Full text of Survey of Current Business : March 2004
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MARCH 2004 S urvey of C urrent B usiness In This Issue . . . Federal Budget Estimates for Fiscal Year 2005 Preview of the Comprehensive Revision of the Industry Accounts Production and Employment by U.S. Multinational Companies BUREAU OF ECONOMIC ANALYSIS ECONOMICS AND STATISTICS ADMINISTRATION U.S. DEPARTMENT OF COMMER&I Em U.S. Department of Commerce Donald L. Evans, Secretary Economics and Statistics Administration Kathleen B. Cooper, Under Secretary for Economic Affairs Bureau of Economic Analysis J. Steven Landefeld, Director Rosemary D. Marcuss, Deputy Director Dennis J. Fixler, Chief Statistician Barbara M. Fraumeni, Chief Economist Suzette Kern, Associate Director for Management and Chief Administrative Officer Ralph Kozlow, Associate Director for International Economics Alan C. Lorish, Jr., Chief Information Officer Brent R. Moulton, Associate Director for National Economic Accounts Sumiye Okubo, Associate Director for Industry Accounts John W. Ruser, Associate Director for Regional Economics BEA Advisory Committee The BEA Advisory Committee advises the Director of BEA on matters related to the development and improvement of BEA’s national, regional, industry, and international economic accounts, especially in areas of new and rapidly growing economic activities arising from innovative and advancing technologies, and it provides recommenda tions from the perspective of business economists, academicians, researchers, and experts in government and international affairs. William D. Nordhaus, Chair, Yale University Alan J. Auerbach, University o f California, Berkeley Richard B. Berner, Morgan Stanley Michael J. Boskin, Stanford University Barry P. Bosworth, The Brookings Institution Robert J. Gordon, Northwestern University Maurine A. Haver, Haver Analytics, Inc. Charles R. Hulten, University o f Maryland Dale W. Jorgenson, Harvard University Edward E. Learner, University o f California, Los Angeles Karen R. Polenske, Massachusetts Institute o f Technology Joel L. Prakken, Macroeconomic Advisers, LLC The Survey of C urrent B usiness (ISSN 0039-6222) is 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, S urvey of C urrent B usiness, Bureau of Economic Analysis, U.S. Department of Commerce, Washington, DC 20230. Subscriptions to the S urvey of C urrent B usiness are maintained, and the prices are set, by the U.S. Government Printing Office, an agency of the U.S. Congress. To subscribe, call 202-512-1800, or go to <bookstore.gpo.gov>. To inquire about your subscription, call 202-512-1806. Send changes of address to Superintendent of Documents, U.S. Government Printing Office, Washington, DC 20402. Periodicals postage paid at Washington, DC and at additional mailing offices (USPS 337-790). Subscription and single-copy prices Periodicals second-class mail: $63.00 domestic, $88.20 foreign First-class mail: $105.00 Single copy: $25.00 domestic, $35.00 foreign Unless stated otherwise, the information in this journal is in the public domain and may be reprinted without the permission of the Bureau of Economic Analysis. Citation of the S urvey of C urrent B usiness as the source is appreciated. The Secretary of Commerce has determined that the publication of this periodical is necessary in the transaction of the public business required by law of this Department. Acting Editor-in-Chief: M. Gretchen Gibson Production Manager: Delores J. Barber Graphic Designer: W. Ronnie Foster Manuscript Editor: M. Gretchen Gibson Production Editor: Ernestine T. Gladden Production Editor: Kristina L. Maze This issue went to the printer on March 16,2004. It incorporates data from the following monthly BEA news releases: U.S. International Trade in Goods and Services (Mar. 10), Personal Income and Outlays (Mar. 1) and Gross Domestic Product (Feb. 27). S urvey of C u rren t B u sin ess March 2004 Volume 84 • Number 3 1 B usiness S ituation: P relim in ary E stim ates fo r th e Fourth Q u a rter o f 2003 The pace of U.S. production slowed in the fourth quarter, as real GDP increased 4.1 percent after increasing 8.2 percent in the third quarter. The deceleration mainly reflected slower growth in consumer spending and a deterioration in the trade balance. Inflation slowed: The price index for gross domestic purchases increased 1.1 percent after increasing 1.8 percent, mainly reflecting a downturn in energy prices. 14 Federal B ud get E stim ates for Fiscal Year 2005 Each year, BEA prepares an adjusted presentation of the administration’s budget estimates from the Budget of the United States Government that is consistent with the framework of the NIPAs. The fiscal year relationships derived from the budget estimates are then used in preparing BEA’s quarterly estimates of Federal Government current receipts and expenditures. This year, the NIPA framework reflects the results of the 2003 comprehensive NIPA revision. For fiscal year 2005, the net Federal Government saving on the NIPA basis is estimated at -$338.0 billion, compared with the deficit of $363.6 billion in the administration’s budget. 26 C o m p reh en sive NIPA R evision: N ew ly A vailable Tables The Bureau of Economic Analysis continues to release the results of the 12th comprehensive revision of the NIPAs. 36 Errata: S ou rces of th e R evisions to S elected Inco m e C o m p o n en ts In the article on the comprehensive NIPA revision in the 2004 February S u rv e y , the definitional and statistical sources of the revisions to taxes on production and imports and to business current transfer payments for several years were misreported. 38 P review of th e C o m p reh en sive R evision of th e A nn ual In d u stry A ccounts: Integratin g th e A nn ual In p u t-O u tp u t A cc o u n ts and th e G ro ss-D o m estic-P ro d u ct-b y-ln d u stry A cco u n ts The upcoming comprehensive revision of the annual industry accounts features the integration of these two sets of accounts. For the first time, these two sets of accounts will be released concurrently and will present fully consistent measures of gross output, intermediate inputs, and value added by industry. In addition, the annual input-output accounts for 1998-2002 will be a consistent time series. www.bea.gov March 2004 52 A N ote on Patterns of Production and E m ploym en t by U.S. M ultination al C o m p an ies This note examines recent patterns and trends in the worldwide operations of U.S. multinationals with a focus on production and employment. For example, U.S. parents have consistently accounted for about three-fourths, and their majority-owned foreign affiliates for about one-fourth, of the total gross product, capital expenditures, and employment of U.S. multinationals. The note concludes with a discussion of several data and analytical considerations. D-1 BEA Current and Historical Data Inside back cover: BEA Web Site and BEA Contacts Back cover: Schedule of Upcoming News Releases L ooking A head Comprehensive Revision of State Personal Income. An upcoming S u r v e y article will present the results of the comprehensive revision of state per sonal income. The revised estimates will incorporate the results of the recent comprehensive NIPA revision, improvements in the source data and methods that are used for the state estimates, and newly available data from regular sources. 1 March 2004 Business Situation Preliminary Estimates for the Fourth Quarter of 2003 CCORDING to the “preliminary” estimates of the national income and product accounts (NIPAs), U.S. economic growth slowed in the fourth quarter of 2003 after posting its largest increase in 20 years in the third quarter, and inflation continued to be modest. Much the same picture was shown in the “advance” es timates released a month ago (chart 1 and table l).1 • Real GDP increased 4.1 percent—half as much as in the third quarter, but more than its 3.4-percent A 1. Quarterly estimates in the NIPAs are expressed at seasonally adjusted annual rates, unless otherwise specified. Quarter-to-quarter changes are differences between these published estimates. Percent changes are calcu lated from unrounded data and annualized. “Real” estimates are in chained (2000) dollars, and price indexes are chain-type measures. average rate for the past 10 years. The advance esti mate had shown a 4.0-percent increase in the fourth quarter. • Prices of goods and services purchased by U.S. resi dents increased 1.1 percent after increasing 1.8 per cent. (The advance estimate had shown a fourthquarter increase of 1.0 percent.) The deceleration mainly reflected a downturn in energy prices. Chart 1. Real Gross Domestic Product Percent 10 PERCENT CHANGE FROM PRECEDING QUARTER This article was prepared by Daniel Larkins. Table 1. Real Gross Domestic Product and Components [Seasonally adjusted at annual rates] Change from preceding period (percent) Contribution to percent change in real GDP (percentage points) Share of currentdollar GDP (percent) 2003 2003 2003 Gross domestic product (GDP)............................. Personal consumption expenditures......................... Durable goods....................... Nondurable goods................. Services................................. I II III IV I II III IV 2.0 3.1 8.2 4.1 2.0 3.1 8.2 4.1 IV 100 2.34 1.38 0.25 0.71 3.3 17.7 1.2 1.7 6.9 28.0 7.3 2.8 2.7 -0.1 5.2 2.2 4.89 1.93 2.23 -0.01 1.48 1.04 1.19 0.91 70.2 8.6 20.1 41.6 -3.5 1.1 -0.6 ^ .0 0.5 4.5 4.7 6.1 7.0 3.9 8.0 4.5 14.8 15.8 12.8 -1.8 17.6 21.9 15.8 -0.57 0.73 2.17 2.31 9.3 0.16 0.90 2.30 1.39 9.6 -0.06 0.68 1.25 0.95 -7.1 -0.10 0.09 -0.04 -0.17 15.1 0.04 0.59 1.30 1.12 8.6 0.22 0.22 1.05 0.44 -0.74 -0.17 -0.13 0.92 15.7 15.6 10.3 2.3 8.0 5.3 0.1 Net exports of goods and services................................. Exports................................... Goods................................ Services............................. Imports................................... Goods................................ Services............................. -2.0 1.9 -10.1 -6.8 -6.6 -7.5 -1.1 -1.7 0.2 9.1 13.7 -10.9 9.9 8.6 12.7 0.8 -1.5 13.4 0.81 -1.34 0.80 -0.30 21.0 -0.19 -0.11 0.92 1.85 21.2 0.13 -0.11 0.56 1.28 20.7 -0.31 0.01 0.36 0.57 16.4 1.00 -1.24 -0.12 -2.15 0.18 -1.95 18.1 0.81 -1.51 8.6 0.19 0.27 -0.30 -0.20 -4.4 9.8 6.8 3.0 14.2 11.8 2.4 Government consumption expenditures and gross investment............................. Federal................................... National defense............... Nondefense........................ State and local...................... -0.4 -0.2 -5.6 10.5 -0.5 7.4 23.5 41.9 -5.0 -0.8 1.8 0.8 -0.07 1.36 0.34 0.16 1.2 1.46 0.09 0.11 1.6 -0.01 -1.3 4.2 -0.25 1.58 -0.06 0.19 6.5 -3.3 0.24 -0.12 0.15 -0.08 2.1 0.4 -0.06 -0.10 0.25 0.05 18.5 6.9 4.6 2.3 11.6 N ote . Percent changes are from NIPA table Shares are from NIFA table 1.1.10. I 2000 2001 J _____I_____I_____L 2002 2003 Based on seasonally adjusted annual rates 2.5 0.5 5.7 1.5 Gross private domestic investment............................ Fixed investment................... Nonresidential................... Structures...................... Equipment and software Residential........................ Change in private inventories I _ L _ J _____I____ _____I_____I_____I____ _____I_____I_____I— -2 1.1.1, 1.80 0.04 1.13 0.63 and contributions to percent change are from NIPA table 1.1.2. CONTRIBUTIONS TO 4.1-PERCENT I N C ^ ^ ^ ^ ^ ^ ^ ^ 0 0 3 : I V Personal Consumption Expenditures :ial Fixed Investment Residential Fixed Investment Change in Private Inventories Exports Government Consumption and Investment -3 - 2 - 1 0 1 2 Percentage points at an annual rate U.S. Bureau of Economic Analysis 2 Business Situation The deceleration in real GDP growth in the fourth quarter mainly reflected slower growth in consumer spending; other contributors were a deterioration in the trade balance and slower growth in residential and nonresidential fixed investment and in government spending.2 These developments were partly offset by an upturn in inventory investment. • Consumer spending increased 2.7 percent in the fourth quarter after increasing 6.9 percent in the third quarter, the largest increase in 17 years. Con sumer spending contributed 1.93 percentage points to GDP growth in the fourth quarter after contrib uting 4.89 percentage points in the third. •The trade balance (net exports) turned down as imports stepped up much more than exports. Trade subtracted 0.30 percentage point from GDP growth in the fourth quarter after adding 0.80 percentage point in the third. • Residential investment increased 8.6 percent; it con tributed 0.44 percentage point to GDP growth after contributing 1.05 percentage points. The slowdown was primarily accounted for by brokers’ commis sions. •Nonresidential fixed investment increased 9.6 per cent; it contributed 0.95 percentage point to GDP growth after contributing 1.25 percentage points. Equipment and software increased less than in the third quarter, and structures decreased more than in the third quarter. • Government spending increased 0.8 percent; it con tributed 0.16 percentage point to GDP growth after contributing 0.34 percentage point. • Inventories were built up in the fourth quarter after being reduced in the third. Inventory investment added 0.92 percentage point to GDP growth after subtracting 0.13 percentage point. The preliminary estimates for the fourth quarter also show the following: 2. In this article, “consumer spending” is shorthand for the NIPA series “personal consumption expenditures,” “government spending” is short hand for “government consumption expenditures and gross investment,” and “inventory investment” is shorthand for “change in private invento ries.” March 2004 • Real final sales of domestic product (GDP less the change in private inventories) increased 3.2 percent after increasing 8.3 percent (table 2). • Real gross domestic purchases increased 4.2 percent after increasing 7.0 percent. • The production of goods and of structures slowed, while the production of services increased slightly more than in the third quarter. • Motor vehicle output increased modestly after a sharp increase. Excluding motor vehicles, real GDP increased 4.2 percent after increasing 7.6 percent. • Final sales of computers slowed sharply after regis tering an unusually large increase in the third quar ter. Excluding final sales of computers, real GDP increased 3.9 percent after increasing 7.6 percent. • Real disposable personal income was unchanged in the fourth quarter after increasing in the third; this pattern primarily reflected the pattern of the advance payments of child tax credits associated with the Jobs and Growth Tax Relief Reconciliation Act of 2003. • The personal saving rate—personal saving as a per centage of current-dollar disposable personal income—decreased from 2.3 percent to 1.6 percent. Table 2. Real Gross Domestic Product by Type of Product [Seasonally adjusted at annual rates] Change from preceding period (percent) Contribution to percent change in real GDP (percentage points) Share of currentdollar GDP (percent) 2003 2003 2003 I II III IV Gross domestic product (GDP)... Final sales of domestic product Change in private inventories.... 2.0 2.7 3.1 3.3 8.2 8.3 4.1 3.2 Goods...................................................... Services.................................................. Structures............................................... 4.3 1.0 -0.3 2.2 18.3 3.6 2.1 2.8 13.9 7.8 1.37 2.3 0.62 2.6 -0.02 0.75 2.08 0.26 5.67 2.54 1.27 1.32 1.27 0.25 33.0 57.5 9.5 Addenda: Motor vehicle output............................ GDP excluding motor vehicle output... -6.4 2.3 2.1 26.6 3.1 7.6 2.9 -0.23 4.2 2.20 0.07 3.01 0.82 0.10 7.39 4.01 3.5 96.5 0.26 0.25 0.65 0.28 1.0 1.71 2.83 7.56 3.82 99.0 Final sales of computers.................... GDP excluding final sales of computers....................................... 34.6 32.8 93.4 31.5 1.7 2.8 7.6 3.9 I II III IV 2.0 3.1 8.2 4.1 2.71 3.25 8.34 3.19 -0.74 -0.17 -0.13 0.92 IV 100 99.9 0.1 Note. Percent changes are from NIW table 1.2.1, and contributions to percent change are from NIFA table 1.2.2. Shares are calculated from NIPA table 1.2.5. March 2004 S urvey of C urrent 3 B u s in e s s Personal Consumption Expenditures In the fourth quarter, real personal consumption ex penditures slowed to a 2.7-percent increase (table 3 and chart 2). (Over the preceding 10 years, consump tion spending increased at an average annual rate of 3.8 percent.) Purchases of durable goods decreased slightly in the fourth quarter after a strong increase in the third, and purchases of nondurable goods and of services slowed. Most of the downturn in durable goods was ac counted for by motor vehicles and parts; new light trucks—pickups, vans, and sport utility vehicles—and new autos both decreased after increasing. Furniture and household equipment and “other” durable goods each increased about half as much as in the third quar- Chart 2. Real Personal Consumption Expenditures ter; within each, the slowdown was widespread. In fur niture and household equipment, the sharpest deceleration was in video and audio goods (which in cludes computers, peripherals and software). In other durable goods, the sharpest deceleration was in the category that includes sports equipment and motorcy cles. In nondurable goods, slowdowns in purchases of food, clothing, and “other” nondurable goods were partly offset by a step-up in purchases of gasoline and oil. In services, spending on electricity and gas turned down and spending on “other” services and on hous ing increased less than in the third quarter. The decel eration in other services reflected slowdowns in foreign P e rc e n t PERCENT CHANGE FROM PRECEDING QUARTER Table 3. Real Personal Consumption Expenditures [Seasonally adjusted at annual rates] Change from preceding period (percent) Contribution to percent change in real PCE (percentage points) Share of currentdollar PCE (percent) 2003 2003 2003 II III IV I II III IV 2.5 3.3 6.9 2.7 2.5 3.3 6.9 2.7 100 0.5 Durable goods.................................... Motor vehicles and parts................ -4.2 1.3 Furniture and household equipment Other1............................................. 11.0 17.7 15.3 19.4 20.0 28.0 -0.1 0.06 39.7 -9.7 -0.23 22.9 9.8 0.06 12.5 6.2 0.24 1.98 0.77 0.77 0.43 3.13 -0.02 1.92 -0.57 0.92 0.41 0.29 0.1b 12.2 5.5 4.4 2.4 5.7 6.7 3.0 1.2 2.4 7.8 5.2 3.8 0.9 0.35 0.32 0.30 2.08 0.99 0.37 1.46 0.52 0.03 28.6 13.9 4.0 0.11 -0.56 0.47 0.29 0.10 0.61 0.44 0.47 2.7 8.1 1.5 1.7 2.8 2.2 0.88 1.02 1.68 1.29 2.3 1.8 2.2 1.6 0.36 0.28 0.35 0.25 1.0 -3.3 3.5 0.5 0.06 -0.18 0.20 0.02 0.4 -12.7 4.1 -1.2 0.01 -0.29 0.09 -0.03 1.4 3.2 3.2 1.5 0.05 0.11 0.11 0.0b 0.5 -4.0 -2.2 -2.4 0.02 -0.16 -0.08 -0.09 5.1 4.6 5.0 5.0 0.84 0.75 0.84 0.83 0.0 3.6 2.6 4.0 0.00 0.15 0.11 0.16 -2.8 1.3 1.9 0.8 -0.39 0.18 0.27 0.11 59.2 15.4 5.4 2.1 3.3 3.7 17.0 4.1 13.5 I Personal consumption expenditures (PCE).............. Nondurable goods............................. 2000 2001 2002 2003 B a s e d o n s e a s o n a lly a d ju s te d a n n u a l ra te s CONTRIBUTIONS TO 2.7-PERCENT INCREASE IN REAL PERSONAL CONSUMPTION EXPENDITURES IN 2003:IV -1 0 1 P e rc e n ta g e p o in ts a t a n a n n u a l ra te U.S. Bureau of Economic Analysis Clothing and shoes......................... Gasoline, fuel oil, and other energy goods........................................... Other2............................................. Services.............................................. Housing........................................... Household operation...................... Electricity and gas...................... Other household operation......... Transportation.................................. Medical care.................................... Recreation....................................... Other3............................................. 4.2 -18.6 5.9 3.6 7.3 7.3 9.4 3.7 17.6 7.6 6.0 1.59 0.89 0.12 IV 1. Includes jewelry and watches, ophthalmic products house furnishings, and magazines and newspapers, and orthopedic equipment, books and maps, bicycles and 3. Includes personal care, personal business, education motorcycles, guns and sporting equipment, photographic and research, religious and welfare activities, and net equipment, boats, and pleasure aircraft. foreign travel. 2. Includes tobacco, toilet articles, drug preparations and N ote. Percent changes are from NIFA table 2.3.1, and sundries, stationery and writing supplies, toys, film, flowers, contributions to percent change are from NIPA table 2.3.2. cleaning preparations and paper products, semidurable Shares are calculated from NIRA table 2.3.5. 4 Business Situation travel by U.S. residents and in brokerage charges and investment counseling; these slowdowns were partly offset by an upturn in expenditures on social welfare. The slowdown in housing was accounted for by expen ditures for lodging at hotels and motels. Factors frequently considered in the analysis of con sumer spending were mixed in the fourth quarter (chart 3). Real disposable personal income was flat, but the unemployment rate decreased, and the Index of Consumer Sentiment (from by the University of Mich igan’s Survey Research Center) increased modestly. March 2004 Chart 3. Selected Factors Affecting Consumer Spending P ercen t c h a n g e 15 REAL DISPOSABLE PERSONAL INCO M E' 10 5 0 -5 -1 0 P e rc e n t 10 5 0 In d e x 12 0 11 0 10 0 90 80 70 1. Based on seasonally adjusted annual rates. 2. All civilian workers, seasonally adjusted. Data: U.S. Department of Labor, Bureau of Labor Statistics 3. Data: University of Michigan's Survey Research Center U.S. Bureau of Economic Analysis March 2004 S urvey of C u rrent 5 B u s in e s s Private Fixed Investment Real private fixed investment increased 9.3 percent in the fourth quarter—less than in the third quarter but above its 5.7-percent average annual rate for the past 10 years (table 4 and chart 4). Nonresidential. Equipment and software increased almost as much as in the third quarter, but the weak ness in structures became more pronounced. Slower growth in information processing equip ment and software and in “other” equipment and a downturn in industrial equipment were partly offset by an upturn in transportation equipment. In infor mation processing equipment, the slowdown was ac counted for by communication equipment and by computers and peripheral equipment. In other equip ment, the biggest slowdown was in construction ma chinery. The downturn in industrial equipment was more than accounted for by special industry equipTable 4. Real Private Fixed Investment [Seasonally adjusted at annual rates] Private fixed investment (PFI)................................... Nonresidential.............................. Structures................................ Commercial and health care Manufacturing....................... Power and communication.... Mining exploration, shafts, ana wells............................ Other structures1................. Change from preceding period (percent) Contribution to percent change in real PFI (percentage points) Share of currentdollar PFI (percent) 2003 2003 2003 1 II III IV I II 1.1 6.1 15.8 9.3 1.1 6.1 -0.6 7.0 12.8 9.6 -0.39 4.64 IV IV 15.8 9.3 100.0 8.59 6.33 65.9 -4.0 3.9 -1.8 -7.1 -0.66 0.62 -0.27 -1.10 -16.6 -2.4 2.2 -7.3 -1.24 -0.16 0.15 -0.47 -16.6 8.8 -2.8 -15.9 -0.15 0.07 -0.02 -0.13 12.2 -24.0 -16.0 -5.8 0.37 -0.85 -0.50 -0.16 14.7 6.1 0.8 2.7 30.1 -0.9 89.1 13.6 8.9 -1.4 0.1 0.41 -9.4 -0.03 1.10 0.16 0.00 0.46 -0.05 -0.33 4.02 0.5 8.0 17.6 15.1 0.26 17.3 16.8 27.1 17.1 4.29 29.2 11.6 17.4 -7.4 -27.4 -10.5 48.6 9.9 9.7 -1.3 -7.6 4.3 53.4 15.2 26.8 1.5 -4.8 25.2 Residential.................................... 4.5 4.5 21.9 Structures................................. Permanent site..................... Single family..................... Multifamily.......................... Other structures5................. 4.5 8.2 8.5 5.7 -1.0 4.2 -0.4 0.1 -4.8 11.8 22.0 20.8 21.5 15.1 23.8 Equipment................................ 6.5 21.3 19.3 1. Consists primarily of religious, educational, vocational, lodging, railroads, farm, and amusement and recreational structures, net purchases of used structures, and brokers! commissions on the sale of structures. 2. Excludes software embedded, or bundled, in computers and other equipment. 3. Includes communication equipment, nonmedical instruments, medical equipment and instruments, photo copy and related equipment, and office and accounting equipment. Chart 4. Real Private Fixed Investment P e rc e n t 20 PERCENT CHANGE FROM PRECEDING QUARTER 15 Equipment and software........ Information processing equipment and software.... Computers and peripheral equipment..................... Software2......................... Other3............................... Industrial equipment............. Transportation equipment..... Other equipment4................ III ment, which includes equipment for the manufacture of semiconductors. The upturn in transportation equipment mainly reflected upturns in aircraft and in light trucks that were partly offset by a downturn in autos and a deceleration in heavy trucks. In structures, the larger fourth-quarter decrease mainly reflected a downturn in commercial and health care facilities. Most other components of structures were also weaker in the fourth quarter than in the third, but power and communication decreased less than in the third quarter. Conditions that are frequently considered in the analysis of investment spending have been mixed in re cent quarters (chart 5). The capacity utilization rate for manufacturing, mining, and utilities increased mod estly in the third and fourth quarters, but over the past 2 years, the series has shown little, if any, trend. Do mestic corporations’ profits from current production posted large increases in the second and third quarters 1.8 3.3 8.85 7.43 51.2 7.16 4.59 28.0 30.6 1.38 2.26 2.68 1.67 15.7 1.18 1.05 1.65 1.64 11.7 1.73 1.04 2.83 1.28 -0.9 -0.65 -0.11 0.13 -0.07 23.7 -2.48 -0.57 -0.34 1.59 17.2 -0.89 0.34 1.91 1.32 6.1 10.8 11.2 7.6 7.5 8.0 8.6 1.46 4.35 2.94 34.1 8.6 1.43 1.40 21.3 1.56 -0.08 24.7 1.45 0.02 -5.5 0.11 -0.10 -6.6 -0.13 1.49 7.08 2.88 4.04 4.05 3.73 4.16 0.31 -0.11 3.04 -1.17 33.6 20.8 18.8 2.0 12.8 12.3 0.09 0.03 1.50 0.10 7.18 0.06 10 -5 -1 0 -1 5 J ___ I___ L i 2000 2001 i I i J ___ L 2002 2003 B a s e d o n s e a s o n a lly a d ju s te d a n n u a l ra te s CONTRIBUTIONS TO 9.3-PERCENT INCREASE IN REAL PRIVATE! FIXED INVESTMENT IN 2003:IV ! Nonresidential Structures 0.5 4. Consists primarily of furniture and fixtures, agricultural machinery, construction machinery, mining and oilfield machinery, service industry machinery, and electrical equip ment not elsewhere classified. 5. Consists primarily of manufactured homes, improve ments, dormitories, net purchases of used structures, and brokersi commissions on the sale of residential structures. N ote. Percent changes are from NIRA table 5.3.1, and contributions to percent change are from NIRA table 5.3.2. Shares are calculated from NIFA table 5.3.5. Nonresidential Equipment and Software -2 0 2 4 P e r c e n ta g e p o in ts a t a n a n n u a l ra te U.S. Bureau of Economic Analysis ( 6 Business Situation (the last quarters for which data are available). Long term interest rates remained close to the lows recorded earlier in 2003. The growth of real final sales of domes tic product slowed in the fourth quarter but remained close to its long-run average. Residential. Real private residential investment in creased 8.6 percent in the fourth quarter after increas ing 21.9 percent in the third. Single-family construction increased more than in the third quarter, but “other” structures and multifamily construction turned down. The downturn in other structures mainly reflected a downturn in brokers’ commissions, as house sales dropped from a record level in the third quarter. March 2004 Chart 5. Selected Factors Affecting Nonresidential investment P e rc e n t CORPORATE PROFITS, CHANGE FROM PRECEDING Q U A R TER 2 ■ 60 ...j - i -60 P e rc e n t 10 REAL FINAL SALES O F D O M ESTIC PRODUCT, PERCENT C HANGE FROM PR ECEDING QUARTER -5 P e rc e n t 1. All industries. Data: Federal Reserve Board 2. Domestic industries. 3. Data: Federal Reserve Board U.S. Bureau of Economic Analysis I March 2004 S urvey of C u rrent B u s in e s s Inventory Investment Real inventory investment increased in the fourth commercial equipment, and of miscellaneous nondu quarter, as inventory liquidation gave way to inventory rable goods. Inventories of nonmerchant wholesalers accumulation (table 5 and chart 6). In the third quar turned up. Retail trade inventories increased more than in the ter, inventory investment had decreased, reflecting a third quarter. Inventories of general merchandise step-up in the pace of liquidation. Manufacturing inventories decreased less than in stores increased after a slight decrease, and accumula the third quarter. Inventories of computer manufac tion by motor vehicle dealers stepped up. These turers and of machinery manufacturers turned up, and changes were partly offset by a swing from accumula inventories of fabricated metal product manufacturers tion to liquidation in the inventories of food and bev and of transportation equipment manufactures de erage stores and a slowdown in accumulation by creased less than in the third quarter. These changes building and garden equipment stores. Farm inventories decreased less than in the third were partly offset by a downturn in inventories of pe troleum manufacturers, faster liquidation by manufac quarter. Livestock inventories turned up, and crop in turers of nonmetallic mineral products, and a ventories decreased a little less than in the third quar downturn in inventories of beverage and tobacco ter. The ratio of real private nonfarm inventories to final product manufacturers. sales of goods and structures decreased to 3.54 from Wholesale trade inventories increased after decreas 3.57. A ratio that includes all final sales of domestic ing. In merchant wholesaling, inventories in a number of industries turned up, most notably motor vehicles. businesses decreased to 2.21 from 2.22.3 Both ratios These changes were partly offset by downturns in in have been trending down for decades. ventories of drugs and sundries, of professional and 3. Using the ratio that includes all final sales of domestic businesses in the denominator implies that the production of services results in a demand for inventories that is similar to that generated in the production of goods and structures. In contrast, using the “goods and structures” ratio implies that the production of services does not generate demand for inventories. Both implications are extreme. Production of some services may require sub stantial inventories, while production of other services may not. Table 5. Real Change in Private Inventories, by Industry [Billions of chained (2000) dollars; seasonally adjusted at annual rates] Change from preceding quarter Level 2003 2002 IV Change in private inventories (CIPI)........................................ Farm..................................................... I II 2003 III IV I II III IV 21.5 -3.5 1.6 1.2 -4.5 -2.0 -9.1 14.9 -19.9 -2.8 -0.6 4.7 Mining, utilities, and construction........ -3.3 -6.9 -2.2 -0.2 -0.1 -3.6 4.7 Manufacturing....................................... Durable goods industries................ Nondurable goods industries.......... -3.8 -12.2 -15.1 -15.8 -5.9 -8.4 1.9 -13.4 -14.0 -15.9 -1.4 -15.3 -5.7 1.0 -1.3 -0.2 -4.4 6.7 -2.9 -0.6 -2.3 -0.7 9.9 -1.9 14.5 1.1 -4.2 0.1 -5.8 5.5 3.3 7.5 -2.4 14.6 5.4 -6.4 Wholesale trade................................... Durable goods industries................ Nondurable goods industries.......... 6.5 4.0 2.5 -4.7 0.6 -5.1 -4.6 -5.2 0.4 -1.3 6.2 -11.2 -7.6 7.0 -3.4 5.8 -0.6 -7.6 Retail trade........................................... Motor vehicle and parts dealers Food and beverage stores.............. General merchandise stores........... Other retail stores........................... 26.6 20.4 -0.4 4.7 2.2 27.1 19.1 0.8 0.3 7.2 15.3 15.4 -0.9 -0.5 1.6 11.0 15.2 1.2 4.8 1.4 -2.3 -0.1 3.7 8.5 9.3 Other industries.................................... -0.7 -2.1 4.7 Residual1............................................. -0.6 -1.1 -0.5 Addenda: Ratios of private inventories to final sales of domestic business: Private inventories to final sales..... Nonfarm inventories to final sales.... Nonfarm inventories to final sales of goods and structures.................. 0.6 -6.1 -3.2 -4.6 24.0 -0.8 2.2 2.0 0.1 0.5 -11.8 -4.3 4.2 -1.3 -3.7 -14.2 3.6 1.2 -1.7 2.3 -3.7 -4.4 -0.8 0.4 3.8 6.9 0.8 5.0 -5.6 0.7 -1.4 6.8 0.2 -1.2 -0.5 0.6 -4.1 0.1 Billion chained (2000) $ 80 60 40 20 0 -2 0 0.7 -1.4 -40 2.53 2.32 2.51 2.30 2.49 2.29 2.42 2.40 2.22 2.21 -60 3.79 3.75 3.72 3.57 3.54 -80 1. The residual is the difference between the first line embody weights of more than one period, and the sum of the most detailed lines. It reflects the fact N ote. Real change in prive inventories is from NIPA table that chained-dollar estimates are usually not additive, 5.6.6B, and ratios of private inventories to final sales of because the quantity indexes on which they are based domestic business are from NtFA table 5.6.7B. Chart 6. Real Private Inventory Investment: Change from Preceding Quarter 2000 2001 2002 2003 B a se d on season ally adjusted annual rates U.S. Bureau of Economic Analysis 7 8 Business Situation March 2004 E xports and Im ports Real exports of goods and services increased about twice as much as in the third quarter; the increase was the largest since the fourth quarter of 1996. Exports of goods and exports of services both stepped up (table 6 and chart 7). Capital goods contributed the most to the step-up in exports of goods. The automotive category turned up, and industrial supplies and materials increased more than in the third quarter. In services, “other transportation” and “other pri vate services” contributed the most to the fourth-quarter step-up. Real imports of goods and services also increased more than in the third quarter; the increase was the largest since the second quarter of 2002 (table 6 and chart 8). An upturn in imports of goods was partly off set by a deceleration in imports of services. In goods, all categories except petroleum products Table 6. Real Exports and Imports of Goods and Services [Seasonally adjusted at annual rates] Change from preceding period (percent) Contribution to percent change in real exports or imports (percentage points) Share of currentdollar exports or imports (percent) 2003 2003 2003 Exports of goods and services...................... I II -2.0 -1.1 1.9 -1.7 14.5 -12.1 Exports of goods1.................. Foods, feeds, and beverages Industrial supplies and materials......................... Capital goods, except automotive........................ Automotive vehicles, engines, and parts.......... Consumer goods, except automotive........................ Other.................................... Exports of services1............. -10.1 III IV I II 9.9 21.0 -2.0 -1.1 9.9 21.0 100 8.6 7.6 21.2 8.5 1.31 0.68 -1.18 -0.65 6.01 0.39 14.58 0.47 69.1 5.3 III IV Chart 7. Real Exports IV 7.5 -3.6 1.1 10.7 1.15 -0.59 0.18 1.77 15.7 -2.5 -1.1 19.7 36.4 -0.70 -0.31 5.19 9.66 28.5 5.9 -0.4 -6.2 18.5 0.45 -0.03 -0.48 1.40 7.4 5.4 -16.4 7.4 -4.9 12.2 -8.0 14.1 0.9 0.44 -0.71 0.61 -0.19 1.04 -0.31 1.25 0.04 8.5 3.5 0.2 12.7 20.7 -3.29 0.07 3.86 6.42 30.9 2000 Imports of goods1................ Foods, feeds, and beverages Industrial supplies and materials, except petroleum an.................... Petroleum and products...... Capital goods, except automotive........................ Automotive vehicles, engines, and parts.......... Consumer goods, except automotive........................ Other.................................... 2001 2002 2003 B ased on seasonally adjusted annual rates Imports of goods and services....................... -6.8 9.1 0.8 16.4 -6.8 -6.6 12.5 13.7 5.2 -1.5 4.0 18.1 18.0 -5.49 0.42 -7.4 -12.6 0.5 55.5 10.0 0.2 -3.0 -16.1 -0.85 -1.11 0.09 3.99 1.10 -0.27 0.8 16.4 100 11.04 -1.28 0.19 0.14 9.1 14.92 0.64 83.1 3.6 0.07 -1.49 11.2 8.1 -2.0 12.6 5.0 27.3 -0.38 2.33 0.94 4.99 19.5 -8.6 13.8 -14.0 35.0 -1.21 1.83 -2.04 4.34 13.8 6.4 -51.3 1.0 57.5 -0.2 -19.3 27.9 13.8 1.35 -3.71 0.21 2.39 -0.04 -1.12 5.67 0.70 21.8 5.0 -7.5 -10.9 13.4 8.6 -1.28 -1.91 2.13 1.52 16.9 11.5 -3.9 14.7 -5.2 5.9 1.1 -1.5 8.1 23.9 63.2 -5.9 9.5 -1.4 22.8 750 CONTRIBUTIONS TO 21.0-PERCENT INCREASE IN REAL EXPORTS IN 2003:1V Foods, Feeds, and Beverages industrial Supplies and Materials Capital Goods, except Automotive iAutomotive Vehicles, Engines, and F’arts Imports of services1............. Addenda: Exports of agricultural goods2............................. Exports of nonagricultural goods............................... Imports of nonpetroleum goods............................... Consumer Goods, except Automotive 1. Exports and imports of certain goods, primarily military 2. Includes parts of foods, feeds, and beverages, of equipment purchased and sold by the Federal Government, nondurable industrial supplies and materials, and of nonduare included in services. Beginning with 1986, repairs and rable nonautomotive consumer goods, alterations of equipment are reclassified from goods to N ote . Percent changes are from NIFft table 4.2.1, and services. contributions to percent change are from NIFA table 4.2.2. Other Goods -2 0 2 4 6 Percentage points at an annual rate U.S. Bureau of Economic Analysis 8 10 March 2004 S urvey of C urrent B u s in e s s 9 and industrial supplies and materials contributed to the fourth-quarter upturn. The largest contributions to the upturn were made by upturns in the automotive and consumer goods categories and by a step-up in capital goods. Petroleum imports decreased more than in the third quarter, and imports of industrial supplies and materials changed little after a strong increase. In services, travel made the largest contribution to the fourth-quarter slowdown. Chart 8. Real Imports P e rc e n t 20 -1 5 PERCENT CHANGE FROM PRECEDING QUARTER I J___ I___ L 2000 ' 2001 i J___ I___ L J___ I___ L 2002 2003 B a s e d o n s e a s o n a lly a d ju s te d a n n u a l ra te s CONTRIBUTIONS TO 16.4-PERCENT INCREASE IN REAL IMPORTS (N2003:IV Foods, Feeds, and Beverages I Industrial Supplies and Materials, except Petroleum Petroleum and Products Capital Goods, except Automotive Automotive Vehicles, Engines, and Pjarts P e r c e n ta g e p o in ts a t a n a n n u a l ra te U.S. Bureau of Economic Analysis Government Spending, next page. 10 Business Situation March 2004 Government Spending Government spending increased 0.8 percent in the fourth quarter, 1 percentage point less than in the third (table 7 and chart 9). Spending by state and local gov ernments slowed; spending by the Federal Govern ment stepped up modestly. At the Federal level, an upturn in spending on na tional defense was partly offset by a downturn in non defense spending. The upturn in defense spending was more than accounted for by consumption expendi tures, especially expenditures on services, including re search and development. The drop in Federal nondefense spending was more than accounted for by consumption expenditures, especially purchases of ser- vices; gross investment increased after decreasing. At the state and local level, gross investment slowed, while consumption expenditures turned up. The slow down in gross investment was mainly accounted for by investment in structures. Chart 9. Real Government Consumption and Investment P e rc e n t 10 PERCENT CHANGE FROM PRECEDING QUARTER 8 6 4 Table 7. Real Government Consumption Expenditures and Gross Investment [Seasonally adjusted at annual rates] Change from preceding period (percent) Contribution to percent change in real CEGI (percentage points) Share of currentdollar CEGI (percent) 2003 2003 2003 2 0 -2 -4 -6 I II III IV I II III IV IV -0.4 0.8 -5.9 7.4 7.1 9.0 1.8 0.1 10.4 0.8 -0.4 0.2 0.64 3.7 -1.03 7.4 5.95 1.49 1.8 0.07 1.68 0.8 0.21 0.63 100 82.8 17.2 Federal........................................... -0.2 23.5 1.2 1.6 -0.06 7.95 0.46 0.60 37.2 National defense...................... Consumption expenditures.... Gross investment................... -5.6 -4.8 -11.2 41.9 41.9 42.1 -1.3 -4.7 26.4 4.2 -1.33 4.3 -1.00 3.8 -0.33 8.59 -0.33 7.57 -1.03 1.02 0.70 1.02 0.90 0.11 24.7 21.6 3.1 10.5 -5.0 6.5 -3.3 1.27 -0.64 0.79 -0.42 12.8 -11.7 11.9 -7.4 1.34 -1.37 1.23 -0.84 -4.1 53./ -22.8 28.7 -0.07 0.73 -0.44 0.42 12.5 10.8 1.7 Nondefense............................... Consumption expenditures.... Gross investment................... State and local............................... Consumption expenditures........ Gross investment....................... -0.5 -0.8 2.1 0.4 -0.32 -0.52 1.29 0.24 62.8 0.6 -0.5 -0.3 0.3 0.31 -0.25 -0.13 0.15 50.4 -4.9 -2.2 12.2 0.7 -0.63 -0.26 1.42 0.09 12.4 N ote. Percent changes are from NIPA table 3.9.1, and contributions to percent change are from NIPA table 3.9.2. Shares are calculated from NiFA table 3.9.5. 2000 2001 2002 2003 B a s e d o n S e a s o n a lly A d ju s te d A n n u a l R a te s Government consumption expenditures and gross investment (CEGI)............ Consumption expenditures Gross investment............... CONTRIBUTIONS TO 0.8-PERCENT INCREASE IN REAL GOVERNMENT CONSUMPTION AND INVESTMENT IN 2003:IV State and Local -2 0 P e r c e n ta g e p o in ts a t a n a n n u a l ra te U.S. Bureau of Economic Analysis 2 March 2004 S urvey of C urrent B u s in e s s 11 Prices Inflation as measured by the price index for gross do mestic purchases slowed from 1.8 percent in the third quarter to 1.1 percent in the fourth (table 8). The slow down mainly reflected a downturn in energy prices; excluding food and energy items, prices increased 1.2 percent after increasing 1.3 percent (chart 10). Prices of goods and services purchased by consum ers increased 0.7 percent after increasing 1.8 percent. Table 8. Price Indexes [Percent change at annual rates; based on seasonally adjusted index numbers (2000=100)] Gross domestic purchases.. Personal consumption expenditures. Durable goods................................... Nondurable goods............................. Services.............................................. Gross private domestic investment. Fixed investment.............................. Nonresidential.............................. Structures................................ Equipment and software......... Residential................................... Change in private inventories......... Government consumption expenditures and gross investment............................ Federal...................................................... National defense.................................. Nondefense......................................... State and local......................................... Change from preceding period (percent) Contribution to percent change in gross domestic purchases prices (percentage points) 2003 2003 I II III IV I II III IV 3.4 0.4 1.8 1.1 3.4 0.4 1.8 1.1 0.5 1.8 0.7 1.87 0.29 1.18 0.45 2.0 3.5 0.24 0.07 0.29 0.52 1.27 0.01 2.8 -4.4 5.1 3.2 1.3 1.9 -0.3 3.8 -3.9 -4.0 -3.9 -0.37 -0.33 -0.34 -0.33 -2.1 3.8 0.5 0.96 -0.42 0.71 0.10 2.7 2.0 1.7 1.28 1.05 0.81 0.68 0.0 -1.6 6.4 -1.8 2.2 2.1 1.6 2.7 1.2 3.1 7.3 0.1 1.7 1.6 1.3 1.3 1.3 2.0 7.7 8.0 7.2 7.1 0.0 -1.2 1.1 1.4 1.2 3.7 0.26 -0.01 0.30 0.53 1.7 -0.03 -0.11 0.15 0.17 4.7 0.09 0.02 0.06 0.10 0.9 -0.12 -0.14 0.09 0.07 7.5 0.29 0.10 0.15 0.36 -0.02 0.07 -0.01 -0.02 0.5 0.31 0.48 0.09 0.32 0.05 0.16 0.04 0.79 -0.08 0.09 0.06 0.03 0.22 Addenda: Gross domestic purchases:.... Food..................................... Energy goods and services. Excluding food and energy.. 1.8 2.4 2.5 4.0 52.5 -14.1 11.2 -8.0 1.8 0.9 1.3 1.2 0.17 0.22 1.66 -0.62 1.56 0.77 0.23 0.37 0.42 -0.32 1.13 1.00 Personal consumptions expenditures: Food................................................ Energy goods and services........... Excluding food and energy............ 1.7 45.3 0.9 Gross domestic product 2.3 0.02 0.02 0.00 0.07 2.4 2.5 4.0 -8.6 12.3 -9.5 0.8 1.0 0.7 1.1 1.6 1.2 Note. Most percent changes are from Nl(% table 1.6.7; percent changes for personal consumption expenditures for energy goods and services and for personal consumption expenditures excluding food and energy are calculated from index numbers in NIRA table 2.3.4. Contributions to percent change are from table 1.6.8. Chart 10. Gross Domestic Purchases Prices: Change From Preceding Quarter 0.09 0.2 0.4 0.0 0.6 -0.7 The price of gasoline and oil turned down, as did the price of electricity and gas. Food prices, in contrast, in creased more than in the third quarter. The price of consumer purchases excluding food and energy, which is sometimes viewed as an indicator of the “underly ing” rate of inflation, increased 0.7 percent after in creasing 1.0 percent. Prices of private nonresidential fixed investment in creased 1.7 percent after increasing 1.6 percent. Prices of structures increased 4.7 percent, the largest increase in more than 2 years. Prices of equipment and software increased a little less than in the third quarter; the rare back-to-back increases mainly reflected increases in the prices of transportation equipment. Prices paid by government increased 0.5 percent af ter increasing 1.7 percent. The slowdown was evident at both the Federal level and at the state and local level. N ote. Percent change at annual rate from preceding quarter; based on seasonally adjusted index numbers (1996=100). U.S. Bureau of Economic Analysis Revisions, next page. March 2004 Business Situation 12 Revisions The preliminary estimate of a 4.1-percent increase in real GDP in the fourth quarter is 0.1 percentage point higher than the advance estimate released last month (table 9). In the past 20 years, the average revision, without regard to sign, from the advance estimate to the preliminary estimate was 0.5 percentage point. The upward revision to fourth-quarter real GDP re flected upward revisions to equipment and software investment, to inventory investment, and to exports that were mostly offset by an upward revision to im ports. The revision to equipment and software contrib uted an additional 0.36 percentage point to real GDP growth. It primarily reflected the incorporation of Census Bureau data for December, specifically, newly available and revised data on shipments and newly available data on exports and imports. The revision to inventory investment contributed an additional 0.31 percentage point to real GDP growth. It primarily reflected the incorporation of newly available and revised Census Bureau data on in ventories for November and December. The revision to exports contributed an additional 0.16 percentage point to real GDP growth, and the re vision to imports reduced GDP by an additional 0.65 percentage point. Both of these revisions primarily re flect the incorporation of newly available Census Bu reau data for December and revised data for November. Table 9. Preliminary and Advance Estimates for the Fourth Quarter of 2003 [Seasonally adjusted at annual rates] Percent change from preceding quarter Contribution to percent change in real GDP Preliminary Preliminary Advance Preliminary Preliminary Advance minus minus estimate estimate estimate estimate advance advance 4.1 4.0 0.1 4.1 4.0 0.1 Personal consumption expenditures......................... Durable goods........................ Nondurable goods.................. Services.................................. 2.7 -0.1 5.2 2.2 2.6 0.9 4.4 2.1 0.1 -1.0 0.8 0.1 1.93 -0.01 1.04 0.91 1.84 0.08 0.89 0.87 0.09 -0.09 0.15 0.04 Gross private domestic investment............................. Private fixed investment......... Nonresidential..................... Structures...................... Equipment and software Residential......................... Change in private inventories 15.8 9.3 9.6 -7.1 15.1 8.6 12.4 8.1 6.9 -3.0 10.0 10.6 3.4 1.2 2.7 -4.1 5.1 -2.0 2.31 1.39 0.95 -0.17 1.12 0.44 0.92 1.84 1.23 0.69 -0.07 0.76 0.54 0.61 0.47 0.16 0.26 -0.10 0.36 -0.10 0.31 Net exports of goods and services.................................. Exports................................... Goods................................. Services.............................. Imports................................... Goods................................. Services.............................. 21.0 21.2 20.7 16.4 18.1 8.6 19.1 19.2 18.9 11.3 12.2 7.0 1.9 2.0 1.8 5.1 5.9 1.6 -0.30 1.85 1.28 0.57 -2.15 -1.95 -0.20 0.19 1.69 1.17 0.52 -1.50 -1.34 -0.16 -0.49 0.16 0.11 0.05 -0.65 -0.61 -0.04 Government consumption expenditures and gross investment............................ Federal.................................... National defense................ Nondefense........................ State and local....................... 0.8 1.6 4.2 -3.3 0.4 0.8 0.7 1.8 -1.6 0.9 0.0 0.9 2.4 -1.7 -0.5 0.16 0.11 0.19 -0.08 0.05 0.16 0.05 0.08 -0.04 0.11 0.00 0.06 0.11 -0.04 -0.06 3.2 3.4 -0.2 1.1 1.2 1.0 1.1 0.1 0.1 Gross domestic product Addenda: Final sales of domestic product Gross domestic purchases price index....................................... GDP price index......................... N o te . The preliminary estimates for the fourth quarter of 2003 incorporate the following revised or additional major source data that were not available when the advance esti mates were prepared. Personal consumption expenditures: Revised retail sales for November and December, and revised estimates of elec tricity usage for October. Nonresidential lixed investment: Construction put-inplace data for October and November (revised) and December, manufacturers' shipments of machinery and equipment for December (revised), and manufacturers' ship ments of complete civilian aircraft for December. Residential fixed investment: Revised construction putin-place data for October and November (revised) and December. Change in private inventories: Manufacturers and trade inventories for November (revised) and December (newly available and revised), and crop and livestock estimates from the U.S. Department of Agriculture for 2003 (revised) and 2004 (projected). Exports and imports of goods and services: Exports and imports of goods for November (revised) and December. Government consumption expenditures and gross investment: Revised state and local construction put-in-place data for October and November (revised) and December. Wages and salaries: Revised employment, average hourly earnings, and average weekly hours for December. GDP prices: Revised export and import prices for October through December, revised unit-value index for petroleum imports for December, seasonally adjusted consumer price indexes for October through December (revised), and revised prices of single-family nouses under construction for the quarter. Get the details first! Issues of the SURVEY are available on the Internet at vv vv vv lA flA fM # \ A # Monthly features • The Business Situation— discusses the latest estimates of GDP, corporate profits, and government sector receipts and expenditures • BEA Current and Historical Data— presents selected national, international, and regional estimates in tables and charts Quarterly features • U.S. International Transactions • Personal Income by State and Region S urvey of C u rren t B u sin ess Annual features • GDP by Industry • U.S. International Services • U.S. International Investment Position • Gross State Product by Industry In T h is Issue . . . Federal Budget Estim ates fo r F iscal Y e ar 2 005 Preview of the Co m p re h e n siv e Re vision o f the Indu stry A cco u n ts Prod uction and Em ploym ent by U.S. M ultinational C o m p an ie s . DEPARlMfNl <>1COMMLRCl Special features • The 2003 Comprehensive NIPA Revision • Comprehensive Revisions of State and Local Area Personal Income 14 March 2004 Federal Budget Estimates for Fiscal Year 2005 By Benyam Tsehaye and Michelle Robinson O N February 2, 2004, the President of the United States of America submitted the Budget of the United States Government, Fiscal Year 2005 to Con gress. The budget calls for the continued war on terror ism, the strengthening of homeland security, and fiscal restraint in nondefense and non-homeland-security. The budget also proposes to extend temporary tax cuts, some permanently and some for several years. The fiscal year 2005 budget shows a $363.6 billion defi cit, a $157.1 billion decrease from the projected $520.7 billion deficit in fiscal year 2004.1 Fiscal year 2003 ended with a $375.3 billion deficit. The Federal Gov ernment budget is presented on a total, or unified, budget basis.2 Most fiscal year 2004 appropriations were not en acted until after the fiscal year 2005 budget was pro posed; therefore, the Office of Management and Budget prepared the current-services estimates for fis cal year 2005, using enacted appropriations for the De partments of Defense and Homeland Security for fiscal year 2004, and a conference report on the Consoli dated Appropriations Act of Fiscal Year 2004 for the remaining agencies.3 The conference report was subse1. Executive Office of the President, Office of Management and Budget, Budget of the United States Government, Fiscal Year 2005 (Washington, DC: U.S. Government Printing Office, 2004); <www.whitehouse.gov/omb/budget/fy2005/budget.html> . 2. Other presentations of the Federal budget distinguish between off-bud get and on-budget transactions or between trust fund and Federal transac tions. In the off-budget and on-budget breakdown, off-budget receipts and outlays, which consist of the social security trust funds and the Postal Ser vice fund, show surpluses of $154.0 billion in 2004 and $179.4 billion in 2005; on-budget receipts and expenditures, which include all other transac tions, show deficits of $674.8 billion in 2004 and $542.9 billion in 2005. In the trust funds and Federal funds breakdown, trust fund receipts and out lays—which consist of all trust funds, including social security, medicare, and unemployment compensation— show surpluses of $187.9 billion in 2004 and $243.3 billion in 2005. Federal funds receipts and outlays, which consist of all transactions not classified as trust funds, show deficits of $708.6 billion in 2004 and $606.9 billion in 2005. There are no equivalent measures o f these breakdowns in the national income and product accounts. 3. Conceptually, the current-services estimates are designed to show Fed eral receipts and outlays that exclude any changes to existing laws, so these estimates are neither recommended amounts nor forecasts; they form a baseline from which administration or congressional proposals can be ana lyzed. The Budget Enforcement Act provided rules for formulating base lines. However, economic and programmatic assumptions continue to be necessary to develop these estimates. In addition, the act itself allowed for exceptions, such as the extension of certain provisions even after their authority expired. The administration’s budget proposes several changes to a section of the Budget Enforcement Act that establishes the requirements for baselines. quently adopted, so the budget estimates reflected in this article are consistent with the actual appropria tions for fiscal year 2004. To estimate the current ser vices for fiscal year 2005, the 2004 levels were increased by a projected rate of inflation.4 Each year, the Bureau of Economic Analysis pre pares an adjusted presentation of the Federal budget receipts and outlays that places them on a basis that is consistent with the framework of the national income and product accounts (NIPAs). The NIPA framework, which differs in concept and timing from the Federal budget, is designed to show the composition of pro duction and the distribution of the incomes earned in production (see the box “Relation Between Budget Es timates and NIPA Estimates” ). The NIPA framework provides a means of gauging the effects of the Federal budget on aggregate measures of U.S. economic activ ity, such as gross domestic product (GDP). The NIPA estimates presented in this article use the same eco nomic assumptions as the Federal budget for rates of unemployment, of inflation, and of long-term inter est.5 The new NIPA framework now reflects the results of the 2003 comprehensive revision. As a result of the re vision, several components that were previously in cluded as negative entries on the expenditures side have been reclassified as current receipts. Some of the terms used have also changed; for example, the term “current surplus or deficit” has been replaced by “net saving.” The terms, concepts, and tables 4-10 used in this article now reflect the new NIPA framework.6 The following are the highlights of the article: • On the NIPA basis, net Federal Government saving (formerly, “current surplus or deficit (-), national income and product accounts”) stood at -$519.5 billion in fiscal year 2004 and -$338.0 billion in fis cal year 2005. • The 2003 comprehensive revision of NIPAs reclassi fied components from current expenditures to cur rent receipts, but the reclassification did not affect net Federal Government saving. 4. Analytical Perspectives: Budget of the United States Government, 358. 5. See “Economic Assumptions” in Analytical Perspectives, 169-179. 6. See the box for a list of the articles on the 2003 comprehensive NIPA revision that were published in the S u r v e y o f C u r r e n t B u s in e s s . March 2004 S urvey of C urrent B u s in e s s Relation Between Budget Estimates and NIPA Estimates The Bureau of Economic Analysis (BEA) prepares esti mates o f the Federal sector in a framework o f national income and product accounts (NIPAs). Unlike the bud get, which is a financial plan o f the Government on a cash basis, the NIPAs facilitate macroeconomic analyses o f the effects o f changes in Federal current receipts, cur rent expenditures, and gross investment on gross domes tic product and its components, which are mainly on an accrual basis.1 One major conceptual difference between the budget and the NIPAs is in the treatment o f government invest ment in fixed assets; in the NIPAs, government consump tion expenditures excludes investment in fixed assets, but it includes consumption o f fixed capital, a depreciation charge on past investment. Certain transactions that are associated with the acquisition or disposal o f assets are included in the budget; in the NIPAs these transactions are classified as capital transfers, and they include certain investment grants-in-aid to state and local governments, investment subsidies to businesses, and estate and gift taxes. In the NIPAs, government employee retirement plans are treated similarly to private pension plans, and their assets are treated as if they belong in the NIPA household sector; for example, employee contributions to these plans are included in budget receipts, but they are not included in NIPA current receipts. Similarly, Fed eral employee retirement benefits are included in budget outlays, but they are not included in NIPA current expenditures. In addition, the NIPAs exclude net pur chases of nonproduced assets, such as land and the radio spectrum, because they do not affect current production; the NIPAs also exclude transactions with residents of Puerto Rico and the U.S. Territories, whose product and income are excluded by definition, and the transactions of the Federal Communication Commission (FCC) Uni versal Service Fund, which pass through a nonprofit institution regulated by the FCC. (Investment in fixed assets, capital transfers, and net lending and borrowing, which includes purchases o f nonproduced assets, are 1. BEA’s adjustments are shown in tables 4 and 5 of this article. The adjustments to the NIPA estimates that reflect the 2003 comprehensive NIPA revision will be presented in NIPA table 3.18B Relation of Federal Government Current Receipts and Expenditures in the NIPAs to the Budget, Fiscal Years” later this year. For a summary of these adjustments, see “National Income and Product Accounts” in the “Analytical Perspectives” 207-212. For a detailed discussion of the adjustments, see Government Transactions (methodology paper no. 5, Bureau of Economic Analysis November 1988); < www.bea.gov>. For changes to the methodology since 1988, see Nicole Mayerhauser, Shelly Smith, and David Sullivan, “Preview of the 2003 Comprehensive Revision of the National Income and Product Accounts: New and Redesigned Tables,” Survey 83 (August 2003): 7-25; see Brent R. Moulton and Eugene P. Seskin, “Preview of the 2003 Comprehensive Revision of the National Income and Product Accounts: Changes in Definitions and Classifications,” Survey 83 (June 2003): 17-34; Brent R. Moulton, Robert P. Parker, and Eugene P. Seskin, “A Pre view of the 1999 Comprehensive Revision of the National Income and Product Accounts: Definitional and Classificational Changes,” Survey 79 (August 1999): 11-14; Robert P. Parker, “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; and Robert P. Parker, “A Preview of the Comprehensive Revision of the National Income and Product Accounts: Definitional and Classifi cational Changes,” Survey 71 (September 1991): 24-25. now shown in the gross saving and investment account rather than in the government current receipts and expenditures account. The differences are detailed in tables 4 and 5. NIPA current receipts differ from budget receipts because o f differences in coverage, netting and grossing, and timing.2 For most years, the differences between NIPA current receipts and budget receipts primarily reflect capital transfers received, supplementary medical insurance premiums, and personal and business current transfer receipts. (Personal and business current transfer receipts, which are included in “other” netting and gross ing differences in table 4, are classified as receipts in the NIPAs and are netted against outlays in the budget.) Similarly, NIPA current expenditures differ from bud get outlays because of differences in coverage, netting and grossing, and timing. For most years, the differences between NIPA current expenditures and budget outlays primarily reflect capital transfers paid, Federal employee retirement plan transactions, and personal and business current transfer receipts. In the NIPA framework, budget outlays for national defense and nondefense are reflected in both consump tion expenditures and gross investment. For national defense, the budget outlays differ from the NIPA esti mates for major principal reasons. First, the NIPA mea sure includes general government consumption o f fixed capital. Second, for defense outlays, the cost o f the mili tary retirement program is measured as the cash pay ment from the military personnel appropriation account to the military retirement trust fund. In the NIPAs, pay ments are added to amortize the unfunded liability for military and civilian retirement benefits; these payments are recorded in the budget as intergovernmental transac tions. Third, NIPA expenditures are recorded on a deliv ery basis, and budget outlays are recorded on a cash basis; thus, in the NIPAs, all work in progress except ships and structures are included in the change-in-private-inventories component of gross domestic product. Fourth, some defense outlays, primarily disbursements for foreign mil itary sales, are treated as exports in the NIPAs. Initially, the production o f military equipment is recorded as an increase in private inventories; when the equipment is delivered, a decrease in private inventories is recorded. For sales o f equipment to foreign governments, the decrease in inventories is offset by an increase in exports; for sales of equipment to the U.S. Government, the decrease in inventories is offset by an increase in govern ment consumption expenditures and gross investment. 