owned banks include U.S. branches and agencies of foreign
banks and majority-owned bank subsidiaries in the United States.
3. Western Europe, Canada. Japan, Australia, New Zealand, and South Africa.
4. Bahamas, British West Indies (Cayman Islands), Netherlands Antilles, and Panama.
5. Based on data for Ecuador, Venezuela, Indonesia, and other Asian and African oil-exporting countries.
6. Includes Eastern Europe and international and regional organizations.
Table 9:
1. Negotiable certificates of deposit issued by banks in the United States are included in banks' custody liabilities
and are separately identified in memorandum line 8. Nonnegotiable certificates of deposit are included in time deposits.
2. Includes borrowing under Federal funds or repurchase arrangements, deferred credits, and liabilities other than
deposits.
3. Mainly negotiable and readily transferable instruments, excluding U.S. Treasury securities.
4. Mainly International Bank for Reconstruction and Development (IBRD), International Development Association
(IDA), International Finance Corporation (IFC), Asian Development Bank (ADB), Inter-American Development Bank
(IDB), and the Trust Fund of the International Monetary Fund.
5. U.S.-owned banks are mainly U.S.-chartered banks and Edge Act subsidiaries. U.S. brokers' and dealers'
liabilities may be commingled in some categories. Foreign-owned banks are U.S. branches and agencies of foreign
banks and majority-owned bank subsidiaries in the United States.
6. Western Europe, Canada, Japan, Australia, New Zealand, and South Africa.
7. Bahamas, British West Indies (Cayman Islands), Netherlands Antilles, and Panama.
8. Based on data for Ecuador, Venezuela, Indonesia, and other Asian and African oil-exporting countries.
9. Includes Eastern Europe and international and regional organizations.
Table 10:
For footnotes 1-13, see table 1.
14. The "European Communities (12)" includes the "European Communities (6)," United Kingdom, Denmark,
Ireland, Greece, Spain, and Portugal.
15. The "European Communities (6)" includes Belgium, France, Germany (includes the former German Democratic
Republic (East Germany) beginning in the fourth quarter of 1990), Italy, Luxembourg, Netherlands, European Atomic
Energy Community, European Coal and Steel Community, and European Investment Bank.
16. Includes, as part of international and unallocated, the estimated direct investment in foreign affiliates engaged
in international shipping, in operating oil and gas drilling equipment that is moved from country to country during the
year, and in petroleum trading.
17. Details not shown separately; see totals in lines 49 and 56.
18. Details not shown separately are included in line 61.
88 • March 1992
SURVEY OF CURRENT BUSINESS
Table 10.—U.S. International
[Millions
Western Europe
European Communities
(12)
Line
(Credits +; debits -) »
1990
1QQ1 P
I
1 Exports of goods, services, and income
Income receipts on U S assets abroad
Direct investment receipts
Other private receipts
U S Government receipts
Imports of goods, services, and income
Travel .
Passenger fares
Other transportation
22
23
24
29
30
31
32
33
34
35
36
37
38
52,151
178,147
181,336
26,265
29,745
96,276
101,368
49,296
3,322
10,668
786
11,937
794
14,275
939
12,416
802
37,938
2,433
40,431
2,338
13,976
5,198
7,488
2,399
884
1,852
3,394
1,284
1,816
4,720
1,881
1,916
3,463
1,149
1,904
9,452
4,097
5,964
11,084
4,740
5,763
9,734
9,422
157
2,306
2,408
33
2,353
2,271
25
2,346
2,390
83
2,729
2,353
16
8,246
7,610
136
8,727
7,645
T34
45,458
25,171
17,218
3,069
14,252
8,906
4,475
872
11,338
6,127
4,512
699
9,879
5,113
3,986
780
9,990
5,026
4,245
720
43,933
24,31 1
16,845
2,777
39,537
21,151
15,559
2,826
.
-50,974
-51,870
-49,873
-179,172
-171,348
-25,039
-25,408
-24,842
-26,833
-91,326
-85,974
-46,000
-11,585
-10,045
-3,468
-11,963
-2,811
-13,469
-2,652
-10,522
-2,653
-39,323
-10,825
-39,815
-10,648
-13,780
-4,664
-7,817
-1,964
-3,923
-1,370
-1,944
-5,115
-1,637
-1,999
-2,778
-1,004
-1,952
-12,278
-4,055
-6,669
-12,089
-4,122
-6,081
-2,027
-4,033
-2,547
-4,821
-590
-591
-692
-674
-1,272
-1,160
-1,109
-1,281
-1,531
-3,465
-2,026
-4,228
-638
-787
-176
-164
-266
-181
-500
-13,776
-876
-822
-8,087
-4,813
-7,987
-4,794
417
43
44
45
46
47
5,403
-294
4,258
5,243
-976
-232
-462
-224
1,559
-33,520
-40,200
392
-13,559
-1,457
-7,357
-4,745
-13
-175
-232
-12,518
-621
-48,522
-3,999
-30,079
-14,444
-45,559
-3,073
-26,987
-15,499
-256
1,231
6,239
-349
-288
161
5,240
-100
-7,760
-4,658
-716
-758
392
394
381
1,786
1,757
-26,353
-34,632
-18,276
-23,896
4,660
301
1,529
1,254
1,576
-514
5,349
-720
.
2,516
-720
.
US official reserve assets net7
Gold
. . .
Special drawing rights
Reserve position in the International Monetary Fund
Foreian currencies
U.S. Government assets other than official reserve assets, net
U S credits and other long-term assets
Repayments on U S credits and other long-term assets8
U S foreign currency holdings and U S short-term assets net
4,841
1,594
.
U S. assets abroad net (increase/capital outflow (-))
-53,455
-3,254
-31,191
-19,010
-13,603
-261
-916
Unilateral transfers net
39
40
41
42
4,660
301
1,529
1,254
1,576
-514
5,349
642
463
122
-56
199
-21
63
992
-19,652
-2,594
-12,141
-543
669
-16
1,104
-39
612
-13
-6
-62
81-4
-32,910
-14,503
-6,799
-1,786
-9,822
-45,502
-14,910
-34,021
7,080
-1,307
-11,417
-2,734
-1,307
14,151
-4,355
-1,745
7,754
-5,429
-714
!?
R)
(
( )
17
$.
111
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
.
-542
• •
-424
n.a.
63,725
28,005
49
50
51
52
53
54
55
Foreign official assets in the United States, net
U S Government securities9
US Treasury securities
Other H)
Other U S Government liabilitiesu
U S liabilities reported by U S banks not included elsewhere
Other foreign official assets12
34,285
(")
17
1,950
!"i
F!
56
57
58
59
60
61
Other foreign assets in the United States net
Direct investment
U S Treasury securities
U S securities other than U S Treasury securities
U S liabilities to unaffiliated foreigners reported by U S nonbanking concerns
U S liabilities reported by U S banks not included elsewhere
29,440
16,314
26,055
16,103
48
-653
-1,922
-56,774
-3,424
-35,217
-18,133
Income payments on foreign assets in the United States
Direct investment payments
Other private payments
U S Government payments
..
.
U.S. Government grants4
U S Government pensions and other transfers
Private remittances and other transfers
-48,860
-14,002
-4,628
-8,568
. .
-201,577
-102,122
-45,596
-11,700
Royalties and license fees 56
Other private services6
U S. Government miscellaneous services
25
26
27
28
50,418
30,382
-211,623
Services3
Direct defense expenditures
19
20
21
53,657
30,454
-109,254
. .
Merchandise adjusted excluding military2
17
18
55,374
116,846
51,390
29,548
18,798
3,044
Royalties and license fees 56
Other private services6
U.S Government miscellaneous services
211,601
9,237
9,167
161
Travel
Passenger fares
Other transportation
16
1991^
46,644
3,455
Services3
Transfers under U S military agency sales contracts 4
15
1990
IV
12,291
4,574
7,759
3
4
11
12
13
14
III"
111,375
Merchandise, adjusted, excluding military2
8
9
10
II
209,410
2
5
6
7
14
1991
Foreign assets in the United States net (increase/capital inflow (+))
( )
17
( )
-253
17
( )
571
-886
n
62
Statistical discrepancy, and transfers of funds between foreign areas, net (sum of above items with sign
reversed)
-131
17
( )
13,260
n.a.
;
-38
( )
(")
-4,716
4,510
C7)
1,104
-516
-149
-333
501
-258
213
-1
392
-18
776
-17
-25,535
-40,482
-13,132
-32,716
26,879
-4,318
-10,507
-25,879
-9,101
-7,029
-1,352
-8,397
-4,424
10,214
27,644
60,580
-2,522
738
4,448
(18)
I-!)
(
R
<3
-662
17
-599
(17)
17
n
-314
17
-237
-14,791
n.a.
17
222
!
(18)
(18)
-97
")
8
)
('")
12,0
( )
17
( )
P)
9,476
3,745
3,027
-1,830
18
43,610
13,111
8,S
-1,203
C7)
2,862
1,240
C7)
23,196
3,517
(17)
741
n.a.
C7)
-1,902
4,331
n.a.
9,114
(17)
15,817
(18)
18)
18
n.a.
567
(")
I")
-28,409
-2,670
-5,945
-481
9,527
-5,771
-34,434
-8,475
2,121
1,049
-5,384
-2,214
417
-1,797
14,724
3,296
-7,997
10,024
4,841
14,865
5,415
623
477
6,514
5,403
11,918
4,974
-26
-2,265
2,683
1,423
806
-3,680
-1,452
-13
-1,465
2,912
1,894
-2,527
2,278
4,950
-1,385
-4,589
-1,024
1,231
206
15,394
616
-6,022
9,988
6.239
16.227
Allocations of special drawing rights
63
17
R
-136
41
64
65
66
67
68
69
Memoranda:
Balance on merchandise trade (lines 2 and 16)
Balance on services (lines 3 and 17)
Balance on investment income (lines 1 1 and 25) . .
.
Balance on goods services and income (lines 1 and 1 5 or lines 64 65 and 66) ' 3
Unilateral transfers net (line 29)
Balance on current account (lines 1 15 and 29 or lines 67 and 68) 13
See footnotes on page 87.
.. .
-294
2,389
-256
2,023
SURVEY OF CURRENT BUSINESS
March 1992 •
89
Transactions, by Area
of dollars]
European Communities (12)u
European Communities (6)15
United Kingdom
1991
1991
1QQH
iyyu
iyy i '
II
lllr
47,356
46,058
43,627
44,296
54,019
26,276
26,405
22,904
25,783
22,928
8,642
575
9,796
543
11,935
664
10,058
556
1,820
795
1,429
2,708
1,179
1,386
3,906
1,739
1,481
2,066
1,930
27
2,111
1,850
20
12,438
7.520
4,117
801
\\fr
\\}P
i yy i '
I
II
lllr
109,808
28,565
28,382
25,532
27,329
1
68,549
17,711
17,986
15,471
17,381
2
20,425
1,244
22,123
1,218
4,897
318
5,264
257
6,462
392
5,501
252
3
4
1,007
445
265
4,801
2,096
3,382
5,741
2,463
3,391
937
424
866
1,357
625
811
2,069
890
861
1,378
524
854
5
6
7
433
771
67
446
781
2
5,630
3,221
51
5,933
3,339
38
1,455
887
11
1,388
816
11
1,407
835
8
1,684
800
9
8
9
10
3,882
1,396
2,485
1
3,988
1,461
2,525
1
3,180
779
2,359
41
20,886
13,503
4,916
2,467
19,136
11,799
4,784
2,553
5,957
4,145
1,112
700
5,132
3,122
1,371
639
3,600
1,975
1,015
610
4,447
2,557
1,286
604
11
12
13
14
-14,478
-16,041
-15,489
-15,014
-98,797
-94,155
-23,186
-23,350
-24,287
-23,332
15
-4,490
-4,693
-4,548
-4,630
-63,227
-60,010
-14,741
-14,728
-14,624
-15,917
16
-11,212
-1,234
-2,357
-2,939
-3,350
-2,566
-398
-293
-282
-262
-23,717
-8,799
-23,585
-8,520
-5,356
-2,517
-6,059
-2,082
-6,623
-1,936
-5,548
-1,986
17
18
-3,681
-1,650
-1,623
-635
-245
-368
-1,055
-1,241
-6,861
-1,780
-3,475
-6,680
-1,835
-3,238
-887
-250
-854
-2,440
-1,480
-528
-428
-750
-397
-417
-1,873
-480
-410
-538
-795
-661
-808
-386
-780
19
20
21
-224
-465
-229
-454
-280
-482
-110
-231
-491
-889
-1,595
-1,041
-1,930
-237
-526
-236
-453
-273
-421
-296
-530
-318
-342
I
II
50,518
13,535
12,667
12,516
11,799
104,282
21,547
5,593
5,637
4,786
5,531
62,971
12,200
555
12,527
633
2,548
148
3,148
201
3,742
142
3,089
143
2,650
1,027
1,468
3,581
1,694
1,266
4,137
1,919
1,034
706
324
249
1,052
464
248
1,372
686
272
2,113
1,956
77
2,437
1,909
11
1,757
3,275
72
1,745
2,970
90
402
708
12
464
710
9
9,856
5,201
3,998
658
8,788
4,400
3,683
705
8,455
4,031
3,761
663
18,891
7,501
11,341
49
16,443
6,197
10,201
46
5,394
2,560
2,832
2
-41,356
-43,570
-44,166
-42,257
-64,576
-61,022
-21,066
-21,347
-21,060
-22,501
-19,929
-18,361
-8.740
-3,254
-10,335
-2,570
-11,581
-2,397
-9,159
-2,427
-10,548
-1,112
-1,727
-3,452
-1,209
-1,500
-4,388
-1,444
-1,561
-2,522
-1,515
-3,664
-1,614
-1,965
-570
-1,505
-899
-466
-470
-558
-532
-622
-965
-1,084
-1.009
-1,009
-1,126
-125
-224
-137
-1,497
-73
-1,891
-135
-10,596
14
-6,764
-3,846
-34,099
-5,612
-22,832
-5,655
69
723
-11,550
-11,888
-1.042
-717
-11,524
-1,327
-6,318
-3,879
-6,958
-3,875
-e;947
5,741
240
189
5479
-9
-67
-3,899
-188
-189
-189
III"
-22
-19
-31,448
-4,719
-21,031
-5,698
-7,631
-5,327
-1,381
-8,409
-1,517
-5,462
-1,430
-7,591
-1,224
-4,923
-1,444
-7,818
-1,056
-5,319
-1,443
724
179
191
203
151
-168
-923
n
-163
-192
Line
1991
1QQ1 p
1QQH
iyyu
1QQ1 P
I
-11,853
1,550
-6,620
-6,783
-85
-85
-91
22
23
24
-3,090
167
-1,473
-1,783
-10,560
1,480
-5,369
-6,671
-81
-2,563
453
-1,338
-1,678
-3,040
-1,238
-1,662
-1,868
1,000
-1,320
-1,548
25
26
27
28
129
135
160
29
0
3
n
910
6,084
5,661
274
5502
5500
-431
-107
-29
208
-118
-110
-18
-30
221
-29
232
-30
181
-140
1,012
267
236
242
267
30
31
32
-14,374
1,045
-13,098
IV P
-408
(*)
-107
-107
-110
445
424
833
841
1,212
-845
-16,095
-18,904
-8,560
-17,823
7,586
1,790
-13,124
-14,074
-5,074
-2,026
-2,687
-4,588
33
538
1,819
1,372
1,620
-6
-5
-2
-1
-1
-1
-508
5,354
539
1,820
1,374
1,621
538
1,819
1,372
1,620
-6
-5
-2
4
-1
-1
-508
5,354
539
1,820
1,374
1,621
34
35
36
37
38
468
-45
515
-1
-54
-82
29
-1
29
-51
96
-16
59
-79
136
2
111
129
14
4
-1
113
37
-11
-7
-4
-2
1
111
0
113
16
113
n
52
-15
22
-34
9
-16
6
-10
6
-8
1
206
-10,077
-2,162
-1,263
13.708
-2,610
-20,582
304
-14,144
-8,664
-4,813
-1,841
5,024
-17,496
-2,379
-11,597
-17,947
-4,383
-23,781
-14,186
1,203
-12,065
-12,627
-6,567
-5,887
-19,717
-6,965
-7,876
-5,607
-2,969
-1,162
-3,843
-1,310
-2,611
-6,210
-1,026
-1,715
-149
-341
-4,058
-1,661
-2,388
189
-198
-3,469
-4,055
(18)
(18)
450
438
14
4
-1
7,574
-6,651
-13,122
-2,937
-3,324
728
-2,876
-6,742
-7,603
13,643
-1,138
16,320
1,788
1,623
-1,878
-1,541
3,584
-4,069
9,015
25,989
19,006
14,115
-4,426
1,645
5,026
11,870
25,379
18)
(18)
,8)
(18)
(18)
18)
(18)
(18)
18
(IS)
18
(18)
(18)
(18)
(18)
(18)
(18)
8
)
8
IS)
(18)
(18)
(18)
8
(18)
(18)
(18)
18
18
18
8
(18
-980
H
n
18
(.8)
-644
18)
7
-158
h
n.a.
223
-169
(18)
(18)
18)
-520
-103
-438
n.a.
8
( )
(8)
(8)
n
-4
M
37
32
-557
-8,881
-747
12
(8)
()
)
)
)
-16
8
)
8
)
45
(18)
(18)
-901
n.a.
18
H
8
(18)
(.8)
(18)
(.8)
(18)
(18)
-957
(18)
(18)
n.a.
-4,575
-1,327
419
-978
-6,787
-6,185
212
,8)
(18)
(18)
(18)
18)
18)
n
n
,8)
-200
-123
(18)
(18)
(18)
(18)
,8)
(18)
18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
,8)
(18)
(18)
18)
2,168
3,281
3,668
8,557
3,027
1,484
2,034
2,013
12,173
3,454
635
6,868
1,688
18
-386
-9,446
18
-743
-13,336
18
2,532
1,596
2,887
18
2,023
n.a.
20,462
18
7,352
-3,091
11, 045
(18)
(18)
(18)
(IK)
9,211
18
n.a.
-5,098
18
901
-83
-8,267
4,632
18
-232
-4,251
(18)
(18)
(18)
18
2,562
1,723
-1,337
1,116
n.a.
8,757
18
(18)
(18)
18
-4,733
1,157
16,834
18
3,443
n.a.
-6,464
(18)
-332
-7,363
-492
-9,386
18)
907
56
57
58
59
60
61
(.8)
18)
732
253
2,062
18
49
50
51
52
53
54
55
(18)
(18)
396
18
48
)
8
)
8
)
8
)
84
8
)
8
)
214
1,698
(18)
(18)
43
44
45
46
47
8
(18)
(18)
(18)
3, 35
11,783
-193
(18)
.8)
4,247
(18)
n.a.
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
-52
n
39
40
41
42
-387
18
325
18
n.a.
9,960
62
-8,897
2,186
7,431
-9,194
5.210
-99
888
6,000
5.741
11,741
5,058
-2,032
2,488
240
2,728
1,844
354
-2,737
3,282
899
-2,142
2,039
69
2,109
-538
-539
189
-350
-612
2,999
1,652
-15,208
-10,557
723
-9,834
13,488
-2,396
-253
10,869
5,268
-18,676
3,186
1,315
-15,005
-10,504
724
-9,780
1,103
192
-2,237
944
209
-4,527
-3,374
191
-3,183
238
392
-3,603
-2,973
203
-2,771
901
523
-4,638
-3,214
151
-3,063
-3,293
9,033
5,485
910
6,395
-943
179
-764
-256
-6,384
822
3,051
8,539
-1,462
8,576
15,653
6,084
21,737
2,970
3,258
1,094
-11,351
63
847
1,464
-47
2,580
3,997
160
4,156
64
65
66
67
68
69
-459
-795
-162
2,867
5,379
5,661
11,039
2,569
5,032
129
5,161
560
1,246
135
1,381
SURVEY OF CURRENT BUSINESS
9O • March 1992
Table 10.—U.S. International
[Millions
Eastern Europe
Line
1991
1990
1QQ1
1990
p
I
1 Exports of goods, services, and income
.
.
3
8
9
10
11
12
13
14
15
.
19
20
21
22
23
24
85,104
1,031
1
209
228
1
305
289
13,217
102
14,958
128
371
86
318
67
15
65
99
20
51
111
26
104
94
25
99
5,690
782
1,078
6,572
711
1,586
17
219
20
4
55
3
4
50
4
4
55
4
4
58
9
1,102
4,403
60
1,080
4,833
48
332
139
41
105
47
166
166
34
105
41
44
61
47
11,396
4,163
7,209
25
11,291
3,453
7,817
21
-2,977
-680
-777
-786
-734
-104,091
-103,715
-1,801
-497
-397
-451
-456
-93,026
-93,080
-975
-140
-330
-285
-220
-6,985
-6,958
-5
Royalties and license fees 56
Other private services6
U S Government miscellaneous services
-66
.
-1
-26
-11
-51
-1
-2
-1
-23
-49
-25
-69
-87
-13
-74
0
-27
-13
-30
-12
-31
-15
-215
-148
-43
-50
-50
-20
-23
-201
-58
-19
-31
-19
-31
-20
-38
.
-92
-43
-78
-123
-752
-2,145
-325
U S Government grants4
U S Government pensions and other transfers
Private remittances and other transfers
-1,694
-28
-25
-131
-18
-7
-127
-18
-7
-1,752
-135
-1,637
-7
-21
-7
-286
-240
-3,499
-3,681
-260
-877
-261
-887
-37
-1 ,840
-66
-1,642
-187
-181
-4,080
45
-2,677
-1,448
-3,677
186
-2,694
-1,169
-290
-355
-364
-388
-403
39
40
41
42
43
44
45
46
47
-108
-106
74
33
-311
-595
-248
1,369
-837
-10,763
-8,288
1,418
-2,478
3,891
4
-107
43
-1
42
2
63
65
-2
-1,729
-488
-33
-57
1,122
-22
-10,806
-2,280
-7,311
-8,350
-1,238
-7,523
-1,642
587
1,978
1,153
(18)
(18)
R
(18)
(18)
(18)
(18)
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
-102
118
11
U S Government assets other than official reserve assets net
U S credits and other long-term assets
•
-106
1,032
US official reserve assets net7
Gold
Special drawing rights
Reserve position in the International Monetary Fund
Foreion currencies
-423
1,011
U 8. assets abroad net (increase/capital outflow (—))
(18)
8
•• ••
86
86
-107
-237
Repayments on US credits and other long-term assets8
.
U S foreign currency holdings and U S short-term assets net
• •
• •
Foreign assets in the United States net (increase/capital inflow (+})
49
50
51
52
53
54
55
Foreign official assets in the United States net
US Government securities9 .
US Treasury securities
Other10
Other U S Government liabilities l '
U S liabilities reported by U S banks not included elsewhere
Other foreign official assets12
56
57
58
59
60
61
Other foreign assets in the United States net
Direct investment
U S Treasury securities
U S securities other than U S Treasury securities
U S liabilities to unaffiliated foreigners reported by U S nonbanking concerns
U S liabilities reported by U S banks not included elsewhere
.
-32
-35
5
-2
296
190
-1
-216
-411
-15
5
-216
-194
n.a.
-821
400
<;;>
Fl
<;;>
135
R
R
290
(18)
(18)
n
-836
-189
-7
-70
n.a.
-1
-1
1,558
-2,145
3,697
7
18)
Allocations of special drawing rights
63
Statistical discrepancy, and transfers of funds between foreign areas, net (sum of above items with sign
reversed)
.
.
18
(18)
P
5,611
162
C7)
4,998
n.a.
(17)
7,043
-3,271
-9,454
6,232
7,317
4,094
-7,976
8,001
7.614
7.638
-355
7,283
(18)
(18)
(18)
(18)
18)
(18)
n
(18)
,8)
<1
n.a.
18
2,056
18
-59
1,212
18
43
244
(18)
18
-67
465
4,275
-1,336
760
13
C7)
2,695
-76
(17
h
-69
55
601
-84
R
«3
F)
18)
(18)
(18)
n.a.
-188
:>
;>
(18)
.
-972
-243
-845
fl
62
n.a.
18
135
(
17
)
I-!
40
.
Memoranda:
Balance on merchandise trade (lines 2 and 16)
Balance on services (lines 3 and 17)
Balance on investment income (lines 11 and 25)
Balance on goods services and income (lines 1 and 15 or lines 64, 65, and 66) 13
Unilateral transfers net (line 29)
Balance on current account (lines 1 15 and 29 or lines 67 and 68) 13
-1
-114
-135
.
Unilateral transfers, net
See footnotes on page 87.
-72
-242
-11
-96
-49
.
-4Q
-11
-50
n
n
-1
-490
-220
Income payments on foreign assets in the United States
Direct investment payments
.
Other private payments . . .
U S Government payments
n
-5
-401
34
35
36
37
38
64
65
66
67
68
69
111,353
83,572
-847
. .
Travel
Passenger fares .. .
Other transportation
48
108,185
1,515
-2,267
Services 3
Direct defense expenditures
33
1,851
1,005
-3,249
Imports of goods, services, and income
17
18
30
31
32
1,415
947
199
118
Income receipts on U S assets abroad
Direct investment receipts
Other private receipts . . .
.
U.S. Government receipts
Merchandise adjusted excluding military2
29
1,216
1,405
Royalties and license fees 56
Other private services6
U S Government miscellaneous services
16
25
26
27
28
1,753
4,872
317
.
6,235
15
182
16
.
5,619
344
81
324
Services3
Transfers under U S military agency sales contracts 4
Travel
Passenger fares
Other transportation
1991 P
IV
III'
962
Merchandise adjusted excluding military2
5
6
7
II
4,341
2
4
Canada
(Credits +; debits -) '
-3,215
-2,780
-1,500
2,074
114
182
2,370
3,071
56
131
3,258
-2,145
1,114
908
69
96
1,074
-752
1,618
-131
943
-355
550
-101
-9
440
-127
312
-646
554
20
55
629
-1,752
-1,123
-279
1,059
68
-11
1,116
-135
982
-290
3,804
March 1992 •
SURVEY OF CURRENT BUSINESS
Transactions, by Area—Continued
of dollars]
Latin Am erica and Ottojr Western He Tiisphere
Cana da
199 1
1
II
1990
IMP
III'
1991
Jaf>an
1991
p
II
1991
p
1990
I
Line
1991
\\lp
III'
I
II
\MP
III'
26,858
29,855
27,009
27,631
103,188
113,827
25,781
28,244
30,194
29,607
82,704
79,659
20,062
19,766
19,670
20,160
1
20.203
22,700
20,538
21,663
54,272
63,295
13,361
15,974
16,503
17,457
47,977
47,492
12,266
11,901
11,313
12,012
2
3,823
28
3,988
36
3,822
37
3,326
28
19,190
287
21,506
305
4,909
69
5,202
61
5,838
76
5,558
98
19,356
332
21,019
430
4,566
122
5,056
100
5,988
96
5,410
112
3
4
1,736
211
372
1,896
174
388
1,713
154
413
1,227
172
414
9,209
1,851
2,700
10,539
2,266
2,723
2,218
475
646
2,542
561
701
3,016
655
687
2,763
575
689
7,694
2,853
3,208
8,211
3,158
3,414
1,505
650
821
1,886
822
841
2,661
878
879
2,159
808
874
5
6
7
250
1,214
11
272
1,213
9
282
1,206
18
277
1,200
9
439
4,590
114
570
4,973
131
125
1,347
28
147
1,157
34
144
1,222
38
155
1,247
31
2,859
2,377
33
3,213
2,580
14
740
727
1
778
624
5
806
665
3
889
563
5
8
9
10
2,832
956
1,866
11
3,168
1,177
1,991
2,648
797
1,842
10
2,643
525
2,118
29,725
8,239
20,851
635
29,025
10,303
18,001
721
7,511
2,067
5,171
273
7,068
2,548
4,439
81
7,853
3,024
4,547
283
6,593
2,664
3,844
85
15,371
1,986
12,334
1,051
11,148
2,394
7,414
1,340
3,230
719
2,192
319
2,810
523
1,884
403
2,369
420
1,672
278
2,739
732
1,666
341
11
12
13
14
-24,417
-26,688
-26,035
-26,575
-112,735
-110,385
-27,222
-27,663
-27,785
-27,715
-114,453
-112,419
-27,357
-26,049
-28,506
-30,508
15
-22,095
-24,309
-22,574
-24,102
-64,320
-62,999
-15,034
-15,850
-15,840
-16,275
-89,667
-91,599
-22,554
-21,085
-23,228
-24,732
16
-1,251
-67
-1,700
-65
-2,573
-53
-1,434
-55
-20,377
-21,804
-5,150
-5,432
-86
-5,524
-89
-5,698
-89
-10,065
-1,562
-10,521
-1,420
-2,446
-2,527
-2,805
-2,743
-105
-368
-340
-369
-344
17
18
-422
-908
-1,747
-99
-604
-11,926
-1,952
-2,056
-2,965
-3,065
-3,185
-2,151
-2,281
-449
-456
-529
-465
-548
-530
-495
-501
-484
-439
-456
-650
-143
-587
-115
-4,349
-4,783
-83
-1,132
-595
-115
-241
-11,100
-1,851
-2,051
-2,711
-230
-1,081
-1,322
-1,249
-28
-4,680
-44
-5,080
-13
-1,262
-93
-729
-774
-194
-203
-192
-184
-158
-145
-185
-242
-104
-15
-1,332
-92
-533
-933
-378
-7
-1,254
-88
-9
-1,232
-351
-6,421
-50
-5,248
-1,123
-5,742
61
-4,712
-1,091
-45
-197
-14
-468
-39
n
-71
-219
-24
-375
-38
-1.071
-679
-134
-646
-291
-703
-301
-10
-374
-60
-46
-318
-18
-425
-45
-368
19
20
21
22
23
24
-98
-78
-18
-21
-19
-21
-80
-97
0
-97
17
-3,214
-6,723
-888
68
-654
-302
-93
-97
4
-112
-1,039
-73
-691
-275
-14,720
364
-7,608
-7,476
-10,299
1,277
-5,620
-5,956
-2,357
714
-1,571
-1,500
-2,436
543
-1,509
-1,470
-2,472
242
-1,224
-1,490
-3,033
-1,316
-1,496
25
26
27
28
-28,038
718
-26,301
-2,455
-25,582
-72
-21,438
-4,072
-7,039
-35
-6,134
-6,381
-49
-5,344
-870
-988
-3,396
-5,569
-824
-882
-2,580
-1,282
281
8,837
6,162
2,131
577
-32
29
-1,871
-97
325
-3,940
-134
-265
-819
-226
-237
429
-49
-99
9,009
-42
-1,014
-528
-118
-236
-2,181
-558
-967
-412
-135
-277
-130
6,218
-10
-45
2,147
-10
-6
624
-10
-37
21
-12
-41
30
31
32
-2,174
2,573
15,797
-9,566
1,469
4,205
477
-15,717
-3,221
1,647
-343
-397
2,732
-345
-3,221
1,647
-343
-397
2,732
-345
3
2
-85
-97
12
1,762
-23,216
-614
-16,386
256
-17,040
1,159
1,159
1
24
-1
23
15
-603
-1 ,903
25
-2
15
1
23
1 354
-54
-135
-800
1,746
1,449
-885
n.a.
-17,773
-6,71 1
861
1,182
-23,772
-9,274
-8,504
1,667
-7,661
n
1,387
-1 ,722
3082
' 27
1,473
-18
13
-247
-382
-81
-803
-291
234
-5
2,277
-1
206
3
3
2
7
—1
-4
n
-17,022
-1,204
-1,955
75
-13,938
-3,647
-2,618
735
2,654
-5,506
1,259
19,015
-1,443
-2,190
-11,214
-1,631
-11,130
1,806
-15,372
-262
n.a.
-656
n.a.
-756
-1,502
6,901
23,304
2,861
8,406
4,603
485
-2,300
-98
6,516
-2,250
-1,400
-2,980
-11,648
243
2,618
822
-88
-3,109
-26,826
-5,231
-11,535
-5,860
-546
(18)
18)
(18)
(18)
(18)
(18)
(18)
(18)
271
&
-6,724
-1,388
-1,055
-70
1,790
3,339
3,924
684
-3,672
44,982
28,042
-1,045
20,736
10,243
-1,892
761
C7)
392
07)
-2,287
(i»)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
<3
•3
'3
3
$
,$
-7
-201
( )
( ]
II
3,540
-124
7
C)
1,308
-47
C7)
-852
-258
17
17
-2
(")
17
( )
3,164
10
17
7
I' )
13
n
292
-218
(17)
425
69
(")
17
( )
n.a.
(IS)
H
M
11
('*)
<2
ft
-1,385
494
ft
2,05!
1,403
n.a.
17
( )
18
2,818
2,490
37,711
531
(18)
(18)
(18)
(18)
4,490
18
,8)
18)
R
i,Q
P)
(17)
1,862
-24
(17)
n
-4
-1
364
30
-3,237
-1,035
-1,357
927
-1,772
-4,226
7
-221
n.a.
21 ,547
18
1,904
37
-3,555
18
18,080
(
<3
ft
2
ft
-ffi
(18)
376
(18)
18
1,321
133
8,41 7
(.8)
n.a.
-1,395
(18)
18
-2,294
261
-42,401
12
-S
<£2
17J3
90
18
a
ft
ft
ft
(18)
-379
-5,465
(18)
6,787
18
n.a.
-16,780
18
-119
-11,035
-336
-385
n.a.
-460
2,590
-14,651
12,710
(18
(18
(18
(18)
(18)
(18)
(18)
-31
695
-103
ft
ft
(18
(18
(18
(18
(18
(18
(18
(18)
(18)
(18)
1,111
(18)
2,079
998
(i.
1,117
2,864
41
is-9,845
(18)
18
3,240
38
-6,597
18
n.a.
10,697
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
-2,469
-288
-1,453
939
-8,824
-9,529
3,055
-1,892
2,572
1,761
2,441
-97
2,344
-1,609
2,288
2,489
3,167
-80
3,087
-2,036
1,250
1,760
974
-93
881
-2,439
1,892
1,604
1,057
-85
972
-10,048
-1,187
1,688
-9,547
-3,396
-12,943
296
-1,673
-297
-241
3,443
3,442
-5,569
-2,127
473
-1,441
-824
-2,265
-3,395
-7,897
-1,292
42,497
38,720
11,199
5,807
8,328
13,387
63
124
663
314
1,432
2,408
-2,580
1,182
-41,690
9,291
651
-31,748
281
-31,467
-44,107
10,498
849
-32,761
8,837
-23,924
-10,288
2,120
873
-7,295
6,162
-1,133
-9,184
2,528
373
-6,282
2,131
-4,152
-11,915
3,183
-12,720
2,667
64
65
66
67
68
69
-230
687
582
-882
-301
-172
-140
851
1,893
-1,282
611
-103
-8,836
577
-8,259
-294
-10,347
-32
-10,380
SURVEY OF CURRENT BUSINESS
92 • March 1992
table 10.-U.S. International
[Millions
Australia
l
(Credits +; debits -)
Line
1 Exports of goods, services, and income
2
3
Services3
Transfers under U S military agency sales contracts4
5
6
7
8
9
10
11
12
13
14
I
II
IV*
III'
14,439
3,697
2,211
2,310
3,480
210
731
53
864
61
935
54
950
42
1,133
879
336
233
151
73
237
240
84
310
244
90
353
244
88
382
537
4
87
133
(*)
103
139
0
94
143
98
123
3
2,609
1,985
617
8
Income receipts on U S assets abroad
Direct investment receipts
Other private receipts
U.S. Government receipts
. .
3,473
1,883
450
472
5
Royalties and license fees 56
Other private services6
U.S. Government miscellaneous services
3,032
1,858
1,061
801
324
Travel
Passenger fares
Other transportation
3,159
8,262
3,528
415
.
13,361
8,302
Merchandise, adjusted, excluding military2 . . . .
4
1991
1991'
1990
1,619
1,076
540
2
570
446
124
1
285
122
163
327
221
104
2
437
288
149
n
-7,102
-6,273
-1,530
-1,201
-1,911
-1,631
16
Merchandise adjusted excluding military2
-4,409
-3,993
-963
-1,071
-1,058
-901
17
18
Services 3
Direct defense expenditures
-2,132
-35
-2,318
-36
-565
-9
-528
-7
-602
-10
-622
-10
-886
-235
-765
-884
-262
-851
-207
-66
-211
-204
-50
-202
-233
-73
-216
-240
-73
-222
-4
-167
-40
-6
-229
-51
-1
-51
-21
-1
-52
-11
-1
-61
-9
-2
-64
-10
-562
263
-264
-561
38
756
-171
-547
-2
189
-45
-146
398
584
-50
-136
-251
-79
-38
-134
-108
61
-38
-131
-65
-77
-19
-17
-19
-21
-21
-43
-23
-54
-6
-14
-6
-11
-6
-14
-6
-15
15
Imports of goods, services, and income
19
20
21
Travel
Passenger fares
Other transportation
22
23
24
. .
Royalties and license fees 56
Other private services6
U S Government miscellaneous services
25
26
27
28
29
30
31
32
33
>.
Income payments on foreign assets in the United States
Direct investment payments
Other private payments
U S Government payments
Unilateral transfers, net
US Government grants4
U S Government pensions and other transfers
Private remittances and other transfers
. .
....
791
U.S. assets abroad, net (increase/capital outflow (-))
34
35
36
37
38
39
40
41
42
U S Government assets other than official reserve assets net
U S credits and other long-term assets
Repayments on U S credits and other long-term assets 8
U S foreign currency holdings and U S short-term assets net
43
44
45
46
47
U.S private assets net
Direct investment
Foreign securities
U S claims on unaffiliated foreigners reported by U S nonbanking concerns
U S claims reported by U S banks not included elsewhere
-351
153
-795
429
-138
U S official reserve assets net7
Gold .
.
Special drawing rights
Reserve position in the International Monetary Fund
Foreign currencies
48
31
56
57
58
59
60
61
Other foreign assets in the United States, net
Direct investment
.
U S. Treasury securities
U.S. securities other than U.S. Treasury securities
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns
U S liabilities reported by U S banks not included elsewhere
3
12
5
2
3
13
-1
-372
-1,103
1,340
n.a.
-526
146
-483
254
-82
457
-798
-310
-220
11
-279
418
-61
660
-12
-170
-138
-250
646
n.a.
-534
786
Foreign official assets in the United States, net
U S Government securities9
U S Treasury securities
Other10
Other U S Government liabilities "
U.S. liabilities reported by U.S. banks, not included elsewhere
Other foreign official assets12
7
18
4
759
-1,032
-75
14
1,852
Foreign assets in the United States, net (increase/capital inflow (+))
49
50
51
52
53
54
55
22
34
-2
760
159
-75
1,640
R
(18)
1
(18)
.(")
(18)
(18)
-26
-13
(18)
P}
<1
(1
R
(18)
5l
(18)
(18)
(18)
(18)
(18)
n.a.
767
212
-80
ls
-350
303
-58
18
-183
-250
n.a.
18
2,030
-8,849
-7,420
-799
-1,178
-1,896
-3,547
3,893
1,396
2,048
7,337
-65
7,272
4,269
1,162
1,656
7,087
-77
7,011
895
165
569
1,629
-19
1,610
812
335
683
1,831
-17
1,814
1,153
333
76
1,562
-19
1,543
1,409
329
329
2,066
-21
2,045
n
6
18
(18)
(18)
(18)
(18)
-142
(18)
-194
Allocations of special drawing rights
64
65
66
67
68
69
(18)
(")
-259
226
'"-730
n
Memoranda:
Balance on merchandise trade (lines 2 and 16)
Balance on services (lines 3 and 17) ..
.
. .
.
Balance on investment income (lines 1 1 and 25)
Balance on goods services and income (lines 1 and 15 or lines 64 65 and 66) 13
Unilateral transfers net (line 29)
Balance on current account (lines 1 15 and 29 or lines 67 and 68) ' 3
(18)
390
-614
-101
i« 724
Statistical discrepancy and transfers of funds between foreign areas, net (sum of above items with sign reversed)
(18)
R
^l
(»)
940
62
i»!
20
-964
(8)
(8)
(»)
-121
<<>'!
63
8
(8)
( )
See footnotes on page 87.
.
.
.
.
.
SURVEY OF CURRENT BUSINESS
March 1992 • 93
Transactions, by Area—Continued
of dollars]
International organizations and unallocatedlf>
Other countries in Asia and Africa
1991
1990
I
III'
II
Line
1991
1990
1991P
1991 P
1
IV
II
IV A-
III'
1,700
1
122,235
133,441
32,623
32,907
33,825
34,086
7,155
7,023
79,153
90,256
21,974
22,716
22,192
23,374
558
390
26,453
5,308
29,326
6,034
6,886
1,352
6,847
1,330
8,060
1,483
7,533
1,869
3,944
4,058
0
4,290
1,309
5,610
4,749
1,538
5,782
820
264
1,262
1,279
371
1,399
1,598
574
1,568
1,052
329
1,553
1,405
1,467
1,100
8,532
304
1,237
9,681
306
295
2,792
101
309
2,088
72
308
2,460
69
324
2,342
64
89
2,449
2
16,629
8,101
4,367
4,161
13,859
8,887
3,524
1,447
3,762
2,282
1,088
393
3,344
2,108
898
338
3,573
2,304
817
453
3,179
2,194
721
264
-166,513
-164,532
-37,733
-39,144
-43,948
-43,708
-134,722
-134,509
-30,330
-31,505
-36,318
-36,356
-18,506
-3,213
-17,919
-2,054
-4,104
-722
-4,573
-554
-4,716
-394
-4,526
-384
-2,411
-2,302
-610
-643
-538
-512
17
18
-6,632
-1,411
-4,781
-6,376
-1,552
-5,121
-1,156
-359
-1,119
-1,785
-353
-1,221
-1,795
-461
-1,386
-1,640
-379
-1,394
-73
-1,853
-70
-1,711
-19
-462
-13
-504
-19
-381
-19
-364
19
20
21
3
-1,596
-876
-9
-1,860
-946
2
-522
-226
-3
-420
-238
-4
-426
-249
-3
-492
-233
-8
-476
-1
-9
-512
-1
-2
-127
-2
-123
-1
-2
-136
-3
-126
22
23
24
-13,285
251
-5,904
-7,632
-12,104
747
-5,175
-7,676
-3,299
125
-1,405
-2,019
-3,066
232
-1,338
-1,959
-2,914
150
-1,219
-1,845
-2,826
240
-1,213
-1,853
-553
-662
-260
-126
-119
-157
-431
-122
-376
-286
-108
-152
-90
-36
-84
-35
-94
-63
25
26
27
28
-17,075
15,874
6,638
7,007
1,391
838
-1,450
-1,678
^412
-231
-324
-712
29
-14,686
-354
-2,036
18,388
-368
-2,146
7,519
-93
-788
7,468
-91
-371
1,993
-89
-513
1,408
-96
-475
-773
-661
-16
-909
-748
-22
-294
-118
-163
-47
-22
-212
-111
-240
-471
30
31
32
-4,351
9,609
774
2,639
3,681
2,515
-3,455
-2,256
-233
-933
2,054
-3,143
33
538
-544
-310
-118
-109
-7
-192
731
-177
-367
31
-341
-190
72
6
-114
-23
17
34
35
36
37
38
1,673
1,845
1,806
134
57
2
n
991
984
3
4
403
402
330
332
5
6
7
97
2,492
1
24
615
24
614
24
637
n
25
626
1
8
9
10
2,653
422
1,327
904
2,575
470
1,331
774
603
97
282
225
632
72
369
191
681
170
328
182
659
130
352
177
11
12
13
14
-2,964
-2,964
-870
-769
-657
-669
199
1,043
1,041
n
n
15
16
4,475
-3,659
8,110
25
1,204
-6,129
8,307
-974
1,190
-295
1,566
-80
-110
-373
451
-188
274
-5,182
5,904
-449
-150
-279
386
-257
-977
-977
-1,164
-1,164
-205
-205
-325
-325
-285
-285
-349
-349
39
40
41
42
-8,826
-4,838
-1,514
-169
-2,305
8,405
-3,928
4.173
n.a.
8,169
-416
-1,948
623
68
841
2,749
-936
-271
-56
4,012
3,408
-511
1,468
-21
2,472
2,664
-533
2,353
n.a.
844
-3,016
-67
-2,050
15
-914
-548
23
107
n.a.
-678
283
-186
-1,566
2,035
-490
267
494
-5
-1,246
2,447
5
780
5
1,657
-2,788
-63
399
n.a.
-3,124
43
44
45
46
47
3,100
20,287
13,538
-9,765
5,677
10,837
34
214
-1,558
381
2,349
48
;>
:«!
(18)
(18)
1
22
R
442
57
£3
R
£3
R
R
,".
49
50
51
52
53
54
55
R>
<;
H
B
|:
1,164
1,885
(IK)
0s)
1,125
-C,'
8
18
5,282
n.a.
13,986
18)
(18
18
1,439
-1,143
12,667
18
411
389
-11, 244
1,876
655
2,829
-21
0
-460
15
-21
0
-44
1
22
214
-1,514
380
2,327
(18)
(18)
18
15
-44
(18)
(18)
<3
(18)
(18)
(18)
(18)
;«i
n}
R
<3)
C
(18)
554
0s)
-957
1,886
"-267
(J
1,386
18
1,556
n.a.
9,734
19
-369
150
238
18
1,407
(18)
18
589
n.a.
877
244
5
-35
l8
18
81
-1,588
125
-145
400
18
227
n.a.
2,100
18
56
57
58
59
60
61
62
62,603
-14,678
-15,839
6,356
-627
-4,568
679
-1,511
-545
1,818
-3,259
475
63
-55,569
7,948
3,344
-44,277
-17,075
-61,352
-44,253
11,407
1,754
-31,092
15.874
-15,218
-8,356
2,783
463
-5,110
6,638
1,527
-8,789
2,274
278
-6,237
7,007
770
-14,126
3,344
659
-10,123
1,391
-8,732
-12,982
3,007
353
-9,622
838
-8,784
558
1,533
2,100
4,191
-1,450
2,741
390
1,756
1,913
4,059
-1,678
2,380
199
433
343
975
-412
563
398
506
904
-231
673
134
453
562
1,149
-324
825
57
472
502
1,031
-712
319
64
65
66
67
68
69
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BUSINESS
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Footnotes for pages C-l through C-5
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Series
no.
Series title and timing classification
Year
1991
1991
Jan.
Apr.
Mar.
Feb.
1992
June | July
May
Sept.
Aug.
Oct.
Dec.
Nov.
Feb. *
Jan.
1. COMPOSITE INDEXES
The Leading Index
910 •
Composite index of leading indicators, 1982=100 (L,L,L) ....
Percent change from previous month
Percent change over 3-month span AR
•
Leading index components:
Average weekly hours mfg (L L L)
1*
5*
Average weekly initial claims for unemployment
insurance, thous. (L.C.L) > $.
8*
Mfrs.' new orders, consumer goods and materials,
bil.1982$ (L.L.L).
32*
Vendor performance, slower deliveries diffusion index,
percent (L.L.L).
20 *
Contracts and orders for plant and equipment, bil. 1982$
(L,L,L).
Index of new private housing units authorized by local
29 *
building permits, 1967=100 (L,L,L).
92*
Change in mfrs.' unfilled orders, durable goods, bil.
1982$, smoothed (L,L,L)t.
Change in sensitive materials prices, percent, smoothed
99 •
(L.L.L)t.
19*
Index of stock prices, 500 common stocks, 1941-43=10,
NSA (L.L.L).
106 •
Money supply M2 bil 1982$(LLL)§
83*
Index of consumer expectations, U. of Michigan,
1966:1=100, NSA (L,L,L)©2.
Diffusion index of 1 1 leading indicator components:
950
Percent rising over 1-month span
Percent rising over 6-month span
•
The Coincident Index ,
920*
Composite index of coincident indicators, 1982=100 (C.C.C)
Percent change from previous month
Percent change over 3-month span AR
•
Coincident index components:
41 *
Employees on nonagricultural payrolls, thous. (C,C,C) ....
Personal income less transfer payments, bil. 1987$, AR
51*
(C.C.C).
47*
Index of industrial production, 1987=100 (C.C.C)
57*
Manufacturing and trade sales, mil. 1982$ (C,C,C)
Diffusion index of 4 coincident indicator components:
951
Percent rising over 1 -month span
Percent rising over 6-month span
•
The Lagging Index
143.5
.3
4.5
138.8
-.6
1.4
140.4
1.2
5.6
141.5
.8
9.2
141.9
.3
7.6
143.0
.8
7.0
143.9
.6
10.8
145.6
1.2
7.5
145.6
0
4.5
145.5
-.1
'.3
40.7
444
40.4
40.3
472
40.3
499
40.2
440
467
40.4
443
40.8
434
40.7
411
41.0
431
41.0
435
84.22
85.14
82.22
87.69
89.78
87.59
93.25
93.05
93.30
45.9
47.1
50.4
48.8
49.4
41.10
1,068.34
47.3
43.6
42.99
69.9
71.1
-1.27
-1.44
-.65
-1.11
-1.31
-1.73
-.66
-.72
-.69
362.26
372.28
379.68
'2,410.2 '2,419.2
62.0
84.5
'2,419.4
-.60
376.18
325.49
2,409.4
70.3
'2.395.4
55.2
126.2
-.3
-2.9
'41.1
427
'92.78
91.69
'87.63
'89.56
'91.22
50.3
'44.57
50.6
47.45
49.5
'40.26
'46.07
84.1
93.0
79.2
88.6
-1.58
-.55
-.40
412.56
-.86
-.82
-1.02
-.56
-.50
-.60
-.75
'-.82
'-.73
378.29
380.23
389.40
387.20
386.88
385.92
388.51
416.08
'2,422.2 '2,419.7 '2,414.9 '2,407.8 '2,400.8
76.4
74.4
75.9
75.3
71.5
'2,399.9
'2.401.0
'2,401.7
'2,406.5
377.99
'45.33
82.0
-1.32
-.59 •
48.7
48.0
'-1.72
'-2.17
-.26
70.5
61.9
61.5
59.1
'2,418.6
61.8
50.0
63.6
'63.6
126.3
-.6
-9.6
125.7
-.5
-3.4
125.9
.2
.6
126.5
.5
3.5
126.8
.2
2.9
126.8
0
0
126.5
-.2
-.6
126.6
.1
'-1.6
'126.3
-.2
'-3.4
' 125.4
-.7
'-5.6
109,160
3,405.2
108,902
3,420.7
108,736
3,411.0
108,887
3,422.6
108,885
3,431.5
108,859
3,412.4
108,971
3,416.2
109,066
3,418.3
109,073
'3,410.6
108,843 '108,882
'3,398.1 '3,417.6
'108,733
'3,389.3
'108,897
'3,414.9
106.6
456,881
105.7
'458,720
105.0
457,033
105.5
465,334
106.4
469,205
107.3
470,536
108.1
474,815
108.0
472,276
108.4
473,720
'107.4
108.4
108.1
475,040 '473,536 '464,906
'106.6
"471,586
'107.2
25.0
0
25.0
50.0
50.0
62.5
100.0
75.0
87.5
75.0
62.5
87.5
50.0
62.5
100.0
37.5
119.3
-.4
0
119.2
-.1
-7.5
117.5
115.8
-1.4
-17.5
113.6
-1.9
-14.2
113.1
-.4
-11.9
112.2
-.8
-7.5
111.4
-.7
'-6.6
12.9
1.51
13.0
1.50
13.1
1.46
14.0
1.45
13.9
1.43
14.1
1.44
14.2
1.44
-1.5
-11.2
r
0
0
119.8
.5
2.7
12.5
1.52
7.0
9.52
78.6
42.9
106.0
7.1
-11.2
13.4
1.48
6.8
9.05
-1.4
9.00
5.5
9.00
3.8
1.9
0
-.5
-1.2
8.50
8.50
8.50
8.50
8.20
'390,773 '387,520 '389,228 '379,222 '374.562
0
50.0
0
'111.2
3
'124.8
'124.1
'-.5
'-6.8
37.5
3
3
125.0
3.7
'-.6
-1.3
'25.0
3
100.0
4
108.8
4
-.5
16.7
110.9
'110.7
'109.3
'-1.3
'-.2
'-.3
'-.2
-4.6
'-2.5
'-6.7
14.6
1.44
14.9
1.44
15.3
1.47
'1.45
'1.8
'1.2
7.21
6.50
6.50
'366,734
'367,233
-.2
-.3
8.00
7.58
4
-7.4
17.0
16.4
'396,573 '403,124
'397,216
15.39
15.32
15.31
15.18
15.08
15.10
15.02
14.96
'14.96
'14.97
'14.81
5.6
5.0
4.5
4.0
3.8
3.8
3.9
4.0
4.1
4.3
4.3
42.9
14.3
105.9
28.6
0
105.5
14.3
0
109.2
7.1
0
111.6
50.0
0
112.1
28.6
0
112.7
21.4
28.6
113.6
'42.9
'42.9
'1.0
'14.83
5.9
NOTE.-The following current high values were reached before January 1991: November 1983-BCI-32 (67.5) and
BCI-99 smoothed (2.09): January 1984-BCI-940 (116.1); February 1984-BCI-29 (158.5); March 1984-BCI-83
(97.7) and BCI-92 smoothed (4.61); August 1984-BCI-109 (13.00); March 1986-BCI-77 (1.58); July 1987-BCI5 (286); May 1988-BCI-106 (2,473.4); December 1988-BCI-8 (99.83); April 1989-BCI-1 (41.2); June 1989-BCI-
-1.64
424
'40.9
'63.6
5.9
110.3
-2.56
435
'40.9
'36.4
15.39
35.7
-2.08
436
50.0
59.1
4.6
•
940*
78.3
41.0
422
36.4
72.7
15.12
952
76.0
40.8
40.9
72.7
72.7
'392.896
95*
80.1
41.1
'147.6
'.8
72.7
63.6
385,475
120*
47.85
79.7
'1.0
'6.2
72.7
86.4
Commercial and industrial loans outstanding, mil. 1982$
(Lg.Lg.Lg)§.
Ratio, consumer installment credit outstanding to
personal income, percent (Lg.Lg.Lg).
Change in Consumer Price Index for services, percent,
AR, smoothed (Lg.Lg.Lg) t.
Diffusion index of 7 lagging indicator components:
Percent rising over 1-month span
Percent risino over 6-month span
Ratio, coincident index to lagging index, 1982=100 (L,L,L) .
101 *
41.33
77.0
146.5
'2.2
63.6
90.9
114.6
-.6
-7.3
2.6
74.7
41.22
'145.1
-.2
40.9
72.7
127.0
108,981
3,414.8
8.46
72.8
'145.4
-.2
'-1.1
59.1
54.5
36.4
27.3
13.8
1.47
40.82
43.64
'-.5
109,418
3,413.2
53.0
Composite index of lagging indicators, 1982=100 (Lg,Lg,Lg)
Percent change from previous month
Percent chance over 3-month span AR
•
Lagging index components:
Average duration of unemployment, weeks (Lg.Lg.Lg) $ .
91*
Ratio, mfg. and trade inventories to sales in 1982$
77*
(Lg,Lg,Lg).
Change in labor cost per unit of output, mfg., percent,
62*
AR, smoothed (Lg,Lg,Lg) t.
