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MARCH 1998 ****;;• VOLUME 78 NUMBER
3
SURVEY of CURRENT BUSINESS
IN THIS
AGuidetoiheMPA:*
Gross Product by Industry Price Measures, 1977-96
U.S. DEPARTMENT OF COMMERCE -"a*- ECONOMICS ANDSTATISTICS ADMINISTRATION
BUREAU OF ECONOMIC ANALYSIS
MARCH
1998
VOLUME 78 NUMBER C2
SURVEY o
CURRENT BUSINESS
SURVEY OF CURRENT BUSINESS (ISSN
0039-6222). Published monthly by the
Bureau of Economic Analysis of the U.S.
Department of Commerce. Editorial
correspondence should be addressed to the
Editor-in-Chief, SURVEY OF CURRENT
BUSINESS, Bureau of Economic Analysis,
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****
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THIS isstri of the SOTVEY Went to the printer on March to, 1998,
It incorporates data from the following monthly BEA news releases:
U& International Trade in Goods and Services (February 19),
Gross DomesticProductCFebruary^and
Personal Income and Outlays (March 2),
March 1998
SURVEY OF CURRENT BUSINESS
TABLE
OF
CONTENTS
(Special in this issue
17 Gross Product by Industry Price Measures, 1977-96
Price measures of gross product originating (GPO) by industry can be used to
compare price changes across industries and to compute industry contributions
to the change in GDP prices. For example, the largest contributors to the 2.3percent increase (annual rate) in the GDP price index in 1992-96 were the
services industry group and the finance, insurance, and real estate industry
group (0.7 percentage point each). Unit-cost measures by industry can be used
to identify the sources of GPO price change among the cost components of GPO.
For example, the labor cost per unit of real GPO declined in 1992-96 for the
mining and the durable goods manufacturing industries and was unchanged
for the wholesale trade industry.
26 A Guide to the NIPA'S
BEA presents a compilation of information that will help users to better understand the NIPA'S. This guide provides the definitions of the major aggregates
and components; discusses the measures of real output and prices; explains
how production is classified and how the NIPA'S are presented; describes the
statistical conventions that are used; and lists the principal source data and
methods used to prepare the estimates of GDP.
l\egular features
1
Business Situation
The "preliminary" estimate of real GDP indicates a ^-percent increase in the
fourth quarter 0/1997, 0.4 percentage point lower than the "advance" estimate;
a large downward revision to net exports and smaller downward revisions to
government spending and consumer spending were only partly offset by a large
upward revision to business inventory investment. Despite these revisions, real
GDP growth still shows an acceleration from a 3.i-percent increase in the third
quarter. The price index for gross domestic purchases increased 1.4 percent,
about the same pace as in the third quarter.
— Continued on next page •
1'i
SURVEY OF CURRENT BUSINESS
8
Federal Budget Estimates, Fiscal Year 1999
Each year, BEA prepares a "translation" of the administrations budget that
puts the budget's receipts and outlays on a basis that is consistent with the
framework of the NIPA'S. In the NIPA framework, the Federal current deficit
would be $9.9 billion in fiscal year 1999; the administration's budget shows a
$9.5 billion surplus. The difference primarily results from the difference in the
treatment of government investment in fixed assets; the consumption of fixed
capital that is included in the NIPA'S is greater than the investment that is
excluded.
l\eports and statistical presentations
D-l
BEA Current and Historical Data
Inside back cover: BEA Information
(A listing of recent BEA publications available from GPO)
Back cover: Schedule of Upcoming BEA News Releases
LOOKING AHEAD
U.S. Transportation Satellite Account An article that presents the 1992 transportation
satellite account for the United States will be published in a forthcoming issue of the
SURVEY. The transportation satellite account, developed jointly by BEA and the Bureau
of Transportation, is based on an expansion of the 1992 benchmark input-output
accounts. It provides estimates of expenditures on transportation that supplement the
existing estimates in the national economic accounts.
Domestic Content of the Production of U.S. Manufacturing Affiliates of Foreign Companies. An article that compares the domestic content of output of U.S. manufacturing
affiliates of foreign companies with that of other U.S. manufacturing companies will
be published in a forthcoming issue of the SURVEY. The article also examines the extent
to which U.S. manufacturing affiliates rely on foreign sources for their intermediate
inputs and whether the affiliates' production is intended for U.S. or foreign markets.
March 1998
SURVEY OF CURRENT BUSINESS
March 1998
This article was
prepared by Larry
R. Moran, Daniel
Larkins, Ralph W.
Morris, and
Deborah Y. Sieff.
BUSINESS
SITUATION
EAL GROSS domestic product (GDP) in^ creased 3.9 percent in the fourth quarter
of 1997, according to the "preliminary" estimates
of the national income and product accounts
(NIPA'S) (table i and chart i); the "advance" estimate of real GDP, reported in the February
"Business Situation," had shown a 4.3-percent increase.1 The downward revision was more than
accounted for by a large downward revision to
net exports; government spending and consumer
spending were also revised down, but by much
less. These downward revisions were partly offset
by a large upward revision to business inventory
investment. Business fixed investment was re-
vised very little. (The sources of these revisions
are discussed in the "Revisions" section.)
The picture of the economy presented by the
preliminary estimates is somewhat changed from
that presented by the advance estimates. As in the
advance estimates, real GDP growth accelerated
in the fourth quarter, and the acceleration was
i. Quarterly estimates in the NIPA'S are expressed at seasonally adjusted
annual rates unless otherwise specified. Quarter-to-quarter dollar changes are
differences between published estimates. Quarter-to-quarter percent changes
are annualized and are calculated from unrounded index numbers. Real
estimates are expressed in chained (1992) dollars. Price indexes are chain-type
measures.
Table 1.—Real Gross Domestic Product, Real Gross Domestic Purchases, and Real
Final Sales to Domestic Purchasers
[Seasonally adjusted at annual rates]
Billions of chained (1992) dollars
Level
Change from preceding
quarter
1997
1997
IV
I
II
Percent change from preceding quarter
II
III
IV
IV
. ..
7,283.3
84.2
58.0
54.4
69.3
4.9
3.3
3.1
3.9
Less'l Exports of goods and services
Plus' Imports of goods and services
. ..
996.4
1,154.9
21.6
42.3
39.8
50.2
10.5
38.0
23.4
17.8
9.9
4.4
10.0
17.9
18.4
20.5
66.0
77.7
64.1
5.9
3.7
4.3
3.5
30.8
13.9
-30.1
26.5
2.1
Less1 Change in business inventories
7,428.7 102.5
74.0
14.6
6.4
Equals: Final sales to domestic purchasers
7,349.7
70.4
51.6
106.2
38.8
4.0
2.9
6.0
Personal consumption expenditures
Nonresidential fixed investment
Residential investment
Government consumption expenditures and
gross investment
Federal
State and local
4,933.5
866.6
286.7
61.7
11.3
28.1
66.8
37.5
37.3
5.3
4.1
3.3
.9
5.6
3.1
14.6
19.2
-3.5
7.4
2.7
9.7
1,274.7
456.4
-1.3
-6.8
Addendum: Final sales of domestic product
818.3
7,204.5
8.1
2.2
5.4
52.4
4.9
1.9
9.6
7.3
2.4
3.3
43.6
-1.3
4.6
82.6
r-7.9
6.6
1.3
-2.4
3.6
44.2
2.7
1.1
.4
3.1
6.6 -1.1 -2.1
2.3
1.2
1.8
3.0
2.5
-.4
-5.8
4.7
2.5
NOTE.-Ohained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992 current-dollar
value of the corresponding series, divided by 100. Because the formula for the chain-tvpe quantity indexes uses weights of more
than one period, the corresponding chained-dollar estimates usually are not additive. Chained (1992) dollar levels and residuals,
which measure the extent of nonadditivity in each table, are found in NIPA tables 1.2, 1.4 and 1.6. Percent changes are calculated
from unrounded data. Percent changes in major aggregates are found in NIPA table 8.1. Contributions of the major components
to the quarter-to-quarter percent change in real GDP are in table 8.2.
Won chains (1992)$'
100 GROSS DOMESTIC PRODUCT
80
60
40
20
0
00
lliLln
PERSONAL CONSUMPTION EXPENDITURES
60
40
20
0
20
Gross domestic product
Equals'. Gross domestic purchases
Real Product;
Change from Preceding Quarter
40
1997
I
III
CHART 1
0
FIXED INVESTMENT
.1.11
-0.1
•20
:
40 CHANGE IN BUSINESS INVENTORIES
20
0 .... M..B. M.( ... .^j...•..!.•..•..|^..,•..•..•..
-20
-40
40
20
0
-20
•40
4U
20
0
NET EXPORTS
i—
GOVERNMENT CONSUMPTION EXPENDITURES ANC
.........GROSS.JNVESTMENT
•Jj
| |.
1994
-0 4 ™* Mlr
•..I.^JO.3^. •..—.«....
1995• ,1996
1997
Basfcd on $ea$ona^!Iy Adjusted Annual Rates
U$, Department QfCommefce, Bureau of Economtc Analysts
SURVEY OF CURRENT BUSINESS
March 1998
Personal consumption expenditures
more than accounted for by upturns in business
inventory investment and in net exports.2 However, the "preliminary" estimates show a much
sharper deceleration in real final sales of domestic product—GDP less the change in business
inventories—than was shown by the advance estimates. According to the preliminary estimates,
real final sales of domestic product increased 2.5
percent in the fourth quarter after increasing 4.7
percent in the third; the advance estimates had
indicated a 3.6-percent increase in the fourth
quarter.
Real personal consumption expenditures (PCE)
increased 3.1 percent in the fourth quarter after
increasing 5.6 percent in the third (table 2). Expenditures for durable goods slowed sharply, and
expenditures for nondurable goods turned down;
in contrast, expenditures for services increased
somewhat more than in the third quarter.
Several of the factors usually considered in
analyses of PCE showed strength in the fourth
quarter (chart 2). The unemployment rate fell to
4.7 percent, its lowest rate in more than 25 years.
Real disposable personal income accelerated to
4.5 percent from 2.6 percent. The Index of Consumer Sentiment (prepared by the University of
Michigan's Survey Research Center) slipped only
slightly from its highest level in 45 years.
Expenditures for durable goods increased only
1.7 percent after jumping 18.4 percent. Motor vehicles and parts decreased after increasing
sharply; the downturn mainly reflected a downturn in purchases of new autos and a deceleration
in purchases of new trucks, but net purchases
of used cars and purchases of parts also contributed. Furniture and household equipment
and "other" durable goods expenditures both increased less than in the third quarter. In furniture
and household equipment, most of the slowdown
was accounted for by computers.
Expenditures for nondurable goods decreased
i.o percent after increasing 4.3 percent. The
Real gross domestic purchases—GDP less exports of goods and services plus imports of
goods and services—increased 3.5 percent in the
fourth quarter after increasing 4.3 percent in the
third.3 A downturn in business fixed investment
and a deceleration in consumer spending more
than offset a sharp upturn in business inventory
investment.
The price index for gross domestic purchases
increased 1.4 percent in the fourth quarter after increasing 1.3 percent in the third. The price
index for GDP increased 1.4 percent in both the
third and fourth quarters.
2. NIPA table 8.2 (on page D-25 in this issue) shows the contributions of
the major components to the quarter-to-quarter percent change in real GDP.
3. Gross domestic purchases is a measure of purchases by U.S. residents
regardless of where the purchased goods and services are produced.
Table 2.—Real Personal Consumption Expenditures
[Seasonally adjusted at annual rates]
Billions of chained (1992) dollars
Percent change from preceding
quarter
Level
Change from preceding quarter
1997
1997
1997
IV
Personal consumption expenditures
Durable goods
Motor vehicles and parts
Of which:
New autos
New trucks
Furniture and household equipment
Other
Services
Housing
Household operation
Electricity and gas
Other household operation
Transportation
Medical care
Other
61.7
11.3
66.8
658.9
237.4
20.7
^8.8
27.1
15.6
..
.
.
79.4
61.2
5.4
-10.3
2.6
-.8
-5.9
-2.7
304.4
122.9
10.6
1,461.9
687.4
279.3
117.0
9.9
370.2
16.6
2,812.9
719.2
302.7
119.5
182.9
206.7
720.5
864.5
25.7
NOTE.—See note to table 1 for an explanation of chained (1992) dollar series. Chained (1992)
dollar levels and residuals are found in NIPA tables 2.3, 8.5 (autos), and 8.7 (trucks). Percent
changes in major aggregates are in NIPA table 8.1.
5.1
5.6
7.1
-.1
-.9
5.4
3.5
-3.7
-3.9
.1
2.3
7.3
15.9
4.9
-1.7
-7.8
-3.4
-3.3
1.4
.7
-.3
25.9
3.7
6.2
4.0
2.2
1.6
4.4
10.2
I
IV
III
4,933.5
.
Nondurable goods
Food
Clothing and shoes
Gasoline and oil
Fuel oil and coal
Other
II
I
8.6
5.8
8.8
2.0
15.5
1.3
7.5
.1
.3
6.6
26.3
3.6
1.5
-2.1
3.5
3.0
5.4
12.6
37.3
2.8
-1.3
-2.9
3.5
3.3
1.2
-3.6
-2.1
-2.0
.8
-.5
.2
36.8
3.6
7.0
3.8
3.2
2.8
6.3
17.4
5.3
14.1
9.9
13.8
-5.6
16.1
18.6
4.7
3.3
10.9
-.5
-31.3
6.2
3.9
2.0
-5.0
-12.6
.3
4.8
4.2
8.1
IV
III
' II
0.9
-5.4
5.6
-16.6
18.4
31.2
-26.6
-18.1
7.0
55.7
52.9
12.7
-5.3
6.7
-2.1
^3.6
-4.7
4.3
.8
5.3
11.5
.4
3.1
1.7
-2.2
-13.2
25.8
4.5
4.3
-1.0
-1.2
-2.8
-.3
7.5
2.6
-17.1
.2
3.9
2.1
8.9
3.9
2.0
2.1
5.4
2.0
9.7
32.5
14.7
5.3
3.3
2.5
5.1
13.4
-6.9
8.2
6.1
3.1
6.2
13.9
7.2
5.5
3.6
8.5
SURVEY OF CURRENT BUSINESS
weakness was widespread but was most pronounced in clothing and shoes and in "other"
nondurable goods.
Expenditures for services increased 5.4 percent
after increasing 3.9 percent. Household operation
accelerated, reflecting an upturn in electricity
and gas. "Other" services increased more than
in the third quarter; net foreign travel turned
up, reflecting an increase in U.S. residents' travel
abroad and a decrease in foreign residents' travel
in the United States, and recreational services increased about twice as much in the fourth quarter
as in the third.
CHART 2
Selected Factors
Affecting Consumer Spending
Percent change
15
REAL DISPOSABLE PERSONAL INCOME'
10
5
0
-5
lill ui.c-iiii
I
-10
Percent
10
UNEMPLOYMENT RATE 2
Nonresidential fixed investment
imimiiii
Real private nonresidential fixed investment decreased 3.5 percent in the fourth quarter after
jumping 19.2 percent in the third (table 3). Both
structures and producers' durable equipment
(PDE) turned down; however, the downturn in
PDE was much more pronounced.
Factors that affect investment spending have
been generally favorable over the past four quarters: Real final sales of domestic product increased 3.2 percent; the capacity utilization rate in
manufacturing increased from 81.4 to 82.1; longterm interest rates decreased—for example, the
yield on high-grade corporate bonds decreased
from 7.52 percent to 6.79 percent; and domestic
corporate profits increased at an annual rate of
18.6 percent through the first three quarters of
Index
110
CONSUMER SENTIMENT1
100
90
80
70
_L
60
1994
1995
1996
March 1998
1997
1. Disposable personal income in chained (1992) dollars: seasonally adjusted annual rates.
2. All civilian workers. seasonally adjusted.
Data: U.S. Department of Labor, Bureau ol Labor Statistics
3. Data: University ol Michigan's Survey Research Center.
U.S. Department ol Commerce, Bureau of Economic Analysis
Table 3.—Real Gross Private Domestic Fixed Investment
[Seasonally adjusted at annual rates]
Percent change from preceding
quarter
Billions of chained (1992) dollars
Level
Change from preceding quarter
1997
1997
1997
Gross private domestic fixed investment
Nonresidential
Structures
Nonresidential buildings including farm
Utilities
Mining exploration shafts and wells
Other
Producers' durable equipment
Information processing and related equipment
Computers and peripheral equipment
Other
Industrial equipment
Transportation and related equipment
Of which' Motor vehicles
Other
Residential
Single-family structures
Multifamily structures
Other
1,149.2
866.6
194.5
145.8
28.2
13.0
7.5
679.7
324.9
248.8
131.5
126.6
139.5
120.1
110.8
286.7
138.9
21.0
127.5
NOTE.—See note to table 1 for an explanation of chained (1992) dollar series. Chained (1992)
dollar levels and residuals are found in NIPA tables 5.5, 8.5 (autos), and 8.7 (trucks). Percent
changes in mapr aggregates are in NIPA table 8.1.
II
I
IV
10.3
8.1
-1.0
1.7
-2.0
-.2
-.5
9.9
11.0
13.4
2.2
-1
-2.2
3.9
3.6
2.2
0
1.6
.7
II
I
IV
III
IV
III
32.4
37.9
-0.1
3.9
12.6
14.4
0
28.1
-2.4
^3.0
37.5
-7.9
-2.2
-4.3
41
19.2
-3.5
^t.3
4.4
-24.7
14.6
-4.7
-7.6
17.4
^».1
-18.3
1.2
-.6
.1
3.2
3.0
-.7
.4
.4
32.7
15.5
20.3
36.0
23.6
24.4
2.9
6.7
8.5
7.1
2.1
10.8
3.0
5.4
3.0
4.9
.3
.8
4.0
1.9
-.8
-.8
3.6
-2.1
.2
-.4
2.4
-5.6
4.4
8.3
0
1.0
-7.3
.1
-1.3
6.6
3.2
1.4
2.0
-2.1
-<J3.1
11.3
6.7
23.0
24.0
48.4
17.2
32.9
7.6
-.3
9.9
-6.8
14.6
12.5
24.8
29.5
-7.0
12.1
3.3
0
7.4
7
41.1
17.6
14.4
2.3
6.7
8.3
-8.2
13.9
34.0
24.1
35.8
53.3
24.9
7.2
35.8
20.2
11.4
2.7
-10.8
2.1
-11.5
362.9
-3.3
5.6
14.6
0
3.2
-18.4
.3
^».3
-2.3
9.7
9.8
-15.6
31.4
12.4
6.4
SURVEY OF CURRENT BUSINESS
March
1997 (profits data for the fourth quarter are not
yet available).
PDE decreased 3.3 percent in the fourth quarter
after jumping 24.1 percent in the third. All the
major components contributed to the downturn.
Information processing equipment, particularly
computers and peripheral equipment, increased
much less than in the third quarter. Transportation equipment turned down, reflecting a
downturn in aircraft. "Other" equipment, particularly agricultural equipment and farm tractors,
decreased after increasing. Industrial equipment
increased less than in the third quarter.
Structures decreased 4.3 percent after increasing 6.7 percent. The downturn was more than
accounted for by a downturn in investment
in nonresidential buildings; industrial buildings,
"other" buildings, commercial buildings, and
hospital and institutional buildings each turned
down. In addition, investment in mining exploration, shafts, and wells decreased after increasing. In contrast, investment in utilities changed
little after decreasing, and investment in "other"
structures increased more in the fourth quarter
than in the third; the fourth-quarter increase in
"other" structures was the result of the sale by the
Federal Government to a private business of the
Naval Petroleum Reserve at Elk Hills, California. 4
Residential investment
Real residential investment increased 9.7 percent
in the fourth quarter after increasing 2.7 percent in the third (table 3). The acceleration
was accounted for by single-family and multifamily structures, both of which increased after
decreasing.
Single-family structures increased 9.8 percent
after decreasing 2.3 percent, and multifamily construction increased 31.4 percent after decreasing
15.6 percent. "Other" residential investment increased 6.4 percent after increasing 12.4 percent.5
A sharp slowdown in brokers' commissions more
than offset an acceleration in home improvements. The slowdown in brokers' commissions
4. The structures at the Elk Hills Naval Petroleum Reserve were sold for
so.8 billion, or $3.2 billion at an annual rate. In the NIPA'S, this transaction is
recorded as offsetting entries in government gross investment and in private
nonresidential structures. The remaining value of the sale, which consists of
land and subsoil assets, is treated as the sale of nonproduced assets and is
excluded from the NIPA'S. Because GDP is measured on an accrual basis, the
sale—which was closed in February 1998 but was made retroactive to October
i, 1997—was recorded in the fourth quarter in the NIPA'S.
5. "Other" residential investment includes home improvements, new mobile home sales, brokers' commissions on home sales, residential equipment,
and other residential structures (which consists primarily of dormitories,
fraternity and sorority houses, and nurses' homes).
reflected a deceleration in home sales that occurred despite a decrease in the commitment
rate on 30-year, fixed-rate mortgages from 7.47
percent to 7.20 percent (chart 3).
Inventory investment
Real inventory investment—that is, the change
in business inventories—increased $26.5 billion
in the fourth quarter, as inventory accumulation picked up to $74.0 billion from $47.5 billion
(table 4). In contrast, inventory investment had
decreased $30.1 billion in the third quarter, as accumulation had slowed from $77.6 billion in the
second quarter.
Retail trade inventories increased $16.5 billion
in the fourth quarter after increasing $2.8 billion in the third. Most of the step-up was
accounted for by inventories of motor vehicle
dealers, which increased substantially after four
consecutive quarterly decreases. Inventories of
other durable goods increased more than in the
third quarter.
Manufacturing inventories increased $22.3 billion after increasing $14.8 billion.
Most of
the step-up was in nondurable goods industries,
largely reflecting an upturn in petroleum products and accelerations in chemicals and in food.
In the durable goods industries, step-ups in other
transportation equipment and in "other" durable
goods were partly offset by a downturn in motor
vehicle inventories.
CHART 3
Selected Interest Rates
Percent
12
10
Prime Rate
3-Month Treasury Bills
1994
1995
1996
Data: Federal Reserve Board
U.S. Department of Commerce, Bureau of Economic Analysis
1997
SURVEY OF CURRENT BUSINESS
March 1998
Exports and imports
Wholesale trade inventories increased $19.8 billion after increasing $14.9 billion. The step-up
was mainly in nondurable goods and was more
than accounted for by groceries, by apparel, and
by farm products. In durable goods, a step-up
in "other" durable goods was mostly offset by a
downturn in motor vehicles.
"Other" nonfarm inventories increased about
as much as in the third quarter.6
Farm inventories increased $9.8 billion after increasing $9.5 billion. As in the third quarter, an
increase in crop inventories more than offset a
small decrease in livestock inventories.
The ratio of real nonfarm inventories to real
final sales of domestic businesses increased to 2.29
in the fourth quarter from 2.27 in the third. A
different ratio, in which final sales are limited
to goods and structures, increased to 4.15 from
4.10. For both measures, the fourth-quarter ratio
is close to its average in recent years.
Real exports of goods and services increased 10.0
percent in the fourth quarter after increasing 4.4
percent in the third (table 5). Real imports of
goods and services increased 6.4 percent after
increasing 14.6 percent.
Real exports of goods increased 14.5 percent after increasing 3.4 percent; exports of.both agricultural and nonagricultural goods increased more
than in the third quarter. Much of the step-up
in nonagricultural exports was accounted for by
an acceleration in nonautomotive capital goods,
which reflected an upturn in exports of civilian
aircraft; in contrast, computers, peripherals, and
parts turned down, and "other" nonautomotive
and noncomputer goods increased less than in
the third quarter.7 The step-up in nonagricultural
exports also reflected upturns in automotive vehicles, engines, and parts and in consumer goods
except automotive and an acceleration in foods,
6. "Other" nonfarm inventories includes inventories held by the following industries: Mining; construction; public utilities; transportation;
communication; finance, insurance, and real estate; and services.
7. Exports and imports of nonautomotive capital goods include both
parts and equipment. However, parts are not included either in the producers' durable equipment component of business fixed investment or in the
equipment component of government investment.
Table 4.—Real Change in Business Inventories
[Billions of chained (1992) dollars; seasonally adjusted at annual rates]
Change from preceding quarter
Level
.
63.7
32.9
6.4
Farm
Nonfarm
Manufacturing
Wholesale trade
Retail trade
Of which'. Motor vehicle dealers
Other
II
I
IV
Change in business inventories .
1997
1997
1996
26.5
12.3
9.4
.9
-4.7
3.9
77.6
70.1
29.0
24.6
58.3
20.9
22.9
9.5
9.8
64.4
22.3
19.8
16.5
38.3
14.8
14.9
7.7
.6
2.8
-.6
5.7
-3.7
-2.5
13.7
74.0
47.5
7.5
5.3
IV
III
8.9
I
II
30.8
13.9
11.8
31.8
8.1
1.7
7.1
8.6
13.5
-.3
2.2
9.8
9.5
5.9
-40.1
2.2
-1.1
IV
III
-1.2
-4.8
26.5
2.0
.3
-31.8
-14.2
26.1
7.5
4.9
-9.7
-^.9
13.7
10.1
3.1
.2
-3.2
NOTE.—See note to table 1 for an explanation of chained (1992) dollar series. Chained (1992)
dollar levels and residuals are in NIPA table 5.11.
Table 5.—Real Exports and Imports of Goods and Services
[Seasonally adjusted at annual rates]
Billions of chained (1992) dollars
Level
Percent change from preceding
quarter
Change from preceding quarter
1997
1997
Exports of goods and services
Goods
.. .
Agricultural goods
Nonagricultural goods
Services
IV
I
II
996.4
757.0
21.6
20.0
-4.0
25.6
39.8
39.6
53.0
707.4
244.5
Imports of goods and services
Goods
Petroleum and products
Nonpetroleum products
Services
1,154.9
988.4
Addendum: Net exports of goods and services
-158.5
68.6
920.1
168.0
NOTE.—See note to table 1 for an explanation of chained (1992) dollar series. Chained (1992)
dollar levels and residuals are found in NIPA table 4.4. Percent changes in major aggregates
are found in NIPA table 8.1.
1997
2.1
42.3
33.8
-1.8
37.0
8.4
-20.7
-.5
41.2
1.9
50.2
47.1
5.9
40.6
3.4
-10.3
10.5
6.0
2.3
3.3
4.2
38.0
34.3
1.1
33.4
4.0
-27.5
II
I
IV
III
23.4
25.2
3.5
21.3
-.5
17.8
15.7
-.6
16.4
2.2
5.6
9.9
12.6
-27.6
17.7
3.7
17.9
16.7
-10.8
20.0
24.2
IV
III
18.4
25.1
-4.2
28.2
3.2
20.5
22.9
44.5
21.1
8.9
4.4
3.4
20.6
1.9
7.2
14.6
15.4
6.3
16.2
10.1
10.0
14.5
31.6
13.0
-.8
6.4
6.6
-5.2
7.5
5.4
SURVEY OF CURRENT BUSINESS
March 1998
feeds, and beverages. Exports of services decreased 0.8 percent after increasing 7.2 percent,
primarily reflecting a downturn in travel and a
slowdown in "other private services," which includes such services as educational, financial, and
telecommunications.
Real imports of goods increased 6.6 percent
after increasing 15.4 percent; imports of petroleum and products turned down, and imports of
nonpetroleum goods slowed considerably. Much
of the slowdown in nonpetroleum imports was
accounted for by a slowdown in nonautomotive capital goods, particularly in computers and
parts, and by a downturn in automotive vehicles,
engines, and parts. Imports of services increased
5.4 percent after increasing 10.1 percent; the slowdown was primarily accounted for by downturns
in "other private services," which includes such
services as telecommunications and financial, and
in direct defense expenditures.
ing for structures. The fourth-quarter decrease
was the result of the Elk Hills transaction (see
footnote 4).
Federal defense spending increased 1.3 percent after increasing 1.2 percent. Consumption
expenditures increased after decreasing; the upswing was mostly accounted for by expenditures
for durable goods, largely aircraft parts. Investment spending increased less than in the
third quarter; the slowdown was attributable to
spending for equipment.
State and local government spending increased
1.8 percent after increasing 2.3 percent. Consumption expenditures increased less than in the
third quarter, and investment spending decreased
slightly after increasing, reflecting spending for
structures, which decreased after no change, and
spending on equipment, which decelerated.
Government spending
As noted earlier, the preliminary estimate of a 3.9percent increase in real GDP in the fourth quarter
is 0.4 percentage point lower than the advance
estimate (table 7); for 1976-97, the average revision, without regard to sign, was 0.5 percentage
point from the advance estimate to the preliminary estimate. The downward revision to GDP
in the fourth quarter reflected downward revisions to net exports of goods and services and to
consumer spending. These revisions were partly
offset by a large upward revision to inventory
investment.
The downward revision to net exports reflected
the incorporation of newly available Census Bureau data for exports and imports of goods for
December. The December data for exports was
Revisions
Real government consumption expenditures and
gross investment increased 0.4 percent in the
fourth quarter after increasing 1.1 percent in the
third (table 6). Federal Government spending
decreased more in the fourth quarter than in the
third, and State and local government spending
increased less than in the third.
Federal nondefense spending decreased 8.6 percent after decreasing 5.7 percent. Consumption
expenditures decreased more than in the third
quarter, primarily reflecting a larger fourthquarter decrease in employee compensation. Investment spending also decreased more than in
the third quarter, reflecting a downturn in spend-
Table 6.—Real Government Consumption Expenditures and Real Gross Investment by Type
[Seasonally adjusted at annual rates]
Billions of chained (1992) dollars
Percent change from preceding
quarter
Level
Change from preceding quarter
1997
1997
1997
IV
Government consumption expenditures and gross investment
1,274.7
Federal
National defense
Consumption expenditures
Gross investment
Nondefense
Consumption expenditures
Gross investment
-1.3
9.6
-6.8
7.3
311.3
274.2
-9.7
^t.1
-5.7
5.5
3.6
1.9
.
State and local
Consumption expenditures
Gross investment
NOTE.—See note to table 1 for an explanation of chained (1992) dollar series. Chained (1992)
dollar levels and residuals are found in NIPA table 3.8B. Percent changes in major aggregates
are in MPA table 8.1.
3.3
-1.3
.9
-.3
1.3
II
I
IV
III
456.4
37.1
..
II
I
1.3
-2.4
1.0
.6
.4
III
-0.4
3.1
-5.8
6.6
-11.8
7.5
5.4
-5.8
-46.9
8.0
8.5
4.0
25.3
IV
1.1
-1.1
1.2
-.4
15.3
0.4
-2.1
1.3
.9
4.4
17.9
2.8
2.6
.2
1.7
.5
1.4
818.3
5.4
2.4
4.6
3.6
2.7
1.2
2.3
1.8
672.5
145.8
3.3
2.1
3.2
-.8
4.3
.3
3.9
-.3
2.0
6.0
1.9
2.6
.9
2.3
-.7
144.8
126.6
-2.2
-.4
-1.9
-3.2
-1.2
-2.4
4.9
1.7
29.8
-2.4
-5.7
-1.5
-8.6
-3.7
-31.1
-39.7
March 1998 • 7
SURVEY OF CURRENT BUSINESS
in line with the assumption that was used for
the advance estimates, but the increase in the
December data for imports—the largest increase
since March 1993—was much larger than BEA'S
assumption.
The downward revision to government spending largely reflected the Elk Hills transaction.
The downward revision to consumer spending
was more than accounted for by goods and reflected the incorporation of revised retail sales
data for November and December.
The upward revision to inventory investment
mainly reflected the incorporation of revised and
newly available Census Bureau inventory data. In
addition, the upward revision also reflected two
other revisions: A special adjustment to remove
the effects of a large, one-time "write-down" in
the inventories of an aircraft manufacturer, and
a revision to the inventory valuation adjustment
to reflect the incorporation of newly available
data for November on the refiners' acquisition
price of petroleum and the incorporation of revised producer price indexes for September and
newly available indexes for January that are used
in calculating yearend inventory values.
The small downward revision to private nonresidential structures was accounted for by a
downward revision to purchases of new structures that more than offset the upward revision
due to the Elk Hills transaction. The downward
revision to purchases of new structures reflected
the incorporation of revised data for October and
November and newly available data for December
on the value of construction put in place.
The preliminary estimates of the increases in
the price indexes for gross domestic purchases
and for GDP were each 1.4 percent; each was o.i
percentage point lower than the advance estimate.
The preliminary estimate of real disposable
personal income increased 4.5 percent, 0.2 percentage point lower than the advance estimate;
cur rent-dollar personal income was revised down
slightly, and personal tax and nontax payments
were revised up. The preliminary estimate of
the personal saving rate—personal savings as a
percentage of cur rent-dollar disposable personal
income—was 3.8 percent, o.i percentage point
lower than the advance estimate. C3
Table 7.—Revisions to Real Gross Domestic Product and Prices,
Fourth Quarter 1997
[Seasonally adjusted at annual rates]
Percent change from
preceding quarter
Advance
estimate
4.3
Gross domestic product
Less' Exports of goods and services
Goods
Services
..
11.3
16.0
.2
Preliminary
estimate
3.9
10.0
14.5
-.8
Preliminary estimate
minus advance
estimate
Percentage
points
-0.4
-7.0
-1.3
-1.5
-1.0
-2.9
-2.4
Plus' Imports of goods and services
Goods
Services
1.3
.5
5.7
6.4
6.6
5.4
5.1
6.1
-.3
Equ3ls\ Gross domestic purchases
3.1
3.5
.4
Personal consumption expenditures
Durable goods
Nondurable goods
Services
3.2
2.6
-.4
5.1
3.1
1.7
-.1
-.9
-.6
.3
Fixed investment
Nonresidential
Structures
Producers' durable equipment
Residential
.1
-0.6
-2.7
-3.9
10.4
-1.0
5.4
0
-0.5
-^.3
-3.3
9.7
-.1
.1
-1.6
.6
-7
Change in business inventories
Nonfarm .
Farm
Government consumption expenditures and gross investment
Federal
National defense
Nondefense
State and local
Addenda:
Final sales of domestic product
Gross domestic purchases
price index l
GDP orice index1
Billions of
chained
(1992)
dollars
-.6
14.1
14.5
-.1
7.5
-1.5
-1.4
-2.2
1.9
-.4
.1
-.8
1.2
-.4
14.1
14.7
-.7
1.6
.7
2.9
^3.8
.4
-2.1
1.3
-8.6
2.1
1.8
3.6
1.5
1.5
2.5
1.4
1.4
-1.2
-2.8
-1.6
-4.8
-.3
-1.1
-3.8
^3.1
-1.3
-1.8
-.7
-20.1
-.1
-.1
1. Based on chained-type annual (1992) weights.
NOTE.—The preliminary estimates for the fourth quarter of 1997 incorporate the following revised or additional major source data
that were not available when the advance estimates were prepared.
Personal consumption expenditures: Revised retail sales for November and December, consumers' share of new-car purchases
for December, revised average unit value for domestic new autos for October through December, consumers' share of new-truck
purchases for December, and residential electricity usage for October.
Nonresidential fixed investment: Construction put in place for October and November (revised) and December, manufacturers' shipments of machinery and equipment for November and December (revised), and exports and imports of machinery and equipment
for November (revised) and December.
Residential fixed investment: Construction put in place for October and November (revised) and December.
Change in business inventories: Manufacturing, retail trade, and wholesale trade inventories for November (revised) and December.
Exports and imports of goods and services: Exports and imports of goods for November (revised) and December.
Government consumption expenditures and gross investment: Monthly Treasury Statement detailed data for December, Department
of Defense detailed financial reports for the quarter, State and local government construction put in place for October and November
(revised) and December.
Wages and salaries: Employment, average hourly earnings, and average weekly hours for November and December (revised).
GDP prices: Detailed merchandise export and import price indexes for October through December (revised), values and quantities
of petroleum imports for November (revised) and December, and housing prices for the fourth quarter.
8
SURVEY OF CURRENT BUSINESS
March 1998
Federal Budget Estimates, Fiscal Year 1999
By Kurt S. Bersani and Ann M. Groszkiewicz
HE FEDERAL Budget of the United States Government for fiscal year 1999 that was released
by the President shows a $9.5 billion surplus, a
turnaround from a $10.0 billion deficit in fiscal
year 1998.1 The fiscal year 1999 surplus reflects the
administration's proposed legislation and program changes, the economic assumptions used in
making the budget projections, and the laws that
have already been enacted.2
This article summarizes the proposed legislation and program changes in the administration's
budget and the budget estimates. It then presents
the budget receipts and outlays in the framework
of the national income and product accounts,
which are designed to show the composition of
production and the distribution of the incomes
earned in production. This framework, which
differs in concept and timing from the budget,
provides a means of gauging the effects of the
Federal budget on aggregate measures of U.S.
economic activity.
T
Proposed legislation and program changes
The fiscal year 1999 budget presents proposed
legislation that increases receipts by $12.9 billion
(table i). The largest proposal is a tobacco industry settlement that would add $9.8 billion to
receipts. Proposals to increase receipts both from
insurance companies and from corporate-owned
life insurance policy holders who borrow against
their policies would total $2.3 billion: A proposed modification of the existing tax rules for
life insurance annuity contracts would amount
to $1.8 billion, and a proposal to repeal certain
tax deductions of interest on corporate-owned
life insurance policy loans would amount to $0.4
1. Estimates of the Budget of the United States Government are presented
on a fiscal year basis. See Executive Office of the President, Office of Management and Budget, Budget of the United States Government, Fiscal Year 1999
(Washington, DC: U.S. Government Printing Office, 1998).
2. Estimates of the administration's proposed legislation and program
changes are derived by BEA as the difference between the "current-services"
estimates included in the budget and the total budget. The current-services
estimates, which are based on the economic assumptions underlying the
budget, are designed to show what Federal receipts and outlays would be if
no changes are made to the laws that are already enacted. In concept, these
estimates are neither recommended amounts nor forecasts; they form a baseline with which administration or congressional proposals can be analyzed.
billion. A proposed extension of corporate environmental and excise taxes for the Hazardous
Substance Superfund Trust Fund would add $1.8
billion.
Table 1.—Relation of Current-Services Estimates to the
Budget
[Billions of dollars]
Fisca year
1998
1999
1 6579
1 7298
_1
129
Research and experimentation tax credit
International trade provisions
Energy efficiency and the environment
Education incentives
Child care
Other
-.4
2
-8
-6
-4
-4
-3
-7
Subtotal' Tax relief (including offsets)
_5
-32
Receipts
Current-services estimates
Plus' Propos8d legislation
Tobacco settlement legislation
Reserve rules for life insurance annuity contracts
Reinstate environmental tax imposed on corporate
income
Reinstate Superfund excise taxes
Replace sales-source rules with activity-based rules ..
Preclude premature claiming of losses from
receivables
Corporate-owned life insurance rules
Repeal lower-of-cost-or-market inventory accounting
method
Other
Subtotal: Other provisions that affect receipts
Equsls'. The budget
Outlays
Current-services estimates
Plus' Program changes .
National defense
Income security
Net interest
Medicare
Education, training, employment, and social services
Veterans benefits and services
Transportation
Administration of justice
Natural resources and environment
General government
Agriculture
Commerce and housing credit
Allowances '
Other
Equsls' The budget
Current-services surplus or deficit (—)
. ..
Proposed changes, receipts less outlays
Administration budget surplus or deficit (—)
0
0
98
18
1
11
7
6
3
.4
4
1
4
9
o
.4
16.2
1 6579
1 7427
1 6678
1 7324
o
o
1
o
o
-.2
o
o
o
0
o
0
o
8
1
-44
13
_3
_2
-.2
-1 0
_3
8
-5
36
-4
-4
33
-5
1 6678
1 7332
-99
-1
-26
121
95
-100
1. Allowances include funding for emergencies, such as natural disasters, for unforeseen defense and nondefense costs, and for unanticipated nonemergency expenses of the year 2000
conversion.
Source: The Budget of the United States Government, Fiscal Year 1999.
SURVEY OF CURRENT BUSINESS
Proposed legislation that would reduce receipts
consists of various tax credits and other tax
changes. A proposal to extend a tax credit for certain research and experimentation expenditures
through June 30, 1999, would reduce receipts by
$0.8 billion. A proposal to modify international
trade provisions would reduce receipts by an additional $0.6 billion. More than 90 percent of
this reduction would come from extending to
September 30, 2001, the provisions in the General System of Preferences (GSP) that eliminate
duty on certain goods from eligible developing
countries. In addition, the following proposals,
none of which total more than $0.4 billion, would
reduce receipts: Tax credits to businesses for purchasing energy-efficient equipment, tax credits
for certain education initiatives, and increased tax
credits for child care.
The budget proposes program changes that
would increase total outlays by a net $0.8 billion
in fiscal year 1999. Among the program changes
that would increase outlays, the largest is for
general government, which would be augmented
by $3.6 billion.3 Much of this increase would
fund Internal Revenue Service improvements in
customer service, electronic data collection, and
communication.
A proposed $3.3 billion increase in allowances
would be used for emergencies—such as natural disasters—for unexpected defense expenditures, and for any unanticipated nonemergency
expenses caused by the year 2000 conversion. Income security would increase by $1.3 billion, the
largest portion of which is a $0.5 billion proposal
to restore food stamps to legal immigrants.
The budget proposes an $0.8 billion increase
for the administration of justice. Programs to
reduce violent crime and to control and prevent
juvenile crime would each receive $0.3 billion in
additional funding. Proposals to increase the
number of border patrol agents and to improve
wireless communication would increase funding
for each by $0.1 billion.
The largest proposed decreases in outlays are
$4.4 billion for national defense and $1.0 billion
for veterans benefits and services. The reduction in national defense spending would result
primarily from the increased privatization and
outsourcing of support functions, which would
reduce the number of personnel associated with
support activities and infrastructure. Most of the
decrease in veterans benefits and services would
3. General government includes such activities as tax collection; administration of the public debt; and personnel, general property, and administrative
management.
March 1998
result from a proposal to reinstate restrictions on
tobacco-related disability-compensation benefits.
These benefits would be reduced by $0.7 billion as
a result of reinstituting a policy that restricts benefits for veterans for tobacco-related disabilities
that originated from tobacco use during military
service. The remainder of the decrease in outlays is accounted for by other proposals, none of
which amount to more than $0.5 billion.
The budget estimates
In the budget, receipts in fiscal year 1999 are projected to increase $84.9 billion, or 5.1 percent, to
$1,742.7 billion (table 2). Receipts in 1998 are projected to be $1,657.9 billion, up 5.0 percent from
1997. The projected increase in 1999 is mostly accounted for by increases in social insurance taxes
and contributions, individual income taxes, and
excise taxes. Projected increases in receipts from
social insurance taxes and contributions and from
individual income taxes are based on administration assumptions that incomes will increase as a
result of real economic growth and inflation. A
projected increase in excise tax receipts is based
on administration assumptions of increased economic activity in 1999 after a slowdown in 1998
and on higher aviation taxes as a result of the Tax
Reform Act of 1997. Miscellaneous receipts are
projected to increase $13.2 billion, $9.8 billion of
which is accounted for by the proposed tobacco
industry settlement.
Total budget outlays in fiscal year 1999 are projected to increase $65.4 billion, or 3.9 percent, to
$1,733.2 billion (table 3). Outlays in 1998 are projected to be $1,667.8 billion, up 4.2 percent from
1997. The projected increase in 1999 is mostly
accounted for by increases in four areas:
• Social security—An increase of $14.7 billion is accounted for by a $14.7 billion
increase from current-services outlays that
mainly reflects the cost-of-living adjustments
Table 2.—Budget Receipts by Source
[Billions of dollars]
Level for fiscal year
1996
Budget receipts
Individual income taxes
Corporation income taxes
Social insurance taxes and
contributions
Excise taxes
Estate and gift taxes
Customs duties
Miscellaneous receipts /.
1997
1998
Change from preceding
fiscal year
1999
1997
1998
1999
1,657.9
1,742.7
126.3
78.6
84.9
767.8
190.8
791.5
198.0
81.1
10.5
30.3
23.7
539.4
571.4
595.9
30.0
56.9
19.8
17.9
25.5
55.5
20.4
18.4
33.5
72.0
20.5
18.2
46.7
32.0
-1.4
1,453.0
1,579.3
656.4
171.8
737.5
182.3
509.4
54.0
17.2
18.7
25.5
Source: The Budget of the United States Government, Fiscal Year 1999.
2.9
2.6
-.8
0
8.5
.6
.4
8.1
7.1
24.5
16.5
.1
-.2
13.2
SURVEY OF CURRENT BUSINESS
IO • March 1998
and assumptions about inflation and about
the number of beneficiaries in these programs. Most of the increase in social security
is accounted for by old-age and survivors
insurance benefits ($12.1 billion).
• Income security—An increase of $13.5 billion
is accounted for by an increase of $12.3 billion in current-services outlays and of $1.3
billion in program changes. The increase is
distributed over a variety of programs, including unemployment compensation, Federal employee retirement and disability, child
care entitlement to States, and food stamps.
• Health—An increase of $9.7 billion is accounted for by a $9.8 billion increase in
current-services outlays. Most of the increase
is accounted for by an increase of $6.9 billion
for medicaid, reflecting assumptions about
inflation and the number of beneficiaries in
this program. The remaining increases are
primarily accounted for by an increase in the
Children's Health Insurance Program ($1.5
billion) to provide insurance for currently
uninsured children and by an increase for the
National Institutes of Health ($1.0 billion) for
biomedical research.
• Medicare—An increase of $9.1 billion is more
than accounted for by a $9.4 billion increase
in current-services outlays. The increase is
based on the assumptions about inflation
and the about number of beneficiaries in this
program.
Relation between budget and NIPA estimates
BEA prepares estimates of the Federal sector in
the framework of the national income and product accounts (NIPA'S), which may be used for
such purposes as macroeconomic analyses of the
impact of changes in Federal receipts and expenditures on gross domestic product and its
components. BEA makes adjustments to the
budget estimates to bring them into line with
NIPA concepts and definitions.4 One major conceptual difference is the treatment of government
investment; in the NIPA'S, the treatment of government investment in fixed assets and the cost
of using these assets is symmetrical with the
treatment of fixed investment in the private sector. Transfers of nonproduced assets, such as the
sale of land, are excluded from the NIPA'S because they do not affect current production. The
NIPA'S also exclude transactions with Puerto Rico
4. For a detailed discussion of the reconciliation, see Government Transactions, Methodology Paper No. 5 (November 1988). (This paper is available
from the National Technical Information Service, accession no. PB 90-118480,
and at BEA'S Web site, <http://www.bea.doc.gov>.)
In addition, as part of the comprehensive NIPA revision released in January 1996, several changes were made to the definitions and classifications
used to measure the Federal sector. For a discussion of these changes, see
"Preview of the Comprehensive Revision of the National Income and Product
Accounts: Recognition of Government Investment and Incorporation of a
New Methodology for Calculating Depreciation," SURVEY OF CURRENT BUSINESS 75 (September 1995): 33-41; and "Improved Estimates of the National
Income and Product Accounts for 1959-95: Results of the Comprehensive
Revision," SURVEY 76 (January/February 1996): 1-31.
Table 4.—Relation of Federal Government Receipts in the
NIPA's to the Budget
[Billions of dollars]
Table 3.—Budget Outlays by Function
f:iscal year
[Billions of dollars]
1997
Change from preceding
fiscal year
Level for fiscal year
1996
Budget outlays
Social security
National defense
Income security
Net interest
Medicare
Health
Education, training, employment, and
social services
Veterans benefits and services
Transportation
Administration of justice
Natural resources and environment
General science, space, and technology
General government
International affairs
Agriculture
Community and regional development
Commerce and housing credit
Allowances
Energy
Undistributed offsetting receipts
1997
1999
1997
1998
1999
1,560.5
1,601.2
1,667.8
1,733.2
40.7
66.6
65.4
349.7
265.7
226.0
241.1
174.2
119.4
365.3
270.5
230.9
244.0
190.0
123.8
381.5
264.1
239.3
242.7
198.1
131.8
396.2
265.5
252.8
241.8
207.3
141.5
15.6
4.7
4.9
2.9
15.8
4.5
16.2
-6.4
8.5
-1.3
8.1
7.9
14.7
1.4
13.5
-.9
9.1
9.7
52.0
37.0
39.6
17.5
21.6
16.7
11.9
13.5
9.2
10.7
-10.6
53.0
39.3
40.8
20.2
21.4
17.2
12.8
15.2
9.0
11.0
-14.6
55.1
43.1
41.5
22.3
23.8
17.1
12.9
14.5
10.6
11.8
3.5
2.8
-37.6
1.5
-50.0
.4
-46.4
Source: The Budget of the United States Government, Fiscal Year 1999.
1998
59.5
43.3
42.3
25.5
23.2
17.6
17.2
14.5
11.0
10.9
3.5
3.3
-1.0
^2.5
1.0
2.3
1.2
2.6
-.2
.5
.9
1.7
-1
.3
-4.0
2.1
3.8
.8
2.1
2.5
-.1
.1
-.7
1.5
.8
18.1
-1.4
-12.4
-1.1
3.6
4.4
.2
.7
3.3
-.6
.5
4.3
0
.4
-.9
0
3.3
-1.4
3.9
Budget receipts
Less' Coverage differences!
Plus: Netting and grossing differences:
Contributions to government employee
retirement funds
Taxes received from the rest of the
2
world
Other3
Timing differences:
Corporate income tax
Federal and State unemployment
insurance taxes
Withheld personal income tax and social
security contributions
Excise taxes
Other
Miscellaneous4
....
Equals: Federal Government receipts, NIPA's ....
1998
1999
1 5793
1 6579
1 7427
26
27
28
71.4
72.2
73.8
-27
-27
-28
365
325
331
91
67
42
-4
o
-3
69
5
-1 8
61
-1 4
o
-85
-26
-23
-42
1,695.5
1,765.9
1,833.9
o
o
1. Consists largely of the Federal Communication Commission Universal Service Fund receipts and contributions for social insurance by residents of U.S. territories and Puerto Rico.
2. Taxes received from the rest of the world are included in the budget and netted against
expenditures (transfer payments) in the NIPA's.
3. Consists largely of proprietary receipts that are netted against outlays in the budget and
classified as receipts in the NIPA's.
4. Consists largely of Treasury receipts from sales of foreign currencies to Government agenSources: The Budget of the United States Government, Fiscal Year 1999 and the Bureau
of Economic Analysis.
NIPA National income and product accounts
SURVEY OF CURRENT BUSINESS
and the U.S. Territories, whose residents by NIPA
definition are not U.S. residents, and transactions of the Federal Communication Commission
Universal Service Fund, which pass through a
nonprofit institution that is regulated by the
Federal Communication Commission.
NIPA receipts differ from budget receipts because of differences in coverage, in netting and
grossing (which provide additional information
on items that are recorded on a net basis in
the budget), and in timing (table 4). For most
years, the difference between NIPA receipts and
budget receipts primarily reflects contributions
to government employee retirement funds and
proprietary receipts. In the budget, the contributions are included in outlays both as expenditures
and as offsetting receipts and thus net to zero;
in the NIPA'S, they are recorded as receipts in
Table 5.—Relation of Federal Government Current
Expenditures in the NIPA's to the Budget
March 1998 • 11
order to provide separate detail on government
retirement funds. In the budget, some proprietary receipts are netted against outlays, but in
the NIPA'S, they are treated as receipts. For 1999,
NIPA receipts would exceed budget receipts by
$91.2 billion; contributions to government employee retirement funds would be $73.8 billion,
and proprietary receipts would be $33.1 billion.
NIPA current expenditures differ from budget
outlays because of differences in coverage, in netting and grossing, and in timing. They also
differ because of the NIPA treatment of government investment in fixed assets and because of
the exclusion of financial transactions, such as
loans, and the exclusion of sales of nonproduced
assets (table 5).5 For most years, the difference
between the NIPA and budget estimates primarily reflects the netting and grossing differences
and the treatment of government investment.
NIPA current expenditures includes the consumption of fixed capital, which is not recognized in
[Billions of dollars]
5. Most of the proceeds of the sale of the naval petroleum reserve in
Elk Hills, California, was classified as the sale of a nonproduced asset and
was excluded from the NIPA'S. For more information on this sale, see the
"Business Situation" in this issue.
Fiscal year
1998
1997
Budget outlays
Less: Coverage differences:
Geographic l
Financing disbursements from credit
programs
Other?
Financial transactions:
Net lending
Deposit insurance
Other
Plus: Netting and grossing differences:
Contributions to government employee
retirement funds
Taxes received
from the rest of the
3
world
4
Other
Consumption of fixed capital
Timing differences:
National defense consumption
expenditures
Other
5
Equals: Federal Government current
expenditures and gross investment, NIPA's ...
Less* Gross investment6
Equals: Federal Government current
expenditures, NIPA's
1,601.2
1,667.8
1,733.2
95
99
103
-13.4
15
-18.3
33
-15.5
7.0
56
209
148
-.5
-3.8
-2.9
-3.4
-1.3
-4
-99
-6
-38
-2.3
714
722
73.8
-2.7
-2.7
-2.8
365
325
331
714
71 8
723
-3
1.8
-5
.6
1.1
.7
1
1
.1
1,797.4
1,836.8
1,902.3
61 2
583
585
1,736.2
1,778.5
1,843.8
-10.4
-3
1. Consists largely of transfer payments, subsidies, and grants-in-aid to residents of U.S. territories and Puerto Rico.
2. Consists of agencies not in the budget and the Federal Communication Commission Universal Service Fund payments. Also includes net purchases of silver and minor coin metal.
3. Taxes received from the rest of the world are included in the budget and netted against
expenditures (transfer payments) in the NIPA's.
4. Consists largely of proprietary receipts that are netted against outlays in the budget a classified as receipts in the NIPA's.
5. Consists largely of net expenditures of foreign currencies.
6. Gross investment consists of general government and government enterprise expenditures
for fixed assets; inventory investment is included in Federal Government consumption expenditures.
Sources: The Budget of the United States Government, Fiscal 1999 and the Bureau of Economic Analysis.
NIPA National income and product accounts
Table 6.—Relation of National Defense Consumption Expenditures and Gross investment in the NIPA's to National Defense Outlays in the Budget
[Billions of dollars]
>
Net purchases of nonproduced assets:
Outer continental shelf
Other
Miscellaneous
1999
F iscal year
1998
1997
1999
National defense outlays in the budget
270.5
264.1
265.5
Department of Defense military
Military personnel
Operation and maintenance
Procurement
Aircraft
Missiles
Ships
Weapons
Ammunition
Other
Research development test and evaluation
Other
2583
251 4
2527
69.7
69.7
888
927 • 91 8
47.7
43.7
45.5
147
3.7
7.1
3.5
1.2
176
370
151
136
3.3
6.6
3.0
1.1
162
144
3.2
70
2.8
12
170
359
89
Atomic energy and other defense-related activities
Plus' Military assistance purchases
Additional payments to military and civilian
retirement funds
Consumption of general government fixed capital
Less: Grants-in-aid to State and local governments and
net interest paid
Timing difference
Other differences
Equals: National defense consumption
expenditures and gross investment, NIPA's
12.2
2
21.6
57.1
2.7
-3
-.5
35.8
95
12.7
2
21.4
56.7
28
-5
-9
70.5
12.8
2
22.1
56.3
30
11
-10
347.4
341.1
341.1
Less: National defense gross investment1
39.9
36.3
35.4
Equals: National defense consumption
expenditures. NIPA's
307.5
304.7
305.7
1. Gross investment consists of general government and government enterprise expenditures
for fixed assets; inventory investment is included in Federal Government consumption expenditures.
Sources: The Budget of the United States Government, Fiscal Year 1999 and the Bureau
of Economic Analysis.
SURVEY OF CURRENT BUSINESS
12 • March 1998
the budget, and it excludes government investment in fixed assets, which is included in budget
outlays. For 1999, NIPA current expenditures
would exceed budget outlays by $110.6 billion;
contributions to government employee retirement funds would be $73.8 billion, proprietary
receipts would be $33.1 billion, and the consumption of fixed capital would exceed investment by
$14.3 billion.
In the NIPA framework, budget outlays for national defense are included in both consumption
expenditures and gross investment. These outlays
differ from the NIPA estimates for four principal
reasons (table 6).
First, some defense outlays, primarily disbursements for foreign military
sales, are treated as exports in the NIPA'S. Second,
NIPA expenditures are recorded on a delivery basis, and budget outlays are recorded on a cash
basis; thus, in the NIPA'S, all work-in-progress
except shipbuilding is included in the change-inbusiness-inventories component of gross domestic product. Third, in defense outlays, the cost
of the military retirement program is measured
as the cash payment from the military personnel
appropriation account to the military retirement
trust fund. In the NIPA'S, a payment is added
to amortize the unfunded liability for military
retirement benefits earned by military personnel for service before 1985, and a payment is
also added to amortize the unfunded liability
for civilian retirement benefits; these payments
are recorded in the budget as intergovernmental
Table 7—Relation of Administration Budget and NIPA Esti-
mates of Federal Government Receipts and Current Expenditures
[Billions of dollars]
Level for fiscal year
Actual
1997
Estimates
1998
1999
Administration budget:
Receipts
Outlays
Surplus or deficit (-)
1,579.3 1,657.9 1,742.7
1,601.2 1,667.8 1,733.2
NIPA's:
Receipts
Outlays
Surplus or deficit (-) '
1,695.5 1,765.9 1,833.9
1,736.2 1,778.5 1,843.8
Administration budget less
NIPA's:
Receipts
Outlays
Surplus or deficit (-)
-21.9
-40.7
-10.0
-12.6
9.5
-9.9
-91.2
-116.2 -108.0
-135.0 -110.7 -110.6
18.8
2.6
19.4
Change from
preceding fiscal
year
1998
84.8
65.4
19.5
70.4
42.3
28.1
68.0
65.3
8.2
24.3
Fiscal year 1999 NIPA estimates
In the NIPA framework, the current deficit in
fiscal year 1999 would decrease $2.7 billion, to
$9.9 billion, after decreasing $28.1 billion in fiscal year 1998 (chart i). This slowdown is due
to an acceleration in current expenditures and
a deceleration in receipts. The acceleration in
current expenditures is due to accelerations in
grants-in-aid to State and local governments,
transfer payments, and consumption expenditures. The deceleration in receipts is attributable
to a deceleration in corporate profits tax accruals.
In the NIPA framework, Federal current expenditures would increase $65.3 billion in fiscal
year 1999 to $1,843.8 billion (chart 2). Transfer
payments would increase $36.1 billion—$14.5 billion for social security and $10.0 billion for medicare (table 8). Grants-in-aid to State and local
governments would increase $23.4 billion—$6.7
billion for medicaid, $5.3 billion for health care,
and $6.9 for other grants programs. Nondefense
CHART 1
Federal Fiscal Position,
Surplus or Deficit (-)
Billion $
50
1999
78.6
66.6
11.9
-16.2
transactions. Fourth, the NIPA measure includes
general government consumption of fixed capital.
The differences between the budget and NIPA
estimates of receipts, of outlays, and of the current surplus or deficit are summarized in table 7.
Unlike the budget, which would record a surplus in 1999, the NIPA'S would record a deficit
primarily because of the difference in the treatment of government investment in fixed assets;
the consumption of fixed capital that is included
in the NIPA'S is greater than the investment that
is excluded.
2.7
16.8
.1
16.8
1. The NIPA current surplus or deficit reflects trie treatment of government investment which
was introduced in January 1996. Current expenditures now include (1) consumption of fixed capital or general government in consumption expenditures, and (2) consumption of fixed capital
for for government enterpnses as an expense in the calculation of the current surplus of government enterprises. Gross investment in fixed assets by general government enterprises is no
longer classified as a current-account expenditure in the year the asset is purchased but is classified, instead, as an expenditure over the service life of the asset.
Sources: The Budget ol the United States Government, Fiscal Year 1999 and the Bureau
of Economic Analysis.
NIPA National income and product accounts
-350
1989
90
91 92
93 94 95 96
Fiscal Years
•Estimates by OMB and BEA
U.S. Department of Commerce, Bureau ol Economic Analysis
97
98* 99*
SURVEY OF CURRENT BUSINESS
CHART 2
Federal Government Current Expenditures,
NIPA Framework
Billion $
900
Transfer Payments
800
700
600
March 1998 •
consumption expenditures would increase $8.0
billion.
In the NIPA framework, Federal receipts would
increase $68.0 billion in fiscal year 1999 to $1,883.9
billion (chart 3): $57.5 billion of the increase is
due to a higher tax base, and $10.5 billion is due
to proposed legislation (table 9). The increase
in total receipts reflects increases in contributions for social insurance ($30.3 billion), personal taxes ($22.7 billion), indirect business taxes
500
400
CHART 3
National Defense Consumption
Expenditures
Federal Government Receipts,
NIPA Framework
300
Net Interest Paid^
200
Billion $
900
- All Other
100
- Grants-in-aid to State and local
governments
I
1989 90 91 92
I
I
93
!
94
I
95
800
I
Personal Tax and Nontax Receipts
98* 99*
96 97
700
Fiscal Years
•Estimates by BEA
U.S. Department of Commerce, Bureau of Economic Analysis
600
500
-Contributions for Social Insurance
Table 8.—Sources of Change in Federal Government
Current Expenditures, NIPA Framework
400
[Billions of dollars]
300
Corporate Profits Tax Accruals^
Total current expenditures
Change from preceding
fiscal year
200
1997
100
64.0
Consumption expenditures
National defense
Pay raise and locality pay '
Other
Nondefense
Pay raise and locality pay1
Other
15.4
Transfer payments
Social security
Medicare
Supplemental security income
Federal employee retirement
Earned income and child care credits
Veterans benefits
Unemployment benefits
Other
35.4
14.8
16.4
Grants-in-aid to State and local governments
Medicaid
Education
Highways
Health Care
Food and nutrition
Other
2.1
9.4
-2.8
9.4
6.0
-4.9
6.0
1.4
5.8
2.8
1.2
-2.8
-4.2
4.7
3.6
0
1.0
4.9
1.3
3.6
28.8
15.5
7.9
.8
2.8
.4
.8
.4
.2
1999
Indirect Business Tax and Nontax Accruals '
65.3
9.0
1.0
3.1
-2.1
8.0
2.1
5.9
36.1
14.5
10.0
1989
90
91 92
23.4
.7
1.0
5.4
0
1.2
1.5
1.1
6.4
6.7
3.5
.6
5.3
.4
6.9
8.0
-3.2
-1.7
.5
-1.0
-1.5
93 94 95 96
Fiscal Years
98* 99*
Table 9.—Sources of Change in Federal Government
Receipts, NIPA Framework
[Billions of dollars]
Change from preceding
fiscal year
1997
1998
143.6
143.6
0
70.4
70.6
Personal tax and nontax receipts
Due to tax bases
Due to proposed legislation
88.8
88.8
27.8
27.9
Corporate profits tax accruals
Due to tax bases
Due to proposed legislation
13.6
13.6
Total receipts
Due to tax bases
Due to proposed legislation
.6
3.2
1.2
0
-.3
-.8
-.4
-.7
Indirect business tax and nontax accruals
Due to tax bases
Due to proposed legislation
1.0
.2
7
1.2
-.3
-.1
Contributions for social insurance
Due to tax bases
Due to ororjosed leaislation
-2.1
97
•Estimates by BEA
U.S. Department of Commerce. Bureau of Economic Analysis
.4
2.9
2.7
1.4
2.7
1.5
15.6
-1.5
1 Consists of pay raises and locality pay beginning in January 1998.
Source: Bureau of Economic Analysis.
42.3
2.1
Net interest paid
Subsidies less current surplus of government
enterprises
Agriculture subsidies
Housing subsidies
Other subsidies
Less: Current surplus of government enterprises:
Postal Service surplus
Other surplus of government enterprises
1998
0
-.1
-.1
14.8
14.9
0
-.1
4.6
4.6
0
-.1
-.2
.1
1999
68.0
57.5
10.5
22.7
23.9
-1.2
3.1
1.4
1.7
11.9
1.9
10.0
36.7
36.7
28.0
28.0
30.3
30.3
0
0
0
Sources: The Budget ol the United States Government, Fiscal Year 1999, and the Bureau
of Economic Analysis.
1J
14 • March 1998
SURVEY OF CURRENT BUSINESS
($11.9 billion), and corporate profits tax accruals ($3.1 billion). The increase in contributions
for social insurance reflects higher contributions
for the old-age, survivors, disability, and hospital insurance programs. The increase in personal
taxes reflects higher withheld income taxes, and
the increase in indirect business taxes reflects the
proposed tobacco settlement.
Quarterly pattern.—Seasonally adjusted quarterly
estimates of NIPA receipts and current expenditures that are consistent with the budget estimates
of receipts and outlays for the fiscal year are
shown in table 10. The NIPA estimates of receipts
reflect the quarterly pattern that results from the
enacted and proposed legislation and from the
administration's projected quarterly pattern of
wages and profits. The NIPA estimates of current
expenditures reflect the quarterly pattern that results from the enacted and proposed legislation
that would adjust pay for Federal Government
employees and provide cost-of-living increases in
social security.
In the NIPA framework, the current deficit
trends downward from the first quarter of 1997
through the fourth quarter of 1997 and then
increases in the first quarter of 1998.
The
first-quarter 1998 increase reflects the following:
Decreases in personal taxes, cost-of-living adjustments that increase social security (2.1 percent),
and adjustments to Federal employee pay (2.8
percent).
The current deficit decreases from the second
quarter of 1998 through the fourth quarter of
1998, increases in the first quarter of 1999, and
then decreases slightly throughout the third quarter of 1999. The first-quarter increase reflects
the following: Cost-of-living adjustments that increase social security (2.2 percent), adjustments
to Federal employee pay (3.1 percent), and higher
grants-in-aid to State and local governments.
Table 10 follows. 5|
SURVEY OF CURRENT BUSINESS
March 1998 • 15
Table 10.—Federal Government Receipts and Expenditures, NIPA Framework
[Billions of dollars; calendar year and quarters at seasonally adjusted annual rates]
Fiscal year l
Line
Pub1997
1
2
3
4
lished
19972
1999
1998
Quarter
Calendar year
2
1998
Estimated 1998
Published 1997
Estimated
I
II
III
IV
I
757.3
774.4
21.2
1865
21.7
1977
21.8
198.2
23.9
1967
24.0
1974
184.0
186.5
197.7
198.2
-.1
196.8
-.1
197.5
197.0
-.1
197.1
88.2
92.2
92.4
92.3
92.8
93.1
92.9
0
0
92.3
88.2
92.2
92.4
92.3
92.8
93.1
92.5
6735
514.8
0
31
635.3
480.8
0
641 5
486.3
0
6482
492.3
0
658.6
502.0
0
6676
510.0
0
3.1
3.1
671 2
513.0
0
3.1
3.1
204.9
207.7
24.0
20.9
21.2
23^9
2l"4
191 6
24.0
1973
20.9
1840
198.3
191.6
197.4
107.5
91.3
94.9
91.3
1997
-1
1.4
185.0
197.4
95.6
23.9
21.8
221.3
21.4
23.4
1973
221.0
24.0
220.1
21.7
213.0
24.1
21.0
1850
221.4
219.3
223.9
23.4
23.9
7871
781 9
220.8
220.6
8008
7679
21.0
808.5
-1
8086
794.0
-.1
7469
206.0
7941
801.2
-.1
801 3
787.0
-.1
7744
7573
-1.3
8091
746.9
767.9
781.9
797.7
-.1
7978
807.8
785.1
-1
7852
800.8
Corporate profit tax accruals4
Federal Reserve Banks
Proposed legislation
Other
Other corporate profit tax accruals
Proposed legislation
Other
12
13
14
Indirect business tax and nontax accruals7
Proposed legislation
Other
.
95.7
95.7
95.5
10.1
97.4
15
16
17
18
19
20
21
22
23
24
25
26
27
28
Contributions for social insurance 3
Tax on wages and salaries (PICA)
Proposed legislation
Base increases
January 1998
January 1999
Other
Tax on self-employment earnings (SECA)
Base increases
Other
Supplementary medical insurance
Unemployment insurance
Federal retirement
Other
636.5
483.3
6645
508.5
0
.8
8
6948
534.0
.1
3.7
3.1
6459
490.4
483.3
507.7
530.2
490.4
0
511.8
480.8
486.3
492.3
502.0
507.0
29.4
31.1
32.6
28.8
30.4
28.5
28.6
28.8
29.1
29.9
.4
307
.7
31 9
0
288
.4
300
0
285
0
286
0
288
0
291
19.3
29.2
67.3
20.0
30.6
68.5
19.7
29.7
67.9
20.0
30.5
68.2
19.5
29.4
67.7
19.6
29.5
67.9
19.7
29.6
68.1
19.8
30.1
67.9
II
I
III
r
0
1
29.4
19.0
28.1
67.4
9.2
92
9.1
-1
26
3.1
6
.1
0
0
96
96
9.5
96
96
9.7
0
0
23.9
807.8
815.4
823.0
-1.1
8089
-1.2
8166
8244
222.1
224.0
224.3
225.1
24.1
24.0
24.1
24.2
23.7
23.'<
r
0
24.1
1981
-1.4
.3
24.0
2001
-.1
198.2
2000
1.9
198.0
1.9
198.2
200.8
1.9
198.9
100.6
9.8
100.1
9.9
100.2
101.3
90.8
90.3
10.1
90.1
10.5
90.8
675.3
516.5
0
3.1
3.1
6798
519.7
0
3.1
3.1
510.0
513.5
516.7
6900
527.7
0
5.5
3.1
2.5
522.2
6975
533.7
0
5.5
3.1
2.5
528.2
705.9
540.6
.3
5.5
3.1
2.5
534.7
30.2
30.5
30.9
31.5
31.7
32.0
295
298
19.9
30.3
68.1
30.2
20.0
30.5
68.0
305
19.8
30.1
68.1
30.8
20.7
31.6
69.0
31.1
20.8
32.2
69.5
31.4
20.9
32.8
70.0
.4
.7
9.6
9.6
9.6
20.1
30.9
68.5
96
96
96
96
1,736.2 1,778.5 1,843.8 1,752.2 1,800.5 1,730.8 1,746.0 1,752.6 1,779.4 1,789.9 1,795.7 1,799.7 1,816.6 1,844.4 1,857.5 1,872.4
Current expenditures
30
31
32
33
34
35
36
37
38
39
40
Consumption expenditures
National defense
Pay raises and locality pay
January 1998
January 1999
Other
Nondefense
Pay raises and locality pay
January 1998
January 1999
Other
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
Transfer payments (net)3
To persons
Social Security . . .
Regular
Benefit increases
January 1998
January 1999
Medicare
..
Unemployment benefits
Feideral employee retirement
Civilian
Military
Veterans benefits
Railroad retirement ....
.. .
Military medical insurance
Food stamps
Black lung benefits
Supplemental security income ... .
Earned income and child care credits
All other
To rest of the world (net)
Estimated 1999
IV
III
1,695.5 1,765.9 1,833.9 1,724.6 1,787.3 1,675.3 1,709.3 1,741.8 1,771.8 1,768.0 1,779.6 1,790.4 1,811.0 1,821.9 1,837.4 1,855.3
Receipts
Personal tax and nontax receipts3
Proposed legislation
Other
5
6
7
8
9
10
11
29
II
457.5
307.5
.
307.5
150.0
459.7
3047
2.1
2.1
302.7
154.9
13
1.3
468.6
3057
5.2
2.8
24
300.5
162.9
3.4
463.9
3110
461.3
3030
458.0
3064
464.2
311 3
464.7
311 6
468.5
314.8
2.8
2.8
311.0
152.9
1.8
1.6
300.3
158.2
18
306.4
151.7
311.3
152.9
311.6
153.1
314.8
153.7
1.8
469.3
461.4
3135
3041
2.7
2.7
2.8
2.8
457.8
298.7
2.8
2.8
310.8
155.8
1.7
1.7
301.3
157.3
1.8
1.8
295.9
159.1
1.8
1.8
456.5
2959
2.8
2.8
293.1
160.6
1.8
1.8
463.4
2994
5.9
2.8
3.1
293.5
164.1
3.8
1.8
2.0
160.3
464.7
2993
6.0
2.8
3.2
293.3
165.4
3.9
1.8
2.1
161.5
854.2
844.0
384.6
368.5
859.4
849.2
385.7
369.6
864.5
854.4
386.8
370.6
16.0
16.1
16.1
7.8
8.3
228.7
7.8
8.3
231.2
25.5
80.1
46.1
34.0
24.2
26.3
80.3
46.4
34.0
24.8
150.0
153.6
159.6
152.9
156.4
151.7
152.9
153.1
153.7
154.1
155.5
157.3
158.8
786.3
774.1
353.0
353.0
815.1
802.8
368.5
362.8
5.7
851.2
839.0
383.0
369.1
795.5
782.3
356.7
356.7
827.6
815.3
372.5
364.9
7.7
785.9
775.5
354.2
354.2
791.4
780.5
356.0
356.0
794.5
784.5
357.5
357.5
810.3
788.5
359.0
359.0
57
78
62
817.4
806.7
369.1
361.6
7.6
7.6
822.9
812.4
371.6
364.0
7.6
7.6
828.7
818.2
374.1
366.4
7.7
7.7
841.3
823.7
375.2
367.5
7.7
7.7
206.1
214.0
224.0
210.0
220.3
204.7
208.3
211.9
215.2
217.2
219.2
221.2
223.7
7.7
8.3
226.2
20.6
73.4
43.0
30.4
21.9
21.0
76.2
44.5
31.6
22.7
23.7
79.1
46.5
32.6
24.1
22.0
73.2
42.6
30.6
22.1
23.1
76.7
44.2
32.5
22.9
22.3
73.0
42.6
30.4
22.1
22.2
73.5
42.7
30.8
22.1
21.8
73.1
42.6
30.5
22.2
21.6
73.2
42.6
30.7
22.1
22.2
76.1
43.9
32.2
22.7
22.8
76.5
44.1
32.5
22.8
23.4
77.0
44.2
32.7
22.9
24.1
77.2
44.5
32.7
23.2
24.8
79.8
45.8
34.0
23.7
8.5
2.0
19.6
1.1
26.7
21.9
19.3
12.2
8.7
1.9
18.5
1.1
27.5
22.3
20.4
12.3
14.0
8.4
1.8
19.7
1.0
27.9
25.0
21.2
12.2
77
8.2
2.1
18.7
1.1
25.6
22.6
20.1
13.3
8.5
1.9
18.7
1.1
26.6
21.7
21.4
12.3
8.2
2.1
19.8
1.1
25.5
22.6
19.9
10.5
8.2
2.1
19.0
1.1
25.5
22.6
20.0
10.8
8.2
2.0
18.2
1.1
25.7
22.6
20.2
10.0
8.2
2.0
17.7
1.1
25.6
22.6
20.3
21.8
8.4
2.0
18.6
1.1
26.7
21.7
21.0
10.6
8.5
1.9
18.5
1.1
26.6
21.7
21.3
10.4
8.5
1.8
18.4
1.0
26.5
21.7
21.6
10.5
8.4
1.8
19.1
1.0
26.5
21.7
21.7
17.6
8.2
1.8
19.5
1.0
27.0
25.5
21.9
10.2
8.1
1.8
19.7
1.0
26.9
25.5
22.0
10.2
469.0
3021
6.0
2.8
3.2
296.1
166.9
3.9
1.8
2.1
163.0
7.7
1.8
20.0
1.0
26.8
25.5
22.1
10.1
SURVEY OF CURRENT BUSINESS
l6 • March 1998
Table 10.—Federal Government Receipts and Expenditures, NIPA Framework—Continued
[Billions of dollars; calendar year and quarters at seasonally adjusted annual rates]
Fiscal year ]
Line
1997
1998
Quarter
Calendar year
1999
Published
19972
Estimated
1998
2
Estimated 1998
Published 1997
I
II
III
IV
I
II
III
Estimated 1999
IV
II
I
III
62
63
64
65
66
67
68
69
70
71
72
73
74
Grants-in-aid to State and local governments
Public assistance
Medicaid
Cash benefits (AFDC + TANF)
Social benefits
Highways
Education
Food and nutrition
Community development
.
Mass transit
Environmental protection
Health care
All other
220.0
112.7
95.4
147
2.6
20.2
17.1
14.7
6.3
2.3
2.7
6.3
37.8
235.6
120.4
100.8
171
2.4
21.4
17.1
15.8
7.5
2.0
2.5
7.8
41.1
259.0
127.5
107.5
180
2.0
22.0
20.6
16.2
7.8
1.9
2.7
13.1
47.1
224.2
112.8
97.4
129
2.5
20.3
17.0
153
6.5
4.0
2.6
7.7
38.3
242.8
119.8
101.3
160
2.5
22.1
18.0
166
7.9
2.6
2.7
9.1
44.2
219.6
111.2
94.7
140
2.5
19.4
15.7
149
6.4
41
2.9
6.9
38.1
222.5
111.8
96.4
126
2.8
20.6
16.6
15 1
6.5
35
2.7
8.4
37.4
224.2
110.2
96.1
11 8
2.4
20.8
18.1
154
6.4
42
2.6
7.2
39.4
230.6
117.8
102.2
132
2.4
20.3
17.5
157
6.5
40
2.3
8.2
38.3
232.8
115.7
98.7
146
2.4
21.3
16.5
163
8.0
32
2.9
8.4
40.6
241.4
119.4
100.7
160
2.6
22.4
17.7
166
8.1
2.9
2.6
8.2
43.6
245.9
120.5
101.4
166
2.5
22.6
18.5
168
7.9
2.1
2.5
8.4
46.3
251.2
123.4
104.2
169
2.3
21.9
19.4
166
7.4
21
2.9
11.2
46.2
259.9
126.8
107.1
174
2.3
266.8
128.7
108.5
272.8
130.5
109.9
18.0
18.5
2.2
2.1
22.2
20.9
22.6
21.4
16.8
22.8
22.4
16.7
8.1
21
2.8
8.2
20
2.7
13.3
47.5
14.3
49.8
15.3
52.1
75
Net interest paid
234.2
231.0
229.3
230.2
229.6
228.9
229.8
231.2
231.0
230.6
229.7
229.0
228.9
228.6
228.4
228.3
76
77
78
79
80
81
82
83
84
85
Subsidies less current surplus of government
enterprises
Subsidies
Agricultural
..
Housing
Other
Less: Current surplus of government enterprises
Postal Service
Federal Housing Administration
Tennessee Valley Authority
Other
38.2
35.5
7.3
24.9
3.3
-2.7
-7.8
2.9
2.0
.3
37.2
36.4
8.5
24.9
3.0
-.8
-7.1
3.4
27
.3
35.7
34.5
7.7
24.5
2.3
-1.1
-7.4
3.8
28
-.3
38.4
34.2
7.6
25.6
10
-4.2
-8.6
3.3
17
-.5
39.3
34.3
8.1
25.5
6
-5.1
-9.5
3.7
17
-1.0
38.4
33.8
7.4
25.2
11
-4.7
-3.9
3.2
17
-.6
38.1
34.3
7.5
25.7
11
-3.9
-8.2
3.2
16
-.5
37.9
34.3
7.5
25.9
10
-3.6
-8.0
3.3
15
-.4
39.0
34.5
8.0
25.7
9
-4.5
-9.2
3.4
18
-.5
39.9
34.8
8.3
25.6
8
-5.1
-9.7
3.5
18
-.7
40.3
34.7
8.4
25.5
7
-5.6
-10.0
3.6
1.7
-.9
38.4
34.1
8.1
25.4
6
-4.2
-8.6
3.7
17
-1.1
38.8
33.4
7.7
25.3
4
-5.4
-9.8
3.8
17
-1.2
38.3
33.1
38.1
32.8
37.8
32.6
86
Less' Wage accruals less disbursements
87
Current surplus or deficit (— ) 5
88
89
90
91
92
93
Addenda:
Gross investment6
National defense
Nondefense
Consumption expenditures and gross investment
National defense
Nondefense
165
7.8
21
2.6
7.5
7.3
7.2
25.2
25.2
25.1
-5.3
-9.6
-5.3
-9.6
-5.1
-9.5
4
3.9
17
-1.3
3
4.0
17
-1.4
3
4.0
1.8
-1.4
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
-40.7
-12.6
-9.9
-27.7
-13.2
-55.5
-36.8
-10.8
-7.6
-21.9
-16.1
-9.3
-5.6
-22.5
-20.1
-17.2
61 2
39.9
21.3
583
36.3
22.0
585
35.4
23.1
599
39.4
20.6
56.7
34.5
22.2
581
370
21.1
61 8
39.3
22.6
61 0
40.5
20.5
589
40.8
18.1
574
35.6
21.9
56.4
34.4
22.0
55.8
33.5
22.3
571
34.5
22.6
587
358
593
359
588
355
22.9
23.3
23.4
518.7
347.4
171 3
518.0
341.1
1769
527.1
341.1
1860
523.8
350.4
1734
517.9
337.5
180.4
516.1
343.3
1728
526.1
350.6
1755
525.7
352.1
173.6
527.4
355.6
171 8
526.7
349.1
177.6
517.9
338.5
179.4
513.6
332.2
181.3
513.6
330.4
183.2
522.1
335.2
187.0
524.0
335.3
188.7
527.8
337.5
190.3
1. Fiscal year estimates are the sum of quarterly values not seasonally adjusted and are consistent with the differences between the fiscal year estimates of IBT shown in the Budget and those shown in table 10 (above)
are shown below:
budget proposals.
2. Published estimates, both calendar year and quarters, appear in the NIPA tables 3.2 and 3.7B elsewhere
in this issue.
Billions of dollars
3. Estimates of personal tax and nontax receipts, contributions for social insurance, transfer payments (net), and
grants-in-aid to State and local governments for the first quarter of 1998 through the third quarter of 1999 have
Fiscal year
been revised to incorporate information that has become available since the release of the budgeLFor each quarter,
personal taxes have been revised up $8.1 billion, and grants-in-aid have been revised up $4.6 billion. To reflect
1997
1998
1999
data on wage and salary disbursements that were not available at the time of the translation, contributions have
been revised as follows: 1998:1, $3.6 billion; 1998:11, $1.0 billion; 1998:111, -$1.0 billion; 1998:IV, -$3.4 billion; 1999:1,
Indirect
business
tax
and
nontax
accruals:
-$2.9 billion; 1999:11, -$1.4 billion; and 1999:111, $1.0 billion. The revisions to transfer payments (net) in 1998 and
Budget
92.1
92.1
105.7
1999 result from a corrected quarterly pattern for medicare payments.
Amount of correction
4. BEA's estimate of corporate profits tax accruals for the fourth quarter of 1997 will not be available until the
3.6
3.5
1.8
release of the final estimates of gross domestic product on March 26, 1998. The value shown is derived from the
budget.
Sources: The Budget of the United States Government, Fiscal Year 1998 and the Bureau of Economic Analysis.
5. See footnote 1 in table 7.
AFDC Aid to families with dependent children
6. Gross investment consists of general government and government enterprise expenditures for fixed assets;
FICA Federal insurance contributions act
inventory investment is included in Federal Government consumption expenditures.
NIPA National income and product accounts
7. The Budget of the United States Government, Analytical Perspectives, Fiscal Year 1999, "National Income
SECA Self-employment contributions act
and Product Accounts," page 340 contains incorrect fiscal year estimates of indirect business tax and nontax accruTANF Temporary assistance for needy families
als (IBT); the IBT estimates also carried through to the budget estimates for total receipts and the deficit. The
SURVEY OF CURRENT BUSINESS
March 1998
Gross Product by Industry Price Measures,
1977-96
By Robert E. Yuskavage
Brian C. Moyer,
John Sporing, and
Robert A. Sylvester
assisted in the
preparation of the
estimates and the
tables.
HIS ARTICLE presents annual estimates of
prices and unit costs by industry group for
1977-96. The price measures of gross product originating by industry (GPO) provide insight
into the sources of change in the aggregate price
level by industry. For example, the relative
growth rates of prices among industries can be
compared, and their contributions to the aggregate (economy-wide) rate of price change can
be computed. The unit-cost measures by industry can be used to identify the sources of
GPO price change among the cost components
of GPO—compensation of employees, indirect
business taxes, and property-type income.
on gross product by industry in the SURVEY OF
CURRENT BUSINESS, and providing them marks
another step in continuing efforts by the Bureau
of Economic Analysis (BEA) to make the industry accounts data more useful. Until last
year, these articles dealt almost exclusively with
cur rent-dollar and real GPO. In November 1997,
BEA presented and discussed annual estimates of
gross output and intermediate inputs by industry
for the first time.1
The first part of this article discusses the
measurement and interpretation of GPO prices,
including the relationship of GPO prices to gross
These measures of GPO prices and unit costs
have not previously been included in the articles
i. See Sherlene K.S. Lum and Robert E. Yuskavage, "Gross Product
by Industry, 1947-96," SURVEY OF CURRENT BUSINESS 77 (November 1997):
20-34.
T
Gross Product Originating: Definition and Relationship to Gross Domestic Product
Gross product, or gross product originating (GPO), by industry
is the contribution of each private industry and of government to
the Nation's output, or gross domestic product (GDP). An industry's
GPO, often referred to as its "value added," is equal to its gross output (sales or receipts and other operating income, commodity taxes,
and inventory change) minus its intermediate inputs (consumption
of goods and services purchased from other industries or imported).
For the national income and product accounts (NIPA'S), GDP is
measured as the sum of expenditure components. Gross domestic
income (GDI) is measured as the sum of costs incurred and incomes
earned in the production of GDP. In concept, GDP and GDI should be
the same; in practice, they differ because their components are estimated using largely independent and less-than-perfect source data.
BEA views GDP as the more reliable measure of output because the
source data underlying the estimates of expenditures are considered
to be more accurate.1 The difference between GDP and GDI is the
"statistical discrepancy"; it is recorded in the NIPA'S as an "income"
component that reconciles GDI with GDP.
Cur rent-dollar GPO by industry is measured as the sum of distributions by industry of the components of GDI. Consequently, the sum
of the cur rent-dollar GPO estimates also differs from current-dollar
GDP by the statistical discrepancy. In presenting the GPO estimates,
the statistical discrepancy is included in the GPO of private industries
because of BEA'S view that most of the measurement problems with
i. For additional information on the accuracy of the two measures, see the box
"Statistical Discrepancy" in Robert P. Parker and Eugene P. Seskin, "Annual Revision of
the National Income and Product Accounts," SURVEY OF CURRENT BUSINESS 77 (August
1997): 19.
the components of GDI affect the GPO of private industries rather
than the GPO of general government or government enterprises.
Real GDP in the NIPA'S is also measured as the sum of the expenditure components. Real GPO estimates for most industries are derived
using separate estimates of gross output and intermediate inputs.3
The sum of the real GPO estimates differs from real GDP by the real
statistical discrepancy, which is shown as part of private-industry
GPO, and by the category entitled "not allocated by industry," which
is the difference between real GDP and the sum of real GPO for the
detailed industries and of the statistical discrepancy. The value of
the category "not allocated by industry" reflects the lack of additivity
of detailed real GPO estimates that results from the formula used to
calculate real output and from differences in the source data (both
current dollars and prices) used to estimate industry GPO and the
expenditures measure of real GDP. As with the current-dollar measures, BEA views the source data used to estimate the components
of real GDP to be more reliable. In addition, the amount of detailed data available to calculate real GDP is greater than that for the
gross output and intermediate inputs available to calculate real GPO.
For some industries, no source data are available to measure gross
output, and the resulting real GPO estimates are prepared using less
reliable methodologies.
2. See "Note on Alternative Measures of Gross Product by Industry," SURVEY 77
(November 1997): 84.
3. For information about the computation of the real GPO estimates, see the box
"Computation of the Chain-Type Quantity Indexes for Double-Deflated Industries" in
Robert E. Yuskavage, "Improved Estimates of Gross Product by Industry, 1959-94,"
SURVEY 76 (August 1996): 142.
SURVEY OF CURRENT BUSINESS
18 • March 1998
output prices and intermediate inputs prices. The
second part develops the concept of unit costs
in the context of the GPO estimates, and it describes how these measures can be used to analyze
changes in industry-cost structure and the return
to capital. The third part discusses trends in
GPO prices and unit costs by industry group for
1992-96. Tables 4 and 5 at the end of the article
present industry price and unit-cost measures by
industry group for 1977-96.
GPO Prices
The GPO price index for an industry or industry
group represents the implicit price for gross output less intermediate inputs. For most industries
and industry groups, the GPO price measures are
chain-type Fisher price indexes computed from
data on gross output and intermediate inputs.
For some industries, the GPO price measures are
implicit price deflators because data for gross
output prices are not available.
GPO can be defined as either an output measure (gross output less intermediate inputs) or as
an input measure (costs incurred and incomes
earned); see the box "Gross Product Originating." The measurement of the GPO price index
is based on GPO'S definition as an output measure. As an output measure, GPO is the difference
between the industry's gross output and its intermediate inputs. Real GPO and the GPO price
index can be derived from these separate measures using the double-deflation method. In the
double-deflation method, estimates of gross output and of intermediate inputs are used in the
calculation of real GPO.2 As an input measure,
an industry's GPO represents the value-added inputs (labor services and capital services) that are
combined with the intermediate inputs (energy,
materials, and purchased services) to produce the
gross output of the industry. The GPO price index
thus represents the implicit price paid by the industry for its value-added inputs. Changes in the
GPO price index for the industries for which the
double-deflation method is used primarily reflect
(i) changes in the prices and quantities of the
gross output of the industry, (2) changes in the
prices and quantities of the intermediate inputs
used by the industry, and (3) changes in the ratio
of intermediate inputs to gross output.
2. For more information on the double-deflation method, see Robert
E. Yuskavage, "Improved Estimates of Gross Product by Industry, 1959-94,"
SURVEY 76 (August 1996): 142-145.
Gross output
Gross output prices represent the prices received
by an industry for its products. The chain-type
price index for gross output is computed from
detailed data for the industry on product sales,
shipments, and prices. Data on cur rent-dollar
product sales and shipments by industry are primarily from annual surveys by the Bureau of the
Census. Detailed price indexes for manufacturing
and wholesale trade are primarily producer price
indexes (PPI'S) from the Bureau of Labor Statistics
(BLS). Price indexes for farm products are from
the U.S. Department of Agriculture, and price indexes for mineral products are mostly from the
U.S. Department of Interior and the U.S. Department of Energy. Price indexes for selected
products—including computers, semiconductors,
digital telephone switching equipment, and selected equipment purchased by the U.S. Department of Defense—are from the national income
and product accounts (NIPA'S). Price indexes for
retail trade and for services are primarily BLS consumer price indexes (CPI'S), or they are derived
from the NiPA's.3
Intermediate inputs
Intermediate inputs prices represent the prices
paid by an industry for its inputs of raw materials, semifinished goods, energy, and services
purchased from other industries. The chain-type
price index for intermediate inputs is computed
from detailed data on industry product purchases
and prices. Data on the commodity (product)
composition of cur rent-dollar intermediate inputs by industry are obtained primarily from
BEA'S input-output accounts.4 Detailed price indexes for inputs of manufactured goods are from
BLS: Primarily PPI'S for domestic goods and international price indexes for imports. These indexes
are supplemented by selected price indexes from
the NIPA'S. Detailed price indexes for inputs
of services are primarily CPI'S, or gross output
implicit price deflators.5
Input-output ratio
An industry's input-output (i-o) ratio is computed as its intermediate inputs divided by its
3. For a list of the sources for current-dollar product detail and price
indexes for gross output, see Yuskavage, "Improved Estimates," table 8.
4. Ann M. Lawson, "Benchmark Input-Output Accounts for the U.S.
Economy, 1992: Make, Use, and Supplementary Tables," SURVEY 77
(November 1997): 36-82.
5. For a list of the sources for the price indexes for intermediate inputs,
see Yuskavage, "Improved Estimates," table 9.
SURVEY OF CURRENT BUSINESS
gross output. For an industry with one product, changes in the i-o ratio from year to year
reflect shifts in the mix between intermediate inputs and value-added inputs (labor services and
capital services). Such shifts may be viewed
as changes in production technology that result
from changes in the optimal input mix. Examples include economies of scale that result from
changes in the rate of output and the contracting out of services that were once performed
in-house by employees. At the GPO industry level,
which approximates the two-digit Standard Industrial Classification (sic), changes in the i-o
ratio may also reflect changes in the relative size
of the detailed industries that the GPO industry
comprises.
The GPO price index can be viewed as a
weighted average of gross output prices less intermediate inputs prices; thus, changes in the i-o
ratio affect the GPO price index by changing the
relative weights associated with these prices. Normally, this effect is small in comparison with the
effects of changes in gross output prices or of
changes in intermediate inputs prices.6
Relationship to NIPA prices
For the NIPA'S, gross domestic product (GDP) is
measured as the sum of final expenditures. GDP
can also be measured as the sum of industry value
added. In concept, the GDP price and quantity
indexes computed from NIPA final expenditures
are consistent with those computed from industry value added because both approaches exclude
intermediate inputs. Consistency is maintained
between the two approaches by the use of common source data for prices whenever possible.
For example, the price indexes that are used
for the producers' durable equipment component of NIPA final expenditures are also used for
the gross output of durable goods manufacturing
industries.
In practice, the results of the two approaches
differ because of the lack of data for gross output prices for certain private services-producing
industries and because of the lack of annual data
for the commodity composition of intermediate
inputs by industry. In addition, the two approaches differ in the treatment of trade margins
and transport costs. In the NIPA'S, final expenditures are valued in purchasers' prices which
include the wholesale trade and retail trade margins and transport costs incurred as goods move
6. The direction and magnitude of the effect on the GPO price index
depends on interactions among the gross output price index, the intermediate
inputs price index, and the input-output ratio.
through the distribution system from producers
(or importers) to final users. In the industry
approach, value added is valued in producers'
prices. Price measures associated with trade margins and transport costs are classified in the
wholesale trade, retail trade, and transportation
industries.7
As a result, price measures for specific GPO industries are not necessarily comparable to price
measures for related NIPA expenditure components. For example, the NIPA chain-type price
index for all durable goods products may differ
from the GPO price index for durable goods manufacturing. GDP prices by type of expenditure
reflect the prices of goods and services purchased
for final use, whether domestically produced or
imported; GPO prices by industry reflect the
prices of the industry's gross output net of intermediate inputs. Gross output prices from the
industry approach are more comparable to NIPA
final expenditure prices, but gross output prices
reflect sales by an industry to all of its customers,
whereas NIPA price measures reflect sales to final
purchasers, including sales of imports.
GPO Unit Costs
GPO unit costs show the contribution of the cost
components of GPO to the GPO price index. GPO
measures of unit cost are computed by dividing cur rent-dollar GPO and its components by
real (chained-dollar) GPO.S The resulting quotients provide the GPO chain-type price index and
the part of the price index associated with each
component. If the unit cost for a component
grows faster than the GPO price index, then the
relative importance of that component in the cost
structure has increased.
As an input measure, cur rent-dollar GPO is
measured as the sum of costs incurred and incomes earned in production; it is equal to gross
domestic income, the components of which can
be grouped into categories that approximate the
shares of labor and capital. The labor share
of production can be approximated using compensation of employees, which consists of wage
and salary accruals, employer contributions for
social insurance, and other labor income (primarily employer contributions to private pension
7. In the GPO estimates, the gross output of the wholesale trade and retail
trade industries primarily consists of margin, which is defined as sales minus
the cost of goods sold. Because price indexes for margin are not available,
sales by detailed type of business are deflated, and the margin rate is assumed
to be constant. Such assumptions are not required for the deflation of NIPA
final expenditures.
8. Current-dollar cost per unit of real GPO equals the GPO price index
divided by 100.
March 1998
SURVEY OF CURRENT BUSINESS
2O • March 1998
plans and health insurance). The capital share
of production (property-type income) can be approximated using the remaining components of
GPO except indirect business tax and nontax liability, which is excluded because it can be viewed
as a part of the pretax return to capital that
accrues to government rather than to business.9
GPO unit-cost measures for compensation of
employees (unit labor costs) include wage and
salary accruals, employer contributions for social
insurance, and other labor income. Unit-cost
measures for property-type income (income per
unit of gross product) include both debt-financed
and equity-financed capital, including capital
consumption allowances. GPO unit-cost measures do not provide information on the separate
contributions of labor and capital services or of
labor and capital prices to the change in GPO
prices, because GPO unit-cost measures attribute
changes in GPO unit prices to the components
of GPO in proportion to each component's share
of cur rent-dollar GPO. Thus, year-to-year changes
in component shares of cur rent-dollar GPO will
result in changes in the contributions of the components to GPO prices, even if the prices do not
change.
GPO Prices and Unit Costs for 1992-96
This part of the article presents estimates of
changes in GPO prices and unit costs by industry
group for 1992-96. The first section discusses differences in GPO price changes among industries,
including the effects of differences in changes in
gross output prices and in intermediate inputs
prices. The second section discusses the contributions of GPO components to changes in the GPO
price index.
GPO price changes
The GDP chain-type price index increased at an
average annual rate of 2.5 percent in 1992-96;
private industries increased 2.2 percent, and government increased 3.3 percent (table i). Among
the private industry groups, the GPO price index for durable goods manufacturing declined 1.2
percent. The GPO price indexes for all the other
industry groups increased; the increases ranged
from 0.4 percent for electric, gas, and sanitary
services to 3.8 percent for agriculture, forestry,
9. For purposes of this analysis, property-type income is defined as the
sum of corporate profits, proprietors' income, rental income of persons,
net interest, capital consumption allowances, business transfer payments,
and the current surplus of government enterprises less subsidies. However,
a substantial portion of proprietors' income represents the labor share of
production.
and fishing. Except for electric, gas, and sanitary services, the industry groups with GPO price
changes that were less than the GDP price change
(2.5 percent) were those associated with the proTable 1.—Percent Changes in Chain-Type Price Indexes by
Industry Group, 1993-96
1994
1993
Gross domestic product
Private industries '
Agriculture, forestry, and fishing:
Gross output
Intermediate inputs
. . . .
Gross product
Mining:
Gross output
Intermediate inputs
Gross product
Construction:
Gross output
Intermediate inputs
Gross product
Manufacturing:
Gross output
Intermediate inputs
Gross product
Durable goods:
Gross output
Intermediate inputs
Gross product
Nondurable goods:
Gross output
Intermediate inputs
Gross product
Transportation and public
utilities1
Transportation l
Communications:
Gross output
Intermediate inputs
Gross product
Electric, gas, and sanitary
services:
Gross output
Intermediate inputs
Gross product
1995
Average
annual
rate of
change,
1992-96
1996
2.6
2.4
2.5
2.3
2.5
2.5
1.8
2.0
2.4
2.2
26
1.9
3.7
-6
22
-35
9
17
-4
103
52
166
32
27
38
-.5
1.3
-3.9
-1.2
-5.7
.4
1.8
-.5
171
108
21.0
30
31
27
-1.9
3.2
30
3.5
3.5
30
40
4.0
32
48
2.3
28
33
27
37
10
12
1.7
.5
23
4.2
-.9
-2
-2
-4
16
2
.8
1.4
1.1
1.3
.1
1.1
12
2.1
2.2
-31
.9
.5
1.2
1.2
4.9
6.5
17
11
19
1.8
1.1
.7
1.5
2.3
3.2
.6
22
.9
-21
2.9
-7
1.0
-2.6
1.3
-.5
2.2
o
-2.2
-2
18
-24
11
o
-27
.8
-1 2
24
2.2
28
23
2.6
19
11
15
.6
16
19
12
12
-9
25
-2.3
27
11
26
3.7
2.1
-1 5
6
3
29
4
Wholesale trade:
Gross output
Intermediate inputs
Gross product
1.8
2.3
1.6
2.7
26
2.7
2.2
3.7
1.5
0
21
1.7
27
Retail trade:
Gross output
Intermediate inputs
Gross product
15
21
1.2
16
25
Finance, insurance, and real
estate1
3.7
Services
l
Government '
Addenda:
Private goods-producing
industries2:
Gross output
Intermediate inputs
Gross product
Private services-producing
industries13
26
10.0
-1.1
12
11
13
14
11
29
1
26
5
25
7
2.1
4.4
4.1
36
3.6
38
32
34
35
3.1
3.1
3.4
3.7
3.3
15
1.2
2.1
12
5
23
16
.4
24
39
0
12
18
2.6
2.4
2.9
2.5
18
12
2.6
1. Gross product price index.
2. Consists of agriculture, forestry, and fishing; mining; construction; and manufacturing.
3. Consists of transportation and public utilities; wholesale trade; retail trade; finance, insurance, and real estate; and services.