2. The differences in coverage arise because certain transactions that are excluded from the NIPAs are included in the budget and vice versa. The differ ences in netting and grossing arise because certain transactions are recorded as offsets to outlays in the budget, but they are recorded as receipts in the NIPAs (and vice versa). The differences in timing arise because in the budget, most receipts and outlays are recorded on a cash basis, and in the NIPAs, some transactions are recorded on an accrual basis. 15 March 2004 Federal Budget Estim ates 16 • The budget deficit exceeds NIPA net Federal Gov ernment saving by $25.6 billion in fiscal year 2005. The differences in the two measures of government fiscal position persist from year-to-year, and are due to alternative accounting practices, such as differ ences in coverage, timing, and netting and grossing. • The President’s proposed legislation and program changes added, on net, $3.5 billion to the budget deficit in fiscal year 2005. This article briefly summarizes the budget estimates for receipts and outlays, including major proposed leg islation and program changes. It then explains how the budget estimates are transformed into the NIPA framework of current receipts and current expendi tures and how the results of this process affect quar terly NIPA estimates for the current year. The article concludes with a presentation of fiscal year and quar terly NIPA projections that are based on the budget re ceipts and outlays.7 The budget estimates In the administration’s budget, receipts in fiscal year 2005 are projected to increase $238.2 billion, to $2,036.3 billion (table 1). Receipts in 2004 are esti mated at $1,798.1 billion, up $15.8 billion from 2003. Most of the acceleration in 2005 is accounted for by an upturn in individual income taxes, which would in crease $108.4 billion in 2005 after decreasing $28.3 bil lion in 2004, and by an acceleration in social insurance taxes and contributions, which would increase $61.5 billion after increasing $19.4 billion. The upturn in re ceipts also reflects the effects of the “adjustments for 7. This article is published after the release of the Federal budget. It pro vides updated fourth-quarter 2003 estimates that incorporate information that became available after the release of the budget, and it provides more detailed estimates of receipts and expenditures than those shown in the NIPA estimates in Analytical Perspectives, 207-212. revenue uncertainty,” which are adjustments to re ceipts that take into account that actual receipts can differ from projected receipts that are based on eco nomic and tax models; these adjustments would re duce the level of receipts $20.0 billion in 2004 and $15.0 billion in 2005; thus they would increase the year-to-year change in receipts $5.0 billion in 2005. Total budget outlays in fiscal year 2005 are projected to increase $81.0 billion, to $2,399.8 billion (table 2). Outlays in 2004 are estimated at $2,318.8 billion, up $161.2 billion from 2003. The deceleration in 2005 is accounted for by a downturn in outlays for national defense (which would decrease $3.1 billion in 2005 af ter increasing $48.8 billion in 2004), by a deceleration in outlays for health (which would increase $9.1 billion after increasing $23.9 billion), by a downturn in com merce and housing credit (which would decrease $5.0 billion after increasing $9.3 billion), and by a decelera tion in outlays for international affairs (which would increase $3.6 billion after increasing $13.0 billion). Table 2. Budget Outlays by Function [Billions of dollars] Level for fiscal year 2002 Budget outlays..................................... Social security.................................... National defense................................ Income security.................................. Medicare............................................ Health................................................ Net interest........................................ Education, training, employment, and social services................................ Transportation.................................... Veterans benefits and services......... Administration of justice.................... International affairs........................... Natural resources and environment General science, space, and technology...................................... Agriculture.......................................... General government......................... Community and regional development................................... Commerce and housing credit.......... Energy............................................... Undistributed offsetting receipts3..... Table 1. Budget Receipts by Source [Billions of dollars] Level for fiscal year 2002 Budget receipts................................. Individual income taxes................... Social insurance taxes and contributions................................ Corporation income taxes.............. Excise taxes.................................... Miscellaneous receipts................... Estate and gift taxes....................... Customs duties............................... Adjustments for revenue uncertainty 1,853.2 858.3 700.8 148.0 67.0 33.9 26.5 18.6 2003 1,782.3 1,798.1 793.7 765.4 2,036.3 873.8 -70.9 -64.6 15.8 -28.3 238.2 108.4 732.4 168.7 70.8 34.3 23.9 22.6 -20.0 793.9 230.2 73.2 36.5 21.4 22.1 -15.0 12.2 -16.2 0.5 0.6 -4.5 1.3 19.4 36.9 3.3 -0.2 1.9 2.7 -20.0 61.5 61.5 2.4 2.2 -2.5 -0.5 5.0 713.0 131.8 67.5 34.5 22.0 19.9 2004 1. Values may differ from budget data by $0.1 billion or less due to rounding. Source: Budgeted the United States Government, Fiscal Year 2005. Change from preceding year' 2005 2003 2004 2005 2003 2004 Change from preceding year1 2005 2,011.0 2,157.6 2,318.8 2,399.8 496.2 456.0 474.7 515.0 453.7 348.6 404.9 450.6 334.4 339.5 312.5 348.1 230.9 249.4 270.5 294.2 196.5 243.5 219.6 252.6 171.0 153.1 156.3 177.9 2003 2004 2005 146.6 18.7 56.3 21.9 18.5 23.1 -17.9 161.2 21.5 48.8 5.1 21.1 23.9 3.2 81.0 18.8 -3.1 8.6 23.7 9.1 21.6 70.5 61.8 51.0 35.2 22.4 29.5 82.6 67.1 57.0 35.4 21.2 29.7 87.2 68.1 60.5 41.6 34.2 31.7 89.0 69.9 67.5 42.8 37.8 30.9 12.1 5.3 6.0 0.2 -1.2 0.2 4.6 1.0 3.5 6.2 13.0 2.0 1.8 1.8 7.0 1.2 3.6 -0.8 20.8 22.0 16.8 20.9 22.6 23.0 22.3 20.1 25.4 24.4 22.3 19.1 0.1 0.6 6.2 1.4 -2.5 2.4 2.1 2.2 -6.3 13.0 -0.4 0.5 18.9 -1.6 -0.8 18.8 7.7 1.0 5.9 -1.2 -1.3 -0.1 9.3 1.8 -47.4 -54.4 -59.3 17.0 2.7 1.8 -0.8 -63.1 -7.0 -4.9 -1.8 -5.0 0.8 -0.8 -3.8 1. Values may differ from budget data by $0.1 billion or less due to rounding. 2. Allowances are included in budget totals to cover certain budgetary transactions that are expected to increase or decrease outlays, receipts, or budget authority but are not reflected in the program details. Allowances include funding for emergencies, such as natural disasters, and for unforeseen defense and nondefense costs. 3. Undistributed offsetting receipts are collections that are offset against outlays but not distributed to a particular agency or budget function. Undistributed offsetting receipts fall into two categories: Receipts from performing business-like activi ties, such as proceeds from leases or selling Federal assets; and shifts from one account to another, such as agency payments to retirement funds. Source: Budget of the United States Government, Fiscal Year 2005. Proposed legislation and program changes The fiscal year 2005 budget presents proposed legisla tion and program changes that would reduce the current-services deficit $6.8 billion in 2004 and that would increase the current-services deficit 3.5 billion March 2004 S urvey of C urrent in 2005 (table 3).8 The administration’s estimates of current-services for fiscal year 2005 include additional proposals and adjustments; and these adjustments would decrease the current-services deficit. Excluding these adjustments, the current-services deficit would be larger $32.8 billion. Receipts. Proposed legislation would increase re ceipts $6.9 billion in 2004 and would decrease receipts $0.4 billion in 2005. A proposed change in the mea surement of employers’ pension liabilities would in crease receipts in both fiscal years. Proposals that extend certain expiring tax provisions, which are not 8. In this article, the estimates of the administration’s proposed legislation and program changes are the differences between the current-services esti mates provided by the budget and the actual budget. The current-services estimates in the fiscal year 2005 budget include certain proposed legislation and adjustments that are linked to the administration’s budget reform pro posals. Table 3. Relation of Current-Services Estimates to the Budget [Billions of dollars] Fiscal year1 2004 2005 Receipts Current-services estimates2......................................................................... Plus: Proposed legislation excluding proposals included in the baseline3 Extend minimum tax relief for individuals...................................... Extend research and experimentation tax credit.......................... Improve the accuracy of pension liability measures..................... Other Equals: The budget................................................................................... 1,791.2 6.9 -0.1 -0.7 8.5 -0.8 1,798.1 2036.6 -0.4 -9.4 -3.6 12.3 0.3 2,036.3 Outlays Current-services estimates2........................................................................ Plus: Program changes excluding proposals included in the baseline3... National defense.......................................................................... Health........................................................................................... Natural resources and environment International affairs.................... Medicare..................................... Undistributed offsetting receipts4 Veterans benefits and services... General government.................. Income security.......................... Community and regional development Net interest.................................. Other............................................................................................ 2.318.7 0.1 0.0 0.2 0.0 0.0 0.0 0.0 -0.1 0.1 0.0 0.0 0.0 -0.1 2396.7 3.1 10.3 -1.6 -1.6 1.3 -0.9 -0.9 -0.8 -0.8 -0.7 -0.3 -0.1 -0.8 2.318.8 -527.5 6.8 -520.7 2399.8 -360.1 -3.5 -363.6 Equate: The budget.................................................................................. Current-services surplus or deficit ( - ) .......................................................... Proposed changes, receipts less outlays..................................................... Administration budget surplus or deficit ( - ) .................................................. Addenda: Net effect of budget reform proposals included in the baseline on currentservices deficit........................................................................................... Effect on receipts of budget reform proposals included in the baseline5. Extend certain provisions of the tax cuts enacted in 2001 and 2003: Doubling of the individual standard deduction for joint filers........... 10-percent individual income tax rate bracket.................................. Child tax credit................................................................................. Repeal of estate and generation-skipping transfer taxes................ Dividends tax rate structure............................................................. Expensing for small business........................................................... Adjustment to the baseline for outlays, budget reform proposal5............ Adjustment for redefinition of emergencies, national defense............. Adjustment for cost of pay increases................................................... 32.8 -11.8 -5.3 -4.0 -2.2 -1.0 0.5 0.2 -44.6 -42.8 -1.8 1. Values may differ from budget data by $0.1 billion or less due to rounding. 2. These current-services estimates are from the budget and include certain adjustments to reflect budget reform proposals advanced by the administration. For information on the budget reform proposals, refer to the Analytical Perspectives and table S-16 of the main Budget document. 3. Consistent with the budget, the proposed legislation excludes budget reform proposals that are included in the baseline. 4. Undistributed offsetting receipts are collections that are offset against outlays but not distributed to a particular agency or budget function. Undistributed offsetting receipts fail into two categories: Receipts from performing business-like activities, such as proceeds from leases or selling Federal assets; and shifts from one account to another, such as agency payments to retirement funds. 5. Only budget reform proposals included in the baseline and that affect receipts and outlays are shown. Source: Budget o f the United States Government, Fiscal Year 2005. B u s in e s s 17 included in the baseline, would decrease receipts in fis cal year 2004 and in fiscal year 2005. Some key propos als would have the following effects on receipts: • A proposal to change the interest rate that is cur rently used to discount the pension liabilities of employers who provide defined-benefit pension plans to their employees would increase corporate income tax receipts $8.5 billion in 2004 and $12.3 billion in 2005. By lowering employer payments to meet pension obligations, which are tax-deductible, the proposed interest rates would increase employ ers’ corporate tax liabilities. •A proposal to extend the current amounts of exemption for the alternative minimum tax and the use of nonrefundable personal tax credits to offset taxes would decrease receipts $0.1 billion in fiscal year 2004 and $9.4 billion in fiscal year 2005. Cur rent law would lower the exemption amounts, beginning in tax year 2005, and beginning in tax year 2004, it would not permit the use of offsetting nonrefundable tax credits. •A proposal to permanently extend the 20-percent tax credit for qualified research and experimenta tion expenses that are above specified amounts would lower receipts $0.7 billion in fiscal year 2004 and $3.6 billion in fiscal year 2005. The budget baseline for receipts includes proposed legislation that would affect receipts. These proposals would decrease receipts $11.8 billion in fiscal year 2005. Some key proposals included in the baseline would have the following effects on receipts: •A proposal to extend the current standard deduc tion for married taxpayers filing joint returns would lower receipts $5.3 billion in 2005. Under the cur rent law, the standard deduction for joint filers would be lowered, beginning in tax year 2005. •A proposal to extend the current 10-percent indi vidual income tax bracket would lower receipts $4.0 billion in fiscal year 2005. The current law contracts the bracket in 2005 and expands it in 2008. •A proposal to extend the current child tax credit of $1,000 for each qualifying child under the age of 17 would lower receipts $2.2 billion in fiscal year 2005. The current law reduces the credit to $700 in tax year 2005, raises it to $800 in 2009, and then raises it back to $1,000 in 2010. Outlays. The fiscal year 2005 budget includes pro posed program changes that would increase total out lays $0.1 billion in 2004 and $3.1 billion in 2005.9 The increase in 2005 is more than accounted for by the ef 9. Outlays for homeland security are spread throughout certain budget functions, including national defense, health, transportation, and adminis tration of justice. 18 Federal Budget Estim ates fects of program changes in national defense and inter national affairs; the increase is partly offset by decreases in outlays for other functions. Key program changes include the following: •A n increase of $10.3 billion for national defense, mostly for discretionary spending on operation and maintenance, on research, development, test, and evaluation, and on military personnel, including a 3.5-percent pay raise. •A n increase of $1.3 billion for international affairs, including funding for assistance to developing nations through the Millennium Challenge Corpo ration, funding to combat AIDS in Africa and the Caribbean by expanding the Emergency Plan for AIDS Relief, and funding for payments to meet obligations to international organizations. •A decrease of $1.6 billion for health reflects the net impact of proposals for increases and decreases in Medicaid and other mandatory and discretionary health activities. •A $1.6 billion reduction in functions related to nat ural resources and the environment largely due to reduced funding for Corps of Engineers water projects, elimination of unrequested and unautho rized water and research projects in Environmental Protection Agency, and deletion of one-time emer gency fire suppression funding provided for the Forest Service and Bureau of Land Management in fiscal year 2004. Transformation of budget data into a NIPA framework Budget receipts and expenditures are transformed into a NIPA framework by a detailed analytical process. Fis cal year budget data for receipts are supplemented by information on the effects of budget proposals from the Department of the Treasury’s Office of Tax Analy sis. These data are analyzed for their effects on each of the NIPA receipts components: Current tax receipts, contributions for government social insurance, in come receipts on assets, current transfer receipts, and current surplus of government enterprises. Quarterly projections are based on interpolations using the eco nomic assumptions from the budget. For the monthly and quarterly NIPA estimates released by BEA during the year, these initial projections are reevaluated and revised as data from the Department of the Treasury become available. Fiscal year budget outlays are organized by appro March 2004 priation in the budget’s appendix.10 These fiscal year data, along with supplemental information from the Office of Management and Budget, are used to allocate Federal fiscal year spending to the various NIPA cate gories: Current transfer payments, interest payments, subsidies, and consumption expenditures and gross in vestment.11 The quarterly projections shown in this ar ticle are mainly derived by interpolating the fiscal year projections. For the historical quarterly NIPA estimates released by BEA during the current year, the fiscal year relation ships derived from budget data are used to allocate the spending that is detailed in the Monthly Treasury State ment of Receipts and Outlays of the United States Gov ernment.12 Supplemental data are also used. A detailed reconciliation of defense consumption expenditures and gross investment to outlays is prepared using ex tensive financial, delivery, and other information from the Department of Defense. In order to prepare sea sonally adjusted estimates of nondefense consumption expenditures and gross investment, data derived from the budget are used to extrapolate portions of nonde fense expenditures (for durable goods, other nondura ble goods, other services, and equipment) for which there are no quarterly source data. These extrapola tions are combined with actual quarterly data for certain spending categories, such as estimates of con struction spending from the Census Bureau and esti mates of compensation from the Office of Personnel Management and the Bureau of Labor Statistics. BEA’s users should remember that budget data are based on economic and programmatic assumptions about the budget year, and that actual outcomes may differ. In addition, the budget includes proposals for the budget year that may not become law, and it may exclude proposals that are subsequently enacted. Even with these caveats, the information on hundreds of re ceipts and expenditures programs contained in the budget forms the foundation of the NIPA Federal Gov ernment estimates. These estimates are initially pre pared from budget data, and they are updated during the year as new laws are enacted, as actual spending 10. See Appendix: Budget of the United States Government, Fiscal Year 2005. 11. Outlays by program are first adjusted for coverage (for example, geo graphical adjustments) and for netting and grossing (for example, supple mental medical insurance premiums). 12. Department of the Treasury, Financial Management Service, Monthly Treasury Statement (Washington, DC: U.S. Government Printing Office); <www.fms.treas.gov/mts>. March 2004 S urvey of C urrent occurs, and as economic conditions change. Thus, the monthly and quarterly NIPA estimates released by BEA during the year may diverge from the initial quar terly projections. Comparison of the budget and NIPA estimates BEA adjusts the budget estimates in order to produce estimates of Federal current receipts and expenditures that are consistent over time with NIPA concepts and methodologies. For fiscal year 2005, NIPA current receipts would exceed budget receipts by $73.2 billion as a result of netting and grossing, coverage, and timing adjust ments (table 4). Netting and grossing adjustments would add $98.4 billion, coverage adjustments would subtract $36.9 billion, and timing adjustments would add $11.7 billion. In netting and grossing, “Other”— which includes Federal government payments to the old-age, survivors, and disability trust funds—would add $49.8 billion, and payments for supplementary medical insurance premiums would add $36.8 billion. In coverage adjustments, capital transfers received, which consists of estate and gift taxes, would subtract $21.3 billion. For fiscal year 2005, NIPA current expenditures would exceed budget outlays by $47.6 billion (table 5). Netting and grossing adjustments, which affect out lays the same as receipts, would add $98.4 billion, coverage adjustments would subtract $46.1 billion, Table 4. Relation of Federal Government Current Receipts in the NIPAs to the Budget [Billions of dollars] Fiscal year 2003 2004 2005 Budget receipts................................................................................................ Less: Coverage differences........................................................................... Geographic1.......................................................................................... Contributions received by Federal employee retirement plans2.......... Capital transfers received3................................................................... Financial transactions........................................................................... Other4.................................................................................................... 1,782.3 36.2 3.9 4.6 21.8 0.0 5.9 1,798.1 39.3 4.1 4.7 23.8 0.0 6.7 2,036.3 36.9 4.3 4.7 21.3 0.0 6.6 Netting and grossing differences............................................................... Supplementary medical insurance premiums....................................... Income receipts on assets.................................................................... Current surplus of government enterprises.......................................... Other5.................................................................................................... -86.1 -28.4 -10.8 -2.9 -44.0 -91.6 -32.2 -12.9 0.6 -47.1 -98.4 -36.8 -13.1 1.4 -49.8 Plus: Timing differences................................................................................. Taxes on corporate income....................................................................... Federal and state unemployment insurance taxes.................................... Withheld personal current tax and social security contributions.............. Excise taxes............................................................................................... Other.......................................................................................................... -2.1 0.2 0.8 -2.9 0.1 -0.3 -2.5 -6.5 1.5 2.7 0.2 -0.4 11.7 1.7 1.1 8.8 -0.4 0.5 Equals: Federal Government current receipts, NIPAs................................. 1,830.2 1,847.9 2,109.5 1. Consists largely of contributions for social insurance by residents of U.S. territories and Puerto Rico. 2. These transactions are included in the NIPA personal sector. 3. Consists of estate and gift taxes. 4. Consists largejy of Treasury receipts from sales of foreign currencies to Government agencies. 5. Includes proprietary receipts that are netted against outlays in the budget and classified as receipts in the NIPAs. Also includes some transactions not reflected in the budget but are added to both receipts and expenditures in the NIPAs. Sources: Budget of the United States Government, Fiscal Year 2005 and the Bureau of Economic Analysis. 19 B u s in e s s and timing adjustments would subtract $4.7 billion. In coverage adjustments, Federal employee retirement plan transactions would add $31.5 billion, and capital transfers paid, which includes capital grants to state and local government and to businesses, would sub tract $48.0 billion. For national defense, largely because of the treatment of military and defense civil ian retirement funds, the NIPA estimate of consump tion expenditures would exceed the budget estimate of outlays by $9.2 billion (table 6). For fiscal year 2005, in absolute value, the budget deficit would exceed the NIPA estimate of net Federal Government saving by $25.6 billion (table 7). The dif ference reflects the combined effects of coverage and timing adjustments. The coverage adjustments lower both NIPA current receipts and NIPA current expendi tures; the timing adjustments raise NIPA current Table 5. Relation of Federal Government Current Expenditures in the NIPAs to the Budget [Billions of dollars] Fiscal year Budget outlays............................................................................. Less: Coverage differences....................................................... Geographic1.......................................................................... Federal employee retirement plan transactions2................. Interest received................................................................ Contributions received (employer)..................................... Benefits paid..................................................................... Administrative expenses.................................................... Financing disbursements from credit programs3................. Other differences in funds covered4..................................... Net investment5.................................................................... Capital transfers paid6.......................................................... Financial transactions............................................................ Loan disbursements less loan repayments and sales...... Deposit insurance.............................................................. Net purchases of foreign currency.................................... Other................................................................................. Net purchases of nonproduced assets.................................. Outer Continental Shelf..................................................... Land and other7................................................................ Other8.................................................................................... Netting and grossing differences........................................... Supplementary medical insurance premiums.................. Interest receipts................................................................. Current surplus of government enterprises...................... Other9............................................................................... Plus: Timing differences............................................................ Purchases (increase in payables net of advances).......... Current transfer payments................................................. Subsidies........................................................................... Equals: Federal Government current expenditures, NIPAs 2003 2004 2005 2,157.6 24.0 13.6 -29.2 -48.8 -68.6 88.1 0.1 -6.8 6.0 5.2 45.0 -9.8 1.2 1.1 0.0 -12.0 0.0 -0.2 0.2 0.0 -86.1 -28.4 -10.8 -2.9 -44.0 -1.8 -2.3 0.0 1.1 -0.6 2,218.0 2,318.8 47.8 14.3 -31.8 -46.2 -78.0 92.3 0.1 -6.8 5.8 11.6 47.2 7.5 15.8 1.4 0.0 -9.6 0.1 0.0 0.1 0.0 -91.6 -32.2 -12.9 0.6 -47.1 4.8 0.6 0.0 4.0 0.2 2,367.4 2,399.8 46.1 14.6 -31.5 -48.5 -78.9 95.8 0.1 -8.3 5.5 14.4 48.0 3.5 13.4 1.1 0.0 -11.1 0.0 0.0 0.0 0.0 -98.4 -36.8 -13.1 1.4 -49.8 -4.7 -3.3 0.0 -1.7 0.3 2,447.4 1. Consists largely of government social benefits, subsidies, and grants-in-aid to residents of U.S. territories and Puerto Rico. 2. These transactions are included in the NIR\ personal sector. 3. Consists of transactions (not included in the budget totals) that record all cash flows arising from post1991 direct loan obligations and loan guarantee commitments. Many of these flows are for new loans or loan repayments; consequently, related entries are included in “Loan disbursements less loan repayments and sales." 4. Consists largely of agencies or accounts, such as the Postal Service and the Federal Financing Bank, that were not included in the budget in some time periods. 5. Net investment is gross investment less consumption of fixed capital for general government and govern ment enterprises. 6. Consists of investment giants to state and local governments and maritime construction subsidies. Does not include the forgiveness of debts owed by foreign governments to the U.S. Government; this forgiveness is classified as a capital transfer paid by the United States and is excluded from both budget outlays and NIRA current expenditures. 7. Consists of net sales of land other than the Outer Continental Shelf and, beginning with 1995, the auction of the radio spectrum. 8. Consists largely of net expenditures of foreign currencies. 