Average prime rate charged by banks, percent, NSA
109*
930*
44.9
44.32
' 46.04
76.2
49.0
43.5
64.0
521.59
107.1
5,612,002
44.1
'145.7
M
21.4
0
107.1
'373,050 '372,429 '369,110
'113.6
'50.0
4
42.9
'21.4
4.1
4
30.0
40.0
'113.1
'112.7
'113.5
'114.9
91 (11.1); September 1989-BCI-95 (16.07): October 1989-BCI-930 (120.3): December 1989-BCI-20 (51.59); June
1990-BCI-41 (110,435) and BCI-920 (134.6): July 1990-BCI-51 (3.509.8) and BCI-101 (409.650); August 1990BCI-57 (488,655); and September 19J90-BCI-47 (11Q6) and BCI-120 smoothed (66)
See page C-6 for other footnote^ t r
-j «
'"
* £ [ \ \' , t *$.
}
C-2 • March 1992
441
442
451
452
453
14
21 *
5*
46 •
60
48 •
42
41 *
963
40*
90*
37
43 •
45
91*
44
Labor force:
Civilian labor force, thous'.
Civilian employment, thous
Civilian labor force participation rates (percent):
Males 20 years and over
Females 20 years and over
Both sexes 16-19 years of age
Marginal employment adjustments:
Average weekly hours, mfg. (L,L,L)
Average weekly overtime hours, mfg. (L,C,L)
Average weekly initial claims for unemployment
insurance, thous. (L.C.L) ' i.
Job vacancies:
Index of help-wanted advertising, 1967=100 (L,Lg,U)
Ratio, help-wanted advertising to unemployed (L.Lg.U) ...
Employment:
Employee hours in nonagricultural establishments,
bit. hours, AR(U,C,C).
Persons engaged in nonagricultural activities, thous.
(U,C,C).
Employees on nonagricultural payrolls, thous. (C,C,C) ....
Diffusion index of employees on private nonagricultural
payrolls, 356 industries:
Percent rising over 1 -month span
Percent rising over 6-month span
Employees in goods-producing industries, thous. (L.C.U)
Ratio, civilian employment to population of working age,
percent (U.Lg.U).
Unemployment:
Number of persons unemployed, thous. (L,Lg,U) ±
Civilian unemployment rate, percent (L Lg,U) |
Average weekly insured unemployment rate, percent
(Ug.U)1*.
Average duration of unemployment, weeks (Lg,Lg,Lg) $ .
Unemployment rate, 15 weeks and over, percent
(Lg,Lg,Lg)t
SURVEY OF CURRENT BUSINESS
125,303
116,877
124,740
116,977
125,067
116,937
125,250
116,834
125,644
117,388
125,259
116730
125,524
116,909
125,204
116729
125,004
116]484
125,590
117^089
125,508
116,867
125,374
116772
125,619
116728
126,046
117J17
126,287
117!o43
773
57.9
51.7
774
57.7
53.0
774
57.8
53.0
77.5
57.9
53.0
77.8
58.1
52.3
77.5
57.9
52.0
77.5
58.1
51.5
77.4
57.8
50.4
77.2
57^8
49.5
77.5
57.8
51.5
77.2
51.7
77.1
57.7
51.4
77.0
57.9
51.1
77.0
58*2
51.6
77.1
58.2
52.1
407
3.6
403
3.3
472
40.3
3.3
499
40.2
3.3
467
40.4
3.4
443
40.8
3.7
434
40.7
3.7
411
41 o
3.8
431
41.0
3.7
435
409
37
422
41 0
37
436
41 1
444
40.4
3.4
440
435
40.8
3.6
424
"41 1
'3.8
427
93
.329
100
.383
97
.355
95
.336
95
.342
94
.328
96
.331
92
.323
91
.318
92
.322
88
.303
89
.308
90
.301
85
.283
'89
".286
57.8
3.Q
200.99
201-.00
201.30
200.71
199.66
200.76
201.73
199.81
200.94
202.10
201.12
201.21
- 201 .48
' 200.27
" 20276
113,644
113,783
113,700
113,710
114,201
113,474
113,623
113,485
113,230
113,806
113,663
113,500
113,545
113,951
113,811
108,981
109,418
109,160
108,902
108,736
108,887
108,885
108,859
108,971
109,066
109,073
108,843 ''108,882
45.3
23,819
61.6
38.5
26.7
24,181
61.9
36.9
31 2
24,039
61.8
38.6
29.5
23,877
61.7
38.5
34.3
23,794
62.0
51.1
41.2
23,847
61.6
45.8
458
23,792
61.6
51.3
499
23798
61.5
54.8
449
23,826
61.3
50.0
465
23,797
61.6
48.3
'"434
23,727
61.4
44.1
"41 3
23,595
61.3
8,426
6.7
3.1
7,763
62
3.0
8,130
65
3.1
8,416
67
3.3
8,256
66
3.3
8,529
68
3.2
8,615
69
3.2
8,475
68
3.1
8,520
68
3.1
8,501
68
3.1
8,641
69
3.1
13.8
1.9
12.5
1.5
12.9
1.6
13.0
1.7
13.4
1.7
13.1
1.8
14.0
2.0
13.9
1.9
14.1
1.9
14.2
1.9
14.6
2.0
r
r
r
108,733 '108,897
45.9
'"42.7
"49.7
23,552
61.2
'23,503
61.4
'23,485
61.3
8,602
69
3.1
8,891
71
3.1
8,929
71
3.2
9,244
7.3
3.1
14.9
2.1
15.3
2.3
16.4
2.4
17.0
2.5
M066
1058
109.4
108.5
"1072
"1068
"109.8
"109.4
r
3. OUTPUT, PRODUCTION, AND CAPACITY UTILIZATION
55*
50
49
47*
73*
74*
75*
124
82*
Output:
Gross domestic product bil 1987$ AR (C C C) §
Percent change from previous Quarter AR §
Gross national product bil 1987$ AR ( C C C ) §
Value of domestic goods output, bil. 1987$, AR
(C,C,C)§.
Industrial production indexes, 1987=100:
Total (C C C)
Durable manufactures (C C C)
Nondurable manufactures (C,L,L)
Consumer goods (C,L,C)
Capacity utilization rates (percent):
Total industry (L C U)
Manufacturing (LC,U)
48488
-7
48602
1 ,929.0
48240
-25
48437
1,917.0
r
48627
18
48720
1 9405
48407
14
48478
1 922.0
48680
r
4
"48773
r
1,936.4
1071
1071
107.9
107.5
1066
1072
106.8
105.6
1057
1061
106.0
1047
1050
1050
105.4
1047
1055
1060
105.9
105.5
1064
1067
106.5
106.6
1073
1073
107.6
108.0
1081
1081
108.6
108.3
1080
1078
109.0
108.4
1084
1084
109.6
109.4
1084
1082
110.1
1097
794
78.2
800
78.9
791
78.0
784
77.2
786
77.5
791
77.8
796
78.3
800
787
798
78.6
79.9
78.8
798
78.7
475 040
120,255
r
1081
M078
109.6
110.0
r
1074
1069
109.7
109.5
r
79.3
78.2
r
r
r
r
r
'787
'777
77.9
77.0
"78.2
"77.4
4. SALES, ORDERS, AND DELIVERIES
57*
59*
7*
8*
92*
32*
Sales:
5,612,002 ' 456,881 r458 720
Manufacturing and trade sales, mil. 1982$ (C,C,C)
Sales of retail stores, mil. 1982$ (U,L,U)
'....'
.'"..'"" l!439,645 r 116,876 '119,391
Orders and deliveries:
Mfrs.' new orders, durable goods, bil. 1982$ (L,L,L)
Mfrs.' new orders, consumer goods and materials,
bil. 1982$ (L,L,L).
Mfrs.' unfilled orders, durable goods, mil. 1982$0
Change from previous month, bil. 1982$
Change from previous month, bil. 1982$, smoothed
(L,L,L)*.
Vendor performance, slower deliveries diffusion index,
percent (L.L.L).
1,174.28
1,068.34
96.39
84.22
96.04
85.14
457 033
120,307
465334
119,815
469 205
120,719
470 536
120,666
474815
121,295
472 276
120,190
473 720
120,488
91.52
82.22
94.81
87.69
96.68
8978
95.46
87.59
106.62
93.25
102.27
93.05
97.84
93.30
100.35
92.78
r
r
473,536 r 464 ,906 "471,586
119,800 "119,843 '122,623 "124,052
r
95.53
' 87.63
100.77
91.69
398,184
-1.55
-1.44
415,859
-.91
-1.27
415,953
.09
-1.11
412,651
-3.30
-1.31
409,051
-3.60
-173
406,602
-2.45
-2.08
402,429
-4.17
-2.56
408,824
6.40
-1.64
408,991
.17
-.86
405,020
-3.97
-.82
402,510
-2.51
-1.02
400,145
-2.36
-1.32
47.3
43.6
44.1
43.5
44.9
45.9
47.1
50.4
48.8
49.4
50.3
50.6
1153
"53763
r
398,1 84
-1.96
-1.58
' 97.88
' 89.56
r
"97.57
"91.22
396,679 "392,232
'-1.50
"-4.45
"-2.17
'-172
49.5
48.0
487
"34.64
5. FIXED CAPITAL INVESTMENT
12*
13*
10
20*
27*
9*
11
97
61
100*
Formation of business enterprises:
Index of net business formation 1967-100 (L L L)
Number of new business incorporations (L L L)
Business investment commitments:
Contracts and orders for plant and equipment, bil.$
(L,L,L).
Contracts and orders for plant and equipment, bil. 1982$
(L,L,L).
Mfrs.' new orders, nondefense capital goods, bil. 1982$
(L,L,L).
Construction contracts awarded for commercial and
industrial buildings, mil. sq. ft. (L,C,U) © 2 .
New capital appropriations mfg bil $ (U Lg U)
Backlog of capital appropriations, mfg bil.$ (CLg,Lg)0 .
Business investment expenditures:
New plant and equipment expenditures by business
bil.$, AR (C.Lg.Lg).
New plant and equipment expenditures by business,
bil.1987S,AR(C,Lg,Lg).
1155
51,991
1149
50,384
1142
51,536
1150
52,235
1161
52071
1155
52,803
1161
53315
1155
52284
"1161
419.62
'37.90
37.30
35.03
33.44
32.07
32.00
40.26
34.32
33.04
3476
37.75
'3175
'35.39
521.59
'46.04
44.32
42.99
40.82
41.22
41.33
47.85
43.64
41.10
'44.57
47i45
'40.26
'46.07
"45.33
48922
42.94
41.54
40.56
37.12
38.04
39.20
45.06
41.03
38.82
'4170
45.19
'38.02
'43.13
"42.39
532.30
50.14
54.86
44.32
51.98
47.11
36.51
39.12
42.28
33.96
52.08
39.50
39.94
39.37
46.93
3208
3206
100.28
"3329
98.12
"99.12
52997
53550
52457
52786
"53196
"563.31
492.80
496.29
487.06
491.95
"495.88
"525.23
NOTE.—The following current high values were reached before January 1991: November 1983—BCI-32 (67.5);
March 1984—BCI-92 change (8.62) and BCI-92 smoothed (4.61); September 1985—BCI-9 (93.19); December 1986—
BCI-13 (65.691); July 1987-BCI-5 (286); November 1987-BCI-46 (162); December 1988-BCI-7 (115.44), BCI-8
(99.83). and BCI-60 (0.736); January 1989—BCI-40 (25,406) and BCI-82 (85.1); February 1989—BCI-21 (4.0); March
1989-BCI-12 (126.5), BCI-37 (6,189), and BCI-43 (5.0); 1st Q 1989-BCM1 (50.01); April 1989-BCI-1 (41.2) and
BCI-124 (85.0); May 1989-BCI-45 (2.0); June 1989-BCI-44 (1.0) and BCI-91 (11.1); 2d Q 1989-BCI-97 (117.90);
August 1989-BCI-59 (124,761); December 1989-BCMO (46.27), BCI-20 (51.59), and BCI-27 (46.54); March
1157
52,327
1990-BCI-90 (63.1); May 1990-BCI-42 (115,095) and BCI-92 level (423,364); June 1990-BCI-41 (110,435) and
BCI-48 (205.18); 2d Q 1990—BCI-49 (1,973.8) and BCI-100 (501.93); August 1990—BCl-57 (488,655); September
1990-BCI-47 (110.6) and BCI-73 (113.8); and 3d Q 1990-BCI-50 (4.909.2) and BCI-55 (4.903.3).
See page C-6 for other footnotes.
SURVEY OF CURRENT BUSINESS
Series
no.
1991
Year
Series title and timing classification
1991
March 1992 •
^ Jan. | Feb.
Apr.
Mar.
May
| June
|
C-3
1992
July
Aug.
Sept.
| Oct.
Nov.
Dec.
Jan.
Feb. *
5. FIXED CAPITAL INVESTMENT-Continued
69 •
76*
86 •
87*
88*
28*
29*
89*
Business investment expenditures—Continued:
Mfrs.' machinery and equipment sales and business
construction expenditures, bil.$, AR (C,Lg,l_g).
Index of industrial production, business equipment,
1987=100 (C,Lg,U).
Gross private nonresidential fixed investment, bil. 1987$,
AR:
Total (C Lg C) §
Structures (Lg Lg Lg)
Producers' durable equipment (C Lg C) §
Residential construction and investment:
New private housing units started, thous., AR (L,L,L)
Index of new private housing units authorized by local
building permits, 1967=100 (L,L,L).
Gross private residential fixed investment, bil 1987$ AR
(L,L,L).
456.69
456.93
463.83
451.72
459.92
456.48
462.64
448.81
453.88
456.47
465.76
466.64
'437.22
'445.79
121.5
121.6
120.6
120.3
121.3
121.7
121.9
122.5
121.3
122.2
122.3
'121.8
'121.4
'120.0
/M21.2
'1,190
' 88.6
^1,304
5124
1540
5191
1633
5148
1589
3583
3558
3558
r
5056
M454
r
3601
5100
1484
361 6
1,014
844
1,008
918
978
983
1,036
1,053
76.2
64.0
69.9
71.1
72.8
77.0
79.7
80.1
1752
1707
1720
1,053
76.0 \
1,020
1,085
1,085
'1,118
78.3
82.0
79.2
84.1
93.0
'181.7
1765
6. INVENTORIES AND INVENTORY INVESTMENT
70
77*
Inventories on hand:
Mfg and trade inventories bil 1982$ (LgLgLg)O
Ratio mfg and trade inventories to sales in 1982$
68399
147
(Lg,Lg|g).
30*
31 *
Inventory investment:
Change in business inventories bil 1 987$ AR (L L L)
Change in mfg. and trade inventories bil.$, AR (L L L)
69551
1 52
69386
151
'596
'-256
-139
-87
68770
150
68721
148
-103.0
-32.7
68076
145
68067
143
-62.2
-55.3
-3.6
68363
146
-304
-328
68011
1 44
681 05
'68308
'68297
1.44
'68399
1.47
^681 49
M.45
1.44
1.44
1
-18
37.7
388
10.5
'33.4
p-40.1
118.20
-1.43
116.63
-1.33
116.07
'76
7. PRICES
99*
23*
336
337 •
334 •
333 *
•
332
331
•
•
311
•
320
323 *
•
120*
Sensitive commodity prices:
Index of sensitive materials prices, 1982=100
Percent change from previous month
Percent change from previous month, smoothed
(L,L,L)f.
Index of producer prices for sensitive crude and
intermediate materials, 1982=100 (L,L,L).
Cattle hides
Lumber and wood products
Wastepaper, news
Wastepaper mixed NSA
Wastepaper corrugated
Iron and steel scrap
Copper base scrap
Aluminum base scrap
Other nonferrous scrap, n.e.c., NSA
Sand, gravel, and crushed stone
Raw cotton
.
Domestic apparel wool
Index of spot market prices, raw industrial materials,
1967=100, NSA (LUX)©1.
Copper scrap $ per Ib ©
Lead scrap $ per' Ib ©
Steel scrap $ per ton©
Tin, $ per Ib., NSA©
Zinc $ per Ib NSA ©
Burlap $ per yd. NSA ©
Cotton, $ per Ib. ©
Print cloth $ per yd NSA ©
Wool tops $ per Ib., NSA©
Hides, $ per Ib., NSA©
Rosin $ per 1 00 Ib ©
Rubber $ per Ib ©
. . . .
Tallow $ per Ib ©
Producer Price Indexes:
Finished goods, 1982=100
Percent change over 1 -month span
Percent chanqe over 6-month span AR
Finished goods less foods and energy, 1982=100
Percent change over 1 -month span
.. ..
Finished consumer goods 1982-100
Percent change over 1 -month span
Percent chanoe over 6-month span AR
Capital equipment 1982-100
Percent change over 1 -month span
Percent chance over 6-month span AR
Intermediate materials, supplies, and components,
1982=100.
Percent change over 1 -month span
Percent chanqe over 6-month span AR
Crude materials for further processing, 1982=100
Percent change over 1 -month span
Percent chance over 6-month span AR
Fixed-weiqhted price index cross domestic business
product, 1987=100.
Percent chanoe from previous quarter AR
Consumer Price Indexes for all urban consumers:
All items 1982-84=100 NSA
Percent change over 1 -month span
Percent chanoe over 6-month span AR
All items less food and energy, 1982-84=100
Percent change over 1 -month span
Services 1982-84=100
Percent change from previous month AR
Percent change from previous month, AR, smoothed
(Lglg.Lg)t.
119.47
-51
-.55
-.24
-.40
136.60
134.47
134.59
'134.66
134.64
135.52
135.54
138.98
171.6
162.2
161.4
1354
1351
98.5
1326
95.9
155.5
133.3
157.1
'133.7
'91.6
164.1
134.2
164.0
136.1
168.7
138.1
172.5
142.6
'537
92.5
52.2
91.7
51.3
89.8
53.0
89.3
52.5
'146.1
'147.0
'164.9
'128.5
'127.5
r
129.4
152.1
146.1
163.5
123.8
125.9
129.8
155.6
143.3
165.7
123.2
124.0
129.9
155.6
137.1
154.9
124.7
122.3
129.7
151.3
137.3
161.9
136.9
127.8
129.2
99.9
67.0
94.8
66.0
95.7
66.9
91.9
72.5
271.9
271.7
271.0
269.2
265.6
'72.5
262.8
.811
.123
.817
.138
.808
.137
.784
.141
.825
.149
.854
.161
91.707
3.645
95.755
3.628
97.097
3.585
96.907
3.555
98.319
3.545
.598
.284
.642
.855
.518
.272
.639
.880
.505
.272
.591
.880
.546
.271
.563
.880
.593
.271
.567
.816
121.25
120.30
119.92
-.24
-.69
-.05
-.59
-.78
-.56
-.32
-.50
138.86
138.08
137.01
136.25
136.39
136.68
173.5
2D3.3
196.8
187.4
1321
1288
1281
1282
101.6
640
113.6
753
181.2
152.4
177.3
160.4
146.1
128.1
131.7
177.0
151.0
173.5
154.8
144.2
128.1
131.6
174.3
131.0
110.0
748
175.0
146.0
170.8
143.3
140.5
128.1
133.6
168.2
138.9
168.4
131.3
132.1
128.2
123.1
61 5
162.5
142.2
167.2
139.4
132.9
128.7
114.9
68.6
73.4
58.7
58.1
67.5
75.5
79.0
72.6
72.5
283.0
298.6
108.6
745
183.8
155.0
182.6
165.8
146.4
128.5
133.3
e
66.0
293.9
184.0
128.2
112.7
135.7
128.7
116.0
106.7
752
185.2
160.1
179.0
167.7
146.8
127.2
124.4
292.4
294.7
290.2
285.4
279.8
276.9
.848
.859
.179
.916
.181
.889
.886
.192
.826
.180
.846
.148
.865
.129
.863
.126
89.749
3.506
.620
.288
.678
.850
136.15
1653
147.6
170.0
1426
156
96257
3.417
601
282
.698
834
4.172
.847
60226
457
.130
121.7
0
131.0
.3
1205
-.1
126.7
.2
114.4
100.873
3.292
.700
.288
.736
.798
4.600
.915
59.062
122.66
-57
99.902
3.252
.652
.288
.822
.782
4.600
.858
58.766
193
100.200
3.202
.620
.288
.795
.810
4.312
.868
58.997
76.3
99.001
3.224
.620
.288
.795
.810
4.260
.958
61.538
95.286
3.282
.620
.288
.809
.820
4.300
.992
59.701
101.2
-1.0
136.2
.2
142.1
4
146.3
46
4.6
63.4
90.292
3.285
.620
.288
.736
.832
4.525
.965
60.362
4.270
.880
61.350
549
154.1
142.9
• 165.6
139.6
132.5
129.0
102.9
3.962
.772
61.856
92.3
54.4
143.0
145.8
160.9
133.9
129.9
129.2
105.9
3.852
.742
61.287
3.670
.752
60.914
3.738
.755
.429
.120
122.1
-.1
121.7
-.3
122.0
.2
132.5
.2
132.9
.3
133.0
.1
120.7
-.2
120.1
-.5
120.5
.3
127.7
.2
128.0
.2
128.0
0
113.9
113.3
113.9
-.2
-.5
.431
.144
.437
.137
122.4
.2
-1 3
129.6
.9
44
121 6
0
-28
125.7
.9
36
116.4
121.6
-.7
-1 5
129.9
.2
41
121.2
-.3
-1 1
130.2
.2
36
120.0
-.5
-25
126.2
.2
34
114.5
121.4
.2
-20
130.6
.3
23
120.2
.2
-29
126.2
0
18
114.1
121.6
.2
_2
130.8
.2
22
120.4
.2
-7
126.6
.3
16
114.0
121.4
-.2
10
130.8
0
23
120.1
-.2
.7
126.7
.1
14
114.2
121.2
-.2
'1 2
131.1
.2
22
119.8
-.2
'1 0
126.8
.1
18
113.8
121.5
.2
10
131.3
.2
22
120.2
.3
8
126.9
.1
14
114.1
121.8
.2
12
131.7
.3
26
120.4
.2
1.0
127.1
.2
1.6
114.3
'122.1
'.2
8
132.0
.2
28
'120.8
'.3
.5
127.3
.2
1.9
114.0
122.2
'.1
.8
132.2
.2
26
120.9
'.1
.5
127.5
.2
1.7
114.1
-.3
-44
100.4
-.3
.3
2
.2
-.5
-.3
-.9
'100.5
-.5
-63
104.4
-44
100.7
-7.8
-264
-3.5
-203
-231
134.6
.4
29
139.6
.7
5'3
143.8
9.7
5.9
134.8
.1
29
140.5
.6
51
144.4
5.1
5.9
135.0
.1
29
140.9
.3
50
144.8
3.4
5.6
135.2
.2
22
141.3
.3
41
145.1
2.5
5.0
135.6
.2
25
141.6
.2
36
145.5
3.4
4.5
-1.1
.2
-.3
99.3
-1.6
-.4
-2
99.3
-45
0
'.2
136.0
.3
3.0
142.0
.3
39
145.9
3.3
4.0
136.2
.1
3.0
142.4
.3
37
146.5
5.0
3.8
-1.0
-2.0
'2.1
-3.2
.1
-.4
100.4
'•-.I
.6
136.6
.3
3.3
143.0
.4
40
147.0
4.2
3.8
137.2
.4
3.1
143.6
.4
38
147.6
5.0
3.9
137.4
.2
3.1
143.9
.2
38
148.1
4.1
4.0
137.8
.4
3.1
144.4
.3
38
148.6
4.1
4.1
99.1
-.2
98.4
-.7
smoothed (6.6); and 3d Q 1990-BCI-86 (555.5) and BCI-88 (375.5).
See page C-6 for other footnotes.
.678
.435
.122
.427
.124
-.3
-60
113.2
1.8
3.775
.460
.126
.446
.117
-.1
-29
100.9
.5
-99
.706
.562
.271
.529
.730
.469
.132
.449
.121
-.8
-29
125.9
.2
37
115.8
3.888
89.321
3.769
58.997
.453
.135
1206
.710
.573
.271
.552
.782
87.4
59.172
.492
.132
.457
.136
3.980
90.326
3.677
-.26
58.997
59.880
.484
.124
-359
-.2
105.3
.483
.133
NOTE.—The following current high values were reached before January 1991: November 1983—BCI-99 smoothed
(2.09); February 1984-BCI-28 (2.260) and BCI-29 (158.5); 1st Q 1984-BCI-30 (79.9); 2d Q 1985-BCI-87 (199.1);
March 1986-BCI-77 (1.58); 3d Q 1986-BCI-89 (231.3); October 1986-BCI-99 change (3.37); December 1988BCI-31 (98.6); March 1989-BCI-99 index (135.83); April 1989-BCI-23 (335.0); November 1989-BCI-70 (705.14);
February 1990-BCI-69 (484.43); August 1990-BCI-98 (142.13); September 1990-BCI-76 (126.4) and BCI-120
116.35
.22
'-.73
121.31
-.86
-.72
-.27
-.60
116.11
.03
'.14
-.75
'115.94
'-.59
'-.82
116.10
-.60
121.60
-.66
123.36
-.65
.5
99.4
98.3
-2.1
97.7
-.6
1.7
137.9
.2
138.1
.1
138.6
.3
144.7
.2
145.1
.3
145.7
.4
149.2
5.0
4.3
149.7
4.1
4.3
150.0
2.4
4.1
SURVEY OF CURRENT BUSINESS
C-4 • March 1992
Series
no.
Year
1992
1991
Series title and timing classification
Jan.
1991
Mar.
Feb.
Apr.
May
June
July
Aug.
Oct.
Sept.
Nov.
Dec.
Jan.
Feb. *
8. PROFITS AND CASH FLOW
16*
184
22*
81 •
26 •
35
Profits and profit margins:
Corporate profits after tax, bil.$, AR (L,L,L)
Corporate profits after tax bil 1987$ AR(LLL)
Ratio, corporate domestic profits after tax to corporate
domestic income, percent (L,L,L).
Ratio, corporate domestic profits after tax with IVA and
CCAdj to corporate domestic income, percent (U,L,L).
Ratio, implicit price deflator to unit labor cost, all
persons, nonfarm business sector, 1982=100 (L,L,L).
Corporate net cash flow bil 1987$ AR (LLL)
188.1
189.7
182.7
1624
1648
1578
46
44
46
44
42
45
102.6
102.5
102.4
3923
3853
P19Q3
'1633
'47
1896
1634
3837
48
43
'47
102.6
' 102.8
3953
'404 9
1441
r
'1451
9. WAGES, LABOR COSTS, AND PRODUCTIVITY
Wages and compensation:
Index of average hourly compensation all employees
nonfarm business sector, 1982=100.
Percent change from previous quarter AR
346
Index of real average hourly compensation all
employees, nonfarm business sector, 1982=1 00 §.
Percent change from previous quarter AR § ..
53*
Wages and salaries in mining, mfg., and construction,
bil. 1987$, AR(C,C,C).
Unit labor costs:
63
Index of unit labor cost all persons business sector,
1982=100 (Lg.Lg.Lg).
Index of labor cost per unit of output, mfg., 1987=100 .
Percent change from previous month, AR
62*
Percent change from previous month, AR, smoothed
(Lg,Lg,Lg)t.
Productivity:
370
Index of output per hour all persons business sector
1982=100.
Percent change over 1 -quarter span, AR
•
Percent change over 4-quarter span, AR
358 *
Index of output per hour all persons nonfarm business
sector, 1982=100.
345
1434
141 6
40
101 6
27
'101 3
-2
607.2
613.4
131 9
107.1
10
2.6
'-5
609.9
1431
604.0
r
20
607.5
604.5
1100
107.0
34
7.1
107.1
-22
3.8
107.3
-1 1
5.5
-.1
.5
1084
607.8
'-1
609.6
106.9
-22
1.9
106.5
-44
0
106.9
46
-.5
1079
r
106.6
-33
107.3
82
-.3
-1.2
'594.8
' 595.4
'108.2
"143
'1.8
107.1
-11.5
' 107.3
r
'1.2
'2.3
"1.0
1108
r
1.1
1084
603.9
132.6
107.0
-33
-.2
r
1102
1.9
"1 3
"-7
600.2
609.4
608.0
1323
1099
1094
.2
607.9
131 8
107.4
46
6.8
r
28
101 6
26
101 7
46
101 8
131 0
106.7
-65
7.0
r
2.2
'1091
1086
10. PERSONAL INCOME AND CONSUMER ATTITUDES
52
51 *
58
83*
122
123*
Personal income:
Personal income, bil. 1987$, AR (C.C.C)
Personal income less transfer payments, bil. 1987$, AR
(C.C.C).
Indexes of consumer attitudes:
Consumer sentiment, U. of Michigan, 1966:1=100, NSA
(LLL)©1.
Consumer expectations, U. of Michigan, 1966:1=100,
NSA (L.L.L)©1.
Consumer confidence, The Conference Board,
1985=100 (L,L,L).
Consumer expectations, The Conference Board,
1985=100 (LLL).
4,051.1
3,414.8
4,035.2
3,413.2
4,028.1
3,405.2
4,048.6
3,420.7
4,040.5
3,411.0
4,055.0
3,422.6
4,065.3
3,431.5
4,047.8
3,412.4
4,055.3
3,416.2
4,057.3
3,418.3
r
4,059.0 4,044.1 '4,077.5
'3,410.6 '3,398.1 '3,417.6
r
'4,067.9 ' 4,099.3
'3,389.3 '3,414.9
77.6
66.8
70.4
87.7
81.8
78.3
82.1
82.9
82.0
83.0
78.3
69.1
68.2
67.5
68.8
70.3
55.2
62.0
84.5
74.7
71.5
75.9
74.4
75.3
76.4
70.5
61.9
61.5
59.1
61.8
68.5
55.1
59.4
81.1
79.4
76.4
78.0
77.7
76.1
72.9
60.1
52.7
52.5
50.2
47.3
85.8
55.3
63.6
100.7
99.7
95.5
100.9
100.3
96.8
95.4
79.5
69.7
72.6
68.7
63.5
'1.35
'2.25
'.27
'.79
11. SAVING
290
295
292
298*
293 •
Gross saving bil $ AR §
Business saving bil.$ AR
Personal saving bil $ AR
Government surplus or deficit, bil.$, AR
Personal saving rate percent
6677
'7469
660.4
2199
2126
-171.5
52
-126.1
51
7155
.
.
'6972
663.1
'7131
663.4
2288
-179.1
54
'7048
'683.9
'2234
'-202.4
'52
2125
-178.4
50
12. MONEY, CREDIT, INTEREST RATES, AND STOCK PRICES
85*
102*
105
106*
107
108
93
94
112*
113*
111
110 *
14
39
Money:
Percent change in money supply M1 (L,L,L) §
Percent change in money supply M2 (L C U) §
Money supply M1, bil. 1982$ (L,L,L)§
Money supply M2 bil 1982$ (LLL) §
Velocity of money:
Ratio gross domestic product to money suppy M1
(C,C,C)§.
Ratio, personal income to money supply M2 (C.Lg.C) §
Bank reserves:
Free reserves, mil.$, NSA (L,U,U) *
Member bank borrowings from the Federal Reserve,
mi!.$, NSA (L,Lg,U).
Credit flows:
Net change in business loans, bil.$, AR (L,L,L) §
Net change in consumer installment credit, bil.$, AR
(LLL).
Percent change in business and consumer credit
outstanding, AR (LLL) §.
Funds raised by private nonfinancial borrowers in credit
markets, mil.S, AR (LLL).
Credit difficulties:
Current liabilities of business failures mil $ NSA
(LLL)?.
Percent of consumer installment loans delinquent 30
days and over (L,L,L)0$.
.70
.25
609.2
2 409.4
.01
'.15
1.21
'.76
'.73
'.97
.75,
'.31
.76
'.06
.63
'.06
611.9
613.7
'2,407.8 '2,400.8
1.02
'.17
618.6
'2,399.9
1.19
'.40
'.76
'.24
627.2
623.8
'2,401.0 '2,401.7
'635.2 '647.7
'2,406.5 '2,418.6
598.1
'2,410.2
1.421
'1.424
'1.413
'1.412
'1.412
'1.417
'1.420
'1.418
'1.424
'1.428
'1.429
1.421
'1.432
'1.426
'1.431
882
373
1,662
534
1,590
252
991
241
886
231
815
303
676
340
345
607
622
764
586
645
834
261
785
108
788
192
771
233
'990
-39.46
-5.68
'3.43
-25.67
'-33.14
-2.41
'43.75
-3.84
'-91.91
14.15
'-66.24
-15.97
'-50.14
-20.38
'9.85 '-134.86
-7.55
-10.25
'-69.48
.53
'-7.63
c
13.98
'-8.68
-2.04
'-68.50
'-8.74
'-46.25
'-2.20
'28.96
-5.6
'-4.3
'-1.2
'-2.4
'-3.3
'-13.5
'-9.5
'-1.8
'-2.6
'-5.6
'-4.4
6694
6595
'6648
'297,996
203 292
-6.2
'6.448
6591
'-7.9
'-8.8
'210,120
'133260
'77
'171 792
'102428 '11 9972 '73177 '50691 '122480 '49305 '47341 '32021 '59630 '101262 '45828
258
2.53
253
267
NOTE.—The following current high values were reached before January 1991: January 1983—BCI-102 (2.82); May
1983-BCI-123 (124.3): July 1983—BCI-14 (829.2); February 1984-BCI-39 (1.78); March 1984-BCI-58 (101.0) and
BCI-83 (97.7); 1st Q 1984-BCI-22 (7.0); May 1984-BCI-93 (-2,380); June 1984-BCI-111 (23.2); August 1984BCI-94 (8,017); 4th Q 1984-BCI-107 (7.058); September 1985-BCI-113 (132.08); 3d Q 1985-BCI-81 (8.3); 4th
Q 1985-BCI-110 (978,568); 1st Q 1986-BCI-26 (105.1); December 1986-BCI-85 (2.50); May 1988-BCM06
'.05
'.52
'.22
'.33
'.18
'-.13
601.6
600.6
'605.2
'608.0
609.5
'2,419.2 '2,419.4 '2,422.2 '2,419.7 '2,414.9
591.8
'2,395.4
265
265
273
279
279
274
258
2.62
258
(2,473.4); October 1988-BCI-53 (671.2); 4th Q 1988-BCI-16 (226.0), BCI-18 (215.1), and BCI-35 (460.4); February
1989-BCM22 (120.7); May 1989-BCI-112 (119.74); July 1990-BCI-51 (3,509.8) and BCI-52 (4,107.1); and December 1990-BCI-62 change (28.2) and BCI-108 (1.434).
See page C-6 for other footnotes.
SURVEY OF CURRENT BUSINESS
Series
no.
Year
March 1992 •
1991
Series title and timing classification
1991
Jan.
Feb.
Mar.
Apr.
May
C-5
1992
June
July
Aug.
| Sept.
Oct.
Nov.
730,317
Jan.
Feb. *
730,147 '729,420 " 729237
Dec.
12. MONEY, CREDIT, INTEREST RATES, AND STOCK PRICES-Continued
66
72
101 *
95*
119*
114*
116*
115*
117
118
109*
19*
Outstanding debt:
Consumer installment credit outstanding, mil.$
(Lg.Lg.Lg) 0.
Commercial and industrial loans outstanding, mil.$,
(Lg.Lg.Lg) §.
Commercial and industrial loans outstanding, mil. 1982$
(Lg,Lg,Lg) §.
Ratio, consumer installment credit outstanding to
personal income, percent (Lg.Lg.Lg).
Interest rates (percent, NSA):
Federal funds rate (L.Lg.Lg)
Discount rate on new 91 -day Treasury bills (C.Lg.Lg) ....
Yield on new high-grade corporate bonds (Lg.Lg.Lg)
Yield on long-term Treasury bonds (C.Lg.Lg)
Yield on municipal bonds, 20-bond average (U.Lg.Lg) ...
Secondary market yields on FHA mortgages (Lg.Lg.Lg)
Average prime rate charged by banks (Lg.Lg.Lg)
Index of stock prices, 500 common stocks, 1941-43=10,
NSA (L,L,L).
729,420
732,962
732,762
732,442
733,621
732,289
730,591
729,962
729,108
729,152
449,234
r
467,546
r
464,784 M68.430 r460,771 '455,251 '451,073 '451,894 '440,656 '434,866 '434,230 '433,507 '427,799
'423,945 r 426,358
385,475
r
392,896
r
396,573 '403,124 '397,216 '390,773 '387,520 '389,228 '379,222 '374,562 '373,050 '372,429 '369,110
'366,734 "367,233
15.12
15.39
15.39
5.69
5.41
9.05
8.16
6.92
9.25
8.46
6.91
6.30
9.60
8.33
7.08
9.58
9.52
625
612
591
5.95
9.14
8.12
6.91
9.57
9.05
5.91
9.14
8.38
7.10
9.61
9.00
5.67
9.07
376.18
325.49
362.26
96,822
19434
7,683
13411
7,922
1532
37228
1531
829
7.02
9.61
9.00
379.68
15.18
'1497
578
590
582
566
545
521
481
5.51
9.13
8.33
6.95
9.62
8.50
5.60
9.37
8.54
7.13
9.71
8.50
5.58
9.38
8.50
7.05
9.59
8.50
5.39
8.88
8.17
6.90
9.14
8.50
5.25
8.79
7.96
6.80
9.06
8.20
5.03
8.81
7.88
6.68
8.71
8.00
4.60
8.72
7.83
6.73
8.69
7.58
758
748
6.69
8.10
7.21
6.54
8.72
6.50
4.06
3.84
8.65
7.78
6.74
8.74
6.50
378.29
380.23
389.40
38720
386.88
385.92
388.51
416.08
412.56
10276
8,281
9355
9,385
10201
10,804
16848
5,517
'9,758
'87.7
"11 134
'7,803
'86.4
"6,291
"85.6
1496
'1481
"1483
15.10
377.99
15.02
'1496
15.08
4.43
4.12
8.55
4.03
3.84
8.36
13. NATIONAL DEFENSE
525
548
557
570
564*
Defense Department prime contract awards mil $
Manufacturers' new orders, defense products, mil.$
Index of industrial production, defense and space
equipment, 1987=100.
Employment defense products industries, thous
. .
Federal Government purchases national defense bil $ AR
14379
9,531
11 480
6,692
6041
8,306
5,153
91.1
94.4
94.5
93.9
92.5
91.5
91.0
90.0
89.8
89.1
89.1
88.8
1 140
3235
1 187
1 173
3323
1 167
1 157
1 148
3284
1 137
1 128
1 127
3223
1 122
1,118
1,110
311 0
1,105
"1,097
422 532
38449
89,427
487870
50,154
68941
416517
34144
2,903
7,069
41 520
5,077
5879
33599
3,274
6,977
39103
4,002
5398
100549
119087
-18,538
35225
34379
3154
7,555
41 176
4,141
5860
7,258
40910
4,381
35345
3229
7,609
42282
3,958
6 161
37111
3261
36937
3478
7,996
41 109
3,736
'35886
3,660
7,749
'41886
3,968
5539
35538
3,292
7,352
41 305
3,391
6066
7,790
14. EXPORTS AND IMPORTS
602
604
606
612
614
616
618*
620*
622
Exports excluding military aid shipments mil $
Exports of domestic agricultural products mil.$
Exports of nonelectrical machinery, mil.$
General imports mil $
Imports of petroleum and petroleum products, mil.$
Imports of automobiles and parts mil $
Merchandise exports adjusted excluding military mil $ *
Merchandise imports adjusted excluding military mil $l
Balance on merchandise trade mil.$ J
490 103
-73,586
34030
3042
6,947
38100
4,000
5480
35632
3,042
7,732
40139
4,195
5553
35270
3058
7,440
40062
4,303
5202
103889
119426
-15,537
34974
3057
7,439
38764
4,352
5464
6314
3291
7,656
43434
4,041
6150
104018
124867
-20 849
5941
"108061
"126723
"-18,662
15. INTERNATIONAL COMPARISONS
758*
755*
756*
752*
757*
753*
Industrial production indexes (1987=100):
United States
OECD European countries2
Japan
Federal Republic of Germany
France
United Kingdom
Italy
Canada
Consumer price indexes (1982-84=100):
United States NSA
Percent change over 6-month span AR
Japan, NSA
.'
Percent change over 6-month span AR
Federal Republic of Germany NSA
Percent change over 6-month span AR
France NSA
Percent change over 6-month span AR
United Kingdom NSA
Percent change over 6-month span AR
Italy NSA
Percent change over 6-month span AR
Canada NSA
Percent change over 6-month span AR
Stock price indexes (1967=100, NSA):
United States
. .
Japan
Federal Republic of Germany
France
United Kingdom
Italy
Canada
Exchange rates:
Exchange value of U.S. dollar, index: March 1973=100,
NSA°.
Foreign currency per U.S. dollar (NSA):
Japan (yen)
Federal Republic of Germany (d mark)
France (franc)
United Kingdom (pound)
Italy (lira)
Canada (dollar)
990*
991 •
CIBCR long-leading composite index 1967=1 004
CIBCR short-leading composite index 1967=1 004
47*
721 *
728*
725*
726*
722*
727*
723*
320
738
^
4
735
4
736
+
732
737 ^
733 •
• *
19*
748*
745*
746*
742*
747*
743*
750*
107.1
110
106.6
111
105.7
111
105.0
110
105.5
109
106.4
110
107.3
112
108.1
111
108.0
109
108.4
110
108.4
111
108.1
111
'107.4
1241
1258
1257
1230
1233
1260
1228
1266
1228
1237
1239
1238
'1220
118
110
100
'1124
'96.9
'113
"109
"100
118
110
100
1078
967
1362
119
110
100
118
109
101
118
107
101
118
110
99
1042
'964
117
110
98
1059
1095
'964
1090
'955
1093
1346
1348
1350
1352
29
114.0
23
114.2
34
135.8
24
154.4
50
22
114.7
7
114.7
50
136.3
25
156.4
49
25
115.3
14
952
970
C
1356
29
113.8
27
114.0
12
135.5
16
29
113.5
29
114.3
21
135.7
21
1569
1530
1538
1699
1654
1670
1674
1682
1688
143.1
66
141.7
77
65
141.7
6.6
68
142.3
72
61
142.3
1.6
56
143.0
2.6
115.0
1160
1372
29
409.2
1 6684
317.0
8142
1,145.8
321 7
392.1
48
354.1
394.1
405.0
1 5424 1 6968 1 7852
280.5
300.8
314.8
694.7
822.6
740.0
'969.9 '1,048.2 '1,138.5
336.5
289.1
318.0
369.8
391.2
395.0
1152
51
136.6
24
156.9
46
121
110
119
111
102
'101
117
111
100
117
109
100
111 2
974
1072
'977
'97.3
1360
1362
1366
1372
30
114.8
2
115.8
59
136.9
31
157.6
43
169.7
55
143.7
2.1
30
114.7
23
116.8
60
137.4
34
33
114.9
35
116.8
60
137.7
35
157.6
43
170.4
60
143.9
1.8
31
115.1
28
117.0
47
138.0
35
158.1
39
171.1
54
143.7
.8
1572
42
1699
57
143.8
1.1
1050
1085
r
98.0
117
'111
101
1064
'972
137.4
31
116.4
25
117.4
29
138.6
32
158.7
37
1726
61
143.4
1.3
'106.6
"-1072
"109
"121 5
"119
"1053
"95.6
137.8
31
116.6
137.9
138.1
116.0
115.8
138.6
117.9
118.0
118.6
138.9
38
159.3
40
173.8
48
144.0
.3
139.1
139.4
139.9
159.4
159.3
160.1
1742
175.5
175.9
143.4
144.0
144.1
452.6
448.8
4212
420.8
422.6
413.6
423.6
419.8
1 694.0 1 631.8 '1,533.4 '1,474.7 1,426.0
1 6399 1 5930 1 6128
'315.1 "325.8
3302
3132
'301.3
329.1
326.3
315.8
861.7
809.7 '1,015.5 "1,057.0
871.7
856.9
810.1
832.6
1,168.0 '1,200.5 '1,221.6 '1,207.1 '1,180.0 '1,131.8 '"1,196.7 "1,221.1
'299.4
'306.4
'321.3 "324.7
3152
304.7
325.8
335.2
406.3
404.7
390.3
396.9
397.5
382.8
397.3
400.0
413.0
411.2
411.5
1 8032 1 7762 1 7121
327.9
3242
339.3
840.7
820.1
810.1
1,168.0 '1,158.3 '1,157.1
342.0
331.6
355.9
392.0
400.7
391.6
82.12
88.12
91.41
92.29
95.18
95.19
93.47
91.18
90.69
87.98
85.65
86.09
88.04
130.54
133.70
134.51
1.4805
1.6585
1.5091
5.0398
56388 51253
.5667
.5169
.5091
1 239 62 1 13438 1,111.19
1.1549
1.1460
1.1560
137.39
1.6122
5.4862
.5490
1,201.96
1.1572
137.11
1.7027
5.7540
.5715
1,261.57
1.1535
138.22
1.7199
5.8282
.5801
1,275.67
1.1499
139.75
1.7828
6.0483
.6062
1,325.09
1.1439
137.83
1.7852
6.0596
.6056
1,329.55
1.1493
136.82
1.7435
5.9244
.5938
1,303.31
1.1452
134.30
1.6933
5.7621
.5792
1,26625
1.1370
130.77
1.6893
5.7583
.5803
1,26320
1.1279
129.63
1.6208
5.5391
.5619
1,221.04
1.1302
128.04
1.5630
5.3406
.5473
1,18221
1.1467
125.46
1.5788
5.3858
.5528
1,189.76
1.1571
127.70
1.6186
5.5088
.5625
1,215.92
1.1825
'242.6
'207.5
'243.7
'208.7
244.6
'209.1
'245.6
'209.6
'243.4
'207.4
'247.4
'210.4
"249.7
"211.4
89.73
83.51
16. ALTERNATIVE COMPOSITE INDEXES
...
2409
2045
'2339
'199.1
'236.1
'197.9
'235.5
199.0
NOTE—The following current high values were reached before January 1991: May 1984—BCI-118 (15.01); June
1984-BCI-115 (13.00), BCI-116 (14.49), and BCI-117 (10.67); August 1984-BCM09 (13.00), BCI-114 (10.49), and
BCM19 (11.64); September 1989-BCI-95 (16.07); July 1990-BCM01 (409,650); October 1990-BCI-72 (476,867);
'238.8
'2002
'240.4
'202.8
'2421
'204.5
'243.7
'207.6
and November 1990—BCI-66 (736,411).
See page C-6 for other footnotes.
SURVEY OF CURRENT BUSINESS
C-6 • March 2992
FOOTNOTES FOR PAGES C-l THROUGH C~5
a
AR
c
©
e
Anticipated.
Annual rate,
Corrected.
Copyrighted,
Estimated.
Available data for later period(s) listed in notes.
NSA
p
r
*
§
o
Not seasonally adjusted.
Preliminary.
Revised.
Graph included for this series.
Major revision-see notes.
End of period.
UC.Lg.U Cyclical indicator series are classified as L (leading), C (coincident), Lg (lagging), or U (unclassified) at reference cycle peaks, troughs, and overall. Series classifications
are shown in parentheses following the series titles.
t Cyclical indicator series denoted by t are inverted (i.e., the sign is reversed) for cyclical analysis calculations, including classifications, contributions to composite indexes,
and current high values.
t Cyclical indicator series denoted by t are smoothed by an autoregressive-moving-average filter developed by Statistics Canada.
For information on composite indexes and other concepts used in this section, see "Composite Indexes of Leading, Coincident, and Lagging Indicators" in the November 1987
SURVEY OF CURRENT BUSINESS and "Business Cycle Indicators: Revised Composite Indexes" in the January 1989 SURVEY.
References to series in this section use the prefix "BCI-" followed by the series number. Unless otherwise noted, series are seasonally adjusted.
Percent change data are centered within the spans: 1-month changes are placed in the ending month, 3-month changes are placed in the 3d month, 6-month changes are
placed in the 4th month, 1-quarter changes are placed in the ending quarter, and 4-quarter changes are placed in the 3d quarter.
Diffusion indexes are defined as the percent of components rising plus one-half of the percent of components unchanged. Diffusion index data are centered within the spans:
1-month indexes are placed in the ending month and 6-month indexes are placed in the 4th month.
High values reached by cyclical indicators since the last reference cycle trough (November 1982) are shown in boldface type; high values reached prior to the period shown in
the table are listed at the bottom of each page. For inverted series, low values are indicated as highs.
Sources for series in this section are shown on pages C-47 and C-48 in the October 1991 SURVEY.
Page C-1
NOTE.—Major data revisions:
Money supply M2 in 1982 dollars (BCI-106)—see note for page C-4.
Commercial and industrial loans outstanding in 1982 dollars (BCI-101)—see note for page C-4.
* Preliminary March 1992 values: BCI-19 = 407.77 and BCI-109 = 6.50.
1. Data exclude Puerto Rico, which is included in figures published by the source agency.
2. Copyrighted. This series may not be reproduced without written permission from the University
of Michigan, Survey Research Center, P.O. Box 1248, Ann Arbor, Ml 48106-1248.
3. Excludes BCI-57, for which data are not available.
4. Excludes BCI-77 and BCI-95, for which data are not available.
Page C-2
Nc-TE.-Major data revision:
Series based on the national income and product accounts (BCI-49, -50, -55, -86, -88, -107, and
-290) have been revised to incorporate corrections made by the source. Periods covered by these
corrections are as follows: BCI-290 from 1959 forward; BCI-49, -55, -86, and -88 from 1970-1973; BCI107 from 1970-1976; and BCI-50 from 1970-1977. For further information, contact the U.S. Department
of Commerce, Bureau of Economic Analysis, National Income and Wealth Division, Washington, DC
20230.
* Anticipated 2d quarter 1992 values: BCI-61 = 580.52 and BCI-100 = 541.40.
1. Data exclude Puerto Rico, which is included in figures published by the source agency.
2. Copyrighted. This series may not be reproduced without written permission from McGraw-Hill
Information Systems Company, F.W. Dodge Division, 1221 Avenue of the Americas, New York, NY
10020.
Page C-3
NOTE.—Major data revision:
Gross private nonresidential fixed investment, total (BCI-86) and producers' durable equipment (BCI88)—see note for page C-2.
* Preliminary March 1992 value: BCI-23 = 267.2.
1. Copyrighted. This series may not be reproduced without written permission from Commodity
Research Bureau, inc., 75 Wall Street, 22d Floor, New York, NY 10005.
Page C-4
NOTE.—Major data revisions:
Real average hourly compensation of all employees in the nonfarm business sector (BCI-346) has
been revised from 1987 forward by the source to incorporate recent revisions in the CPI-U deflator. (See
note for page C-3 in the February 1992 SURVEY). For further information, contact the U.S. Department
of Labor, Bureau of Labor Statistics, Office of Productivity and Technology, Division of Productivity
Research, Washington, DC 20212.
Gross saving (BCI-290)—see note for page C-2.
Money supply measures (BCI-85, -102, -105, -106, -107, and -108) have been revised by the
source to incorporate further revisions to historical data. Periods covered by these revisions are as
follows: BCI-102, -106, and -108 from 1990 forward; and BCI-85, -105, and -107 from 1991 forward.
Series BCI-107 also has been revised for 1970-1976 to incorporate corrections in its gross domestic
product component—see note for page C-2. For further information, contact the Board of Governors
of the Federal Reserve System, Division of Research and Statistics, Banking Section, Washington, DC
20551 and the U.S. Department of Commerce, Bureau of Economic Analysis, Business Outlook Division,
Washington, DC 20230.
Series that include data on commercial and industrial loans outstanding and commercial paper
issued by nonfinancial companies (BCI-72, -101, -111, and -112) have been revised by the source.
Commercial and industrial loans has been revised from 1991 forward to reflect changes in the reporting
panel, and commercial paper has been revised from 1989 forward to reflect new seasonal adjustment
factors. For further information, contact the Board of Governors of the Federal Reserve System, Division
of Research and Statistics, Banking Section, Washington, DC 20551 and The Federal Reserve Bank of
New York, Market Reports Division, 33 Liberty Street, New York, NY 10045.
* Preliminary March 1992 values: BCI-122 = 54.0, BCI-123 = 74.5, and BCI-85 = 1.38.
1. Copyrighted. This series may not be reproduced without written permission from the University
of Michigan, Survey Research Center, P.O. Box 1248, Ann Arbor, Ml 48106-1248.
Page C-5
NOTE.—Major data revision:
Commercial and industrial loans outstanding in current and 1982 dollars (BCI-72 and BCI-101)—see
note for page C-4.
* Preliminary March 1992 values: BCI-119 = 4.02, BCI-114 = 4.04, BCI-116 = 8.64, BCI-115 = 7.93,
BCI-117 = 6.75, BCI-109 = 6.50, BCI-19 (1941-43=10) = 407.77, BCI-19 (1967=100) = 443.6, BCI-748
= 1,359.9, BCI-745 = 332.7, BCI-746 = 1,078.9, BCI-742 = 1,205.6, BCI-747 = 307.9, BCI-743 = 394.8,
BCI-750 = 90.53, BCI-758 = 132.61, BCI-755 = 1.6645, BCI-756 = 5.6523, BCI-752 = 0.5808, BCI-757
= 1,248.72, and BCI-753 = 1.1939.
1. Balance of payments basis: Excludes transfers under military grants and Department of Defense
sales contracts (exports) and Department of Defense purchases (imports).
2. Organisation for Economic Co-operation and Development.
3. This index is the weighted-average exchange value of the U.S. dollar against the currencies of
the other G-10 countries plus Switzerland. Each country is weighted by its 1972-76 global trade. For a
description of this index, see the August 1978 Federal Reserve Bulletin (p. 700).
4. This index is compiled by the Center for International Business Cycle Research (CIBCR), Graduate
School of Business, Columbia University, New York, NY 10027.
SURVEY OF CURRENT BUSINESS
March 1992 • C-7
Composite Indexes
Index: 1982=100
Composite index of 111 leading indicators
(series 1,5,8,19,20,29,32,83,92,99,106)
920. Composite index o 4 coincident indicators
(series 41,47, SJj
index
(seriies|fj77,91
1955 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79
NOTE.—The numbers and arrows indicate length of leads (-) and lags (+) in months from business
cycle turning dates. Current data for these series are shown on page C-1.
87 88 89 90 911992
C-S
SURVEY OF CURRENT BUSINESS
• March 1992
Composite Indexes: Rates of Change
Percent change over 3-month span, annual rate
910k. Composite index of 11 le
nciden indies
ij***^
f_jv -y^ *^Vv>
Composite Indexes: Diffusion
Percent m components rising over 6-month span
1955 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 911992
NOTE.—Current data for these series are shown on page C-1.
SURVEY OF CURRENT BUSINESS
March 1992 • C-9
Composite Indexes: Leading Index Components
Aug. Apr,
P T
housa ids—inverted scale
new orders in 1982 dollars
Contracts and orders for plant anc
1955 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 911992
NOTE.—Current data for these series are shown on page C-1.
C-10 • March 1992
SURVEY OF CURRENT BUSINESS
Composite Indexes: Leading Index Components—Continued
sens tivematerials price;
Stock prices, 500 common
83. Consumer expectations, U
1955 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 911992
1. This series is smoothed by an autoregressive-movmg-average filter developed by Statistics Canada.
2. This is a copyrighted series used by permission; it may not be reproduced without written permission
from the University of Michigan, Survey Research Center.
NOTE.—Current data for these series are shown on page C-1.