NOTE.—Estimates for gross output and for intermediate inputs are shown only for industry
groups for which the double-deflation method is used for each detailed industry in the group.
See footnote 2 in the text.
SURVEY OF CURRENT BUSINESS
duction and distribution of manufactured goods
(manufacturing, transportation, wholesale trade,
and retail trade).
The GPO price changes for private servicesproducing industries (2.6 percent) exceeded the
GDP price change, and the GPO price change for
private goods-producing industries (1.2 percent)
was less than the GDP price change. The slower
growth in the GPO price index for private goodsproducing industries, compared with the growth
for private services-producing industries, continues a trend that started in 1982 and continued
each year except for 1989 (chart i). In 1989, the
GPO price index for goods-producing industries
was boosted by a relatively large increase in gross
output prices for oil and gas extraction. Since
1977, GPO prices for private services-producing
industries have increased faster than GDP prices;
since 1992, a deceleration in GPO prices for private
services-producing industries has contributed to
a deceleration in GDP prices.
As mentioned earlier, the GPO price index can
be viewed as a weighted average of gross output prices and intermediate inputs prices for
industries for which the double-deflation method
is used. Changes in GPO prices are positively
correlated with changes in gross output prices
and negatively correlated with changes in intermediate inputs prices. GPO prices increase
faster than gross output prices when gross output prices increase faster than intermediate inputs
CHART 1
Chain-Type Price Indexes
(1992=100)
120 i
110
100
Private goods-producing-pv'
industries'
90
80
Private services-producing
industries2
70
60
50
40
1977
I
79
81 83
85
I I
87
I
89
91 93
I I
95
1. Consists of agriculture, forestry, and fishing; mining; construction; and manufacturing.
2. Consists of transportation and public utilities; wholesale trade; retail trade; finance,
insurance and real estate; and services.
US. Department of Commerce, Bureau of Economic Analysis
prices; conversely, GPO prices increase slower than
gross output prices when gross output prices increase slower than intermediate inputs prices. In
1992-96, GPO prices increased faster than gross
output prices in agriculture, forestry, and fishing,
in construction, and in communications. GPO
prices increased slower than gross output prices
in all other industry groups.
In 1996, the GPO price index for private industries increased 2.4 percent, slightly more than
the 2.3-percent increase in the GDP price index.
The GPO price index for manufacturing declined
for the second consecutive year, as an increase in
nondurable goods was more than offset by a decline in durable goods. Three of the four other
industry groups for which the GPO price index
either increased less than the GDP price index or
decreased are at least partly involved with the distribution of goods to consumers: Transportation
(0.6 percent), electric, gas, and sanitary services
(0.3 percent), wholesale trade (-1.1 percent), and
retail trade (0.5 percent). Among the industry
groups for which the GPO price index increased
more than the GDP price index, the increases
were large in agriculture, forestry, and fishing
(16.6 percent) and mining (21.0 percent). The
increases were smaller in finance, insurance, and
real estate (4.1 percent) and services (3.4 percent).
Government increased 3.7 percent.
Contributions to change.—GPO prices can be used
to assess an industry's contribution to the change
in GDP prices. Because real GDP can be viewed
as the combined result of aggregate inputs of labor services and capital services, the GDP price
index can be viewed as the price index for aggregate inputs of labor services and capital services.
Because GPO as an input measure represents the
industry's value-added inputs of labor services
and capital services, the GPO price index can
be used to compute contributions to GDP price
change.
The extent to which industries contribute to
the change in the GDP price index depends on
the industry's size relative to GDP as well as on
the growth rates in GPO prices.10 In 1992-96,
the largest contributors to the change in the
GDP price index were services and finance, insurance, and real estate (0.7 percentage point
each) (table 2). Government contributed 0.5 per10. For a description of the calculation of these contributions, see "Note
on Computing Alternative Chained Dollar Indexes and Contributions to
Growth" in I. Steven Landefeld and Robert P. Parker, "BEA'S Chain Indexes,
Time Series, and Measures of Long-Term Economic Growth," SURVEY 77
(May 1997): 63. The procedure described in the note was modified to replace
the chain-type quantity index with the chain-type price index.
March
• 21
SURVEY OF CURRENT BUSINESS
22 • March 1998
centage points.11 In manufacturing, prices were
unchanged, so the contribution of manufacturing prices to GDP price change was o.o percentage
point; durable goods manufacturing contributed
-o.i percentage point. In 1995 and 1996, the contribution of durable goods manufacturing was
-0.3 percentage point. Finance, insurance, and
real estate made the largest positive contribution
in each of those years (0.8 percentage point).
Gross output prices.—Gross output prices, which
are the prices received by producers, can be
viewed as a weighted average of the prices for
intermediate inputs and for value-added inputs
(labor services and capital services). In manufacturing, gross output prices increased only
1.1 percent in 1992-96. Gross output prices in
durable goods manufacturing were unchanged,
while gross output prices in nondurable goods
manufacturing increased 2.3 percent. The slow
growth in the prices of manufactured products,
especially durable goods, together with the de11. The GPO price index for government is an implicit price deflator computed as current-dollar GPO divided by real (chained-dollar) GPO. For general
government, which comprises most of government, current-dollar GPO consists of compensation of employees and consumption of fixed capital. Real
consumption of fixed capital is estimated by direct deflation using price indexes from the NIPA s. Real compensation of employees is estimated by
extrapolating base-year current-dollar values by an indicator of labor input.
Table 2.—Contributions to Percent Change in the ChainType Price Index for Gross Domestic Product, 1993-96
1993
1994
Percent change:
Gross domestic product
2.6
Percentage points:
Private industries
2.2
.1
-.1
Agriculture, forestry, and fishing ...
Mining
0
2.4 •
2.5
2.3
2.5
1.5
1.7
2.1
1.9
-.1
0
.3
.1
0
.3
Construction
.1
.1
.2
.1
Manufacturing
Durable goods
Nondurable goods
2
.1
1
.1
0
-2
-.3
.1
-.1
-.3
.2
.1
0
o
Transportation and public utilities
Transportation
Communications
Electric, gas, and sanitary
services
1
.1
.1
0
Wholesale trade
.2
.1
.1
0
-1
.1
.1
.1
.1
0
.1
.1
-1
.1
0
.1
1
.1
0
.1
.2
.1
.1
0
0
0
0
Retail trade
1
Finance, insurance, and real
estate
.7
.4
.8
.8
.7
Services
7
7
.6
.7
.7
Statistical discrepancy2
Government
Not allocated by Industry3
0
.4
0
0
0
0
0
Unit costs
Because the GPO price index measures the change
in the cost of the value-added inputs of labor
services and capital services, it can be used in
combination with the components of GPO to assess their contributions to the change in total
value-added costs. When a component of GPO
unit costs grows faster than the GPO price index, then that component's contribution to the
growth in unit costs has increased.
The cost per unit of real GPO for private industries increased 2.2 percent in 1992-96 (table 3).
Data Availability
199296 1
1996
1995
celeration of prices for private services-producing
industries, have contributed substantially to the
low rate of GDP price change since 1992.
Within durable goods manufacturing, gross
output prices in 1992-96 declined in electronic
and other electric equipment (5.7 percent) and
industrial machinery and equipment (2.8 percent). The declines were primarily for products
deflated with BEA'S quality-adjusted price indexes:
Computers, semiconductors, and digital telephone switching equipment. Gross output price
increases in the remaining industries ranged from
i.o percent for instruments and related products
to 4.4 percent for lumber and wood products.
0
.4
.5
.5
.5
.4
.3
-.3
.1
1. Average annual rate.
2. Equals GDP measured as the sum of expenditures less gross domestic income.
3. Equals GDP less the statistical discrepancy and the sum of GPO of the detailed industries.
NOTE.—For information on the calculation of the contributions to percent change, see footnote
10 in the text.
This article presents summary estimates of gross
product by industry prices and unit costs. Price indexes and real GPO estimates for detailed industries for
!977~96 and current-dollar GPO estimates for 1947-96
are available on the Internet on BEA'S home page at
<http://www.bea.doc.gov>. They are also available online to subscribers to STAT-USA'S Economic Bulletin
Board (call 202-482-1986), or to STAT-USA'S Internet
site at <http://www.stat-usa.gov>.
In addition, the following estimates are available
from BEA on diskettes:
• Gross Product by Industry, 1947-96, product
number NDN-or/4, price $20.00.
• Gross Output by Detailed Industry, 1977-96,
product number NDN-0175, price $20.00.
• Manufacturing Industry Shipments, 1977-96,
product number NDN-oi/6, price $20.00.
• Manufacturing Product Shipments, 1977-95,
product number NDN-OI//, price $20.00.
To order using Visa or MasterCard, call the BEA
Order Desk at 1-800-704-0415 (outside the United
States, call (202) 606-9666). To order by mail, send
a check payable to "Bureau of Economic Analysis, BE53," to BEA Order Desk, Bureau of Economic Analysis,
BE-53, U.S. Department of Commerce, Washington, DC
20230.
SURVEY OF CURRENT BUSINESS
Compensation of employees per unit of GPO
(unit labor costs) increased 1.7 percent. Unit
costs for indirect business tax and nontax liability
increased 0.8 percent, and unit costs for propertytype income increased 3.2 percent. The larger
increase in the unit costs for property-type income indicates that capital costs became a larger
part of GPO unit costs during the period or that
the return to capital per unit of gross product
increased.
In 1992-96, unit labor costs declined in two private industry groups: Mining and durable goods
manufacturing. Unit labor costs increased in
all other private industry groups except wholesale trade, which was unchanged. In agriculture,
forestry, and fishing and in services, the increases
in unit labor costs were larger than the increases
in total unit costs.
As with GPO prices, declines and relatively small
increases in unit labor costs were in industry
groups involved with the production and distribution of goods. In manufacturing, unit labor
costs declined at an average annual rate of 1.7
percent in 1992-96, compared with a o.2-percent
increase in total unit costs. Unit labor costs in
durable goods manufacturing declined 3.5 percent, while total unit costs declined 1.2 percent.
In wholesale trade, in retail trade, and in transportation and public utilities, the increases in
unit labor costs were substantially smaller than
the increases in total unit costs.
In 1996, unit labor costs increased 1.9 percent
in all private industries, less than the increase
in total unit costs (2.4 percent). Unit labor
costs increased in all private industry groups except durable goods manufacturing and wholesale
trade. Durable goods manufacturing fell 3.9 percent; this fall marked the fourth consecutive year
that unit labor costs fell in this industry group.
Unit labor costs in manufacturing fell 1.1 percent,
the third consecutive annual decline, despite an
increase in nondurable goods manufacturing.
In 1996, the increases in unit labor costs exceeded the increase in total unit costs in only
three industries: Construction; finance, insurance, and real estate; and services. In construction, unit labor costs rose faster than total
unit costs for the first time since 1992; unit
property-type income increased only 0.6 percent.
In finance, insurance, and real estate, unit labor
costs increased considerably more than in the 2
preceding years. In services, the increase in unit
labor costs was somewhat less than the increase
in 1995.
Tables 4 and 5 follow. £3
March 1998 •
Table 3.—Percent Changes in Current-Dollar Cost Per Unit
of Real Gross Product Originating for Private Industry
Groups, 1993-96
1993
Total
Compensation of employees
Indirect business tax and nontax
liability
Property-type income
Agriculture, forestry, and fishing
Compensation of employees
Indirect business tax and
nontax liability
Property-type income
1994
1995
2.5
2.4
1.8
0.5
2.1
25
2.1
4.0
3.7
-3.5
-9.0
17.6
9.4
-6.9
-2.4
_c
Mining
Compensation of employees
Indirect business tax and
nontax liability
Property-type income
-1.9
-5.1
-5.7
-5.1
g
Construction .
Compensation of employees
Indirect business tax and
nontax liability
Property-type income
Manufacturing
Compensation of employees
Indirect business tax and
nontax liability
Property-type income
Durable goods
Compensation of
employees
Indirect business tax and
nontax liability
Property-type income
Nondurable goods
Compensation of
employees
Indirect business tax and
nontax liability
Property-type income
Transportation and public utilities
Compensation of employees
Indirect business tax and
nontax liability
Property-type income
Wholesale trade
Compensation of employees
Indirect business tax and
nontax liability
Property-type income
Retail trade
Compensation of employees
Indirect business tax and
nontax liability
Property-type income
Finance, insurance, and real
estate
Compensation of employees
Indirect business tax and
nontax liability
Property-type income
Services
Compensation of employees
Indirect business tax and
nontax liability
Property-type income
2.0
2.0
-1.0
2.6
— L
137
14.8
-7.9
_5
1996
Average
annual
rate of
change,
1992-96
2.4
1.9
2.2
1.7
0
3.5
.8
3.2
16.6
6.9
1.6
23.5
21.0
3.8
6.8
4.4
2.5
2.7
-4.4
8.6
-5.8
-98
42
21 7
278
-9
6.1
35
2.0
40
3.4
48
4.5
28
3.9
37
3.5
45
70
0
5.5
0
52
43
6
22
4.6
14
.6
-2.9
-3.5
-1.1
-1.7
-4.8
-2.5
-26
12
-2.5
-52
0
36
-73
c
97
-9
44
-4
-1.7
2
47
0
-3.1
-2.7
-1.2
-1.4
-4.0
-4.7
-3.9
-3.5
0
-77
11.1
13.4
0
1.1
-42
.8
-30
6.4
1.2
17
1.1
19
28
1.9
29
-20
-1 9
24
3
3.3
-3
-4.8
-1.7
1.8
.2
o
38
70
83
3.4
34
0
45
.7
0
2.3
2.4
1.1
1.1
1.5
.9
30
11
0
24
-58
25
-8
24
27
15
4.3
-1 1
-2.8
12
0
16
0
-1.5
48
32
42
131
-24
-9
-29
56
9
51
12
-.2
1.1
-.2
1
1.2
5
.3
.7
.3
16
44
5
51
21
-44
5
14
12
15
37
5.8
21
1.2
44
1.9
41
5.3
36
3.5
28
3.2
14
2.4
-7
6.8
27
3.9
1.5
4.0
36
4.6
38
3.2
32
4.8
34
3.5
35
4.0
80
.4
37
5.4
o
3.8
1.9
36
-1.1
3.0
23
SURVEY OF CURRENT BUSINESS
24 • March 1998
Table 4.—Chain-Type Price Indexes for Gross Output, Intermediate Inputs, and Gross Product by Industry Group, 1977-96
[1992=100]
Gross domestic product
PrivatG industries '
Agriculture, forestry, and fishing:
Gross output
Intermediate inputs
Gross product
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
47.42
50.88
55.22
60.34
66.01
70.18
73.16
75.92
78.53
80.58
83.06
86.10
89.72
93.64
97.32 100.00 102.64 105.09 107.76 110.22
48.25
52.71
56.93
61.99
67.98
72.12
74.60
77.36
79.31
81.77
84.41
86.90
90.35
94.38
97.67 100.00 102.50 104.34 106.42 108.95
9254 101 06 101 78
89.68 89.73 94.90
96.18 107.72 107.52
8918
85.87
92.96
89.52
83.42
90.95
91.89 99.49 105.05 104.32 100.86 100.00 102.64 10204 10294 11359
89.26 94.88 99.28 99.69 100.11 100.00 101.88 104.12 105.92 111.43
94.56 104.57 111.54 109.46 101.66 100.00 103.70 100.08 99.66 116.21
9490 9752 10087
8431
6277 71 86 77.48 8025 8563
88.50 106.90 115.57 106.01 104.84
7461
1992
1993
1994
1995
1996
Mining:
Gross output
Intermediate inputs
Gross product
62 14
55.48
65.71
68 15
60.11
72.71
8582 11464 14819 151 99 14311 13848 131 96 9722 9746
70.83 87.62 105.53 109.44 107.83 107.67 106.11 88.49 90.37
96.80 137.46 186.43 189.80 173.13 163.70 152.44 103.32 102.26
Construction:
Gross output
Intermediate inputs
Gross product
4854
53.05
4386
5381
5948
63.98
5476
6570
71.32
5989
71 91
77.24
6633
7719
57.44
4998
79.14
75.12
7886
80.88
76.70
8085
83.00
78.55
8247
85.13
79.65
85.56
84.08
86.75
8862
86.35
90.56
90.24
93.80
94.94
93.50
96.16
7700
80.62
71.04
8349
88.01
75.95
85.44
88.66
80.22
86.33
89.87
80.56
88.32
91.99
82.33
88.06
91.63
82.24
86.42
86.75
86.11
88.20
90.02
85.36
91.90
94.53
87.44
95.94 98.64 99.36 100.00 101.02 102.28 10464 10439
98.51 101.06 100.17 100.00 100.79 102.48 106.81 106.62
91.64 94.63 97.89 100.00 101.42 101.92 100.99 100.63
82.29
81 87
85.67
8395
88.21
87.40
8650
88.64
89.14
8850
89.98
89.24
89.24
89.69
87.89
92.35
90.56
90.30
90.85
93.53
95.60
90.37
96.76
98.69
93.79
87.67
9538
83.18
90.18
9346
83.84
95.14
89.01
99.35 99.47 100.00 100.91 102.13 10712 10967
10226 10052 10000 10051 101 75 10837 11072
93.70 97.41 100.00 101.70 10286 10484 10777
Manufacturing:
Gross output
Intermediate inputs
Gross product
Durable goods:
Gross output
Intermediate inputs
Gross product
Nondurable goods:
Gross output
Intermediate inputs
Gross product
61 59
61.47
61.81
6821
57.51
58.08
60.02
5770
6382
6444
61 88
6864
70.35
6868
7300
76.61
7728
8281
5485
58 13
51 11
6091
5351
7746
8485
6344
8479
9376
6759
85.33
5717
6604
7067
5763
7052
85.43
93 15
7076
51.65
5430
55.73
5934
57.83
6303
62.88
6893
70.63
7725
77.20
77.48
59.05
5232
6277
60.78
5568
6376
62.12
59.96
6375
64.56
66.22
6453
70.48
71.50
7006
75.90
75.12
7706
4370
48.94
4005
4794
52.68
4484
53.71
62.46
4649
Wholesale trade:
Gross output
Intermediate inputs
Gross product
6237
48.81
7076
6608
52.07
7467
Retail trade:
Gross output
Intermediate inputs
Gross product
5049
4748
52.19
Finance, linsurance, and real
estate
Services l
Government1
Transportation
and public
utilities1
Transportation l
Communications:
Gross output
Intermediate inputs
Gross product
Electric, gas, and sanitary
services:
Gross output
Intermediate inputs
Gross product
Addenda:
Private goods-producing
industries2:
Gross output ..
Intermediate inputs
Gross product
Private services-producing
industries J 3
5771
69.77
66.06
7610
9217
97.86
96.40
99.08
98.07
99.79
95.41
98.99 100.00 103.25 10689 111 21 11381
97.94 100.00 103.02 106.10 109.45 111.43
99.88 100.00 103.45 107.58 112.71 11582
99.22 100.00 101.12 102.42 102.55 100.05
99.80 100.00 101.07 10320 10544 10306
98.30 100.00 101.21 101.17 9803 9536
7301
87.04
9403
7373
78.50
85.91
8972
78.64
80.99
76.83
84.77
80.85
88.85
84.45
93.37
87.49
92.64
90.09
94.70
96.92
97.13
98.29
98.06 99.78 100.00 101.76 102.49 104.80 105.97
99.82 100.16 100.00 101.12 102.60 10587 10646
79.13
78.35
8035
83.58
81.07
8583
88.91
84.31
9249
92.02
86.53
96.18
91.39
88.13
9398
92.43
90.43
9414
95.84
94.42
97.02
97.59
96.70
98.29
98.59 100.00 101.26 101.92 102.86 104.78
98.77 100.00 99.50 97.32 9532 96.45
98.53 100.00 10217 10438 10740 11029
64.48
76.75
5372
75.07 88.05 95.91 97.52 97.64
89.37 102.90 109.64 110.88 108.48
6255 75.52 84.89 86.90 89.34
96.08
97.25
95.79
92.62
93.80
92.27
91.45
93.47
90.52
94.39 96.50
97.04 100.42
93.07 94.44
99.38 100.00 102.65 101.92 101.69 104.37
99.03 100.00 103.71 104.72 102.04 112.27
99.55 100.00 102.11 100.57 101 19 101 45
71.36
57.14
79.89
78.22
64.10
86.40
82.97
70.50
89.74
83.89
73.92
89.08
86.30
76.95
91.12
88.19
80.27
92.19
90.26
82.44
94.20
86.34
82.67
88.15
90.62
85.34
93.21
94.81
88.70
97.85
95.65 99.98 100.73 100.00 101.82 104.53 106.83 106.82
92.24 96.05 98.36 100.00 102.25 104.94 108.81 111.11
97.26 101.86 101.81 100.00 101.62 104.34 105.88 104.75
5376
51 02
55.30
5870
56.01
60.20
6462
62.63
65.66
6974
68.94
70.01
7383
72.70
74.28
7608
75.94
76.16
7872
80.02
77.89
80.59
82.41
79.51
80.52
83.73
78.84
85.78
85.95
85.59
86.72
88.90
85.44
90.18
92.97
88.57
93.86
96.82
92.15
38.16
41 73
44.61
48.48
53.63
57.54
62.80
66.20
71.33
78.47
81.69
83.36
87.07
92.35
97.82 100.00 103.73 105.91 110.57 115.10
3585
3878
42.33
46.54
51.36
56.30
60.45
64.12
67.55
71.45
75.35
79.87
84.00
89.65
94.33 100.00 103.55 107.47 110.90 114.64
40.92
43.72
47.09
51.48
56.92
61.73
65.40
70.23
74.38
77.29
80.65
83.83
87.20
91.40
96.08 100.00 103.07 106.29 109.87 113.98
57.48
57.22
57.91
61.94
61.42
63.08
69.36
69.77
68.99
78.56
80.54
75.56
86.30
87.95
83.37
88.33
89.06
87.31
88.96
89.92
87.41
90.57
91.80
88.38
89.80
91.41
86.91
87.08
86.49
87.67
88.99
89.68
87.96
92.47
94.05
90.15
96.58 99.45
98.02 100.64
94.47 97.71
99.53 100.00 101.54 102.76 105.18 106.46
99.98 100.00 101.20 102.97 107.03 107.56
98.84 100.00 102.08 102.46 102.48 104.86
4441
4780
51 27
55.88
61.05
65.32
69.27
72.35
75.98
79.21
82.58
85.27
88.33
96.94 100.00 102.63 10504 10808 11074
9311
1. Gross product price index.
2. Consists of agriculture, forestry, and fishing; mining; construction; and manufacturing.
3. Consists of transportation and public utilities; wholesale trade; retail trade; finance, insurance, and real estate;
and services.
8914
9346 10046 11085 10245 100.00 9946 9555 9594 11236
90.31 95.55 103.24 100.64 100.00 101.31 100.09 101.91 112.95
95.67 103.74 115.93 103.70 100.00 98.14 92.52 92.09 111.46
8561
9831
93.26
97.71 100.00 101.55 103.19 10435 10571
99.13 100.00 102.08 104.60 107.67 110.49
96.88 100.00 101.24 102.36 102.43 102.99
NOTES.—Estimates for gross output and for intermediate inputs are shown only for industry groups for which the
double-deflation method is used for each detailed industry in the group. See footnote 2 in the text.
Estimates for 1977-56 are shown on the basis of the 1972 Standard Industrial Classification (SIC). Estimates
for 1987-96 are shown on the basis of the 1987 SIC.
SURVEY OF CURRENT BUSINESS
March 1998 •
25
Table 5.—Current-Dollar Cost Per Unit of Real Gross Product Originating by Private industry Group, 1977-96
[Dollars]
Total
Compensation of employees
Indirect business tax and nontax
liability
Property-type income
Agriculture forestry and fishing
Compensation of employees ...
Indirect business tax and
nontax liability
Property-type income
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
0.483
0.527
0.569
0.620
0.680
0.721
0.746
0.774
0.793
0.818
0.844
0.869
0.904
0.944
0.977
1.000
1.025
1.043
1.064
1.090
.262
.288
.315
.346
.372
.397
.405
.413
.425
.442
.458
.470
.486
.511
.528
.543
.556
.559
.570
.581
047
048
.055
.219
.063
.245
.066
.258
.070
.270
.071
.289
.073
.296
.074
.301
.076
.310
.076
.323
.080
.338
.085
.348
.092
.357
.095
.362
.097
.371
.099
.386
098
.192
.049
.205
098
.174
.396
.410
962
1 069
1 156
1 060
1 048
1 077
1 075
930
909
946
1 046
1 115
1 095
1 017
1 000
1 037
1 001
.184
.212
.217
.241
.203
.213
.298
.237
.216
.222
.230
.286
.287
.304
.299
.273
.321
.292
.332
.355
051
053
054
055
764
.049
.789
.044
.669
.045
.642
.048
.667
.055
.704
.055
.773
.056
.735
.056
.661
.053
.674
.058
.658
063
.884
.067
.712
062
804
.044
.704
054
650
.049
.796
.655
603
745
Mining
Compensation of employees
Indirect business tax and
nontax liability
Property-type income
657
206
727
238
968
1 375
1 864
1 898
1 731
1.637
1 524
1.033
1.023
1.037
1.159
1.037
1.000
925
.356
.447
.486
.463
.439
.406
.371
.343
.324
.333
.340
.353
.318
921
304
1 115
.327
.981
.335
057
394
061
429
086
.555
208
810
.987
102
505
092
526
112
672
Construction
Compensation of employees
Indirect business tax and
nontax liability
Property-type income
439
303
500
344
548
386
599
428
663
489
009
127
010
147
010
152
011
160
011
.163
Manufacturing
Compensation of employees ...
Indirect business tax and
nontax liability
Property- type income
Durable goods
Compensation of employees
Indirect business tax and
nontax liability
Property-type income
Nondurable goods
Compensation of employees
Indirect business tax and
nontax liability
Property-type income
Transportation and public utilities
Compensation of employees ...
Indirect business tax and
nontax liability
Property-type income
Wholesale trade
. . ..
Compensation of employees ...
Indirect business tax and
nontax liability
Property-type income
Retail trade
Compensation of employees
Indirect business tax and
nontax liability
Property-type income
Finance, insurance, and real
estate
Compensation of employees ...
Indirect business tax and
nontax liability
Property-type income
Services
Compensation of employees ...
Indirect business tax and
nontax liability
Property-type income
885
430
287
246
.982
.952
751
545
767
543
786
797
.535
.538
014
193
017
207
015
014
245
015
.235
.283
351
1.061
581
618
661
759
802
806
.407
.437
.473
.530
.555
.590
.578
024
023
023
025
027
028
031
149
158
.165
155
.177
.184
.196
638
730
773
886
.565
.624
.828
.656
882
.475
686
510
015
014
.163
.015
.150
016
.148
710
.134
124
109
.292
090
107
112
.570
.574
.607
867
906
.569
.604
938
631
.652
016
285
017
018
019
.289
.291
.285
.916
.609
.946
.633
.031
.277
.538
.861
.607
854
874
.586
.585
.585
822
.823
.576
.030
.217
030
033
030
029
.206
.221
.239
.260
.892
.685
.923
.708
.909
.678
904
.220
.485
.705
.692
.900
.667
.017
.155
.019
.158
.018
.177
.017
.216
.018
.190
.019
.196
.019
.211
.705
.456
708
.448
.730
.466
.737
.466
.785
.486
.786
.473
.666
018
.715
114
.584
110
1 000
1 035
1 076
1 127
1 158
.691
.705
729
762
792
020
022
.281
.287
023
307
023
324
023
341
024
343
.979
.663
1.000
1 014
1 019
1 010
1 006
.680
.684
.664
.641
.634
.034
.280
.040
.276
.042
.278
042
040
039
038
.288
316
330
334
.938
.690
.954
.712
.983
.749
1.000
1.012
1 012
.766
.755
.725
980
691
954
664
.020
.227
.022
.220
.025
.209
.026
.208
.231
.262
024
265
023
267
.890
.508
.937
.535
.974
.561
1 000
1 017
1 029
1 048
1 078
.580
.597
.585
.574
.588
049
qor
991
999
.687
.698
535
576
634
676
.347
.361
.416
.433
035
035
033
037
038
039
045
045
045
042
153
.182
.181
.204
.210
.214
.219
.226
.049
.250
043
.151
.271
.311
.045
.338
.353
.058
.355
026
024
060
062
059
058
060
.360
.359
384
416
430
1.048
466
1.060
471
104
478
098
490
.516
.264
.557
.578
.309
.629
.334
.706
.362
.772
.396
.810
.385
.848
.395
.888
.413
.934
.431
.926
.423
.947
.427
.971
.439
.981
.451
.998
.448
1.000
1.018
1.025
286
.454
.455
.455
054
054
218
.053
.216
.056
.239
.060
.284
.067
.308
.074
.351
.077
.376
.082
.393
.086
.417
.084
.420
.087
.433
.091
.441
.095
.435
.099
.451
.101
.445
.101
.462
.467
.199
330
.536
511
838
116
1 162
.531
.325
104
708
747
.864
.493
.897
.514
.891
.527
.911
.535
.922
.523
.942
.538
.881
.507
.932
.561
.978
.579
.973
.582
1.018
1.000
1.016
1 043
1 059
1 047
.407
.799
.440
1.019
.378
.618
.597
.588
.588
.579
.604
.587
.160
.160
.156
.158
.159
.159
.185
.216
.184
.210
.180
.232
.189
.227
.185
242
235
204
.203
.167
.248
224
.182
.193
.238
213
.192
.212
.224
203
.189
.209
216
214
226
.602
.372
.657
.417
.700
.743
.457
.762
.454
.779
.457
.795
.462
.788
.466
.856
.515
.854
.523
.886
.534
.922
.564
.969
.590
1.000
1.012
438
.096
.133
.106
.134
.111
.151
.119
.166
.123
.185
.129
.192
.134
.200
.135
.187
.150
.190
.147
.184
.155
.197
.166
.192
.175
.204
.185
.206
.188
.215
.226
.575
.134
628
.662
.154
.713
.168
.785
.191
.817
.203
834
.923
.221
.978
.231
1 037
.209
.871
.210
1.000
.146
.242
.256
.089
.352
.093
.388
.098
.410
.104
.112
.482
.114
.500
.112
.119
.541
.127
.575
.140
.607
.142
.146
148
147
151
616
636
651
695
722
170
180
.522
.553
316
336
.080
.127
.087
.130
382
417
446
485
536
.086
.093
.100
.110
.121
.068
067
.067
.072
.080
228
257
279
302
334
359
388
.236
.258
009
010
114
120
514
191
441
513
177
.610
191
609
1 024
1 030
608
615
617
189
193
216
194
219
1 059
1 106
1 151
.259
.264
.278
1.024
.423
.286
.465
.319
.563
.393
.604
.422
.641
.444
.675
.465
.714
.492
.753
.529
.799
.558
.840
.589
.896
.636
.943
.673
1.000
1 036
1 075
1 109
1 146
.357
.716
.749
.773
.810
.838
.010
.127
.011
.135
.012
.144
.013
.157
.015
.168
.016
.181
.017
.193
.019
.204
.019
.205
.020
.221
.021
.231
.022
.239
.023
.247
.025
.259
027
028
029
029
260
274
271
279
NOTES.—Current-dollar cost per unit of real gross product originating (GPO) equals the GPO price index divided
by 100.
193
.925
957
997
Estimates for 1977-86 are shown on the basis of the 1972 Standard Industrial Classification (SIC). Estimates
for 1987-96 are shown on the basis of the 1987 SIC.
SURVEY OF CURRENT BUSINESS
26
March 1998
A Guide to the NIPA'S
By Eugene P. Seskin and Robert P. Parker
HIS GUIDE presents information on the
structure, definitions, presentation, and
methodologies that underlie the national income
and product accounts (NIPA'S). This information
is from the forthcoming publication National Income and Product Accounts of the United States,
1929-94 and includes the "Updated Summary
NIPA Methodologies" that was published in the
September 1997 issue of the SURVEY OF CURRENT BUSINESS. The information reflects the
changes that were introduced in the most recent
comprehensive and annual revisions of the NIPA'S.
The NIPA'S show the composition of production
and the distribution of incomes earned in production. Thus, they represent a critical element
of the U.S. economic accounts, which are designed to provide a consistent and comprehensive
picture of the Nation's economy.
The first section of this article describes the definitions and classifications underlying the NIPA'S.
The second section discusses the presentation of
the NIPA'S, and the third section discusses the statistical conventions used for the NIPA estimates.
An appendix lists the principal source data and
methods used to prepare the estimates of gross
domestic product (GDP).
T
Definitions and Classifications
Underlying the NIPA'S
NIPA entries
The major components of the NIPA'S are presented and defined below within the context of
the Summary National Income and Product Accounts (see table A on page 28). The five
summary accounts show the composition of production and the distribution of the incomes
earned in production. In these accounts, production consists of the goods, services, and structures
that are produced in the current period. Production, or "current production," and its related
incomes do not include gains or losses from the
sale of nonproduced assets, such as land, or of
financial assets, such as stocks and bonds. In
addition, production does not include gains or
losses from holding goods in inventories.
The first summary account is the National
Income and Product Account: The right side
shows GDP as measured by the sum of goods
and services produced in the United States and
sold to final users, and the left side shows GDP
as measured by the incomes earned in production (gross domestic income) and the "statistical
discrepancy" between the two measures. Each
of the components in this summary account can
be mapped to one of the other summary accounts and can, in turn, be mapped to one or
more of the 142 tables that make up the full
set of NIPA tables. This system of integrated,
double-entry accounts provides a comprehensive
and unduplicated measure of economic activity
within a consistently defined framework.1 Thus,
the NIPA'S—together with the industry, wealth,
and regional accounts—can be used to trace
the principal economic flows among the major
sectors of the economy.
Within the summary accounts, each entry has a
counterentry, generally in another account. The
parenthetical numbers that follow an entry in table A identify the counterentry by account and
line number. Except for the major income and
product aggregates, the entries are usually defined in the sequence in which they appear in the
five-account summary.
The definition of a component is not repeated for the counterentry, but a cross-reference
is made to the first appearance of the definition. After the components in the five-accountsummary are defined, the following other definitions are presented: Final sales of domestic
product, gross domestic purchases, final sales to
domestic purchasers, population, personal saving
as a percentage of disposable personal income,
gross saving as a percentage of gross national
i. For more information on the concepts underlying the accounts, see
Allan H. Young and Helen Stone Tice, An Introduction to National Economic
Accounting, NIPA Methodology Paper No. i (1985); and Carol S. Carson,
GNP: An Overview of Source Data and Estimating Methods, NIPA Methodology
Paper No. 4 (1987). For information on the availability of these papers, see
the box "Information About NIPA Methodology."
SURVEY OF CURRENT BUSINESS
March 1998
product, U.S. residents, foreign residents, and the
rest of the world.
largely independent and less-than-perfect source
data. This difference is termed the "statistical
discrepancy" (see page 34).
Major aggregates
Gross national product (GNP) is the market
value of the goods and services produced by labor
and property supplied by U.S. residents. Because
the labor and property are supplied by U.S. residents (see page 36), they may be located either
in the United States or abroad. The difference
between GDP and GNP is net receipts of factor
income from the rest of the world. These net
receipts represent income from the goods and
services produced abroad using the labor and
property supplied by U.S. residents less payments
to the rest of the world for the goods and services
Gross domestic product (GDP), the featured measure of U.S. output, is the market value of the
goods and services produced by labor and property
located in the United States. Because the labor
and property are located in the United States,
the suppliers (that is, the workers and, for property, the owners) may be either U.S. residents or
residents of the rest of the world.
Gross domestic income (GDI) (1-34) measures
output as the costs incurred and the incomes
earned in the production of GDP. In theory, GDP
should equal GDI, but in practice, they differ
because their components are estimated using
Text continues on page 30.
Information About NIPA Methodology
As part of each comprehensive and annual revision
of the NIPA'S, BEA publishes a summary description of
the principal source data and methods used to prepare
the current-dollar and real estimates of gross domestic product. The most recent "Updated Summary NIPA
Methodologies" was published in the September 1997 issue of the SURVEY OF CURRENT BUSINESS and is reprinted
as an appendix in this article.
BEA has also prepared a series of papers that discuss the concepts that underlie the NIPA'S and that
present detailed descriptions of the methodologies used
to prepare the NIPA estimates.
Note, however, that
the methodologies described in these papers are subject
to periodic improvements, usually as part of the annual and comprehensive revisions of the NIPA estimates.
These improvements—which consist of changes in definitions and in source data, the incorporation of new
source data, and the use of new estimating methods—
are described in the SURVEY. For example, two major
improvements were the shift to gross domestic product as the featured measure of U.S. production and
the introduction of a new treatment of government
investment.
Copies of the following methodology papers are available from the National Technical Information Service
(NTIS).
• An Introduction to National Economic Accounting,
Methodology Paper No. i (1985)—NTIS accession no.
PB85-24756/, $12.50
1. For information on the methodology used to prepare the national estimates of personal income, which provide the basis for the
State estimates of personal income, see State Personal Income, 1959-93
(Washington, DC: U.S. Government Printing Office, 1995).
2. See "Gross Domestic Product as a Measure of U.S. Production,"
SURVEY 71 (August 1991): 8; and "Preview of the Comprehensive Revision of the National Income and Product Accounts: Recognition of
Government Investment and Incorporation of a New Methodology for
Calculating Depreciation," SURVEY 75 (September 1995): 33-41.
• Corporate Profits: Profits Before Tax, Profits Tax
Liability, and Dividends, Methodology Paper No. 2
(1985)—NTIS accession no. PB85-24539/, $27.00
• Foreign Transactions, Methodology Paper No. 3
(1987)—NTIS accession no. PB88-ioo649, $27.00
• GNP: An Overview of Source Data and Estimating
Methods, Methodology Paper No. 4 (1987)—NTIS accession no. PB88-134838, $24.50
• Government Transactions, Methodology Paper No. 5
(1988)—NTIS accession no. PB9o-n848o, $31.50
• Personal Consumption Expenditures, Methodology
Paper No. 6 (1990)—NTIS accession no. PB90-254244,
$27.00
The results of the most recent comprehensive and annual revisions are published in the following SURVEY
articles.
• "Annual Revision of the National Income and Product Accounts: Annual Estimates, 1993-96, and Quarterly
Estimates 1993:1-1997:1" (August 1997)
• "Preview of the Comprehensive Revision of the
National Income and Product Accounts: BEA'S New Featured Measures of Output and Prices" (July 1995)
• "Preview of the Comprehensive Revision of the National Income and Product Accounts: Recognition of
Government Investment and Incorporation of a New
Methodology for Calculating Depreciation" (September
1995)
• "Preview of the Comprehensive Revision of the
National Income and Product Accounts: New and Redesigned Tables" (October 1995)
• "Improved Estimates of the National Income and
Product Accounts: Results of the Comprehensive Revision" (January/February 1996)
• "Completion of the Comprehensive Revision of the
National Income and Product Accounts, 1929-96" (May
1997)
The methodological information on the NIPA'S is also
available on BEA'S Web site at <http://www.bea.doc.gov>.
•
SURVEY OF CURRENT BUSINESS
28 • March '1998
Table A.—Summary National Income and Product Accounts, 1996
[Billions of dollars]
Line
Line
Account 1.—National Income and Product Account
4,426.9
3,633.6
3,632.5
1.1
793.3
385.7
407.6
1
2
3
4
5
6
7
Compensation of employees
Wage and salary accruals
Disbursements (2—7)
Wage accruals less disbursements (3-8 and 5-5)
Supplements to wages and salaries
Employer contributions for social insurance (3-16)
Other labor income (2-8)
8
Proprietors' income with inventory valuation and capital consumption
adjustments (2-9).
520.3
9
Rental income of persons with capital consumption adjustment
(2-10).
146.3
735.9
11
12
13
14
15
16
17
18
Corporate profits with inventory valuation and capital consumption
adjustments.
Corporate profits with inventory valuation adjustment
Profits before tax
Profits tax liability (3-13)
Profits after tax
Dividends (2-12)
Undistributed profits
Inventory valuation adjustment
Capital consumption adjustment
10
674.1
676.6
229.0
447.6
304.8
142.8
-2.5
61.8
19
Net interest (2-15)
425.1
20
National income
6,254.5
21
22
23
24
25
Business transfer payments
To persons (2-19)
To the rest of the world (4—9)
Indirect business tax and nontax liability (3—14)
Less: Subsidies less current surplus of government enterprises (3-7)
33.6
26.0
7.6
604.8
25.4
26
27
28
29
30
Consumption of fixed capital (5-7)
Private (5-8)
Government (5-9)
.
.
General government (5—10)
Government enterprises (5-1 1 )
830.1
682.7
147.4
125.1
22.3
Personal consumption expenditures (2-3)
Durable goods
Nondurable goods
Services
5,207.6
634.5
1,534.7
3,038.4
40
41
42
43
44
45
46
Gross private domestic investment (5—1)
Fixed investment
Nonresidential
Structures
Producers' durable equipment
Residential
Change in business inventories
1,116.5
1,090.7
781.4
215.2
566.2
309.2
25.9
47
48
49
Net exports of goods and services
Exports (4-1)
Imports (4—4)
50
Government consumption expenditures and gross investment (3-1
and 5-2).
Federal
National defense
Nondefense
State and local
1,406.7
GROSS DOMESTIC PRODUCT
7,636.0
51
52
53
54
-94.8
870.9
965.7
520.0
352.8
167.3
886.7
7,697.6
31
Gross national income
32
Less: Receipts of factor income from the rest of the world (4-2)
33
Plus' Payments of factor income to the rest of the world (4—5)
34
Gross domestic income
35
36
37
38
39
.
234.3
232.6
7,695.9
-59.9
Statistical discrepancy (5—14)
7,636.0
GROSS DOMESTIC PRODUCT
Account 2.—Personal Income and Outlay Account
1
Personal tax and nontax payments (3-12)
2
3
4
5
Personal outlays
Personal consumption expenditures (1—36)
Interest paid by persons (2—17)
Personal transfer payments to the rest of the world (net) (4-7)
6
Personal saving (5-4)
886.9
7
Wage and salary disbursements (1—3)
5,368.8
5,207.6
145.2
15.9
8
Other labor income (1-7)
407.6
9
Proprietors' income with inventory valuation and capital consumption
adjustments (HB).
520.3
10
11
12
13
Rental income of persons with capital consumption adjustment (1-9)
Personal dividend income
Dividends (1-15)
Less: Dividends received by government (3-6)
146.3
291.2
304.8
13.6
14
15
16
17
Personal interest income
Net interest (1-19)
Net interest paid by government (3-5)
Interest paid by persons (2-4)
735.7
425.1
165.4
145.2
18
19
20
Transfer payments to persons
From business (1-22)
From government (3-3) .
239.6
21
PERSONAL TAXES. OUTLAYS. AND SAVING
See note at end of table.
6.495.2
Less: Personal contributions for social insurance (3-17)
PERSONAL INCOME
3,632.5
1,068.0
26.0
1,042.0
306.3
6.495.2
SURVEY OF CURRENT BUSINESS
March 1998
•
29
Table A.—Summary National Income and Product Accounts, 199&-Continued
[Billions of dollars]
Line
Line
Account 3.—Government Receipts and Expenditures Account
1 Consumption expenditures (1—50)
1,182.4
12
Personal tax and nontax payments (2—1)
886.9
2 Transfer payments
3
To persons (2-20)
4
To the rest of the world (net) (4-8)
1 0583
1 042 0
163
13
Corporate profits tax liability (1—13)
229.0
14
Indirect business tax and nontax liability (1—24)
604.8
165.4
15
16
17
Contributions for social insurance
Employer (1-6)
..
Personal (2-21)
692.0
385.7
306.3
5
Net interest paid (2-16) .
6
Less' Dividends received by government (2—13)
13fi
7 Subsidies less current surplus of government enterprises (1-25)
25.4
8
Less' Waae accruals less disbursements (1—4)
9
Current surplus or deficit (-), national income and product accounts
(5-12).
Federal
State and local
-1105
1053
GOVERNMENT CURRENT EXPENDITURES ANC) SURPLUS
2,412.7
10
11
0
-5.1
GOVERNMENT RECEIPTS
2,412.7
Account 4.-—Foreign Transactions Account
1 Exports of goods and services (1-48)
8709
4
2 Receipts of factor income (1—32)
2343
0
3 Capital grants received by the United States (net) (5-13)
Imports of goods and services (1^49)
965.7
5
Payments of factor income (1—33)
232.6
6
7
8
9
Transfer payments to the rest of the world (net)
From persons (net) (2-5)
From government (net) (3-4)
From business (1-23)
10
RECEIPTS FROM THE REST OF THE WORLD
1,105.1
39.8
15.9
16.3
7.6
Net foreign investment (5-3)
-132.9
PAYMENTS TO THE REST OF THE WORLD
1,105.1
Account 5.—Gross Saving and Investment Account
1 Gross private domestic investment (1-40)
2 Gross government investment (1—50)
3
Net foreign investment (4—10)
1,116.5
4
Personal saving (2—6)
2243
5
Wage accruals less disbursements (private) (1-4)
-132.9
6
Undistributed corporate profits with inventory valuation and capital
consumption adjustments.
202.1
7
8
9
10
11
Consumption of fixed capital (1-26)
Private (1-27)
Government (1-28)
General government (1—29)
Government enterprises (1-30)
830.1
682.7
147.4
125.1
22.3
12
Government current surplus or deficit (-), national income and product accounts (3-9).
13
Capital grants received by the United States (net) (4—3)
14
GROSS INVESTMENT
1,207.9
NOTE.—Numbers in parentheses indicate accounts and items of counterentry in the accounts. For
example, line 3 of account 1 is shown as "Disbursements (2-7)"; the counterentry is shown in account 2, line 7.
Statistical discrepancy (1—35)
GROSS SAVING AND STATISTICAL DISCREPANCY
239.6
1.1
-5.1
0
-59.9
1.207.9
SURVEY OF CURRENT BUSINESS
3O • March 1998
Text continues from page 27.
produced in the United States using the labor and
property supplied by foreign residents. Factor
incomes are measured as compensation of employees, corporate profits (dividends, earnings of
unincorporated affiliates, and reinvested earnings
of incorporated affiliates), and interest.
Gross national income (GNI) (1-31) is the costs
incurred and the incomes earned in the production of GNP. GNI is the sum of (i) factor
incomes—compensation of employees, proprietors' income, rental income of persons, corporate profits, and net interest; (2) three nonfactor charges—business transfer payments, indirect business taxes, and the current surplus of
government enterprises less government subsidy
payments; and (3) consumption of fixed capital (CFG), which is the fixed capital "used up"
in the production process during the accounting
period. GNI and GNP also differ by the statistical
discrepancy.
Net domestic product (NDP) is the net market
value of the goods and services attributable to
labor and property located in the United States
and is equal to GDP less CFG.
Net national product (NNP) is the net market
value of goods and services attributable to the
labor and property supplied by U.S. residents and
is equal to GNP less CFC. The measure of CFC used
for both NDP and NNP relates only to fixed capital
located in the United States. Investment in the
capital is measured by private fixed investment
and government gross investment.
National income (1-20) is the sum of the factor
incomes. It is a net factor-cost measure (net of
CFC) equal to the income that originates in the
production of goods and services from labor and
property supplied by U.S. residents.
Domestic income, also a net factor-cost measure, is the income that originates in the production of goods and services attributable to labor
and property located in the United States.
Personal income is the income received by
persons from all sources—that is, from participation in production, from both government
and business transfer payments, and from government interest (which is treated like a transfer
payment). "Persons" consists of individuals,
nonprofit institutions that primarily serve individuals, private noninsured welfare funds, and
private trust funds. Personal income is calculated
as the sum of wage and salary disbursements,
other labor income, proprietors' income with
inventory valuation and capital consumption adjustments, rental income of persons with capital
consumption adjustment, personal dividend income, personal interest income, and transfer
payments to persons, less personal contributions
for social insurance.
Disposable personal income is personal income
less personal tax and nontax payments. It is
the income available to persons for spending or
saving.
National income and product account
GDP is measured as the sum of personal consumption expenditures, gross private domestic
investment (including change in business inventories and before deduction of charges for
CFC), net exports of goods and services (exports
less imports), and government consumption expenditures and gross investment. GDP excludes
intermediate purchases of goods and services by
business.
Personal consumption expenditures (1-36) is
goods and services purchased by persons resident
in the United States. Personal consumption expenditures (PCE) consists mainly of purchases of
new goods and of services by individuals from
business. In addition, PCE includes purchases
of new goods and of services by nonprofit institutions (including compensation of employees),
net purchases of used goods by individuals and
nonprofit institutions, and purchases abroad of
goods and services by U.S. residents.2 PCE also
includes purchases for certain goods and services
provided by government agencies—primarily tuition payments for higher education, charges for
medical care, and charges for water and sanitary
services. Finally, PCE includes imputed purchases
that keep PCE invariant to changes in the way that
certain activities are carried out—for example,
whether housing is rented or owned, whether financial services are explicitly charged, or whether
employees are paid in cash or in kind.
The following conventions are used to classify each PCE commodity: Durable goods (1-37)
are commodities that can be stored or inventoried and that have an average life of at least 3
years; nondurable goods (1-38) are all other commodities that can be stored or inventoried; and
services (1-39) are commodities that cannot be
stored and that are consumed at the place and
time of purchase.
2. Purchases of fixed assets, including residential structures by individuals
and by nonprofit institutions that primarily serve individuals, are classified
as gross private domestic investment.
SURVEY OF CURRENT BUSINESS
Gross private domestic investment (1-40) consists of fixed investment (1-41) and change in
business inventories (1-46). Fixed investment
consists of both nonresidential (1-42) fixed investment and residential (1-45) fixed investment. It
consists of purchases of fixed assets, which are
commodities that will be used in a production
process for more than i year, including replacements and additions to the capital stock, and it
is measured before a deduction for consumption
of fixed capital. It covers all investment by private businesses and by nonprofit institutions in
the United States, regardless of whether the investment is owned by U.S. residents. (Purchases
of the same types of equipment and structures by
government agencies are included in government
gross investment.) It excludes investment by U.S.
residents in other countries. Nonresidential fixed
investment consists of both structures (1-43) and
producers' durable equipment (PDE) (1-44).
Nonresidential structures consists of new construction, brokers' commissions on sales of structures, and net purchases of used structures by
private business and by nonprofit institutions
from government agencies. New construction
also includes hotels and motels and mining
exploration, shafts, and wells.
Nonresidential PDE consists of private business
purchases on capital account of new machinery, equipment such as furniture, and vehicles
(except for personal-use portions of equipment
purchased for both business and personal use,
which are included in PCE), dealers' margins on
sales of used equipment, and net purchases of
used equipment from government agencies, from
persons, and from the rest of the world.
Residential fixed investment consists of private
structures and of residential PDE—equipment
owned by landlords and rented to tenants. Investment in structures consists of new units,
improvements to existing units, mobile homes,
brokers' commissions on the sale of residential
property, and net purchases of used structures
from government agencies.
Change in business inventories (1-46) is the
change in the physical volume of goods purchased by private business for use in the production of other commodities or for resale, valued
in average prices of the period. It differs from
the change in the book value of inventories reported by most business; the difference is the
inventory valuation adjustment (described on the
next page).
Net exports of goods and services (1-47) is exports (1-48) less imports (1-49) of goods and
services. Receipts and payments of factor income
and transfer payments to the rest of the world
(net) are excluded.
Government consumption expenditures and gross
investment (1-50) consists of net purchases of
goods, services, and structures from business
and from the rest of the world by general government; payments by general government to
households in the form of compensation of employees; the consumption of general government
fixed capital, which represents the value of the
current services of fixed assets of general government; net purchases of fixed assets by government
enterprises; inventory change of government
enterprises; and a deduction for general government sales—primarily tuition payments for
higher education and charges for medical care.
Of this total, gross investment is net purchases
of new and used structures and equipment by
general government and government enterprises;
all other transactions are consumption expenditures. Government consumption expenditures
and gross investment excludes purchases by government enterprises (except for fixed assets),
transfer payments, interest paid or received by
government, subsidies, and transactions in financial assets and in nonproduced assets, such as
land.
Compensation of employees (1-1) is the income
accruing to employees as remuneration for their
work. It is the sum of wage and salary accruals
and of supplements to wages and salaries.
Wage and salary accruals (1-2) consists of the
monetary remuneration of employees, including
the compensation of corporate officers; commissions, tips, and bonuses; voluntary employee
contributions to certain deferred compensation
plans, such as 401 (k) plans; and receipts in kind
that represent income. Wage and salary accruals
consists of disbursements (1-3) and wage accruals
less disbursements (1-4). Disbursements is wages
and salaries as just defined except that retroactive
wage payments are recorded when paid rather
than when earned. Accruals less disbursements
is the difference between wages earned, or accrued, and wages paid, or disbursed. In the
NIPA'S, wages accrued is the appropriate measure
for national income, and wages disbursed is the
appropriate measure for personal income.
Supplements to wages and salaries (1-5) consists
of employer contributions for social insurance
and other labor income. Employer contributions for social insurance (1-6) consists of employer payments under the following Federal and
State and local government programs: Old-age,
March 1998
32 • March 1998
SURVEY OF CURRENT BUSINESS
survivors, and disability insurance (social security); hospital insurance; unemployment insurance; railroad retirement; government employee
retirement; pension benefit guaranty; veterans
life insurance; publicly administered workers'
compensation; military medical insurance; and
temporary disability insurance. Other labor income (1-7) consists of employer payments (including payments in kind) to private pension
and profit-sharing plans, private group health
and life insurance plans, privately administered
workers' compensation plans, supplemental unemployment benefit plans, corporate directors'
fees, and several minor categories of employee
compensation, including judicial fees to jurors
and witnesses, compensation of prison inmates,
and marriage fees to justices of the peace.
Proprietors' income with inventory valuation
and capital consumption adjustments (1-8) is the
current-production income (including income in
kind) of sole proprietorships and partnerships
and of tax-exempt cooperatives. The imputed
net rental income of owner-occupants of farm
dwellings is included; the imputed net rental income of owner-occupants of nonfarm dwellings
is included in rental income of persons (described
below). Proprietors' income excludes dividends
and monetary interest received by nonfinancial
business and rental incomes received by persons
not primarily engaged in the real estate business; these incomes are included in dividends,
net interest, and rental income of persons. (See
"inventory valuation adjustment" and "capital
consumption adjustment.")
Rental income of persons with capital consumption adjustment (1-9) is the net currentproduction income of persons from the rental of
real property except for the income of persons
primarily engaged in the real estate business; the
imputed net rental income of owner-occupants
of nonfarm dwellings; and the royalties received
by persons from patents, copyrights, and rights
to natural resources. (See "capital consumption
adjustment.")
Corporate profits with inventory valuation and
capital consumption adjustments (1-10) is the
net current-production income of organizations
treated as corporations in the NIPA'S. These organizations consist of all entities required to file
Federal corporate tax returns, including mutual
financial institutions and cooperatives subject to
Federal income tax; private noninsured pension
funds; nonprofit institutions that primarily serve
business; Federal Reserve banks; and federally
sponsored credit agencies. With several differ-
ences, this income is measured as receipts less
expenses as defined in Federal tax law. Among
these differences: Receipts exclude capital gains
and dividends received, expenses exclude depletion and capital losses and losses resulting from
bad debts, inventory withdrawals are valued at
replacement cost, and depreciation is on a consistent accounting basis and is valued at replacement
cost using depreciation profiles based on empirical evidence on used-asset prices that generally
suggest a geometric pattern of price declines.
Because national income is defined as the income of U.S. residents, its profits component
includes income earned abroad by U.S. corporations and excludes income earned in the United
States by the rest of the world. (See "inventory
valuation adjustment" and "capital consumption
adjustment")
Profits before tax (1-12) is the income of
organizations treated as corporations in the
NIPA'S except that it reflects the inventory- and
depreciation-accounting practices used for Federal income tax returns. It consists of profits tax
liability, dividends, and undistributed corporate
profits.
Profits tax liability (1-13) is the sum of Federal,
State, and local income taxes on all income subject to taxes; this income includes capital gains
and other income excluded from profits before
tax. The taxes are measured on an accrual basis,
net of applicable tax credits.
Profits after tax (1-14) is profits before tax less
profits tax liability. It consists of dividends and
undistributed corporate profits. Dividends (1-15)
is payments in cash or other assets, excluding the
corporations' own stock, that are made by corporations located in the United States and abroad
to stockholders who are U.S. residents. The payments are measured net of dividends received
by U.S. corporations. Dividends paid to State
and local government social insurance funds and
general government are included. Undistributed
profits (1-16) is corporate profits after tax less
dividends.
Inventory valuation adjustment (IVA) (1-17) for
corporations is the difference between the cost
of inventory withdrawals as valued in the source
data used to determine profits before tax and the
cost of withdrawals valued at replacement cost.
It is needed because inventories as reported in
the source data are often charged to cost of sales
(that is, withdrawn) at their acquisition (historical) cost rather than at their replacement cost
(the concept underlying the NIPA'S). As prices
change, companies that value inventory with-
SURVEY OF CURRENT BUSINESS
drawals at acquisition cost may realize profits
or losses. Inventory profits, a capital-gains-like
element in profits, result from an increase in
inventory prices, and inventory losses, a capitalloss-like element in profits, result from a decrease
in inventory prices. In the NIPA'S, inventory profits or losses are shown as adjustments to business
income (corporate profits and nonfarm proprietors' income); they are shown as the IVA with the
sign reversed. No adjustment is needed to farm
proprietors' income because farm inventories are
measured on a current-market-cost basis.
Net interest (1-19) is the interest paid by private business less the interest received by private
business, plus the interest received from the rest
of the world less the interest paid to the rest of
the world. Interest payments on mortgage and
home improvement loans and on home equity
loans are counted as interest paid by business because home ownership is treated as a business in
the NIPA'S. In addition to monetary interest, net
interest includes imputed interest, which is paid
by corporate financial business and is measured
as the difference between the property income
received on depositors' or policyholders' funds
and the amount of property income paid out
explicitly. The imputed interest paid by life insurance carriers and noninsured pension plans
attributes their investment income to persons in
the period it is earned. The imputed interest payments by financial intermediaries other than life
insurance carriers and private noninsured pension plans to persons, governments, and to the
rest of the world have imputed service charges
as counterentries in GDP and in net receipts of
factor income from the rest of the world; they
are included in personal consumption expenditures, in government consumption expenditures
and gross investment, and in exports of goods
and services, respectively.
Business transfer payments (1-21) consists of
payments to persons (1-22) and to the rest of the
world (1-23) by private business for which no
current services are performed. Business transfer
payments to persons consists primarily of liability payments for personal injury and of corporate
gifts to nonprofit institutions. Business transfer
payments to the rest of the world is nonresident taxes—taxes paid by domestic corporations
to foreign governments.
Indirect business tax and nontax liability (1-24)
consists of (i) tax liabilities that are chargeable to
business expense in the calculation of profit-type
incomes and (2) certain other business liabilities
to general government agencies that are treated
like taxes. Indirect business taxes includes taxes
on sales, property, and production. Employer
contributions for social insurance are not included. Taxes on corporate incomes are not
included; these taxes cannot be calculated until
profits are known, and in that sense, they are
not a business expense. Nontaxes includes regulatory and inspection fees, special assessments,
fines and forfeitures, rents and royalties, and donations. Nontaxes generally excludes business
purchases from general government agencies of
goods and services that are similar to those provided by the private sector. Government receipts
from the sales of such products are netted against
government consumption expenditures.
Subsidies less current surplus of government enterprises (1-25). Subsidies is the monetary grants
paid by government agencies to private business and to government enterprises at another
level of government. The current surplus of
government enterprises is their current operating
revenue and subsidies received from other levels of government less their current expenses.
In the calculation of their current surplus, no
deduction is made for net interest paid. The
current surplus of government enterprises is not
counted as a profit-type income, and therefore,
it is not counted as a factor charge. Subsidies
and current surplus are shown as a combined
entry because deficits incurred by some government enterprises may result from selling goods to
business at below-market prices in lieu of giving
them subsidies.
Consumption of fixed capital (1-26) is a charge
for the using up of private and government
fixed capital located in the United States. It is
based on studies of prices of used equipment
and structures in resale markets.
For general government and for nonprofit institutions
that primarily serve individuals, it is recorded
in government consumption expenditures and
in personal consumption expenditures, respectively, as the value of the current services of
the fixed capital assets owned and used by these
entities. Private capital consumption allowances
consists of tax-return-based depreciation charges
for corporations and nonfarm proprietorships
and of historical-cost depreciation (calculated
by BEA using a geometric pattern of price declines) for farm proprietorships, rental income
of persons, and nonprofit institutions. Private
capital consumption adjustment is the difference
between private capital consumption allowances
and private consumption of fixed capital.
March 1998
* 33
34 • March 1998
SURVEY OF CURRENT BUSINESS
Receipts of factor income from the rest of the
world (1-32) consists of receipts by U.S. residents of interest and dividends, of reinvested
earnings of foreign affiliates of U.S. corporations,
and of compensation paid to U.S. residents by
foreigners.
Payments of factor income to the rest of the
world (1-33) consists of payments to foreign residents of interest and dividends, of reinvested
earnings of U.S. affiliates of foreign corporations,
and of compensation paid to foreigners by U.S.
residents.
Statistical discrepancy (1-35) is GDP less GDI or
GNP less GNI. It is recorded in the NIPA'S as an "income" component that reconciles the income and
product sides of the accounts. As noted above, it
arises because the two sides are estimated using
independent and imperfect data.3
Personal income and outlay account
Personal income is the sum of wage and
salary disbursements, other labor income, proprietors' income with inventory valuation and
capital consumption adjustments, rental income
of persons with capital consumption adjustment,
personal dividend income, personal interest income, and transfer payments to persons, less
personal contributions for social insurance.
Wage and salary disbursements (see 1-3).
Other labor income (see 1-7).
Proprietors' income with inventory valuation and
capital consumption adjustments (see 1-8).
Rental income of persons with capital consumption adjustment (see 1-9).
Personal dividend income (2-11) is the dividend
income of persons from all sources. It equals net
dividends paid by corporations (see 1-15) less dividends received by government (2-13). Dividends
received by government consists of dividends received by State and local governments, primarily
by their retirement systems.
Personal interest income (2-14) is the interest
income (monetary and imputed) of persons from
all sources. It equals net interest (see 1-19) plus
net interest paid by government (2-16) plus interest
paid by persons (2-17). The last item consists of
all interest paid by individuals except mortgage
interest, which is reflected in net rental income
of persons.
Transfer payments to persons is income payments to persons for which no current services
3. For additional details, see the box "The Statistical Discrepancy," in
Robert P. Parker and Eugene P. Seskin, "Annual Revision of the National
Income and Product Accounts," SURVEY OF CURRENT BUSINESS 77 (August
1997): 19.
are performed. It consists of business transfer
payments to persons (see 1-22) and government
transfer payments (2-20). Government transfer
payments includes benefits from the following
social insurance funds: Old-age, survivors, and
disability insurance (social security); hospital
insurance; supplementary medical insurance; unemployment insurance; government employee
retirement; railroad retirement; pension benefit guaranty; veterans life insurance; workers'
compensation; military medical insurance; and
temporary disability insurance.
Government
transfer payments also includes benefits from certain other programs: Veterans benefits other than
life insurance, food stamps, black lung, supplemental security income, public assistance (including medical care and family assistance), and
educational assistance. Government payments
to nonprofit institutions excluding payments for
work under research and development contracts
are also included.
Personal contributions for social insurance (2-21)
includes payments by employees, self-employed,
and other individuals who participate in the
following government programs: Old-age, survivors, and disability insurance (social security);
hospital insurance; supplementary medical insurance; unemployment insurance; government
employee retirement; railroad retirement; veterans life insurance; and temporary disability
insurance.
Personal tax and nontax payments (2-1) is tax
payments (net of refunds) by U.S. residents that
are not chargeable to business expense and certain other personal payments to government
agencies (except government enterprises) that are
treated like taxes. Personal taxes includes taxes
on income, including realized net capital gains;
on transfers of estates and gifts; and on personal
property. Nontaxes includes donations and fees,
fines, and forfeitures. Personal contributions for
social insurance is not included. Taxes paid by
U.S. residents to foreign governments and taxes
paid by foreigners to the U.S. Government are
both included in transfer payments.
Personal outlays (2-2) is the sum of personal
consumption expenditures (see 1-36), interest
paid by persons (see 2-17), and personal transfer
payments to the rest of the world (net) (2-5). The
last item is personal remittances in cash and in
kind to the rest of the world less such remittances
from the rest of the world.
Personal saving (2-6) is personal income less
the sum of personal outlays and personal tax and
nontax payments. It is the current saving of
SURVEY OF CURRENT BUSINESS
individuals (including proprietors and partnerships), nonprofit institutions that primarily serve
individuals, life insurance carriers, private noninsured welfare funds, and private trust funds.
Personal saving may also be viewed as the sum
of the net acquisition of financial assets (such
as cash and deposits, securities, and the change
in the net equity of individuals in life insurance
and in private noninsured pension plans) and
the change in physical assets less the sum of net
borrowing and of consumption of fixed capital.
Government receipts and expenditures account
Personal tax and nontax payments (see 2-1).
Corporate profits tax liability (see 1-13).
Indirect business tax and nontax liability (see
1-24).
Contributions for social insurance (see 1-6 and
2-21).
Consumption expenditures (see 1-50).
Transfer payments (3-2) is transfer payments to
persons (see 2-20) and transfer payments to the
rest of the world (net) (3-4). The latter consists of
U.S. Government military and nonmilitary grants
in cash and nonmilitary grants in kind to foreign
governments and of U.S. Government transfers,
mainly retirement benefits, to former residents of
the United States.
Net interest paid (3-5). Net interest paid by
government is interest paid by government to
persons, to business, and to the rest of the world
(that is, to foreign businesses, governments, and
persons) less interest received by government
from persons, from business, and from the rest
of the world. Interest paid consists of monetary
interest paid on public debt and other financial
obligations. Interest received consists of monetary and imputed interest received on loans and
investments, including on the balances of State
and local government social insurance funds.
Dividends received by government (see 2-13).
Subsidies less current surplus of government
enterprises (see 1-25).
Wage accruals less disbursements (see 1-4).
Current surplus or deficit (-), national income
and product accounts (3-9) is the sum of government receipts (lines 12, 13, 14, and 15 of account
3) less the sum of government expenditures (lines
i, 2, 5, 6, 7, and 8 of account 3). It may also be
viewed as the sum of net acquisition of financial
assets by general government and government
enterprises and net government purchases of
land and of rights to government-owned land
including oil resources, less net borrowing.
Foreign transactions account
Imports of goods and services (see 1-49).
Payments of factor income (see 1-33).
Transfer payments to the rest of the world (see
1-23, 2-5, and 3-4).
Net foreign investment (4-10) is U.S. exports of
goods and services, receipts of factor income, and
capital grants received by the United States (net)
(see below), less imports of goods and services
by the United States, payments of factor income,
and transfer payments to the rest of the world
(net). It may also be viewed as the acquisition of
foreign assets by U.S. residents less the acquisition
of U.S. assets by foreign residents. It includes the
statistical discrepancy in the balance of payments
accounts.
Exports of goods and services (see 1-48).
Receipts of factor income (see 1-32).
Capital grants received by the United States (net)
(4-3) is mainly the allocation of Special Drawing
Rights to the United States.
Gross saving and investment account
Personal saving (see 2-6).
Wage accruals less disbursements (see 1-4).
Undistributed corporate profits with inventory
valuation and capital consumption adjustments
(see 1-16,1-17, and 1-18).
Consumption of fixed capital (see 1-26).
Government current surplus or deficit (-),
national income and product accounts (see 3-9).
Capital grants received by the United States (net)
(see 4-3).
Statistical discrepancy (see 1-35).
Gross private domestic investment (see 1—40).
Gross government investment (see 1-50).
Net foreign investment (see 4-10).
Other definitions
Final sales of domestic product is GDP minus
change in business inventories; equivalently, it
is the sum of personal consumption expenditures, gross private domestic fixed investment,
government consumption expenditures and gross
investment, and net exports of goods and
services.
Gross domestic purchases is the market value of
goods and services purchased by U.S. residents,
regardless of where those goods and services
were produced. It is GDP minus net exports
of goods and services; equivalently, it is the
sum of personal consumption expenditures, gross
private domestic investment, and government
consumption expenditures and gross investment.
March 1998 • 35
36 • March 1998
SURVEY OF CURRENT BUSINESS
Final sales to domestic purchasers is gross
domestic purchases minus change in business
inventories.
Population is the total population of the United
States, including the Armed Forces overseas and
the institutionalized population. The monthly
estimate is the average of Census Bureau survey
estimates for the first of the month and the first
of the following month; the quarterly and annual
estimates are the averages of the relevant monthly
estimates.
Personal saving as a percentage of disposable
personal income (DPI), frequently referred to as
"the personal saving rate," is calculated on a
monthly, quarterly, and annual basis as the ratio
of personal saving to DPI.
Gross saving as a percentage of gross national
product (GNp)y sometimes referred to as "the national saving rate," is calculated on a quarterly
and annual basis as the ratio of gross saving—the
sum of gross private saving, gross government
saving, and capital grants received by the United
States (net)—to GNP.
17.S. residents are individuals, governments,
business enterprises, trusts, associations, and
similar institutions that have the center of their
economic interest in the United States and that
reside or expect to reside in the United States for
i year or more. (For example, business enterprises resident in the United States include U.S.
affiliates of foreign companies.) In addition, U.S.
residents include all U.S. citizens who reside outside the United States for less than i year and
U.S. citizens residing abroad for i year or more
who meet one of the following criteria: Owners
or employees of U.S. business enterprises who reside abroad to further the enterprises' business
and who intend to return within a reasonable
period; U.S. Government civilian and military
employees and members of their immediate families; and students who attend foreign educational
institutions.
Foreign residents include international institutions located in the United States, foreign
nationals employed by their home Governments
in the United States, and foreign affiliates of U.S.
companies.
The rest of the world consists of foreign
residents who are transactors with U.S. residents.
Real output and related measures
The chain-type quantity and price indexes, in
combination with the cur rent-dollar estimates,
provide users with the basic data series from
which all other analytical tables and presentations
of the NIPA'S are derived. The chained (1992)
dollar estimates provide measures to calculate
the percent changes for GDP and its components
that are consistent with those calculated from
the chain-type quantity indexes. These estimates
also provide comparisons of levels over time and
reasonable approximations of the relative importance, and the contributions to growth in GDP,
of most components for the years close to 1992.
The chained (1992) dollar estimates are also used
to compute certain key aggregates, such as per
capita GDP.
Quantity and price indexes
Changes in cur rent-dollar GDP measure changes
in the market value of the goods and services
produced in the economy in a particular period.
For many purposes, it is necessary to decompose
these changes into quantity changes and price
changes.
The changes in quantities and prices in the
NIPA'S are calculated using a Fisher formula that
incorporates weights from two adjacent periods.
For example, the 1992-93 change in real GDP
uses prices for 1992 and 1993 as weights, and the
1992-93 change in prices uses quantities for 1992
and 1993 as weights.4 These annual changes are
"chained" (multiplied) together to form time series of quantity and price. (For more details, see
the box "Basic Formulas for Calculating ChainType Quantity and Price Indexes") Because the
Fisher formula allows for the effects of changes
in relative prices and in the composition of output over time, the resulting quantity or price
changes are not affected by the substitution bias
associated with the fixed-weighted formula previously used to calculate changes in quantities and
prices.5 The Fisher formula also produces results
that are not affected by the choice of base periods.
4. Because the source data available for most components of GDP are
measured in dollars rather than in units, the quantities of most of the detailed
components used to calculate percent changes are obtained by deflation. For
deflation, quantities are approximated by real values (expressed at present
with 1992 as the base period) that are calculated by dividing the current-dollar
value of the component by its price index, where the price index uses 1992
as the base period.
Two other methods, quantity extrapolation and direct base-year valuation, are also used to calculate the real values for a small number of the
most detailed GDP components. For quantity extrapolation, the real values
are obtained by extrapolating the base-year current-dollar estimates in both
directions from the base period (1992) by quantity indicators; for example,
the real values for mining exploration, shafts, and wells structures are extrapolated using oilwell footage drilled. For direct-base-year valuation, the real
values are obtained by multiplying base-year prices by quantity data for each
period; for example, the real values of natural gas inventories are calculated
using quantities and prices of natural gas stocks.
5. For a discussion of the advantages of the Fisher index, see Jack E.
Triplett, "Economic Theory and BEA'S Alternative Quantity and Price Indexes," SURVEY 72 (April 1992): 49-52; and J. Steven Landefeld and Robert
P. Parker, "BEA'S Chain Indexes, Time Series, and Measures of Long-Term
Economic Growth," SURVEY 77 (May 1997): 58-68.
SURVEY OF CURRENT BUSINESS
In addition, because the changes in quantities
and prices calculated in this way are symmetric,
the product of a quantity index and the corresponding price index equals the cur rent-dollar
index.6
Chain-type quantity and price indexes that correspond to most of the cur rent-dollar output,
product, and expenditure measures are presented in tables 7.1-7.14 and 7.17-7.207 Percentage
changes from the preceding period for GDP and
its major components and for other aggregates
are presented in table 8.1. Contributions by major
components to changes in real GDP are presented in table 8.2, which is discussed in more detail
below.
Chained-dollar measures
BEA also prepares measures of real GDP and its
components in a dollar-denominated form, designated "chained (1992) dollar estimates!' For
GDP and most other series, these estimates are
computed by multiplying the 1992 cur rent-dollar
value by a corresponding quantity index number and then dividing by ioo.8 For example,
if a cur rent-dollar GDP component equaled $100
in 1992 and if real output for this component
increased 10 percent in 1993, then the chained
(1992) dollar value of this component would be
$110 ($100 x 1.10) in 1993.
For analyses of changes over time in an aggregate or in a component, the percentage changes
calculated from the chained-dollar estimates and
from the chain-type quantity indexes are the
same; any differences will be small and due to
rounding. However, because the relative prices
6. For the annual estimates of NIPA aggregates that include the components "change in business inventories" and "change in Commodity Credit
Corporation inventories," this relationship does not hold exactly, because
of the price-data conventions used to calculate those components. In addition, for the quarterly estimates, all quarterly chain-type quantities and
prices are adjusted to average to the corresponding annual estimates. For
details on quarterly calculations, see the box "Basic Formulas for Calculating
Chain-Type Quantity and Price Indexes."
7. Indexes are not presented for change in inventories, for net exports,
and for most of the "net" series in tables 7.5, 7.7, 7.11, 7.13, and 7.20. Indexes
for these series are not meaningful.
8. For change in business inventories (in tables 1.2,1.4, 1.6, 5.3, 5.11, 8.5,
8.7, and 8.9), real values are calculated as the difference between end-of-period
and beginning-of-period chain-weighted stocks of inventories.
The following "real" series are calculated as the current-dollar value of the
series divided by an appropriate implicit price deflator: The chained-dollar
values of gross national income and gross domestic income (in table 1.10), of
command-basis exports of goods and services and receipts of factor income
(in table 1.11), of gross and net domestic product of nonfinancial corporate
business (in table 1.16), and of disposable personal income (in tables 2.1 and
2.9).
For the following series, real values are calculated as the sum of, or the
difference between, chained-dollar series: Net exports (in tables 1.2, 8.5, and
8.7); command-basis gross national product (in table 1.11), foreign travel and
other, net (in table 2.5); net foreign travel (in table 2.7); Federal consumption
expenditures for durable goods, for nondurable goods, and for Commodity
Credit Corporation inventory change (in table 3.8); net investment by major
type (in table 5.3); and Federal defense and nondefense net purchases of used
structures (in table 5.15).
used as weights for any period other than the
base period differ from those used for the base
period, the chained-dollar values for the detailed
GDP components do not necessarily sum to the
chained-dollar estimate of GDP or to any intermediate aggregate. A measure of the extent of
such differences is provided in most chaineddollar tables by a "residual" line, which indicates
the difference between GDP (or an other major aggregate) and the sum of the most detailed
components in the table.
For periods close to the base year, when there
usually has not been much change in the relative
prices that are used as the weights for the chaintype index, the residuals tend to be small, and
the chained (1992) dollar estimates can be used
to approximate the contributions to growth and
to aggregate the detailed estimates.
As one moves further from the base year, the
residual tends to become larger, and the chaineddollar estimates become less useful for analyses
of contributions to growth. In general, the use
of chained-dollar estimates to calculate component shares or component contributions to real
growth may be misleading for periods away from
the base year. In particular, for components for
which relative prices are changing rapidly, these
calculations may be misleading even just a few
years from the base year.
To assist users in making valid comparisons
across components for periods away from the
base year, several changes have been made in
the NIPA tables. Table 8.2 provides an accurate
measure of the contributions of the major GDP
components to the percentage change in real GDP
for all periods. This table should be used for
periods far from the base period, when the overall residual and the errors in contributions to
growth become quite large. This table uses exact
formulas for attributing growth to the components of GDP and of other aggregates, but the
presentation is limited to the contributions to
changes from the preceding year or quarter and
to changes in the major components of GDP. (For
details, see the box "Calculation of Component
Contributions to the Change in GDP")
For some analytical purposes, it may be desirable to calculate contributions to growth for
more than a single quarter or year, to calculate
contributions to growth for aggregates other than
GDP, or to work with real estimates that are denominated in dollars. Two articles in the SURVEY
provide information on how to prepare chaineddollar series with different base periods that
permit the calculation of close approximations of
March 1998
•
37
SURVEY OF CURRENT BUSINESS
38 • March 1998
Basic Formulas for Calculating Chain-Type Quantity and Price Indexes
Annual indexes
This box shows the basic calculations used to prepare annual and
quarterly chain-type quantity and price indexes. The formula used
to calculate the annual change in real GDP and other components
of output and expenditures is a Fisher index (Qf) that uses weights
for 2 adjacent years (years t - 1 and t).
The formula for real GDP in year t relative to its value in year t — I
is
where the p's and q's represent prices and quantities of detailed
components in the 2 years.
Because the first term in the Fisher formula is a Laspeyres quantity
index (Qf), or
Ofand the second term is a Paasche quantity index (Qf ), or
the Fisher formula can also be expressed for year t as the geometric
mean of these indexes as follows:
The percent change in real GDP (or in a GDP component) from
year t - I to year t is calculated as
100(Qf - 1.0).
Similarly, price indexes are calculated using the Fisher formula
which is the geometric mean of a Laspeyres price index (PtL) and a
Paasche price index (Pf ), or
The chain-type quantity index value for period t is
The current-dollar change from year t - 1 to year t expressed
as a ratio is equal to the product of the Fisher price and quantity
indexes:1
= /?xQf.
Quarterly indexes
The same formulas are used to calculate the quarterly indexes for
the most recent quarters, called the "tail" period; quarterly data are
substituted for annual data. The tail period begins in the third quarter of the most recent complete year that is included in an annual or
comprehensive NIPA revision, so the specific quarters covered change
annually. Modified formulas are used to calculate the indexes for
the other quarters, called the "historical" period. Quarterly quantity
data are used for the quantity indexes, and quarterly price data are
used for the price indexes, but the weights—prices for a quantity
index and quantities for a price index—are annual data.
The weights that are used for the indexes in the historical period depend on the quarter being estimated. For each quarter, the
weights for the closest ^ years are used: For the first and second
quarters of a year, the weights are from that year and the preceding
year; while for the third and fourth quarters, the weights are from
that year and the next year.
All quarterly chain-type indexes for completed years that have
been included in an annual or comprehensive revision are adjusted
so that the quarterly indexes average to the corresponding annual
index. When an additional year is completed between annual revisions, the annual index is computed as the average of the quarterly
indexes, so no adjustment is required to make the quarterly and annual indexes consistent. For example, until the 1998 annual revision
is released, the chain-type indexes for the year 1997 are derived by
averaging the four quarterly indexes for 1997.
Chained-dollar estimates
The chained- dollar value (CDf ) is calculated by multiplying the
index value by the base-period cur rent- dollar value (^pbtf.b) and
dividing by ioo.2 For period t,
CDf =
Implicit price deflators
The implicit price deflator (IPDf) for period t is calculated as the
ratio of the current-dollar value to the corresponding chained-dollar
value, multiplied by ioo, as follows:
/f=/f-iXQf,
JPDf :
and the chain-type price index is calculated analogously. Chain-type
real output and price indexes are presented with the base year (b)
equal to 100; that is, /& = 100.
CDf
xlOO.
1. See also footnote 6 in the text.
2. For exceptions to this procedure, see footnote 8 in the text.
SURVEY OF CURRENT BUSINESS
contributions to real growth or of relative changes
for any period.9 These articles show how to calculate a chained-dollar series for any period by
using the percent changes in the chain-type indexes to compute chained-dollar series indexed
to the current dollars of whatever base period is
appropriate for the analysis. In addition, these
articles provide a number of chained-dollar series over frequently cited time periods, such as
decades and business cycles. In computing these
series, different base periods were used, depending upon the time period analyzed; for example,
for decades and business cycles, the midpoints of
the periods were used.
The presentation of detailed quantity indexes,
which are accurate for all periods, has been
greatly expanded in tables 7.3-7.20. The annual growth rates for major NIPA aggregates for
all yearly intervals for 1970 to the present are
shown each month under "Historical Tables" un9. See Landefeld and Parker, "BEA'S Chain Indexes," 63-66; and J. Steven
Landefeld and Robert P. Parker, "Preview of the Comprehensive Revision of
the National Income and Product Accounts: BEA'S New Featured Measures
of Output and Prices," SURVEY 75 (July 1995): 31-38.
March 1998 •
der "National Data" in the section "BEA Current
and Historical Data" in the SURVEY.
Price indexes
BEA'S featured aggregate price measure is the
price index for gross domestic purchases, which
measures the prices paid for goods and services purchased by U.S. residents. This index is
derived from the prices of personal consumption expenditures (PCE), gross private domestic
investment, and government consumption expenditures and gross investment. In contrast,
the GDP price index measures the prices paid for
goods and services produced by the U.S. economy and is derived from the prices of PCE, gross
private domestic investment, net exports, and
government consumption expenditures and gross
investment. Thus, the two indexes differ with respect to coverage of the prices of exported and
imported goods and services. Price changes in
goods and services produced abroad and sold in
the United States are reflected in the gross domestic purchases measure but not in the GDP
measure; price changes in goods and services
produced by the U.S. economy and sold abroad
Calculation of Component Contributions to the Change in GDP
Changes from preceding period
The contributions to the change in real GDP provide a measure of the composition of GDP growth
that is not affected by the nonadditivity of the GDP
components. Two formulas for the contributions of
components to the percent change in real GDP are used—
one for years following the base year, and the other
for the base year and for years preceding the base
year.
For years following the base year, the contribution to
the percent change in real GDP in year t attributable
to the quantity change in component i (C%Ai>t)
C%Aiit = 100 x
Pi>t
* *
where CDf.j is the chained-dollar GDP in year t - 1;
IPDf is the implicit price deflator for GDP in year
pitt is the price of component i in year t;
PI
is the Paasche price index for GDP in year
t;
and
ttt is the quantity of component i in year t.
For the base year and years preceding the base year,
U is
t,t = 100 x
2x
where PtL is the Laspeyres price index for GDP in year t.
Because these contributions to the percent change are
additive, they can be used to calculate the contributions
to subaggregates as well as the contributions of the detailed components.
The formula used for the contributions for years after the base period can also be used for the most recent
quarters (the "tail" period), except the quarterly results
are expressed at annual rates.1
Changes over other periods
Users can also prepare close approximations of contributions to real GDP growth or to the growth of other
aggregates using chain-type annual-weighted indexes. In
effect, users compute a chained-dollar series for a particular period using the percent changes in the chain-type
annual-weighted indexes to compute chained-dollar series indexed to the current dollars of the base period
appropriate for the analysis. (For references to additional
information on these calculations, see footnote 9 in the
text.)
i. The formulas must be modified for other quarters and for the
most recent year because for these periods, chained output is calculated
in a slightly different manner.
39
SURVEY OF CURRENT BUSINESS
40 • March 1998
are reflected in the GDP price measure but not
in the gross domestic purchases price measure.
For example, a change in the price of imported
petroleum that is fully passed on to U.S. consumers would be fully reflected in the price index
for gross domestic purchases but not in the GDP
price index, because imports are subtracted in
deriving GDP.
Implicit price deflators
BEA also prepares another price index, the implicit price deflator (IPD), which is calculated as
the ratio of the cur rent-dollar value to the corresponding chained-dollar value, multiplied by
100 (see the box "Basic Formulas for Calculating
Chain-Type Quantity and Price Indexes"). The
values of the IPD are very close to the values of
the corresponding chain-type price index for all
periods.10
Implicit price deflators for GDP and its major
components are presented as index numbers in
table 7.1, and percentage changes from the preceding period for these measures are presented in
table 8.1.
Command-basis GNP and terms of trade
BEA also prepares a measure of "real" output—
command-basis GNP (see table 1.11). Commandbasis GNP is a measure of the goods and services
produced by the U.S. economy in terms of their
purchasing power. GNP and command-basis GNP
differ in how their real values are prepared: In
estimating real GNP, the cur rent-dollar values of
the detailed components of exports of goods
and services are deflated by export prices, the
cur rent-dollar values of the detailed components
of imports of goods and services are deflated
by import prices, and the cur rent-dollar value
of most factor income is deflated by the implicit price deflator for final sales to domestic
purchasers. In estimating command-basis GNP,
the cur rent-dollar value of the sum of exports of
goods and services and of receipts of factor income is deflated by the implicit price deflator for
the sum of imports of goods and services and of
payments of factor income.
The terms of trade is a measure of the relationship between the prices that are received by U.S.
producers for exports of goods and services and
the prices that are paid by U.S. purchasers for
imports of goods and services. It is measured by
the following ratio, with the decimal point shifted
10. The two measures of the price level differ only because of the factors
cited in footnote 6.
two places to the right: In the numerator, the
IPD for the sum of exports of goods and services
and of receipts of factor income; in the denominator, the IPD for the sum of imports of goods
and services and of payments of factor income.
Changes in the terms of trade reflect the interaction of several factors, including movements
in exchange rates, changes in the composition of
traded goods and services, and changes in producers' profit margins. For example, if the U.S.
dollar depreciates against a foreign currency, a
foreign manufacturer may choose to absorb this
cost by reducing the profit margin on the product it sells to the United States, or it may choose
to raise the price of the product and risk a loss
in market share.
Classifications of production
In the NIPA'S, production is classified by the type
of product, by the sector, by the legal form of
organization, and by industry.
Type of product
Type of product classifications—goods (durable
and nondurable), services, and structures—are
presented for GDP and the components of final
sales of domestic product. Goods are products
that can be stored or inventoried, services are
products that cannot be stored and are consumed
at the place and time of their purchase, and structures are products that are usually constructed
at the location where they will be used and that
typically have long economic lives. If a product has characteristics of more than one of these
classifications, it is classified on the basis of the
dominant characteristic.
Accordingly, the following products are included in goods: Restaurant meals; expenditures
abroad by U.S. residents except for travel; replacement parts whose installation cost is minimal;
dealers' margins on used equipment; and movable household appliances, such as refrigerators,
even when they are included in the purchase price
of a new home.
The following products are included in services: Food (that is included in airline transportation and hospital charges), natural gas and
electricity (except in exports and imports of
goods and services); office supplies (that are included in current operating expense of nonprofit
institutions); foreign travel by U.S. residents; expenditures in the United States by foreigners;
repair services, which include the cost of parts
(except replacement parts whose installation cost
SURVEY OF CURRENT BUSINESS
is minimal); defense research and development;
and exports and imports of certain goods, primarily military equipment purchased and sold by
the Federal Government.11
The following products are included in structures: Mobile homes; certain types of installed
equipment, such as elevators, heating, and air
conditioning systems; brokers' commissions on
sale of structures; architectural and engineering
fees included in the value of structures; land development costs; and mining exploration, shafts,
and wells.
In personal consumption expenditures, exports, imports, and government consumption expenditures and gross investment, durable goods
have an average life of at least 3 years. In fixed investment, producers' durable equipment consists
of goods that have an average life of at least i year.
In change in business inventories, goods held by
manufacturing and trade establishments are classified as durable goods or nondurable goods in
accordance with the classification of the industry
of the establishment holding the inventories. Inventories held by construction establishments are
classified as durable goods; inventories held by all
other establishments are classified as nondurable
goods.
Sector
In the NIPA'S, a breakdown of GDP is also
shown in terms of the three sectors of the
economy—business, households and institutions,
and general government.
Business: Production by all entities that produce goods and services for sale at a price
intended at least to approximate the costs of
production, corporate and noncorporate private entities organized for profit, and certain
other entities that are treated as business in
the NIPA'S. These entities include mutual financial institutions, private noninsured pension
funds, cooperatives, nonprofit organizations (that
is, entities classified as nonprofit by the Internal Revenue Service (IRS) in determining income
tax liability) that primarily serve business, Federal Reserve banks, federally sponsored credit
agencies, and government enterprises.12 Business production also includes the services of
owner-occupied housing and of buildings and
equipment owned and used by nonprofit institutions that primarily serve individuals. Gross
11. These certain goods are classified as services only for exports and
imports.
12. For more detail on government enterprises, see the section "Legal form
of organization."
product of the business sector is measured as
GDP less the gross product of households and
institutions and of general government.13
Households and institutions: Production by
households, consisting of families and unrelated
individuals, and by nonprofit institutions that
primarily serve individuals. Gross product of
households and institutions is measured by the
compensation paid to domestic workers and to
the employees of these nonprofit institutions.
General government Production of all Federal Government and State and local government
agencies except government enterprises. Gross
product of general government is measured as
the sum of the compensation of the employees of
these agencies and of the consumption of fixed
capital.
Legal form of organization
For the domestic business sector, income and its
components are shown for four legal forms of
organizations—corporate business, sole proprietorships and partnerships, other private business, and government enterprises (employee
compensation only).
Corporate business: All entities required to
file Federal corporate tax returns (IRS Form
1120 series). These entities include mutual financial institutions and cooperatives subject to
Federal income tax, private noninsured pension
funds, nonprofit institutions that primarily serve
business, Federal Reserve banks, and Federally
sponsored credit agencies.
Sole proprietorships: All entities that would be
required to file IRS Schedule C (Profits or Loss
from Business) or Schedule F (Farm Income and
Expenses) if the proprietor met the filing requirements, together with owner-occupied farm
housing.
Partnerships: All entities required to file Federal
partnership income tax returns, IRS Form 1065
(U.S. Partnership Return of Income).
Other private business: All entities that would
be required to report rental and royalty income on the individual income tax return in IRS
Schedule E (Supplemental Income and Loss) if
the individual met the filing requirements, taxexempt cooperatives, owner-occupied nonfarm
housing, and buildings and equipment owned
and used by nonprofit institutions that primarily
serve individuals.
13. Gross product of financial and of nonfinancial corporations are also
shown in the NIPA tables. They are calculated as the costs incurred and the
incomes earned from production.
March 1998
•
41
SURVEY OF CURRENT BUSINESS
42 • March 1998
Government enterprises: Government agencies
that cover a substantial proportion of their operating costs by selling goods and services to
the public and that maintain their own separate
accounts. A "mixed" treatment of government
enterprises is used in the NIPA'S: Some types of
transactions are recorded as if they were part of
the business sector, and others are recorded as if
they were part of the general government sector.
Government enterprises are treated like other
businesses and included in the NIPA business sector: (i) Their sales to final users are recorded as
sales by private businesses, (2) their purchases of
materials and business services are considered intermediate, and (3) their compensation payments
and consumption of fixed capital are deducted
in calculating their income. Within the business
sector, government enterprises are classified as
noncorporate businesses.
Government enterprises are treated like other
government agencies: (i) Their interest payments
are combined with those of general government
rather than those of business, (2) their investment
in equipment and structures is combined with
general government investment rather than with
business investment in gross private domestic investment, and (3) their profit-like income, the
current surplus of government enterprises (see
the definition on page 33), accrues to general
government.
Industry
Industrial distributions are presented for national
income and its components, capital consumption allowances, employment and hours, and the
change in business inventories and the stock of
business inventories.14 The classification underlying the distributions of private activities is based
on the Standard Industrial Classification (sic).15
Industrial distributions of government activities are not provided; instead, they are combined
into a single category. For most series, separate
estimates are shown for the activities of the Federal Government, of State and local governments,
and of government enterprises. Expenditures by
14. An industrial distribution of fixed investment based on data collected
from establishments is prepared as part of the procedure used to estimate
capital stock.
Industrial distributions of gross product are also prepared; for further
information, see Sherlene K.S. Lum and Robert E. Yuskavage, "Gross Product
by Industry, 1947-96," SURVEY 77 (November 1997): 20-34.
15. Office of Management and Budget, Statistical Policy Division, Standard
Industrial Classification Manual, 1987 (Washington, DC: U.S. Government
Printing Office (GPO), 1988); Office of Management and Budget, Statistical
Policy Division, Standard Industrial Classification Manual 1972 (Washington,
DC: GPO, 1972); and Bureau of the Budget, Standard Industrial Classification
Manual 1942 (Washington, DC: GPO, 1942).
the Federal Government and by State and local governments are also shown by type and by
function.
The industrial distributions for private activities are based on data collected from "establishments" or from "companies" (also called
enterprises or firms). Establishments, as defined
in the sic, are economic units, generally at a
single physical location, where business is conducted or where services or industrial operations
are performed. Companies consist of one or
more establishments owned by the same legal entity or group of affiliated entities. Establishments
are classified into an sic industry on the basis
of their principal product or service, and companies are classified into an sic industry on the
basis of the principal sic industry of all their establishments. Because large multiestablishment
companies typically own establishments that are
classified in different sic industries, the industrial distribution of the same economic activity
on an establishment basis can differ significantly
from that on a company basis. For example,
employment of steel-manufacturing companies
differs from employment of steel-manufacturing
establishments because the employment of these
companies includes the employment of establishments that are not classified in steel manufacturing and because it excludes the employment of
establishments that manufacture steel but are not
owned by steel-manufacturing companies.
Industrial distributions on a consistent establishment or company basis are not available for
all NIPA components. As a result, the industrial
distribution of national income reflects a mix of
establishment and company data. For the following series, the industrial distributions are based
on establishment data: Compensation of employees, employment, hours, inventories, rental
income of persons, farm proprietors5 income,
farm net interest, and farm noncorporate capital
consumption allowances. For nonfarm proprietors, industrial distributions of proprietors'
income, net interest, and capital consumption allowances are based on company data; these data
are regarded as being substantially the same as
if they were based on establishment data because
nearly all unincorporated companies own only
one establishment (and the few multiestablishment companies usually own establishments in
the same sic industry). For corporations, industrial distributions of profits, nonfarm net interest,
and capital consumption allowances are based on
company data.
SURVEY OF CURRENT BUSINESS
In addition, individual industry series are not
fully comparable over time. Historical comparability is affected primarily by two factors. First,
the composition of industries may change because of changes in the sic basis that is used for
the estimates. This factor affects estimates based
on establishment data and on company data.
Second, historical comparability is affected because the industrial classification of the same
establishment or company may change over
time. This factor affects company-based estimates much more than establishment-based
estimates. The classification of a company may
change as a result of the following: Shifts in the
level of consolidation of entities for which company reports are filed; mergers and acquisitions;
and other shifts in principal activities, especially
for large diversified firms.
In addition to the sic industrial distributions of
private activities, some NIPA tables show the following special sic groupings, the titles of which
correspond to the 1987 sic:
Financial industries consists of the following
sic industries: Depository institutions, nondepository institutions, security and commodity
brokers, insurance carriers, regulated investment
companies, small business investment companies,
and real estate investment trusts.16
Nonfinancial industries consists of all other
private industries.
Goods-producing industries consists of the following sic divisions: Agriculture, forestry, and
fishing; mining; construction; and manufacturing.
Distributive industries consists of the following
sic divisions: Transportation (excluding the U.S.
Postal Service); communications; electric, gas,
and sanitary services; wholesale trade; and retail
trade.
Service industries consists of the rest-of-theworld sector and the following sic divisions:
Finance, insurance, and real estate; and services.
Presentation of the NIPA'S
This section describes the release schedule for the
NIPA estimates, the publication of the NIPA tables,
and additional presentations of NIPA and NIPArelated estimates.
16. Regulated investment companies, small business investment companies, and real estate investment trusts are included in the sic classification
"holding and other investment offices" and are not shown separately in the
NIPA tables.
Release schedule
For gross domestic product (GDP) and most other
NIPA series, quarterly estimates are released on
the following schedule: "Advance" estimates are
released near the end of the first month after the
end of the quarter; as more detailed and more
comprehensive data become available, "preliminary" and "final" estimates are released near the
end of the second and third months, respectively.
For gross national product, gross domestic income, national income, corporate profits, and net
interest, advance estimates are not prepared, because of a lag in the availability of source data.
Except for the fourth-quarter estimates, the initial estimates for these series are released with
the preliminary GDP estimates, and the revised
estimates are released with the final GDP estimates. For the fourth-quarter, these estimates are
released only with the final GDP estimates.
Monthly estimates of personal income and outlays are released near the end of the month
following the reference month; estimates for the
preceding 2 to 4 months are subject to revision
at that time.
Annual revisions of the NIPA'S are usually carried out each summer and cover the months
and quarters of the most recent calendar year
and of the 2 preceding years. These revisions
are timed to incorporate newly available major
annual source data.
Comprehensive revisions are carried out at
about 5-year intervals and incorporate three major types of improvements: (i) Definitional and
classificational changes that update the accounts
to portray more accurately the evolving U.S.
economy, (2) statistical changes that update the
accounts to reflect the introduction of new and
improved methodologies and the incorporation
of newly available and revised source data, and
(3) presentational changes that update the NIPA
tables to reflect the definitional, classificational,
and statistical changes and to make the tables
more informative.
Publication of the NIPA tables
Tables that present the NIPA estimates appear
each month under "National Data" in the section
"BEA Current and Historical Data" in the SURVEY OF CURRENT BusiNESs.17 The full set of NIPA
tables consists of 142 tables that present annual,
quarterly, and monthly estimates. These tables
are grouped into nine categories:
17. The NIPA estimates appear first in news releases, which are available
to the general public in a variety of forms (see the box "Data Availability").
March 1998 • 43
44 • March 1998
SURVEY OF CURRENT BUSINESS
1. National Product and Income
2. Personal Income and Outlays
3. Government Receipts, Current Expenditures, and Gross Investment
4. Foreign Transactions
5. Saving and Investment
6. Income and Employment by Industry
7. Quantity and Price Indexes
8. Supplemental Tables18
9. Seasonally Unadjusted Estimates
The NIPA tables are numbered as follows: The
number preceding the period is the category
number, and the number following the period
indicates the specific table in that category; for
example, table 2.2 is the second table in the
second category "Personal Income and Outlays."