9. Includes proprietary receipts that are netted against outlays in the budget and classified as receipts in the NIPAs. Also includes some transactions that are not reflected in the budget data but are added to both receipts and expenditures in the NIRAs. Sources: Budget of the United States Government, Fiscal Year 2005 and the Bureau of Economic Analysis. March 2004 Federal Budget Estim ates 20 Table 6. Relation of National Defense Consumption Expenditures and Gross Investment in the NIPAs to National Defense Outlays in the Budget [Billions of dollars] Fiscal year 2003 2004 2005 National defense outlays in the budget................................................. Department of Defense, military............................................................ Military personnel............................................................................... Operation and maintenance Procurement................ Aircraft...................... Missiles.................... Ships......................... Weapons.................. Ammunition..................................................................................... Other................................................. Research, development, test, and evaluation.................................... Other..................................................... Atomic energy and other defense-related activities............................... Plus: Consumption of general government fixed capital............................ Additional payments to military and civilian retirement funds.......... Timing difference............................................................................... 405.1 388.9 106.7 151.4 67.9 21.3 4.1 9.5 3.9 1.0 28.2 53.1 9.7 16.2 61.0 24.1 2.3 453.7 435.7 117.4 165.7 77.7 22.4 4.7 10.6 4.2 1.7 34.1 60.6 14.3 18.0 62.2 26.9 -0.6 450.6 429.7 108.9 163.9 78.2 23.2 5.4 11.7 3.9 1.5 32.4 66.2 12.6 20.8 63.4 27.8 3.3 Less: Grants-in-aid to state and local governments and net interest paid. Other differences........................................................................................ Equals: National defense consumption expenditures and gross investment, NIPAs................................................................................. Less: National defense gross investment1................................................ Equals: National defense consumption expenditures, NIPAs............ 3.4 0.9 3.8 4.6 3.9 7.7 483.5 58.6 424.8 535.0 63.8 471.2 526.9 67.0 459.8 1. Gross investment consists of general government and government enterprise expenditures for fixed assets; inventory investment is included in Federal Government consumption expenditures. Sources: Budget ol the United States Government, Fiscal Year 2005 and the Bureau of Economic Analysis. receipts and lower NIPA current expenditures. Netting and grossing adjustments have an equal effect on cur rent receipts and expenditures, so they have no effect on saving. Fiscal year 2005 NIPA estimates In the NIPA framework, net Federal Government sav ing would increase $181.6 billion in fiscal year 2005 af ter decreasing $131.7 billion in fiscal year 2004 (table 7 and chart 1). The upturn in saving in fiscal year 2005 results from an acceleration in current receipts and from a deceleration in current expenditures. On a NIPA basis, Federal current receipts would in crease $261.6 billion in fiscal year 2005 after increasing $17.6 billion in fiscal year 2004 (table 8 and chart 2). The acceleration results from an acceleration in the tax base that would increase receipts $279.7 billion. (The tax base is estimated using the administration’s economic assumptions and does not include effects of proposed legislation.) In current receipts, personal current taxes would turn up, increasing $129.5 billion after decreasing $60.7 billion; the upturn is more than accounted for by an upturn in the tax base. Taxes on corporate income would increase $71.9 billion after increasing $33.1 billion, reflecting an acceleration in the tax base. Contributions for government social insurance would increase $58.7 billion after increasing $38.2 billion, reflecting an expected acceleration in taxable wages and salaries. The current surplus of government enterprises would decline less, decreasing $0.8 billion after decreasing $3.5 billion, reflecting an upturn in the current surplus of “other” government enterprises and a smaller deterioration in the Postal Service current surplus. In the NIPA framework, Federal current expendi tures would increase $80.1 billion in fiscal year 2005 af ter increasing $149.4 billion in fiscal year 2004 (table 9 Chart 1. Federal Fiscal Position, Table 7. Relation of Administration Budget and NIPA Estimates of Federal Government Current Receipts and Expenditures [Billions of dollars] Level for fiscal year Actual Estimates Change from pre ceding fiscal year 2003 2004 2005 2004 Administration budget: Receipts.................................................... Outlays...................................................... Surplus or deficit (- ) .............................. 1,782.3 2,157.6 -375.3 1,798.1 2,318.8 -520.7 2,036.3 2,399.8 -363.5 15.8 161.2 -145.4 238.2 81.0 157.2 NIPAs: Current receipts......................................... Current expenditures................................. Net Federal Government saving........... 1,830.2 2,218.0 -387.8 1,847.9 2,367.4 -519.5 2,109.5 2,447.4 -338.0 17.6 149.4 -131.7 261.6 80.1 181.5 -1.9 11.8 -13.7 -23.4 1.0 -24.4 2005 Differences Administration budget less NIPAs: Receipts / Current receipts........................ Outlays / Current expenditures................. Deficit / Net Federal Government saving 94 -47.9 -60.4 12.5 -49.8 -48.6 -1.2 -73.2 -47.6 -25.6 Sources: Budget o f the United States Government, Fiscal Year 2005 and the Bureau of Economic Analysis. 95 96 97 98 99 00 F is c a l Y e a rs •Estimates by Office of Management and Budget and BEA U.S. Bureau of Economic Analysis 01 02 03 04* 05* March 2004 S urvey C of urrent and chart 3). Consumption expenditures would in crease $6.1 billion after increasing $65.8 billion; the de celeration is mainly accounted for by a downturn in national defense consumption expenditures. Grantsin-aid to state and local governments would decrease $4.1 billion after increasing $27.3 billion; the down turn is mostly attributable to a deceleration in health grants and to downturns in “other” grants and in grants for central executive, legislative, and judicial activities. Government social benefits to persons would increase $49.9 billion after increasing $54.4 bil lion; the slowdown is mainly attributable to a down turn in “other” government social benefits to persons and to decelerations in veterans benefits and in social security. “Other” current transfer payments to the rest of the world would decelerate, increasing $2.6 billion after increasing $6.5 billion. In contrast, Federal inter est paid would accelerate, increasing $25.3 billion after increasing $0.7 billion; the acceleration reflects the ex pected higher interest rates and a larger public debt. Subsidies would turn up, increasing $0.2 billion after decreasing $5.3 billion. Quarterly pattern. Seasonally adjusted quarterly es timates of NIPA current receipts and current expendi tures that are consistent with the budget estimates of receipts and outlays for the fiscal year are shown in ta ble 10. The NIPA estimates of current receipts reflect 21 B u s in e s s the quarterly pattern that results from the enacted and proposed legislation, from the administrations pro jected quarterly pattern of wages, and from BEA’s methodology for deriving quarterly estimates of decla rations and settlements (estimated income tax pay ments and final settlements) less refunds.13 The NIPA estimates of current expenditures reflect the quarterly pattern that results from enacted and proposed legisla tion that would adjust pay for Federal Government employees and that would provide cost-of-living in creases in social security and other programs. The quarterly estimates do not control to the fiscal year es timates, but they reflect estimated changes from pub lished preliminary estimates for the fourth quarter of 2003. Because of the limited information available to estimate quarterly patterns, the estimates should be viewed as rough approximations. These approxima tions will be superseded by BEA’s more reliable quar terly estimates that will be prepared and published in NIPA table 3.2. 13. s io n F o r d e t a i l s o n t h e m e t h o d o l o g y , s e e E u g e n e P . S e s k i n , “A n n u a l R e v i o f th e N a tio n a l In c o m e an d P r o d u c t A c c o u n t s ,” Su rvey 78 Chart 2. Federal Government Current Receipts, NIPA Framework Billion: 4500 Table 8. Sources of Change in Federal Government Current Receipts, NIPA Framework 4000 [Billions of dollars] Change from preceding fiscal year 2003 2004 3500 2005 Total receipts....................................................................................... Due to tax bases............................................................................... -48.3 -47.4 0.0 17.6 9.9 7.7 261.6 279.7 -20.0 Personal current taxes.................................................................. Due to tax bases.......................................................................... -60.5 -67.1 -67.1 0.0 -20.6 -60.7 -60.4 -0.4 201.0 129.5 149.2 -19.7 3.9 3.9 0.0 7.1 5.7 1.4 -0.4 1.1 -1.5 Due to tax bases.......................................................................... 3.4 3.4 0.0 33.1 26.4 6.7 71.9 70.3 1.6 Due to proposed legislation.......................................................... Taxes from the rest of the world.................................................... -0.7 -0.1 0.0 Contributions for government social insurance................................. Due to tax bases.......................................................................... Due to proposed legislation.......................................................... 12.4 12.4 0.0 38.2 38.2 0.0 58.7 59.1 -0.4 Income receipts on assets................................................................ 0.6 2.2 0.4 Current transfer receipts................................................................... 0.0 1.4 2.3 Current surplus of government enterprises...................................... -0.6 -3.5 -0.8 Sources: Budget o f the United States Government, Fiscal Year 2005 and the Bureau of Economic Analysis. (A u g u st 1 9 9 8 ): 2 9 - 3 1 . ■ Other receipts □ Current transfer receipts ■ Taxes on corporate income EU Taxes on production and imports EH Income receipts on assets B Contribu tio n sfo rgo vern m en tso cia rinsu ran ce □ Personal current taxes 3000 2500 94 95 96 97 98 99 00 Fiscal Years ’ Estimates by Office of Management and Budget and BEA U.S. Bureau of Economic Analysis 01 02 03 04* 05* March 2004 Federal Budget Estim ates 22 Table 9. Sources of Change in Federal Government Current Expenditures, NIPA Framework Chart 3. Federal Government Current Expenditures, NIPA Framework [Billions of dollars] Change from preceding fiscal year 2003 2004 Biilion $ 4500 2005 Total current expenditures.......................................................... 154.7 149.4 80.1 Consumption expenditures......................................................... National defense.................................................................... Pay raise and locality pay1................................................. Other................................................................................... Nondefense............................................................................ Pay raise and locality pay1................................................. Other................................................................................... 64.2 54.9 0.0 54.9 9.3 0.0 9.3 65.8 46.4 3.4 43.0 19.4 3.0 16.5 6.1 -11.4 3.3 -14.7 17.5 2.4 15.1 Current transfer payments.......................................................... Government social benefits to person.................................... Social security.................................................................... Medicare............................................................................ Supplemental security income........................................... Earned income and other tax credits................................ Veterans benefits............................................................... Unemployment benefits..................................................... Food stamps...................................................................... Other.................................................................................. Government social benefits to the rest of the world.............. 95.4 55.9 17.9 15.5 1.7 5.5 0.9 2.9 3.3 8.0 88.3 54.4 48.4 49.9 18.1 28.0 1.1 4.3 2.0 -5.0 2.0 -0.5 0.1 Grants-in-aid to state and local governments............................ Health..................................................................................... Medicaid............................................................................. Other health...................................................................... Education............................................................................... Welfare and social services................................................... Housing and community services......................................... Central executive, legislative and judicial activities.............. Labor training and services................................................... Other...................................................................................... 36.3 15.5 13.2 2.4 6.7 3.1 27.3 18.7 16.6 2.2 6.0 0.1 1.0 0.2 -0.7 2.0 0.1 1.0 4.0 1.6 4.3 21.0 23.8 3.1 2.7 5.2 -9.2 2.9 4.8 0.1 -4.1 6.3 4.8 1.5 -0.3 -0.1 0.2 -4.8 - 1.8 -3.6 3500 Other current transfer payments to the rest of the world Subsidies Nondefense consumption expenditures Grants-in-aid to state and local governments Federal interest paid National defense consumption expenditures Government social benefits 3000 2500 2000 1500 1000 500 0 94 95 96 97 98 99 00 01 02 03 04* 05* Fiscal Years Other current transfer payments to the rest of the world.......... 3.1 6.5 2.6 Federal interest paid.................................................................. -16.3 0.7 25.3 Subsidies.................................................................................... Agriculture subsidies............................................................. Housing subsidies................................................................. Other subsidies..................................................................... 11.4 5.9 -5.3 -4.1 1.3 -2.6 2.1 3.4 'Estimates by Office of Management and Budget and BEA U.S. Bureau of Economic Analysis 0.1 1.5 - 0.1 - 1.2 1. Consists of pay raises and locality pay beginning in January 2004. Source: Bureau of Economic Analysis. In the NIPA fram ew ork, net Federal governm ent saving declines from -$ 3 2 0 .4 billion in the first quarter o f 2003 to -$ 4 3 6 .6 billion in the fourth quarter. N et saving continues to decline in the first quarter o f 2004, reflecting an increase in current expenditures and a de crease in current receipts. The increase in current ex penditures is caused by sharp increases in planned defense con sum ption expenditures and in governm ent social benefits to p erson s due to cost-of-living ad ju st m ents. N et saving increases through the rest o f 2004. The second-quarter increase in net saving results from an increase in receipts that offsets an increase in cu r rent expenditures; the increase in receipts reflects in creases in current person al taxes, in contributions for governm ent social insurance, and in taxes on co rp o rate incom e. The third-quarter increase in net saving results from a larger increase in current receipts— m ainly in personal current taxes— than in current ex penditures. The fourth -quarter increase in net saving is attributable to an increase in current receipts, re- 4000 ■ □ ■ □ □ ■ □ fleeting increases in personal current taxes, in taxes on corporate incom e, and in contributions for govern m ent social insurance; expenditures fall. N et saving is projected to increase substantially in the first quarter o f 2005 as a result o f an increase in current receipts that m ore than offsets an increase in current expenditures. The increase in current receipts prim arily reflects increases in person al current taxes, in taxes on corporate incom e, and in contributions for governm ent social insurance. The increase in current expenditures reflects increases in governm ent social benefits to persons, reflecting cost-of-living ad ju st m ents, in grants to the rest o f the world, and in interest paym ents. N et saving continues to increase in the sec ond and third quarters o f 2005, bu t by smaller am ounts. The second-quarter increase is accounted for by a larger increase in current receipts than in current expenditures; the increase in current receipts reflects increases in personal current taxes, in taxes on co rp o rate incom e, in contributions for governm ent social insurance, and in taxes on p rodu ction and im ports. The third-quarter increase is prim arily attributable to an increase in current receipts, m ainly in personal cur- March 2004 S urvey of C u rrent 23 B u s in e s s Table 10. Federal Government Current Receipts and Expenditures, NIPA Framework [Billions of dollars; calendar year and quarters at seasonally adjusted annual rates] Calendar year2 Fiscal year estimates1 Line Pub lished Esti mated Quarter2 Published Estimated 2003 2004 2005 2003 2004 2005 2003 2004 I II III IV 1 II III IV I II III Current receipts.................. 1,830.2 1,847.9 2,109.5 1,843.4 1,890.2 1,863.5 1,863.9 1,784.3 1,861.9 1,821.8 1,864.5 1,912.5 1,962.0 2,084.6 2,132.1 2,176.6 2 Current tax receipts.......................... 3 Personal current taxes.................. 4 Withheld income taxes................. 5 Declarations and final settlements less refunds............................... 6 Proposed legislation.................. 7 Other......................................... 1,029.8 781.7 733.8 1,009.2 721.0 731.8 1,210.1 850.5 803.3 1,033.2 762.7 715.4 1,034.8 713.8 726.7 1,060.3 794.3 728.3 1,057.1 794.6 731.5 972.1 696.3 694.6 1,043.4 765.7 707.2 985.6 689.3 705.2 1,016.0 703.1 717.7 1,049.8 720.7 732.9 1,087.9 742.0 750.8 1,190.7 818.1 779.2 1,227.0 841.0 797.7 1,260.9 862.5 815.1 47.9 -10.8 -0.4 -10.4 47.2 -9.2 56.4 47.3 -12.9 -0.4 -12.5 66.1 63.1 1.7 58.5 47.3 66.1 63.1 1.7 58.5 -16.0 -0 4 -15.6 -14.6 -0 4 -14.2 -12.2 -0 4 -11.8 -8.9 -0 4 -8.5 38.9 -9 2 48.1 43.3 -9 2 52.4 47.4 -9 2 56.5 97.4 1.4 96.0 97.0 0.0 97.1 88.0 00 88.0 95.4 14 93.9 88.3 00 88.3 87.7 00 87.7 86.3 00 86.3 89.8 00 89.8 93.1 00 93.1 96.9 29 94.0 97.5 29 94.6 94.0 00 94.1 93.3 00 93.4 94.3 00 94.3 95.0 00 95.1 256.0 24.5 0.0 24.5 231.5 8.3 223.3 175.7 21.3 167.9 22.0 182.8 20.2 181.0 20.2 22.7 148.3 22.0 145.9 20.2 162.6 20.2 160.7 154.4 218.8 22.8 0.0 22.8 195.9 8.8 187.2 171.0 22.7 131.2 184.1 19.7 0.0 19.7 164.4 6.7 157.7 148.3 145.9 162.6 160.7 196.3 21.3 0.0 21.3 175.0 8.9 166.1 209.1 22.2 00 22.2 186.9 89 178.0 224.7 23.3 00 23.3 201.4 89 192.5 244.9 24.5 00 24.5 220.5 83 212.2 272.3 25.9 00 25.9 246.4 83 238.2 284.8 27.2 00 27.2 257.7 83 249.4 296.4 28.4 00 28.4 268.1 83 259.8 6.8 6.7 6.7 6.8 6.9 6.8 6.9 6.7 6.9 6.9 6.9 6.9 6.9 6.9 6.9 6.9 749.8 788.0 846.7 761.1 808.4 755.1 758.5 763.1 767.7 789.9 801.8 815.6 826.2 845.2 855.6 865.4 679.5 707.3 755.6 688.6 722.1 683.0 686.1 690.4 695.0 705.3 716.2 728.8 738.3 750.2 760.1 769.4 640.9 665.6 0.0 0.2 0.2 651.1 681.4 0.0 0.9 0.9 645.9 648.7 652.7 657.0 666.1 0.0 09 0.9 675.9 00 09 0.9 687.5 00 09 09 696.2 00 09 0.9 640.9 -1.7 1.6 665.4 -1.6 1.7 711.7 -0.4 1.3 0.9 0.5 710.7 -1.8 1.9 651.1 -1.7 1.6 680.6 -1.6 1.8 645.9 -1.7 1.6 648.7 -1.7 1.6 652.7 -1.7 1.6 657.0 -1.7 1.6 665.2 -1.6 1.7 675.1 -1.6 1.8 686.7 -1.6 1.9 695.3 -1.6 1.9 707.8 -0 5 28 09 19 705.6 -1.7 1.9 717.3 -0 5 28 09 19 715.1 -1.7 1.9 726.3 -0 5 28 09 19 724.0 -1.7 1.9 38.7 0.1 38.7 41.5 0.2 41.3 43.8 0.3 43.5 37.6 0.1 37.6 40.5 0.2 40.3 37.2 0.1 37.1 37.5 0.1 37.4 37.8 0.1 37.7 38.1 0.1 38.0 39.1 0.2 38.9 40.0 0.2 39.8 40.9 0.2 40.7 41.7 0.2 41.5 42.2 0.3 41.9 42.6 0.3 42.2 42.9 0.3 42.6 26.7 34.3 9.3 30.3 40.8 9.7 34.8 46.5 9.9 27.2 35.7 9.5 32.2 44.1 9.9 27.1 35.5 9.4 27.2 35.8 9.4 27.3 36.0 9.4 27.3 35.7 9.6 31.6 43.3 9.7 32.0 43.7 9.9 32.5 44.4 10.0 32.9 44.9 10.1 36.2 48.7 10.1 36.2 49.2 10.1 36.2 49.7 10.1 35 Income receipts on assets................. 36 Interest receipts............................. 37 Rents and royalties........................ 21.4 15.8 5.5 23.6 18.2 5.3 24.0 18.5 5.5 24.1 19.4 4.6 24.3 20.7 3.6 22.5 18.9 3.6 23.6 19.2 4.5 24.9 19.8 5.1 25.2 19.9 5.3 24.6 20.4 4.2 24.3 20.8 3.5 24.1 21.0 3.1 24.3 20.6 3.6 24.8 20.7 4.1 25.2 20.8 4.4 25.6 21.0 4,6 38 Current transfer receipts.................... 39 From business............................... 40 From persons................................. 26.3 13.8 12.6 27.7 14.7 13.0 30.0 16.4 13.6 26.6 14.7 11.9 28.5 16.2 12.3 26.0 14.2 11.8 26.3 14.4 11.9 26.9 14.9 11.9 27.1 15.2 11.9 27.6 15.5 12.1 28.1 15.9 12.2 28.7 16.4 12.3 29.5 17.0 12.5 30.0 17.3 12.7 30.5 17.6 12.8 30.8 17.9 13.0 41 Current surplus of government enterprises..................................... 42 Postal Service................................ 43 Federal Housing Administration.... 44 Tennessee Valley Authority........... 45 Other.............................................. 2.9 0.5 2.1 1.5 -1.2 -0.6 -3.1 3.1 1.8 -2.4 -1.4 -5.6 4.2 2.1 -2.1 -1.5 -4.0 2.7 2.2 -2.3 -5.8 -8.9 3.6 2.5 -3.0 -0.4 -2.7 2.6 2.1 -2.3 -1.6 -4.1 2.6 2.2 -2.3 -2.5 -5.0 2.6 2.2 -2.2 -1.5 -4.1 2.8 2.3 -2.4 -5.8 -8.5 3.2 2.4 -2.8 -5.7 -8.7 3.5 2.5 -3.0 -5.8 -9.0 3.7 2.6 -3.1 -5.8 -9.4 4.0 2.6 -3.1 -6.1 -10.2 4.3 2.7 -2.8 -6.1 -10.7 4.5 2.8 -2.7 -6.1 -11.0 4.7 2.9 -2.6 1 8 Taxes on production and imports...... 9 Proposed legislation..................... 10 Other.............................................. 11 Taxes on corporate income............... 12 Federal Reserve Banks................ 13 Proposed legislation................. 14 Other......................................... 15 Other taxes on corporate income 16 Proposed legislation................. 17 Other......................................... 18 Taxes from the rest of the world 19 Contributions for government social insurance....................................... 20 Old age, survivors, disability, and hospital insurance..................... 21 Tax on wages and salaries (FICA, gross)......................... 22 Proposed legislation............. 23 Base increases..................... 24 January 2004..................... 25 January 2005.................... Other..................................... 26 27 FICA Refunds............................ 28 Voluntary hospital insurance..... 29 Tax on self-employment earnings (SECA)................... 30 Base increases..................... 31 Other..................................... 32 Supplementary medical insurance ............................... 33 Unemployment insurance............. 34 Other.............................................. 46 Current expenditures 47.9 90.3 90.3 151.0 19.9 19.9 131.2 21.3 154.4 2,218.0 2,367.4 2,447.4 2,263.7 2,410.2 2,184.0 2,288.5 2,283.7 2,298.6 2,364.3 2,405.3 2,436.1 2,435.1 2,467.1 2,469.8 2,479.4 47 Consumption expenditures............... 48 National defense............................ 49 Pay raises and locality pay....... January 2004........................ 50 January 2005........................ 51 52 Other......................................... 53 Nondefense................................... 54 Pay raises and locality pay....... January 2004........................ 55 56 January 2005........................ 57 Other.............................................. 640.3 424.8 706.1 471.2 3.4 3.4 662.6 437.2 728.0 475.3 4.6 4.6 635.9 408.6 668.9 447.5 672.3 443.7 673.2 448.9 706.9 466.8 4.4 4.4 734.6 480.0 4.6 4.6 742.4 483.4 4.6 4.6 728.0 471.0 4.6 4.6 424.8 215.5 467.8 234.9 3.0 3.0 437.2 225.4 470.8 252.7 4.0 4.0 408.6 227.3 447.5 221.4 443.7 228.5 448.9 224.3 462.4 240.1 3.7 3.7 475.4 254.6 41 4.1 478.8 258.9 4.1 4.1 466.4 257.1 4.1 4.1 215.5 232.0 712.3 459.8 6.7 4.6 2.1 453.1 252.4 5.4 4.1 1.3 247.1 724.5 462.8 7.4 4.6 2.8 455.4 261.7 5.8 4.1 1.7 255.9 721.2 457.3 74 46 28 449.9 263.9 58 41 1.7 258.1 719.5 454.2 7.4 4.6 2.8 446.8 265.3 5.8 4.1 1.7 259.5 59 Current transfer payments................ 60 Government social benefits.............. 61 To persons..................................... 62 Social Security.......................... 63 Regular.................................. 64 Benefit increases.................. 65 January 2004.................... January 2005.................... 66 67 Medicare.................................... 68 Unemployment benefits............ 1,310.5 955.7 952.9 458.9 458.9 1,398.8 1,010.1 1,007.2 479.9 472.5 7.4 7.4 270.8 55.5 294.6 46.4 1,456.9 1,064.5 1,061.5 498.5 482.2 16.3 9.9 6.4 325.3 41.1 1,453.3 1,071.6 1,068.6 500.9 484.5 163 9.9 6.4 331.0 41.6 1,455.5 1,078.5 1,075.5 503.1 486.7 163 9.9 6.4 336.5 42.3 1,447.2 1,060.1 1,057.1 498.0 483.3 14.7 9.9 4.8 322.6 41.4 225.4 248.7 227.3 221.4 228.5 224.3 236.4 250.5 254.8 253.0 1,334.4 972.1 969.3 463.3 463.3 1,414.0 1,029.5 1,026.6 485.5 475.5 9.9 9.9 1,287.3 951.5 948.7 458.0 458.0 1,339.5 969.7 966.8 463.2 463.2 1,348.9 979.7 976.9 464.4 464.4 1,361.9 987.6 984.7 467.6 467.6 1,394.0 1,011.4 1,008.5 481.1 471.1 9.9 9.9 1,405.6 1,024.3 1,021.4 484.1 474.2 99 9.9 1,426.0 1,036.6 1,033.6 487.0 477.1 9.9 9.9 1,430.6 1,045.6 1,042.7 489.6 479.7 99 9.9 280.3 56.0 307.9 42.5 274.2 52.3 278.6 56.7 281.3 59.0 287.3 56.0 294.9 47.0 304.2 42.9 313.2 39.7 319.3 40.4 24 Federal Budget Estim ates March 2004 Table 10. Federal Government Current Receipts and Expenditures, NIPA Framework—Continued [Billions of dollars; calendar year and quarters at seasonally adjusted annual rates] Calendar year2 Fiscal year estimates1 Line 2003 2004 2005 Pub lished Esti mated 2003 2004 Quarter2 Estimated Published 2003 I II 2004 III IV I II 2005 III IV I II III 30.0 8.7 4.3 21.4 0.8 31.3 35.2 8.6 4.9 24.3 0.7 34.4 37.2 9.0 5.5 26.3 0.7 35.6 32.0 8.9 4.3 21.8 0.8 31.0 38.5 8.6 5.1 24.5 0.7 34.8 31.4 8.8 4.1 20.3 0.8 30.4 32.1 8.9 4.2 21.4 0.8 31.2 32.5 8.9 4.3 22.4 0.8 31.2 32.0 8.9 4.6 23.2 0.8 31.1 37.5 8.3 4.7 24.0 0.7 34.0 38.5 8.6 5.0 24.2 0.7 34.8 39.4 8.6 5.3 24.4 0.7 35.4 38.7 8.9 5.4 25.4 0.7 35.0 38.8 9.0 5.4 25.8 0.7 35.1 38.9 9.0 5.5 26.1 0.7 35.0 38.9 9.1 5.7 26.3 0.7 34.7 38.4 32.7 2.8 41.1 37.1 2.9 45.4 35.6 3.0 36.5 34.4 2.8 41.1 37.4 2.9 36.5 31.7 2.8 36.5 33.3 2.8 36.5 35.7 2.8 36.5 36.8 2.9 41.1 35.3 2.9 41.1 37.3 2.9 41.1 39.0 2.9 41.1 38.2 2.9 45.4 36.5 3.0 45.4 34.6 3.0 45.4 32.9 3.1 333.3 360.6 356.5 339.0 353.1 310.8 345.5 346.3 353.3 343.8 352.7 360.5 355.4 353.2 352.4 347.2 7.0 1.1 3.5 3.0 33.3 20.9 7.3 1.1 3.9 2.8 39.3 23.0 2.5 1.2 3.9 1.9 39.0 24.5 11.2 1.1 3.6 3.1 34.3 21.3 2.5 1.1 3.9 2.4 41.8 22.9 1.3 1.0 3.2 3.2 33.1 19.8 15.8 1.1 3.6 3.1 35.6 21.2 6.3 1.2 3.6 3.3 36.6 22.0 21.4 0.9 3.9 2.6 31.8 22.3 2.5 1.1 3.9 2.6 35.9 22.9 2.5 1.1 3.8 2.5 42.2 22.1 2.6 1.0 3.8 2.5 46.0 23.2 2.4 1.2 3.9 2.1 43.0 23.3 2.3 1.2 3.9 1.8 39.7 24.3 2.2 1.3 4.0 1.6 37.6 25.1 2.3 1.2 4.0 1.5 35.0 24.6 237.0 1.8 3.6 160.4 63.2 8.0 0.6 14.4 0.4 1.3 1.0 3.0 0.0 252.2 1.9 3.2 176.9 63.3 7.0 0.6 15.4 0.5 1.3 1.2 3.6 0.0 256.2 2.0 2.5 181.7 63.1 6.9 0.6 15.6 0.5 1.4 1.0 3.5 0.0 238.4 1.8 3.5 164.2 62.1 6.8 0.6 14.2 0.4 1.2 1.0 3.2 0.0 249.1 1.9 3.1 177.2 62.4 4.5 0.6 15.3 0.4 1.3 1.3 3.6 0.0 224.7 1.8 3.6 152.8 61.6 4.9 0.5 13.4 0.3 1.2 0.8 2.4 0.0 238.4 1.8 3.8 162.2 64.2 6.4 0.5 14.4 0.3 1.2 0.9 3.8 0.0 248.4 1.8 3.6 172.6 59.3 11.0 0.6 13.9 0.5 1.3 0.8 2.9 0.0 242.2 1.9 3.1 169.5 63.1 4.7 0.6 15.2 0.4 1.3 1.3 3.6 0.0 246.0 1.9 3.2 173.1 63.2 4.6 0.6 15.4 0.5 1.3 1.2 3.5 0.0 248.7 1.9 3.2 176.5 62.5 4.6 0.6 14.9 0.5 1.3 1.2 3.7 0.0 249.6 1.9 3.2 178.6 61.3 4.5 0.6 15.8 0.4 1.3 1.2 3.7 0.0 252.3 2.0 2.9 180.5 62.6 4.3 0.6 15.4 0.4 1.3 1.5 3.5 0.0 253.4 2.0 2.6 181.5 63.6 3.6 0.6 15.5 0.5 1.3 1.0 3.5 0.0 254.2 2.0 2.3 182.3 64.0 3.6 0.6 15.4 0.5 1.4 1.0 3.6 0.0 252.0 2.0 2.0 183.1 61.4 3.4 0.6 15.9 0.4 1.3 0.9 3.7 0.0 0.5 6.4 2.7 5.7 0.7 4.0 0.5 5.1 2.5 4.3 0.5 5.3 0.4 5.0 0.5 4.5 0.5 5.4 1.8 4.6 3.1 4.4 4.6 4.2 0.7 3.9 0.6 3.5 0.6 3.4 0.6 3.3 100 Other current transfer payments to the rest of the world...................... 21.5 28.1 30.6 23.3 31.5 25.1 24.3 22.9 20.9 38.8 28.7 29.0 29.5 39.2 29.3 29.7 101 Federal interest paid......................... 217.8 218.5 243.8 218.8 228.8 217.7 222.5 215.6 219.6 221.4 225.0 230.3 238.4 245.6 253.0 260.5 102 Subsidies........................................... 103 Agricultural..................................... 104 Housing......................................... 105 Other.............................................. 49.3 18.4 25.6 5.4 44.0 14.3 26.9 2.8 44.2 15.8 26.7 1.6 47.9 18.6 24.8 4.5 39.4 11.1 26.6 1.7 44.5 17.7 24.8 1.9 56.3 19.3 24.9 12.1 47.0 20.3 24.8 1.9 43.9 17.1 24.5 2.2 42.0 14.1 25.8 2.2 40.1 11.2 27.0 2.0 37.4 8.5 27.3 1.7 38.1 10.5 26.5 1.1 40.1 13.2 26.0 0.9 42.3 15.8 25.8 0.8 43.9 17.4 25.8 0.7 106 Less: Wage accruals less disbursements................................ 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 107 108 109 110 111 112 113 Veterans benefits....................... Railroad retirement.................... Military medical insurance........ Food stamps.............................. Black lung benefits.................... Supplemental security income... Earned income and other tax credits.................................... All other..................................... To rest of the world........................ Grants-in-aid to state and local governments.............................. Central executive, legislative, and judicial activities............. Space........................................ National defense........................ Civilian safety............................ Education.................................. Health and hospitals.................. Income support, social security, and welfare................................ Disability.................................... Unemployment insurance......... Medical care (Medicaid)........... Welfare and social services...... Other income support............... Veterans benefits and services..... Housing and community services Recreational and cultural activities Energy........................................... Agriculture..................................... Natural resources.......................... Transportation3 ............................. Economic development, regulation, and services............ Labor training and services.......... 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Net Federal Government saving............................... -387.8 -519.5 -338.0 -420.3 -520.0 -320.4 -424.7 -499.4 -436.6 -542.5 -540.8 -523.7 -473.1 -382.6 -337.7 -302.7 Addenda: Gross investment4........................ National defense....................... Nondefense............................... 