SURVEY OF CURRENT BUSINESS
March 1992 • C-ll
Composite Indexes: Coincident Index Components
Aug. Apr.
PT
Apr. Feb.
P T
1955 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 911992
NOTE.—Current data for these series are shown on page C-1.
C-12 • March 1992
SURVEY OF CURRENT BUSINESS
Composite Indexes: Lagging Index Components
Aug. Apr.
P T
Apr. Feb.
P T
Average duration o unemployment (weeks—i
manufacturing and rade ir ventor ies to sales ir
index of labor cost per u lit of o titput
Average prime rate charged by baiks (p( rcent)
101.' Commercial and indu
loans outstanding
Ratio, consume
personal ii
120. Change in Consumer Price ndex for servjces. smoothed1
(anru-aite, percent)
1955 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 911992
1. This series is smoothed by an autoregressive-moving-average filter developed by Statistics Canada.
NOTE.—Current data for these series are shown on page C-1.
SURVEY OF CURRENT BUSINESS
March 1992
• C-13
Employment and Unemployment
Dec. Nov.
P
T
Nov.
P
Mar.
T
Jan. July July
F T P
Nov.
T
July
P
21. Average weekly jvertime hours ol production or no TSuperviisory workers, manufacturing (hours)
432-
46. Help -wanted adverts; tig in nevispapers (index: 1967=100
180-i
160140120100-
220-
48. Employee hours
200-
establishments (inn. rate, bil. hours)
180160- &
140-
yees on nonagricultural payrolls goods-producinj industries (millions)
28-|
262422-
Ratio, civilian empl
64-,
population of working agu (percent)
6260- I
5856-
43. Civilian unemployment rate (percent—ir verted scale)
3579'
11
1964 65
66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 1992
NOTE.—Current data for these series are shown on page C-2.
Ksnf Ub.
University
siL 6SO 63701
C-14
SURVEY OF CURRENT BUSINESS
March 1992
Output, Production, and Capacity Utilization
Dec. Nov.
P
T
Nov.
P
Mar.
T
Jan. July July
P T
P
Nov.
T
manufactures (index: 1987
Industrial production, durable manufactures (index
70- I
1964 65
66 67
68
69
70
71
72
73
NOTE.—Current data for these series are shown on page C-2.
74
75
76 77
78
79 80
82 83 84 85
86 87
88 89 90 91 1992
SURVEY OF CURRENT BUSINESS
March 1992
• C-15
Sales and Orders
rablegoodsindustres(bil
Wages and Consumer Attitudes
53. Wages and salaries n
cohstructicjn jann. r te, bil.
G,C,C
123J Consumer expectations, The Com rence Board (i
i
7TT*^n^¥lMr84
7
NoiE.-Current data lor these series are shown on pages C-2 and C-4.
85 86 87 88 89 90 91 1992
C-16 • March 1992
SURVEY OF CURRENT BUSINESS
Fixed Capital Investment
Dec. Nov.
P T
Nov. Mar.
P
T
Jan. July July
F T P
Nov.
T
rers new orders in
se capital goods
cts awarded for cpmme
. ft. of floor space;
1964 65
66 67
68 69
70 71 72
73 74 75
76 77
1. This is a copyrighted series used by permission; it may not be reproduced without written
permission from McGraw-Hill Information Systems Company, F.W. Dodge Division.
NOTE.—Current data for these series are shown on page C-2.
78 79 80
81
82 83 84 85 86
87 88
90
91 1992
SURVEY OF CURRENT BUSINESS
March 1992 • C-17
Fixed Capital Investment—Continued
Dec. Nov.
P
T
Nov.
P
Jan. July July
F T P
Mar.
T
Nov.
T
100. New plaiit and equipment expenditures by Business
1987 dol ars, Q (zjnn. rate,
69. Manfacturers' machinery and i equipment sales a,nd
business construction expend! ures (am. rate:
Industrial production business equipn ent (index
Gross private nonresidential fixed investment in 1987 dollars—
(ann. rate, bil.
80 Total, Q
C,Lg,C
^durable equipment
C,Lg,C
87. Structures, Q
Lg,Lg,Lg
1964 65
66 67
68 69 70
71 72
73
74 75 76 77 78
NOTE.—Current data for these series are shown on pages C-2 and C-3.
79 80 81
82 83 84 85
86 87 88 89 90
91 1992
SURVEY OF CURRENT BUSINESS
C-18 • March 1992
Fixed Capital Investment—Continued
Dec. Nov.
P
T
Nov. Mar.
P
T
Jan. July July
P T
P
Nov.
T
Inventories and Inventory Investment
n business inventories in
1964 65
66 67
68 69 70
71 72 73 74
NOTE.—Current data for these series are shown on page C-3.
75 76 77 78 79
80 81 82 83 84
86 87 88 89 90 91 1992
SURVEY OF CURRENT BUSINESS
March 1992 • C-19
Prices and Profits
Dec. Nov.
P
T
Spot market prices
Corporate profits after tax in 1987 dolla
Cor pore te profit; after ta> in curre it d
, Q (anni rate, oil
fits after tax to corporate do
corporate domestk profits after tax
corporate domestic income
.U.L.L
26. Ratio, implici aricedJliorto jnit labor cost, nc nfarm business
sector.
1964 65
66 67
68 69 70
71 72 73 74
75 76 77
IVA Inventory valuation adjustment. CCAdj Capital consumption adjustment.
1. From June 1981 forward, this is a copyrighted series used by permission; it may not be
reproduced without written permission from Commodity Research Bureau, Inc.
NOTE.—Current data for these series are shown on pages C-3 and C-4.
78 79 80 81 82
83 84 85
86 87 88
90
91 1992
C-20
• March 1992
SURVEY OF CURRENT BUSINESS
Money, Credit, and Interest Rates
Dec. Nov.
P
T
Change in money sui ply M2
tot change in consumer instal
Funds raised by private nonfi
1964 65
66 67
68
69 70
71 72
73 74 75
NOTE.—Current data for these series are shown on page C-4.
76 77
78
79
80 81
82 83 84
85
86 87
89
90
91 1992
March 1992
SURVEY OF CURRENT BUSINESS
Money, Credit, and Interest Rates—Continued
Dec. Nov.
P T
Nov.
P
Mar.
T
Jan. July July
F T P
Nov.
T
-day Treasury bi Is (percent)
rade corporate bonds (percent)
Alternative Composite Indexes
ding composite index (1967
1964 65 66 67 68
70
71 72 73 74 75 76 77
CIBCR Center for International Business Cycle Research (Columbia University).
NOTE.—Current data for these series are shown on page C-5.
78 79 80 81 82 83 84 85
86 87 88
90
91 1992
• C-21
C-22
SURVEY OF CURRENT BUSINESS
• March 1992
Other Measures
Prices
Jan.July
P T
July
P
Nov.
T
Jan. July
P T
July
P
July
P
Nov.
T
Percent change at annual rate
293. Personal saving rate, Q (percent)
-weighted price index, gross
domestic business product (1-Q span)
108642-"
Consumer Price Indexes for all urban consumers—
320c. All items
29! >_. Goyerr iment su -plus or defic it, Q
40-
0-40-
323c. All items less food and energy
-80-
-120-
-160-200-
370< Change in output per hour, all pei sons,
ra e, percent)
105-
337c. Finished goods less foods and energy
0-5-
5£4. Federal Government pu chases
defense, Q (ann. rate, b I. dol.)
334c. Finished consumer goos
or national
333c. Capital equipment
332c. Intermediate materials, supp IBS, and
620. l/lerchandise imports, adjusted, excluding
nilitary, 3 (ann. rite, bil. dol.)
331 c. Crude materials for further processing
650550450350250-
61 B. Merchandise exports, adjusted,
excluding military, Q (ann. rate, bil. dol.)
1980 81
82 83
84
85
86
87
88
89
90
91 1992
NOTE.—Current data for these series are shown on pages C-3, C-4, and C-5.
1980 81
82
83
84 85
86
87
88 89
90
91 1992
J
150
SURVEY OF CURRENT BUSINESS
International Industrial Production
JatUuly
P T
July
P
March 1992 • C-23
International Consumer Prices
Nov.
T
Percent change over 6-month span, annual rate
1980 81
82 83 84
85
86
87 88
89
NOTE.—Current data for these series are shown on page C-5.
90 91 1992
1980 81
82 83
84 85
86 87 88 89 90 91 1992
C-24
• March 1992
SURVEY OF CURRENT BUSINESS
International Exchange Rates
International Stock Prices
Jan. July July
P T
P
Nov.
T
755. Federal Ffeiuibl c of
M»
1980 81
82 83
84 85
86 87
88 89
NOTE.—Current data for these series are shown on page C-5.
90 91 1992
1980 81
82 83 84 85
^J^
86 87
88
90
91 1992
SURVEY OF CURRENT BUSINESS
March 1992
S-l
CURRENT BUSINESS STATISTICS
Series originating in Government agencies are not copyrighted and may be reprinted freely. Series from private sources
are provided through the courtesy of the compilers and are subject to their copyrights.
Current data for the series shown in the S-pages are available on diskette on a subscription basis or from the Commerce
Department's Economic Bulletin Board. Historical data, data sources, and methodological notes for each series are published
in BUSINESS STATISTICS, 1961-88. For more information, write to Business Statistics Branch, Business Outlook Division
(BE-52), Bureau of Economic Analysis, U.S. Department of Commerce, Washington, DC 20230.
NOTE.—This section of the SURVEY is prepared by the Business Statistics Branch.
Unless otherwise stated in footnotes below, data
through 1988 and methodological notes are as shown in
BUSINESS STATISTICS, 1951-88
1991
Annual
1990 |
1991
Jan.
Feb.
MarTj
Apr. | May
June |
1992
July
Aug.
4 833.1
4 854.2
2,823.6
743.3
5607
644.3
8945
541.5
292.7
Sept. |
Nov.
Jan.
Feb.
4,8772 '4,925.6
2,835.0 '2,852.7
739.4
745.2
561 0
'5656
'646.4
644.6
9067
'9151
544.2
546.0
297.0
298.3
'4,918.1
'2,835.8
'734.8
'556.1
'639.6
4,972.4
2,871.9
738.0
5608
652.8
551.0
299.7
553.9
301.1
'38.9
'358.4
'26.8
'362.0
368.0
'-8.6
"-11.5
129.4
129.5
r
705.8
'700.9
r
'797.1
779.1
'240.1
'241.4
r
4,825.8 '4,862.5
'-9.4
129.1
'697.4
'820.4
'243.8
'4,867.6
129.4
695.4
830.1
246.4
4,915.9
'4,918.1
'618.6
'4,299.5
'4,103.7
'3j993.7
'457.4
'1,264.8
'2,271.5
' 106.5
4,972.4
627.8
4,344.6
4,140.8
4,030.8
471.1
1,273.5
2,286.2
106.5
Oct.
Dec.
1. GENERAL BUSINESS INDICATORS
PERSONAL INCOME BY SOURCE f
[Billions of dollars]
Seasonally adjusted, at annual rates:
Total personal income
Wage and salary disbursements, total
Commodity-producing industries total
Manufacturing
Distributive industries
Service industries
Government
Other labor income
Proprietors' income: ±
Farm
Nonfarm
Rental income of persons with capital consumption
adjustment
Personal dividend income
Personal interest income
Transfer payments to persons
Less: Personal contributions for social insurance ...
Total nonfarm income
4,679.8
2,738.9
745.4
5558
634.6
8450
514.0
274.0
4,834.4
2,808.3
738.7
5565
641.2
8878
540.6
290.6
4,761.5
2,771.7
737.7
5530
634.0
8667
533.3
282.6
4,761.2
2,767.6
734.1
5491
635.4
8621
536.1
284.2
4,781.4
2,773.4
728.5
5458
636.1
8708
538.1
285.8
4,792.0
2,779.4
731.0
5488
635.8
8737
538.8
287.2
4,825.5
2,799.5
735.8
5524
641.7
881 5
540.5
288.6
4,845.8
2,822.8
738.7
5558
648.3
8937
542.0
289.9
2,808.1
739.4
5577
639.3
8863
543.1
291.3
4 872.8
2,835.9
744.4
561 6
648.3
9023
540.8
294.2
r
4 883.0
2,830.2
747.5
5664
640.5
8998
542.3
295.6
r
42.5
35.1
27.4
29.2
41.8
39.4
43.4
36.0
32.0
31.0
33.0
3307
3445
3297
3322
3322
3362
340.8
3443
347.9
3503
3533
-12.9
124.8
721 3
684.9
224.3
4,614.5
-12.7
128.5
759.5
238.0
4,775.5
-12.1
128.6
7346
733.9
234.9
4,710.9
-12.3
129.5
7298
736.2
235.3
4,708.7
-11.3
127.8
7260
741.5
235.8
4,716.2
-11.7
127.2
7238
746.5
235.9
4,729.1
-11.6
127.5
721.7
752.6
237.0
4,758.5
-11.6
127.6
719.8
755.5
238.3
4,786.2
-12.9
128.3
718.1
758.7
238.3
4,777.3
-14.2
128.6
716.6
765.0
239.4
4,799.3
-15.5
129.1
715.5
767.4
240.2
4,815.7
4,679.8
621.0
40588
3,853.1
37426
465.9
1,217.7
20590
107.5
4 834.4
616.1
42184
3,999.1
38891
4452
1,251.9
21919
106.8
4,761,5
621.7
4,139.8
3,903.1
37924
425.4
1,239.5
21275
107.6
4,761.2
616.1
4,145.1
3,938.0
3 827.5
438.2
1,249.5
21398
107.4
4,781.4
613.4
4,168.0
3,974.0
3,863.3
458.6
1,249.9
2,154.7
107.6
4,792.0
612.7
4,179.3
3,952.3
3,841.7
434.0
1,243.8
2,163.9
107.5
4,825.5
613.2
4,212.3
3,983.7
3,873.5
437.3
1,259.1
2,177.1
107.1
4,845.8
615.0
4,230.8
4,000.1
3,890.2
448.6
1,255.8
2,185.9
106.8
4,833.1
612.0
4,221.1
4,017.6
3,908.0
453.8
1,262.0
2,192.2
106.6
4,854.2
615.2
4,239.0
4,020.0
3,910.7
449.0
1,258.5
2,203.3
106.4
4,872.8 r 4,883.0 ' 4,877.2
618.1
618.1
'617.5
4,254.7 r 4,264.9 '4,259.7
4,039.5 ' 4,032.1 '4,061.8
3,930.6 r 3,922.7 '3,952.1
449.4
456.0
'447.1
1,251.7 " 1,248.2 1,254.2
2,222.8 r 2,225.0 '2,250.9
106.0
106.2
105.9
29
205.8
32
219.3
31
236.8
3.1
207.0
3.1
194.1
3.1
227.1
3.1
228.6
3.1
230.7
2.9
203.5
2.9
218.9
2.9
215.2
5.1
5.2
5.4
5.1
5.0
5.2
5.4
5.2
5.1
5.0
5.2
35383
35349
35096
35068
3528.1
3,524.1
3 538.5
3,549 7
3,535.5
3,541 .4
3 543.1 ' 3 545.1 '35328
3,262.6
438.9
1,050.8
1,773.0
3.258.9
412.5
1,043.0
1,803.4
3,215.0
397.8
1,035.4
1,781.7
3,238.1
407.6
1,045.6
1,784.9
3,270.1
427.0
1,050.8
1,792.4
3,239.4
403.2
1,041.5
1,794.7
3,253.9
406.2
1,051.2
1,796.5
3,263.9
417.4
1,045.9
1,800.6
3,273.3
419.6
1,052.5
1,801.2
3,267.1
415.0
1,046.2
1,805.9
3,273.2
420.1
1,039.6
1,813.4
1147
119.3
118.0
118.2
118.1
118.6
119.0
119.2
119.4
119.7
120.1
120.3
120.6
109.2
107.0
105.1
106.1
104.2
104.4
104.7
109.2
106.6
110.4
111.4
109.8
1026
101 1
109.2
107.4
107.1
107.9
103.1
129.5
103.1
104.5
101.2
105.0
120.7
104.9
106.1
103.4
102.3
109.6
103.9
104.9
102.5
100.2
100.0
105.2
106.1
104.1
98.5
97.9
105.8
106.4
105.2
100.9
106.8
110.3
109.6
111.1
980
110.4
107.1
105.1
109.7
100.6
109.7
111.4
108.8
114.8
100.6
105.7
113.0
110.8
1.15.7
101.4
108.0
109.9
111 6
107.8
1092
107.1
106.6
105.7
105.0
105.5
106.4
107.3
108.1
108.0
108.4
7186
r
42.4
3539
'-19.1
129.3
T
71 0.5
'780.1
239.8
r
4,81 6.6
r
27.1
3553
32.2
-9.2
DISPOSITION OF PERSONAL INCOME f
[Billions of dollars, unless otherwise indicai<xJ]
Seasonally adjusted, at annual rates:
Total personal income
Less: Personal tax and nontax payments
Equals' Disposable personal income
Less: Personal outlays
Personal consumption expenditures
Durable goods
Nondurable goods
Services
Interest paid by persons
Personal transfer payments to rest of the world
(net)
Equals: personal saving
Personal saving as percentage of disposable
personal income § .
Disposable personal income in constant (1987)
dollars
Personal consumption expenditures in constant
(1987) dollars
Durable goods
Nondurable goods
Services
Implicit price deflator for personal consumption
expenditures 1987-100
r
r
35
232.8
r
'4,925.6
'619.7
'4,305.9
'4,066.5
'3,956.2
'445.5
'1,250.9
'2,25918
'106:8
'3.5
'3:5
'3.5
'197.9
'239.4
'195.8
3.5
203.8
'4.9
4.9
'3564.5
'3556.3
3,580.7
3,260.6 '3,277.7 '3,275.0
411.1
'412.2
'413.1
1,036.8
1,037.3 '1,033.4
' 1,81 0.7 '1,829.3 '1,829.4
'3,303.4
'421.9
'1,047.3
'1,834.1
3,322.1
432.7
1,050.3
1,839.1
120.8
120.9
121.3
107.5
'105.1
105.0
'107.6
111.7
110.4
113.5
'102.0
105.6
108.2
'107.8
'108.7
'100.0
'116.6
'104.6
'104.4
'105.0
'98.5
'129.1
103.4
103.1
'103.7
'99.4
P 123.4
^ 107.0
f- 106.8
''107.2
108.4
108.1
'107.4
'106.6
' 107.2
'108.5
'110.0
'109.5
r
f 108.2
'• 109.7
' 109.4
5.1
'5.2
r
INDUSTRIAL PRODUCTION 0
[1987*100]
Not seasonally adjusted:
Total index
By industry groups:
Mining
Utilities
Manufacturing
Durable
Nondurable
Seasonally adjusted:
Total index
By market groups:
Products total
Final products
Consumer ooods
See footnotes at end of tables.
1101
1081
1078
1069
1065
1069
1077
1086
1087
1085
110.8
107.3
109.6
107.5
109.1
105.6
108.3
104.7
108.1
104.7
108.7
105.5
109.3
106.6
110.1
108.0
110.2
108.3
109.8
108.4
108.9
110.4
109.4
97.5
109.0
110.6
109.7
109.0
110.6
110.0
107.6
'108.9
'108.5
SURVEY OF CURRENT BUSINESS
S-2 • March 1992
Unless otherwise stated in footnotes below, data
through 1988 and methodological notes are as
shown in BUSINESS STATISTICS, i96i-88
Annual
1990
|
1992
1991
Jan.
1991
Feb.
Mar.
Apr. |
May |
June
July
Oct.
Nov. I Dec.
Jan. |
Feb.
'100.9
'93.6
'106.7
"104.5
"100.0
"94.3
"108.0
'110.6
'107.3
'95.8
'119.8
'126.7
'108.7
"110.8
"108.1
"95.1
"121.0
"125.2
"107.9
Aug. |
Sept. |
104.0
107.5
106.7
105.1
108.1
106.0
103.6
108.0
'107.3
'111.1
108.1
'109.4
'120.0
'134.1
'160.6
'100.6
'124.7
"110.1
"121.2
"134.7
"161.6
"101.0
"129.1
"94.7
1. GENERAL BUSINESS INDICATORS-Continued
INDUSTRIAL PRODUCTION 0-Continued
[1987=100]
Seasonally adjusted-Continued
By market groups—Continued
Final products—Continued
Consumer goods—Continued
Durable
Automotive products
Autos and trucks
Other durable goods
Nondurable
Foods and tobacco
Clothing
Chemical products
Paper products
Energy products
Equipment total
Business equipment
. .. .
Information processing and related
Office and computing machines .
Industrial
Transit .
Autos and trucks
Defense and space equipment
Oil and gas well drilling
Manufactured homes
Intermediate products
Construction supplies
Business supplies
Materials
Durable
Nondurable
Energy
By industry groups:
Mining
Metal mining
Coal
Oil and gas extraction #
Crude oil
Natural gas
. ..
Stone and earth minerals
Utilities
Electric
Gas
Manufacturing
.
Durable
Lumber and products
Furniture and fixtures
Clay, glass, and stone products
Primary metals
Iron and steel
Nonferrous
Fabricated metal products
Nonelectrical machinery
Electrical machinery
Transportation equipment
Motor vehicles and parts
Instruments
Nondurable
Foods
Tobacco products
Textile mill products
Apparel products
Paper and products
Printing and publishing
Chemicals and products
Petroleum products
Rubber and plastics products
Leather and products
106.1
102.2
97.2
109.3
107.6
105.9
95.7
113.2
119.6
105.9
102.4
97.6
98.3
90.8
90.6
79.6
95.2
88.1
74.7
105.7
103.2
108.9
106.8
107.8
106.3
93.5
90.6
90.8
90.4
90.6
92.0
115.9
123.4
108.0
114.7
122.1
106.5
114.8
121.0
105.2
114.2
122.2
105.5
115.0
122.7
104.4
113.9
121.8
109.0
115.5
123.0
127.2
149.6
115.2
130.0
112.3
121.6
131.5
155.6
108.1
127.2
113.6
121.6
130.1
155.0
111.5
124.0
112.9
120.6
131.6
157.3
109.1
120.3
112.5
120.3
131.2
155.1
109.5
120.4
112.8
121.3
131.5
155.6
109.3
124.1
112.7
121.7
131.8
155.6
109.3
125.9
96.7
89.2
79.8
75.0
76.7
84.4
97.3
91.0
94.1
85.4
94.4
94.5
93.9
92.5
106.4
108.2
107.7
77.3
79.3
107.7
105.2
109.4
103.3
103.8
102.6
101.3
97.7
96.4
94.0
95.8
97.4
96.9
96.7
96.5
108.3
108.1
106.8
106.4
105.6
107.5
108.5
109.0
109.7
109.7
110.1
'103.9
'95.9
'109.4
'103.5
'95.2
'109.3
'108.9
"103.4
"95.5
"109.0
107.8
111.8
106.0
102.1
105.5
107.1
106.0
102.3
104.8
106.8
104.9
101.1
103.9
105.5
103.6
101.1
102.6
103.3
102.8
101.3
103.4
104.9
103.1
101.1
104.5
106.2
103.7
102.4
105.4
106.7
104.9
103.4
107.0
108.2
108.1
104.1
107.2
109.1
107.8
103.3
107.5
109.3
108.3
103.6
107.4
108.8
109.6
103.1
106.6
108.6
'107.7
'102.2
'105.7
'108.1
'107.1
'100.5
'105.0
'107.4
'106.4
'99.5
"105.6
"108.3
"107.3
"99.4
102.5
152.8
113.4
101.1
150.2
109.3
101.7
143.1
108.4
102.9
148.0
112.8
101.5
147.6
109.9
100.9
145.7
105.9
100.2
148.0
103.4
102.1
157.0
110.2
102.7
153.0
116.0
101.3
155.5
110.8
101.4
153.1
110.1
100.7
146.5
107.9
'99.6
'151.5
108.4
'94.1
'97.1
'148.6
r
107.3
'90.9
"97.4
"146.4
"107.8
"91.2
102.8
'107.6
"'"p'm'z
109.3
90.6
83.1
96.1
92.5
98.1
98.6
90.2
104.1
107.3
108.1
108.3
107.7
106.5
103.0
108.7
108.1
106.2
109.0
106.9
109.0
106.9
109.6
107.1
109.8
107.8
110.3
107.8
93.9
94.3
94.8
95.2
96.3
114.3
123.3
110.0
115.4
122.1
109.4
117.4
122.6
109.5
117.3
124.8
106.7
117.0
125.6
108.5
'117.9
'126.4
112.0
'110.7
'107.6
'96.2
'118.9
'126.7
'109.4
112.8
121.9
130.9
154.0
109.1
128.0
112.8
122.5
131.1
156.0
109.0
131.2
111.6
121.3
130.3
153.1
108.6
126.7
111.8
122.2
130.3
152.2
108.2
132.7
111.4
'121.8
'133.4
'157.8
'104.2
130.5
'110.8
'121.4
'133.6
'159.1
'102.6
129.9
87.9
90.8
96.6
86.2
99.3
111.9
122.3
131.7
156.0
106.8
133.1
101.1
91.5
91.0
90.0
89.1
105.1
101.3
103.0
83.1
86.6
90.8
97.8
86.5
89.8
86.7
101.2
102.7
104.0
104.0
95.9
88.9
76.7
99.3
101.1
94.2
85.0
97.4
89.2
100.7
101.4
103.4
107.3
105.9
107.1
105.4
107.2
105.3
94.9
104.2
100.4
105.5
102.3
90.3
104.4
80.1
86.2
104.3
89.1
79.0
86.3
104.1
95.4
99.0
96.5
'104.8
'101.7
96.7
84.3
96.5
96.1
84.9
88.8
'87.7
'86.4
78.1
87.0
75.8
87.9
'98.4
71.8
'103.3
95.3
95.8
88.4
96.0
87.5
89.9
89.0
88.4
96.6
88.7
87.6
87.6
88.3
88.7
88.8
88.9
104.6
119.3
107.8
108.5
101.8
119.2
106.4
112.0
104.9
108.0
106.3
107.0
107.5
107.5
110.1
106.4
109.0
107.8
108.8
107.0
112.5
107.3
112.4
105.9
'109.1
'105.8
'98.7
'153.9
107.6
'92.7
'87.5
104.9
'107.7
108.0
110.8
108.9
112.7
107.6
110.4
104.6
107.8
106.4
109.8
105.9
109.8
111.4
116.4
111.5
117.1
110.9
116.6
110.7
115.6
109.7
113.4
109.4
112.2
97.7
95.0
97.5
92.8
93.6
91.6
92.8
90.7
89.7
92.4
95.8
98.9
111.0
112.7
'104.7
'107.9
'110.2
'99.3
'107.3
'109.7
'98.1
"106.7
"109.3
"97.1
109.9
107.5
107.0
106.1
105.2
105.9
106.6
107.5
108.3
108.4
108.9
109.0
108.6
'108.1
'107.4
"108.1
111.6
101.1
105.9
105.8
108.2
109.7
106.1
105.8
126.5
111.4
105.5
107.1
107.2
106.1
105.0
106.0
106.7
107.3
108.1
107.8
108.4
108.2
94.1
94.2
99.0
97.2
99.7
91.5
94.9
98.9
99.5
98.0
92.7
98.3
94.2
92.5
98.5
95.1
96.9
94.0
96.7
99.4
95.0
96.4
92.9
101.0
101.5
124.5
108.2
123.1
108.6
123.5
109.7
'106.9
'95.4
'100.4
'92.3
'101.2
'101.7
'100.3
'101.0
'121.8
110.5
'98.1
'94.6
'118.5
105.8
'97.3
'99.6
'92.1
'103.9
'106.8
'99.8
99.1
91.2
95.4
94.4
94.7
92.0
98.4
97.8
'107.8
'96.4
'120.9
'109.9
'93.6
'87.0
'118.0
"106.8
"96.4
"100.2
"92.7
"103.0
"105.1
"100.0
"100.7
"122.4
"110.6
"96.3
"93.2
"118.6
'109.7
'109.7
'99.3
'103.8
'98.7
'107.0
'113.6
'113.2
'109.3
'112.8
'83.2
'109.4
'109.4
'100.1
'103.3
'98.2
'104.3
'114.0
'113.6
'107.8
'113.3
'81.8
"109.8
"109.8
"100.9
"103.2
"97.7
"105.2
"113.4
"114.6
"107.9
"114.0
"80.9
491,182
95.5
99.1
95.0
99.6
98.2
97.2
96.4
96.0
96.9
96.4
95.7
96.0
96.0
94.8
95.3
95.2
93.8
100.5
101.3
101.2
100.5
95.8
95.5
94.4
94.4
102.6
100.6
105.5
101.4
123.3
111.5
102.3
100.8
104.4
101.9
123.1
111.0
102.2
103.5
105.6
100.5
101.8
'122.8
110.7
'109.6
'110.1
'97.7
104.4
96.8
98.8
90.8
97.6
83.0
95.5
79.4
95.0
79.8
97.2
86.2
98.2
89.8
99.7
92.5
96.7
99.0
91.6
116.9
118.1
119.0
119.3
118.4
118.6
118.2
117.3
116.5
116.9
118.1
107.8
107.6
107.9
108.6
100.1
100.6
106.8
108.3
100.0
106.0
107.6
100.1
105.4
107.4
105.9
107.6
106.5
107.8
107.6
108.6
97.6
97.2
93.2
98.7
99.2
95.2
99.4
101.7
108.6
108.3
102.6
104.2
109.0
108.7
103.1
104.7
109.6
109.5
102.7
103.2
110.1
109.4
102.2
105.5
100.6
101.7
125.5
107.6
101.6
100.4
123.5
110.1
101.6
94.5
91.6
98.5
98.0
99.1
99.8
123.6
110.6
123.4
111.5
99.5
103.5
100.9
123.9
111.0
101.3
99.5
98.8
96.1
94.0
92.9
94.3
93.1
98.2
95.4
92.5
96.2
97.8
98.3
98.1
98.7
105.4
112.0
110.1
108.3
110.2
105.0
112.1
110.9
107.6
110.1
104.2
112.1
110.1
104.7
108.8
102.2
110.9
109.1
108.8
106.1
101.3
110.4
108.2
108.5
104.4
101.3
110.7
109.0
105.7
106.6
101.3
110.6
109.2
107.5
109.2
105.3
111.2
109.6
109.6
110.5
108.1
111.9
111.5
108.3
110.1
106.5
112.3
112.3
107.3
112.6
108.0
113.3
112.6
108.6
113.8
109.0
114.4
113.5
106.0
113.2
99.9
88.1
89.6
90.8
91.5
90.0
89.5
90.9
91.0
87.1
85.8
83.9
98.7
100.7
99.9
92.8
101.2
102.6
102.4
102.9
101.9
123.5
109.8
102.4
100.4
118.2
99.0
87.4
99.7
95.9
'118.7
98.8
106.1
'114.2
113.0
106.7
112.6
84.3
86.2
99.5
BUSINESS SALES
[Millions of dollars; constant (1982) dollar series
in billions of dollars]
Manufacturing and trade sales (unadj.), total
Manufacturing and trade sales (seas, adj.), total
Manufacturing total
Durable goods industries
Nondurable goods industries
Retail trade total
Durable ooods stores
Nondurable goods stores
. .
Merchant wholesalers total
Durable goods establishments
Nondurable goods establishments
Manufacturing and trade sales in constant (1982)
dollars (seas adj ) total
Manufacturing
Retail trade
Merchant wholesalers
See footnotes at end of tables.
"85.6
"73.9
"96.0
6,515,005
491,129
532,805
531,115
551,778
551,353
520,634
550,380
550,077
563,691
542,696
'553,355
526,946 '527,495
523,117
530,872
535,926
536,977
541,023
539,578
540,898
542,982
542,757
'532,637
536,075
233,215
117,432
115,783
228,715
114,487
114,228
234,886
119,721
115,165
238,289
121,024
117,265
239.118
122,240
116,878
240,193
122,994
117,199
241,894
124,459
117,435
242,240
124,965
117,275
245,134
126,404
118,730
245,480 '235,997
126,547 '119,795
118,933 '116,202
236,179
121,310
114,869
' 147,498 '150,672
'50,463 '53,189
'97,035 '97,483
151,467
53,725
97,742
150,967
53,490
97,477
152,710
54,074
98,636
152,642
54,212
98,430
153,195
54,117
99,078
152,160
53,390
98,770
152,658
54,619
98,039
152,483
54,657
97,826
152,505 '152,440
54.247
'54,687
98,258
'97,753
155,609
56,211
99,398
' 144,900
'69,269
'75,631
143,608
69,022
74,586
142,935
69,280
73,655
145,019
68,945
76,074
144,927
68,564
76,363
145,217
69,347
75,870
147,635
70,618
77,017
145,524
69,902
75,622
146,000
71,070
74,930
145,365
70,222
75,143
144,772 ' 144,200
69,855
'69,590
74,917
'74,610
144,287
69,835
74,452
460.5
215.7
120.4
124.3
462.4
215.3
460.4
213.1
123.7
123.7
468.7
219.3
123.2
126.2
472.6
222.0
124.2
126.5
473.9
222.8
478.2
223.7
124.7
129.8
476.4
224.5
123.7
128.2
485,259
6,424,272
' 6,51 5,005 '6,424,272
1
2,91 7,465 ' 2,863,603
1,504,650
1,459,051
1,404,552
1,412,815
1
1,807,21 9 ' 1,821 ,027
654,757
644,963
1,176,064
1,152,462
1
1.790,321
876,182
914,139
1
1,739.642
834,853
904,789
r
234,548
117,648
116,900
123.
124.0
124.
127.
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1988 and methodological notes are as
shown in BUSINESS STATISTICS, 1951-88
1991
Annual
1990
March 1992 •
Jan.
1991
Feb.
Mar. |
Apr. |
May |
June |
1992
July |
Aug. |
Sept. |
Oct.
Nov.
Dec.
Jan.
1. GENERAL BUSINESS INDICATORS-Continued
BUSINESS INVENTORIES
[Millions of dollars; constant (1982) dollar series in
billions of dollars]
Manufacturing and trade inventories, book value
(non-LIFO basis), end of period, (unadjusted),
total
Manufacturing and trade inventories, book value
(non-LIFO basis), end of period, (seas, adj.),
total
Manufacturing total
Durable goods industries
Nondurable goods industries
Retail trade, total
Durable goods stores
Nondurable goods stores
Merchant wholesalers, total
Durable goods establishments
Nondurable goods establishments
Manufacturing and trade inventories in constant
(1982) dollars end of period (seas adj ) total
Manufacturing
Retail trade
Merchant wholesalers
815348
807218
825 363
388811
252 836
135,975
' 241 ,860
" 120 488
816683
375 701
240292
135,409
244,767
118327
126440
196,215
127,336
68879
812683
801 777
802 438
800 602
807 582
828166
832 045 '807218
807729
830333
388381
252 170
136211
r
243,550
r
121 053
r
122 497
r
198 402
r
130,882
r
67 520
828 201
816893
385145
249 546
135599
236,696
116087
120609
195052
128,607
66445
811 713
378002
244 467
133535
235,994
114754
121 240
192806
126,056
66750
806648
377388
243616
133772
236,757
115279
121 478
192503
125,992
66511
809 793
193632
126816
66816
807105
379 958
245 642
134326
235098
114305
120793
192039
125707
66332
806 802
241,179
119239
121 940
198,563
131,254
67309
819615
385 982
250 405
135577
236,900
116041
120859
196733
129,885
66848
813024
378064
242816
135248
241,955
118172
123783
193005
124,301
68704
813898 T 81 6 683
377820 r 375 701
r
242 290 240,292
135,530 r 135,409
r
242,186 244,767
117735 r 118 327
124451 r 126 440
193892 '196,215
125,174 '127,336
68718 r 68 879
813338
374 402
239217
135,185
243,111
116838
126273
195,825
125,894
69931
6939
330.8
6877
329.4
6872
329.6
6836
327.5
6808
3262
6807
324.7
6796
323.7
1897
1733
1865
1718
1868
1708
1865
1697
1862
1683
1867
1692
1865
1694
1.57
1.57
1.54
151
1 50
1.49
1 49
1 50
1.67
2.15
1.69
2.19
1.64
2.08
1 60
1 59
157
1 56
1 56
2.04
2.01
1.99
1.96
1.96
61
194,692
127,949
66 743
r
820214
1.66
2.14
r
820 398
1.58
r
827 742
1925
1735
'121 372
824 829
6955
329.5
r
.60
55
96
49
1 15
42
19
54
1 54
211
1 23
1 32
1 81
87
54
.95
49
1 14
.42
19
53
154
54
.93
48
1 14
.42
19
53
1 56
54
.93
48
1 15
.42
19
53
157
1 50
1 54
192
53
91
48
1 14
.42
19
53
1 59
2.12
2.16
2.15
2.16
122
1 23
1 32
180
88
125
1 27
1 33
1 77
91
r
388 459
252 256
136,203
381 877
246 964
134913
236 204
115490
120714
378 837
244310
134527
239745
117437
122308
191 211
124,418
66793
BUSINESS INVENTORY-SALES RATIOS
Manufacturing and trade, total
Manufacturing, total ...^
Durable goods industries
Materials and supplies
Work in process
Finished goods
Nondurable goods industries
Materials and supplies
Work in process
Finished goods
...
Retail trade, total
Durable goods stores
Nondurable goods stores
Merchant wholesalers total
Durable goods establishments ..
.. .
Nondurable goods establishments
Manufacturing and trade in constant (1982) dollars,
total
Manufacturing
Retail trade
Merchant wholesalers
1.01
53
1 17
.43
19
55
1 65
2.40
'1 26
1 37
r
r
189
89
1.01
53
1.18
.43
.19
.55
61
1.04
54
1 19
.43
19
.56
.58
.99
52
57
.97
51
.43
19
55
157
1 15
.42
19
54
155
1.18
1.60
2.24
1.56
2.16
2.17
2.14
1 25
1 24
1 24
122
1 38
190
90
1 38
1.87
1 35
187
87
1 34
1 85
87
91
1 51
150
1 49
1 47
1 45
1.53
1.54
1.55
1.50
1.48
1 60
140
154
1 40
1 51
139
1 52
1 35
1 50
1 34
214255
104,622
4033
10617
4,499
13350
17,830
14758
25,107
15467
8,714
109633
29,912
231,617
116,914
4290
10,728
4,299
14819
20,308
16459
29,488
17,002
9,462
114,703
32,651
1,826
4,831
10334
24205
13,261
7482
233,215
238,810
122,049
4402
10,650
4,110
15443
23,286
17443
29,230
15,952
10,182
116,761
33,904
2,944
5,189
10253
24200
12,838
7497
228,715
235,069
120,571
4757
10,966
4,327
15017
20,557
16197
31,591
18,767
9,632
114,498
32,152
1,817
5,026
240,483
123,418
4756
10,764
4,385
15367
20,366
17006
33J79
20,605
9,920
117,065
33,700
2,906
24,971
13,509
7799
234,886
24560
14,352
7807
238,289
117432
4544
10,620
4,281
14616
20,897
16517
28,912
15,726
9,797
115783
32,917
2286
4,878
10,218
23,816
14.099
7.395
114487
4397
10,220
3,900
14532
20,840
16525
27,314
14,910
9,488
114,228
33,111
2452
4,932
9,994
22,885
13,584
7,303
119721
4556
10,626
4,135
14711
20,890
16755
30,402
17,372
10,137
115165
32,854
2095
5,085
9,949
24,117
13,760
7.527
121 024
144
1 46
1 50
1 32
1 31
1.79
87
1 42
1.52
1 59
2.01
55
.95
50
1 17
.43
19
.55
1.91
1.59
1.97
1.61
2.16
129
1.56
2.08
r
53
.91
48
1 14
.41
19
.54
1.59
2.17
127
r
r
54
.94
49
1 18
.43
.20
.55
1 27
1 34
1 36
136
1.79
1.83
1.80
92
92
94
'230,512
'118,503
'3,963
'9,394
'3,885
'13,929
'22,592
'18344
'28,918
'14,344
'10,753
'112,009
'32,702
'2,825
'5,047
'9790
'22,590
'12,981
'6931
'235,997
214,025
107,082
4,075
10,139
4,332
13702
17,547
15185
26,845
17,076
8,525
106,943
30,116
1,583
4,865
9,803
23,358
11,517
7330
236,179
121,310
4,687
10,636
4,425
15,427
20,903
17105
30,411
18,101
9.640
114,869
32,531
2497
5.607
10.081
23,877
12.048
7.921
1.44
150
154
1 43
1.45
1 31
175
89
1 53
1.50
1 51
1 32
1.30
MANUFACTURERS' SHIPMENTS, INVENTORIES,
AND ORDERS t
[Millions of dollars]
Shipments (not seas, adj ) total
Durable goods industries, total
Stone clay and glass products
Primary metals
...
Blast furnaces steel mills
Fabricated metal products
Industrial machinery and equipment
Electronic and other electrical equipment
Transportation equipment
Motor vehicles and parts
Instruments and related products
Nondurable goods industries total
Food and kindred products
Tobacco products
Textile mill products
Paper and allied products
Chemicals and allied products
Petroleum and coal products
Rubber and plastics products
Shipments (seas, adj ) total
By industry group:
Durable goods industries total #
Stone clay and glass products
Primary metals
Blast furnaces steel mills
Fabricated metal products
Industrial machinery and equipment
Electronic and other electrical equipment
Transportation equipment
Motor vehicles and parts
Instruments and related products
Nondurable goods industries total #
Food and kindred products
Tobacco products
Textile mill products
Paper and allied products
Chemicals and allied products
Petroleum and coal products
Rubber and olastics oroducts
See footnotes at end of tables.
2,917,465
1,504,650
62897
144 185
58,921
188115
263,573
200 430
377,319
226,050
120,219
1 412,815
397,090
28161
63535
128761
285612
179,357
91 657
2,863,603
1,459,051
56464
127,830
51,777
181 275
250,080
205 789
375,221
219,886
119,586
1 ,404,552
398,110
30,042
64406
122214
288018
167,342
92576
1548
4267
10030
23701
14,935
6953
234,548
117648
4610
11 140
4623
14846
21 006
16599
28,'l06
16,070
9845
116900
32,111
2465
4889
10.216
24,195
15,464
7.476
9921
5214
9851
4617
10,569
4,220
14715
20,735
17218
31,310
18,515
10012
117265
33,316
2567
5,233
9,952
24,543
14,331
7.482
S-3
254,733
133,092
5209
10,949
4,463
16144
24,383
18360
34310
19,809
10,774
121,641
34,635
3,130
5,938
10738
24992
14,136
8298
239,118
218,827
107,332
4765
9,836
3,970
13541
17,876
15251
25,671
14,233
9,067
111,495
31,765
1,792
4,773
9964
22,566
13,672
7559
240,193
122240
4762
10418
4,212
15003
21 142
17082
31,823
18,561
9962
116878
33,265
2560
5437
10,284
23,895
14,151
7.626
122994
5006
10,611
4,296
14895
20,511
17166
32,692
19,979
9,933
117199
32,981
2556
5546
10,251
24,062
13,714
7.927
242,053
122,340
10406
24037
14,394
7997
241,894
257,962
133,506
5239
11,272
4,561
16143
22,726
19094
35,448
20,827
10,599
124,456
35,140
2,954
6,186
10563
25,047
14,406
8378
242,240
10411
24115
14,587
8388
245,134
245,363
125,777
4754
10,563
4,257
15525
20,278
18315
33,836
20,181
10,391
119,586
33,738
3,454
5,840
9953
23,034
14,271
7487
245,480
124459
4884
10,754
4,426
15401
20,526
17114
33J98
19,879
10291
117435
33,273
2547
5598
10,266
24,027
13,687
7.930
124965
4853
10,857
4,480
15291
20,683
17343
33,836
20,041
9,964
117275
33,246
2585
5634
10.317
24,025
13,348
8.064
126404
4744
10,754
4,451
15716
20,979
17389
34,713
20,954
10078
118730
33,379
2597
5736
10,234
24,354
13.826
8.032
126547 '119795
'4608
4738
10,717 '10,412
4,352
'4,296
15,847 '15214
21,237 '20,410
17876 '17766
33,573 '29,658
19,836 '17,818
10,235
'9,840
118,933 '116202
33,897 '33,233
2275J
3010
5,661
'5.509
10.199 '10,167
23,809 '23,726!
13.712 '12.897
7.920
'7.719
5158
10,854
4,399
15404
19,147
17061
31,889
19,311
9,968
119,713
33,370
2,456
5901
253,919
130,927
5138
11,237
4,622
16593
20,731
17501
36,554
23,388
10,124
122,992
34,441
2,390
6194
Feb.
SURVEY OF CURRENT BUSINESS
S-4 • March 1992
Unless otherwise stated in footnotes below, data
through 1988 and methodological notes are as
shown in BUSINESS STATISTICS, isei-as
Annual
1990
1992
1991
1991
Jan.
Feb.
Mar.
Apr.
May
July |
June
Aug. |
Sept. |
Oct.
Nov.
Dec.
Jan.
Feb.
1. GENERAL BUSINESS INDICATORS-Continued
MANUFACTURERS' SHIPMENTS, INVENTORIES,
AND ORDERS-Continued f
[Millions of dollars]
Shipments (seas, adj.)—Continued
By market category:
Home goods and apparel
.. .
Consumer staples
Machinery and equipment
Automotive equipment
Construction materials and supplies
Other materials, supplies, and intermediate
products
Supplementary series:
Household durables
Capital goods industries
Nondefense
Defense
Inventories, end of year or month:
Book value (non-LIFO basis), (unadjusted), total
Durable goods industries, total
Nondurable qoods industries total
Book value (non-LIFO basis), (seasonally
adjusted) total
By industry group:
Durable qoods industries total #
Stone, clay, and glass products
Primary metals
Blast furnaces, steel mills
Fabricated metal products
Industrial machinery and equipment
Electronic and other electrical equipment
Transportation equipment
Motor vehicles and parts
Instruments and related products
By stage of fabrication:
Materials and supplies
Work in process
Finished goods
Nondurable goods industries total #
Food and kindred products
Tobacco products
Textile mill products
Paper and allied products
Chemicals and allied products
Petroleum and coal products
Rubber and plastics products
By stage of fabrication:
Materials and supplies
Work in process
Finished goods
By market category:
Home goods and apparel
Consumer staples
Machinery and equipment
Automotive equipment
Construction materials and supplies
Other materials, supplies, and intermediate
products
Supplementary series:
Household durables
Capital ooods industries
Nondefense
Defense
New orders net (unadj ) total
Durable goods industries total
Nondurable qoods industries total
New orders net (seas adj ) total
By industry group:
'170,871
' 670,558
' 472,748
' 103,865
' 170,750
'178,875
'671,622
'467,618
'98,020
'161,061
14.039
55.652
38,105
7,090
12,941
13,930
55,603
38,199
7,045
12.789
13,910
55,191
36,730
6,686
12,563
14,405
54,903
38,623
7,815
13.091
14,376
56,728
39,163
8,237
13,297
14,639
56.143
39,416
8,145
13,503
15,069
55.635
39,033
8,781
13,743
15,129
55,830
39,217
8,854
13,685
15,255
55,842
39,871
8,987
13.655
15,532
56.541
40,815
9,318
13,685
15,928
57,182
40,870
8,939
13,923
r
15,458
'55.439
' 37,844
'8,072
' 13,723
15,565
54.702
38,552
8,021
13,827
' 983,829
'949,793
78,608
77,547
75,795
77,875
78,647
79,570
80,245
80,551
80,331
80,815
80,336
'77,809
78,550
77,561
'491,594
' 384,663
' 106,931
'79,298
'489,885
'386,319
'103,566
6.383
39,923
31,721
8,202
6,242
40,711
32,213
8,498
6,215
39,971
31,405
8,566
6,460
40,593
31,733
8,860
6,445
40,543
32,131
8,412
6,383
41,398
32,848
8,550
6,678
39,978
31,732
8,246
6,786
41,400
32,260
9,140
6,836
41,577
32,547
9,030
6,900
42,163
33,316
8,847
7,088
42,374
33,565
8,809
'6,643
"39,536
'31,148
'8,388
6,692
40,134
31,794
8,340
382,135
247,615
134,520
369,493
235,130
134,363
387,733
251,035
136,698
390,570
253,719
136,851
386,434
251,017
135,417
387,458
251,304
136,154
384,554
249,380
135,174
378,904
245,429
133,475
378,863
245,338
133,525
378,749
244,736
134,013
377,445
243,223
134,222
378,171
242,689
135,482
377,403 '369,493
241,914 '235,130
135,489 '134,363
373,854
238,147
135,707
388,811
375,701
388,381
388,459
385,982
385,145
381,877
379,968
378,002
377,388
378,837
378,064
377,820 '375,701
374,402
239,217
7,904
21,038
10,302
22,958
44,999
28,617
70,397
12,403
23,214
1
252,836
8,157
23,651
11,658
24,585
47,724
30,067
73,424
13,039
24,273
240,292
7,968
21,359
10,476
22,715
45,337
28,504
71,138
12,777
23,333
252,170
8,223
23,257
11,400
24.519
47.977
29.947
73,486
13,085
23,975
252,256
8,243
23,216
11,368
24,717
48,198
29,698
73,551
13,228
23,928
250,405
8,138
23,265
11,426
24,272
47,921
29,719
73,116
12,919
23,640
249,546
8,096
23,029
11,216
23,992
48,014
29,714
72,985
12,867
23,743
246,964
8,016
22,645
11,023
23,649
47,764
29,522
72,109
12,447
23,567
245,642
8,019
22,509
10,943
23,433
46,922
29,333
72,071
12,479
23,717
244,467
7,968
22,217
10,851
23,163
46,985
29,377
71,612
12,488
23,638
243,616
7,988
22,065
10,774
23,101
46,735
29,159
71,466
12.564
23,603
244,310
7,905
21,947
10,724
23,001
46,580
29,035
72,458
12,694
23,606
242,816
7,860
21,787
10,587
22,959
46,448
28,886
71,690
12,777
23,482
242,290 '240,292
'7,968
7,962
'21,359
21,591
'10,476
10,522
'22,715
23.018
'45,337
46,011
'28,504
28,746
'71,138
71,976
'12,777
12,973
'23.333
23.233
71,191
119,169
62,476
66,067
114,295
59,930
71,208
119.015
61,947
70,980
119,010
62,266
70,101
118,646
61,658
69,274
118,041
62,231
68,425
117,308
61,231
67,387
117,748
60,507
66,936
117,350
60,181
66,951
116,308
60,357
67,027
116,762
60,521
66,823
115,492
60,501
'66,067
66,555
115,382 '114,295
'59,930
60,353
65,925
113,554
59,738
135,975
27,784
5,375
8,846
13,362
32,366
13,175
11,995
135,409
28,837
5,865
8,648
13,487
32,904
11,032
11,245
136,211
28.091
5,642
8,892
13,547
32,651
12,279
12,054
136,203
28,137
5,720
8,861
13,695
32,762
11,871
11,959
135,577
28,221
5,662
8,699
13,771
32,805
11,586
11,766
135,599
28,321
5,851
8,639
13,720
32,772
11,563
11,801
134,913
28,154
5,788
8,592
13,576
32,666
11,759
11,652
134,326
28,169
5,803
8,546
13,332
32,417
11,774
11,537
133,535
27,864
5,987
8,561
13,247
32,228
11,613
11,405
133,772
27,962
5.950
8,579
13,098
32,476
11,688
11,359
134,527
28,494
5,892
8,744
13,153
32,522
11,778
11,253
135,248
28.852
5,882
8,751
13,368
32,630
11,402
11,274
135,530 '135,409
'28,837
28,867
'5,865
5,706
'8,648
8,626
'13,487
13,457
'32,904
32,912
'11,032
11,500
'11,245
11,303
135,185
28,679
5,933
8,738
13,551
32,667
10,605
11,272
49.710
22,906
63,359
49,693
22,311
63,405
50,034
22,426
63,751
49,706
22,369
64,128
49,661
21,998
63,918
49,523
22,296
63,780
49,342
22,224
63,347
49,305
22,395
62,626
49,409
22,228
61,898
49,237
22,339
62,196
49,284
22,786
62,457
49,556
22,820
62,872
49,326
22,479
63,725
'49,693
'22,311
'63,405
49,597
22,500
63,088
26,567
54,407
87,135
6,698
23,957
26,684
55,125
85,919
6,474
22,723
26,280
54,616
87,645
6,660
23.865
26,180
54,589
87,612
6,677
23,922
25,703
54,466
87,738
6,472
23,637
25,444
54,796
87,832
6,454
23,341
25,406
54,693
87,319
6,316
23,054
25,390
54,578
86,647
6,228
23,123
25,244
54,359
86,572
6,209
23.063
25.395
54.594
86,662
6,274
23,040
25,925
55,100
86,679
6,369
23,011
26,208
55,335
86,182
6,399
22,870
26,403
55,260
86,114
6,493
22,947
'26,684
'55,125
'85,919
'6,474
'22,723
27,164
54,703
85,881
6,396
22,649
131,364
124,552
131,625
131,474
130,508
129,945
128,491
127.715
126.666
126,018
126,008
125,775
125,701
'124,552
123,879
12,901
121,951
83,334
38,617
12,391
116,530
81.644
34,886
12,807
121,856
84,132
37,724
12,758
121,907
83,908
37,999
12,442
121,538
83,985
37,553
12,225
121,727
84,146
37,581
12,134
120,871
83,747
37,124
12,080
119,975
82,869
37,106
11,923
119,629
82,925
36,704
11,961
118,977
82,985
35,992
12,163
119,448
82,727
36,721
12,194
118,224
82,072
36,152
'12,391
12,312
117,707 '116,530
'81,644
81,949
34,886
35,758
12,521
115,881
81,527
34,354
' 2,923,71 5 '2,847,458
1
'1,441,665
1,51 1,501
' 1,412,214 '1,405,793
217,443
107,749
109,694
234,071
119,158
114,913
238,355
120,990
117,365
231,020
116,644
114,376
237,591
119,718
117,873
246,990
125,745
121,245
226,615
114,829
111,786
240,835
120,697
120,138
253,067
128,355
124,712
249,441
126,956
122,485
242,579 '229,451
123,343 '117,481
119,236 '111,970
215.903
109,066
106,837
' 2,923,71 5 '2,847,458
1
234,462
233,132
226,431
231,229
236,540
233,725
248,090
243,160
237,624
242,230
243,138
'234,102
'1,441,665
'128,836
'50,966
'64,875
'180,083
'245,446
'203,696
'370,751
'130,040
117,789
9,506
3.555
5,215
15,196
21,785
16,243
29,837
11,235
117,547
9,776
3,839
5,134
14,278
19,899
18,067
29,758
12,801
112,116
9,725
3,664
5,274
14,328
19,872
15,642
28,343
12,015
116,139
10,490
4,279
5,429
14,874
20243
17,330
27,453
8,677
118,434
10,377
4,223
5,360
14,703
20,955
16,911
28,781
7,596
117,128
10,782
4,476
5,429
14,592
20,137
15,371
29,814
9,890
130,827
11,496
5,088
5,515
14,875
20,522
17,523
37,882
16,595
125,482
11,318
4,924
5,525
15,370
20,374
16,174
34,404
11,860
120,092
10,823
4,483
5,525
15,193
20,987
16,830
29.352
6,993
123,325
10,493
4,453
5,204
15,469
20,259
17,431
32,648
10,125
124,046 '117,785
10,714
'9,869
'3,635
4,138
'5,328
5,766
15,652 '15,133
'19,842
20,491
'18,281
17,642
'29,018
33,618
'10,007
12,664
120,341
9,768
3,855
5,008
15,826
21,204
17,350
29,351
9,724
1.412,214
'351,172
'1,061,042
'1,405,793
'343,988
'1,061,805
116,673
28,322
88,351
115.585
28.463
87,122
114,315
28,363
85,952
115,090
27,916
87,174
118,106
29,033
89,073
116,597
27,958
88,639
117,263
28,808
88,455
117,678
28,983
88,695
117,532
28,972
88,560
118,905
29,217
89,688
119,092 '116,317
'28,740
29,042
'87,577
90,050
114,667
28,039
86,628
'171,099
'670,419
'495,458
'103,683
'170,287
'178,994
'671,610
'457,146
'98,233
'161,632
13,428
55,660
39,949
7,121
12,830
13,668
55,599
39,282
7,049
12,655
13,925
55,209
36,967
6,660
12,644
14,601
54,838
35,803
7,828
13,199
14,528
56,698
35,251
8,262
13,411
14,645
56,249
35,301
8,103
13,633
15,036
55,692
42,265
8;785
14,325
15,409
55,815
37,554
8,902
13,716
15,554
55,835
38,050
9,308
13,721
15,678
56,592
39,392
9,288
13,606
16,108
57,110
42,096
8,886
13,670
'15,660
'55,380
'35,484
'7,993
'13,719
15,309
54,729
38,296
8,035
13,952
' 980,655
'949,257
77,745
77,449
74,854
77,834
79,391
78,452
83,243
81,450
80,243
79,531
80,406
'76,853
78,27
6,580
36,538
28,748
7,790
6,567
37,569
28,038
9,531
6,367
37,563
29,282
8.281
6,756
46,074
36,689
9,385
6,961
41,797
30,993
10.804
6,966
35,594
30,078
5,516
7,022
39,404
31,098
8,306
7,153
40.029
34,876
5.153
'6,788
'38.667
'28.909
'9,758
6,508
39,58
31,747
7,833
Primary metals
Blast furnaces, steel mills
Nonferrous and other primary metals
Fabricated metal products
Electronic and other electrical equipment ...