Most of the full set of NIPA tables are published
in the issues of the SURVEY that describe the annual and comprehensive revisions (for example,
see the August 1997 SURVEY); the remaining tables
are published in subsequent months. In addition, a set of "Selected NIPA Tables" is published
monthly in the SURVEY; this set presents the es18. In this category, the first table shows year-to-year and quarter-toquarter percent changes in the major NIPA aggregates, and the second table
shows contributions of the major expenditure components to the percent
change in real GDP. The other tables show the following: Selected per capita
series; auto and truck output, farm and housing sector accounts; detail on
several components of gross national income (consumption of fixed capital,
capital consumption adjustment, business transfer payments, supplements to
wages and salaries, rental income of persons, dividends, and interest); NIPA
imputations and the components affected; and reconciliations of several NIPA
measures with the source data (for example, tax return tabulations) from
which they are derived or to which they are closely related. The last table
shows fixed (1992) weighted quantity indexes for selected series.
timates for the most recent six quarters and the
most recent 2 years. The selected set comprises 57
tables from the first eight NIPA categories (seasonally unadjusted estimates in the ninth category
are compiled only once a year and thus are not
included in the selected set of tables). Because
the numbering system used for the full set of tables is retained in the selected set, gaps occur in
the numbering of the selected tables.
A note preceding the NIPA tables indicates information on the vintage of the estimates. In
general, the NIPA tables in the SURVEY present estimates for the most recent 2-4 years. Historical
annual and quarterly estimates for summary NIPA
series are presented annually in the SURVEY and
cover the following: Current- and chained-dollar
GDP for most of the components in NIPA tables
1.1 and 1.2 and for final sales of domestic product
and gross national product; NIPA price indexes
and implicit price deflators; and most of the major components of national income and personal
income in NIPA tables 1.14 and 2.1. For example, these estimates were published as "Summary
National Income and Product Series, 1929-96" in
the August 1997 SURVEY. In addition, historical
annual and quarterly estimates for the major NIPA
aggregates are published monthly in the SURVEY.
Additional presentations of NIPA and
NiPA-related estimates
The SURVEY also presents the following NIPA
and NiPA-related estimates that do not fit neatly
Data Availability
The estimates from the national income and product
accounts (NIPA'S) that are prepared by the Bureau of Economic Analysis (BEA) are available on three World Wide
Web sites and in a variety of other media.
provides summary estimates of GDP and of a few other
major NIPA aggregates.
Web sites
• The BEA Web site at <http://www.doc.bea.gov>
presents summary NIPA estimates, selected articles from
the SURVEY OF CURRENT BUSINESS, and the monthly
news releases for gross domestic product (GDP) and for
personal income and outlays.
• The Web site of the Department of Commerced
STAT-USA provides the monthly news releases on GDP
and on personal income at the time of release, the
underlying-detail NIPA tables, and the complete issues
of the SURVEY; to subscribe, go to the Web site at
<http://www.stat-usa.gov>. This information is also
available on STAT-USA'S Economic Bulletin Board; to subscribe, call 202-482-1986.
• The Federal Statistical Briefing Room at the White
House Web site at <http://www.whitehouse.gov/fsbr>
The NIPA estimates are published monthly in the SURVEY; to subscribe, call the Superintendent of Documents
of the U.S. Government Printing Office at 202-512-1800.
Other media
Summary information on the estimates of GDP and
of personal income is available in a recorded telephone
message at the time of release. For the GDP estimates,
call 202-606-5306; for the estimates of personal income
and outlays, call 202-606-5303.
The NIPA estimates are also available on diskettes or
printouts from BEA. For a description of these products
and for other information about BEA'S programs and
products, see the "User's Guide to BEA Information" on
the BEA Web site. To order products from BEA using Visa
or MasterCard, call the Order Desk at 1-800-704-0415
(outside the United States, 202-606-9666).
SURVEY OF CURRENT BUSINESS
into the system or publication schedule for the
standard NIPA presentation.
"Gross Domestic Product by Industry" presents
current- and chained-dollar estimates of gross
product, or gross product originating, by industry, which is the contribution of each industry—
including government—to GDP. Estimates for
GDP by industry for 1947-96 were published in
the November 1997 SURVEY.
"Reconciliation Tables" in appendix A of
the "BEA Current and Historical Data" section
presents tables that reconcile NIPA estimates with
related series and that provide analytically useful extensions of the NIPA estimates. At present,
tables in this section show the reconciliation of
relevant NIPA series with related series in the
balance of payments accounts and the reconciliation of BEA compensation with Bureau of Labor
Statistics earnings.
"Real Inventories, Sales, and Inventory-Sales
Ratios for Manufacturing and Trade"—in the
January, April, July, and October issues of the
SURVEY—shows quarterly and monthly estimates
for these series. Also shown are quarterly and
monthly inventories for manufacturing by stage
of fabrication. Historical estimates for these series, quarterly for 1977 forward, were published in
the May 1996 SURVEY, and revised and new estimates for 1993-96 were published in the October
1997 SURVEY. Estimates for 1959 forward are available electronically to subscribers to STAT-USA'S
Economic Bulletin Board or Internet services (see
the box "Data Availability").
"Fixed Reproducible Tangible Wealth in the
United States"—usually published in the September issue of the SURVEY—shows annual estimates
of stocks for fixed private capital, governmentowned fixed capital, and durable goods owned by
consumers. Revised estimates for 1929-95 were
published in the May 1997 SURVEY and were updated to 1996 in the September 1997 SURVEY. (The
publication Fixed Reproducible Tangible Wealth
in the United States, 1925-94 is forthcoming and
will present the estimates described above and
additional estimates by industry and by type of
asset for net stocks, consumption of fixed capital,
investment, and average age of net stocks.)
"Selected Monthly Estimates" for personal income by type of income and for the disposition
of personal income, including personal consumption expenditures, appears under "National Data"
in the "BEA Current and Historical Data" section
of the SURVEY. These estimates are also published
annually in NIPA tables 2.8-2.11, and the esti-
mates for the most recent months appear in the
personal-income-and-outlays news release.
"Source Data and Assumptions" shows the
source data and the BEA assumptions for missing key source data that are used to prepare the
advance estimates of GDP. This information is
available at the time of the news release and is
included in the "Business Situation" article in the
SURVEY that presents the advance estimates.19
Statistical Conventions Used
for NIPA Estimates
Most of the NIPA estimates are presented in current dollars. Changes in cur rent-dollar estimates
measure the changes in the market values of
goods or services that are produced or sold in
the economy. For many purposes, it is necessary to decompose these changes into price and
quantity components. Prices are expressed as index numbers with the base period—at present,
the year 1992—equal to 100. Quantities, or "real"
measures, are expressed as index numbers with
the base period (1992) equal to 100; for selected
series, they are also expressed in chained (1992)
dollars. (For further details, see the section "Real
output and related measures")
Seasonal adjustment
Quarterly and monthly NIPA estimates are seasonally adjusted at the detailed series level
when statistically significant seasonal patterns are
present. For most of the series that are seasonally adjusted by the source agency, BEA adopts the
corresponding seasonal adjustment factors. Seasonal adjustment removes from the time series
the average effect of variations that normally occur at about the same time and in about the same
magnitude each year—for example, weather and
holidays. After seasonal adjustment, cyclical and
other short-term changes in the economy stand
out more clearly.
Annual rates
Quarterly and monthly NIPA estimates in current
and chained dollars are presented at annual rates,
which show the value that would be registered
if the rate of activity measured for a quarter or
a month were maintained for a full year. Annual rates are used so that periods of different
lengths—for example, quarters and years—may
19. Additional information about source data and assumptions is also
available online through STAT-USA'S Economic Bulletin Board and on the
Internet (see the box "Data Availability").
March 1998 •
45
SURVEY OF CURRENT BUSINESS
46 • March 1998
be easily compared. These annual rates are determined simply by multiplying the estimated rate
of activity by 4 (for quarterly data) or by 12 (for
monthly data).
it
rnp \
m/n
Percent changes in the estimates are also expressed at annual rates. Calculating these changes
requires a variant of the compound interest
formula, where
r is the percent change at an annual rate;
GDPt is the level of activity in the later period;
GDPo is the level of activity in the earlier
period;
m is the yearly periodicity of the data (for example, i for annual data, 4 for quarterly,
or 12 for monthly); and
n is the number of periods between the earlier
and later periods (that is, t - 0).
Appendix
Updated Summary NIPA Methodologies
This appendix presents summary descriptions
of the principal source data and methods used
to prepare the cur rent-dollar estimates of gross
domestic product (GDP) and the estimates of
real GDP.20 These descriptions have been updated
to reflect the methodological improvements that
were introduced in the annual revision of the national income and product accounts (NIPA'S) that
was released in July 199/.21
Current-dollar estimates
Table i lists the components of cur rent-dollar
GDP starting with the components on the product
side and proceeding to those on the income side.
The subcomponents, with their dollar values for
1996, are grouped according to the methodology
used to prepare them.
The column for the annual estimates covers
the revision cycle for those estimates and notes
the major differences in methodology as the estimates move through the three annual revisions
to a benchmark revision.22 For example, for
"most goods" in personal consumption expenditures (the first item on the product side), the
20. BEA has prepared a series of papers that provide detailed descriptions
of NIPA concepts and methodologies. See the box "Information About NIPA
Methodology."
21. See Parker and Seskin, "Annual Revision," 6-32.
22. For additional details on the release schedule for the NIPA estimates,
see the section "Presentation of the NIPA'S" in the text.
table indicates one methodology for benchmark
years and another for all other years.
The column for the quarterly estimates covers only the advance estimate for the current
quarter—that is, the estimate prepared about
a month after the end of the quarter. That
estimate, rather than the preliminary or final
quarterly estimate, is described because more attention focuses on the "first look" at the quarter.
In addition, the column lists only the source data
and methods; it does not indicate how many
months of source data are available or whether
the data are subject to revision by the source
agency. Information on the key monthly source
data appears each month in the "Business Situation" in the SURVEY OF CURRENT BUSINESS.
Additional information on the monthly source
data used for the advance estimate is available online from the Department of Commerce's
Economic Bulletin Board.23
The source data listed consist of a variety of
economic measures, such as sales or receipts,
wages and salaries, unit sales, housing stock,
insurance premiums, expenses, interest rates,
mortgage debt, and tax collections. For most
components, the source data are "value data";
that is, they encompass both the quantity and
price dimensions that are required for currentdollar estimates. In these cases, the methodology
indicated in table i covers only the adjustment of
the value data to derive estimates consistent with
NIPA definitions and coverage.
For those estimates not derived from value
data, the table indicates the combination of data
with separate quantity and price dimensions that
is used to derive the required value estimate and
the major adjustments needed to derive estimates
consistent with NIPA definitions and coverage.
On the product side, a "physical quantity times
price" method is used for several components.
For example, the estimate for new autos is calculated as unit sales times expenditure per auto (the
average list price with options, adjusted for transportation charges, sales tax, dealer discounts, and
rebates). On the income side, an "employment
times earnings times hours" method and variations of a "stock of assets/liabilities times an
effective interest rate" method are used for several
components.
Some of the source data shown in table i for
the annual estimates are used as indicators to interpolate and extrapolate the levels established by
source data that are more comprehensive, and all
of the source data shown for the advance quar23. For additional information, see the box "Data Availability."
SURVEY OF CURRENT BUSINESS
terly estimates are used to extrapolate the level of
the preceding quarter. In addition, extrapolation
and interpolation may be based on trends, as is
the case when "judgmental trend" is listed in the
table.24
Estimating methods.—Table i refers to four
methods—commodity flow, retail control, perpetual inventory, and fiscal year analysis—used
by BEA for estimating specific components.
The commodity-flow method is used to obtain the value of final users1 purchases of goods
and services (that is, commodities) for BEA'S
benchmark input-output accounts. These values
serve as the benchmark for the NIPA estimates
of personal consumption expenditures (PCE),
of producers' durable equipment (PDE), and of
the commodity detail for State and local government consumption expenditures and gross
investment.25 This method is also used for PDE
in nonbenchmark years, but it is implemented
in an abbreviated form. An even more abbreviated commodity-flow method is used for current
quarterly estimates of PDE.
The retail-control method is used to estimate
over one-third of the value of PCE for periods other than benchmark years. This method
provides the indicator series used in extrapolating and interpolating the total of "most goods"
and the "control" total to which the PCE categories and residential PDE included in this group
must sum. These PCE categories consist of
all goods except autos and trucks, food furnished to employees, food and fuel produced
and consumed on farms, standard clothing issued to military personnel, school lunches, and
net foreign remittances.26
The perpetual-inventory method is used to derive estimates of fixed capital stock, which in turn
form the basis for the estimates of consumption of fixed capital. This method is based on
investment flows and a geometric depreciation
formula; it is used instead of direct measurement
of the capital stock because direct measurement
is seldom statistically feasible on a comprehensive
basis.27
24. For a few components, the final quarterly estimates are based on newly
available source data that replace judgmental trends.
25. For additional information on the commodity-flow method, see U.S.
Department of Commerce, Bureau of Economic Analysis, Personal Consumption Expenditures, Methodology Paper Series MP-6 (Washington, DC: U.S.
Government Printing Office, 1990): 31-34; and U.S. Department of Commerce, Bureau of Economic Analysis, GNP: An Overview of Source Data and
Estimating Methods, Methodology Paper Series MP-4 (Washington, DC: U.S.
Government Printing Office, 1987): 16-17.
26. For additional information, see Personal Consumption Expenditures,
41-54; and GNP: An Overview, 17.
27. For additional information on the perpetual-inventory method, see
U.S. Department of Commerce, Bureau of Economic Analysis, Fixed Re-
The fiscal year-analysis method provides the
framework for the annual and quarterly estimates
of Federal Government consumption expenditures and gross investment. The estimates of
expenditures are prepared by program—that is,
by activity for a group of line items or for an individual line item in the Budget of the U.S. Government. For most programs, the fiscal year analysis
begins by adjusting budget outlays for coverage
and for netting and grossing differences between
these outlays and NIPA expenditures. The expenditures total (as adjusted) for a program is
then classified by type of NIPA expenditure—for
example, transfer payments and interest paid—
with nondefense consumption expenditures and
gross investment determined residually. When a
fiscal year analysis is completed, the detailed array of NIPA expenditures by program and by type
of expenditure serves as a set of control totals for
the quarterly estimates.28
Balance of payments accounts.—The source data
for the foreign transactions reflected in most NIPA
components—such as net exports of goods and
services and rest-of-the-world corporate profits—
are the balance of payments accounts (BPA'S),
which are also prepared by BEA.29 As noted in
table i, for some NIPA components, the BPA estimates are adjusted to conform to NIPA concepts
and definitions.30 Annual estimates of these adjustments and their definitions are shown in NIPA
table 4.5, which was last published in the August
1997 SURVEY on page 82; summary quarterly estimates are shown in "Reconciliation Tables" in
appendix A of the SURVEY.
Other information.—In preparing the annual estimates of several of the income-side components,
BEA adjusts the source data for various coverage
and conceptual differences. For each subcomponent listed below, an annual NIPA table reconciles
the value published by the source agency with the
producible Tangible Wealth in the United States, 1925-89 (Washington, DC:
U.S. Government Printing Office, January 1993): M-2-M-15; and GNP; An
Overview, 17-18. For additional information on the geometric depreciation
formula, see "Improved Estimates of Fixed Reproducible Tangible Wealth,
1929-95," SURVEY 77 (May 1997): 69-92.
28. For additional information and an illustration of the fiscal year-analysis
method, see U.S. Department of Commerce, Bureau of Economic Analysis,
Government Transactions* Methodology Paper Series MP-5 (Washington, DC:
U.S. Government Printing Office, 1988): 19-20.
29. See U.S. Department of Commerce, Bureau of Economic Analysis, The
Balance of Payments of the United States: Concepts, Data Sources, and Estimating Procedures, (Washington, DC: U.S. Government Printing Office, 1990).
(The methodologies described in this publication are subject to periodic improvements, which are typically introduced as part of the annual revision of
the BPA'S; these improvements are described in the SURVEY articles that cover
the annual BPA revisions, most recently in "U.S. International Transactions,
Revised Estimates for 1974-96," SURVEY 77 (July 1997): 43-55.)
30. These adjustments are described in U.S. Department of Commerce,
Bureau of Economic Analysis, Foreign Transactions, Methodology Paper Series
MP-3 (Washington, DC: U.S. Government Printing Office, 1987): 15-25.
March 1998
SURVEY OF CURRENT BUSINESS
48 • March 1998
NIPA value published by BEA and identifies the
BEA adjustments. The following is a list of the
subcomponents and their corresponding reconciliation tables, which were last published in the
September 1997 SURVEY beginning on page 34:
Wages and salaries, table 8.25; farm proprietors'
income, table 8.22; nonfarm proprietors' income,
table 8.21; corporate profits, table 8.23; net interest, table 8.24; and consumption of fixed capital,
table 8.20.
Real estimates
Table 2 shows which one of three methods—
deflation, quantity extrapolation, and direct baseyear valuation—is used to prepare the quantity
index for each detailed product-side component
of real GDP and identifies the source data with
which the method is implemented.31 Deflation is
used for most of the detailed components. In deflation, the quantity index is obtained by dividing
the current-dollar index by an appropriate price
31. For additional information on the calculation of real GDP, see the
section "Real output and related measures" in the text.
index that has the base year—currently 1992—
equal to 100 and then by multiplying the result
by 100.
The quantity-extrapolation and direct-baseyear-valuation methods are similar in that they
both use explicit quantity data. In quantity
extrapolation, quantity indexes are obtained by
using a quantity indicator to extrapolate from
the base-year value of 100 in both directions. In
direct-base-year valuation, quantity indexes are
obtained by multiplying the base-year price by
actual quantity data for the index period and then
expressing the result as an index with the base
year equal to 100.
The subcomponents in table 2 are the same as
those shown in table i, but the detail differs to
highlight the alternative methodologies used for
calculating the real estimates.32
Tables i and 2 follow. £2
32. For the real estimates, the distinction between annual and quarterly
methodologies is far less important than it is for the current-dollar estimates.
For the relatively few cases in which the annual and quarterly source data
differ, the major differences are noted in the entry.
SURVEY OF CURRENT BUSINESS
March 1998 • 49
Table 1.—Principal Source Data and Estimating Methods Used in Preparing Estimates of Current-Dollar GDP
Component (billions of
dollars)
Subcomponent (billions of
dollars)
Annual estimates: Source data and methods used to determine level for benchmark and other years or used to prepare
an extrapolator or interpolator
Advance quarterly estimates: Source
data and methods used to prepare an
extrapolator
Product side (GDP of $7,636.0 billion for 1996)
Personal
consumption
expenditures
($5,207.6)
Durable and nondurable
goods:
($2,169.2)'
Most goods (except subcomponents listed separately)
($1,821.0)
New autos
($86.1)
Net purchases of used
autos
($55.2)
New trucks
($63.7)
Gasoline and oil2
($122.6)
See footnotes at end of table.
Benchmark years—Commodity-flow method, starting with
Same as annual for most recent year.
manufacturers' shipments from Census Bureau quinquen.nial census and including an adjustment for exports and
imports from Census Bureau foreign trade data.
Other years—Retail-control method, using retail trade sales
from Census Bureau annual survey or, for most recent
year, monthly survey of retail trade.
Same as annual.
Physical quantity purchased times average retail price: Unit
sales, information to allocate sales among consumers and
other purchasers, and average list price with options, adjusted for transportation charges, sales tax, dealer discounts, and rebates, all from trade sources.
Benchmark years—For net transactions, change in the
For net transactions, residual based
consumer stock of autos from trade sources. For dealers'
on net sales by other sectors. For
margin, retail sales from Census Bureau quinquennial cendealers' margin, unit sales of franchised dealers from trade source
sus and margin rate from Census Bureau annual survey of
and sales price from Bureau of
retail trade.
Other years except most recent—For net transactions, same
Labor Statistics consumer price
index for used cars.
as benchmark years. For dealers' margin, franchised dealers' unit sales times sales price, both from trade sources,
times margin rate for independent dealers from Census Bureau annual survey; independent dealers' margin from Census Bureau annual survey.
Most recent year—For net transactions, same as benchmark
years. For dealers' margin, for franchised dealers, unit
sales and sales price from trade sources; for independent
dealers, sales from Census Bureau monthly survey of retail
trade.
Benchmark years-Commodity-flow method, starting with
Same as annual for most recent year.
manufacturers' shipments from Census Bureau quinquennial census and including an adjustment for exports and
imports from Census Bureau foreign trade data.
Other years except most recent—Abbreviated commodity-flow
method, starting with manufacturers' shipments from Census Bureau annual survey and including an adjustment for
exports and imports from Census Bureau foreign trade
data.
Most recent year—Physical quantity purchased times average
retail price: Unit sales and information to allocate sales
among consumers and other purchasers from trade
sources and average price based on Bureau of Labor Statistics consumer price index for new trucks.
Benchmark years—Physical quantity purchased times average Same as annual for most recent year.
retail price: Gallons consumed from the Department of
Transportation, information to allocate that total among consumers and other purchasers from Federal agencies and
trade sources, and average retail price from Census Bureau quinquennial census.
Other years except most recent—Same as benchmark years,
except average retail price from the Energy Information Administration.
Most recent year—Physical quantity purchased times average
retail price: Gallons consumed and average price, both
from the Energy Information Administration.
SURVEY OF CURRENT BUSINESS
5O • March 1998
Table 1.—Principal Source Data and Estimating Methods Used in Preparing Estimates of Current-Dollar GDP—Continued
Component (billions of
dollars)
Subcomponent (billions of
dollars)
Annual estimates: Source data and methods used to determine level for benchmark and other years or used to prepare
an extrapolator or interpolator
Advance quarterly estimates: Source
data and methods used to prepare an
extrapolator
Product side (GDP of $7,636.0 billion for 1996)—Continued
Personal
consumption
expendituresContinued
Durable and nondurable
goods—Continued:
Food furnished to employees (including military)
($8.7)
Expenditures abroad by
U.S. residents ($2.6)
less personal remittances in kind to nonresidents ($1.2)
Benchmark years—For commercial employees, number of em- For commercial employees, same as
ployees of appropriate industries from Bureau of Labor Staannual for other years; for military
tistics tabulations times BEA estimate of per capita expendpersonnel, judgmental trend.
itures for food; for military personnel, outlays from the
Budget of the United States prepared by the Office of Management and Budget.
Other years—Same as benchmark years, except per capita
expenditures for food based on Bureau of Labor Statistics
consumer price index for food.
Judgmental trend.
Estimated as part of the balance of payments accounts; see
entry for "exports and imports of services, net," under net
exports of goods and services.
Services:
($3,038.4)
Nonfarm dwellings—space
rent for owner-occupied
and rent for tenant-occupied
($752.0)
Rental value of farm dwellings
($6.1)
Motor vehicle and other repair, other purchased
intercity transportation,
legal and funeral services, barbershops and
beauty parlors, nursing
homes, laundries, employment agency fees,
accounting and tax return preparation services, recreation (except
cable TV, casino gambling, parimutuel net receipts, and lotteries), hotels and motels, and
other education and research
($508.1)
See footnotes at end of table.
Benchmark years—Based on data on housing stock and aver- Same as annual: For housing stock,
age annual rent from Census Bureau decennial census of
judgmental trend; for average rent,
housing and residential finance survey, adjusted for utilities
Bureau of Labor Statistics
consumer price index for rent.
billed with rent.
Other years—Based on data on housing stock and average
annual rent from Census Bureau biennial housing survey or
on the number of households from Census Bureau monthly
current population survey and Bureau of Labor Statistics
consumer price index for rent.
Benchmark years—Based on data on housing stock and aver- Judgmental trend.
age annual rent from Census Bureau decennial census of
housing and survey of residential finance.
Other years—Based on data on net value of real farm housing stock from BEA capital stock series.
For nursing homes, other education
Benchmark years—Receipts and expenses from Census Bureau quinquennial census adjusted for receipts from busiand research, employment agency
ness and governments.
fees, and clubs and fraternal orgaOther years—Receipts for spectator sports from trade
nizations, wages and salaries desources; for legitimate theaters and other education and rerived from Bureau of Labor Statissearch, tabulations of wages and salaries of employees
tics monthly employment times
covered by State unemployment insurance from the Bureau
earnings times hours; for legitimate
of Labor Statistics; for others in this group, Census Bureau
theaters and motion pictures, reservice annual survey.
ceipts from trade sources; for radio
and TV repair, number of TV's
based on stock and sales from
trade source times Bureau of Labor
Statistics consumer price index for
appliance and furniture repair; for
hotels and motels, rooms rented
times average price per room from
trade source; for others in this
group, judgmental trend.
SURVEY OF CURRENT BUSINESS
March 1998 • 51
Table 1—Principal Source Data and Estimating Methods Used in Preparing Estimates of Current-Dollar GDP—Continued
Component (billions of
dollars)
Subcomponent (billions of
dollars)
Annual estimates: Source data and methods used to determine level for benchmark and other final or used to prepare
an extrapolator or interpolator
Advance quarterly estimates: Source
data and methods used to prepare an
extrapolator
Product side (GDP of $7,636.0 billion for 1996)—Continued
Personal
consumption
expendituresContinued
Services—Continued:
Physicians, dentists, and
other professional medical services
($357.6)
Private nursery, elementary, and secondary
schools, day care, welfare activities, and trade
unions and professional
associations
($148.6)
Financial services furnished
without payment by
banks, credit agencies,
and investment companies 3
($169.9)
Brokerage charges and investment counseling,
bank service charges,
intercity transportation
except other, and private
higher education
($148.7)
Domestic services
($12.5)
See footnotes at end of table.
Benchmark years—For nonprofit professional services, exFor physicians and dentists,
judgmental trend; for other profespenses, and for others in this group, receipts, adjusted for
government consumption, all from Census Bureau quinsional medical services, wages and
salaries derived from Bureau of
quennial census.
Other years—Receipts and revenues, adjusted for government
Labor Statistics monthly employconsumption, from Census Bureau service annual survey.
ment times earnings times hours.
Benchmark years—For religious-affiliated schools, enrollment
For political organizations and foundafrom the Department of Education times BEA estimate of
tions, judgmental trend; for others
average expenditures per pupil; for nursery schools and
in this group, wages and salaries
day care, expenditures from Bureau of Labor Statistics
derived from Bureau of Labor Statistics monthly employment times
consumer expenditure survey; for others in this group, receipts and expenses from Census Bureau quinquennial
earnings times hours.
census.
Other years except most recent—For nursery schools and day
care, same as benchmark years; for others in this group,
annual tabulations of wages and salaries of employees
covered by State unemployment insurance from the Bureau
of Labor Statistics.
Most recent year—For nursery schools and day care,
judgmental trend; for others in this group, tabulations of
wages and salaries of employees covered by State unemployment insurance from the Bureau of Labor Statistics.
Judgmental trend.
See entry for "imputed-tanks, credit agencies, and investment companies" under net interest.
Years except most recent—For private higher education, expenses, and for others in this group, receipts, all from annual reports of government administrative agencies.
Most recent year—For brokerage charges, bank service
charges, and intercity transportation, receipts, from annual
reports of government administrative agencies; for private
higher education, enrollment from the Department of Education times price index for higher education from trade
source.
Benchmark years—For cleaning services, receipts from Census Bureau quinquennial census; for other domestic services, number of workers times weekly hours times earnings
from the Bureau of Labor Statistics.
Other years—Number of workers times weekly hours times
earnings from the Bureau of Labor Statistics.
For stock brokerage charges, stock
exchange transactions from trade
sources; for income from sales of
investment company securities,
sales of open-end investment company shares from trade source; for
other brokerage charges and investment counseling and for bank
service charges, judgmental trend;
for intercity transportation, receipts
from trade sources; for private
higher education, wages and salaries derived from Bureau of Labor
Statistics monthly employment
times earnings times hours.
Judgmental trend.
SURVEY OF CURRENT BUSINESS
March 1998
Table 1.—Principal Source Data and Estimating Methods Used in Preparing Estimates of Current-Dollar GDP—Continued
Component (billions of
dollars)
Subcomponent (billions of
dollars)
Annual estimates: Source data and methods used to determine level for benchmark and other years or used to prepare
an extrapolator or interpolator
Advance quarterly estimates: Source
data and methods used to prepare an
extrapolator
Product side (GDP of $7,636.0 billion for 1996)—Continued
Personal
consumption
expendituresContinued
Services—Continued:
Public higher education and Years except most recent—For lotteries, net receipts from
Same as annual for most recent year.
hospitals, water and
Census Bureau quinquennial census and annual surveys of
State and local governments, adjusted to a calendar year
other sanitary services,
basis from a fiscal year basis; for others in this group, reand lotteries
($157.7)
ceipts from the same sources.
Most recent year—Judgmental trend.
Insurance, private hospitals, Years except most recent—For life insurance, expenses from For life insurance, hospitals, and relitrade sources; for medical and hospitalization insurance,
religious activities, cable
gious activities, wages and salaries
premiums and benefits from the Health Care Financing Adderived from Bureau of Labor StaTV, utilities, and local
ministration; for other insurance, premiums and benefits
tistics monthly employment times
transport
from trade sources; for private hospitals, receipts and exearnings times hours; for electricity
($720.1)
penses from Census Bureau quinquennial census (benchand gas, projected quantities based
mark year), and expenses from trade sources (other
on degree-day data from the Nayears); for religious activities, expenses based on contributional Oceanic and Atmospheric
Administration times price based on
tions and membership from trade sources; for cable TV
Bureau of Labor Statistics
and utilities, receipts from government agencies and trade
consumer price indexes for utilities;
sources; for local transport, receipts from trade source.
Most recent year—For life insurance, tabulations of wages
for others in this group, judgmental
trend.
and salaries of employees covered by State unemployment
insurance from the Bureau of Labor Statistics; for insurance
other than life insurance, judgmental trend; for religious activities, expenses based on population from the Census Bureau and per capita disposable personal income from BEA;
for local transport, passenger trips from trade source times
Bureau of Labor Statistics consumer price index for intracity mass transit; for others in this group, same as other
years.
Same as annual.
Foreign travel by U.S. resi- Estimated as part of the balance of payments accounts; see
entry for "exports and imports of services, net," under net
dents ($54.9) less exexports of goods and services.
penditures in the United
States by nonresidents
($82.7)
For casino gambling, receipts from
Various source data.
Other services: Casino
State agency; for others in this
gambling, and parimutuel
group, judgmental trend.
net receipts; other housing except hotels and
motels; bridge, etc., tolls;
other household operation except repairs and
insurance; travel and entertainment card fees;
stenographic and reproduction services; and
money orders and classified advertising
($85.0)
See footnotes at end of table.
SURVEY OF CURRENT BUSINESS
March
53
Table 1.—Principal Source Data and Estimating Methods Used in Preparing Estimates of Current-Dollar GDP—Continued
Component (billions of
dollars)
Subcomponent (billions of
dollars)
Annual estimates: Source data and methods used to determine level for benchmark and other years or used to prepare
an extrapolator or interpolator
Advance quarterly estimates: Source
data and methods used to prepare an
extrapolator
Product side (GDP of $7,636.0 billion for 1996)—Continued
Fixed investment
($1,090.7)
Nonresidential structures:
($215.2)4
Utilities: Telecommunications
($11.9)
Utilities: Other
($21.4)
Mining exploration, shafts,
and wells
($16.1)
Industrial buildings
($32.1)
Other nonfarm buildings
and structures
($129.7)
Farm buildings
($3.7)
Nonresidential producers'
durable equipment:
($566.2)
Equipment, except autos
($520.9)
New and used autos
($45.3)
See footnotes at end of table.
Value put in place from Census Bureau monthly construction
survey.
Same as annual.
Expenditures from Federal regulatory agencies and trade
sources.
Benchmark years—Expenditures from Census Bureau quinquennial census.
Other years—For petroleum and natural gas, physical quantity
times average price: Footage drilled and cost per foot from
trade sources; for other mining, expenditures from Census
Bureau surveys on capital expenditures.
Benchmark years, except 1992—Value put in place from Census Bureau monthly construction survey and improvements
from Department of Energy commercial buildings energy
consumption survey. For 1992, tabulations from Census
Bureau annual capital expenditure survey, adjusted for
undercoverage.
Other years—Value put in place from Census Bureau monthly
construction survey.
Benchmark years—Value put in place from Census Bureau
monthly construction survey and improvements from Department of Energy commercial buildings energy consumption survey.
Other years—Value put in place from Census Bureau monthly
construction survey.
Expenditures for new construction from Department of Agriculture surveys.
Judgmental trend.
Benchmark years—Commodity-flow method, starting with
manufacturers' shipments from Census Bureau quinquennial census and including an adjustment for exports and
imports from Census Bureau foreign trade data.
Other years—Abbreviated commodity-flow method, starting
with manufacturers' shipments from Census Bureau annual
survey or, for most recent year (except aircraft and trucks),
monthly survey of manufactures and including an adjustment for exports and imports from Census Bureau foreign
trade data. For aircraft, manufacturers' shipments from
Census Bureau current industrial report, adjusted for exports and imports. For trucks, domestic and North American imports, physical quantity purchased times average retail price: Unit sales and information to allocate sales
among business and other purchasers from trade sources
and average price based on Bureau of Labor Statistics producer price indexes; for truck trailers, shipments from Census Bureau current industrial report.
For new autos, see entry for "new autos" under personal consumption expenditures; for used autos, change in business
stock of autos at least 1 year old from trade source.
For petroleum and natural gas, same
as annual for other years; for mining, judgmental trend.
Same as annual for other years.
Same as annual for other years.
Value put in place from Census Bureau monthly construction survey.
For trucks, see entry for "new trucks"
under personal consumption expenditures; for others in this group,
same as annual for other years but
with less detail.
For new autos, same as annual; for
used autos, judgmental trend.
SURVEY OF CURRENT BUSINESS
54 • March 1998
Table 1.—Principal Source Data and Estimating Methods Used in Preparing Estimates of Current-Dollar GDP—Continued
Component (billions of
dollars)
Subcomponent (billions of
dollars)
Annual estimates: Source data and methods used to determine level for benchmark and other years or used to prepare
an extrapolator or interpolator
Advance quarterly estimates: Source
data and methods used to prepare an
extrapolator
Product side (GDP of $7,636.0 billion for 1996)—Continued
Fixed investment—
Continued
Residential5 investment:
($309.2)
Permanent-site new singlefamily housing units
($159.1)
Permanent-site new multifamily housing units
($20.3)
Mobile homes
($12.6)
Improvements
($74.4)
Brokers' commissions
($36.3)
Producers' durable equipment
($7.5)
Change in business
inventories
Manufacturing and trade
($18.0)
($25.9)
Other nonfarm industries
($5.0)
Farm
($2.9)
See footnotes at end of table.
Value put in place based on phased housing starts and average construction cost from Census Bureau monthly construction survey.
Value put in place from Census Bureau monthly construction
survey.
Benchmark years—See entry for "equipment, except autos"
under nonresidential producers' durable equipment.
Other years—Physical quantity shipped times price: Shipments from trade sources and average retail price from
Census Bureau monthly survey.
Expenditures by owner-occupants from Bureau of Labor Statistics quarterly consumer expenditure survey and by landlords from Census Bureau quarterly survey of landlords.
Physical quantity times price times average commission rate:
Number of single-family houses sold, mean sales price,
and commission rates from Census Bureau monthly construction survey, Census Bureau biennial housing survey,
and trade sources.
See entry for "most goods" under personal consumption expenditures.
Same as annual.
Same as annual.
Same as annual for other years.
Judgmental trend.
Same as annual.
Same as annual.
Benchmark years—Inventories from Census Bureau quinquen- Same as annual for most recent year.
nial censuses revalued to current replacement cost, using
information on the proportions of inventories reported using
different accounting methods, on the commodity composition of goods held in inventory, and on the turnover period,
all from Census Bureau quinquennial censuses and surveys, combined with prices, largely based on Bureau of
Labor Statistics producer price indexes. (The difference between Census Bureau change in inventories and BEA
change in business inventories is the IVA.)
Other years except most recent—Inventories from Census Bureau annual surveys, revalued as described above.
Most recent year—For retail auto dealers, quantities times average prices from trade sources; for all other, inventories
from Census Bureau monthly surveys, revalued as described above.
Inventories revalued to current replacement cost (except when For electric utilities, same as annual
noted as physical quantity times price) as described for
for most recent year; for all others,
manufacturing and trade: For years except most recent, Injudgmental trend.
ternal Revenue Service tabulations of business tax returns;
for most recent year, Census Bureau quarterly survey of
corporations for mining, monthly quantities from the Energy
Information Administration combined with Bureau of Labor
Statistics producer price indexes for electric utilities, and for
all others, judgmental trend.
Changes in physical quantities times current prices from DeJudgmental projections by BEA and
partment of Agriculture surveys.
the Department of Agriculture.
SURVEY OF CURRENT BUSINESS
March 1998 • 55
Table 1.—Principal Source Data and Estimating Methods Used in Preparing Estimates of Current-Dollar GDP—Continued
Component (billions of
dollars)
Subcomponent (billions of
dollars)
Annual estimates: Source data and methods used to determine level for benchmark and other years or used to prepare
an extrapolator or interpolator
Advance quarterly estimates: Source
data and methods used to prepare an
extrapolator
Product side (GDP of $7,636.0 billion for 1996)—Continued
Net exports of
goods and
services
For territorial adjustment, judgmental
trend; for all others, same as annual.
Federal national defense
consumption of general
government fixed capital
($57.3)
Perpetual-inventory calculations at current cost, based on
gross investment and on investment prices.
Same as annual.
Federal national defense,
except consumption of
general government
fixed capital
($295.4)
Within a control total established by fiscal year analysis: For
For components of compensation,
compensation, military wages from the Budget of the Unitemployment from the Department
ed States prepared by the Office of Management and
of Defense (military) and the BuBudget, civilian wages and benefits from the Office of Perreau of Labor Statistics (civilian);
sonnel Management, and employer contributions for social
for other than compensation, same
insurance mainly from outlays from Monthly Treasury Stateas annual.
ment; for other than compensation, by type, based mainly
on data from Department of Defense reports.
Perpetual-inventory calculations at current cost, based on
Same as annual.
gross investment and on investment prices.
(-$94.8)
Exports and imports of
services, net
($96.6)
Government
consumption
expenditures and
gross investment
For territorial adjustment and coverage of gold, judgmental trend; for
all others, same as annual.
Estimated as part of the balance of payments accounts: Export and import documents compiled monthly by the Census Bureau with adjustments by BEA for coverage and
valuation to convert the data to a balance-of-payments
basis. Adjusted for balance-of-payments coverage of U.S.
territories and Puerto Rico with data from the Commonwealth of Puerto Rico, the U.S. Virgin Islands, and the
Census Bureau, and coverage of gold adjusted with data
from the U.S. Geological Survey and trade sources.
Estimated as part of the balance of payments accounts: For
government transactions, reports by Federal agencies on
their purchases and sales abroad; for most others in this
group (including travel, passenger fares, other transportation, and royalties and license fees), BEA quarterly or annual surveys (supplemented with data from other sources).
Adjusted for balance-of-payments coverage of U.S territories and Puerto Rico, see entry above; adjusted to include financial services furnished without payment, see
entry for "imputed-4)anks, credit agencies, and investment
companies" under net interest, and adjusted for NIPA treatment of military grants and labor income.
Exports and imports of
goods, net
(-$191.5)
($1,406.7)
Federal nondefense consumption of general government fixed capital
($11.2)
See footnotes at end of table.
SURVEY OF CURRENT BUSINESS
56 • March 1998
Table 1.—Principal Source Data and Estimating Methods Used in Preparing Estimates of Current-Dollar GDP—Continued
Component (billions of
dollars)
Subcomponent (billions of
dollars)
Annual estimates: Source data and methods used to determine level for benchmark and other years or used to prepare
an extrapolator or interpolator
Advance quarterly estimates: Source
data and methods used to prepare an
extrapolator
Product side (GDP of $7,636.0 billion for 1996)—Continued
Government
consumption
expenditures and
gross
investmentContinued
See footnotes at end of table.
Federal nondefense, except Within a control total established by fiscal year analysis: For
Commodity Credit Corporation inventory change, book valconsumption of general
ues of acquisitions and physical quantities of dispositions
government fixed capital
from agency reports times average market prices from the
($156.1)
Department of Agriculture; for financial services furnished
without payment, see entry for "imputecWDanks, credit
agencies, and investment companies" under net interest;
for compensation, civilian wages and benefits from the Office of Personnel Management and employer contributions
for social insurance mainly from outlays from Monthly
Treasury Statement; for petroleum sales (Naval Petroleum
Reserve), distribution and price data from the Department
of Energy; for research and development, obligations from
the National Science Foundation and disbursements from
the National Aeronautics and Space Administration; for
construction, value put in place from Census Bureau
monthly construction survey; for all other, outlays from
Monthly Treasury Statement.
State and local compensa- For wages and salaries, tabulations of wages and salaries of
employees covered by State unemployment insurance from
tion of general governthe Bureau of Labor Statistics; for employer contributions
ment employees, except
for social insurance, tabulations from the Social Security
force-account construcAdministration, other agencies administering social insurtion
($547.2)
ance programs, and Census Bureau surveys of State and
local government retirement funds, adjusted to a calendar
year basis from a fiscal year basis; for other labor income,
trade sources, Health Care Financing Administration, and
Census Bureau surveys of State and local governments,
adjusted to a calendar year basis from a fiscal year basis.
Value of construction put in place from Census Bureau
State and local structures
monthly construction survey.
($128.5)
See entries under personal consumption expenditures for
State and local brokerage
services.
charges and financial
services furnished without payment
($13.0)
Perpetual-inventory calculations at current cost, based on
State and local consumpgross investment, and on investment prices.
tion of general government fixed capital
($56.6)
State and local investment Years except most recent—Total expenditures from Census
Bureau quinquennial censuses and annual surveys of State
in equipment and conand local governments, selectively replaced with source
sumption expenditures,
data that are more appropriate for the NIPA's and adjusted
except compensation,
as follows: For coverage; for netting and grossing difconsumption of fixed
ferences; to a calendar year basis from a fiscal year basis;
capital, brokerage
for other timing differences; to exclude interest, subsidies,
charges, and financial
net expenditures of government enterprises, and transfer
services furnished withpayments; and to exclude compensation and structures.
out payment.
($141.4)
Most recent year—Judgmental trend.
For components of compensation,
employment from the Bureau,of
Labor Statistics; for other than
compensation, same as annual.
For wages and salaries, derived from
Bureau of Labor Statistics monthly
employment times earnings from
Bureau of Labor Statistics employment cost index, if available; otherwise, judgmental trend. For other
compensation, judgmental trend.
Same as annual.
See entries under personal consumption expenditures for services.
Same as annual.
Same as annual for most recent year.
SURVEY OF CURRENT BUSINESS
March 1998 •
57
Table 1.—Principal Source Data and Estimating Methods Used in Preparing Estimates of Current-Dollar GDP—Continued
Component (billions of
dollars)
Subcomponent (billions of
dollars)
Annual estimates: Source data and methods used to determine level for benchmark and other years or used to prepare
an extrapolator or interpolator
Advance quarterly estimates: Source
data and methods used to prepare an
extrapolator
Income side (Gross national income of $7,697.6 billion for 1996)
Compensation6 of
employees
($4,426.9)
Wage and salary accruals:
Private industries
($2,991.0)
Wage and salary accruals:
Federal Government
($177.2)
For civilians, employment from the
Bureau of Labor Statistics and
judgmental trend; for military personnel, employment from the Department of Defense and
judgmental trend.
Derived from Bureau of Labor Statistics monthly employment times
earnings from Bureau of Labor Statistics employment cost index, if
available, otherwise judgmental
trend.
For Federal programs, BEA-derived
wages and salaries of employees
covered by the programs; for State
and local government programs,
judgmental trend.
Mainly tabulations of wages and salaries of employees covered by State unemployment insurance from the Bureau of
Labor Statistics.
Employer contributions for
social insurance
($385.7)
Years except most recent—Tabulations from the Social Security Administration and other agencies administering social
insurance programs, and Census Bureau surveys of State
and local government retirement funds, adjusted to a calendar year basis from a fiscal year basis.
Most recent year—Census Bureau surveys of State retirement
funds, adjusted to a calendar year basis from a fiscal year
basis.
Years except 3 most recent—Total contributions from the
Judgmental trend.
Health Care Financing Administration less employee contributions from the Bureau of Labor Statistics consumer expenditure survey.
Three most recent years—Employer costs for employee compensation from the Bureau of Labor Statistics.
Years except 2 most recent—Tabulations from the DepartJudgmental trend.
ment of Labor.
Two most recent years—Employer costs for employee compensation from the Bureau of Labor Statistics or Internal
Revenue Service tabulations of business tax returns.
Years except most recent—Employer contributions from trade Judgmental trend.
sources and contributions for self-insured plans from the
Social Security Administration.
Most recent year—Judgmental trend.
Years except most recent—Group premiums and estimates of Judgmental trend.
employer share from trade sources.
Most recent year—Judgmental trend.
Other labor income: Pension and profit-sharing
($94.8)
Other labor income: Workers' compensation
($37.0)
Other labor income: Group
life insurance
($7.4)
For most industries, wages and salaries derived from Bureau of Labor
Statistics monthly employment
times earnings times hours; for others, judgmental trend.
Wage and salary accruals:
State and local governments
($465.4)
Other labor income: Group
health insurance
($262.7)
See footnotes at end of table.
For most industries, annual tabulations of wages and salaries
of employees covered by State unemployment insurance
from the Bureau of Labor Statistics; for remainder, wages
from a variety of sources (such as the Department of Agriculture for farms and the Railroad Retirement Board for
railroad transportation), adjusted for understatement of income on tax returns and for several coverage differences.
For civilians, wages from the Office of Personnel Management; for military personnel, wages from the Budget of the
United States prepared by the Office of Management and
Budget.
SURVEY OF CURRENT BUSINESS
58 • March 1998
Table 1.—Principal Source Data and Estimating Methods Used in Preparing Estimates of Current-Dollar GDP—Continued
Component (billions of
dollars)
Subcomponent (billions of
dollars)
Annual estimates: Source data and methods used to determine level for benchmark and other years or used to prepare
an extrapolator or interpolator
Advance quarterly estimates: Source
data and methods used to prepare an
extrapolator
Income side (Gross national income of $7,697.6 billion for 1996)—Continued
Proprietors' income
with IVA and
CCAdj
Farm income with IVA
($45.0)
Based on Department of Agriculture data on net income, obtained by deriving gross income (cash receipts from marketing, inventory change, government payments, other cash
income, and nonmoney income) and subtracting production
expenses, adjusted to exclude corporate income from Internal Revenue Service tabulations of business tax returns
and adjusted to a NIPA basis.
Farm CCAdj
(-$7.8)
Nonfarm income
($455.3)
See entry for "CCAdj" under consumption of fixed capital.
($520.3)
Nonfarm IVA
(-$0.2)
Nonfarm CCAdj
($28.0)
Rental income of
persons with
CCAdj
($146.3)
See footnotes at end of table.
Years except most recent—Income from Internal Revenue
Same as annual for most recent year.
Service tabulations of business tax returns, adjusted for understatement of income on tax returns and for several conceptual differences.
Most recent year—For construction, trade, and services, indicators of activity (such as value of housing put in place);
for most others, judgmental trend.
See entry for "IVA" under corporate profits with IVA and
CCAdj.
See entry for "CCAdj" under consumption of fixed capital.
Benchmark years—Derived as space rent (see entry for "nonfarm dwellings" under personal consumption expenditures)
less related expenses, including maintenance and repair
from Bureau of Labor Statistics quarterly consumer expenditure survey, mortgage interest, and property taxes from
Census Bureau decennial survey of residential finance.
Other years—Same as benchmark years, except mortgage interest, based on mortgage debt from the Federal Reserve
Board times a BEA interest rate, and property taxes from
Census Bureau quarterly surveys of State and local tax
collections.
Same as owner-occupied nonfarm housing, adjusted to cover
Tenant-occupied nonfarm
only rental income accruing to persons not primarily enhousing
($52.7)
gaged in the real estate business.
Farms owned by nonopera- Prepared in conjunction with farm proprietors' income; see
entry for "farm income with IVA" under proprietors' income
tor landlords
with IVA and CCAdj.
($6.8)
Years through 1983—Rents paid and received by business
Nonfarm nonresidential
and government, adjusted for expenses associated with
properties
property (mainly depreciation, taxes, interest, and repairs)
($15.8)
from Internal Revenue Service tabulations of business tax
returns, Census Bureau surveys, and the Budget of the
United States prepared by the Office of Management and
Budget.
Other years-judgmental trend.
Years except most recent—Internal Revenue Service tabulaRoyalties
tions of royalties reported on individual income tax returns.
($8.3)
Most recent year—Judgmental trend.
See entry for "CCAdj" under consumption of fixed capital.
CCAdj
(-$47.0)
Owner-occupied nonfarm
housing
($109.7)
For crops, BEA quarterly allocation of
Department of Agriculture annual
projections of crop output; for livestock, Department of Agriculture
quarterly projections of cash receipts and inventories; for both
crops and livestock, quarterly allocation of Department of Agriculture
annual projections of government
subsidy payments and production
expenses.
For owner-occupied space rent, same
as annual; for depreciation, interest, and taxes, based on NIPA estimates of those components; for
other expenses, judgmental trend.
Same as annual.
Judgmental trend.
Judgmental trend.
Same as annual for most recent year.
SURVEY OF CURRENT BUSINESS
March 1998
59
Table 1.—Principal Source Data and Estimating Methods Used in Preparing Estimates of Current-Dollar GDP—Continued
Component (billions of
dollars)
Subcomponent (billions of
dollars)
Annual estimates: Source data and methods used to determine level for benchmark and other years or used to prepare
an extrapolator or interpolator
Advance quarterly estimates: Source
data and methods used to prepare an
extrapolator
Income side (Gross national income of $7,697.6 billion for 1996)—Continued
Corporate profits
with IVA and
CCAdj
($735.9)
Net interest
($425.1)
Years except most recent—Receipts less deductions from In- For some industries in transportation
ternal Revenue Service tabulations of business tax returns,
and some in finance, etc.,
adjusted for understatement of income on tax returns and
judgmental trend; for others, same
for several conceptual differences.
as annual for most recent year.
Most recent year—Profits from Census Bureau quarterly sur(Released at time of preliminary
vey of corporate profits, regulatory agency reports, and
estimate of GDP for the first, seccompilations of publicly available corporate financial stateond, and third quarters and of final
estimate for the fourth quarter.)
ments.
Same as annual. (Released on same
Rest-of-the-world profits be- Estimated as part of the balance of payments accounts: For
direct investment income, BEA surveys; for portfolio infore tax
schedule as domestic profits before
tax.)
come, Treasury Department surveys. Adjusted for NIPA
($95.9)
coverage of U.S. territories and Puerto Rico—see entry for
"exports and imports of goods, net," under net exports of
goods and services.
IVA
The IVA on the income side (for corporations and for nonfarm Same as annual.
(-$2.5)
sole proprietorships and partnerships) and the IVA on the
product side (described under the entry for change in business inventories) differ because the source data reflect different proportions of accounting methods (last-in, first-out
(LIFO), etc.) underlying reported inventories. The incomeside IVA is based on the product-side IVA, adjusted by the
relationship between non-LIFO inventories from Internal
Revenue Service tabulations of business tax returns and
non-LIFO inventories from the Census Bureau.
See entry for "CCAdj" under consumption of fixed capital.
CCAdj
($61.8)
Domestic profits before tax
($580.7)
Domestic monetary, net
($87.6)
Rest-of-the-world monetary,
net
(-$76.4)
See footnotes at end of table.
Years except most recent—For farm interest paid, Department Derived by combining estimates of (1)
of Agriculture surveys; for residential mortgage interest
interest received by persons, (2)
paid, Census Bureau decennial residential finance survey
government interest paid and reand mortgage debt from the Federal Reserve Board times
ceived, and (3) interest paid by
a BEA interest rate; for most other interest paid and repersons. For (1), judgmental trend;
ceived by business, Internal Revenue Service tabulations of
for (2), Monthly Treasury Statement
business tax returns, adjusted for misreporting on tax refor Federal and judgmental trend
turns and for several conceptual differences.
for State and local; for (3),
Most recent year—For farm and mortgage interest paid, same
consumer debt from the Federal
as other years; for other interest, interest receipts and payReserve Board times BEA estiments from regulatory agencies (such as the Federal Demates of interest rates. (Released
posit Insurance Corporation), from trade sources, or obon same schedule as domestic
tained by applying BEA interest rates to interest-bearing
profits before tax.)
assets/liabilities from Federal Reserve Board flow-of-funds
accounts.
Estimated as part of the balance of payments accounts: For
Same as annual. (Released on same
direct investment income, BEA surveys; for portfolio inschedule as domestic profits before
come, Treasury Department surveys. Adjusted for NIPA
tax.)
coverage of U.S. territories and Puerto Rico—see entry for
"exports and imports of goods, net," under net exports of
goods and services.
SURVEY OF CURRENT BUSINESS
6O • March 1998
Table 1.—Principal Source Data and Estimating Methods Used in Preparing Estimates of Current-Dollar GDP—Continued
Component (billions of
dollars)
Subcomponent (billions of
dollars)
Annual estimates: Source data and methods used to determine level for benchmark and other years or used to prepare
an extrapolator or interpolator
Advance quarterly estimates: Source
data and methods used to prepare an
extrapolator
Income side (Gross national income of $7,697.6 billion for 1996)—Continued
Net interestContinued
lmputecM)anks, credit
agencies, and investment companies
($180.1)
Imputed—life insurance
carriers and private noninsured pension plans
($233.7)
Payments to persons: For charitable contributions, for years
except most recent, Internal Revenue Service tabulations of
business tax returns or, for most recent year, judgmental
trend; for other components (such as liability payments for
personal injury), for years except most recent, information
from government agency reports and trade sources or, for
most recent year, judgmental trend. Payments to the rest
of the world: Estimated as part of the balance of payments
accounts.
Business transfer
payments
($33.6)
Indirect business tax
and nontax
liability
Federal Government
($95.8)
($604.8)
State and local governments
($508.9)
Subsidies less
current surplus of
government
enterprises
Judgmental trend.
For customs duties, Monthly Treasury
For excise taxes, collections from the Bureau of Alcohol, Tobacco, and Firearms and the Internal Revenue Service; for
Statement; for most excise taxes,
customs duties, receipts from Monthly Treasury Statement;
derived from indicators of activity
(such as gasoline production for
and for nontaxes (such as fines), receipts from the Budget
gasoline tax); for others in this
of the United States prepared by the Office of Management
group, judgmental trend.
and Budget.
Receipts from Census Bureau quinquennial censuses and an- Judgmental trend.
nual and quarterly surveys, adjusted to a calendar year
basis from a fiscal year basis.
Federal Government
($37.7)
For subsidies, payments by the Commodity Credit Corporation
from agency reports and, for most other agencies, outlays
from Monthly Treasury Statement, for current surplus, mainly reports of various agencies, such as the Postal Service,
and consumption of fixed capital estimates derived with
perpetual-inventory calculations at current cost, based on
gross investment and on investment prices.
State and local governments
(-$12.3)
For subsidies, limited to railroad, Census Bureau annual surveys of expenditures, adjusted to a calendar year basis
from a fiscal year basis. For current surplus: For current
operating receipts, mainly revenue data from Census Bureau annual surveys of State and local governments, adjusted to a calendar year basis from a fiscal year basis; for
current operating expenditures, see entries (1) for "State
and local investment in equipment and consumption expenditures, except compensation, consumption of fixed capital, brokerage charges, and financial services furnished
without payment" and (2) for "State and local consumption
of general government fixed capital" under Government
consumption expenditures and gross investment.
($25.4)
See footnotes at end of table.
Property income earned on investment of deposits and mone- Judgmental trend.
tary interest paid to depositors (and for mutual depositories,
profits from Internal Revenue Service tabulations of business tax returns) from annual reports of regulatory agencies and the Federal Reserve Board. Imputed interest (financial services furnished without payment) is allocated to
persons, government, and the rest of the world on the
basis of deposit liabilities from the same sources.
Property income earned (and for life insurance carriers, prof- Judgmental trend. (Released on same
its) from Internal Revenue Service tabulations of business
schedule as domestic profits before
tax.)
tax returns, trade sources, and the Federal Reserve Board.
For subsidies, Commodity Credit Corporation reports and judgmental
trend; for current surplus,
judgmental trend and consumption
of fixed capital estimates derived
with perpetual-inventory calculations at current cost, based on
gross investment and on investment prices.
Judgmental trend.
SURVEY OF CURRENT BUSINESS
March 1998
6i
Table 1.—Principal Source Data and Estimating Methods Used in Preparing Estimates of Current-Dollar GDP—Continued
Component (billions of
dollars)
Subcomponent (billions of
dollars)
Annual estimates: Source data and methods used to determine level for benchmark and other years or used to prepare
an extrapolator or interpolator
Advance quarterly estimates: Source
data and methods used to prepare an
extrapolator
Income side (Gross national income of $7,697.6 billion for 1996)—Continued
Consumption of
fixed capital
Government:
($147.4)
($830.1)
General government
($125.1)
Government enterprise
($22.3)
Private:
($682.7)
Capital consumption allowances
($709.9)
Less: CCAdj
($27.1)
Perpetual-inventory calculations at current cost, based on
Same as annual.
gross investment and on investment prices.
Perpetual-inventory calculations at current cost, based on
Same as annual.
gross investment and on investment prices.
Perpetual-inventory calculations at current cost, based on
Same as annual.
gross investment and on investment prices.
Judgmental trend.
Years except most recent—For depreciation of corporations
and of nonfarm sole proprietorships and partnerships, Internal Revenue Service tabulations of business tax returns,
adjusted for several conceptual differences; for other depreciation (including noncorporate farms, nonprofit institutions,
and owner-occupied houses), perpetual-inventory calculations; for accidental damage to fixed capital, losses reported to insurance companies and government agencies.
Most recent year—For depreciation of corporations and nonfarm sole proprietorships and partnerships, BEA estimates
of tax-return-based depreciation; for other depreciation and
accidental damage to fixed capital, same as other years.
Judgmental trend.
For corporations and nonfarm sole proprietorships and partnerships, the difference between tax-return-based calculations and perpetual-inventory calculations; for other (including noncorporate farms, nonprofit institutions, and owneroccupied houses), the difference between perpetual-inventory calculations at historical cost and current cost.
1. Includes $10.6 billion for food produced and consumed on farms, standard clothing issued to
military personnel, and used trucks.
2. the retail-control method cited under "personal consumption expenditures (PCE) for most
goods" is based on retail trade sales data that include sales of gasoline service statipns. Estimates
of PCE for gasoline and oil are derived separately and are deducted from the retail-control totals
(that include goods sold by gasoline service stations) to derive the estimates for "PCE for most
goods."
3. Also referred to as "services furnished without payment by financial intermediaries, except life
insurance carriers and private noninsured pension plans."
4. Includes $0.5 billion for brokers' commissions on sale of structures and net purchases of used
structures.
5. Includes -$1.0 billion for other structures (dormitories, fraternity and sorority houses, nurses'
homes, etc.) and net purchases of used structures.
6. Includes -$2.6 billion for wage and salary accruals: Rest of the world, net, and $5.7 billion
for other labor income: Supplemental unemployment, directors' fees, and judicial fees.
CCAdj Capital consumption adjustment
IVA Inventory valuation adjustment
NIPA National income and product account
Source: 1996 estimates—SURVEY OF CURRENT BUSINESS, August 1997.
SURVEY OF CURRENT BUSINESS
62 • March 1998
Table 2.—Methodology Used in Preparing Estimates of Real GDP
Deflation, using price based on—
Components of
the Consumer
Price Index (CPI)
or the Producer
Price Index (PPI)
Other
Most goods (except subcomponents listed separately).
Except as noted,
CPI; military
clothing, PPI.
Computers, BEA price index,
Bureau of Labor Statistics
import price indexes, and
PPI.
New autos
Net purchases of used
autos.
CPI
New trucks
Gasoline and oil
Food furnished to employees (including military).
Expenditures abroad by
U.S. residents less personal remittances in kind
to nonresidents.
CPI
CPI
CPI
Component
Personal
consumption
expenditures
Subcomponent
Extrapolation
Direct valuation
Durable and nondurable
goods:
Services:
Nonfarm dwellings-space
rent for owner-occupied
and rent for tenant-occupied.
Rental value of farm dwellings.
See footnotes at end of table.
Using quantity for—
Used autos, in two
parts: (1) Margin,
unit sales from
trade sources with
dealer margins
from Census Bureau and trade
sources; (2) net
transactions, net
change in unit
stock of autos held
by consumers by
year of original
sale, valued by depreciated original
value in base-year
dollars.
Foreign consumer price indexes (exchange-rate adjusted).
CPI
Net value of farm housing
stock from BEA capital
stock series.
SURVEY OF CURRENT BUSINESS
March 1998 •
Table 2.—Methodology Used in Preparing Estimates of Real GDP—Continued
Deflation, using price based on—
Component
Personal
consumption
expendituresContinued
Subcomponent
Components of
the Consumer
Price Index (CPI)
or the Producer
Price Index (PPI)
Extrapolation
Services—Continued:
Motor vehicle and other re- Except as noted,
pair, other purchased
CPI; private
intercity transportation,
for-profit nursing homes,
legal and funeral servPPI.
ices, barbershops and
beauty parlors, nursing
homes, laundries, employment agency fees,
accounting and tax return
preparation services,
recreation (except cable
TV, casino gambling,
parimutuel net receipts,
and lotteries), hotels and
motels, and other education and research.
Except as noted,
Physicians, dentists, and
CPI; physiother professional medicians, PPI.
cal services.
Private nursery, elementary,
and secondary schools,
day care, welfare activities, and trade unions
and professional associations.
Except as noted,
Public education and hosCPI; public
pitals, water and other
hospitals, PPI.
sanitary services, and
lotteries.
Financial services furnished
without payment by
banks, credit agencies,
and investment companies. l
Except as noted,
Brokerage charges and investment counseling,
CPI.
bank service charges,
intercity transportation
except other, and private
higher education.
Domestic services
See footnotes at end of table.
Other
Using quantity for—
CPI
Private nonprofit nursing
homes, composite index of
input prices from the
Health Care Financing Administration; clubs and fraternal organizations, and
other education and research, BEA composite
index of input prices.
BEA composite indexes of
input prices.
Paid employee hours of
relevant financial institutions.
Airline transportation, BEA
index based on revenue
per passenger mile from
the Department of Transportation and trade source,
and CPI for airline fares;
private higher education,
BEA composite index of
input prices.
Stock brokerage charges,
BEA orders, derived
from volume data from
the Securities and Exchange Commission
and trade sources.
Direct valuation
63
SURVEY OF CURRENT BUSINESS
64 • March 1998
Table 2.—Methodology Used in Preparing Estimates of Real GDP—Continued
Deflation, using price based on—Component
Personal
consumption
expendituresContinued
Subcomponent
Components of
the Consumer
Price Index (CPI)
or the Producer
Price Index (PPI)
Except as noted,
CPI; private
for-profit hospitals, PPI.
Foreign travel by U.S. resi- Expenditures in
the United
dents less expenditures
States, CPI.
in the United States by
nonresidents.
Except as noted,
Other services: Casino
CPI.
gambling, and parimutuel
net receipts; other housing except hotels and
motels; bridge, etc., tolls;
other household operation except repairs and
insurance; travel and entertainment card fees;
stenographic and reproduction services; and
money orders and classified advertising.
Nonresidential structures:
Utilities ..
Mining exploration, shafts,
and wells.
Nonfarm buildings and
structures.
Farm buildings
See footnotes at end of table.
Other
Extrapolation
Life insurance and religious
activities, BEA composite
indexes of input prices;
private nonprofit hospitals,
composite index of input
prices from the Health
Care Financing Administration.
Foreign travel, BEA composite index of foreign
consumer price indexes
(exchange-rate adjusted).
Auto insurance, premiums
deflated by CPI; health
insurance, benefits deflated by CPI.
Services—Continued:
Insurance, private hospitals,
religious activities, cable
TV, utilities, and local
transport.
Fixed investment
Using quantity for—
Gas and petroleum pipelines,
PPI.
Casing PPI
Parimutuel net receipts,
gross winnings deflated
by CPI.
Telecommunications, cost
index from trade source;
railroads, BEA price index;
other, cost indexes from
government agencies and
trade sources.
Exploration, cost index from
trade source; mines, implicit price deflator for nonfarm nonresidential buildings.
Buildings, BEA index based
on cost index from trade
source and on Census
Bureau price deflator for
single-family houses under
construction; structures,
cost indexes from government agencies.
Implicit price deflator for nonfarm nonresidential buildings.
Drilling, footage by geographic area from trade
source.
Direct valuation
SURVEY OF CURRENT BUSINESS
March 1998 •
65
Table 2.—Methodology Used in Preparing Estimates of Real GDP—Continued
Deflation, using price based on—
Component
Subcomponent
Fixed investmentContinued
Nonresidential producers'
durable equipment:
Equipment, except autos,
telephone and telegraph
installation, and telephone switching equipment.
New and used autos
Components of
the Consumer
Price Index (CPI)
or the Producer
Price Index (PPI)
Domestic components, except
as noted, PPI;
imported transportation
equipment,
PPI.
Census Bureau price deflator
for single-family houses
under construction.
BEA price index.
Additions and alterations,
BEA index based on Census Bureau price deflator
for single-family houses
under construction and
CPI component.
Numbers of new and used
houses sold from Census Bureau and trade
sources.
Brokers' commissions
Used autos, in two
parts: (1) Margin,
unit sales from
trade sources with
dealer margins
from Census Bureau and trade
sources; (2) net
transactions, net
change in unit
stock of autos held
by business by
year of original
sale, valued by depreciated original
value in base-year
dollars.
BEA price index.
PPI
Major replacements, CPI.
CPI
Direct valuation
Imported components, except
computers and transportation equipment, Bureau
of Labor Statistics import
price indexes; domestic
and imported computers,
BEA price index, Bureau
of Labor Statistics import
price indexes, and PPI.
BEA cost index.
Residential investment:
Permanent-site new singlefamily housing units.
Producers' durable equipment,
See footnotes at end of table.
Extrapolation
New autos, CPI.
Telephone and telegraph installation.
Telephone switching equipment.
Permanent-site new multifamily housing units.
Mobile homes
Improvements
Other
Using quantity for—
SURVEY OF CURRENT BUSINESS
66 • March 1998
Table 2.—Methodology Used in Preparing Estimates of Real GDP—Continued
Deflation, using price based on—
Component
Change in
business
inventories
Subcomponent
Nonfarm: Purchased goods,
all industries.
Except as noted,
PPI.
Nonfarm: Work-in-process
and finished goods, manufacturing.
Except as noted,
PPI; some
overhead cost
items, CPI.
Farm
Net exports of
goods and
services2
Exports and
imports of
goods. 2
Exports and2 imports of
services.
See footnotes at end of table.
Components of
the Consumer
Price Index (CPI)
or the Producer
Price Index (PPI)
Other
Using quantity for—
Extrapolation
Crude petroleum, index from
the Energy Information Administration; computers,
BEA price index, Bureau
of Labor Statistics import
price indexes, and PPI;
imported goods purchased
by trade industries, Bureau
of Labor Statistics import
price indexes.
BEA indexes of unit labor
cost.
Quantities and prices
of stocks of coal,
petroleum, and natural gas for utilities
from the Energy Information Administration.
Department of Agriculture average market prices..
Gold; transporBureau of Labor Statistics
export and import price intation equipdexes; electric energy exment; selected
agricultural
ports and imports, and petroleum imports, unit-value
foods, feeds,
and bevindexes based on Census
Bureau values and quanerages; and
tities; computer and semiselected imconductor exports, BEA
ports of refined
petroleum, PPI.
price indexes and PPI;
computer and semiconductor imports, BEA price indexes and Bureau of
Labor Statistics import
price indexes.
Military transfers and direct
Travel receipts,
medical redefense expenditures
ceipts, and
abroad, selected deflators
for Federal national destudents' exfense, except consumption
penditures,
of fixed capital (see
CPI; freight
below); passenger fares,
and port exBureau of Labor Statistics
penditures and
telecommuniexport and import price indexes; travel payments
cations, PPI.
and U.S. Government payments for miscellaneous
services, BEA composite
index of foreign consumer
price indexes (exchangerate adjusted); royalties
and fees, and other private services, implicit price
deflator for final sales to
domestic purchasers.
Direct valuation
Exports of financial services furnished without
payment, l paid employee hours of relevant financial institutions.
SURVEY OF CURRENT BUSINESS
March 1998 •
67
Table 2.—Methodology Used in Preparing Estimates of Real GDP—Continued
Deflation, using price based on—
Component
Subcomponent
Government
consumption
expenditures and
gross investment
Federal national defense
consumption of general
government fixed capital.
Federal national defense,
except consumption of
general government fixed
capital.
Components of
the Consumer
Price Index (CPI)
or the Producer
Price Index (PPI)
Selected goods,
PPI; utilities
and communications, CPI
and PPI.
Other
Some goods, some services,
and most military structures, BEA indexes based
on Department of Defense
prices paid; some services, Bureau of Labor Statistics monthly earnings;
computers, BEA price
index, Bureau of Labor
Statistics import price indexes, and PPI; nonmilitary structures, cost indexes from trade sources
and government agencies.
Using quantity for—
Extrapolation
Military compensation, fulltime equivalent employment by rank and
length of service; civilian compensation, fulltime equivalent employment by grade, adjusted for change from
base year in hours
worked.
Federal nondefense consumption of general government fixed capital.
Federal nondefense, except
consumption of general
government fixed capital.
Most goods, PPI;
rent, utilities,
and communications, CPI.
Structures, cost indexes from
trade sources and government agencies; computers,
BEA price index, Bureau
of Labor Statistics import
price indexes, and PPI;
most services, Bureau of
Labor Statistics monthly
earnings.
Employees in education,
full-time equivalent employment by education
and experience, adjusted for change from
base year in hours
worked; other employees, full-time equivalent
employment, adjusted
for change from base
year in hours worked.
State and local compensation of general government employees.
State and local structures.
See footnotes at end of table.
Compensation, full-time
equivalent employment
by grade, adjusted for
change from base year
in hours worked; financial services furnished
without payment, l paid
employee hours of relevant financial institutions.
Cost indexes from trade
sources and government
agencies.
Direct valuation
Perpetual-inventory
calculations, based
on gross investment.
Many goods, some
services, and a few
military structures,
quantities and
prices from Department of Defense
reports; electricity
and natural gas
quantities from the
Department of Energy.
Perpetual-inventory
calculations, based
on gross investment.
Net purchases of agricultural commodities by the Commodity Credit Corporation, quantities
by crop from agency reports with Department of Agriculture prices; selected petroleum
transactions, quantities and prices
from the Department of Energy.
SURVEY OF CURRENT BUSINESS
68 • March 1998
Table 2.—Methodology Used in Preparing Estimates of Real GDP—Continued
Deflation, using price based on—
Component
Government
consumption
expenditures and
gross
investmentContinued
Subcomponent
Components of
the Consumer
Price Index (CPI)
or the Producer
Price Index (PPI)
Other
Direct valuation
Perpetual-inventory
calculations, based
on gross investment.
State and local consumption of general government fixed capital.
Services, except
as noted, and
goods used in
maintenance
and repair,
CPI; goods,
except as
noted, and
electricity, PPI.
Transportation, books, and
postal services, BEA indexes based on Department of Defense prices
paid; computers, BEA
price index, Bureau of
Labor Statistics import
price indexes, and PPI.
1. Also referred to as "services furnished without payment by financial intermediaries, except life
insurance carriers and private noninsured pension plans."
2. Estimates of real exports and imports of goods and services are prepared separately. Real
receipts and payments of factor income from the rest of the world—the difference between GDP
Extrapolation
See entries under personal
consumption expenditures
for services.
State and local brokerage
charges and financial
services furnished without payment.
State and local investment
in equipment and consumption expenditures,
except compensation,
consumption of fixed
capital, brokerage
charges, and financial
services furnished without payment.
Using quantity tor-
and GIMP—are prepared by deflation using the implicit price deflator for final sales to domestic purchasers except for imputed interest paid to nonresidents, which is prepared by extrapolation using
paid employee hours of relevant institutions.
SURVEY OF CURRENT BUSINESS
March 1998
Contents
D-l
BEA CURRENT AND HISTORICAL DATA
National, International, and Regional Estimates
This section presents an extensive selection of economic statistics prepared by the Bureau of Economic Analysis (BEA)
and a much briefer selection of collateral statistics prepared by other Government agencies and private organizations. Series
originating in Government agencies are not copyrighted and may be reprinted freely. Series from private sources are provided
through the courtesy of the compilers and are subject to their copyrights.
BEA makes its economic information available on three World Wide Web sites.
The BEA Web site
<http://www.bea.doc.gov> contains data, articles, and news releases from BEA'S national, international, and regional programs. The Federal Statistical Briefing Room (FSBR) on the White House Web site <http://www.whitehouse.gov/fsbr>
provides summary statistics for GDP and a handful of other NIPA aggregates. The Commerce Department's STAT-USA Web
site <http://www.stat-usa.gov> provides detailed databases and news releases from BEA and from other Federal Government
agencies by subscription; information about sTAT-USA'S Economic Bulletin Board (EBB) and Internet services may be obtained
at the Web site or by calling 202-482-1986.
The tables listed below present annual, quarterly, and monthly estimates, indicated as follows: [A] Annual estimates only;
[Q] quarterly estimates only; [QA] quarterly and annual estimates; [MA] monthly and annual estimates.
International Data
National Data
A. Selected NIPA Tables: [QA]
1. National product and income
2. Personal income and outlays
3. Government receipts, current expenditures,
and gross investment
4. Foreign transactions
5. Saving and investment
6. Income and employment by industry
7. Quantity and price indexes
8. Supplementary tables
F. Transactions tables:
D-2
D-6
D—7
D-n
D-13
D-i6
D-17
D-24
B. Other NIPA and NiPA-related tables:
Monthly estimates: [MA]
B.i. Personal income
B.2. Disposition of personal income
D-27
D-27
Annual estimates: [A]
B.3. GDP by industry
D-28
6.4. Personal consumption expenditures by type of
expenditure
D-29
B.S. Private purchases of structures by type
D-3O
B.6. Private purchases of producers' durable
equipment by type
D-30
6.7. Compensation and wage and salary accruals
by industry
D-3i
B.S. Employment by industry
D-32
6.9. Wage and salary accruals and employment
by industry per full-time equivalent
D-33
B.io. Farm sector output, gross product,
and national income
D-34
B.n. Housing sector output, gross product,
and national income
D-34
B.12. Net stock of fixed private capital, by type... D-35
C. Historical tables: [A]
C.i. Historical estimates for major NIPA
aggregates
C.2.-C.7. Growth rates of selected components
of real GDP
D. Domestic perspectives [MA, QA]
D-36
D-39
D-5i
D-52
D-53
D-56
G. Investment tables:
G.i. International investment position of the United
States [A]
0-57
G.2. USDIA: Selected items [A]
D-58
G.3. Selected financial and operating data for nonbank
foreign affiliates of U.S. companies [A]
D-59
G.4. FDIUS: Selected items [A]
D-6o
G.S. Selected financial and operating data of nonbank
U.S. affiliates of foreign companies [A]
D-6i
H. International perspectives [MA, QA]
D-62
I. Charts
D-64
Regional Data
J. State and regional tables:
J.i. Total and nonfarm personal income [QA].... D-65
J.2. Percent of personal income for selected
components [A]
D-66
J.3. Per capita personal income and
disposable personal income [A]
D-67
J.4. Gross state product [A]
D-68
K. Local area table
D-6p
L. Charts
D-7i
Appendixes
D~4i
Appendix A: Additional information about
BEA'S NIPA estimates:
Statistical conventions
Reconciliation tables [QA]
D-73
0-74
D-43
D-49
Appendix B: Suggested reading
D-75
E. Charts:
Selected NIPA series
Other indicators of the domestic economy
F.i. U.S. international transactions in goods
and services [MA]
F.2. U.S. international transactions [QA]
F.3. Selected U.S. international transactions,
by area [Q]
F.4. Private service transactions [A]
SURVEY OF CURRENT BUSINESS
D-2 • National Data
March 1998
National Data
A. Selected NIPA Tables
The tables in this section include the most recent estimates of gross domestic product and its components;
these estimates were released on February 27,1998 and include the "preliminary" estimates for the fourth quarter
of 1997 and for the year 1997.
The selected set of NIPA tables shown in this section presents quarterly estimates, which are updated monthly.
In most tables, the annual estimates are also shown. Most of the "annual only" NIPA tables were presented in the
August 1997 SURVEY OF CURRENT BUSINESS; tables 8.20-8.26 were presented in the September 1997 SURVEY; and
the remaining "annual only" tables—tables 3.15-3.20 and 9.1-9.6—were presented in the October 1997 SURVEY.
The selected NIPA tables are available on printouts or diskettes from BEA. To order NIPA subscription
products using Visa or MasterCard, call the BEA Order Desk at 1-800-704-0415 (outside the United States,
202-606-9666).
The news release on gross domestic product (GDP) is available at the time of release, and the selected NIPA
tables are available later that day, on STAT-USA'S Economic Bulletin Board and Internet services; for information,
call STAT-USA on 202-482-1986. In addition, the GDP news release is available the afternoon of the day of the
release, and the selected NIPA tables are available about 2 weeks later (when the SURVEY is sent to the printer),
on BEA'S Internet site <http://www.bea.doc.gov>.
i. National Product and Income.
Table 1.1.—Gross Domestic Product
Table 1.2.—Real Gross Domestic Product
[Billions of dollars]
[Billions of chained (1992) dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1996
1997
Gross domestic product
1996
1997
1996
III
IV
I
II
III
7,636.0 8,081.0 7,676.0 7,792.9 7,933.6 8,034.3 8,124.3 8,231.8
Gross domestic product
5,207.6 5,488.1 5,227.4 5,308.1 5,405.7 5,432.1 5,527.4 5,587.2
Personal consumption
expenditures
Durable goods
Nondurable goods
Services
634.5 659.1 634.5 638.2 658.4 644.5 667.3 666.2
1,534.7 1,592.1 1,538.3 1,560.1 1,587.4 1,578.9 1,600.8 1,601.4
3,038.4 3,236.9 3,054.6 3,109.8 3,159.9 3,208.7 3,259.3 3,319.6
Durable goods
Nondurable goods
Services
Gross private domestic
investment
1,116.5 1,240.9 1,149.2 1,151.1 1,193.6 1,242.0 1,250.2 1,277.8
Gross private domestic
investment
Net exports of goods and
services
Exports
Goods
Services
Imports
Goods
Services
Government consumption
expenditures and gross
investment
Federal
National defense
Nondefense
State and local
1,090.7 1,172.6 1,112.0 1,119.2 1,127.5 1,160.8 1,201.3 1,200.8
781.4 845.4 798.6 807.2 811.3 836.3 872.0 861.9
215.2 229.9 217.7 227.0 227.4 226.8 232.9 232.5
,.
566.2
309.2
615.5
327.2
580.9
313.5
580.2
312.0
583.9
316.2
609.5
324.6
639.1
329.3
629.4
338.9
25.9
68.3
37.1
31.9
66.1
81.1
48.9
77.0
-94.8 -100.8 -114.0 -88.6 -88.8 -S8.7 -111.3 -104.2
870.9 958.0
617.5 686.5
253.3 271.5
965.7 1,058.8
809.0 888.7
156.7 170.0
863.7 904.6 922.2 960.3 965.8 983.8
609.7 640.5 656.2 690.0 691.1 708.7
254.0 264.2 266.0 270.3 274.8 275.1
977.6 993.2 1,021.0 1,049.0 1,077.1 1,088.0
820.2 834.6 855.8 880.1 905.6 913.5
157.5 158.6 165.2 168.9 171.6 174.5
1,406.7 1,452.7 1,413.5 1,422.3 1,433.1 1,449.0 1,457.9 1,470.9
520.0
352.8
167.3
886.7
523.8
350.4
173.4
928.9
521.6
354.8
166.8
891.9
517.6
350.6
167.0
904.7
516.1
343.3
172.8
917.0
526.1
350.6
175.5
923.0
525.7
352.1
173.6
932.3
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
527.4
355.6
171.8
943.5
1996
III
Personal consumption
expenditures
Fixed investment
Nonresidential
Structures
Producers' durable
equipment
Residential
Change in business
inventories
1997
IV
Net exports of goods and
services
. . .
Government consumption
expenditures and gross
investment
Federal
National defense .
Nondefense
State and local . . . .
Residual
I
II
III
IV
6,928.4 7,189.6 6,943.8 7,017.4 7,101.6 7,159.6 7,214.0 7,283.3
4,714.1 4,869.3 4,718.2 4,756.4 4,818.1 4,829.4 4,896.2 4,933.5
611.1 645.5 611.9 617.1 637.8 629.0 656.1 658.9
1,432.3 1,458.8 1,433.9 1,441.2 1,457.8 1,450.0 1,465.5 1,461.9
2,671.0 2,765.7 2,672.8 2,698.2 2,723.9 2,749.8 2,776.1 2,812.9
Fixed investment
Nonresidential
Structures
Producers' durable
equipment
Residential
Change in business
inventories
Exports .
Goods
Services
Imports
Goods
Services
1997
IV
1,069.1 1,195.7 1,100.3 1,104.8 1,149.2 1,197.1 1,204.6 1,231.8
1,041.7 1,122.2 1,060.9 1,068.7 1,079.0 1,111.4 1,149.3 1,149.2
771.7 846.8 789.3 800.8 808.9 837.0 874.5 866.6
188.7 195.2 190.0 196.9 195.9 193.5 196.7 194.5
586.0
272.1
657.7
279.6
602.9
274.1
606.7
271.1
616.6
273.3
649.3
278.2
685.3
280.1
679.7
286.7
25.0
65.7
37.9
32.9
63.7
77.6
47.5
74.0
-114.4 -146.4 -138.9 -105.6 -126.3 -136.6 -164.1 -158.5
857.0 963.6 851,4 901.1 922.7 962.5 973.0 996.4
628.4 725.2 623.0 666.2 686.2 725.8 731.8 757.0
229.9 242.3 229.4 236.8 238.9 240.8 245.0 244.5
971.5 1,110.0 990.2 1,006.6 1,048.9 1,099.1 1,137.1 1 1549
823.1 947.7 841.7 857.5 891.3 938.4 972.7 988.4
149.0 163.5 149.3 150.0 158.4 161.8 165.8 168.0
1,257.9 1,269.7 1,261.5 1,261.8 1,260.5 1,270.1 1,273.4 1,274.7
464.2
317.8
146.1
793.7
457.0
308.7
147.9
812.7
465.7
319.4
146.0
795.9
459.6
313.6
145.7
802.3
452.8
303.9
148.5
807.7
460.1
309.4
150.2
810.1
458.8
310.3
148.0
814.7
456.4
311.3
144.8
818.3
-1.6
-4.2
-2.4
-3.8
-2.9
-3,9
-4.6
-4.8
NOTE.-Chained (1992) dollar series are calculated as the p
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.
The residual line is the difference between the first line and the sum of the most detailed lines.
Percent changes from preceding period for selected items in this table are shown in table 8.1; contributions to
the percent change in real gross domestic product are shown in table 8.2.
D-3
National Data
SURVEY OF CURRENT BUSINESS
March 1998
Table 1.3.—Gross Domestic Product by Major Type of Product
Table 1.4.—Real Gross Domestic Product by Major Type of Product
[Billions of dollars]
[Billions of chained (1992) dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1996
1997
III
Gross domestic product
Final sales of domestic
product
Change in business
inventories
Goods
Final sales
Change in business
inventories
Durable goods
Final sales
Change in business
inventories
Nondurable goods
Final sales
Change in business
inventories
,
Services
Structures
Addenda:
Motor vehicle output
Gross domestic product less
motor vehicle output .
1996
1997
1996
IV
1
II
7,610.2 8,012.7 7,638.9 7,761.0 7,867.4 7,953.2 8,075.3 8,154.7
68.3
37.1
31.9
66.1
81.1
48.9
77.0
2,785.2 2,943.7 2,797.8 2,826.9 2,904.6 2,936.0 2,952.1 2,982.3
2,759.3 2,875.4 2,760.7 2,795.0 2,838.4 2,854.9 2,903.2 2,905.2
25.9
68.3
37.1
31.9
66.1
81.1
48.9
77.0
1,228.9 1,315.4 1,249.5 1,232.4 1,279.8 1,322.1 1,323.9 1,335.9
1,212.0 1,283.0 1,216.3 1,233.5 1,248.0 1,275.3 1,305.3 1,303.5
16.9
32.4
33.3
-1.1
31.8
46.8
32.5
18.6
1,556.3 1,628.3 1,548.3 1,594.5 1,624.7 1,613.9 1,628.2 1,646.3
1,547.3 1,592.4 1,544.4 1,561.5 1,590.4 1,579.6 1,597.9 1,601.7
34.4
30.3
44.6
9.0
35.9
3.9
33.0
34.3
4,187.3 4,433.1 4,208.1 4,282.7 4,338.2 4,400.1 4,462.3 4,531.9
663.6 704.1 670.1 683.3 690.8 698.2 709.8 717.6
271.4
284.3
278.7
267.2
281.4
270.4
287.4
298.1
7,364.7 7,796.7 7,397.3 7,525.8 7,652.2 7,764.0 7,836.9 7,933.7
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
1996
Gross domestic product
Final sales of domestic
product
Change in business
inventories
Residual .
Goods
Final sales
. ...
Change in business
inventories
Durable goods
Final sales
Change in business
inventories
:
Nondurable goods
Final sales
Change in business
inventories
Services
Structures
Residual
Addenda:
Motor vehicle output
Gross domestic product less
motor vehicle output
1997
IV
III
IV
III
7,636.0 8,081.0 7,676.0 7,792.9 7,933.6 8,034.3 8,124.3 8,231.8
25.9
1997
I
II
III
IV
6,928.4 7,189.6 6,943.8 7,017.4 7,101.6 7,159.6 7,214.0 7,283.3
6,901.0 7,119.2 6,905.0 6,981.7 7,034.1 7,077.7 7,160.3 7,204.5
25.0
2.4
65.7
37.9
.9
4.7
32.9
2.8
63.7
3.8
77.6
47.5
4.3
74.0
6.2
4.8
2,662.6 2,807.2 2,673.1 2,704.1 2,769.3 2,796.7 2,815.4 2,847.6
2,635.5 2,734.5 2,634.0 2,668.4 2,699.6 2,711.8 2,760.7 2,766.0
25.0
65.7
37.9
32.9
63.7
77.6
47.5
74.0
1,222.1 1,324.9 1,244.0 1,228.5 1,277.0 1,327.5 1,338.4 1,356.8
1,205.8 1,293.1 1,211.4 1,230.1 1,245.8 1,281.4 1,320.4 1,324.7
15.9
30.4
31.3
-.9
29.9
43.8
30.7
17.5
1,443.7 1,488.8 1,433.5 1,477.9 1,496.1 1,476.2 1,484.3 1,498.5
1,433.2 1,448.7 1,426.5 1,442.6 1,458.3 1,437.5 1,449.0 1,450.2
6.6
33.8
33.8
9.1
35.2
33.8
30.1
43.3
3,686.6 3,791.0 3,689.0 3,723.9 3,743.9 3,774.4 3,804.8 3,840.8
582.2 598.5 585.0 592.9 595.1 595.7 600.7 602.5
-4.4
-7.3
-6.0
-5.0
-5.2
-7.0
-3.5
-3.9
241.3
252.1
246.8
236.5
247.5
240.6
254.0
266.1
6,687.1 6,937.7 6,696.8 6,781.0 6,854.1 6,919.1 6,960.1 7,017.3
NOTE.-Chained (1992) dollar series are calculated as the p
..„
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.
The residual line following change in business inventories is the difference between gross domestic product and
the sum of final sales of domestic product and of change in business inventories; the residual line following structures is the difference between gross domestic product and the sum of the detailed lines of goods, of services,
and of structures.
Percent changes from preceding period for selected items in this table are shown in table 8.1
Table 1.5.—Relation of Gross Domestic Product, Gross Domestic
0 Purchases, and Final Sales to Domestic Purchasers
Table 1.6.—Relation of Real Gross Domestic Product, Real Gross
Domestic Purchases, and Real Final Sales to Domestic Purchasers
[Billions of dollars]
[Billions of chained (1992) dollars]
Gross domestic product ...
Less: Exports of goods and
services
Plus: Imports of goods and
services
Equals: Gross domestic
7,636.0 8,081.0 7,676.0 7,792.9 7,933.6
870.9
958.0
863.7
904.6
965.7
1,058.8
977.6
993.2
922.2
8,034.38,124.38,231.8
960.3
965.8
983.8
1,021.0 1,049.0 1,077.1 1,088.0
7,730.9 8,181.8 7,790.0 7,881.5 8,032.4 8,123.1 8,235.6 8,335.9
Less: Change in business
inventories
Equals: Final sales to
domestic purchasers.
25.9
68.3
7,705.0 8,113.4
37.1
7,752.8
31.9
66.1
81.1
7,849.6 7,966.3 8,042.0
48.9
77.0
8,186.6 8,258.9
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
Gross domestic product
Less: Exports of goods and
services
Plus: Imports of goods and
services
Equals: Gross domestic
purchases
Less: Change in business
inventories
Equals: Final sales to
domestic purchasers
6,928.4 7,189.6 6,943.8 7,017.4 7,101.6 7,159.6 7,214.0 7,283.3
857.0
963.6
971.5
1,110.0
7,037.7
25.0
7,010.2
851.4
901.1
922.7
7,254.6
37.9
32.9
63.7
7,036.4 7,082.7 7,153.1
7,364.6 7,428.7
77.6
7,204.7
47.5
7,310.9 7,349.7
Table 1.8.—Real Gross Domestic Product by Sector
[Billions of dollars]
[Billions of chained (1992) dollars]
7,933.6 8,034.3 8,124.3 8,231.8
6,666.56,755.06,831.86,927.0
6,573.1 6,657.9 6,736.8 6,834.1
5,892.55,971.0 6,044.2 6,137.1
680.6 686.8 692.7 697.0
92.9
93.4 97.1
95.0
357.7 363.6 369.3 374.8
11.6
11.1
11.4
11.3
346.6 352.3 357.9 363.2
909.4 915.8 923.2 929.9
286.2 286.2 286.1 285.0
645.0
623.3J 629.6
637.1:
1. Gross domestic business product equals gross domestic product less gross product of households and institutions and of general government. Nonfarm product equals gross domestic business product less gross farm product.
2. Equals compensation of general government employees plus general government consumption of fixed capital
as shown in table 3.7.
74.0
NOTE.—Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.
Percent changes from preceding period for selected items in this table are shown in table 8.1.
Table 1.7.—Gross Domestic Product by Sector
Gross domestic product 7,636.0 8,081.0 7,676.0 7,792.9
6,401.0 6,795.1 6,434.2 6,543.1
Business1
6,311.66,700.56,341.7 6,450.0
Nonfarm *
5,652.8 6,011.25,677.35,777.1
Nonfarm less housing
Housing
658.8 689.3 664.4 673.0
89.4
Farm
94.6
92.5
93.0
Households and institutions ... 346.0 366.3 347.9 352.0
11.4
11.5
Private households
11.4
11.1
334.6 355.0 336.6 341.0
Nonprofit institutions
2
919.6 893.9 897.8
General government
281.4 285.8 282.1 281.1
Federal
607.6 633.7 611.8 616.7
State and local
996.4
990.2 1,006.6 1,048.9 1,099.1 1,137.1 1,154.9
7,325.3 7,075.3 7,118.4 7,220.9 7,286.9
65.7
973.0
962.5
Gross domestic product
Business!
NonfarmJ
Nonfarm less housing
Housing
Farm
Households and institutions ...
Private households
Nonprofit institutions
General government2
Federal
State and local
Residual
6,928.4 7,189.6 6,943.8 7,017.4
5,842.9 6,092.8 5,854.9 5,928.5
7,101.6 7,159.6 7,214.0
6,009.6 6,064.4 6,114.4
5,929.7 5,983.2 6,034.0
7,283.3
6,183.0
5,766.8 6,012.5 5,779.8 5,853.3
6,103.2
5,181.4 5,418.1 5,191.3 5,261.3 5,335.3 5,388.2 5,439.2 5,509.6
585.7 595.3 588.7 592.3 594.9 595.6 595.7 594.8
75.5
79.5
74.6
74.7
79.0
80.4
79.6
79.1
311.2
320.5
312.5
314.4
316.9
319.2
321.7
324.3
10.1
9.6
310.9
9.6
307.4
9.6
309.6
9.7
312.1
777.7
301.1
775.9
779.3
10.0
9.6
302.5 304.8
778.1 776.6
781.1
240.9
535.2
236.0
543.7
241.3
537.0
238.9
537.9
238.2
539.9
778.8
237.1
542.1
9.7
314.6
779.7
236.3
545.2
232.5
547.8
-1.6
-2.1
-2.7
-3.0
-5.8
-4.8
-1.5
1. Gross domestic business product equals gross domestic product less gross product of households and institutions and of general government. Nonfarm product equals gross domestic business product less gross farm product.
2. Equals compensation of general government employees plus general government consumption of fixed capital
as shown in table 3.8.
NOTE.—Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.
The residual line is the difference between the first line and the sum of the most detailed lines.
SURVEY OF CURRENT BUSINESS
D-4 • National Data
March 1998
Table 1.9.—Relation of Gross Domestic Product, Gross National Product,
Net National Product, National Income, and Personal Income
Table 1.10.—Relation of Real Gross Domestic Product, Real Gross
National Product, and Real Net National Product
[Billions of dollars]
[Billions of chained (1992) dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1996
1997
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 world
Equals: Gross national
product
Less: Consumption of fixed
capital
.
Private
Capital
consumption
allowances
Less: Capital
consumption
adjustment
Government
General
government
Government
enterprises
Equals: Net national product
Less: Indirect business tax and
nontax liability
Business transfer
payments
Statistical discrepancy
Plus: Subsidies less current
surplus of government
enterprises
Equals: National income
1996
1997
1996
IV
I
II
III
2343
235.4
248.8
248.2
261.6
269.4
2326
2423
2456
2625
2823
2901
7,637.7
Equals: Gross national
product
830.1
682.7
867.9
716.8
835.4
687.7
845.6
697.2
855.0
705.4
863.0
712.3
871.6
720.3
881.8
729.2
709.9
750.4
715.4
725.3
736.6
745.9
754.3
764.8
27.1
33.6
27.8
28.1
31.2
33.6
34.0
35.7
147.4
151.1
147.8
148.4
149.6
150.6
151.3
152.6
125.1
127.8
125.4
125.8
126.8
127.4
128.0
129.0
22.3
23.3
22.4
22.6
22.9
23.3
23.4
23.6
604.8
6,833.6 6,950.4 7,064.2 7,150.7 7,231.9
619.4
33.6
-599
35.4
25.4
26.1
600.9
625.3
610.2
616.2
625.4
625.8
33.8
34.2
34.4
35.0
35.9
36.2
-79.5
-59.5
-64.3
24.9
26.0
26.1
-73.5 -103.2
Less: Consumption of fixed
capital
Private
Government
General
government
Government
enterprises
6,928.4 7,189.6
1997
IV
I
II
III
IV
6,943.8 7,017.4 7,101.6 7,159.6 7,214.0 7,283.3
2142
214.8
226.0
224.6
236.3
242.5
2102
218.1
219.8
234.0
250.8
256.9
6,940.2 7,023.1 7,091.8 7,144.4 7,198.8
6,932.0
776.4
642.4
134.2
807.3
672.2
135.4
779.8
645.7
134.3
786.7
652.2
134.6
797.3
662.6
135.0
806.5
671.5
135.3
816.0
680.8
135.6
809.5
674.0
135.8
114.1
114.9
114.2
114.4
114.6
114.8
115.0
115.1
20.0
20.5
20.1
20.2
20.3
20.4
20.6
20.7
Equals: Net national product
6,155.6
6,160.4 6,236.4 6,294.5 6,338.2 6,383.3
Addenda:
Gross domestic income *
Gross national income2
Net domestic product
6,982.7
6,986.3
6,151.9
7,015.7 7,070.9 7,159.2 7,225.2 7,305.6
7,012.1 7,076.7 7,149.4 7,210.0 7,290.5
6,164.0 6,230.7 6,304.4 6,353.3 6,398.3 6,4^5
eiS&ii
1. Gross domestic income deflated by the implicit price deflator for gross domestic product.
2. Grass national income deflated by the implicit price deflator for gross national product.
NOTE.—Except as noted in footnotes 1 and 2, chained (1992) dollar series are calculated as the product of
the chain-type quantity index and the 1992 current-dollar value of the corresponding series, divided by 100. Because
the formula for the chain-type quantity indexes uses weights of more than one period, the corresponding chaineddollar estimates are usually not additive.
Table 1.11.—Command-Basis Real Gross National Product
6,254.5
26.0
25.8
26.7
[Billions of chained (1992) dollars]
6,303.3 6,376.5 6,510.0 6,599.0 6,699.6
Less: Corporate profits with
inventory valuation and capital
7359
739.6 747.8 779.6 795.1 827.3
consumption adjustments
451.8
430.9 430.6 440.5 448.1
425.1
Net interest
Contributions for social
692.0 732.1 696.8 705.1 719.5 726.9 735.0 746.9
insurance
Wage accruals less
1.2
1.2
1.2
1.1
1.1
1.2
1.2
1.1
disbursements
Plus: Personal interest income ... 735.7 768.8 742.7 749.8 757.2 766.1 772.6 779.3
Personal dividend
291.2 321.5 292.0 295.2 312.5 318.3 324.5 330.7
income
Government transfer
payments to persons 1,042.0 1,094.0 1,046.3 1,055.1 1,080.5 1,090.0 1,098.4 1,107.2
Business transfer
27.2
26.7
27.5
27.1
26.4
26.9
26.1
26.0
payments to persons
6,495.2 6,874.2 6,541.9 6,618.4 6,746.2 6,829.1 6,906.9 7,014.6
Equals: Personal income
Addenda:
Gross domestic income
Gross national income
Net domestic oroduct
Gross domestic product
Plus: Receipts of factor income
from the rest of the world
Less: Payments of factor income
to the rest of the world
7,669.1 7,796.1 7,919.2 8,013.6 8,103.5
6,807.6
III
IV
7,636.0 8,081.0 7,676.0 7,792.9 7,933.6 8,034.3 8,124.3 8,231.8
1996
1997
7,755.5 7,852.4 7,997.9 8,107.9 8,227.4
76959
7,748.5 7,855.5 7,983.6 8,087.2 8,206.7
7,697.6
6,805.9 7.213.1 6.840.6 6,947.3 7,078.5 7,171.4 7,252.6 7]350!()
6,932.0
6,940.2 7,023.1 7,091.8 7,144.4 7,198.8
Less: Exports of goods and
services and receipts of factor
income from the rest of the
1 071 7
world
Plus: Command-basis exports of
goods and services and
receipts of factor income '
1 091 1
1,066.8 1,127.6 1,147.3 1,198.9 1,216.0
Gross national product
Equals: Command-basis gross
6,951.4
national product
Addendum:
1018
Terms of trade2
1,090.2 1,143.4 1,171.9 1,241.7 1,261.9
6,963.6 7,038.9 7,116.4 7,187.2 7,244.8
102.2
101.4
102.1
103.6
103.8
1. Exports of goods and services and receipts of factor income deflated by the implicit price deflator for imports
of goods and services and payments of factor income.
2. Ratio of the implicit price deflator for exports of goods and services and receipts of factor income to the
corresponding implicit price deflator for imports with the decimal point shifted two places to the right.