95.6 58.6 37.0 104.6 63.8 40.8 110.3 67.0 43.3 95.0 60.5 34.5 98.8 64.4 34.4 87.1 54.7 32.4 95.8 59.8 36.0 97.3 63.5 33.8 99.9 64.0 35.9 98.2 64.5 33.7 98.5 64.5 34.0 96.5 62.1 34.5 102.0 66.6 35.4 103.5 67.2 36.3 103.2 65.9 37.4 107.2 68.5 38.7 Consumption expenditures and gross investment........................ National defense........................ Nondefense............................... 735.9 483.5 252.4 810.7 535.0 275.8 822.6 526.9 295.7 757.6 497.7 259.9 826.8 539.7 287.1 723.0 463.3 259.7 764.7 507.3 257.4 769.6 507.2 262.4 773.1 512.9 260.2 805.1 531.3 273.7 833.1 544.4 288.7 838.9 545.5 293.4 830.1 537.6 292.5 828.0 530.0 298.0 824.4 523.2 301.3 826.8 522.8 304.0 1,852.0 1,830.2 21.8 2,267.9 2,218.0 95.6 44.2 1,871.6 1,847.9 23.8 2,426.7 2,367.4 104.6 47.1 2,130.8 2,109.5 21.3 2,510.3 2,447.4 110.3 48.0 1,865.6 1,843.4 22.1 2,312.0 2,263.7 95.0 44.9 1,914.4 1,890.2 24.2 2,463.4 2,410.2 98.8 47.5 1,887.1 1,863.5 23.5 2,215.7 2,184.0 87.1 37.3 1,882.6 1,863.9 18.7 2,340.0 2,288.5 95.8 47.1 1,806.0 1,784.3 21.7 2,341.2 2,283.7 97.3 51.3 1,886.6 1,861.9 24.6 2,351.3 2,298.6 99.9 44.1 1,846.4 1,821.8 24.6 2,417.8 2,364.3 98.2 47.3 1,888.9 1,864.5 24.5 2,459.4 2,405.3 98.5 48.3 1,936.3 1,912.5 23.8 2,486.6 2,436.1 96.5 47.4 1,985.8 1,962.0 23.8 2,489.7 2,435.1 102.0 47.0 2,106.0 2,084.6 21.5 2,522.7 2,467.1 103.5 47.2 2,153.2 2,132.1 21.1 2,524.6 2,469.8 103.2 47.3 2,198.0 2,176.6 21.3 2,538.0 2,479.4 107.2 47.9 0.0 90.0 -415.8 0.1 92.5 -555.1 0.0 95.4 -379.5 0.0 90.8 -447.3 0.1 93.2 -549.0 -2.7 90.0 -328.6 -1.0 90.5 -457.3 3.4 91.5 -538.3 0.1 91.3 -464.8 0.1 92.1 -571.4 0.1 92.8 -570.5 0.1 93.6 -550.3 0.0 94.3 -504.0 0.0 95.0 -416.7 0.0 95.7 -371.4 0.0 96.4 -340.0 114 Total receipts...................................... 115 Current receipts............................. 116 Capital transfer receipts................. 117 Total expenditures.............................. 118 Current expenditures..................... 119 Gross government investment...... 120 Capital transfer payments............. 121 Net purchases of nonproduced assets........................................ 122 Less: Consumption of fixed capital 123 Net lending or net borrowing ( - ) ....... 1. Fiscal year estimates are the sum of quarterly values not seasonally adjusted and are consistent with the budget proposals. 2. Published estimates, both calendar year and quarters, appear in the NIPA tables 3.2 and 3.7 elsewhere in this issue. BEA’s estimate of corporate profits tax accruals for the fourth quarter of 2003 will not be available until the release of the final estimate of gross domestic product on March 25,2004. The value shown is derived from the budget. 3. Most transportation grants-in-aid to state and local governments are classified as capital transfers paid (see addenda); however, water and railroad transportation grants are still classified as current account transactions. 4. Gross investment consists of general government and government enterprise expenditures tor fixed assets; inventory investment is included in Federal Government consumption expenditures. Sources: Budget of the United States Government, Fiscal Year 2005 and the Bureau of Economic Analysis. FICA Federal insurance contributions act NIFAs National income and product accounts SECA Self-employment contributions act e BEA s improved Web e Featuring * Main pages for the national, industry, regional, and international accounts *Interactive data features *Improved navigation A Z index -in i xi 3 U.S. D e p a rtm e nt of Co m m e rc e . B u reau of Fcono m k Analysts - M icrosoft In te rn e t e xplorer ssary He Ed* 4 »* a * » view Favorites Tools Help «► ■* (Q l g } '* 3 j ^ S e a r c h ^ F a v o r(te s A-rt £~~3 rt~4 i* a# ® ‘$Med>a | Address j ^ Mtp f/www.bea gov/ 33 L rts ■ ... ■■ .gjCustomae Inks : .___ g je .e e Hotmai U.S. Department o f Commerce t * j *7 * < B u re a u of E c o n o m ic A n alysis £urrsnt.rsica.s.as B,sta«.,4ate,fi?r..2fiC3 U .S. Econom ic Accounts j National Publication* BSuuazstSuaeat B P.g aan a l.to M m a .a n q BEasLtiiAUd B CQTBgratg. PCP-fitS B u s in e s s O utlays e Fixed A sse ts In te rn a tio n a l E Satanes-pf p jm a a ts « lcade.in.£.oflds..aod Services ■ international, j nyfisirpaat Position » More ... e Direct, inyfistroaot ° More ... R egional In d u s tr y L a te s t Econom ic In d ic ato rs BaaLSBEi + 1 .4 % in Q1 2003 (fin a l) [R«l«ased. 6 /2 6 /0 3 } E t o a u r i. i tts a s m + 0 .3 % in M a’if 2003 6/27/2003} la lllrjH tB Jtn mm*t mtk B sta.te..aort J.os«l„l?aani.nal Incom e ■ g rass S ta t s ,Produ ct O E A ’ s n e w W e b site ■ R e g io n a l i m p a c t M o d e l GDP by industry CacitatElaw. T r a v e l a n d T o urism S e r v ic e s : .anil Incre a se in the deficit of $ 0 .2 billion to $ 4 i.e billion in M ay 2003 <p) [R e l* * * e di 7/11/03] .UiS^-Inl‘1Jr&Q*M£SiQJi$i In cre a se in the current a w » u r « i do f ia t of $ 7 ,5 billion to $136.1 billion in Q1 J003 _*J 26 March 2004 Comprehensive Revision of the NIPAs Newly Available Tables As part of the comprehensive revision of the national income and product accounts (NIPAs), this report presents the following newly available NIPA tables: 4.3B, 6.3D, 6.4D, 6.5D, 6.6D, 6.7D, 6.8D, 6.10D, 6.12D, 6.14D, 6.15D, 7.7, 7.13, 7.15, and 7.17. The February 2004 issue of the S u r v e y o f C u r r e n t B u si included an article that described the revision and an extensive set of NIPA tables. The remaining tables are scheduled to be published in upcoming issues of the n ess Su rv e y . Table 4.3B. Relation of Foreign Transactions in the National Income and Product Accounts to the Corresponding Items in the International Transactions Accounts [Billions of dollars] Line 1999 2000 2001 2002 Exports of goods, ITAs.................................................................................................................................................................... Less: Gold, ITAs1............................................................................................................................................................................... Statistical differences2.............................. Plus: Adjustment for U.S. territories and Puerto Rico3 Equals: Exports of goods, NIPAs...................... 1 2 3 4 5 684.0 5.3 0.0 18.5 697.2 772.0 6.0 0.0 18.4 784.3 718.7 4.9 0.0 17.7 731.5 681.9 3.4 0.0 19.3 697.8 Exports of services, ITAs................................................................................................................................................................. Less: Statistical differences2................................ Other items4.............................................. Plus: Adjustment for U.S. territories and Puerto Rico3 Services furnished without payment by financial intermediaries except life insurance carriers........................................... Equals: Exports of services, NIPAs................................................................................................................................................ 6 7 8 9 10 11 281.5 -1.6 0.7 3.9 7.7 294.0 298.1 -2.0 1.0 4.1 8.8 311.9 288.9 -1.9 0.8 4.2 9.4 303.6 292.2 -2.7 0.7 4.2 10.6 309.1 Income receipts, ITAs....................................................................................................................................................................... Less: Statistical differences2................................. Plus: Adjustment for U.S. territories and Puerto Rico3 Imputed interest received from the rest of the world Adjustment for grossing of parent/affiliate transactions5...................................................................................................... Equals: Income receipts, NIPAs...................................................................................................................................................... 12 13 14 15 16 17 290.2 -5.1 22.1 -1.4 4.9 320.8 346.9 -6.2 25.0 -1.8 6.3 382.7 277.4 -9.0 27.9 -1.4 6.0 319.0 255.5 -10.3 29.6 -1.2 5.0 299.1 Imports of goods, ITAs.................................................................................................................................................................... Less: Gold, ITAs1.............. Statistical differences2 Plus: Gold, NIPAs 1............ Adjustment for U.S. territories and Puerto Rico3.................................................................................................................. Equals: Imports of goods, NIPAs.................................................................................................................................................... 18 19 20 21 22 23 1,030.0 5.8 0.0 -2.7 23.9 1,045.5 1,224.4 5.9 0.0 -3.2 28.2 1,243.5 1,145.9 4.3 0.0 -3.4 29.8 1,168.0 1,164.7 2.9 0.0 -3.3 31.8 1,190.3 Imports of services, ITAs................................................................................................................................................................. Less: Statistical differences2............................................................................................................................................................. Plus: Adjustment for U.S. territories and Puerto Rico3..................................................................................................................... Equals: Imports of services, NIPAs................................................................................................................................................ 24 25 26 27 196.7 -5.1 4.5 206.3 221.0 -6.2 5.0 232.3 219.5 -9.0 5.2 233.6 227.4 -10.3 5.1 242.7 Income payments, ITAs.................................................................................................................................................................... Less: Statistical differences 2................................. Plus: Adjustment for U.S. territories and Puerto Rico3 Imputed interest paid to the rest of the woild Adjustment for grossing of parent/affiliate transactions5...................................................................................................... Equals: Income payments, NIPAs................................................................................................................................................... 28 29 30 31 32 33 273.1 -1.6 1.2 6.3 4.9 287.0 327.3 -2.0 1.2 7.0 6.3 343.7 266.7 -1.9 1.2 8.0 6.0 283.8 259.5 -2.7 1.1 9.4 5.0 277.6 Balance on goods and services and income, ITAs (1+6+12-18-24-28).................................................................................... Less: Gold (2-19+21)................................. Statistical differences (3+7+13-20-25-29) Other items (8)............................... Plus: Adjustment for U.S. territories and Puerto Rico (4+9+14-22-26-30)...................................................................................... Equals: Net exports of goods and services and net receipts of income, NIPAs (5+11+17-23-27-33).................................. 34 35 36 37 38 39 -244.1 -3.2 0.0 0.7 14.9 -226.7 -355.8 -3.1 0.0 1.0 13.1 -340.5 -347.1 -2.8 0.0 0.8 13.7 -331.4 -422.0 -2.8 0.0 0.7 15.1 -404.8 Unilateral current transfers, net, ITAs............................................................................................................................................ Less: Statistical differences2 ............................................................................................................................................................. Plus: Adjustment for U.S. territories and Puerto Rico3..................................................................................................................... Equals: Current taxes and transfer payments to the rest of the world, net, NIRAs................................................................. 40 41 42 43 46.8 0.0 0.4 47.2 55.7 0.0 0.4 56.1 46.6 0.0 0.4 47.0 58.9 0.0 0.5 59.3 Balance on current account, ITAs (34-40).................................................................................................................................... Less: Gold (35)........................................... Statistical differences (36-41)....... Other items (37)............................. Plus: Adjustment for U.S. territories and Puerto Rico (38-42).......................................................................................................... Equals: Balance on current account, NIPAs (39-43)................................................................................................................... 44 45 46 47 48 49 -290.8 -3.2 0.0 0.7 14.5 -273.9 -411.5 -3.1 0.0 1.0 12.7 -396.6 -393.7 -2.8 0.0 0.8 13.2 -378.4 -480.9 -2.8 0.0 0.7 14.6 -464.1 1. Exports and imports of gold in the NIPAs differ from those in the ITAs. ITA gold exports (line 2) and imports (line 19) are excluded from the NIFAs; imports of gold in the NIFAs (line 21) is the excess of the value of gold in gross domestic purchases over the value of U.S. production of gold. 2. Consists of statistical revisions to the ITAs that have not yet been incorporated into the NIPAs and statistical revisions to the NIFAs that have not yet been incorporated into the ITAs. 3. Consists of transactions between the United States and its territories, Puerto Rico, and the Northern Mariana Islands. The treatment of U.S. territories, Puerto Rico, and the Northern Mariana Islands in the NIFAs differs from that in the ITAs. In the NIFAs, they are included in the rest of the world; in the ITAs, they are treated as part of the United States. The adjustment to unilateral current transfers, net (line 42) consists only of transfer payments from persons, because transfer payments, subsidies, and grants-in-aid from the Federal Government to residents of U.S. territories, Puerto Rico, and the Northern Mariana Islands are excluded from NIFA transfer payments to the rest of the world. 4. Beginning with 1988, the ITAs classify certain military grants as services that the NIPAs do not. In the NIFAs these transactions are excluded from exports and included in transfer payments from government. 5. In the ITAs, income transactions between parents and affiliates are recorded on a net basis. In ITA exports, U.S. parents’ receipts from foreign affiliates for interest are net of such payments by U.S. parents to foreign affili ates. In ITA imports, U.S. affiliates' payments to foreign parents for interest are net of such receipts by US. affiliates from foreign parents. In the NIPAs, these transactions are recorded on a gross basis. The amount of the adjust ment is identical in income payments and in income receipts and, thus, does not affect NIFA net income receipts or balance on current account. ITAs International transactions accounts NIFAs National income and product accounts March 2004 S urvey of C urrent 27 B u s in e s s Table 6.3D. Wage and Salary Accruals by Industry [Millions of dollars] Line Wage and salary accruals.. Domestic industries...................... Private industries........................................... Agriculture, forestry, fishing, and h unting................................................... Farms' .................................................... Forestry, fishing, and related activities.... M ining......................................................... Oil and gas extraction.............................. Mining, except oil and gas...................... Support activities for mining................... Utilities........................................................ C onstruction.............................................. Manufacturing............................................ Durable goods................... Wood products............... Nonmetallic mineral products............. Primary metals.............. Fabricated metal products Machinery....................... Computer and electronic products...... Electrical equipment, appliance, and components..................................... Motor vehicles, bodies and trailers, and parts......................................... Other transportation equipment.......... Furniture and related products........... Miscellaneous manufacturing............. Nondurable goods................................... Food and beverage and tobacco products........................................... Textile mills and textile product mills.... Apparel and leather and allied products........................................... Paper products.................................... Printing and related support activities Petroleum and coal products.............. Chemical products.............................. Plastics and rubber products.............. Wholesale trade......................................... Durable goods......................................... Nondurable goods................................... Retail trade................................................. Motor vehicle and parts dealers............. Food and beverage stores...................... General merchandise stores.................. Other retail2............................................ Transportation and warehousing............ Air transportation..................................... Rail transportation................................... Water transportation............................... Truck transportation................................. Transit and ground passenger transportation...................................... Pipeline transportation............................ Other transportation and support activities 3............................................ Warehousing and storage....................... Information................................................. Publishing industries (includes software) 1999 2000 2001 2002 4,471,400 4,829,240 4,942,873 4,974,557 4,476,613 4,833,832 4,947,891 4,979,805 3,747,305 4,059,131 4,132,134 4,119,908 29,085 16,167 12,918 27,745 10,129 10,842 6,773 35,052 234,801 697,649 462,858 17,832 19,599 27,096 61,360 62,811 106,880 30,533 16,971 13,563 29,777 11,009 10,674 8,094 38,102 256,898 749,334 503,564 18.408 21,186 27,962 65,509 66,549 129,408 31,667 17,758 13,909 32,097 11,563 10,869 9,665 39,561 271,776 709,077 469,557 17,660 20,988 25,652 62,805 62.052 113,210 31,805 17,509 14,296 30,744 11,393 10,478 8,872 40,111 272,654 675,740 440,651 17,619 20,646 23,260 59,687 57,127 98,224 22,199 24,287 22,381 20,602 61,653 38,992 18,161 26,274 234,791 63,816 38,735 19,683 28,021 245,771 58,383 39,380 18,848 28,200 239,519 58,709 38,486 18,246 28,045 235,089 54,788 16,527 58,651 16,947 59,591 15,378 60,234 14,621 13,767 26,486 28,764 7,506 55,415 31,537 268,702 168,574 100,128 320,378 63,662 52,161 43,103 161,452 151,999 27,447 12,610 2,652 45,818 13,336 27,165 29,874 7,506 58,984 33,308 280,406 176,504 103,902 345,193 67,582 54,609 47,367 175,634 162,753 30,046 12.409 2,710 48,594 11,957 26,434 28,646 7,651 58.053 31,811 284,354 176,515 107,839 355,855 70,753 56,311 49,504 179,287 165,118 32,314 12,103 2,790 48,553 10,752 25,783 27,139 7,709 57,582 31,270 281,376 170,802 110,574 360,994 72.823 56,979 51,511 179,681 162,226 30,581 11.823 2,823 47,953 8,249 3,473 8,497 4,282 8,814 4,238 9,023 3,281 37,040 14,709 185,023 59,190 39,974 16,240 211,315 66,542 39,879 16,428 207,016 64,264 39,866 16,876 189,919 58,640 Line Motion picture and sound recording industries............................................. Broadcasting and telecommunications.... Information and data processing services Finance and insurance............................ Federal Reserve banks, credit intermediation, and related activities... Securities, commodity contracts, and investments......................................... Insurance carriers and related activities Funds, trusts, and other financial vehicles............................................... Real estate and rental and leasing......... Real estate.............................................. Rental and leasing services and lessors of intangible assets*.......................... Professional, scientific, and technical services.................................................. Legal services......................................... Computer systems design and related services............................................... Miscellaneous professional, scientific, and technical services5..................... Management of companies and enterprises * .......................................... Administrative and waste management services.................................................. Administrative and support services...... Waste management and remediation services............................................... Educational services....................... Health care and social assistance. Ambulatory health care services.... Nursing and residential care facilities.. Social assistance................................. Arts, entertainment, and recreation....... Performing arts, spectator sports, museums, and related activities......... Amusements, gambling, and recreation industries............................................. Accommodation and food services........ Accommodation....................................... Food services and drinking places......... Other services, except government....... Government................................................... Federal........................................................ General government CivilianMilitary 7 Government enterprises......................... State and local General government............................... Education Other8... Government enterprises8..................... Rest of the world... Receipts from the rest of the world................ Less: Payments to the rest of the world 9...... 1999 15,984 83,337 26,512 316,909 2000 17,486 92,377 34,910 350,358 2001 17,603 91,422 33,726 373,027 2002 18,282 84.805 28,191 368,915 108,818 110,695 123,211 131,531 98,927 104,124 123,913 109,778 127,599 116,380 112,245 119,234 5,040 61,060 42,328 5,972 66,829 46,108 5,837 69,859 48,719 5,905 71,922 51,117 18,732 20,721 21,140 20.805 361,770 65,677 418,918 72,079 428,382 77,230 416,122 80,525 77,725 99,281 96,153 84,263 218,368 247,557 254,998 251,334 115,619 125,160 118,083 115,729 190,098 177,890 186,819 174,574 190,541 177,742 193,315 180,016 12,208 58,382 383,862 171,366 128,832 48,196 35,469 42,095 12,245 63,708 411,234 184,276 135,208 52,191 39,559 46,685 12,799 68,955 441,864 197,658 145,402 56,304 42,499 49,420 13,299 73,564 473,199 210,793 156,843 60,017 45.546 51,469 20,078 22,144 23,490 24,682 22,018 134,645 37,623 97,022 132,432 729,308 184,284 146,543 90,203 56,340 37,741 545,024 508,508 269,651 238,857 36,516 -5,213 2,748 7,961 24,541 145,174 41,072 104,103 139,935 774,701 195,818 155,069 96,214 58,855 40,749 578,883 540,082 287,401 252,681 38,801 -4,592 2,933 7,525 25,929 149,492 41,278 108,214 145,991 815,757 200,530 160,416 97,003 63,413 40,114 615,227 573,753 305,636 268,117 41,474 -5,018 3,090 8,108 26,787 153,668 41,122 112.546 156,436 859,897 213,251 172,613 103,369 69,244 40,638 646,646 602,773 320,461 282,312 43,873 -5,248 3,163 8,411 1. NAICS crop and animal production. 2. Consists of furniture and home furnishings stores; electronics and appliance stores; building material and garden equipment and supplies dealers; health and personal care stores; gasoline stations; clothing and clothing accessories stores; sporting goods, hobby, book, and music stores; miscellaneous store retailers; and nonstore retailers. 3. Consists of scenic and sightseeing transportation; transportation support activities; and couriers and messengers. 4. Intangible assets include patents, trademarks, and franchise agreements, but not copyrights. 5. Consists of accounting, tax preparation, bookkeeping, and payroll services; architectural, engineering, and related services; specialized design sen/ices; management, scientific, and technical consulting services; scientific research and development services; advertising and related services; and other professional, scientific, and technical services. 6. Consists of offices of bank and other holding companies and of corporate, subsidiary, and regional managing offices. 7. Includes the Coast Guard. 8. Employees of Indian tribal governments are classified in state and local government. 9. Includes estimates of foreign professional workers and undocumented Mexican migratory workers employed temporarily in the United States. N o te . Estimates in this table are based on the 1997 North American Industry Classification System (NAICS). March 2004 Newly Available NIPA Tables 28 Table 6.4D. Full-Time and Part-Time Employees by Industry [Thousands] 1999 2000 2001 2002 1 2 3 135,833 136,347 113,734 138,678 139,131 116,036 138,392 138,887 115,591 137,240 137,758 114,112 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 1,498 913 585 517 135 235 148 603 6,729 17,262 10,784 632 539 617 1,720 1,460 1,757 1,480 893 587 522 128 229 165 607 6,991 17,460 10,989 633 562 624 1,777 1,471 1,813 1,582 869 713 540 126 224 190 604 7,072 16,533 10,375 591 546 571 1,677 1,371 1,752 1,590 886 704 511 123 213 175 596 6,986 15,353 9,521 575 520 507 1,550 1,232 1,502 jne Full-time and part-time employees..... Domestic industries........................................ Private industries........................................ Agriculture, forestry, fishing, and hunting................................................. Farms’ .................................................. Forestry, fishing, and related activities.... Mining....................................................... Oil and gas extraction............................ Mining, except oil and gas...................... Support activities for mining................... Utilities..................................................... Construction..... Manufacturing... Durable goods. Wood products Nonmetallic mineral products............. Primary metals Fabricated metal products.................. Machinery... Computer and electronic products..... Electrical equipment, appliances, and components................................... Motor vehicles, bodies and trailers, and parts....................................... Other transportation equipment......... Furniture and related products........... Miscellaneous manufacturing............. Nondurable goods. Food and products Textile mills and textile product mills... Apparel and leather and allied products........................................ Paper products................................... Printing and related support activities Petroleum and coal products............. Chemical products............................. Plastics and rubber products............. Wholesale trade....................................... Durable goods....................................... Nondurable goods.................................. Retail trade............................................... Motor vehicle and parts dealers............. Food and beverage stores...................... General merchandise stores.................. Other retail2.......................................... Transportation and warehousing........... Air transportation.................................... Rail transportation.................................. Water transportation............................... Truck transportation................................ Transit and ground passenger transportation.................................... Pipeline transportation........................... Other transportation and support activities3 .......................................... Warehousing and storage...................... Information.............................................. 21 582 595 554 497 22 23 24 25 26 1,303 770 658 745 6,478 1,319 742 690 765 6,470 1,209 721 647 736 6,158 1,152 672 606 708 5,832 27 28 1,754 609 1,781 600 1,780 537 1,757 489 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 635 611 828 124 978 939 5,955 3,553 2,402 15,174 1,856 3,005 2,765 7,548 4,321 581 219 54 1,404 584 608 830 122 986 959 5,872 3,514 2,358 15,602 1,917 3,023 2,866 7,796 4,470 611 208 55 1,444 502 578 785 119 959 897 5,831 3,469 2,361 15,689 1,920 3,031 2,920 7,818 4,416 616 200 54 1,415 419 544 726 117 930 849 5,718 3,354 2,364 15,527 1,938 2,960 2,911 7,717 4,265 562 191 54 1,370 48 49 391 46 390 45 402 45 405 43 50 51 52 1,137 490 3,375 1,198 518 3,640 1,173 512 3,615 1,128 512 3,386 Line Publishing industries (includes software) Motion picture and sound recording industries........................................... Broadcasting and telecommunications.... Information and data processing services Finance and insurance............................. Federal Reserve banks, credit intermediation, and related activities... Securities, commodity contracts, and investments........................................ Insurance carriers and related activities Funds, trusts, and other financial vehicles.............................................. Real estate and rental and leasing.......... Real estate............................................. Rental and leasing services and lessors of intangible assets 4.......................... Professional, scientific, and technical services................................................ Legal services........................................ Computer systems design and related services............................................. Miscellaneous professional, scientific, and technical services5...................... Management of companies and enterprises 6.......................................... Administrative and waste management services................................................ Administrative and support services....... Waste management and remediation services............................................. Educational services............................... Health care and social assistan ce.......... Ambulatory health care services............ Hospitals................................................ Nursing and residential care facilities..... Social assistance.................................... Arts, entertainment, and recreation........ Performing arts, spectator sports, museums, and related activities......... Amusements, gambling, and recreation industries........................................... Accommodation and food services........ Accommodation..................................... Food services and drinking places......... Other services, except government........ Government.................................................. Federal....................................................... General government............................... Civilian...... Military7.... Government enterprises......................... State and local... General government............................... Education... Other8............................................... Government enterprises8....................... Rest of the world9.......................................... 