Transportation equipment
Aircraft missiles and parts
Nondurable goods industries total
Industries with unfilled orders $
Industries without unfilled orders 0
By market category:
Home qoods and apparel
Consumer staples
Machinery and equipment
Automotive equipment
Construction materials and supplies
Other materials, supplies, and intermediate
products
Supplementary series:
Household durables
Capital goods industries
Nondefense
Defense
See footnotes at end of tables.
::
::
235,008
1,501
1
143,388
'58,201
'73,379
'187,049
1
261, 443
1
201 ,261
'393,599
'145,798
zzz
1,51
1
'77,099
'501,797
'408,380
'93.417
'79,528
'474.376
'378,012
'96.354
5,932
41,640
33,957
7,683
6,092
41,678
33,756
7,922
6,167
38,632
31,940
6.692
zzz
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1988 and methodological notes are as shown
in BUSINESS STATISTICS, 1961-B8
Annual
1990
March 1992
•
1992
1991
1991
Jan. |
Feb. |
Mar. |
Apr. |
May |
S-5
June |
July |
Aug. |
Sept. |
Oct. |
Nov.
Dec.
Jan.
Feb.
1. GENERAL BUSINESS INDICATORS-Continued
MANUFACTURERS' SHIPMENTS, INVENTORIES,
AND ORDERS-Continued ft
[Millions of dollars]
Unfilled orders, end of period (unadjusted), total
Durable goods industries total
...
Nondurable goods industries with unfilled orders $ .
Unfilled orders, end of period (seasonally adjusted)
total
By industry group:
Durable goods industries total #
Primary metals
Blast furnaces, steel mills
Nonferrous and other primary metals
Fabricated metal products
Industrial machinery and equipment
Electronic and other electrical equipment
Transportation equipment
Aircraft missiles and parts
Nondurable goods industries with unfilled
orders +
By market category:
Home goods and apparel
Consumer staples
.
....
Machinery and equipment
Automotive equipment
Construction materials and supplies
Other materials, supplies, and intermediate
products
Supplementary series:
Household durables
Capital goods industries
Nondefense
Defense .
.
.
524,072
504131
19,941
507,927
486745
21 182
527,260
507258
20002
529,714
509 502
20212
529,259
508 443
20816
525,210
504516
20694
522,318
500816
21 502
514,575
493 469
21 106
522,363
500966
21 397
521,145
499323
21822
516,250
494172
22078
511,772
490 201
21571
508,988 ' 507,927
487767 " 486 745
21,221 r21 182
509,805
488729
21 076
527195
511 348
527 109
527 026
524 742
521 085
519 336
513943
521840
523 106
518490
515586
513243
'511
506 375
23,122
8,578
11 416
489 368
20793
7,663
10322
506516
21 488
7,510
10981
506 631
20644
7,068
10621
504260
20149
6,832
10405
500 678
20013
6,976
10194
498 088
19821
6979
10068
492 976
20* 185
7243
10156
500 809
21 070
8035
10225
501 832
21 634
8,533
10262
496959
21 600
8536
10281
493 880
21 339
8,538
10055
491 378
21 ,336
8,324
10319
r
489 368
r
20 793
r
7,663
"10322
488399
19,925
7,093
10027
27,411
57185
49,185
277502
241 418
26,287
52695
47,280
272 872
238679
27,761
57964
48,829
279 233
242 391
27,423
56966
50,379
280 079
243762
27219
55998
49,496
281 108
245 407
27,382
55351
50,071
278 159
243014
27 370
55571
49,764
275 630
239 781
26959
54566
48,053
273 621
238 282
26,939
54577
48,410
278 81 1
243 995
26,908
54425
47,470
280017
244398
26,810
54729
46,957
275 533
239 601
26,563
54009
46,999
273 468
237,926
26,368
53263
46,765
273512
238,753
'26,287
'52695
"47,280
r
272 872
r
238,679
26,686
52996
47,525
271 812
237,787
20820
21 980
20593
20395
20482
20407
21 248
20967
21 031
21 274
21 531
21 706
21 865
8,586
1 283
229,017
1 843
12550
9,158
1 271
218,526
2060
13079
7,975
1 291
230,861
1 875
12439
7,714
1 287
231,945
1 879
12304
7,729
1 304
232,182
1 853
12385
7,925
1 239
229362
125773
125091
124910
124810
5,203
402 026
250310
151 716
5,495
387 043
242,055
144988
4,752
403 743
252546
151 197
643022
Commercial service
Construction
Manufacturing and mining
Retail trade
Wholesale trade
Liabilities (current) total
Commercial service
Construction
Manufacturing and mining
Retail trade
Wholesale trade
8,083
1 315
221335
12493
8,077
1 209
225450
1 891
12606
123871
123829
4,602
404710
254 089
150621
4,554
403 371
254 624
148,747
54227
51,991
48419
50,384
60432
16063
8072
5090
12826
4376
6690
1 759
6876
900
496
913
599
1 360
1 307
433
454
640441
6,767 3
29052
68297
7,7160
2,414.8
102428
9842
8,776
1 401
219,660
2193
13336
13083
126456
127354
127267
125979
126049
4780
392507
243 980
148 527
4,858
398 603
248 937
149 666
5033
399 000
247 670
151 330
5,163
393017
245 201
147816
5,285
390258
242,983
147,275
56618
52,327
51 654
52,071
52949
52,843
51 838
53222
47840
52284
6887
1 734
7627
7422
1923
2021
6833
1 747
1 052
567
630
918
510
1 442
1 449
1 549
1 320
495
533
516
468
73177
919.9
50691
759.6
7460
7958
675.3
288.6
122480
601.5
49305
434.2
21778
8485
2255
1,137
572
7786
2022
1 023
510177
53,871
53,338
7464
1 931
1 043
21 980
r
2139
13350
8,629
1 350
221082
????
13415
r
348
8,331
1 357
222903
12737
8,050
1 371
224,567
1 852
13318
124574
123455
4674
399316
251 639
147677
4,796
396 342
247 546
148796
55917
51,536
55735
52,235
7330
1 876
1 036
1866
1849
1900
8,956
1,329
220,886
9,158
'1 271
21 8,526
"2060
r
13 079
8,903
1 299
218,270
2074
: 13 204
125 091
124810
r
5,350
5,495
r
387 043
387912
244,294 '242,055
143,618 '144,988
5,311
386 489
242,008
144,481
r
r
BUSINESS INCORPORATIONS @
(Number]
New incorporations (50 States and DC):
Unadjusted
Seasonally adjusted
INDUSTRIAL AND COMMERCIAL FAILURES @
[For failures, number; for liabilities, millions of dollars]
Failures total
.. ..
Failure annual rate number per 1 0 000 concerns
1688
1 6672
21508
206.7
1802
1 1 997 2
5 189.9
3963
41791
4168
258.2
1630
6433
280.9
326.1
595
974
628
879
542
1 422
1 424
1 389
507
527
522
32020
632.8
3939
3467
59630
586.5
2865
335.0
107.8
47341
1,227.8
3505
5252
259.5
359.6
691
697
593
971
592
385
308
877
615
759
570
366
298
5951
3741
4136
1704
1991
669
1 652
632
10 126.2
868.3
2004
12522
370.6
178.9
308.0
4047
885.5
312.7
681
667
672
587
609
560
357
291
576
560
565
368
304
593
577
547
367
324
651
544
578
529
363
351
1,488
1 382
1,488
1,308
1,488
1,294
1,444
1,434
1,552
1,008
1,548
1,582
794
697
783
697
780
722
762
752
1,108
1,086
272
273
754
783
990
283
763
820
994
280
739
844
940
275
241.3
2816
750
2. COMMODITY PRICES
PRICES RECEIVED AND PAID BY FARMERS i
[1910-14=100]
Prices received all farm products
Crops* .
Commercial vegetables
Cotton
Feed grains and hay
Food grains
Fruit
Tobacco
Livestock and products #
Dairy products
Meat animals
Poultry and eaos
Prices paid:
Production items
All commodities and services, interest, taxes, and
wage rates (parity index)
Parity ratio §
681
548
707
'630
651
520
558
469
'532
'682
'436
'377
'400
'766
551
773
409
388
443
780
1,483
1 000
1,542
1,557
1,643
820
837
777
748
799
716
800
716
813
697
1,088
1,047
1,089
1,108
1,122
298
285
306
279
310
989
1 003
1 002
1 012
1 000
998
993
1 265
1 298
1,293
1,303
1,298
1,298
1,295
549
731
582
382
294
803
1,526
51
54
51
52
678
564
742
587
391
303
817
628
660
527
597
573
372
281
767
561
674
553
371
316
678
636
537
742
514
365
369
803
659
525
659
548
365
279
740
548
388
338
694
667
1,626
798
691
1,116
278
52
53
53
1,060
289
52
1,015
286
51
52
50
49
,369
390
772
1,565
741
844
935
289
48
1,530
1,530
'732
'826
'941
1,002
263
756
807
254
48
CONSUMER PRICES
[1982-84=100]
Not seasonally adjusted:
All items, wage earners and clerical workers (CPIW)
All items all urban consumers (CPI-U)
Special group indexes:
All items less shelter
All items less food
All items less medical care
See footnotes at end of tables.
129.0
134.3
132.8
132.8
133.0
133.3
133.8
134.1
134.3
134.6
135.2
135.4
135.8
135.9
136.0
136.4
130.7
136.2
134.6
134.8
135.0
135.2
135.6
136.0
136.2
136.6
137.2
137.4
137.8
137.9
138.1
138.6
128.2
133.5
132.1
132.2
1303
1361
1343
1346
128.8
133.8
132.4
132.6
132.2
134.8
132.7
132.6
134.9
133.0
133.1
135.4
133.3
133.3
135.7
133.6
133.3
136.1
133.8
133.7
136.7
134.2
134.5
137.4
134.8
134.6
137.7
134.9
135.0
138.0
135.2
135.0
138.1
135.3
135.1
138.3
135.5
135.5
138.8
135.9
S-6 • March 1992
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1988 and methodological notes are as shown
in BUSINESS STATISTICS, 1951-88
1992
1991
Annual
1990
1991
Jan. |
Feb. |
Mar. |
Apr. | May
June
July |
Aug. |
Sept. |
Oct. |
Nov. | Dec.
1262
1296
1230
1264
1301
1243
1271
1272
1278
1275
116.3
131 0
125.9
115.9
131 0
126.1
116.3
131 5
126.7
117.0
131 1
125.5
117.2
Jan. | Feb.
2. COMMODITY PRICES-Continued
CONSUMER PRICES-Continued
[1982-64=100. unless otherwise indicated]
Not seasonally adjusted—Continued
All items (CPI-U)-Continued
Commodities
Nondurables
Nondurables less food
Durables
Commodities less food
Services
Food#
Food at home
Housing
Shelter #
Rent, residential . .
Homeowners' cost, Dec. 1982=100
Fuel and other utilities #
Fuel oil and other household fuel
commodities
Gas (piped) and electricity
Household furnishings and operation
Apparel and upkeep
Transportation
Private . .
New cars
Used cars
Public
Medical care
1228
1260
1266
1303
1260
1298
1257
1293
119.9
113.4
124.0
115.0
123.2
115.5
1206
1203
139.2
124.5
116.0
121 3
146.3
143.8
1324
1323
1363
1358
1358
1364
1174
1257
1292
1229
1264
1302
1239
1268
1306
1246
115.5
115.5
1201
1207
144.5
144.8
144.7
115.9
121 3
145.0
135.5
1358
1360
1367
1370
1357
1267
1304
123.9
116.0
1272
1306
1276
124.2
117.4
121.6
149.6
131 1
124.9
117.6
122.1
150.1
137.5
136.6
1209
1205
115.9
121 1
1221
1224
1230
1224
145.8
146.8
1473
147.9
148.1
148.3
148.8
136.8
137.2
135.8
136.2
136.7
1374
1360
1349
136.0
1369
1365
1360
1349
1344
1350
1355
137.2
136.4
1361
149.8
145.6
153.5
115.9
1285
1336
140.0
146.3
1384
1433
144.6
111.6
150.2
115.3
131 8
144.0
141 2
147.9
114.8
99.3
946
112.6
111.2
111.5
105.7
111.5
94.4
90.9
89.3
87.8
87.8
88.9
90.9
94.8
94.7
92.0
91.5
109.3
110.8
109.4
111.5
114.4
115.4
114.7
115.5
112.9
111.2
112.4
1133
1160
1141
1156
1157
1159
1163
1159
1163
1162
1164
1164
1165
1163
112.8
116.7
124.1
128.7
123.8
126.2
128.8
130.1
1238
1255
1232
1237
1223
1222
121.2
125.3
119.9
125.4
120.2
125.3
129.4
123.3
121.5
125.4
126.9
123.7
121.9
125.3
125.2
123.4
121.7
124.9
127.6
1205
1188
122.0
124.4
131.3
123.8
122.1
124.1
1144
1150
1170
1188
1204
1200
1198
153.3
173.7
147.1
174.4
146.0
175.2
146.6
176.2
146.7
177.5
147.6
178.9
146.6
179.7
132.9
125.0
123.4
126.6
120.6
147.0
181.8
129.6
125.3
123.4
127.6
1151
1562
132.7
124.0
122.4
125.0
120.2
144.9
180.7
149.8
182.6
127.9
124.5
122.5
128.0
117.8
151.5
184.3
112.0
117.3
130.2
124.1
122.0
128.1
116.1
150.7
186.2
1
125.8
120.4
135.7
135.5
128.2
2
126.2
120.8
136.4
136.3
128.6
122.7
2
126.5
121.1
136.7
136.5
128.6
3
126.7
121.0
137.3
137.2
.1
126.5
121.1
136.6
135.9
127.7
.3
126.8
121.7
136.3
135.3
129.2
.4
127.1
122.1
136.5
135.4
.2
127.1
122.1
136.4
135.2
130.3
.4
127.6
122.6
137.0
135.9
131.1
.2
127.6
122.4
137.4
136.4
.1
127.3
122.1
136.8
135.4
129.6
123.6
121.9
125.7
124.2
122.5
125.9
124.0
122.5
126.2
124.5
122.9
126.3
148.1
148.6
124.8
123.0
126.5
149.2
130.0
124.4
122.4
126.6
149.7
121.0
. .
Seasonally adjusted ±
All items, percent change from previous month or
year
Commodities
Commodities less food
Food
Food at home
Apparel and upkeep
Transportation
.
Private
New cars
Services
1176
1426
1628
'54
121.9
125.3
1181
1489
177.0
M2
124.6
1161
155.4
171.0
4
126.1
121.1
135.4
135.4
1324
1326
1325
1328
1334
1342
1345
1347
1347
1347
1350
1357
144.6
145.2
142.0
148.4
114.1
145.2
145.2
147.3
1428
1437
1437
148.8
113.1
149.2
114.2
145.8
143.0
149.7
115.8
146.8
1425
150.2
116.4
150.7
116.2
147.4
144.6
151.6
116.8
147.7
144.6
152.1
115.7
147.9
145.0
152.6
115.3
148.2
145.2
153.0
116.0
149.2
145.4
153.2
116.2
1415
148.2
114.7
172.5
1
125.9
120.9
135.3
135.2
125.8
127.9
125.5
123.9
121 5
99.3
122.9
1240
1207
1244
1438
1444
1448
125.0
145.1
1233
1233
1209
1238
130.0
123.1
121.4
125.1
127.8
123.4
121.8
125.5
145.5
t45.9
146.5
147.0
124.2
122.6
126.3
147.6
1201
.3
127.8
122.7
137.2
136.0
131.9
124.2
122.3
126.7
150.0
PRODUCER PRICES §
[1982=100 unless otherwise indicated]
Not seasonally adjusted:
All commodities
By stage of processing:
Crude materials for further processing
Intermediate materials, supplies, and
components
Finished goods #
. .
Finished consumer goods
Capital equipment
By durability of product:
Durable goods
Nondurable goods
Total manufactures
Durable manufactures
Nondurable manufactures
Farm products, processed foods and feeds
Farm products
Foods and feeds, processed
Industrial commodities
.. ..
Chemicals and allied products
Fuels and related prod., and power
Furniture and household durables
Hides skins and leather products
Lumber and wood products
Machinery and equipment
.
. ..
Metals and metal products
Nonmetallic mineral products
Pulp, paper, and allied products
Rubber and plastics products
Textile products and apparel
Transportation equipment #
Motor vehicles and equipment
Seasonally adjusted: ±
Finished goods, percent change from previous
month or year
By stage of processing:
Crude materials for further processing
Intermediate materials, supplies, and
1163
1165
119.0
117.2
116.2
116.0
116.5
116.4
116.1
116.2
116.1
116.4
116.4
115.9
115.6
108.9
101.2
112.8
104.1
101.2
100.8
102.1
99.8
99.5
99.1
98.0
'99.9
99.7
97.7
97.3
99.0
114.5
114.4
1192
1217
118.2
122.9
120.5
126.7
116.4
122.3
121.4
125.9
115.5
121.4
120.3
126.1
114.2
120.9
119.6
126.2
113.9
121.1
119.8
126.2
114.0
121.8
120.6
126.5
114.3
121.9
120.7
126.5
114.0
121.6
120.4
126.6
114.2
121.7
120.4
126.5
114.6
121.4
120.2
126.2
'114.2
r
122.2
120.8
. 127.9
114.1
122.3
120.9
127.9
113.7
121.9
120.3
128.0
113.2
121.7
120.0
128.3
113.6
121.9
120.2
128.3
121.2
112.2
118.1
120.7
115.2
122.8
115.6
120.3
122.4
117.7
122.9
112.8
119.6
122.5
116.4
122.9
111.1
118.7
122.6
114.8
122.9
111.0
118.7
122.6
114.7
123.7
110.5
119.0
123.6
114.4
116.3
105.6
121.6
114.5
100.7
121.4
115.3
103.0
121.4
116.5
105.6
122.0
125.0
116.3
124.5
125.0
124.9
115.6
124.6
116.0
125.3
116.3
124.5
116.1
126.0
116.0
124.4
114.8
101.4
121.5
116.7
128.1
83.0
78.5
78.1
80.2
80.3
80.1
81.3
81.4
121.2
140.4
132.3
123.1
120.5
117.3
143.0
116.0
125.6
120.7
121.2
140.0
136.2
123.1
119.7
117.3
142.7
115.0
116.2
125.6
120.6
121.2
138.3
136.9
123.0
119.6
117.2
142.3
114.8
116.3
125.7
120.5
121.2
138.1
133.3
123.0
119.5
117.1
142.2
114.7
116.5
126.0
120.6
121.2
136.6
133.4
123.0
119.5
117.2
142.3
114.6
116.6
125.2
119.2
- 123.3
111.3
'119.2
123.3
'115.0
'115.1
'101.5
'121.9
'116.7
124.9
'81.3
121.4
'136.3
'133.2
123.0
'119.3
'117.4
'142.6
114.7
'116.7
'129.1
'125.8
123.4
109.9
118.5
123.4
113.7
118.1
109.6
122.5
115.6
126.0
122.5
111.3
118.7
122.3
115.0
115.1
103.1
121.1
123.2
110.5
118.8
123.2
114.4
118.3
109.7
122.6
115.7
122.6
111.3
118.7
122.5
114.8
115.2
102.9
121.4
123.3
111.3
119.2
123.2
115.2
117.1
106.9
122.3
117.2
122.7
111.6
118.8
122.6
114.9
117.6
109.1
121.9
116.1
122.7
111.1
118.5
122.6
114.3
117.0
106.9
122.1
119.3
128.3
122.8
111.7
118.8
122.5
115.0
118.3
110.4
122.3
116.1
118.6
122.9
111.7
119.0
122.7
115.2
116.4
1122
1056
121.9
115.8
123.6
121.9
116.5
82.2
81.2
90.1
121.2
120.6
140.2
127.6
122.6
122.4
116.9
143.6
116.0
115.7
125.2
121.9
120.9
140.0
127.2
122.9
121.9
117.2
143.8
116.0
115.8
125.7
122.4
121.0
140.4
127.8
123.0
121.5
117.4
143.7
115.8
115.9
125.7
1222
121.2
141.1
129.2
123.1
121.3
117.3
143.2
115.5
116.0
125.5
121.5
113.2
104.4
100.7
100.4
100.9
99.3
99.3
99.1
98.4
'100.5
100.4
116.4
122.4
121 6
124.8
115.8
121.6
114.5
121.2
114.1
121.4
1202
1198
1202
124.8
118.7
123.6
124.9
125.3
124.0
123.4
123.2
114.2
121.4
120.1
124.7
117.8
123.3
114.1
121.5
1200
1171
114.0
121.6
120.4
125.0
118.1
123.4
114.5
126.6
113.8
121.2
1206
114.0
'122.1
'120.8
123.3
'119.6
'124.4
116.1
127.3
.821
.737
.818
.728
125.6
119.1
141 7
129.7
1389
1207
1230
1230
1203
114.7
141.3
113.6
114.9
117.2
143.0
115.2
116.3
1215
1264
118.2
122.1
M9
r
/21
132.0
Finished goods #
Finished consumer goods
Foods
Finished goods exc foods
Durable
Nondurable
Capital equipment
1152
1176
1177
123.9
123.9
1150
1136
1139
125.7
125.9
126.2
126.2
.818
.743
.824
.742
.827
.741
.739
1201
1177
1183
123.5
123.8
1142
1140
1149
126.7
126.8
126.9
.820
.735
.822
.734
.822
.732
.824
.729
124.5
81.3
79.1
76.8
77.0
121.4
137.0
133.3
123.1
119.1
117.4
143.0
114.6
116.8
128.9
125.5
121.4
137.6
134.3
123.1
118.7
117.2
142.7
114.7
116.9
128.9
125.0
121.8
138.5
136.9
123.2
118.4
117.2
143.5
114.5
116.9
129.3
125.0
121.9
138.3
141.6
123.5
118.9
117.2
144.2
114.3
117.5
129.2
124.7
98.3
97.7
99.4
114.1
122.2
120.9
123.1
120.1
124.8
116.1
127.5
113.9
122.1
120.7
122.9
119.7
124.8
115.7
127.7
113.3
121.7
120.1
122.5
118.9
125.5
114.7
128.0
113.9
122.0
120.5
123.8
119.0
125.3
114.9
128.0
.818
.726
.820
.725
.822
.724
.820
.722
1
114.3
121.8
120.4
123.3
119.0
124.3
115.3
127.1
116.1
_1
2
PURCHASING POWER OF THE DOLLAR
As measured by:
Producer prices 1982-$1 00
Consumer prices. 1982-84=$1.00
See footnotes at end of tables.
839
822
.766
.734
826
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1988 and methodological notes are as shown
in BUSINESS STATISTICS, isei-ee
Annual
March 1992 • S-7
1992
1991
Jan. |
1991
Feb. |
Mar. |
Apr. |
May |
June |
July |
Aug. |
Sept. |
Oct. |
Nov. |
Dec.
Jan. | Feb.
3. CONSTRUCTION AND REAL ESTATE
CONSTRUCTION PUT IN PLACE $
{Millions of dollars]
New construction (unadjusted), total
Private, total #
Residential
New housing units .
Nonresidential buildings, except farm and public
utilities total #
Industrial
Commercial
Public utilities?
Telecommunications
Public total #
Buildings (excl. military) #
Housing and redevelopment
Industrial
Military facilities
Highways and streets
[Billions of dollars]
New construction (seasonally adjusted at annual
rates) total
Private total #
Residential
New housing units .
Nonresidential buildings, except farm and public
utilities total #
' Industrial
Commercial
Public utilities:
Telecommunications
Public, total # .. .
Buildings (excl. military) #
Housing and redevelopment
Industrial
Military facilities
Highways and streets ,
446,434
337777
182,856
127987
404,892
295736
160961
110816
27,732
21 108
10465
7336
117971
23848
62862
96763
21 709
48033
7851
9565
108657
45,825
3733
1 433
2732
30593
109156
49,574
3544
1 828
27,105
20394
9625
6643
1 640
7886
1 693
3951
3921
582
6624
3,353
276
122
156
1 159
716
29,216
22044
10991
7527
32,467
24120
12192
8048
34,483
25162
13608
8894
36,043
26144
14838
9739
36,978
26600
15266
10461
38801
27602
15952
11 007
8119
8796
1 797
3994
4392
8337
1 731
4239
8055
1 833
4029
8069
1 744
4 100
8280
1 787
4280
775
9899
4,167
298
181
155
2,918
758
10378
4,620
294
169
147
3,147
3984
716
1954
786
8347
4,063
283
141
152
767
9321
38,186
27051
15611
11 067
37,830
27139
15600
10889
8147
1 970
3994
849
11 199
4,795
284
195
149
3,648
746
11 135
4,610
324
234
188
3,381
814
10692
4,420
332
132
100
3,402
7172
3,509
282
114
144
1 177
3,613
287
121
156
1 415
4101
401 9
4071
3990
3005
2933
2990
291.0
3982
2909
2903
4032
2934
4070
2966
297.5
1079
1556
1035
1524
1008
1518
1006
1546
1032
1583
1067
1580
1099
1628
1144
1666
1180
1683
1183
1058
1849
29041
6711
1070
1038
1089
4065
3039
161 8
1913
4,106
307
152
160
2,669
224
232
231
243
990
207
53.8
54.0
51.8
54.8
50.2
88
1026
459
33
15
19
256
101
1096
48.2
34
14
17
307
91
1086
48.4
34
15
19
30.0
97
1080
49.6
34
17
18
286
86
1080
48.9
37
18
19
943
209
941
209
47.6
47.1
94
1073
46.8
36
22
19
89
1081
50.2
35
20
18
34,727 r 30,403
25 342 '22485
" 14,390 r 12,029
r
r
10418
8789
8189
1 773
4 144
r
920
204
463
92
1097
50.1
91 8
203
456
87
1104
50.4
34
23
18
300
39
28
23
286
29.2
28.8
28.9
19,552
r
82
6,728
12,824
21,283
r
88
6,881
14,402
21,558
r
92
6940
9,695
4,648
7454
9,764
4,339
4103
r
7620
1 842
3637
818
9385
4,216
303
134
P
160
2,388
r
405.4
293.2
r
1660
r
1189
91 1
'888
21.5
44.5
'21.7
'42.2
8184
6505
1,663
2899
707
r
7918
r
3,846
'283
133
'187
r
1,795
7096
3,748
273
136
170
i,287
r
404.1
r
294.6
398.9
290.7
'1643
'119.1
r
885
'22.5
r
40.9
1680
121.1
879
22.6
40.1
9.1
8.4
112.2
51.3
36
1.6
1.9
'108.3
'49.8
'34
1.6
2.2
'28.5
109.4
8.7
112.8
'7332
' 1,968
'3316
27,465
20370
10,906
r
r
52.8
40
1.6
1.2
51.3
33
1.6
2.0
29.1
28.7
19,411
r
86
6,498
12,913
22,738
r
96
7,736
15,002
15,083
r
81
4,240
10,843
16,277
'96
5,880
10,397
16,077
95
5,303
10,775
6218
8,337
9,984
4,417
5,103
7,427
2,552
5,819
6,670
3,788
5,635
6,891
3,551
'65.6
'56.3
'72.3
'59.0
81.3
70.9
1,304
1,146
27.9
CONSTRUCTION CONTRACTS
[Millions of dollars, unless otherwise indicated]
Construction contracts (F.W. Dodge Division,
McGraw-Hill):
Valuation, total
Index (mo data seas adj) 1987-100 §§
Public ownership
Private ownership
By type of building:
Nonresidential
Residential
Non-building construction
New construction planning (Engineering NewsRecord) §
245 396
221,230
95
88
r/
72,090
173307
r/
r
14,092
r
80
5,147
' 8,945
74,422
146806
r
76898
96,353
47,978
r
13,376
r
85
4,925
8,450
16,276
r
86
5,803
10,473
20,929
"93
6,700
14229
20,713
r
88
6,665
14,047
5091
5747
6,785
3,744
7076
8,712
5,141
6778
9,190
4,745
6,412
8,909
4,231
9229
17726
9433
7,250
14.308
6120
4,936
'3,036
5,185
3,100
14365
8136
10619
59.1
46.1
73.8
61.4
99.7
82.8
97.7
84.5
103.4
103.5
87.4
94.7
78.7
86.6
73.7
101.8
86.8
80.9
75.6
62.6
1 008
803
918
751
978
802
983
830
1,036
870
1,053
881
1,053
881
1,020
864
1,085
887
1,085
907
'1,118
'1,190
'972
'999
802
611
876
695
892
689
913
742
966
760
999
780
1,005
794
953
769
982
782
1,028
796
993
787
1,055
851
'1,111
11.7
10.9
12.8
15.2
16.6
15.6
14.7
17.4
15.1
16.9
13.1
10.9
13.4
168
213389
r
844
644
90240
105509
49645
157
157
175
174
173
175
178
172
172
171
176
192
111 1
111.5
111 3
111.8
111 4
112.1
111 2
111.9
111 1
'110.9
'111.6
110.6
111.3
8,941
4,252
HOUSING STARTS AND PERMITS
[Thousands]
New housing units started:
Unadjusted:
Total (private and public)
Privately owned
. ...
One-family structures
Seasonally adjusted at annual rates: 0
Total privately owned
One^amily structures
New private housing units authorized by building
permits (17,000 permit-issuing places): t
Monthly data are seas. adj. at annual rates:
Total
. .
One-family structures
Manufacturers' shipments of mobile homes:
Unadjusted
Seasonally adjusted at annual rates @
1 1927
894.8
1,014.5
841.2
1 111
798
955
754
188.3
170.9
52.5
39.2
'912
1,160
959
CONSTRUCTION COST INDEXES
Bureau of the Census, 1987=100:
Composite fixed-weiohted price index *
Implicit price deflator '
Boeckh indexes, 1987*100: tt
Average, 20 cities:
Apartments hotels office buildings
Commercial and factory buildinos
Residences
Engineering News-Record, 1967=100:
Building
Construction
Federal Highway Adm.— Highway construction,
1987=100:
Comoosite (ava. for vear or atr.) ±±
See footnotes at end of tables.
111 0
111 5
1107
1106
1106
1106
1108
1108
110.9
111.0
111.0
111.0
111.1
1087
1106
1097
1120
1142
1130
1107
1123
1109
1127
1112
1130
112.2
1144
1156
111 5
111 7
112.1
113.3
114.3
4000
440.5
407.2
450.1
4027
444.8
108.5
107.5
110 1
402.1
444.4
402.0
444.3
114.3
401.0
443.7
403.1
447.0
404.6
448.6
111.8
408.1
451.9
1112
111.9
412.3
455.3
107.0
111.7
113.0
115.7
114.3
112.9
413.3
455.4
r
412.3
455.4
413.2
455.8
113.9
116.4
115.1
412.1
455.1
100.4
412.0
455.1
-410.8
-454.7
SURVEY OF CURRENT BUSINESS
S-8 • March 1992
Unless otherwise stated in footnotes below, data
through 1988 and methodological notes are as shown
in BUSINESS STATISTICS, isei-es
1991
Annual
1990
1991
Jan.
Mar.
Feb.
Apr.
May
June
1992
July
Aug.
Sept. |
Oct.
Nov.
Dec.
Jan. | Feb.
3. CONSTRUCTION AND REAL ESTATE-Continued
REAL ESTATE 0
[Thousands of units]
Mortgage applications for new home construction:
FHA applications
Seasonally adjusted annual rates
Requests for VA appraisals
Seasonally adjusted annual rates
[Millions of dollars]
Home mortgages insured or guaranteed by:
Fed. Hous Adm • Face amount
Vet. Adm.: Face amount §
Federal Home Loan Banks, outstanding advances to
member institutions, end of period
New mortgage loans of SAIF-insured institutions,
estimated total @
By purpose of loan:
Home construction
Home purchase
All other purposes
51 863 74 46 990 04
15,787.10
152 230
2
16182
2
127 272
23 776
67
87
82
86
94
95
105
106
88
105
69
87
60
60
64
69
84
80
83
92
4 459 53
1,501.67
79,065
112,647
143 674
8180
2
675
7023
480
117,096
2
80
106
61
82
980
1154
2
12 261
2
125 594
25819
74
89
71
92
67
74
81
120
1 259 86
65
98
3 630 56 3 765 79 3 723 18 4 070 27 444438 4 828 99 407277 3 696 55 341986
1 18314 1 21077 1 17379
939.10 1 311 15 1 58933 1 529 80
3651 85
66
102
322630
101
117
71
83
87
111
107,004
102,827
98744
94740
91,525
90142
83,946
80,143
78,784
79,065
8081
11 097
13600
14252
13300
12746
12239
10591
12374
12134
934
9688
475
1 106
12007
467
1 246
12468
536
1 205
11 498
597
1 285
10967
494
1230
1 027
9,051
513
1 077
10883
413
879
10,890
365
354948 322296
75,834
15081
682
6980
419
72
97
913
13,584
584
111,513
10552
456
75,085
4. DOMESTIC TRADE
ADVERTISING
[Millions of dollars]
Magazine advertising (Leading National Advertisers):
Cost, total
Apparel and accessories
Automotive incl accessories . .
.. ..
Building materials
Drugs and toiletries .
Foods soft drinks confectionery
Beer wine liquors
Houshold equipment supplies furnishings
Industrial materials
Soaps cleansers, etc
Smoking materials
All other
Newspaper advertising expenditures (Newspaper
Advertising Bureau, Inc.):
Total
Classified
National
Retail
32,280
11,506
4122
16,652
7,672
2,565
1,065
4042
6711
2,261
962
3,487
7,401
2,684
935
3.782
WHOLESALE TRADE t
[Millions of dollars]
Merchant wholesalers sales (unadj ) total
Durable goods establishments
Nondurable goods establishments
Merchant wholesalers inventories, book value (nonLi FO basis), end of period (unadj.), total
Durable ooods establishments
Nondurable goods establishments
1 ,790,321 1,739,642
876,182
834,853
914,139
904,789
140,101
64,989
75,112
130,923
62,188
68,735
144,696
70,164
74,532
147,536
70,939
76,597
151,460
71,311
80,149
142,711
69,060
73,651
147,164
70,183
76,981
148,417
71,644
76,773
145,418
71,607
73,811
157,659
77,617
80,042
141,694 '141,863
67,998 '67,153
73,696 '74,710
138,895
65,145
73,750
198,254
125,682
72,572
195,861
126,560
69,301
197,428
125,920
71,508
200,792
130,628
70,164
200,356
131,344
69,012
198,017
130,016
68,001
196,316
129,997
66,319
192,743
127,981
64,762
190,525
125,687
64,838
191,427 188,557
127,149 ,125,480
63,077
64.278
189,023
123,980
65,043
194,670
123,926
70,744
195,354
124,219
71,135
1,807,219
654,757
1,821,027
644,963
130,903
43,954
128,589
45,320
149,299
52,909
148,510
55,271
159,835
58.949
153,909
56,669
154,643
57,277
159,910
56.724
146,697
53,567
152,113
54,213
155,639 '180,980
51.857 '58,253
92,524
381,961
92,983
1,152,462
211,933
362,410
131,725
94,731
182,044
68,557
20,813
92,723
374,550
90,021
1,176,064
217,561
370,548
128,331
95,563
189,176
74,835
21,312
5,626
25,656
6.705
86,949
12,335
29,451
10,667
5,641
13,927
5,771
1,629
5,683
27,1'12
6,495
83,269
12,965
27,452
9,484
5,784
13,809
5,686
1,537
"147,498 '150,672
'50,463 '53,189
6,876
32,191
7,234
8,701
33,792
7,342
97,240
16,983
31,650
11,090
7,503
16,801
5,989
1,772
152,642
54,212
8,787
34,262
7,562
97,366
16,153
31,993
11,298
7,339
16,797
6,065
1.884
153,195
54,117
8,556
33,182
7,676
103,186
18,595
32,518
11,572
8,918
17,450
6,231
1,922
152,160
53,390
7,994
31,793
7,144
93,130
16,189
29.757
10,560
7,508
15,476
5,882
1,653
152,658
8,283
31,700
7,427
96,390
16,778
31,276
10,241
7,890
15,560
6,298
1,716
151,467
8,558
33,185
7,150
93,239
16,370
29,552
10,382
7,533
15,506
6,049
1,642
150,967
7,791
5,797
1,074
197,428
125,920
71,508
RETAIL TRADE *
[Millions of dollars]
All retail stores:
Estimated sales (unadj.), total
Durable goods stores #
..
Building materials, hardware, garden supply, .
and mobile home dealers
Automotive dealers
Furniture, home furnishings, and equipment ...
Nondurable goods stores
General merch. group stores
Food stores
Gasoline service stations
Apparel and accessory stores
Eating and drinking places
Drug and proprietary stores
Liquor stores
Estimated sales (seas adj ) total .
Durable goods stores #
Bldg. materials, hardware, garden supply, and
mobile home dealers #
Building materials and supply stores
Hardware stores .
.
Automotive dealers
Motor vehicle and miscellaneous auto
dealers
Auto and home supply stores
Furniture, home furnishings, and equipment #
Furniture home furnishings stores
Household aooliance. radio, and TV stores
See footnotes at end of tables.
53,725
53,490
9,282
35,031
7,518
100,886
18,091
32,652
11,219
8,004
16,596
6,296
1,790
152,710
54,074
'7,197
"5,046
1,087
" 28,869
'7,678
'5,470
1,133
'30,755
7,488
5,380
1,110
31,149
7,836
5,675
1,114
30,849
7,814
5,666
1,120
31,307
7,762
5,752
1,089
31.562
7,882
5,805
1,080
31,238
7,727
5,750
1,093
30,691
'26,327
'2,542
'7,259
'3,956
2.627
28,180
'2,575
'7,517
'4,123
'2.696
28,590
2,559
7,536
4,071
2.740
28,180
2,669
7,590
4,114
2.752
28,628
2,679
7,607
4,124
2.724
28,885
2,677
7,555
4,034
2.736
28,593
2,645
7,680
4,121
2.782
28,119
2,572
7,581
4,088
2.737
54,619
97,900
17,795
30,613
10,843
7,814
15,962
6,239
1.715
152.483
54,657
31,943
7,711
5,783
1,060
32,129
29,352
2,591
7.536
4,063
2,726
29,586
2,543
7,430
4,034
2,658
'138,262 '1 39,529
'49,121 1 50,729
'7,032
'6,449 1 ' 6,668
7,345
30,346
28,763 '27,883 '29,345
'9,822
'7,097
' 7,040
7,946
103,782 '122,727 '89,141 '88,800
22,387 '32,920 '13,431 ' 14,802
31,110 '32,524 '30,298 '29,255
'9,759
'9,291
10.524 '10.451
'5,998
'6,256
8,946 '12,683
15,447 '15,845 '14,905 '14,920
'6,189
'8,113
'6,158
6,216
1,834
'2.218
1,560
152,505 '152,440 '155.609 '157,670
54,247 '54,687 '56,211 '57,512
7,674
5,694
1,087
31,905
'7,859
'5,919
'1,048
'32,155
'8,163
6,056
1.211
'32,951
29,414
2,491
7,355
4,012
2.593
'29,637
'2,518
'7,484
'4,088
'2,647
'30,362
'2,589
'7.671
4,058
2,844
1
8,626
'33,426
'30,825
'2,601
'7,770
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1988 and methodological notes are as shown
in BUSINESS STATISTICS, 1951-88
Annual
1990 |
March 1992 •
1992
1991
Jan.
1991
Feb.
Mar. |
Apr.
May |
S-9
June
July
Aug.
Sept.
Oct. |
Nov.
Dec.
Jan. |
Feb.
4. DOMESTIC TRADE-Continued
RETAIL TRADE ^-Continued
[Millions of dollars-Continued]
All retail stores—Continued
Estimated sales (seas, adj.)—Continued
Nondurable goods stores
General merch. group stores
Department stores excluding leased
departments
Variety stores
Food stores
Grocery stores
Gasoline service stations
Apparel and accessory stores #
Men's and boys' clothing and furnishings
stores
Women's clothing, specialty stores, and
furriers
Shoe stores
Eating and drinking places
Drug and proprietary stores
Liquor stores
Estimated inventories, end of period:
Book value (non-LIFO basis) (unadjusted) total
Durable goods stores*
Bldg. materials, hardware, garden supply,
and mobile home dealers
Automotive dealers
Furniture, home furnishings, and equipment
Nondurable goods stores #
General merch group stores
Department stores excluding leased
departments
Food stores
Apparel and accessory stores
Book value (non-LIFO basis) (seas adj) total
Durable goods stores #
Bldg. materials, hardware, garden supply,
and mobile home dealers
Automotive dealers
Furniture home furn and equipment
Nondurable goods stores # .
General merch group stores
Department stores excluding leased
Food stores
Apparel and accessory stores
Firms with 1 1 or more stores:
Estimated sales (unadj ) total . . .
Durable goods stores
Auto and home supply stores
Nondurable goods stores #
General merchandise group stores
Food stores
Grocery stores
Apparel and accessory stores
Eating places
. .
Drug stores and proprietary stores
Estimated sales (sea adj ) total
Auto and home supply stores
Department stores excluding leased departments
Variety stores
Grocery stores
Apparel and accessory stores
Women's clothing, specialty stores, and
furriers
Shoe stores
Drug stores and proprietary stores .
' 97 035 r 97 483
r
17,572 '17947
97742
18072
97477
18093
98636
18324
98430
17925
99078
18541
98770
18393
98039
18285
97826
18119
98258
18253
'97753
'17849
'99398
'19155
'14316
14704
14710
14864
14456
15044
14932
14863
14785
15002
'14664
'15609
607
595
600
599
591
577
590
'583
'14609
'596
591
600
'579
30947
28977
10701
30660
28686
10497
31 125
29087
10746
31 251
29116
10663
30991
28,934
10618
30825
28778
10735
30941
28,908
10476
30882
28,857
10466
30970
28,958
10620
'31 120
'29,077
'10378
'31203
'29,161
'10382
7,487
'8,015
7,856
8,103
8,147
8,074
8,188
8,155
7,982
7,873
7,887
'7,845
'7,972
'738
'784
780
794
787
755
750
768
779
754
757
r
2524
'1 391
'2703
'1 538
2698
1 466
2801
2836
2807
1484
1455
2828
1,510
2787
1 518
2746
1 501
2732
1,427
' 15,355
r
5,962
r
1822
'15639
'6,147
'1 830
15513
6,254
15615
6,243
1 783
15791
6,227
1 769
15,955
6,245
1 760
15,816
6,285
1 794
15907
6,281
15648
r
1837
1822
1454
6271
1 774
15,851
6,328
1788
237 352
121,195
240297
119,199
236 304
120,298
236816
119389
235 947
116856
236 440
116,894
235 386
117072
232348
115004
232 148
112,816
233 296
1 1 1 399
241 114
114739
255 325
120,137
15782
65292
16,843
16321
62367
16,943
15893
64692
16,597
16241
63807
16,386
16831
60975
16,405
16639
60163
16,874
16848
60134
16,795
16709
58508
16,664
16319
56415
16,562
16304
54433
16,609
16221
55799
17,399
16141
59289
18,464
116157
40348
121 098
42877
116006
40626
117427
42030
119091
43220
119546
43580
118314
42593
117344
42069
119,332
43344
121 897
44448
126375
47364
135188
52300
31 946
25249
18021
34759
26423
17,794
32291
25193
17,645
33194
24757
18771
34370
25099
19138
34839
24980
19,304
34017
25243
18,954
33475
25282
18706
34,466
24950
19,280
35344
24852
20,156
37843
25073
20835
42,132
26152
21,539
241 860
120488
244,767
118327
243 550 241 179
053 119239
236 900
116041
236,696
116087
236 204
115490
235 098
114305
235994
114754
236,757
115279
239 745
117437
241,955
118172
16,422
62970
17048
16,948
59901
17131
121 372
43919
126440
46660
34686
24992
19847
r
r
121
r
'750
100,158
' 19,427
;
15 875
622
'30390
'28414
'10889
" 30 705
r
28,739
"11 348
;
1
30,950
28,943
MO 704
1
1
8,1 56
766
1,413
'2665
'1 418
2634
1,436
16,007
6,298
1 781
'16,301
'6,363
'1 642
'16,272
'6,367
1 728
2715
259288 '240297
122,561 '119199
'16,288
1
6,441
235 621
115952
'16321
'62367
'16,943
16550
60431
16,487
136,727 '121,098
52849
'42877
119,669
43323
'34,759
'26423
'17,794
35,208
25 743
17,237
242,186 '244,767
117,735 '118327
243,111
116838
16269
61 216
18,563
42,809
26715
21,628
16,807
59,988
17140
'16,948
'59901
'17131
17,062
59271
16962
124,451 '126,440
45599 '46660
126,273
47530
16,385
63388
17 075
16,241
61942
16893
16,199
59357
16723
16,014
58921
17166
16,107
58461
17103
16,160
57390
17039
16,286
57688
17022
16,452
58327
16709
16,518
59631
17058
16,606
60472
17128
122 497
" 44 627
121 940
44341
120859
43820
120,609
43684
120714
43905
120793
44171
121 240
44465
121,478
44567
122,308
45034
123,783
45545
37,700
26132
19619
'35,407
'25 259
r
19848
34941
25178
19738
34752
25273
19569
34,700
25246
19558
34,925
25336
19380
35163
25334
19405
35,569
25226
19?%>
35,737
25307
19214
36,283
25293
19436
36,764
25431
19317
36,714
25680
19520
'37,700
'26132
'19619
661 323
705,457
49228
47817
57230
54,982
59,740
57115
56,728
61 046
55,073
58,428
'64,832
83,238
81 101
8620
83506
8920
5265
6236
6626
7,244
6,948
7,045
6,622
6,849
'7,421
10,907
611
582
698
747
795
794
823
826
754
817
604750
180423
202 872
198620
50189
45964
40591
621 951
199841
208729
205 783
55379
46451
46057
43963
11275
17034
16820
3039
42604
11903
15629
15386
3418
50167
15521
17458
17240
4287
4,050
3639
4,028
3686
53916
17055
18121
17898
5202
4,173
3832
51579
16,319
17,337
17115
4,534
3,966
3457
52496
16504
18173
17940
4602
4,005
3787
48451
14785
16,590
16382
3450
48356
14934
16,488
16264
4284
3,812
3597
49683
14688
17,718
17494
3515
50994
15399
17846
17570
4*616
3,933
3864
57630
58497
58583
58317
58895
58573
59455
59292
59187
r
r
r
5213
3217
4149
7130
4319
3,851
3624
'756
3814
72331
30726
18,549
18128
7,716
3,824
5445
58994
'59236
58748
720
741
718
741
740
739
753
756
761
752
14454
14308
14,308
14,412
14,033
14,633
14,521
14,431
14,410
451
465
455
453
455
441
447
445
437
431
17,093
4,361
16,945
4,647
17,209
4,536
16,942
4,649
17,184
4,717
17,240
4,608
17,168
4,725
17,177
4,641
17,299
4,626
17,218
4,628
'17,236
'4,640
1,617
'1,636
1 538
896
1594
1603
1,652
1 689
1 649
1645
1 594
1 636
717
'57411
'20732
'17,786
'17546
'5,414
'3,876
'3862
13872
3531
38,563
25,783
19389
'747
'14,590
'441
741
14,318
425
17,281
4,551
1,588
875
971
920
965
945
922
946
953
913
911
3786
3,849
3,778
3,757
3806
3,872
3,898
3,918
3,948
'3,929
3,957
191,443
128,931
1,604
191,589
127,713
1,616
191,746
127,029
1,624
191,903
127,182
1,614
192,057
127,001
1,605
192,209
126,712
1,604
192,358
126,671
1,599
192,469
126,971
1,585
189,839
127,327
118,751
8576
189,973
126,097
117,859
8,237
190,122
125,405
117,335
8,070
190,289
125,568
117,555
8,013
190,452
125,396
117,110
8,286
190,605
125,108
116,549
8,559
190,759
125,072
115,122
9,949
190,884
125,386
115,224
10,161
125,204
125,004
'910
5. LABOR FORCE, EMPLOYMENT, AND EARNINGS
LABOR FORCE AND POPULATION
[Thousands, unless otherwise indicated]
Not seasonally adjusted:
Noninstitutional population, persons 16 years of
age and over
Labor force @ .
Resident Armed Forces
Civilian noninstitutional population
Civilian labor force total
. .
Employed
Unemployed
Seasonally adjusted: 0
Civilian labor force total
Participation rate percent t
Employed total
Employment-population ratio,
percent ^
Agriculture
Nonagriculture
Unemployed total
Lono. term. 15 weeks and over
See footnotes at end of tables.
189,686
126,424
1 637
191,329
126,867
1 564
190,592
125,200
1 615
190,717
125,672
1 602
190,703
125,903
188049
124787
117,914
6874
189,765
125,303
116,877
8426
188,977
123,585
114,990
8595
189115
124,070
115,151
189243
124,443
115,639
8804
124,740
125,067
66.4
66.0
66.0
116977
627
3186
114,728
1.504
61 9
8919
66.1
116937
1460
125,250
66.2
116834
190,836
126,183
1,456
190,980
126,315
1,458
191,173
128,559
189,380
124,727
116,678
8049
189,522
124,857
116,624
8233
189 668
127,054
118,280
8774
125,644
125,259
125,524
66.3
117,388
66.1
116,730
1505
66.2
116909
66.0
116,729
65.8
116,484
125,590
66.1
117,089
125,508
66.0
116,867
125,374
65.8
116,772
125,619
65.9
116,728
126,046
66.1
117,117
61.4
126.287
66.2
117,043
61 6
3233
113,644
113783
3,237
113,700
3,124
113,710
3,187
114,201
3,256
113,474
3,286
113,623
3,244
113,485
3,254
113,230
3.283
113,806
3.204
113,663
3.272
113,500
3.183
113.545
3.166
113,951
3.232
113,811
2.323
7,763
1.869
8,130
1.985
8,416
2,144
8,256
2,180
8,529
2.213
8,615
2,488
8,475
2,355
8,520
2,417
8,501
2,422
8,641
2,570
8,602
2.623
8,891
2.843
8,929
3,059
9,244
3,204
3194
61.8
61.7
62.0
61.6
61.6
61.5
61.3
61.6
61.4
61.3
61.2
61.3
SURVEY OF CURRENT BUSINESS
S-10 • March 1992
Unless otherwise stated in footnotes below, data
through 1988 and methodological notes are as shown
in BUSINESS STATISTICS, igei-ss
1992
1991
Annual
1990
1991
Jan. |
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
5. LABOR FORCE, EMPLOYMENT, AND EARNINGS-Continued
LABOR FORCE-Continued
Seasonally adjusted 0—Continued
Civilian labor force—Continued
Unemployed—Continued
Rates $:
All civilian workers
Men 20 years and over
Women, 20 years and over
Both sexes, 16-19 years .„
White
Black
Hispanic origin
Married men, spouse present
Married women, spouse present
Women who maintain families
Industry of last job:
Private nonagricultural wage and
salary workers
Construction
Manufacturing
Durable goods
Agricultural wage and salary workers
5.5
49
4.8
15.5
47
11.3
80
3.4
3.8
82
57
11.1
5.8
58
9.7
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
6.7
63
5.7
18.6
60
12.4
99
4.4
4.5
91
70
15.4
7.2
7.5
11.6
6.2
57
5.3
18.2
55
12.1
94
4.0
4.1
90
65
14.5
6.6
7.1
11.8
6.5
62
5.4
17.3
58
11 9
95
4.2
4.3
91
68
15.1
7.2
7.8
11.3
6.7
63
5.6
18.5
60
12.3
100
4.4
4.6
91
71
14.3
7.4
7.9
13.0
6.6
62
5.5
18.2
58
12.5
92
4.3
4.5
96
69
14.9
7.4
8.0
10.4
6.8
64
5.7
18.9
60
12.8
97
4.4
4.5
92
71
15.0
7.4
7.6
11.3
6.9
65
5.7
19.0
61
12.7
99
4.6
4.6
9.1
72
15.5
7.7
8.0
11.9
6.8
65
5.4
19.9
61
11.9
96
4.4
4.4
8.5
71
16.2
7.1
7.2
11.5
6.8
65
5.7
19.0
6.1
6.8
65
5.6
18.2
61
12.4
12.3
100
4.4
4.4
9.4
109
4.5
4.5
9.0
71
15.4
7.2
7.4
11.8
70
15.7
6.9
7.0
11.2
6.9
6.5
5.8
18.9
6.1
12.8
10.5
4.2
4.5
9.4
7.1
16.1
7.0
7.4
11.9
7.1
6.6
6.1
6.9
6.4
5.9
18.7
19.3
6.2
6.3
12.7
12.3
10.2
9.7
4.7
4.9
9.1
4.5
4.6
9.1
7.4
7.2
16.3
16.1
7.4
7.1
7.2
7.3
12.4
11.5
7.1
6.9
5.9
18.3
6.5
13,8
11.6
4.8
4.8
9.0
7.4
17.0
7.0
7.0
10.9
2.8
2.7
2.4
2.5
2.4
2.8
2.9
3.1
3.3
3.1
2.9
2.6
2.6
2.9
42
6.6
5.8
8.6
6.2
5.1
7.5
7.9
5.0
7.2
9.1
52
7.5
9.6
5.2
7.9
8.8
4.9
6.7
8.2
5.1
7.5
7.2
5.1
7.1
7.1
9.2
6.8
5.2
7.6
7.1
8.7
6.8
5.1
7.6
6.9
8.8
7.2
5.1
8.2
7.7
9.6
9.1
6.0
8.7
5.8
5.0
7.1
7.2
9.9
5.4
5.2
8.0
8.3
6.4
5.2
7.4
7.6
9.8
5.8
7.6
12.3
10.3
13.0
10.5
12.3
11.2
11.0
10.4
10.9
8.8
20.0
6.2
13.7
11.3
2.1
10.5
7.3
7.0
6,1
11.3
13.0
11.3
5.0
4.8
9.5
7.6
17.4
7.6
7.7
11.7
3.0
6.0
8.2
12.0
13.7
11.0
EMPLOYMENT §
[Thousands]
Employees on nonfarm payrolls by industry:
Total not adjusted for seas variation
Private sector (excl government)
Seasonally adjusted:
Total employees nonfarm payrolls
Private sector (excl government) , .