NOTE.—Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.
Percent changes from preceding period for selected items in this table are shown in table 8.1.
SURVEY OF CURRENT BUSINESS
March 1998
National Data • D-5
Table 1.16.—Gross Domestic Product of Corporate Business in Current
Dollars and Gross Domestic Product of Nonfinancial Corporate Business in Current and Chained Dollars
Table 1.14.—National Income by Type of Income
[Billions of dollars]
Seasonally adjusted at annual rates
1996
1997
III
National income
Compensation of employees ...
Wage and salary accruals
Government
Other
Supplements to wages and
salaries
Employer contributions for
social insurance
Other labor income
Proprietors' income with
inventory valuation and
capital consumption
adjustments
Farm
Proprietors' income with
inventory valuation
adjustment
Capital consumption
adjustment
Nonfarm
Proprietors' income
Inventory valuation
adjustment
Capital consumption
adjustment
Rental income of persons with
capital consumption
adjustment
Rental income of persons
Capital consumption
adjustment
Corporate profits with
inventory valuation and
capital consumption
adjustments
Corporate profits with
inventory valuation
adjustment
Profits before tax
Profits tax liability
Profits after tax
Dividends
Undistributed profits ...
Inventory valuation
adjustment .
Capital consumption
adjustment
Net interest
Addenda:
Corporate profits after tax with
inventory valuation and
capital consumption
adjustments
Net cash flow with inventory
valuation and capital
consumption adjustments
Undistributed profits with
inventory valuation and
capital consumption
adjustments
Consumption of fixed
capital
Less: Inventory valuation
adjustment
Equals1 Net cash flow
Seasonally adjusted at annual rates
1997
1996
I
IV
II
1996
IV
III
4,426.9 4,703.5 4,461.0 4,520.7 4,606.3 4,663.4 4,725.2 4,819.2
3,633.6 3,878.5 3,664.0 3,718.0 3,792.7 3,842.7 3,897.3 3,981.2
642.6 665.3 645.5 648.9 657.8 662.0 667.7 673.8
2,991.0 3,213.2 3,018.4 3,069.0 3,134.9 3,180.8 3,229.6 3,307.4
793.3
825.0
797.0
802.7
813.6
820.7
827.9
837.9
385.7
407.6
408.4
416.6
388.6
408.4
393.6
409.1
401.3
412.3
405.6
415.1
410.2
417.7
416.6
421.4
520.3
544.5
523.8
528.3
534.6
543.6
547.2
552.5
37.2
40.7
40.1
40.4
40.2
43.6
40.9
38.2
45.0
48.3
47.9
48.1
47.9
51.2
48.5
45.7
-7.8
-7.6
-7.8
-7.8
-7.7
-7.6
-7.5
-7.5
483.1
455.3
503.7
474.5
483.7
456.1
487.9
460.0
494.4
466.3
500.0
470.8
506.3
477.0
514.2
483.9
/q
-.1
.6
.2
.5
n
— .£
-.1
28.0
28.9
27.8
27.5
28.1
28.7
29.1
29.8
146.3
193.3
148.0
197.5
148.0
195.5
149.2
197.3
149.0
197.9
148.7
197.6
148.0
197.7
146.4
196.6
^7.0
^9.4
^7.5
-48.1
^8.9
^8.9
^9.7
-50.1
739.6
747.8
779.6
795.1
827.3
6741
6764
6766
2290
447.6
304.8
142.8
6791
6834
6800
226.0
454.0
309.1
144.9
711.9
708.4
241.2
467.2
326.8
140.3
725.7
719.8
244.5
475.3
333.0
142.3
757.1
753.4
258.2
495.2
339.1 "345.6
156.1
3.3
3.5
5.9
735.9
61.8
"sseii
5.7
69.8
425.1
231.6
447.5
305.7
141.8
-2.7
3.6
63.2
64.4
67.7
69.4
70.3
430.9
430.6
440.5
448.1
451.8
9.6
71.6
5069
5080
521 8
538.4
550.6
569.1
6543
657.8
674.6
678.9
690.2
707.9
202.1
202.3
212.6
211.5
217.6
230.0
455.5
462.0
467.4
472.6
478.0
484.5
-2.7
3.3
671 3
3.5
675.5
5.9
684.4
3.6
704.3
9.6
452.3
-2.5
6568
475.6
5.7
6605
1996
III
6,303.3 6,376.5 6,510.0 6,599.0 6,699.6
6,254.5
-2.5
1997
1997
IV
I
II
III
IV
Billions of dollars
Gross domestic product
of corporate business
Consumption of fixed capital
Net domestic product
Indirect business tax and
nontax liability plus
business transfer payments
less subsidies
Domestic income
Compensation of
employees
Wage and salary
accruals
Supplements to wages
and salaries
Corporate profits with
inventory valuation and
capital consumption
adjustments
Profits before tax
Profits tax liability ....
Profits after tax
Dividends
Undistributed profits
Inventory valuation
adjustment
Capital consumption
adjustment
Net interest
Gross domestic product
of financial corporate
business
Gross domestic product
of nonfinancial
corporate business ....
Consumption of fixed capital
Net domestic product
Indirect business tax and
nontax liability plus
business transfer payments
less subsidies .
Domestic income
Compensation of
employees
Wage and salary
accruals
Supplements to wages
and salaries
Corporate profits with
inventory valuation and
capital consumption
adjustments
Profits before tax
Profits tax liability
Profits after tax
Dividends
Undistributed profits
Inventory valuation
adjustment
Capital consumption
adjustment
Net interest
.
...
4,661.0 4,733.2 4,824.8 4,897.2 4,989.2
4,624.9
452.3
475.6
463.9
3,708.7
455.5
462.0
467.4
472.6
478.0
484.5
4,205.5 4,271.2 4,357.4 4,424.6 4,511.3
4,172.6
476.6
460.9 485.0 465.9 474.4 483.1
3,744.6 3,786.2 3,891.5 3,950.2 40282
483.0
2,926.7 3,127.2 2,951.4 2,997.9 3,056.5 3,098.2 3,142.3 3,211.9
2,433.5 2,614.3 2,456.3 2,500.7 2,550.7 2,588.0 2,627.6 2,691.0
493.2
512.9
640.0
5807
229.0
351.6
270.8
80.8
-2.5
5.7
495.1
497.3
505.8
510.2
514.7
647.8
587.4
231.6
355.7
265.6
640.3
572.5
226.0
346.5
281.6
682.2
611.0
241.2
369.8
292.7
694.4
619.1
244.5
374.5
293.6
7275
653.5
258.2
3953
292.0
90.1
64.9
77.1
80.9
1033
-2.7
3.3
3.5
5.9
3.6
63.2
64.4
67.7
69.4
70.3
142.1
145.4
148.0
152.8
157.6
158.4
492.5
495.2
513.2
525.1
536.1
543.0
61.8
69.8
413.3
71.6
396.2
401.8
406.3
410.7
415.3
420.8
3,769.7 3,818.3 3,893.4 3,950.4 4,031.0
3,739.0
421.8
3317.2
9.6
4,165.8 4,220.1 4,299.7 4,361.1 4,446.3
4,132.4
393.4
520.9
439.9
423.7 430.0 432.2 437.0 445.3
3,345.9 3,388.3 3,461.2 3,513.3 3,585.7
444.9
2,682.9 2,866.7 2,704.7 2,745.3 2,801.9 2,840.1 2,880.6 2,944.3
2,228.6 2,394.1 2,248.7 2,287.5 2,335.8 2,370.0 2,406.3 2,464.3
454.4
472.6
5458
477.2
154.8
322.4
1964
126.0
-2.5
71.1
88.5
5.7
79.7
456.0
457.8
466.0
470.1
474.2
553.3
483.4
156.8
326.6
191.8
134.8
561.7
484.4
159.0
325.5
199.4
126.1
575.4
494.5
159.4
335.1
207.0
128.2
586.7
501.5
161.8
339.8
208.1
131.7
618.2
534.2
174.1
360.1
207.7
152.4
-2.7
72.6
88.0
3.3
74.0
81.3
3.5
5.9
3.6
77.4
79.3
80.4
839
866
870
480.0
9.6
81.8
Billions of chained (1992) dollars
Gross domestic product
of nonfinancial
corporate business ' ...
3,887.8
Consumption of fixed 3capital2 ....
Net domestic product
374.4
3,513.5
3,913.7 3,963.5 4,022.2 4,068.9 4,146.5
402.7
376.6 381.7 396.0 402.2 408.2
3,537.1 3,581.8 3,626.2 3,666.7 3,738.3
404.2
1. Chained-dollar gross domestic product of nonfinancial corporate business equals the current-dollar product deflated by the implicit price deflator for goods and structures in gross domestic product.
2. Chained-dollar consumption of fixed capital of nonfinancial corporate business is calculated as the product
of the chain-type quantity index and the 1992 current-dollar value of the corresponding series, divided by 100.
3. Chained-dollar net domestic product of nonfinancial corporate business is the difference between the gross
product and the consumption of fixed capital.
SURVEY OF CURRENT BUSINESS
D-6 • National Data
March 1998
2. Personal Income and OutlaysTable 2.2.—Personal Consumption Expenditures by Major Type of
Product
Table 2.1.—Personal Income and Its Disposition
[Billions of dollars]
Seasonally adjusted at annual rate fi
1996
1996
1997
III
Personal income
Wage and salary
disbursements
Private industries
Goods-producing
industries
Manufacturing
Distributive industries
Service industries
Government
Other labor income
Proprietors' income with
inventory valuation and
capital consumption
adjustments
Farm
Nonfarm
Rental income of persons
with capital consumption
adjustment
Personal dividend income ...
Personal interest income
Transfer payments to
persons
Old-age, survivors,
disability, and health
insurance benefits
Government unemployment
insurance benefits
Veterans benefits
Government employees
retirement benefits
Other transfer payments
....
Family assistance 1
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
the rest of the world (net)
Equals: Personal saving
Addenda:
Disposable personal income:
total, billions of 2chained
(1992) dollars
Per capita:
Current dollars ....
Chained (1992) dollars
Population (mid-period,
millions)
Personal saving as a
percentage of disposable
personal income
Seasonally adjusted at annual rates
1997
IV
I
II
III
1996
IV
3,632.5 3,877.3 3,662.8 3,716.9 3,791.5 3,841.6 3,896.1
2,989.9 3,212.0 3,017.3 3,067.9 3,133.7 3,179.6 3,228.4
39801
3,306.3
Personal consumption
expenditures
Durable goods
909.1 960.2 917.2 927.8 942.9 952.8 961.4
674.7 705.9 680.1 685.6 694.1 700.3 706.0
823.3 876.2 829.0 840.6 856.8 867.0 880.8
1,257.5 1,375.5 1,271.1 1,299.5 1,334.1 1,359.8 1,386.3
642.6 665.3 645.5 648.9 657.8 662.0 667.7
983.9
723.4
900 4
1 421 9
Motor vehicles and parts
Furniture and household
equipment .
Other
673.0
416.6
408.4
409.1
412.3
415.1
417.7
421 4
520.3
544.5
407
503.7
523.8
528.3
534.6
543.6
547.2
5525
40.1
40.4
40.2
43.6
40.9
483.7
487.9
494.4
500.0
506.3
37.2
483.1
'
38.2
514.2
146.3
148.0
148.0
149.2
149.0
148.7
291.2
321.5
292.0
295.2
312.5
318.3
...
14t) 4
148.0
'
324.5 330 7
735.7
768.8
742.7
749.8
757.2
766.1
772.6
1,068.0 1,121.1 1,072.4 1,081.5 1,107.2 1,117.0 1,125.7
779 3
-
' '
566.7
540.0
545.6
558.9
564.4
569.4
22.0
21.6
21.7
22.4
21.3
21.7
21.6
21.4
22.1
22.4
21.9
22.4
21.6
22.5
22.3
142.5
344.2
153.4
356.9
143.7
345.7
145.9
347.0
150.4
353.5
152.7
355.6
154.2
358.0
iDb.J
360 5
21.7
18.8
21.6
20.7
19.7
19.0
18.2
322.5
338.1
324.2
326.2
333.8
336.6
339.8
QA9
J
1
^'*
323.7
308.2
311.5
318.2
321.3
324.8
886.9
988.7
897.3
922.6
955.7
979.2
0
998.0 1,021.O
330.4
59928
5,368.8 5,660.8 5,390.6 5,475.4 5,574.6 5,602.8 5,700.8 5,764.9
5,207.6 5,488.1 5,227.4 5,308.1 5,405.7 5,432.1 5,527.4 55872
145.2 154.8 147.4 150.5 151.9 153.1 155.1 *1592
15.9
17.9
15.9
16.7
17.0
17.6
18.2
239.6
224.7
254.0
220.4
215.9
247.0
208.2
Food
Clothing and shoes
Gasoline and oil
Fuel oil and coal
Other
Qon/iroc
Semces
Housing
Household operation
Electricity and gas
Other household operation
Transportation
Medical care
Other
1997
IV
I
II
III
IV
5,207.6 5,488.1 5,227.4 5,308.1 5,405.7 5,432.1 5,527.4 5,587.2
634.5
659.1
634.5
638.2
658.4
644.5
667.3
666.2
261.3
263.3
260.0
258.9
265.7
252.7
268.7
266.1
252.6
120.6
267.3
128.5
254.2
120.3
255.9
123.4
263.8
128.9
265.4
126.5
269.9
128.8
270.3
129.8
1,534.7 1,592.1 1,538.3 1,560.1 1,587.4 1,578.9 1,600.8 1,601.4
756.1
264.3
122.6
776.5
277.2
124.7
757.4
265.7
121.4
766.6
266.2
126.0
775.5
275.2
128.5
771.4
274.8
121.6
779.3
280.5
123.5
779.6
278.5
124.9
11.6
10.8
11.2
12.0
11.0
11.0
10.9
10.5
380.1
402.9
382.7
389.3
397.1
400.0
406.5
408.0
3,038.4 3,236.9 3,054.6 3,109.8 3,159.9 3,208.7 3,259.3 3,319.6
787.2
315.9
125.3
190.6
218.4
808.1
908.9
826.5
328.6
127.0
201.6
236.3
855.1
990.5
791.8
313.4
122.8
190.6
219.7
811.9
917.8
800.7
321.8
126.8
195.0
224.8
826.9
935.6
810.5
320.8
124.9
195.9
228.9
841.0
958.8
821.2 831.9 842.2
326.7 328.8 338.1
127.2 125.2 130.7
199.5 203.6 207.4
233.4 238.5 244.4
849.6 859.7 870.1
977.9 1,000.4 1,024.7
Table 2.3.—Real Personal Consumption Expenditures by Major Type of
Pr0dUCt
[Billions of chained (1992) dollars]
914
306.3
5,608.3 5,885.5 5,644.6 5,695.8 5,790.5 5,849.9 5,908.9
Mnnrlnrohlo nnnric
574.1
537.6
18.5
227.8
Personal consumption
expenditures
Durable goods
^otor venicles ar|d parts
Furniture and household
equipment
Other
Nnnriiirahla nnnric
Food
rinthinn anrl ohnoc
Gasoline and oil
Fuel oil and coal
°ther
Services
Housing
Household operation
Electricity and gas
Other household operation
Transportation
Medical care
Other
Residual
5,076.9 5,221.9 5,094.8 5,103.8 5,161.1 5,200.9 5,234.1 5,291.6
21,117 21,972 21,229 21,373 21,689 21,865 22,034 22,297
19,116 19,494 19,161 19,152 19,331 19,439 19,518 19,688
265.6
267.9
265.9
266.5
267.0
267.5
268.2
268.8
4.3
3.8
4.5
3.9
3.7
4.2
3.5
3.8
1. Consists of aid to families with dependent children and, beginning with 1996, assistance programs operating
under the Personal Responsibility and Work Opportunity Reconciliation Act of 1996.
2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures.
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
III
6,495.2 6,874.2 6,541.9 6,618.4 6,746.2 6,829.1 6,906.9 7,014.6
407.6
1996
1997
4,714.1 4,869.3 4,718.2 4,756.4 4,818.1 4,829.4 4,896.2 4,933.5
611.1
645.5
611.9
617.1
637.8
629.0
656.1
658.9
231.3
233.1
229.7
228.0
233.4
223.1
238.7
237.4
269.5
113.3
296.3
121.4
272.3
113.2
276.8
116.3
287.4
121.4
292.3
119.7
301.1
121.7
304.4
122.9
1,432.3 1,458.8 1,433.9 1,441.2 1,457.8 1,450.0 1,465.5 1,461.9
689.7
267.7
114.1
689.9
277.9
116.0
687.3
270.8
114.1
689.0
270.0
114.8
10.6
10.0
10.6
10.3
351.2
366.8
352.5
358.3
694.6
277.1
114.7
9.4
363.7
688.2
273.8
116.1
689.5
281.3
116.2
10.1
10.4
363.4
370.0
687.4
279.3
117.0
9.9
370.2
2,671.0 2,765.7 2,672.8 2,698.2 2,723.9 2,749.8 2,776.1 2,812.9
700.2
289.6
117.8
171.7
194.6
688.1
799.4
713.8
295.1
116.7
178.2
202.7
712.0
842.6
701.7
285.8
114.8
170.9
195.4
689.8
800.8
704.8
291.7
117.7
173.9
197.0
697.1
808.4
708.3
288.0
113.8
174.0
199.3
704.4
824.3
712.0
294.2
117.8
176.2
200.9
708.8
834.5
715.6
295.7
115.7
179.7
203.9
714.2
847.1
719.2
302.7
119.5
182.9
206.7
720.5
864.5
-5.1
-8.1
-5.7
-6.0
-7.7
-7.5
-8.9
-6.3
NOTE.—Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.
The residual line is the difference between the first line and the sum of the most detailed lines.
March 1998
SURVEY OF CURRENT BUSINESS
National Data
3. Government Receipts, Current Expenditures, and Gross Investment.
Table 3.1.—Government Receipts and Current Expenditures
[Billions of dollars]
Seasonally adjusted at annual rates
1996
1997
Receipts
Personal tax and nontax receipts
Corporate profits tax accruals
Indirect business tax and nontax accruals
.
Contributions for sxial insurance
Current expenditures .
..
Consumption expenditures
Transfer payments (net)
To persons
.
.
To the rest of the world (net)
Net interest paid
Interest paid
To persons and business
To the rest of the world
.
....
Less; Interest received by government
Less: Dividends received by government
Subsidies less current surplus of government enterprises
Subsidies
:
Less: Current surplus of government enterprises
.
Less: Wage accruals less disbursements
.
..
Current surplus or deficit (-), national income and product accounts
Social insurance funds
Other
:
2,412.7
886.9
2290
604.8
692.0
1997
1996
III
IV
I
II
III
IV
2,426.7 2,479.0 2,526.6 2,566.8 2,616.7
988.7
619.4
732.1
897.3
231.6
600.9
696.8
922.6
226.0
625.3
705.1
955.7
241.2
.610.2
719.5
979.2
244.5
616.2
726.9
998.0 1,021.8
258.2
625.4 625.8
735.0 746.9
2,417.8 2,510.6 2,423.6 2,455.8 2,477.4 2,498.7 2,516.1 2,550.3
1,182.4 1,226.8 1,189.8 1,197.0 1,209.7 1,221.6 1,230.8 1,244.9
1,058.3 1,107.3 1,058.2 1,078.0 1,091.0 1,100.8 1,108.5 1,129.0
10420 1 0940 10463 1 0551 10805 1,090.0 1,098.4 1,107.2
...
16.3
13.3
11.9
22.9
10.5
10.8
10.0
21.8
165.4
317.7
246.4
71 3
152.3
165.0
319.2
164.4
318.1
244.1
168.8
320.7
241.3
164.9
317.9
233.3
164.9
319.1
227.9
165.6
319.7
225.9
164.7
320.0
154.1
153.7
152.0
153.0
13.6
14.6
13.7
14.0
25.4
33.5
26.1
34.6
24.9
33.5
26.0
33.7
74.0
79.4
91.2
93.9
154.1
154.1
14.3
14.7
14.7
14.9
26.1
34.1
26.0
34.6
25.8
34.7
26.7
34.9
84.6
155.3
8.1
8.4
8.5
7.7
8.0
8.6
8.8
8.2
0
0
0
0
0
0
0
0
23.2
49.2
68.1
100.6
129.9
-80.7
132.0
-63.9
135.8
-35.1
3.1
-5.1
126.6
-131.7
135.1
129.7 132.0
-126.6 -108.8
142.9
D-7
SURVEY OF CURRENT BUSINESS
D-8 • National Data
March 1998
Table 3.3—State and Local Government Receipts and Current
Expenditures
Table 3.2.—Federal Government Receipts and Current Expenditures
[Billions of dollars]
[Billions of dollars]
Seasonally adjusted at annual rates
1996
1996
1997
III
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
Current expenditures
Consumption expenditures
Transfer payments (net)
To persons
To the rest of the world (net)
Grants-in-aid to State and local
governments . ..
Net interest paid
Interest paid
To persons and business
To the rest of the world
Less: Interest received by
government
Subsidies less current surplus of
government enterprises
Subsidies
Less: Current surplus of
government enterprises
Less: Wage accruals less
disbursements
Current surplus or deficit
(-), national income
and product accounts
Social insurance funds
Other
,
Seasonally adjusted at annual rates
1997
IV
II
I
III
774.4
751.1
695.7
674.8
717.5
697.2
746.9
725.0
767.9
744.1
781.9
758.5
800.8
776.7
17.5
20.6
18.4
17.7
19.3
21.1
20.7
21.4
2.5
2.6
2.6
2.6
2.7
1945
20.1
196.7
192.0
204.9
207.7
219.3
20.1
20.4
20.9
21.2
21.7
174.4
176.6
171.7
184.0
186.5
197.7
2.7
2.7
95.8
56.4
19.2
20.2
91.3
58.7
19.7
12.9
91.5
55.7
20.2
15.5
110.2
59.6
16.8
33.7
88.2
56.5
18.6
13.2
92.2
59.0
20.5
12.7
92.4
59.0
20.9
12.6
92.3
60.4
19.0
13.0
610.5
645.9
614.8
622.0
635.3
641.5
648.2
658.6
1,698.1 1,752.2 1,698.2 1,718.8 1,730.8 1,746.0 1,752.6 1,779.4
463.9
454.0
453.6
458.0
464.2
464.7
468.5
763.5
747.2
795.5
782.2
761.5
749.7
777.3
754.4
785.9
775.5
791.4
780.5
794.5
784.5
810.3
788.5
16.3
13.3
11.9
22.9
10.5
10.8
10.0
21.8
218.3
227.1
253.1
181.8
224.2
230.2
254.5
71.3
218.7
217.5
219.6
222.5
224.2
226.6
253.4
179.5
231.8
256.1
176.7
228.9
253.2
168.7
229.8
254.4
163.3
231.2
255.1
161.2
74.0
79.4
84.6
91.2
93.9
230.6
231.0
255.4
26.0
24.3
26.9
24.3
24.4
24.6
23.9
24.3
37.7
33.1
38.4
34.2
37.4
33.1
38.5
33.4
38.4
33.8
38.1
34.3
37.9
34.3
39.0
34.5
-4.6
-4.1
-4.2
-5.1
-4.7
-3.9
-5.6
-4.5
0
0
0
0
0
0
0
0
-110.5
55.3
-165.8
63.7
-99.5
-77.1
-55.5
58.2
60.6
58.7
-157.8 -137.7 -114.2
-36.8
-10.8
60.4
64.4
-97.2
-75.2
1996
III
686.7
666.8
451.5
1997
1,598.6 1,641.6 1,675.3 1,709.3 1,741.8
1,587.6
2.5
1996
IV
71.3
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
Current expenditures
Consumption expenditures
Transfer payments to persons ...
Net interest paid
Interest paid
Less: Interest received by
government
Less: Dividends received by
government
Subsidies less current surplus of
government enterprises
Subsidies
Less: Current surplus of
government enterprises
Less: Wage accruals less
disbursements
Current surplus or deficit
(-), national income
and product accounts
Social insurance funds
Other
1,043.4
1997
IV
II
I
III
IV
1,046.7 1,054.9 1,070.9 1,080.0 1,099.1
200.2
149.1
214.3
159.8
201.7
150.3
205.1
153.1
208.7
155.7
211.3
157.4
216.1
161.2
221.0
165.1
28.8
22.3
31.0
23.5
29.1
22.3
29.6
22.5
30.1
22.9
30.7
23.3
31.3
23.7
31.8
24.0
34.9
34.0
36.4
36.8
38.9
515.1
251.9
204.7
522.0
256.2
206.2
524.0
255.6
207.8
533.0
258.4
209.4
533.4
259.2
211.5
62.7
34.5
508.9
249.8
202.3
528.1
257.4
208.7
509.4
249.6
203.0
56.8
62.0
56.8
58.5
59.6
60.6
65.2
81.4
86.2
82.0
83.1
84.2
85.4
86.8
88.4
218.3
224.2
218.7
217.5
219.6
222.5
224.2
230.6
938.0
982.6
944.2
954.5
966.1
975.1
987.7 1,001.4
730.9
762.9
735.9
743.3
751.7
757.4
766.1
776.3
294.8
311.8
296.6 , 300.6
305.1
309.5
314.0
318.7
-61.7
-65.2
-62.2
-63.0
-64.0
-64.9
-65.6
-66.4
64.6
64.6
64.6
64.7
64.6
64.6
64.6
64.7
126.3
129.9
126.8
127.7
128.6
129.5
130.3
131.0
13.6
14.6
13.7
14.0
14.3
14.7
14.7
14.9
-12.3
.3
-12.2
.3
-12.4
.3
-12.5
.3
-12.3
.3
-12.2
.3
-12.1
.3
-12.4
.3
12.7
12.6
12.8
12.8
12.7
12.5
12.4
12.7
0
0
0
0
0
0
0
0
105.3
71.3
341
71.4
102.6
100.4
104.7
104.9
111.4
71.5
31.1
71.4
28.9
71.3
33.5
71.6
33.3
71.4
40.0
71.5
National Data • D-9
SURVEY OF CURRENT BUSINESS
March 1998
Table 3.7.—Government Consumption Expenditures and Gross
Investment by Type
Table 3.8.—Real Government Consumption Expenditures and Real Gross
Investment by Type
[Billions of dollars]
[Billions of chained (1992) dollars]
Seasonally adjusted at annual rates
1996
1996
1997
III
Seasonally adjusted at annual rates
I
II
III
National defense
Consumption expenditures
Durable goods 2
Nondurable goods
Services
Compensation of
general government
employees, except
force-account
construction 3
Consumption of
general government
fixed capital4
Other services
Gross investment
Structures
Equipment
Nondefense
Consumption expenditures
Durable goods 2
Nondurable goods
Commodity Credit
Corporation
inventory change ...
Other nondurables
Services
Compensation of
general government
employees, except
force-account
construction 3
Consumption of
general government
fixed capital4
Other services
Gross investment
Structures
Equipment
State and local
Consumption expenditures
Durable goods 2
Nondurable goods
Services
Compensation of general
government
employees, except
force-account
construction3
Consumption of general
government fixed
capital4
Other services
Gross investment
Structures
Equipment
Addenda:
Compensation of general
government employees3 ....
Federal
State and local
520.0
523.8
521.6
517.6
516.1
526.1
525.7
527.4
352.8
305.7
350.4
311.0
354.8
309.3
350.6
307.6
343.3
306.4
350.6
311.3
352.1
311.6
22.3
21.0
24.7
20.6
20.6
21.9
20.5
7.9
275.6
7.2
282.9
8.5
276.1
7.2
279.8
7.6
278.2
6.8
282.7
7.2
283.9
355.6
314.8
21.1
71
286 6
135.2
135.9
135.9
134.7
136.8
136.1
135.8
134.8
57.3
83.0
47.0
57.0
90.0
39.4
57.2
83.0
45.5
57.1
87.9
42.9
57.1
84.3
37.0
57.0
89.6
39.3
56.9
91.2
40.5
6.8
6.2
6.6
6.6
6.3
6.2
6.2
57.0
94 8
40 8
63
34.5
30.7
33.1
34.3
172.8
151.7
.9
6.6
175.5
152.9
.8
6.7
173.6
153.1
.6
6.6
171.8
153.7
6
7.2
5.9
139.9
0
6.6
144.2
—.2
6.8
145.5
-.2
6.8
145.9
-.2
7.4
145.9
77.6
77.8
80.6
81.4
81.4
81.2
11.8
52.5
20.6
10.2
10.3
11.3
49.8
22.1
11.3
10.9
11.4
50.7
21.0
11.4
11.5
52.0
21.1
11.2
11.7
52.5
22.6
10.5
12.0
11.8
52.7
20.5
10.9
12.0
52.7
18.1
8.2
9.8
886.7
730.9
928.9
762.9
891.9
735.9
904.7
743.3
917.0
751.7
923.0
757.4
932.3
766.1
15.3
78.2
15.8
80.5
15.4
78.3
15.5
80.3
15.6
81.0
15.7
79.9
15.9
80.3
637.5
666.5
642.2
647.6
655.1
661.8
669.9
943.5
776.3
161
81 0
679.3
547.2
570.6
551.1
555.4
561.1
566.7
573.7
580.8
60.0
38 5
167.2
139.5
27.7
40.2
33.1
38.8
36.3
167.3
145.7
9
57
173.4
152.8
.7
6.8
166.8
144.6
.7
5.2
167.0
146.0
-.4
6.1
139.2
-.1
6.9
145.4
_c
~.<*
5£
138.7
77.5
81.1
11.2
50.4
21.5
11.3
10.2
c
s.'e
9.6
9.9
9.6
56.6
33.7
59.0
37.0
56.8
34.3
57.3
34.9
58.1
36.0
58.7
36.3
59.2
37.0
155.7
128.5
166.0
138.4
156.0
128.6
161.4
133.9
165.2
137.7
165.6
138.0
166.2
138.5
27.3
27.6
27.4
27.4
27.5
27.6
27.7
791.8
217.1
574.7
768.5
213.5
555.0
772.0
212.6
559.4
782.7
217.5
565.2
788.4
217.5
570.9
795.2
217.3
577.9
801 0
2160
5850
, , .,
1. Gross government investment consists of general government and government enterprise expenditures for fixed
assets; inventory investment is included in government consumption expenditures.
2. Consumption expenditures for durable goods excludes expenditures classified as investment, except for goods
transferred to foreign countries by the Federal Government.
3. Compensation of government employees engaged in new force-account construction and related expenditures
for goods and services are classified as investment in structures. The compensation of all general government employees is shown in the addenda.
4. Consumption of fixed capital, or depreciation, is included in government consumption expenditures as a partial
measure of the value of the services of general government fixed assets; use of depreciation assumes a zero
net return on these assets.
I
IV
II
III
IV
Government consumption
expenditures and
1,257.9 1,269.7 1,261.5 1,261.8 1,260.5 1,270.1 1,273.4 1,274.7
gross investment !
464.2 457.0 465.7 459.6 452.8 460.1 458.8 456.4
Federal
303.9
270.3
309.4
273.9
National defense
Consumption expenditures
Durable goods 2
Nondurable goods
Services .
Compensation of
general government
employees, except
force-account
construction3
Consumption of
general government
fixed
capital4
Other services . . ..
Gross investment
Structures
Equipment
317.8
275.5
308.7
273.0
319.4
278.1
21.8
20.4
24.1
20.2
20.0
21.2
19.9
20.6
7.2
246.5
6.6
245.8
7.8
246.3
6.2
247.8
6.6
243.5
6.3
246.3
6.9
246.6
6.6
246.9
117.2
112.9
117.2
115.4
114.5
113.3
113.0
111.0
51.4
78.0
42.3
50.4
83.0
35.7
51.3
77.9
41.4
51.0
81.6
39.2
50.8
78.4
33.5
50.5
83.0
35.4
50.3
83.9
36.7
50.0
86.6
37.1
4.9
5.0
36.5
30.6
35.8
33.7
28.2
30.3
31.7
32.0
Nondefense
Consumption expenditures
Durable goods 2
Nondurable goods
Commodity Credit
Corporation
inventory change ...
Other nondurables
Services
Compensation of
general government
employees, except
force-account3
construction
Consumption of
general government
fixed capital4
Other services
Gross investment
Structures
Equipment
146.1
125.3
1.1
5.1
147.9
127.6
1.1
6.1
146.0
124.6
1.1
4.7
145.7
125.1
.s!i
148.5
127.7
1.2
6.0
150.2
128.2
1.2
6.0
148.0
127.8
1.0
5.9
144.8
126.6
1.1
6.4
5.4
119.1
-.1
6.2
120.5
-.4
5.1
118.9
-.2
5.3
119.1
0
6.0
120.6
-.2
6.1
121.1
-.2
6.1
120.9
-.2
6.6
119.2
61.3
61.2
61.7
61.4
61.6
61.9
61.5
60.0
10.8
47.4
21.0
10.0
11.1
11.3
48.5
20.3
11.0
47.2
20.6
10.0
10.7
11.1
48.3
20.8
11.2
48.6
22.2
11.3
48.7
20.3
11.5
48.5
17.9
11.9
10.8
46.7
21.6
10.0
11.9
State and local
Consumption expenditures
Durable goods 2
Nondurable goods ..
Services
Compensation of general
government
employees, except
force-account3
construction
Consumption of general
government fixed
capital4
Other services
Gross investment
Structures
Equipment
793.7
653.6
812.7
666.6
795.9
655.7
802.3
657.8
14.4
71.5
14.8
74.1
14.5
71.8
14.6
72.5
14.7
73.2
14.8
73.8
567.9
577.9
569.6
570.9
573.5
479.9
486.9
481.5
482.0
483.5
Residual
763.9
212.8
551.0
1997
1996
III
IV
Government consumption
expenditures and
1,406.7 1,452.7 1,413.5 1,422.3 1,433.1 1,449.0 1,457.9 1,470.9
gross investment '
Federal
1997
1996
1997
IV
Addenda:
Compensation of general
government employees3 ....
rsdsrai
State and local
5.6
r\
—.c.
5.0
8.8
5.4
313.6
274.4
5.4
g
5.0
4.9
310.3
273.6
311.3
274.2
9.8
9.1
9.3
6.9
11.3
13.8
11.2
11.6
807.7 810.1
661.1 664.3
814.7
668.6
818.3
672.5
14.9
74.4
15.0
75.1
576.0
579.5
582.7
485.4
488.2
490.5
52.0
37.4
53.4
39.4
52.2
37.3
52.6
37.9
52.9
38.8
53.2
39.0
53.5
39.6
53.8
40.2
140.1
112.8
146.1
117.4
140.1
112.6
144.5
116.6
146.6
118.4
145.8
117.2
146.1
117.2
145.8
116.8
27.4
28.8
27.6
28.0
28.3
28.6
29.1
29.3
-2.1
-2.9
-2.4
-2.2
-2.1
-3.1
-3.0
-3.8
661.9
178.9
483.2
664.6
174.6
490.5
664.0
179.4
484.9
662.3
177.2
485.4
663.2
176.5
487.1
664.1
175.6
489.0
666.2
175.0
491.7
664.7
171.4
494.0
NOTE.—Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.
The residual line is the difference between the first line and the sum of the most detailed lines, excluding the
lines in the addenda.
See footnotes to table 3.7.
SURVEY OF CURRENT BUSINESS
D-10 • National Data
March 1998
Table 3.10.—National Defense Consumption Expenditures and Gross
Investment
Table 3.11.—Real National Defense Consumption Expenditures and Real
Gross Investment
[Billions of dollars]
[Billions of chained (1992) dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1996
1996
1997
III
National defense
consumption
expenditures and
gross investment '
Consumption expenditures
Durable goods2
Aircraft
Missiles
Ships
Vehicles
Electronics
Other durable goods
Nondurable goods
Petroleum products
Ammunition
Other nondurable goods ....
Services
Compensation of general
government employees,
except force-account
construction3
Military
Civilian
Consumption of general
government fixed
capital4
Other services
Research and
development
Installation support
Weapons support
Personnel support
Transportation of
material
Travel of persons
Other
Gross investment
Structures
Equipment
Aircraft
Missiles
Ships
Vehicles
Electronics
Other equipment
Addendum:
Compensation of general 3
government employees ....
1996
1997
IV
I
II
III
352.8
350.4
354.8
350.6
343.3
350.6
352.1
355.6
305.7
311.0
309.3
307.6
306.4
311.3
311.6
314.8
Consumption expenditures
22.3
21.0
9.6
3.0
.7
.9
2.5
4.2
7.9
7.2
3.4
1.1
3.4
2.9
1.3
3.0
275.6
282.9
21.1
21 1
21.9
20.5
24.7 20.6 20.6
9.2
100
9.2
10.1
10.0
9.2
10.6
3.2
30
2.8
3.1
3.0
3.8
2.8
.7
.7
.6
.7
.6
1.3
g
1.2
.9
.77
.8
1.1
22.44
2.6
2.5
2.6
2.9
£3
4.4
4.1
4.0
4.4
4.8
5.0
7.2
6.8
7.1
7.2
7.6
8.5
3.0
4.1
2.5
3.1
3.0
3.0
11.55
1.1
1.1
.7
1.5
1.1
2.7
3.2
3.1
3.0
3.6
3.3
276.1 279.8 278.2 282.7 283.9 286.6
134.7
136.8
136.1
135.8
86.2
48.5
87.1
49.7
86.7
49.4
86.8
49.0
1348
134.8
86
86.33
48
48.55
57.2
83.0
57.1
87.9
57.1
84.3
57.0
89.6
56.9
91.2
57
57.00
94
94.88
24.2
28.3
5.4
18.8
26.2
26.4
25.8
25.9
27.5
26.7
25.9
27.9
30.77
30
26.7
26.7
6.7
23.5
23.5
135.2
135.9
85.8
49.4
86.7
49.1
135.9
86.3
49.5
57.3
83.0
57.0
90.0
23.5
27.4
27.5
26.8
6.3
19.0
4.7
4.3
6.8
22.4
4.4
3.8
-2.1
-1.6
47.0
39.4
6.8
40.2
9.3
4.1
6.8
.9
3.6
15.5
135.2
6.2
33.1
5.8
3.0
6.1
1.2
3.3
13.7
135.9
4.7
4.2
-2.6
45.5
6.6
38.8
7.6
4.3
6.6
.9
4.0
15.5
135.9
8.0
20.5
5.9
20.2
6.9
22.4
7.7
23.3
Nondurable goods
Petroleum products
Ammunition
Other nondurable goods ....
Services
Compensation of general
government employees,
except force-account
construction3
Military
Civilian
Consumption of general
government
fixed
capital4
Other services
Research and
development
Installation support
Weapons support
Personnel support
Transportation of
material
Travel of persons
Other
-1.9
-1.8
-2.0
-1.5
44.66
3.7
-1
-1.11
42.9
37.0
39.3
40.5
40.8
40.8
Gross investment
6.3
Structures ....
4.7
4.1
6.6
36.3
5.9
3.7
6.3
.8
3.2
16.3
134.7
4.5
3.9
6.3
30.7
4.7
2.9
5.6
1.0
3.3
13.2
136.8
4.2
3.9
6.2
33.1
4.0
3.4
6.7
1.3
3.4
14.3
136.1
4.1
3.7
6.2
34.3
6.8
2.9
6.4
1.3
3.3
13.5
135.8
34.5
34.5
77.55
29
2.9
55.88
11.22
33.11
140
14.0
134 g
134.8
fixed
1. Gross government investment consists of general government and government enterprise expenditures for fixed
assets; inventory investment is included in government consumption expenditures.
2. Consumption expenditures for durable goods excludes expenditures classified as investment, except for goods
transferred to foreign countries.
3. Compensation of government employees engaged in new force-account construction and related expenditures
for goods and services are classified as investment in structures. The compensation of all general government employees is shown in the addendum.
4. Consumption of fixed capital, or depreciation, is included in government consumption expenditures as a partial
measure of the value of the services of general government fixed assets; use of depreciation assumes a zero
net return on these assets.
Durable goods 2
Aircraft
Missiles
Ships
Vehicles
Electronics
Other durable goods
Equipment
Aircraft
Missiles
Ships
Vehicles
Electronics
Other equipment
Residual
Addendum:
Compensation of general
government employees 3 ....
317.8 308.7
275.5 273.0
20.4
21.8
9.3
9.4
3.4
3.1
.7
.8
.9
.9
2.7
2.7
4.6
3.9
7.2
6.6
3.1
2.8
1.1
1.0
3.2
2.8
246.5 245.8
1997
1996
III
National defense
consumption
expenditures and
gross investment '
9.7
3.2
.9
1.0
2.6
5.0
1997
IV
I
IV
II
319.4
313.6
303.9 309.4
278.1
274.4
270.3
24.1
10.2
20.2
4.0
1.2
1.1
3.0
4.6
8.9
3.1
c
20.0
8.9
2.J
'.£
li
2.4
2.6
4.4
3.8
7.8
6.2
6.6
3.7
2.4
2.6
1.0
.6
1.3
3.4
3.1
2.8
246.3 247.8 243.5
III
IV
310.3 311.3
273.6 274.2
21.2
19.9 20.6
9.8
8.9
9.8
3
3.2
3.0
-J
.7
.6
!9
.7
.6
2.8
2.8
2.5
4.0
3.7
4.0
6.3
6.9
6.6
2.9
3.1
2.5
9
g
1.3
2.B
sio 2.9
246.3 246.6 246.9
273.9
117.2
76.9
40.4
112.9
74.9
38.2
117.2
76.7
40.6
115.4
76.1
39.4
114.5
75.5
39.0
113.3
74.8
38.6
113.0
74.9
38.2
111.0
74.4
36.9
51.4
78.0
50.4
83.0
51.3
77.9
51.0
81.6
50.8
78.4
50.5
83.0
50.3
83.9
50.0
86.6
23.5
24.9
5.7
17.2
27.0
24.2
6.0
19.6
24.3
25.6
26.0
23.8
7.1
18.1
25.7
23.5
5.2
17.7
27.1
24.2
6.1
19.8
25.4
25.2
6.7
20.5
29.9
23.9
5.8
20.3
4.7
4.1
-1.9
42.3
5.6
36.5
7.1
4.4
6.1
.8
4.4
14.1
-.6
4.3
3.5
-1.4
35.7
5.0
30.6
4.9
3.0
5.4
1.0
4.5
12.3
-1.5
-1.0
4.6
3.8
-1.6
39.2
5.4
33.7
5.0
4.0
5.6
.7
4.2
14.7
-.9
4.4
3.6
-1.6
33.5
5.0
28.2
4.0
2.9
4.9
.9
4.3
11.8
-.5
4.1
3.6
-1.7
35.4
4.9
30.3
3.3
3.4
5.9
1.1
4.6
12.7
-1.3
4.0
3.4
-1.3
36.7
4.9
31.7
5.9
2.9
5.6
1.1
4.5
12.0
-.9
4.6
3.4
-1.0
37.1
5.0
32.0
6.5
2.8
5.1
1.0
4.4
12.5
-1.4
117.2
112.9
117.2
115.4
114.5
113.3
4.9
17.0
4.6
4.0
-2.3
41.4
5.4
35.8
6.4
4.5
5.9
.7
5.0
13.9
113.0
111.0
NOTE.—Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.
The residual line is the difference between the first line and the sum of the most detailed lines, excluding the
line in the addendum.
See footnotes to table 3.10.
National Data
SURVEY OF CURRENT BUSINESS
March 1998
D-ll
4. Foreign Transactions.
Table 4.1.—Foreign Transactions in the National Income and Product
Accounts
Table 4.2.—Real Exports and Imports of Goods and Services and
Receipts and Payments of Factor Income
[Billions of dollars]
[Billions of chained (1992) dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1996
1997
j
1996
III
IV
1996
1997
I
II
III
Receipts from the rest of
1,099.0 1,153.4 1,170.4 1,221.9 1,235.2
the world
1,105.1
Exports of goods and services ... 870.9 958.0 863.7 904.6 922.2 960.3 965.8 983.8
1
Goods"
617.5 686.5 609.7 640.5 656.2 690.0 691.1 708.7
481.7 415.8 438.8 455.9 486.3 485.6 499.0
Durable
421.2
Nondurable
204.8 193.9 201.6 200.3 203.7 205.4 209.7
196.3
l
Services
253.3 271.5 254.0 264.2 266.0 270.3 274.8 275.1
2343
235.4 248.8 248.2 261.6 269.4
Receipts of factor income
Capital grants received by the
0
0
United States (net)
0
0
0
0
0
0
Payments to the rest of
1 1051
the world
1,099.0 1,153.4 1,170.4 1,221.9 1,235.2
Imports of goods and services ... 965.7 1,058.8 977.6 993.2 1,021.0 1,049.0 1,077.1 1,088.0
l
Goods
809.0 888.7 820.2 834.6 855.8 880.1 905.6 913.5
Durable
533.6 589.8 540.3 541.3 563.4 583.8 603.2 608.8
Nondurable
275.5 299.0 279.8 293.3 292.5 296.3 302.4 304.7
165.2 168.9 171.6 174.5
156.7 170.0 157.5 158.6
Services l
Payments of factor income
232.6
242.3 245.6 262.5 282.3 290.1
36.9
39.4
47.4
35.2
Transfer payments (net)
35.4
36.5
49.0
39.8
18.2
16.7
18.5
17.9
15.9
17.0
17.6
From persons (net)
15.9
22.9
10.0
21.8
From government (net) .
13.3
10.5
10.8
16.3
11.9
8.7
8.7
7.8
7.7
8.3
7.7
8.1
From business
7.6
-156.4 -132.9 -148.4 -146.0 -168.9
Net foreign investment
-132.9
1. Exports and imports of certain goods, primarily military equipment purchased and sold by the Federal Government, are included in services. Beginning with 1986, repairs and alterations of equipment were reclassified from
goods to services.
1997
1996
III
IV
Exports of goods and services
Goods1
Durable
Nondurable
Services '
Receipts of factor income
Imports of goods and services
Goods1
Durable
Nondurable
Services l
Payments of factor income
857.0
628.4
463.3
169.1
229.9
214.2
971.5
823.1
569.9
253.5
149.0
210.2
1997
IV
851.4 901.1
623.0 666.2
460.8 494.0
166.4 177.0
229.4 236.8
214.8 226.0
1,110.0 990.2 1,006.6
947.7 841.7 857.5
670.9 582.6 596.6
279.8 259.4 261.6
163.5 149.3 150.0
218.1 219.8
963.6
725.2
553.4
180.6
242.3
I
II
III
IV
922.7
686.2
517.0
176.0
238.9
224.6
1,048.9
891.3
630.8
263.3
158.4
234.0
962.5
725.8
555.8
179.2
240.8
236.3
1,099.1
938.4
660.7
280.1
161.8
250.8
973.0
731.8
559.8
181.1
245.0
242.5
1,137.1
972.7
688.5
287.2
165.8
256.9
996.4
757.0
580.8
186.1
244.5
1,154.9
988.4
703.6
288.6
168.0
1. Exports and imports of certain goods, primarily military equipment purchased and sold by the Federal Government, are included in services. Beginning with 1986, repairs and alterations of equipment are reclassified from goods
to services.
NOTE.—Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.
SURVEY OF CURRENT BUSINESS
D-12 • National Data
March
Table 4.3—Exports and Imports of Goods and Services by Type of
Product
Table 4.4.—Real Exports and Imports of Goods and Services by Type of
Product
[Billions of dollars]
[Billions of chained (1992) dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1996
1996
1997
III
Exports of goods and
services
Exports of goods '
Foods, feeds, and beverages
Industrial supplies and
materials
Durable goods
Nondurable goods
Capital goods, except
automotive
Civilian aircraft, engines,
and parts
.....
Computers, peripherals,
and parts . .
.
Other
Automotive vehicles, engines,
and parts
Consumer goods, except
automotive
Durable goods
Nondurable goods
Other
Durable goods
Nondurable goods
Exports of services l
Transfers under U.S. military
agency sales contracts
Travel
Passenger fares
Other transportation
Royalties and license fees
Other private services
Other
Imports of goods and
services
Imports of goods l
Foods, feeds, and beverages
Industrial supplies and
materials, except petroleum
and products
Durable goods
Nondurable goods
Petroleum and products
Capital goods, except
automotive
Civilian aircraft, engines,
and parts
Computers, peripherals,
and parts
Other
Automotive vehicles, engines,
and parts
Consumer goods, except
automotive
Durable goods
Nondurable goods
Other
Durable goods
Nondurable goods
Imports of services l
Direct defense expenditures ...
Travel
Passenger fares
Other transportation
Royalties and license fees
Other private services
Other
Addenda:
Exports of agricultural goods 2
Exports of nonagricultural
goods
Imports of nonpetroleum
goods
1996
1997
IV
I
II
III
IV
904.6
922.2
960.3
965.8
983.8
686.5
863.7
609.7
640.5
656.2
690.0
691.1
708.7
51.0
55.1
55.8
51.1
48.6
49.6
54.9
141.0
152.7
139.5
145.9
147.4
154.0
155.3
154.2
51.0
90.1
55.1
97.7
51.0
88.5
51.9
94.0
53.2
94.3
55.7
98.3
55.5
99.8
55.9
98.3
253.1
294.5
246.8
265.3
275.9
296.9
298.4
306.7
30.8
41.4
26.8
36.7
39.6
45.5
36.3
44.2
870.9
958.0
617.5
55.5
43.7
49.5
43.5
43.3
46.3
50.1
52.6
48.9
178.6
203.6
176.5
185.2
190.0
201.3
209.5
213.6
65.0
73.7
66.2
67.0
70.9
73.4
73.1
77.1
70.1
35.8
34.3
32.7
16.3
16.3
77.5
40.0
37.5
37.1
18.5
18.5
69.4
35.5
33.9
32.7
16.3
16.3
72.9
37.8
35.1
33.5
16.8
16.8
75.3
38.1
37.2
35.6
17.8
17.8
78.9
41.2
37.7
38.2
19.1
19.1
77.0
39.8
37.2
37.7
18.8
18.8
78.9
40.8
38.1
36.9
18.4
18.4
253.3
271.5
254.0
264.2
266.0
270.3
274.8
275.1
13.5
69.9
20.6
27.2
30.0
72.2
19.9
13.6
73.6
21.3
29.0
31.6
81.0
21.5
12.8
70.6
20.9
26.9
30.0
72.4
20.4
14.9
72.7
21.1
28.6
30.8
75.2
20.8
12.3
74.5
21.3
28.2
30.9
77.7
21.0
14.0
72.6
21.2
28.8
31.9
80.2
21.5
14.2
74.1
21.5
29.2
31.8
82.5
21.6
14.0
73.1
21.1
29.7
31.8
83.5
21.8
965.7 1,058.8
977.6
993.2 1,021.0 1,049.0 1,077.1 1,088.0
888.7
820.2
834.6
809.0
35.7
39.7
35.8
125.2
135.1
127.1
63.1
62.1
72.7
69.2
65.9
72.1
64.7
62.4
76.2
229.0
254.1
855.8
880.1
905.6
913.5
36.7
38.0
40.0
40.5
40.1
128.7
130.7
134.3
137.6
137.8
64.9
63.8
82.2
65.7
65.0
76.7
70.3
67.3
70.4
71.2
66.6
70.4
69.4
64.9
71.0
227.4
231.4
237.3
251.7
262.5
264.9
12.7
16.7
13.0
14.0
13.6
15.5
19.0
18.5
61.5
70.1
61.7
62.8
65.5
70.5
73.6
70.8
154.9
167.3
152.7
154.6
158.2
165.6
169.9
175.6
128.9
141.3
133.7
128.9
142.2
138.3
143.7
141.1
171.0
192.9
173.2
181.2
192.0
89.3
81.7
46.4
23.2
23.2
98.4
94.5
53.5
26.8
26.8
91.2
82.0
46.7
23.4
23.4
92.4
87.0
47.2
23.6
23.6
93.2
88.0
49.6
24.8
24.8
98.0
94.1
52.8
26.4
26.4
98.8
96.3
55.8
27.9
27.9
156.7
170.0
157.5
158.6
165.2
168.9
171.6
174.5
10.9
48.7
15.8
28.5
11.4
53.3
17.5
29.8
11.1
47.7
15.7
28.9
10.9
49.0
16.2
28.7
11.2
52.3
17.1
29.3
11.4
52.6
17.2
30.0
11.5
53.0
17.6
29.9
11.5
55.3
18.2
30.1
7.3
38.9
6.6
8.5
42.7
6.9
8.6
38.9
6.7
7.1
40.0
6.8
7.6
40.9
6.8
8.4
42.4
6.8
195.1
8.8
43.9
6.9
203.1
103.6
99.6
56.0
28.0
28.0
9.1
43.5
6.9
61.8
57.3
56.4
549.3
578.7
598.9
633.5
632.9
647.3
743.9
752.4
779.1
809.1
835.2
843.1
58.3
60.4
556.0
628.2
736.3
816.6
61.5
179.4
58.1
61.3
1. Exports and imports of certain goods, primarily military equipment purchased and sold by the Federal Government, are included in services. Beginning with 1986, repairs and alterations of equipment are reclassified from goods
to services.
2. Includes parts of foods, feeds, and beverages; of nondurable industrial supplies and materials; and of nondurable nonautomotive consumer goods.
Exports of goods and services
Exports of goods '
Foods, feeds, and beverages
Industrial supplies and materials
Durable goods
Nondurable goods
.
Capital goods, except automotive
Civilian aircraft, engines, and parts ...
Computers, peripherals, and parts ....
Other
.. .
Automotive vehicles, engines, and parts
Consumer goods, except automotive ....
Durable goods
Nondurable goods . .
Other
Durable goods
Nondurable goods
Exports of services '
. .
Transfers under U.S. military agency
sales contracts
Travel
Passenger fares
Other transportation
Royalties and license fees
Other private services
Other
Residual
imports of goods and services
Imports of goods l
Foods, feeds and beverages
Industrial supplies and materials, except
petroleum and products
Durable goods
Nondurable goods
Petroleum and products
Capital goods, except automotive
....
Civilian aircraft, engines, and parts ...
Computers, peripherals, and parts ....
Other
Automotive vehicles, engines, and parts
Consumer goods, except automotive ....
Durable goods
Nondurable goods
Other
Durable goods
Nondurable goods .
Imports of services l
Direct defense expenditures
Travel
Passenger fares
.. .
Other transportation
Royalties and license fees
.. .
Other private services
Other
Residual
Addenda:
Exports of agricultural goods2
Exports of nonagricultural goods
Imports of nonpetroleum goods
857.0 963.6
628.4 725.2
44.0
43.8
121.9 132.5
44.8
77.1
48.8
83.7
310.4 388.2
27.0
97.2
35.0
62.4
67.3
34.9
32.4
31.5
15.8
15.8
70.1
73.8
38.5
35.3
36.8
18.4
18.4
145.9
203.3 242.0
229.9 242.3
12.2
62.6
18.7
25.8
27.4
67.0
16.3
12.3
64.0
20.0
27.5
28.5
74.1
16.4
-27.7
-59.1
971.5 1,110)
823.1 947.7
32.3
35.5
114.2 123.3
57.3
56.8
63.8
61.7
61.5
67.0
294.5 377.5
11.2
14.1
118.3
177.6
118.8
165.3
170.3
217.5
129.9
188.6
86.6
78.7
43,2
21.6
21.6
97.6
91.0
50.3
25.1
25.1
149.0 163.5
10.1
44.6
14.9
27.6
6.7
39.2
11.4
50.5
15.7
28.9
7.6
43.3
6.0
6.3
-22.2 -50.0
48.6
1996
1997
49.3
581.3 679.5
757.8 880.9
1997
III
IV
I
II
III
IV
851.4
623.0
42.8
121.3
45.4
76.0
305.8
23.3
100.3
202.4
63.5
66.5
34.5
32.0
31.6
15.8
15.8
229.4
901.1
666.2
47.2
126.6
46.3
80.4
337.2
31.8
106.8
217.2
64.1
69.8
36.8
33.0
33.0
16.5
16.5
236.8
922.7
686.2
43.2
127.6
46.9
80.8
356.1
33.7
122.3
224.7
67.6
71.8
36.8
35.0
35.1
17.6
17.6
238.9
962.5
725.8
40.9
133.5
49.1
84.5
388.7
38.7
142.5
238.7
69.8
75.2
39.7
35.5
37.8
18.9
18.9
240.8
973.0
731.8
42.7
134.3
48.9
85.4
396.0
30.6
160.7
249.4
69.5
73.2
38.4
34.8
37.5
18.7
18.7
245.0
996.4
757.0
48.3
134.4
50.3
84.2
412.1
37.2
158.2
255.3
73.3
74.9
39.2
35.7
36.7
18.4
18.4
244.5
11.6
62.9
19.1
25.4
27.3
67.0
16.2
-29.9
990.2
841.7
32.5
13.5
64.4
18.8
26.7
28.0
69.3
16.2
-32.4
1,0065
857.5
33.2
11.1
65.3
20.7
26.5
28.0
71.4
16.3
-42.8
1,04®
891.3
34.2
12.6
63.4
19.4
27.2
28.8
73.5
16.3
-55.9
1,099
938.4
35.3
12.8
64.6
19.9
27.8
28.6
75.4
16.4
-70.3
1,1371
972.7
36.2
12.7
62.8
20.2
28.3
28.5
76.0
16.5
-67.1
1,150
988.4
36.1
116.9
58.8
58.1
67.5
298.6
11.4
121.5
179.1
123.1
167.6
88.6
78.9
43.6
21.8
21.8
149.3
10.3
43.0
15.0
28.0
7.8
39.3
6.1
-22.4
117.7
59.1
58.5
64.0
319.6
12.2
130.2
191.8
118.7
173.9
90.0
83.9
44.0
22.0
22.0
150.0
10.0
44.7
15.1
27.4
6.4
40.3
6.2
-29.1
118.3
59.1
59.2
62.2
340.3
11.7
144.4
202.8
131.0
176.5
91.5
84.9
46.4
23.2
23.2
158.4
11.0
49.1
15.7
28.1
6.9
41.4
6.3
^7.0
123.3
61.7
61.6
68.1
369.4
13.2
165.2
214.5
127.6
187.6
97.0
90.5
49.6
24.8
24.8
161.8
11.2
49.9
15.3
28.9
7.6
42.9
6.3
-47.3
125.5
62.2
63.2
69.2
393.4
16.1
183.7
221.2
132.0
191.0
98,2
92.7
52.4
26.2
26.2
165.8
11.7
50.6
15.6
29.1
7.9
44.7
6.3
-55.9
126.0
63.9
61.9
68.6
406.8
15.5
187.9
231.4
129.1
199.4
103.6
95.8
52.8
26.4
26.4
168.0
11.5
52.3
16.1
29.5
8.1
44.1
6.3
-59.6
46.8 51.7 47.7 47.2 49.5 53.0
578.1 616.0 641.6 682.8 686.1 707.4
772.3 792.7 829.7 870.3 903.7 920.1
NOTE.-Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.
The residual line following the detail for exports is the difference between the aggregate "exports of goods and
services" and the sum of the detailed lines for exports of goods and export of services. The residual line following
the detail for imports is the difference between the aggregate "imports of goods and services" and the detailed
lines for imports of goods and imports of services.
See footnotes to table 4.3.
D-13
National Data
SURVEY OF CURRENT BUSINESS
March 1998
5. Saving and InvestmentTable 5.1.—Gross Saving and investment
[Billions of dollars]
Seasonally adjusted at annual rates
1996
1996
1997
III
Gross saving
Gross private saving
Personal saving
Undistributed corporate profits with inventory valuation and capital consumption adjustments
Undistributed profits
Inventory valuation adjustment
Capital consumption adjustment
.
. . .
Corporate consumption of fixed capital
Noncorporate consumption of fixed capital
:
Wage accruals less disbursements
Gross government saving
Federal
.
Consumption of fixed capital
Current surplus or deficit (— ) national income and product accounts
State and local
Consumption of fixed capital
...
Current surplus or deficit (— ) national income and product accounts
Capital grants received by the United States (net)
Gross investment
Gross private domestic investment
Gross government investment
Net foreign investment
Statistical discrepancy
Addendum:
Gross savina as a Dercentaae of aross national product
II
I
III
1,267.8
1,295.9 1,303.0 1,332.9 1,396.9 1,411.6
1,125.5
239.6
202.1
142.8
1,145.1 1,131.4 1,134.0 1,178.1 1,159.6
224.7 254.0 220.4 215.9
247.0 208.2
211.5
230.0
202.3 212.6
217.6
144.9
140.3
141.8
142.3
156.1
3.3
5.7
3.5
3.6
-2.7
5.9
-2.5
61.8
452.3
230.5
1.1
.. .
1997
IV
227.8
9.6
69.8
63.2
64.4
67.7
69.4
70.3
71.6
475.6
241.2
1.2
455.5
232.2
1.1
462.0
235.2
1.1
467.4
238.0
1.2
472.6
239.7
1.2
478.0
242.4
1.2
484.5
244.7
1.2
150.8
171.6
198.9
71.6
-5.9
71.3
15.9
71.4
218.8
347
251.9
-283
71.2
-99.5
-77.1
177.5
-55.5
182.9
77.2
1004
78.2
1047
1841
79.2
1049
0
0
0
142.3
-39.2
71.2
IV
-1105
181.5
76.2
1053
79.5
0
0
1791
76.5
1026
0
71.5
-36.8
60.8
71.6
71.8
-10.8
191.1
79.7
80.8
111 4
0
0
1,216.4 1,243.5 1,268.6 1,323.4 1,308.4
1,207.9
.... 1,116.5 1,240.9 1,149.2 1,151.1 1,193.6 1,242.0 1,250.2 1,277.8
224.3
-132.9
226.0
223.6 225.3 223.3 227.4 227.1
-156.4 -132.9 -148.4 -146.0 -168.9
-59.9
-79.5
-59.5
-64.3
16.6
16.9
16.7
16.8
226.0
-73.5 -103.2
17.4
17.4
Table 5.4.—Private Fixed Investment by Type
Table 5.5.—Real Private Fixed Investment by Type
[Billions of dollars]
[Billions of chained (1992) dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1996
1997
1996
III
Private fixed investment
Nonresidential
Structures
Nonresidential buildings,
including farm
Utilities
Mining exploration, shafts,
and wells
Other structures
Producers' durable
equipment .
Information processing and
related equipment
Computers and
peripheral equipment '
Other
Industrial equipment
Transportation and related
eauiDment
other..!...
:.:
Residential
Structures
Single family
Multifamily
Other structures
Producers' durable
eauiDment
IV
I
II
III
781.4
845.4
798.6
807.2
811.3
836.3
872.0
861.9
215.2
229.9
217.7
227.0
227.4
226.8
232.9
232.5
159.8
174.4
162.5
171.2
174.0
172.1
177.5
174.2
33.3
33.1
32.7
34.1
32.0
33.7
33.2
33.6
16.1
16.0
16.5
16.0
16.1
15.6
16.2
16.0
6.2
566.2
195.1
6.4
615.5
212.2
6.0
580.9
201.1
5.8
580.2
200.3
5.3
583.9
202.8
5.5
609.5
208.4
5.9
639.1
219.5
8.8
629.4
218.0
78.7
85.3
80.9
81.0
81.8
84.5
88.1
86.8
116.3
127.5
126.9
134.8
120.3
128.2
119.3
127.9
121.0
127.7
123.9
134.9
131.3
137.5
131.2
138.9
134.5
109.1
149.1
119.5
140.0
111.5
140.1
111.9
137.7
115.7
147.1
119.1
159.9
122.2
151.5
121.0
309.2
327.2
313.5
312.0
316.2
324.6
329.3
338.9
305.9
162.2
304.4
160.6
316.7
162.5
321.4
163.1
301.7
159.1
319.3
163.7
308.3
161.0
331.0
168.1
20.3
22.8
19.2
20.1
21.9
23.0
22.3
24.0
122.3
132.8
124.5
123.7
125.3
131.2
135.9
138.8
7.5
7.9
7.5
7.6
7.9
7.9
8.0
1997
7.9
1996
III
IV
1,090.7 1,172.6 1,112.0 1,119.2 1,127.5 1,160.8 1,201.3 1,200.8
1. Includes new computers and peripheral equipment only.
1996
1997
Private fixed investment
Nonresidential
Structures
Nonresidential buildings,
including farm
Utilities
Mining exploration, shafts,
and wells
Other structures
Producers' durable
equipment
Information processing and
related equipment
Computers and
peripheral equipment!
Other
Industrial equipment
Transportation and related
eQuioment
Other
Residential
Structures
Single family
Multifamily
Other structures
Producers' durable
equipment
Residual
1997
IV
I
II
III
IV
1,041.7 1,122.2 1,060.9 1,068.7 1,079.0 1,111.4 1,149.3 1,149.2
771.7 846.8 789.3 800.8 808.9 837.0 874.5 866.6
188.7 195.2 190.0 196.9 195.9 193.5 196.7 194.5
140.0
148.3
141.7
148.4
150.1
147.1
150.1
145.8
29.3
28.1
28.7
29.5
27.5
28.7
28.0
28.2
13.9
13.2
14.1
13.8
13.6
13.0
13.4
13.0
5.1
7.5
5.5
5.5
5.4
5.1
4.6
4.7
586.0 657.7
602.9
606.7
616.6
649.3
685.3
679.7
253.1
305.9
264.3
270.4
281.4
296.9
320.5
324.9
160.8
116.3
117.0
225.3
127.2
123.1
170.0
120.3
117.6
182.4
119.3
116.9
195.8
121.5
116.8
216.1
124.4
123.5
240.5
131.5
125.6
248.8
131.5
126.6
125.0
100.8
137.4
109.5
129.5
102.8
129.7
102.5
127.5
106.1
136.0
109.1
146.8
112.1
139.5
110.8
272.1
279.6
274.1
271.1
273.3
278.2
280.1
286.7
265.0
136.6
272.1
136.8
266.9
138.3
263.9
136.2
265.9
136.2
270.8
136.5
272.6
135.7
279.1
138.9
18.6
20.2
17.5
18.0
19.6
20.4
19.6
21.0
110.2
115.7
111.5
110.0
110.5
114.4
117.9
119.9
7.1
7.5
7.2
7.2
7.4
7.5
7.6
7.5
^39.4 -75.6
-43.7 -50.3
-58.2 -70.0
-S4.6 -89.8
1. Includes new computers and peripheral equipment only.
NOTE.—Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992
current-dollar value of the corresponding series, divided by 100. Because the formula ior the chain-type quantity
indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.
The residual line is the difference between the first line and the sum of the most detailed lines.
SURVEY OF CURRENT BUSINESS
D-14 • National Data
March 1998
Table 5.10.—Change in Business Inventories by Industry
Table 5.11.—Real Change in Business Inventories by Industry
[Billions of dollars]
[Billions of chained (1992) dollars]
Seasonally adjusted at annual rates
1996
Change in business
inventories
Farm
Nonfarm
Change in book value
Inventory valuation
adjustment
Manufacturing
Durable goods
Nondurable goods
Wholesale trade
Durable goods
Nondurable goods
Merchant wholesalers ....
Durable goods
Nondurable goods
Nonmerchant
wholesalers
Durable goods
Nondurable goods
Retail trade
Durable goods
Motor vehicle dealers ....
Other
Nondurable goods
Other
Durable goods
Nondurable goods
1997
Seasonally adjusted at annual rates
1997
1996
1996
III
IV
I
II
III
IV
37.1
5.8
31.3
33.8
31.9
3.2
28.7
32.6
66.1
3.9
62.2
44.5
81.1
6.2
74.9
57.5
48.9
8.1
40.9
38.2
T™
8.5
-2.4
-5.1 11.2
15.3
10.6
23.1
14.4
10.2
13.4
9.7
.4
.9
-7.7
3.3 21.8
4.7
2.5 11.8
.8
10.0 -12.4
2.4 18.1 -6.0
4.2
1.9 ^10.0
.5
8.1 -12.1
-3.9
13.3
6.8
6.4
10.1
-5.5
15.6
11.7
^3.2
14.8
17.7
22.3
12.9
9.3
24.3
15.4
8.9
18.9
12.3
6.6
17.4
30.9
19.1
11.8
26.0
23.5
2.4
18.4
18.6
-.2
2.6
15.8
10.3
5.5
15.8
4.0
11.8
15.1
4.3
10.9
.3
.6
-.3
21.2
14.6
11.9
2.7
6.6
2.5
-.5
2.9
-1.6
-2.3
.8
1.1
-3.3
-5.3
2.0
4.4
4.3
.8
3.4
5.4
3.1
2.3
.6
1.4
-2.9
4.2
-.8
15.2
,2.1
13.0
7.6
4.9
2.7
8.3
2.4
-4.0
6.4
5.9
9.8
1.8
8.0
.7
-.3
1.0
3.0
1.7
-.6
2.3
1.3
6.3
2.6
3.7
25.9
2.9
23.0
28.2
.9
.6
.3
4.1
1.9
-1.6
3.5
2.3
5.0
2.3
2.6
68.3
6.6
61.7
50.4
3.7
1.8
1.9
7.3
5.4
4.$
2.0
9.4
1.9
7.5
61-4
23.5
1 1 .3
12 3
21-0
4.1
19.9
4.8
15
-1
1.1
"7
1 8
17.5
16.1
10 6
15
J-jj
1 u
5.5
NOTF—Estimates for nonfarm industries other than manufacturino and trade for 1986 and earlier oeriods are
based on the 1972 Standard Industrial Classification (SIC). Manufacturing estimates for 1981 and earlier periods
and trade estimates for 1966 and and earlier periods are based on the 1972 SIC; later estimates for these industries
are based on the 1987 SIC. The resulting discontinuities are small.
Change in business inventories ....
Farm
Nonfarm
Manufacturino
Durable goods
Nondurable goods
Wholesale trade
Durable goods
Nondurable goods
Merchant wholesalers
Durable goods
Nondurable aoods
Nonmerchant wholesalers
Durable goods
Nondurable goods
Retail trade
Durable goods
Motor vehicle dealers
Other
Nondurable goods
other
Durable aoods
Nondurable goods
Residual
25.0
2.6
22.5
9.9
9.7
.4
4.0
2.4
1.6
3.2
1.8
1.3
.8
.6
.3
4.0
1.7
-1.4
3.3
2.3
4.5
2.1
2.4
-.4
1996
1997
65.7
8.0
57.8
21.7
12.8
8.9
20.6
11.3
9.1
17.1
9.6
7.4
3.5
1.7
1.8
6.9
4.9
.7
4.3
1.9
8.6
1.6
7.0
0
1997
III
IV
I
II
III
IV
37.9
6.5
31.6
14.3
13.8
.8
-5.0
4.5
-9.0
-5.2
3.9
-6.7
.3
.5
-.2
20.0
13.3
10.6
2.5
6.5
2.3
-.4
2.8
-.7
32.9
6.4
26.5
12.3
6.6
5.7
9.4
-5.2
13.9
10.9
-3.0
13.3
-1.5
-2.3
.6
.9
-3.0
-4.7
1.8
4.1
3.9
.7
3.2
.5
63.7
5.3
58.3
20.9
12.3
8.5
22.9
14.8
8.1
17.8
11.8
6.0
5.1
3.0
2.1
.6
1.2
-2.5
3.9
-.7
13.7
1.8
12.0
.2
77.6
7.5
70.1
29.0
18.2
10.8
24.6
22.7
2.3
17.5
17.9
-.1
7.2
4.8
2.5
7.7
2.0
-3.7
5.9
5.8
8.9
1.5
7.5
-1.0
47.5
9.5
38.3
14.8
9.9
5.0
14.9
3.8
10.8
14.3
4.1
9.9
.6
-.3
.9
2.8
1.5
-.6
2.1
1.3
5.7
2.3
3.4
0
74.0
9.8
64.4
22.3
10.8
11.3
19.8
4.0
15.3
18.7
4.7
13.6
1.1
-.7
1.7
16.5
14.7
9.5
5.1
1.4
5.9
.9
5.2
.7
NoiE.-Chained (1992) dollar series for real cha ige in business inventories are calculated as the period-to-period
change in chained-dollar end-of-period inventories. Quarterly changes in end-of-period inventories are stated at annual rates. Because the formula for the chain-typ e quantity indexes uses weights of more than one period, the
not additive. The residual line is the difference between the first
line and the sum of the most
detailed lines. See no e to table 5.10.
D-15
National Data
SURVEY OF CURRENT BUSINESS
March 1998
Table 5.12.—Inventories and Domestic Final Sales of Business by
Industry
Table 5.13.—Real Inventories and Real Domestic Final Sales of Business
by Industry
[Billions of dollars]
[Billions of chained (1992) dollars]
Seasonally adjusted quarterly totals
1996
III
l
Inventories
Farm
Nonfarm
Durable goods
Nondurable goods
Manufacturing
Durable goods
Nondurable goods
Wholesale trade
Durable goods
Nondurable goods
Merchant wholesalers
Durable goods
Nondurable goods
Nonmerchant wholesalers
Durable goods
Nondurable goods
Retail trade
Durable goods
Motor vehicle dealers
Other
Nondurable goods
Other
Durable goods
Nondurable goods
Final sales of domestic business2 ...
Final sales of goods and structures of
domestic business2
Ratio of inventories to final sales of domestic
business
Inventories to final sales
Nonfarm inventories to final sales
Nonfarm inventories to final sales of goods and
structures
1,287.1
106.0
1,181.2
675.6
505.5
436.3
271.4
164.9
300.3
186.6
113.6
257.9
161.9
Seasonally adjusted quarterly totals
1996
1997
IV
1,294.5
102.6
1,191.9
675.2
516.7
440.3
273.7
166.6
300.8
184.9
116.0
258.6
160.7
I
1,306.1
107.2
1,198.9
684.4
514.5
443.3
277.0
166.3
306.2
188.7
117.5
263.4
163.9
II
III
1,334.1
109.1
1,225.0
697.0
528.0
453.5
283.2
170.3
316.1
195.0
121.2
271.4
169.0
98.2
102.4
1,318.1
107.7
1,210.4
693.2
517.2
448.0
280.7
167.3
310.8
194.4
116.4
266.6
168.4
IV
1,342.1
108.1
1,234.0
702.8
531.2
456.8
285.5
171.4
318.6
195.1
123.6
274.3
169.4
104.8
96.0
42.4
24.8
17.6
97.9
42.3
24.1
18.1
99.5
42.8
24.9
17.9
44.2
26.1
18.2
44.7
25.9
18.8
44.4
25.6
18.8
312.5
168.8
313.0
167.7
313.3
168.7
313.2
167.7
314.7
168.0
318.0
171.3
85.5
83.3
83.9
83.9
83.6
85.1
80.9
86.7
80.7
87.3
82.9
88.4
143.6
132.1
145.3
137.7
144.6
136.1
145.6
138.3
146.7
140.7
146.7
140.5
48.7
83.4
48.9
88.8
50.0
86.2
50.5
87.9
50.8
89.9
50.9
89.6
533.1
542.6
550.0
556.2
565.2
570.8
285.9
289.9
294.1
296.1
301.1
301.9
2.41
2.22
2.39
2.20
4.13
4.11
2.37
2.18
4.08
2.37
2.18
2.36
2.17
2.35
2.16
4.09
4.07
4.09
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 of general government and includes a small amount of final sales
by farm.
1
Inventories
Farm
Nonfarm
Durable goods
Nondurable goods
Manufacturing
Durable goods
Nondurable goods
Wholesale trade
Durable goods
Nondurable goods
Merchant wholesalers
Durable goods
Nondurable goods
Nonmerchant wholesalers
Durable goods
Nondurable goods
Retail trade
Durable goods
Motor vehicle dealers
Other
Nondurable goods
Other
Durable goods
Nondurable goods
Residual
Final sales of domestic business2
Final sales of goods and structures of
domestic business2
..
Ratio of inventories to final sales of domestic
business
Inventories to final sales
Nonfarm inventories to final sales
Nonfarm inventories to final sales of goods and
structures
1997
III
IV
I
II
III
IV
1,200.7
100.9
1,099.3
634.3
464.9
406.6
259.3
147.5
280.1
179.2
101.1
240.1
155.1
1,208.9
102.5
1,105.9
634.0
471.7
409.7
260.9
148.9
282.4
177.9
104.6
242.8
154.3
1,224.8
103.8
1,120.5
641.5
478.8
414.9
264.0
151.1
288.1
181.6
106.6
247.3
157.3
1,244.2
105.7
1,138.0
652.5
485.4
422.1
268.6
153.8
294.3
187.3
107.2
251.7
161.8
1,256.1
108.0
1,147.6
656.8
490.6
425.8
271.0
155.0
298.0
188.3
109.9
255.2
162.8
1,274.6
110.5
1,163.7
664.5
499.0
431.4
273.7
157.8
303.0
189.3
113.7
259.9
164.0
85.3
39.9
24.2
15.8
88.6
39.5
23.6
16.0
90.1
40.8
24.3
16.5
90.1
42.6
25.5
17.1
92.6
42.8
25.5
17.3
96.0
43.0
25.3
17.7
292.4
153.2
292.7
152.4
292.8
152.7
294.7
153.2
295.4
153.6
299.5
157.3
75.7
77.5
74.5
78.0
73.9
79.0
73.0
80.4
72.8
81.0
75.2
82.3
138.9
120.1
140.0
121.1
139.8
124.5
141.2
126.7
141.5
128.2
141.9
129.7
42.3
77.7
42.5
78.4
42.9
81.4
43.3
83.3
43.9
84.2
44.1
85.5
.5
484.7
.7
491.1
.7
495.1
.4
498.5
.5
505.0
.6
508.7
268.2
271.8
274.5
275.6
280.0
280.6
2.48
2.27
2.46
2.25
2.47
2.26
2.50
2.28
2.49
2.27
2.51
2.29
4.10
4.07
4.08
4.13
4.10
4.15
1. Inventories are as of the end of the quarter. Quarter-to-quarter changes calculated from this table are at quarterly rates, whereas, the change in the business inventories component of GDP is stated at annual rates.
2. Quarterly totals at monthly rates. Final sales of domestic business equals final sales of domestic product less
gross product of households and institutions and of general government and includes a small amount of final sales
by farm.
NOTE.—Chained (1992) dollar inventory series are calculated as the product of the chain-type quantity index and
the average of the end-of-year fixed-weighted inventories for 1991 and 1992, divided by 100. Chained (1992) dollar
final sales series are calculated as the product of the chain-type index and the 1992 current-dollar value of the
corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses weights of more
than one period, the corresponding chained-dollar estimates are usually not additive. The residual line is the difference between the first line and the sum of the most detailed lines for inventories.
SURVEY OF CURRENT BUSINESS
D-16 • National Data
March 1998
6. Income and Employment by Industry.
Table 6.16C.—Corporate Profits by Industry
Table 6.1C.—National Income Without Capital Consumption Adjustment
by Industry
[Billions of dollars]
[Billions of dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1996
1996
1997
III
National income without
capital consumption
adjustment
Domestic industries
Private industries
Agriculture, forestry, and
fishing
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
IV
I
II
III
6,267.7 6,340.4 6,470.8 6,557.3 6,657.5
6,217.9
6,274.7 6,337.3 6,485.1 6,578.0 6,678.2
5,362.6
5,415.0 5,472.0 5,608.9 5,696.1 5,788.8
469
2852
1 1101
634.5
475.6
1090
46.9
1096
45.0
1108
48.2
1155
49.2
1141
48.0
286.9
291.4
298.2
302.2
307.4
1,120.8 1,122.1 1,134.6 1,160.5 1,187.8
669.7 691.2
642.7 639.4 651.0
478.1
482.8 483.6 490.8 496.6
135.5
471.5
203.0
135.2
477.2
207.6
139.0
131.9
132.0
133.3
130.6
364.8
512.3
372.4
527.7
379.3
533.0
388.7
542.6
4671
1996
137.0
4573
192.3
133.1
130.8
127.7
3491
350.6
506.8
4567
191 0
4593
1350
5037
1,095.3
1 4101
855.3
1.7
1946
1,111.5 1,116.5 1,168.9 1,185.0 1,199.2
1,423.2 1,452.9 1,481.1 1,500.1 1,523.7
859.7
-7.0
865.2
3.1
1997
1996
III
6,219.6
1056
1996
1997
876.2
881.9
889.4
-14.3
-20.7
-20.7
IV
Corporate profits with inventory
valuation and capital
consumption adjustments
Domestic industries
Financial
.
Nonfinancial
Rest of the world
Receipts from the rest of the world . .
Less: Payments to the rest of the world
Corporate profits with inventory
valuation adjustment
Domestic industries
Financial
Federal Reserve banks
Other
Nonfinancial
Manufacturing
Durable goods
Primary metal industries
Fabricated metal products
Industrial machinery and
equipment
Electronic and other electric
equipment
Motor vehicles and equipment
Other
Nondurable goods
Food and kindred products ....
Chemicals and allied products
Petroleum and coal products
Other
Transportation and public utilities
Transportation
Communications
Electric, gas, and sanitary services
Wholesale trade
Retail trade
Other
Rest of the world
1997
IV
I
II
III
IV
735.9
739.6 747.8 779.6 795.1 827.3
640.0
647.8 640.3 682.2 694.4 727.5
942
545.8
553.3 561.7
94.6
78.5
106.8 107.7 109.3
575.4 586.7 618.2
95.9
91.8
107.5
1327
36.7
133.4
142.6
139.9
148.3
150.5
41.6
35.0
42.5
47.5
50.6
674.1
676.4 683.4 711.9 725.7 757.1
578.2
103.5
584.6 575.8 614.5 624.9 657.2
104.0
116.5 117.5 119.4
88.1
22.0
81.5
474.7
2055
990
5.6
22.0
82.0
22.3
65.8
97.4
22.8
93.7
100.8
23.2
94.3
99.9
23.7
95.7
480.7 487.8 498.0 507.4 537.8
210.5 209.7 208.2 221.0 240.4
99.7 101.3 111.8
102.9
128.1
7.0
3.9
5.1
7.6
5.6
17.1
18.0
18.1
17.4
18.4
20.8
?58
P56
246
240
278
325
239
25.2
-1.5
28.6
29.6
-8.3
30.6
31.4
-1.3
25.9
33.3
^3.5
30.2
36.7
-3.2
29.8
1065
28.5
31.2
100
368
91.7
11.7
.4
30.0
107.7 109.9 106.9 109.2 112.3
28.8
342 280 282 291
315
10.0
37.3
91.2
28.9
11.9
34.9
90.5
288
299
300
12.4
37.7
91.5
10.3
40.8
89.6
12.4
40.9
90.0
130
11 4
149
164
169
44.0
38.3
37.6
40.6
37.7
34.8
44.3
47.4
506
483
903
90.6
91.9
30.8
42.4
49.5
54.9
92.4
33.4
39.8
54.1
489
33.8
42.8
49.0
55.1
94.2
95.9
91.8
107.5
97.4
100.8
99.9
360
NOTE— Estimates in this table are based on the 1987 Standard Industrial Classification.
57 9
95.3
D-I7
National Data
SURVEY OF CURRENT BUSINESS
March
7. Quantity and Price Indexes.
Table 7.1.—Quantity and Price Indexes for Gross Domestic Product
[Index numbers, 1992=100]
Seasonally adjusted
Seasonally adjusted
1996
Gross domestic product:
Current dollars
Chain-type quantity index
Chain-type price index ...
Implicit price deflator
Personal consumption
expenditures:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Durable goods:
Current dollars
Chain-type quantity index ...
Chain-type price index
Implicit price deflator
Nondurable goods:
Current dollars
Chain-type quantity index ...
Chain-type price index
Implicit price deflator
Services:
Current dollars
Chain-type quantity index ...
Chain-type price index
Implicit price deflator
Gross private domestic
investment:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Fixed investment:
Current dollars
Chain-type quantity index ...
Chain-type price index ........
Implicit price deflator
Nonresidential:
Current dollars
Chain-type quantity index
Chain-type price index ...
Implicit price deflator
Structures:
Current dollars
Chain-type quantity
index
Chain-type price index
Implicit price deflator
Producers' durable
equipment:
Current dollars
Chain-type quantity
index
Chain-type price index
Implicit price deflator
Residential:
Current dollars
Chain-type quantity index
Chain-type price index ...
Implicit price deflator
1997
1996
1997
1996
III
IV
I
II
III
IV
1996
III
Exports of goods and
services:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
1997
IV
I
II
III
IV
122.29
110.95
110.22
110.21
129.41
115.14
112.45
112.40
122.93
111.20
110.59
110.54
124.80
112.38
111.10
111.05
127.05
113.73
111.78
111.71
128.66
114.66
112.27
112.22
130.10
115.53
112.67
112.62
131.83
116.64
113.08
113.02
123.41
111.71
110.47
110.47
130.06
115.39
112.72
112.71
123.88
111.81
110.80
110.79
125.79
112.72
111.61
111.60
128.10
114.18
112.21
112.20
128.73
114.45
112.49
112.48
130.99
116.03
112.91
112.89
132.41
116.91
113.26
113.25
129.88
125.09
103.83
103.83
134.92
132.12
102.16
102.12
129.87
125.25
103.72
103.69
130.64
126.32
103.45
103.41
134.77
130.55
103.27
103.24
131.92
128.75
102.50
102.46
136.60
134.31
101.74
101.71
136.37
134.88
101.14
101.11
116.11
108.36
107.15
107.15
120.45
110.36
109.15
109.14
116.38
108.48
107.29
107.28
118.03
109.03
108.26
108.25
120.09
110.29
108.90
108.89
119.45
109.70
108.89
108.88
121.10
110.87
109.24
109.23
121.15
110.59
109.56
109.55
Imports of goods and services:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
144.36 158.27 146.14 148.47 152.63 156.81 161.02 162.64
145.22 165.93 148.03 150.48 156.80 164.30 169.98 172.64
99.41 95.51 98.76 98.75 97.42 95.52 94.81 94.29
99.40 95.39 98.73 98.66 97.34 95.44 94.73 94.21
126.10
110.86
113.76
113.76
134.34
114.79
117.04
117.04
126.78
110.93
114.29
114.28
129.07
111.99
115.26
115.25
131.15
113.05
116.02
116.01
133.17
114.13
116.70
116.69
135.27
115.22
117.42
117.41
137.77
116.75
118.02
118.01
Imports of goods:
Current dollars
Chain-type quantity index ...
Chain-type price index
Implicit price deflator
148.49 163.12 150.53 153.18 157.07 161.53 166.21 167.66
151.06 173.94 154.49 157.37 163.58 172.24 178.53 181.40
98.30 93.92 97.47 97.42 96.11 93.87 93.18 92.51
98.29 93.78 97.44 97.34 96.02 93.78 93.10 92.42
141.26
135.26
104.50
104.43
156.99
151.27
104.12
103.78
145.38
139.21
104.63
104.44
145.63
139.77
104.50
104.19
151.01
145.39
104.23
103.86
157.12
151.45
104.07
103.75
158.17
152.40
104.11
103.78
161.66
155.84
104.06
103.74
Imports of services:
Current dollars
Chain-type quantity index ...
Chain-type price index
Implicit price deflator
126.23
120.06
105.13
105.13
137.01
131.75
104.02
104.00
133.13
127.64
104.31
104.30
136.09
130.41
104.37
104.36
138.23
133.58
103.49
103.48
140.60
135.35
103.90
103.88
139.22
132.97
104.70
104.70
149.67
143.25
104.51
104.49
141.94
135.42
104.85
104.82
142.86
136.41
104.75
104.73
143.91
137.73
104.52
104.49
148.17
141.86
104.47
104.45
153.34
146.70
104.55
104.52
153.27
146.69
104.51
104.49
111.31
99.54
111.83
111.83
114.95 111.84 112.54 113.40
100.47 99.83 99.85 99.74
114.47 112.07 112.76 113.74
114.42 112.04 112.71 113.69
114.66
100.50
114.14
114.09
115.37
100.77
114.54
114.49
116.39
100.86
115.44
115.39
140.07 151.53 143.15 144.69 145.43 149.90 156.30 154.50
138.33 151.79 141.48 143.54 145.00 150.03 156.75 155.35
101.26 99.86 101.21 100.82 100.31 99.93 99.73 99.47
101.26 99.83 101.18 100.80 100.29 99.91 99.71 99.46
127.22 135.89 128.66 134.16 134.40 134.05 137.65 137.45
111.51 115.36 112.32 116.40 115.79 114.39 116.26 114.98
114.09 117.84 114.58 115.30 116.11 117.23 118.44 119.58
114.09 117.80 114.55 115.26 116.07 117.19 118.40 119.54
145.67 158.34 149.45 149.27 150.23 156.80 164.42 161.93
150.77 169.22 155.10 156.09 158.63 167.05 176.32 174.87
96.62 93.62 96.38 95.65 94.72 93.88 93.27 92.61
96.62 93.58 96.36 95.63 94.70 93.86 93.25 92.60
137.10
120.64
113.64
113.64
145.07
123.95
117.03
117.04
138.97
121.51
114.37
114.36
138.33
120.18
115.10
115.10
140.16
121.17
115.68
115.68
143.90
123.36
116.65
116.65
146.01
124.19
117.57
117.56
150.23
127.10
118.21
118.20
NOTE.— Chain-type quantity and price indexes are calculated from weighted averages of the detailed output and
prices used to prepare each aggregate and component. Implicit price deflators are weighted averages of the detailed
price indexes used to prepare each aggregate and component and are calculated as the ratio of current- to chained-
1997
Exports of goods:
Current dollars
Chain-type quantity index ...
Chain-type price index
Implicit price deflator ...\
136.19
134.03
101.61
101.61
149.83
150.71
99.38
99.42
135.07 141.48 144.22 150.18 151.05 153.86
133.15 140.92 144.30 150.53 152.17 155.83
101.47 100.35 99.90 99.72 99.21
98.69
101.44 ,100.39 99.95 99.77 99.26 98.74
137.63 153.00 135.89 142.75 146.26 153.78 154.02 157.95
140.05 161.63 138.85 148.48 152.94 161.76 163.11 168.73
98.27 94.61 97.89 96.06 95.55 94.99 94.35 93.54
98.27 94.66 97.86 96.14 95.63 95.07 94.43 93.62
Exports of services:
Chain-type quantity index ...
Chain-type price index
Implicit price deflator
Government consumption
expenditures and gross
investment:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Federal:
Current dollars
Chain-type quantity index ...
Chain-type price index
Implicit price deflator
National defense:
Current dollars
Chain-type quantity index
Chain-type price index ...
Implicit price deflator
Nondefense:
Current dollars
Chain-type quantity index
Chain-type price index ...
Implicit price deflator
State and local:
Current dollars
Chain-type quantity index ...
Chain-type price index
Implicit price deflator
132.81
120.51
110.21
110.21
142.35
127.04
112.04
112.05
133.14
120.28
110.70
110.70
126.89
120.29
105.50
105.49
138.49
124.14
111.55
111.56
127.76
120.90
105.69
105.68
139.43
125.27
111.29
111.30
141.70
126.25
112.23
112.24
144.05
128.46
112.12
112.14
144.23
128.20
112.49
112.51
98.49 99.21 98.79 98.03 97.75 99.64 99.56 99.88
87.92 86.56 88.21 87.04 85.76 87.14 86.89 86.44
112.03 114.73 112.05 112.74 114.10 114.46 114.71 115.67
112.02 114.61 111.99 112.62 113.98 114.34 114.58 115.55
93.87 93.25 94.41 93.29 91.37 93.29 93.70 94.63
84.56 82.15 85.00 83.44 80.86 82.33 82.58 82.84
111.02 113.65 111.16 111.94 113.14 113.46 113.62 114.37
111.02 113.50 111.07 111.80 112.99 113.31 113.47 114.23
109.90 113.93 109.58 109.72 113.52 115.31 114.04 112.84
96.01 97.16 95.93 95.69 97.54 98.71 97.27 95.11
114.47 117.33 114.25 114.72 116.44 116.87 117.30 118.70
114.47 117.26 114.23 114.66 116.39 116.82 117.24 118.65
120.51
107.88
111.71
111.71
126.25
110.46
114.31
114.30
121.22
108.17
112.07
112.07
122.96
109.04
112.77
112.76
124.63
109.78
113.54
113.52
125.44
110.10
113.95
113.94
126.70
110.73
114.44
114.43
128.24
111.22
115.32
115.30
dollar output multiplied by 100.
Percent change from preceding period for items in this table are shown in table 8.1. (Contributions to the percent
change in real gross domestic product are shown in table 8.2).
SURVEY OF CURRENT BUSINESS
D-18 • National Data
March 1998
Table 7.2.—Quantity and Price Indexes for Gross Domestic Product,
Final Sales, and Purchases
Table 7.4.—Chain-Type Quantity and Price Indexes for Personal
Consumption Expenditures by Major Type of Product
[Index numbers, 1992=100]
[Index numbers, 1992=100]
Seasonally adjusted
1996
Gross domestic product:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Final sales of domestic
product:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Gross domestic purchases:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Final sales to domestic
purchasers:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Addenda:
Chain-type price indexes for
gross domestic purchases:
Food
Energy
Gross domestic purchases
less food and energy
1997
Seasonally adjusted
1997
1996
1996
III
IV
I
II
III
IV
122.29
110.95
110.22
110.21
129.41
115.14
112.45
112.40
122.93
111.20
110.59
110.54
124.80
112.38
111.10
111.05
127.05
113.73
111.78
111.71
128.66
114.66
112.27
112.22
130.10
115.53
112.67
112.62
131.83
116.64
113.08
113.02
122.01
110.64
110.28
110.28
128.46
114.14
112.55
112.55
122.47
110.70
110.65
110.63
124.43
111.93
111.17
111.16
126.13
112.77
111.85
111.85
127.51
113.47
112.37
112.37
129.47
114.80
112.78
112.78
130.74
115.50
113.19
113.19
123.22
112.17
109.86
109.85
130.41
116.76
111.77
111.69
124.16
112.77
110.15
110.10
125.62
113.46
110.79
110.72
128.03
115.09
111.32
111.24
129.47
116.14
111.55
111.48
131.27
117.38
111.90
111.83
132.87
118.41
112.29
112.21
122.95
111.86
109.91
109.91
129.46
115.76
111.86
111.84
123.71
112.28
110.20
110.18
125.25
113.02
110.85
110.83
127.11
114.14
111.39
111.37
128.32
114.96
111.65
111.62
130.63
116.66
112.00
111.98
131.78
117.28
112.40
112.37
109.42 112.21 109.98 111.02 111.35 111.79 112.67 113.03
107.01 107.46 106.72 109.23 110.89 105.91 106.16 106.86
110.06 111.94 110.34 110.86 111.36 111.81 112.10 112.48
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
Table 7.3.—Quantity and Price Indexes for Gross National Product and
Command-Basis Gross National Product
[Index numbers, 1992=100]
Gross national product:
Current dollars
Chain-type quantity index
Chain-type price index .
Implicit price deflator . . . .
Less: Exports of goods and
services and receipts of
factor income:
Chain-type quantity index
Plus: Command-basis exports
of goods and services and
receipts of factor income:
Chain-type quantity index
Equals: Command-basis gross
national product:
Chain-tvoe auantitv index
12463
11227
111 06
111 01
12660
11337
111 73
111 67
12810
114.21
112.22
112.17
12954
11508
112.62
11257
12210
11081
11019
11018
12260
11095
11055
11050
13788
13724 14506 14760 154.24 156.43
14035
14023 14707 15074 159.72 16232
111.12
111.32 112.52 113.76 114.89 115.81
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
1996
1997
III
Chain-type quantity indexes
Personal consumption
expenditures
Durable goods
Motor vehicles and parts
Furniture and household
equipment
Other
Nondurable goods
Food
Clothing and shoes
Gasoline and oil
Fuel oil and coal
Other
Services
Housing
Household operation
Electricity and gas
Other household operation
Transportation
Medical care
Other
Chain-type price indexes
Personal consumption
expenditures
Durable goods
Motor vehicles and parts
Furniture and household
eQuioment
Other
Nondurable goods
Food
Clothing and shoes
Gasoline and oil
Fuel oil and coal
Other
Services
Housing
Household operation
Electricity and gas ... .
Other household operation
Transportation
Medical care
Other
Addenda:
Price indexes for persona!
consumption expenditures:
Food J
Energy
personal consumption
expenditures less food
and enerav
1997
IV
I
II
III
IV
111,71 115.39 111.81 112.72 114.18 114.45 116.03 116.91
125.09 132.12 125.25 126.32 130.55 128.75 134.31 134.88
111.82 112.70 111.06 110.19 112.83 107.82 115.39 114.75
142.35
122.72
108.36
104.51
118.70
107.02
97.19
110.16
110.86
108.25
116.65
110.55
121.17
123.11
106.42
112.64
156.47
131.55
110.36
104.54
123.21
108.83
91.34
115.06
114.79
110.36
118.90
109.54
125.78
128.25
110.10
118.73
143.80
122.66
108.48
104.14
120.09
107.01
96.86
110.55
110.93
108.48
115.15
107.74
120.61
123.64
106.67
112.84
146.18
125.98
109.03
104.39
119.73
107.69
94.75
112.37
151.75
131.48
110.29
105.25
122.88
107.56
86.25
114.07
111,99
108.97
117.51
110.47
122.71
124.64
107.81
113.91
113.05
109.52
116.02
106.82
122.79
126.10
108.93
116.15
154.35
129.70
109.70
104.28
121.39
108.95
92.53
113.98
114.13
110.09
118.51
110.55
124.38
127.14
109.61
117.59
159.01 160.77
131.81 133.20
110.87 110.59
104.48 104.16
124.74 123.85
109.05 109.74
95.48 91.09
116.06 116.12
115.22 116.75
110.64 111.20
119.14 121.93
108.60 112.18
126.86 129.09
129.02 130.75
110.45 111.43
119.36 121.81
110.47 112.72 110.80 111.61 112.21 112.49 112.91 113.26
103.83 102.16 103.72 103.45 103.27 102.50 101.74 101.14
112.95 112.94 113.15 113.55 113.84 113.26 112.55 112.11
93.71
106.48
107.15
109.63
98.75
107.44
108.92
108.22
90.29
105.83
109.15
112.54
99.76
107.50
108.72
109.84
93.38
106.26
107.29
110.20
98.08
106.47
105.69
108.57
92.50 91.84
106.14 106.22
108.26 108.90
111.27 111.65
98.56 99.29
109.83 112.13
116.17 116.49
108.67 109.21
113.76
112.43
109.08
106.35
111.01
112.22
117.43
113.69
117.04
115.78
111.32
108.77
113.14
116.56
120.11
117.55
114.29
112.85
109.63
106.92
111.55
112.43
117.72
114.63
115.26
113.60
110.32
107.73
112.16
114.15
118.62
115.76
116.02
114.42
111.37
109.66
112.63
114.88
119.41
116.33
90.84 89.67 88.82
105.64 105.85 105.60
108.89 109.24 109.56
112.09 113.02 113.41
100.37 99.68 99.69
104.77 106.31 106.80
108.78 104.55 105.07
110.08 109.87 110.21
116.70 117.42 118.02
115.34 116.25 117.11
111.05 111.17 111.70
107.98 108.16 109.30
113.21 113.28 113.42
116.14 116.98 118.26
119.88 120.38 120.77
117.20 118.12 118.56
109.63 112.54 110.20 111.27 111.65 112.09 113.02 113.41
106.96 108.15 106.63 109.07 111.11 106.47 107.11 107.92
110.88 113.07 111.21 111.87 112.41 112.97 113.28 113.61
1. Consists of prices for gasoline and oil, fuel oil and coal, and electricity and gas.
National Data • D-19
SURVEY OF CURRENT BUSINESS
March 1998
Table 7.6.—Chain-Type Quantity and Price Indexes for Private Fixed
Investment by Type
[Index numbers, 1992=100]
Table 7.9.—Chain-Type Quantity and Price Indexes for Exports and Imports of Goods and Services and for Receipts and Payments of Factor Income
[Index numbers, 1992=100]
Seasonally adjusted
1996
1997
III
Chain-type quantity indexes
Private fixed
investment
Nonresidential
Structures
Nonresidential buildings,
including farm
Utilities
.