1999 2000 2001 2002 1,028 1,083 1,063 391 1,488 467 5,781 393 1,609 555 5,858 375 1,640 537 5,851 393 1,507 488 5,873 2,579 2,568 2,622 2,700 851 2,271 924 2,279 865 2,277 819 2,269 80 2,041 1,367 87 2,103 1,400 87 2,121 1,419 2,115 1,439 673 703 702 676 7,089 1,338 7.515 1,359 7,321 1,252 7,118 1,283 1,116 1,316 1,287 1,145 4,636 4,839 4,783 4.690 1,748 1,800 1,711 1.690 8,559 8,250 8,082 7,768 7,789 7,473 7,648 7,330 310 2,405 12,713 4,352 3,899 2,527 1,935 1,702 314 2,500 13,112 4,507 3,943 2,608 2,054 1,804 317 2,591 13,609 4,604 4,028 2,683 2,294 1,893 319 2,667 14,062 4,774 4,143 2.744 2,401 1,912 464 487 494 496 1,237 9,778 1,806 7,972 6,484 22,613 5,138 4,146 1,855 2,291 992 17,475 16,530 9,152 7,378 945 -514 1,318 10,116 1,877 8,239 6,502 23,095 5,236 4,260 1,976 2,284 976 17,859 16,904 9,389 7.515 955 -453 1,399 10,251 1,853 8,398 6,572 23,296 5,077 4,114 1,825 2,289 963 18,219 17,241 9,617 7,624 978 -495 1,416 10,353 1,798 8,555 6.744 23,646 5,111 4,181 1,859 2,322 930 18,535 17,520 9,830 7.690 1,015 -518 1. NAICS crop and animal production. 2. Consists of furniture and home furnishings stones; electronics and appliance stores; building material and garden equipment and supplies dealers; health and personal care stores; gasoline stations; clothing and clothing accessories stores; sporting goods, hobby, book, and music stores; miscellaneous store retailers; and nonstore retailers. 3. Consists of scenic and sightseeing transportation; transportation support activities; and couriers and messengers. 4. Intangible assets include patents, trademarks, and franchise agreements, but not copyrights. 5. Consists of accounting, tax preparation, bookkeeping, and payroll services; architectural, engineering, and related services; specialized design services; management, scientific, and technical consulting services; scientific research and development services; advertising and related sen/ices; and other professional, scientific, and technical services. 6. Consists of offices of bank and other holding companies and of corporate, subsidiary, and regional managing offices. 7. Includes the Coast Guard. 8. Employees of Indian tribal governments are classified in state and local government. 9. Includes estimates of foreign professional workers and undocumented Mexican migratory workers employed temporarily in the United States. N o te . Estimates in this table are based on the 1997 North American Industry Classification System (NAICS). March 2004 S urvey of 29 C u r r e n t B u s in e s s Table 6.5D. Full-Time Equivalent Employees by Industry [Thousands] .ine Full-time equivalent employees1........ Domestic industries.......................................... Private industries.......................................... Agriculture, forestry, fishing, and hunting................................................... Farms ? ................................................... Forestry, fishing, and related activities.... M ining........................................................ Oil and gas extraction............................. Mining, except oil and gas...................... Support activities for mining................... U tilities....................................................... Construction.............................................. Manufacturing........................................... Durable goods......................................... Wood products.................................... Nonmetallic mineral products............. Primary metals.................................... Fabricated metal products................. Machinery........................................... Computer and electronic products..... Electrical equipment, appliances, and components.................................... Motor vehicles, bodies and trailers, and parts......................................... Other transportation equipment......... Furniture and related products........... Miscellaneous manufacturing............ Nondurable goods................................... Food and beverage and tobacco products.......................................... Textile mills and textile product mills... Apparel and leather and allied products.......................................... Paper products.................................... Printing and related support activities Petroleum and coal products............. Chemical products............................. Plastics and rubber products............. Wholesale tra d e ........................................ Durable goods......................................... Nondurable goods................................... Retail tra d e ................................................ Motor vehicle and parts dealers............. Food and beverage stores..................... General merchandise stores................... Other retail3........................................... Transportation and warehousing........... Air transportation.................................... Rail transportation................................... Water transportation............................... Truck transportation................................ Transit and ground passenger transportation...................................... Pipeline transportation........................... Other transportation and support activities 4........................................... Warehousing and storage...................... Inform ation................................................ 1999 2000 2001 2002 1 2 3 121,656 122,097 103,248 124,319 124,707 105,579 124,632 125,056 105,666 123,382 123,826 104,029 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 1,174 662 513 510 113 231 165 597 6,638 17,045 10,704 618 535 609 1,729 1,433 1,786 1,181 664 517 511 118 222 171 593 6,907 16,947 10,713 606 545 611 1,738 1,420 1,813 1,369 745 624 530 123 220 187 595 6,855 16,194 10,194 576 535 560 1,645 1,348 1,728 1,379 759 620 504 122 210 172 587 6,753 15,059 9,368 567 511 499 1,524 1,212 1,482 21 552 568 548 490 22 23 24 25 26 1,289 769 657 727 6,341 1,283 736 664 728 6,235 1,198 714 630 712 6,000 1,141 666 592 685 5,691 27 28 1,716 620 1,719 584 1,718 521 1,698 476 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 596 607 775 126 967 935 5,766 3,438 2,328 12,809 1,584 2,459 2,337 6,428 4,041 566 208 51 1,296 538 596 767 120 968 942 5,840 3,482 2,358 13,122 1,618 2,522 2,399 6,582 4,124 589 198 53 1,323 487 564 764 118 946 884 5,578 3,319 2,259 13,673 1,673 2,642 2,544 6,813 4,187 584 189 51 1,341 408 530 707 117 915 839 5,458 3,202 2,256 13,527 1,688 2,579 2,536 6,723 4,042 533 181 51 1,298 48 49 361 45 357 44 381 43 384 40 50 51 52 1,049 465 3,194 1,086 474 3,343 1,113 485 3,399 1,070 485 3,180 Line Publishing industries (includes software) Motion picture and sound recording industries........................................... Broadcasting and telecommunications.... Information and data processing services Finance and insurance............................. Federal Reserve banks, credit intermediation, and related activities... Securities, commodity contracts, and investments........................................ Insurance carriers and related activities Funds, trusts, and other financial vehicles.............................................. Real estate and rental and leasing.......... Real estate............................................ Rental and leasing services and lessors of intangible a sse ts5 .......................... Professional, scientific, and technical services................................................ Legal services........................................ Computer systems design and related services............................................. Miscellaneous professional, scientific, and technical services6...................... Management of companies and enterprises7......................................... Administrative and waste management services................................................ Administrative and support services....... Waste management and remediation services............................................. Educational services................................ Health care and social assistan ce.......... Ambulatory health care services............ Hospitals................................................ Nursing and residential care facilities..... Social assistance................................... Arts, entertainment, and recreation........ Performing arts, spectator sports, museums, and related activities......... Amusements, gambling, and recreation industries........................................... Accommodation and food services........ Accommodation...................................... Food services and drinking places......... Other services, except government........ Government.................................................. Federal....................................................... General government............................... Civilian............................................... Military8............................................. Government enterprises......................... State and local........................................... General government............................... Education........................................... Other9............................................... Government enterprises9....................... Rest of the world10......................................... 1999 2000 2001 1,015 1,036 971 317 1,358 504 5,481 316 1,453 538 5,470 321 1.604 504 5.604 2,438 2,396 2,505 809 2,154 859 2,134 826 2,189 1,818 81 1,847 1,213 84 1,928 1,293 1,210 6,795 1,197 634 635 7,114 6,937 1,186 1,212 1,211 1,294 1,219 4,387 4,608 4,531 1,621 1,647 1,635 6,985 6,687 7,419 7,118 7,114 6,806 298 2,117 11,452 3,967 3,475 2,267 1,742 1,418 300 2,199 11,707 4,027 3,524 2,325 1,831 1,493 307 2,292 12,271 4,137 3,741 2,411 1,983 1.589 392 413 415 1,026 8,381 1,614 6,767 5,407 18,849 4,167 3,370 1,821 1,549 797 14,682 13,762 7,372 6,390 920 -441 1,081 8,626 1,659 6,967 5,489 19,128 4,198 3,416 1,869 1,547 782 14,930 14,000 7,572 6,428 930 -388 1,174 8,328 1,688 6,639 5.589 19,390 4,120 3,342 1,794 1,548 778 15,270 14,318 7,782 6,536 952 -424 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. NAICS crop and animal production. 3. Consists of furniture and home furnishings stores; electronics and appliance stores; building material and garden equipment and supplies dealers; health and personal care stores; gasoline stations; clothing and clothing accessories stores; sporting goods, hobby, book, and music stores; miscellaneous store retailers; and nonstore retailers. 4. Consists of scenic and sightseeing transportation; transportation support activities; and couriers and messengers. 5. Intangible assets include patents, trademarks, and franchise agreements, but not copyrights. 6. Consists of accounting, tax preparation, bookkeeping, and payroll services; architectural, engineering, and related services; specialized design services; management, scientific, and technical consulting sen/ices; scientific research and development services; advertising and related services; and other professional, scientific, and technical sen/ices. 7. Consists of offices of bank and other holding companies and of corporate, subsidiary, and regional managing offices. 8. Includes the Coast Guard. 9. Employees of Indian tribal governments are classified in state and local government. 10. Includes estimates of foreign professional workers and undocumented Mexican migratory workers employed temporarily in the United States. N o te . Estimates in this table are based on the 1997 North American Industry Classification System (NAICS). 30 Newly Available NIPA Tables March 2004 Table 6.6D. Wage and Salary Accruals Per Full-Time Equivalent Employee by Industry [Dollars] Line Wage and salary accruals per full-time equivalent employee........................ Domestic industries.......................................... Private industries.......................................... Agriculture, forestry, fishing, and hunting................................................... Farms1.................................................... Forestry, fishing, and related activities.... Mining......................................................... Oil and gas extraction............................. Mining, except oil and gas...................... Support activities for mining.................... U tilities....................................................... Construction.............................................. Manufacturing........................................... Durable goods......................................... Wood products.................................... Nonmetallic mineral products............. Primary metals.................................... Fabricated metal products.................. Machinery........................................... Computer and electronic products..... Electrical equipment, appliances, and components.................................... Motor vehicles, bodies and trailers, and parts......................................... Other transportation equipment......... Furniture and related products........... Miscellaneous manufacturing............. Nondurable goods................................... Food and beverage and tobacco products.......................................... Textile mills and textile product m ills... Apparel and leather and allied products.......................................... Paper products.................................... Printing and related support activities Petroleum and coal products............. Chemical products.............................. Plastics and rubber products............. Wholesale trade......................................... Durable goods......................................... Nondurable goods................................... Retail trade................................................. Motor vehicle and parts dealers............. Food and beverage stores...................... General merchandise stores.................. Other retail2............................................ Transportation and warehousing........... Air transportation..................................... Rail transportation................................... Water transportation................................ Truck transportation................................. Transit and ground passenger transportation...................................... Pipeline transportation............................ Other transportation and support activities3............................................ Warehousing and storage....................... 1999 2000 2001 2002 1 2 3 36,754 36,664 36,294 38,846 38,762 38,446 39,660 39,565 39,106 40,318 40,216 39,603 4 b 6 7 8 9 10 11 12 13 14 15 1fi 17 18 19 20 24,767 24,438 25,192 54,451 89,445 46,843 41,092 58,731 35,375 40,930 43,240 28,858 36,641 44,464 35,487 43,846 59,829 25,847 25,552 26,225 58,291 93,382 48,122 47,295 64,271 37,196 44,216 47,007 30,360 38,879 45,745 37,688 46,882 71,372 23,137 23,844 22,294 60,599 93,811 49,468 51,771 66,473 39,646 43,786 46,063 30,652 39,226 45,801 38,169 46,021 65,527 23,064 23,059 23,070 61,041 93,767 49,877 51,562 68,311 40,373 44,873 47,040 31 078 40,417 46,591 39,156 47,150 66,300 21 40,204 42,732 40,864 42,080 22 23 24 2b 2b 47,838 50,723 27,631 36,135 37,030 49,727 52,612 29,660 38,504 39,420 48,741 55,166 29,911 39,634 39,917 51,445 57,821 30,826 40,953 41,307 2/ 28 31,933 26,671 34,110 29,018 34,695 29,542 35,466 30,689 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 23,115 43,652 37,138 59,769 57,284 33,718 46,601 49,029 43,015 25,013 40,193 21,209 18,441 25,117 37,612 48,466 60,538 51,803 35,341 24,769 45,578 38,966 62,310 60,928 35,375 48,017 50,688 44,071 26,307 41,764 21,650 19,744 26,683 39,463 50,969 62,728 51,361 36,736 24,571 46,909 37,476 64,942 61,394 35,968 50,973 53,179 47,733 26,027 42,283 21,316 19,456 26,314 39,439 55,338 63,979 54,847 36,203 26,346 48,608 38,368 66,063 62,937 37,269 51,549 53,343 49,003 26,687 43,131 22,092 20,310 26,726 40,138 57,410 65,314 55,341 36,945 48 49 22,880 77,984 23,795 96,703 23,120 99,715 23,502 81,375 50 51 35,299 31,663 36,806 34,269 35,846 33,851 37,275 34,773 1999 2000 2001 2002 52 53 57,920 58,312 63,217 64,243 60,902 66,203 59,716 64,205 54 55 56 57 50,418 61,361 52,583 57,822 55,355 63,594 64,837 64,049 54,776 57,013 66,977 66,566 54,871 57,338 61,984 65,664 58 44,635 46,191 49,192 51,112 59 60 122,358 48,337 144,201 51,450 154,416 53,166 143,795 54,655 61 62 63 62,861 33,579 34,993 73,969 36,178 38,005 69,606 36,229 37,678 71,444 37,392 38,590 64 30,768 32,683 33,277 34,740 65 bb 53,242 54,863 58,886 59,470 61,756 65,109 61,984 66,556 Line information................................................. Publishing industries (includes software) Motion picture and sound recording Broadcasting and telecommunications.... Information and data processing services Finance and insurance.............................. Federal Reserve banks, credit intermediation, and related activities... Securities, commodity contracts, and investments.......................................... Insurance carriers and related activities Funds, trusts, and other financial vehicles................................................ Real estate and rental and leasing.......... Real estate............................................... Rental and leasing services and lessors of intangible assets4............................ Professional, scientific, and technical services.................................................. Legal services.......................................... Computer systems design and related Miscellaneous professional, scientific, and technical services5....................... Management of companies and enterprises 6........................................... Administrative and waste management services.................................................. Administrative and support services....... Waste management and remediation services............................................... Educational services................................. Health care and social assistance.......... Ambulatory health care services............ Hospitals.................................................. Nursing and residential care facilities..... Social assistance..................................... Arts, entertainment, and recreation........ Performing arts, spectator sports, museums, and related activities......... Amusements, gambling, and recreation industries............................................. Accommodation and food services........ Accommodation....................................... Food services and drinking places......... Other services, except government........ Government.................................................... Federal......................................................... General government................................ Civilian.... Military7... Government enterpnses.......................... State and local General government................................ Education Other8.... Government enterprises8........................ Rest of the world............................................... 67 64,181 76,726 78,874 78,009 68 49,780 53,723 56,272 56,820 69 71,330 75,984 72,238 71,744 70 71 27,216 26,603 25,181 24,524 26,785 26,114 27,597 26,880 7? 73 74 75 76 77 /8 79 40,958 27,579 33,520 43,193 37,079 21,256 20,357 29,682 40,755 28,974 35,127 45,758 38,368 22,445 21,608 31,259 41,656 30,081 36,009 47,780 38,871 23,355 21,434 31,098 43,209 31,166 37,399 49,310 40,659 24,422 22,081 32,079 80 51,201 53,634 56,642 59,330 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 21,458 16,065 23,316 14,337 24,492 38,692 44,225 43,485 49,535 36,372 47,354 37,122 36,950 36,578 37,380 39,691 22,710 16,830 24,763 14,942 25,495 40,501 46,646 45,395 51,479 38,045 52,109 38,773 38,577 37,956 39,309 41,722 22,078 17,951 24,451 16,299 26,121 42,071 48,672 48,000 54,071 40,964 51,560 40,290 40,072 39,275 41,022 43,565 22,540 18,375 25,010 16,751 27,510 43,436 50,895 50,843 56,859 43,909 51,117 41,433 41,232 40,704 41,849 44,406 1. NAICS crop and animal production. 2. Consists of furniture and home furnishings stores; electronics and appliance stores; building material and garden equipment and supplies dealers; health and personal care stores; gasoline stations; clothing and clothing accessories stores; sporting goods, hobby, book, and music stores; miscellaneous store retailers; and nonstoie retailers. 3. Consists of scenic and sightseeing transportation; transportation support activities; and couriers and messengers. 4. Intangible assets include patents, trademarks, and franchise agreements, but not copyrights. 5. Consists of accounting, tax preparation, bookkeeping, and payroll services; architectural, engineering, and related services; specialized design services; management, scientific, and technical consulting services; scientific research and development services; advertising and related services; and other professional, scientific, and technical sen/ices. 6. Consists of offices of bank and other holding companies and of corporate, subsidiary, and regional managing offices. 7. Includes the Coast Guard. 8. Employees of Indian tribal governments are classified in state and local government. N ote . Estimates in this table are based on the 1997 North American Industry Classification System (NAICS). March 2004 S urvey of 31 C u r r e n t B u s in e s s Table 6.7D. Self-Employed Persons by Industry [Thousands] Line Self-employed persons1............................................................................................................. Agriculture, forestry, fishing, and hunting.................................................................................................. Farms2............... Forestry, fishing and related activities Mining.................... Utilities................... Construction........... Manufacturing........ Durable goods.... Nondurable goods Wholesale trade..... ....................................................................... Retail trade............. Transportation and warehousing Information......................................................................... Finance and insurance, real estate, rental, and leasing.... Professional and business services3................................ Educational services, health care, and social assistance. Arts, entertainment, recreation, accommodation, and food services Other services, except government.......................................................................................................... 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 1999 2000 10,121 985 869 116 9 0 1,719 320 206 115 228 994 344 134 727 1,912 1,100 658 991 1. Consists of active proprietors or partners who devote a majority of their working hours to their unincorporated businesses. 2. NAICS crop and animal production. 3. Consists of professional, scientific, and technical services; management of companies and enterprises; and administrative and waste management services. N ote . Estimates in this table are based on the 1997 North American Industry Classification System (NAICS). 2002 2001 10,233 996 879 117 9 0 1,738 324 208 116 231 1,005 348 135 735 1,933 1,112 665 1,002 10,133 975 881 94 20 0 1,685 355 227 128 222 985 375 126 688 2,009 1,095 637 961 9,963 990 907 83 12 0 1,608 315 192 123 221 955 368 142 676 1,869 1,125 634 1,048 March 2004 Newly Available NIPA Tables 32 Table 6.8D. Persons Engaged in Production by Industry [Thousands] 2000 2001 2002 1 2 3 131,777 132,218 113,369 134,552 134,940 115,812 134,765 135,189 115,799 133,345 133,789 113,992 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 2,159 1,531 629 518 115 231 172 597 8,356 17,365 10,910 645 551 611 1,755 1,448 1,791 2,177 1,543 634 520 120 222 178 593 8,645 17,271 10,921 633 561 613 1,764 1,436 1,818 2,344 1,626 718 550 127 222 201 595 8,540 16,549 10,421 610 552 564 1,671 1,360 1,731 2,369 1,666 703 516 125 212 179 587 8,361 15,374 9,560 590 527 502 1,547 1,225 1,486 .ine Persons engaged in production1....... Domestic industries.......................................... Private industries.......................................... Agriculture, forestry, fishing, and hunting................................................... Farms * ................................................... Forestry, fishing, and related activities.... Mining......................................................... Oil and gas extraction............................. Mining, except oil and gas...................... Support activities for mining................... U tilities....................................................... Construction.............................................. Manufacturing........................................... Durable goods......................................... Wood products.................................... Nonmetallic mineral products............. Primary metals.................................... Fabricated metal products.................. Machinery........................................... Computer and electronic products..... Electrical equipment, appliances, and components.................................... Motor vehicles, bodies and trailers, and parts......................................... Other transportation equipment......... Furniture and related products........... Miscellaneous manufacturing............. Nondurable goods................................... Food and beverage and tobacco products.......................................... Textile mills and textile product m ills... Apparel and leather and allied products.......................................... Paper products.................................... Printing and related support activities Petroleum and coal products............. Chemical products.............................. Plastics and rubber products............. Wholesale trade..................... Durable goods..................... Nondurable goods............... Retail trade............................. Motor vehicle and parts dealers............. Food and beverage stores.... General merchandise stores Other retail3........................ Transportation and warehousing........... Air transportation................. Rail transportation................................... Water transportation................................ Truck transportation................................. Transit and ground passenger transportation...................................... Pipeline transportation............................ Other transportation and support activities4 ........................................... Warehousing and storage....................... Inform ation................................................ 1999 21 566 582 558 495 22 23 24 25 26 1,300 772 686 785 6,455 1,294 739 693 787 6,351 1,209 720 671 775 6,128 1,151 670 627 741 5,814 27 28 1,742 635 1,745 599 1,752 535 1,725 496 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 621 608 810 127 973 940 5,994 3,563 2,432 13,803 1,671 2,581 2,354 7,197 4,385 568 208 52 1,536 564 597 803 121 974 947 6,071 3,608 2,463 14,127 1,706 2,645 2,416 7,359 4,472 591 198 54 1,565 514 568 803 119 950 889 5,800 3,441 2,360 14,658 1,759 2,754 2,569 7,575 4,562 586 189 53 1,572 441 533 740 118 918 842 5,679 3,306 2,373 14,482 1,765 2,698 2,555 7,463 4,410 535 181 52 1,548 48 49 406 45 403 44 436 44 439 41 50 51 52 1,101 470 3,328 1,138 479 3,478 1,191 491 3,525 1,125 489 3,322 Line Publishing industries (includes software) Motion picture and sound recording industries........................................... Broadcasting and telecommunications.... Information and data processing services Finance and insurance............................. Federal Reserve banks, credit intermediation, and related activities... Securities, commodity contracts, and investments......................................... Insurance carriers and related activities Funds, trusts, and other financial vehicles.............................................. Real estate and rental and leasing.......... Real estate............................................. Rental and leasing services and lessors of intangible asse ts5........................... Professional, scientific, and technical services................................................ Legal services........................................ Computer systems design and related services............................................. Miscellaneous professional, scientific, and technical services 6..................... Management of companies and enterprises7......................................... Administrative and waste management services................................................ Administrative and support services....... Waste management and remediation services............................................. Educational services................................ Heath care and social assistan ce........... Ambulatory health care services............ Hospitals................................................ Nursing and residential care facilities..... Social assistance.................................... Arts, entertainment, and recreation........ Performing arts, spectator sports, museums, and related activities......... Amusements, gambling, and recreation industries........................................... Accommodation and food services........ Accommodation...................................... Food services and drinking places......... Other services, except government........ Government.................................................. Federal....................................................... General government............................... Civilian.... Military8 , Government enterprises......................... State and local General government............................... Education Other9.... Government enterpnses9....................... Rest of the world10......................................... 1999 2000 2001 2002 1,060 1,081 1,010 953 376 1,374 518 5.794 376 1,469 552 5,787 366 1,633 517 5,889 389 1,514 466 5,891 2,467 2,425 2,534 2,610 876 2,304 927 2,286 927 2,340 871 2,323 147 2,232 1,603 149 2,265 1,611 2,331 1,678 87 2,326 1,705 629 654 653 622 7,897 1,396 8,228 1.413 8,094 1,401 7,789 1,408 1,329 1.413 1,347 1,203 5,172 5,402 5,345 5,178 1,621 1,647 1,636 1,613 7.795 7.483 8,238 7,923 7,965 7,642 7,798 7,471 312 2,274 12,394 4,286 3.483 2,297 2,328 1,774 314 2,358 12,660 4,349 3,533 2,355 2,423 1,853 322 2,466 13,192 4,473 3,753 2,432 2.535 1,940 327 2,544 13,594 4.626 3,867 2,482 2,620 1,974 712 702 722 1,086 8,683 1,667 7,016 6,398 18,849 4,167 3,370 1,821 1,549 797 14,682 13,762 7,372 6,390 920 -441 1,142 8,931 1,713 7,218 6,491 19,128 4,198 3,416 1,869 1,547 782 14,930 14,000 7,572 6,428 930 -388 1,238 8,614 1,738 6,875 6,550 19,390 4,120 3,342 1,794 1,548 778 15,270 14,318 7,782 6.536 952 -424 1,252 8.627 1,683 6,944 6,735 19,797 4,190 3,395 1,818 1,577 795 15,607 14,619 7,873 6,746 1. Equals the number of full-time equivalent employees plus the number of self-employed persons. Unpaid family workers are not included. 2. NAICS crop and animal production. 3. Consists of furniture and home furnishings stores; electronics and appliance stores; building material and garden equipment and supplies dealers; health and personal care stores; gasoline stations; clothing and clothing accessories stores; sporting goods, hobby, book, and music stores; miscellaneous store retailers; and nonstore retailers. 4. Consists of scenic and sightseeing transportation; transportation support activities; and couriers and messengers. 5. Intangible assets include patents, trademarks, and franchise agreements, but not copyrights. 