Nonmanufacturing industries
Goods-producing
Mining
Construction
Manufacturing
Durable goods
Lumber and wood products
Furniture and fixtures
Stone clay and glass products
Primary metal industries
Fabricated metal products
Industrial machinery and equipment
Electronic and other electrical equipment
Transportation equipment
Instruments and related products
Miscellaneous manufacturing
Nondurable goods
Food and kindred products
Tobacco manufactures
Textile mill products
Apparel and other textile products
Paper and allied products
Printing and publishing
Chemicals and allied products
Petroleum and coal products
Rubber and misc. plastics products
Leather and leather products
Service-producing
Transportation and public utilities
Wholesale trade
Retail trade
Finance insurance, and real estate
Services
Government
Federal
State
Local
Production or nonsupervisory workers on private
nonfarm payrolls, not seas, adjusted
Manufacturing not seas, adjusted
Production or nonsupervisory workers on private
nonfarm payrolls
Goods-producing
. .
Mining
Construction
Manufacturing
Durable goods
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
Primary metal industries
Fabricated metal products
Industrial machinery and equipment
Electronic and other electrical equipment
Transportation equipment
Instruments and related products
Miscellaneous manufacturina
See footnotes at end of tables.
109971
91 649
108981
90,548
107979
89,646
107887
89204
108,147
89,373
108,590
89,825
109,304
90,493
109,836
91,294
108,607
91,145
108,687
91,416
109,421
91,257
109,796
91,084
109,822
90,952
r
109.701 '107,306 '107,625
" 90,890 '88,835 '88,824
109971
91 ,649
72,538
24,958
711
109,418
91,053
72,382
24,181
713
4,797
18,671
10,770
706
490
532
740
1,389
2,048
1,621
1,888
985
371
7,901
1,673
49
667
1,012
696
1,560
1,094
158
868
124
85,237
5,866
6,138
19,542
6,736
28,590
18,365
2,952
4,352
11,061
109160
90,771
72,239
24,039
715
4,792
18,532
10,652
696
482
527
726
1,365
2,036
1,611
1,859
982
368
7,880
1,679
49
661
1,010
694
1,553
1,093
158
861
122
85,121
5,834
6,119
19,464
6,732
28,583
18,389
2,951
4,354
11,084
108,902
90,495
72,052
23,877
714
4,720
18,443
10,584
692
479
520
724
1,356
2,024
1,599
1,846
978
366
7,859
1,679
48
660
1,009
693
1,548
1,091
158
852
121
85,025
5,824
6,105
19,378
6,735
28,576
18,407
2,951
4,359
11,097
108,736
90,312
71,916
23,794
710
4,688
18,396
10,560
692
481
521
723
1,353
2,007
1,597
1,846
976
364
7,836
1,673
48
660
1,005
691
1,542
1,089
159
849
120
84,942
5,814
6,086
19,324
6,718
28,576
18,424
2,953
4,352
11,119
108,887
90,447
72,021
23,847
706
4,715
18,426
10,575
697
483
519
721
1,354
2,003
1,599
1,863
973
363
7,851
1,677
48
665
1,013
690
1,540
1,086
159
854
119
85,040
5,819
6,085
19,339
6,712
28,645
18,440
2,952
4,348
11,140
108,885
90,429
72,051
23,792
704
4,710
18,378
10,534
696
483
518
718
1,358
1,990
1,594
1,845
969
363
7,844
1,677
48
665
1,017
687
1,531
1,086
159
854
120
85,093
5,809
6,068
19,345
6,703
28,712
18,456
2,971
4,359
11,126
108,859
90,439
72,037
23,798
701
4,695
18,402
10,546
699
478
520
721
1,359
1,984
1,589
1,861
968
367
7,856
1,660
49
671
1,032
689
1,532
1,084
159
857
123
85,061
5,809
6,064
19,347
6,688
28,733
18,420
2,963
4,338
11,119
108,971
90,557
72,115
23,826
693
4,691
18,442
10,553
700
483
523
722
1,361
1,980
1,585
1,868
966
365
7,889
1,685
50
670
1,031
692
1,531
1,088
160
861
121
85,145
5,820
6,050
19,343
6,687
28,831
18,414
2,967
4,337
11,110
109,066
90,642
72,228
23,797
684
4,699
18,414
10,531
696
482
522
719
1,358
1,980
1,581
1,861
967
365
7,883
1,676
49
670
1,034
692
1,530
1,090
159
862
121
85,269
5,829
6,049
19,338
6,692
28,937
18,424
2,979
4,328
11,117
109,073
90,606
72,229
23,727
679
4,671
18,377
10,493
698
481
523
713
1,356
1,968
1,573
1,850
964
367
7,884
1,672
48
672
1,039
691
1,528
1,092
159
864
119
85,346
5,828
6,047
19,288
6,697
29,019
18,467
2,983
4,332
11,152
108,843
90,374
72,037
23,595
674
4,584
18,337
10,457
697
479
517
709
1,351
1,955
1,572
1,853
958
366
7,880
1,669
47
673
1,043
691
1.524
1,092
158
863
120
85,248
5,816
6,034
19,227
6,694
29,008
18,469
2,982
4,341
11,146
r
108,882 '108,733 '108,897
90,224 '90,400
" 90,368
'72,075 '71,987 '72,151
'23,552 '23.503 '23,485
19111
11,115
741
510
557
756
1 423
2,095
1,673
1,980
1,004
377
7995
1,668
49
691
1,043
699
1 574
1,093
158
889
132
85,014
5826
6,205
19,683
6,739
28240
18322
3,085
4,303
10934
108,981
90,548
72,122
23,819
697
4,696
18,426
10,556
697
481
521
720
1,359
1,993
1,590
1,856
969
366
7870
1,674
48
667
1,024
691
1,537
1,089
158
859
120
85,163
5,824
6,072
19,346
6,708
28,779
18,433
2,966
4,345
11,123
74,254
12,974
73,238
12,447
72,309
12,485
71,903
12,362
72,079
12,319
72,530
12,327
73,188
12,389
73,941
12,491
73,811
12,384
74,074
12,579
73,920
12,606
73,782
12,554
74254
17471
510
3,987
12974
7,371
610
403
433
574
1,048
1,259
1,055
1,218
498
274
73238
16,526
496
3,584
12,447
6,962
571
378
402
543
994
1,185
1,001
1,148
474
263
73,666
16,787
511
3,672
12604
7,098
578
384
411
559
1,018
1,223
1.014
1,158
486
267
73,378
16,658
512
3,658
12,488
7,000
569
377
406
548
994
1,215
1.007
1,135
484
265
73,172
16,534
511
3,599
12,424
6,956
564
375
400
546
990
1,209
1,000
1,125
485
262
72,983
16,477
509
3,565
12,403
6,948
566
377
401
544
989
1,198
1,001
73,121
16,530
503
3,598
12,429
6,964
570
378
400
544
990
1,191
1,005
1,148
478
260
73,147
16,507
500
3,597
12,410
6,943
570
379
400
541
992
1,183
1,004
1,139
475
260
73,196
16,535
499
3,588
12,448
6,971
573
375
401
544
995
1,177
1,005
1,163
474
264
73,265
16,563
490
3,585
12,488
6,983
574
379
404
545
995
1,179
1.004
1,169
471
263
73,338
16,531
484
3,591
12,456
6,954
571
379
404
542
995
1,176
997
1.159
468
263
73,302
16,493
481
3,577
12,435
6,933
573
379
404
538
993
1,168
994
1.153
466
265
5136
'
1;130
48
26
'670
'4,589
'18,293
'10,414
'697
478
'517
708
1,346
'1,944
1,568
1,840
949
367
'7,879
'1,670
'48
674
'1,042
690
1,524
1,091
'158
'862
'666
'4,600
'18,237
'10,366
'666
'4.570
'18,249
'10,381
'513
'704
'703
'477
'514
'703
'1,342
'1,937
'1,564
'1,814
'1,342
'1,936
'1,557
'1,839
'698
478
'950
'366
'946
'364
'7,871
'1,673
4«
671
'1,038
'7,868
'1,672
'49
'674
'1,033
'689
'689
'1.52C
'1,093
15£
'1,514
'1,096
'861
'158
'865
'118
120
119
'85,330
'5,811
6,023
'19,224
'6,701
'29,057
'18,514
'2,986
'4,338
'11,190
'85,230
'5,798
'6,005
'19,161
'6,692
'29,065
'18,509
'2,984
'4,350
'11,175
'85,412
'5,813
'5,997
'19,294
'6,699
'29,112
'18,497
'2,978
'4,341
'11,178
73,686
12,476
'73,627
'12,396
'71,671
'12,205
'71,672
'12,220
73,125
16,366
476
3,486
12,404
6,909
572
377
399
534
989
1,155
993
1.158
467
265
'73,103
'16,344
474
'3,494
r
12,376
'6.883
'73,014 '73,163
'16,301 '16,308
'469
469
'3,503
'3,472
'12,329 '12,367
'6,839
'6,875
57
'574
377
'376
'571
376
399
'534
985
'1,152
'991
1,146
464
265
'396
'530
'98
'397
'531
'984
1,14
'1,150
'98
"1.122
'1.150
'464
'26
'985
'464
'264
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1988 and methodological notes are as shown
in BUSINESS STATISTICS, 1961-88
1991
Jan.
Feb.
Mar.
Apr.
May
June
S-ll
1992
1991
Annual
1990 |
March 1992 •
July | Aug.
Sept.
Oct. | Nov.
Dec.
Jan. | Feb.
5,493
1,208
r
36
'5,490
'1,212
'37
'5,492
' 1,214
^36
'578
'872
'520
'575
'578
'864
'519
'835
'581
'103
'666
5. LABOR FORCE, EMPLOYMENT, AND EARNINGS-Continued
EMPLOYMENT §-Continued
[Thousands]
Seasonally adjusted-Continued
Production or nonsupervisory workers—Continued
Nondurable goods
Food and kindred products
Tobacco manufactures
Textile mill products
Apparel and other textile products
Paper and allied products
Printing and publishing
Chemicals and allied products
Petroleum and coal products
Rubber and misc. plastics products
Leather and leather products
Service-producing
Transportation and public utilities
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services . . . .
5603
1,200
36
593
874
524
873
603
103
688
109
56,783
4,835
4985
17,434
4,884
24,646
5486
1,210
36
571
856
520
846
584
102
659
98
56,711
4,839
4868
17,079
4,845
25081
5506
1208
36
571
844
522
860
594
102
668
101
56879
4,869
4924
17277
4,869
24940
5488
1,213
36
565
843
522
855
592
102
660
100
56,720
4,840
4904
17,202
4,863
24,91 1
5468
1,213
35
564
842
521
851
591
102
651
98
56,638
4,834
4894
17,132
4,862
24,916
5455
1,207
35
565
840
519
849
591
103
649
97
56,506
4,825
4879
17,072
4,851
24,879
5465
1,211
36
570
847
519
844
585
102
654
97
5,467
1,213
36
571
850
517
841
583
103
656
97
56,591
4,834
4878
17,083
4,854
24,942
56,640
4,825
4,864
17,081
4,851
25,019
5477
1,197
36
575
867
517
845
580
103
658
99
56,661
4,834
4861
17,078
4,837
25,051
5505
1,220
38
574
863
521
843
583
103
662
98
56,702
4,836
4843
17,067
4,826
25,130
5502
1,216
37
574
865
521
845
580
103
663
98
56,807
4,847
4,850
17,061
4,829
25,220
5,502
1,211
36
577
869
520
844
581
102
665
• 97
56,809
4,843
4,844
16,990
4,827
25,305
5,495
1,208
35
576
874
520
840
577
102
665
98
56,759
4,842
4,838
16,951
4,837
25,291
r
840
'576
102
'664
97
'56,759
'4,836
'4,828
'16,934
'4,835
'25,326
869
'519
'838
'577
'103
'663
'97
'96
'56,713 '56,855
'4,828 '4,842
'4,802
4,811
'16,869 '16,984
'4,832 '4,849
'25,373 '25,378
AVERAGE HOURS PER WEEK §
[Hours]
Seasonally adjusted:
Average weekly hours per worker on private
nonfarm payrolls: 0
Not seasonally adjusted
Seasonally adjusted
....
Mining
Construction t
Manufacturing:
Not seasonally adjusted
Seasonally adjusted
Overtime hours
Durable goods
Overtime hours .
.
Lumber and wood products
Furniture and fixtures
Stone clay and glass products
Primary metal industries
Fabricated metal products
Industrial machinery and equipment
Electronic and other electrical equipment ...
Transportation equipment
Instruments and related products
Miscellaneous manufacturing
.. . .
Nondurable goods
Overtime hours
Food and kindred products
Tobacco manufactures *
Textile mill products
Apparel and other textile products
Paper and allied products
Printing and publishing
Chemicals and allied products
Petroleum and coal products $
Rubber and misc. plastics products
Leather and leather products
Transportation and public utilities
Wholesale trade
Retail trade
Finance, insurance, and real estate $
Services
345
343
337
339
44.1
38.2
44.4
38.1
34.1
44.4
36.2
34.3
44.9
37.0
40.8
40.7
40.2
39.9
404
3.4
403
3.3
40.8
40.7
36
41 3
3.7
36
41 1
3.5
40.2
40.0
3.3
39.5
39.6
39.4
38.5
41.0
42.0
40.6
41.6
40.3
41.5
40.8
39.0
40.0
40.1
39.9
3.6
408
3.7
406
39.2
39.9
36.4
39.1
40.6
37.0
433
433
378
391
389
42.0
42.7
41.3
41.9
40.8
42.0
41.7
42.2
41.2
41.7
40.7
41.9
41 1
41 0
34.0
34.2
44.6
37.2
34.0
44.3
37.8
34.2
34.3
44.9
38.2
34.7
34.6
45.0
38.7
34.5
34.1
43.9
38.6
34.7
34.3
44.5
38.7
34.7
34.5
44.1
39.0
34.4
34.3
43.9
39.1
34.3
34.4
44.1
37.7
34.7
34.5
33.8
34.3
'43.9
'37.8
'43.4
36.6
'34.3
'34.7
'44.6
'36.5
40.1
40.3
40.1
40.2
40.3
40.4
40.9
40.8
40.4
40.7
40.9
41.0
41.4
41.0
41.1
40.9
41.3
41.0
41.7
41.1
40.6
40.8
'40.6
'41.1
3.3
3.4
3.8
3.7
3.3
40.6
340
40.7
40.8
3.7
41.3
3.7
41.2
41.4
41.5
3.7
41.4
3.7
41.4
3.2
3.2
3.3
3.3
3.7
3.8
3.7
3.7
3.7
39.3
37.5
41.7
41.5
40.7
41.5
40.5
41.0
41.0
39.3
39.2
38.2
41.3
41.4
40.6
41.5
40.2
40.8
40.9
39.3
39.2
38.9
41:3
41.4
40.7
41.3
40.6
41.0
40.8
39.2
39.7
38.9
41.5
41.6
40.8
41.2
40.6
41.2
40.8
39.3
40.6
39.3
42.0
42.3
41.2
41.8
40.7
42.1
41.0
39.7
40.0
39.2
41.9
42.6
41.3
41.6
40.7
42.3
40.6
39.6
40.2
39.1
41.6
43.0
41.6
42.0
40.8
42.4
41.0
40.1
40.5
39.1
42.0
42.8
41.7
42.1
40.7
42.3
41.3
40.2
40.0
39.1
41.9
42,7
41.6
41.8
40.6
42.5
40.9
39.8
40.5
38.9
41.5
42.5
41.4
41.8
41.1
42.4
41.2
39.7
39.8
39.9
39.7
39.9
40.1
40.1
40.4
40.3
40.4
40.5
3.7
3.8
41.5
3.8
'40.6
41.2
41.9
41.2
40.0
'41.0
'41.6
'41.0
'39.6
'40.4
3.7
40.5
3.4
3.5
3.7
3.8
3.7
3.8
3.8
374
441
41.1.
374
40.3
37.7
39.6
36.4
42.9
37.5
42.4
44.5
40.7
37.1
40.3
39.0
40.2
36.7
43.0
37.5
42.5
45.1
40.9
37.2
40.4
39.5
40.8
36.9
43.2
37.8
42.8
44.8
41.1
37.6
40.4
38.4
41.0
37.0
43.5
37.6
42.6
43.9
41.1
37.7
40.5
39.4
41.4
37.3
43.5
37.8
43.2
43.6
41.4
37.3
40.6
40.3
41.3
37.3
43.4
37.6
43.2
44.6
41.2
37.7
40.6
40.2
41.3
37.4
43.4
37.8
43.2
44.1
41.4
37.1
40.9
38.5
41.4
37.3
43.5
38.1
43.4
44.5
41.5
38.4
38.9
38.1
28.8
35.8
32.6
38.6
38.1
28.6
35.8
32.5
38.7
37.9
28.3
35.7
32.2
38.6
37.9
28.6
35.8
32.5
38.6
38.1
28.6
35.6
32.4
38.4
37.9
28.4
35.6
32.2
38.8
38.2
28.7
35.5
32.5
38.9
38.4
28,9
36.2
32.7
38.4
37.9
28.4
35.6
32.2
38.7
38.2
28.6
35.7
32.4
38.9
38.2
28.8
36.1
32.6
38.4
38.1
28.4
35.5
32.4
38.4
38.1
28.8
35.6
32.5
'38.5
201.21
163.99
'201.48
'164.44
37.9
42.6
44.6
41.1
42.9
'41.4
'39.9
'41.8
'43.1
'41.6
'42.1
'40.9
'41.8
'41.3
'39.8
'42.4
'41.4
3.4
3.7
40.4
'39.5
40.6
38.2
39.4
36.6
43.2
37.6
42.7
43.9
40.6
37.1
3.4
'41.5
39.7
42.0
40.6
38.4
39.2
36.5
43.0
37.6
42.4
43.8
40.6
37.2
3.9
41.3
41.6
40.6
'405
'39.4
'41.5
'39.0
37.5
43.6
38.2
'43.5
'43.5
41.5
37.7
'3.8
'41.2
3.5
'42.6
'41.6
'42.1
40.7
39.5
39.4
36.3
43.0
37.7
42.6
42.9
40.8
36.9
3.4
3.6
41.0
37.5
'43.5
'37.9
'43.1
'42.9
'41.5
'37.4
38.2
28.7
36.2
'38.3
'38.1
'28.5
'35.7
'32.6
32.4
'3.6
'40.5
'3.9
'40.7
'38.3
'41.0
'37.2
'43.7
'38.1
'43.5
'42.8
'41.9
'37.2
'38.8
'38.4
'29.2
'36.5
'32.8
AGGREGATE EMPLOYEE-HOURS §
{Billions of hours]
Seasonally adjusted:
Employee-hours, wage and salary workers in
nonagric. establishments, for 1 week in the
month seas adj at annual rate
Total private sector
Mining
Construction
Manufacturing
Transportation and public utilities
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services
Government
[1982=100]
Indexes of employee-hours (aggregate weekly): 0
Private nonrarm payrolls total
Goods-producing
Mining
Construction
Manufacturing
Durable goods
Nondurable goods
Service-producing
.. .
Transportation and public utilities
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services
See footnotes at end of tables.
203.58
166.88
201.04
164.08
201.00
164.01
201.30
164.35
200.71
163.69
199.66
162.66
200.76
163.90
201.73
164.87
199.81
162.99
200.94
164.32
202.10
165.16
201.13
163.86
1.63
1021
1.61
9.29
1.65
9.28
1.67
9.57
1.66
9.25
1.63
9.24
1.65
9.34
1.63
9.33
1.60
9.28
1.60
9.25
1.57
9.36
1.56
9.30
1.55
8.99
40.51
11 81
12.29
29.47
12.57
4839
36.70
39.02
39.31
11.83
12.10
28.76
12.52
48.57
36.99
38.97
11.77
12.06
28.95
12.55
48.82
36.95
38.77
11.74
12.10
28.82
12.56
48.80
37.03
38.66
11:68
11.99
28.54
12.36
48.55
37.00
38.81
11.73
12.09
28.86
12.49
48.93
36.86
38.96
11.76
12.12
29.07
12.64
49.35
36.86
38.99
11.66
11.95
28.57
12.30
48.65
36.82
39.23
11.71
12.02
28.77
12.47
49.28
36.62
39.17
11.82
12.02
28.96
12.61
49.65
36.95
39.05
11.69
11.98
28.49
12.36
49.43
37.27
39.03
11.64
11.96
28.79
12.48
49.56
37.22
121.3
104.4
121.5
104.0
120.9
102.7
120.0
102.5
121.2
103.2
122.1
103.8
120.7
103.8
121.5
104.4
122.3
104.4
121.3
104.0
121.5
103.1
64.9
65.4
65.0
64.3
64.4
64.2
62.5
62.2
60.9
60.2
59.9
125.0
102.7
100.4
105.9
128.9
115.3
114.7
120.3
120.4
145.8
126.9
101.6
123.2
100.9
122.7
100.7
124.4
101.2
124.4
102.0
123.8
102.3
97.9
98.4
99.4
99.6
105.5
129.4
114.3
114.2
121.1
120.2
146.9
105.2
129.0
114.1
114.3
120.6
119.9
146.5
104.5
127.9
113.3
113.4
119.3
1.18.3
145.4
105.2
129.3
114.7
114.2
120.6
119.7
147.1
105.8
130.3
114.8
114.5
121.5
121.3
148.5
106.0
128.2
113.5
112.9
119.3
117.9
146.4
124.9
102.9
100.0
107.0
130.3
115.3
113.6
120.9
120.4
149.2
119.3
102.6
97.8
123.3
103.2
100.3
107.2
129.2
114.5
113.4
120.1
119.0
147.8
124.4
102.6
98.8
123.7
109.8
641
138.3
106.6
105.5
108.2
130.0
115.1
116.3
1172
12.03
28.78
12.50
4913
36.95
121.4
103.7
627
123.8
102.2
99.2
106.2
129.4
114.3
113.7
1236
1202
120.8
145.6
119.7
147.7
99.4
99.1
107.1
129.0
113.8
.113.1
118.7
118.0
148.8
107.4
129.7
113.7
113.0
120.1
,119.2
149.2
1.53
'9.12
38.97
'11.66
11.96
'28.69
12.64
'49.86
'37.04
'121.7
'103.3
'59.4
'121.2
102.5
'99.0
107.4
'130.0
'113.9
113.1
119.6
'120.9
'149.9
'200.27 '202.76
'163.00 '165.19
'1.54
'1.51
'9.0S
'8.93
'38.70 '38.89
'11.55 '11.75
'11.90
'11.98
'28.40
'29.30
'12.74
'12.45
'49.41 '50.07
'37.27 '37.57
'120.8
'102.4
'58.1
'120.8
'101.5
'97.6
'106.9
'129.1
'113.1
'112.4
'118.3
'119.5
'149.2
'122.6
'102.9
'59.7
'118.5
'102.4
'99.0
'107.3
'131.4
'114.9
'113.0
'122.0
'122.2
'151.1
SURVEY OF CURRENT BUSINESS
S-12 • March 1992
Unless otherwise stated in footnotes below, data
through 1988 and methodological notes are as shown
in BUSINESS STATISTICS, i96i-88
Annual
1990
1992
1991
1991
Jan. |
Feb. |
Mar. |
Apr. |
May |
June [
July |
Aug. |
Sept. |
1031
1416
1403
Oct.
1046
1435
1415
Nov.
Feb.
Dec.
5. LABOR FORCE, EMPLOYMENT, AND EARNINGS-Continued
HOURLY AND WEEKLY EARNINGS §
[Dollars]
Average hourly earnings per worker, not seas,
adj.: 0
Private nonfarm payrolls
Mining
Construction
Manufacturing
Excluding overtime
Durable goods
Excluding overtime
Lumber and wood products
Furniture and fixtures
Stone clay and glass products
Primary metal industries
Fabricated metal products
Industrial machinery and equipment
Electronic and other electrical equipment ...
Transportation equipment
Instruments and related products
Miscellaneous manufacturing
Nondurable goods
Excluding overtime ..
Food and kindred products
Tobacco manufactures
Textile mill products
Apparel and other textile products
Paper and allied products
Printing and publishing
Chemicals and allied products
Petroleum and coal prodxts
Rubber and misc. plastics products
Leather and leather products
Transportation and public utilities
Wholesale trade
Retail trade
Finance insurance and real estate
Services
Average hourly earnings per worker, seas, adj.: 0
Private nonfarm payrolls
Mining
Construction
Manufacturing
....
Transportation and public utilities
Wholesale trade
Retail trade
Finance, insurance and real estate
Services
[Dollars per hour]
Hourly wages, not seasonally adjusted:
Construction wages, 20 cities (ENR): §§
Common labor
Skilled labor
Railroad wages (average class I)
[Dollars]
Avg. weekly earnings per worker, private nonfarm: 0
Current dollars, seasonally adjusted
1982 dollars, seasonally adjusted i
Current dollars, not seasonally adjusted:
Private nonfarm total
Mining
Construction
Manufacturing
Durable goods
Nondurable goods
Transportation and public utilities
Wholesale trade
Retail trade
Finance insurance and real estate
Services
1002
1369
1034
1421
13.78
14.01
11 18
10.71
11 76
11 27
1083
1037
1022
1420
1402
1023
1410
1393
1024
1409
1393
1030
1412
1399
1031
1410
1396
1031
1424
1388
11 05
11 02
11 06
11 11
11 15
1062
1061
1064
1069
11 58
11 15
11 60
11 17
1030
1420
11 19
13.97
11 22
11 17
1071
1074
1067
11 76
11 26
11 81
11 32
1073
1189
9.23
9.36
9,34
11 77
11 25
936
882
11 41
9.28
9.11
852
11 11
877
11 36
861
11 23
867
11 20
11 65
11 22
918
870
11 33
867
11 34
875
11 40
1292
1083
1333
1317
1302
1317
1321
1322
11 20
11 02
11 02
11 08
11 11
11 15
11.78
10.30
1217
1206
1206
1213
1210
1211
1332
1120
1216
10.73
10.59
10.58
10.55
10.63
10.66
10.74
878
11 42
7344
11 23
12,17
10.77
1410
1479
1441
1434
1443
1455
1474
1482
11.31
861
11.71
885
11.64
878
11.65
870
11.69
876
11.66
878
11.67
885
11.68
888
1012
1044
1033
1031
1035
1040
1041
1000
9.93
1801
1043
1086
9.09
969
9.61
1629
802
6.57
1230
1125
13.55
16.23
977
6.90
12.96
1079
676
9.97
9.83
998
9.88
1689
830
992
9.78
1616
817
6.75
1270
6.64
1251
11 50
992
9.74
1612
813
9.10
995
9.80
1735
816
11 37
1387
1383
16.63
1010
7.16
1002
7.09
17.01
999
13.23
11 16
700
10.42
10.24
13.18
11 04
690
10.24
10.12
13.17
11 08
689
10.30
10.14
1034
7.09
828
1079
11 91
11 38
9.35
885
11 41
885
11 47
1342
1351
1348
1349
11 23
11 33
1215
1224
1229
10.78
10.84
11 30
12.26
10.78
1491
1483
1506
1507
1512
11.71
883
11.66
885
11.74
890
11.76
886
11.80
894
1047
1000
9.87
1831
1042
1049
1047
1054
1004
827
1 1 36
10.88
'1050
'1462
14.06
'11 30
'10.84
11 85
11 39
'9.39
887
MO 53
'14.48
'13.89
' 1 1 33
'10.88
'11 90
'11 44
'9.40
11 48
1146
1349
' 13 41
'11 31
'12.23
10.90
'1491
'11.86
' 1 1 .40
'1345
' 1 1 40
'12.32
'10.87
P1500
'11.85
1412
M1 38
10.85
r
1196
1141
r
9.38
r
"895
r
11 41
1235
10.96
r
1518
.'11.88
908
r
'906
'1060
'1016
'10.04
'1646
'10.50
'14.39
'13.93
'11.34
'13.37
'11.32
'7.14
'10.74
'10.46
718
13.24
11 19
707
10.49
10.33
13.26
11.26
711
10.54
10.41
' 13.36
r
1 1 .34
709
10.68
10.50
10.48
'14.54
14.08
'11.32
'13.33
'11.29
10.47
'14.45
13.99
'11.29
'13.29
'11.27
997
998
9.85
1606
9.86
1603
836
842
840
10.02
1695
845
6.81
1280
6.81
1285
11 39
14.01
16.89
11 44
14.05
16.85
11 49
11 56
11 65
11 62
11 62
1416
14Q6
1421
1425
1427
17.01
16.87
16.80
17.16
17.14
17.38
1008
7.15
1008
7.15
1011
7.10
1011
7.10
1016
7.18
1013
711
13.15
11 06
691
1002
7.18
13.19
11 12
698
13.16
11.19
698
10.42
10.19
13.25
11 14
698
10.36
10.13
13.26
11 14
697
10.37
10.15
1018
7.23
1033
1036
10.16
10.19
13.17
11.11
697
10.36
10.21
10.28
14.05
10.32
14.13
1037
14.30
10.36
14.24
10.40
14.27
10.41
14.34
10.40
14.24
10.44
14.38
1405
1400
1398
1401
1407
1404
1402
1399
11.12
13.19
11 08
11.15
13.24
11 12
11.19
13.23
11 23
11.22
13.26
11 14
11.25
13.30
11 22
11.25
13.27
11 23
11.26
13.20
11 21
11.31
13.25
11.26
r
1062
1012
r
10.11
'1608
r
849
'6.86
r
1295
'11 69
M434
17.47
r
1027
7.31
10.18
14.04
1020
1024
14.21
13.99
14.03
1401
1395
1397
11.02
13.15
11 00
11 03
13.13
11 05
6.87
6.90
6.97
6.98
7.01
7.03
7.04
7.05
7.06
7.09
7.10
9.97
11 18
13.23
11 16
700
10.42
1397
1105
10.17
10.22
10.32
10.28
1024
1003
1007
1013
1016
10.35
10.24
10.50
10.29
10.40
983
1025
10.47
10.30
10.55
10.32
10.49
10.29
10.55
10.37
10.66
10.42
'10.59
'10.41
18.33
2392
18.88
2476
18.61
2461
18.61
2435
18.61
2435
1568
15.65
1585
1548
18.78
24.54
15.57
18.85
2464
15.66
18.98
2484
15.70
19.03
2493
16.06
19.07
2500
15.96
19.11
25.09
15.49
19.14
25.19
15.10
19.14
25.19
'16.04
19.14
25.19
15.86
19.14
25.19
1608
18.61
2437
15.60
345.69
259.72
354.66
255.89
347.14
253.02
349.86
254.81
350.21
255.07
349.52
253.83
353.98
256.32
358.80
259.25
353.28
254.89
356.72
" 256.82
359.15
257.82
356.72
255.53
359.14
256.35
361.56
257.52
359.12
255.60
'364.35
'258.77
34569
603.73
526.40
441 86
468.76
40480
504.14
411.10
194.69
35693
320.46
35466
630.92
533.78
45503
483.34
418.64
510.68
425.20
200.20
373.04
332.80
34441
630.48
507.52
44421
471.31
409.07
503.48
416.21
190.44
365.57
324.85
34680
626.04
515.41
43970
466.62
406.21
504.41
417.72
192.92
36874
327.52
34816
619.96
518.20
44351
469.80
409.86
503.65
419.17
194.17
367,75
328.17
35020
619.87
528.82
445.51
472.99
410.80
506.50
421.45
197.53
368.82
329.14
35260
624.63
533.27
449.35
476.19
414.32
508.36
423.29
199.34
367.78
329.78
357.76
640.80
537.16
457.67
488.04
419.29
514.56
430.82
203.82
377.20
334.23
355.35
619.12
539.24
453.29
480.67
417.75
515.43
424.43
204.51
368.82
330.24
35776
630.12
542.96
456.85
484.92
422.01
515.81
425.55
204.22
370.21
331 .91
362.96
642.88
551.85
466.58
497.00
427.99
520.81
431.62
203.62
380.13
336.76
359.14
627.82
552.48
462.38
493.79
425.08
511.06
427.46
200.79
372.40
334.69
358.78
634.48
527.80
467.10
495.46
430.03
509.18
429.01
202.64
375.22
337.28
'364.35
'649.49
'533.74
'474.55
504.71
'435.42
'515.70
'435.46
207.03
386.62
'342.30
'354.90
'634.51
514.60
'458.78
485.85
'424.66
'503.50
427.14
'198.77
'380.21
'338.10
'361.18
'640.02
'506.99
'460.00
'489.09
'424.00
'514.94
' 432.44
'203.78
'394.93
'343.28
12.96
1079
676
6.86
13.16
11 07
r
7.11
1091
110.2
111.5
112.2
1098
1080
1108
1121
1128
109.4
109.2
110.4
110.3
112.3
111.1
113.1
111.2
111 7
112.2
108.6
1103
111 5
110.8
112.0
110.9
1138
1123
1146
112.2
112.6
108.0
108.9
110.0
110.6
108.7
109.6
110.8
111.3
1066
1078
1074
1089
1082
1106
1089
1074
1084
1093
108:1
109.0
110.2
110.3
110.7
1102
1091
i
110.0
1094
1107
1124
1130
109.5
110.6
110.9
'
111 3
HELP-WANTED ADVERTISING
See footnotes at end of tables.
'715
'10.82
'10.53
13.69
[June 1989=100]
Seasonally adjusted index 1967=100
'850
'6.85
'12 8-*
'11 66
'14.28
'17.76
'1027
'7.35
'13.41
'11.35
1378
1083
1002
EMPLOYMENT COST INDEX @
Total compensation:
Civilian workers t
Workers, by occupational group:
White-collar workers
Blue-collar workers
Service workers
Workers, by industry division:
Manufacturing
Nonmanufacturino
Services
Public administration
Wages and salaries: *
Civilian workers t
.
Workers, by occupational group:
White-collar workers
Blue-collar workers
Service workers
Workers, by industry division:
Manufacturing
Nonmanufacturing
Services
Public administration .
'888
'904
13.32
11.24
707
10.53
10.33
992
9.81
1658
6.86
1280
1001
1050
'1453
'1059
'1014
'10.05
'1617
849
'6.82
'1285
'11 63
'14.28
'17.57
'1033
'7.34
'13.32
'11.30
715
'10.65
'10.50
6.80
1272
6.72
1256
1143
1396
r
9.37
6.79
1278
11 36
13.85
17.06
11 37
822
11 31
6.77
1266
6.63
1256
1407
820
997
9.92
1838
11 33
941
888
11 44
1046
1429
1400
6.73
1263
6.61
1251
17.02
999
9.84
1756
14.13
11 25
10.74
11 87
11 34
11 27
1072
11 70
11 27
11 55
11 14
910
865
11 19
11 35
1044
1414
128
93
100
97
95
95
94
96
92
91
92
88
89
'90
85
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1988 and methodological notes are as shown
in BUSINESS STATISTICS, i%i-88
Annual
1990 |
March 1992 •
1992
1991
1991
Jan. |
Mar. |
Feb.
Apr.
May |
June |
S-13
July |
Aug.
Sept. |
Oct. |
Nov. |
Dec.
Jan.
Feb.
5. LABOR FORCE, EMPLOYMENT, AND EARNINGS-Continued
WORK STOPPAGES
Work stoppages involving 1,000 or more workers:
Number of stoppages:
Beginning in month or year, number
Workers involved in stoppages:
Beginning in month or year thousands
Days idle during month or year, thousands I
44
40
0
2
1
185
5,926
392
4,584
o
354
3
240
2
257
298
823
19
533
20184
2,514
2.4
18,058
115,957
161.64
23223
3,332
3.1
25,446
155,120
169.98
3065
3,940
4.1
2,529
15,818
166.83
2065
4,020
35
2,382
14,514
169.51
1 952
3,996
3.7
2,526
15,321
170.45
1 868
3,805
3.6
2,486
15,142
170.01
131.7
24.1
159.0
1,077.5
14804
137.1
30.6
214.0
1,392.3
15382
15.3
38.9
232
155.9
149 13
9.0
36.1
19.8
130.6
15187
7.6
32.1
18.3
121.6
15058
1329
18.4
131.7
773.3
170.58
1540
22.4
167.5
926.8
179.24
11 2
20.5
13.2
74.9
176.03
80
18.3
10.4
59.5
175.60
8.3
16.7
9.9
56.8
174.50
5
0
4
3
37
462
0
272
6
283
4
272
1 642
3,213
3.0
r
2,236
- 13,596
' 170.46
1497
3,127
2.9
- 1,864
'11,316
r
170.50
2028
3,214
3.0
2,135
13,031
169.16
1 519
2,940
2.8
1,911
11,636
169.02
9.7
28.5
16.9
110.2
15341
9.1
24.0
14.7
97.1
151 69
10.5
24.7
13.1
85.4
15365
16.0
28.9
16.9
109.2
15502
8.9
16.1
9,7
55.7
174.40
105
14.7
8.9
51.1
174.31
10.8
16.4
8.8
49.4
178.06
46,438
542315
393 918
206,500
187,418
148397
45,539
540801
396052
206,187
189,865
144749
7
7
3
1
0
1
12
306
10
362
1
416
o
393
2
762
1 359
2,734
2.6
1,681
10,199
170.70
1 736
2,728
2.6
1,831
11,079
171.27
1 891
2,780
2.6
1,681
10,206
170.79
2603
3,490
3.3
2,183
13,259
171.00
'2928
r
4,110
3.9
'2,724
'17,086
'171.87
1,954
4,189
4.0
2,560
15,131
174.88
10.0
29.3
17.3
112.6
15403
10.0
28.6
16.1
104.0
15446
14.1
30.8
18.8
120.7
155.50
11.6
30.3
17.6
110.9
158.56
14.3
35.5
21.2
134.0
157.94
15.3
'37.7
'23.4
'145.4
'160.90
9.4
36.1
20.9
129.7
161.09
153
19.8
12.2
67.0
181.53
152
22.8
14.0
78.3
178.92
14.4
25.6
15.5
84.7
182.90
17.0
282
'18.5
102.1
r
181 .08
14.2
27.9
17.6
95.6
183.74
20.0
41.6
28.8
151.7
189.87
'22.6
'53.4
'39.5
'216.6
'182.20
17.7
56.3
37.7
203.7
185.27
44,756
543563
398 313
205,510
192,803
145250
44,228
534052
397 453
206,702
190,751
136599
43,462
532 107
400 292
213,516
186,776
131815
44,910
525 624
392 341
211,801
180,540
133283
529699
394,731
213,350
181,381
134,968
528144
403,576
221,093
182,483
124,568
6
UNEMPLOYMENT INSURANCE *
State programs:
Initial claims thousdnds
Average weekly insured unemployment, thousands
Rate of insured unemployment, percent®
Total benefits paid, mil. $
Weeks of unemployment compensated, thousands
Average weekly benefit, dollars
:
Federal civilian employees unemployment insurance
(UCFE):
Average weekly insured unemployment,
Total benefits paid, mil. $
Weeks of unemployment compensated,
Average weekly benefit dollars
Veterans unemployment insurance (UCX):
Initial claims thousands
Average weekly insured unemployment,
Total benefits paid. mil. $
Weeks of unemployment compensated,
Average weekly benefit, dollars
thousands
thousands
thousands
;
thousands
6. FINANCE
BANKING
[Millions of dollars]
.Open market paper outstanding, end of period:
Bankers' acceptances
Commercial and financial company paper total *
Financial companies
Dealer placed ...
Directly placed
.
. . .
Nonfinancial companies
Loans of the Farm Credit System: t
Total end of period
Long-term real estate loans
Short-term and intermediate-term loans .
Loans to cooperatives
Federal Reserve banks, condition, end of period:
Assets total*
1
Reserve bank credit outstanding, total #
Loans
U S Government securities
Gold certificate account
Liabilities, total # .;
Deposits, total
Member-bank reserve balances
Federal Reserve notes in circulation
AH member banks of Federal Reserve System,
averages of daily figures: 0
Reserves held total
Required
Excess
Borrowings from Federal Reserve banks
Free reserves
Large commercial banks reporting to Federal Reserve
System, last Wed. of mo.-.
Deposits:
Demand total #
Individuals, partnerships, and corporations
States and political subdivisions
U S Government
Depository institutions in U.S
Transaction balances other than demand
deposits
Nontransaction balances, total
Individuals, partnerships, and corporations
Loans and leases(adjusted), total §
;
Commercial and industrial
For purchasing and carrying securities
To nonbank depository and other financial
Real estate loans
To States and political subdivisions
Other loans
Investments total
U.S. Treasury and government agency
securities total
Investment account
. .. .
Other securities
See footnotes at end of tables.
54,771
557 81 1
420398
221 362
119036
137413
528144
403 576
221 093
182483
124568
56,498
568723
419541
216,148
203 393
149 182
52,831
565941
421 749
222169
199580
144192
48,795
561 923
415705
225,990
189,715
146218
47,086
553204
401 510
214,036
187,474
151 694
51262
29255
11,389
10618
51 079
29152
11,190
10737
50849
29072
10,474
11 304
51 172
29416
10673
11 083
327,573
262,002
190
252 103
11,058
327,573
48228
38658
267,657
353,061
289,394
218
281 831
11,059
353,061
49,783
29413
287,906
326,206
258,471
180
249194
11,058
326,206
48,165
19902
263,751
325,016
260,090
506
251,404
11,058
325,016
46,505
22,109
265,915
315,305
250,069
244
240,965
11,058
315,305
35,405
24,067
267,391
318,978
251,848
291
244,493
11,058
318,978
36,330
22,081
267,445
317,879
254,985
206
248,111
11,057
317,879
33,263
26,223
271,019
318,604
256,813
1,479
248,446
11,062
318,604
34,460
22,202
272,000
320,401
258,636
574
250,978
11,062
320,401
34,228
27,871
272,962
319,763
261,991
844
254,959
11,062
319,763
31,200
23,962
275,210
321,636
264,528
315
258,554
11,062
321,636
36,000
27,404
273,809
333,357
274.061
153
267,675
11,059
333,357
44,061
25,513
276,792
329,519
271,992
106
265,213
11,058
329,519
34,129
27,246
282,027
353,061
289,394
218
281,831
11,059
353,061
49,783
29,413
287,906
333,129
272,481
112
266,148
11,058
333,129
40.595
29,195
280,117
330,347
271,536
62
265,423
11,058
330,347
36,659
30,688
281,605
59150
57,456
1 665
326
1,362
55532
54,553
979
192
788
50992
48,824
2168
534
1,661
48551
46,743
1,809
252
2,971
48586
47,408
1,179
241
991
50 301
49,271
1,030
231
885
49063
48,033
1,029
303
814
50407
49,399
1,008
340
676
50660
49,754
906
607
345
50607
49,521
1,086
764
622
51 127
50,198
929
645
586
51584
50,501
1,083
261
834
53057
52,165
892
108
786
55,532
54,553
979
192
788
'55,812
54,809
'1,003
233
'771
55,227
54,174
1,053
77
978
278,721
218,263
9315
4,831
28,334
255,000
204,158
8,845
2,158
23,508
214,004
172,260
6,755
1,491
18,915
216,608
173,674
6,787
1,627
17,995
218,174
173,616
6,942
1,662
18,984
214,429
170,191
7,119
3,362
18,319
225,187
178,770
6,411
1,401
22,864
219,504
175,648
7,132
1,602
19,573
211,579
171,652
6,626
1,727
18,020
216,086
174,760
6,609
1,299
18,887
218,221
173,948
7,304
1,610
19,243
221,790
177,964
6,984
1,634
20,553
244,247
194,355
8,342
3,397
22,503
255,000
204,158
8,845
2,158
23,508
230,582
182,976
7,792
1,787
20,130
233,222
184,674
8,026
1,771
22,077
99,453 100,503
96,188 101,757
86,607
90,002
89,716
91,751
88,311
86,718
87,272
88,425
101,757
82,988
84,413
91,138
788,004
793,096 798,314 797,660 791,541 792,717 788,263 792,527 791,441 784,509 780,087 777,657 788,004 780,392 778,947
797,701
762,580
758,036 757,267 760,759 760,265 754,812 754,706 751,858 757,146 756,847 750,959 748,624 746,642 758,036 749,284 746,634
1,072,019 1,027,027 1,052,816 1,048,748 1,048,489 1,047,474 1,041,535 1,039,347 1,020,070 1,015,162 1,015,986 1,008,330 1,007,962 1,027,027 1,015,587 1,013,644
294246 316930 320,763 319,601 316,851 312,354 308,751 302,509 298,898 297,275 295,727 294,318 294,246 288,696 288,876
321 314
14,104
14,817
13,371
14,351
12,982
13,767
12,672
13,725
15,143
13,917
14817
12,979
11,463
14,315
13469
13129
23,123
22,022
21,832
21,694
23,032
21,987
22,529
22,632
21,670
22,647
21,928
22,205
22,519
22,655
23,123
24,462
398 753
402887 400607 400812 401,912 403,664 404,774 404,012 399,870 396,910 396,960 396,067 395,619 402,887 402,432 400,945
17,876
17,345
17,221
17,866
20,534
18,091
20,402
19,910
18,719
18,343
20,802
19,199
18,578
21054
21,093
17,876
293 307
274078 278 070 268,709 270,828 271,650 268,525 270,813 265,839 264,474 269,042 262,191 262,776 274,078 270,988 271,399
279,824 282,554 284,194 288,374
282 554 243,445 247,513 249,302 250,366 250,457 253,286 253,879 259,765 263,841 276,532
238 932
177816
167790
61.116
225344
206,837
57210
182,652
170,890
60.793
186,969
172,729
60.544
189,308
176,704
59,994
191,684
177,868
581682
192,765
179,583
57,692
195,194
180,073
58,092
197,169
182,252
56,710
203,357
186,968
56,408
207,410
189,404
56.431
220,133
201,209
56,399
223.497
203,402
56,327
225,344
206,837
57,210
228,768
208,104
55,426
233,951
212.090
54,423
SURVEY OF CURRENT BUSINESS
S-14 • March 1992
Unless otherwise stated in footnotes below, data
Annual
1990 |
shown in BUSINESS STATISTICS, 1961-88
1992
1991
1991
Jan.
Mar.
Feb.
Apr. |
May |
June
July
Aug.
Oct. |
Sept.
Nov. |
Dec.
Jan. |
Feb.
6, FINANCE-Continued
BANKING-Continued
[Billions of dollars]
Commercial bank credit, seas, adj.: §
Total loans and securities 0
U.S. Government securities
Other securities
Total loans and leases 0
....
[Percent]
Money and interest rates:
Prime rate charged by banks on short-term
business loans
Discount rate (New York Federal Reserve
Bank) @ . .
.
.
Federal intermediate credit bank loans .
Home mortgage rates (conventional 1st
mortgages):
New home purchase (U S avg )
...
Existing home purchase (U S avg )
Open market rates, New York City:
Bankers' acceptances 3-mdnth
Commercial paper, 6-month $
Finance co. paper placed directly, 6-mo
Yield on U.S. Gov. securities (taxable):
3-month bills (rate on new issue)
2721 2 '27473 r 27599 '27639 '27657 '27746 '27764 '27783
r
4541
4607
'4939
'4708
'4782
'4841
'5037
'5132
r
r
r
177.7
178.3
1785
1775
'176.9
'176.2
'175.3
'1740
r
2,089.4 2,1 08.3 r2,110.6 '2,108.3 '2,104.8 '2,104.6 '2,097.4 '2,091.1
'28051 '2821 6 '28360
'5384
'5505
'5625
'177.1
'177.6
'178.5
'2,089.6 '2,093.4 '2,095.0
28435
564.2
179.0
2,100.2
7.58
7.21
6.50
6.50
500
458
4.11
3.50
3.50
9.00
893
8.78
878
8.38
843
8.28
825
8.17
802
554
5.76
5.50
5.38
5.59
5.34
5.21
5.33
5.12
4.85
4.93
4.76
4.42
4.49
4.31
3.97
4.06
3.95
4.00
4.13
3.96
5.390
5.250
5.030
4.600
4.120
3.840
3.840
27236
4542
175.6
2,093.8
28360
5625
178.5
2,095.0
10.01
8.46
9.52
9.05
9.00
9.00
8.50
8.50
8.50
8.50
8.20
8.00
698
545
650
600
600
598
550
550
550
550
5.20
968
-973
901
904
936
954
928
949
916
926
924
924
9.26
923
9.18
912
9.12
912
919
910
793
7.95
7.53
570
5.85
,5.60
696
7.02
6.59
636
6.41
6.14
624
6.36
6.20
592
6.07
5.91
575
5.94
5.72
5.94
6.16
5.75
589
6.14
5.81
7.510
5.420
6.300
5.950
5.910
5.670
5.510
5.600
5.580
2
'27894
'5234
'175.8
'2090.2
CONSUMER INSTALLMENT CREDIT t
[Millions of dollars]
Not seasonally adjusted:
Total outstanding (end of period) #
By major holder:
:
Finance companies
Credit unions
Retailers .
Savings institutions
Gasoline companies *
Pools of securitized assets ^
By major credit type:
Automobile *
Revolving *
Mobile home *
Other *
748,300
743,548
736.399
729,264
725,462
727,907
727,717
728,023
727,754
731,531
732,184
730,722
732,256 '743,548
733,019
347466
137450
92911
43552
45,616
4822
76483
340930
129566
92779
43130
36,014
4362
96767
341 426
134965
91 991
40945
44,939
4766
77367
339 282
133021
91 131
38,864
43,875
4404
78687
335 754
131 552
90772
38,497
42,491
4296
82100
336,425
133462
91 413
37,817
41,707
4357
82726
334,746
134045
91 549
36,782
40,764
4507
85324
333,442
133903
91,924
36,702
39,827
4591
87634
334,273
134120
92017
36,392
39,012
4712
87228
335,662
135509
92843
37,296
37,893
4857
87471
335,509
132,471
93,305
37,281
37,036
4753
91 829
335,258
131,778
92,746
37.359
37,424
4,529
91 628
334,904 '340,930
130,679 129566
92,373 '92,779
43,130
38,651
36,987 '36,014
4,362
4,388
94274
96767
335,608
126,677
92,035
40,580
35,227
4,377
98515
284,813
232 370
20666
210451
268284
247519
18877
208868
282214
223606
20614
209 965
279,913
220714
20362
208 275
277,798
221 400
20030
206 234
277,508
??? fi?7
20052
207 720
275,582
224301
19721
208113
275,018
225596
19875
207534
274,222
226145
19,639
207,748
274,190
229224
19468
208,649
273,354
231 281
18,996
208,553
272,092
231 862
19,026
207,742
268,927 '268,284
235 675 '247519
19,021 '18,877
208,633 '208,868
266,873
239,006
18,822
208,318
Seasonally adjusted:
Total outstanding (end of period) #
By major credit type:
Automobile
Revolving ..
Mobile home
Other *
Total net change (during period) #
By major credit type:
Automobile
Revolving
Mobile home
Other *
732 962
732762
732 442
733 621
732289
730,591
729,962
729,108
729,152
730,317
730,147 '729,420
729,237
283 746
219,588
20,459
209 170
-2140
282 626
221,556
20.200
208,379
-200
280689
224,817
20,123
206,813
-320
279 746
225,994
20,098
207,782
1 179
276 494
227,301
19,796
208,697
-1332
274,496
227,737
19,907
208,451
-1,698
273,565
228,199
19,615
208,582
-629
271,906
229,453
19,495
208,253
-854
270,219
232,070
18,892
207,971
44
270,013
233,661
18.943
207,700
1,165
268,123 '267,909
234,666 '234,504
19.059 '19,116
208,300 '207,891
r
-727
-170
268,241
234,803
18,663
207,529
-183
-839
-522
^t60
-317
-1,120
1,968
-259
-791
-1,937
3,261
-77
-1,566
-943
1,177
-25
969
-3,252
1,307
-302
915
-1,998
436
111
-246
-931
462
-292
131
-1,659
1,254
-120
-329
-1,687
2,617
-603
-282
-206
1,591
51
-271
'-214
'-162
'57
'-409
332
299
-453
-362
1,031,308
1 251 ,766
-220 458
220458
298,824
10796
3 266 073
2470,166
100,713 r 67,657
1,059,792
1,325,913 ' 99,062 r 93.848
'1 650 -26, 191
-266 123
266 123 '-1 650 ' 26,1 91
31,764
34,611
283,621
33524
8,531
18421
3 573,357 3443129 3,488,624
2,681,728 2,600,015 2,634,626
64,805
'105,978
-41,173
r
41,173
-9,913
-50,758
3,491,694
2,624,714
140,380
'110,371
'30,009
'-30,009
-9,399
20,732
3,470,530
2,615,217
76,426
63,560 103,389
78,593
'116,926 '105,968 '119,424 '120,075
'-53,367 '-2,579 '-40,831 '-43,649
'53,367
'2,579 '40,831 '43,649
32,574
41,742
34,434
10,715
-11,604
-6,357 -10,079
8,255
3,522,261 3,562,942 3,597,294 3,636,298
2,656,959 2,667,674 2,702,107 2,734,682
109,345
'116,232
'-6,887
'6,887
27,970
21,141
4
3,598,91 9
r4
2,687,859
78,068
'114,082
'-36,014
'36,014
40,657
4,681
3,651,127
2,727,824
1,031,308
474 235
96,945
1,059,792
466372
97,061
67,657
27,929
2,495
64,805
11,288
12,807
140,380
77,768
13,296
76,426
34,560
1,306
109,345
47,979
18,580
78,068
39,332
1,171
34,546
31,504
33,045
42,478
34,758
30,360
6,977
7,574
6,838
8,061
9,056
7,665
105 978 '110,371 '116,926 '105.968 '119,424 '120,075
5,061
3,818
4,029
5,051
5,208
3,085
20,841
14,852
24,091
21,090
23,066
27,065
43,040
41,897
42,792
43,271
39,555
41,445
17,714
47,297
22,821
19,860
16,646
19,136
34,042
8,317
'116,232
3,525
21,006
39,616
16,044
-1,890
1,005
116
600
FEDERAL GOVERNMENT FINANCE
[Millions of dollars]
Federal receipts and outlays:
Receipts (net)
Outlays (net)
Total surplus or deficit (-)
Federal financing total
Borrowing from the public
Other
Gross amount of debt outstanding
Held by the public
Federal receipts by source and outlays by
agency:
Receipts (net), total
Individual income taxes (net)
Corporation income taxes (net)
Social insurance taxes and contributions
(net)
Other
Outlays (net) total
Agriculture Department
Defense Department military
, .
Health and Human Services Department ....