Mining exploration, shafts,
and wells
Other structures
Producers' durable
equipment
Information processing and
related equipment
Computers and
peripheral equipment '
Other
Industrial equipment
Transportation and related
equipment
Other
Residential
Structures
Single family
Multifamily
Other structures
....
Producers' durable
equipment
Chain-type price indexes
Private fixed
investment
Nonresidential
Structures
Nonresidential buildings,
including farm
Utilities
Mining exploration, shafts,
and wells
Other structures ..
Producers' durable
equipment
Information processing and
related equipment
Computers and
peripheral equipment '
Other
Industrial equipment
Transportation and related
eau foment
Other
Residential
Structures
Single family
Multifamily
Other structures
Producers' durable
equipment
IV
I
II
III
138.33 151.79 141.48 143.54 145.00 150.03 156.75 155.35
111.51 115.36 112.32 116.40 115.79 114.39 116.26 114.98
123.67 131.01 125.22 131.15 132.58 129.98 132.61 128.86
84.83 81.48 83.23 85.66 79.80 83.07 81.32 81.75
104.18
66.68
99.52 106.20 103.54 102.45
66.52 65.30 61.90 55.98
97.40 100.62
57.50 61.86
97.59
90.74
150.77 169.22 155.10 156.09 158.63 167.05 176.32 174.87
188.61 228.01 196.97 201.54 209.70 221.31 238.88 242.16
365.81 512.64 386.78 414.95 445.54 491.73 547.14 566.15
128.90 141.01 133.29 132.21 134.66 137.85 145.77 145.76
131.01 137.88 131.64 130.91 130.81 138.25 140.67 141.79
145.10 159.48 150.25 150.54 147.92 157.79 170.32 161.90
127.58 138.59 130.11 129.66 134.23 138.07 141.85 140.21
120.64 123.95 121.51 120.18 121.17 123.36 124.19 127.10
120.71
117.22
142.27
122.54
123.95
117.43
153.89
128.66
121.59
118.73
133.41
123.96
120.21
116.95
137.49
122.33
121.13
116.95
149.84
122.86
123.35
117.14
156.03
127.25
124.17
116.45
149.56
131.15
127.16
119.20
160.12
133.37
118.12 124.23 118.83 119.28 122.83 123.91 125.40 124.77
104.70 104.51 104.85 104.75 104.52 104.47 104.55 104.51
101.26
99.86 101.21 100.82 100.31
99.93
99.73
99.47
114.09 117.84 114.58 115.30 116.11 117.23 118.44 119.58
114.14 117.71 114.72 115.38 116.02 117.03 118.33 119.48
113.70 117.77 113.75 115.29 116.17 117.45 118.42 119.05
115.89 120.84 116.56 116.21 118.47 120.25 121.28 123.34
112.33 116.64 112.46 113.43 114.82 116.51 116.93 118.31
96.62
93.62
96.38
95.65
94.72
93.88
93.27
92.61
77.09
69.43
76.06
74.05
72.06
70.16
68.46
67.06
48.98 37.84 47.21 44.10 41.47 38.81 36.41 34.65
100.04 99.74 100.02 100.07 99.65 99.67 99.89 99.75
108.96 109.42 109.06 109.41 109.34 109.23 109,47 109.65
107.56 108.48 108.18 108.03 108.09 108.22 108.97 108.65
108.24 109.11 108.46 109.20 109.05 109.16 108.99 109.25
113.64 117.03 114.37 115.10 115.68 116.65 117.57 118.21
113.88
116.50
109.10
111.02
117.35
119.63
113.27
114.80
114.62
117.27
110.17
111.68
115.36
117.84
111.69
112.50
115.94
118.15
111.87
113.47
116.96
119.05
112.73
114.66
117.91
120.26
113.87
115.29
1996
IV
132.97 143.25 135.42 136.41 137.73 141.86 146.70 146.69
118.58
121.06
114.63
115.78
104.84 105.23 104.94 105.59 106.27 105.27 104.89 104.49
1. Includes new computers and peripheral equipment only.
Seasonally adjusted
1997
1996
Chain-type quantity indexes
Exports of1 goods and services
Goods
Durable
Nondurable
Services J ..
Receipts of factor income
Imports of1 goods and services
Goods
Durable
Nondurable
Services1
Payments of factor income
Chain-type price indexes
Exports of
goods and services
Goods l
Durable
Nondurable
Services l
Receipts of factor income
Imports of1 goods and services
Goods
Durable
Nondurable
Services l ...
Payments of factor income
134.03
140.05
153.97
114.40
120.51
1997
150.71
161.63
183.91
122.21
127.04
165.78
1997
IV
I
II
III
IV
133.15
138.85
153.17
112.57
120.28
140.92
148.48
164.19
119.77
124.14
144.30
152.94
171.81
119.12
125.27
150.53
161.76
184.74
121.23
126.25
152.17
163.11
186.07
122.57
128.46
155.83
168.73
193.04
125.92
128.20
155.79 163.87 162.90 171.33 175.83
155.36
145.22
151.06
164.50
127.78
120.06
1996
III
165.93
173.94
193.66
141.01
131.75
148.03
154.49
168.17
130.74
120.29
150.48
157.37
172.22
131.83
120.90
156.80
163.58
182.08
132.70
127.64
164.30
172.24
190.72
141.15
130.41
169.98
178.53
198.74
144.77
133.58
172.64
181.40
203.09
145.44
135.35
171.97 173.34 184.53 197.73 202.54
101.61 99.38 101.47 100.35 99.90 99.72 99.21 98.69
98.27 94.61
97.89 96.06 95.55 94.99 94.35 93.54
88.77 88.13
90.93 87.03 90.21
87.43 86.69 85.86
116.09 113.26 116.61 113.78 113.67 113.55 113.28 112.55
110.21 112.04 110.70 111.55 111.29 112.23 112.12 112.49
109.36
109.56 110.08 110.49 110.73 111.10
99.41 95.51 98.76 98.75 97.42 95.52 94.81 94.29
98.30 93.92 97.47 97.42 96.11
93.87 93.18
92.51
93.63 87.95 92.74 90.73 89.31
88.36 87.61 86.53
108.65 107.12 107.94 112.34 111.27 105.99 105.47 105.77
105.13 104.02 105.50 105.69 104.31 104.37 103.49 103.90
110.63
111.14 111.81 112.24 112.65 113.00
ment, are included in services. Beginning with 1986, repairs and alterations of equipment are reclassified from goods
to services.
SURVEY OF CURRENT BUSINESS
D-20 • National Data
March 1998
Table 7.10.—Chain-Type Quantity and Price Indexes for Exports and Imports of Goods and Services by Major Type of Product
[Index numbers, 1992=100]
Seasonally adjusted
Seasonally adjusted
1996
1997
Chain-type quantity indexes
Exports of goods and
services
Exports of goods J
Foods, feeds, and beverages
Industrial supplies and
materials
.. ..
Durable goods
.. ..
Nondurable goods
Capital goods, except
automotive
Civilian aircraft, engines,
and parts
Computers, peripherals, and
parts
Other
Automotive vehicles, engines,
and parts
Consumer goods, except
automotive
-.. . .
Durable goods
Nondurable goods
Other
Durable goods
Nondurable goods
Exports of services l
Transfers under U.S. military
agency sales contracts
Travel
Passenger fares
. .
Other transportation
Royalties and license fees
Other private services
Other
Imports of goods and
services
Imports of goods 1
Foods, feeds, and beverages
Industrial supplies and
materials, except petroleum
and products
Durable goods
Nondurable goods
Petroleum and products
Capital goods, except
automotive
Civilian aircraft, engines,
and parts
Computers, peripherals, and
parts
Other
Automotive vehicles, engines,
and parts
Consumer goods, except
automotive
Durable goods
Nondurable goods
Other
Durable goods
Nondurable goods
Imports of services '
Direct defense expenditures ...
Travel
Passenger fares
. . ..
Other transportation
Royalties and license fees
Other private services
Other
Addenda:
Exports of agricultural
goods Exports of nonagricultural
goods
Imports of nonpetroleum
cioods
NOTE.—See footnotes to table 4.3.
1996
1997
1996
III
IV
I
II
III
134.03 150.71 133.15 140.92 144.30 150.53 152.17
140.05 161.63 138.85 148.48 152.94 161.76 163.11
109.04 108.50 106.22 117.01 107.05 101.39 105.81
116.02 126.09 115.44 120.53 121.51 127.10 127.82
121.61 1,32.52 123.20 125.69 127.44 133.28 132.87
113.07 122.71 111.36 117.81 118.39 123.86 125.15
176.29 220.49 173.67 191.52 202.24 220.74 224.90
71.59
92.88
61.81
84.26
89.29 102.57
81.03
337.98 507.42 348.56 371.25 425.35 495.59 558.72
185.57 220.87 184.71 198.17 205.08 ,217.82 227.57
132.62 149.01 135.07 136.33 143.80 148.52 147.80
130.81
131.21
130.37
109.60
109.60
109.60
143.50
145.07
141.83
127.88
127.88
127.88
129.26
129.81
128.68
109.92
109.92
109.92
135,65
138.38
132.80
114.59
114.60
114.59
139.66
138.59
140.75
122.19
122.20
122.19
146.32
149.53
142.95
131.33
131.33
131.33
142.33
144.41
140.13
130.36
130.36
130.35
120.51 127.04 120.28 124.14 125.27 126.25 128.46
111.75
114.43
112.61
108.78
136.87
134.38
109.14
112.96
116.94
120.54
115.85
142.17
148.59
109.74
106.13
114.82
114.88
107.32
136.63
134.48
108.48
124.35
117.69
113.35
112.55
139.76
139.03
108.73
101.68
119.26
124.53
111.72
139.78
143.25
109.21
115.54
115.75
116.59
114.98
143.74
147.40
109.45
117.72
117.95
119.52
117.26
142.94
151.24
109.87
145.22 165.93 148.03 150.48 156.80 164.30 169.98
151.06 173.94 154.49 157.37 163.58 172.24 178.53
116.82 128.46 117.84 120.16 123.78 127.97 131.19
138.73
146.42
131.63
123.72
149.74
157.64
142.43
129.97
142.02
150.17
134.50
130.93
142.95
150.97
135.54
123.98
143.73
150.80
137.18
120.50
149.80
157.53
142.64
132.12
152.42
158.96
146.42
134.16
219.36 281.17 222.42 238.05 253.47 275.14 293.05
88.71 112.22
90.58
96.77
92.67 105.06 127.72
373.29 537.40 383.34 410.89 455.71 521.20 579.68
197.41 241.67 199.06 213.17 225.32 238.34 245.82
129.38 141.54 134.07 129.32 142.67 138.97 143.84
134.78
135.52
133.96
124.65
124.65
124.65
153.76
152.66
154.93
145.19
145.19
145.19
136.62
138.66
134.41
125.92
125,92
125.92
141.81
140.82
142.86
127.07
127.07
127.07
143.88
143.19
144.62
133.79
133.79
133.79
152.92
151.76
154.15
143.13
143.13
143.13
155.69
153.68
157.83
151.38
151.38
151.38
120.06 131.75 120.29 120.90 127.64 130.41 133.58
72.71
115.75
141.57
108.20
131.88
156.64
107.59
82.04
130.89
148.48
113.45
150.42
172.95
112.49
74.42
111.42
142.09
109.77
154.18
157.00
108.64
72.34
115.97
143.35
107.70
126.69
161.19
109.99
79.33
127.31
149.12
110.16
135.99
165.61
111.87
81.05
129.34
144.58
113.41
149.43
171.31
112.06
84.47
131.36
147.33
114.41
156.31
178.47
113.05
110.25 111.98 106.20 117.38 108.28 107.13 112.27
143.68 167.94 142.86 152.24 158.58 168.75 169.57
153.63 178.59 156.57 160.69 168.20 176.44 183.20
Chain-type price indexes
Exports of goods and
155.83
services
168.73
Exports of goods !
119.75
Foods, feeds, and beverages
Industrial supplies and
127.92
materials
136.47
Durable goods
123.44
Nondurable goods
Capital goods, except
automotive
234.06
Civilian aircraft, engines,
98.62
and parts
Computers, peripherals, and
550.01
parts
Other
232.99
Automotive vehicles, engines,
and parts
155.91
Consumer goods, except
145.67
automotive
147.74
Durable goods . . .
143.49
Nondurable goods
127.64
Other
127.64 .
Durable goods
127.64
Nondurable goods
128.20
Exports of services!
Transfers under U.S. military
116.89
agency sales contracts
114.79
Travel
121.51
Passenger fares
Other transportation
119.46
142.23
Royalties and license fees
152.49
Other private services
Other
110.43
Imports of goods and
172.64
services
181.40
Imports of goods '
130.89
Foods, feeds, and beverages
Industrial supplies and
materials, except petroleum
153.02
and products
163.29
Durable goods
143.46
Nondurable goods
133.09
Petroleum and products
Capital goods, except
303.02
automotive
Civilian aircraft, engines,
123.44
and parts
Computers, peripherals, and
593.02
parts
Other
257.20
Automotive vehicles, engines,
140.69
and parts
Consumer goods, except
162.54
automotive
Durable goods
162.00
163.14
Nondurable goods
Other
152.46
Durable goods
152.46
152.46
Nondurable goods
135.35
Imports of services '
83.30
Direct defense expenditures ...
135.56
Travel
152.88
Passenger fares
Other transportation
115.82
159.97 I
Royalties and license fees
176.43
Other private services
Other ..
112.99
Addenda:
Exports of2 agricultural
120.24
goods
Exports of nonagricultural
174.84
goods
Imports of nonpetroleum
qoods
186.53
1996
1997
IV
101.61
99.38
98.27
94.61
1997
III
IV
101.47
97.89
100.35
99.90
99.72
99.21
98.69
96.06
95.55
94.99
94.35
93.54
I
II
III
IV
126.27 115.98 128.50 117.48 117.60 117.98 115.48 112.85
115.72 115.34 115.05 115.29 115.52 115.36 115.71 114.78
113.74 112.74 112.30 112.12 113.19 113.30 113.32 111.17"
116.78 116.78 116.58 117.06 116.81 116.48 117.03 116.80
81.56
75.84
80.68
78.60
77.42
76.31
75.28
74.36
114.01 118.34 114.97 115.70 117.81 117.63 118.82 119.09
44.97
87.85
34.07
84.09
43.23
87.16
40.46
85.25
37.77
84.49
35.06
84.28
32.64
83.96
30.81
83.61
104.25 105.12 104.24 104.53 104.92 105.15 105.21 105.21
104.27
102.71
105.95
103.61
103.61
103.61
105.05
103.70
106.50
100.76
100.81
100.81
104.39
102.86
106.05
103.38
103.42
103.42
104.53
102.92
106.27
101.61
101.65
101.65
104.80
103.38
106.32
101.12
101.16
101.16
104.86
103.75
106.05
101.12
101.17
101.17
105.18
103.77
106.72
100.38
100.42
100.42
105.35
103.90
106.91
100.44
100.48
100.48
110.21 112.04 110.70 111.55 111.29 112.23 112.12 112.49
110.18
114.97
106.25
105.63
111.02
109.27
131.28
109.83
112.38
109.73
105.69
109.62
107.95
126.05
109.65
112.89
112.16
107.16
110.14
108.43
128.28
110.56
114.09
102.75
106.69
110.55
108.78
129.06
110.84
114.62
109.52
105.73
110.79
109.16
131.79
109.69
114.78
108.05
105.06
111.15
109.36
131.76
109.63
116.41
104.67
105.05
111.57
109.78
132.49
99.41
95.51
98.76
98.75
97.42
95.52
94.81
94.29
98.30
93.92
97.47
97.42
96.11
93.87
93.18
92.51
111.29
111.60
109.86
105.61
109.41
107.81
122.10
110.72 111.93 110.06 110.71 111.37 113.17 112.05 111.15
109.62
110.07
109.26
113.99
109.60
112.06
107.25
107.97
108.70
109.99
107.49
112.85
109.35
109.86
108.95
128.60
110.46
111.36
109.66
123.38
108.90
112.51
105.41
104.18
109.65
112.95
106.47
101.73
109.38
111.42
107.46
102.58
77.78
67.34
76.05
72.32
69.65
68.05
66.63
65.04
113.54 118.16 114.47 114.99 117.21 117.65 118.63 119.13
52.01
87.18
41.39
76.98
50.65
85.15
48.16
80.62
45.26
78.03
42.64
77.23
40.00
76.79
37.64
75.88
108.57 108.84 108.64 108.67 108.67 108.50 108.90 109.29
103.45
103.06
103.87
107.43
107.43
107.43
102.27
100.85
103.81
106.44
106.44
106.44
103.37
102.90
103.89
107.08
107.08
107.08
103.14
102.61
103.72
107.24
107.24
107.24
102.67
101.84
103.57
107.05
107.05
107.05
102.38
101.00
103.89
106.36
106.36
106.36
102.14
100.57
103.84
106.34
106.34
106.34
101.89
100.00
103.94
105.99
105.99
105.99
105.13 104.02 105.50 105.69 104.31 104.37 103.49 103.90
107.97
109.23
105.58
103.29
109.42
99.25
109.36
100.30
105.69
111.73
103.23
111.02
98.63
108.92
107.94
110.96
104.56
103.32
109.62
98.93
110.20
108.89
109.53
107.13
104.57
110.14
99.08
109.96
101.94
106.66
108.68
104.33
110.55
98.61
109.04
101.45
105.58
112.91
103.88
110.79
98.98
108.74
98.05
104.74
112.86
102.65
111.15
98.34
108.61
99.75
105.76
112.48
102.05
111.57
98.59
109.27
126.61 117.53 128.81 118.80 119.38 118.84 116.80 115.11
95.65
92.44
95.04
93.91
93.31
92.75
92.22
91.47
97.16
92.75
96.32
94.93
93.92
92.98
92.43
91.64
D-21
National Data
SURVEY OF CURRENT BUSINESS
March 1998
Table 7.11.—Chain-Type Quantity and Price Indexes for Government Consumption Expenditures and Gross Investment by Type
[Index numbers, 1992=100]
Seasonally adjusted
Seasonally adjusted
1996
1997
III
Chain-type quantity indexes
Government consumption
expenditures
and gross
investment1
..
Federal
National defense
Consumption expenditures
Durable goods2
Nondurable goods
Services
Compensation of
general government
employees, except
force-account3
construction
Consumption of
general government
fixed capital4
Other services
Gross investment
Structures
Equipment
Nondefense
Consumption expenditures
Durable goods 2
Nondurable goods
Commodity Credit
Corporation
inventory change
Other nondurables
Services
Compensation of
general government
employees, except
force-account
construction3
Consumption of
general government
fixed capital4
Other services
Gross investment
Structures
Equipment
State and local
Consumption expenditures
Durable goods2 . .
Nondurable goods
Services
Compensation of general
government
employees, except
force-account3
construction
Consumption of general
government
fixed
capital4
Other services
Gross investment
Structures
Equipment
Addenda:
Compensation of general 3
government employees ....
Federal
State and local
. .
NOTE.—See footnotes to table 3.7.
1996
1997
1996
IV
1
II
III
IV
99.54 100.47
99.83
99.85
99.74 100.50 100.77 100.86
87.92
86.56
88.21
87.04
85.76
87.14
86.89
86.44
84.56
86.20
72.27
76.05
88.01
82.15
85.41
67.81
69.90
87.76
85.00
86.99
79.98
82.30
87.94
83.44
85.84
67.04
66.02
88.45
80.86
84.57
66.37
70.26
86.93
82.33
85.69
70.43
66.46
87.94
82.58
85.60
66.16
72.52
88.05
82.84
85.79
68.29
70.34
88.13
81.89
78.91
81.93
80.64
79.99
79.14
78.93
77.58
94.82 92.92 94.57 94.12
94.25 100.28 94.08 98.60
75.34 63.58 73.76 69.89
107.11 95.13 103.75 102.80
71.80 60.05 70.43 66.21
93.62 93.17 92.70 92.19
94.74 100.30 101.42 104.65
59.66 63.13 65.42 66.13
96.54 94.56 93.91 95.52
55.49 59.61 62.26 62.86
96.01
95.37
97.16
97.09
95.93
94.84
95.69
95.21
97.54
97.18
98.71
97.60
97.27
97.24
95.11
96.33
75.08
95.57
86.83
96.67
70.86
95.43
74.38
95.61
83.75
96.75
85.82
97.23
85.41
97.03
92.34
95.69
90.66
90.52
91.20
90.70
91.10
91.42
90.91
88.67
115.70 121.31 116.42 117.80
99.49 101.89 98.03 99.16
100.61 97.48 103.75 99.08
97.44 85.32 96.76 97.41
104.93 113.27 112.70 101.49
119.30
101.47
100.06
94.95
106.77
120.73 122.01 123.19
102.05 102.13 101.89
106.81 97.31 85.73
88.29 90.52 67.54
130.76 105.85 109.70
109.78
109.53
118.18
120.12
108.15
110.10
110.06
119.04
121.18
108.61
107.88
108.28
115.98
117.38
107.08
110.46
110.44
119.47
121.71
108.98
108.17
108.63
116.49
117.92
107.41
109.04
108.98
117.32
119.06
107.66
110.73
110.77
119.90
122.24
109.28
111.22
111.41
120.76
123.30
109.87
105.08 106.62 105.44 105.54 105.87 106.30 106.90 107.41
111.57
138.73
106.03
104.30
114.13
114.41
146.07
110.52
108.58
119.80
111.94
138.20
106.03
104.15
114.91
112.66
140.65
109.35
107.84
116.33
113.37
143.86
110.95
109.49
117.57
114.07
144.66
110.28
108.43
119.08
114.76
146.73
110.52
108.39
120.88
115.43
149.02
110.34
108.03
121.68
98.66 99.07 98.98 98.72 98.87 99.00 99.31 99.09
84.83 82.82 85.07 84.02 83.73 83.27 82.98 81.30
105.06 106.63 105.42 105.54 105.89 106.31 106.91 107.41
1997
1996
III
Chain-type price indexes
Government consumption
expenditures
and gross
investment1
111.83 114.47 112.07
112.03 114.73 112.05
Federal
111.02 113.65 111.16
National defense
Consumption expenditures
110.96 113.97 111.26
2
102.41 102.98 102.60
Durable goods
109.95 108.32 109.14
Nondurable goods
111.78 115.11 112.12
Services
Compensation of
general government
employees, except
force-account3
115.40 120.33 115.87
construction
Consumption of
general government
111.40 113.15 '111.61
fixed capital4
106.45 108.50 106.69
Other services
111.22 111.19 110.39
Gross investment
121.50 125.43 122.21
Structures
110.07 109.41 109.00
Equipment
114.47 117.33 114.25
Nondefense
116.32 119.86 116.10
Consumption expenditures
Durable goods ~
Nondurable goods . .
Commodity Credit
Corporation
inventory change ..
112.73 111.30 113.82
Other nondurables
116.89 120.73 116.64
Services
Compensation of
general government
employees, except
force-account
construction 3
126.39 132.60 125.72
Consumption of
general government
104.51 104.24 104.40
fixed capital4
106.39 108.10 106.65
Other services
Gross investment
102.76 101.46 102.53
113.14 116.63 113.30
Structures
92.16 86.89 91.56
Equipment
111.71 114.31 112.07
State and local
111.84 114.44 112.23
Consumption expenditures
106.39 106.80 106.32
Durable goods 2
Nondurable goods
109.36 108.70 109.07
Services
112.25 115.33 112.75
Compensation of general
government
employees, except
force-account
construction3
114.02 117.18 114.45
Consumption of general
government
fixed
108.74 110.56 108.85
capital4
Other services
90.09 93.80 91.97
113.71 111.34
111.14
Gross investment
Structures
113.93 117.95 114.25
Equipment
99.35 95.95 99.09
Addenda:
Compensation of general 3
government employees .... 115.42 119.16 115.75
Federal
119.00 124.38 119.08
State and local
114.03 117.18 114.46
1997
IV
I
II
III
IV
112.76 113.74 114.14 114.54 115.44
112.74 114.10 114.46 114.71 115.67
111.94
112.16
102.17
116.27
112.96
113.14
113.39
102.89
114.14
114.31
113.46
113.70
103.22
107.47
114.81
113.62
113.95
103.01
105.14
115.17
114.37
114.85
102.81
106.55
116.15
116.76 119.51 120.16 120.26 121.39
111.91
107.82
110.29
123.57
108.67
112.50
107.65
111.26
124.09
109.72
112.78
108.07
111.65
125.35
109.95
113.26
108.71
111.10
126.15
109.19
114.05
109.58
110.76
126.13
108.79
114.72 116.44 116.87 117.30 118.70
116.74 118.80 119.30 119.87 121.47
109.98 110.07 111.40 111.61 112.12
117.48 119.65 120.14 120.73 122.38
126.91 130.91 131.68 132.41 135.40
104.15
107.29
101.99
113.92
90.00
104.08
107.60
101.63
114.63
88.66
103.77
107.92
101.67
116.18
87.56
104.43
108.29
101.24
117.11
86.12
104.69
108.58
101.31
118.61
85.20
112.77
113.01
106.45
110.70
113.43
113.54
113.71
106.42
110.77
114.23
113.95
114.02
106.45
108.30
114.90
114.44
114.58
107.01
107.82
115.60
115.32
115.45
107.32
107.89
116.58
115.24 116.04 116.75 117.52 118.41
108.95 109.84 110.41 110.57 111.40
92.13 92.76 93.05 93.55 95.86
111.69 112.73 113.64 113.78 114.69
114.90 116.36 117.75 118.20 119.49
98.20 97.49 96.39 95.28 94.65
116.59 118.03 118.73 119.38 120.51
120.08 123.26 123.94 124.26 126.05
115.24 116.04 116.75 117.53 118.41
D-22 • National Data
SURVEY OF CURRENT BUSINESS
March 2998
Table 7.14.—Chain-Type Quantity and Price indexes for Gross Domestic
Product by Sector
Table 7.16.—Implicit Price Deflators for Inventories of Business by
Industry
[Index numbers, 1992=100]
[Index numbers, 1992=100]
Seasonally adjusted
Seasonally adjusted
1996
1996
1997
III
1996
1997
IV
I
II
III
IV
III
Inventories
Chain-type quantity indexes
Gross domestic
product
Business '
Nonfarm!
Nonfarm less housing
Housing
Farm
Households and institutions ...
Private households
Nonprofit institutions ..
General government2
Federal
State and local
Business ^
Nonfarm1
Nonfarm less housing
Households and institutions ...
107.45 107.77 107.00 106.36 106.74 106.04
106.52 106.49 106.69 106.25 106.12 105.76
108.74 109.53 107.45 106.54 107.62 106.45
97.86
117.81 113.25 114.69 116.18 117.23 118.23
118.80 113.83 115.36 116.99 118.15 119.27
109.59 108.37 109.05 109.53 109.66 109.67
98.71
92.56 92.75 98.07 99.75 98.78
12081
10951
9823
Manufacturing
Durable goods
Nondurable goods
107.32 107.47 106.84 106.13 106.49 105.89
104.68 104.89 104.92 104.52 104.50 104.28
111.79 111.85 110.06 108.80 109.84 108.57
111.52 114.86 111.96 112.66 113.55 114.40 115.28
11621
100.06 95.64 98.67 95.09 94.77 95.54 95.97
111.96 115.59 112.47 113.33 114.27 115.11 116.02
Wholesale
Durable goods
96.28
107.22 106.53 106.26 105.62 106.08 105.17
104.14 103.90 103.91 103.80 103.56 103.06
112.38 110.90 110.16 108.61 110.27 108.66
99.34
99.79
99.63
99.43
99.58
99.72 100.01
87.79 86.02 87.94 87.08 86.80 86.40 86.12
105.65 107.33 106.00 106.18 106.56 107.00 107.61
8474
108 13
110.22 112.45 110.59 111.10 111.78 112.27 112.67
113.08
•MO 10
109.56 111.59 109.95 110.43 111.00 111.45 111.80
111.67
111.14
116.29
122.82
112.00
111.19 114.29 111.36 111.98 112.87 113.90 114.79
11559
11Q79
11544
109.46
109.11
112.48
118.34
111.46
110.96
115.80
122.39
109.76
109.40
112.88
125.11
110.21
109.82
113.63
128.16
110.88
110.47
114.42
121.56
111.29
110.83
115.32
124.35
117 19
120 8^
119.28
122.61
117.74
NOTE.-See footnotes to table 1.7.
Table 7.15.—Current-Dollar Cost and Profit Per Unit of Real Gross
Domestic Product of Nonfinancial Corporate Business
[Dollars]
1.063
.101
.962
1.064
1.065
1.069
1.072
1.072
.101
.101
.101
.101
.100
.963
.963
.968
.971
.972
108
853
108
855
108
855
.107
.861
107
863
.865
.690
.691
140
040
040
.101
m
141
.101
M?
107
.697
.698
.040
.143
.040
.040
.042
.102
.021
.103
.021
.104
.107
.693
142
144
0?1
.695
149
n?i
1. Equals the deflator for gross domestic product of nonfinancial corporate business with the decimal point shifted
two places to the left.
105.03 100.15 103.26' 101.90 101.00
Nonfarm
Durable goods
Nondurable goods
117.52 112.93 114.35 115.92 116.98 117.94
116.82 121.16 116.92 117.71 120.19 120.74 121.11
113.53 116.55 113.93 114.64 11546 116.15 116.86
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
107.20 107.08 106.63 105.93 106.21 105.29
Farm
112.99
113.61
107.83
93.75
114.58 118.01 114.89 115.62 116.95 117.60 118.21
Net domestic product
IV
112.70
General government2 ..
Consumption of fixed capital
III
119.26
113.51 117.66 114.29 115.40 115.86 116.84 118.22
111.10 114.17 111.25 111.86 112.77 113.79 114.68
Current-dollar cost and
profit per unit of real
gross domestic
product *
II
115.14 111.20 112.38 113.73 114.66 115.53 116 64
Private households
Nonprofit institutions
Federal
State and local
I
110.95
Chain-type price indexes
Gross domestic
product
]
1997
IV
Nondurable nood<;
Merchant wholesalers
Durable goods
Nondurable goods
Nonmerchant wholesalers
Durable goods
Nondurable goods
107.39
104.39
112.55
106.18
102.54
111.59
106.48
104.14
110.43
106.86
102.26
113.64
106.50
104.17
110.44
104.87
102.24
108.77
105.93
104.06
109.05
103.79
102.07
106.34
106.35
103.83
110.61
104.50
101.79
108.52
105.52
103.32
109.23
103.09
101.32
105.72
Retail trade
Durable goods
Motor vehicle dealers
Other
Nondurable goods
106.85
110.22
112.94
107.50
103.39
106.96
110.06
112.57
107.52
103.80
107.01
110.48
113.16
107.79
103.44
106.28
109.42
110.90
107.83
103.08
106.53
109.38
110.89
107.76
103.64
106.16
108.93
110.26
107.47
103.36
Other
Durable goods
Nondurable aoods
109.96 113.73 109.34 109.15 109.74 108.39
115.20 115.15 116.40 116.50 115.80 115.50
107.36 113.22 105.81 105.46 106.73 104.83
1- Implicit price deflators are as of the end of the quarter and are consistent with the inventory stocks shown
in tables 5.12 and 5.13.
National Data •
SURVEY OF CURRENT BUSINESS
March 1998
Table 7.17.—Chain-Type Quantity Indexes for Gross Domestic Product
by Major Type of Product
Table 7.18.—Chain-Type Quantity Indexes for Auto Output
[Index numbers, 1992=100]
[Index numbers, 1992=100]
Seasonally adjusted
Seasonally adjusted
1996
1997
Gross domestic product
Final sales of domestic
product
Change in business
inventories
Goods
Final sales
Change in business
inventories
Durable goods
Final sales
Change in business
inventories
Nondurable goods
Final sales
Change in business
inventories
Services
Structures
Addenda:
Motor vehicle output ....
Gross domestic product less
motor vehicle output
1996
1997
1996
III
IV
D-23
I
II
1997
1996
III
III
IV
110.95 115.14 111.20 112.38 113.73 114.66 115.53 116.64
110.64 114.14 110.70 111.93 112.77 113.47 114.80 115.50
114.72 120.95 115.17 116.51 119.31 120.49 121.30 122.69
113.89 118.17 113.83 115.32 116.66 117.19 119.31 119.53
127.97 138.73 130.25 128.64 133.71 139.00 140.14 142.07
124.84 133.87 125.41 127.35 128.97 132.66 136.70 137.14
105.69 108.99 104.94 108.19 109.52 108.07 108.66 109.70
106.32 107.47 105.82 107.01 108.17 106.63 107.49 107.58
108.08 111.14 108.15 109.17 109.76 110.65 111.54 112.60
113.63 116.82 114.19 115.73 116.16 116.27 117.26 117.60
117.55 122.79 120.25 115.23 120.59 117.22 123.72 129.63
110.73 114.88 110.89 112.28 113.50 114.57 115.25 116.20
Auto output
Final sales
Personal consumption
expenditures
New autos
Net purchases of used
autos
Producers' durable equipment
New autos
Net purchases of used
autos
Net exports
Exports
Imports
Gross government investment
Change in business
inventories of new and used
autos
New
Used
Addenda:
Domestic1 output of new
autos
Sales of imported new autos2
1997
IV
I
II
III
IV
98.69 98.63 105.25 93.58 98.45
101.94 98.05 101.44 99.35 99.31
96.09 100.49 99.48
94.84 100.39 97.68
103.07 103.25 102.94 100.38 105.11
95.25 95.88 93.43 93.83 96.91
99.69 106.36 101.84
89.70 100.20 96.70
128.03 132.76 133.95 127.22 136.19 130.82 136.50 127.53
126.10 126.85 133.00 121.72 130.80 126.22 129.36 121.04
112.16 110.85 112.99 110.84 109.44 119.00 106.05 108.89
126.62 140.08 131.31 125.96 143.81 139.60 143.34 133.59
102.75 98.22 89.32 115.71 103.02 82.28 100.78 106.80
110.93 110.20 120.25 103.63 109.88 108.14 114.28 108.49
98.06 107.16 97.64 99.15 108.82 102.63 109.56 107.62
1. Consists of final sales and change in business inventories of new autos assembled in the Unite
2. Consists of personal consumption expenditures, producers' durable equipment, and gross government investment.
Table 7.19.—Chain-Type Quantity Indexes for Truck Output
[Index numbers, 1992=100]
Truck output '
Final sales
Personal consumption
expenditures
Producers' durable equipment
Net exports
Exports
Imports
Gross government investment
Change in business
inventories
1. Includes new trucks only.
144.61
147.62
157.53 141.72 146.38 152.43 147.62 157.14 172.92
156.55 144.35 152.03 150.72 147.96 158.65 168.87
121.78 123.02 118.29 120.90 119.17 11336 12605 13349
181.34 199.57 184.46 190.80 193.20 192.36 202.08 210.64
156.23 185.47 147.53 177.17 175.57 169.89 176.36 220.08
116.45 135.13 125.33 113.92 13314 13075 14562 131 04
91.90 105.16 79.52 82.80 97.68 109.59 120.72 92.66
SURVEY OF CURRENT BUSINESS
D-24 • National Data
March 1998
8. Supplementary Tables.
Table 8.1.—Percent Change From Preceding Period in Selected Series
[Percent]
Seasonally adjusted at annual rates
1996
III
Gross domestic product:
Current dollars
Chain-type quantity index
Personal consumption expenditures:
Current dollars
. ..
Chain-type quantity index
Chain-tvoe orice index
Implicit price deflator
Durable goods:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Nondurable goods:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Services:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Gross private domestic investment:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Fixed investment:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Nonresidential:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Structures:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Producers' durable equipment:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Residential:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Exports of goods and services:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Exports of goods:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator .
Exports of services:
Current dollars
Chain-type quantity index
Chain-type price index
IV
I
II
III
2.4
Implicit price deflator
3.6
1.0
2.7
2.6
6.2
4.3
1.9
1.9
7.4
4.9
2.4
2.4
5.2
3.3
1.8
1.8
4.6
3.1
1.4
1.4
5.4
3.9
1.4
1.4
5.0
2.6
2.4
2.4
5.4
3.3
2.0
2.0
3.0
.5
2.5
2.5
6.3
3.3
3.0
2.9
7.6
5.3
2.2
2.2
2.0
.9
1.0
1.0
7.2
5.6
15
4.4
3.1
1.3
1.3
4.0
1.4
2.6
2.6
5.7
2.7
2.9
2.9
7.5
7.8
-.2
-.3
8.2
8.3
-.1
-.1
8.1
9.2
-1.0
-1.0
3.9
5.6
-1.6
-1.6
3.7
1.8
1.9
1.9
6.5
35
2.9
2.9
11.1
11.8
-.4
-.6
7.5
7.7
-.2
-.2
8.2
9.7
-1.4
-1.4
-2.6
-1.9
-.6
-.7
1.6
.6
.9
.9
4.9
1.0
3.9
3.9
16.8
16.5
1.2
.3
11.6
10.1
1.4
1.3
16.1
16.5
-.3
-.3
7.3
4.8
2.3
2.3
6.8
3.5
3.3
3.3
14.2
10.0
8.4
8.7
16.9
19.1
-1.9
-1.9
10.9
-2.3
-2.3
8.5
5.9
2.4
2.4
6.4
8.3
-1.8
-1.8
5.8
9.5
^3.4
-3.4
8.0
5.5
2.4
12.2
-3.1
-3.1
5.8
2.7
3.0
3.0
10.0
12.4
-2.2
-2.2
3.9
3.8
1.0
-4.5
5.7
5.7
-.6
1.9
-2.6
-2.4
11.2
15.4
-2.7
-<3.7
-5.3
-5.1
-3.7
7.2
5.4
1.7
2.5
4.6
.3
4.3
2.4
3.5
-1.0
-1.1
5.8
2.1
3.7
3.7
7.4
3.9
3.4
3.4
.7
1.6
-.5
-.9
2.6
3.0
-.4
-.4
4.4
5.9
13.3
14.1
-.7
-.7
7.2
4.7
2.4
2.4
6.6
3.9
2.6
2.6
15.6
17.1
-1.0
-1.3
3.0
3.9
-.9
-.9
2.1
4.1
-1.5
-1.5
-2.0
-2.0
18.2
15.3
-2.1
.7
2.5
2.5
2.8
2.8
-.5
2.6
2.6
6.7
-3.0
-3.0
-1.8
-4.3
2.6
2.6
^3.8
-3.8
-8.2
-5.4
-3.0
-3.0
-2.1
-2.1
0#
0
6.3
3.9
2.4
2.4
17.2
17.7
-.6
-.4
12.4
12.6
-.2
-.2
6.5
3.9
2.5
2.5
2.7
2.5
.2
.1
14.7
14.4
.3
.3
11.2
18.7
23.0
-3.5
-3.5
11.1
8.0
9.9
17.6
18.4
7.4
3.4
3.4
-1.8
-1.8
-.7
-.7
21.8
30.7
-7.3
-6.9
10.2
12.6
-2.1
-2.1
222
3.1
5.7
4.3
1.3
1^3
-1.0
-4.1
5.4
3.3
2.0
2.0
2.7
3.7
-.9
15.0
18.4
-2.9
-2.9
18.2
19.2
20.4
25.5
-4.3
-4.1
17.1
13.5
i!s
12.9
14.6
-1.5
-1.5
3.9
3.9
25.1
-2.3
-2.3
6.7
3.2
3.4
1996
-.8
-.8
6.7
4.2
4.2
20.9
24.1
-2.6
-2.6
6.0
2.7
3.2
3.2
2.3
4.4
-2.0
-2.0
.6
3.4
-2.6
-2.6
6.8
7.2
-.4
-.7
1.7
-2.3
-2.3
.2
-1.0
1.2
1.2
7.6
5.4
2.1
2.1
9.1
9.3
-.2
-.2
-.2
0
-.1
-.1
-^.5
-3.5
-1.0
-1.0
-.6
Imports of goods and services:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Imports of goods:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Imports of services:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Government consumption expenditures
and gross investment:
Current dollars
Chain-type quantity index
Chain-type price index
Federal:
Current dollars
Chain-type quantity index
Chain-type price index
t
National defense:
Current dollars
Chain-type quantity index
Chain-type price index
Nondefense:
Current dollars
Chain-type quantity index
Chain-type price index
State and local:
Current dollars
Chain-type quantity index
Chain-type price index
-4.3
3.9
3.9
-5.9
-4.3
-2.8
-2.8
12.1
9.7
2.2
2.2
7.7
10.0
-2.1
-2.1
10.6
14.5
^3.4
^3.4
.5
-.8
1.3
Addenda:
Final sales of domestic product:
Current dollars
Chain-type quantity index
Implicit price deflator
Gross domestic purchases:
Current dollars
Chain-type quantity index
Phain-tvnp nrirp inrlpy
Implicit price deflator
Final sales to domestic purchasers:
Current dollars
Chain-type quantity index
Imolicit orice deflator
Gross national product:
Current dollars
Chain-type quantity index
Implicit orice deflator
Command-basis gross national product:
Chain-type quantity index
Disposable personal income:
Current dollars
Chained (1992) dollars
1.7
6.8
9.1
-2.2
-2.2
14.3
-3.9
-4.0
6.8
9.9
-2.8
-2.8
15.1
-4.5
-4.6
6.6
5.5
1.1
1.1
3.8
.5
3.3
3.3
2.1
-1.3
3.4
3.4
2.4
-1.5
9.6
9.9
8.5
9.7
-1.1
-1.1
3.3
.9
2.4
2.3
.7
-1.6
2.4
2.3
-.7
-2.8
3.9
3.9
2.4
2.2
1.4
-.9
2.3
2.3
3.7
1.2
2.5
2.4
4.8
1.6
3.2
3.2
1997
IV
III
5.8
3.8
2.0
2.0
4.3
47
-.4
-.4
1997
IV
5.1
2.8
2.3
2.3
NOTE.—Contributions to the percent change in real gross domestic product are shown in table 8.2.
1996
1997
1996
1997
Seasonally adjusted at annual rates
I
II.
III
-.9
3.4
-.4
IV
4.3
3.1
8.1
6.5
6.8
0
-.3
11.7
17.9
-5.3
-5.3
11.4
20.5
-7.6
-7.6
11.2
14.6
-3.0
-3.0
-2.2
-2.2
7.2
7.7
-.2
-.4
10.5
16.7
-5.3
-5.3
11.8
22.9
-9.0
-9.0
12.1
15.4
-2.9
-2.9
-2.9
-2.9
4.3
1.2
3.1
3.1
2.8
2.1
.7
.7
17.9
24.2
-5.1
-5.1
1.8
2.5
.1
2.5
2.4
13.2
-4.2
-4.5
8.9
15.7
-5.6
-5.9
-1.1
3.1
3.0
-2.3
-4.2
2.1
1.9
-2.8
-4.6
2.1
1.9
-3.0
-5.2
2.5
2.3
-4.7
-7.1
2.8
2.6
.5
3.1
-.4
3.5
3.5
-1.1
-5.8
4.9
4.9
-8.0
-11.8
4.3
4.3
9.2
8.9
.2
.2
4.5
3.1
1.4
1.4
7.9
6.6
1.3
1.3
8.7
7.5
1.1
1.1
2.2
2.0
1.7
1.5
8.0
6.1
6.1
6.4
4.9
1.5
1.5
4.8
2.4
2.3
2.3
4.4
.7
3.6
3.6
5.9
3.3
2.5
2.5
5.5
2.7
2.7
2.7
5.2
2.8
2.3
2.3
5.3
3.2
2.1
2.1
2.9
.2
2.7
2.7
6.6
4.5
1.9
2.0
5.2
2.9
2.2
2.2
5.8
4.1
1.7
1.7
4.7
2.4
2.4
2.2
5.2
3.0
2.2
2.2
5.3
3.5
1.8
1.8
-1.3
-3.2
-1.0
14.6
6.4
10.1
-3.3
^3.3
2.5
1.1
1.4
1.4
-.3
-1.1
1.3
4.1
6.4
3.5
6.6
7.0
5.4
1.6
1.6
3.6
.4
3.2
3.2
1.3
-2.1
.9
.9
3.4
3.4
1.8
1.2
.6
.6
4.0
1.3
2.7
2.7
-4.3
-5.7
^.1
-8.6
1.5
1.5
4.9
4.9
2.6
1.2
1.5
1.5
4.1
2.3
1.7
1.7
4.9
1.8
3.1
3.1
5.6
3.0
2.5
2.5
4.4
2.5
1.9
1.9
6.3
4.7
1.5
1.5
4.0
2.5
1.5
1.5
4.8
2.5
2.4
2.3
7.9
5.9
1.9
1.9
4.6
3.7
.8
.9
5.7
4.3
1.3
1.3
5.0
3.5
1.4
1.4
4.0
1.5
2.4
2.4
5.1
2.7
2.4
2.4
6.1
4.0
2.0
2.0
3.9
2.9
.9
.9
7.4
6.0
1.3
1.3
3.6
2.1
1.4
1.4
50
2.7
2.3
2.3
31
.6
2.6
2.5
fiR
4.9
1.9
1.8
6.5
4.0
2.4
2.4
49
3.0
1,8
1.8
46
3.1
1.4
1.4
28
.8
4.4
4.5
4.0
3.2
5.2
2.7
3.7
.7
6.8
4.6
4.2
3.1
4.1
2.6
4.7
2.3
4.9
2.9
5.8
4.5
D-25
National Data
SURVEY OF CURRENT BUSINESS
March 1998
Table 8.3.—Selected Per Capita Product and Income Series in Current
and Chained Dollars
Table 8.2.—Contributions to Percent Change in Real Gross Domestic
Product
[Dollars]
Seasonally adjusted at annual rates
1996
1997
Percent change at annual rate:
Gross domestic product
Percentage points at annual rates:
Personal consumption expenditures
Durable goods
Nondurable goods
Services
Gross private domestic investment ...
Fixed investment
Nonresidential
Structures
Producers' durable equipment
Residential
Change in business inventories
Net exports of goods and services ...
Exports
Goods
. .
Services
Imports
Goods
Services
Government consumption
expenditures and gross
investment
Federal
National defense
Nondefense '.
State and local
II
I
IV
III
Seasonally adjusted at annual rates
1997
1996
1996
IV
III
1997
III
2.8
3.8
1.0
4.3
4.9
3.3
3.1
3.9
1.8
2.2
.4
2.2
3.6
.6
3.8
2.1
.4
.3
1.1
.4
.4
1.4
-.2
.1
.4
.3
.4
1.5
1.1
.9
1.5
-.5
-.4
1.5
1.4
.8
1.5
.1
-.2
2.1
1.1
1.6
2.3
.2
2.4
2.5
.4
1.4
1.1
.9
.1
.8
.2
0
1.0
.9
.1
.8
.1
.6
1.4
1.6
.3
1.3
-.2
.8
.4
.6
.4
.2
-.2
-.2
.6
.4
-.1
.5
.1
1.8
1.7
1.4
-.1
1.6
.3
.8
2.0
1.9
.2
1.7
.1
-1.6
0
-.4
-.1
-.3
.4
1.4
-.2
-.3
-.4
-1.3
.9
.7
.2
1.3
1.2
.2
-1.1
-1.0
-.1
-1.4
-1.2
-1.4
.2
.2
0
-1.6
-1.6
-.2
0
.1
.2
-.2
-.1
-1
0
,?
—1
-1
0
3
-.3
-.2
-.1
,1
1.8
2.7
2.2
.4
-.8
-.8
0
-1.0
1.1
1.0
.1
-2.1
-1.7
2.0
1.9
.1
-2.5
-2.3
.3
.5
.3
.2
-1.7
-1.6
-.1
1.1
1.2
0
-.8
-.7
-.1
-.5
-.2
0
-.1
.6
.2
.1
-.4
-.3
0
4
-.4
-.6
.2
,3
.4
.3
.1
,1
-.1
.1
-1
.3
-.1
.1
-.2
.2
1997
1996
IV
I
II
III
IV
Current dollars:
Gross domestic
product
Gross national
product
Personal income
Disposable personal
income
Personal
consumption
expenditures
Durable goods ....
Nondurable
28,752 30,168
28,869
29,243
29,715
30,030
30,295
28,759
24,457 25,663
28,843
24,604
29,254
24,835
29,662
25,268
29,952
25,525
30,218
25,756
26,099
21,117 21,972
21,229
21,373
21,689
21,865
22,034
22,297
19,608 20,488
2,389 2,461
19,660
2,386
19,919
2,395
20,247
2,466
20,303
2,409
20,612
2,488
20,788
2,479
5,944
12,084
5,786
11,488
5,854
11,669
5,945
11,836
5,901
11,993
5,969
12,154
5,958
12,351
26,840
26,116
26,333
26,599
26,760
26,901
27,099
26,102
26,354
26,562
26,704
26,844
19,494
19,161
19,152
19,331
19,439
19,518
19,688
18,178
2,410
17,745
2,301
17,848
2,316
18,046
2,389
18,051
2,351
18,258
2,447
18,356
2,452
5,446
10,325
5,393
10,052
5,408
10,125
5,460
10,202
5,420
10,278
5,465
10,352
5,439
10,466
goods
5,779
Services
11,441
Chained (1992)
dollars:
Gross domestic
product
26,088
Gross national
product
26,101
Disposable personal
income
19,116
Personal
consumption
expenditures
17,750
2,301
Durable goods ....
Nondurable
aoods
5,393
10,057
Services .....
Population (mid-period,
thousands)
265,579
267.868
30,628
265,887 266,491 266,987 267,545 268.171 268.770
D-26
• National Data
SURVEY OF CURRENT BUSINESS
March 1998
Table 8.4.—Auto Output
Table 8.5.—Real Auto Output
[Billions of dollars]
[Billions of chained (1992) dollars]
Seasonally adjusted at annual rates
1996
1997
III
Seasonally adjusted at annual rates
1997
1996
IV
I
II
1996
III
86.1
55.3
45.3
79.2
84.8
56.7
48.0
84.0
85.3
53.2
45.9
76.9
87.9
57.3
48.8
82.5
18.1
73.0
16.2
75.5
16.6
70.7
1.9
2.3
2.5
2.1
2.3
-.2
Change in business inventories of new
and used autos
New
Used
81.3
55.4
47.4
79.5
90.7
53.3
50.4
81.4
87.2
50.1
47.1
75.9
-33.9 -31.4 -35.9 -51.1 -33.7 -52.1 -31.0 -28.8
-48.9 -56.7 -51.3 -48.8 -58.4 -54.9 -59.4 -54.0
Change in business inventories of new
and used autos
New
Used
Addenda:
Domestic output of new autos !
Sales of imported new autos2
86.8
54.0
48.4
79.8
17.0
65.9
16.9
73.5
17.1
68.3
16.8
65.7
2.3
2.2
2.0
2.6
-5.4
-5.6
.2
.1
.7
-.6
16.6
75.0
2.3
-.9
4.3 -9.3 -1.5
.3
3.7 -9.0
-.8
.6 -.4 -.6 -1.2
.7
1.1
-.4
58.2
63.7
58.2
59.2
64.8
61.1
65.1
63.7
1. Consists of final sales and change in business inventories of new autos assembled in the United States.
2. Consists of personal consumption expenditures, producers' durable equipment, and gross government investment.
Addenda:
Domestic output of new autos '
Sales of imported new autos 2
1. Includes new trucks only.
IV
78.2
42.1
45.1
72.0
78.7
41.8
46.8
72.4
76.7
43.2
47.2
75.9
77.0
40.2
44.9
69.5
79.6
43.1
48.0
74.7
73.7
42.4
46.1
72.1
82.3
42.0
48.1
73.9
79.4
39.7
45.0
69.1
-26.6 -25.6 -28.4 -24.6 -26.6 -25.9 -25.8 -24.2
-43.6 -50.1 -45.6 -43.4 -52.0 -48.7 -52.3 ^7.3
16.0
59.6
15.8
65.9
16.1
61.8
15.8
59.2
2.1
2.0
1.8
2.3
-4.7
-5.2
.3
0
.8
-.7
4.0 -7.9
3.6 -8.1
.5
0
.6
.6
.3
.8
15.6
67.6
17.0
65.7
15.1
67.4
15.5
62.8
1.7
2.0
2.2
.9
2.3
-.7 -1.2
-.6
0
-.5
1.5
1.9
-.3
.5
.4
2.1
-1.8
-1.0
.5
.4
110.9 110.1 120.2 103.6 109.8 108.1 114.2 108.4
..
52.9
57.8
52.6
53.5
58.7
55.3
59.1
58.0
Table 8.7.—Real Truck Output
[Billions of dollars]
[Billions of chained (1992) dollars]
136.7 149.4 134.2 138.5 145.0 140.2 149.3 163?
137.4 146? 134.6 141.6 141.1 1383 1483 157.2
63.7
71.6
-4.7
65.2
78.3
-5.0
90
137
68
109
78
-63 -3?
85 102
148 134
59
61
-.7
3?
-.4 -5.1
15.9
III
1. Consists of final sales and change in business inventories of new autos assembled in the United States.
2. Consists of personal consumption expenditures, producers' durable equipment, and gross government investment.
NOTE.—Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
indexes uses weights of more than one period, the corresponding chamed-dollar estimates are usually not additive.
The residual line is the difference between the first line and the sum of the most detailed lines, excluding the
lines in the addenda.
Table 8.6.—Truck Output
Truck output '
Final sales
Personal consumption expenditures
Producers' durable equipment
Net exports
Exports
Imports
Gross government investment
Change in business inventories
II
I
IV
124.4 119.7 123.8 121.3 121.2 115.8 122.6 119.2
121.2 121.4 121.0 118.0 123.6 117.2 125.0 119.7
Residual
121.1 120.7 131.6 113.5 120.8 116.8 126.3 118.8
1997
119.9 119.9 127.9 113.7 119.7 116.8 122.1 120.9
Auto output
Final sales
Personal consumption expenditures
New autos
Net purchases of used autos
Producers' durable equipment
New autos
Net purchases of used autos .
Net exports
Exports
Imports
Gross government investment
140.0 134.8 140.2 138.0 137.9 131.1 137.4 132.7
141.3 140.8 141.5 138.4 145.2 136.7 144.0 137.2
1996
III
IV
134.6 134.9 144.5 128.7 136.4 130.2 138.1 134.9
Auto output
Final sales
Personal consumption expenditures
New autos
Net purchases of used autos
Producers' durable equipment
New autos
Net purchases of used autos
Net exports
Exports
Imports
Gross government investment
1997
62.1
72.9
63.9
74.9
63.2
76.1
-5.4
60.1
75.5
-5.4
102
7?
100
153
81
38
18
15.7
Truck output
l
121.1 131.9 118.7 122.6 127.6 1236 131 6 1448
121.7 129.0 119.0 125.3 124.2 121.9 1307
89
68
Final sales
Personal consumption expenditures
Producers' durable equipment
Net exports
Exports
Imports
Gross government investment
10
61
Change in business inventories
-.6
3.0
Residual
-.2
-.4
66.8
79.3
70.6
82.2
-67 -?4
104 13.1
17.1
15.5
55.8
56.4
637 701
-37 -4.1
8.7 10.3
124 144
6.9
6.1
1392
61.2
54.2
55.4
54.6
647
670
-5.1
-2.3
8?
134
5.2
98
121
5.5
678 675 709 739
-44 -45 -57 -17
94
9.8
98 122
142 139 155 140
64
72
61
80
57
3.6
.9
1.7
-.3 -2.9
.1
-.1
-.4
51.9
-.2
57.7
-.2
-.3
1. Includes new trucks only.
NOTE.—Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.
The residual line is the difference between the first line and the sum of the most detailed lines.
National Data •
SURVEY OF CURRENT BUSINESS
March 1998
D-27
B. Other NIPA and NiPA-Related Tables.
Monthly Estimates:
Tables B.i and B.2 include the most recent estimates of personal income and its components; these estimates
were released on March 2, 1998 and include "preliminary" estimates for January 1998 and "revised" estimates
for October-December.
Table B.1.—Personal Income
[Billions of dollars; monthly estimates seasonally adjusted at annual rates]
1S 97
1996
1996
Jan.
Dec.
6,495.2
6,874.2
6,664.4
3,632.5
29899
909.1
6747
8233
1,257.5
6426
3,877.3
32120
960.2
7059
876.2
1,375.5
6653
3,753.7
3,1040
935.2
6904
848.9
1,319.9
6497
Other labor income
407.6
5203
372
483.1
416.6
5445
411.4
Proprietors' income with IVA and CCAdj
Farm .
Nonfarm
503.7
Rental income of persons with CCAdj
Personal dividend income
146.3
291 2
3215
Personal income
Wage and salary disbursements
Private industries
Commodity-producing industries
Manufacturing
Distributive industries
Service industries
Government
Personal interest income
Transfer payments to persons
Old-age, survivors, disability, and health insurance benefits
Government unemployment insurance benefits
Other
Less' Personal contributions for social insurance
0
r
1998
1997
40.7
148.0
22.0
21.7
5327
3237
Nov.'
Dec.'
7,051.6
4,006.7
3,331.2
991.4
7279
904.0
1,435.7
6755
6,800.9
6,822.8
6,863.5
6,873.1
6,912.2
6,935.5
6,970.7
7,021.5
3,822.1
3,161.2
950.3
6995
863.1
1,347.7
660.9
3,835.1
3,173 1
953.7
7003
865.0
1 ,354.5
661 9
3,867.6
3,204.5
954.5
3,870.0
3,204.6
955.5
3,916.1
3,246.2
966.6
710.0
886.4
1,393.3
669.8
3,943.6
3,271.7
975.4
717.8
893.1
1,403.1
671.9
3,990.0
3,3160
984.9
7244
904.1
1,427.0
6739
412.5
5345
399
494.6
413.9
5372
414.4
415.3
420.1
421.4
5409
5436
43.0
43.8
5515
38.5
5519
41.4
497.9
499.8
149.3
148.9
147.8
3163
3183
410.5
5322
148.5
149.3
3125
3144
751.8
Oct.'
6,788.2
3107
1 0855
548.2
Sept.
Aug.
3,821.3
3,161.7
948.8
6984
864.8
1,348.1
659.7
149.1
2969
768.8
July
6,750.3
495.8
149.2
1 121 1
566.7
June
3,799.1
3,140.9
943.4
6934
857.9
1,339.6
6582
492.8
735.7
May
Apr.
Mar.
5298
399
490.0
1 0680
537.6
5084
3063
6,700.1
3,754.1
3,098.7
936.3
6905
847.7
1,314.6
6555
Feb.
39.4
7012
7015
872.9
1,377.1
872.2
1,376.8
6654
3,902.3
3,234.5
962.0
706.5
883.7
1,388.9
667.8
415.6
416.6
417.6
5465
5468
546.1
418.9
548.7
44.0
43.0
40.8
39.0
502.4
503.9
147.4
3224
505.3
509.6
148.2
6631
148.5
3245
3266
146.8
3286
774.3
1,129.0
570.4
776.6
3307
779.3
1,131 4
571.9
1 1328
572.7
754.3
757.0
760.4
763.4
766.0
3203
768.9
1,1055
559.5
1 1041
555.6
1 111 9
561.5
1,1146
562.4
1,1166
564.8
1 1197
565.9
1 1221
567.3
772.5
1,125.9
570.4
771.0
513.0
381
513.8
146.3
422.6
5539
38.1
515.8
146.2
Jan.*
7,092.8
4,033.3
3,353 4
994.7
7280
9133
1,445.4
6798
423.9
5581
381
520.0
3328
145.6
3349
781.9
1 1398
577.8
1 1487
582.6
784.5
22.3
5150
22.1
22.0
22.0
22.0
21.9
21.4
21.4
21.5
21.5
5284
530.2
5299
21.7
5331
21.6
534.1
5388
5405
5446
315.8
320.1
320.1
320.9
323.0
323.1
325.2
537.0
326.1
538.0
3138
5265
318.7
21.9
5319
21.4
5239
327.9
3310
3321
3361
Sept.
Oct.'" | Nov.'
Dec.'
Jan./'
7,051.6
7,092.8
1,022.7
CCAdj Capital consumption adjustment
IVA Inventory valuation adjustment
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
Preliminary.
Revised.
Table B.2.—The Disposition of Personal Income
[Monthly estimates seasonally adjusted at annual rates]
1997
1996
1996
1998
1997
Mar.
Feb.
Jan.
Dec.
May
Apr.
June
July
Aug.
Billions of dollars, unless otherwise indicated
Personal income
Less" Personal tax and nontax payments
Equals', Disposable personal income
Less* Personal outlavs
Personal consumption expenditures
Durable goods
...
Nondurable goods
Services
Interest paid by persons
Personal transfer payments to rest of world
Eouals' Personal savinos
Addenda:
Disposable personal income:
Billions of chained (1992) dollars '
Per capita:
Current dollars
Chained (1992) dollars
Population (thousands)
Personal consumption expenditures:
Billions of chained (1992) dollars
Durable goods ..
Nondurable goods
Services
Implicit price deflator 1992=100
Personal saving as percentage of disposable personal income2
6,495.2
886.9
6,874.2
988.7
6,664.4
936.8
6,700.1
942.3
5,608.3
5,368.8
5,885.5
5,660.8
5,727.6
5,505.9
5,757.8
5,565.9
5,207.6
634.5
1,534.7
3,038.4
145.2
5,488.1
659.1
1,592.1
3,236.9
154.8
5,336.4
637.4
1,564.6
3,134.5
152.8
5,396.7
661.0
1,584.5
3,151.1
152.2
6,750.3
957.7
6,788.2
967.0
6,800.9
970.4
6,822.8
6,863.5
988.9
6,873.1
991.2
6,912.2
6,935.5
6,970.7
978.3
999.3
1,003.5
1,012.1
5,792.7
5,821.2
5,830.5
5,874.5
5,592.3
5,623.5
5,913.0
5,699.3
5,932.0
5,712.6
5,740.0
5,764.6
6,022.5
5,790.2
6,070.1
5,579.5
5,881.9
5,690.4
5,958.6
5,578.5
5,409.7
659.8
1,589.0
3,160.9
151.7
5,844.5
5,592.7
7,021.5
1,024.3
5,997.2
5,410.8
654.4
1,588.6
3,167.8
151.6
5,422.0
642.9
1,577.0
3,202.1
152.7
5,422.4
643.5
1,577.1
3,201.8
152.7
5,451.9
647.0
1,582.6
3,222.3
154.0'
5,518.7
670.8
1,597.6
3,250.3
153.5
5,525.8
670.5
1,599.8
3,255.5
155.2
5,537.8
660.7
1,604.9
3,272.2
156.6
5,563.6
655.3
1,604.5
3,303.9
157.8
5,587.7
669.9
1,601.0
3,316.8
158.4
5,610.4
673.6
1,598.8
3,338.0
161.3
5,631.4
676.8
1,604.9
3,349.7
1,029.2
5,812.6
162.6
15.9
17.9
16.7
17.0
17.0
17.0
17.6
17.6
17.6
18.2
18.2
18.2
18.5
18.5
18.5
18.5
239.6
224.7
221.7
191.9
214.2
241.7
238.2
251.8
251.0
191.4
213.7
219.4
218.7
232.6
232.3
257.5
5,076.9
5,221.9
5,123.0
5,142.3
5,159.4
5,181.4
5,185.5
5,198.7
5,218.3
5,214.8
5,239.8
5,247.8
5,265.9
5,293.7
5,315.2
5,353.8
21,579 21,697 21,789 21,808 21,845 21,941 21,951 22,049
21,972 21,478
21,117
19,394 19,396 19,431 19,490 19,462 19,539
19,211
19,272 19,326
19,116 19,494
265,579 267,869 266,672 266,826 266,975 267,161 267,354 267,541 267,741 267,952 268,171
22,102 22,185 22,313 22,393 22,557
19,553 19,606 19,696
19,763
19,896
268,391 268,594 268,775 268,942 269,098
4,714.1
611.1
1,432.3
2,671.0
110.47
4,869.3
645.5
1,458.8
2,765.7
112.71
4,773.1
618.2
1,440.7
2,714.0
111.80
4,819.8
641.2
1,456.0
2,724.2
111.97
4,818.3
638.4
1,458.1
2,723.2
112.27
4,816.1
633.8
1,459.2
2,724.2
112.35
4,822.2
625.9
1,446.3
2,749.1
112.44
4,823.2
628.1
1,449.1
2,745.5
112.42
4,842.9
633.0
1,454.7
2,755.0
112.58
4,892.8
657.7
1,466.0
2,771.0
112.79
4,896.8
659.9
1,464.8
2,774.1
112.85
4,899.0
650.9
1,465.6
2,783.2
113.04
4.3
3.8
3.9
3.3
3.7
4.2
4.1
4.3
4.3
3.3
3.6
4,932.3
663.0
1,461.5
2,808.5
113.29
4,951.5
666.6
1,459.7
2,825.5
113.31
4,967.0
671.0
1,467.0
2,829.9
113.38
3.7
4,916.9
647.2
1,464.3
2,804.7
113.15
3.7
3.9
3.9
4.2
Percent change from preceding period
Personal income current dollars
Disposable personal income:
Current dollars
Chained (1992) dollars
Personal consumption expenditures:
Current dollars
Chained (1992) dollars
.
5.6
5.8
0.7
0.5
0.7
0.6
0.2
0.3
0.6
0.1
0.6
0.3
0.5
0.7
0.4
0.6
4.7
2.3
4.9
2.9
.6
.4
.5
.4
.6
.3
.5
.4
.2
.1
.2
.3
.5
.4
.1
-.1
.5
.5
.3
.2
.4
.3
.6
.5
.4
.4
.8
.7
5.0
2.6
5.4
3.3
.6
.5
1.1
1.0
.2
0
.5
.4
1.2
1.0
.1
.1
.2
0
.5
.4
.4
.3
.4
.4
.4
.3
1. Disposable personal income in chained (1992) dollars equals the current-dollar figure divided by the implicit
price deflator for personal consumption expenditures.
2. Monthly estimates equal personal saving for the month as a percentage of disposable personal income for
that month.
0
0
.2
.1
0
0
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
D-28
SURVEY OF CURRENT BUSINESS
• National Data
March 1998
Annual Estimates:
Except as noted, these tables are derived from the NIPA tables published in the August 1997 SURVEY OF CURRENT
BUSINESS; they are consistent with the most recent comprehensive and annual revisions.
Table B.3.—Gross Domestic Product by Industry, Current-Dollar and Real Estimates for 1994-56
Billions of dollars
1994
Gross domestic product
Private industries
Agriculture, forestry and fishing
Farms
Agricultural services, forestry and fishing
Mining
Metal mining
Coal mining
Oil and gas extraction
Nonmetallic minerals except fuels
Construction
1995
1996
1994
1995
iyyo
6,013.5 6,301.3 6,639.8 5,763.6 5,921.4 6,094.1
119.2
111.0
129.8
119.1
111.4
111.7
83.5
35.7
73.5
37.5
89.4
40.5
84.9
34.9
74.2
37.0
75.5
37.6
94.9
99.8
113.6
6.8
102.5
5.7
108.4
5.5
101.9
6.3
15.5
72.2
15.7
77.7
16.6
69.4
10.1
5.9
6.8
12.3
71.0
9.2
9.6
12.3
84.4
10.2
268.7
286.4
306.1
9.2
249.8
9.5
254.1
264.3
Manufacturing
1,216.1 1,286.3 1,332.1 1,193.2 1,273.7 1,323.7
731.2
749.0 671.3
785.5
Durable goods
679.2 716.8
40.7
41.4
33.6
38.4
29.8
31.6
Lumber and wood products
18.7
19.4
20.5
18.0
18.8
Furniture and fixtures
18.5
30.7
27.7
32.7
Stone clay and glass products
27.0
29.1
28.8
44.4
52.0
50.6
45.0
46.8
Primary metal industries
46.3
89.7
98.2
89.5
84.5
94.0
84.2
Fabricated metal products
142.4
150.2
164.5
186.1
131.5
Industrial machinery and equipment
122.3
Electronic and other electric equipment ... 132.9 134.0 143.8 145.8 175.6 217.4
87.3
79.3
87.4
85.1
78.0
76.1
Motor vehicles and equipment
46.9
49.7
43.8
44.5
Other transportation equipment
47.6
49.5
49.7
45.1
42.6
48.7
52.3
38.3
Instruments and related products
22.8
23.3
24.3
24.6
21.5
Miscellaneous manufacturing industries ...
22.2
522.0 543.2 541.0
Nondurable goods
536.9 569.5 583.1
118.7 122.6
120.9
106.5
112.9
Food and kindred products
109.6
17.6
24.3
23.9
Tobacco products
18.1
22.3
16.3
25.4
23.6
26.6
Textile mill products
25.4
25.5
27.3
28.5
27.3
26.6
28.3
26.9
Apparel and other textile products
28.2
45.4
57.1
52.1
59.9
47.3
Paper and allied products
51.3
90.4
77.5
74.3
Printing and publishing
85.0
78.0
86.0
142.2
155.9
157.8
131.2
138.9
Chemicals and allied products
140.6
32.2
30.2
33.8
Petroleum and coal products
30.4
30.1
27.6
49.7
45.4
48.2
50.9
44.4
46.1
Rubber and miscellaenous plastics
4.7
5.2
4.8
Leather and leather products
4.7
4.5
5.1
Transportation and public utilities
Transportation
Railroad transportation
Local and interurban passenger transit ....
Water transportation
Pipelines except natural gas
598.7
219.9
24.2
11.4
95.0
10.9
51.7
4.6
622.4
228.7
24.5
12.4
97.5
10.8
54.9
5.7
645.3
235.1
25.3
13.6
92.2
11.2
63.2
5.5
584.1
214.3
25.9
11.0
88.7
10.8
51.4
4.8
593.8
216.0
27.7
12.0
87.4
11.0
49.8
5.4
608.9
220.8
31.0
12.2
80.3
10.7
59.0
5.0
1. The current-dollar statistical discrepancy equals gross domestic product (GDP) measured as the sum of expenditures less gross domestic income—that is, GDP measured as the costs incurred and profits earned in domestic
production. The chained (1992) dollar statistical discrepancy equals the current-dollar discrepancy deflated by the
implicit price deflator for gross domestic product.
2. Equals GDP in chained (1992) dollars less the statistical discrepancy and the sum of GPO of the detailed
industries.
1994
4 QQC
6,947.0 7,265.4 7,636.0 6,610.7 6,742.1 6,928.4
13.1
66.7
Billions of dollars
Billions of chained
(1992) dollars
1995
1996
Billions of chained
(1992) dollars
1994
1995
1996
22.1
184.6
142.1
42.5
194.2
47.5
50.6
38.8
41.7
40.4
202.0
210.0
193.1
199.6
207.0
Wholesale trade
468.0
484.4
516.8
448.6
457.5 493.3
Retail trade
615.3
637.6
667.9
601.2
622.5
Transportation services
Communications
Telephone and telegraph
Radio and television
Flprtrir na^ PnH Qsnitsrv Qpn/irp^
Finance, insurance, and real estate
Depository instituions
Nondepository institutions
Security and commodity brokers
Insurance carriers
Insurance agents, brokers, and services
Rpgl ostate
Other real estate
Holdinc and other investment offices
Services
Hotels and other lodging places
Personal services
Business services
Auto repair services and parking
Miscellaneous repair services
Motion pictures
Amusement and recreation services
Health services
Legal services
Educational services
Social services
Membership organizations
Other services
Private households
Statistical discrepancy
Government
23.0
24.0
21.7
23.2
24.0
191.6
144.1
200.3
149.6
176.9
137.9
178.4
136.4
181.6
141.2
648.5
1,267.6 1,361.3 1,448.5 1,196.9 1,231.1 1,258.5
207.4 229.6 247.4 197.0 193.4 192.0
36.1 39.0
33.9
49.9
32.6
35.4
79.5
78.5
90.0
83.0
81.9
92.2
108.8 126.5 136.6
91.3
105.1 110.1
50.4
45.0 47.1
41.6
42.1
43.6
802.9 842.7 886.2 758.3 775.6 793.3
607.3 642.8 673.3 573.3 587.9 596.8
195.6 199.9 212.9 185.0 187.7 196.6
-11.1
12.9
-3.2 -12.0
12.6
12.6
1,350.4 1,440.3 1,539.5 1,256.5 1,298.8 1,342.9
57.4
45.8
60.6
46.6
63.7
49.1
54.4
42.6
55.4
42.4
55.8
43.3
256.0
283.3
318.5
247.1
271.3
295.7
59.3
19.2
23.0
51.4
61.1
20.7
25.9
56.2
65.0
22.5
29.9
60.8
53.3
16.7
21.8
47.5
53.3
17.0
23.9
49.7
55.3
15.9
26.2
51.6
410.2
428.9
93.8
52.3
43.2
45.1
96.5
55.1
46.7
47.0
447.0
100.0
182.6
11.0
14.6
369.7
371.6
376.6
58.2
49.3
48.9
86.0
48.9
41.6
42.1
85.5
49.6
43.7
42.5
85.1
50.7
44.9
43.1
199.9
215.2
175.4
184.6
192.9
11.8
11.5
10.4
10.8
10.1
-28.2
-59.9
13.9
-26.3
-54.7
933.5
964.1
996.3
878.3
Federal
General gvernment
Government enterprises
324.9
275.2
326.2
275.5
331.5
281.4
306.9 297.1
258.4 248.1
49.7
50.7
50.2
48.6
49.0
49.7
State and local
General government
Government enterprises
608.6
557.5
637.9
583.4
664.7
607.6
571.3
524.2
580.3
532.2
583.4
535.2
51.1
54.5
57.1
47.1
48.0
48.2
Not allocated by industry 2
877.4 874.1
290.6
240.9
-60.4 -87.9 -101.1
NOTE—Estimates are based on the 1987 Standard Industrial Classification. The table is derived from tables 7
and 10 in "Gross Product by Industry, 1947-96" in the November 1997 SURVEY OF CURRENT BUSINESS.
SURVEY OF CURRENT BUSINESS
March 1998
National Data •
D-29
Table B.4.—Personal Consumption Expenditures by Type of Expenditure
Billions of dollars
1994
Personal consumption expenditures
Food and tobacco
Food purchased for off-premise consumption (n.d.)
Purchased meals and beverages ' (n d )
Food furnished to employees (including military) (n.d.)
Food produced and consumed on farms (n.d.)
Tobacco products (n.d.)
Addenda: Food excluding alcoholic beverages (n.d.)
Alcoholic beverages purchased for off-premise
consumption (n.d.)
Other alcoholic beverages (n.d.)
Clothing, accessories, and jewelry
Shoes (n.d.)
Clothing and accessories except shoes2
Women's and children's (n.d.)
Men.'sand boys' (n.d.)
Standard clothing issued to military personnel (n. d)
Cleaning, storage, and repair of clothing and shoes (s.) ...
Jewelry and watches (d.)
Other -MS.)
1995
1994
1996
1995
4,717.0 4,957.7 5,207.6 4,486.0 4,595.3
761.7
451.6
254.3
8.1
.5
783.8
462.2
264.1
8.4
.4
Billions of dollars
Billions of chained
(1992) dollars
1996
805.7
478.4
268.7
8.7
.4
735.0
434.5
245.1
7.8
5
737.9
433.4
248.7
7.9
c
4,714.1
736.5
434.7
246.6
8.0
.4
47.3
48.7
49.6
47.2
47.4
46.8
633.6
652.0
669.9
608.7
610.2
608.7
53.9
27.0
54.9
28.2
57.3
28.9
25.6
53.7
54.5
25.9
55.5
25.7
312.7
323.4
336.3
308.5
321.8
335.3
36.0
36.8
38.1
35.7
36.6
37.6
211.6
137.5
217.7
141.3
226.0
145.8
211.2
137.0
220.6
144.2
229.9
150.7
74.1
76.4
80.2
74.1
76.4
79.2
.3
11.6
37.7
15.6
.3
12.3
39.3
17.1
.3
12.3
41.6
18.1
.3
11.0
35.6
14.7
.3
11.5
36.8
16.0
.3
11.3
39.7
16.6
Personal business
Brokerage charges and investment counseling (s.)
Bank service charges, trust services, and safe deposit
box rental (s )
Services furnished, without payment by financial
intermediaries except life insurance carriers and private
noninsureo pension pians (s.; .„.„......
Legal services (s )
Funeral and burial expenses (s )
Other '8 (s )
Transportation
User-operated transportation
New autos (d )
Net purchases of used autos (d )
Other motor vehicles (d )
Repair, greasing, washing, parking, storage, rental, and
leasing (s)
Gasoline and oil (n d )
19
68.4
45.3
23.0
71.9
47.2
24.7
75.7
49.9
25.7
65.5
43.7
21.8
67.9
45.0
22.9
70.1
47.0
23.0
Housing
Owner-occupied nonfarm dwellings space rent4 (s.)
Tenant-occupied nonfarm dwellings rent5 (s.)
Rental value of farm dwellings (s )
Other 6 (s )
712.7
507.0
174.0
5.8
750.3
532.2
184.6
5.9
787.2
558.3
193.6
6.1
674.3
479.6
165.2
5.2
688.2
487.2
171.1
5.2
700.2
495.3
174.9
5.1
26.0
27.5
29.1
24.3
24.8
25.0
Household operation
Furniture, including mattresses and bedsprings (d.)
Kitchen and other household appliances * (d.)
China, glassware, tableware, and8 utensils (d.)
Other durable house furnishings (d.)
Semidurable house furnishings9 (n.d.)
Cleaning and polishing preparations, and miscellaneous
household supplies and paper products (n. d)
Stationery and writing supplies (n.d.)
Household utilities
Electricity (s.)
Gas (s.)
Water and other sanitary services (s.)
Fuel oil and coal (n.d.)
Telephone and telegraph (s.)
Domestic
service (s.)
Other 10 (s.) ...
535.0
562.8
591.9
514.5
533.6
548.4
45.9
25.6
24.0
52.3
27.2
48.0
27.2
25.3
54.5
28.9
49.6
27.8
27.4
58.2
30.1
43.2
25.0
23.5
51.4
25.7
44.2
26.6
25.0
53.1
26.9
44.6
27.1
50.8
15.1
52.3
15.8
54.5
17.0
50.2
14.4
50.0
14.4
50.6
14.8
163.8
168.5
177.9
156.3
159.4
163.1
84.2
32.4
36.6
10.5
82.6
11.9
35.8
88.0
31.5
38.8
10.2
90.2
12.8
39.4
90.3
34.9
41.1
82.6
30.0
33.0
10.7
79.6
11.2
34.2
84.3
30.7
33.8
10.5
86.6
11.7
35.9
85.2
32.7
34.6
10.6
91.1
11.0
35.3
T '1 t rt' 1 « ariri
t'n'n4'7"ri'i
Barbershops, beauty parlors, and health clubs (s.)
Medical care
Drug preparations and sundries ' ' (n.d.)
Ophthalmic products and orthopedic appliances (d.)
Physicians (s.)
Dentists (s.) ...
Other professional services 12 (s.)
Hospitals and nursing homes n ...
Nonprofit (s )
Proprietary (s.)
Government (s.)
Nursing homes (s.)
Health insurance
Medical care15and hospitalization I4 (s.)
Income loss (s.)
Workers' compensation 16 (s.)
11.6
96.9
12.5
40.1
26.9
56.1
28.2
826.1
871.6
912.8
751.0
766.2
782.4
81.6
12.9
85.7
13.1
90.9
13.9
76.7
12.3
79.1
12:2
81.7
12.6
191.4
196.5
162.4
166.1
169.3
47.6
50.9
41.1
110.2
394.2
325.1
217.3
95.6
42.0
99.1
357.0
298.1
200.2
104.4
375.9
310.6
207.9
39.8
89.2
331.5
276.9
187.8
336.6
278.5
188.2
343.1
284.4
191.8
32.1
65.8
58.9
55.0
42.9
34.5
68.2
65.2
53.6
40.7
37.1
70.7
69.1
56.3
41.8
29.2
59.9
54.6
40.0
36.6
30.3
60.0
58.1
37.5
35.2
31.9
60.7
58.7
36.9
34.7
180.0
43.9
95.7
2.7
9.4
2.9
10.0
3.2
11.3
2.4
2.3
2.5
1.8
2.6
1.8
1. Consists of purchases (including tips) of meals and beverages from retail, service, and amusement establishments, hotels, dining and buffet cars, schools, school fraternities, institutions, clubs, and industrial lunchrooms. Includes meals and beverages consumed both on-and off-premise.
2. Includes luggage.
3. Consists of watch, clock, and jewelry repairs, costume and dress suit rental, and miscellaneous personal services.
4. Consists of rent for space and for heating and plumbing facilities, water heaters, lighting fixtures, kitchen cabinets, linoleum, storm windows and doors, window screens, and screen doors, but excludes rent for appliances and
furniture and purchases of fuel and electricity.
5. Consists of space rent (see footnote 4) and rent for appliances, furnishings, and furniture.
6. Consists of transient hotels, motels, clubs, schools, and other group housing.
7. Consists of refrigerators and freezers, cooking ranges, dishwashers, laundry equipment, stoves, room air conditioners, sewing machines, vacuum cleaners, and other appliances.
8. Includes such house furnishings as floor coverings, comforters, quilts, blankets, pillows, picture frames, mirrors,
art products, portable lamps, and clocks. Also includes writing equipment and hand, power, and garden tools.
9. Consists largely of textile house furnishings, including piece goods allocated to house furnishing use. Also
includes lamp shades, brooms, and brushes.
10. Consists of maintenance services for appliances and house furnishings, moving and warehouse expenses,
postage and express charges, premiums for fire and theft insurance on personal property less benefits and dividends, and miscellaneous household operation services.
11. Excludes drug preparations and related products dispensed by physicians, hospitals, and other medical services.
12. Consists of osteopathic physicians, chiropractors, private duty nurses, chiropodists, podiatrists, and others providing health and allied services, not elsewhere classified.
13. Consists of (1) current expenditures (including consumption of fixed capital) of nonprofit hospitals and nursing
homes, and (2) payments by patients to proprietary and government hospitals and nursing homes.
14. Consists of (1) premiums, less benefits and dividends, for health, hospitalization, and accidental death and
dismemberment insurance provided by commercial insurance carriers, and (2) administrative expenses (including consumption of fixed capital) of Blue Cross and Blue Shield plans and of other independent prepaid and self-insured
health plans.
15. Consists of premiums, less benefits and dividends, for income loss insurance.
16. Consists of premiums, less benefits and dividends, for privately administered workers' compensation.
17. Consists of (1) operating expenses of life insurance carriers and private noninsured pension plans, and (2)
premiums, less benefits and dividends, of fraternal benefit societies. Excludes expenses allocated by commercial
carriers to accident and health insurance.
18. Consists of current expenditures (including consumption of fixed capital) of trade unions and professional associations, employment agency fees, money order fees, spending for classified advertisements, tax return preparation
services, and other personal business services.
19. Consists of premiums, less benefits and dividends, for motor vehicle insurance.
20. Consists of baggage charges, coastal and inland waterway fares, travel agents' fees, and airport bus fares.
21. Consists of admissions to professional and amateur athletic events and to racetracks.
Insurance (s.)
Purchased local transportation
Mass transit systems (s )
Taxicab (s )
Purchased intercity transportation
Railway (s)
Bus (s )
2
Other "(sj
Billions of chained
(1992) dollars
1994
1995
1996
1994
1995
1996
370.4
389.1
421.1
352.1
350.7
363.6
36.2
38.8
47.2
37.8
41.8
50.0
31.6
33.9
37.3
27.5
27.8
28.9
151.5
159.8
169.9
146.5
141.9
143.9
72.6
48.8
11.1
18.5
75.4
49.1
12.2
19.9
79.9
52.2
12.8
21.8
68.1
45.3
10.1
17.1
67.9
44.0
10.5
17.6
68.5
45.2
10.4
18.7
542.2
502.6
572.3
530.1
602.2
557.7
515.3
476.6
528.0
487.8
540.3
497.7
91.2
44.1
87.1
52.4
79.4
86.2
37.5
71.4
78.2
42.1
72.5
38.3
35.8
86.1
55.3
82.1
37.9
35.1
80.6
40.8
71.7
36.2
116.4
109.4
2.6
128.7
114.4
2.8
140.1
122.6
2.9
108.5
109.8
2.4
116.5
113.1
2.4
123.3
114.1
2.5
27.5
29.4
30.9
10.1
25.6
26.0
26.2
76.8
34.5
8.9
5.9
3.0
30.7
.7
1.1
25.8
9.2
6.0
3.2
33.0
.8
1.3
27.7
6.6
3.5
34.4
.8
1.3
28.2
8.6
5.7
2.9
30.1
.7
1.1
25.5
8.5
5.5
3.0
31.7
.7
1.4
26.8
8.5
5.6
3.0
34.2
.7
1.4
28.8
3.2
3.3
4.0
2.8
2.8
3.3
Recreation
Books and maps (d )
Magazines, newspapers, and sheet music (n.d.)
;
Nondurable toys and sport supplies (n.d.)
Wheel goods, sports and photographic equipment, boats,
and pleasure aircraft (d )
Video and audio products, computing equipment, and
musical instruments (d j
Radio and television repair (s )
Flowers seeds and potted plants (nd.) ...
Admissions to specified spectator amusements
Motion picture theaters (s )
Legitimate theaters and opera, and entertainments of
nonprofit institutions (except athletics) (s ) ...
Spectator sports21 (s.)
Clubs and fraternal organizations22 (s23)
Commercial participant amusements (s.)
Pari-mutuel net receipts (s )
Other 2 4 (s)
370.2
402.5
431.1
365.2
395.7
424.4
20.6
24.5
39.7
22.1
25.5
42.2
23.2
26.5
45.4
19.6
22.9
38.9
20.6
22.9
41.4
20.8
22.7
43.9
83.1
91.9
99.6
79.1
85.5
89.3
Education and research
...
Higher education 25 (s )
Nursery,
elementary,
and
secondary schools26 (s.)
Other 2 7 (s)
104.7
112.2
119.6
62.2
22.8
27.2
65.2
24.0
30.3
96.8
53.1
20.4
23.4
99.4
53.7
102.7
59.0
21.4
24.4
35.6
39.1
42.0
34.8
37.7
40.3
78.5
85.2
89.7
87.4
101.8
4.5
119.5
4.5
13.2
18.2
14.4
18.9
4.5
13.4
19.0
4.9
13.9
20.2
5.1
14.9
22.1
4.2
13.4
17.8
5.6
6.0
6.3
5.2
5.4
5.4
8.2
5.2
8.7
5.5
9.3
6.4
7.7
4.9
7.9
5.0
8.0
5.5
11.8
36.2
3.3
12.7
41.5
3.3
13.0
46.2
3.5
11.2
34.1
3.1
11.5
38.0
3.1
20.8
25.0
11.8
41.1
3.1
54.0
21.7
27.2
Religious and welfare activities28 (s)
131.2
139.8
150.5
125.6
128.6
136.6
Foreign travel and other, net
Foreign travel by U S residents (s )
Expenditures abroad by U. S. residents (n.d.)
Less: Expenditures in the United States by nonresidents
(s.)
Less: Personal remittances in kind to nonresidents (n.d.)
-18.3
-22.1
-26.5
-16.2
-19.5
-21.5
50.1
51.9
54.9
48.8
48.9
50.8
Residual
2.7
69.7
1.4
2.6
75.2
1.4
2.6
82.7
1.2
2.8
66.4
1.3
-5.7
2.4
69.5
2.4
73.5
1.3
1.1
-10.6
-17.8
22. Consists of dues and fees excluding insurance premiums.
23. Consists of billiard parlors; bowling alleys; dancing, riding, shooting, skating, and swimming places; amusement
devices and parks; golf courses; sightseeing buses and guides; private flying operations; casino gambling; and other
commercial participant amusements.
24. Consists of net receipts of lotteries and expenditures for purchases of pets and pet care services, cable
TV, film processing, photographic studios, sporting and recreation camps, video cassette rentals, and recreational
services, not elsewhere classified.
25. For private institutions, equals current expenditures (including consumption of fixed capital) less receiptssuch as those from meals, rooms, and entertainments—accounted for separately in consumer expenditures, and
less expenditures for research and development financed under contracts or grants. For government institutions,
equals student payments of tuition.
26. For private institutions, equals current expenditures (including consumption of fixed capital) less receiptssuch as those from meals, rooms, and entertainments—accounted for separately in consumer expenditures. For government institutions, equals student payments of tuition. Excludes child day care services, which are included in
religious and welfare activities.
27. Consists of (1) fees paid to commercial, business, trade, and correspondence schools and for educational
services, not elsewhere classified, and (2) current expenditures (including consumption of fixed capital) by research
organizations and foundations for education and research.
28. For nonprofit institutions, equals current expenditures (including consumption of fixed capital) of religious, social welfare, foreign relief, and political organizations, museums, libraries, and foundations, the expenditures are
net of receipts—such as those from meals, rooms, and entertainments—accounted for separately in consumer expenditures, and excludes relief payments within the United States and expenditures by foundations for education
and research. For proprietary and government institutions, equals receipts from users.
NOTES.—Consumer durable goods are designated (d.), nondurable goods (n.d.), and services (s.).
Estimates of foreign travel by U. S. residents (line 108) expenditures were $0.3 billion in 1981. Beginning with
1984, estimates of foreign travel by U. S. residents include substantially improved estimates of U. S. residents'
foreign travel and passenger fare expenditures. Estimates of expenditures in the United States by nonresidents (line
110) include, beginning with 1981, nonresidents' student and medical care expenditures in the United States. Student
expenditures were $2.2 billion, and medical expenditures were $0.4 billion in 1981. Beginning with 1984, estimates
of expenditures in the United States by nonresidents include substantially improved estimates of nonresidents' travel
expenditures. Expenditures in the United States by nonresidents are subtracted from total personal consumption expenditures (line 110) because they are included in detailed type of expenditure estimates elsewhere in personal
consumption expenditures.
Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992 currentdollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes
uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive. The
residual line is the difference between the first line and the sum of the most detailed lines.
SURVEY OF CURRENT BUSINESS
D-30 • National Data
Table B.6.—Private Purchases of Producers' Durable Equipment by Type
Table B.5.—Private Purchases of Structures by Type
Nonresidential
New
Nonresidential buildings, excluding farm
Industrial
.
Commercial
Office buildings!
Other2
Religious
Educational
Hospital and institutional
Other3
Utilities ..
Railroads
Telecommunications
Electric light and power
Gas
Petroleum pipelines
Farm
Mining exploration, shafts, and wells
Petroleum and natural gas
Other
Other4
Brokers' commissions on sale of
structures
Net purchases of used structures
Residential
New
New housing units
Permanent site
Single-family structures
Multifamily structures
Mobile homes
improvements
Other5
Brokers' commissions on sale of
structures
Net purchases of used structures
Residual
1994
1995
1996
463.6
478.4
184.5
200.6
184.3
200.2
Billions of dollars
Billions of chained
(1992) dollars
Billions of dollars
Private purchases of structures
1994
1995
1996
517.0
432.8
430.0
453.7
215.2
172.5
179.9
188.7
214.7
172.2
179.5
188.2
125.5
140.8
156.1
116.9
126.1
136.7
28.9
61.9
25.8
36.1
32.5
70.8
29.8
41.0
32.1
77.6
32.1
45.5
27.0
57.7
24.1
33.6
29.1
63.4
26.7
36.7
28.1
68.0
28.2
39.8
4.4
7.5
3.5
5.2
3.8
5.6
3.9
6.6
3.8
5.6
4.2
6.2
13.7
11.6
12.5
14.5
13.4
21.1
12.7
10.8
11.2
13.0
11.7
18.5
32.0
33.2
33.3
29.9
30.0
29.3
3.3
3.5
4.6
10.1
13.0
11.0
12.3
11.9
11.0
12.1
10.1
11.0
4.6
1.0
5.5
.9
4.7
1.0
4.2
.9
5.0
.8
9.8
4.2
.9
3.2
3.0
3.7
3.0
2.7
3.2
16.7
14.7
16.3
14.8
1.9
6.9
1.5
1.5
6.9
1.6
16.1
14.8
1.3
5.7
1.8
3.0
9.6
15.8
14.0
1.8
6.6
1.4
3.1
14.3
13.0
1.3
6.3
1.5
3.9
10.4
13.9
12.7
1.1
5.0
1.6
-1.2
-1.3
-1.3
-1.2
-1.1
-1.2
279.1
277.8
301.7
260.3
250.0
265.0
248.5
246.9
267.0
230.8
220.8
233.6
177.2
167.9
153.8
174.4
163.1
145.2
192.1
179.4
159.1
162.0
153.7
140.1
153.1
143.5
126.9
165.2
154.8
136.6
14.1
17.9
11.3
72.0
20.3
12.6
74.4
13.6
16.9
8.3
9.5
68.4
67.3
18.6
10.3
67.7
.5
.6
.3
9.3
71.0
.3
31.6
-1.0
32.1
-1.1
36.3
-1.6
30.4
-.9
.3
.4
30.3
-1.0
-.1
.5
32.7
-1.4
.3
1. Consists of office buildings, except those constructed at industrial sites and those constructed by utilities for
their own use.
2. Consists of stores, restaurants, garages, service stations, warehouses, mobile structures, and other buildings
used for commercial purposes.
3. Consists of hotels and motels, buildings used primarily for social and recreational activities, and buildings not
elsewhere classified, such as passenger terminals, greenhouses, and animal hpspitals.
4. Consists primarily of streets, dams and reservoirs, sewer and water facilities, parks, and airfields.
5. Consists primarily of dormitories, fraternity and sorority houses, and nurses' homes.
NOTE.—Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.
The residual line is the difference between the first line and the sum of the most detailed lines.
March 1998
1994
Private purchases of producers' durable
equipment
Nonresidential equipment
1995
1996
476.1
195.1
73.5
65.6
88.1
78.7
Industrial equipment
Fabricated metal products
Engines and turbines
Metalworking machinery
Special industry machinery, n.e.c
General industrial, including materials handling,
equipment
Electrical transmission, distribution, and
industrial apparatus
109.3
Transportation and related equipment
Trucks, buses, and truck trailers
Autos .
.
.
Aircraft
Ships and boats
Railroad equipment
118.6
59.3
51.8
7.5
52.8
22.1
17.9
10.5
65.9
23.4
17.7
121.5 127.5
11.1
11.7
62.0
21.2
16.6
69.9
21.8
16.4
105.5 113.4 117.0
10.4
10.6
11.0
4.6
4.0
24.4
26.9
28.2
31.2
29.6
32.8
23.3
25.9
26.0
29.0
26.6
29.9
23.6
25.8
28.5
22.6
24.0
26.0
19.0
20.9
20.9
18.6
19.8
19.7
125.7 134.5 113.2
118.9
125.0
56.7
43.4
11.6
61.3
45.1
11.8
9.9
9.7
12.0
63.3
42.3
12.8
68.9
45.3
13.4
1.5
5.7
1.6
5.3
106.9 113.7
28.1
10.4
10.4
13.5
30.2
10.9
10.9
14.4
50.6
47.8
8.4
1.5
4.9
3.7
1.4
5.2
1.4
4.6
96.0
24.5
100.3
104.6
26.2
9.5
9.2
9.8
9.6
27.4
10.2
11.4
12.4
9.9
13.0
1.5
1.8
2.3
1.5
1.7
2.1
13.4
10.7
16.9
14.4
10.8
17.5
15.2
11.1
18.6
13.0
10.6
16.3
13.5
10.4
16.5
14.0
10.8
17.2
3.7
4.5
4.6
3.1
3.4
3.8
6.9
7.2
7.5
6.7
7.0
7.1
Residual
Addenda:
Private purchases of producers' durable
equipment
Less' Dealers' margin on used equipment
Net purchases of used equipment from
government
Plus' Net sales of used equipment
Net exports of used equipment
Sale OT equipment scrap
Equals: Private purchases of new equipment
53.7
21.2
17.3
4.0
99.9
25.6
. .
7.9
59.4
22.4
17.6
165.1 201.8 253.1
73.9 108.1 164.2
67.2 102.8 160.8
9.3
7.3
7.5
9.0
4.2
8.9
1.5
5.1
.
1996
4.8
55.0
48.0
Less: Sale of equipment scrap, excluding autos
1995
522.4 566.2 476.8 528.3 586.0
152.1 172.8
Residential equipment
1994
483.0 529.6 573.7 483.5 535.2 593.1
Information processing and related equipment
Office, computing, and accounting machinery
Computers and peripheral equipment !
Other
Communication equipment
Instruments
Photocopy and related equipment
Other equipment
Furniture and fixtures
Tractors
Agricultural machinery except tractors
Construction machinery, except tractors
Mining and oilfield machinery
Service industry machinery
Electrical equipment, n e.c
Billions of chained
(1992) dollars
-1.4
-10.3 -33.8
483.0 529.6 573.7
4.9
5.3
5.8
1.1
1.0
1.2
31 3 376 397
.6
.7
1.5
4.6
4.6
3.8
513.7 566.0 611.8
1. Includes new computers and peripheral equipment only.
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.
The residual line is the difference between the first line ana the sum of the most detailed lines,
n.e.c. Not elsewhere classified.
D-31
National Data
SURVEY OF CURRENT BUSINESS
March 1998
Table B.7.—Compensation and Wage and Salary Accruals by Industry
[Millions of dollars]
1994
Total
Domestic Industries
Private industries
Agriculture, forestry, and fishing
Farms
Agricultural services, forestry, and
fishing .
Mining
Metal mining
Coal mining
Oil and gas extraction
Nonmetallic minerals, except fuels
Manufacturing
Durable goods
Lumber and wood products
Stone, clay, and glass products
Primary metal industries
Fabricated metal products
Industrial machinery and equipment ...
Electronic and other electric
equipment
Motor vehicles and equipment
Other transportation equipment
Instruments and related products
Miscellaneous manufacturing
Nondurable qoods
Textile mill products
Apparel ana other textile products
Printing and publishing
Chemicals and allied products
Petroleum and coal products
Rubber and miscellaneous plastics
products
Leather and leather products
Transportation and public utilities
Transportation
Railroad transportation
Local and interurban passenger
transit
Trucking and warehousing
Water transportation
Transportation by air
Pipelines, except natural gas
Transportation services
1995
1996
1994
1995
1996
4,012,002 4,215,434 4,426,912 3,254,030 3,442,583 3,633,641
4,014,482 4,217,968 4,429,472
3,213,814 3,392,629
3,256,510 3,445,117 3,636,201
3,574,191 2,654,320 2,822,137 2,993,607
31,915
13,309
34,476
14,163
17,527
18,606
20,313
33,678
3,358
5,974
19,539
4,807
26,378
2,187
4,993
15,606
3,592
26,843
2,518
4,884
15,628
3,813
27,644
2,707
4,739
16,240
3,958
193,746
209,279
147,425
157,684
172,234
792,034
486,844
23,018
14,927
21,564
36,102
56,398
95,407
816,853
505,167
23,802
15,443
22,129
37,261
58,594
100,891
839,754
521,750
24,832
15,754
22,920
37,888
60,161
105,182
625,496
379,616
18,495
11,986
17,054
26,841
44,496
76,720
651,750
398,272
19,401
12,584
17,706
27,990
46,794
82,191
675,067
416,061
20,459
12;964
18,548
28,866
48,553
86,528
72,726
61,771
47,367
44,806
77,181
65,047
46,243
45,579
80,895
65,911
47,105
47,745
58,302
42,384
36,861
35,960
62,681
44,886
36,172
37,013
66,179
46,377
37,186
39,158
12,758
305,190
59,381
2,768
19,274
21,352
32,236
58,652
63,653
10,769
12,997
311,686
61,042
2,949
18,956
20,996
32,936
60,387
65,393
10,834
13,357
318,004
62,422
3,014
18,744
20,379
33,661
62,308
67,538
10,738
10,517
245,880
47,614
2,062
15,840
17,442
26,230
48,193
50,743
7,796
10,854
253,478
49,527
2,215
15,697
17,322
27,058
50,087
52,582
7,837
11,243
259,006
50,746
2,268
15,544
16,816
27,672
51,718
54,411
7,791
34,133
2,972
35,322
2,871
36,478
2,722
27,527
2,433
28,784
2,369
29,803
2,237
265,575
144,649
15,346
276,517
150,664
15,313
287,023
156,924
15,525
211,840
113,626
11,249
221,770
119,110
11,271
231,072
124,815
11,422
8,911
63,763
7,757
34,424
1,126
13,322
9,374
66,914
7,843
35,714
1,051
14,455
10,101
60,838
7,895
46,492
1,007
15,066
7,292
49,750
6,238
27,189
929
10,979
7,731
52,594
6,323
28,339
869
11,983
8,381
47,040
6,429
38,220
829
12,494
34,780
14,477
37,011
15,588
39,619
16,385
20,303
21,423
23,234
32,656
2,791
6,375
19,069
4,421
32,892
3,145
6,174
18,929
4,644
182,016
29,852
12,325
1. Consists of museums, botanical, zoological gardens; engineering and management services; and services, not
elsewhere classified.