6. Consists of accounting, tax preparation, bookkeeping, and payroll services; architectural, engineering, and related services; specialized design services; management, scientific, and technical consulting services; scientific research and development services; advertising and related services; and other professional, scientific, and technical services. 7. Consists of offices of bank and other holding companies and of corporate, subsidiary, and regional managing offices. 8. Includes the Coast Guard. 9. Employees of Indian tribal governments are classified in state and local government. 10. Includes estimates of foreign professional workers and undocumented Mexican migratory workers employed temporarily in the United States. Estimates in this table are based on the 1997 North American Industry Classification System (NAICS). N o te . March 2004 S urvey of C urrent Table 6.1 OD. Employer Contributions for Government Social Insurance by Industry 33 B u s in e s s Table 6.12D. Nonfarm Proprietors’ Income by Industry [Millions of dollars] [Millions of dollars] Line Employer contributions for government social insurance......... Domestic industries.......................................... Private industries.......................................... Agriculture, forestry, fishing, and hunting.... Mining......................................................... Utilities.......... Construction... Manufacturing Durable goods Nondurable goods................................... Wholesale trade Retail trade.... Transportation and warehousing................ Information.................................................. Finance and insurance, real estate, rental, and leasing.............................................. Professional, and business services1........ Educational services, health care, and social assistance..................................... Arts, entertainment, recreation, accommodation, and food services....... Other services, except government........... Government................................................... Rest of the world............................................... 1999 Line 2000 2001 2002 1 2 3 4 b 6 7 8 9 10 11 12 13 14 323,341 323,341 276,572 1,969 2,350 2,545 18,833 56,198 37,377 18,821 19,983 24,840 13,779 13,878 343,517 343,517 294,240 2,090 2,459 2,672 20,228 58,547 39,208 19,339 21,085 26,103 14,250 15,155 354,914 354,914 303,061 2,102 2,655 2,803 21,362 56,864 37,681 19,183 20,967 27,179 14,674 15,155 364,099 364,099 307,756 2,140 2,623 2,845 21,853 55,828 36,520 19,308 21,142 28,264 14,740 14,519 15 16 26,123 45,837 28,343 50,624 30,404 52,151 30,848 51,996 17 30,830 32,218 35,255 38,530 18 19 20 ?1 12,848 6,559 46,769 13,553 6,913 49,277 14,181 7,307 51,853 14,748 7,681 56,343 1. Consists of professional, scientific, and technical services; management of companies and enterprises; and administrative and waste management services. N ote . Estimates in this table are based on the 1997 North American Industry Classification System. Nonfarm proprietors’ income.............. Forestry, fishing, and related activities.......... Mining................................................................. Utilities................................................................ Construction...................................................... Manufacturing.................................................... Durable goods................................................. Nondurable goods........................................... Wholesale trade................................................. Retail trade......................................................... Transportation and warehousing.................... information......................................................... Finance, insurance, real estate, rental, and leasing............................................................ Finance and insurance.................................... Real estate and rental and leasing................. Professional and business services............... Professional, scientific, and technical services Legal services.............................................. Computer systems design and related services................................................... Miscellaneous professional, scientific, and technical services1.................................. Management of companies and enterprises; administrative and waste management Educational services, health care, and social assistance...................................................... Educational services........................................ Health care and social assistance.................. Arts, entertainment, recreation, accommodation, and food services............ Arts, entertainment, and recreation................ Accommodation and food services................. Other services, except government................ 1999 2000 1 2 3 4 5 6 7 8 9 10 11 12 595,223 6,530 10,376 14,467 72,684 36,026 14,747 21,279 17,394 42,837 19,870 12,901 641,768 7,746 15,499 16,104 74,921 42,573 20,253 22,320 18,881 44,622 19,876 10,210 654,353 8,637 14,489 17,566 79,433 41,123 19,027 22,096 16,776 45,748 27,117 9,461 654,098 8,788 12,081 18,308 81,682 41,210 19,282 21,928 17,090 46,580 21,741 6,526 13 14 15 16 17 18 103,380 48,130 55,250 153,782 133,605 43,976 117,945 61,512 56,433 163,201 142,395 44,935 114,677 66,970 47,707 164,727 139,451 43,243 117,451 69,861 47,590 166,626 143,914 44,663 19 8,944 11,236 12,811 12,623 20 80,685 86,224 83,397 86,628 21 20,177 20,806 25,276 22,712 22 23 24 60,434 2,456 57,978 65,155 2,507 62,648 69,405 2,487 66,918 71,349 2,510 68,839 25 26 27 28 18,661 11,311 7,350 25,881 17,087 10,831 6,256 27,948 15,466 10,655 4,811 29,728 14,281 10,489 3,792 30,385 2001 2002 1. Consists of accounting, tax preparation, bookkeeping, and payroll services; architectural, engineering, and related services; specialized design services; management, scientific, and technical consulting services; scien tific research and development services; advertising and related services; and other professional, scientific, and technical services. N o te . Estimates in this table are based on the 1997 North American Industry Classification System. Table 6.14D. Inventory Valuation Adjustment to Nonfarm Incomes by Legal Form of Organization and by Industry Table 6.15D. Net Interest by Industry [Millions of dollars] [Millions of dollars] Line Inventory valuation adjustment to nonfarm incomes.............................. Corporate business.......................................... Mining................ Utilities................ Construction Manufacturing.... Durable goods Nondurable goods Wholesale trade. Retail trade....... Transportation and warehousing.................... Information........ Other1............................................................. Noncorporate business.................................... Mining.............................................................. Construction Manufacturing Durable goods Nondurable goods....................................... Wholesale trade.............................................. Retail trade Other2............................................................. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 Line 1999 2000 2001 2002 474 950 -138 -152 -176 2,453 2,376 77 400 -1,070 -393 299 -273 -476 -84 -79 -45 58 -103 1 -138 -130 -15,684 -14,077 -172 -469 71 -9,037 -3,073 -5,964 -1,979 -1,741 -249 137 -638 -1,607 -134 31 -784 -187 -597 -162 -264 -293 10,424 9,125 36 625 46 2,880 1,786 1,094 3,853 1,079 497 382 -273 1,299 171 23 330 126 204 238 264 273 -2,764 -2,240 -272 -351 -195 1,117 1,125 -8 -3,100 429 -400 649 -117 -524 -172 -90 -129 4 -133 -204 37 34 1. Consists of forestry, fishing, and related activities; finance and insurance; real estate and rental and leasing; professional, scientific, and technical sen/ices; management of companies and enterprises; administra tive and waste management services; educational services; health care and social assistance; arts, entertain ment, and recreation; accommodation and food services; and other services, except government. 2. Consists of forestry, fishing, and related activities; utilities; transportation and warehousing; information; finance and insurance; real estate and rental and leasing; professional, scientific, and technical services; management of companies and enterprises; administrative and waste management services; educational services; health care and social assistance; arts, entertainment, and recreation; accommodation and food services; and other services, except government. N o te . Estimates in this table are based on the 1997 North American Industry Classification System. Net interest............................................. Domestic industries.......................................... Agriculture, forestry, fishing, and hunting........ Mining.............................................................. Utilities........ Construction Manufacturing Durable goods Nondurable goods....................................... Wholesale trade Retail trade.. Transportation and warehousing..................... Information....................................................... Finance, insurance, real estate, rental, and Finance and insurance................................ Real estate and rental and leasing............. Professional and business services................ Professional, scientific, and technical services................................................... Management of companies and enterprises Administrative and waste management services................................................... Educational services, health care, and social Arts, entertainment, recreation, accommodation, and food services............ Other services, except government................ Rest of the world................................................ Receipts from the rest of the world................. Less; Payments to the rest of the world.......... N ote . 2001 2002 1999 2000 1 2 3 4 5 6 7 8 9 10 11 12 13 486,783 569,310 10,499 4,572 19,871 5,762 56,569 19,515 37,054 15,571 13,770 8,611 24,273 547,616 649,797 11,486 5,999 23,954 7,558 65,295 24,891 40,404 17,972 20,184 9,440 28,245 554,956 676,261 10,608 6,857 27,209 7,780 62,891 23,481 39,410 13,978 17,951 10,085 36,357 570,309 696,940 10,178 6,715 26,570 7,058 69,493 29,330 40,163 13,218 16,980 9,705 36,726 14 15 16 17 364,165 -37,377 401,541 22,468 420,994 -23,059 444,053 12,151 443,981 -34,499 478,480 12,420 484,351 -9,793 494,144 -9,048 18 19 1,582 18,079 1,124 6,504 889 6,972 623 -13,934 20 2,807 4,524 4,559 4,263 21 6,117 6,794 6,553 6,050 22 23 24 25 26 14,837 17,117 17,253 16,643 2,224 2,471 2,475 2,301 -82,526 -102,182 -121,305 -126,631 141,262 177,245 137,299 93,535 223,789 279,427 258,604 220,166 Estimates in this table are based on the 1997 North American Industry Classification System. Newly Available NIPA Tables March 2004 Table 7.7. Business Current Transfer Payments by Type [Billions of dollars] Line Business current transfer payments (net)..................................................... Payments to persons (net)................................ Insurance payments to persons by business... Automobile insurance................................... Medical malpractice insurance..................... Net insurance settlements........................... Donations by corporate business to nonprofit institutions serving households................... Payments to government (net)2...................... Payments to the rest of the world (net)3 ........ 1999 2000 2001 2002 1 2 3 4 5 6 67.4 34.1 19.1 12.8 3.6 2.8 87.1 42.4 27.2 13.8 4.1 9.4 92.5 49.9 33.7 15.2 5.5 13.0 89.8 42.6 25.6 16.5 6.8 2.3 7 8 9 10 10.7 4.2 35.9 -2.6 10.7 4.5 43.7 1.0 11.4 4.8 47.3 -4.7 12.0 5.1 46.8 0.4 1. Consists largely of losses by business due to fraud and unrecovered thefts, corporate cash prizes, and payments from personal injury trust funds. 2. For detail, see table 3.7. 3. Consists of net insurance settlements paid to the rest of the world less net insurance settlements received from the rest of the world. Table 7.13. Relation of Consumption of Fixed Capital in the National Income and Product Accounts to Depreciation and Amortization as Published by the Internal Revenue Service [Billions of dollars] Line 1999 2000 2002 2001 Corporations Depreciation and amortization, IR S.............................................................................................................................................. Less; Depreciation of assets of foreign branches... Depreciation or amortization of intangible assets1 Depreciation of mining exploration, shafts, and wells charged to current expense Depreciation of motor vehicles not in IRS depreciation3........................... O ther5................................................................................................................................................................................... Equals: Capital consumption allowances, NIPAs Less: Capital consumption adjustment.................. Equals: Consumption of fixed capital, NIPAs.... 1 ? 4 «> 6 7 8 q m 11 12 13 678.0 2.7 56.1 21.7 5.3 84.3 12.3 5.5 718.7 3.2 67.2 23.7 4.7 99.4 12.6 5.7 1.4 706.4 74.5 632.0 1.4 748.6 58.6 690.0 805.8 64.5 741.3 908.8 161.5 747.3 163.4 6.5 12.8 0.8 0.5 4.7 3.0 0.5 151.9 55.4 96.5 182.7 7.7 14.4 0.9 0.4 5.5 3.2 0.5 169.2 66.0 103.2 211.4 8.5 15.2 0.9 1.2 6.3 3.5 0.5 198.3 90.5 107.8 240.0 130.4 109.7 Nonfarm sole proprietorships and partnerships Depreciation and amortization, IR S .............................................................................................................................................. Less: Depreciation or amortization of intangible assets1... Adjustment for misreporting on income tax returns Plus: Accidental damage to fixed capital other than repairable damage.......................................................................................... Depreciation of computer software not in IRS depreciation....................... Depreciation of mining exploration, shafts, and wells charged to current expense Depreciation of motor vehicles not in IRS depreciation3........................... Equals: Capital consumption allowances, NIRAs............................................. Less: Capital consumption adjustment............................................................................................................................................. Equals: Consumption of fixed capital, NIRAs............................................................................................................................... 14 15 1fi 17 18 19 ?n ?1 22 ?3 24 1. Consists of intangible assets that the IRS allows to be amortized. 2. Consists of depreciation or amortization of the following items: Breeding, dairy, and work animals; motion picture films; rental videocassettes; and rental clothing. 3. Consists of depreciation of employees' motor vehicles reimbursed by business and depreciation of business motor vehicles charged to current expense. 4. Beginning with 1981, included in IRS depreciation (line 1). 5. Consists of depreciation of assets owned by Federal Reserve banks, Federally sponsored credit agencies, credit unions, and nonprofit institutions serving business; depreciation of interest paid by public utilities for ownaccount investment prior to 1987 (beginning with 1987, included in line 1). 6. Consists of depreciation or amortization of rental videocassettes and rental clothing. IRS Internal Revenue Service NIFAs National income and product accounts March 2004 S urvey of C urrent 35 B u s in e s s Table 7.15. Relation of Net Farm Income in the National Income and Product Accounts to Net Farm Income as Published by the U.S. Department of Agriculture [Billions of dollars] Line Net farm income, USDA..................................... Pius: Depreciation and other consumption of farm capital, USDA........................................... Farm housing expenses excluding depreciation......................................... Monetary interest received by farm corporations......................................... Valuation adjustment, Commodity Credit Corporation loans................................ Change in farm materials and supplies inventories........................................... Less: Consumption of fixed capital, NIPAs.......... Gross rental value of farm housing, USDA................................................... Patronage dividends received from cooperatives......................................... O ther'...................................................... Equals: Farm proprietors’ income and corporate profits with inventory valuation and capital consumption adjustments Proprietors’ income......................... Corporate profits.............................. 1999 2000 2002 2001 1 46.8 47.8 50.6 35.3 2 17.8 18.0 18.3 19.1 4.4 3 3.7 4.0 4.1 4 0.8 0.9 0.4 0.4 <> -1.5 -1.9 -0.4 -0.1 6 7 -1.1 21.2 0.6 21.3 -0.6 21.7 -0.2 22.1 fl 10.2 10.7 11.4 11.3 q m 0.6 1.6 0.6 1.8 0.6 2.1 0.6 17 11 12 13 32.9 28.6 4.3 35.2 22.7 12.5 36.8 25.0 11.8 23.2 14.3 9.0 1. Consists largely of salaries paid to certain farm operators. USDA U.S. Department of Agriculture Table 7.17. Relation of Monetary Interest Paid and Received in the National Income and Product Accounts to Corresponding Measures as Published by the Internal Revenue Service [Billions of dollars] Line 1999 2001 2000 2002 Corporations Interest paid, IRS........................................................................................................................... Less: Interest paid by foreign branches of commercial banks....................................................... Plus: Interest paid by organizations not filing corporation income tax returns............................... Federally sponsored credit agencies................................................................................. Other1................................................................................................................... Interest paid by regulated investment companies reported as distributions to stockholders. Adjustment for mutual savings banks and savings and loan associations.............. Other2....................................................................................................................... Equals: Monetary interest paid by corporations, NIPAs........................................................... 1,019.0 17.1 42.4 27.8 14.6 118.2 1.9 8.2 1,172.5 1,271.7 29.1 56.5 40.2 16.3 143.5 2.0 8.9 1,453.5 1,203.9 16.6 49.4 32.4 17.0 124.5 9.6 104.8 78.8 28.8 109.6 83.3 30.4 16.5 196.8 17.1 207.1 1,628.0 1,549.5 11.8 110.6 11.1 102.0 34.0 44.5 32.1 12.4 16.7 1,756.0 31.9 36.6 33.5 18.3 15.0 1,673.8 8.8 1,379.6 1,200.0 Nonfarm proprietorships and partnerships Interest paid, IRS.................................................................................................... Plus: Interest reported on rental expense schedule................................................ Interest passed through to partners......... Interest capitalized on tax returns............ Less: Adjustment for misreporting on income tax returns Equals: Monetary interest paid, NIPAs............. 85.4 68.7 20.1 0.9 13.5 161.7 1.0 1.0 205.0 Corporations Interest received, IRS.............................................................................. Less: Interest received by foreign branches of commercial banks.......... Plus: Interest received by organizations not filing corporation income tax returns. Federal Reserve banks................................................................ Federally sponsored credit agencies........................................... Other3........................................................................................... Adjustment for mutual savings banks and savings and loan associations..... O ther4.............................................................................................. Equals: Monetary interest received by corporations, NIPAs........................... 1,353.6 11.5 89.3 29.3 30.7 29.2 11.0 13.8 1,456.1 1. Consists of interest paid by nonprofit organizations serving business and by credit unions. 2. Consists of construction interest capitalized on tax returns, interest reported on tax returns in cost of goods sold, and interest passed through to shareholders by small business corporations. 3. Consists of nonprofit organizations serving business, of credit unions, and of other tax-exempt interest received by commercial banks and nonlife insurance carriers. 4. Consists of interest received by credit agencies and finance companies reported as business receipts on tax returns and of interest passed through to shareholders by small business corporations. N o te . Total interest received by financial proprietorships and partnerships is not separately identified by the IRS. IRS Internal Revenue Service NIR^s National income and product accounts 1,498.1 March 2004 Errata Sources of the Revisions to Selected Income Components In “Improved Estimates of the National Income and Product Accounts for 1929-2002” in the February 2004 S u v e y o f C u r r e n t B u s in e s s , table 9 incorrectly reported the sources of the revisions to taxes on production and imports and to busi ness current transfer payments for 1959, 1987, 1992, and 1997. The correct sources are provided in the table below. Table 9. Revisions to Other Income Components [Billions of dollars] 1992 1987 1959 1997 2000 2002 2001 Taxes on production and imports1.............................................................................. Definitional.................................................................................................................... Reclassification of nontaxes as transfers................................................................. Statistical....................................................................................................................... -0.8 -0.4 -0.4 -0.4 -21.4 -13.6 -13.6 -7.8 -26.8 -24.5 -24.5 -2.3 -34.2 -29.7 -29.7 -4.5 -44.7 -43.7 -43.7 -1.0 -45.0 -47.3 -47.3 2.3 -40.3 -46.8 -46.8 6.5 Less: Subsidies............................................................................................................... Definitional.................................................................................................................... Statistical....................................................................................................................... 0.0 0.0 0.0 -1.1 0.0 -1.1 0.0 0.0 0.0 -0.1 0.0 -0.1 0.2 0.0 0.2 0.0 0.0 0.0 -8.0 0.0 -8.0 Business current transfer payments............................................................................ Definitional.................................................................................................................... Reclassification of nontaxes as transfers................................................................. New treatment of insurance services....................................................................... Reclassification of nonresident taxes paid by domestic corporations...................... Statistical........................................................................................................................ 0.4 0.3 0.4 0.0 -0.1 0.1 9.6 9.3 13.6 -0.9 -3.4 0.3 14.3 14.7 24.5 -4.3 -5.5 -0.4 13.1 13.1 29.7 -7.7 -8.9 0.0 43.4 43.9 43.7 10.4 -10.2 -0.5 50.0 47.1 47.3 9.0 -9.2 2.9 45.7 40.3 46.8 2.7 -9.2 5.4 Current surplus of government enterprises................................................................ Definitional.................................................................................................................... Reclassification of Indian tribal governments........................................................... Statistical....................................................................................................................... 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.0 -1.3 0.4 0.4 -1.7 -4.8 0.6 0.6 -5.4 -6.8 0.7 0.7 -7.5 -10.9 0.8 0.8 -11.7 1. Revisions are calculated by comparing the new series “taxes on production and imports” with the previously published series “indirect business tax and nontax liabilities’ Economists, accountants, and information technology specialists, the Bureau of Economic Analysis (BEA) has a role for you. Come work for a top-notch Federal statistical agency: • A recent Federal employee survey named BEA as an “employer of choice,” ranking us among the top five agencies • A recent Government-wide assessment of program effectiveness ranked BEA in the top 1 percent of the programs assessed BEA’s work makes a difference. It is a world leader in producing vital economic statistics that influence decisions by government officials, business leaders, and households. Gross domestic product (GDP) Personal income, spending, and saving Industry input and output International transactions and investment State and local area personal income BEA has immediate openings for both entry-level and advanced positions. For more information, visit our Web site. w w w . b e a . g o v March 2004 38 Preview of the Comprehensive Revision of the Annual Industry Accounts Integrating the Annual Input-Output Accounts and the Gross-Domestic-Product-by-lndustry Accounts By Brian C. Moyer, M ark A. Planting, M ahnaz Fahim-Nader, and Sherlene K. S. Lum I N JUNE, the Bureau of Economic Analysis (BEA) will release the initial results of its comprehensive revision of the annual industry accounts. The center piece of this revision is the integration of the annual input-output (I-O) accounts and the gross-domesticproduct-(GDP)-by-industry accounts for 1998-2002. For the first time, the annual 1-0 accounts and the GDP-by-industry accounts will be released concur rently and will present consistent measures of gross output, intermediate inputs, and value added by in dustry. Integration can be achieved through a variety of methods. For example, many countries produce inte grated annual 1-0 accounts and GDP-by-industry ac counts by assuming that the industry ratios of intermediate inputs to gross output do not change from the most recent set of benchmark 1-0 accounts; these ratios are then used to estimate a time series of value added by industry from annual source data on gross output by industry. BEA has taken a different ap proach in developing an integration methodology be cause of the richness of the source data that are available in the United States; for example, the Bureau of the Census, the Bureau of Labor Statistics, and the Internal Revenue Service provide data that can be used to estimate value added by industry. However, the quality of these source data varies by data series and by industry; as a result, BEA has developed an integration methodology that ranks the available source data by quality and estimates a balanced set of annual 1-0 ac counts and GDP-by-industry accounts that incorpo rate a weighted average of these source data on the basis of their relative quality. In this manner, BEA’s in tegrated annual 1-0 accounts and GDP-by-industry accounts will provide a more consistent and a more ac curate set of estimates. This integration is the most recent improvement in a series of improvements to the industry accounts. As outlined in its strategic plan, BEA continues to make significant improvements to its industry accounts. These improvements include the following: Resuming the publication of the annual 1-0 accounts; accelerat ing the release of the annual 1-0 accounts to within 3 years after the end of the reference year; expanding the GDP-by-industry accounts to include gross output and intermediate inputs for all industries; developing an accelerated set of GDP-by-industry accounts that are available with a lag of just 4 months after the end of the reference year; and continuing to work closely with the Bureau of the Census on new initiatives to improve the quality and the timeliness of the source data used to prepare the industry accounts. With these improve ments, general improvements to the quality of indus try source data, and improvements to data-processing systems, BEA is now ready to integrate the annual 1-0 accounts and the GDP-by-industry accounts.1 This comprehensive revision undertakes the inte gration of the annual 1-0 accounts and the GDP-byindustry accounts, but BEA’s long-run goal is the “full” integration of all the industry accounts, including the benchmark 1-0 accounts, and the integration of the industry accounts with the national income and prod uct accounts (NIPAs).2 Integration with the NIPAs will allow the industry accounts to provide annual feed back to the NIPAs that could potentially improve the commodity composition of GDP. Full integration is expected in the 2008-2010 timeframe when the neces 1. For a discussion on integrating the industry accounts, see Robert E. Yuskavage, “Priorities for Industry Accounts at BEA” (paper presented at the meeting o f the BEA Advisory Comm ittee, Washington, D C , November 17, 2000). The paper is available at BEA’s Web site < www.bea.gov>. 2. In addition, it is BEA’s long-run goal to integrate the industry accounts and NIPAs w ith related regional accounts, namely gross state product (GSP) by industry and regional 1 -0 m ultiplier estimates. Consistency between the annual 1 -0 accounts and the G DP-by-industry accounts w ill improve the quality o f the GSP accounts, and any increase in timeliness o f the G DP-by-industry estimates w ill be reflected in more speedy delivery of the GSP estimates. Consistent and better measures o f value added would also potentially strengthen the links between the GSP accounts and the regional 1 -0 m ultiplier estimates. March 2004 S urvey of C urrent sary d ata on interm ediate in puts by in d u stry will be available from the 2002 Econ om ic C en sus an d from the annual surveys that are currently bein g collected an d tabulated by the Bureau o f the Census. T h is article presents the integration m eth odology that is being used for 1998-2002 an d for future updates. An article in the June issue o f the S u r v e y o f C u r r e n t B u s in e s s will describe the results o f the co m prehensive revision to the annual in d u stry accounts, including the conversion to the 1997 N orth A m erican In d u stry C lassification System (N A IC S) back to 1998 an d the release o f the accelerated G D P-by-industry es tim ates for 2003.3 H ighlights o f the integration m eth od ology are as follows. • It allows BEA to in corporate the m o st tim ely and h ighest quality source data into both the annual 1 -0 accounts an d the G D P-by-industry accounts. • The annual 1 -0 accounts an d the G D P-by-indus try accounts will be released concurrently for 1998-2002, an d for the first tim e, both sets o f accounts will present fully consistent m easures o f gross ou tp u t, interm ediate inputs, an d value added by industry. •T h e quality o f the annual in du stry accounts will be im proved because the accounts will be prepared w ithin a balanced 1 -0 fram ew ork; that is, all the com pon en ts o f the accounts will be in agreem ent w ithin a balanced row -and-colum n fram ew ork. • T h e release o f the annual 1 -0 accoun ts will be accel erated b y 2 years in a sequence o f two steps that will be com pleted by the fall o f 2004, when they will be released 1 year after the end o f the reference year. • For the first tim e, the 1998-2002 annual 1 -0 accounts will be a consistent tim e series; they will be m ore useful for analyses o f trends over tim e. T h is article is presented in two parts. The first p art presents the rationale for integration. The second p art describes the integration m ethodology. The Rationale for Integration BEA prepares two sets o f in d u stry accounts: The 1 -0 accounts, w hich consists o f the ben ch m ark 1 -0 ac counts an d the annual 1 -0 accounts, an d the GDP-byin d u stry accounts. Both the 1 -0 accounts and the G D P-by-industry accounts present m easures o f gross ou tpu t, interm ediate inputs, an d value added by in dustry; however, these m easures have n ot been con sis tent across the two sets o f accounts, because o f the use o f different m eth odologies an d different source data. B u s in e s s 39 T he goal o f the integration is to elim inate these in con sistencies an d to im prove the accuracy o f b o th sets o f accounts. In this part, the m eth odologies used to prepare each set o f accounts are reviewed, the relative strengths o f each m eth odology are discu ssed, an d the benefits o f integrating the annual 1 -0 accoun ts an d the GD P-byin du stry accounts are described. 