Treasury Department
National Aeronautics and Space
Administration
Veterans Affairs Department
388944
401 142
95882
96369
1 251 766 1 325913
50,117
55538
291552
296559
449,829
500,650
261.117
284,309
100,713
50882
3,829
r
39604
29872
7,487
7,361
99 062 " 93,848
3,145
4,553
20,868
24,940
39,162
38,931
18,754
17,165
r
r
63,560
20,005
2,032
103,389
44,517
16,540
78,593
38,403
1,770
r
62,056
73,194 103,662 '104,091
'117,748 '106,199 '119,742 '110,815
'-44,555 '-2,536 '-15,650 -48,759
'15,650
48,759
'44,555
'2,536
11,449
20,938
25,641
22,825
-4,253 -27,821
-19,826
20,181
3,681,196 3,736,276 3,743,534 3,762,074
2,753,465 2,776,290 '2,788,596 2,809,534
73,194
31,987
1,516
103,662
41,722
21,719
'104,091
60,451
2,992
62,056
22,213
1,220
31,502
30,996
28,435
9,132
8,189
9,225
114,082 '117,748 '106,199
6,376
5,926
5,761
23,094
22,765
24,780
42,710
43,576
44,655
17,457
21,486
49,929
31,832
8,765
119,742
4,372
24,806
44,126
18,296
32,282
6,342
110,815
3,906
23,262
43,595
20,185
13,16^
30,575
13,725
31,583
85
948
2,576
1,06;
1,1 3S
2,716
1,22(
3,184
1,23!
3,668
1,03!
1,164
1,085
2,654
1,20'
3,659
1,14(
1,313
1,25'
3,048
1,19-1
4,039
1,30f
2,614
1,03!
2,445
3,114
11 061
384.08
362.04
11 058
383.64
11 058
363.83
11 058
363.34
11 058
358.39
11 057
356.82
11 062
366.72
11 062
367.5
11 062
356.23
11 062
348.79
11 059
358.68
11 058
359.53
361.06
354.45
353.89
4.819
4.040
4.028
3.723
3.960
3.970
4.040
4.390
4.300
3.940
4.030
4.100
4.060
3.910
4.12
4.140
GOLD AND SILVER:
Gold:
Monetary stock U S (end of period) mil $
Price at New York, dot. per troy oz. $$
Silver:
Price at New York. dpi. per troy oz. ±±
See footnotes at end of tables.
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1988 and methodological notes are as shown
in BUSINESS STATISTICS, 1961-88
1991
Feb. |
Jan.
Apr. | May
Mar.
June |
S-15
1992
1991
Annual
1990
March 1992 •
July
Aug.
Sept. |
Nov. |
Oct.
Dec.
Jan. |
Feb.
6. FINANCE-Continued
MONETARY STATISTICS
[Billions of dollars]
Currency in circulation (end of period)
Money stock measures and components (averages of
daily figures): t
Measures (not seasonally adjusted):
M1
M2
. . .
M3
L (M3 plus other liquid assets)
Components (not seasonally adjusted):
Currency
Demand deposits .
Other checkable deposits **
Overnight RP's and Eurodollars 0
General purpose and broker/dealer money
market funds
Money market deposit accounts
Savings deposits
. ...
Small time deposits @ . .
Large time deposits @
Measures (seasonally adjusted):
2867
2870
r
r
8234
917.3
8350 r 8530
8623
8674
'8755
893.9
841 7
'8581
8645
33583 '33884 34104 '33887 '34080 '34105 '3409.0 '3403.7 '3,4133 '3,435.7 '3,455.1
r
4,1 50.8 "4,171.6 M.182.6 4,1569 '4,165.2 '4,158.6 '4 160.0 "4,144.9 "4,150.3 '4,171.0 '4,184.9
r
50035 r 5011 5 '49905 M9433 '49744 '49829 '49795 '49651 '49681 '49995 '50114
8122
32932
4091 4
49296
8604
34027
41605
49857
8327
'3351 3
r
41297
••49998
2355
2775
291.2
81.1
2595
2800
312.8
69.5
2498
2774
2977
2526
268.0
294.9
2556
270.1
301.6
2560
277.7
311.8
71.9
70.4
69.2
69.6
332.0
501 1
4109
1 1557
533.9
362.9
365.9
^9261
1,1 72.5
" 498.0
373.0
373.8
(3)
(3)
'•*9179
1 1726
'493.3
(3)
"943.7
1,166.6
r
493.5
r
r
2574
271.7
304.9
68.4
365.1
(3)
2591
'2799
311.0
67.9
364.2
(3)
2608
280.9
312.1
64.9
363.3
(3)
262.0
278.8
315.1
270.0
'303.0
336.5
'75.7
67.3
66.4
'360.7
'267.8
300.0
'342.4
'77.5
269.5
296.3
342.8
'358.1
(3)
'359.5
368.8
(3)
r
(3)
254.6
275.9
2975
'•* 931.0
r
1,1 69.5
r
4996
(3)
3
1,01 3.3
(3)
3
1,028.5
1,081.4
441.9
3
r
8362
8423
3,369.4 r 3,386.9
4,1 60.2 '4,165.9
r
50086 r 50042
1,097.6
450.2
(3)
261.3
262.9
264.8
266.0
256.3
256.6
257.6
259.3
280.6
287.6
278.4
280.1
283.8
276.1
280.1
279.3
329.7
317.3
320.6
324.5
'3137
3025
'3078
311 6
' 941.7 "953 0
"966.1 "9768 "3 986.1 " 994.1 "1,002.4 ^1,015.0 ^1,028.7
r
r
1,1 59.4 '1,150.9 '1,140.6 '1,129.5 '1,120.8 '1,111.0
1,095.6
1,080.5
1,1 65.9
r
4877
'458.5
450.0
442.2
'4928
'465.5
'4783
'4712
'4835
256.0
276.9
(3)
"910.3
'3,450.8
'4,179.2
4,987.1
930.7
3,477.8
4,203.5
267.3
289.5
333.2
3
1,042.5
1,065.1
'437.0
269.4
'293.8
'338.9
r3
1,061 .3
'1,045.0
'427.8
271.6
305.1
345.9
3
1,084.1
1,021.4
421.8
18,826
2,019
13,991
632
13,960
3,060
891.4
'8573
898.1
842.7
866.5
872.0
880.9
8600
'8509
3,394.4 '3,405.6 '3,411.8 '3,407.4 '3,409.5 '3,411.5 "3,417.9 '3,432.5 "3,441.3
4,1 68.4 '4,170.5 '4,167.7 '4,157.3 '4,156.6 '4,152.6 "4,159.5 '4,168.8 '4,174.2
r
49780 '49583 '49864 '4991 3 '4985.0 '4,974.2 "4,978.2 '4,992.1 '4,991.2
r
301 3
3
77.5
1,038.6 "1,055.5 '3 1,078.2
1,065.4 '1,048.2 1,024.0
"424.9
420.5
435.5
r
251.5
271.8
2946
^9223
'1 1693
'4966
"358.6
r
r
73.3
69.5
"357.4
"358.7
"956.4 "965.8 " 981.1 '3 990.9 "996.5 "1,001.0
1,1 58.4 '1,147.4 '1,136.7 '1,129.2 '1,120.0 '1,110.3
r
'467.8
'460.5
486.1
'479.9
'470.8
'485.0
r
266.3
291.1
328.8
263.1
283.7
320.6
261.7
278.6
318.7
r
r
8262
'33440
r
4,1 25.8
r
4981 8
M2
M3
L (M3 plus other liquid assets)
Components (seasonally adjusted):
Currency
Demand deposits
Other checkable deposits $$
Savings deposits
Small time deposits @
Large time deposits @
916.5
3,465.0
4,193.0
r
(3)
^9799
1 1298
471.8
'918.0
'3,458.7
'4,184.3
50052
r
3562
(3)
293.4
291.5
PROFITS AND DIVIDENDS (CURLY.)
[Millions of dollars]
Manufacturing corps. (Bureau of the Census):
Net profits after taxes all manufacturing
Food and kindred products
Textile mill products
Paper and allied products
Chemicals and allied products
Petroleum and coal products
Stone clay and glass products
Primary nonferrous metal
Primary iron and steel
Fabricated metal products
Machinery (except electrical)
Electrical and electronic equipment
Transportation equipment (except motor vehicles
and equipment)
Motor vehicles and equipment
All other manufacturing industries
Dividends paid (cash) all manufacturing
22988
5,161
202
792
5363
18524
5,433
225
882
2591
1,606
264
274
15
1,117
79
-1,278
111 319
16074
429
4817
23412
17967
-916
2516
583
4638
11 205
6409
502
-1 238
1 873
2215
5065
-552
19756
62197
940
-1976
2,545
14613
-1294
4,459
14,872
18295
4£92
-10
868
5242
4889
5812
103
355
-51
-542
467
-259
1507
90
53
-1,678
5,720
14,681
1498
SECURITIES ISSUED
[Millions of dollars]
Securities and Exchange Commission:
Estimated cross proceeds total
By type of security:
Bonds and notes corporate
Common stock
Preferred stock
By type of issuer:
Corporate total #
Manufacturing
Extractive
Public utility
Transportation
*
Financial and real estate
State and municipal issues (Bond Buyer):
Long-term
Short-term
7820
1,912
11,962
2,329
11,158
1,981
28210
27390
28860
8050
19285
7435
18825
7190
16,402
9,252
13,075
3,826
17,893
7,508
13,859
1,236
68.0
66.9
68.1
69.0
69.5
13,905
1,137
19,005
2r364
(2)
19435
15,279
1,950
(2)
H
127933
34693
171 181
43137
11,995
2,033
SECURITY MARKETS
[Millions of dollars, unless otherwise indicated]
Stock Market Customer Financing
Marqin credit at broker-dealers end of year or month
Free credit balances at brokers, end of year or
month:
Margin-account
Cash-account
Bonds
Prices:
Standard & Poor's Corporation, domestic municipal
(15 bonds) dol per $100 bond
Sales:
New York Stock Exchange, exclusive of some
stODoed sales, face value, total
See footnotes at end of tables.
66.0
68.8
67.6
10.892.70
12.698.11
1.074.13
69.0
1,689.18
67.3
1,248.14
67.1
1,094.59
1,002.50
854.25
889.76
924.05
880.40
71.4
1,104.51
71.0
899.00
71.1
1,037.61
73.0
1.274.73
77.1
1.251.32
SURVEY OF CURRENT BUSINESS
S-16 • March 1992
Unless otherwise stated in footnotes below, data
through 1988 and methodological notes are as
shown in BUSINESS STATISTICS, i96i-88
Annual
1990
1992
1991
1991
Jan. |
Feb.
Mar. |
Apr.
May |
June |
July
Aug. |
Sept. |
Oct.
Nov. |
Dec.
Jan. i
Feb.
6. FINANCE-Continued
Bonds—Continued
[Percent]
Yields:
Domestic corporate (Moody's)
By rating:
Aaa
Aa
A
Baa
By group:
Industrials
Public utilities
Railroads
Domestic municipal:
Bond Buyer (20 bonds)
Standard & Poor's Corp. (15 bonds)
U.S. Treasury bonds taxable i
9.77
923
9.62
9.36
943
933
932
945
942
916
903
899
893
875
864
875
932
9.56
982
1036
877
905
930
980
904
883
916
938
893
921
950
886
912
929
994
886
915
941
986
901
928
955
996
900
925
951
989
875
899
926
965
861
886
9 11
951
855
883
908
949
848
878
901
945
831
861
882
926
820
851
872
913
829
869
823
923
9.77
9.68
934
929
946
944
942
940
916
916
902
903
898
899
893
893
874
876
861
867
8.73
976
925
921
731
674
7.25
9.34
961
1041
1007
1009
947
939
935
930
690
700
701
714
701
697
713
700
685
673
669
678
658
665
7.45
7.05
6.90
7.07
7.05
6.95
7.09
7.03
6.89
6.80
6.59
6.64
6.63
6.41
6.67
874
Stocks
Prices:
Dow Jones averages (65 stocks)
Industrial (30 stocks)
Public utility (15 stocks)
.
Transportation (20 stocks)
Standard & Poor's Corporation, 1941^43=10
unless otherwise indicated: §
Combined index (500 Stocks)
Industrial, total (400 Stocks) #
Capital goods
Consumer goods
Utilities (40 Stocks)
Transportation (20 Stocks), 1982=100
Railroads
Financial (40 Stocks), 1970=10
(subcategories in 1941-43=10)
Money center banks
Major regional banks
Property-Casualty Insurance
N.Y. Stock Exchange common stock indexes,
12/'31/65=50.
Composite
Industrial
Transportation
Utility
Finance
NASDAQ over-the-counter price indexes:
Composite 2/5/71=100
Industrial
Insurance
Bank
.. . .
NASDAQ/NMS composite, 7/10/84=100
Industrial
. .
Yields (Standard & Poor's Corp.), percent
Composite (500 stocks) 0
Industrials (400 stocks)
Utilities (40 stocks)
Transportation (20 stocks)
Financial (40 stocks)
Preferred stocks 10 high-grade
Sales:
Total on all registered exchanges (SEC):
Market value mil $
Shares sold millions
On New York Stock Exchange:
Market value mil $
Shares sold (cleared or settled), millions ....
New York Stock Exchange:
Exclusive of odd-lot stock sales (sales
effected) millions
NASDAQ over-the-counter:
Market value mil $
Shares sold millions
Shares listed, NYSE, end of period:
Market value all listed shares bil. $
Number of shares listed, millions
956
941
931
816
8.33
812
838
829
833
854
850
817
796
788
783
758
748
7.48
965.24
267894
211 53
1,040.24
1,04827
292932
21032
1,170.22
334.59
390.88
282.47
43392
140.16
254.32
202.85
376.17
445.81
30066
54404
141.95
288.54
248.19
325.49
382.78
267.72
44365
138.38
241.37
197.92
362.26
427.94
309.18
50443
143.19
270.36
218.40
372.28
441.87
308.68
52829
142.84
267.91
214.22
379.68
450.17
306.43
54689
143.13
273.89
222.37
377.99
450.05
302.67
54340
138.66
284.72
233.56
378.29
450.87
309.36
54025
135.73
296.23
246.13
38023
453.38
306.25
54798
137.75
294.32
247.47
389.40
46326
309.28
57651
140.88
295.57
258.97
38720
459.11
303.57
56752
142.84
295.12
264.41
386.88
457.39
300.65
56488
144.54
314.42
290.59
385.92
454.97
294.10
56832
146.66
315.86
293.12
388.51
458.00
290.14
59637
148.81
312.73
291.18
416.08
493.37
320.61
632.83
149.70
340.35
30220
412.56
490.89
322.78
630.66
143.06
348.31
304.54
26.12
8550
95.53
342.56
29.69
9036
114.67
379.58
2320
70.42
79.10
341.84
27.75
82.99
99.77
391.74
28.64
81 17
102.97
394.93
3027
88.43
109.72
410.25
29.81
90.36
114.71
383.37
30.18
94.36
118.00
384.04
29.89
31.48
98.94
129.37
369.58
31.43
97.57
125.96
360.16
31.27
99.10
126.29
361.93
31.22
96.41
125.65
376.83
3121
116.79
387.98
92.72
127.76
392.32
34.36
105.13
141.08
412.66
34.34
110.59
145.83
401.84
18346
22578
158.62
90.60
13326
20548
25709
173.97
92.26
15018
17795
220.69
145.89
88.59
121.39
19775
24674
166.06
92.08
141 03
20356
255.36
16626
92.29
145.41
20771
26014
166.89
92.92
15263
20693
260.13
170.76
90.75
151.31
20731
261.16
177.04
89.00
15231
20829
262.48
177.15
90.05
151.59
21333
26821
178.51
92.38
15769
212.54
266.21
177.99
93.71
157.68
21309
265.68
195.74
95.24
158.94
213.25
264.88
188.52
96.77
159.77
204.11
253.42
176.84
93.38
152.42
229.33
286.62
201.55
99.30
174.49
228.11
286.09
205.52
96.17
174.04
40921
430.57
471 43
31903
179.36
17017
491 56
549.48
53565
31934
217.09
21825
376.68
412.83
44896
254.05
166.62
165.44
44259
491.45
50923
291.19
19623
197.17
469.10
527.06
53217
303.59
207.51
210.74
49632
558.44
56243
325.16
21921
222.97
490.93
545.97
554.37
329.81
216.55
217.43
490.38
545.84
546.64
329.37
216.34
217.40
489.34
544.01
541.50
324.18
215.87
216.61
51325
570.78
542.98
339.54
226.77
227.68
520.56
582.35
538.78
342.02
229.72
231.95
528.92
593.57
531.88
337.82
233.23
236.18
536.58
604.36
556.99
328.83
236.64
240.47
544.10
617.10
561.90
326.63
240.48
234.99
615.73
707.59
617.22
368.12
272.66
301.41
632.05
723.85
624.69
385.75
279.32
289.05
361
316
324
382
336
335
326
319
323
323
320
2.84
5.88
2.77
5.88
2.79
6.09
2.79
2.76
6.11
3.15
2.75
5.80
2.09
3.11
2.73
5.71
2.08
328
321
7.81
7.62
2.90
2.55
5.72
2.00
2.92
7.54
7.54
922.30 1,022.63 1,034.12 1,043.14 1,049.29 1,062.35 1,060.65
258760 286304 292011 2 925 53 292842 296813 297818
205.27
21315
204.62
21369
214.36
211.18
19964
* 962.42 1,11026 1,113.24 1,139.05 1 167.55 1,205.08 1,204.56
9189
5.91
2.82
5.95
6.07
2.93
5.84
256
482
230
369
281
503
247
402
250
381
242
357
233
623
224
3.71
3.68
226
370
8.96
8.17
8.71
8.46
8.55
8.43
821
826
8.15
1,069.71 1,067.44 1,087.94 1,082.22 1,077.52
300608 301035 301973 298612 295864
216.67
213.54
21927
208.03
20442
1,204.66 1,182.39 1,283.07 1,237.09 1,233.31
3.10
2.67
5.99
2.19
3.45
8.03
3.15
2.73
5.95
2.19
3.48
7.81
3.14
2.74
5.87
2.07
3.38
7.93
1,16627 1,17423
322706 3 25727
206.84
215.72
1,378.73 1,41223
1,611,667
53338
1,776,305
58031
111,171
3950
165,070
5550
168,715
5574
159,472
5205
149,994
4677
138,210
4286
134,465
4353
156,668
4923
127,651
4,085
152,760 -1 57,81 7 -1 54,862
5,071
4,971
5,391
213,054
6,915
1 389084
43,826
1 531 813
47,674
95,441
3,258
142,066
4,610
145,301
4,543
137,534
4,247
128,620
3,852
120,260
3,548
116,659
3,610
133,673
4,010
110,065
3,346
132,782
4,127
182,510
5,440
136,256
4,175
133,722
4,351
39,665
45,267
3,636
4,273
3,900
4,011
3,742
3,259
3,458
3,773
3,247
4,085
3,727
4,156
5,268
4,292
377468
27,894
693854
41,264
45375
2,925
56,767
3,313
55,754
3,585
66,434
4,114
55,906
3,378
46,976
2,854
50,781
3,098
57,699
3,346
55,614
3,233
72,688
4,078
64,967
3,708
64,893
3,632
108,835
5,509
79,986
4,264
2,819.78
90,732
3,712.84
99,622
2,927.78
90,772
3,137.60
91,096
3,209.91
91,851
3,229.47
93,579
3,360.17
94,204
3,216.19 3,381.44
96,174
94,821
3,455.05
96,221
3,400.30
96,519
3,470.09 3,352.40
97,412
98,683
3,712.84
99,622
3,664.00 3,718.28
100,117 101,214
7. FOREIGN TRADE OF THE UNITED STATES
VALUE OF EXPORTS
[Millions of dollars]
Exports (mdse.), incl. reexports, total @
Seasonally adjusted f
Western Europe
European Economic Community
Belgium and Luxembourg
France
Federal Republic of Germany
Italy
Netherlands
United Kingdom
Eastern Europe
USSR (former)
See footnotes at end of tables.
877
393,893.4
421,850.7
112,974.6
980268
104483
136522
*18,6933
79873
130158
23,484.1
118,723.3
1032085
107908
153654
21 3165
85785
135281
22,063.4
4,785.5
3,577.6
. . .
4,262.6
3.087.7
33,150.1 32,682.8
34,144.0 33,599.4
9,461.3 9,517.7
83199 83072
923.4
970.1
1 2443 1 3207
1,651.0
1,653.0
641 3
6644
1 0875 1 1699
1,6682
1,851.3
478.4
286.4
216.9
388.5
36,797.0 36,110.4 36,135.6 35,573.1 33,506.7 33,583.6 34,508.3 37,922.8 36,580.8 ' 35,063.1 34,599.7
34,030.7 35,632.1 35,2712 34,974.6 35,227.1 34,380.0 35,347.8 37,113.5 36,938.5 r 35,887.1 35,539.1
9,562.0
11,837.0 10,882.8 10,087.8 9,786.2 8,984.9 8,626.4
9,201.0 10,1822 9,978.0 10,178.0
101349 93833 8,753.7
8,620.7 7,956.2 75143
7,927.5
8,542.9
8,828.1 8 678.3 8,784.4
766.7
9042
863.7
832.7
8792
869.1
7482
1,1102
979.3
792.7
9180
1,188.1
1 3021
1 1761
1 1805
1 1152
1 2856 1 326.6
1 5675 1 391 4 1 2173
12381
1,791.7
1,765.9
1,621.8
1,919.2 2293.4 1,779.5
1,788.5
1,511.6
1,625.6
1,740.3
1,940.9
9244
772.9
6240
6825
7522
7207
7883
7875
5803
5709
8420
1,163.9
1,3640
1 1247
9828
8884
1,275.3
1,275.5
1 2129
1,355.9
929.9
861.3
1,794.6
1,697.6
1,727.2
1,628.6 2,161.0
1,753.5
2,226.3 1,914.9 1,858.0 1,997.7 1,579.1
502.1
278.7
321.7
362.1
419.6
593.6
494.0
248.2
260.8
6082
433.8
4
393.3
268.4
304.3
203.7
324.8
503.0
357.3
504.6
155.3
117.0
233.8
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1988 and methodological notes are as
shown in BUSINESS STATISTICS, 1951-88
Annual
1990
March 1992 • S-17
1992
1991
| 1991
Jan.
Feb. | Mar.
Apr. | May
June |
July
Aug.
Sept.
Oct.
Nov. | Dec.
Jan.
Feb.
7. FOREIGN TRADE OF THE UNITED STATES-Continued
VALUE OF EXPORTS-Continued
[Millions of dollars}
Exports (mdse.), incl. reexports—Continued
Western Hemisphere:
Canada 0
Brazil
Mexico
Venezuela
Asia:
China
Hong Kong
Japan
Republic of Korea
Saudi Arabia
Sinaaoore .
Taiwan
::.:.::.:
: . :. : :..::.:.
Africa:
Nigeria
Republic of South Africa
Australia
OPEC
Exports of U S merchandise total @
By commodity groups and principal commodities:
Agricultural products total
Nonagricultural products total
Food and live animals #
Beverages and tobacco
Crude materials, inedible, exc. fuels #
Mineral fuels lubricants etc #
Oils and fats animal and vegetable
Chemicals
Manufactured goods class, chiefly by material
Miscellaneous manufactured articles
Machinery and transport equipment, total
Motor vehicles and parts
83,865.5
5,061.9
28,375.3
3,107.2
85,102.5
6,154.1
33,275.6
4,6682
6,777.9
348.3
2,400.7
296.2
6,369.5
388.3
2,355.6
315.0
7,085.4
421.3
2,346.8
358.9
7,604.0
460.6
2,763.9
399.0
7,679.1
495.4
2,843.8
401.7
7,451.4
465.7
2,866.4
424.5
6,473.6
537.8
2,922.9
416.4
6,763.6
619.7
2,842.8
370.3
7,445.8
693.4
2,740.2
407.6
8,282.5
488.8
3,223.5
442.9
3,060.2
450.7
6,124.9
617.6
2,908.8
385.0
6,9492
443.2
3,071.8
357.4
4,807.2
6,840.6
48,584.8
14,398.7
4,034.8
8,019.1
11,482.3
6,286.8
8,140.5
48,146.5
15,518.4
6,572.2
8,807.8
13,191.1
411.0
715.8
3,819.5
1,461.7
509.5
794.0
1,015.6
486.3
590.9
4,263.0
1,231.0
392.7
776.7
1,020.2
472.9
629.7
4,240.5
1,352.0
627.6
847.1
1,037.0
437.5
748.0
3,907.9
1,244.2
582.7
656.7
987.8
630.9
645.8
4,255.9
1,365.7
507.3
810.7
1,0692
505.8
610.4
3,958.8
1,173.5
492.2
914.4
1,183.8
538.5
580.6
3,851.3
1,281.6
497.2
666.1
1,171.3
560.1
788.7
4,020.8
1,163.0
4822
592.8
1,205.8
470.8
757.4
3,661.7
1,256.4
628.9
648.4
1,120.3
570.9
644.4
4,217.0
1,265.1
566.2
692.3
997.8
621.5
745.0
4,348.1
1,403.1
609.7
705.4
1,144.8
580.6
683.8
3,602.0
1,321.1
676.0
703.2
1,237.5
5032
629.8
3,660.8
1,473.4
647.7
648.3
1,029.7
7,044.8
6172
551.5
1,732.4
832.9
2,086.3
54.5
85.7
258.8
134.3
170.8
161.1
152.6
270.3
63.4
1452
173.8
105.2
170.0
142.1
158.5
148.8
135.2
8,534.7
8,416.2
603.5
706.5
592.3
599.1
581.5
739.1
756.7
726.8
767.0
861.4
806.9
675.4
607.3
1,780.1
55.7
51.1
58.9
60.2
68.2
67.4
97.9
64.7
67.0
13,678.7
19,083.5
1,281.3
1,254.1
1,594.2
1,594.1
1,572.8
1,543.2
1,636.9
1,448.4
1,740.1
1,777.0
1,861.3
-1,838.0
375,454.2
400,839.1
31,526.2
31,138.8
34,782.4
34,433.1
34,398.6
33,869.6
31,887.0
31,9062
32,700.4
35,972.8
34,654.6 ' 33,333.0
32,897.8
38,783.4
341,914.0
29,280.0
7,118.6
26,984.9
12,174.8
1,190.6
38,983.3
31,670.3
39,285.3
172,521.9
26,656.3
38,462.7
362,379.8
29,555.0
6,750.3
25,462.0
12,033.2
1,147.1
42,966.7
35,566.0
43,162.2
187,359.9
28,175.1
3,164.7
28,543.8
2,126.5
765.0
2,289.2
1,205.7
3,434.9
27,687.3
2,538.6
646.6
2,358.1
1,304.7
3,580.1
31,164.5
2,621.6
649.0
2,469.5
938.4
3,030.1
31,402.6
2,285.9
619.2
2,237.3
1,066.5
2,586.4
31,159.8
2,104.7
461.1
1,980.8
924.8
3,923.4
2,914.0
3,659.8
16,176.6
2,310.5
3,913.6
3,146.8
3,644.9
16,066.9
2,696.9
3,439.7
3,059.7
3,683.3
16,732.9
2,569.4
3,469.5
3,065.0
3,498.3
14,302.7
1,988.9
2,803.0
29,972.6
2,435.5
451.7
1,711.9
892.8
110.6
3,320.3
2,975.0
3,657.3
15,8772
2,530.0
3,330.1
32,258.7
2,693.4
601.6
1,978.2
979.4
3,591.6
2,753.6
3,209.3
13,216.5
1,880.0
2,866.5
29,035.9
2,462.4
451.8
1,861.8
970.6
126.8
3,455.2
2,960.6
3,519.4
14,702.8
1,993.8
2,788.0
28,910.1
2,476.8
498.3
1,817.7
956.0
3,550.2
2,812.7
3,267.5
14269.0
2,167.5
3,084.5
31,271.6
2,303.3
549.9
2,197.8
732.4
107.1
3,848.4
3,108.9
3,625.0
16,419.4
2,571.6
3,754.1
3,182.6
4,009.0
16,845.9
2,7872
3,839.7
3,954.7
31,2432 29,729.7
2,642.0
2,864.3
561.6
494.5
2,230.8
2,328.9
1,054.4
1,007.5
103.4
117.7
3,291.9
3,408.8
2,905.0 , 2,682.1
3,761.1 U3,627.3
16,916.5 15,833.5
2,123.7
2,555.6
3,592.0
29,305.8
2,442.1
454.3
2,217.9
1,000.8
118.9
3,594.1
2,946.5
3;709.4
14,823.6
1,997.0
494,903.2
488,055.4
40,167.3
41,474,4
37,015.5
39,103.4
38,670.2
38,100.4
39,529.0
40,139.1
40,121.2
40,061.5
39,434.5
38,763.7
41,282.6
41,176.3
41,023.6
40,910.1
41,505.7
42,282.1
46,512.5
43,433.9
41,858.0 "40,750.3
41,109.1 " 41 ,886.3
39,815.2
41,304.7
108,901.1
91,867.5
4,578.5
13,124.0
3
28, 108.7
12,723.3
4,971.9
20,288.2
102,596.5
86,480.9
4,138.7
13,372.1
26,229.3
11,787.4
4,827.0
18,519.6
8,360.0
6,979.2
349.5
1,066.3
2,073.4
961.7
318.4
1,559.0
8,154.5
6,891.5
323.8
1,027.0
2,215.8
973.1
334.8
1,427.2
8,657.2
7,316.4
364.1
1,116.7
2,369.9
974.4
386.2
1,523.6
8,775.4
7,371.4
397.8
1,161.9
2,304.2
934.9
381.8
1,567.4
8,767.7
7,387.0
365.9
1,064.5
2,183.1
962.4
407.1
1,701.1
8,053.1
6,751.9
300.5
1,150.8
1,917.1
968.3
335.1
1,476.0
8,999.1
7,750.6
421.7
1,318.1
2,153.5
1,134.7
432.2
1,602.6
7,917.9
6,866.2
217.3
1,028.4
1,975.6
1,064.3
503.6
1,475.4
7,921.7
6,520.9
300.0
1,018.5
1,963.1
755.9
378.2
1,510.0
9,659.6
8,094.5
445.8
1,153.3
2,460.5
1,055.9
534.0
1,687.0
8,263.7
6,930.9
339.7
1,003.9
2,217.6
992.8
365.3
1,421.6
2,275.2
1,065.4
1,809.8
812.9
155.3
141.3
165.6
95.7
159.8
131.5
56.6
82.3
23.9
115.3
382
160.3
66.2
207.7
118.9
137.2
66.7
78.1
47.5
91,372.1
7,976.4
30,172.3
9,446.4
91,141.1
6,726.8
31,194.3
8,228.4
7,227.1
673.2
2,479.9
906.3
6,875.6
553.8
2,236.6
563.6
7,498.0
438.6
2,412.3
633.1
7,892.8
696.7
2,682.4
598.2
8,036.5
540.3
2,639.9
690.8
7,893.1
510.0
2,569.5
592.3
6,914.1
585.9
2,473.1
787.1
7,480.0
528.7
2,660.4
646.9
7,718.8
494.8
2,683.5
739.3
8,592.8
518.3
3,161.2
670.6
7,972.1
649.7
2,787.4
741.3
7,0402
536.8
2,408.1
658.9
7,137.5
622.9
2,493.0
571.9
15,223.8
9,488.0
89,655.1
18,493.3
9,974.3
9,839.4
22,666.8
18,975.8
9,286.4
91,582.7
17,024.5
10,978.2
9,976.3
23,036.3
1,325.1
806.5
7,281.4
1,501.3
1,202.7
795.3
1,877.9
1,259.7
616.7
7,422.2
1,177.9
870.5
690.7
1,695.3
974.3
541.1
7,815.5
1,233.2
850.5
797.5
1,525.0
1,106.6
596.7
7,255.2
1,313.7
832.3
782.3
1,708.7
1,374.3
6802
6,687.7
1,424.4
1,082.7
736.3
1,820.7
1,528.3
736.7
7,190.0
1,370.6
833.2
895.9
1,876.5
1,815.3
909.6
7,648.7
1,624.7
832.2
797.3
2,065.2
1,867.3
855.0
7,757.4
1,486.9
1,029.0
793.6
2,113.9
1,932.3
886.0
7,8442
1,4432
939.8
918.3
2,149.0
2,222.2
1,038.8
8,855.3
1,571.1
885.0
937.6
2,211.9
1,961.8
875.7
7,761.3
1,459.6
805.1
905.2
1,985.5
1,608.6
743.4
8,063.8
1,417.9
815.2
926.3
2,006.7
1,903.8
843.1
7,477.4
1,368.3
896.7
859.1
2,015.7
87.5
75.6
86.8
77.1
67.8
99.3
87.4
VALUE OF IMPORTS
[Millions of dollars]
General imports total @
Seasonally adjusted t
Western Europe
European Economic Community
Belgium and Luxembourg
France
Federal Republic of Germany
Italy
Netherlands
...
United Kingdom
Eastern Europe
USSR (former)
Western Hemisphere:
Canada
Brazil
. .
Mexico
Venezuela
Asia:
China
Hong Kong
Japan . .
Republic of Korea
Saudi Arabia
Singapore
Taiwan
....
Africa:
Nigeria
Republic of South Africa
Australia
.
OPEC
. .
By commodity groups and principal commodities:
Petroleum and products
Nonpetroleum products
Food and live animals #
Beverages and tobacco
Crude materials, inedible, exc. fuels #
Mineral fuels lubricants etc
Oils and fats animal and vegetable
Chemicals
Manufactured goods class, chiefly by material
Miscellaneous manufactured articles
Machinery and transport equipment
Motor vehicles and parts
1742
84.4
82.7
9,066.6
7,620.4
312.6
1,262.7
2,395.5
1,009.0
450.3
1,568.7
7,867.6
6,666.0
301.9
1,076.7
2,000.4
861.1
362.9
1,511.7
165.9
67.4
4
197.5
100.2
5,977.2
1,700.6
5,360.1
1,733.3
468.5
170.1
422.1
144.5
507.7
149.0
460.2
161.9
482.9
174.8
476.1
149.5
501.7
153.1
504.5
137.0
380.0
116.4
456.4
152.5
394.5
107.9
305.5
116.6
340.6
116.7
4,441.7
4,010.0
395.6
289.0
288.8
336.8
343.0
397.5
340.5
337.4
380.6
311.1
3042
285.5
364.6
38,017.0
32,960.6
3,297.9
2,580.0
2,563.7
2,573.8
2,945.7
2,572.6
2,718.3
2,858.1
2,781.9
2,901.6
2,634.5
2,532.5
2,573.1
61 3568
433,902.6
21,932.5
4,633.1
14,524.0
64,561.5
802.3
22,468.2
59,914.2
81,477.6
208,095.7
69,382.1
21,952.3
4,822.6
13,079.0
54,342.7
856.7
24,168.7
57,418.9
83,389.6
210,786.5
67,525.4
1,883.8
385.4
1,113.4
5,696.0
1,754.2
298.2
1,038.5
4,072.0
1,885.5
336.0
1,040.1
4,057.2
1,998.2
386.8
1,157.4
4,340.1
1,952.8
416.2
1,132.3
4,926.6
1,862.6
368.8
1,120.6
4,337.4
1,724.6
394.5
1,132.6
4,289.6
1,678.4
415.8
1,077.1
4,890.4
1,743.7
393.7
1,080.3
4,631.5
1,764.0
553.0
1,095.7
4,524.1
1,804.3
421.1
1,057.8
4292.8
1,9002
453.1
1,0332
4,285.0
1,959.1
363.0
1,119.1
3,992.2
63.8
70.7
75.4
68.4
74.9
69.0
76.4
62.4
71.3
81.9
72.4
70.1
70.6
1,962.8
4,970.6
6,345.3
16,256.6
5,359.9
1,919.2
4,557.7
5,978.8
16,140.5
5,162.6
2,011.0
4,579.1
5,756.9
17,484.3
5,628.5
2,064.9
4,930.3
5,902.2
17,503.2
5,510.4
2,004.8
4,876.5
6,198.7
16,741.0
5,286.6
1,952.7
4,552.0
6,598.8
17,157.6
5,427.0
2,075.0
5,140.3
7,933.5
17,185.5
4,980.5
1,918.4
4,590.0
7,525.5
17,489.0
5,622.0
1,937.5
4,638.2
7,716.8
17,852.8
5,718.5
2,250.0
5,357.3
8,962.1
20,455.4
6,981.7
1,870.3
4.725.5
7,5512
18,287.3
6,079.4
2,202.1
4,501.4
6,919.8
18,233.3
5,768.3
2,243.3
4,731.3
7,0512
16,953.4
5,431.0
-101,718.2
-7,017.2
-7,376.2
-4,332.7
-5,504.0
-1,873.2
-4,069.7
-3,418.6
-4,507.0
-3,985.6
-4,790.3
-3,861.4
-3,789.1
-7,775,9
-5,949.2
-7,440.0
-6,530.1
-6.997.4
-6,934.3
-8,589.7
-6,320.4
-5,277.2 '-5,687.2
-4,170.6 ' -5,999.2
-5,215.5
-5,765.6
-65.24
366.80
452.04
-5.42
31.42
36.85
-4.47
31.07
35.53
-3.33
31.55
34.89
-4.02
33.04
37.05
-4.37
32.82
3720
-3.62
32.60
36.22
-5.69
33.01
38.70
-6.10
32.33
38.43
-6.32
33.19
39.51
-5.45
34.74
40.19
'-520
r
33.77
'38.97
-5.10
33.59
38.69
MERCHANDISE TRADE BALANCE *
[Millions of dollars]
Trade balance:
Not seasonally adjusted
Seasonally adjusted
.
[Billions of 1987 dollars]
Seasonally adjusted:
Trade balance
Exports
Imports
See footnotes at end of tables.
. . . .
-3.42
34.64
38.05
::
:
::::::::::
SURVEY OF CURRENT BUSINESS
S-18 • March 1992
Unless otherwise stated in footnotes below, data
through 1988 and methodological notes are as shown
in BUSINESS STATISTICS, 1951-88
1991
Annual
1990 |
1991
Jan.
Feb.
Mar.
Apr.
May |
June
1992
July
Nov.
Dec.
Jan.
Feb.
Aug. |
Sept. |
Oct.
1143
1071
1155
1142
1058
1156
1150
1095
1159
1151
1092
1161
1144
1063
1158
1139
1052
1154
1147
1084
1160
123.3
726
132.3
122.9
658
133.1
123.3
657
133.5
"185.2
196.4
7. FOREIGN TRADE OF THE UNITED STATES-Continued
Export and Import Price Indexes *
[1985=100]
All exports
Agricultural exports
Nonagricultural exports
All imports
Petroleum imports
Nonpetroleum imports
Shipping Weight and Value
Waterborne trade:
Exports (incl. reexports):
Shipping weight thous metric tons
Value, mil. $
General imports:
Shipping weight thous metric tons
Value mil $
1138
1088
1153
1059
1152
1063
114.9
117.1
123.2
874
129.5
127.1
991
132.1
116.9
124.6
806
132.5
372 052
150,737
29565
13,124
495 239
283392
36184
23751
1151
1065
1167
1151
1078
116.4
1148
1081
1160
1245
1147
1079
1160
1139
1038
1157
121 6
71 9
1220
1233
1238
1305
1304
1307
727
131.4
727
131 7
1235
1233
1224
1329
762
132.0
757
131 7
732
131 1
33395
13,474
32963
14,232
28757
13,861
33299
14,061
29658
12,657
32275
13,163
32972
12,866
32,171
12,658
33234
14,178
36,101
13,770
31 002
20615
32371
20668
37168
21 545
41880
21 876
38454
21 875
41 033
23556
41 121
23503
40052
23,269
37975
25,775
34168
22,866
4403
680
5426
4675
712
5728
3694
612
4702
20,013
15638
1,421
217
19689
2576
418
104
14,360
14 144
772
748
1223
688
8. TRANSPORTATION AND COMMUNICATION
TRANSPORTATION
Air Carriers
Certificated route carriers:
Passenger-miles (revenue) billions
Passenger-load factor percent
Ton-miles (revenue) total millions
Operating revenues (quarterly), mil $ §
Passenger revenues mil $
Cargo revenues mil $
Mail revenues mil $
Operating expenses (quarterly) mil $ §
Net income after taxes (quarterly) mil $ §
Domestic operations:
Passenger-miles (revenue) billions
Cargo ton-miles millions
Mail ton-miles millions
Operating revenues (quarterly) mil $ §
Operating expenses (quarterly) mil $ k
Net income after taxes (quarterly) mil $ §
International operations:
Passenger-miles (revenue) billions
Carqo ton-miles millions
Mali ton-miles millions
Operating revenues (quarterly) mil $ §
Operating expenses (quarterly) mil $ §
Net income after taxes (quarterly) mil $ §
45792
624
58395
75,967
58426
5435
970
77881
-3994
3350
569
4242
34022
5076
1 490
57,991
59004
-3440
2521
2325
349
95
2716
399
112
3520
632
3747
634
4729
4451
8962
737
527
372
32
5101
2780
419
115
2958
424
108
14,289
14069
166
31 63
412
106
3305
439
115
783
397
37
967
410
39
11 26
446
39
4,729
4853
191
1241
1370
725
734
678
4012
4649
-592
760
466
38
458
42
670
675
11.18
446
39
5,653
5545
32
58.4
4479
2766
477
123
2498
444
120
10.42
507
43
880
488
49
"189.6
"189.4
683
100
5446
100
5,777
442
8
118
143
172
r
3378
61.7
-168
100
5030
42
46
45
100
21810
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 $$
3808
4958
-135
2737
387
110
713
423
39
699
4084
667
19,019
14458
1 311
224
18921
356
-747
828
358
37
Motor Carriers
Carriers of property, large, class I, qtrly.:
Number of reporting carriers number
Operating revenues total mil $
Net income, after extraordinary and prior period
3428
598
4402
17,518
12873
1 277
229
18903
-1 339
13,506
14254
11770
5524
514
17976
18878
-554
Urban Transit Industry
Passengers carried total millions tt
Class 1 Railroads $
Financial operations, quarterly (AAR), excluding
Amtrak:
Operating revenues total mil $ #
Freight mil $
Passenger excl Amtrak mil $
Operating expenses mil $
Net railway operating income mil $
Ordinary income mil $ T
Traffic:
Revenue ton-miles qtrly (AAR) billions
Producer Price Index, line haul operations, 12/
84=100
369
129
2852
562
3700
174.8
182.2
r
178.7
"174.8
r
169.2
"180.2
r
176.8
"1762
"188.0
"189.5
"188.2
7
28516
'27616
'94
6,778
6554
23
6,842
24
7,093
6,870
24
1
6188
6659
155
76
6,763
253
148
r
24 736
'2676
M 953
1 0340
107.5
6617
380
430
1 0345
2542
109.3
109.5
108.6
108.9
262.6
266.0
251 7
109.5
2
78.3
2
104.5
109.6
109.5
109.6
109.3
109.2
109.3
109.4
109.4
109.3
109.5
335
4,870
329
7,546
315
10,437
249
10,405
249
6,579
293
4,857
359
2,062
204
248
275
1,570
Travel
Lodging industry:
Restaurant sales index same month 1967=100
Hotels' Average room sale dollars 0
Rooms occupied % of total
Motor hotels* Average room sale dollars 0
Rooms occupied % of total
Economy hotels' Average room sale dollars 0
Rooms occupied % of total
Foreign travel:
U S citizens* Arrivals (quarterly) thousands
Departures (quarterly) thousands
Aliens' Arrivals (quarterly) thousands
Departures (quarterly) thousands
Passports issued thousands . . .
National parks, recreation visits, thousands n
See footnotes at end of tables.
2
1
19 505
'19022
' 16 908
' 15 024
3,689
56,948
2 1452
2
2
1 180
2
1261
-790
^ 157
2
3,376
56,683
2
978
959
876
2
2
2
1 328
1 286
1 230
-966
237
198
268
1,468
1,731
2,146
2
2
2
2
1
1
1
1
362
334
198
091
351
3,012
SURVEY OF CURRENT BUSINESS
1991
AT nual
Unless otherwise stated in footnotes below, data
in BUSINESS STATISTICS, 1961-88
1990
March 1992 •
Jan.
1991
Ma,
Feb.
Apr.
May
June
S-19
1992
Ju,y
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
8. TRANSF>ORTAT ON ANDICOMM JNICATION-Continued
COMMUNICATION
Telephone carriers:
Operating revenues, mil $ #
Station revenues, mil. $
Tolls message mil $
Operating expenses (excluding taxes) mil $
Net operating income (after taxes) mil $
Access lines millions
9. CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Inorganic Chemicals
[Thousands of short tons, unless otherwise indicated]
Production:
Aluminum sulfate commercial (17% ANOs)
Chlorine gas (100% CI2)
Hydrochloric acid (100% HCI)
Phosphorus elemental
Sodium hydroxide (100% NaOH)
Sodium silicate anhydrous
Sodium sulfate (100% NaaSQij
Sodium tripolyphosphate (100% Na5P30io)
Titanium dioxide (composite and pure)
Sulfur, native (Frasch) and recovered:
Production thous metric tons
Stocks (producers') end of period, thous. metric
Ions . .
...
r
' 1,227
1,180
r
6
11,324
2,799
11,810
'3,013
312
'346
12,030
879
299
2,715
638
80
90
3,013
tf
12,197
993
768
'786
6
278
2,795
6
668
6
6
132
739
70
72
3,129
211
171
118
269
216
^236
2,247
'728
2,946
tf
532
283
'319
'2,268
3,089
223
173
'243
180
7
()
7
()
'1,077
10,262
9,494
861
769
806
776
813
800
837
770
771
760
754
771
1,422
1,237
1,489
1,521
1,581
1,474
1,425
1,481
1,460
1,250
1,470
1,415
1,302
1,237
16,958
Inorganic Fertilizer Materials
[Thousands of short tons, unless otherwise indicated]
Production:
Ammonia synthetic anhydrous *
Ammonium nitrate original solution £
Ammonium sulfate *
Nitric acid (100% HN03) +
Nitrogen solutions (100% N) *
Phosphoric acid (100% P->Oi)T*
Sulfuric acid (100% H-SO^) $ '
Superphosphate and other phosphatic fertilizers
(gross weight):
Production
Stocks end of period
Potash sales (K20)
Imports:
Ammonium nitrate thous metric tons
Ammonium sulfate thous metric tons
Potassium chloride thous metric tons
Sodium nitrate thous metric tons
1,093
17,020
7,107
2,230
7,524
12,342
43,308
18,887
19,418
1,902
tf
558
6
1,977
6
807
3,036
6
10,778
3,137
738
6
5,460
5,207
147,840
749,525
462,293
4,567
141,844
786,727
471,216
602
327
692
414
'1,807
743
'3,119
740
735
4,813
620
227
10,895
' 1 1 025
10610
4,903
4889
236
687
686
346
279
4,144
1 770
543
1,804
758
3,139
1,735
537
3,048
'4,813
6
689
5,700
273
'4,212
4,419
1,903
592
1,936
829
H245
6
7,310
2,495
7,749
2,853
12,175
44,281
'272
388
304
689
454
Industrial Gases
[Millions of cubic feet]
Production:
Acetylene
Hvdrooen (hioh and low purity)
Nitrogen (high and low purity)
Oxygen (high and low purity)
Organic Chemicals §
[Thousands of metric tons, unless otherwise indicated]
Production:
Acetylsalicylic acid (aspirin)
Ethyl acetate
Formaldehyde (37% HCHO)
Glycerin refined all grades mil Ib
Methanol synthetic
Phthalic anhydride
1
1
' 12.8
124.3
2,908.5
286.5
1
3,622.2
' 426.7
1
6
1,139
6
34,826
6
197,977
6
119,221
'1,109
'34,981
'195,905
'116,404
<Ve
' 19.4
' 126.1
2,91 3.7
298.1
36,261
196735
118,588
<\0
(5)
327
1,132
644.2
79.7
'77.6
71.6
839.8
'3,925.3
'396.3
'741.6
704.8
Consumption (withdrawals) mil wine oal
For fuel use mil wine oal
Stocks, end of oeriod. mil. wine aal.
See footnotes at end of tables.
1 1073
101.8
36.8
42.8
594.9
645.7
297.9
54.9
54.2
23.5
27.3
17.2
92.6
49.9
101.1
100.3
101.2
54.5
53.4
57.0
90.2
53.2
91.8
58.7
99.6
49.6
50.3
65.4
37.5
51.2
49.3
22.6
25.5
54.8
58.7
32.0
25.4
52.9
58.1
26.8
23.8
56.9
60.7
32.7
19.8
51.9
53.0
30.7
11.2
56.2
77.0
31.2
12.1
222
5.7
29.9
779.5
69.2
995.6
99.9
96.5
ALCOHOL
Ethyl alcohol and spirits:
Production mil tax oal
Stocks end of period mil tax oal
Denatured alcohol:
5
982.6
1,107.3
96.7
1,187
35,776
196,110
117,003
103.3
680
Feb.
SURVEY OF CURRENT BUSINESS
S-20 • March 1992
Unless otherwise stated in footnotes below, data
through 1988 and methodological notes are as
shown in BUSINESS STATISTICS, 1961-88
Annual
1990
|
1992
1991
1991
Jan.
Feb. |
Mar. |
Apr. | May
June |
July
Sept. |
Aug.
Oct. |
Nov. |
Dec.
9. CHEMICALS AND ALLIED PRODUCTS-Continued
PLASTICS AND RESIN MATERIALS
{Thousands of metric tons]
Production:
Phenolic resins
Polyethylene and copolymers
Polypropylene
Polystyrene and copolymers
Polyvinyl chloride and copolymers
2
943 8
' 8,550 5
3,524.7
*46241
' 4,1 12.9
1
11,761.6
48621
4,110.5
27891
11,391.3
46533
4,242.5
24954
1
'75140
3,397.2
20287
8220
19086
8307
»- 1 625 3
r
8851
1 9180
8592
'3,977.4
941 7
1 0798
l
"\ 0392
1 0276
24984
*9923
4
960.0
4
5462
31587
1 3892
1 0934
6761
'31230
1 3354
r
1 093 5
6931
26112
9355
1 095.6
5801
PAINTS, VARNISH, AND LACQUER $
[Millions of dollars]
Total shipments
Architectural coatings
Product coatings (OEM)
Special purpose coatings
4
10. ELECTRIC POWER AND GAS
ELECTRIC POWER
[Millions of kilowatt-hours, unless otherwise
indicated]
Production:
Electric utilities, total
By fuels
By waterpower
. .
Sales to ultimate customers, total (Edison Electric
Institute)
Commercial §
. .
Industrial §
Railways and railroads
Residential or domestic .
Street and highway lighting
Other public authorities
Interdepartmental
Revenue from sales to ultimate customers (Edison
Electric Institute) mil $
247984
2 807 058
2527219
279839
r
999314
25671
210496
188579
21918
221 117
195297
25820
208936
183 249
25687
233 991
205 535
28457
248 165
222 332
25832
271 492
247 242
24250
267 698
245954
21 744
233 897
215511
18387
223180
205643
17537
221 029
202 703
18299
2 667,321
'734584
'926161
'5,297
'910296
'14895
'72399
'3689
2,710,674
749686
921 552
5,420
938517
15204
76713
3582
663,388
177096
219,440
1,436
242 236
4,147
18224
809
649177
182995
230 832
1324
210302
3543
19338
843
745,612
209 303
241 455
1,312
268941
3,465
20185
950
652,498
180292
229,825
1,348
217,039
4,049
18966
980
'175503
183,361
43315
43874
53094
43,078
GASO
Total utility gas, quarterly (American Gas
Association):
Customers end of period total thousands @
Residential . .
Commercial
.
Industrial @
Other
Sales to customers, total, tril Btu
Residential
Commercial
Industrial .°
Electric generation
Other
Revenue from sal@s to customers total mil $
Residential
Industrial
Electric generation
Other
54388
49912
4,261
167
48
9846
4394
2192
1997
1 075
188
44672
24658
10462
6064
2889
598
11. FOOD AND KINDRED PRODUCTS; TOBACCO
ALCOHOLIC BEVERAGES
Beer:
Production mil bbl
Taxable withdrawals mil bbl
Stocks end of period mil bbl
Distilled spirits (total):
Production mil tax gal
Consumption, apparent, for beverage
purposes mil wine gal
Stocks end of period mil tax sal
Imports, mil. proof liters
Whisky:
Production mil tax oal
Stocks end of period mil tax oal
Imports mil proof liters
Wines and distilling materials:
Effervescent wines:
Production mil wine gal
Taxable withdrawals mil wine gal
Stocks end of period mil wine gal
Imports, mil. liters
Still wines:
Production mil wine gal
Taxable withdrawals mil wine gal
Stocks end of period mil wine gal
Imports, mil. liters
,
Distilling materials produced at wineries, mil.
wine oat.
See footnotes at end of tables.
'20365
'18451
'1268
20219
18099
1264
1627
1380
1354
1517
1311
1411
16.08
1440
14.15
17.23
1482
1501
18.90
1677
14.91
1916
1693
1499
19.88
1788
1496
1863
1739
1427
16.11
1451
14.03
11834
1080
1089
1027
1047
876
762
640
359
37441
42249
24.73
43362
'2196
43761
'26.06
431 71
28.36
44406
28.79
43577
28.77
44008
2910
44196
28.25
43874
7991
371 60
757
37369
782
37719
685
37040
730
38242
547
37335
469
38275
460
38276
238
37944
2635
2550
231 72
2.96
88
1699
1.21
92
1760
1.12
1 08
2048
1.10
143
1856
.13
1 91
1964
.74
1 69
1748
2.59
1 10
1881
2.87
1 63
2024
2.59
288
2046
42715
41725
6 452 54
645
2741
55040
336
2698
53026
454
31 93
51516
418
3401
52256
323
3323
51821
1 53
3298
52402
1 41
3016
39436
934
31 29
41534
12830
3022
51866
108.07
3.51
7.30
4.52
2.75
3.36
1.15
3.39
4.23
32.35
16.65
1513
1375
14.47
1342
13.23
13.64
12.84
12.64
Jan. |
Feb.
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1988 and methodological notes are as shown
in BUSINESS STATISTICS. i96i-88
Annual
March 1992 •
1992
1991
1990 | 1991
Jan. | Feb.
Mar. | Apr.
May |
June
S-21
July
Aug. J
Sept.
Oct. I Nov.
Dec.
Jan.
Feb.
156.0
'568.6
622"6
11. FOOD AND KINDRED PRODUCTS; TOBACCO-Continued
DAIRY PRODUCTS
Butter:
Production (factory), mil. Ib
Stocks, cold storage, end of period, mil. Ib.
Producer Price Index 1982=100
Cheese:
Production (factory), total, mil. Ib.
American whole milk mil Ib
Stocks cold storage, end of period, mil. Ib.
American whole milk mil Ib
Imports thous metric tons
Price, wholesale, cheddar, single daisies (Chicago),
$ per Ib . . . .
Condensed and evaporated milk:
Production case goods mil Ib
Stocks, manufacturers', case goods, end of period,
mil Ib
Exports thous metric tons
Fluid milk:
Production on farms mil Ib t
Utilization in manufactured dairy products, mil. Ib. ..
Price, wholesale, U.S. average, $ per 100 Ib
Dry milk:
Production:
Dry whole milk mil Ib
Nonfat dry milk (human food) mil Ib
Stocks, manufacturers', end of period:
Dry whole milk, mil: Ib
Nonfat dry milk (human food), mil. Ib.