2. Includes Coast Guard.
3. Beginning with 1993, includes estimates of foreign professional workers and undocumented Mexican migratory
workers employed temporarily in the United States.
Compensation
Wage and salary accruals
Compensation
Communications
Telephone and telegraph
Radio and television
Electric, gas, and sanitary services
Wage and salary accruals
1994
1995
1996
1994
1995
1996
67,070
51,679
15,391
53,856
71,112
53,701
17,411
54,741
75,153
56,202
18,951
54,946
55,320
42,517
12,803
42,894
58,933
44,315
14,618
43,727
62,279
46,361
15,918
43,978
Wholesale trade
259,828
276,202
289,438
217,964
234,467
246,452
Retail trade
365,722
383,120
399,951
313,776
329,936
345,994
Finance, insurance, and real estate ....
Depository institutions
310,211
77,101
21,474
53,798
70,378
324,894
80,243
21,677
59,450
72,737
350,180
83,793
25,089
68,973
75,871
260,045
62,949
18,087
46,857
58,148
273,124
65,664
18,317
51,967
60,125
296,112
69,013
21,223
60,688
63,079
29,514
41,284
16,662
31,008
42,182
17,597
32,828
44,906
18,720
25,039
34,567
14,398
26,384
35,442
15,225
28,031
37,910
16,168
Services
Hotels and other lodging places
Personal services
Business services
Auto repair, services, and parking
Miscellaneous repair services
Motion pictures
Amusement and recreation services ...
Health services
Legal services
Educational services
Social services and membership
organizations
Social services
Membership organizations
Other services'
Private households
970,992 1,051,394 1,125,269
34,231
35,886
37,676
22,439
23,495
24,609
193,888
221,473
168,265
25,924
27,830
30,388
11,247
10,222
12,103
16,837
14,426
18,956
31,264
34,526
37,235
325,041
344,680
359,179
60,452
56,886
58,333
49,079
51,755
54,601
821,544
28,966
19,383
142,292
22,053
8,709
12,224
26,179
271,678
48,407
41,294
894,648
30,557
20,405
165,300
23,824
9,650
14,399
29,150
289,564
49,761
43,697
964,556
32,322
21,518
190,526
26,212
10,455
16,289
31,764
303,790
51,905
46,503
86,121
42,375
43,746
136,059
11,035
91,565
45,862
45,703
149,531
11,821
95,877
48,350
47,527
161,263
11,457
73,364
35,109
38,255
116,205
10,790
78,346
38,282
40,064
128,432
11,563
82,749
40,766
41,983
139,316
11,207
Government
Federal
General government
Civilian 2
Military
Government enterprises
State and local
General government
Education
Other
Government enterprises
800,668
258,006
208,312
123,976
84,336
49,694
542,662
506,154
265,457
240,697
36,508
825,339
258,051
207,288
123,427
83,861
50,763
567,288
529,188
279,024
250,164
38,100
855,281
264,853
212,849
125,174
87,675
52,004
590,428
551,031
292,665
258,366
39,397
602,190
173,413
139,744
84,864
54,880
33,669
428,777
399,489
207,472
192,017
29,288
622,980
175,045
140,708
84,540
56,168
34,337
447,935
417,381
217,962
199,419
30,554
642,594
177,228
142,038
85,541
56,497
35,190
465,366
433,845
228,252
205,593
31,521
-2,480
1,239
3,719
-2,534
1,323
3,857
-2,560
1,338
3,898
-2,480
1,239
3,719
-2,534
1,323
3,857
-2,560
1,338
3,898
Security and commodity brokers
Insurance agents, brokers, and
service
Real estate
Holding and other investment offices
Rest of the world
Receipts from the rest of the world
Less: Payments to the rest of the world 3
Addenda:
Households and institutions
Nonfarm business
312,741
331,760
346,034
2,972,798 3,134,144 3,303,173
NOTE.—Estimates in this table are based on the 1987 Standard Industrial Classification (SIC).
Compensation equals wage and salary accruals plus supplements to wages and salaries. "Supplements" are listed
in table 8.15 of the August 1997 SURVEY OF CURRENT BUSINESS.
D-32
SURVEY OF CURRENT BUSINESS
• National Data
March 1998
Table B.8.—Employment by Industry
[Thousands]
Full-time and part-time
employment
1994
Total
1995
121,695 124,602
1996
126,992
Persons engaged in
production
1994
1995
Full-time and part-time
employment
118,560 121,370 123,666
Domestic industries
122,258 125,171 127,543 119,042 121,858 124,151
Private industries
100,326 103,195 105,596 100,750 103,531 105,947
Agriculture, forestry, and fishing
Farms ..
..
Agricultural services, forestry, and fishing
Mining
Metal mining
Oil and gas extraction
Nonmetallic minerals, except fuels
Construction
Manufacturing
Durable goods
Furniture and fixtures
Stone clay and glass products
Primary metal industries
Fabricated metal products
Industrial machinery and equipment
Electronic and other electric equipment
Motor vehicles and equipment
Other transportation equipment
Instruments and related products
Miscellaneous manufacturing industries
Nondurable goods
Food and kindred products
Tobacco products
Textile mill products
Apparel and other textile products
Paper and allied products
Printing and publishing
Chemicals and allied products
Petroleum and coal products
Rubber and miscellaneous plastics
1 pflttip anri 'ipafhpr'nrnrii"rV«
Transportation and public utilities
Transportation
Railroad transportation
Local and interurban passenger transit
Truckino and warehousino
Water transportation
Transportation by air
Pipelines except natural gas
1,936
840
1,096
2,004
868
1,136
2,069
860
1,209
3,148
1,791
1,357
3,199
1,810
1,389
3,300
1,818
1,482
606
49
113
339
105
587
52
106
321
108
583
54
99
321
109
607
49
110
345
103
590
52
103
327
108
586
54
97
327
108
5,197
5,383
5,669
6,406
6,654
6,954
18,428
10,507
776
505
535
697
1,396
2,000
1,582
900
852
860
404
7,921
1,683
43
681
982
693
1,566
1,056
147
18,592
10,722
790
512
542
708
1,443
2,069
1,626
969
817
841
405
7,870
1,688
42
664
946
692
1,570
1,039
143
18,574
10,834
801
506
547
709
1,452
2,115
1,658
967
820
855
404
7,740
1,697
42
629
874
682
1,565
1,032
139
18,445
10,584
835
515
544
693
1,390
1,996
1,573
895
850
853
440
7,861
1,654
43
676
998
686
1,551
1,039
145
18,613
10,802
857
525
550
701
1,441
2,083
1,616
952
816
834
427
7,811
1,659
42
661
952
686
1,560
1,032
142
18,577
10,911
858
521
558
707
1,446
2,100
1,653
960
819
850
439
7,666
1,664
42
631
881
677
1,536
1,024
138
954
116
978
108
981
99
951
118
967
110
971
102
6,060
3,834
233
407
1,843
179
750
17
6,175
3,962
232
420
1,916
178
778
15
6,292
4,063
224
440
1,658
177
1,119
14
6,045
3,922
220
437
1,977
175
704
17
6,176
4,048
220
431
2,054
178
731
15
6,318
4,182
212
444
1,854
174
1,050
14
1. Equals the number of full-time equivalent employees (table 6.5) plus the number of self-employed persons
(table 6.7). Unpaid family workers are not included.
2. Consists of museums, botanical, zoological gardens; engineering and management services; and services, not
elsewhere classified.
1994
1996
Transportation services
Communications
Telephone and telegraph
Radio and television
Wholesale trade
Retail trade
Depository institutions
Nondepository institutions
Insurance carriers
Insurance agents, brokers, and service
Real estate
Holding and other investment offices
Services
Hotels and other lodging places
Personal services
Business services
Auto repair, services, and parking
Miscellaneous repair services
Motion pictures
Amusement and recreation services
Health services
Legal services
Educational services
Social services and membership
_ ,y.
.
OUUdl bttlVIUia
Other services*
Federal
General government
Civilian 3
Military
Government enterprises
State and local
General government
Education
Other
Government enterprises
Rest of the world4
405
1,293
916
377
933
1995
423
1,307
915
392
906
1996
431
1,347
936
411
882
Persons engaged in
production '
1994
392
1,192
844
348
931
1995
419
1,219
851
368
909
1996
434
1,258
873
385
878
6,235
6,475
6,558
6,324
6,559
6,589
21,159
21,867
22,256
18,897
19,476
19,866
7,021
2,068
6,926
2,023
488
543
1,522
723
1,422
255
463
554
1,497
732
1,410
247
7,051
2,018
513
582
1,503
746
1,441
248
7,251
1,973
485
592
1,468
853
1,635
245
7,216
1,937
466
622
1,449
856
1,648
238
7,315
1,923
506
648
1,447
873
1,680
238
33,684
36,442
35,186
36,544
33,627
35,048
1,712
1,276
1,754
1,300
1,791
1,317
1,549
1,725
6,352
6,935
7,484
6,538
1,075
350
458
1,421
9,318
1,059
1,132
374
506
1,519
1,205
389
553
1,593
1,338
568
498
1,264
1,587
1,776
7,109
1,362
591
543
1,327
9,568
9,809
8,677
8,903
1,056
1,063
2,141
1,184
1,860
1,173
1,915
1,480
573
583
1,420
9,168
1,147
1,986
4,760
2,534
2,226
4,351
2,563
4,504
2,689
4,623
2,772
1,788
1,815
1,851
3,193
1,246
3,254
3,439
3,572
821
819
796
21,947
5,357
4,366
18,292
18,327
4,530
3,725
18,204
4,368
3,562
1,815
794
1,984
1,741
805
1,912
1,650
806
16,590
15,655
8,542
13,631
12,754
6,635
13,797
12,910
6,770
13,836
12,945
7,113
935
6,119
877
6,140
887
6,791
6,154
891
-551
-482
-488
-485
2,024
2,075
4,478
2,328
4,637
2,454
2,150
2,183
2,877
3,049
1,284
1,281
21,932
5,720
4,748
2,648
21,976
5,560
4,573
2,026
2,547
972
987
16,212
15,295
8,220
7,075
16,416
15,485
8,389
7,096
917
931
2,100
-663
-569
1,952
2,414
991
4,661
3,867
2,052
1,625
1,805
7,664
3. Includes Coast Guard.
4. Beginning with 1993, includes estimates of foreign professional workers and undocumented Mexican migratory
workers employed temporarily in the United States.
NOTE.—Estimates in this table are based on the 1987 Standard Industrial Classification (SIC).
SURVEY OF CURRENT BUSINESS
March 1998
National Data •
D-33
Table B.9.—Wage and Salary Accruals Per Full-Time Equivalent Employee and Full-Time Equivalent Employees by Industry
Dollars
Thousands
Dollars
Thousands
Wages and salaries per
full-t me equivalent
Full-time equivalent
employees
Wages and salaries per
full-time equivalent
Full-time equivalent
employees
1994
Total '
1995
1996
1994
1995
30,131
31,032
32,121
107,996
Domestic industries
30,020
30,919
32,006
108,478
111,423
113,610
Private industries
113,125
29,432
30,314
31,378
90,186
93,096
95,406
Agriculture, forestry, and fishing
Farms
. .
Agricultural services, forestry, and fishing
17,833
17,118
18,372
18,331
17,888
18,662
18,870
18,709
18,984
1,674
720
954
1,741
744
997
1,827
757
1,070
Mining
Metal mining
44,482
44,633
45,391
47,006
35,216
46,683
48,423
47,417
49,613
36,314
48,329
50,130
48,856
51,556
37,340
593
49
110
332
102
575
52
103
315
105
572
54
97
315
106
Construction
30,191
30,453
31,649
4,883
5,178
5,442
Manufacturing
Durable goods
Lumber and wood products
Furniture and fixtures
Stone clay and class products
Primary metal industries
Fabricated metal products
Industrial machinery and equipment
Electronic and other electric equipment
Motor vehicles and equipment
Other transportation equipment
Instruments and related products
Miscellaneous manufacturing industries
Nondurable goods
Food and kindred products
Tobacco products
Textile mill products
Apparel and other textile products
34,725
36,724
24,400
24,312
32,299
38,788
32,455
39,063
37,277
47,516
43,674
42,506
27,317
32,032
29,157
47,953
23,642
18,169
38,292
33,259
48,932
53,766
35,852
37,751
25,131
25,068
33,345
40,100
32,954
40,093
39,005
47,248
44,712
44,810
28,192
33,226
30,163
52,738
24,002
18,828
39,558
34,543
51,200
55,190
37,165
39,030
26,162
26,085
34,799
41,003
34,072
41,761
40,279
48,410
45,683
46,451
28,902
34,516
30,681
54,000
24,950
19,877
40,935
35,791
53,344
56,457
18,013
10,337
758
493
528
692
1,371
1,964
1,564
892
844
846
385
7,676
1,633
43
670
960
685
1,449
1,037
145
18,179
10,550
772
502
531
698
1,420
2,050
1,607
950
809
826
385
7,629
1,642
42
654
920
684
1,450
1,027
142
18,164
10,660
782
497
533
704
1,425
2,072
1,643
958
814
843
389
7,504
1,654
42
623
846
676
1,445
1,020
138
29,253
21,531
29,921
22,349
30,884
23,547
941
113
962
106
965
95
37,401
31,882
51,132
19,655
28,924
37,353
38,953
54,647
38,369
32,279
51,232
20,133
29,366
37,862
39,088
57,933
39,278
32,994
53,877
20,848
30,348
38,729
36,644
59,214
5,664
3,564
220
371
1,720
167
698
17
5,780
3,690
220
384
1,791
167
725
15
5,883
3,783
212
402
1,550
166
1,043
14
r>--i minjnn
Oil and gas extraction
Nonmetallic minerals, except fuels
Chemicals and allied products
Rubber and miscellaneous plastics
products
Transportation and public utilities
Transportation
Railroad transportation
Local and interurban passenger transit
Trucking and warehousing
Water transportation
Transportation by air
Pipelines except natural gas
1. Full-time equivalent employees equals the number of employees on full-time schedules plus the number of
employees on part-time schedules converted to a full-time basis. The number of full-time equivalent employees in
each industry is the product of the total number of employees and the ratio of average weekly hours per employee
for all employees to average weekly hours per employee on full-time schedules.
2. Consists of museums, botanical, zoological gardens; engineering and management services; and services, not
elsewhere classified.
1994
1995
1996
29,593
46,802
50,736
37,218
46,725
30,884
49,316
52,945
40,832
48,857
31,551
50,716
54,287
42,561
50,433
Wholesale trade
36,504
37,817
39,256
5,971
6,200
6,278
Retail trade
18,130
18,300
18,821
17,307
18,029
18,383
39,282
31,921
38,647
89,937
39,610
36,447
27,456
58,767
41,698
33,935
41,070
97,499
41,494
37,854
28,308
63,971
44,629
35,926
43,224
108,760
43,593
39,648
29,780
67,933
6,620
1,972
468
521
1,468
687
1,259
245
6,550
1,935
446
533
1,449
697
1,252
238
6,635
1,921
491
558
1,447
707
1,273
238
27,886
19,585
17,337
24,554
21,943
27,216
34,434
22,904
32,780
51,497
23,637
28,987
20,117
17,915
25,942
22,454
28,134
36,639
23,680
34,098
53,107
24,263
29,935
20,733
18,518
27,713
23,074
29,204
37,706
24,509
34,624
54,984
24,895
29,461
1,479
1,118
5,795
1,005
320
355
1,143
8,288
940
1,747
30,864
1,519
1,139
6,372
1,061
343
393
1,231
8,492
937
1,801
32,222
1,559
1,162
6,875
1,136
358
432
1,296
8,774
944
1,868
19,266
17,381
21,395
43,984
13,143
19,834
17,931
22,074
45,754
14,118
20,346
18,396
22,681
47,146
14,079
3,808
2,020
1,788
2,642
821
3,950
2,135
1,815
2,807
819
4,067
2,216
1,851
2,955
796
32,921
37,205
36,138
41,357
30,237
42,404
31,456
31,323
31,269
31,380
33,396
33,992
38,641
37,774
42,611
32,262
42,655
32,466
32,330
32,195
32,479
34,446
35,300
40,574
39,876
44,739
34,241
43,660
33,634
33,514
33,611
33,408
35,377
18,292
4,661
3,867
2,052
1,815
794
13,631
12,754
6,635
6,119
877
18,327
4,530
3,725
1,984
1,741
805
13,797
12,910
6,770
6,140
887
18,204
4,368
3,562
1,912
1,650
806
13,836
12,945
6,791
6,154
891
-482
-488
-485
1996
110,935
Transportation services
Communications . .
Telephone and telegraph
Radio and television
...
Depository institutions
Nondepository institutions
Insurance carriers
Insurance agents, brokers, and services
Real estate
Holding and other investment offices
Services
Hotels and other lodging places
Personal services
Business services
Auto repair services and parking
Miscellaneous repair services
Motion pictures
Amusement and recreation services
Health services
Legal services
Educational services
Social services and membership
organizations
Membership organizations
Other services2
Private households
Government
Federal
General government
Civilian 3
Military ....
Government enterprises
State and local
General government
Education
Other
Government enterprises
Rest of the world4
..
. ..
1994
371
1,182
838
344
918
1995
388
1,195
837
358
895
1996
396
1,228
854
374
872
3. Includes Coast Guard.
4. Beginning with 1993, includes estimates of foreign professional workers and undocumented Mexican migratory
workers employed temporarily in the. United States.
NOTE.-Estimates in this table are based on the 1987 Standard Industrial Classification (SIC).
SURVEY OF CURRENT BUSINESS
D-34 • National Data
Table B.11.—Housing Sector Output, Gross Product, and National
Income
Table B. 10.—Farm Sector Output, Gross Product, and National Income
Billions of chained
(1992) dollars
Billions of dollars
Farm output
Cash receipts from farm marketings
Crops
Livestock
Farm housing
Farm products consumed on farms
Other farm income
Change in farm inventories
Crops
Livestock
Less: Intermediate goods and services
purchased
Intermediate goods and services, other
than rent
Rent paid to nonoperator landlords
1995
1996
1994
1995
1996
202.9
197.9
219.9
199.4
192.0
193.1
92.8
88.1
5.8
.5
4.9
10.8
9.7
1.1
119.4
193.9
106.9
204.2
111.4
87.0
92.9
5.9
.5
5.6
-7.9
-8.2
.2
6.1
.4
6.3
2.9
4.1
-1.3
179.0
96.9
91.3
88.9
90.5
5.2
.5
4.8
11.7
9.2
1.2
5.2
.5
5.2
-9.2
-7.7
.3
5.1
.4
5.3
2.6
3.0
114.7
117.6
117.3
105.3
110.0
100.7
103.4
101.2
14.1
14.3
16.8
14.0
14.2
16.2
85.0
74.2
75.5
22.4
22.8
23.2
73.5
Less' Consumption of fixed capital
23.7
24.7
25.6
59.8
48
6.6
61.5
14.6
12.3
48.8
51
6.1
49.7
15.7
13.3
63.8
52.2
64.9
16.5
14.2
2.4
2.3
378
247
386
36.9
23.4
37.2
1.2
9.4
51.3
51
6.1
2.2
.9
9.1
62.9
Nonfarm housing
Owner-occupied
Tenant-occupied
Farm housing
Less: Intermediate goods and services
consumed
1994
1995
1996
1994
1995
686.7
722.7
758.1
649.9
663.4
675.2
680.9
507.0
174.0
5.8
716.8
532.2
184.6
5.9
752.0
558.3
193.6
6.1
644.8
479.6
165.2
5.2
658.3
487.2
171.1
5.2
670.2
495.3
174.9
5.1
1996
87.6
88.5
94.1
83.1
82.1
85.3
Equals: Gross housing product
Nonfarm housing
Owner-occupied
Tenant-occupied
Farm housing
599.1
594.4
439.5
155.0
4.7
634.2
629.2
462.8
166.4
5.0
664.0
658.8
484.0
174.9
5.1
566.8
562.7
415.6
147.1
4.2
581.3
577.0
423.1
153.9
4.3
589.9
585.7
428.3
157.5
4.2
Less1 Consumption of fixed capital
Capital consumption allowances
Less1 CCAdj
120.5
114.8
118.2
112.2
103.6
104.6
60.9
59.6
62.8
-59.6
-55.1
-55.4
Equals: Net housing product
478.6
519.4
545.8
454.5
477.8
485.5
Less: Indirect business tax and nontax
liability plus business transfer payments ...
112.9
116.2
119.5
Plus: Subsidies less current surplus of
government enterprises
Equals: Housing national income
Compensation of employees
Proprietors' income with IVA and CCAdj ...
Rental income of persons with CCAdj
Corporate profits with IVA and CCAdj
Net interest
1.4
9.8
NOTE.—Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.
CCAdj Capital consumption adjustment
IVA Inventory valuation adjustment
Housing output
L
Billions of chained
(1992) dollars
-1.5
113.7
83.5
Equals'. Farm national income
Compensation of employees
Wage and salary accruals
Supplements to wages and salaries
Proprietors' income and corporate
profits with IVA and CCAdj
Proprietors' income .
Corporate profits
Net interest
188.5
88.4
89.9
130.6
Equals'. Gross farm product
Less: Indirect business tax and nontax
liability
Plus: Subsidies to operators
178.2
124.4
89.4
Equals'. Net farm product
Billions of dollars
1994
180.9
March 1998
20.6
20.8
22.6
386.4
424.0
448.9
7.7
17.6
96.7
8.1
8.5
25.2
27.1
104.3
115.8
4.2
5.1
5.6
260.2
281.3
292.0
1. Equals personal consumption expenditures for housing less expenditures for other housing as shown in table
B.4.
NOTE.—Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.
CCAdj Capital consumption adjustment
IVA Inventory valuation adjustment
National Data • D-35
SURVEY OF CURRENT BUSINESS
March 1998
Table B.12.-Net Stock of Fixed Private Capital, by Type
[Yearend estimates]
Current-cost valuation (billions of dollars)
1991
Fixed private capital
12,955.2
Private producers' durable equipment
Nonresidential equipment
Information processing and related equipment
Office computing and accounting machinery
Computers and peripheral equipment
Other office equipment
Communication equipment
Instruments
Photocopy and related equipment
Other equipment
Furniture and fixtures
.
Household furniture
Other furniture
Tractors
Farm tractors
Construction tractors
Agricultural machinery except tractors
Construction machinery except tractors
Mining and oilfield machinery
Service industry machinery
Electrical equipment n e e
Household appliances
Other
Other nonresidential equipment
Residential equipment
Private structures
Nonresidential structures
Nonresidential buildings excluding farm
Industrial buildings '
Office buildingsI
Commercial buildings
Mobile structures
Other commercial 2
Religious buildings
Educational buildings
Hospital and institutional buildings
Other
Hotels and motels
Amusement and recreational
buildings
Other nonfarm buildings 3
Utilities
Railroad
Telecommunications
Electric light and power
Gas
Petroleum pipelines
. .
Farm related buildings and structures
Mining exploration shafts and wells
Petroleum and natural gas
Other mining
Other nonfarm structures4
1996
15,738.6
16,503.4
1991
98.49
1992
1993
1994
1995
1996
100.00
101.94
104.15
106.67
109.58
2,642.7
2,742.1
2,881.7
3,050.3
3,232.9
98.37
100.00
102.74
106.62
111.68
117.63
2,590.0
2,686.7
2,823.1
2,989.3
3,168.9
98.39
100.00
102.72
106.61
111.70
117.69
603.2
119.0
629.0
120.7
101.0
650.4
128.3
107.9
673.8
138.5
118.0
704.0
151.2
130.4
785.4
175.7
153.9
94.86
87.31
85.14
99.35
97.21
95.09
97.52
100.00
100.00
100.00
100.00
100.00
100.00
100.00
106.40
120.18
124.20
101.27
102.41
105.34
104.27
113.96
144.51
154.49
101.08
106.50
109.32
109.02
125.25
189.31
211.49
101.82
112.84
112.73
112.00
140.31
264.83
308.42
108.04
120.39
116.19
113.98
99.38
100.79
97.84
97.48
101.47
100.38
99.14
100.53
97.65
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
101.38
100.07
102.12
102.13
102.06
100.48
101.85
100.70
102.57
103.55
100.95
104.56
104.33
106.76
102.74
104.03
102.25
105.65
106.34
101.72
105.58
104.68
114.34
106.16
107.46
104.37
109.13
108.92
102.72
105.86
104.57
118.43
109.54
109.64
107.35
112.29
98.93
98.99
97.44
97.17
103.69
101.16
100.00
100.00
100.00
100.00
100.00
100.00
102.30
105.33
100.93
102.25
98.25
99.65
106.91
115.39
109.20
100.57
95.33
100.79
111.87
127.18
113.03
101.80
92.42
102.22
116.89
139.25
117.20
103.08
89.79
102.81
102.1
100.42
96.81
100.22
96.59
102.77
102.43
103.99
103.85
104.46
110.04
103.27
94.43
99.31
93.87
98.81
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
101.19
103.04
100.43
103.21
99.71
100.28
97.68
98.79
99.09
93.67
99.38
104.87
101.98
105.20
103.18
103.29
105.84
101.74
106.12
101.34
102.61
96.85
99.07
100.51
87.79
103.02
107.43
104.43
107.77
106.40
106.07
110.10
103.22
110.55
103.25
105.11
96.65
99.89
103.15
83.85
107.46
109.26
107.35
109.47
109.34
109.92
115.18
105.88
115.79
105.60
107.84
97.69
101.40
106.11
78.91
117.36
111.42
110.74
111.49
112.59
64.1
19.7
20.4
20.6
20.9
21.8
330.8
109.9
333.0
117.9
335.3
124.1
342.7
130.6
391.5
136.2
79.4
82.0
64.0
67.5
71.2
75.8
898.3
916.8
945.7
991.4
87.7
50.8
46.0
86.7
51.8
47.1
87.0
53.2
48.2
90.3
56.8
51.5
93.5
58.4
52.5
95.7
59.7
53.5
4.8
167.1
193.4
185.7
213.6
4.7
168.8
199.4
189.0
221.0
5.0
174.4
207.5
194.9
228.7
5.4
183.0
218.2
202.5
240.5
5.9
197.0
232.1
212.5
256.7
6.3
205.8
240.0
220.8
261.6
491.2
160.6
102.5
114.4
510.0
169.1
107.6
121.2
538.9
185.5
111.7
127.1
581.2
210.1
124.6
129.2
627.2
236.8
131.1
136.2
660.5
259.6
138.0
140.3
45.5
68.2
45.1
67.1
45.6
69.0
44.7
72.7
44.3
78.8
44.4
78.3
526.8
140.0
9.0
131.0
534.2
146.1
9.1
137.0
551.8
153.8
9.4
144.4
576.6
163.0
9.7
153.3
607.7
175.0
639.4
186.2
10.1
10.5
164.9
175.7
54.1
42.3
11.8
65.4
66.7
16.7
61.0
41.5
54.1
42.4
11.7
64.9
66.0
15.3
60.3
44.6
55.1
43.2
11.9
65.6
66.8
14.6
61.0
47.2
57.2
45.1
12.1
67.1
69.6
14.0
64.5
48.9
59.1
46.8
12.3
69.9
73.2
13.8
69.2
50.3
60.9
48.2
12.7
72.2
77.1
13.3
76.7
50.9
4.5
. . .
1995
15,064.5
2,519.5
318.9
101.4
.
1994
1993
14,198.8
2,570.3
99.5
19.5
Industrial equipment
Fabricated metal products
Engines and turbines
Steam engines
Internal combustion engines
Metalworking machinery
Special industry machinery, n.e.c
General industrial, including materials handling, equipment
Electrical transmission, distribution, and industrial apparatus
Transportation and related equipment
Trucks buses and truck trailers
Autos
Aircraft
.
Ships and boats
Railroad equipment
1992
13,484.1
Chain-type quantity indexes (1992=100)
4.7
4.6
4.9
1,050.3
5.1
37.0
81.2
40.1
83.0
42.5
87.7
44.0
92.4
45.2
97.2
50.8
52.6
55.4
58.6
61.0
1,083.6
5.2
45.7
97.03
100.00
103.36
107.18
111.01
114.80
10,384.9
10,841.4
11,456.7
12,182.8
12,688.3
13,270.4
98.52
100.00
101.75
103.57
105.50
107.74
4,177.2
4,302.7
4,528.9
4,775.6
4,970.8
5,163.3
98.92
100.00
101.16
102.20
103.61
105.43
2,593.9
589.7
611.2
653.7
6.4
647.4
119.7
102.6
246.2
270.8
135.6
2,686.1
613.0
625.4
678.7
6.6
672.1
123.5
108.0
259.8
277.6
139.2
2,834.9
636.2
670.1
717.2
7.2
710.1
129.4
114.7
276.7
290.6
145.9
3,011.3
673.6
707.8
765.0
7.9
757.1
136.6
123.5
297.9
307.0
153.7
3,144.1
700.7
736.5
803.8
8.3
795.5
141.4
130.2
311.6
319.9
161.0
3,299.0
725.9
767.1
855.8
8.7
847.1
146.2
138.0
325.6
340.5
173.3
98.44
98.36
98.72
98.46
98.26
98.47
99.10
97.05
96.87
99.67
99.51
98.63
101.07
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
101.38
100.17
101.51
101.96
101.54
101.97
101.10
102.47
102.72
100.79
101.03
101.25
99.84
102.97
101.44
102.54
103.93
103.27
103.94
102.06
105.40
105.71
101.88
101.79
103.20
100.73
105.02
103.03
104.24
106.63
105.36
106.64
103.23
108.64
108.08
103.76
104.25
106.83
99.60
107.92
104.54
106.37
111.20
107.95
111.24
104.47
112.77
110.59
108.01
109.82
111.45
100.81
99.44
100.93
98.21
99.61
97.56
100.12
100.00
100.00
100.00
100.00
100.00
100.00
100.59
99.08
101.66
100.86
101.42
100.18
100.76
98.22
103.71
100.77
101.99
100.25
101.29
97.42
106.33
101.20
102.88
100.00
101.73
96.92
109.22
101.28
103.23
99.92
101.36
101.90
102.17
99.81
94.60
100.00
100.00
100.00
100.00
100.00
102.10
99.14
98.97
100.48
104.32
101.29
98.31
97.82
101.99
107.95
100.48
97.36
96.76
101.92
111.30
99.14
95.89
95.21
101.14
113.37
67.8
67.4
1,032.3
266.7
181.1
410.9
136.8
70.2
68.2
1,062.0
272.4
185.3
423.8
143.1
73.7
71.0
1,120.2
290.1
194.0
443.4
153.0
78.6
74.7
1,159.7
294.0
204.8
459.6
160.0
83.2
75.7
1,199.7
300.3
218.3
476.5
163.1
88.7
78.5
1,236.4
311.1
229.9
481.8
170.4
36.8
37.5
39.6
41.2
41.5
43.2
182.0
263.8
234.7
183.5
259.0
229.3
194.3
260.1
229.2
201.6
274.5
241.6
204.6
283.7
250.0
206.1
278.5
244.5
29.0
29.7
31.0
32.9
33.7
34.1
105.2
112.1
119.4
128.4
138.7
143.3
Residential structures
6,207.7
6,538.7
6,927.8
7,407.2
7,717.5
8,107.1
98.25
100.00
102.14
104.47
106.75
109.25
Housing units
Permanent site
1-to-4-unit
5-or-more-unit
Mobile homes
Improvements
Other residential 5
5,057.2
4,959.6
4,226.4
733.2
5,327.0
5,226.1
4,465.3
760.7
100.9
1,185.1
5,667.3
5,557.9
4,796.1
761.9
109.4
1,232.6
6,078.4
5,956.2
5,182.3
773.8
122.2
1,299.8
6,322.4
6,190.1
5,398.5
791.5
132.3
1,365.8
6,639.3
6,497.7
5,662.9
834.8
141.5
1,438.0
98.37
100.00
100.00
100.00
100.00
100.00
100.00
100.00
102.00
102.00
102.37
99.78
102.02
102.83
99.67
104.20
104.17
105.01
99.05
105.56
105.87
98.53
106.43
106.36
107.45
99.64
110.07
108.42
97.95
108.99
108.86
110.22
100.47
115.21
110.75
97.69
97.6
1,124.7
25.9
26.6
1. Consists of office buildings, except those occupied by electric and gas utility companies.
2. Consists primarily of stores, restaurants, garages, service stations, warehouses, and other buildings used for
commercial purposes.
3. Consists of buildings not elsewhere classified, such as passenger terminals, greenhouses, and animal hospitals.
4. Consists primarily of streets, dams, reservoirs, sewer and water facilities, parks, and airfields.
5. Consists primarily of dormitories, fraternity and sorority houses, and nurses' homes.
27.8
29.0
29.3
n.e.c. Not elsewhere classified.
29.9
v/O.oD
98.09
99.97
99.10
97.64
100.98
D-36 • National Data
SURVEY OF CURRENT BUSINESS
March 1998
C. Historical Tables.
The tables in this section are derived from the "Summary National Income and Product Series" tables that were
published in the August 1997 issue of the SURVEY OF CURRENT BUSINESS and from the "Selected NIPA Tables"
that are published in this issue. (Changes in prices are calculated from indexes expressed to three decimal
places.)
Table C.1.—Historical Measures of Real Gross Domestic Product, Real Gross National Product, and Real Gross Domestic Purchases
[Quarterly estimates are seasonally adjusted at annual rates]
Chain-type price indexes
Implicit price deflators
Percent change from preceding period
Percent change from preceding
period
Chain-type price index
Implicit price deflators
Final sales of Gross national
Final sales of Gross domestic Gross domestic Gross domestic Gross national
Gross domestic
domestic
Gross domestic
product
Gross domestic Gross domestic Gross domestic Gross national
purchases
product
product
domestic
product
product
product
product
product
purchases
product
product
product
Billions of chained (1992) dollars
Year and
quarter
1959
2,210.2
2,206.9
2,222.0
7.4
6.5
22.95
22.44
22.95
22.96
1.0
1.0
1.0
1.0
1960
1961
1962
1963
1964
2,262.9
2,314.3
2,454.8
2,559.4
2,708.4
2,264.2
2,318.0
2,445.4
2,552.4
2,705.1
2,276.0
2,329.1
2,471.5
2,577.3
2,727.8
2.4
2.3
6.1
4.3
5.8
2.6
2.4
5.5
4.4
6.0
23.27
23.54
23.84
24.12
24.48
22.75
23.00
23.28
23.58
23.94
23.27
23.54
23.84
24.12
24.48
23.28
23.55
23.85
24.13
24.49
1.4
1.2
1.3
1.2
1.5
1.4
1.1
1.2
1.3
1.6
1.4
1.2
1.3
1.2
1.5
1.4
1.2
1.3
1.2
1.5
1965
1966
1967
1968
1969
2,881.1
3,069.2
3,147.2
3,293.9
3,393.6
2,860.4
3,033.5
3,125.1
3,278.0
3,377.2
2,901.4
3,087.8
3,166.4
3,314.5
3,413.3
6.4
6.5
2.5
4.7
3.0
5.7
6.1
3.0
4.9
3.0
24.95
25.66
26.48
27.64
28.94
24.39
25.07
25.83
26.95
28.21
24.96
25.67
26.49
27.64
28.94
24.97
25.68
26.50
27.66
28.96
1.9
2.8
3.2
4.4
4.7
1.9
2.8
3.0
4.3
4.7
2.0
2.8
3.2
4.4
4.7
2.0
2.8
3.2
4.4
4.7
1970
1971
1972
1973
1974
3,397.6
3,510.0
3,702.3
3,916.3
3,891.2
3,406.5
3,499.8
3,689.5
3,883.9
3,873.4
3,417.1
3,532.1
3,726.3
3,950.1
3,930.2
.1
3.3
5.5
5.8
-.6
.9
2.7
5.4
5.3
-.3
30.48
32.05
33.42
35.30
38.46
29.73
31.32
32.71
34.64
38.17
30.48
32.06
33.42
35.30
38.47
30.50
32.08
33.44
35.32
38.49
5.3
5.2
4.2
5.6
8.9
5.4
5.3
4.5
5.9
5.3
5.2
4.2
5.6
9.0
5.3
5.2
4.2
5.6
8.9
1975
1976
1977
1978
1979
3,873.9
4,082.9
4,273.6
4,503.0
4,630.6
3,906.4
4,061.7
4,240.8
4,464.4
4,614.4
3,903.3
4,118.8
4,314.5
4,543.7
4,687.4
-.4
5.4
4.7
5.4
2.8
.9
4.0
4.4
5.3
3.4
42.09
44.55
47.42
50.88
55.22
41.72
44.15
47.18
50.65
55.22
42.09
44.55
47.43
50.89
55.23
42.11
44.58
47.46
50.92
55.26
9.4
5.8
6.5
7.3
8.5
9.4
5.8
6.5
7.3
8.5
9.4
5.9
6.5
7.3
8.5
1980
1981
1982
1983
1984
4,615.0
4,720.7
4,620.3
4,803.7
5,140.1
4,641.9
4,691.6
4,651.2
4,821.2
5,061.6
4,670.8
4,769.9
4,662.0
4,844.8
5,178.0
-.3
2.3
4.0
7.0
.6
1.1
-.9
3.7
5.0
60.34
66.01
70.18
73.16
75.92
61.10
66.72
70.64
73.31
75.90
60.33
66.01
70.17
73.16
75.92
60.36
66.05
70.21
73.20
75.97
9.3
9.4
6.3
4.3
3.8
9.2
5.9
3.8
3.5
9.2
9.4
6.3
4.3
3.8
9.2
9.4
6.3
4.3
3.8
1985
1986
1987
1988
1989
5,323.5
5,487.7
5,649.5
5,865.2
6,062.0
5,296.9
5,480.9
5,626.0
5,855.1
6,028.7
5,346.7
5,501.2
5,658.2
5,878.5
6,075.7
3.6
3.1
2.9
3.8
3.4
4.6
3.5
2.6
4.1
3.0
78.53
80.58
83.06
86.10
89.72
78.34
80.40
83.11
86.13
89.78
78.53
80.58
83.06
86.09
89.72
78.57
80.62
83.09
86.12
89.75
3.4
2.6
3.1
3.7
4.2
3.2
2.6
3.4
3.6
4.2
3.4
2.6
3.1
3.7
4.2
3.4
2.6
3.1
3.7
4.2
6,136.3
6,079.4
6,244.4
6,389.6
6,610.7
6,126.7
6,082.6
6,237.4
6,368.9
6,551.2
6,157.0
6,094.9
6,255.5
6,408.0
6,619.1
1.2
-.9
2.7
2.3
3.5
1.6
-.7
2.5
2.1
2.9
93.64
97.32
100.00
102.64
105.09
93.83
97.30
100.00
102.48
104.85
93.60
97.32
100.00
102.64
105.09
93.63
97.33
100.00
102.63
105.08
4.4
3.9
2.8
2.6
2.4
4.5
3.7
2.8
2.5
2.3
4.3
4.0
2.8
2.6
2.4
4.3
4.0
2.7
2.6
2.4
1995
1996
1997
6,742.1
6,928.4
7,189.6
6,712.7
6,901.0
7,119.2
6,748.7
6,932.0
2.0
2.8
3.8
2.5
2.8
3.2
107.76
110.22
112.45
107.52
109.86
111.77
107.76
110.21
112.40
107.73
110.18
2.5
2.3
2.0
2.5
2.2
1.7
2.5
2.3
2.0
2.5
2.3
1959: 1
II
Ill
IV
2,165.0
2,223.3
2,221.4
2,231.0
2,165.5
2,204.2
2,232.6
2,225.3
2,176.2
2,234.5
2,233.5
2,243.9
8.6
9.2
7.3
5.3
22.86
22.92
22.96
23.05
22.35
22.41
22.45
22.53
22.92
22.91
22.94
23.03
22.93
22.91
22.95
23.04
.8
1.1
.7
1.5
1.1
1.1
.7
1.5
.8
-.3
.6
1.6
.8
-.3
.6
1.6
1960' I
II
Ill
IV
2,279.2
2,265.5
2,268.3
2,238.6
2,248.5
2,268.4
2,265.1
2,274.7
2,291.6
2,278.2
2,281.6
2,252.7
4.2
3.6
-.6
1.7
23.10
23.21
23.32
23.44
22.57
22.69
22.80
22.92
23.13
23.22
23.32
23.40
23.14
23.23
23.33
23.41
.9
2.0
2.0
2.1
.8
2.1
2.0
2.1
1.8
1.5
1.7
1.4
1.9
1.5
1.7
1.4
1961' I
II
Ill
IV
2,251.7
2,292.0
2,332.6
2,381.0
2,277.7
2,301.1
2,320.4
2,372.8
2,266.8
2,306.3
2,347.1
2,395.9
2.4
7.4
7.3
8.6
.5
4.2
3.4
9.3
23.48
23.51
23.55
23.61
22.96
22.97
23.01
23.06
23.45
23.51
23.56
23.63
23.46
23.52
23.57
23.64
.7
.5
.7
1.1
.6
.2
.7
.9
.9
1.0
.8
1.2
.9
1.0
.8
1.2
1962: I
II
Ill
IV
2,422.6
2,448.0
2,471.9
2,476.7
2,400.3
2,440.7
2,462.0
2,478.7
2,437.4
2,464.4
2,488.4
2,495.9
7.2
4.3
4.0
.8
4.7
6.9
3.5
2.7
23.73
23.80
23.86
23.96
23.17
23.24
23.31
23.41
23.75
23.81
23.87
23.94
23.76
23.81
23.87
23.95
2.0
1.1
1.1
1.7
1.9
1.4
1.1
1.8
2.0
1.0
1.0
1.2
2.0
1.0
1.0
1.2
1963: 1
II
Ill
IV
2,508.7
2,538.1
2,586.3
2,604.6
2,492.4
2,533.8
2,578.0
2,605.3
2,526.9
2,555.5
2,604.0
2,622.9
5.3
4.8
7.8
2.9
2.2
6.8
7.2
4.3
24.03
24.07
24.11
24.26
23.48
23.53
23.58
23.72
24.00
24.07
24.12
24.29
24.01
24.08
24.13
24.30
1.2
.6
.7
2.4
1.3
.8
.9
2.5
1.1
1.1
.8
3.0
1.1
1.1
.8
3.0
1964: 1
II
III
IV
2,666.7
2,697.5
2,729.6
2,739.7
2,663.1
2,695.0
2,727.6
2,734.5
2,686.8
2,716.8
2,749.5
2,758.1
9.9
4.7
4.8
1.5
9.2
4.9
4.9
1.0
24.33
24.41
24.53
24.64
23.80
23.89
23.99
24.09
24.35
24.41
24.52
24.64
24.36
24.42
24.53
24.65
1.2
1.3
1.9
1.8
1.3
1.5
1.8
1.6
.9
.9
1.8
2.1
.9
.9
1.8
2.1
1965: 1
II
Ill
IV
2,808.9
2,846.3
2,898.8
2,970.5
2,777.2
2,826.7
2,879.8
2,957.8
2,830.0
2,868.2
2,918.9
2,988.6
6.4
7.3
7.7
24.76
24.88
25.01
25.16
24.19
24.31
24.44
24.61
24.77
24.88
25.01
25.17
24.78
24.89
25.02,
j
25.1 8
2.0
2.0
2.1
2.5
1.6
2.0
2.2
2.8
2.0
1.9
2.1
2.6
2.0
1.9
2.1
2.6
1966: 1
II
Ill
IV
3,042.4
3,055.5
3,076.5
3,102.4
3,008.8
3,023.1
3,047.2
3,054.8
3,061.1
3,074.2
3,094.7
3,121.4
1967: 1
II
Ill
IV
3,127.2
3,129.5
3,154.2
3,178.0
3,085.6
3,119.0
3,134.2
3,161.5
3,145.9
3,147.7
3,174.4
3,197.5
1990
1991
1992
1993
1994
.
-2.1
11.2
-.3
1.7
8.9
-2.4
.5
-5.1
10.5
5.4
7.6
10.3
-1.3
11.3
10.2
9.3
5.8
6.9
7.4
9.0
10.7
1.7
2.8
3.4
7.1
1.9
3.2
1.0
25.30
25.50
25.82
26.03
24.73
24.93
25.22
25.41
25.32
25.53
25.79
26.02
25.34
25.54
25.81
26.03
2.2
3.2
5.1
3.4
1.9
3.2
4.8
3.1
2.5
3.2
4.2
3.5
2.5
3.3
4.2
3.5
3.2
.3
3.2
3.1
4.1
4.4
2.0
3.5
26.16
26.32
26.57
26.87
25.52
25.67
25.92
26.21
26.14
26.31
26.60
26.90
26.15
26.32
26.61
26.91
2.0
2.5
3.9
4.6
1.6
2.5
3.9
4.5
1.9
2.5
4.5
4.6
2.0
2.5
4.5
4.6
10.0
SURVEY OF CURRENT BUSINESS
March 1998
National Data • D-37
Table C.1.—Historical Measures of Real Gross Domestic Product, Real Gross National Product, and Real Gross Domestic Purchases—Continued
[Quarterly estimates are seasonally adjusted at annual rates]
Percent change from preceding
iod
Billions of chained (1992) dollars
Year and
quarter
Gross domestic
product
Final sales o
domestic
product
Chain-type price indexes
Percent change from preceding period
Implicit price deflators
Chain-type price index
Gross nationa
product
Gross domestic
product
Final sales o
domestic
product
Implicit price deflators
Gross domestic Gross domestic Gross domestic Gross nationa
Gross domestic Gross domestic Gross domestic Gross national
purchases
product
product
product
product
purchases
product
product
19681 1
II
Ill
IV
3,236.2
3,292.1
3,316.1
3,331.2
3,225.3
3,258.0
3,303.9
3,325.1
32562
3,312.5
3,337.3
3,352.2
7.5
7.
3.0
1.8
8.3
4.1
5.8
2.6
27.19
27.50
27.75
28.12
26.52
26.80
27.06
27.43
27.21
27.49
27.75
28.12
27.22
27.50
27.76
28.13
4.8
4.5
3.7
5.5
4.9
4.2
4.0
5.5
4.7
4.1
3.8
5.5
4.8
4.1
3.8
5.5
1969: 1
II
Ill
IV
3,381.9
3,390.2
3,409.7
3,392.6
3,357.5
3,373.0
3,389.6
3,388.9
3,402.8
3,410.3
3,428.5
3,411.4
6.2
1.0
2.3
4.0
1.9
2.0
28.38
28.74
29.14
29.51
27.66
28.02
28.40
28.77
28.39
28.73
29.14
29.51
28.40
28.75
29.16
29.52
3.7
5.2
5.7
5.2
3.5
5.3
5.6
5.2
3.8
5.0
5.8
5.1
3.9
5.0
5.8
5.1
1970: 1
||
III
IV
3,386.5
3,391.6
3,423.0
3,389.4
3,397.6
3,391.9
3,421.9
3,414.8
3,406.0
3,411.9
3,442.9
3,407.4
1.(
3.'i
29.92
30.36
30.60
31.02
29.18
29.59
29.87
30.29
29.94
30.36
30.61
31.02
29.95
30.37
30.63
31.03
5.7
6.0
3.2
5.6
5.9
5.8
3.8
5.7
6.0
5.7
3.4
5.4
6.0
5.7
3.4
5.4
1971: I
II
Ill
IV
3,481.4
3,500.9
3,523.8
3,533.8
3,458.9
3,481.2
3,509.4
3,549.5
3,503.3
3,524.3
3,544.7
3,556.0
2.3
2.6
1.1
5.3
2.6
3.3
4.7
31.50
31.93
32.25
32.53
30.75
31.18
31.52
31.81
31.50
31.93
32.27
32.54
31.52
31.94
32.29
32.55
6.3
5.7
4.1
3.5
6.2
5.7
4.5
3.7
6.4
5.5
4.4
3.3
6.4
5.5
4.4
3.3
1972: 1
II
Ill
IV
3,604.7
3,687.9
3,726.2
3,790.4
3,608.0
3,665.7
3,700.0
3,784.3
3,627.9
3,710.7
3,751.2
3,815.3
8.3
9.6
4.2
7.1
6.8
6.5
3.8
9.4
33.01
33.23
33.50
33.93
32.28
32.53
32.82
33.23
33.02
33.20
33.49
33.95
33.03
33.22
33.51
33.97
6.0
2.6
3.3
5.2
6.0
3.1
3.6
5.1
6.0
2.2
3.5
5.6
6.1
2.2
3.5
5.6
1973: 1
II
Ill
IV
3,892.2
3,919.0
3,907.1
3,947.1
3,867.0
3,884.5
3,890.9
3,893.1
3,921.5
3,950.4
3,944.1
3,984.4
9.0
1.*
34.38
34.96
35.63
36.24
33.69
34.33
34.95
35.60
34.36
34.94
35.61
36.29
34.38
34.96
35.63
36.31
5.5
6.9
7.8
7.0
5.6
7.8
7.5
7.6
5.0
6.9
7.9
7.8
5.0
6.9
7.9
7.8
1974' I
II
Ill
IV
3,908.1
3,922.6
3,880.0
3,854.1
3,889.1
3,899.7
3,882.5
3,822.2
3,952.4
3,964.3
3,917.6
3,886.1
—t
1.1
36.98
37.79
38.93
40.14
36.55
37.59
38.71
39.84
37.01
37.79
38.96
40.13
37.03
37.81
38.98
40.15
1975: I
II
Ill .
IV
3,800.9
3,835.2
3,907.0
3,952.5
3,848.3
3,887.9
3,922.7
3,966.7
3,827.3
3,861.8
3,936.1
3,987.9
1976: 1
||
III
IV
4,044.6
4,072.2
4,088.5
4,126.4
4,027.0
4,039.1
4,061.7
4,119.0
19771 1
II
Ill
IV
4,176.3
4,260.1
4,329.5
4,328.3
1978: I
II
Ill
IV
-2.0
I
3.7
^3.9
11.3
11.2
2.8
-1.2
4.2
-3.9
1.5
-43
-2.6
-1.8
-6.1
8.4
9.0
12.7
13.0
11.1
11.9
12.5
12.2
8.2
8.7
12.9
12.6
8.2
8.7
12.9
12.5
3.7
7.7
4.7
2.8
4.2
3.6
4.6
41.04
41.67
42.44
43.21
40.69
41.34
42.05
42.79
41.05
41.66
42.41
43.19
41.07
41.68
42.44
43.22
9.2
6.3
7.6
7.4
8.8
6.5
7.0
7.2
9.5
6.1
7.4
7.6
9.5
6.1
7.4
7.6
4,078.8
4,107.9
4,124.8
4,163.7
9.7
2.8
1.6
3.8
6.2
1.2
2.3
5.8
43.68
44.17
44.78
45.56
43.26
43.76
44.42
45.16
43.69
44.15
44.77
45.57
43.72
44.18
44.80
45.60
4.4
4.6
5.7
7.2
4.5
4.7
6.1
6.9
4.7
4.2
5.7
7.3
4.7
4.2
5.7
7.3
4,161.4
4,228.4
4,270.0
4,303.3
4,219.4
4,302.2
4,371.2
4,365.0
4.9
8.3
6.7
-.1
4.2
6.6
4.0
3.2
46.31
47.08
47.74
48.55
45.99
46.81
47.55
48.36
46.32
47.07
47.66
48.63
46.34
47.10
47.69
48.66
6.7
6.8
5.7
7.0
7.6
7.3
6.4
7.1
6.8
6.6
5.1
8.4
6.7
6.7
5.1
8.4
4,345.5
4,510.7
4,552.1
4,603.7
4,306.0
4,474.6
4,511.6
4,565.4
4,388.6
4,546.1
4,591.1
4,649.0
7.0
8.6
7.3
7.9
6.7
8.2
7.0
8.7
6.7
8.2
7.1
8.7
1979: I
II
III
IV
4,605.7
4,615.6
4,644.9
4,656.2
4,579.0
4,577.0
4,639.2
4,662.5
4,652.6
4,668.7
4,708.8
4,719.5
9.0
9.1
8.8
8.9
8.1
9.1
8.8
8.9
8.1
1980: 1
II
Ill
IV
4,679.0
4,566.6
4,562.3
4,651.9
4,675.3
4,579.0
4,637.1
4,676.1
4,743.0
4,625.6
4,617.8
4,696.6
1981: 1
||
III
IV
4,739.2
4,696.8
4,753.0
4,693.8
4,692.9
4,699.0
4,702.5
4,672.0
4,787.7
4,742.6
4,801.4
4,747.9
1982: 1
II
Ill
IV
4,615.9
4,634.9
4,612.1
4,618.3
4,655.4
4,651.2
4,616.9
4,681.3
4,658.5
4,682.9
4,651.1
4,655.6
.5
1983' I
||
III
IV
4,663.0
4,763.6
4,849.0
4,939.2
4,719.4
4,785.3
4,860.7
4,919.5
4,700.1
4,804.4
4,891.3
4,983.5
3.9
8.9
7.4
7.7
1984- I
II
Ill
IV
5,053.6
5,132.9
5,170.3
5,203.7
4,961.0
5,050.0
5,085.6
5,149.9
5,092.6
5,172.4
5,209.5
5,237.5
1985' I
II
Ill
IV
5,257.3
5,283.7
5,359.6
5,393.6
5,231.7
5,261.0
5,336.9
5,358.0
1986' I
II .
Ill
IV
5,460.8
5,466.9
5,496.3
5,526.8
1987: 1
II
Ill
IV
1988' I
II
Ill
IV
.
.
-5.4
16.1
16.6
3.7
4.6
3.4
4.9
49.39
50.43
51.32
52.37
49.19
50.22
51.11
52.08
49.42
50.41
51.27
52.35
49.45
50.44
51.30
52.39
7.1
8.6
7.3
8.4
.2
.9
2.6
1.0
1.2
-.2
5.5
2.0
53.46
54.70
55.82
56.92
53.21
54.52
55.89
57.25
53.51
54.65
55.82
56.92
53.54
54.68
55.85
56.95
8.6
9.6
8.5
8.1
2.0
1.1
-9.3
-8.0
58.25
59.59
60.93
62.57
58.89
60.41
61.77
63.33
58.18
59.55
61.01
62.59
58.22
59.58
61.05
62.64
9.7
9.6
9.3
11.2
64.19
65.35
66.65
67.85
64.96
66.15
67.27
68.48
64.15
65.37
66.65
67.87
64.20
65.42
66.69
67.91
10.7
7.4
8.2
7.4
7.5
7.0
7.3
5.7
68.85
69.71
70.69
71.46
69.42
70.17
71.10
71.85
68.86
69.72
70.66
71.44
68.91
69.77
70.70
71.47
6.0
5.1
5.7
4.5
3.3
5.7
6.4
4.9
72.12
72.84
73.50
74.19
72.33
73.03
73.65
74.24
72.08
72.83
73.48
74.19
72.12
72.87
73.52
74.24
9.6
6.4
3.0
2.6
3.4
7.4
2.9
5.2
75.00
75.62
76.25
76.82
75.04
75.65
76.19
76.71
75.02
75.58
76.25
76.81
5,280.3
5,310.8
5,378.4
5,417.5
4.2
2.0
5.9
2.6
6.5
2.3
5.9
1.6
77.64
78.25
78.80
79.44
77.38
78.02
78.58
79.37
5,410.5
5,448.4
5,518.2
5,546.6
5,481.1
5,480.1
5,510.4
5,533.1
5.1
.4
2.2
2.2
4.0
2.8
5.2
2.1
79.81
80.26
80.81
81.44
5,561.8
5,618.0
5,667.4
5,750.6
5,535.8
5,608.4
5,671.5
5,688.3
5,568.7
5,628.7
5,676.0
5,759.6
2.6
4.1
3.6
6.0
-.8
5.4
4.6
1.2
5,785.3
5,844.0
5,878.7
5,952.8
5,774.2
5,840.1
5,869.2
5,937.0
5,802.3
5,857.5
5,889.4
5,964.9
2.4
4.1
2.4
5.1
6.2
4.6
2.0
4.7
1.6
-.4
8.1
5.2
3.4
7.7
1.4
.5
.3
-3.5
4.9
-4.9
-6.5
1.7
-2.0
-2.6
-1.4
-.4
-2.9
10.2
10.4
10.2
12.0
10.7
9.3
9.2
9.7
9.2
9.7
10.5
10.2
10.8
10.2
10.8
10.7
10.3
10.4
7.8
8.0
7.5
7.8
8.0
7.5
5.6
4.4
5.4
4.3
6.0
5.1
5.5
4.4
6.0
5.1
5.5
4.4
3.7
4.1
3.7
3.8
2.7
3.9
3.4
3.2
3.7
4.2
3.7
3.9
3.7
4.2
3.7
3.9
75.06
75.63
76.29
76.85
4.4
3.3
3.4
3.0
4.4
3.3
2.9
2.7
4.5
3.1
3.5
3.0
4.5
3.1
3.6
2.9
77.63
78.25
78.76
79.45
77.67
78.29
78.80
79.49
4.3
3.2
2.8
3.3
3.6
3.3
2.9
4.1
4.4
3.3
2.6
3.5
4.3
3.2
2.6
3.5
79.77
79.97
80.60
81.25
79.81
80.22
80.84
81.45
79.85
80.26
80.88
81.49
1.9
2.2
2.8
3.2
2.0
1.0
3.2
3.3
1.8
2.1
3.1
3.1
1.8
2.1
3.1
3.0
82.11
82.68
83.35
84.08
82.07
82.74
83.44
84.19
82.09
82.68
83.33
84.09
82.12
82.71
83.36
84.12
3.3
2.8
3.3
3.6
4.1
3.3
3.4
3.6
3.2
2.9
3.2
3.7
3.2
2.9
3.2
3.7
84.69
85.56
86.67
87.46
84.81
85.68
86.58
87.44
84.67
85.56
86.66
87.44
84.69
85.59
86.69
87.47
2.9
4.2
5.3
3.7
3.0
4.2
4.3
4.0
2.7
4.3
5.2
3.7
2.8
4.3
5.2
3.7
SURVEY OF CURRENT BUSINESS
D-38 • National Data
March 1998
Table C.1.—Historical Measures of Real Gross Domestic Product, Real Gross National Product, and Real Gross Domestic Purchases—Continued
[Quarterly estimates are seasonally adjusted at annual rates]
Percent change from preceding
period
Billions of chained (1992) dollars
Year and
quarter
Final sales of
domestic
product
Gross national
product
1989: 1
II
III
IV
6,011.0
6,055.6
6,088.0
6,093.5
5,970.0
6,010.9
6,063.1
6,070.8
6,023.1
6,065.5
6,101.8
6,112.3
1990: 1
II
Ill
IV
6,152.6
6,171.6
6,142.1
6,079.0
6,144.6
6,127.5
6,126.6
6,108.1
6,172.8
6,188.0
6,155.7
6,111.3
1991: 1
II
Ill
IV
6,047.5
6,074.7
6,090.1
6,105.3
6,065.4
6,095.9
6,085.4
6,083.8
6,074.3
6,086.4
6,099.2
6,119.5
1992: 1
II
IV
6,175.7
6,214.2
6,260.7
6,327.1
6,175.8
6,203.8
6,249.5
6,320.7
1993: 1
II
Ill
IV
6,327.9
6,359.9
6,393.5
6,476.9
1994: 1
II
III
IV
1995: 1
II
Ill
IV
1996: 1
II
Ill
IV
1997: 1
II
Ill
IV
...
Implicit price deflators
Percent change from preceding period
Chain-type price index
Gross domestic
product
.Ill
Chain-type price indexes
Gross domestic Gross domestic
purchases
product
Gross national
product
Gross domestic
product
Final sales of
domestic
product
Gross domestic
product
4.0
3.0
2.2
.4
2.2
2.8
3.5
.5
88.44
89.40
90.13
90.91
88.47
89.52
90.14
90.98
88.45
89.39
90.13
90.88
88.48
89.42
90.16
90.91
4.5
4.4
3.3
3.5
5.0
92.01
93.20
94.19
95.14
92.17
93.14
94.32
95.68
92.00
93.18
94.14
95.11
92.04
93.21
94.17
95.13
3.9
1.2
-1.1
-.1
-1.9
-4.0
-1.2
-2.1
-2.8
Gross domestic
product
Implicit price deflators
Gross domestic Gross domestic
purchases
product
Gross national
product
4.8
4.8
2.8
3.8
4.7
4.3
3.3
3.4
4.7
4.3
3.3
3.4
4.9
5.2
4.3
4.1
5.4
4.2
5.2
5.9
5.0
5.2
4.2
4.2
5.1
5.2
4.2
4.2
1.8
1.0
1.0
2.0
-.7
-.1
96.26
97.02
97.70
98.30
96.42
96.95
97.58
98.27
96.27
97.00
97.70
98.31
96.29
97.01
97.71
98.32
4.8
3.2
2.8
2.5
3.1
2.2
2.6
2.9
5.0
3.1
2.9
2.5
4.9
3.1
2.9
2.5
6,192.0
6,225.2
6,270.3
6,334.6
4.7
2.5
3.0
4.3
6.2
1.8
3.0
4.6
99.14
99.81
100.17
100.88
99.04
99.76
100.28
100.92
99.13
99.79
100.17
100.88
99.13
99.79
100.17
100.88
3.4
2.8
1.4
2.8
3.2
2.9
2.1
2.6
3.4
2.7
1.5
2.9
3.4
2.7
1.5
2.9
6,297.3
6,344.9
6,379.3
6,453.8
6,351.3
6,375.9
6,415.3
6,489.7
.1
2.0
2.1
5.3
3.1
2.2
4.8
101.85
102.38
102.83
103.52
101.71
102.28
102.64
103.28
101.84
102.35
102.83
103.51
101.84
102.34
102.83
103.50
3.9
2.1
1.8
2.7
3.2
2.3
1.4
2.5
3.9
2.0
1.9
2.7
3.8
2.0
1.9
2.6
6,524.5
6,600.3
6,629.5
6,688.6
6,473.0
6,526.7
6,580.4
6,624.8
6,540.5
6,609.3
6,635.6
6,691.2
3.0
4.7
1.8
3.6
1.2
3.4
3.3
2.7
104.16
104.74
105.39
106.07
103.80
104.46
105.24
105.88
104.13
104.71
105.39
106.09
104.14
104.71
105.38
106.06
2.5
2.2
2.5
2.6
2.0
2.6
3.0
2.5
2.4
2.2
2.6
2.7
2.5
2.2
2.6
2.6
6,703.7
6,708.8
6,759.2
6,796.5
6,654.3
6,685.3
6,739.3
6,771.9
6,711.3
6,721.0
6,758.3
6,804.2
.9
.3
3.0
2.2
1.8
1.9
3.3
2.0
106.93
107.49
108.03
108.60
106.66
107.33
107.79
108.29
106.94
107.46
108.02
108.61
106.91
107.43
107.99
108.59
3.3
2.1
2.0
2.1
3.0
2.5
1.7
1.9
3.3
2.0
2.1
2.2
3.2
2.0
2.1
2.2
6,826.4
6,926.0
6,943.8
7,017.4
6,815.0
6,902.3
6,905.0
6,981.7
6,834.7
6,930.1
6,940.2
7,023.1
1.8
6.0
1.0
4.3
2.6
5.2
.2
4.5
109.35
109.86
110.59
111.10
109.01
109.50
110.15
110.79
109.39
109.84
110.54
111.05
109.37
109.82
110.50
111.01
2.8
1.9
2.7
1.9
2.7
1.8
2.4
2.4
2.9
1.7
2.6
1.9
2.9
1.6
2.5
1.8
7,101.6
7,159.6
7,214.0
7,283.3
7,034.1
7,077.7
7,160.3
7,204.5
7,091.8
7,144.4
7,198.8
4.9
3.3
3.1
3.9
3.0
2.5
4.7
2.5
111.78
112.27
112.67
113.08
111.32
111.55
111.90
112.29
111.71
112.22
112.62
113.02
111.67
112.17
112.57
2.4
1.8
1.4
1.4
1.9
.8
1.3
1.4
2.4
1.8
1.4
1.4
2.4
1.8
1.4
-1.5
SURVEY OF CURRENT BUSINESS
March 1998
National Data •
D-39
Table C.2.—Real Gross Domestic Product
[Average annual percent change, based on chained (1992) dollar estimates]
Initial year
Terminal year
1971
1997
1996
1995
1994
1993
1992
1991
1990
1989
1988
1987
1986
1985
1984
1983
1982
1981
1980
1979
1978
1977
1976
1975
1974
1973
1972
2.8
2.8
2.8
2.8
2.8
2.8
2.8
3.0
3.1
3.1
3.0
3.0
3.0
3.0
2.6
2.5
3.0
3.1
3.5
3.6
3.3
3.1
2.5
3.5
5.6
5.5
..
1972
2.7
2.6
2.6
2.7
2.6
2.6
2.6
2.8
2.9
2.9
2.9
2.9
2.8
2.8
2.4
2.2
2.7
2.8
3.2
3.3
2.9
2.5
1.5
2.5
5.8
1973
2.6
2.5
2.5
2.5
2.5
2.5
2.5
2.7
2.8
2.7
2.7
2.6
2.6
2.5
2.1
1.9
2.4
2.4
2.8
2.8
2.2
1.4
-.5
-.6
1974
2.7
2.7
2.7
2.7
2.6
2.7
2.7
2.9
3.0
3.0
2.9
2.9
2.9
2.8
2.4
2.2
2.8
2.9
3.5
3.7
3.2
2.4
-.4
1975
1976
2.7
2.7
2.7
2.7
2.7
2.7
2.7
3.0
3.1
3.1
3.0
3.0
3.0
2.9
2.3
2.1
2.9
3.1
4.3
5.0
4.7
2.9
2.8
2.8
2.9
2.8
2.8
2.9
3.1
3.3
3.2
3.2
3.2
3.2
3.2
2.7
2.5
3.3
3.6
4.6
5.1
5.0
5.4
1977
1978
1979
1980
2.6
2.6
2.6
2.6
2.5
2.6
2.5
2.8
3.0
2.9
2.8
2.8
2.8
2.7
2.0
1.6
2.5
2.6
4.1
5.4
2.5
2.4
2.4
2.4
2.4
2.4
2.3
2.6
2.7
2.7
2.6
2.5
2.4
2.2
1.3
.6
1.6
1.2
2.8
2.5
2.4
2.4
2.4
2.3
2.3
2.3
2.6
2.7
2.7
2.5
2.5
2.4
2.1
.9
-.1
1.0
_q
2.6
2.6
2.6
2.6
2.5
2.6
2.5
2.9
3.1
3.0
2.9
2.9
2.9
2.7
1.3
.1
2.3
1981
2.7
2.6
2.6
2.6
2.6
2.6
2.6
3.0
3.2
3.1
3.0
3.1
3.1
2.9
.9
-2.1
1982
1983
3.0
2.9
2.9
3.0
3.0
3.1
3.1
3.6
4.0
4.1
4.1
4.4
4.8
5.5
4.0
2.9
2.9
2.9
2.9
2.9
3.0
3.0
3.6
4.0
4.1
4.1
4.5
5.3
7.0
1984
2.6
2.5
2.5
2.5
2.4
2.5
2.4
3.0
3.4
3.4
3.2
3.3
3.6
1985
1986
1987
2.5
2.4
2.4
2.4
2.3
2.3
2.2
2.9
3.3
3.3
3.0
3.1
2.5
2.4
2.3
2.4
2.2
2.2
2.1
2.8
3.4
3.4
2.9
2.4
2.3
2.2
2.3
2.1
2.0
1.9
2.8
3.6
3.8
1988
2.3
2.1
2.0
2.0
1.7
1.6
1.2
2.3
3.4
1989
2.2
1.9
1.8
1.7
1.3
1.0
.1
1.2
1990
1991
2.3
2.0
1.9
1.9
1.4
.9
-.9
2.8
2.6
2.6
2.8
2.5
2.7
1992
2.9
2.6
2.6
2.9
2.3
1993
3.0
2.7
2.7
3.5
1994
2.8
2.4
2.0
1995
3.3
2.8
1996
3.8
Table C.3.—Chain-Type Price Index for Gross Domestic Product
[Average annual percent change]
Initial year
1971
1997
1996 . .
1995
1994
1993
1992
1991
1990
1989
1988
1987
1986
1985
1984
1983
1982
1981
1980
1979
1978
1977
1976
1975
1974
1973
1972
4.9
51
5.2
53
5.4
56
5.7
5.8
5.9
60
6.1
6.3
6.6
69
71
7.4
75
7.3
7.0
68
6.7
6.8
7.0
63
4.9
4.2
1972
5.0
51
5.2
53
5.5
56
5.8
5.9
6.0
61
6.3
6.5
6.8
71
74
7.7
79
7.7
7.4
73
7.3
7.5
8.0
73
5.6
1973
4.9
51
5.2
53
5.5
56
5.8
5.9
6.0
61
6.3
6.6
6.9
72
76
7.9
81
8.0
7.7
76
7.7
8.1
9.2
89
1974
4.8
49
5.0
52
5.3
55
5.6
5.7
5.8
59
6.1
6.4
6.7
70
74
78
80
7.8
7.5
72
7.2
7.6
9.4
1975
4.6
47
4.8
49
5.1
52
5.4
5.5
5.6
57
5.8
6.1
6.4
68
72
76
78
7.5
7.0
65
6.1
5.8
1976
4.5
46
4.8
49
5.0
52
5.3
5.4
5.5
56
5.8
6.1
6.5
69
73
79
82
7.9
7.4
69
6.5
1977
1978
4.4
45
4.7
48
4.9
51
5.3
5.4
5.5
56
5.8
6.1
6.5
70
75
8.2
86
8.4
7.9
73
1979
4.3
44
4.5
46
4.8
49
5.1
5.2
5.3
54
5.6
5.9
6.4
69
75
84
91
8.9
8.5
4.0
41
4.3
44
4.5
47
4.8
4.9
5.0
51
5.2
5.5
6.0
66
73
83
93
9.3
1980
3.7
38
3.9
40
4.2
43
4.4
4.5
4.5
45
4.7
4.9
5.4
59
66
7.8
94
1981
3.4
3.5
3.6
36
3.7
38
4.0
4.0
3.9
39
3.9
4.1
4.4
48
53
6.3
1982
3.2
3.3
3.4
34
3.5
36
3.7
3.7
3.6
35
3.4
3.5
3.8
40
43
1983
1984
3.1
3.2
3.3
33
3.4
35
3.6
3.6
3.5
33
3.2
3.3
3.6
38
3.1
32
3.2
33
3.4
35
3.6
3.6
3.4
32
3.0
3.0
3.4
1985
3.0
31
3.2
33
3.4
35
3.6
3.6
3.4
31
2.8
2.6
1986
3.1
32
3.3
34
3.5
37
3.8
3.8
3.6
34
3.1
1987
3.1
32
3.3
34
3.6
38
4.0
4.1
3.9
37
1988
3.0
31
3.3
34
3.6
38
4.2
4.3
4.2
1989
2.9
30
3.1
32
3.4
37
4.1
4.4
1990
2.7
28
2.9
29
3.1
33
3.9
1991
2.4
25
2.6
26
2.7
28
1992
2.4
25
2.5
25
2.6
1993
2.3
24
2.5
24
1994
2.3
24
25
1995
2.2
23
1996
2.0
Table C.4.—Real Gross Domestic Purchases
[Average annual percent change, based on chained (1992) dollar estimates]
Initial year
1971
1997
1996
1995
1994
1993
1992
1991
1990
1989
1988
1987
1986
1985
1984
1983
1982
1981
1980
1979
1978
1977
1976
1975
1974
1973
1972
2.8
2.7
27
2.7
2.7
2.7
2.7
2.9
3.0
3.0
3.0
31
3.0
3.0
2.5
2.3
2.7
2.7
3.3
35
32
2.7
1.8
2.9
5.2
5.7
1972
2.7
2.6
26
2.6
2.6
2.5
2.5
2.7
2.9
2.9
2.9
29
2.8
2.8
2.3
2.0
2.4
2.3
3.0
31
27
2.0
.6
1.6
4.8
1973
2.6
2.5
25
2.5
2.4
2.4
2.4
2.6
2.7
2.7
2.7
27
2.7
2.6
2.0
1.6
2.1
20
2.7
28
22
11
-1.4
-1.5
1974
2.7
2.7
27
2.7
2.7
2.6
2.6
2.9
3.0
3.1
31
31
3.1
3.0
2.4
2.0
2.6
26
3.5
39
34
25
1975
2.9
2.9
29
2.9
2.9
2.9
2.9
3.2
3.4
3.4
3.4
35
3.5
3.5
2.9
2.5
3.2
34
4.8
57
59
64
1976
2.8
2.7
27
2.7
2.7
2.7
2.6
3.0
3.1
3.2
3.2
32
3.2
3.1
2.4
1.9
2.6
27
4.3
53
54
1977
2.6
2.6
25
2.6
2.5
2.5
2.5
2.8
2.9
3.0
3.0
30
2.9
2.8
1.9
1.2
1.9
18
3.7
53
1978
2.5
2.4
24
2.4
2.3
2.3
2.2
2.6
2.7
2.7
2.7
27
2.6
2.4
1.2
.2
.9
1
2.2
1979
2.5
2.4
24
2.4
2.3
2.3
2.2
2.6
2.8
2.8
2.8
28
2.7
2.5
1.0
-.4
.2
-20
1980
2.8
2.7
27
2.8
2.7
2.7
2.6
3.1
3.3
3.4
3.5
36
3.7
3.6
2.0
.4
2.4
1981
2.8
2.7
27
2.8
2.7
2.7
2.7
3.1
3.4
3.5
3.6
38
4.0
4.0
1.8
1982
3.1
3.1
31
3.2
3.1
3.1
3.1
3.7
4.2
4.4
4.7
52
5.9
6.9
5.3
-1.6
-1.3
NOTE.—to these triangles, the growth rate from one year to any other year can be found at the intersection
of the column for the earlier yevar and the row for the later year; thus, growth rates from one year to the next
are shown on the main diagonal. For example, from 1985 to 1995, real gross domestic product grew at an average
annual rate of 2.4 percent; from 1984 to 1985, it grew 3.6 percent.
1983
3.0
2.9
29
3.0
2.9
2.9
2.9
3.5
4.0
4.2
4.6
52
6.2
8.5
1984
2.6
2.4
24
2.4
2.3
2.2
2.1
2.7
3.1
3.2
3.3
36
3.9
1985
2.4
2.3
22
2.3
2.1
1.9
18
2.5
2.9
3.0
3.0
33
1986
2.4
2.2
21
2.1
1.9
1.7
1.5
2.3
2.8
2.8
2.7
1987
2.3
2.1
20
2.1
1.8
1.5
12
2.1
2.8
2.9
1988
2.3
2.0
19
1.9
1.5
1.2
.6
1.8
2.7
1989
2.2
1.9
18
1.8
1.2
.7
-.4
.8
1990
2.4
2.1
20
2.0
1.4
.6
-16
1991
3.1
2.9
29
3.2
2.9
2.8
1992
3.1
2.9
29
3.4
2.9
1993
3.2
2.9
29
3.9
1994
3.0
2.4
19
1995
3.5
2.9
1996
4.1
SURVEY OF CURRENT BUSINESS
D-40 • National Data
March 1998
Table C.5.—Chain-Type Price Index for Gross Domestic Purchases
[Average annual percent change]
Initial year
Terminal year
1971
1997
1996
1995
1994
1993
1992
1991
1990
1989
1988
1987 . .
1986
1985
1984
1983
1982
1981
1980 . . .
1979
1978
1977
1976
1975
1974
1973
1972
5.0
5.1
5.3
5.4
5.5
5.7
5.8
5.9
6.0
6.1
6.3
6.5
6.8
7.0
7.3
7.7
7.9
7.7
7.3
7.1
7.1
7.1
7.4
6.8
5.2
4.5
1972
5.0
5.2
5.3
5.4
5.6
5.7
5.9
6.0
6.1
6.2
6.4
6.6
6.9
7.3
7.6
8.0
8.2
8.1
7.8
7.6
7.6
7.8
8.4
8.0
5.9
1973
5.0
5.1
5.3
5.4
5.6
5.7
5.9
6.0
6.1
6.3
6.5
6.7
7.0
7.4
7.8
8.2
8.5
8.4
8.1
7.9
8.0
8.4
9.7
10.2
1974
4.8
4.9
5.1
5.2
5.3
5.5
5.7
5.8
5.9
6.0
6.2
6.4
6.8
7.1
7.5
8.0
8.3
8.2
7.7
7.3
7.3
7.5
9.3
1975
1976
1977
4.4
4.5
4.7
4.8
5.0
5.1
5.3
5.4
5.5
5.6
5.8
6.1
6.5
7.0
7.6
8.4
9.0
9.0
8.2
7.4
4.5
4.7
4.8
4.9
5.1
5.2
5.4
5.5
5.6
5.7
5.9
6.2
6.6
7.0
7.5
8.1
8.6
8.5
7.7
7.1
6.9
4.6
4.7
4.8
5.0
5.1
5.3
5.4
5.6
5.6
5.7
5.9
6.1
6.5
6.9
7.3
7.8
8.1
7.9
7.3
6.7
6.3
5.8
1978
1979
4.3
4.4
4.5
4.7
4.8
5.0
5.2
5.3
5.3
5.5
5.7
5.9
6.4
7.0
7.7
8.7
9.6
9.8
9.0
1980
4.0
4.1
4.3
4.4
4.5
4.7
4.8
4.9
5.0
5.1
5.2
5.5
6.0
6.6
7.3
8.6
9.9
10.7
3.6
3.7
3.8
3.9
4.1
4.2
4.3
4.4
4.4
4.4
4.5
4.7
5.1
5.6
6.3
7.5
9.2
1981
1982
3.3
3.4
3.5
3.5
3.6
3.7
3.8
3.9
3.8
3.7
3.7
3.8
4.1
4.4
4.8
5.9
1983
3.1
3.2
3.3
3.3
3.4
3.5
3.6
3.6
3.5
3.4
3.3
3.3
3.5
3.7
3.8
1984
3.1
3.2
3.2
3.3
3.4
3.5
3.6
3.6
3.4
3.3
3.2
3.1
3.4
3.5
1985
1987
1986
3.0
3.1
3.2
3.3
3.4
3.5
3.7
3.7
3.5
3.2
3.0
2.6
3.0
3.1
3.2
3.3
3.4
3.5
3.6
3.6
3.4
3.2
3.1
2.9
3.2
3.0
3.2
3.3
3.4
3.5
3.7
3.9
3.9
3.7
3.5
3.4
1988
1989
1990
2.8
2.9
3.1
3.2
3.4
3.7
4.1
4.5
2.9
3.1
3.2
3.3
3.5
3.8
4.1
4.4
4.2
3.0
3.1
3.3
3.4
3.6
3.8
4.0
4.1
3.9
3.6
2.5
2.7
2.8
2.8
3.0
3.2
3.7
1991
2.3
2.5
2.5
2.5
2.6
2.8
1992
2.2
2.4
2.4
2.4
2.5
1993
2.2
2.3
2.4
2.3
1994
2.2
2.4
2.5
1995
1996
2.0
2.2
1.7
Table C.6.—Real Final Sales of Domestic Product
[Average annual percent change, based on chained (1992) dollar estimates]
Initial year
1971
1997
1996
1995
1994
1993
1992
1991
1990
1989
1988
1987
1986
1985
1984
1983
1982
1981
1980
1979
1978
1977
1976
1975
1974
1973
1972
28
2.8
28
2.8
2.8
2.8
2.8
30
3.1
31
3.0
3.0
3.0
29
2.7
2.6
3.0
32
3.5
3.5
3.3
3.0
28
3.4
5.3
5.4
1972
27
2.6
26
2.6
2.6
2.7
2.7
29
2.9
29
2.9
2.9
2.8
27
2.5
2.3
2.7
29
3.2
3.2
2.8
2.4
19
2.5
5.3
1973
26
2.5
25
2.5
2.5
2.5
2.5
27
2.8
28
2.7
2.7
2.6
24
2.2
2.0
2.4
26
2.9
2.8
2.2
1.5
3
-.3
1974
27
2.7
27
2.7
2.7
2.7
2.7
29
3.0
30
2.9
2.9
2.9
27
2.5
2.3
2.8
31
3.6
3.6
3.1
2.4
9
1975
28
2.7
27
2.8
2.8
2.8
2.8
30
3.1
32
3.1
3.1
3.1
29
2.7
2.5
3.1
35
4.3
4.6
4.2
4.0
1976
27
2.7
27
2.7
2.7
2.7
2.7
30
3.1
31
3.0
3.0
3.0
28
2.5
2.3
2.9
34
4.3
4.8
4.4
1977
1978
26
2.6
26
2.6
2.6
2.6
2.6
2.9
3.0
30
2.9
2.9
2.8
2.6
2.2
1.9
2.6
31
4.3
5.3
1979
25
2.4
24
2.4
2.4
2.4
2.4
2.7
2.8
2.7
2.6
2.6
2.5
21
1.5
1.0
1.7
20
3.4
1980
24
2.4
24
2.4
2.3
2.3
2.3
26
2.7
27
2.5
2.5
2.3
19
1.1
.3
.8
6
25
2.5
25
2.5
2.5
2.5
2.5
28
2.9
29
2.8
2.8
2.7
22
1.3
.1
1.1
1981
2.6
2.6
2.6
2.6
2.6
2.6
2.6
3.0
3.2
3.2
3.1
3.2
3.1
26
1.4
-.9
1982
2.9
2.9
2.9
2.9
2.9
3.0
3.0
3.5
3.8
3.9
3.9
4.2
4.4
4.3
3.7
1983
2.8
2.8
2.8
2.8
2.8
2.9
2.9
3.5
3.8
4.0
3.9
4.4
4.8
50
1984
2.7
2.6
26
2.6
2.6
2.6
2.7
3.2
3.6
3.7
3.6
4.1
4.6
1985
2.5
2.4
2.4
2.4
2.3
2.4
2.3
3.0
3.3
3.4
3.1
3.5
1987
1986
2.4
2.3
2.2
2.2
2.1
2.1
2.0
2.9
3.5
4.1
2.4
2.3
2.3
2.3
2.2
2.2
2.1
2.8
3.2
3.4
2.6
1988
2.2
2.1
2.0
1.9
1.7
1.6
1.3
2.3
3.0
1989
2.1
1.9
1.8
1.7
1.4
1.1
.4
1.6
1990
2.2
2.0
1.8
1.7
1.3
.9
-.7
1991
1992
2.7
2.6
2.5
2.5
2.3
2.5
2.7
2.6
2.5
2.5
2.1
1993
2.8
2.7
2.7
2.9
1994
2.8
2.6
2.5
1995
3.0
2.8
1996
32
Table C.7.—Real Disposable Personal Income
[Average annual percent change, based on chained (1992) dollar estimates]
Initial year
1971
1997
1996
1995
1994
1993
1992
1991
1990
1989
1988
1987 .
1986
1985
1984
1983 . ..
1982
1981
1980 .
1979
1978
1977
1976
1975
1974
1973
1972
28
2.8
2.8
2.8
28
2.8
2.8
3.0
3.1
3.1
31
3.2
3.2
32
28
2.8
30
31
3.4
3.5
33
3.3
31
3.6
5.8
4.6
1972
27
2.7
2.7
2.7
27
2.8
2.8
2.9
3.0
3.0
30
3.1
3.1
31
27
2.7
29
29
3.3
3.4
30
3.0
26
3.1
7.1
1973
25
2.5
2.5
2.5
2.5
2.5
2.5
2.7
2.7
2.8
27
2.8
2.7
27
2.3
2.2
24
2.4
2.7
2.6
20
1.6
5
-.7
1974
27
2.7
2.7
2.6
2.7
2.7
2.7
2.9
3.0
3.0
30
3.1
3.0
31
26
2.6
28
29
3.4
3.5
30
2.8
17
1975
27
2.7
2.7
2.7
27
2.8
2.8
3.0
3.0
3.1
31
3.2
3.2
32
27
2.7
30
31
3.8
4.1
36
3.9
1976
26
2.6
2.7
2.6
26
2.7
2.7
2.9
3.0
3.1
30
3.1
3.1
31
2.5
2.5
28
29
3.7
4.2
32
1977
2.6
2.6
2.6
2.6
2.6
2.7
2.7
2.9
3.0
3.0
3.0
3.1
3.1
3.1
2.4
2.3
27
2.8
3.9
5.2
1978
2.5
2.5
2.5
2.4
2.4
2.5
2.5
2.7
2.8
2.8
2.7
2.8
2.8
28
1.9
1.6
19
17
2.7
1979
1980
26
2.6
2.6
2.5
2.6
2.6
2.6
2.9
3.0
3.1
30
3.2
3.2
3.3
2.0
1.6
23
2.5
2.4
2.5
2.4
2.4
2.5
2.5
2.7
2.8
2.8
27
2.9
2.8
28
1.6
1.3
15
6
-"
1981
2.6
2.6
2.6
2.5
2.6
2.7
2.6
2.9
3.1
3.2
3.1
3.4
3.5
3.6
1.8
.9
1982
2.7
2.7
2.7
2.7
2.7
2.8
2.8
3.2
3.4
3.6
3.6
4.1
4.4
5.0
2.8
1983
2.7
2.7
2.7
2.7
2.7
2.9
2.9
3.3
3.5
3.8
3.8
4.5
5.1
7.3
1984
2.4
2.3
2.3
2.2
2.2
2.3
2.2
2.6
2.8
3.0
2.6
3.1
3.0
1985
2.3
2.3
2.3
2.1
2.1
2.2
2.1
2.5
2.7
2.9
2.4
3.2
1986
2.2
2.2
2.1
2.0
2.0
2.0
1.9
2.3
. 2.5
2.8
1.6
1987
2.3
2.2
2.2
2.1
2.0
2.1
1.9
2.6
2.9
3.9
1988
2.1
2.0
2.0
1.7
1.7
1.7
1.3
1.9
2.0
1989
2.1
2.0
2.0
1.7
1.6
1.6
.9
1.8
1990
2.2
2.0
2.0
1.7
1.5
1.4
0
1991
1992
2.5
2.4
2.5
2.2
2.2
2.8
'
2.4
2.3
2.4
1.9
1.7
1993
2.6
2.6
2.7
2.2
1994
2.8
2.8
3.3
1995
26
2.3
1996
29
D-41
National Data
SURVEY OF CURRENT BUSINESS
March 1998
D. Domestic Perspectives.
This table presents data collected from other government agencies and private organizations, as noted. Quarterly
data are shown in the middle month of the quarter.
Table D.1.—Domestic Perspectives
1998
1997
1996
1996
1997
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Sept.
Aug.
Consumer and producer prices, (seasonally adjusted)
Oct.
Nov.
Dec.
Jan.
]
Consumer price index for all urban consumers,
1982-84=100:
All items
Less food and energy
Services
156.9
165.6
174.1
160.5
169.5
179.4
159.2
167.7
159.4
168.0
159.7
168.3
159.8
168.6
160.0
169.2
160.1
169.4
160.4
169.7
160.6
170.0
160.9
170.1
161.3
170.4
1767
1772
1776
1781
1785
1788
1793
1798
1800
1804
161.6
170.8
181 0
161.8
171.0
181 4
161.9
171.4
181.7
161.9
171.7
181.9
Producer price index, 1982=100:
Finished goods
Less food and energy
Finished consumer goods
Capital equipment
Intermediate materials
Crude materials
131.3
142.0
129.5
138.3
125.7
1138
131.8
142.5
130.2
138.3
125.6
133.0
142.4
131.6
138.5
126.3
1330
1326
1324
142.4
131.6
138.6
126.5
142.4
131.1
138.5
126.4
142.6
131.0
138.5
126.0
131 9
142.6
130.2
138.4
125.6
131 7
142.3
130.0
138.2
125.5
131 4
142.3
129.6
138.2
125.4
1109
1225
1271
1164
1074
1079
1099
1069
131 1
142.1
129.3
138.1
125.2
106.4
131 3
142.2
129.5
138.1
125.3
106.8
131 8
142.7
130.1
138.4
125.5
108.2
131 9
142.7
130.3
138.2
125.4
112.1
131 7
142.6
130.1
138.1
125.7
114.1
131 4
142.5
129.8
137.8
125.3
108.2
1305
142.3
128.7
137.7
124.5
103.3
0.51
-0.71
.52
-0.16
.48
0.68
0.63
.56
-0.26
.60
Money, interest rates, and stock prices
2
Money stock (seasonally adjusted):
Percent change:
M1
M2
Ratio:
Gross domestic product to M1
Personal income to M2
Interest rates (percent, not seasonally adjusted):
Federal funds rate
Discount rate on new 91 -day Treasury bills
Yield on new high-grade corporate bonds
1 0-Year U S Treasury bonds
Yield on municipal bonds, 20-bond average
Mortgage commitment rate
Average prime rate charged by banks
Index of stock prices (not seasonally adjusted): 3
500 common stocks 1941-43=10
.56
-0.19
.38
-0.19
.32
-0.36
.40
-0.63
.54
-0.38
.06
7.358
1.752
1.755
1.748
5.19
5.00
7.54
6.42
5.63
7.65
8.25
5.39
5.14
7.85
6.69
5.76
7.90
8.30
5.51
5.17
0.13
6.904
1.734
7.553
1.750
1.742
1.745
5.30
5.02
7.62
6.44
5.76
7.80
8.27
5.46
5.07
7.40
6.35
5.52
7.60
8.44
5.29
4.87
7.45
6.30
5.64
7.60
8.25
5.25
5.05
0.10
0.01
.79
.39
.35
7537
1.753
1.756
1.752
1.749
1.745
1.746
1.748
1 745
1 745
5.50
5.13
7.90
6.71
5.70
7.94
8.50
5.56
4.92
7.71
6.49
5.53
7.69
8.50
5.52
5.07
7.44
6.22
5.35
7.50
8.50
5.54
5.13
7.30
6.30
5.41
7.48
8.50
5.54
4.97
7.04
6.21
5.39
7.43
8.50
5.50
4.95
5.52
5.15
6.79
5.88
5.33
7.21
8.50
5.50
5.16
6.68
5.81
5.19
7.10
8.50
5.56
5.09
6.62
5.54
5.06
6.99
8.50
92774
93702
93892
962.37
963.36
7616
.60
7701
2
670.83
87272
74325
763
6.58
5.72
7.82
8.25
76622
79839
79216
804
6.89
5.88
8.14
8.50
76393
83309
87629
92529
690
6.03
5.38
7.29
8.50
951 16
!
Labor markets (thousands, seasonally adjusted, unless otherwise noted)
Civilian labor force
Labor force participation rates (percent):
Males 20 and over
Females 20 and over
16-19 years Of age
Civilian employment
Ratio, civilian employment to working-age
population (percent)
Persons engaged in nonagricultural activities
Employees on nonagricultural payrolls
Goods-producing industries
Services-producing industries
Average weekly hours, manufacturing (hours)
Average weekly overtime hours, manufacturing
(hours)
Number of persons unemployed
Unemployment rates (percent):
Total
15 weeks and over
Average duration of unemployment (weeks)
Nonfarm business sector, 1992=100:
Output per hour of all persons
Unit labor costs
Hourly compensation
.
See footnotes at the end of the table.
133,943 136,297 135,060 135,729 135,689 136,115 136,043 136,060 136,206 136,294 136,404 136,439 136,406 136,864
76.8
59.9
52.3 '
77.0
60.5
51.6
768
771
769
771
771
769
770
770
769
768
768
770
60.3
52.2
60.3
51.9
60.3
52.6
60.5
52.4
60.4
52.0
60.5
51.9
60.5
51.2
60.5
51.4
60.6
51.0
60.6
51.0
60.5
50.9
60.4
51.8
126,708 129,558 127,899 128,541 128,515 129,035 129,275 129,494 129,392
63.2
63.8
63.4
63.5
63.5
63.7
63.8
63.8
63.7
129661 129,747 129,761 129,910 130,575
63.8
63.8
63.7
63.8
64.0
123,264 126,159 124,476 125,088 125,175 125,648 125,813 126,076 126,003 126,209 126,368 126,339 126,583 127,191
119,523 122,257 120,659 120,909 121,162 121,344 121,671 121,834 122,056 122,440 122,492 122,792 123,083 123,512
24,431 24,738 24,540 24,581 24,653 24,670 24,667 24,702 24,714 24,713 24,765 24,771 24,814 24,888
95,092 97,519 96,119 96,328 96,509 96,674 97,004 97,132 97,342 97,727 97,727 98,021 98,269 98,624
41.6
42.0
42.0
41.8
41.9
42.1
42.1
42.0
41.8
41.8
41.8
41.9
42.0
42.1
137,169 137,493
77.0
77.1
60.7
60.6
51.6
53.1
130,777 131,083
64.1
127,392
123,867
24,988
98,879
42.2
64.2
127,764
124,225
25,123
99,102
42.1
4.5
4.8
4.7
4.7
4.7
4.9
4.9
4.8
4.6
4.7
4.7
4.7
4.8
4.9
4.9
4.9
7,236
6,739
7,161
7,188
7,174
7,080
6,768
6,566
6,814
6,633
6,657
6,678
6,496
6,289
6,392
6,409
5.4
1.7
4.9
1.5
5.3
1.6
5.3
1.6
5.3
1.6
5.2
1.5
5.0
1.5
4.8
1.5
5.0
1.5
4.9
1.6
4.9
1.5
4.9
1.5
4.8
1.5
4.6
1.4
4.7
1.4
16.3
4.7
1.3
15.6
16.7
15.8
102.6
108.0
110.8
104.4
110.2
115.0
15.8
15.9
15.9
103.4
109.8
113.5
15.4
15.4
15.3
104.0
110.0
114.4
15.3
16.5
15.8
1049
110.1
115.5
15.9
16.3
15.6
1054
1109
116.9
D-42 • National Data
SURVEY OF CURRENT BUSINESS
March 1998
Table D.1.—Domestic Perspectives—Continued
1997
1996
1996
1998
1997
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Construction (seasonally adjusted at annual rates)
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
4
Total new private construction put in
place (billions of dollars)
Residential
. ..
Nonresidential
437.1
247.2
149.4
462.1
260.1
161.5
447.0
247.9
157.4
444.4
246.7
161.0
452.0
251.4
163.7
452.7
254.0
160.5
457.6
259.9
156.5
459.9
259.7
160.0
456.9
257.3
159.2
464.3
258.8
164.5
465.2
260.0
163.4
468.8
263.8
163.3
469.6
265.7
162.0
470.3
267.5
161.4
474.7 480.1
271.0 273.8
161.7 163.3
Housing starts (thousands of units):
Total
1-unit structures
1,477
1,161
1,474
1,133
1,384
1,065
1,394
1,138
1,547
1,231
1,477
1,139
1,480
1,134
1,404
1,095
1,502
1,132
1,461
1,144
1,383
1,076
1,501
1,174
1,529
1,124
1,523
1,167
1,538 1,534
1,118 1,196
757
800
794
822
826
825
764
802
812
798
816
785
857
New 1 -family houses sold
(thousands of units)
765
Manufacturing and trade, inventories and sales (millions of dollars, seasonally adjusted)
Inventories:
Total manufacturing and trade
Manufacturing
Merchant wholesalers
Retail trade
1,004,708
434,434
256,178
314,096
1,048,088 1,004,708
453,738 434,434
272,487 256,178
321,863 314,096
Sales:
Total manufacturing and trade
Manufacturing
Merchant wholesalers
Retail trade
8,601,158
3,735,183
2,420,679
2,445,296
9,022,064
3,948,483
2,527,294
2,546,287
727,929
316,306
204,951
206,672
777
4
1,007,618 1,011,899 1,013,376 1,017,150 1,019,025 1,026,255 1,027,787 1,030,243 1,037,172 1,040,265 1,043,460 1,048,088
435,743 437,873 438,560 441,508 443,460 444,823 446,602 448,447 449,152 452,139 454,182 453,738
257,895 258,088 259,389 258,046 259,029 264,154 262,314 264,899 268,112 268,183 270,004 272,487
313,980 315,938 315,427 317,596 316,536 317,278 318,871 316,897 319,908 319,943 319,274 321,863
737,464
319,725
207,506
210,233
747,790
322,967
211,801
213,022
745,460
322,923
210,195
212,342
746,769
326,909
209,926
209,934
742,945
323,567
210,008
209,370
750,027
328,315
210,772
210,940
757,485
332,895
211,041
213,549
752,886
330,178
208,336
214,372
762,543
335,366
213,372
213,805
759,880
334,064
212,299
213,517
757,708
332,955
210,919
213,834
764,499
337,386
212,531
214,582
Industrial production indexes and capacity utilization rates (seasonally adjusted) 2
Industrial production indexes,
1992=100:
Total
By industry:
Durable manufactures
Nondurable manufactures ....
By market category:
Consumer goods
Capacity utilization rates (percent):
Total industry
Manufacturing
118.5
124.5
120.9
121.3
122.1
122.5
123.1
123.3
123.5
124.5
125.2
125.6
126.5
127.4
127.9 127.9
131.7
108.0
142.3
111.2
135.3
110.3
136.1
110.2
137.8
110.4
138.7
110.5
139.5
110.8
140.1
110.7
141.2
110.5
142.4
110.9
144.3
111.0
144.4
111.3
145.5
112.2
147.6
112.6
148.3 148.8
113.0 113.3
111.8
114.4
113.6
113.2
113.1
113.4
113.4
113.9
113.5
113.9,
114.6
114.5
115.9
116.6
116.5 116.4
82.4
81.4
82.7
81.7
82.5
81.5
82.4
81.4
82.6
81.7
82.5
81.6
82.6
81.6
82.4
81.4
82.3
81.3
82.6
81.5
82.8
81.8
82.7
81.6
83.0
81.9
83.2
82.3
Credit market borrowing (billions of dollars, seasonally adjusted at annual rates)2
All sectors, by instrument:
Total
Open market paper
U.S. government securities
Municipal securities
Corporate and foreign bonds ...
Bank loans nee
Other loans and advances
Mortgages
Consumer credit
Sources:
1. Bureau of Labor Statistics.
2. Federal Reserve Board.
1,321.0
102.6
376.5
1.3
278.4
92.6
50.2
330.6
88.8
1,041.4
199.2
186.9
23.2
1293
153.8
-41
2835
696
1,284.9
109.5
189.1
76.5
3354
126.7
67.2
322.7
578
3. Standard and Poor's, Inc.
4. Bureau of the Census,
n.e.c. Not elsewhere classified.