Exports, whole and nonfat (human food), thous.
metric tons
Price, manufacturers' average selling, nonfat dry
milk (human food), $ per Ib
1 ,302.2
416.1
71.3
142.1
466.7
67.0
126.3
522.1
131.6
555.5
133.7
620.5
126.0
646.7
98.3
88.9
85.0
84.7
539.4
69.3
662.7
659.8
629.4
597.2
67.1
67.3
67.3
68.1
70.4
70.4
70.4
105.2
567.1
'74.0
108.5
543.0
67.0
6,061.2
2,890.8
457.8
347.2
415.3
317.8
501.7
247.1
483.9
370.9
458.0
222.4
475.1
367.6
521.4
250.0
492.4
386.2
500.7
236.9
510.3
403.9
516.0
247.5
512.1
408.5
505.4
235.2
521.5
413.8
489.9
225.0
511.5
402.9
493.7
224.5
494.1
392.2
476.5
205.8
477.9
374.0
507.9
221.6
429.3
337.8
497.0
214.9
409.0
319.1
602.6
579.0
45.1
46.9
47.2
50.6
46.5
49.1
45.1
48.3
44.0
46.0
41.0
46.2
46.3
58.1
34.7
73.9
84.5
86.0
90.6
107.1
109.1
110.2
111.1
95.9
66.3
44.2
'34.7
50.6
125,772
89,998
13.73
125,683
'90,489
16.00
10,645
7,755
11.70
10,570
'7,804
11.40
10,472
7,493
11.80
'10,349
7,328
12.30
9,927
6,803
12.80
10,212
7,185
13.40
9,926
6,866
13.80
10,418
7,653
13.80
10.1
54.1
'81.7
10.3
80.2
9,922
7,190
11.70
11,084
8,069
11.40
r
10,918
8,107
13.00
11,240
8,236
11.40
9.3
95.1
7.1
101.4
78.6
73.9
'130.1
539.4
69.5
'538.1
'246.1
415.3
317.8
68.2
514.1
245.5
'438.8
'338.7
'10,684
8,161
'13.50
8.6
82.6
11.2
114.6
r
.948
77.9
"10.7
106.1
95.5
88.9
10.4
84.4
10.8
74.4
67.5
69.8
68.7
48.7
39.6
36.9
'8.5
61.0
.849
.846
.850
.854
.844
.884
.895
.893
.966
.991
.993
447.3
348.5
10,171
'13.20
60.8
'.845
175.1
876.6
60.9
.921
8.3
9.5
8.3
87.6
9.8
8.8
7.0
9.9
69.8
6.3
11.6
56.8
6.1
11.0
44.5
5.6
12.5
48.9
6.0
6.4
'9.4
7.0
GRAIN AND GRAIN PRODUCTS
Exports (barley corn oats rye, wheat) mil bu
Barley:
Production (crop estimate), mil. metric tons
Stocks (domestic), end of period, total, mil. metric
tons
On farms mil metric tons
Off farms mil metric tons
Exports including malt thous metric tons §
Producer Price Index, No. 2 feed, Minneapolis,
1982=100
Corn:
Production (crop estimate, grain only), mil. metric
tons
Stocks (domestic), end of period, total, mil. metric
tons
On farms mil metric tons
Off farms mil metric tons
Exports, including meal and flour, mil. metric tons .
Producer Price Index, No. 2, Chicago, 1932=100 ...
Oats:
Production (crop estimate), mil. metric tons
Stocks (domestic), end of period, total, mil. metric
tons
On farms mil metric tons
Off farms mil metric tons
Exports including oatmeal metric tons
Producer Price Index, No. 2, Minneapolis,
1982= 1 00
Rice:
Production (crop estimate) mil metric tons
Southern States mills:
Receipts, rough, from producers, mil. Ib
Shipments from mills, milled rice, mil. Ib.
Stocks, domestic, rough and cleaned (cleaned
basis) end of period mil Ib
Exports thous metric tons
Producer Price Index, medium grain, milled,
1982=100
.
Rye:
Production (crop estimate) mil metric tons
Producer Price Index, No. 2, Minneapolis,
1982-100
Wheat:
Production (crop estimate), total, mil. metric tons ...
Spring wheat mil metric tons
Winter wheat mil metric tons
Stocks (domestic), end of period, total, mil. metric
tons
On farms mil metric tons
Off farms mil metric tons
Exports total including flour mil metric tons
Wheat onlv. mil. bu
See footnotes at end of tables.
'29.192
2
10.113
7
6.656
7
3.841
7
7
7.167
7
4.252
7
117.0
108.3
2.816
'2201 53
7
176.29
7
123.80
7
52.49
2
' 5.189
6
2.278
6
1.203
6
1.075
' 7080
112.8
9.579
5.900
3.678
'2.948
4
^ 067
4
112.8
110.7
1.881
112.3
107.1
94.0
96.6
7167
4.252
2.915
101.9
113.4
117.0
112.3
113.9
115.2
189 86
97.0
2
J
121.65
77.84
43.80
56.98
93.7
95.3
101.9
95.3
90.2
100.4
97.4
97.1
97.5
95.5
100.8
102.2
71.6
68.2
65.5
74.0
71.1
74.5
76.3
78.5
79.2
93.6
340
519
102.0
373
525
289
451
712
514
2,871
518
1,457
605
779
554
550
542
98.4
3.520
6
70.4
2485
1.341
1 144
6
6
1.144
2
166.07
109.09
56.98
38.64
17.56
21 08
7600
^44.58
3
31 42
6
2.485
6
1.341
6
76.1
2
108.7
7
166.07
7
109.09
7
100.9
2
4.592
2065
2.527
2.915
63.9
63.4
68.7
69.7
1 006
10,351
6,942
10,150
6,614
641
725
935
595
574
554
2,106
1,904
1,857
1,870
1,660
1,618
1,334
1,041
729
719
2,027
2,277
2,089
1,904
110.2
96.1
105.8
110.3
113.4
116.2
117.1
114.5
108.9
109.5
109.6
111.7
109.4
61.5
70.3
73.3
102.4
2
2
' 258
7
51.93
7
20.77
7
31.16
112.5
112.1
248
74.7
66.5
'2 74.47
2
'2 19.20
' r55.27
62.1 4
629
512
.
71.8
71.8
68.9
87.9
83.5
2
2
2
53.91
16.56
37.34
67.43
7
39.25
7
15.37
7
23.88
::
:
M4.15
38.00
14.50
23.50
' 14.63
22.15
16.49
4
55.54
22.53
3300
39.25
15.37
23.88
23.57
"9.29
4
14.28
85.0
S-22 • March 1992
Unless otherwise stated in footnotes below, data
through 1988 and methodological notes are as shown
in BUSINESS STATISTICS, 1961-88
SURVEY OF CURRENT BUSINESS
Annual
1990 |
1991
1991
Jan. |
Feb.
Mar. |
Apr.
May |
June
1992
July
Aug.
Sept,
Oct.
Nov.
Jan. |
Dec.
Feb.
11. FOOD AND KINDRED PRODUCTS; TOBACCO-Continued
GRAIN AND GRAIN PRODUCTS-Continued
Wheat—Continued
Producer Price Indexes:
Hard red winter, No. 1, ord. protein (K.C.),
1982=100
Hard red spring, No. 1, ord. protein (Minn.),
1982-100
Wheat flour:
Production:
Flour thous sacks (100 Ib)
Millfeed, thous sh. tons
Grindings of wheat thous bu
Stocks held by mills, end of period, thous. sacks
(100 Ib.)
Exports thous metric tons
Producer Price Index 6/83-100
863
781
656
682
743
732
764
752
691
775
805
890
905
982
1055
1134
91.1
82.1
71.5
737
Til
79.1
805
790
730
795
84.1
92.7
93.2
101.8
107.4
117.5
359 639
6255
797589
346431
6240
780458
28443
520
66059
29085
27362
486
60428
29956
535
66522
30625
561
68686
25849
469
58336
27673
498
62378
30036
543
67737
29179
526
66389
30666
557
69259
'30320
556
'68553
27237
498
61 609
8,051
5514
902
91.3
94.1
96.3
'100.1
102.6
107.4
114.4
120.6
1 854
2210
2233
2040
2363
1958
'1982
2212
'579
'264
650
325
688
354
490
64502
8264
100.2
95.2
88.7
23740
24966
2108
920
94.0
937
1 895
2120
2191
2006
5,514
6,234
8429
930
POULTRY AND EGGS
Poultry:
Slaughter mil Ib
Stocks, cold storage (frozen), end of period, total,
mil Ib
.
Turkeys mil. Ib
Price, in Georgia producing area, live broilers, $
per Ib .
.
Eggs:
Production on farms, mil. cases §
Stocks, cold storage, end of period:
Shell, thous. cases §
Frozen mil Ib
Price, wholesale, large (delivered; Chicago), $ per
doz
r
'586
302
562
306
r
r
r
r
708
'408
663
'370
630
342
'745
453
'814
503
r
r
892
571
'949
626
'1,003
667
'990
653
'644
'305
.290
.280
.295
.280
.300
.305
.315
.310
.310
.305
.280
.275
.280
.280
16.3
.310
14.7
16.4
15.7
16.0
15.6
16.1
16.2
15.7
16.4
16.1
16.7
16.4
15.4
17
15
9
14
14
14
12
13
15
14
13
14
13
18
10
16
13
16
16
17
12
15
21
16
20
'20
25
19
860
720
858
676
609
634
731
713
688
679
687
.739
.591
r
120
2,408
'119
' 2,444
r
102
2,786
90
2,650
108
2,784
108
'2,843
115
'2,635
127
2,855
125
2,508
131
2,491
128
2,856
110
2,377
7958
9421
7986
9553
81 41
9538
81 24
9852
7867
9706
7453
9730
7225
9581
6734
9006
6918
8974
7093
8860
7,461
6,469
7,044
7,320
6,948
6,133
6,557
7,098
7,177
8,292
7,744
7,708
8,144
7,153
5472
51 32
5231
51 92
51.42
5483
5479
5574
51.11
4676
43.51
38.29
22.5
22.0
22.5
21.5
21.0
22.7
23.7
23.8
22.0
19.8
19.0
16.5
16.6
'15.2
16.4
449
471
469
422
188.6
191.6
15
15
760
714
1,742
32,391
1,398
31,887
LIVESTOCK
Cattle and calves:
Slaughter (federally inspected):
Calves thous animals
Cattle, thous. animals
Prices, wholesale:
Beef steers $ per 100 Ib
Steers stocker and feeder $ per 100 Ib
Calves vealers (So St Paul) dollars
Hogs:
Slaughter (federally inspected), thous. animals
Prices:
Wholesale, average, all weights (Sioux City), $
per 100 Ib
Hog-corn price ratio (bu. of corn equal in value
to 100 Ib live hog)
Sheep and lambs:
Slaughter (federally inspected), thous. animals
Price, wholesale, lambs, avg. (San Angelo, TX),
$per 100 Ib *
r
150
2,809
r
7889
9215
82,901
5,469
85,952
r
r
M05
2,674
r
495
449
546
436
443
388
431
438
456
501
4756
5,504
5404
4581
4967
54.00
54.45
52.88
55.42
54.31
53.25
51.20
MEATS
Total meats (excluding lard):
Production mil Ib
Stocks cold storage end of period mil Ib
Exports (meats and meat preparations), thous.
metric tons
Imports (meats and meat preparations), thous.
metric tons
Beef and veal:
Production total mil Ib
Stocks cold storage end of period, mil. Ib.
Exports thous metric tons
Imports thous metric tons
Price, wholesale, beef, fresh steer carcasses,
choice (600-700 Ibs )(Central U S ) $ per Ib
Lamb and mutton:
Production total mil Ib
Stocks cold storage end of period, mil. Ib
Pork (excluding lard):
Production, total mil. Ib
Stocks cold storage end of period mil Ib
Exports thous metric tons
Imports thous metric tons
Prices:
Producer Price Index, hams and picnics, except
canned ^2iB8-^QQt
Fresh loins, 8-14 Ib. average, wholesale
(Omaha) $perlb '
38,606
566
39,584
r
3,429
584
2,954
'591
r
3,081
602
3,285
'644
3,291
'611
3,060
599
'3,253
590
'3,425
'578
'3,308
'593
'3,708
'633
3,324
'650
3,284
662
3,622
'708
3,088
689
22,950
306
23,223
r
2,001
271
1,720
r
357
8
362
33
15,299
234
16,000
1,396
g
247
277
1,745
283
1,895
272
"1,970
241
1,894
254
2,018
279
2,099
265
'1,964
282
2,142
303
1,839
313
1,809
292
2,067
'336
1,732
310
30
10
36
8
29
30
8
25
8
28
7
27
6
29
5
32
6
29
7
31
6
31
28
7
1,300
289
1,361
341
1,291
333
1,140
312
1,207
278
1,299
282
'1,316
281
1,534
300
1,456
308
1,444
311
1,524
'341
1,329
347
114.5
114.1
104.6
104.7
1,204
281
r
1186
1144
1177
116.7
111.8
110.7
113.2
114.1
115.8
113.8
'117.1
1 1752
1 0767
1 0913
1 1033
1 0481
1 2048
1 2349
12173
1 1754
1 0585
1 0087
MISCELLANEOUS FOOD PRODUCTS
Cocoa (cacao) beans, imports (including shells),
thous metric tons
Coffee:
Imports total metric tons
From Brazil metric tons
US Import Price Index 1985-100
Fish:
Stocks, cold storage, end of period, mil. Ib
See footnotes at end of tables.
577
593
343
384
314
290
267
275
308
312
524
532
549
343
349
378
383
394
384
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1988 and methodological notes are as shown
in BUSINESS STATISTICS, igei-68
1991
Annual
1990 |
March 1992 •
1991
Jan. |
Feb.
Mar. |
Apr.
May |
June
S-23
1992
July
Aug.
Oct. |
Nov. |
Dec.
Jan. |
Feb.
1142
Sept.
1208
1143
121 0
1135
1208
1125
1208
1124
121 5
11. FOOD AND KINDRED PRODUCTS; TOBACCO-Continued
MISCELLANEOUS FOOD PRODUCTS-Continued
Sugar:
Exports, raw and refined, metric tons
Imports raw and refined thous metric tons
Producer Price Indexes:
Raw (cane) 1982=100
Refined, 1982-100
1192
1227
1137
121 8
1156
1231
113 1
1232
1133
1229
113 1
1220
1128
121 3
1135
121 3
1129
121 4
114 1
121 4
1141
121 2
r
Tea, imports, metric tons
TOBACCO
Leaf:
Production (crop estimate), mil Ib
Stocks, dealers' and manufacturers', end of period,
rl
mil. Ib
1 626
;
1 660
3,674
3458
3,075
3428
Exports, incl. scrap and stems metric tons
Imports, incl. scrap and stems, metric tons
Manufactured products:
Consumption (withdrawals):
Cigarettes (small):
Tax-exempt, millions
Taxable, millions
Cigars (large), taxable, millions
Exports cigarettes millions
178742
523094
2233
15781
193778
516338
21 007
34514
16652
39407
14689
47061
12793
40106
14242
49266
13328
45849
13686
44037
16549
42337
20974
43430
18535
40464
15542
57123
32,744
2,133
152
145
163
175
169
219
170
206
193
193
191
157
171.7
167.7
165.8
163.4
"161.5
161.6
162.8
161.8
162.1
141.5
124.5
116.9
142.6
124.5
116.9
142.3
125.0
116.9
142.3
124.5
117.2
12. LEATHER AND PRODUCTS
LEATHER
Exports:
Upper and lining leather thous sq ft
Producer Price Index, leather, 1982=100
177.6
1684
1743
1737
1726
172.1
172.7
LEATHER MANUFACTURES
Footwear:
Production total thous pdirs
Shoes, sandals, and play shoes, except athletic,
thous pairs
Slippers, thous. pairs
Athletic thous pairs
Other footwear thous pairs
6
201 648
41 184
3405
38399
4076
28424
5675
3584
543
28 436
6
9 473
6
4047
6
895
37683
28146
47 602
6
548
6177
Exports thous pairs
Producer Price Indexes:
Men's leather upper, dress and casual,
1982=100
Women's leather upper 1982-100
Women's plastic upper, 1982-100
135.8
120.9
113.4
141.0
1240
115.2
138.3
121 3
110.7
141.4
140.3
140.3
141.0
1223
1238
1240
1241
110.7
113.4
113.6
115.6
141.4
124.2
116.9
141.4
141.7
124.7
116.8
141.7
116.8
116.8
140.8
" 124.7
116.9
1246
1247
13. LUMBER AND PRODUCTS
LUMBER-ALL TYPES*
[Millions of board feet, unless otherwise indicated]
National Forest Products Association:
Production, total
Hardwoods
Softwoods
2
54638
2
9 480
45 159
2
3,661
3958
3,837
3,762
3,664
3,808
3,682
3,933
810
838
880
916
803
846
863
825
2683
2600
2823
3078
2921
2959
2818
2945
2857
2,996
3617
4037
4028
3764
3412
3926
3676
4012
r
3,473
828
816
r
2,645
2,402
937
43827
9844
33983
755
711
791
761
775
890
813
966
2485
2590
2826
3182
3152
3003
2637
3036
2863
3046
4734
4616
4925
4949
4946
4849
4600
4699
4684
4793
4786
4741
8749
8,489
452
504
8,751
8798
8,320
8,437
772
655
613
437
671
628
815
643
434
656
646
825
829
556
722
707
840
865
607
803
814
829
797
586
737
818
748
680
532
700
734
714
579
475
673
636
751
709
443
707
741
717
695
445
678
693
702
138.0
139.4
129.4
128.0
125.7
129.9
144.4
167.0
161.6
131.7
139.2
2
Stocks (gross), mill, end of period total
Hardwoods
Softwoods
3,410
851
46 083
10102
35 981
2
Shipments total
Hardwoods
Softwoods
3,534
43,940
10213
33727
2
3240
3301
855
876
3,218
r
3,477
808
843
r
2669
2494
4710
4616
3,337
Exports total sawmill products
Imports total sawmill products thous cubic meters
SOFTWOODS
[Millions of board feet, unless otherwise indicated]
Douglas fir:
Orders new
Orders unfilled, end of period
Production
Shipments
Stocks (gross) mill end of period
ExDorts total sawmill products thous cubic meters
Sawed timber thous cubic meters
Boards, planks, scantlings, etc., Jhous. cubic
meters
Producer Price Index, Douglas fir, dressed,
1982=100
See footnotes at end of tables.
705
465
710
685
727
'r 137.3
649
447
653
667
713
725
504
610
668
655
778
590
688
692
651
140.1
143.0
146.3
161.8
S-24
SURVEY OF CURRENT BUSINESS
• March 1992
Annual
Unless otherwise stated in footnotes below, data
through 1988 and methodological notes are as shown
in BUSINESS STATISTICS, 1961-88
1992
1991
1990
1991
Jan. I
Feb. |
Mar. |
Apr. |
May [
June |
July |
Aug.
Nov.
Sept.
Dec.
Jan.
Feb.
13. LUMBER AND PRODUCTS-Continued
SOFTWOODS-Continued
[Millions of board feet, unless otherwise indicated]
Southern pine:
Orders, new
Orders, unfilled end of period
Production
Stocks (gross), mill and concentration yards, end of
period
Exports total sawmill products cubic meters
Producer Price Index, southern pine, dressed,
1982=100
Western pine:
Orders new
Orders, unfilled, end of period
Production
Shipments
Stocks (gross), mill, end of period
Producer Price Index, other softwood, dressed,
1982=100
1
12,827
697
12,911
' 12 763
12260
571
12333
12383
855
665
950
892
2,197
2,134
2,242
111.0
111.0
103.9
10582
483
10,452
10605
9751
1
1 059
696
1 102
1 124
968
690
1 123
1 101
909
641
1 021
950
1 113
666
1 049
1 091
1070
821
1 071
1 146
678
1 039
1 060
1 169
648
1 169
1 204
2219
2177
2164
2080
2,090
1973
2,122
2,102
1003
103.6
110.0
110.8
122.5
124.5
112.6
110.1
835
548
788
757
933
649
826
866
1 250
760
550
835
859
1 226
772
545
848
777
1 304
899
529
914
915
1,303
873
544
876
858
1,321
1211
9741
1227
1263
711
470
742
713
1 292
126.3
130.3
119.6
119.5
83
2053
158
1999
86
143
81
151
12.6
11.4
493
9,750
701
472
764
712
1 147
756
1 024
1 065
979
677
924
961
1275
r
713
571
869
817
2,071
2,084
2,134
109.3
111.1
114.0
117.3
888
554
840
878
1 283
748
537
762
765
1,280
715
493
706
759
1,227
859
578
755
774
1,208
128.4
131.1
136.1
141.9
156.0
131
r
1,003
671
r
992
r
972
15.0
16.6
15.8
16.1
16.3
19.1
18.2
16.3
1323
916
582
849
882
1 290
122.3
125.6
131.5
142.6
144.0
132.2
129.4
97
107
98
179
11 0
138
115
13.1
18.0
10.9
10.1
9.9
8.9
8.4
8.0
7.7
7.6
772
2
627
857
2
495
723
1
606
585
2
486
668
1
427
973
4
447
676
3
427
779
3
1,395
114
30
1,032
101
39
1,152
105
25
1,230
123
52
1,312
98
43
1,325
108
33
127.7
1,576
83
4
r
HARDWOOD FLOORING
[Millions of board feet]
Oak:
Orders unfilled end of period
Shipments . . . .
Stocks (gross), mill, end of period
7.7
10.0
95
18.7
10.0
17.1
9.8
16.4
11.1
17.3
18.6
7.7
14. METALS AND MANUFACTURES
IRON AND STEEL
[Thousands of short tons]
Exports:
Steel mill products
Scrap
pig iron .
4303
12765
16
6346
10301
17
439
732
1
Imports:
Steel mill products
Scrap
Pig iron
17,162
1 424
383
15741
1 183
479
1 655
81
56
1291
1801
2974
4,947
3999
1 599
2804
4,458
3978
10338
4451
Iron and Steel Scrap
[Thousands of metric tons, unless otherwise indicated]
Production
Receipts net
Consumption
Composite price, No. 1 heavy melting scrap:
American Metal Market $ per metric ton
Ore
[Thousands of metric tons]
Iron ore (operations in all U.S. districts):
Mine production
Shipments from mines
Imports
U.S. and foreign ores and ore agglomerates:
Receipts at iron and steel plants
Consumption at iron and steel plants
Exports (domestic)
Stocks total end of period
At mines
At furnace yards
At U S docks
Manoanese (manganese content) general imports
Pig Iron and Iron Products
[Thousands of short tons, unless otherwise indicated]
Pig iron:
Production (including production of ferroalloys)
Consumption thous metric tons
Stocks end of period thous metric tons
Castings, gray and ductile iron:
Shipments total
For sale
Castings, malleable iron:
Shipments total
For sale
See footnotes at end of tables.
23083
39624
63705
3989
10546
56408
57010
18054
73797
73681
91 79
-
65133
63658
r
54,925
50019
130
*8310
4
6 257
4
276
«154
595
862
1
1,231
87
48
1,571
83
56
1,367
102
11
1,080
89
15
1,689
1,672
2999
4,718
4035
1754
1713
1,697
2972
4,836
3970
2957
4,763
3907
3143
4102
1,701
3037
4,795
4036
4,924
3862
1,723
3,150
4,975
3850
10074
9723
9624
9328
8756
8581
8879
9022
8912
8480
8432
4274
- 1 585
397
4135
4754
5264
834
4846
5678
1 485
5070
5548
1 369
4218
5210
5328
1 395
5,506
3220
5296
11
22572
6493
13820
2259
1 831
4475
2
22218
2615
5,096
4830
401
20757
10910
8,749
1 098
6,380
5083
541
21 756
10078
10,067
1 611
6,624
6765
4971
5514
6,617
5564
7,075
5579
6,612
5,669
6,065
5,739
6,232
5,641
445
23174
9604
11,732
1 838
356
23319
24329
8,305
14,098
1,926
15,768
2,284
16,711
2,150
17,030
2,455
17,611
2,981
4,077
3808
149
3,830
3573
3,830
3609
158
4,179
3954
151
4,175
3960
157
4,251
4,300
4,338
3615
2269
698
3199
22978
3386
15910
2273
368
863
1
17611
2981
48,503
486
851
1
92
70
2991
4,679
1 897
503
11 174
5296
1
21 316
11 421
8493
1862
1402
3,470
3354
125
4,047
3867
129
9182
*134
1,252
(3)
3,885
153
1260
8510
13,044
1 765
4,121
3961
159
4,390
4,175
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1986 and methodological notes are as shown
in BUSINESS STATISTICS, i%i-88
Annual
1990
March 1992 •
1992
1991
1991
Jan.
Feb. |
Mar.
Apr. | May
June
S-25
July
Aug.
Sept. |
Ocl.
Nov.
Dec.
Jan.
Feb.
14. METALS AND MANUFACTURES-Continued
Steel, Raw and Semifinished
[Thousands of short tons, unless otherwise specified]
Steel (raw):
Production
Rate of capability utilization, percent
Steel castings:
Shipments, total
For sale, total
Steel Mill Products
[Thousands of short tons]
Steel products, net shipments:
Total (all grades)
By prodxt:
Semifinished products
Structural shapes (heavy) steel piling
Plates
Rails and accessories
Bars and tool steel total
Bars: Hot rolled (including light shapes)
Bars' Reinforcing
Bars* Cold finished
. .
.
Pipe and tubing
Wire-drawn and/or rolled
Tin mill products
Sheets and strip (including electrical), total
Sheets: Hot rolled
'.
Sheets- Cold rolled
By market (quarterly):
Service centers and distributors
Construction incl maintenance
Contractors' products
Automotive
Rail transportation
Machinery industrial equipment tools
Containers packaging ship materials
Other
[Millions of short tons]
Producing steel mills, inventory, end of period:
Total
Steel in process
Finished steel
Steel service centers (warehouses), inventory, end of
period
98,015
84.0
87,310
74.2
7,577
6,705
7,283
7,089
7,076
7,017
7,338
7,386
7,457
7,711
7,461
7,347
7,754
7,432
74.6
73.1
71.7
72.5
70.0
71.7
74.8
75.2
78.5
78.0
78.0
74.4
80.5
82.4
6,786
6,039
5,966
6,450
6,762
6,623
6,420
6,954
6,746
7,499
6,427
6,118
6,867
584
479
565
21
1,097
560
434
99
642
520
568
21
550
486
543
17
642
548
599
37
522
498
539
27
498
400
538
59
511
481
622
58
1,162
594
450
115
360
69
336
3,222
1,141
1,003
1,215
626
457
128
337
80
345
3,696
1,253
1,175
1,063
551
400
108
302
64
310
3,102
1,090
970
1,030
534
395
97
332
75
350
2,918
1,074
906
1,154
593
444
112
402
79
359
3,208
1,162
982
*1,136
«1034
84,981
78,868
4,652
918
4,032
39,784
13,388
13,199
6,872
5,722
6,938
486
13,214
6,902
4,934
1,326
4,488
864
4,040
36,244
12,987
11,356
18,250
7,391
2,793
10,444
901
2,104
4,474
38,378
533
506
675
44
550
470
551
52
527
452
548
58
550
465
590
52
595
469
618
41
1,107
660
317
125
414
69
335
3,105
1,151
980
1,051
586
349
112
398
67
292
2,608
917
839
979
540
329
107
1,111
603
392
111
411
82
342
2,846
974
922
1,110
572
425
110
647
421
583
32
1,077
549
420
104
428
77
365
3,059
1,113
936
383
73
336
3,071
1,145
924
17,485
6,814
2,261
9,445
837
1,648
4,278
36,100
6,313
6,093
7,945
519
14,727
7,878
5,305
1,486
14.0
13.1
424
75
298
2,605
986
791
13.6
13.7
13.8
4,484
1,790
605
2,416
155
379
1,087
9,280
4,218
1,711
547
2,379
214
425
1 130
9,235
4,091
1 629
539
2,047
261
481
1,009
8,701
13.8
13.5
13.4
13.6
13.1
13.1
300
52
371
2,870
1,008
959
4,685
1,684
570
2,604
207
355
1,051
8,888
12.4
12.7
1,099
600
361
132
347
75
277
3,398
1,154
1,111 •"••"•
. 21,730
2
541
-'217
2
877
2
85
2
150
-'294
'2,973
13.1
8.1
5.9
7.6
5.5
7.9
5.7
7.9
5.8
8.2
5.6
8.4
5.4
8.2
5.3
8.2
5.2
8.4
52
7.8
5.3
7.8
5.3
7.3
5.1
7.3
5.4
7.6
5.5
6.7
5.9
6.7
6.9
6.6
6.4
6.2
6.1
5.9
5.7
5.3
5.6
5.6
5.9
4,048
2,393
4,121
2,200
349
174
317
155
352
180
340
196
353
186
343
191
354
199
350
203
336
190
347
195
337
'174
343
167
959.6
340.3
1,024.7
256.5
79.5
23.9
79.4
23.3
84.3
23.2
88.2
20.2
85.1
20.7
75.9
20.9
97.3
20.8
89.0
18.8
86.6
21.8
90.4
21.9
81.0
22.4
88.0
18.5
679.8
437.7
792.8
508.7
61.1
34.8
54.8
35.5
46.7
38.1
82.8
44.8
56.4
48.4
71.3
48.1
69.0
44.9
80.1
55.4
54.6
42.9
68.0
50.0
80.7
34.5
67.3
31.0
.7404
.5946
.6875
.6813
.6831
.6388
.5932
.5775
.5896
.5766
.5575
.5246
.5241
.5034
14,757
11,960
7,514
2,134
15,099
11,667
7,529
1,179
941
586
1,086
877
561
1,221
940
618
1,211
996
635
1,295
1,030
669
1,271
995
639
1,376
1,029
673
1,357
1,028
661
1,263
970
619
1,347
1,047
668
'1,246
'945
'620
1,247
869
580
4,013
3,803
4,068
4,169
4,256
4,212
4,135
4,044
3,990
3,935
3,919
3,899
'3,847
3,803
1,587.2
1,576.6
1 1832
393.5
440.8
136.9
130.7
101.4
126.7
120.4
138.5
128.1
129.5
127.0
147.7
139.6
136.9
120.7
139.6
130.8
141.3
134.9
131.5
134.9
94.0
34.1
40.5
92.5
34.5
39.6
99.8
39.8
38.2
84.4
36.4
35.7
91.9
38.8
32.6
96.0
38.9
33.1
96.5
38.4
28.5
141.7
141.0
100.4
29.2
35.4
90.7
29.7
32.2
441.3
261.7
38.4
22.7
39.5
27.1
28.0
21.7
44.8
30.9
30.4
17.5
31.6
23.6
35.5
23.7
31.3
17.4
32.6
22.9
'80.4
'54.9
'77.5
'43.4
33.6
21.4
37.4
16.8
76.3
31.5
52.1
23.9
60.7
20.6
49.3
20.9
56.2
17.9
NONFERROUS METALS AND PRODUCTS
[Thousands of metric tons, unless otherwise specified]
Aluminum:
Production primary (dom and foreion ores)
Recovery from scrap
Imports:
Metal and alloys crude
Plates sheets bars etc
Exports:
Metal and alloys crude
Plates sheets bars etc
Price, U.S. market, 99.7% purity, monthly average,
$ per Ib
Aluminum products:
Shipments:
Inoot and mill prod (net ship ) mil Ib
Mill products total mil Ib
Sheet and plate mil Ib
Castinos mil Ib
Inventories,' total (ingot, mill products, and scrap),
end of period mil Ib
Copper:
Production:
Mine recoverable copper
Electrolytically refined @
Electrowon
Refined from scrap
Imports, unmanufactured:
Refined, unrefined, scrap (copper cont.)
Refined
Exports:
Refined and scrap
Refined
Consumption, refined (reported by mills, etc.)
Stocks refined end of period
Price, avg. U.S. producer cathode, delivered, 5 per
Ib §
See footnotes at end of tables.
647.2
211.2
2,150
101 I—'-.
1.2316
40.6
37.4
175
105
146
109
179
107
172
102
171
107
171
110
144
131
191
111
184
100
202
109
1.1461
1.1501
1.1395
1.1313
1.0557
1.0388
1.0434
1.0597
1.1111
1.1134
.5367
SURVEY OF CURRENT BUSINESS
S-26 • March 1992
Unless otherwise stated in footnotes below, data
through 1988 and methodological notes are as shown
in BUSINESS STATISTICS, 1951-88
Annual
1990 |
1992
1991
1991
Jan. |
Feb.
Mar.
Apr. |
May |
June
July |
Aug. |
Sept. | Oct.
Nov.
Dec.
Jan.
Feb.
14. METALS AND MANUFACTURES-Continued
NONFERROUS METALS AND PRODUCTSContinued
[Thousands of metric tons, unless otherwise specified]
Copper-base mill and foundry products, shipments
(quarterly total):
Brass mill products, mil. Ib.
Copper wire mill products (copper content), mil. Ib.
Brass and bronze foundry products, mil. Ib.
Lead:
Production:
Mine recoverable lead
Recovered from scrap (lead content)
Imports ore (lead content)
Consumption, total . .
Stocks, end of period:
Producers', ore, base bullion, and in process
(lead content) ABMS . .
Refiners' (primary), refined and antimonial (lead
content)
Consumers' (lead content) 0
Scrap (lead-base, purchased), all smelters
(gross weight)
Price, common grade, delivered, $perlb. @@
Tin:
Imports (for consumption):
Ore (tin content), metric tons
Metal, unwrought, unalloyed, metric tons
Recovery from scrap, total (tin content), metric tons
As metal metric tons
Consumption total metric tons
Primary metric tons
..
Exports (metal) metric tons
Stocks, pig (industrial), end of period, metric tons ..
Price Straits quality (delivered) $ per Ib
Zinc:
Mine prod recoverable zinc
Imports:
Ores (zinc content)
Metal (slab blocks)
Consumption (recoverable zinc content):
Ores
.
Scrap all types
Slab zinc:
Production total t
Consumption fabricators
Exports
Stocks, end of period:
Producers' at smelter (ABMS) . . . .
Consumers'
Price hiqh qrade $ per Ib
1
474.0
1
1
41.5
79.0
923.0
98.4
1,275.2
101.3
41.1
74.4
7.8
105.3
41.6
71.0
4.6
101.2
98.4
36.4
70.7
112
92.4
47.5
69.8
7.6
90.8
41.1
70.0
10.3
101.9
36.1
72.3
12.5
102.7
'38.9
'74.6
25.0
'106.9
102.6
37.8
72.0
7.7
101.3
43.5
72.0
28.0
70.7
60.3
63.7
61.0
59.4
65.9
73.6
74.3
75.7
73.1
74.5
70.9
24.2
62.0
24.3
53.5
27.0
52.9
21.3
49.4
17.5
48.9
16.2
43.1
15.4
38.0
9.1
35.4
6.6
33.3
4.1
'30.2
4.5
31.9
15.8
.3452
13.5
.3323
11.3
.3334
12.2
.3330
12.8
.3260
11.2
.3203
12.7
.3279
12.9
.3286
13.9
.3339
14.9
.3462
13.6
.3448
2,403
560
2,934
489
1,601
585
1,946
554
2,554
478
2,006
558
2,830
373
4,100
3,000
25
6,337
3.6822
3,900
2,900
60
6,677
3.6488
4,100
3,100
11
6,688
3.6075
4,300
3,200
111
6,177
3.6204
4.100
3,100
129
5,993
3.6834
4,200
3,200
145
5,991
3.6895
3,900
3,000
129
6,348
3.6707
3,173
522
15
4.100
3,100
71
6,739
3.6506
1,960
530
15
4,000
3,000
61
6,544
3.6076
3,052
531
15
4,300
3,300
105
6,616
3.5862
6,465
3.5519
515.4
45.5
41.9
43.8
45.5
49.4
36.9
43.0
47.4
49.5
39.0
33.4
46.7
631.7
8.0
50.0
1.0
41.9
1.1
37.0
1.4
39.8
8.1
35.7
10.4
36.0
4.5
39.9
2.1
46.6
1.5
51.4
1.0
55.3
2.4
250.3
.2
21.1
2
21.1
2
21.1
2
21.1
.2
21.1
2
21.1
2
21.1
2
21.1
.2
21.1
2
21.1
2
21.1
17.3
80.0
.3
15.0
69.0
.4
16.9
65.9
.4
15.8
67.8
.4
17.7
68.3
.7
15.6
68.8
.8
16.4
73.6
.3
13.6
78.0
.4
15.8
79.3
.3
17.5
85.9
.6
16.2
81.0
16.6
17.6
16.8
3.9
41.5
.5808
5.3
41.2
.5593
8.5
40.6
.5611
3.9
43.7
.5763
4.7
43.0
.4984
4.2
39.3
.4840
3.6
38.1
.4867
2.9
35.4
.4836
3.7
35.6
.4978
3.7
34.5
.4856
4.5
35.3
.5464
4.6
5.8
5.8
53.9
68.8
25.5
62.8
20.1
.4602
33,810
17,275
186
44,363
36900
658
4,829
3.8629
.3348
3.5427
207.8
991.0
5.8
194.4
4.6
41.6
.7459
4.6
433.0
89.6
140.3
404.0
87.9
133.3
4
68.8
71.5
.3465
.3449
357
16
4,100
3,100
3.5427
MACHINERY AND EQUIPMENT
[Millions of dollars, unless otherwise specified]
Industrial heating equipment, new orders (domestic),
qtrly#
'electric processing heating equipment
Materials handling equipment, dollar value bookings
index 1982 100^
Industrial supplies, machinery, and equipment:
New orders index, seas, adj., 1987=100 @
Industrial suppliers distribution:
Sales index not seas adi 1990-1 00
Inflation index, not seas. adj. (tools, material
handling equipment, valves, fittings, abrasives,
fasteners, metal products, etc.), 1977=100
Fluid power products shipments indexes:
Hydraulic products, 1990=100
Pneumatic products 1990=100
Machine tools:
Metal cutting type tools:
Orders new (net), total
Domestic
Shipments total
.
Domestic
Order backlog end of period
Metal forming type tools:
Orders new (net), total
Domestic
Shipments total
Domestic
Order backloa. end of oeriod
See footnotes at end of tables.
125.7
131.9
121.1
108.4
21.7
44.0
83.7
21.3
13.8
82.4
147
28.4
129.6
302
471
107.5
1.0000
.9552
114.8
132.4
122.3
140.0
114.7
132.6
141.4
162.0
104.9
107.0
107.4
107.0
104.1
108.3
109.8
107.6
109.7
107.6
110.0
106.3
102.3
.9369
1.0616
.8974
.8617
.9518
.9704
.9114
.9611
" .9753
.9976
.9676
.9548
.9670
189.4
195.9
193.0
193.3
194.4
195.2
195.6
195.7
196.0
196.5
196.3
196.3
196.8
195.9
197.6
198.1
'100.0
r
100.0
87.9
99.3
'95.1
'97.2
'89.9
'98.1
'94.8
'106.7
'95.6
'104.9
'89.0
'104.6
'87.1
'97.1
'81.0
'91.5
'84.1
'97.9
'87.7
'97.1
'90.3
'108.3
'81.8
'95.7
'78.3
'92.5
87.7
97.8
87.3
97.4
2,070.30
1,771.95
2,329.60
2,004.45
1,164.0
1,893.95
1,54920
1,871.80
1,595.35
1,186.2
130.05
10720
110.80
93.25
1,183.2
18625
113.80
133.15
109.45
1,236.4
153.55
127.20
173.85
148.75
1,216.0
136.45
109.95
145.35
126.55
1,207.2
109.60
96.45
173.85
15725
1,142.9
130.95
87.70
142.60
104.30
1,131.2
145.60
123.25
149.40
137.35
1,127.4
126.40
117.30
137.35
121.85
1,116.5
174.05
150.25
166.80
140.90
1,123.8
155.85
133.90
177.30
155.35
1,102.3
161.55
140.85
144.35
118.70
1,119.5
283.65
241,35
217.00
181.65
1,186.2
158.55
153.40
106.25
97.50
1,238.4
177.10
15725
142.80
122.95
1,272.8
894.40
760.55
970.30
851.10
304.4
748.15
546.35
801.65
624.60
250.9
69.80
59.80
71.75
61.00
302.4
58.90
51.30
69.00
58.80
292.4
51.90
31.45
103.00
86.05
241.2
5725
37.30
61.70
47.05
236.8
43.40
35.05
58.00
44.60
222.2
41.95
25.05
69.55
47.15
194.6
47.65
26.90
63.40
35.00
178.8
109.35
87.05
46.00
30.75
242.2
70.75
56.30
49.90
36.05
263.0
68.80
51.35
58.45
48.35
273.4
69.15
41.35
85.90
76.90
256.6
59.25
43.45
65.00
52.90
250.9
'58.85
'50.85
'53.55
'38.05
2562
54.30
43.35
60.40
46.45
250.1
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1988 and methodological notes are as shown
in BUSINESS STATISTICS, 1961-88
Annual
1990 |
March 1992 •
1992
1991
1991
Jan.
Feb. | Mar.
Apr. I
May
June |
S-27
July |
Aug.
Sept. |
Oct. |
Nov.
Dec.
Jan.
Feb.
5,729
1 380
4,351
4,405
14. METALS AND MANUFACTURES-Continued
MACHINERY AND EQUIPMENT-Continued
Tractors used in construction, shipments, qtrty:
Tracklaying (ex. shovel loaders), units
Tracklaying (ex. shovel loaders), mil. $
Wheel (contractors' off-highway), units
Wheel (contractors' off-highway) mil $
Shovel loaders, units
Shovel loaders, mil. $
•*8303
•* 1,073.0
J
4058
J
3490
3
57 766
^1,959.6
ELECTRICAL EQUIPMENT
[Thousands]
Batteries (auto.-type replacement), shipments
Radio sets production total market **
Television sets (incl. combination models), production,
total market $$
Household major appliances, industry shipments #
Air conditioners (room)
Dishwashers
Disposers (food waste)
Microwave ovens/ranges
Ranges
Refrigerators
Freezers
Washers
Dryers including gas
Vacuum cleaners (qtrty )
65,187
21 585
66,585
18530
5,163
1 376
4,079
1 345
4,063
1,298
4,700
1 356
4,932
1 186
4
5,265
1 261
5,541
1 542
6,545
1 682
6,962
6,833
2125
2213
6,773
1 768
21 779
19649
1 318
1 454
1 761
1 267
\ 235
1 397
1,245
1,569
2,249
1,846
2,009
2,300
1,257
1,586
43,194
40,997
2807
3,571
4002
7,234
3309
7,273
1,414
3,376
159
2,984
185
3,524
496
3,605
532
3,720
613
3,944
447
3,384
171
3,247
63
3,324
12
3,515
22
3,251
31
3,143
76
3,163
103
3,220
227
322
362
680
268
483
95
555
418
255
309
565
236
434
75
486
344
278
362
511
277
533
100
507
344
305
282
471
278
606
114
519
344
288
306
509
264
664
109
490
319
304
360
543
275
787
142
546
351
287
294
507
263
774
154
511
347
301
355
548
273
673
138
525
345
286
459
610
280
666
137
513
351
342
312
739
319
648
118
593
418
306
280
854
295
513
106
485
373
296
338
696
282
492
125
468
360
272
349
698
253
466
90
512
366
268
294
680
251
477
91
502
356
153
181
361
187
4150
3,637
4137
8,126
3444
7101
1,296
6192
6197
4320
11 082
4,313
10970
1 950
2429
3,906
2057
2,401
3,936
2850
2620
3095
2405
GAS EQUIPMENT (RESIDENTIAL)
[Thousands]
Furnaces warm air shipments
Ranges, total, shipments
Water heaters (storage), automatic, shipments
150
190
347
128
159
318
126
193
332
120
194
346
110
188
319
162
203
315
157
178
301
196
189
295
238
211
302
239
245
378
208
226
314
224
215
370
15. PETROLEUM, COAL, AND PRODUCTS
COAL
[Thousands of short tons, unless otherwise specified]
Anthracite:
Production . .
Exports thous metric tons
Producer Price Index 1982=100
Bituminous and lignite:
Production
Consumption total
Electric power utilities
Industrial total
Coke plants (oven and beehive)
Residential and commercial
Stocks end of period total
Electric power utilities
Industrial total
Oven-coke plants
Exports excluding lignite, thous. metric tons
Producer Price Index, 1982=100
3,506
2,923
248
105.5
105.6
106.8
1,025.569
990,711
243
106.6
259
230
224
235
253
313
285
248
106.6
105.4
105.0
105.0
104.7
104.7
104.7
105.1
214
170
106.4
106.4
90,230
81,644
79,244
61,948
63,830
158,813
158,605
85,810
82,592
85,012
79,324
79,917
76,896
79,720
88,818
81,504
896,427
773,549
116,154
39,824
6724
81,734
71,190
9,682
3,031
862
68,309
58,443
9,261
2,566
605
69,321
59,195
9,586
2,985
541
64,394
55,483
8,466
2,675
445
70,214
61,298
8,551
2,710
365
74,716
65,777
8,583
2,690
355
81,245
71,862
8,956
2,929
427
81,244
71,919
8,939
2,916
387
73,943
64,652
8,971
2,932
320
168,210
156 166
12,045
3,329
160,224
148,736
11,488
3,262
163,133
152,202
10,931
3,196
167,406
157,031
10,375
3,130
173,098
162,804
10,294
3,181
175,696
165,483
10,214
3,232
171,543
161,410
10,133
3,283
165,741
155,668
10,073
3,087
163,244
153,231
10,013
2,891
164,004
154,051
9,952
2,695
5,637
7,373
7,237
6,275
9,088
8,417
9,162
9,563
9,577
8,386
98.1
97.4
97.2
97.1
97.9
97.5
96.5
96.5
95.8
96.8
95.9
3,518
3,056
5,967
3,276
3,303
3,527
5,706
3,404
3,537
3,575
6,256
3,410
3,501
3,505
3,808
1,680
2,093
1,831
263
1,791
1,674
2,003
1 720
283
1,742
1,638
2,172
1 912
260
1,622
1,635
1,888
106.4
9,618
98.4
106.4
1,953
95,984
97.3
97"i
96.5
94.1
51.3
53.6
COKE
[Thousands of short tons, unless otherwise specified]
Production:
Beehive and oven (byproduct)
Petroleum coke §
Stocks, end of period:
Oven-coke plants total
At furnace plants
At merchant plants
Petroleum coke
Exports thou metric tons
28,948
40,332
1,918
1,674
244
1,436
41,422
1,953
1,426
1,646
1,680
PETROLEUM AND PRODUCTS
[Millions of barrels, unless otherwise specified]
Crude petroleum:
Producer Price Index 1982-100
Gross input to crude oil distillation units
Refinery operatino ratio % of capacity
All oils, supply, demand, and stocks:
New supply total 0
Production:
Crude petroleum
87.9
64.2
54.1
56.3
58.8
56.2
59.3
60.4
60.4
66.3
64.0
55.2
4,106.8
86
400.8
83
370.1
84
404.4
83
398:4
85
425.6
87
423.7
90
432.1
89
433.7
89
416.3
88
406.5
83
394.6
84
422.0
87
6,208.7
6,090.4
502.2
453.0
489.0
497.4
545.9
514.6
568.7
545.4
503.1
513.3
500.0
507.8
2,684.7
598.3
2,691.3
634.1
230.0
211.4
231.9
224.0
228.4
218.5
277.1
225.4
220.0
229.7
219.2
225.7
53.2
50.6
54.1
52.2
54.2
50.8
52.5
56.7
50.8
54.3
54.0
55.3
169.2
177.8
215.2
199.2
201.4
220.2
190.3
189.3
182.9
182.8
70.9
4,981.3
87
61.9
Imports:
R f' etf nH
Chanoe in stocks all oils
Product demand total
Exports:
Crude petroleum
Refined oroducts
See footnotes at end of tables.
2,325.1
600.8
39.2
6,512.9
2,272.1
492.9
180.1
38.9
28.0
33.9
-7.8
-36.8
560.5
-12.3
496.3
-15.6
528.3
6,439.0
39.7
42.4
272.4
322.8
1.6
35.6
163.6
4.3
36.1
4.2
25.0
43.3
18.7
48.2
50.3
505.2
534.6
4.9
17.2
5.1
30.5
46.1
37.7
5.6
530.5
36.1
47.0
11.0
42.0
16.7
554.0
557.1
524.6
2.4
25.3
4.3
25.5
1.7
24.3
3.3
20.3
40.0
43.8
43.9
-18.6
552.2
2.9
528.0
-30.2
567.7
2.8
25.6
3.8
24.0
4.1
33.5
SURVEY OF CURRENT BUSINESS
S-28 • March 1992
Unless otherwise stated in footnotes below, data
through 1988 and methodological notes are as shown
in BUSINESS STATISTICS, 1951-88
Annual
1990 |
1992
1991
Jan. | Feb.
1991
Mar.
Apr.
May |
June |
July |
Aug. |
Sept. | Oct.
Nov. | Dec.
Jan.
Feb.
15. PETROLEUM, COAL, AND PRODUCTS-Continued
PETROLEUM AND PRODUCTS-Continued
[Millions of barrels, unless otherwise specified]
All oils, supply, demand, and stocks—Continued
Domestic product demand, total #
Gasoline
Kerosene
Distillate fuel oil
Residual fuel oil
Jet fuel . . . .
Lubricants
Asphalt
Liquefied petroleum gases
Stocks, end of period, total
Crude petroleum
Strategic petroleum reserve
Unfinished oils, natural gasoline, etc
Refined products
Refined petroleum products:
Gasoline (incl. aviation):
Production
Stocks end of period
Prices, regular grade (excl. aviation):
Producer Price Index, 1982=100
Retail, U.S. city average (BLS):
Leaded $ per gal
Unleaded $ per gal
Aviation gasoline:
Production
Stocks end of period
Kerosene:
Production
Stocks end of period
Producer Price Index (light distillate), 1982=100 .
Distillate fuel oil:
Production
Imports
Stocks end of period .. .
Producer Price Index (middle distillate),
1982=100
Residual fuel oil:
Production
Imports
Stocks end of period
.
...
Producer Price Index 1982=100
Jet fuel:
Production
Stocks end of period
Lubricants:
Production
Stocks end of period
Asphalt:
Production
Stocks e n d o f period .
.
.
Liquefied petroleum gases:
Production total
At cias processing plants (L P G )
At refineries (L R G )
Stocks (at plants and refineries)
6,200.8
2,649.6
15.5
1,102.5
448.5
555.6
6,073.9
2,633.8
17.3
1,064.8
420.6
534.9
523.3
206.4
3.1
104.0
35.1
48.0
4.8
5.3
455.9
191.1
1.6
499.1
219.1
1.4
84.0
34.7
92.0
37.4
42.6
44.4
3.3
5.1
4.2
7.4
483.1
214.8
1.1
499.0
232.5
.8
502.9
224.8
.5
5242
235.1
.4
531.1
235.4
.6
501.1
213.5
.2
523.7
226.1
.7
500.2
210.7
3.4
530.0
224.3
3.3
86.1
84.8
31.3
40.7
83.5
38.0
44.0
82.1
86.1
37.4
47.3
85.2
32.0
44.6
93.9
31.9
87.5
33.9
95.7
40.5
46.0
43.5
46.3
33.8
40.5
4.5
4.8
4.6
34.6
46.8
5.1
4.7
59.7
53.2
176.3
568.0
160.9
603.1
1,620.6
908.4
585.7
145.4
566.8
1,615.8
893.1
568.5
147.0
575.6
1,586.7
905.8
585.7
149.2
531.7
1,574.5
912.8
581.6
153.3
508.4
1,558.9
905.3
568.5
153.6
500.Q
1,577.6
907.2
568.5
157.5
512.9
1,628.0
927.0
568.5
163.9
537.0
1,633.6
916.1
568.5
161.0
556.5
1,633.9
911.0
568.5
159.2
563.7
1,645.0
913.8
568.5
2,548.4
182.4
2,554.8
183.3
206.1
189.1
184.6
182.7
206.4
174.4
202.8
171.9
219.8
173.7
221.4
178.5
70.3
80.3
16.3
5.6
75.4
1,067.5
101.5
132.2
68.8
48.2
15.0
42.2
18.9
20.3
21.6
43.3
48.0
48.5
4.5
4.1
9.7
4.7
20.8
49.2
18.8
48.5
55.1
4.2
6.8
59.2
572.8
1,661.7
909.6
568.5
162.7
589.5
1,643.1
911.2
568.5
159.6
5722
1,646.0
912.6
568.5
154.9
578.5
1.615.8
893.1
568.5
147.0
631.5
226.7
173.5
225.7
172.8
212.1
179.1
209.8
168.3
210.9
173.3
228.5
181.7
69.4
66.6
69.2
71.4
69.9
70.3
67.0
60.6
59.9
1.073
1.054
53.8
59.0
15.8
8.0
1.5
14.0
5.8
66.0
1,080.6
80.2
71.5
61.6
63.4
1.246
1.247
69.2
1 149
1 164
8.5
1.7
66.3
11.3
42.7
1.137
1.143
1.047
1.082
1.062
1.104
()
1.156
1.160
1.127
1.140
1.143
1.122
1.134
1.123
.6
1.9
5.4
1.9
.5
1.8
.5
1.7
.8
1.7
.8
1.7
1.0
2.1
.8
1.7
.8
1.7
.7
1.7
3.9
1.6
.5
1.6
2.4
5.5
1.7
5.0
.7
4.2
.8
5.6
1.1
6.4
'65.5
82.2
75.9
66.4
88.4
80.3
88.7
143.5
5.9
112.1
3.9
101.3
98.3
73.9
6.4
1.1
4.3
59.5
3
.8
4.2
60.7
.8
4.7
61.1
.8
5.1
58.9
.4
4.9
62.1
66.6
1.8
5.8
1.6
5.9
68.8
63.6
84.7
90.6
88.2
92.8
91.7
91.6
94.2
93.1
96.3
7.7
102.2
5.7
107.0
6.3
113.5
4.7
124.3
5.2
130.6
6.6
139.5
6.4
138.2
7.3
144.4
7.8
143.5
73.5
65.2
82.9
74.3
61.6
60.0
59.6
57.6
58.1
62.1
65.4
'67.6
71.3
62.2
54.2
57.3
346.6
183.8
340.9
163.5
29.4
28.7
28.7
12.5
44.7
13.0
45.8
41.2
13.0
43.4
17.6
45.6
26.9
13.6
49.0
62.8
42.8
44.0
25.1
14.2
47.9
57.4
25.2
13.6
48.1
46.9
28.0
15.0
43.5
43.7
27.0
49.9
30.9
10.3
42.9
47.2
27.5
48.6
57.2
31.0
13.1
47.6
68.0
'51.9
40.5
32.6
17.0
49.9
45.2
48.5
57.1
543.2
524.9
46.7
43.3
40.3
42.3
44.2
50.5
48.0
44.6
38.6
43.7
46.9
48.6
44.2
47.1
46.1
47.7
44.9
49.6
43.9
47.8
43.0
48.2
52.1
48.8
61.2
12.4
57.0
12.3
164.0
156.5
18.7
22.3
21.5
638.4
456.2
182.2
668.0
485.1
182.9
97.9
91.1
53.2
41.2
12.0
76.3
5.2
12.5
7.7
10.7
44.6
4.5
5.0
44.3
4.6
4.9
5.0
4.8
4.7
4.9
47.4
48.8
4.7
4.2
4.5
13.7
13.4
13.2
13.2
12.6
12.7
12.7
12.2
12.1
12.3
11.3
30.9
12.1
32.1
14.7
26.4
32.3
15.9
30.4
17.0
28.1
17.6
24.9
16.8
22.0
14.4
18.4
10.6
19.9
22.3
51.2
38.5
12.7
58.5
42.0
16.5
56.4
40.0
16.4
59.7
41.0
18.7
56.8
38.7
18.1
57.4
39.5
17.9
57.2
39.9
17.3
53.5
38.6
14.8
54.8
41.6
13.2
53.5
41.6
11.9
68.8
72.6
83.1
96.3
106.0
111.6
116.4
115.5
115.9
105.8
55.9
42.6
13.4
91.1
8,602
8,293
6,122
7,839
7,966
6,126
8,095
8,006
5,688
13.3
9.4
8.9
16. PULP, PAPER, AND PAPER PRODUCTS
PULPWOOD
[Thousands of cords (128 cu. ft.)]