1,255.0
1720
201.9
40.4
3419
48.7
85.9
321.4
42.7
83.3
82.3
83.0
82.1
SURVEY OF CURRENT BUSINESS
March 1998
National Data • D-43
E. Charts.
Percent changes shown in this section are based on quarter-to-quarter changes and are expressed at seasonally
adjusted annual rates; likewise, levels of series are expressed at seasonally adjusted annual rates as appropriate.
SELECTED NIPA SERIES
Chained (1992) dollars
Dec Nov
Apr Feb
28000
RE/tSROSS DOMESTIC PRODUCT PER CAPITA
Nov Mar
JanJIyJIy
Jly Mar
Nov
28000
26000-
-26000
24000-
-24000
22000-
-22000
20000-
-20000
-18000
-16000
-14000
-12000
10000
I
59'
I 1I
'61
I I
'63'
I 1I
'65
I
'67
71'
'73'
'75'
'77'
'79'
'81'
'83'
'85'
'87
HEJ^BROSS DOMESTIC PRODUCT (PERCENTCHANGE)
15 -
-15
-10
- 5
JuJill JllilJulJil
r 0
- -5
LJ '71'
LJ
67'I '69'
U.& Department of Commerce, Bureau of Economic Analysis
LJ
'73'
UJ
'75'
I'77'
'79'
I.J
'81'
U
'83'
L.
'85'
U
'87
L.
LJ
91'
'93'
'95'
'97
D-44
• National Data
SURVEY OF CURRENT BUSINESS
March 1998
SELECTED NIPA SERIES
Percent
60
SHAKES OF FEDERAL GOVERNMENT RECEI
Persona! tax and nontax
50 -
40 -
30 -
20 -
- 20
10
- 10
Percent
70
59
»' V
Apr Fib
ITS'
I
75I IT?'
Nov Mar
Dec No»
'si1
ITS
Janjty Jty
ae
'89'
'91'
Jy Mar
Nov
97
70
SH«ffiS OF FEDERAL GOVERNMENT CURREMf EXPENDITURES
60 -
-60
50 -
-50
,,__
40 -
,N ^^j-'--^
Transfer payments
'
-^.
Consumption expenditures
30 20 -
Grans to State and local governmlnts
40
-30
-20
-10
10 -
0
f
Percent^' ~t "'
Ajr Fab
63>
l
as>
'•»
[
73> '75'
"77' '79' 'ei'
RABJ GOVERNMENT SURPLUS/DEFICIT( NIB^ GROSS DOM^K PRODUCT
Total
U.S. DSpwtMwit of Commerca, Bweau of Economic Analysis
™
National Data •
SURVEY OF CURRENT BUSINESS
March 1998
D-45
SELECTED NIPA SERIES
Percent
25
Dec Nov
Apr Feb
RATIO, SAVING TO GROSS NATIONAL PRODUCT
Nov
Jan Jly Jly
Mar
Jly Mar
Nov
25
20-
15 -
Corporate and other privatesaving
h10
Gross government saving
59'
Percent
25
'61'
,J
63'
LJ
' 6 5 ' LJ
'67'
'69
'71
Dec Nov
Apr Feb
'73'
Nov
75'
'77'
Mar
79
'81'
Jan Jly Jly
'83
'85'
LJ
'87'
LJ
'89'
LJ
' 9 1 ' I' 9 3 '
'95'
'97
Jly Mar
Nov
25
RATIO, INVESTMENT TO GROSS NATIONAL PRODUCT
20-
-20
15-
-15
Gross private domestic investment
10-
Gross government investment
5-
-5
-5
59'
'ei'
Percent
Apr Feb
60
63'
65'
'67'
'eg'
7l'
'73'
Dec Nov
Nov
SHARES OF GROSS PRIVATE DOMESTIC FIXED INVESTMENT
'75'
'77'
Mar
'79'
'si'
Jan Jly Jly
'S3 '
89 1
8s'
'91'
'93'
'95'
97
Jly Mar
Nov
60
50-
-50
Producers' durable equipment, nonresidential
40-
1-40
Residential investment
30-
-30
Structures, nonresidential
20
-20
10-
- 10
59'I
UJ
'61'
Lo
'63'
I'65'
'67'
'69'
71'
U.S. Department of Commerce, Bureau of Economic Analysis
'73'
'75'
'77'
'79'
'81'
'83'
'85'
'87'
'89'
'91'
'93'
'95'
'97
D-46
• National Data
SURVEY OF CURRENT BUSINESS
March 1998
SELECTED NIPA SERIES
SHARES OF NATIONAL INCOME
alary
Wage and salary
accruals, 63.3%
X^~
"^X
1996
1959
Wage and salary
accruals, 58.1%
Net interest, 2.5%
Net interest, 6.8%
Corporate profits
with IVA and CCAdj, 12.2%
Renta income of persons
wth IVA, 4.4%
Supplements to
wages and salaries, 5.2%
Supplements to
,n
d
Corporate profits
with IVA and CCAdj, 11.f
x
, 2J0/
y
_
Rental income ol persons
Proprietors' income
wth IVA, 2.3%
with IVA and CCAdj. 8.3%
Proprietors' income
with IVA and CCAdj, 12.3%
SHARES OF GROSS DOMESTIC PRODUCT BY SECTOR
1959
1996
Business, 86.1%
Business, 83.8%
General
government, 11.4'
General
government, 11.6%
Households and
institutions, 2.4%
Households and
institutions, 4.5%
SHARES OF GROSS DOMESTIC PURCHASES
1959
Personal
consumption
expenditures, 62.5%
1996
Personal
consumption
expenditures, 67.4%
Government consumption
expenditures and gross
investment, 18.2%
Government consumption
expenditures and gross
investment, 22.0%
Nonresidential
investment, 10.0%
Residential investment, 5.5%
U.S. Department of Commerce, Bureau of Economic Analysis
Nonresidential
investment, 10.4%
Residential investment, 4.0%
SURVEY OF CURRENT BUSINESS
March 1998
National Data • D-47
SELECTED NIPA SERIES
Percent
Dec Nov
APT Feb
60
. Nov
JanJtvJIv
Mar
JY Mar
Nov
60
SHARES OF GROSS DOMESTIC PRODUCT BY TYPE OF PRODUCT
Output of services
"*,
50 -
-50
40 -
-40
30 -
-30
20 -
-20
Output of structures
10 -
-10
I 69 I [.
Percent
14
Dec Nov
Apr Feb
EXPORTS AS SHARE OF GROSS DOMESTIC PRODUCT
IMPORTS AS SHARE OF GROSS DOMESTIC PURCHASES
'77' '79'
'73'
Nov
Mar
JanJIyJIy
93
as
Nov
Jly Mar
97
14
12 -
-12
10 -
-10
8 .
-8
6 .
- 6
- 4
59'
Percent
60
lei'
Apr Feb
'63!
'es'
'er'
leg'
'71'
Dec Nov
ITS'
Nov
hs
'77' '79'
JanJIyJlY
Mar
'a 1 'as'
Nov
'91 >
Jty Mar
SHARES OF PERSONAL CONSUMPTION EXPENDmJRES BY TYPEQW>RODUCT
60
50-
-50
40-
-40
30-
•30
20
Durable goods
10
20
10
59'
'71'
US. Department of Commerce, Bureau of Economic Analysis
'73'
'75'
'77'
D-48 • National Data
SURVEY OF CURRENT BUSINESS
March 1998
SELECTED NIPA SERIES
Percent
ACT Feb
JanJIvJIv
Nov Mar
Nov
Jlv Mar
PROFIT MARGIN, DOMESTIC NONFINANCIAL (J1WORATIONS'
Ratio of corporate profitspef unit to cost and profit per unit
59'
Ratio
'61'
'63'
'65'
'67'
'69'
71'
Dec Nov
Acf Feb
'73'
'75'
Nov
'77'
'79'
'81'
'83'
JanJIvJIv
Mar
'85'
'87'
'89'
'91'
'93'
'95'
'97
Jlv Mar
Nov
INViNTORY/SALES RATIOS, CURRENT-DOLLAfff/5
Nonfarm inventoidB to
final sales of goods and structures
4-
-4
Inventories to
final sales of domestic business
3-
-3
Nonfarm inventories to
final sales of domestic business
'Based on current-dollar estimates of inventories and sales
59'
Ratio
'61'
'63'
'65'
'67'
'69'
'71 '
'73 '
'75
1
'77
1
'79
1
' 81'
Jan Jlv Jlv
Aor Feb
'S3
1
'86'
'87 1
'89 1
Nov
'91 1
'93 1
'95 '
!
97
Jlv Mar
INVENTORY/SALES RATIOS, REAL'
Nonfarm inventories to
final sales of goods and structures
4-
-4
3-
Inventories ID
final sales of domestic business
Nonfarm inventories to
final sales of domestic business
2 -
-2
'Based on chained (1992) dollar eslimates of inventories and sales
1
59'
m
ea
U I6677I
71
U.S. Department of Commerce, Bureau of Economic Analysis
73
*
'TB'
"si'
'as'
as
91
n
'97
SURVEY OF CURRENT BUSINESS
March 1998
National Data
OTHER INDICATORS OF THE DOMESTIC ECONOMY
Percent
Nov Mar
JanJIyJIy Nov
18
JlyMar
JlyMar
PRODUCER PRICE INDEX (PERCENT CHANGE)
CONSUMER PRICE INDEX (PERCENT CHANGE)
-4 -
73
75
Index.
Nov Mar
130
77
79
81
83
85
I I I I I II
I I I I
87 89 91 93 95 97
I 75
I I I77I I79
73
W]
81
83
85
7
89
Percent
Npvjar
JanJIyJIy Nov
CARftCITY UTILIZATION RATE
JlyMar
JanJIvJIv Nov
-8
INDUSTRIAL PRODUCTION INDEX
120-
91 93
w
JlyMar
90-
11085-
10080-
90758070-
70-
Manufacturing
65
60
73
W W W 8l'
871
'93!
II I I I I I I I I
I I I I I I
73 75 77 79 81 83 85 87 89
97
Hours
43 Nov Mar
JanJIyJIyNov
JlyMar
AVERAGE WEEKLY HOURS, MANUFACTURING
I I I I I I I
91 93 95 97
Hours
c
b
Nov Mar
JanJIvJIv Nov
Jlv Mar
AVERAGE WEEKLY OVERTIME HOURS, MANUFACTURING
4241
40 -
39-
38-
37
I I I I I I I I I I I I I I I I I I I I I I I I I
73 75 77 79 81 83 85 87 89 91 93 95 97
U.S. Department of Commerce, Bureau of Economic Analysis
I I I I I I I I I I I
I I I I I I I I II
I , .
73 75 77 79 81 83 85 87 89 91 93 95 97
D-49
D-50 • National Data
SURVEY OF CURRENT BUSINESS
March 1998
OTHER INDICATORS OF THE DOMESTIC ECONOMY
Percent
Nov Mar
Percent
Nov Mar
JlyMar
JanJIyJIyNov
12
18
10-
15-
8-
12-
6-
9-
4-
6-
JanJIyJIyNov
JlyMar
INTEREST RATES
UNEMPLOYMENT SftTE
10-Year Treasury Binds
3-
u
I I I 1 I I l \ \ I I I I I I I I I I I I I I I I
73 75
Percent
Nw Mar
77
79 81
83 85
JanJIyJIyNov
87
89
91 93 95
97
JlyMar
flONEY SUPPLY (PERCBfT CHANGE)
73'
W
Ratio
8.0
Nov Mar
W W
8l' '831
85'
JanJIyJIyNov
sT^T
W
JlyMar
RATIO, GDP TO M1
7.57.0-
6.56.05.55.04.5-
w 'w w w y w b> w y y y^w
Millions
NovMar
3.0
JanJIyJIyNov
JlyMar
2.5 -
4.0
73' w w y v ^ u
Thousands
1000
NwMar
JanJIyJIyNov
'9i y y w
JlyMar
SALES OF NEW ON6FAMJO' HOUSES
800
2.06001.5400-
1.0-
200-
0.5-
I I I I I I I ! I I I I I I I I I I I I I I I I I
73 75 77 79 81 83 85 87 89 91 93 95 97
US. Department of Commerce, Bureau of Economic Analysis
T U M I TT i i i i i i i i i i i i i i rrr
73 75
77 79 81
83 85 87
89
91 93 95 97
D-51
International Data
SURVEY OF CURRENT BUSINESS
March 1998
International Data
F. Transactions TablesTable F.i includes the most recent estimates of U.S. international trade in goods and services; the estimates were
released on February 19, 1998 and include "preliminary" estimates for December 1997 and "revised" estimates
for November. The sources for the other tables in this section are as noted.
Table F.1.—U.S. International Transactions in Goods and Services
[Millions of dollars; monthly estimates seasonally adjusted}
1997
1$)96
1995
1996
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.r
Dec.p
794,610
848,833
73,969
72,444
71,848
74,282
78,124
78,385
77,989
78,365
77,845
78,890
78,116
80,230
78971
80019
Goods
Foods feeds snd beverages
Industrial supplies and materials
Capital goods, except automotive
Automotive vehicles engines and parts
Consumer goods (nonfood) except automotive
Other goods
Adjustments '
575,871
50473
146247
233,046
61828
64425
28,723
-6871
612,069
55534
147,652
252,895
65021
70,138
33,836
-13006
53,209
52,133
4398
12463
22,052
5465
6,015
3,056
-1 316
51,686
4327
12,091
21,555
5600
6,068
2,595
53,687
4272
12706
22,715
5907
6264
2,493
57,155
57,162
57,378
3929
13885
24,482
57,326
4,234
13,373
24,913
6,174
6,448
3,228
-1044
56,370
4337
13133
24,778
5844
6,400
3,010
-1 133
58,450
57,586
58,674
4426
13071
26873
5923
6406
2855
-551
56,745
3,832
13,169
24,898
6,261
6,397
3,218
-1,031
Services
Travel
Passenger fares
Other transportation
Royalties and license fees
Other private services
Transfers under U S military agency sales contracts2
U.S. Government miscellaneous services
218,739
63395
19125
27412
27 383
66,850
13756
818
236,764
69908
20,557
27216
29,974
73,569
14647
893
1,801
2393
2,570
6,370
20,311
5823
1,690
2349
2,574
6,426
1342
1381
21,100
6,098
1,805
2289
2,541
7,059
1,245
63
21,564
6,342
1,846
2423
2,535
7,108
1,247
63
Exports of goods and services
5012
12252
22,211
5878
6,070
3,064
-1279
20,760
6215
69
68
4181
4162
13731
24,713
6228
13507
24,971
6481
2,808
6,339
2,709
56,871
4052
13399
24,760
5935
6663
3,057
-671
-988
-697
-995
-857
20,162
5947
1,711
20,595
6243
1,797
2321
2,561
6,510
1,074
68
2,563
6,588
1 015
68
21,223
6389
1,880
2379
2,550
6,756
21,118
2291
20,969
6366
1,811
2387
2575
6,662
1 101
67
1,830
2365
2540
6,878
20,987
6027
1,801
2299
2532
6,995
1205
1252
1270
6171
64
6189
64
6251
6720
2,968
63
4681
4612
13229
25,350
6458
6752
3,021
-1 040
13095
24448
6902
6569
2623
-663
-880
21,746
6537
1,920
2428
2,528
7,022
21,780
21,385
21345
6418
6184
1819
2401
2416
1248
1261
63
1,877
2459
2531
7,168
66
2533
7,125
1 258
65
6134
1 794
2530
7147
1 259
65
896,467
959,873
81,634
83,045
83,458
84,138
85,955
86,504
87,178
86,702
87,589
87,945
89,344
89,321
87,647
90804
Goods .
Foods, feeds, and beverages
Industrial supplies and materials
Capital goods, except automotive
Automotive vehicles engines and parts
Consumer goods (nonfood) except automotive
Other goods
Adjustments '
749,431
33,176
181 849
221,431
123795
159905
23,387
5888
803,239
35,710
204 482
229,050
128938
171,007
26,102
7950
68,385
2,976
17562
19,330
11234
14,749
2,245
289
69,828
3,189
18698
19,581
10846
15,149
2,130
235
69,834
3,074
17944
19,466
11 763
15,117
2,224
247
70,448
3,105
17641
19,439
12113
15,256
2,465
429
72,032
3,328
17969
20,422
11 685
14927
2,244
1 456
72,689
3,358
17575
20,686
11366
16,214
2,472
73,234
3,378
17905
20,988
11 625
16079
2,361
897
72,622
3,251
17565
21,250
11 594
15716
2,355
891
73,593
3,395
17,456
21,574
12291
16,100
2,549
227
73,885
3,347
17878
22,060
11817
16,009
2,531
242
74,908
3,395
18 288
21,984
11821
16,656
2,505
259
74,929
3,304
18363
22,386
11 252
16645
2,738
242
73308
76317
3213
3516
17520
21385
11 806
16746
2,405
234
17764
22461
12210
17396
2552
417
Services
Travel
Passenger fares
Other transportation
Royalties and license fees
Other private services
Direct defense expenditures2
U S Government miscellaneous services
147036
46053
14,433
28249
6,503
39285
9,890
2623
156,634
48,739
15,776
28453
7,322
42796
10,861
2687
13,249
4,156
1,367
2323
589
3680
907
227
13,217
4,061
1,342
2366
604
3707
911
226
13,624
4,295
1,411
2448
588
3739
914
229
13,690
4,312
1,425
2439
598
3770
917
229
13,923
2491
2518
13,944
4,340
1,392
2546
615
3933
892
226
14,080
4,388
1,412
2478
623
4062
891
226
13,996
4,288
1,398
2,420
659
14,060
4,289
1,399
2,523
641
4104
4081
14,436
4,524
1,484
2575
651
4074
901
227
14,392
1,447
13,815
4,275
1,397
14339
4545
1,469
2476
671
4055
896
227
14487
4642
1 504
2502
680
4038
894
227
Imports of goods and services
Memoranda:
Balance on goods
Balance on services
Balance on goods and services
613
3811
922
228
609
3893
896
227
899
228
900
227
4471
1,458
2588
660
4069
919
227
-173560 -191 170 -15176 -17695 -18149 -16761 -14877 -15528 -16363 -15244 -16849 -16559 -18538 -16479 -15 723 -17643
7,104
80,130
7,094
6,538
6907
7,504
7,511
7,408
7,174
71,703
6,905
7,046
7310
7388
7046
6858
-101 857 -1 1 1 040 -7665 -10601 -1 1 61 1 -9856
-7831 -6120 -9189 -8337 -9745 -9055 -1 1 228 -9091 -8677 -10785
p Preliminary.
1. Reflects adjustments necessary to bring the Census Bureau's component data in line with the concepts and
definitions used to prepare BEA's international and national accounts.
2. Contains goods mat cannot be separately identified.
4411
1019
Source: U.S. Department of Commerce, Bureau of Economic Analysis and Bureau of the Census
SURVEY OF CURRENT BUSINESS
D-52 • International Data
March 1998
Table F.2.—U.S. International Transactions
[Millions of dollars]
Seasonally adjusted
Not seasonally adjusted
Line
(Credits +; debits -) '
II
1
Exports of goods, servicss and income
1997
1996
1996
IV
III
I
1996
IIr
\\\P
II
III
1997
I
IV
llr
Ilk
1,055,233
261,665
260,424
276,672
278,315
293,478
294,545
262,335
261,979
274,545
279,521
293,868
295,597
2
Goods adjusted excluding military2
612,069
154,198
145,670
160,759
162,812
172,548
165,691
153,411
150,764
157,846
162,527
171,411
170,579
3
4
Services 3
Transfers under US military agency sales contracts4
236,764
14,647
57,121
3,961
63,564
3,572
60,669
4,022
59,841
3,190
61,652
3,727
69,075
3,740
58,736
3,961
59,322
3,572
61,656
4,022
61,725
3,190
63,328
3,727
64,410
3,740
18,183
5,282
7,142
18,556
5,319
6,999
18,605
5,511
7,043
18,977
5,571
7,140
5
6
7
8
9
10
11
12
13
14
.
. .
Travel
Passenger fares
Other transportation
69,908
20,557
27,216
17,165
4,769
6,788
21,041
6,104
6,763
16,898
4,916
7,229
16,421
4,976
6,873
18,428
5,302
7,029
22,696
6,513
7,193
17,356
4,952
6,805
17,659
5,237
6,716
Royalties and license fees 5
Other private services5
U S Government miscellaneous services
29,974
73,569
893
7,170
17,082
187
7,410
18,464
210
8,273
19,124
207
7,389
20,789
203
7,445
19,530
191
7,527
21,217
189
7,345
18,130
187
7,495
18,433
210
7,703
19,117
207
7,699
19,759
203
7,622
20,629
191
7,604
21,189
189
206,400
98,890
102,866
4,644
50,346
24,318
25,053
975
51,190
23,837
25,938
1,415
55,243
27,123
27,232
888
55,663
26,164
28,544
955
59,278
28,380
30,151
747
59,779
27,138
31,643
998
50,188
23,929
25,053
1,206
51,893
24,675
25,938
1,280
55,043
26,898
27,232
913
55,269
25,872
28,544
853
59,129
27,970
30,151
1,008
60,608
28,088
31,643
877
Income receipts on U S assets abroad
Direct investment receipts
Other private receipts
U S Government receipts
...
-1,163,450
-289,195
-501,489
-302,337
-300,017
^522,999
-335,255
-289,231
-295,865
-299,493
-310,811
^22,760
-328,549
16
Goods adjusted excluding military2
-803,239
-199,450
-205,518
-210,542
-204,876
-217,230
-225,289
-200,973
-203,257
-206,036
-212,314
-218,545
-222,128
17
18
Services3
..
Direct defense expenditures
-156,634
-10,861
^0,128
-2,747
-42,415
-2,780
-38,253
-2,727
-38,247
-2,753
^3,073
-2,679
^5,746
-2,700
-38,953
-2,747
-39,345
-2,780
^39,664
-2,727
-41,238
-2,753
-41,839
-2,679
-42,492
-2,700
^8,739
-15,776
-28,453
-13,236
-4,188
-7,222
-14,321
^,406
-7,380
-10,690
-3,637
-7,203
-10,935
-3,947
-7,191
-14,205
-4,445
-7,514
-15,664
-4,789
-7,686
-12,099
-3,943
-7,253
-11,915
-3,920
-7,218
-12,241
-4,053
-7,166
-13,018
-4,283
-7,378
-13,003
-4,201
-7,542
-13,101
-4,281
-7,518
-7,322
^2,796
-2,687
-1,606
-10,473
-2,154
-10,682
-1,865
-11,451
-1 ,772
-10,962
-1,758
-11,793
-1,963
-12,262
-1,684
-10,570
-2,144
-10,676
-1,770
-11,027
-1,799
-11,321
-1,847
-11,888
-1,951
-12,259
-203,577
^32,132
-100,103
-71,342
^9,616
-8,184
-24,600
-16,832
15
Imports of goods, services, and income
19
20
21
Travel
Passenger fares
Other transportation
22
23
24
Royalties and license fees 5
Other private services5
U S Government miscellaneous services
25
26
27
28
29
30
31
32
33
.
....
Income payments on foreign assets in the United States
Direct investment payments
Other private payments
US Government payments
Unilateral transfers, net
US Government grants4
U S Government pensions and other transfers
Private remittances and other transfers6
U.S. assets abroad, net (increase/capital outflow (-))
34
35
36
37
38
US official reserve assets net7
Gold
Special drawing rights
Reserve position in the International Monetary Fund
Foreign currencies
39
40
41
42
U S Government assets, other than official reserve assets, net
U S credits and other long-term assets
Repayments on U.S. credits and other long-term assets8
U.S. foreign currency holdings and U.S. short-term assets, net
43
44
45
46
U S private assets net
Direct investment
Foreign securities
..
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking
concerns
U.S. claims reported by U.S. banks, not included elsewhere
47
•
.
..
-657
-692
-680
-53,556
-9,905
-25,158
-18,493
-53,542
-7,554
-26,135
-19,853
-686
-56,895
-8,175
-27,581
-21,139
-679
-682
-62,696
-10,561
-29,341
-22,794
-64,220
-10,992
-29,759
-23,469
-657
^9,305
-7,873
-24,600
-16,832
-692
-680
-53,263
-9,612
-25,158
-18,493
-53,793
-7,805
-26,135
-19,853
-686
-57,259
-8,539
-27,581
-21,139
-679
-62,376
-10,241
-29,341
-22,794
-682
-63,929
-10,701
-29,759
-23,469
^9,968
-8,122
-9,103
-12,305
-8,604
-8,623
-9,061
-8,689
-8,947
-11,926
-8,682
-8,960
-9,204
-14,933
-4,331
-20,704
-2,423
-5,499
-1,407
-5,399
-2,109
-5,700
-2,245
-1,057
-5,321
-2,252
^,918
-2,690
-1,188
-5,225
-5,873
-2,423
-1,081
-5,185
-2,690
-1,064
-5,193
-5,499
-1,050
-5,377
-2,109
-1,083
-5,490
-2,245
-1,128
-5,587
-2,252
-1,099
-5,853
-352,444
-51,161
-78,638
-149,829
-130,316
-92,849
-103,146
-49,698
-77,542
-154,436
-127,969
-90,935
-101,564
-781
-795
-936
6,668
-523
7,489
-315
4,480
-236
-730
-623
7,489
-315
4,480
-236
-730
370
-1,280
7,578
-133
-220
-170
848
-146
72
1,055
3,353
-133
-139
848
-146
72
1,055
3,353
-133
-139
-463
-128
-183
6,824
-28
-141
-157
-128
-133
-220
-170
-268
54
^63
-183
6,824
-28
-141
54
-157
-690
-358
-4,930
4,134
106
-1,489
870
261
162
-1,127
1,206
83
-1,238
1,045
-51
-21
-1,107
1,111
-25
-1,613
1,358
-13
482
-1,382
1,872
-8
-1,489
870
261
162
-1,127
1,206
83
-1,238
1,045
-91
-21
-1,107
1,111
-25
-1,613
1,358
-13
482
-1,382
1,872
-8
-358,422
-87,813
-108,189
-50,280
-25,097
-20,328
-86,289
-12,200
-23,206
-149,230
-26,258
-30,200
-134,775
-28,773
-14,510
-92,345
-38,573
-21,841
-102,898
-26,243
-37,995
-48,817
-23,634
-20,328
-65,193
-11,104
-23,206
-153,837
-30,865
-30,200
-132,428
-26,426
-14,510
-90,431
-36,659
-21,841
-101,316
-24,661
-37,995
-£4,234
-98,186
-5,047
192
-17,294
-33,589
-26,115
-66,657
-29,466
-62,026
-3,984
-27,947
-15,900
-22,760
-6,047
192
-17,294
-33,589
-26,115
-66,657
-29,466
-62,026
-3,984
-27,947
-15,900
-22,760
-284
-358
-284
-268
547,555
106,568
159,231
193,738
181,978
143,508
170,177
106,114
158,629
194,579
182,238
143,015
169,540
49
50
51
52
53
54
55
Foreign official assets in the United States net
US Government securities
'
US Treasury securities9
Other10
Other U S Government liabilities n
U.S. liabilities reported by U.S. banks, not included elsewhere
Other foreign official assets 12
.
122,354
115,634
111,253
4,381
720
4,722
1,278
13,154
-2,125
-3,383
1,258
33,097
35,418
33,564
1,854
160
-4,270
1,789
28,891
23,940
23,289
651
478
7,698
-3,225
-5,374
-1 1 ,464
-12,108
644
654
4,536
900
22,498
9,148
6,485
2,663
16
12,705
629
13,154
-2,125
^3,383
1,258
14,198
1,285
24,089
26,689
25,472
1,217
907
-1,922
-1,585
14,198
1,285
24,089
26,689
25,472
1,217
907
-1,922
-1,585
33,097
35,418
33,564
1,854
160
-4,270
1,789
28,891
23,940
23,289
651
478
7,698
-3,225
-5,374
-1 1 ,464
-12,108
644
654
4,536
900
22,498
9,148
6,485
2,663
16
12,705
629
56
57
58
59
60
Other foreign assets in the United States net
Direct investment
U S Treasury securities and U S currency flows
U S securities other than U S 'Treasury securities
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking
concerns
U.S. liabilities reported by U.S. banks, not included elsewhere
425,201
76,955
172,878
133,798
93,414
17,894
36,152
29,761
135,142
26,579
50,798
35,115
160,641
16,820
75,326
32,447
153,087
30,381
51,289
38,820
148,882
27,101
49,915
51,682
147,679
21,713
43,494
60,770
92,960
17,440
36,152
29,761
134,540
25,977
50,798
35,115
161,482
17,661
75,326
32,447
153,347
30,641
51,289
38,820
148,389
26,608
49,915
51,682
147,042
21,076
43,494
60,770
31,786
9,784
7,288
2,319
20,610
2,040
-2,912
38,960
15,210
17,387
-7,916
28,100
7,600
14,102
7,288
2,319
20,610
2,040
-2,912
38,960
15,210
17,387
-7,916
28,100
7,600
14,102
-46,927
-19,755
-30,424
-5,938
-21,356
-12,515
-17,260
-20,831
-1,076
-38,254
-7,830
-3,269
2,669
-14,297
7,059
-14,228
-1,713
-25,820
-8,560
-191,170
80,130
-111,040
2,824
^5,252
16,993
-28,259
729
-59,848
21,149
-38,699
-2,367
-49,783
22,416
-27,367
1,701
^2,064
21,594
-20,470
-1,232
^4,682
18,579
-26,103
-3,418
-59,598
23,329
-36,269
-4,441
-47,562
19,783
-27,779
883
-52,493
19,977
-32,516
-1,370
-48,190
21,992
-56,198
1,250
^9,787
20,487
-29,300
-1,990
-47,134
21,489
-25,645
-3,247
-51,549
21,918
-29,631
-3,321
-108,216
-39,968
-148,184
-27,530
-8,122
-35,652
-41,066
-9,103
-50,169
-25,666
-12,305
-37,971
-21,702
-8,604
^30,306
-29,521
-8,623
-38,144
-40,710
-9,061
^9,771
-26,896
-8,689
-35,585
-33,886
-8,947
-42,833
-24,948
-11,926
^36,874
-31,290
-8,682
-39,972
-28,892
-8,960
-37,852
-32,952
-9,204
-42,156
48
61
62
63
63a
Foreign assets in the United States, net (increase/capital inflow (+)) ....
-204
-204
Allocations of special drawing rights
Statistical discrepancy (sum of above items with sign reversed)
Of which seasonal adjustment discrepancy
64
65
66
67
68
Memoranda:
Balance on goods (lines 2 and 16)
Balance on services (lines 3 and 17)
....
Balance on goods and services (lines 64 and 65)
Balance on investment income (lines 11 and 25)
Balance on goods, services, and income (lines 1 and 15 or lines 66 and
69
70
Unilateral transfers net (line 29)
Balance on current account (lines 1, 15, and 29 or lines 68 and 69) 13
See footnotes to table F.3.
SURVEY OF CURRENT BUSINESS
March 1998
International Data • D-53
Table F.3.—Selected U.S. International Transactions, by Area
[Millions of dollars]
European Union 14
Western EuropeLine
(Credits +; debits -) '
1 Exports of goods, services and income
Goods adjusted excluding military2
2
3
4
5
6
7
8
9
10
11
12
13
14
1997
1997
1
Services3 ..
Transfers under U.S. military agency sales contracts4
Travel
Passenger fares
Other transportation
';.
Royalties and license fees 5
Other private services 5
U S Government miscellaneous services
Income receipts on U S assets abroad
Direct investment receipts
Other private receipts
U S Government receipts
85,940
39,866
84,666
35,404
19,651
934
21,070
879
24,110
928
4,678
1,448
1,942
5,896
1,728
2,002
7,689
2,448
2,107
17,350
566
4,247
1,375
1,557
3,711
6,896
42
3,594
7,303
41
3,542
6,026
37
23,990
12,013
11,695
282
3,540
6,990
35
25,004
12,442
12,392
170
25,152
11,931
12,946
275
21,668
10,583
10,843
242
-75,539
Imports of goods, services and income
-83,405
-94,876
16
17
18
19
20
21
22
23
24
Goods adjusted excluding military2
-40,901
-14,442
-1,780
^3,057
-1,752
-2,456
-45,115
-94,109
^2,971
-17,876
-1,594
-18,784
-1,700
-1,213
-3,890
-5,609
-2,338
-2,683
-1,196
-4,168
-293
-288
25
26
27
28
29
30
31
32
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
63
64
65
66
67
68
69
70
.
..
Royalties and license fees 5
Other private services5
U.S Government miscellaneous services
Income payments on foreign assets in the United States
Direct investment payments
Other private payments
U.S. Government payments
Unilateral transfers net
U S Government grants4
U.S. Government pensions and other transfers
Private remittances and other transfers6
...
U.S. assets abroad, net (increase/capital outflow (-))
U S official reserve assets net 7
Gold
Special drawing rights
Reserve position in the International Monetary Fund
Foreign currencies
U S Government assets other than official reserve assets net
U.S credits and other long-term assets
Repayments on U.S. credits and other long-term assets8
U S foreign currency holdings and U S short-term assets net
U S private assets net
Direct investment
Foreign securities
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking
concerns
U.S. claims reported by U.S. banks, not included elsewhere
Foreign assets in the United States, net (increase/capital inflow (+))
Foreign official assets in the United States, net
U § Government securities
U.S. Treasury securities9
Other10
Other U.S. Government liabilities11
U.S. liabilities reported by U.S. banks, not included elsewhere
Other foreign official assets 12
Other foreign assets in the United States net
Direct investment
U.S Treasury securities and U S currency flows
U S securities other than U S Treasury securities
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking
concerns
U.S. liabilities reported by U.S. banks, not included elsewhere
Allocations of special drawing rights
Statistical discrepancy, and transfers of funds between foreign areas, net
(sum of above items with sign reversed)
Memoranda:
Balance on goods (lines 2 and 16)
Balance on services (lines 3 and 1 7)
Balance on goods and services (lines 64 and 65)
Balance on investment income (lines 11 and 25)
.
Jalance on goods, services, and income (lines 1 and 15 or lines 66 and 67) 13
Unilateral transfers net (line 29)
Balance on current account (lines 1,15, and 29 or lines 68 and 69) :3
-28,063
-6,311
-13,688
-8,064
45
-102
-281
-31,885
-8,578
-14,475
-3,832
35,089
41,155
9,554
8,149
20,391
20,776
19,722
5,347
213
5,673
108
6,393
105
9,613
109
11,386
181
7,031
2,329
1,684
1,602
358
458
2,023
379
423
2,379
566
434
8,859
150
1,937
821
687
2,536
1,008
715
3,620
1,421
757
3,405
6,417
35
22,593
10,328
12,034
231
625
2,079
12
630
2,099
11
706
2,191
12
2,014
3,217
14
8,883
3,795
5,088
9,050
3,537
5,513
9,055
3,163
5,892
2,087
3,303
17
10,047
5,557
4,354
136
—85,845
-39,192
-28,874
-31,843
-31,997
-7,578
-7,949
-3,100
-16,739
-1,350
-4,671
-5,438
-5,836
-136
-132
-100
-1,020
-1,450
-1,575
-6,567
-1,168
-1,554
-631
-565
-399
-514
-925
-578
-679
-967
-828
-920
-1,002
-511
-474
-544
-465
-454
-1,785
-23
-1,946
-23
-1,547
-1,687
-29,914
-7,311
-13,861
-8,742
-16,626
-2,666
-9,776
-4,184
-18,456
-3,247
-10,345
-4,864
-2,091
-23
-18,061
-2,422
-10,477
-5,162
-1,026
^67
-1,679
268
350
374
390
23,784
32,449
21,434
533
-5,911
-2,529
-2,741
-1,289
-4,324
-1,035
-3,599
—995
-3,942
-5,529
-2,287
-2,136
-1,108
^,080
-290
-252
-247
-249
-50
63
-134
-330
-201
-306
-25,574
-5,521
-12,762
-7,291
243
-17
-29,540
-7,951
-13,523
-3,066
288
-11
428
527
457
509
581
535
-44
394
^8
422
-44
434
-63,486
-21,851
-41,951
-75,870
12
-20,810
-28,853
-34,277
-14,108
-11,745
-196
-139
-142
-196
-139
-142
157
-36
-17
-282
-249
-267
189
-227
12
227
189
141
^35
188
-12
-62
-51
4
-15
170
^35
204
1
t
3
S)
376
103,883
80,358
1,172
396
17
(17)
R
100,364
26,390
84,582
14,755
R
a
3
;:;
18)
,8)
38
;3 ]
1, 663
(18)
(18)
8
C
)
(18)
0
R
57
C8)
-3,431
(8)
84, 121
<;
p
-31,031
12
11, 978
-2,490
-8,552
-21,261
F
267
6,104
-5, 152
2, 185
R
U
-157
110
231
57,025
-11,854
-16,590
^6,275
103,122
R
'3
( )
-144
40, D75
-5,269
1,686
85,754
( )
-186
4
-77
219
-16,139
-227
189
-227
189
1
-17
-8
-17
-3,187
-3,722
1,111
-16,329
-7,457
1,708
716
42,247
^076
-6, 631
1, 504
(8)
I8)
-152
-8
-31, 035
II
,8)
18)
R
(18)
-11,745
2,019
-19,868
-2,959
-8,044
^,060
-2,791
-2,193
67
-7, 145
-18, 763
-16,678
-50,813
111,398
11,034
(18
-2,738
-184
-5, 337
3, 574
-20, 521
-21, 951
-8,337
-1,100
-8,431
-3,964
-2,570
-1,897
-14, 112
-14, 312
-76,023
-11,023
-2,135
-41,993
-24,612
-6,652
-2,344
-2,429
-1,879
87
-5
-34,272
-2,446
-2,013
^2,007
-10,479
-19,674
17
-42,988
-26,620
-7,937
-1,044
-186
-29,212
-6,504
-20,218
109
-14
-21,695
-22,885
4,773
110,212
10,210
5,783
4,295
132
12
-83,447
-12,590
-3,366
4, 397
-36,856
-23,637
4
-12
-112
2,162
3,086
15
9,462
5,184
4,137
141
-5
198
-71
274
-5
-255
III"
40,599
76,476
-15,744
-1,263
-5,133
-2,102
-2,062
-32,354
-3,056
-14,827
-9,471
II'-
38,711
5,388
1,639
1,593
3,355
6,194
30
-41,220
I
III"
23,597
18,686
487
22,618
10,967
11,506
145
-46,504
1997
IK
24,050
9,327
76,451
35,147
74,107
I
III"
-37,268
-12,697
-1,415
-2,871
-1,593
-1,932
,8)
(18)
18)
1,420
10, 38
-796
37,090
(18)
(18)
13
C(.8)8 )
(8)
106
(8)
(8)
-I
1, 188
1
80
(18)
(18)
(18)
30,948
32,525
109,816
12,979
C7)
38,295
12,825
( )
-368
17
( )
C7)
-26,837
-55,030
-58,768
-26,062
-53,546
-65,929
-41,341
-18,548
-37,270
17,111
^6,537
-20,180
-2,256
5,209
2,953
^,073
-1,120
45
-1,075
-5,249
3,194
-2,055
-6,881
-8,936
63
-8,873
-7,567
5,326
-2,241
-7,202
-8,443
-50
-9,493
-2,179
4,653
2,474
^3,906
-1,433
243
-1,190
-6,073
2,942
-3,131
-6,922
-10,053
288
-9,765
-6,743
4,695
-2,048
-7,321
-9,369
268
-9,101
1,976
677
2,653
-7,743
-5,090
350
-4,740
1,378
235
1,613
-9,406
-7,793
374
-7,419
49
557
606
-9,006
-8,400
390
-3,010
-3,246
2,292
-5,844
1,676
-4,168
1,779
-2,389
110
-2,279
-4,890
3,049
-1,841
1,003
17
( )
17
" Preliminary.
r
Revised.
1. Credits, +: Exports of goods, services, and income; unilateral transfers to United States; capital inflows (increase in foreign assets (U.S. liabilities) or decrease in U.S. assets); decrease in U.S. official reserve assets; increase in foreign official assets in the United States.
Debits, -: Imports of goods, services, and income; unilateral transfers to foreigners; capital outflows (decrease
in foreign assets (U.S. liabilities) or increase in U.S. assets); increase in U.S. official reserve assets; decrease in
foreign offical assets in the United States.
2. Excludes exports of goods under U.S. military agency sales contracts identified in Census export documents,
excludes imports of goods under direct defense expenditures identified in Census import documents, and reflects
various other adjustments (for valuation, coverage, and timing) of Census statistics to balance of payments basis;
see table 2 in "U.S. International Transactions, Third Quarter 1997" in the January 1998 issue of the SURVEY.
1997
II'
82,285
38,645
15
Services 3
Direct defense expenditures
Travel
Passenger fares
Other transportation
1
\\\p
II'-
European Union (6) 15
United Kingdom
24,223
12,
(.8)
30,
29,431
18
12,560
36,81 4
18
386
41?767
5,920
13.Q
59,291
18
11,576
33,705
(U)
21, 327
21,470
«£3
18
,8)
(18)
18
112
17, 80
6,
24,361
18
31 ,238
2
M3
-4,<)52
18
-954
2,809
1,855
87
1,942
18
ii£
3,122
7$
12,307
-914
24,387
(18)
18
21 ,581
-838
67
-771
3. Includes some goods: Mainly military equipment in line 4; major equipment, other materials, supplies, and petroleum products purchased abroad by U.S. military agencies in line 18; and fuels purchased by airline and steamship
operators in lines 7 and 21.
4. Includes transfers of goods and services under U.S. military grant programs.
5. Beginning in 1982, these lines are presented on a gross basis. The definition of exports is revised to exclude
U.S. parents' payments to foreign affiliates and to include U.S. affiliates' receipts from foreign parents. The definition
of imports is revised to include U.S. parents' payments to foreign affiliates and to exclude U.S. affiliates' receipts
from foreign parents.
6. Beginning in 1982, the "other transfers" component includes taxes paid by U.S. private residents to foreign
governments and taxes paid by private nonresidents to the U.S. Government.
7. For all areas, amounts outstanding September 30,1997, were as follows in millions of dollars: Line 34, 67,148;
line 35,11,050; line 36, 9,997; line 37,14,042; line 38, 32,059. Data are preliminary.
D-54 • International Data
SURVEY OF CURRENT BUSINESS
March 1998
Table F.3.—Selected U.S. International Transactions, by Area
[Millions of dollars]
Line
(Credits +; debits -) '
1 Exports of goods, services, and income
Goods, adjusted, excluding military2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
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
63
64
65
66
67
68
69
70
Services3
Transfers under U S military agency sales contracts4
Travel
Passenger fares
Other transportation
Royalties and license fees 5
Other private services 5
U S Government miscellaneous services
Income receipts on U S assets abroad
.
Direct investment receipts
Other private receipts
U S Government receipts
. ..
Imports of goods, services, and income ..
Goods, adjusted, excluding military2
Services3
Direct defense expenditures
Travel
Passenger fares
Other transportation
..
Royalties and license 5fees 5
.
....
Other private services
U S Government miscellaneous services
Income payments on foreign assets in the United States
Direct investment payments
Other private payments
US Government payments
Unilateral transfers, net
U S Government grants4
U S Government pensions and other transfers
Private remittances and other transfers6
U.S. assets abroad, net (increase/capital outflow (-))
US official reserve assets net7
Gold
Special drawing rights
Reserve position in the International Monetary Fund
Foreign currencies
U S Government assets other than official reserve assets net
U S credits and other long-term assets
Repayments on U S credits and other long-term assets 8
U S foreign currency holdings and U S short-term assets net
U S private assets net
Direct investment
Foreign securities
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking
concerns
U S claims reported by U S banks not included elsewhere
Foreign assets in the United States, net (increase/capital inflow (+)) ....
Foreign official assets in the United States, net
U S Government securities9
U.S. Treasury securities
Other10
Other U S Government liabilities ' '
U.S. liabilities reported by U.S. banks, not included elsewhere
Other foreign official assets 12
Other foreign assets in the United States, net
Direct investment
U.S. Treasury securities and U.S. currency flows
U S securities other than U S Treasury securities
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking
concerns
U.S. liabilities reported by U.S. banks, not included elsewhere
Allocations of special drawing rights
Statistical discrepancy, and transfers of funds between foreign areas, net
(sum of above items with sign reversed)
Memoranda^
Balance on goods (lines 2 and 16)
Balance on services (lines 3 and 17)
...
Balance on goods and services (lines 64 and 65)
Balance on investment income (lines 11 and 25)
Balance on goods, services, and income (lines 1 and 15 or lines 66 and 67) 13
Unilateral transfers net (line 29)
Balance on current account (lines 1,15, and 29 or lines 68 and 69) n
Canada
1997
1997
If
-2,792
-1,864
3,403
2,110
846
80
227
22
97
36
374
10
447
302
109
36
-3,108
-2,009
-580
-722
3,108
1,811
881
96
173
20
99
42
442
9
416
247
100
69
-79
-212
-52
-30
-2
-142
-14
-348
-3
-99
I
Ilk
3,205
1,749
943
61
293
30
94
33
422
10
513
262
133
118
-3,600
-2,323
-645
-100
-51
-338
-420
-96
-70
-1
-96
-66
-2
-146
-151
-15
-15
-377
-432
5
-99
8
-246
-283
-119
-321
-653
-687
-771
Japan
1997
-292
-9
-359
\V
Ilk
47,188
36,823
5,448
24
1,954
327
726
343
2,056
17
4,917
2,581
2,336
49,685
39,042
5,392
22
1,907
307
768
329
2,043
16
5,251
2,793
2,458
47,024
36,795
5,011
23
1,601
226
754
351
2,052
4
5,218
2,747
2,471
-47,506
-42,004
-3,009
-18
-50,077
^3,383
-3,781
-14
-1,270
-48,781
-41,319
-4,659
-15
-2,126
-619
-32
-8
-374
-2,803
-10,821
-7,771
-1,016
-1,610
-5,145
-66
-1,049
-24
-8,766
-1,408
-1,758
-5,600
-25
-1,051
-24
-9,583
-2,077
-1,680
-5,826
-11
-22
^4
-23
-2
^21
10
-2,623
49
-11,820
-18
3,547
14
49
8
-18
14
-1
3
-11,805
-2,493
-2,913
-351
-477
-454
-529
-550
-102
-7,668
-2,802
-2,627
-8,240
-2,837
-2,700
-8,491
-2,711
-2,785
^302
-74
-565
-102
-101
-102
-111
7,117
-2,835
-4,509
681
-12,749
3,906
682
(7)
2,762
-2,552
7,813
-1,430
i'4"461
-7,503
546
33
18
1,419
-41
18
3,606
2,896
-4,360
-53
301
248
68
315
101
124
225
70
295
-653
-338
-687
-392
R
IS
i3
9
7,117
1,314
-276
-140
-2,211
-13,440
3,500
3,500
106
-270
|Jn
n
3,224
2,034
&
-1,038
18
-11,656
-961
-1,277
-5,132
-2,914
-2,428
R(i
^
«3
-11,554
-983
-1,380
-12,331
-2,563
2,300
aR
.i$s
-689
-659
-685
1
(18)
-617
-672
-1,279
-i
(.8)
-1,128
-24
-220
R
-1,018
-978
1
R
-907
-189
-111
-1
""-1,667
1,690
-275
-865
-182
-111
5
-31
2,243
3,708
-293
-790
-190
-982
-110
-13
38
-2,954
1,180
-257
-323
11
-28
27
12
-368
-577
-44,334
-30,803
-3,948
^326
-5,131
-578
-577
2,284
904
1,381
-1
-38
-3,404
-12,332
-85
10,689
130
4,157
1,829
806
1,552
2,204
11
-37
^3,134
-2,607
-748
28,675
15,702
-28
-2,815
1,044
-2,612
28,385
16,557
9,266
98
3,243
1,627
796
1,573
1,919
10
2,562
1,148
1,392
22
-41,837
-29,317
-3,754
-76
-1,329
-33
-3,738
1,057
28,710
16,448
9,753
156
3,486
1,743
774
1,445
2,135
14
2,509
1,103
1,399
7
-41,415
-30,096
-3,548
Ilk
-145
-935
28
-3,749
60,431
34,444
10,671
110
4,527
1,226
981
408
3,381
38
15,316
5,634
9,562
120
-56,425
-36,046
-6,723
-85
-3,737
•-
-70
-1,308
-33
-1
225
55,830
32,425
9,046
95
3,551
993
930
390
3,050
37
14,359
5,450
8,841
68
-54,841
-34,925
-6,362
-83
-3,708
I
-121
-965
-330
315
3,543
979
849
362
3,019
39
12,732
4,192
8,401
139
-51,733
-32,831
-6,081
-85
-3,713
Ilk
-59
-1,275
-32
-318
-328
51,153
29,516
8,905
114
II '
-925
-433
-10
I
-742
-589
-352
8. Includes sales of foreign obligations to foreigners.
9. Consists of bills, certificates, marketable bonds and notes, and nonmarketable convertible and nonconvertible
bonds and notes.
10. Consists of U.S. Treasury and Export-Import Bank obligations, not included elsewhere, and of debt securities
of U.S. Government corporations and agencies,
11. Includes, primarily, U.S. Government liabilities associated with military agency sales contracts and other transactions arranged with or through foreign official agencies; see table 4 in "U.S. International Transactions, Third Quarter 1997" in the January 1998 issue of the SURVEY.
12. Consists of investments in U.S. corporate stocks and in debt securities of private corporations and State
and local governments.
Latin America and Other Western
Hemisphere
1997
I
2
Eastern Europe
17
( )
R
(
io
(")
C7)
9,243
3,509
O7)
977
-256
7
C)
-342
-161
-144
-2,197
-40,996
-2,339
-58,458
228
48
-219
3
-344
386
-10
437
10
391
1
-17,046
-4,657
-6,992
-41,224
-7,024
-11,098
-58,506
-6,771
-1,635
8
-2,680
-1,045
^3,258
-10,150
3,534
-1,533
-2,410
-13,884
8,487
7,023
-1,576
-21,526
27,322
-15,900
^34,200
29,406
155
1,468
26,740
67
-1,208
20,656
7"477
9,005
R
(18)
£3
3J3
&
192
<J3
R R
3 R
R R
,13 i£2
R
R
-8,049
459
P)
R
R11
R
13,636
n
2,469
18
3,861
-6,935
18
21,689
7,600
18
7,083
B7 S
B
(.8)
-514
(18)
(.8)
24,787
R
(18)
.a
18
1
429
-154
-111
-1
1,670
3$
7,402
*£}
(18)
18
-293
11, 448
18
-204
2,083
8,847
-2,216
2,245
9,623
15,385
27,831
-11,346
4,641
3,118
-574
-5,181
2,439
-2,742
2,424
^,341
1,611
-2,730
2,338
-4,524
352
-4,172
2,415
-1,757
-3,315
824
-2,491
1,911
-102
-2,627
-3,207
-2,500
684
-1,816
2,805
989
-2,700
-1,711
-1,602
1,948
346
3,660
4,006
-2,785
1,221
-13,648
6,206
-7,442
-5,262
-12,705
-66
-12,771
-12,760
5,512
-7,248
-6,204
-13,452
-25
-13,477
-15,101
6,741
-8,360
-7,299
-15,659
-11
-15,670
98
-476
81
-395
-771
^319
-102
-392
-1,166
^21
-466
-74
-1,859
-580
13. Conceptually, the sum of lines 70 and 62 is equal to "net foreign investment" in the national income and
product accounts (NIPA's). However, the foreign transactions accpunt in the NIPA's (a) includes adjustments to the
international transactions accounts for the treatment of gold, (b) includes adjustments for the different geographical
treatment of transactions with U.S. territories and Puerto Rico, and (c) includes services furnished without payment
by financial pension plans except life insurance carriers and private noninsured pension plans. A reconciliation of
the balance on goods and services from the international accounts and the NIPA net exports appears in Appendix
A of this section of the SURVEY OF CURRENT BUSINESS. A reconciliation of the other foreign transactions in the
two sets of accounts appears in table 4.5 of the full set of NIPA tables (published annually in the August issue
of the SURVEY).
D-55
International Data
SURVEY OF CURRENT BUSINESS
March 1998
Table F.3.—Selected U.S. International Transactions, by Area
[Millions of dollars]
Line
(Credits +; debits -) '
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
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
63
64
65
66
67
68
69
70
Exports of goods services and income
Goods adjusted excluding military2
Services 3
Transfers under U S military agency sales contracts4
Travel
Passenger fares
Other transportation
Royalties and license fees 5
Other private services 5
U S Government miscellaneous services
Income receipts on U.S. assets abroad
Direct investment receipts
Other private receipts
U S Government receipts
Imports of goods services and income
Goods adjusted excluding military2
Services3
.
Direct defense expenditures
Travel
Passenger fares
.
. . . . .
Other transportation
5
Royalties and license fees
Other private services 5
U.S. Government miscellaneous services
Income payments on foreign assets in the United States
Direct investment payments
Other private payments
U S Government payments
Unilateral transfers, n e t
.
.
.
US. Government grants4
.
U.S. Government pensions and other transfers
Private remittances and other transfers6
U.S. assets abroad, net (increase/capital outflow (-))
U.S. official reserve assets, net7
Gold
Special drawing rights
Reserve position in the International Monetary Fund
Foreign currencies
U.S. Government assets, other than official reserve assets, net
U S credits and other long-term assets
Repayments on U S credits and other long-term assets8 .
.
U.S. foreign currency holdings and U.S. short-term assets, net
U.S. private assets, net
Direct investment
Foreign securities
U.S claims on unaffiliated foreigners reported by U S nonbanking concerns
U.S. claims reported by U.S. banks, not included elsewhere
Foreign assets in the United States, net (increase/capita! inflow (+))
Foreign official assets in the United States, net
U.S Government securities
U.S. Treasury securities9
Other10
Other U S. Government liabilities ' '
U.S. liabilities reported by U.S. banks, not included elsewhere
Other foreign official assets 12
Other foreign assets in the United States, net
Direct investment
'
'.
U S Treasury securities and U S currency flows
U.S. securities other than U.S. Treasury securities
U S liabilities to unaffiliated foreigners reported by U S nonbanking concerns
U.S. liabilities reported by U S. banks, not included elsewhere
Allocations of special drawing rights
Statistical discrepancy, and transfers of funds between foreign areas, net (sum of
above items with sign reversed)
Memoranda:
Balance on goods (lines 2 and 16)
Balance on services (lines 3 and 1 7)
.
.
..
..
.
Balance on goods and services (lines 64 and 65)
Balance on investment income (lines 11 and 25)
13
Balance on goods services and income (lines 1 and 15 or lines 66 and 67)
Unilateral transfers'; net (line 29)
Balance on .current account (lines 1 15, and 29 or lines 68 and 69) 13
1997
5,319
6,174
6,107
2,823
1,122
35
392
100
72
141
379
3
1,374
777
597
3,095
1,293
46
480
133
79
159
393
1,786
1,169
617
3,080
1,455
56
620
147
85
162
382
3
1,572
944
628
-2,074
-1,159
-1,658
-1,169
-1,929
-1,290
-743
-567
-659
-21
-12
-325
-157
-60
-8
-8
-17
Internal onal organizations
and
unallocated 16
-65
-88
-19
-115
-25
-595
-1
-513
-632
-505
-2,219
-2,240
-977
-2,360
-1,011
-1,854
-14
-1,595
-11
-196
-197
-198
20
175
-6,905
-6,937
238
-2,530
-4,645
-2,818
-1,203
-7,055
^9
-2,495
-4,511
-4,028
-1,205
-135
-20
-20
-22
-19
-9
-13
-2,026
-7
-12
-104
-1
-176
-2,423
-4,306
-3,061
-1,213
-121
-125
-121
-1,727
-16,737
-1,490
-10,535
-1,702
-9,454
32
-1
-1,092
142
1,153
-921
-1
-2,025
-104
-632
-197
-922
-57
-1,139
2,560
501
1,874
(18)
I?
q
$
•a
R
18
Q
£3
128
-1,813
R
0
£3
18
-153
2,1 73
317
R
el
,,8]
R
«fi
ffl
18
-700
525
-129
-614
-390
-594
-797
59,787
38,517
14,786
2,432
3,809
607
2,232
1,036
4,588
82
6,484
3,471
2,657
356
-85,129
-70,537
-7,537
-1,811
-19
-1,563
-185
78
213
-172
59,659
39,453
13,380
2,507
3,124
492
2,250
1,033
3,894
80
6,826
3,912
2,597
317
-75,688
-61,312
-7,439
-454
443
-21
497
-12
982
-3
-16,769
-5,445
-3,665
24
-7,683
31,640
-10,406
-3,198
-2,297
123
-5,034
-9,979
-3,743
-6,789
R
n
1,458
1,359
1,410
181
107
134
382
895
385
867
391
885
2,966
1,165
1,659
142
-1,019
3,043
1,164
1,745
134
3,240
1,245
1,865
130
-914
-948
-697
-572
-591
-357
-235
-247
-115
-225
-104
-233
-116
-228
-322
-342
432
-357
429
-726
422
-744
-735
-28
-27
-44
-2,115
-2,360
-2,295
-226
-112
-207
-297
-111
-218
-1,777
2,636
1,127
-1,856
-1,534
-79
-1,966
-1,236
72
1,055
-133
-139
-463
-333
-333
-340
-340
-293
-293
1,842
-1,115
-927
-828
-341
-631
-602
54
1,648
56
1,065
-417
-31
1,012
7,345
4,326
1,012
7,345
-471
-473
4,326
^76
133
-3
521
(18)
(18)
(.8)
3,520
1,741
-1 6,941
4,650
ii
n
12
R
18
4,402
(18)
18)
,J379
III*
4,424
(.8)
3
£!
R
0
40
880
18
26,265
2,553
21,167
-11,650
IIr
I
-972
-56
-54
-11
56,128
36,746
12,623
1,831
2,195
359
2,230
962
4,967
79
6,760
4,087
2,357
316
-70,072
-56,021
-7,146
\\\P
-1,741
-22
-1,483
-203
-130
-187
-155
-9
-16
-20
-175
-114
-61
IIr
I
III*
II '
(18)
2,656
18
(18)
1357
(18)
17,266
9
24
18
1,450
-4,938
-6,939
-4,497
761
761
2,644
3,406
-2,115
1,291
787
787
2,701
3,488
-2,360
1,128
819
819
2,883
3,702
-2,295
1,407
-1,703
-5,028
-5,929
2,102
41,032
16,657
1,664
378
2,042
1,202
3,244
-25
3,219
1,926
726
2,652
1,864
4,516
-22
4,494
1,790
796
2,586
1,592
4,178
-19
4,159
-19,275
5,477
-13,798
-21,859
5,941
-15,918
-32,020
7,249
-24,771
-145
-111
-13,944
-3,061
-17,005
-16,029
-2,818
-18,847
14. The "European Union" includes the "European Union (6)," United Kingdom, Denmark, Ireland, Greece, Spain,
and Portugal. Beginning with the first quarter of 1995, the 'European Union' also includes Austria, Finland, and
Sweden.
15. The "European Union (6)" includes Belgium, France, Germany (includes the former German Democratic Republic (East Germany) beginning in the fourth quarter of 1990), Italy, Luxembourg, Netherlands, European Atomic
Energy Community, European Coal and Steel Community, and European Investment Bank.
16. Includes, as part of international and unallocated, the estimated direct investment in foreign affiliates engaged
in international shipping, in operating oil and gas drilling equipment internationally, and in petroleum trading. Also
Other countries in Asia and Africa
1997
1997
I
1
Australia
-571
-25,342
-3,028
-28,370
18
7,786
-73
18
4,875
includes taxes withheld; current-cost adjustments associated with U.S/ and foreign direct investment; small transactions in business services that are not reported by country; and net U.S. currency flows, for which geographic
source data are not available.
17. Details not shown separately; see totals in lines 49 and 56.
18. Details not shown separately are included in line 61.
NOTE.—The data in tables F.2 and F.3 are from tables 1 and 10 in "U.S. International Transactions, Third Quarter
1997" in the January 1998 issue of the SURVEY OF CURRENT BUSINESS, which presents the most recent estimates
from the balance of payments accounts.
D-56
• International Data
SURVEY OF CURRENT BUSINESS
March 1998
Table FA—Private Service Transactions
[Millions of dollars]
Seasonally adjusted
Line
1995
1996
1
2
3
4
5
6
7
Exports of private services
Travel (table F 2 line 5)
Passenger fares (table F 2 line 6)
Other transportation (table F.2, line 7)
Freight
Port services
Other
1997
1996
II
III
IV
I
\\ r
\\\P
204,165
221,224
54,588
55,540
57,427
58,332
59,410
60,481
63,395
19,125
27,412
11,420
14,810
1,184
69,908
20,557
27,216
11,161
14,691
1,364
17,356
4,952
6,805
2,823
3,639
342
17,659
5,237
6,716
2,747
3,625
343
18,183
5,282
7,142
2,941
3,861
339
18,556
5,319
6,999
2,909
3,720
370
18,605
5,511
7,043
2,919
3,747
377
18,977
'..
5,571
7,140
2,909
3,857
374
8
9
10
11
12
13
14
Royalties and license fees (table F 2 line 8)
Affiliated
. .
U S parents' receipts
U S affiliates' receipts
Unaffiliated
Industrial processes l
Other2
27,383
21,670
20,210
1,460
5,713
3,583
2,131
29,974
23,760
21,916
1,844
6,214
3,979
2,235
7,345
5,814
5,436
378
1,531
978
554
7,495
5,929
5,505
424
1,566
1,006
560
7,703
6,091
5,445
646
1,612
1,040
573
7,699
6,033
5,761
272
1,666
1,080
587
7,622
5,915
5,460
455
1,707
1,109
598
7,604
5,869
5,383
15
16
17
18
19
20
21
22
23
24
25
26
27
Other private services (table F 2, line 9)
Affiliated services
U S parents' receipts
.
U S affiliates' receipts
Unaffiliated services
Education
Financial services
Insurance net
Premiums received
Losses paid
Telecommunications
Business professional and technical services
Other unaffiliated services3
66,850
20,272
12,795
7,477
46,578
7,512
7,029
1,390
5,524
4,133
3,183
17,765
9,699
73,569
22,810
13,763
9,047
50,759
7,807
8,034
2,121
6,179
4,058
3,405
19,247
10,145
18,130
5,571
3,429
2,142
12,559
1,938
1,938
513
1,524
1,011
854
4,734
2,583
18,433
5,777
3,410
2,367
12,656
1,998
1,925
561
1,567
1,006
838
4,847
2,486
19,117
5,840
3,431
2,409
13,277
1,955
2,325
597
1,609
1,012
850
4,985
2,565
19,759
6,103
3,622
2,481
13,656
1,992
2,259
620
1,650
1,030
845
5,287
2,654
20,629
6,426
3,802
2,624
14,203
2,009
2,492
637
1,681
1,044
895
5,543
2,627
21,189
6,670
3,839
134,523
143,086
35,549
35,873
36,257
37,800
38,481
39,110
13,018
4,283
7,378
4,318
2,845
214
13,003
4,201
7,542
4,636
2,706
200
13,101
28
Imports of private services
29
30
31
32
33
34
Travel (table F2 line 19)
Passenger fares (table F.2, line 20)
Other transportation (table F 2 line 21)
Freight
Port services
Other
35
36
37
38
39
40
41
Royalties and license fees (table F 2 line 22)
Affiliated
U S parents' payments
U S affiliates' payments
Unaffiliated
42
43
44
45
46
47
48
49
50
51
52
53
54
Other private services (table F 2 line 23)
Affiliated services
U S parents' payments
U S affiliates' payments
Unaffiliated services
Education
Financial services
Insurance net
Premiums paid
Losses recovered
Telecommunications
Business professional and technical services
Other unaffiliated services3
55
56
57
Memoranda:
Balance on goods (table F 2 line 64)
Balance on private services (line 1 minus line 28)
Balance on goods and private services (lines 55 and 56)
2,561
648
1,702
1,054
913
5,640
2,677
46,053
14,433
28,249
16,759
10,579
911
48,739
15,776
28,453
16,879
10,792
783
12,099
3,943
7,253
4,414
2,647
193
11,915
3,920
7,218
4,312
2,709
198
6,503
5,128
448
4,680
1,373
962
411
7,322
5,301
554
4,748
2,021
1,126
895
1,684
1,304
137
1,167
380
279
101
2,144
1,264
136
1,128
880
288
592
1,770
1,376
164
1,212
394
292
103
1,799
1,403
155
1,248
396
291
106
1,847
1,462
172
1,290
385
290
95
1,951
1,537
157
1,380
414
289
125
39,285
13,597
6,820
6,777
25,689
949
2,472
5,383
15,187
9,804
7,773
4,691
4,420
42,796
16,026
7,505
8,521
26,770
1,041
3,184
4,387
15,473
11,086
8,385
5,253
4,520
10,570
3,945
1,788
2,157
6,625
256
781
1,089
3,833
2,745
2,103
1,278
1,119
10,676
4,073
1,935
2,138
6,603
262
769
1,047
3,877
2,830
2,066
1,335
1,122
11,027
4,130
1,867
2,263
6,897
269
859
1,064
3,947
2,884
2,089
1,406
1,210
11,321
4,222
1,973
2,249
7,099
275
888
1,139
4,046
2,907
2,076
1,540
1,180
11,888
4,364
2,139
2,225
7,524
278
1,106
1,195
4,119
2,924
2,137
1,612
1,196
12,259
4,573
-173,560 -191,170
69,642
78,138
-103,918 -113,032
^7,562
19,039
-28,523
-52,493
19,667
-32,826
-48,190
21,170
-27,020
-49,787
20,532
-29,255
^7,134
20,929
-26,205
-51,549
21,371
-30,178
Industrial processes l
p Preliminary.
r
Revised.
1. Patented techniques, processes, and formulas and other intangible property rights that are
used in goods production
2. Copyrights, trademarks, franchises, rights to broadcast live events, and other intangible propunaffiliated services receipts (exports) include mainly expenditures of foreign govern-
2,831
14,519
2,080
12,241
4,053
7,166
4,130
2,838
199
Other 2
....
486
1,735
1,129
607
4,281
7,518
4,570
2,749
199
2,214
2,359
7,686
285
1,147
1,232
4,168
2,936
2,157
1,648
1,217
ments and international organizations in the United States. Payments (imports) include mainly
wages of foreign residents temporarily employed in the United States and Canadian and Mexican
commuters in U.S. border areas.
NOTE.—The data in this table are from table 3 in "U.S. International Transactions, Third Quarter
199r in ^ January 1998 issue of the SuRVEY OF CuRRENT BUSINESS) which presents the most
recent estimates from the balance of
Payments accounts'
SURVEY OF CURRENT BUSINESS
March 1998
International Data •
G. Investment Tables.
Table G.1.—International Investment Position of the United States at Yearend, 1995 and 1996
[Millions of dollars]
Changes in position in 1996 (decrease (-))
Attributable to:
Line
Position
1995'
Type of investment
Total
Price
changes
(b)
(a)
-1
2
Net international investment position of the United States:
With direct investment positions at current cost (line 3 less line 24) ...
With direct investment positions at market value (line 4 less line 25)
3
4
U.S. assets abroad:
With direct investment positions at current cost (lines 5+10+15)
With direct investment positions at market value (lines 5+10+16)
5
6
7
8
9
U S official reserve assets
Gold
Special drawing rights
Reserve position in the International Monetary Fund
Foreign currencies
U.S Government assets, other than official reserve assets
U S credits and other long-term assets 4
Repayable in dollars
Other5
U S foreign currency holdings and U S short-term assets
15
16
U.S. private assets:
With direct investment at current cost (lines 17+19+22+23)
With direct investment at market value (lines 18+19+22+23)
17
18
19
20
21
22
23
24
25
Direct investment abroad:
At current cost
At market value
Foreign securities
Bonds
Corporate stocks
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking
concerns.
U S claims reported by U S banks not included elsewhere
Foreign assets in the United States:
With direct investment at current cost (lines 26+33)
With direct investment at market value (lines 26+34)
.
.....
26
27
28
29
30
31
32
Foreign official assets in the United States
U 9 Government securities
U S Treasury securities
Other
Other U S Government liabilities 7
U S liabilities reported by U S banks not included elsewhere
Other foreign official assets
33
34
Other foreign assets:
With direct investment at current cost (lines 35+37+38+39+42+43)
With direct investment at market value (lines 36+37+38+39+42+43) ....
35
36
37
38
39
40
41
42
43
Direct investment in the United States:
At current cost
At market value
U S Treasury securities
U S currency
U S securities other than U S Treasury securities
Corporate and other bonds
Corporate stocks
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking
concerns.
U.S. liabilities recoiled bv U.S. banks, not included elsewhere
p Preliminary.
r
Revised.
1. Represents gains or losses on foreign-currency-denominated assets due to their revaluation
at current exchange rates.
2. Includes changes in coverage, statistical discrepancies, and other adjustments to the value
of assets.
3. Reflects changes in the value of the official gold stock due to fluctuations in the market
price of gold.
4. Also includes paid-in capital subscriptions to international financial institutions and outstanding
1996"
Exchange
Other
rate
changes 2
changes J
(c)
(d)
(a+b+c+d)
-687,702 -195,111
-637,480 -195,111
32,038
39,063
-22,195
^16,339
2,446
8,564
-182,822
-193,823
-870,524
-831,303
3,272,731
3,700,432
3525444
352,444
121,367
267,858
-21,849
-45,567
-3,964
9,373
447,998
584,108
3,720,729
4,284,540
176,061
101 279
11,037
14,649
49,096
-6,668
-4,581
-4,581
-4,073
-355
-15,322
96,698
-725
160,739
^,581
^94
-3224
-10,802
81,897
79,958
79,178
780
1,939
10
11
12
13
14
Position
Valuation adjustments
Capital
flows
3
^370
1,280
-7,578
-34
-1
690
796
846
-50
-1
-33
-106
(,
786
1
1
-12
13
657
796
834
-38
-139
10,312
15,435
38,294
82,554
80,754
80,012
742
1,800
3,014,773
3,442,474
358,422
358,422
125,948
272,439
-17,742
-41,460
-3,965
9,372
462,663
598,773
3,477,436
4,041,247
884,290
1,311,991
1,054,352
355,284
699,068
307,982
87,813
87,813
108,189
49,403
58,786
64,234
7,375
153,866
118,573
806
117,767
H726
-28,444
-7,675
-7,521
-3,954
9,383
86,508
222,618
219,087
42,688
176,399
61,073
970,798
1,534,609
1,273,439
397,972
875,467
369,055
768,149
98,186
-2,180
-11
95,995
864,144
3,960,433
4,337,912
547,555
547,555
89,329
228,795
346
772
-6,410
809
630,820
777,931
4,591,253
5,115,843
678,451
498,906
471,508
27,398
25,225
107,394
46,926
122,354
115,634
111,253
4,381
720
4,722
1,278
4,345
-4,333
-3,802
-1
126,698
111,301
107,451
3,850
4,722
9,956
805,149
610,207
578,959
31,248
25,944
112,116
56,882
3,281,982
3,659,461
425,201
425,201
84,984
224,450
-£,409
810
504,122
651,233
3,786,104
4,310,694
654,502
1,031,981
389,383
192,300
999,537
534,116
465,421
232,891
76,955
76,955
155,578
17,300
133,798
121,194
12,604
31,786
5,356
144,822
-14,411
-7,335
74,550
221,661
141,167
17,300
225,950
120,028
105,922
38,644
729,052
1,253,642
530,550
209,600
1,225,487
654,144
571,343
271,535
813.369
9.784
6.511
819.880
-154
-3,161
-531
-1
8,678
94,039
721
93,318
346
772
-426
-116
-1,887
-1,887
5,932
-3.273
926
719
amounts of miscellaneous claims that have been settled through international agreements to be
payable to the U.S. Government over periods in excess of 1 year. Excludes World War I debts
that are not being serviced.
5. Includes indebtedness that the borrower may contractually, or at its option, repay with its
currency, with a third country's currency, or by delivery of materials or transfer of services.
6. Primarily U.S. Government liabilities associated with military sales contracts and other transactions arranged with or through foreign official agencies.
NOTE—The data in this table are from table 1 in "International Investment Position of the United States in 1996" in the July 1997 issue of the SURVEY OF CURRENT BUSINESS.
D-57
D-58 • International Data
SURVEY OF CURRENT BUSINESS
March 1998
Table G.2.—U.S. Direct Investment Abroad: Selected Items, by Country and by Industry of Foreign Affiliate, 1994-96
[Millions of dollars]
Direct investment position on a
historical-cost basis
All countries, all industries
1994
1995
1996
640,320
717,554
796,494
Capital outflows (inflows (-))
1994
.
68,272
1995
85,115
1996
85,560
Income
1994
68,597
1995
87,448
1996
95,067
By country
78,018
85,441
91,587
6,760
8,435
6,875
5,873
8,812
8,642
Europe
Of which:
France
Germany
Netherlands
United Kingdom
320,135
360,994
399,632
28,785
45,292
45,274
30,468
41,320
46,183
28,204
38,467
29,558
121,321
32,950
44,226
39,344
122,767
34,000
44,259
44,667
142,560
2,586
2,217
6,331
7,177
5,726
4,373
8,420
4,515
5,221
955
7,140
18,310
1,296
3,107
5,081
8,082
2,728
4,783
6,890
11,384
3,322
4,286
7,991
13,862
Latin America and Other Western Hemisphere
Of which:
Brazil
Mexico
115,093
128,252
144,209
19,010
14,753
14,299
16,299
15,221
17,404
18,400
16,169
23,706
15,980
26,166
18,747
3,517
3,674
4,899
2,955
3,064
2,747
4,756
2,497
3,515
1,369
3,879
2,931
Canada
Africa
5,606
6,383
7,568
332
873
1,221
1,395
1,861
1,963
Middle East . . . .
6,741
7,669
8,743
242
905
1,044
964
1,393
1,458
111,373
125,834
140,402
13,121
15,241
14,752
13,474
18,542
18,937
20,217
36,524
25,003
38,406
28,769
39,593
32
2,384
6,450
1,079
3,789
1,817
2,392
2,379
3,402
4,117
2,979
3,950
3,355
2,981
4,352
22
-384
2,096
124
300
480
Asia and Pacific
Of which:
Australia
Japan
International
By industry
67,104
70,229
75,479
1,690
2,437
6,144
7,177
9,730
11,960
211,431
29,588
49,128
10,017
26,781
19,925
29,420
46,572
250,253
32,439
62,151
12,032
33,716
25,242
33,972
50,701
272,564
36,179
69,430
13,603
35,020
29,519
33,543
55,270
23,953
3,764
4,992
819
2,010
2,867
5,993
3,508
42,531
2,871
18,477
1,935
5,286
4,995
4,636
4,330
28,530
3,280
7,835
5,009
2,016
4,513
714
5,163
26,699
4,690
6,839
896
2,177
3,234
3,539
5,324
35,065
4,728
8,877
1,365
4,373
4,494
3,952
7,277
34,975
4,684
10,001
1,004
4,579
4,374
3,429
6,903
Wholesale trade
62,608
67,222
72,462
6,325
8,511
7,048
7,753
9,191
9,272
Bankina
26,693
28,123
32,504
1,786
714
1,329
3,785
2,889
3,767
213,175
228,744
257,213
22,982
12,109
28,985
18,302
23,757
27,797
Petroleum
Manufacturing
Food and Wndred products
Chemicals and allied products
Primary and fabricated metals
Industrial machinery and equipment
Electronic and other electric equipment
Transportation equipment
Other manufacturing
Finance (except banking) insurance and real estate
Services
26,734
32,769
36,673
5,613
7,702
3,644
2,796
3,815
3,997
Other industries
32,575
40,213
49,600
5,924
11,113
9,880
2,085
3,002
3,299
NOTE.—In this table, unlike in the international transactions accounts, income and capital outflows are shown without a current-cost adjustment, and income is shown net of withholding taxes,
In addition, unlike in the international investment position, the direct investment position is valued
at historical cost.
The data in this table are from tables 17 and 18 in "U.S. Direct Investment Abroad: Detail
for Historical-Cost Position and Related Capital and Income Flows, 1996" in the September 1997
SURVEY OF CURRENT BUSINESS.
SURVEY OF CURRENT BUSINESS
March 1998
International Data •
Table G.3.—Selected Financial and Operating Data for Nonbank Foreign Affiliates of U.S. Companies, by Country and by
Industry of Affiliate, 1995
Millions of dollars
Number of
affiliates
All countries, all industries
Net income
Total assets
21,318
2,815,141
2,140,438
124,675
Number of
employees
(thousands)
7,377.0
By country
Canada
Europe
Of which:
France
Germany
Italy
Netherlands
Switzerland
United Kingdom
Latin America and Other Western Hemisphere
Of which:
Brazil
Mexico
2,023
246,242
231,081
8,313
918.1
.10,435
1,567,904
1,176,126
63,083
3,014.5
1,226
1,358
757
999
505
124,457
234,169
68,550
112,182
60,128
363,372
4,303
6,467
2,315
11,492
7,203
14,338
413.9
596.3
198.7
138.8
2,393
135,906
219,538
59,468
139,078
132,464
641,348
928.8
3,256
316,495
191,340
23,419
1,485.2
400
823
48,477
59,115
44,536
61,122
5,073
4,732
299.9
743.6
126.5
50.6
Africa
502
22,604
20,587
1,845
Middle East
338
30,231
21,703
2,899
73.4
4,665
614,555
492,181
24,464
1,747.6
855
1,006
81,055
280,164
63,056
211,821
2,944
4,979
258.7
414.9
99
17,110
7,421
Asia and Pacific
Of which:
Australia
Japan
International
653
11.8
By industry
Petroleum
1,520
272,087
428,030
13,981
230.9
Manufacturing
Food and kindred products
Chemicals and allied products
Primary and fabricated metals
Industrial machinery and equipment
Electronic and other electric equipment
Transportation equipment
Other manufacturing
8,023
779,339
99,571
180,964
35,266
112,921
71,483
124,721
154,413
984,868
113,166
189,096
36,862
159,205
95,395
218,333
172,811
53,795
7,064
15,695
1,227
7,611
6,443
4,406
11,348
4,376.6
554.4
591.9
195.7
529.4
846.0
697.6
961.5
538.3
764
1,942
722
1,033
855
469
2,238
Wholesale trade
4,878
206,015
367,515
15,124
Finance (except banking), insurance, and real estate .
2,742
1,229,643
108,441
30,507
191.0
Services
2,671
114,995
100,035
4,050
779.8
Other industries
1,484
213,062
151,548
7,219
1,260.4
NOTE.—The data in this table are from "U.S. Multinational Companies: Operations in 1995"
in the October 1997 SURVEY OF CURRENT BUSINESS.
D-59
D-60 • International Data
SURVEY OF CURRENT BUSINESS
March 1998
Table G.4.—Foreign Direct Investment in the United States: Selected Items, by Country of Foreign Parent and by Industry of
Affiliate, 1994-96
[Millions of dollars]
Direct investment position on a
historical-cost basis
1994
All countries, all industries
1995
1996
Capital nflows (outflows (-))
Income
1994
1995
1996
1994
1995
1996
33,759
496,539
560,850
630,045
46,995
69,414
78,828
21,286
32,029
41,959
48,258
53,845
4,960
7,080
5,670
2,996
3,911
3,285
303,649
357,193
410,425
28,002
55,300
59,809
16,059
22,975
25,806
33,603
40,345
67,210
104,867
38,480
49,269
65,806
126,177
49,307
62,242
73,803
142,607
3,881
7,144
-3,174
8,076
4,500
10,229
-1,789
20,446
10,928
16,283
8,225
18,929
-63
2,256
4,120
7,232
1,722
1,908
5,212
11,006
2,654
2,097
6,294
9,220
26,070
25,240
24,627
4,767
-1,121
131
1,391
1,349
1,557
629
2,412
751
1,980
591
1,078
-S
1,248
-99
-470
88
2
91
81
34
-8
By country
Canada
Europe
Of which:
France
Germany
Netherlands
United Kingdom
Latin America and Other Western Hemisphere
Of which:
Brazil . .
Mexico
Africa
1,230
1,164
717
44
Middle East
6,674
6,008
6,177
161
116,956
122,986
134,255
9,061
8,080
102,999
7,833
107,933
9,747
118,116
32,290
33,888
189,459
21,411
66,028
14,320
35,196
52,504
Wholesale trade
Retail trade
97
-447
^40
-19
54
555
54
209
141
8,519
13,104
805
3,531
3,084
1,101
6,238
504
6,591
2,129
11,930
-268
985
112
3,405
-31
3,106
42,343
1,665
3,152
8,113
1,902
2,970
4,190
213,026
26,898
71,367
14,085
37,638
63,037
234,323
28,089
74,810
18,727
37,093
75,604
19,673
-1,375
10,820
1,982
3,826
4,419
27,849
5,596
11,306
312
3,986
6,648
29,112
2,439
6,880
5,280
^35
14,548
10,788
2,134
4,643
1,165
3,063
15,886
1,709
6,202
1,273
2,316
4,386
17,262
1,780
6,247
1,060
1,739
6,436
63,792
66,393
77,937
5,785
6,453
9,799
2,611
3,863
3,548
11,857
12,743
15,008
1,532
1,207
2,140
399
544
496,
Depository institutions
27,139
34,076
31,903
3,800
6,566
562
2,837
4,725
2,626
Finance except depository institutions
41,000
62,369
70,185
3,652
16,681
7,775
831
697
714
4,114
7,739
3,048
Asia and Pacific
Of which:
Australia
Japan
-66
-298
-113
By industry
Petroleum
Manufacturing
Food and Kindred products
Chemicals and allied products
Primary and fabricated metals
Machinery
Other manufacturing
Insurance
38,833
50,975
59,566
2,759
Real estate
31,613
29,704
30,118
259
Services
37,045
32,887
38,945
2,303
Other industries
23,511
24,788
29,716
5,570
NOTE.—In this table, unlike in the international transactions accounts, income and capital inflows
are shown without a current-cost adjustment, and income is shown net of withholding taxes. In
addition, unlike in the international investment position, the direct investment position is valued
at historical cost.
-216
2,237
1,913
388
-680
-623
1,946
8,618
-345
2,326
4,583
-880
705
212
1,841
62
396
1,418
The data in this table are from tables 16 and 17 in "Foreign Direct Investment in the United
States: Detail for Historical-Cost Position and Related Capital and Income Flows, 1996" in the
.September 1997 SURVEY OF CURRENT BUSINESS.
SURVEY OF CURRENT BUSINESS
March 1998
International Data • D-61
Table G.5.—Selected Financial and Operating Data of Nonbank U.S. Affiliates of Foreign Companies, by Country of Ultimate
Beneficial Owner and by Industry of Affiliate, 1995
Millions of dollars
Number of
affiliates Total assets
12,497
All countriGS all industries
2,383,612
Sales
1,561,879
Millions of dollars
Net income
15,608
Gross
product
326,955
U.S.
Thousands of exports
of
employees
goods
shipped by
affiliates
4,928.3
136,702
U.S.
imports of
goods
shipped to
affiliates
254,895
By country
Canada
1,285
267,378
141,292
2,446
36,532
703.7
5,402
13,565
Europe
Of which:
France
Germany
Netherlands
Switzerland
United Kingdom
5,363
1,327,437
832,286
14,273
202,361
2,991.0
59,344
86,349
668
1,291
394
603
1,205
232,662
210,408
154,877
229,335
381,241
111,966
161,099
98,084
92,343
264,355
1,053
1,331
2,790
8,101
24,178
37,182
28,013
18,624
71,049
348.2
580.6
334.2
308.3
986.5
14,882
12,308
5,357
6,398
11,728
11,255
27,753
8,730
7,847
14,367
Latin America and Other Western Hemisphere
Of which:
Brazil
Mexico
1,078
53,830
52,067
917
13,345
166.6
6,193
10,126
75
265
8,661
9,593
3,903
8,540
89
-20
213
1,798
4.3
35.6
866
661
1,310
2,182
68
(D)
10,495
414
25,516
18,121
4,212
598,404
172
3,241
77
Africa
Middle East
Asia and Pacific
Of which:
Australia
Japan
United States
...
-137
2,393
20.8
551
723
-198
4,861
46.6
641
4,628
489,928
-5,027
62,558
954.6
63,933
138,425
37,003
519,577
22,209
418,656
-577
4,211
52,000
73.6
-3,621
758.2
877
55,519
1,110
119,942
(D)
17,690
2,851
4,904
44.9
638
1,079
345
By industry
240
104,358
131,889
2,419
30,525
105.7
9,956
19,522
Manufacturing
Food and kindred products
Chemicals and allied products
Primary and fabricated metals
Machinery
.
Other manufacturing
2,896
252
331
396
739
1,178
587,049
57,195
191,614
55,979
96,130
186,132
562,151
50,879
131,892
70,086
123,167
186,128
9,824
632
3,903
1,547
176
3,566
156,991
12,229
39,768
17,804
32,163
55,028
2,276.8
228.6
407.1
246.9
541.6
852.6
55,561
2,790
13,778
3,988
18,861
16,144
81,790
3,238
13,582
8,018
29,219
27,734
Wholesale trade
Petroleum
.
2,228
222,616
466,192
174
39,135
455.5
65,500
148,735
Retail trade
353
47,982
93,624
759
23,951
759.1
1,793
3,742
Finance except depository institutions
874
568,216
45,074
1,392
2,910
45.3
18
25
Insurance
167
514,601
88,149
3,570
8,557
148.2
0
0
Real estate
3,494
96,852
14,184
-2,283
5,574
24.9
9
1
Services
1,250
110,674
59,264
-1,975
23,753
633.0
492
690
995
131,264
101,352
1,729
35,561
479.9
3,372
389
Other industries
D
Suppressed to avoid disclosure of data of individual companies.
NOTE.—The data in this table are from tables A1 and A2 in Foreign Direct Investment in the
United States: Operations of U.S. Affiliates of Foreign Companies, Preliminary 1995 Estimates.
D-62
SURVEY OF CURRENT BUSINESS
• International Data
March 1998
H. International PerspectivesQuarterly data in this table are shown in the middle month of the quarter.
Table H.1.—International Perspectives
1998
1997
1996
1997
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Exchange rates per U.S. dollar (not seasonally adjusted)
Canada (Can.$/US$)
France (FFr/US$)
Germany (DM/US$)
Italy (L/US0)
Japan (¥/US0)
Mexico (Peso/US$)
United Kingdom (US$/£)
Addendum:
Exchange value of the U.S. dollar l ...
1.3725
4.9864
1.4321
16.2945
.9396
6.4467
1.5785
1.3638
5.1158
1.5049
15.4276
1.0878
7.6004
1.5607
1.3381
5.1156
1.5118
15.1366
1.1230
7.9119
1.6623
1.3622
5.2427
1.5525
15.2844
1.1398
7.8769
1.6639
1.3494
5.4145
1.6047
15.6791
1.1791
7.8289
1.6585
1.3556
5.6536
1.6747
16.5500
1.2296
7.8023
1.6285
1.3725
5.7154
1.6946
16.9121
1.2277
7.9562
1.6096
1.3942
5.7672
1.7119
16.9452
1.2564
7.9059
1.6293
1.3804
5.7482
1.7048
16.8433
1.1919
7.9037
1.6322
1.3843
5.8293
1.7277
16.9454
1.1429
7.9498
1.6449
1.3775
6.0511
1.7939
17.4591
1.1538
7.8679
1.6694
1.3872
6.2010
1.8400
17.9712
1.1793
7.7818
1.6035
1.3872
6.0031
1.7862
17.4322
1.2089
7.7809
1.6013
1.3869
5.8954
1.7575
17.2109
1.2106
7.8708
1.6330
1.4128
5.8001
1.7323
16.9708
1.2538
8.2716
1.6889
1.4271
5.9542
1.7788
17.4386
1.2973
8.1271
1.6597
84.25
87.34
86.98
88.71
91.01
94.52
95.60
96.39
95.29
95.42
97.48
99.96
98.29
97.07
96.37
98.82
Unemployment rates (percent, seasonally adjusted)
Canada
France
Germany
Italy
Japan
Mexico
.
United Kingdom
Addendum:
United States
9.6
11.6
9.4
9.7
12.3
10.4
12.1
10.0
12.5
10.8
12.0
9.7
12.5
10.9
9.7
12.5
11.2
9.7
12.5
11.2
9.3
12.5
11.2
9.6
12.5
11.2
9.5
12.5
11.4
9.1
9.0
12.6
11.4
12.5
11.5
9.0
12.5
11.6
12.1
9.0
12.5
11.7
9.1
12.5
11.8
9.0
12.4
11.8
8.6
12.2
11.8
3.1
6.3
8.2
3.4
5.5
7.5
3.3
5.0
6.9
3.3
5.0
6.7
3.3
4.5
6.5
122
3.3
4.2
6.2
3.2
4.2
6.1
3.3
4.2
5.9
124
3.6
4.0
5.8
3.5
3.9
5.7
3.4
3.8
5.5
3.4
3.4
5.3
3.4
3.3
5.2
3.5
3.2
5.2
122
3.5
3.3
5.1
3.4
3.2
5.0
5.6
5.4
5.4
5.3
5.3
5.3
5.2
5.0
4.8
5.0
4.9
4.9
4.9
4.8
4.6
4.7
12.0
Consumer prices (seasonally adjusted, 1990=100)
Canada
France
Germany (1991=100)
Italy
Japan
. ...
Mexico
United Kingdom
111.8
111.6
114.8
128.1
107.0
224.5
118.2
113.5
113.8
116.5
133.2
107.1
301.7
121.1
114.5
114.2
116.7
134.4
107.3
323.0
122.0
114.5
114.4
117.0
134.4
107.5
333.3
122.4
114.8
114.7
117.6
134.9
107.5
341.9
122.4
114.9
114.9
118.1
135.1
107.5
347.6
122.9
115.2
115.0
117.9
135.4
107.4
352.0
123.2
115.2
115.0
117.9
135.6
109.1
355.8
123.9
115.3
115.2
118.4
136.0
109.2
359.0
124.4
115.5
115.2
118.6
136.0
109.6
362.2
124.9
115.5
115.0
119.2
136.0
109.5
365.3
124.9
115.7
115.3
119.3
136.1
109.3
368.6
125.7
115.6
115.5
119.0
136.2
109.7
373.2
126.3
115.7
115.5
118.9
115.5
115.7
118.9
115.3
115.7
119.1
109.9
376.2
126.5
109.7
380.4
126.5
109.6
385.7
126.9
Addendum:
United States
116.6
120.0
121.5
121.8
122.0
122.3
122.4
122.5
122.5
122.7
122.9
123.1
123.5
123.7
123.8
123.9
Real gross domestic product (percent change from preceding quarter, seasonally adjusted at annual rates)
Canada
France
Germany
Italy
, y
Japan
. .
Mexico
United Kingdom
Addendum:
United States
See footnotes at the end of the table.
41
2.4
1.3
.9
0
4.3
6.0
4.2
-9
2.7
1.2
1.5
1.4
.6
3.9
5.1
2.3
2.0
2.8
4.3
2.2
2.1
1.9
3.0
1.5
-6.2
14
12
5.4
46
4.1
77
4.1
3.5
3.2
1.7
4.6
194
3.4
3.1
4.7
3.8
49
3.3
3.1
8.3
33
-10.6
39
D-63
International Data
SURVEY OF CURRENT BUSINESS
March 1998
Table H.1.-international Perspectives—Continued
1998
1997
1996
1997
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Short-term, 3-month, interest rates (percent, not seasonally adjusted)
Canada
France
Germany
Italy
Japan
Mexico
United Kingdom
7.07
6.58
4.53
10.46
1.23
48.24
6.68
Addendum:
United States
5.51
3.51
3.39
3.14
6.89
3.63
3.43
3.26
6.87
.67
.59
20.15
3.10
3.20
333
336
3.19
7.36
3.26
7.43
3.41
3.40
3.23
7.13
3.29
3.48
3.17
6.83
3.22
3.43
3.14
6.88
.56
2232
.56
2237
.58
2059
.61
21 40
6.19
6.20
6.37
6.45
6.66
1940
6.95
500
514
517
513
492
507
4.43
3.94
3.31
8.82
3.00
3.47
3.19
7.41
3.08
3.44
3.23
7.25
3.11
3.35
3.14
7.23
.59
32.91
.52
28.94
.52
26.51
.53
2460
.55
21 96
6.02
6.29
6.34
6.32
5.02
5.03
4.87
5.05
3.60
3.41
3.31
6.67
3.76
3.59
3.58
6.65
3.99
3.69
3.74
6.49
4.58
369
3.74
6.08
.56
.53
.55
7.15
2051
7.20
1991
7.25
2201
7.54
1988
7.62
5.13
4.97
495
515
516
Long-term interest rates, government bond yields (percent, not seasonally adjusted)
Canada . . . .
France
Germany
Italy ...
Japan
Mexico
United Kingdom
Addendum:
United States
6.48
5.79
5.80
7.15
2.44
6.81
5.82
5.70
6.95
2.57
6.99
5.69
5.70
6.76
2.38
6.74
5.39
5.40
6.93
2.40
6.92
5.80
5.60
7.55
2.27
7.09
5.93
5.70
7.37
2.36
6.90
5.96
5.60
7.02
2.55
6.63
5.67
5.60
6.82
2.37
6.30
5.50
5.40
6.38
2.12
6.30
5.65
5.50
6.53
2.01
6.19
5.55
5.50
6.10
1.88
5.94
5.80
5.50
5.90
1.62
5.76
5.66
5.50
5.81
1.73
5.85
5.45
5.30
5.44
3.21
7.54
6.51
6.10
8.85
2.98
8.24
782
761
7.55
7.54
7.20
7.46
7.65
7.16
7.13
7.04
7.08
6.80
6.50
6.61
6.36
6.57
6.44
6.20
6.30
6.58
6.42
669
6.89
6.71
6.49
6.22
6.30
6.21
603
588
581
196.0
157.0
171.2
8.36
7.66
6.80
11.79
Share price indices (not seasonally adjusted, 1990=100)
Canada ... .
France
Germany
Italy
Japan
Mexico
United Kingdom
Addendum:
United States
173.0
128.0
124.9
100.0
179.0
135.0
130.0
114.0
180.0
145.0
138.9
119.0
171.0
148.0
145.8
114.0
175.0
145.0
145.7
116.0
187.0
149.0
154.4
119.0
188.0
151.0
160.2
123.0
201.0
161.0
174.8
138.0
193.0
161.0
176.4
139.0
206.0
160.0
170.2
145.0
200.0
159.0
171.5
149.0
190.0
151.0
161.5
145.0
69.0
63.0
64.0
63.0
63.0
70.0
70.0
68.0
65.0
589.5
171.0
639.7
176.0
6737
179.0
6574
182.0
6589
179.0
185.0
781 9
186.0
8889
190.0
815.3
194.0
9334
198.0
62.0
8152
57.0
577.3
170.0
68.0
6961
203.0
8725
194.0
917.2
200.0
212.0
213.0
220.0
228.0
227.0
219.0
236.0
249.0
262.0
262.0
267.0
2720
2680
275.0
130.0
103.0
102.4
154.0
118.0
115.6
176.0
125.0
121.9
95.0
63.0
96.0
74.0
99.0
72.0
389.3
147.0
554.8
167.0
159.0
195.0
1540
1. Index of weighted average exchange value of U.S. dollar against currencies of other G-10 countries. March
NOTE.—All exchange rates are from the Board of Governors of the Federal Reserve System. U.S. interest rates,
1973=100. Weights are 1972-76 global trade of each of the 10 countries. Series revised as of August 1978. For unemployment rates, and GDP growth rates are from the Federal Reserve, the Bureau of Labor Statistics, and
description and back data, see: Index of the weighted-average exchange value of the U.S. dollar: Revision" on BEA, respectively. All other data (including U.S. consumer prices and U.S. share prices, both of which have been
page 700 of the August 1978 Federal Reserve Bulletin.
rebased to 1990 to facilitate comparison) are © OECD, February 1998, OECD Main Economic Indicators and are
reproduced with permission of the OECD.
D-64 • International Data
SURVEY OF CURRENT BUSINESS
March 1998
I. Charts_
THE U.S. IN THE INTERNATIONAL ECONOMY
Billion $
30
COMPONENTS OF CURRENT ACCOUNT BALANCE
Services.
15-
0-
-15 -
-30-
-45-
-40-
-60
-50
82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97
82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97
Billion $
50
U.S. DIRECT INVESTMENT ABROAD AND
FOREIGN DIRECT INVESTMENT IN THE U.S.
Billion $
40-
30FDIUS
20-
10-
20
-20
-10
82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97
82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97
Billion $
5000
Billion $
300
EXPORTS AND IMPORTS
NET INTERNATIONAL INVESTMENT POSITION
VALUED AT CURRENT COST
4000-
250Foreign assets in the United States
3000-
200
2000-
U..S. assets abroad
150-
1000Exports
__
Net investment position
100-
-1000
50
82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97
US. Department of Commerce, Bureau of Economic Analysis
82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97
SURVEY OF CURRENT BUSINESS
March 1998
Regional Data • D-65
Regional Data
J. State and Regional Tables.
The tables in this section include the most recent estimates of State personal income and gross state product.
The sources of these estimates are noted.
The quarterly and annual State personal income estimates and the gross state product estimates are available on diskettes or CD-ROM. For information on personal income, e-mail reis.remd@bea.doc.gov; write
to the Regional Economic Information System, BE-55, Bureau of Economic Analysis, U.S. Department of
Commerce, Washington, DC 20230; or call 202-606-5360. For information on gross state product, e-mail
gspread@bea.doc.gov; write to the Regional Economic Analysis Division, BE-6i, Bureau of Economic
Analysis, U.S. Department of Commerce, Washington, DC 20230; or call 202-606-5340.