'99,304
'99109
5,961
98,659
98242
5688
8779
8801
5732
8,171
8115
5,554
8,161
8161
5,670
8,097
8,271
5,082
7,934
8108
4,936
8,120
7992
4,880
8,385
8,239
4,948
8,351
8,419
5,100
8,125
7,871
5,501
;
Receipts
Consumption
Inventories end of period
20,981
915
22733
1 076
1815
927
1,669
917
1,816
907
1,754
960
1,763
1 025
1,800
998
1,801
1 021
1,944
1 014
1,956
1 050
63,050
1,293
51,192
6345
4219
63,818
1 370
51950
6404
4094
5,579
115
4530
563
371
5,033
104
4,098
503
329
5,319
124
4,310
547
338
5,285
115
4,270
555
346
5,188
92
4,232
528
335
5,197
124
4,222
520
331
5,604
129
4576
552
347
5,357
117
4,392
532
316
5,133
116
4176
511
330
5,483
105
4451
556
372
5,186
108
4270
535
336
226
476
392
219
518
451
201
521
419
216
554
409
216
483
406
198
521
394
210
532
389
214
515
351
220
586
353
232
614
366
192
575
348
197
547
347
195
513
345
WASTE PAPER
[Thousands of short tons]
Inventories end of period
r
2,017
1 065
r
1,930
1,883
1 054 M 076
2,029
1061
5,472
121
4,462
546
344
5,681
139
4631
548
363
219
518
451
247
547
450
WOODPULP
[Thousands of short tons]
Production:
Total
Dissolving pulp
.
Paper grades chemical pulp
Groundwood and thermo-mechanical
Semi-chemical
Inventories, end of period:
Producers' own use
Producers' market
Consumers' purchased
[Thousands of metric tons]
Exports all grades total
. . .
Dissolving and special alpha
Allother
Imports all grades total
Dissolving and special alpha
Allother
See footnotes at end of tables.
1
r
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1988 and methodological notes are as shown
in BUSINESS STATISTICS, isevsa
Annual
1990
March 1992 •
1991
Jan. |
1991
Feb. | Mar.
Apr. | May
June
S-29
1992
July
Aug. |
Sept. |
Oct.
Jan. |
Nov.
Dec.
Feb.
7049
3528
3522
6530
3 173
3357
3 145
3474
1327
' 110.9
1329
1329
1333
1337
110.6
110.9
112.2
116.7
16. PULP, PAPER, AND PAPER PRODUCTS-Continued
PAPER AND PAPER PRODUCTS
[Thousands of short tons, unless otherwise specified]
Paper and board:
Production (API):
Total
..
Paper
Paperboard
Producer Price Indexes:
Paperboard 1982=100
Building paper and board, 1932=100
Selected types of paper (API):
Groundwood paper:
Orders, new
Orders unfilled end of period
1
78 782
39359
39423
79401
39078
40323
6818
6135
3338
3480
3009
6569
3243
3326
6462
3 176
3285
6973
3443
6628
3267
3167
6486
3206
3280
6752
3337
3126
3415
3531
3361
1359
1302
1326
1320
1296
1284
1270
1272
1271
1278
1318
112.2
111.8
109.3
109.8
111.3
112.7
113.5
113.4
114.6
112.8
112.2
' 1,868
1778
r
221
;
Coated papers:
Orders new
,
Orders, unfilled, end of period
Shipments
Uncoated free sheet:
Orders new
Shipments
Unbleached kraft papers:
Shipments .
Tissue paper, production
[Thousands of metric tons, unless otherwise specified]
Newsprint:
Canada: t
Production ..
Shipments from mills
Inventory end of period
United States:
Production
;
Shipments from mills
Inventory end of period
Estimated consumption all users 0
Publishers' stocks end of period #
Imports
Producer Price Index, standard newsprint,
1982=100
Paper products:
Shipping containers, corrugated and solid fiber
shipments mil. sq. ft. surf, area
1 806
;
238
1 775
6338
3172
1
1
126
154
130
146
178
148
184
156
138
105
129
151
229
133
239
148
238
138
249
140
274
145
280
159
308
152
295
155
283
163
245
143
225
140
255
128
623
598
596
646
638
640
685
647
660
669
667
644
660
666
685
527
600
588
550
576
566
702
698
597
982
974
1 098
1 088
946
923
813
929
1 028
7294
7310
619
551
634
517
522
564
600
528
588
582
565
558
601
604
572
1 1 479
1 1 ,503
11 544
11 552
916
983
784
852
856
901
924
915
1 002
957
1013
922
1 131
1 044
1079
1057
2 377
2276
202
186
203
207
185
195
186
188
176
190
176
182
209
1
5,802
5,669
485
459
505
477
472
474
440
484
465
486
458
464
480
9068
9,074
8977
8756
315
536
836
765
386
763
686
462
790
755
498
743
736
506
733
710
529
739
719
550
761
697
614
731
731
614
719
698
635
706
735
606
699
686
619
615
714
536
716
662
589
5997
6007
6206
473
465
50
855
919
523
511
61
956
923
519
502
79
932
907
521
520
80
958
905
508
497
91
923
890
532
515
107
886
914
526
512
121
952
904
496
495
122
981
864
530
513
139
527
545
122
528
552
98
46
98
12127
11395
802
816
523
527
42
993
853
119.5
120.8
126.8
318,102
320 180
27,423
6154
804
764
'965
r
816
551
546
103
899
846
1,051
r
1,012
1272
127.1
121.7
121.4
120.1
119.5
118.8
118.1
" 117.3
116.4
115.8
115.2
114.7
' 24,1 22
24495
28,033
26,967
25,739
27,968
28,297
27,169
31,334
25,150
23,453
28,934
25,532
2
83903
9434
860 34
1041
99.8
1021
1035
1012
99.5
2,114.53
1 820 78
40366
TIRES AND TUBES
[Thousands]
' 21 0662
260 424
54191
188838
17393
Stocks end of period
Exports (Bureau of Census)
Inner tubes:
Exports (Bureau of Census)
See footnotes at end of tables.
42649
. . .
969
7
RUBBER
Pneumatic casings:
Production
Shipments total
Original equipment
Replacement equipment
Exports
3510
171
17. RUBBER AND RUBBER PRODUCTS
[Thousands of metric tons, unless otherwise specified]
Natural rubber: §
Consumption
Stocks end of period
Imports incl latex and guayule
U S Import Price Index 1985= 100
Synthetic rubber: $
Production
Consumption
Stocks end of period . .
Exports (Bureau of Census)
6807
3297
234
145
7,430
r
589
7536
552
r
6619
16926
1,523
17784
24036
4,254
18041
1,743
17045
25930
4,519
19607
1,803
19588
25719
5,296
18598
1,826
16,354
19446
4,106
13982
1,359
15,173
17,724
3,064
13208
1,452
44,069
41,610
36,773
34,567
34,772
35,533
14354
21 628
1566
16419
23884
4279
18008
1 596
50,725
47,204
202 390
257 606
48582
190029
18998
17713
18357
3738
13039
1 578
17375
17632
3393
12689
1 550
16208
19798
17017
21 237
17360
22215
3713
4351
4691
14595
1 491
15377
1,511
15959
35,533
46,333
50,051
51,096
51,151
3178
S-30 • March 1992
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1988 and methodological notes are as shown
in BUSINESS STATISTICS, isei-ss
Annual
1990
1992
1991
1991
Jan.
Feb.
Mar.
Apr. | May
July |
June
Aug. |
42577
43363
Sept. |
Oct. |
Nov. | Dec.
Jan. | Feb.
18. STONE, CLAY, AND GLASS PRODUCTS
PORTLAND CEMENT
Shipments finished cement thous bbl
;
467 211
21 273
23949
27239
35379
39876
40037
40294
44 163
31 667
116.4
116.4
116.5
22,885
21 053
17,674
18,408
CLAY CONSTRUCTION PRODUCTS
Shipments:
Brick, unglazed (common and face), mil. standard
brick .. .
Structural tile, except facing, thous. sh. tons
Sewer pipe and fittings, vitrified, thous. sh. tons
Floor and wall tile and accessories, glazed and
unglazed mil sq ft
Producer Price Index, brick and structural clay tile,
12/84-100
7
67776
(2)
1 5024
1 4505
1 1187
(2)
210.2
495
4.8
7
4776
115.1
116.2
115.3
115.5
1056
1157
50.0
1030
1087
1162
1163
116.3
1163
116.4
116.4
116.6
116.6
GLASS AND GLASS PRODUCTS
[Thousand gross, unless otherwise specified]
Flat glass, mfrs.' shipments, thous. $
Glass containers:
Production
Shipments total
Narrow-neck containers:
Food
Beverage9
Beer.. :.:: ::'::..:::: :.::::
Liquor and wine
Wide-mouth containers:
Food and dairy products
Narrow-neck and wide-mouth containers:
Medicinal and toilet
Chemical household and industrial
Stocks end of period .
1 ,471 ,447
306 391
289,704
284986
22,465
20974
22,420
19828
24,351
22611
24,586
24736
25,569
26436
24,724
25701
25,486
25820
25,888
26614
22,540
23465
25,698
24830
2082
5527
6950
2373
2379
6073
7633
2393
2268
5876
7697
2297
5849
2497
1 371
4913
3971
7,128
6,400
2241
8133
2130
2199
4913
6811
1 885
5661
7731
2143
1 908
2061
1828
1 686
6671
6616
6005
6182
6934
6192
7,252
6,051
4,878
1 262
180
1,409
182
1,302
130
41028
41,703
43,019
41,708
1 233
1 204
1,073
23008
1 429
1 707
61 999
4219
88,551
26297
6849
3933
1 735
1 670
2082
4802
6930
2078
70767
5983
5532
5833
6218
1 217
125
1,025
100
43293
42745
1 038
191
1 422
226
41 755
1 192
1 250
1 339
1 308
732
762
1 373
1 401
764
1 199
1,168
614
509
480
513
427
467
482
496
1 487
1
33
19
903
418
7
57
49
1 725
1
41
20
1 070
468
8
61
56
1 665
1
35
19
1 092
446
8
65
55
1 748
1
39
23
460
9
62
58
1 435
1
31
18
916
368
7
48
46
1,363
1
31
16
865
361
6
40
43
699
8474
13275
698
70
782
104
44646
46088
45733
44233
1 239
1 170
1 137
1 170
1 184
1 185
1 324
1 237
1 168
659
581
345
540
626
706
364
377
296
383
478
1 395
1
28
17
828
420
6
45
49
1 366
1
28
17
827
395
6
46
47
1 463
1
30
20
896
405
6
55
49
1 521
1
33
19
910
434
7
64
53
1 508
1
32
18
907
426
6
66
51
676
83
1 208
3,854
5,657
137
1 013
120
42417
13190
1 174
40449
382 405
338 261
1458
156
GYPSUM AND PRODUCTS
[Thousands of short tons]
Production:
Crude gypsum (exc byproduct)
Calcined
Imports crude gypsum
Sales of gypsum products:
Uncalcined
Calcined:
Industrial plasters
Building plasters total (incl Keene's cement)
[Millions of square feet]
Board products total
Lath
Vgnggr b3SQ
Gypsum sheathing
Regular gypsum board
Type X gypsum board
Predecorated wallboard
5
/ie mobile home board
Water/moisture resistant board
;
15 658
' 16 272
;
;
14 760
14 688
'8726
'5310
7
(*\
(2)
1210
1202
l'l76
1250
588
(4)
5 272
(2)
;
20 445 M8317
15
12
442
396
268
227
12268
11 286
5978
5,033
98
713
662
85
670
608
1588
1
35
20
997
416
8
60
51
1097
19. TEXTILE PRODUCTS
FABRIC
[Millions of linear yards]
Woven fabric, finishing plants:
Production (finished fabric)
Cotton
..
..
Manmade fiber and silk fabrics
Inventories held at end of period
Cotton
Manmade fiber and silk fabrics
Backlog of finishing orders
Cotton
Manmade fiber and silk fabrics
COTTON AND MANUFACTURES
[Thousands of running bales, unless otherwise
specified]
Cotton (excluding linters):
Production:
Ginnings 0
Crop estimate thous net weight bales § ...
Consumption
Stocks in the United States total end of period #
Domestic cotton, total
On farms and in transit
Public storage and compresses
Consumina establishments
See footnotes at end of tables.
15064
15,505
8383
6
11 978
11,978
1 522
9,875
581
17089
17,542
8367
13579
13,579
1 924
11 075
580
7
2068
7
6,929
7
6,929
7
585
7
5,681
7
663
7
2212
7
3174
7
3,174
7
7
0
2,452
7
722
2478
7
2215
7
16591
7
16,591
7
13798
7
2,223
7
570
15891
16,766
7
J
870
11,748
11,748
5
17,542
2199
r7
13,579
r7
13,579
r7
7
1,924
11, 075
7
580
864
10,290
594
729
10,058
10,058
275
9,201
582
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1988 and methodological notes are as shown
in BUSINESS STATISTICS, iget-ss
Annual
1990
March 1992 •
1992
1991
1991
Jan.
Feb.
Mar.
Apr.
May
June
S-31
July
Sept.
Aug.
Oct.
Nov.
Dec.
Jan. | Feb.
19. TEXTILE PRODUCTS-Continued
COTTON AND MANUFACTURES-Continued
Cotton (excluding linters)—Continued
Exports, thous. running bales
Imports thous net weight bales
Price(farm), American upland, cents per Ib. 0
Price, Strict Low Middling, Grade 41, staple 34
(IVie11), average 10 markets, cents per Ib.
Spindle activity (cotton system spindles):
Active spindles, last working day total millions .
Consuming 100 percent cotton, millions
Spindle hours operated all fibers total billions
Average per working day, billions
Consuming 100 percent cotton billions
Cotton cloth:
Cotton broadwoven goods over 12" in width:
Production (qtrly ) mil sq yd
. . .
Orders, unfilled, end of period, compared with
average weekly production no weeks' prod
Inventories, end of period, compared with avg.
weekly production no weeks' prod
Ratio of stocks to unfilled orders (at cotton
mills) end of period
Exports, raw cotton equivalent, thous. net weight
bales §
Imports, raw cotton equivalent, thous. net weight
bales §
Producer Price Index, gray cotton broadwovens,
1982=100
*67.1
8
62.9
64.9
67.9
68.9
69.5
70.1
67.5
66.3
66.9
64.8
62.7
60.9
55.6
3
9
56.9
70.5
77.7
77.9
79.9
83.9
79.0
71.3
66.4
62.4
58.3
54.7
53.9
74.8
97
3.8
658
254
258
7
98
7
7
9.6
7
7
149
7
.233
7
7
157
7
59
.241
7
63
1 073
92
37
604
231
243
1,140
113.3
113.6
114.1
114.5
114.9
115.2
113.8
114.8
2062
2991
2132
2733
480
674
42822
39841
9940
911 0
104
270
100
260
351 0
3337
3442
371 1
115.6
1206
121
71 7
21 4
50.3
1435
144
865
182
68.2
2.56
3.70
7
51.5
8.8
3.8
*5.8
.224
•*.233
59
*23
7
62
48.4
50.8
8.8
3.8
4.8
.241
2.0
1,083
115.3
115.3
321 1
3222
115.7
7
.227
94
24.9
3042
3470
4.0
15.0
7
1 0663
962.7
94
173
9.2
7
3.7
7
14.8
7
7
554
687
41937
39908
7
9.4
3.9
3.8
4464
7
'51.6
115.3
'115.4
115.7
115.6
116.5
116.8
117.2
120.3
MANMADE FIBERS AND MANUFACTURES
[Millions of pounds]
Fiber production, qtrly:
Cellulosic filament yam
Rayon sfaple including tow
Noncellulosic, except textile glass:
Yarn and monof(laments
Staple incl tow .
Textile glass fiber
Fiber stocks, producers', end of period:
Cellulosic filament yarn
Rayon staple including tow
Noncellulosic fiber, except textile glass:
Yarn and monofilaments
Staple incl tow
Manmade fiber and silk broadwoven fabrics:
Producer Price Index, gray synthetic broadwovens,
1982=100
114.7
114.4
10.7
19
8.7
6.9
12
5.7
333
3.1
5.4
15
3.9
1.58
2.17
2.10
2.42
3.34
3.35
115.7
114.1
545
55.3
67.5
69.7
r
1 1002
1 ,042.7
1,121.8
1,067.7
9.8
10.4
23.7
r
114.3
113.9
5.5
13
4.3
7.3
17
5.5
38.7
3.1
8^1
15
6.6
9.2
15
7.7
1.63
1.67
2.03
2.30
2.30
2.09
2.21
2.71
2.86
114.8
116.4
27.0
309.8
321.2
351.0
333.7
116.5
'116.5
116.7
118.9
WOOL AND MANUFACTURES
[Millions of pounds, unless otherwise specified]
Wool consumption, mill (clean basis):
Apparel class
Carpet class
Wool imports clean yield t
48's and finer *
Wool prices, raw, shorn, clean basis:
Domestic—Graded territory, 64's, staple 2%" and
up delivered to U S mills $perlb
Australian, 64's, Type 63, duty-paid, price at
Australian Wool Corp., Charleston. SC, $ per Ib.
Wool broadwoven goods, exc. felts:
Production (Qtrly ) mil so yd
'35.9
4.6
4.4
7.0
13
14
3.0
5.7
35.6
3.6
7.8
25
5.4
5.1
9.0
12
12
3.9
7.8
1.56
1.48
1.48
1.55
11.63
1.77
2.48
2.29
2.15
2.74
2.70
'2.59
2.80
483
41 3
347.2
309.9
r
5228
40,338
r
3,1 20
25,883
5,046
36,453
3,144
21,197
FLOOR COVERINGS
Carpet, rugs, carpeting (woven, tutted, other),
shipments quarterly mil SQ yd
1 3485
1 2778
294.2
326.5
18 120
172317
7728
92778
18618
170844
12132
93067
4236
49360
3,132
22,348
4108
44693
2,736
23,639
298,988
38.761
309,155
38.620
68,397
9,861
83,461
9,945
APPAREL
[Thousands, unless otherwise indicated]
Women's, misses', juniors' apparel cuttings, qtrly:
Coats
Dresses
Suits (incl pant suits jumpsuits)
Skirts
Slacks, jeans, dungarees, and jean-cut casual
slacks
..
Blouses, thou. doz
See footnotes at end of tables.
24
7.8
1.67
381
1407
10.2
r
'83,636
'9,548
73,661
9,266
S-32 • March
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1988 and methodological notes are as shown
in BUSINESS STATISTICS, 1951-88
Annual
1990
1991
1991
Jan. [
Feb. I
Mar7|
Apr. |
May |
June |
1992
July |
Aug. |
Sept. |
Oct. |
Nov. [
Dec.
Jan. |
Feb.
19. TEXTILE PRODUCTS-Continued
APPAREL-Continued
[Thousands, unless otherwise indicated]
Men's apparel cuttings, qtrly:
Suits
Coats (separate), dress and sport
Trousers slacks jeans pants etc
Shirts, dress and sport thous. doz
Hosiery shipments thous doz prs
1 1 ,302
13,945
458 476
103239
328622
10,244
14,074
496713
98102
324 867
24863
25170
2764
3,967
105 700
23108
25623
28351
27099
2475
3,244
125073
24628
28551
r
31 948
28226
2,554
3,341
131 209
26,031
24191
2,701
'2,263
1,956
378
338
611
438
173
7.9
5.9
2.0
404
371
573
417
156
8.0
5.9
2.1
1,283
1,318
'903
'837
'1.7
28153
27696
2451
'3522
134 731
r
24 335
24996
2,465
1,841
1,633
" 2,006
1,945
r
20. TRANSPORTATION EQUIPMENT
AEROSPACE VEHICLES
[Millions of dollars]
Orders, new (net) total
U.S. Government
Prime contract
Sales (net), receipts, or billings, total
U S. Government
Backlog of orders, end of period #
U.S. Government
Aircraft (complete) and parts
Engines (aircraft) and parts
Missiles, space vehicle systems, engines,
propulsion units and parts
Other related operations (conversions,
modifications) products services
Aircraft (complete):
Exports, commercial
•M47380
3
56,788
3
142,685
3
141, 654
J
77516
J
264,204
J
92 148
3
145,833
3
28 233
3
32 600
J
19819
4
18,444
22,629
6,050
5502
9,499
6,898
5,407
4874
8,388
6,137
2601
2251
1,291
1,097
1862
2,164
P)
1,668
MOTOR VEHICLES (NEW)
[Thousands, unless otherwise specified]
Passenger cars:
Factory sales (from U.S. plants):
Tola!
Domestic
Retail sales total not seas adj
Domestics §
Total seas adj at annual rate millions
Domestics millions §
Imports millions §
Retail inventories, domestics, end of period: §
Not seasonally adjusted
Seasonally adjusted
Inventory-retail sales ratio domestics §
Exports (Bureau of Census) total
TO Canada
Imports (ITC) complete units
From Canada total
Registrations 0 total new vehicles
Imports including domestically sponsored
Trucks and buses:
Factory sales (from U.S. plants):
Total
Domestic
Retail sales:
Total not seasonally adjusted *
0-1 0000 IDS GVW domestics
0-10 000 IDS GVW, imports *
10.001 Ibs. GVW and over t
Total seasonally adjusted *
0-1 0000 Ibs GVW domestics
0-10000 Ibs GVW imports *
10 001 Ibs GVW and over t
Retail inventories, domestics, end of period:
Not seasonally adjusted
Seasonally adjusted @
Exports (BuCensus)
Imports (BuCensus), including separate chassis
and bodies
Registrations 0, new vehicles, excluding buses not
produced on truck chassis
Truck trailers and chassis, complete (excludes
detachables) shipments number
Van type number
Trailer bodies (detachable) sold separately number
Trailer chassis (detachable) sold separately number
411
373
636
479
157
8.4
61
23
436
384
749
545
204
8.8
62
25
460
417
707
510
197
8.0
56
24
518
465
790
581
209
8.5
61
23
485
434
791
593
198
8.8
66
23
360
324
794
585
209
8.9
6.6
2.3
417
385
711
503
208
8.4
62
2.2
473
424
687
498
189
8.5
62
2.3
572
523
719
526
193
8.3
6.1
2.2
1,467
1,200
24
1,431
1,133
2.2
1,360
1,069
2.1
1,371
1,074
2.3
1,357
1,033
2.0
1,304
971
1.8
1,130
902
1.6
1,119
956
1.9
1,156
950
1.8
1,267
953
1.9
1,316
tf
931
3251
2946
677
590
220
3287
2976
283.3
2967
319.1
369.4
323.6
1088
1174
1196
1052
1059
1208
1051
86.4
669
264
675
275
744
286
792
304
675
297
737
320
692
283
610
247
628
253
3459
37365
1 1960
8234
3295
3,719
3,448
3,373
3,035
214
194
202
177
238
208
300
263
337
302
323
290
230
209
277
256
326
299
378
347
303
272
244
218
249
232
4,649.9
39475
404.0
298.4
4,156.0
3,5946
319.2
242.2
270.2
229.1
292.7
250.7
355.2
305.8
353.5
304.9
384.8
335.9
385.9
338.9
391.4
338.1
353.5
298.3
375.9
330.1
329.6
283.2
310.8
272.8
352.4
307.0
'295.9
'258.5
22.5
18.6
23.6
18.4
27.3
22.1
26.6
22.1
28.2
20.7
26.5
20.5
30.8
22.6
35.9
19.3
26.3
19.5
26.4
20.0
21.5
16.5
23.6
21.9
310.2
2640
327.5
2783
337.1
2896
331.4
285.6
342.5
349.4
299.6
345.1
297.6
389.7
341.2
334.8
291.1
348.9
305.1
381.8
336.4
'18.4
'344.0
'300.6
25.5
20.7
28.2
21.0
26.4
21.1
25.6
20.3
2971
26.0
19.4
361.7
314.4
27.6
19.7
28.2
21.6
28.0
19.4
28.3
20.2
25.4
18.4
24.9
19.0
23.5
21.9
'20.4
965.1
91 6.0
852.5
' 908.4
857.4
'914.7
9103
1,022.5
r
991.2
955.1
' 920.5
953.5
'934.9
960.1
••927.0
4345
307
290
347
355
379
413
394
373
405
126228
90085
5,763
8422
5,562
10494
7073
10641
7,089
11 311
7,722
10,339
7,304
10335
7,397
12036
9,169
11 236
8,559
1211
1638
1904
1 347
924
1 097
1 797
985.5
1,011.9
4798
149117
103894
(5)
17214
r
8715
r
32,063
32063
27197
27197
11 328
11,328
*1.8
1.8
1,054.4
985.5
875.8 1,004.3
'930.3 '1,017.6 '1,023.0 '1,011.9
1,071.1
1,053.6
1,074.3
' 1,1 03.2
370
321
357
1 1 ,836 '10,451
8,640
'7,973
10,412
7,834
(5)
19022
1219
827
[Number, unless otherwise specified]
2.1
4
39446
4
Freight cars (new), for domestic use; all railroads and
private car lines (excludes rebuilt and export cars):
See footnotes at end of tables.
tf
1,283
905
2.0
\ 2202
(2)
315.2
1001
2705
779
755
291
312.7
81 1
599
224
"8.3
^6.2
1,407
1,248
2.4
r
RAILROAD EQUIPMENT
Equipment manufacturers
New orders
Equipment manufacturers
Unfilled orders end of period
Equipment manufacturers
Freight cars (revenue), class I railroads (AAR): $
Number owned end of period thousands
Capacity (carrying), total, end of month, mil. tons .
Average per car, tons
462
416
623
458
165
435
391
570
421
149
78
59
19
6397
6397
5873
5873
10683
10,683
6,003
6003
6,331
5126
5126
5,300
5300
8775
8,775
9806
9,806
6331
2,078
'2,256
2,724
19.0
23.0
1,025.8
1,009.7
'664
497
'167
'8.5
6.2
'2.3
1,304
789
1.5
(2)
326.0
289.1
17.8
19.1
351.2
309.3
20.7
21.1
1,105.2
1,073.1
SURVEY OF CURRENT BUSINESS
March 1992 •
S-33
FOOTNOTES FOR PAGES S-l THROUGH 8-32
General notes for all pages:
r Revised,
p Preliminary,
e Estimated,
c Corrected.
Page S-1
t Revised series. See the article on the comprehensive revision of the national income and product
accounts that appears in the December 1991 issue of the SURVEY.
| Includes inventory valuation and capital consumption adjustments.
§ Monthly estimates equal the centered three-month average of personal saving as a percentage of
the centered three-month moving average of disposable personal income.
0 See note "0" for p. S-2.
Page S-2
1. Based on data not seasonally adjusted.
0 Effective April 1990 SURVEY, the industrial production index has been revised back to 1977 and
has a new base year of 1987. A more detailed explanation of this revision is in the April 1990 Federal
Reserve Bulletin. Historical data are available from the Industrial Output Section, Mail Stop 82, Division
of Research and Statistics, Federal Reserve Board, Washington, DC 20551.
# Includes data not shown separately.
Page S-3
# Includes data for items not shown separately.
t Effective with the April 1991 SURVEY, M3 data have been revised to benchmark the data to the
1987 Census of Manufactures and 1988 Annual Survey of Manufactures, and to convert the series to
the 1987 SIC codes. Revisions related to benchmarking affect all categories back to 1982. Revisions
resulting from the SIC conversion affect about half the categories back to 1958. The coverage for some
of the series in the market category has been changed.
Page S-4
1. Based on data not seasonally adjusted.
# Includes data for items not shown separately.
J Includes textile mill products, leather and products, paper and allied products, and printing and
publishing industries; unfilled orders for other nondurable goods industries are zero.
0 For these industries (food and kindred products, tobacco, apparel and other textile products, petroleum and coal, chemicals and allied products, and rubber and plastics products) sales are considered
equal to new orders.
t See note T for p. S-3.
Page S-5
1. Based on data not seasonally adjusted.
@ Compiled by Dun & Bradstreet, Inc.
# Includes data for items not shown separately.
§ Ratio of prices received to prices paid (parity index).
| See note "|" for p. S-4.
t In the Feb. and July issues of the SURVEY each year, data for the most recent six to eight years
are subject to revise and are available upon request,
ft See note "f for p. S-3.
Page S-6
§ For producer price indexes of individual commodities, see respective commodities in the Industry
section beginning p. S-19. All indexes subject to revision four months after original publication.
# Includes data for items not shown separately.
| Effective with the Feb. 1992 SURVEY, data have been revised back to 1987 and are available upon
request.
Page S-7
1. Computed from cumulative valuation total.
2. Index as of Mar. 1,1992: building, 414.4; construction, 458.6
3. Beginning Dec. 1988, series has been discontinued by the Bureau of the Census.
1 Effective July 1991 SURVEY, data have been revised back to 1986. Effective July 1990 SURVEY,
data were revised back to 1985. Revised data are available from the Construction Statistics Division at
the Bureau of the Census, Washington, DC 20233.
# Includes data for items not shown separately.
§ Data for Mar., May, Aug., and Nov. 1990, and Jan., May, Aug., and Oct. 1991 are for five weeks;
other months four weeks.
0 Effective Feb. 1990 SURVEY, data for seasonally adjusted housing starts have been revised back
to 1987. These revisions are available upon request.
@ Effective Feb. 1990 SURVEY, data for seasonally adjusted manufacturers' shipments of mobile
homes have been revised back to 1987.
j Effective May 1990 SURVEY, data for seasonally adjusted building permits have been revised back
to 1988 and are available upon request.
# Series first shown in the July 1990 SURVEY. The fixed-weighted price index is a weighted average
of the individual price index series used to deflate the Value of New Construction Put in Place (VIP)
series. In calculating the index, the weights (the composition of current dollar VIP in 1987 by category
Address requests for data to:
Business Statistics Branch
Business Outlook Division (BE-52)
Bureau of Economic Analysis
U.S. Department of Commerce
Washington, D.C. 20230
of construction) are held constant. Consequently, the index reflects only changes in prices. The implicit
price deflator is a derived ratio of total current to constant dollar VIP (multiplied by 100). It is the average
of the individual price indexes used in the deflation of VIP, but the prices are weighted by the composition
of VIP each period. As a result, the implicit price deflator reflects not only changes in prices, but also
changes in the composition of VIP, and its use as a measure of price change is discouraged. Effective
July 1991 SURVEY, data have been revised back to 1986.
§§ Effective March 1992 SURVEY, the Construction Contracts Valuation Index has a new base year
of 1987. Data have been revised back to 1983 and are available upon request.
tt Effective May 1991 SURVEY, the Boeckh indexes have a new base year of 1987.
| Effective Sept. 1990 SURVEY, the construction cost index for the Federal Highway Administration
|
has been revised back to 1986 and has a new base year of 1987=100.
Page S-8
1. Advance estimate.
2. Beginning with Feb. 1989 data, associations in conservatorship are excluded.
<£ Home mortgage rates are under money and interest rates on p. S-14.
§ Data include guaranteed direct loans sold.
# Includes data for items not shown separately.
@ Data are for closed mortgage loans of thrift institutions insured by the Savings Association
Insurance Fund (SAIF)—FSLIC-insured institutions prior to Sept. 1989.
t Effective April 1991 SURVEY, estimates of wholesale sales have been revised back to January
1988 and wholesale inventories have been revised back to January 1989. Revised data and a summary
of changes appear .in the report Revised Monthly Wholesale Trade, Sales and Inventories January
1984-December 1990, BW90-R, available from the Bureau of the Census, Washington, DC 20233.
| Effective March 1991 SURVEY, retail trade data have been revised. Estimates of retail sales have
been revised back to January 1988 and inventories have been revised back to January 1989. (In 1990
data were revised back to 1982.) Revised data and a summary of changes will appear in the report
Revised Monthly Retail Sales and Inventories, January 1981-December 1990, BR90-R, available from
the Bureau of the Census, Washington, DC 20233.
Page S-9
1. Advance estimate.
# Includes data for items not shown separately.
^ Effective with the January 1992 SURVEY, the seasonally adjusted labor force series have been
revised back to January 1987. The January 1992 issue of Employment and Earnings contains the new
seasonal adjustment factors, a description of the current methodology, and revised data for the most
recent 13 months or calendar quarters. Revised monthly data for the entire 1987-91 revision period
will appear in the February 1992 issue of Employment and Earnings, Effective with the January 1991
SURVEY, the seasonally adjusted labor force series were revised back to January 1986.
f The participation rate is the percent of the civilian noninstitutional. population in the civilian labor
force. The employment-population ratio is civilian employment as a percent of the civilian noninstitutional
population, 16 years and over.
@ Data include resident armed forces.
| See note "I "for p. S-8.
Page S-10
0 See note "0" for p. S-9.
| The unemployment rates are the number of unemployed in each group as a percent of the civilian
labor force in that group.
§ Effective with the Sept. 1990 and June 1991 issues of the SURVEY, data have been revised,
respectively back to April 1988 and April 1989, unadjusted, and back to Jan. 1985 and Jan. 1986,
seasonally adjusted, to reflect new benchmarks and seasonal adjustment factors. The Sept. 1990 and
June 1991 issues of Employment and Earnings contain detailed descriptions of the effects of these
revisions. All of the revised historical series will be published in a special supplement to Employment
and Earnings. This supplement, when combined with the historical bulletin, Employment, Hours, and
Earnings, United States, 1909-90 will comprise the full historical series on national data obtained from
the establishment survey.
Page S-11
§ See note "§" for P- S-10.
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.
S-34 • March 1992
SURVEY OF CURRENT BUSINESS
Page S-12
Page S-16
§ See note "§" for p. S-10.
0 Production and nonsupervisory workers.
t Earnings in 1982 dollars reflect changes in purchasing power since 1982 by dividing by Consumer
Price Index. Effective Feb. 1990 and 1991 issues of the SURVEY, this series has been revised, respectively, back to 1985 and 1986 to reflect new seasonal factors for the CPI-W. Revised data are available
upon request.
§§ Effective with the June 1991 SURVEY, data have been revised back to 1989 and are available
upon request. Wages as of Mar. 1,1992: Common, $19.24; Skilled, $25.18.
t Excludes farm, household, and Federal workers.
@ Effective with the April 1990 SURVEY, the employment cost index is based on June 1989=100,
rather than June 1981=100. Historical data for both June 1989 and June 1981 bases are available from
the Bureau of Labor Statistics, Division of Employment Cost Trends, 441 G Street, N.W., Washington,
DC 20212.
# Series first shown in the July 1991 SURVEY. Wages and salaries are defined as the hourly straighttime wage rate or, for workers not paid on an hourly basis, straight-time earnings divided by the
corresponding hours. Straight-time wage and salary rates are total earnings before payroll deductions, excluding premium or supplemental pay for overtime and for work on weekends and holidays,
shift differentials, and nonproduction bonuses such as lump-sum payments provided in lieu of wage increases. Production bonuses, incentive earnings, commission payments, and cost-of-living adjustments
are included in straight-time wage and salary rates.
1. The railroad average was discontinued by Moody's on July 13,1989. Therefore, the July average
reflects only eight working days.
2. Effective Oct. 3,1990, the German Democratic Republic (GDR; East Germany) ceased to exist
as a sovereign state and became a part of the Federal Republic of Germany. Accordingly, effective
with the statistics for Oct. 1990, all merchandise imported from or exported to the former GDR will be
included as trade with the Federal Republic of Germany.
3. Beginning Jan. 1991 data, Roadway Services, Inc. will be included in the Dow Jones Transportation Average replacing Pan Am Corp. Roadway Services is listed on the NASDAQ National Market
System. Comparability with earlier averages is not affected by this change.
4. Beginning with Jan. 1992 data, the data include the republics of the former USSR, excluding
Estonia, Latvia, and Lithuania.
@ See note "4" for p. S-19 regarding the new commodity classification systems introduced Jan.
1989. 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.
§ Number of issues represents number currently used; the change in number does not affect the
continuity of the series.
J For bonds due or callable in 10 years or more.
# Includes data for items not shown separately.
0 The March through August 1991 issues of the SURVEY showed month-end yields for 1991 rather
than monthly averages.
t Effective with the Mar. 1990 SURVEY, seas. adj. exports and imports have been revised back to
Jan. 1988, and are available upon request.
Page S-13
Page S-17
1. Effective Feb. 28,1989, there was a break in the series due to the enlargement of the panel of
reporting dealers to 17 and of reporting direct issuers to 36. End of month figures on the old basis are
as follows: All issuers, 481,734; financial companies, 373,717; dealer placed, 172,330; directly placed,
201,387; and nonfinancial companies, 108,017.
2. Average for Dec.
# Includes data for items not shown separately.
§ Excludes loans and federal funds transactions with domestic commercial banks and includes
valuation reserves (individual loan items are shown gross; i.e., before deduction of valuation reserves).
1 Covers 50 States and the District of Columbia. Only regular benefits are included.
@ Average weekly insured unemployment for 12-month period divided by average monthly covered
employment (lagging 4 full quarters for annual figure and 2 full quarters for monthly figure).
t Effective Oct. 1989 SURVEY, loans by loan type are provided by the Federal Farm Credit Banks
Funding Corporation.
0 Effective with the April 1990 SURVEY, the reserves of depository institutions have been revised
back to 1984 and are available upon request.
1. Beginning with Jan. 1989 data, undocumented exports to Canada are now included, resulting in
a break with Dec. 1988 data.
2. Beginning Jan. 1989, buses are excluded from "Motor vehicles and parts" and included in "Other
manufactured goods," resulting in a break with Dec. 1988 data.
3. See note "2" for p. S-16.
4. See note "4" for p. S-16.
@ See note "@" for p. S-16.
t See note "f" for p. S-16.
# Includes data not shown separately.
0 Data include undocumented exports to Canada, which are based on official Canadian import
totals.
# Series first shown in the October 1991 SURVEY. The deflators for the constant dollar series are
primarily based upon the monthly price indexes published by the Bureau of Labor Statistics using
techniques developed for the National Income and Product Accounts by the Bureau of Economic
Analysis.
PageS-14
1. Reported annual total; quarterly or monthly revisions are not available.
2. For month shown.
# Series first shown in the October 1991 SURVEY. Source: Bureau of Labor Statistics.
# Includes data for items not shown separately.
§ Total revenues, expenses, and income for all groups of carriers also reflect nonscheduled service.
} 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.
ft Effective with the Dec. 1989 SURVEY, data for 1981-88 have been revised and are available upon
request.
JJ Effective with the Mar. 1990 SURVEY, data for 1985-89 have been revised and are available upon
request.
1. Data are for fiscal years ending Sept. 30 and may include revisions not distributed to the months.
2. Weighted by number of loans.
3. Beginning Feb. 1988, data suspended by the Farm Credit Administration, which is revising the
information it collects and amending the reports it distributes.
4. Beginning Sept. 1991, the Federal debt series are net of premium and discount.
§ Effective Mar. 1990 SURVEY, data have been revised to reflect new benchmark and seasonal
adjustments and are available from the Banking and Money Market Statistics Section of the Division of
Monetary Affairs at the Federal Reserve Board, Washington, DC 20551.
# Includes data for items not shown separately.
0 Excludes loans to commercial banks in the U.S.
1 Rates on the commercial paper placed for firms whose bond rating is Aa or the equivalent.
U Courtesy of Metals Week.
@ Average effective rate
t Effective May 1990 SURVEY, the consumer installment credit series have been revised back to
1980 to incorporate new information and updated seasonal adjustment factors. These revisions are
available upon request.
# Series first shown in the June 1990 SURVEY.
tt This series, first shown in the June 1990 SURVEY, represents the outstanding balances of loans
that the loan originator has sold and are no longer carried on the loan originator's books. The loans are
pooled and securities are issued on the pools.
PageS-15
1. Beginning Jan. 1989, the primary public offering statistics have been discontinued by the
Securities and Exchange Commission.
2. Effective April 1991 SURVEY, the Security Markets series have been discontinued.
3. Money market deposit accounts are included with savings deposits.
t Effective Feb. 1992 SURVEY, the money stock measures and components have been revised and
are available from the Banking Section of the Division of Research and Statistics at the Federal Reserve
Board. Washington, D.C. 20551.
U Includes ATS and NOW balances at all depository institutions, credit union share draft balances,
and demand deposits at thrift institutions.
0 Overnight (and continuing contract) RP's are those issued by commercial banks to the nonbank
public, and overnight Eurodollars are those issued by Caribbean branches of member banks to U.S.
nonbank customers.
@ Small time deposits are those issued in amounts of less than $100,000. Large time deposits
are those issued in amounts of $100,000 or more and are net of the holdings of domestic banks, thrift
institutions, the U.S. Government, money market mutual funds, and foreign banks and official institutions.
# Includes data for items not shown separately.
Page S-18
Page S-19
1. Reported annual total; monthly or quarterly revisions are not available.
2. Less than 500 metric tons.
3. Figure suppressed because it did not meet Census publication standards.
4. Beginning with 1989 data, merchandise trade data are based upon two new commodity classification systems; the International Harmonized System and, Revision 3 of the Standard International
Trade Classification and, as a result, data may not be directly comparable to 1988 and earlier years.
5. Data are partially estimated for first three quarters of 1991 and are not available. Value for 4th
quarter 1991 is based on partially estimated production data.
6. Beginning in 1991, data are available only on a quarterly basis.
7. Data withheld to avoid disclosing figures for individual companies.
# Includes data for items not shown separately.
§ Data are reported on the basis of 100 percent content of the specified material unless otherwise
indicated.
t Effective with the Jan. 1990 SURVEY, revisions for 1987-88 are available upon request.
Page S-20
1. Reported annual total; monthly or quarterly revisions are not available.
2. Quarterly data are no longer available.
3. See note 4 for p. S-19.
4. Beginning in 1991, data are available only on a quarterly basis.
§ Data are not wholly comparable from year to year because of changes in classification.
@ Includes less than 500 electric generation customers not shown separately.
{ Effective with the Jan. 1990 SURVEY, revisions for 1987-88 are available upon request.
0 Effective with the Dec. 1989 SURVEY, revisions for 1987-88 are available upon request.
SURVEY OF CURRENT BUSINESS
Page S-21
1. Previous year's crop. New crop is not reported until Sept. (crop year: Sept. 1-Aug. 31).
2. Crop estimate for the year.
3. Stocks as of June 1.
4. Stocks as of June 1 and represents previous year's crop; new crop not reported until June
(beginning of new crop year).
5. Series has been discontinued.
6. Stock estimates are available once a year as June 1 stocks and shown here in the May column
and (as previous year's crop) in the annual column.
7. Stocks as of Dec. 1.
8. See note 4 for p. S-19.
§ Excludes pearl barley.
@ Quarterly data represent the 3-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. See note 4 for p. S-19.
§ Cases of 30 dozen.
# Series first shown in the Jan. 1991 SURVEY.
Page S-23
1. Crop estimate for the year.
2. Reported annual total; revisions not distributed to the months.
3. Data suppressed because they did not meet Census publication standards.
4. See note 4 for p. S-19.
5. Data withheld to avoid disclosing figures for individual companies.
6. Beginning in 1991, data are available only on a quarterly basis.
# Totals include data for items not shown separately.
Page S-24
1.
2.
3.
4.
Reported annual total; monthly revisions are not available.
See note 4 for p. S-19.
Less than 500 tons.
Beginning in 1990, monthly data have been discontinued.
Page S-25
1. Reported annual total; monthly revisions are not available.
2. For month shown.
3. Effective with Jan. 1989, import data are for 'consumption; earlier periods of data are general
imports. See also note 4 for p. S-19 regarding the introduction of new classification systems.
4. Beginning in 1990, monthly data have been discontinued.
@ Includes domestic and foreign ores.
§ Source: Metals Week.
Page S-26
1. Reported annual total; monthly revisions are not available.
2. Less than 50 tons.
3. See note 3 for p. S-25.
4. Break in comparability beginning Jan. 1,1991, because of a change in the Metals Week pricing
series for zinc.
0 Includes secondary smelters' lead stocks in refinery shapes and in copper-base scrap,
t Source for monthly data: American Bureau of Metal Statistics. Source for annual data: Bureau of
Mines.
# Includes data not shown separately.
t Effective April 1991 SURVEY, the materials handling index has been revised back to 1982 and now
includes lift trucks. Revised data are available upon request.
@@ Price represents North American Mean.
@ Effective with the Sept. 1990 SURVEY, the new orders index numbers have been converted to a
new base year of 1987=100. Data back to 1988 are available upon request.
Page S-27
1. Annual total includes revisions not distributed to the months or quarters.
2. See note 4 for p. S-19.
3. Beginning in 1990, quarterly data have been discontinued. Annual data will continue to be
available.
4. Beginning with May 1991 data, monochrome production numbers are no longer included.
# Includes data for items not shown separately.
§ Includes nonmarketable catalyst coke.
0 Includes small amounts of "other hydrocarbons and alcohol new supply (field production); not
shown separately.
tt March, June, September and December are five-week months. All others consist of four weeks.
March 1992 •
S-35
Page S-28
1. Reported annual total; revisions not allocated to the months.
2. See note 4 for p. S-19.
3. Beginning May 1991, the leaded gasoline price is not statistically valid for publication.
# Includes data for items not shown separately.
Page S-29
1. Reported annual total; revisions not allocated to the months.
0 Source: American Paper Institute. Total U.S. estimated consumption by all newspaper users.
See also note "t" for this page.
§ Effective with the October 1990 SURVEY, data have been revised back to 1989 to reflect adjustments
made by the Rubber Manufacturers Association's Rubber Statistical Committee.
| Effective with the October 1990 SURVEY, synthetic data consisting of Butyl, polyisoprene, polychloroprene, silicone, and other elastomers have been revised in keeping with data provided by the
Census Bureau's MA30A report beginning in 1990. Also see note "§" on this page.
# Compiled by the American Newspaper Publishers Association.
t Effective with the March 1990 SURVEY, Canadian newsprint statistics have been revised back to
Jan. 1982 to exclude supercalendered and some soft-nip calendered paper that was originally classified
as newsprint and is now classified as uncoated groundwood papers. This revision also affects estimated
consumption. Revised data are available upon request.
Page S-30
1. Reported annual total; revisions not allocated to the months.
2. Figure suppressed because it did not meet Census publication standards.
3. Data cover five weeks; other months, four weeks.
4. Beginning Jan. 1989, sales of industrial plasters are inducled with building plasters.
5. Jan. 1,1992 estimate of the 1991 crop.
6. Total for crop year, Aug. 1-Jul. 31.
7. Data are available only on a quarterly basis.
# Includes data for items not shown separately.
0 Cumulative ginnings to the end of month indicated.
§ Bales of 480 Ibs.
Page S-31
1. Less than 500 bales.
2. Annual total includes revisions not distributed to the months.
3. Average for crop year; Aug. 1-Jul. 31.
4. For five weeks; other months four weeks.
5. See note 4 for p. S-19.
6. Beginning in 1990, data are available only on a quarterly basis.
7. Beginning in 1991, data are available only on a quarterly basis.
8. Based on weighted marketing price for Aug.-Nov. 1991.
9. Based on the average of Aug. 1991-Feb. 1992,
0 Based on 480-lb. bales, preliminary price reflects sales as of the 15th; revised price reflects
total quantity purchased and dollars paid for the entire month (revised price includes discounts and
premiums).
§ Bales of 480 Ibs.
f The total may include some miscellaneous wool imports.
# Series first shown in the July 1990 SURVEY.
Page S-32
1. Annual total includes revisions not distributed to the months.
2. Production of new vehicles (thous. of units) for Feb. 1992: passenger cars, 439; trucks and
buses, 302.
3. Data are reported on an annual basis only.
4. See note 4 for p. S-19.
5. Beginning Jan. 1989, shipments of trailer bodies are included with trailer chassis to avoid
disclosure of data from individual firms.
6. Effective with the Dec. 1991 SURVEY, data have been revised back to 1988 and are available
upon request.
7. Data withheld to avoid disclosing figures for individual companies.
# 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.
0 Courtesy of R.L. Polk & Co.; republication prohibited. Because data for some States are not
available, month-to-month comparisons are not strictly valid.
# Series first shown in the August 1990 SURVEY. Effective with the Dec. 1991 SURVEY, seasonally
adjusted retail sales for trucks and buses have been revised back to 1989, and are available upon
request.
f Includes some imported trucks over 10,000 Ibs. GVW.
j Excludes railroad-owned private refrigerator cars and private line cars.
@ Effective with the Mar. 1992 SURVEY, seasonally adjusted retail inventories for trucks and buses
have been revised back to 1977, and are available upon request.
SURVEY OF CURRENT BUSINESS
S-36 • March 1992
INDEX TO CURRENT BUSINESS STATISTICS
Sections
General:
Business indicators
Commodity prices
Construction and real estate
Domestic trade
Labor force, employment, and earnings
Finance
Foreign trade of the United States
Transportation and communication
1-5
5,6
7,8
8,9
9-13
13-16
16-18
18,19
Industry:
Chemicals and allied products
Electric power and gas
Food and kindred products; tobacco
Leather and products
Lumber and products
Metals and manufactures
Petroleum, coal, and products
Pulp, paper, and paper products
Rubber and rubber products
Stone, clay, and glass products
Textile products
Transportation equipment
19, 20
20
20-23
23
23,24
24-27
27,28
28, 29
29
30
30-32
32
Footnotes.
. 33-35
Individual Series
Advertising
Aerospace vehicles
Agricultural loans
Air carrier operations
Air conditioners (room)
Aircraft and parts
Alcohol, denatured and ethyl
Alcoholic beverages
Aluminum
Apparel
Asphalt
Automobiles, etc
8,12
32
13
18
27
4,5,32
19
8, 20
25
2, 4-6,8-12,31, 32
28
2-4,6, 8, 9,14,15,17,32
Banking
Barley
Battery shipments
Beef and veal
Beverages
Blast furnaces, steel mills
Bonds, issued, prices, sales yields
Brass and bronze
Brick
Building and construction materials
Building costs
Building permits . .. .^
Business incorporation (new), failures
Business sales and inventories
Butter
13,14
21
27
22
8,17, 20
3-5
15,16
26
30
2,4,5
7
7
5
2,3
21
Carpets
31
Cattle and calves
22
Cement
30
Chain-store sales, firms with 11 or more stores
9
Cheese
21
Chemicals
2-4,10-12,15,17,19, 20
Cigarettes and cigars
23
Clay products
2-4, 30
Clothing (see apparel)
Coal
2, 27
Cocoa
22
Coffee
22
Coke
Combustion, atmosphere, heating equipment
Communication
Construction:
Contracts
Costs
Emplpyment, 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
27
26
15,19
7
7
10-12
7
7
14
1,2
5,6
25, 26
21
5,6
5, 30,31
14
5, 21-23, 30
3, 27
15
5, 21
14
1
9
13,15
27
Disposition of personal income
Distilled spirits
Dividend payments
Drugstores, sales
1
20
1,15
8,9
Earnings, weekly and hourly
Eating and drinking places
Eggs and poultry
Electric power
Electrical machinery and equipment
Employee-hours, aggregate, and indexes
Employment and employment cost
Exports (see also individual commodities)
12
8,9
5,22
2, 20
2-5,10-12,15, 27
11
10-12
16-18
Failures, industrial and commercial
5
Farm prices
5,6
Fats and oils
17
Federal Government finance
14
Federal Reserve System
13
Federal Reserve member banks
13
Fertilizers
19
Fish
22
Flooring, hardwood
24
Flour, wheat
22
Fluid power products
26
Food products
2-6, 8,10-12,15,17, 20-23
Foreign trade (see also individual commodities)
16-18
Freight cars (equipment)
32
Fruits and vegetables
5
Fuel oil
6,28
Fuels
2, 6,17, 27, 28
Furnaces
27
Furniture
2,6,8-12
Gas, output, prices, sales, revenues
Gasoline
Glass and products
Glycerin.
Gold
Grains and products
Grocery stores
Gypsum and products
2, 6, 20
28
30
19
14
5, 21, 22
9
30
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
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/t6,10-12, 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
Mobile homes, shipments, installment credit
Monetary statistics
Money and interest rates
Money supply
Mortgage applications, loans, rates
Motor carriers
Motor vehicles
National parks, visits
2,10-12
7,14
15
14
15
8,13,14
,
18
2-4,6, 8, 9,15,17, 32
18
Newsprint
New York Stock Exchange, selected data
Nonferrous metals
Oats
Oils and fats
Orders, new and unfilled, manufacturers'
Outlays, U.S. Government
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
Pig iron
24
Plastics and resin materials
20
Population
9
Pork
22
Poultry and eggs
5,22
Price deflator, implicit (PCE)
1
Prices (see also individual commodities)
5, 6
Printing and publishing
2,10-12
Private sector employment, hours, earnings
10-12
Producer Price Indexes (see also individual commodities)
6
Profits, corporate
15
Public utilities
1, 2, 7,15,16,20
Pulp and pulpwood
28
Purchasing power of the dollar
6
Radio and television
Railroads
Ranges and microwave ovens
Rayon and acetate
Real estate
Receipts, U.S. Government
Refrigerators
Registrations (new vehicles)
Rent (housing)
Retail trade
Rice
Rubber and products (incl. plastics)
Saving, personal
Savings deposits
Savings institutions
Securities issued
Security markets
Services
Sheep and lambs
Shoes and other footwear.
Silver .
Spindle activity, cotton
Steel and steel manufactures
Stock market customer financing
Stock prices, yields, sales, etc
Stone, clay, glass products
Sugar
Sulfurte acid
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
.
Truck trailers
Trucks
Unemployment and insurance
U.S. Government bonds
U.S. Government finance
Utilities
Vacuum cleaners
Variety stores
Vegetables and fruits
Wages and salaries
Washers and dryers
Water heaters
Wheat and wheat flour
Wholesale trade
Wood pulp
Wool and wool manufactures
Zinc
8,27
12,16,18,32
27
31
8,13
14
27
32
6
2,3, 5, 8-12,14,32
21
2-4, 6,10-12,29.
.... 1
...13
. 8,14
...15
15,16
6, 10-12
. . 22
.. 23
. . 14
.. 31
24,25
.. 15
.. 16
2-4,10-12, 15,30
. . 23
.. 19
.. 19
.. 19
.. 31
23
19
27
2-4,10-12,15, 30-32
26
29
2-4,10-12,23
27
2,3,5,8-12,32
18
6,10-12,15,16,18
2-6,10-12,15,17,32
18
32
2,32
9,10,13
16
14
2,6,7,15,16,20
27
9
5
1,12
27
27
21,22
2,3,5, 8,10-12
28
31
26
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