Table J.1.—Quarterly Personal Income for States and Regions
Mllions of dollars
1995
Area name
I
II
Percent change '
1996
III
IV
1
II
1997
IV
III
I
II
III
1996:1111996:IV
1996:IV1997:1
1997:11997:11
1997:1^
1997:111
1.2
1.9
1.2
1.1
412,469
119,092
27,668
193,262
32,896
25,600
13,952
1.7
1.6
1.6
1.8
1.5
1.7
.7
2.1
2.8
1.5
2.0
1.3
1.5
1.8
1.0
1.0
1.1
.8
1.7
.9
1.0
1.3
1.6
1.1
1.3
1.1
1.1
1.3
Mideast
Delaware
District of Columbia
Maryland
New Jersey
New York
Pennsylvania
1,186,541 1,194,849 1,203,961 1,216,140 1,237,524 1,251,871 1,264,426 1,280,913 1,304,447 1,311,683 1,325,982
19,842
18,424
18,573
19,208
19,552
20,252
20,735
20,806
20,858
21,170
18,823
18,097
18,444
18,299
18,787
17,999
19,046
18,980
17,979
18,011
18,629
19,128
132,435 133,396 134,073 135,171 137,621 139,245 140,748 142,657 145,585 146,772 148,279
263,035
235,873 238,211 239,921 242,202 245,984 249,308 251,460 254,430 259,568 260,234
500,818 502,971 507,122 512,336 522,825 527,239 532,396 540,159 550,752 552,885 559,445
283,700 286,012
289,126 293,099 297,938 300,941 304,145
308,691 311,954 314,925
281,013
1.3
2.4
.8
1.4
1.2
1.5
1.1
1.8
.3
1.4
2.1
2.0
2.0
1.5
.6
.2
.8
.3
.4
1.1
1.1
1.5
.8
1.0
1.1
1.2
1.0
Great Lakes
Illinois
Indiana
Michigan
Ohio
Wisconsin
1,011,205 1,016,414 1,025,335 1,037,991 1,050,678 1,067,473 1,080,212 1,088,807 1,107,241 1,118,858 1,128,709
323,827 329,728 334,795 338,706
297,953 299,874 302,507 306,538 311,898 316,298 320,221
125,000 125,260 125,840 127,120 128,813 131,434 . 133,113 134,643
136,273 137,946 139,130
228,072 227,381 229,862 232,862 235,014 238,849 241,129 242,326 246,604 246,771 247,980
247,297 249,836 252,041 254,992 257,084 261,194 264,418 265,610 270,378 273,296 275,415
124,257
112,884
114,063 115,086 116,480 117,869 119,697 121,331
122,402
126,050 127,478
.8
1.1
1.1
.5
.5
.9
1.7
1.8
1.2
1.8
1.8
1.5
1.0
1.5
1.2
.1
1.1
1.4
.9
1.2
.9
.5
.8
1.1
458,272
66,789
63,322
127,214
130,487
40,287
13,933
16,240
1.0
.8
.9
.9
1.3
1.5
0
.7
1.6
1.5
1.6
1.1
2.2
1.7
1.3
1.0
1.5
1.4
1.9
1.8
.8
1.3
1.9
2.5
.9
.4
1.0
1.3
.9
1.1
1.3
.4
1,315,532 1,330,900 1,346,689 1,366,123 1,384,840 1,409,188 1,427,939 1,443,187 1,472,789 1,490,004 1,506,729
90,587
83,247
84,122
85,655
87,568
81,643
86,740
88,998
89,800
80,849
82,531
47,567
44,711
46,153
46,329
48,436
48,995
50,187
50,252
44,006
45,284
48,005
322,062 325,801 330,072 334,334 342,159 346,800 351,320 355,118 362,557 366,848 371,547
154,451 156,103 158,784 162,162 164,063 168,023 170,891 172,857 176,818 178,647 181,433
72,417
76,525
74,008
75,075
77,707
78,235
79,899
80,934
81,762
71,560
72,972
86,892
85,273
88,374
90,871
81,823
82,912
83,053
83,917
86,111
81,220
89,748
44,797
47,627
46,721
48,402
50,571
45,387
46,079
48,188
49,263
44,325
50,109
148,917 151,505 153,258 156,724 158,014 161,859
163,920 166,616 170,544 172,999 174,230
75,377
69,827
71,511
73,495
72,080
74,607
76,809
78,662
69,009
70,483
77,602
123,994
112,222 113,817 114,441 116,169 117,626
118,806 121,368
109,635 111,021
122,635
178,236
157,790 159,368 160,764 162,642 165,259 167,219 169,444 171,277 175,302 176,238
32,392
32,976
33,864
31,885
32,659
33,603
31,708
32,021
33,381
34,585
34,258
1.1
1.0
.9
1.1
1.2
.7
.9
.4
1.6
1.0
1.0
1.1
.7
2.1
1.6
1.2
2.1
2.3
2.1
1.7
1.8
2.4
1.9
2.2
2.3
.8
1.2
.9
2.4
1.2
1.0
1.3
1.6
1.7
1.4
1.0
1.0
.5
1.2
1.1
.9
.1
1.3
1.6
1.0
1.3
.9
.7
1.4
1.1
1.1
1.0
United States
New England
Connecticut
Maine
Massachusetts
New Hampshire
Rhode Island
Vermont
Plains
Iowa
Kansas
Minnesota
Missouri
Nebraska
North Dakota
South Dakota
361,426
104,157
24,630
168,247
28,839
23,121
12,433
396,928
58,230
55,452
108,996
114,669
34,259
11,619
13,702
Southeast
Alabama
Arkansas
Florida
Georgia
Kentucky
Louisiana
Mississippi
North Carolina
South Carolina
Tennessee
Virginia
West Virginia
Southwest
Arizona
New Mexico
Oklahoma
Texas
6,040,235 6,102,138 6,166,454 6,242,674 6,344,946 6,446,004 6,526,017 6,602,689 6,730,234 6,813,111 6,890,952
. .
Rocky Mountain
Colorado
Idaho
Montana
Utah
Wyoming
Far West
Alaska
California
Hawaii
Nevada
Oregon
Washington
366,632
105,263
24,975
170,826
29,559
23,507
12,502
401,414
58,654
55,957
110,264
116,225
34,631
11,828
13,854
370,349
106,209
24,979
173,256
29,592
23,684
12,630
405,940
59,339
56,483
111,360
117,492
35,324
11,871
14,072
375,186
107,485
25,282
175,702
30,050
23,853
12,815
411,894
60,349
56,978
113,501
118,622
36,008
12,141
14,295
379,607
109,083
25,590
177,592
30,336
23,971
13,034
422,854
62,444
58,546
116,196
121,011
36,963
12,842
14,853
388,521
111,178
26,251
182,334
31,109
24,341
13,307
430,289 436,027
63,330
64,071
59,253
59,992
118,885 120,959
122,784 124,035
37,686
38,117
13,111 . 13,347
15,239
15,505
394,993
112,912
26,669
185,678
31,584
24,743
13,407
440,502
64,608
60,546
122,079
125,633
38,681
13,338
15,617
403,164
116,058
27,068
189,306
31,984
25,105
13,643
447,509
65,608
61,519
123,362
128,408
39,335
13,507
15,769
407,102
117,258
27,371
190,836
32,533
25,330
13,773
454,004
66,547
62,694
125,624
129,378
39,833
13,758
16,170
0
568,008
85,300
30,231
60,341
392,135
576,315
86,460
30,580
61,041
398,234
584,361
88,345
31,009
61,604
403,402
592,619
89,968
31,304
62,385
408,962
603,099
92,200
31,823
63,239
415,838
613,576
93,851
32,152
64,273
423,301
623,327
95,623
32,367
65,003
430,334
630,151
96,709
32,526
65,541
435,376
645,366
99,123
33,301
67,017
445,924
656,488
100,860
33,837
67,547
454,244
665,435
102,407
34,154
68,659
460,215
1.1
1.1
.5
.8
1.2
2.4
2.5
2.4
2.3
2.4
1.7
1.8
1.6
.8
1.9
1.4
1.5
.9
1.6
1.3
172,902
89,985
21,944
15,891
35,196
9,885
174,647
90,804
22,135
16,029
35,701
9,977
177,649
92,494
22,446
16,250
36,388
10,072
180,764
93,779
22,945
16,456
37,378
10,205
183,459
95,749
23,112
16,566
37,856
10,177
187,084
97,514
23,581
16,788
38,848
10,354
190,154
99,191
23,795
17,017
39,697
10,453
192,566
100,578
23,877
17,213
40,397
10,501
196,311
102,455
24,354
17,294
41,520
10,687
199,637
104,393
24,760
17,536
42,153
10,795
202,462
105,785
25,169
17,660
42,921
10,926
1.3
1.4
.3
1.2
1.8
.5
1.9
1.9
2.0
.5
2.8
1.8
1.7
1.9
1.7
1.4
1.5
1.0
1.4
1.3
1.7
.7
1.8
1.2
1,027,694 1,040,967 1,052,169 1,061,958 1,082,884 1,101,474 1,115,412 1,131,570 1,153,406 1,175,334 1,190,893
14,894
14,615
14,731
14,789
15,574
14,500
14,548
14,590
14,826
15,055
15,384
752,421 761,430
768,728 775,160 790,291 803,573 812,716 825,321 840,004 855,514 866,436
29,902
30,067
29,716
30,169
30,549
30,837
29,352
29,669
29,633
30,150
31,095
42,207
43,050
44,032
39,055
40,255
41,286
45,490
36,893
37,503
38,351
44,799
71,934
70,580
75,735
67,167
73,336
74,683
77,505
80,046
68,155
69,323
79,098
152,252
127,361 129,663 131,544 132,832 135,771 138,424 140,830
142,401 146,261 149,703
1.4
.5
1.6
.1
2.0
1.4
1.1
1.9
1.1
1.8
1.3
2.3
2.3
2.7
1.9
2.2
1.8
.9
1.7
2.1
2.4
1.3
1.2
1.3
.8
1.5
1.2
1.7
1. Percent changes are expressed at quarterly rates and are calculated from seasonally adjusted unrounded data,
It differs from the national income and product accounts (NIPA) estimate of personal income because, by definition',
it omits the earnings of Federal civilian and military personnel stationed abroad and of U.S. residents employed
385,048
110,491
25,984
180,415
30,727
24,270
13,160
abroad temporarily by private U.S. firms. It can also differ from the NIPA estimate because of different data sources
. Spuj* Table 1 in "Personal Income by State and Region, Third Quarter 1997" in the February 1998 issue
BUSINESS.
of the SuRVEY OF CuRRENT
D-66
SURVEY OF CURRENT BUSINESS
• Regional Data
March 1998
Table J.2.—Annual Personal Income and Disposable Personal Income for States and Regions
Personal income
Millions of dollars
Area name
1994
1995
Disposable personal income
M Ilions of dollars
Percent change '
1996
1994-95
1995-96
1994
1995
Percent change '
1996
1994-95
1i 3ao—
QQR_Q£
yo
5,774,806
6,137,875
6,479,914
6.3
5.6
5,036,648
5,343,656
5,593,988
6.1
4.7
345,430
99,703
23,865
160,247
27,532
22,296
11,787
368,398
105,778
24,966
172,008
29,510
23,541
12,595
387,042
110,916
26,124
181,505
30,939
24,331
13,227
6.6
6.1
4.6
7.3
7.2
5.6
6.9
5.1
4.9
4.6
5.5
4.8
3.4
5.0
295,605
84,190
21,091
135,860
24,522
19,562
10,381
313,755
88,514
22,099
145,105
26,221
20,683
11,132
325,596
91,395
22,963
151,149
27,221
21,247
11,622
6.1
5.1
4.8
6.8
6.9
5.7
7.2
3.8
3.3
3.9
4.2
3.8
2.7
4.4
1,138,137
17,517
17,795
127,014
225,686
479,156
270,969
1,200,373
18,757
18,021
133,769
239,052
505,812
284,963
1,258,684
20,095
18,539
140,068
250,295
530,655
299,031
5.5
7.1
1.3
5.3
5.9
5.6
5.2
4.9
7.1
2.9
4.7
4.7
4.9
4.9
977,624
15,016
15,167
108,911
193,487
407,831
237,212
1,029,807
16,074
15,405
114,640
205,302
429,520
248,867
1,070,910
17,069
15,859
119,139
212,443
447,031
259,369
5.3
7.0
1.6
5.3
6.1
5.3
4.9
4.0
6.2
2.9
3.9
3.5
4.1
4.2
964,118
284,319
119,665
215,266
237,118
107,749
1,022,736
301,718
125,805
229,544
251,041
114,628
1,071,792
318,061
132,001
239,330
262,077
120,325
6.1
6.1
5.1
6.6
5.9
6.4
4.8
5.4
4.9
4.3
4.4
5.0
834,810
245,498
103,684
186,873
206,164
92,591
884,726
260,030
109,145
199,127
217,936
98,488
919,565
271,612
113,693
206,030
225,788
102,442
6.0
5.9
5.3
6.6
5.7
6.4
3.9
4.5
4.2
3.5
3.6
4.0
382,697
56,787
53,088
104,727
109,613
33,218
11,661
13,602
404,044
59,143
56,218
111,031
116,752
35,055
11,865
13,981
432,418
63,613
59,585
119,530
123,366
37,862
13,159
15,303
5.6
4.1
5.9
6.0
6.5
5.5
1.7
2.8
7.0
7.6
6.0
7.7
5.7
8.0
351,357
51,960
49,000
94,081
102,314
30,756
10,602
12,643
373,267
55,617
51,481
100,058
107,573
32,985
11,748
13,805
5.2
4.1
5.5
5.5
6.3
4.9
1.6
2.4
6.2
7.0
5.1
6.4
5.1
7.2
9.5
333,873
49,894
46,463
89,182
96,242
29,308
10,437
12,348
1,255,475
77,344
42,079
306,657
146,103
68,670
78,219
42,507
141,426
66,019
103,989
151,487
30,973
1,339,811
82,067
45,039
328,067
157,875
72,739
82,252
45,147
152,601
70,208
111,674
160,141
32,001
1,416,289
86,021
47,584
348,849
168,959
76,885
85,548
47,735
162,602
73,890
116,760
168,300
33,155
6.7
6.1
7.0
7.0
8.1
5.9
5.2
6.2
7.9
6.3
7.4
5.7
3.3
5.7
4.8
5.7
6.3
7.0
5.7
4.0
5.7
6.6
5.2
4.6
5.1
3.6
1,109,304
68,892
37,597
271,419
127,646
60,451
70,548
38,700
123,333
58,661
93,528
130,741
27,788
1,181,959
73,043
40,142
289,716
137,701
63,930
74,106
41,143
133,009
62,097
100,278
138,126
28,667
1,240,754
76,151
42,344
305,142
145,978
67,208
76,592
43,420
141,008
65,038
104,146
144,189
29,539
6.5
6.0
6.8
6.7
7.9
5.8
5.0
6.3
7.8
5.9
7.2
5.6
3.2
5.0
4.3
5.5
5.3
6.0
5.1
3.4
5.5
6.0
4.7
3.9
4.4
3.0
541,429
79,868
28,518
58,691
374,353
580,326
87,518
30,781
61,343
400,683
617,538
94,596
32,217
64,514
426,212
7.2
9.6
7.9
4.5
7.0
6.4
8.1
4.7
5.2
6.4
483,571
70,242
25,388
52,010
335,932
518,174
76,887
27,508
54,409
359,370
547,021
82,509
28,661
56,831
379,020
7.2
9.5
8.4
4.6
7.0
5.6
7.3
4.2
4.5
5.5
Rocky Mountain
Colorado
Idaho
Montana
Utah
Wyoming
163,203
84,643
20,732
15,137
33,171
9,522
176,490
91,766
22,368
16,157
36,166
10,035
188,316
98,258
23,591
16,896
39,199
10,371
8.1
8.4
7.9
6.7
9.0
5.4
6.7
7.1
5.5
4.6
8.4
3.4
141,204
72,629
18,136
13,275
28,761
8,403
152,796
78,826
19,588
14,258
31,239
8,885
161,621
83,523
20,545
14,792
33,633
9,128
8.2
8.5
8.0
7.4
8.6
5.7
5.8
6.0
4.9
3.7
7.7
2.7
Far West
Alaska
California
Hawaii
Nevada ...
Oregon
Washinaton
984,317
14,125
722,002
28,469
34,292
63,667
121,762
1,045,697
14,563
764,435
29,593
37,951
68,806
130.350
1,107,835
14,810
807,975
30,072
41,699
73,922
139.356
6.2
3.1
5.9
3.9
5.9
1.7
5.7
1.6
9.9
7.4
6.9
860,656
12,247
632,206
24,640
29,699
54,244
107,621
911,081
12,655
665,609
25,916
32,870
58,879
115,154
955,254
12,778
695,767
26,119
35,718
62,833
122,040
5.9
3.3
5.3
5.2
4.8
1.0
4.5
.8
8.7
6.7
6.0
United States
New England
Connecticut
Maine
Massachusetts
New Hampshire
Rhode Island
Vermont . . . .
.
.
Mideast
Delaware .
District of Columbia
Maryland
New Jersey
New York
Pennsylvania
Great Lakes
Illinois
Indiana ....
Michigan
Ohio
Wisconsin
.
Plains
Iowa
Kansas
Minnesota
Missouri
Nebraska
North Dakota
South Dakota
Southeast ..
Alabama
Arkansas
Florida
Georgia
Kentucky .
Louisiana
Mississippi
North Carolina
South Carolina
Tennessee
Virginia
West Virginia
Southwest .
Arizona
New Mexico
Oklahoma
Texas
.
...
....
10.7
8.1
7.1
10.9
10.7
8.5
7.0
10.8
9.2
1. Percent changes are calculated from unrounded data.
stationed abroad and of U.S. residents employed abroad temporarily by private U.S. firms. It can
NOTE.-The personal income level shown for the United States is derived as the sum of the alju» diffreor ^°NIPAH?B^^
,h
State estimates! differs from the national income and product accounts (NIPA) estimate of per^ ^J^bles
1 and
^3 in ^State^Personal
Income, Rev.sed Estimates for 1958-96 in the
- bUFWEY
1997
OF
c
CURRENT D
BUSINESS.
sonal income because, by definition, it omits the earnings of Federal civilian and military personnel
SURVEY OF CURRENT BUSINESS
March 1998
Regional Data • D-67
Table J.3.—Per Capita Personal Income and Per Capita Disposable Personal Income for States and Regions, 1994-96
Per capita personal income '
Dollars
Area name
1994
United States
Per capita disposable personal income '
Dollars
Rank in U.S.
1995
1996
1994
1996
1995
Rank in U.S.
1996
1996
19,345
20,327
21,087
22,284
25,722
17,036
22,486
21,599
19,638
17,878
23,582
27,063
17,842
23,901
22,836
20,856
19,036
24,387
27,913
18,469
24,810
23,416
21,457
19,743
1
37
3
7
18
28
€
t
i\
17
22,000
21,215
26,702
21,784
24,474
22,412
19,672
23,136
22,417
27,780
22,751
25,826
23,612
20,635
24,028
23,549
29,195
23,491
26,595
24,583
21,514
6
2
4
15
24,575
26,848
22,601
24,945
23,457
23,320
7
28
16
21
22
19,346
20,922
18,032
19,699
18,579
18,211
20,394
22,054
18,828
20,877
19,574
19,228
21,084
22,928
19,466
21,474
20,209
19,854
8
32
17
21
25
22,018
20,802
21,929
24,061
21,949
21,385
18,495
19,165
23,414
22,306
23,165
25,663
23,022
22,917
20,448
20,895
30
23
11
25
27
38
37
18,325
17,616
18,221
19,504
18,244
18,030
16,315
17,051
19,147
18,276
19,114
20,388
19,234
18,763
16,526
17,331
20,211
19,503
20,015
21,482
20,075
19,966
18,255
18,849
31
23
16
22
24
38
35
20,003
18,349
17,142
21,959
20,686
17,949
18,135
15,931
19,979
18,138
20,120
23,129
16,998
21,076
19,327
18,126
23,129
21,901
18,860
18,960
16,745
21,188
19,146
21,284
24,208
17,532
22,016
20,131
18,959
24,226
22,977
19,797
19,664
17,575
22,205
19,977
21,949
25,212
18,160
39
47
20
26
42
43
50
32
40
33
14
49
17,674
16,344
15,316
19,436
18,072
15,801
16,356
14,504
17,423
16,116
18,096
19,961
15,250
18,593
17,202
16,155
20,425
19,102
16,576
17,083
15,260
18,467
16,934
19,113
20,880
15,706
19,288
17,821
16,872
21,190
19,852
17,305
17,605
15,986
19,256
17,584
19,577
21,600
16,179
39
45
19
26
42
40
50
33
41
30
14
49
Southwest
Arizona
New Mexico
Oklahoma
Texas
19,739
19,562
17,187
18,039
20,308
20,673
20,329
18,215
18,731
21,311
21,614
21,363
18,803
19,544
22,282
35
48
45
31
17,630
17,205
15,301
15,985
18,224
18,459
17,860
16,278
16,614
19,114
19,146
18,633
16,727
17,217
19,815
36
48
44
27
Rocky Mountain
Colorado
Idaho
Montana
Utah
Wyoming
20,286
23,109
18,243
17,672
17,334
20,013
21,467
24,487
19,181
18,563
18,468
20,941
22,490
25,704
19,837
19,214
19,595
21,544
41
46
44
34
17,552
19,829
15,959
15,499
15,029
17,661
18,585
21,034
16,798
16,382
15,952
18,542
19,302
21,849
17,276
16,821
16,812
18,961
12
43
46
47
34
Far West
Alaska
California
Hawaii
Nevada
Oregon
Washington
22,867
23,487
23,022
24,278
23,422
20,575
22,755
24,052
24,170
24,217
25,095
24,748
21,851
23,927
25,173
24,398
25,346
25,404
26,011
23,074
25,187
19
13
12
9
24
15
19,994
20,364
20,158
21,012
20,285
17,530
20,112
20,955
21,002
21,087
21,978
21,435
18,698
21,138
21,706
21,050
21,826
22,065
22,280
19,612
22,057
20
13
10
9
29
11
22,180
23,348
24,426
New England
Connecticut
Maine
Massachusetts
New Hampshire
Rhode Island
Vermont
26,040
30,462
19,277
26,522
24,250
22,383
20,299
27,688
32,341
20,157
28,332
25,700
23,738
21,538
28,989
33,875
21,011
29,792
26,615
24,572
22,470
Mideast
Delaware
District of Columbia
Maryland
New Jersey
New York
Pennsylvania
25,613
24,748
31,327
25,405
28,547
26,332
22,471
26,968
26,159
32,499
26,547
30,071
27,806
23,628
28,242
27,724
34,129
27,618
31,334
29,181
24,803
Great Lakes
Illinois
Indiana
Michigan
Ohio
Wisconsin
22,342
24,230
20,811
22,692
21,368
21,192
23,575
25,590
21,702
24,066
22,547
22,379
Plains
Iowa
Kansas
Minnesota
Missouri
Nebraska
North Dakota
South Dakota
21,005
20,049
20,819
22,904
20,779
20,435
18,229
18,783
Southeast
Alabama
Arkansas
Florida
Georgia
Kentucky
Louisiana
Mississippi
North Carolina
South Carolina
Tennessee
Virginia
West Virginia
1. Per capita personal income and per capita disposable personal income are computed using
midyear population estimates of the Bureau of the Census.
NOTE—The personal income level shown for the United States is derived as the sum of the
State estimates. It differs from the national income and product accounts (NIPA) estimate of per-
3f
\
18
29
t
16
5
sonal income because, by definiton, it omits the earnings of Federal civilian and military personnel
stationed abroad and of U.S. residents employed abroad temporarily by private U.S. firms. It can
also differ from the NIPA estimate because of different data sources and revision schedules.
Source: Tables 2 and 4 in "State Personal Income, Revised Estimates for 1958-96" in the
October 1997 SURVEY OF CURRENT BUSINESS.
D-68
SURVEY OF CURRENT BUSINESS
• Regional Data
March 1998
Table J.4.—Gross State Product for States and Regions by Industry, 1994
[Millions of dollars]
State and region
Rank of
total
gross
state
product
Total
gross
state
product
Farms
Agricultural
services,
forestry,
and
fishing
|\/tanufacturin 9
Mining
Federal
civilian
government
609,908 1,273,678 1,342,720
Federal
military
government
local
government
523,959
606,354
461,863
182,651
79,948
604,284
43,392
12,231
2200
20,245
4,336
2,776
1,605
22,743
6,381
2439
10,142
1,718
27,786
7,744
1,864
12,883
2,327
1,739
1,229
25,962
7,328
1,510
13,237
1,742
1,274
872
33,195
8,813
3,159
14,784
2,913
2,204
1,323
92,056
30,138
4,742
42,919
6,502
5,456
2,299
88,578
22,939
4,816
47,245
5,723
5,151
2,704
6,712
1,510
827
3,134
448
477
317
2,084
579
342
678
67
354
65
30,258
8,319
2528
13804
2,326
2026
1 256
2,355
4
7
111
152
428
1,653
45,626
889
428
6536
85,106
1,486
153
5676
12144
35,556
30,091
98,129
1,114
5766
24698
34,790
27,850
114,721
1,354
2,596
11,144
25,750
46,605
27,272
86,894
1,046
577
23,374
35,683
18,014
100,291
1,513
1,367
11 787
19,096
40,005
26,523
321,733
10,414
6,888
29,253
57,125
164,081
53,972
294,563
3,419
15,636
29,531
54,124
129,468
62,385
46,598
358
16,102
9956
4,186
8,443
7,553
7,278
273
1,166
16,661
11,852
183,235
5,397
1,267
11 442
36,841
70,346
57,941
832
1,804
1,087
115987
1 733
1,981
11 416
22862
54850
23,145
4,418
1,321
531
887
1,039
640
4,459
1,273
753
938
1,238
258
45,155
14,086
6493
8,584
10,583
5409
284,542
62,441
41,843
71,415
73,887
34,956
188,314
35,277
29,115
54,414
48,605
20,903
96,229
27,164
12,728
17,001
25,282
14053
90,978
31,940
1 1 ,407
16,156
22,592
8,882
77,674
26,639
8,382
16,373
18,534
7,745
97,284
27,549
12,734
19,958
25,922
11,120
179,209
63,253
18,448
36,385
41,404
19,719
198,663
66,853
21 ,325
42,288
47,899
20,298
19,212
6,357
2,725
2,814
5,225
2,091
4,025
1,686
479
527
1,032
300
94,713
25,938
11 229
22580
23,366
11 600
2,562
553
348
534
563
308
84
173
2,466
156
815
507
356
98
349
185
19,202
2700
2,402
49,443
9,775
5,638
14510
14,477
3,088
534
1,422
38,916
6,924
5,090
10440
12,540
2,944
445
534
43,306
5,388
7,444
9,564
13,476
4,559
1,496
1,378
34,207
4,718
4,545
10,061
9,406
3,147
1,255
1,076
41,979
5,966
5,956
11,134
12,493
3,488
1,291
1,652
69,161
9,632
7,831
21,869
18,734
5,937
1,673
3,487
79,879
10,090
10,003
23,882
24,172
6,724
2,302
2,706
10,786
1 ,263
1,584
5,823
1,714
588
657
88,359
16,699
10,727
24,950
27,017
6,031
979
1,956
4,102
191
1,347
306
892
587
494
288
41,575
6706
6,227
11 334
9985
4,500
1,341
1,483
1,867
882
1,256
3,420
724
1,242
1 147
200
7,841
460
315
2,735
768
442
369
287
786
363
476
737
101
21,509
1,184
382
711
752
2,941
9995
356
229
158
347
282,972
19,398
12,578
26,612
32,576
23,221
17,417
11,854
53,629
21,787
30,611
27,435
5,854
126,435
9,593
6,757
15,079
13,383
12,545
4,311
7,015
19,739
8,403
16,049
11,047
2,514
156,537
9,805
5,820
11,533
19,192
10,676
13107
4,839
33,890
13,384
14,562
16389
3,341
143,740
8,821
6,196
29,914
21 ,865
8,305
1 1 ,059
6,228
14,315
6,399
10,646
15,425
4,567
97,808
5,515
3,077
22,644
16,355
4,770
5,784
2,840
11,692
4,367
9,232
9,694
1,836
144,130
8,926
5,193
35,783
16,714
7,651
8,717
5,008
16,338
8,043
13,881
14,820
3,057
226,278
10,860
5,637
68,123
28,563
9,514
13,260
5,680
23,465
10,297
16,217
30,823
3,838
263,453
14,045
7,272
72,639
31 ,980
12,471
16,738
7,597
26,345
11,632
23,663
33,594
5,477
45,781
4,173
1,179
6,669
5,667
2,683
1,841
1,522
3,148
1,864
4,450
11,646
939
31,101
1,411
411
4,573
3,519
1,803
133,092
8,861
4,455
29,435
15085
7,387
1320
9241
3,380
60,747
3,496
1,846
14,592
6707
3,429
4476
1,855
7,078
3,473
4,677
7443
1,675
1,064
4,882
2,273
694
9,009
142
5,039
16,194
8545
10,403
14860
3,587
677,888
94,093
37,832
66189
479,774
8,347
810
564
1,591
5,381
3,541
673
178
311
2,379
39,652
1,114
2,702
3,281
32,555
28,989
5,116
1,781
2,069
20,024
105,712
13,973
5,117
11,060
75,562
61,747
11,155
4,422
6,615
39,555
43,964
2,817
695
4,445
36,007
72,514
8,345
3,672
7,281
53,216
46,743
5,677
1,645
4,051
35,369
62,877
10,034
3,551
6,663
42,630
98,977
17,115
5,130
8,203
68,529
120,958
18,155
6,595
10,788
85,419
17,331
2,538
1,791
2,500
10,502
9,967
1,200
834
1,476
6,456
62,281
9,343
4,272
6,915
41,750
198,132
99767
24,185
16862
41,657
15660
3,989
1 180
1,260
835
418
297
1,120
506
276
135
123
79
8,816
10,271
5234
1,536
758
2,151
591
24,790
12,299
4,612
1,317
5,891
670
15,011
9,779
23
43
47
35
48
7197
5102
3,030
763
3,806
215
1,583
555
2,086
455
22,017
11 014
2,181
2,152
4,008
2,662
11,869
6,341
1,456
1,049
2,532
492
19,563
10,039
2,502
1,714
4,268
1,040
29,743
16,825
3,092
2,261
5,905
1,661
37,142
20,626
3,771
3,061
8,221
1,464
7,215
3424
760
742
1,901
388
3,034
1,885
268
266
412
202
18564
8736
2,301
1,197,326
22720
875,697
36718
43,958
74366
143,867
15,306
18
11,171
282
142
1 481
2,212
10,241
356
7,189
198
178
734
1,586
10,563
4238
4,459
26
1,438
96
306
46,084
45
1
38
34
28
14
161,354
1,149
121,842
1,128
2,002
14,814
20,418
103,692
317
76,608
296
1,269
11,260
13,942
57,662
833
45,234
832
733
3,554
6,476
91,293
3,835
63,122
3,475
3,376
5,909
11,576
80,707
672
59,860
1,414
1,990
5,888
10,882
110,589
1,539
79,662
4,063
4,084
6,773
14,467
256,519
2,480
199,078
8,584
8,058
12,464
25,856
259,485
2,653
193,314
7,586
14,967
13,248
27,716
29,015
1,113
18,900
1,745
840
2,020
4,397
18,357
1,094
11,187
2,623
435
223
2,795
107,814
2535
76,691
3,442
3,358
7269
14,519
237
38
12
113
29
14
31
16
8
2
6
1,327,798
26697
48,028
132703
254945
570 994
294,431
4,504
221
0
601
479
1,399
1,805
4,012
75
13
610
864
1,221
1,229
Great Lakes .
Illinois
Indiana
Michigan
.
Ohio
Wisconsin
4
15
9
7
19
1,111,598
332,853
138190
240,390
274,844
125 321
11,265
3,515
Plains
Iowa
Kansas
Minnesota
Missouri
Nebraska
North Dakota
South Dakota
29
31
20
17
36
49
46
455,013
68298
61 ,758
124641
128,216
41,357
13494
17,250
17,428
4238
2,529
2822
Southeast
Alabama
Arkansas
Florida
Georgia
Kentucky
Louisiana
Mississippi
North Carolina
South Carolina
Tennessee
Virginia
West Virginia
25
33
5
11
26
22
32
12
27
18
13
39
1,478,627
88,661
50,575
317,829
183042
86,485
101 101
50,587
181,521
79925
126,539
177708
34,654
20,175
1,512
2,035
3,399
Southwest
Arizona
New Mexico
Oklahoma
Texas
24
37
30
3
Rocky Mountain
Colorado
Idaho
Montana
Utah
Wyoming
21
42
10
40
44
50
41
1839
1486
2,121
2302
1751
3,160
1286
1,642
2491
1074
1660
169
837
1,484
4,666
9261
5318
1038
29,222
2151
3,090
3,447
7,137
NOTE—Totals shown for the United States differ from the NIPA estimates of gross domestic product (GDP) because State data exclude the statistical discrepancy (the difference between GDP and gross domestic income), the
compensation of Federal civilian and military personnel stationed abroad, and government consumption of fixed capital for military structures located abroad and fpr military equipment, except office equipment; they may also differ
from the GDP estimates because of differences in revision schedules.
Services
673,139
90,058
1,915
504
267
777
138
147
82
.
Retail
trade
66,134
18,612
4,639
30,387
6,053
4,148
2,296
35,651
1,182
280
221
296
94
56
234
Far West
Alaska
California . ..
Hawaii
Nevada
Oregon
Washington
Total
Finance,
insurance,
and real
estate
Wholesale
trade
13,158
3,646
1 142
5,943
1,031
822
574
82,197
389,259
110,449
26069
186 199
29,393
23867
13282
Mideast
Delaware
District of Columbia
Maryland
New Jersey
New York
Pennsylvania
Durable
goods
Transportation
and
Nondurapublic
ble goods utilities
269,232 1,197,098
6,835,641
United States
New England
Connecticut
Maine
Massachusetts
New Hampshire
Rhode Island
Vermont
Construction
1372
691
3911
8199
2361
3,549
1,104
358
567
2117
1734
4,346
1 447
Sources: Tables 9 and 10 in "Comprehensive Revision of Gross State Product by Industry, 1977-94" in the June
1997 SURVEY OF CURRENT BUSINESS.
Regional Data •
SURVEY OF CURRENT BUSINESS
March 1998
D-69
K. Local Area Table_
Table K.1.—Personal Income and Per Capita Personal Income by Metropolitan Area, 1993-95
Area name
Millions of dollars
1993
United States '
Metropolitan portion
Consolidated Metropolitan
Statistical Areas
Chicago-Gary-Kenosha, IL-IN-WI ...
Cincinnati-Hamilton, OH-KY-IN
Cleveland-Akron OH
Dallas-Fort Worth, TX
Denver-Boulder-Greeley, CO
Detroit-Ann Arbor-Flint, Ml
Houston-Galveston-Brazoria, TX ....
Los Angeles-Riverside-Orange
County CA
Miami-Fort Lauderdale, FL
Milwaukee-Racine Wl
New York-No. New Jersey-Long Island, NY-NJ-CT-PA
Philadelphia-Wilmington-Atlantic
City, PA-NJ-DE-MD
Portland-Salem OR-WA
Sacramento-Yolo, CA
San Francisco-Oakland-San Jose,
CA
Seattle-Tacoma-Bremerton, WA
Washington-Baltimore, DC-MD-VAWV
1994
1995
5,471,129 5,739,85 6,097,977
4,627,25 4,850,244 5,162,277
935,700
843,874 889,60
Percent
change 2
1994-95
Rank in
Dollars
1993
1994
U.S.
1995
6.2
6.4
5.2
21,223 22,044 23,196
22,48 23,327 24,594
16,239 16,959 17,658
210,07
40,54
64,73
98,735
51,988
121,25
93,005
220,224
42,522
67,82
105,222
54,925
131,58
97,330
234,88
45,310
72,102
113,633
59,36
140,169
104,073
6.7
6.6
6.3
8.0
8.1
6.5
6.9
24,869
21,559
22,388
23,006
24,21
23,139
23,048
331,389
71,826
37,629
337,71
74,618
39,592
357,57
80,095
42,025
5.9
7.3
6.1
21,822 22,122 23,290
21,514 21,965 23,155
23,036 24,182 25,636
564,130
585,058
619,024
5.8
28,691 29,654 31,280
147,099
41,382
33,416
151,972
44,382
35,017
160,677
48,170
37,534
5.7
8.5
7.2
24,743 25,497 26,921
21,236 22,308 23,719
21,212 22,052 23,332
181,386
77,103
187,916
80,757
201,544
85,826
7.3
6.3
28,055 28,901 30,802
24,214 25,062 26,231
25,906
22,436
23,350
24,034
25,084
25,117
23,693
194,456
204,023
4.9
26,550 27,584 28,706
2,117
13,869
1,915
19,396
12,071
2,177
13,250
2,287
3,673
6,616
2,153
14,691
2,063
20,365
13,056
2,332
13,794
2,379
3,916
6,921
2,299
15,620
2,199
21,004
14,188
2,456
14,580
2,495
4,188
7,015
6.8
6.3
6.6
3.1
8.7
5.3
5.7
4.9
7.0
1.4
17,407
20,663
16,507
22,194
19,145
17,399
21,754
17,338
18,801
26,465
17,720
21,828
17,711
23,082
20,175
18,492
22,554
17,963
19,664
27,484
18,708
23,103
18,849
23,837
21,452
19,352
23,801
18,891
20,464
27,914
254
92
246
73
142
224
74
244
177
22
Anniston, AL
Appleton-Oshkosh-Neenah, Wl
Asneville NC
Athens GA
Atlanta, GA
Atlantic-Cape May, NJ*
Augusta-Aiken, GA-SC
Austin-San Marcos, TX
Bakersfield, CA
12,251
1,846
6,735
3,920
2,276
75,166
8,192
8,114
18,737
10,073
13,472
1,916
7,178
4,095
2,416
80,871
8,502
8,429
20,331
10,218
14,508
2,024
7,672
4,391
2,606
87,956
8,964
8,809
22,338
10,860
7.7
5.6
6.9
7.2
7.8
8.8
5.4
4.5
9.9
6.3
24,101
15,859
20,497
19,491
17,390
23,260
24,973
18,297
20,048
16,798
26,255
16,989
21,596
20,050
18,094
24,229
25,768
18,790
20,977
16,711
27,829
17,840
22,810
21,181
19,320
25,563
27,020
19,451
22,185
17,625
24
289
102
154
228
42
29
222
123
291
56,912
2,518
59,799
2,601
62,556
2,728
4.6
4.9
23,282 24,326 25,347
17,228 17,777 18,747
44
252
4,870
10,492
6,711
2,593
3,073
40,789
2,361
5,374
5,106
11,233
6,951
2,789
3,257
42,024
2,515
5,852
5,492
11,919
7,348
2,953
3,442
44,345
2,662
6,104
7.6
6.1
5.7
5.9
5.7
5.5
5.8
4.3
25,286
18,962
17,973
18,198
19,018
31,489
19,543
16,315
26,090
20,114
18,567
19,097
20,193
32,291
20,472
17,339
27,568
21,159
19,541
19,775
21,284
33,931
21,345
17,856
25
156
221
210
150
4
146
288
Baltimore MD*
Bangor ME (NECMA)
Barnstable- Yarmouth, MA
(NECMA)
Baton Rouge LA
Beaumont- Port Arthur TX
Bellinqham WA
Benton Harbor Ml
Beroen-Passaic NJ*
Billings MT
Biloxi-Gulfport-Pascagoula, MS
Binghamton NY
Birmingham, AL
Bismarck ND
Bloomington, IN
Bloomington-Normal, IL
Boise City, ID
Boston-Worcester-Lawrence-LowellBrockton, MA-NH (NECMA)
Boulder-Longmont, CO*
Brazoria TX*
Bremerton WA*
5,071
17,846
1,627
1,939
2,797
6,932
5,172
18,960
1,697
2,029
3,056
7,629
5,269
20,283
1,814
2,147
3,213
8,330
1.9
7.0
6.9
5.8
5.1
9.2
19,165
20,644
18,634
17,196
20,722
20,711
19,727
21,547
19,255
17,844
22,417
21,885
20,446
22,830
20,342
18,603
23,229
23,052
178
99
182
261
90
94
146,890
6,221
3,775
4,108
153,749
6,632
3,970
4,293
164,718
7,114
4,240
4,529
7.1
7.3
6.8
5.5
25,773
25,451
18,112
19,292
26,832
26,555
18,662
19,802
28,564
27,978
19,595
20,004
17
20
218
197
Brownsville-Harlingen-San Benito,
TX .
Bryan-College Station, TX
Buffalo-Niagara Falls, NY
Burlington, VT (NECMA)
Canton-Massillon OH
Casper, WY
Cedar Rapids IA
Champaign-Urbana IL
Charleston-North Charleston, SC ...
Charleston WV
3,259
1,877
24,140
3,864
7,625
1,414
3,835
3,125
8,879
5,201
3,476
1,985
25,509
4,018
8,052
1,469
4,094
3,235
9,168
5,434
3,682
2,086
26,766
4,280
8,535
1,550
4,363
3,390
9,447
5,744
5.9
5.1
4.9
6.5
6.0
5.5
6.6
4.8
3.0
5.7
11,246
14,524
20,254
21,053
19,014
22,476
21,928
18,442
16,919
20,465
11,610
15,187
21,475
21,518
20,054
22,978
23,184
19,518
17,769
21,352
11,960
15,872
22,645
22,687
21,222
24,248
24,448
20,376
18,840
22,562
313
306
109
105
152
65
61
181
247
112
26,536
3,172
8,461
1,570
193,676
3,225
34,473
2,694
50,869
28,472
3,318
8,887
1,597
202,969
3,317
36,084
2,854
53,136
30,989
3,512
9,453
1,664
216,553
3,482
38,428
3,053
56,482
8.8
5.8
6.4
4.2
6.7
5.0
6.5
7.0
6.3
21,505
22,926
19,450
20,420
25,501
16,881
21,928
14,943
22,910
22,580
23,622
20,230
20,458
26,553
17,249
22,848
15,405
23,809
24,022
24,630
21,330
21,201
28,177
18,040
24,199
16,833
25,303
71
56
147
153
19
280
66
298
46
See footnotes at the end of the table.
1994
1995
1994-95
Rank in
Dollars
1993
1994
U.S.
,1995
1995
8,301
8,931
9,660
8.2
19,104
19,684 20,77
166
2,290
9,298
4,612
30,328
6,128
1,610
68,719
1,793
2,443
9,818
4,798
32,441
6,469
1,682
73,638
1,865
2,608
10,464
5,060
34,614
6,833
1,765
79,737
1,965
6.7
6.6
5.4
6.7
5.6
5.0
8.3
5.3
19,212
19,362
17,023
21,525
16,594
15,894
24,084
16,395
20,178
20,702
17,549
22,825
17,190
16,627
25,298
16,972
21,13
21,733
18,61
24,132
17,984
17,46
26,803
17,93.0
157
131
259
68
285
293
32
286
Dayton-Springfield OH
7,016
19,884
7,337
20,823
7,722
22,132
5.3
6.3
19,646
20,734
20,534 21,588
21,834 23,238
137
89
Daytona Beach, FL
Decatur, AL
Decatur, IL
Denver, CO*
Des Moines, IA
Detroit Ml*
Dothan AL . .
Dover DE
Dubuque, IA
Duluth-Superior MN-WI
7,417
2,466
2,360
43,300
9,387
100,582
2,264
2,069
1,669
4,338
7,867
2,623
2,434
45,764
10,014
108,703
2,372
2,177
1,771
4,540
8,464
2,772
2,517
49,546
10,709
115,754
2,506
2,344
1,865
4,782
7.6
5.7
3.4
8.3
6.9
6.5
5.7
7.7
5.3
5.3
17,120
17,912
20,106
24,570
22,747
23,395
16,919
17,494
19,011
17,959
17,742
19,069
20,851
25,494
23,987
25,320
17,819
18,232
20,113
18,834
18,794
19,955
21,640
27,069
25,331
26,889
18,777
19,333
21,160
19,959
249
200
134
28
45
31
250
226
155
199
6,092
2,440
8,391
3,317
1,686
1,031
5,278
5,327
5,853
2,952
6,132
2,584
8,809
3,564
1,773
1,063
5,510
5,667
6,071
3,165
6,302
2,754
9,299
3,780
1,863
1,099
5,811
6,043
6,360
3,348
2.8
6.5
5.6
6.1
5.0
3.3
5.5
6.6
4.8
5.8
23,177
17,292
12,964
20,485
17,745
18,246
18,879
18,036
20,505
18,469
23,474
18,218
13,211
21,719
18,766
18,719
19,630
18,932
21,184
19,535
24,098
19,335
13,702
22,660
19,817
19,160
20,704
19,917
22,124
20,433
69
225
312
107
206
235
168
202
124
180
Fort Myers-Cape Coral, FL
Fort Pierce-Port St. Lucie, FL
4,773
4,319
1,679
8,418
2,256
2,067
4,075
32,716
7,784
6,126
4,899
4,696
1,820
9,407
2,397
2,177
4,368
34,274
8,259
6,362
5,210
5,078
1,948
9,908
2,547
2,301
4,726
37,008
8,880
6,866
6.4
8.1
7.0
5.3
6.3
5.7
8.2
8.0
7.5
7.9
16,813
18,381
15,124
19,469
16,679
17,285
19,875
24,175
21,672
22,491
17,252
19,293
15,959
21,757
17,801
17,981
20,538
24,736
22,450
22,847
18,289
20,060
16,733
22,815
18,837
18,767
21,747
26,192
23,664
24,313
271
192
299
101
248
251
130
37
78
64
Fort Smith AR-OK
Fort Walton Beach FL
Fort Wayne IN
Fort Worth-Arlington, TX*
Fresno CA
Gadsden, AL
Gainesville, FL
Galveston-Texas City, TX*
Gary, IN*
Glens Falls, NY
3,014
2,914
9,698
30,015
14,363
1,639
3,473
4,497
11,998
2,146
3,244
3,060
10,202
31,585
14,583
1,727
3,663
4,731
12,613
2,267
3,428
3,237
10,867
33,896
15,274
1,839
3,905
5,065
13,369
2,364
5.7
5.8
6.5
7.3
4.7
6.4
6.6
7.0
6.0
4.3
16,410
18,491
20,803
20,867
17,411
16,425
18,193
19,381
19,472
17,602
17,515
19,007
21,768
21,527
17,384
16,935
18,961
20,130
20,397
18,598
18,167
19,795
23,048
22,665
18,014
18,032
19,984
21,300
21,534
19,326
276
208
95
106
283
281
198
149
139
227
1,664
1,707
1,768
1,768
1,809
1,866
1,895
1,906
2,007
7.2
5.4
7.6
15,408
16,492
17,553
16,261 17,127
17,326 18,297
18,016 18,904
295
270
243
20,059
1,500
2,466
4,349
21,591
1,527
2,529
4,622
23,232
1,624
2,700
4,936
7.6
6.4
6.8
6.8
20,579
18,682
17,548
21,236
21,811
18,803
17,470
22,267
23,174
20,043
18,178
23,429
91
194
275
85
23,267
2,041
24,511
2,174
26,357
2,339
7.5
7.6
21,288
17,889
22,095 23,428
18,712 19,813
86
207
18,140
19,084 20,301
184
18,740
21,527
23,752
28,962
16,594
20,235
26,300
16,585
25,449
17,570
253
141
75
14
301
186
35
302
43
292
21,624
24,664
22,894
19,913
20,646
20,161
22,617
14,897
18,366
21,865
135
55
98
203
170
190
110
310
269
127
Columbia, MO
Columbia, SC
Columbus, GA-AL
Columbus, OH
Corpus Christi, TX
Cumberland, MD-WV
Dallas, TX*
Danville VA
Davenport-Moline-Rock Island, IA-
185,306
Charlotte-Gastonia-Rock Hill, NCSC
Charlottesville, VA
Chattanooga, TN-GA
Cheyenne, WY
Chicago, IL*
Chico-Paradise CA
Cincinnati OH-KY-IN* .
Clarksville-Hopkinsville, TN-KY
Cleveland-Lorain-Elyria, OH*
1993
Colorado Springs CO
Metropolitan Statistical Areas4
Abilene, TX
Akron, OH*
Albany, GA
Albany-Schenectady-Troy, NY
Albuquerque NM
Alexandria LA
Allentown-Bethlehem-Easton, PA ...
Altoona, PA
Arriarillo, TX
Anchorage AK
Percent
change2
Millions of dollars
Area name
1995
27,48
23,752
24,792
25,418
26,58
26,646
24,910
Per capita .personal income 3
Personal income
Per capita personal income 3
Personal income
....
Dutchess County, NY*
Eau Claire, Wl
El Paso TX
Elkhart-Goshen, IN
Elmira, NY
Enid OK
Erie PA
Eugene-Springfield OR
Evansville-Henderson, IN-KY
Fargo-Moorhead, ND-MN
Fayetteville, NC
Fayetteville-Springdale-Rogers, AR
Flagstaff, AZ-UT
Flint Ml*
Florence AL
Florence, SC
Fort Collins-Loveland, CO
Goldsboro, NC
Grand Forks, ND-MN
Grand Junction, CO
Grand Rapids-Muskegon-Holland,
Great Falls MT
Greeley CO*
Green Bay Wl
Greensboro-Winston-Salem-High
Point NC
Greenville NC
Greenville-Spartanburg-Anderson,
SC .:
15,643
16,664
17,948
7.7
Hagerstown, MD*
Hamilton-Middletown, OH*
Harrisburg-Lebanon-Carlisle, PA ....
Hartford, CT (NECMA)
Hattiesburg, MS
Hickory-Morganton-Lenoir, NC
Honolulu HI
Houma, LA
Houston TX*
Huntington-Ashland, WV-KY-OH ....
2,156
6,076
13,179
29,959
1,525
5,602
21,675
2,759
84,734
5,123
2,296
6,438
13,751
30,762
1,635
5,945
22,254
2,963
88,628
5,341
2,382
6,882
14,533
32,169
1,761
6,286
22,901
3,126
94,768
5,566
3.8
6.9
5.7
4.6
7.7
5.7
2.9
5.5
6.9
4.2
19,679
21,753
26,813
14,937
18,527
25,150
14,808
23,571
16,188
18,162
20,377
22,546
27,587
15,773
19,402
25,602
15,807
24,214
16,865
Huntsville, AL
Indianapolis, IN
Iowa City, IA
Jackson Ml
Jackson, MS . .
Jackson, TN
Jacksonville FL
Jacksonville NC
Jamestown NY
Janesville-Beloit Wl
6,547
32,605
2,042
2,715
7,410
1,678
19,606
1,962
2,385
2,831
6,784
34,440
2,206
2,887
7,981
1,829
20,630
2,030
2,503
3,018
7,091
36,402
2,321
3,055
8,594
1,963
22,209
2,149
2,595
3,247
4.5
5.7
5.2
5.8
7.7
7.3
7.7
5.9
3.7
7.6
20,818
22,605
20,612
17,779
18,190
17,693
20,401
13,474
16,763
19,580
20,711
23,583
21,926
18,936
19,355
19,032
21,234
14,005
17,635
20,635
Jersey City, NJ*
Johnson City-Kingsport-Bristol, TNVA
Johnstown, PA
11,975
12,241
12,987
6.1
21,714 22,223 23,561
80
7,596
4,080
7,936
4,211
8,442
4,431
6.4
5.2
16,959 17,622 18,582
16,934 17,482 18,425
262
268
17:134
SURVEY OF CURRENT BUSINESS
D-70 • Regional Data
March 1998
Table K.1.—Personal Income and Per Capita Personal Income by Metropolitan Area, 1993-95—Continued
Per capita personal income 3
Personal income
Area name
Percent
change 2
M Ilions of dollars
Rank in
U.S.
Dollars
1993
1994
1995
1993
1994
1995
1995
Jonesboro AR
Joplin MO .
Kalamazoo-Battle Creek, Ml
Kankakee, IL*
Kansas City MO-KS
Kenosha Wl*
Killeen-Temple, TX
1,154
2,357
8,737
1,808
36,359
2,597
4,202
1,226
2,543
9,229
1,892
38,533
2,751
4,530
1,335
2,739
9,821
2,020
41,123
2,948
4,828
8.9
7.7
6.4
6.7
6.7
7.2
6.6
15,905
16,857
19,895
18,003
22,290
19,092
15,600
16,704
17,960
20,964
18,699
23,244
19,990
15,682
17,826
19,088
22,203
19,901
24,576
21,117
16,508
290
241
122
204
58
158
303
Knoxville, TN
Kokomo, IN
La Crosse, WI-MN
Lafayette LA
Lafayette, IN
Lake Charles LA
Lakeland-Winter Haven FL
Lancaster, PA
Lansing-East Lansing, Ml
Laredo TX
12,153
2,071
2,314
5,720
2,994
2,957
7,175
9,537
8,531
1,730
12,964
2,203
2,430
6,161
3,164
3,176
7,709
9,785
9,168
1,885
13,814
2,368
2,550
6,527
3,353
3,394
8,344
10,321
9,686
1,966
6.6
7.5
4.9
5.9
6.0
6.9
8.2
5.5
5.7
4.3
19,627
20,848
19,385
15,999
18,070
17,188
16,972
21,745
19,553
10,998
20,566
22,130
20,210
17,060
18,806
18,258
17,930
22,084
20,614
11,430
21,558
23,715
21,088
17,867
19,734
19,262
19,126
23,056
21,717
11,402
138
77
159
287
215
230
238
93
132
314
Las Cruces, NM
Las Vegas, NV-AZ
Lawrence, KS
Lawton, OK
Lewiston-Auburn, ME (NECMA)
Lexington KY
Lima OH'
Lincoln NE
Little Rock-North Little Rock, AR ...
Longview-Marshall TX . .
2,059
21,342
1,417
1,778
1,849
8,660
2,795
4,541
10,489
3,507
2,160
23,786
1,505
1,803
1,918
9,080
2,988
4,831
11,105
3,660
2,343
26,198
1,608
1,880
2,019
9,743
3,117
5,156
11,916
3,905
8.5
6.8
4.3
5.3
7.3
4.3
6.7
7.3
6.7
13,487
21,054
16,483
15,041
17,808
20,331
17,897
20,275
19,680
17,531
13,752
21,974
17,266
15,866
18,558
21,060
19,168
21,325
20,652
18,166
14,643
22,927
18,191
16,870
19,626
22,394
20,042
22,446
21,954
19,132
311
97
274
297
217
116
195
114
126
237
199,770
20,804
4,100
3,723
5,490
9,206
3,039
4,521
2,859
8,564
201,754
21,834
4,330
3,922
5,740
9,765
3,201
4,893
3,070
8,938
213,337
23,232
4,590
4,127
6,085
10,391
3,373
5,248
3,272
9,341
5.7
6.4
6.0
5.2
6.0
6.4
5.4
7.3
6.6
4.5
21,984
21,363
18,027
18,550
18,129
23,822
17,343
10,170
18,080
19,663
22,218
22,267
18,776
19,314
18,686
25,032
18,265
10,525
18,913
20,161
23,501
23,552
19,783
20,199
19,674
26,449
19,243
10,878
19,746
20,747
82
81
209
188
216
33
231
315
213
167
21,862
3,025
39,110
23,432
3,043
40,344
25,222
3,017
43,087
7.6
-.9
6.8
20,988 22,215 23,640
15,735 15,494 15,653
19,699 20,056 21,058
79
307
160
31,640
33,779
66,474
8,495
6,992
27,308
2,390
33,117
35,519
70,555
8,967
7,139
28,058
2,528
35,087
37,698
74,901
9,469
7,449
29,635
2,708
5.9
6.1
6.2
5.6
4.3
5.6
7.1
29,967
23,263
25,026
16,811
17,379
26,720
16,395
30,997
24,422
26,197
17,614
17,537
27,089
17,304
32,507
25,906
27,436
18,429
18,122
28,187
18,444
7
38
26
266
278
18
264
5,840
2,180
2,544
5,343
23,385
77,581
6,178
2,287
2,771
5,601
25,394
80,864
6,558
2,384
3,034
6,015
27,453
85,250
6.1
4.2
9.5
7.4
8.1
5.4
18,996
18,185
17,143
31,084
22,367
29,373
19,964
19,204
18,177
31,447
23,716
30,527
21,000
20,044
19,220
32,878
25,077
32,108
162
193
234
5
50
9
52,715
54,255
57,566
6.1
32,372 33,352 35,400
3
5,907
25,439
242,044
6,264
26,568
251,831
6,615
28,089
266,669
5.6
5.7
5.9
23,761 25,157 26,436
19,497 20,277 21,374
28,163 29,227 30,896
34
144
11
Los Angeles-Long Beach, CA*
Louisville, KY-IN
Lubbock, TX
burg, VA
i, GA
Madison, Wl
Mansfield, OH
McAllen-Edinburg-Mission, TX
Medford-Ashland OR
Melbourne-Titusville-Palm Bay, FL
r
Memphis, TN-AR-MS
Merced, CA
Miami, FL*
Middlesex-Somerset-Hunterdon,
NJ*
Milwaukee-Waukesha, Wl*
Minneapolis-St. Paul, MN-WI
Mobile, AL
Modesto CA
Monmouth-Ocean, NJ*
Monroe LA
Montgomery, AL
Muncie IN
Myrtle Beach, SC
Naples, FL
Nashville, TN
Nassau-Suffolk, NY*
New Haven-Bridgeport-StamfordDanbury-Waterbury, CT*
New London-Norwich, CT
(NECMA)
New Orleans LA
New York NY*
1994-95
10.1
Area name
1994
1995
21,293
22,694
24,596
8.4
22,661 23,448 24,675
Rapid City, SD
Reading PA
Redding, CA
Reno NV
Richland-Kennewick-Pasco, WA ....
Richmond-Petersburg, VA
Riverside-San Bernardino, CA*
Roanoke VA
Rochester MN
Rochester NY
1,564
7,698
2,909
6,933
3,388
21,378
50,578
5,017
2,608
24,339
1,645
8,020
3,007
7,506
3,605
22,540
52,250
5,207
2,667
25,451
1,760
8,455
3,146
8,110
3,699
23,940
55,477
5,575
2,784
26,703
7.0
5.4
4.6
8.0
2.6
6.2
6.2
7.1
4.4
4.9
18,181
22,268
18,319
25,189
20,220
23,600
17,584
22,045
23,141
22,372
18,991
23,008
18,785
26,448
20,691
24,587
17,892
22,753
23,574
23,386
20,176
24,139
19,558
27,866
20,618
25,851
18,685
24,378
24,720
24,566
189
67
219
23
171
41
255
62
52
59
Rockford, IL
Rocky Mount NC
Sacramento CA*
Saginaw-Bay City-Midland, Ml
St Cloud MN
St. Joseph, MO
St Louis MO-IL
Salem OR*
Salinas CA
Salt Lake City-Ogden UT
6,837
2,375
30,464
7,973
2,609
1,697
56,970
5,300
7,946
20,413
7,381
2,481
31,962
8,478
2,777
1,781
59,826
5,624
7,922
22,030
7,888
2,656
34,258
8,996
2,902
1,872
63,929
6,010
8,452
23,739
6.9 19,923 21,330
7.1 17,147 17,631
7.2 21,306 22,173
6.1 19,787 21,047
4.5 16,825 17,708
5.1 17,251 18,214
6.9 22,529 23,634
6.9 17,612 18,278
6.7 22,577 23,804
7.8 17,674 18,703
22,602
18,615
23,459
22,342
18,278
19,222
25,170
19,154
25,270
19,825
111
260
84
118
272
233
48
236
47
205
San Angelo TX
San Antonio TX
San Diego, CA
San Francisco, CA*
San Jose, CA*
San Luis Obispo-Atascadero-Paso
Robles, CA
Santa Barbara-Santa MariaLorn poc CA
Santa Cruz-Watsonviile, CA*
Santa Fe NM
Santa Rosa CA*
1,754
25,644
56,001
55,375
43,786
1,845
27,298
57,820
56,964
45,784
1,958
29,313
61,106
60,853
49,548
6.1
7.4
5.7
6.8
8.2
19,231
20,034
23,263
36,989
31,487
232
196
88
1
10
4,216
4,361
4,645
6.5
18,970 19,444 20,490
176
9,193
5,618
2,913
9,703
9,378
5,788
3,087
10,103
9,929
6,193
3,350
10,779
5.9
7.0
8.5
6.7
24,216
24,049
22,812
23,799
25,860
26,202
24,691
25,888
40
36
53
39
Sarasota-Bradenton, FL
Savannah GA
Scranton-Wilkes-Barre-Hazleton,
PA
Seattle-Bellevue-Everett, WA*
Sharon PA
Sheboygan Wl
Sherman-Denison, TX
Shreveport-Bossier City LA
Sioux City, IA-NE
.'
Sioux Falls SD
13,489
5,292
14,375
5,612
15,557
5,971
8.2
6.4
26,406 27,704 29,641
19,473 20,318 21,351
13
145
11,963
57,079
2,042
2,188
1,677
6,963
2,196
3,208
12,316
59,763
2,141
2,314
7,296
2,336
3,504
12,927
63,422
2,259
2,456
1,879
7,672
2,517
3,747
5.0
6.1
5.5
6.2
7.3
5.2
7.7
6.9
18,695
26,458
16,702
20,589
17,420
18,495
18,493
21,573
19,363
27,422
17,545
21,526
17,963
19,321
19,544
23,045
20,442
28,773
18,498
22,560
19,090
20,228
20,871
24,320
179
15
263
113
240
187
165
63
South Bend, IN
Spokane, WA
Springfield, IL
Springfield MO
Springfield, MA (NECMA)
State College PA
Steubenville-Weirton, OH-WV
Stockton-Lodi CA
Sumter SC
Syracuse NY
5,126
7,409
4,145
5,243
12,124
2,247
2,326
9,115
1,463
14,898
5,399
7,849
4,381
5,640
12,566
2,333
2,420
9,385
1,549
15,544
5,741
8,271
4,554
6,053
13,264
2,475
2,521
9,924
1,645
16,171
6.3
5.4
3.9
7.3
5.6
6.1
4.2
5.7
6.2
4.0
20,215
18,932
21,311
18,562
20,321
17,403
16,519
17,826
13,811
19,745
21,150
19,788
21,657
19,556
21,080
17,977
17,278
18,085
14,557
20,676
22,350
20,575
22,426
20,616
22,342
18,957
18,079
18,874
15,387
21,592
117
173
115
172
118
242
279
245
308
136
Tacoma, WA*
Tallahassee FL
12,125
4,504
12,706
4,784
13,586
5,083
6.9
6.3
19,231 19,899 20,945
18,014 18,760 19,753
163
212
Terre Haute, IN
Texarkana, TX-Texarkana, AR
Toledo OH
Topeka KS
Trenton' NJ*
Tucson AZ
Tulsa OK
43,934
2,574
1,975
12,583
3,409
9,809
12,644
14,918
45,864
2,654
2,080
13,292
3,554
10,194
13,782
15,473
49,391
2,789
2,215
14,038
3,753
10,770
14,770
16,274
7.7
5.1
6.5
5.6
5.6
5.7
7.2
5.2
20,567
17,160
16,184
20,521
20,775
29,853
17,767
20,192
22,646
18,640
17,998
22,971
22,752
32,633
19,556
21,789
108
258
284
96
104
6
220
129
Tuscaloosa AL
Tyler, TX
Utica-Rome, NY
Vallejo-Fairfield-Napa, CA*
Ventura CA*
Victoria, TX
Vineland-Millville-Bridgeton, NJ*
Visalia-Tulare-PortervUle, CA
Waco TX
Washington, DC-MD-VA-WV*
2,678
3,054
5,632
10,108
16,035
1,513
2,720
5,263
3,297
126,237
2,856
3,238
5,892
10,476
16,494
1,594
2,786
5,363
3,474
132,361
3,045
3,456
6,085
11,174
17,485
1,700
2,936
5,615
3,734
139,085
6.6 17,306 18,411 19,281
6.7 19,357 20,245 21,253
3.3 17,729 18,680 19,740
6.7 21,138 21,820 23,328
6.0 23,196 23,527 24,736
6.6 19,197 19,892 21,042
5.4 19,567 20,063 21,312
4.7 15,516 15,517 16,144
7.5 16,963 17,528 18,674
5.1 28,631 29,644 30,824
229
151
214
87
51
161
148
305
257
12
2,258
2,247
30,995
2,717
10,710
2,384
2,119
13,709
3,499
3,599
2,406
2,370
32,424
2,796
10,934
2,519
2,184
14,321
3,741
3,738
2,540
2,530
35,204
2,926
11,617
2,707
2,290
15,249
4,062
3,934
5.6 18,142 19,419 20,660
6.8 18,772 19,689 20,902
8.6 33,197 33,862 36,057
4.7 17,138 17,723 18,682
6.2 21,238 21,574 22,823
7.5 18,295 19,020 19,933
4.9 17,517 18,080 19,102
6.5 25,649 26,507 27,924
8.6 18,667 19,314 20,247
5.2 17,559 17,810 18,427
169
164
2
256
100
201
239
21
185
267
2,952
7,632
11,051
2,191
1,757
3,055
7,823
11,641
2,233
1,687
3,276
8,299
12,302
2,366
1,976
58,947
7,395
62,684
7,729
6.3
4.5
29,599 30,459 32,346
20,037 20,813 21,528
8
140
28,554
56,796
3,533
4,650
18,503
3,791
14,167
65,005
29,768
58,801
3,804
4,875
19,443
3,996
14,958
67,212
31,217
62,995
4,090
5,152
20,474
4,288
16,108
71,272
4.9
7.1
7.5
5.7
5.3
7.3
7.7
6.0
18,826
26,196
16,673
19,829
18,575
20,662
21,535
25,681
19,485
26,973
17,318
20,618
19,277
21,301
22,540
26,213
20,332
28,729
18,130
21,674
20,139
22,258
24,002
27,420
183
16
277
133
191
120
72
27
Orlando, FL
Owensboro KY
Panama City FL
Parkersburg-Marietta, WV-OH
Pensacola, FL
Peoria-Pekin IL
Philadelphia PA-NJ*
Phoenix-Mesa, AZ
Pine Bluff AR
Pittsburgh PA
26,180
1,562
2,373
2,739
6,229
7,005
122,479
48,394
1,290
53,184
27,690
1,669
2,471
2,853
6,484
7,418
126,364
52,629
1,319
54,634
29,645
1,758
2,592
2,999
6,818
7,692
133,528
58,036
1,397
57,518
7.1
5:3
4.9
5.1
5.1
3.7
5.7
5.8
5.3
19,621
17,468
17,295
18,115
17,195
20,428
24,775
20,180
15,294
22,090
20,313
18,496
17,680
18,816
17,391
21,551
25,521
21,178
15,649
22,760
21,395
19,390
18,229
19,774
18,025
22,235
26,959
21,839
16,685
24,071
143
223
273
211
282
121
30
128
300
70
3,048
1,121
5,649
36,081
3,145
1,182
5,896
38,758
3,326
1,245
6,253
42,160
5.8
5.3
6.1
8.8
22,395
16,056
23,032
21,897
23,151
16,404
23,839
23,046
24,611
17,033
25,127
24,553
57
296
49
60
Waterloo-Cedar Falls, IA
Wausau, Wl
West Palm Beach-Boca Raton, FL
Wheeling, WV-OH
Wichita, KS
Wichita Falls, TX
Williamsport, PA
Wilmington-Newark, DE-MD*
Wilmington NC
Yakima WA
19,832
3,895
2,061
2,294
3,849
20,241
4,248
2,176
2,456
4,073
21,576
4,691
2,390
2,649
4,327
6.6
21,687
13,736
16,378
18,636
21,217
22,185
14,063
17,025
19,483
22,275
23,730
15,099
18,441
20,539
23,498
76
309
265
174
83
Yolo, CA*
York PA
Youngstown-Warren, OH
Yuba City, CA
Yuma AZ
10.4
9.9
7.9
6.2
1. The personal income level shown for the United States is derived as the sum of the county estimates; it
differs from the national income and product accounts (NIPA) estimate of personal income because, by definition,
it omits the earnings of Federal civilian and military personnel stationed abroad and of U.S. residents employed
abroad temporarily by private U.S. firms. It can also differ from the NIPA estimate because of different data sources
and revision schedules.
2. Percent change was calculated from unrounded data.
3. Per capita personal income was computed using Census Bureau midyear population estimates. Estimates for
Rank in
U.S.
Dollars
1993
57,117
7,061
Pittsfield, MA (NECMA)
Pocatello ID
Portland, ME (NECMA)
Portland-Vancouver, OR-WA*
Providence-Warwick-Pawtucket, Rl
(NECMA)
Provo-Orem UT
Pueblo CO
Punta Gorda FL
Racine Wl*
Percent
change2
Millions of dollars
Raleigh-Durham-Chapel Hill, NC ...
Newark, NJ*
Newburgh, NY-PA*
Norfolk-Virginia Beach-Newport
News, VA-NC
Oakland, CA*
Ocala, FL
Odessa-Midland TX
Oklahoma City OK
Olympia WA* '
Omaha NE-IA
Orange County CA*
10.3
Per capita personal income 3
Personal income
1J51
1994-95
7.2
6.1
5.7
5.9
17.1
1993
17,553
18,214
21,484
33,891
28,362
20,293
21,563
18,249
16,566
14,112
1994
18,247
19,055
22,114
34,745
29,439
24,435
24,587
23,461
24,533
21,246
17,757
16,939
21,730
21,540
30,964
18,761
20,823
20,864
21,727
19,317
16,569
13,228
1995
22,083
22,759
20,512
17,414
16,221
1995
54
125
103
175
294
304
1993-95 reflect county population estimates available as of March 1997.
4. Includes Metropolitan Statistical Areas, Primary Metropolitan Statistical Areas (PMSA's designated by *), and
New England County Metropolitan Areas (NECMA's). The New Haven-Bridgeport-Stamford-Danbury-Waterbury, CT
NECMA is presented as a PMSA (part of the New York CMSA).
Source: Table 1 in "Comprehensive Revision of Local Area Personal Income, 1969-95" in the September 1997
SURVEY OF CURRENT BUSINESS.
SURVEY OF CURRENT BUSINESS
March 1998
Regional Data • D-71
L. Charts.
SELECTED REGIONAL ESTIMATES
SHARES OF U.S. PERSONAL INCOME BY REGION
1969
1996
Great Lakes
16.5%
Great Lakes
20.8%
New England
6.4%
Plains
6.7%
New England
6.0%
Southeast
21.9%
Southeast
17.3%
Rocky Mountain
2.2%
Southwest
9.5%
Rocky Mountain
2.9%
SHARES OF U.S. GROSS STATE PRODUCT BY REGION
1977
1994
Great Lakes
19.6%
New England
5.2%
Plains
7.5%
New England
5.7%
Far West
15.7%
Southeast
19.6%
Far West
17.5%
Rocky Mountain
2.8%
Rocky Mountain
2.9%
AVERAGE ANNUAL GROWTH RATE OF PERSONAL INCOME, 1969-96
STATES WITH FASTEST GROWTH
US
' ' IT!!?6
STATES WITH SLOWEST GROWTH
U.S. average
8.2%
North Dakota
Indiana
West Virginia
Rhode Island
Michigan
Pennsylvania
Illinois
New York
Ohio
Iowa
Percent
US. Department of Commerce, Bureau of Economic Analysis
Percent
D-72
• Regional Data
SURVEY OF CURRENT BUSINESS
March
SELECTED REGIONAL ESTIMATES
PER CAPITA PERSONAL INCOME, 1996
i ? WA
/
C $25,187 / 1
/ ~.
/
X
HT
^
/
$19,214
OR
/
n
$23,074
J
|D W
'
/^r^/™37 /
>
NO
$20,448
— _
MN
$25,663
.
" ' "'
•,
Wl
wv
;'23'320
'20,895
/ ,,'Mf • ./
\ «#« ' '
;: r, \
,
^ *-—T—r-y—__ S52917
ur
K^S^T
' J^-s
CA \
KS
^*° \,,^~—
$23 165
\
"X
'
WV
$21,363
^ -.
,
Hl"^
/
$25,404
^ /
/
/
:
^^
^
.oflo
X
5 *'4,39o
.f
/
•-£*-?.•>. R,
24 572
OH • $24,803
$23,457 ' ^^'^
jw;/ i -
TN
121940
*21.9'19
AL
.-• '
,
GA
MOoni
x
,' '
NJ CT
$31,334 $33,875
DE
D
MD
^
$27 618$
'
-/^
$22,205^
SC _
$19,977
, ,
'
DC
$34129
^
\ MS $20,131 ; $22,977 '.''
^ ^^
i
/J17J75
\ LAtl'Ir"'
/*19^64 ^7-:.-- - .
^ -'--.->
^
-,
•\
•
f-n^ ~ '
$29,792
. • PA ^
.
'--^ j'jf
//'P
^
MA
;
V'^7.^;:''^
'IT''
^
—'
.-; -'l$18,16d VA ->s
:. ,
Jf
/S21.011
\
_>'
12
«
$22,282
^^~ ^
-.
M0
022
TY
\
/
/
I
•
IN
\wj»«j22^ou
'
OK
.„
'?
wg^
AR ;
--_ ^
W8^59.'
-v^-^.^
(
•
:—- —t
c
^
'.' «•
^L-
NM
""
$18 803
-
\.
'
'
.,
W
',
.'
__ ;
'\
$22 306
- -"••
$19,595
'~-
/
',
''
j22470
*"'""
....
.; .,
'•-••-•;
'
M
NH
$26,615
VT
r^TTr-7 «"« • - « - • ; ,A ^,.
V
'
"""
"
~~ States with highest levels
'?$fo
**
United States $24,426
.
.
States with lowest levels
All other States
""*
PERSONAL INCOME GROWTH: AVERAGE QUARTERLY PERCENT CHANGE, 1996:111-1997:111
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\
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/
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•- :
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States with largest percent change^"
States with smallest percent change
All other States
United States 1.4%
March 1998
SURVEY OF CURRENT BUSINESS
Appendixes • D-73
Appendix A
Additional Information About BEA'S NIPA Estimates
Statistical Conventions
Changes in current-dollar GDP measure changes in
the market value of goods and services produced in
the economy in a particular period. For many purposes, it is necessary to decompose these changes into
quantity and price components. To compute the
quantity indexes, changes in the quantities of individual goods and services are weighted by their prices.
(Quantity changes for GDP are often referred to as
changes in "real GDP") For the price indexes, changes
in the prices for individual goods and services are
weighted by quantities produced. (In practice, the
current-dollar value and price indexes for most GDP
components are determined largely using data from
Federal Government surveys, and the real values of
these components are calculated by deflation at the
most detailed level for which all the required data are
available.)
Except for the most recent period, the annual and
quarterly changes in real GDP and prices are "chaintype" measures that are both based on the "Fisher
Ideal" formula that incorporates weights from two adjacent years. For example, the 1992-93 percent change
in real GDP uses prices for 1992 and 1993 as weights,
and the 1992-93 percent change in price uses quantities for 1992 and 1993 as weights. Because the quantity
and price index numbers calculated in this way are
symmetric, the product of the index of real GDP and
the index of prices equals the index of current-dollar
GDP.
In the most recent period, a variant of the formula
is used because only i year's information is available
for computing the index number weights. Accordingly, BEA uses the prices and quantities from the two
adjacent quarters as weights to calculate Fisher chaintype measures for those estimates. For example, the
1996:11-1996:111 percent change in real GDP uses prices
for 1996:11 and 1996:111 as weights, and the 1996:111996:111 percent change in the GDP price index uses
quantities for 1996:11 and 1996:111 as weights.
BEA also presents another measure, known as the
"implicit price deflator," in the NIPA tables. The implicit price deflator is calculated as the ratio of currentdollar value to the corresponding chained-dollar value
multiplied by 100.
In addition, BEA prepares measures of real GDP
and its components in a dollar-denominated form,
designated "chained (1992) dollar estimates" These estimates are computed by multiplying the 1992 currentdollar value of GDP, or of a GDP component, by the
corresponding quantity index number. For example,
if a current-dollar GDP component equaled $100 in
1992 and if real output for this component increased
by 10 percent in 1993, then the "chained (1992) dollar"
value of this component in 1993 would be $110 ($100
X 1.10). Note that percentage changes in the chained
(1992) dollar estimates and the percentage changes calculated from the quantity indexes are identical, except
for small differences due to rounding.
Because of the formula used for calculating real GDP,
the chained (1992) dollar estimates for detailed GDP
components do not add to the chained-dollar value
of GDP or to any intermediate aggregates. A "residual" line is shown as the difference between GDP and
the sum of the most detailed components shown in
each table. The residual generally is small close to the
base period but tends to become larger as one moves
further from it. In cases where the residual is large,
the table of contributions of the major components
to the change in real GDP provides a better basis for
determining the composition of GDP growth than the
chained-dollar estimates.
For quarters and months, the estimates are presented at annual rates, which show the value that would
be registered if the rate of activity measured for a
quarter or a month were maintained for a full year.
Annual rates are used so that time periods of different lengths— for example, quarters and years— may be
compared easily. These annual rates are determined
simply by multiplying the estimated rate of activity by
4 (for quarterly data) or 12 (for monthly data).
Percent changes in the estimates are also expressed
at annual rates. Calculating these changes requires a
variant of the compound interest formula:
where r is the percent change at an annual rate;
Xt is the level of activity in the later period;
X0 is the level of activity in the earlier period;
m is the yearly periodicity of the data (for
example, i for annual data, 4 for quarterly,
or 12 for monthly); and
n is the number of periods between the
earlier and later periods (that is, t - o).
Quarterly and monthly NIPA estimates are seasonally
adjusted, if necessary. Seasonal adjustment removes
from the time series the average impact of variations that normally occur at about the same time and
in about the same magnitude each year— for example, weather, holidays, and tax payment dates. After
seasonal adjustment, cyclical and other short-term
changes in the economy stand out more clearly.
D-74 • Appendixes
SURVEY OF CURRENT BUSINESS
March 1998
Reconciliation Tables
Table 1.—Reconciliation of Changes in BEA-Derived Compensation Per Hour with BLS Average Hourly Earnings
[Percent change from preceding period]
Seasonally adjusted at annual rates
1995
1996
1997^
1996
1997
IV
II
I
III
NP
BEA-derived compensation per hour of all persons in the nonfarm business sector
(less housing)
.
2.5
3.8
3.8
3.4
4.3
3.2
3.8
5.2
Less: Contribution of supplements to wages and salaries per hour
-.6
-.6
-.4
-.7
-.6
-.1
-.1
-.4
Plus: Contribution of wages and salaries per hour of persons in housing and in nonprofit
institutions
0
-.1
-.1
0
-.4
.3
-.2
-.2
.2
.1
.1
.1
-.2
.3
.3
2.8
4.3
4.1
4.0
4.6
3.3
3.5
5.4
Less: Contribution of wages and salaries per hour of persons in government enterprises,
unpaid family workers and self-employed
Equals: BEA-derived wages and salaries per hour of all employees in the private
nonfarm sector
Less: Contribution of wages and salaries per hour of nonproduction workers in
manufacturing
.1
-.2
-.2
-.8
-.1
-.3
-.1
-.1
Less1 Other differences1
-.1
1.2
.5
.9
.6
.5
-.2
.5
Equals: BLS average hourly earnings of production or nonsupervisory workers on
private nonfarm payrolls
2.9
3.3
3.8
3.9
4.2
3.0
3.8
5.0
Addendum:
BLS estimates of compensation per hour in the nonfarm business sector 2
2.5
3.8
3.8
3.4
4.3
3.2
3.8
5.1
p Preliminary.
1. Includes BEA use of non-BLS data and differences in detailed weighting. Annual estimates
also include differences in BEA and BLS benchmark procedures; quarterly estimates also include
differences in seasonal adjustment procedures.
2. These estimates differ from the BEA-derived estimates (first line) because the BLS estimates
include compensation and hours of tenant-occupied housing.
NoiE.-The table incorporates BLS revisions to reflect the 1996 Hours at Work Survey.
BLS Bureau of Labor Statistics
^
Table 2.—Relation of Net Exports of Goods and Services and Net Receipts of Factor Income in the National Income and
Product Accounts (NIPA's) to Balance on Goods, Services, and Income in the Balance of Payments Accounts (BPA's)
[Billions of dollars]
Seasonally adjusted at annual rates
Line
1995
1996
1996
II
III
1997
IV
I
II
III
Exports of goods, services, and income, BPA's
1
Less1 Gold BPA's
Statistical differences l
Other items
2
3
4
Plus' Adjustment for grossing of parent/affiliate interest payments
Adjustment for U S territories and Puerto Rico
Services furnished without payment by financial intermediaries except life insurance
carriers and private noninsured pension plans
5
6
33.3
34.0
34.1
33.6
34.9
35.4
36.5
36.0
7
14.5
15.3
14.8
15.9
16.3
16.5
17.0
17.1
Equals'. Exports of goods and services and receipts of factor income, NIPA's
8 1,041.2 1,105.1 1,092.0 1,099.0 1,153.4 1,170.4 1,221.9 1,235.2
Imports of goods, services, and income, BPA's
9 1,086.5 1,163.4 1,156.9 1,183.5 1,198.0 1,243.2 1,291.0 1,314.2
991.5
5.1
0
.9
8.0
1,055.2
6.9
0
1.1
8.7
1,049.3 1,047.9 1,098.2 1,118.1 1,175.5 1,182.4
12.5
0
1.0
7.3
5.2
0
1.5
8.4
3.7
0
1.1
8.9
6.7
.6
.8
8.6
9.3
5.6
.7
8.4
3.4
6.1
.6
9.9
Less: Gold, BPA's
Statistical differences l
Other items
10
11
12
Plus' Gold NIPA's
Adjustment for grossing of parent/affiliate interest payments
Adjustment for U.S. territories and Puerto Rico
Imputed interest paid to rest of world
13
14
15
16
Equals: Imports of goods and services and payments of factor income, NIPA's
17 1,122.0 1,198.3 1,183.0 1,219.9 1,238.8 1,283.5 1,331.3 1,367.2
5.3
0
0
^3.6
8.0
21.9
14.5
7.7
0
0
-3.8
8.7
22.4
15.3
Balance on goods, services, and income, BPA's (1-9)
18
Less: Gold (2-1 0+ 13)
Statistical differences (3-1 1) l
Other items (4-12)
19
20
21
^3.8
Plus' Adjustment for U S territories and Puerto Rico (6-15)
22
11.4
11.6
Equals: Net exports of goods and services and net receipts of factor income, NIPA's
(8-17)
23
-80.8
-93.2
1. Consists of statistical revisions in the NIPA's that have not yet been incorporated into the
BPA's (1997:111) and statistical revisions in the BPA's that have not yet been incorporated in the
NIPA's (1997:M997:III).
14.6
0
0
-3.6
7.3
22.3
14.8
6.2
0
0
-4.0
8.4
22.4
15.9
-95.0 -108.2 -107.6 -135.6
0
.9
-4.6
0
1.1
-5.7
0
1.0
11.8
-5.0
0
1.5
11.2
-91.0 -120.9
3.4
0
0
-4.2
8.9
23.4
16.3
8.7
3.0
-3.4
11.0
^3.6
-4.7
0
0
0
-3.6
-3.9
-3.6
8.6
24.1
16.5
8.4
26.1
17.0
9.9
27.9
17.1
-99.8 -125.1 -115.5 -131.8
^3.9
0
1.1
11.5
-5.6
4.0
.8
11.3
-5.6
9.2
.7
10.4
-3.2
10.8
.6
8.1
-85.4 -113.1 -109.4 -132.0
Appendixes • D-75
SURVEY OF CURRENT BUSINESS
March 1998
Appendix B
Suggested Reading
Mid-Decade Strategic Plan
BEA has published the following articles in the SURVEY OF CURRENT BUSINESS on the development and
implementation of its strategic plan for improving
the accuracy, reliability, and relevance of the national,
regional, and international accounts.
"Mid-Decade Strategic Review of BEA'S Economic
Accounts: Maintaining and Improving Their
Performance" (February 1995)*
"Mid-Decade Strategic Review of BEA'S Economic
Accounts: An Update" (April 1995)*
"BEA'S Mid-Decade Strategic Plan: A Progress
Report" (June 1996)*
Mid-Decade Strategic Review of BEA'S Economic
Accounts: Background Papers (1995) presents seven
background papers that evaluate the state of the U.S.
economic accounts and that identify the problems and
the prospects for improving the accounts.
Methodology
BEA has published a wealth of information about the
methodology used to prepare its national, regional,
and international estimates.
National
National income and product accounts (NIPA'S)
NIPA Methodology Papers: This series documents
the conceptual framework of the NIPA'S and the
methodology used to prepare the estimates.
An Introduction to National Economic Accounting
(NIPA Methodology Paper No. i, 1985) [Also
appeared in the March 1985 issue of the SURVEY]
Corporate Profits: Profits Before Tax, Profits Tax
Liability, and Dividends (NIPA Methodology Paper
No. 2,1985)
Foreign Transactions (NIPA Methodology Paper
No. 3,1987)
GNP: An Overview of Source Data and Estimating Methods (NIPA Methodology Paper No. 4,
1987) [Also appeared in the July 1987 issue of the
SURVEY]
Government Transactions (NIPA Methodology
Paper No. 5,1988)*
Personal Consumption Expenditures (NIPA Methodology Paper No. 6, 1990)
* Items with an asterisk can be found on BEA'S Internet site at
<http://www.bea.doc.gov>.
The methodologies described in these papers are
subject to periodic improvements that are typically
introduced as part of the annual and comprehensive revisions of the NIPA'S; these improvements are
described in the SURVEY articles that cover these
revisions.
"Annual Revision of the U.S. National Income and
Product Accounts": This series of SURVEY articles,
the latest of which was published in the August 1997
issue,* describes the annual NIPA revisions and the
improvements in methodology.
The most recent comprehensive revision of the
NIPA'S is described in the following series of SURVEY
articles.
"Preview of the Comprehensive Revision of the
National Income and Product Accounts: BEA'S
New Featured Measures of Output and Prices"
(July 1995)*
"Preview of the Comprehensive Revision of the
National Income and Product Accounts: Recognition of Government Investment and Incorporation of a New Methodology for Calculating
Depreciation" (September 1995)*
"Preview of the Comprehensive Revision of the
National Income and Product Accounts: New and
Redesigned Tables" (October 1995)*
"Improved Estimates of the National Income
and Product Accounts for 1959-95: Results of
the Comprehensive Revision" (January/February
1996)*
"Completion of the Comprehensive Revision of
the National Income and Product Accounts,
1929-96" (May 1997)*
"Updated Summary NIPA Methodologies" (September 1997 SURVEY)* identifies the principal source data
and estimating methods that are used to prepare the
estimates of gross domestic product (GDP).
Availability
For the availability of some of these publications,
see the inside back cover of this issue. See also the
User's Guide to BEA Information: To request a copy,
write to the Public Information Office, BE-53, Bureau
of Economic Analysis, U.S. Department of Commerce,
Washington DC 20230, call 202-606-9900, or visit BEA'S
Internet site at <http://www.bea.doc.gov>.
D-76 • Appendixes
SURVEY OF CURRENT BUSINESS
Information on the sources and methods used to
prepare the national estimates of personal income,
which provide the basis for the State estimates of personal income, can be found in State Personal Income,
1929-93 (1995).*
"Gross Domestic Product as a Measure of U.S. Production" (August 1991 SURVEY)* briefly explains the
difference between GDP and gross national product.
The conceptual basis for the chain-type measures of
real output and prices used in the NIPA'S is described
in the following SURVEY articles.
"Alternative Measures of Change in Real Output
and Prices" (April 1992)*
"Economic Theory and BEA'S Alternative Quantity
and Price Indexes" (April 1992)*
"Alternative Measures of Change in Real Output and Prices, Quarterly Estimates for 1959-92"
(March 1993)*
"Preview of the Comprehensive Revision of the
National Income and Product Accounts: BEA'S
New Featured Measures of Output and Prices"
(July 1995)*
"BEA'S Chain Indexes, Time Series, and Measures
of Long-Term Economic Growth" (May 1997)*
"Reliability and Accuracy of the Quarterly Estimates
of GDP" (October 1993 SURVEY)* evaluates GDP estimates by examining the record of revisions in the
quarterly estimates.
"A Look at How BEA Presents the NIPA'S" (May
1996 SURVEY)* explains how to locate the NIPA estimates and some of the conventions used in their
presentation.
Wealth and related estimates
"Improved Estimates of Fixed Reproducible Tangible
Wealth, 1929-95" (May 1997 SURVEY)* describes the
most recent comprehensive revision of the estimates
of fixed reproducible tangible wealth.
International
Balance of payments accounts (BPA'S)
The Balance of Payments of the United States: Concepts,
Data Sources, and Estimating Procedures (1990)* describes the methodologies used in preparing the estimates in the BPA'S and of the international investment
position of the United States. These methodologies
are subject to periodic improvements that are typically introduced as part of the annual revisions of
the BPA'S.
"U.S. International Transactions, Revised Estimates": This series of SURVEY articles, the latest of
which was published in the July 1997 issue,* describes
the annual BPA revisions and the improvements in
methodology.
Direct investment
The coverage, concepts, definitions, and classifications used in the benchmark surveys of U.S. direct
investment abroad and of foreign direct investment
in the United States are presented in the publications of the final results of the following benchmark
surveys.
U.S. Direct Investment Abroad: 1989 Benchmark
Survey, Final Results (1992)*
Foreign Direct Investment in the United States: 1992
Benchmark Survey, Final Results (1995)*
The types of data on direct investment that are collected and published by BEA and the clarifications of
the differences between the data sets are presented in
the following SURVEY articles.
"A Guide to BEA Statistics on U.S. Multinational
Companies" (March 1995)*
"A Guide to BEA Statistics on Foreign Direct
Investment in the United States" (February 1990)*
Regional
Gross product by industry
Personal income
"Improved Estimates of Gross Product by Industry,
1959-94" (August 1996 SURVEY)* describes the most
recent comprehensive revision of the estimates of gross
product by industry.
"Gross Product by Industry, 1947-96" (November
1997 SURVEY)* presents the most recent revision to
the estimates of gross product by industry and briefly
describes changes in methodology.
State Personal Income, 1929-93 (1995)* includes a description of the methodology used to prepare the
estimates of State personal income. [Also available on
the CD-ROM "State Personal Income, 1958-96"]
Local Area Personal Income, 1969-92 (1994)* includes a description of the methodology used to
prepare the estimates of local area personal income.
[Also available on the CD-ROM "Regional Economic
Information System, 1969-95"]
Input-output accounts
"Benchmark Input-Output Accounts for the U.S.
Economy, 1992" (November 1997 SURVEY)* describes
the preparation of the 1992 input-output accounts
and the concepts and methods underlying the U.S.
input-output accounts.
March 1998
Gross state product
"Comprehensive Revision of Gross State Product by
Industry, 1977-94" (June 1997 SURVEY)* summarizes
the sources and methods for BEA'S estimates of gross
state product. 0
ACCESSING BEA INFORMATION
BEA's ECONOMIC INFORMATION ON THE INTERNET
BEA web site (http://www.bea.doc.gov), access to summary estimates and other information covering
all aspects of BEA's work.
• Latest figures on GDP, personal income, balance of payments,
and other national, regional, and international estimates
• Special articles from BEA's monthly SURVEY OF CURRENT
BUSINESS, featuring:
presentations of new and improved data sets
descriptions of source data and estimating procedures
discussions of statistical research and analysis
• Updates on new developments and an e-mail link to BEA
STAT-USA web site (http://www.stat-usa.gov), a subscription
service that offers detailed data files for BEA's national, regional, and
international accounts, a complete electronic version of BEA's monthly SURVEY OF CURRENT
BUSINESS, timely access to BEA news releases, as well as a host of economic statistics from other
Federal agencies.
BEA ESTIMATES ON CD-ROM, ON DISKETTE, AND IN PUBLICATIONS
CD-ROM products
• SURVEY OF CURRENT BUSINESS CD-ROMs—All the issues of the SURVEY for 1994, 1995,
1996 and selected articles back to 1987
• Regional Economic Information System (REIS) CD-ROM— Income and employment
estimates for 1969-95 for over 3,100 U.S. counties, 330 metropolitan areas, and 172
BEA economic areas; gross state product estimates for 1977-92 and regional
projections to 2045
State Personal Income (SPI) CD-ROM—Income and employment
estimates for 1969-95 for all States
Diskette products
Detailed estimates that underlie the national, regional, and
international accounts.
Publications
In addition to the SURVEY OF CURRENT BUSINESS, BEA
publishes comprehensive statistical volumes that also include
descriptions of methodology.
For more information on BEA programs and products,
contact the Public Information Office of the Bureau of Economic Analysis at (202) 606-9900.
Need to understand the latest GDP figures?
Get details on international trade?
Find top States in personal income growth?
The SURVEY OF CURRENT BUSINESS provides the broad scope
and the statistical detail to keep you informed, each month,
about U.S. economic conditions. The SURVEY is the journal of
record for many of the headline-making economic statistics used
by decision-makers worldwide in business and government.
Other highlights include:
"IDM
MM 1997 ~ vouiME 37 mount "*Jf
UUUUULJU
SURVEY o/ CURRENT BUSINESS
• National Income and Product Accounts
• Industry-level GDP
m
IN THH ISSUE...
Completion of the Comprehensive Revision
of the National Income and Product Account*
i
• International Investment Position
JLi
• Federal Budget Estimates
'
• Gross State Product
£^
BEA't Chain Indexes, Time Series,
and Measures of Long-Tcrm Economic Growth
Improved Estirwto of Fixed Reproducible
Tangible Wealth, 1929-95
• Balance of Payments
titcR **• acoNOMici «*& st«ri«nc« AMowstiuunaH
ECONOMIC ANAixu*
• Industry Input-Output Tables
«.», DBKAft ttnifT Of COMME
MmIAU or
• Local Area Personal Income
"BEA Current and Historical Data"— a statistical section highlighting BEA's national, regional, and
international estimates — includes tables and charts ideally suited for use by economic analysts and
forecasters.
To keep up with the rapidly changing U.S. economy, subscribe to the SURVEY OF CURRENT BUSINESS today.
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BEA INFORMATION
The economic information prepared by the Bureau of Economic Analysis (BEA) is
available in news releases, in publications, on computer diskettes, on CD-ROM'S, and on
the Internet. For a description of these products in the free User's Guide to BEA
Information* write to the Public Information Office, BE-53, Bureau of Economic
Analysis, U.S. Department of Commerce* Washington* DC 20230, or call (202) 6069900. The User's Guide and other information are also available on BEA'S home page at
httf>://www,bea,docgov»
In addition, the following publications are available from the Superintendent of
Documents of the Government Printing Office (GPO). To order, write to Superintendent of Documents, P.O. Box 371954, Pittsburgh, PA 15250-7954, call (202) 512-1800
or fax (202) 512-2250. Pay by check to the Superintendent of Documents or charge to a
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Benchmark Input-Output Accounts of the United States, 1987, (1994)
Presents summary and detailed make and use tables for industries and
commodities; tables showing commodity- and industry~output-require-ments per dollar of commodity demanded; and tables showing
the input-output (r-o) commodity composition of personal consumption expenditures and producers' durable equipment expenditures in
the national income and product accounts. Presents concepts and
methods used in the 1987 benchmark accounts; concordance beween i-o
and 1987 Standard Industrial Classification codes; description of the
components of the measures of output, intermediate inputs, and value
added; and mathematical derivation of total requirements tables. (468
pages) $29*00, stock no. 003-010-00251-4.
Regional Multipliers: A User Handbook for the Regional Input- Output Modeling System (SIMS n), Third Edition, (1997) This handbook
describes the five types of RIMS n multipliers that are available for nearly
500 industries and for any county or for any group of counties. It details
the information that the users need in order to effectively use the RIMS n
multipliers to analyze the economic and industrial impact of public and
private projects and programs on State and local areas. The handbook
also includes case studies that illustrate the uses of the RIMS n multipliers
and a description of the methodology that the Bureau of Economic
Analysis uses to estimate the multipliers. (63 pages) $6.00, stock no, 003010-00264—6.
State Personal Income, 1929-93. (1995) Presents detailed annual estimates for States and regions of personal income for 1929-93, including
estimates of per capita personal income, personal income by major
source, and earnings by industry. Also presents annual estimates of disposable personal income and per capita disposable personal income for
1948—93 and quarterly estimates of personal income for 1969—93. Provides information about the sources and methods used to prepare the
estimates for 1987-93 and samples of all the detailed tables of personal
income and employment that are available for regions, States, counties,
and metropolitan areas, (444 pages) $27.00, stock no. 003-010—00257-3,
Foreign Direct Investment in the United States: 1992 Benchmark Survey, Final Results, (1995) Presents detailed data on the financial structure and operations of U.S. affiliates of foreign direct investors, on the
foreign direct investment position in the United States, and on the balance-of-payments transactions between U.S. affiliates and their foreign
parent companies in 1992. Includes data for items, such as employment
covered by collective bargaining agreements and merchandise trade by
product and country of destination and origin, that are only collected in
benchmark surveys. Benchmark surveys are conducted every 5 years
and are BEA'S most comprehensive surveys in terms of both the number
of companies covered and the amount of information gathered. The
data are classified by industry of affiliate and by country of ultimate
beneficial owner, and selected data are classified by State. Provides information about the coverage, the concepts and definitions, and the
classifications used in the survey. (312 pages) $20,00, stock no, 003-01000259-0,
Foreign Direct Investment in the United States: Operations of U.S,
Affiliates of Foreign Companies. (1997) Two publications: One presents
the revised estimates for 1994, and the other, the preliminary estimates
for 1995 from BEA'S annual surveys of the financial structure and operations of nonbank U.S. affiliates of foreign direct investors. The estimates are presented by industry of the U.S* affiliate and by country of
the ultimate beneficial owner (UBO) and for selected estimates, by industry of UBO and by State* Preliminary 1995 Estimates (108 pages)
$8.50, stock no. 003-010-00268-9; Revised 1994 Estimates (108 pages)
$8.50, stock no. 003-010-00267-1.
Foreign Direct Investment m the United States; Establishment Data
for 1992, (1997) This publication, which presents the results of a project
by BEA and the Bureau of the Census, provides the most recently available
data on the number, employment, payroll, and shipments or sales of
foreign-owned U.S, establishments in more than 800 industries at the
Standard Industrial Classification four-digit level and by State and by
country of owner. Presents additional information—such as data on
value added, employee benefits, hourly wage rates of production workers, and expenditures for plant and equipment—for manufacturing
establishments. (364 pages) $28,00, stock no. 003-010-00265-4.
Foreign Direct Investment in the United States: Establishment Data
for Manufacturing, 1991. (1994) A joint effort by BEA and the Bureau of
the Census. Presents the most recently available data for foreign-owned
U.S. manufacturing establishments (plants) by detailed industry (up to
459 industries), by State, and by country of investor. Includes data on
the number of plants, value added, shipments, employment, total employee compensation, employee benefits, the hourly wage rates of production workers, the cost of materials and energy used, inventories by
stage of fabrication, and expenditures for new plant and equipment
(220 pages) $14.00, stock no. 003-010-00250—6.
U.S. Direct Investment Abroad: 1994 Benchmark Survey, Preliminary
Results. (1997) Presents preliminary results from the latest benchmark
survey of the worldwide operations of U.S. multinational companies,
Contains detailed 1994 data on the operations of U.S* parent companies
and their foreign affiliates in 103 tables organized by country and by
industry, (140 pages) $14.00, stock no. 003-010-00263-8.
U.S. Direct Investment Abroad: Operations of US, Parent Companies
and Their Foreign Affiliates, Preliminary 1995 Estimates* (1997) Provides revised results for 1995 from BEA'S annual survey of the worldwide
operations of U.S, multinational companies. Contains information on
the financial structure and operations of U.S. parent companies and
their foreign affiliates. Data are classified by country and industry of
affiliate and by industry of U,S. parent, (116 pages) $9.00, stock no. 003010-00270-1.
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Schedule of Upcoming BEA News Releases
Release
Date
Subject
U.S. International Transactions, 4th quarter 1997
U.S. International Trade in Goods and Services, January 1998
Gross Domestic Product, 4th quarter 1997 (final) and Corporate Profits, 4th quarter 1997
Personal Income and Outlays, February 1998
U.S. International Trade in Goods and Services, February 1998
State Personal Income, 4th quarter 1997 and Per Capita Personal Income, 1997 (preliminary).
Gross Domestic Product, ist quarter 1998 (advance)
Mar. 12
* Mar. 19
Mar. 26
Mar. 27
...
...
Apr. 17
Apr. 27
Apr. 30
Personal Income and Outlays, March 1998
Metropolitan Area Personal Income, 1996
U.S. International Trade in Goods and Services, March 1998
Gross Domestic Product, ist quarter 1998 (preliminary) and Corporate Profits, ist quarter 1998
(preliminary).
Personal Income and Outlays, April 1998
May i
May 4
May 20
May 28
Gross State Product, 1993-96
Foreign Investors' Spending to Acquire or Establish U.S. Businesses, 1997
U.S. International Trade in Goods and Services, April 1998
U.S. International Transactions, ist quarter 1998
Gross Domestic Product, ist quarter 1998 (final) and Corporate Profits, ist quarter 1998 (revised).
Personal Income and Outlays, May 1998
June 2
June 10
June 18
June 18
June 25
June 26
* Joint release by the Bureau of the Census and BEA.
For information, call (202) 606-9900, Bureau of Economic Analysis, U.S. Department of Commerce.
May 29
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