1-0 accounts methodology The ben ch m ark 1 -0 accounts are prepared every 5 years an d are based on d ata from the quinquennial econom ic censuses. These accoun ts present a detailed picture o f how in dustries interact to provide in puts to, an d use o u tp u t from , each other to p rodu ce the N a tion’s GDP.4 The annual 1 -0 accounts u pdate the m ost recent ben ch m ark 1 -0 accounts. The annual 1 -0 ac counts are m ore tim ely than the ben ch m ark 1 -0 ac counts, bu t they are generally less detailed because they rely on annual survey data.5 At present, the 1 -0 ac counts are prepared only in current d o lla rs.6 B oth the ben ch m ark an d the an nu al 1 -0 accounts are prepared w ithin a balan ced row -and-colum n fram ew ork that is presented in two tables: A “m ake” table an d a “ use” table. The m ake table show s the co m m odities that are produ ced by each industry, an d the use table show s the com m odities that are used in in du stry prod u ction and that are co n su m ed b y final u s ers. In the use table, the colum n s consist o f industries an d final uses (chart 1). The colu m n total for an in d u s try is its gross ou tp u t (consisting o f sales or receipts, other operatin g incom e, co m m o d ity taxes, an d inven tory change). The rows in the use table con sist o f co m m odities an d value added. The co m m o dities are the g o o d s and services that are p rodu ced by in du stries or im ported an d that are con sum ed either by industries in the p rodu ction process or by final users. The co m m odities con sum ed by industries in the p rodu ction process are referred to as interm ediate in pu ts (co n sist ing o f energy, m aterials, an d purch ased services). Value added in the 1 -0 accounts is com pu ted as a re sidual— that is, as gross ou tp u t less interm ediate in puts by industry. In concept, this residual, which represents the su m o f the costs in curred an d the in com es earned in produ ction , consists o f com pen sation 4. For more inform ation, see A nn M . Lawson, Kurt S . Bersani, Mahnaz Fahim-Nader, and Jiemin Guo, “Benchmark Input-O utput Accounts o f the United States, 1997,” S u r v e y o f C u r r e n t B u s in e s s 82 (December 2002): 19-109. 5. For more inform ation, see M a rk A. Planting and Peter D. Kuhbach, “Annual Inpu t-O utpu t Accounts o f the U .S . Economy, 1998,” S u r v e y 81 (December 2001): 41-70. 6. BEA is beginning research to explore the feasibility o f preparing real 3. The June release o f the comprehensive revision w ill not include acceler (inflation-adjusted) 1 -0 accounts. ated annual 1 -0 accounts for 2003. Chart 1. Use Table: Commodities Used by Industries and Final Uses 40 Annual Industry Accounts March 2004 March 2004 S urvey of C u r r e n t B u s in e s s o f em ployees, gross operatin g surplus, and taxes on p ro d u ctio n an d im p orts, less subsid ies.7 G D P equals valued ad ded sum m ed over all industries, an d it also equals final uses sum m ed over all com m odities. At BEA, the 1 -0 accounts have traditionally served two m ajo r p u rp o ses, both o f which have focused on in form ation abo u t the use o f com m odities. First, the accounts provide the NIPAs with best-level estim ates for the com m od ities that co m p o se G D P in a bench m ark year. Second, they provide the NIPAs with infor m atio n on the split between interm ediate in puts and final uses o f com m od ities for the years after a bench m ark year, which is critical for G D P determ ination. G D P m easures final uses, while m ost source data co m m ingle interm ediate-use an d final-use inform ation. Because o f their im portan ce in determ ining the levels o f G D P in the NIPAs, the 1 -0 accounts have traditio n ally focused m ore on the co m m o d ity co m p o sitio n o f the econom y an d less on the m easures o f value added by industry. GDP-by-industry accounts methodology In con trast to the 1 -0 accounts, the G D P-by-industry accounts have traditionally focused on the industry co m p o sitio n o f the econom y an d the m easures o f value ad ded by industry; therefore, the G D P-by-industry ac counts are ideally suited for analysis o f in du stry shares o f G D P an d con tribution s to G D P grow th. The GDPby-in dustry accounts provide tim e series estim ates o f gross ou tp u t, o f interm ediate inputs, an d o f value ad ded by in d u stry and the correspon din g price and quan tity indexes.8 G ross ou tp u t by in d u stry in these accounts is com pu ted by taking best-level estim ates from the m ost recent set o f ben ch m ark 1 -0 accounts an d by u sin g the annual survey d ata as extrapolators. T he m easures o f value ad d ed by in d u stry are de rived from the in du stry distributions o f the co m p o nents o f gross d om estic incom e (G D I) from the NIPAs. The G D I-based m easures o f value ad d ed by industry represent the sum o f the costs incurred an d the in 7. Previously, these costs and incomes were classified as either compensa tion o f employees, property-type income, or indirect business tax and non tax liability. These new classifications are consistent w ith the aggregations introduced as part o f the comprehensive N IP A revision; see Brent R. M o u l ton and Eugene P. Seskin, “Preview o f the 2003 Comprehensive Revision of the National Income and Product Accounts: Changes in Definitions and Classifications,” S u r vey 83 (June 2003): 17-34. Specifically, all the nontax liabilities except special assessments are removed from indirect business tax and nontax liability, and the remainder o f this category is renamed taxes on production and imports; the nontax liabilities except special assessments are added to property-type income; subsidies are removed from propertytype income, and the remainder o f this category is renamed gross operating surplus; and subsidies are netted against the value o f taxes on production and imports. 8. For more inform ation, see Sherlene K.S. Lum, Brian C. Moyer, and Robert E. Yuskavage, “Improved Estimates o f Gross Product by Industry for 1947-98,” S u r v e y 80 (June 2000): 24-54. 41 com es earned in p rodu ction an d are estim ated as the su m o f the in du stry distributions o f com pen sation o f em ployees, gross operatin g surplus, an d taxes on p ro duction an d im ports, less subsidies. These indu stry distribution s incorporate addition al annual survey data an d source d ata from annual tax returns and a d m inistrative records. In the G D P-by-industry ac counts, interm ediate in puts by in du stry are m easured as a residual— that is, gross o u tp u t less value added by industry. Finally, gross o u tp u t an d interm ediate in puts by in du stry are deflated usin g detailed price indexes to produ ce price indexes and quantity indexes o f gross ou tpu t, o f interm ediate inputs, an d o f value added by industry. Relative strengths of each methodology The p rim ary strength o f the 1 -0 accounts m eth od ol ogy is the balanced row -and-colum n fram ew ork in which the detailed estim ates o f gross o u tp u t an d inter m ediate in puts by indu stry are prepared; this fram e w ork allows for a sim ultan eous lo o k at both the in du stry co m po sitio n an d the co m m o d ity co m p o si tion o f the econom y. The p rim ary strength o f the G D P-by-industry accounts m eth odology is the direct approach to estim ating a tim e series o f value added by in du stry from high quality source data. The strength o f a balanced fram ew ork is d em o n strated in chart 1. A balanced use table ensures that the in du stry estim ates o f the 1 -0 accoun ts (the colum n to tals) are in balance with the co m m o d ity estim ates o f the 1 -0 accounts (the row totals). T h is fram ew ork tracks all o f the detailed in put an d ou tp u t flows in the econom y an d guarantees that each co m m o d ity that is produ ced is either con sum ed by in du stries as an inter m ediate in put or is con sum ed by final users. An im b al ance in the use table— for exam ple, too little, or too m uch, supply o f a co m m o d ity after interm ediate in pu ts by in du stry an d final uses have been accoun ted for— m ay indicate a problem with the m easures o f gross o u tp u t or interm ediate in puts by industry, so a balanced fram ew ork provides a “consistency check” for the data in the use table. The 1 -0 accounts are pre pared w ithin a balan ced fram ew ork, bu t currently, there is no com parable procedure to balance industries and com m odities in the G D P-by-in dustry accounts. The strength o f the G D P-by-industry m eth odology is that the estim ates o f value added by in du stry are d e rived directly from high quality source data, so these m easures generally provide better estim ates o f value added for in dustries for which the 1 -0 estim ates o f value ad d ed are considered weak. Several factors affect the quality o f the G D P-by-industry estim ates on an industry-by-in dustry basis. For exam ple, gross operating 42 Annual Industry Accounts surplu s, one com pon en t o f value ad d ed by industry, includes several item s— such as corporate p rofits b e fore tax, corporate net interest, and corporate capital con su m p tion allow ances— that are based on corporate tax return data from the Internal Revenue Service (IR S). Because the consolidated tax return data o f an enterprise m ay account for activities in several in d u s tries, BEA m u st convert these enterprise-based, or com pany-based, d ata to an establishm ent, or plant, b a sis. The conversion can introduce errors because it is b ased on the em ploym ent o f establishm ents that is cross-classified by enterprises an d because it is based on relationships from an econom ic census year that are likely to change over tim e. In addition , p rop rieto rs’ incom e, another co m p o nent o f gross operatin g surplu s, can introduce errors because the in d u stry distributions o f p rop rieto rs’ in com e are b ased on incom plete source data. Industries w ith large shares o f value ad d ed that are accounted for by p rop rieto rs’ incom e are regarded as having esti m ates o f value-added that are o f low er quality.9 The G D P-by-industry value-added m easures m ay be o f a higher or lower quality than the value-added m easure in the ben ch m ark 1 -0 accounts, depending on industry-specific in form ation . For an in du stry with high quality data on gross ou tp u t and interm ediate inputs, the m easure o f value add ed in the ben ch m ark 1 -0 accounts m ay be better than the G D P-by-industry m easure, particularly when the am o u n t o f enterpriseestablishm ent adju stm en t for the in d u stry is signifi cant or when the share o f prop rieto rs’ incom e in the in du stry is significant. Alternatively, for an in du stry w ith little enterprise-establishm ent ad ju stm en t and a sm all share o f p rop rieto rs’ incom e, the G D P -by-indus try m easure m ay be considerably better than the ben ch m ark 1 -0 m easure, p articularly if the coverage o f gross o u tp u t and interm ediate in puts in the q uin quen nial econ om ic census is low. For the 1997 ben ch m ark 1 -0 accounts, less than h alf o f the econom y-w ide inter m ediate in pu ts were covered by the econom ic census; for m any in dustries, this low coverage results in a lower quality m easure o f value ad d ed in the ben ch m ark 1 -0 accounts. In con trast to the ben ch m ark 1 -0 m easures, the G D P-by-industry value-added m easures are always preferred to the annual 1 -0 m easures. The annual 1 -0 estim ates o f interm ediate in puts by in d u stry are cu r rently sparse an d unable to yield high quality m easures 9. Proprietors’ income is defined here to equal the sum o f NIPA estimates for proprietors’ income without inventory valuation adjustment (IVA) and capital consum ption adjustment (CCAdj), proprietors’ net interest, propri etors’ capital consum ption allowance, and proprietors’ IVA. The NIPA adjustm ent to nonfarm proprietors’ income without IVA and CCAdj for misreporting on income tax returns will be shown in NIPA table 7.14 “ Relation o f Nonfarm Proprietors’ Income in the National Income and Product Accounts to Corresponding Measures as Published by the Internal Revenue Service.” March 2004 o f value added by in dustry.10 Benefits of the integration methodology The integration m eth odology incorporates the relative strengths from both the 1 -0 accounts and the GDPby-industry accounts. It yields a set o f annual 1 -0 ac coun ts an d G D P-by-industry accounts that are pre pared within a balan ced fram ew ork and that in corporate the m o st tim ely an d best source data, in cluding the G D I-based m easures o f value added from the G D P-by-industry accounts. It ensures the co n sis tency o f the estim ates o f gross ou tpu t, o f interm ediate inputs, and o f value added by in du stry in both the an nual 1 -0 accounts an d the G D P-by-industry accounts. The benefits o f integration, however, go beyond consistency an d the use o f the best available source data. Because the annual 1 -0 accounts will be esti m ated concurrently with the G D P-by-industry ac counts, they will be released on an accelerated schedule. The 2002 annual 1 -0 table, scheduled for re lease in June 2004, will be released 18 m on th s rather than 36 m onth s after the end o f the reference year. In addition, begin n in g in the fall o f 2004, the an nual 1 -0 accounts will ad op t the revision schedule o f the NIPAs; the revised tables for 2001 and 2002 an d new tables for 2003 will be released. The revised 1 -0 estim ates that are consistent with the annually revised N IPA esti m ates provide users w ith yet another level o f co n sis tency. Finally, the in tegration m eth odology will im pose a tim e series consistency on the annual 1 -0 tables, m akin g the tables m ore useful for analyses o f trends over tim e. A further benefit o f the integration m eth odology is a “ feedback lo o p ” to the NIPAs that is dem on strated by exam ining the relationships am o n g the n ational ac counts (chart 2). Before the integration o f the annual 1 -0 accounts an d the G D P-by-industry accounts, the ben ch m ark 1 -0 accounts provided the follow ing: A startin g poin t for u pdatin g the an nu al 1 -0 accounts (arrow 1), the best-level estim ates o f gross ou tp u t to the G D P-by-industry accounts (arrow 2), an d the bestlevel estim ates an d co m m o d ity splits o f G D P to the N IPAs (arrow 3). The NIPAs provided estim ates o f G D I by in du stry to the G D P-by-in dustry accounts (a r row 4) an d in form ation on the an nu al co m po sitio n o f G D P to the annual 1 -0 accounts (arrow 5). The inte gration results in an exchange o f in fo rm ation between the annual 1 -0 accounts an d the G D P-by-in dustry ac coun ts (arrow 6), an d it also provides a feedback loop to the NIPAs (arrow 7). Because the integrated in d u s 10. The Bureau o f the Census has recently undertaken initiatives to improve the coverage o f intermediate inputs by industry in several o f its annual surveys. For example, the Annual Survey o f Manufactures has expanded its coverage to include purchased services by industry and the Service Annual Survey has initiated the collection o f information on expenses by industry. March 2004 S urvey of C urrent try accounts will be prepared w ithin a balanced fram e w ork, they will provide annual estim ates o f the co m m o d ity com p osition o f G D P that could potentially be used to im prove the N IPA m easures o f GDP. Finally, integration o f the annual 1 -0 accounts and the G D P-by-industry accounts is the first step tow ards BEA’s lon g-run goal o f the full integration across all o f the in du stry accounts, including the ben ch m ark 1 -0 accoun ts, and integration o f the in du stry accounts with the NIPAs. The fram ew ork used to integrate the annual 1 -0 accounts and the G D P-by-industry ac coun ts could be extended to accom m odate the integra tion o f the benchm ark 1 -0 accounts and the NIPAs. U nder full integration, the ben ch m ark 1 -0 accounts w ould provide the best m easures o f value added by in d ustry because they w ould in corporate the m ost co m prehensive an d highest quality in form ation on gross ou tp u t an d interm ediate inputs by industry. In a d d i tion, the annual 1 -0 accounts and the G D P-by-indus try accounts w ould in corporate annual data on interm ediate inputs by industry, so that the annual m easures o f value added by in du stry w ould be inde pendent o f the NIPA m easures o f G D I and w ould therefore enhance the feedback loop to the NIPAs. Full integration is expected in the 200 8 -2 0 1 0 tim efram e when the n ecessary data on interm ediate inputs by in d ustry will be available from the 2002 E conom ic C en sus an d from the annual surveys that are currently being collected and tabulated by the Bureau o f the C ensus. As p art o f additional data-sharing initiatives, the sources o f the differences in data from other Fed eral statistical agencies will becom e m ore apparent, and BEA will be able to further enhance the con sis B u s in e s s tency and quality o f its fully integrated accounts. Integratio n M eth o d o lo g y The m ethodology, including the source data and the estim ating procedures that will be used to integrate the annual 1 -0 accounts and the G D P-by-industry ac coun ts is discussed in this section. The m eth odology is described in a sequence o f five steps: (1) Establishing a level o f detail for both in dustries and com m odities; (2) revising the previously p ublish ed 1997 ben ch m ark 1 -0 accounts that will serve as a reference po in t for the in tegrated accounts; (3) developing a tim e series for the annual estim ates o f value added by in du stry for 1998-2002; (4) updatin g an d balancin g the annual 1 -0 accounts for 1998-2002 on the basis o f the revised 1997 bench m ark 1 -0 accounts and on the 1998-2002 estim ates o f value added by in dustry; and (5) preparin g price and quan tity indexes for the GDPby-in dustry accounts for 1998-2002. L e v e l o f in d u s try a n d c o m m o d ity d e ta il The first step in integrating the annual 1 -0 accounts and the G D P-by-industry accounts is to establish the level o f detail that can be used for both sets o f ac counts. Table A show s this detail an d the co rresp on d ing 1997 N A IC S in dustry co d es.11 For the annual 1 -0 accounts, the level o f detail applies to both industries 11. Table A omits the statistical discrepancy that has traditionally appeared as an industry in the GDP-by-industry accounts. This om ission in the integrated accounts reflects the use o f a balanced framework in which the statistical discrepancy is implicitly spread among industries. In addi tion, table A does not include an industry for the IVA, which has tradition ally been shown in the 1-0 accounts. The IVA is included as a secondary product in industry gross output and as a separate comm odity in final uses. Chart 2. Relationships Among National Economic Accounts GDP Gross domestic product 1-0 Input-output NIPAs National Income and product accounts U.S. Bureau of Economic Analysis 43 Annual Industry Accounts 44 Table A. Industries and Commodities in the Integrated Accounts 1997 NAICS industries All industries Private industries Agriculture, forestry, fishing, and hunting....................................... Farms................................................................................................. Forestry, fishing, and related activities.............................................. Mining................................................................................................... Oil and gas extraction........................................................................ Mining, except oil and gas................................................................ Support activities for mining............................................................. Utilities.................................................................................................. Construction........................................................................................ Manufacturing...................................................................................... Durable goods................................................................................... Wood products............................................................................... Nonmetallic mineral products....................................................... Primary m etals............................................................................. Fabricated metat products............................................................ Machinery...................................................................................... Computer and electronic products................................................ Electrical equipment, appliances, and components..................... Motor vehicles, bodies and trailers, and parts.............................. Other transportation equipment Furniture and related products. Miscellaneous manufacturing... Nondurable goods........................ Food and beverage and tobacco products................................... Textile mills and textile product mills............................................. Apparel and leather and allied products....................................... Paper products.............................................................................. Printing and related support activities.......................................... Petroleum and coal products........................................................ Chemical products........................................................................ Plastics and rubber products........................................................ Wholesale trade................................................................................... Retail trade........................................................................................... Transportation and warehousing...................................................... Air transportation... Rail transportation. Water transportation Truck transportation Transit and ground passenger transportation................................... Pipeline transportation................. Other transportation and support activities....................................... Warehousing and storage............ Information........................................................................................... Publishing industries (includes software).......................................... Motion picture and sound recording industries................................. Broadcasting and telecommunications............................................. Information and data processing services........................................ Finance and Insurance........................................................................ Federal Reserve banks, credit intermediation, and related activities Securities, commodity contracts, and investments........................... Insurance carriers and related activities........................................... Funds, trusts, and other financial vehicles........................................ Real estate and rental and leasing.................................................... Real estate........................................................................................ Rental and leasing services and lessors of intangible assets......... Professional, scientific, and technical services. Legal services....................................................... Computer systems design and related services.. Miscellaneous professional, scientific, and technical services........ Management of companies and enterprises.................................... Administrative and waste management services........................... Administrative and support services................................................. Waste management and remediation services................................. Educational services........................................................................... Health care and social assistance.................................................... Ambulatory health care services...................................................... Hospitals and nursing and residential care facilities......................... Social assistance............................................................................... Arts, entertainment, and recreation.................................................. Performing arts, spectator sports, museums, and related activities Amusements, gambling, and recreation industries........................... Accommodation and food services.................................................. Accommodation................................................................................. Food services and drinking places................................................... Other services, except government.................................................. Government.............................................................................................. General government.......................................................................... Government enterprises.................................................................... State and local..................................................................................... General government.......................................................................... Government enterprises................................................................... n.a. Not applicable. 1997 NAICS codes 11 111,112 113,114,115 21 211 212 213 22 23 31,32,33 33,321,327 321 327 331 332 333 334 335 3361,3362,3363 3364, 3365, 3366,3369 337 339 31,32 (except 321 and 327) 311,312 313,314 315,316 322 323 324 325 326 42 44,45 48,49 481 482 483 484 485 486 487,488,492 493 51 511 512 513 514 52 521,522 523 524 525 53 531 532, 533 54 5411 5415 5412-5414,5416-5419 55 56 561 562 61 62 621 622,623 624 71 711,712 713 72 721 722 81 92 n.a. n.a. n.a. n.a. n.a. n.a. March 2004 and com m odities. The integrated in du stry accounts will be publish ed at the level show n in table A; bu t the estim ation procedures for m o st o f the other steps are applied at a finer level o f in du stry an d co m m o dity d e tail in order to ensure the best aggregate estim ates. Revised 1997 benchmark l-O accounts The secon d step in the integration process is to revise the previously publish ed 1997 ben ch m ark 1 -0 ac counts, because the integrated annual 1 -0 accounts an d G D P-by-industry accoun ts will be based on the relationships an d levels set by the revised accounts. The revisions are from two sources. First, the 1997 ben ch m ark 1 -0 accounts are m o d i fied to in corporate the definitional, m eth odological, and statistical changes from the 2003 com prehensive N IPA revision. Incorporatin g these changes ensures that the integrated accounts for 1998-2002 are con sis tent with the levels o f G D P in the NIPAs. The m ajor N IPA changes and their effects on the 1997 ben ch m ark 1 -0 accounts are su m m arized in table B. Second, after the N IPA revisions are incorporated, the level and the co m po sitio n o f value added for each in du stry are further m odified on the basis o f in fo rm a tion from both the 1 -0 accounts and the GD P-by-ind ustry accoun ts.12 As d iscu ssed above, value added by in du stry in the 1 -0 accounts is com pu ted as the differ ence between gross ou tpu t an d interm ediate inputs by industry, and value ad d ed by in d u stry in the GDP-by12. The GDP-by-industry value added that is based on the NIPA GDI esti mates will also incorporate the results from the 2003 comprehensive NIPA revision. Table B. NIPA Changes Incorporated into the 1997 Benchmark Input-Output (1-0) Accounts NIPA changes' I-O components affected Recognize the implicit services provided by property and casualty insurance companies and provide a more appropriate treatment of insured losses. Industry and commodity gross output for insurance carriers and related activities; intermediate inputs and gross operating surplus for all industries; final uses. Allocate a portion of the implicit services of commercial banks to borrowers. Industry and commodity gross output for Federal Reserve banks, credit intermediation and related activities; intermediate inputs and gross operating surplus for all industries; final uses. Redefine change in private farm inventories to include farm materials and supplies. Intermediate inputs and gross operating surplus for the farms industry; change in private inventories. Reclassify Indian tribal government activities from the private sector to the state and local government sector. Gross output, intermediate inputs, and value added for the amusements, gambling, and recreation; accommodation; and state and local government enterprises industries; state and local general government. Reclassify military grants-in-kind as exports. Federal general government; exports. Recognize explicitly the services produced by general government and treat government purchases of goods and services as intermediate inputs. Gross output and intermediate inputs for the state and local general government and Federal general government industries. Reclassify business nontax liability as current transfer Taxes on production and imports, less subsidies and payments to government and as rent and royalties gross operating surplus for all industries; gross to government. output for the rental and leasing services and lessors of intangible assets industry; purchases of the rental and leasing services and lessors of intangible assets commodity by selected industries. 1. For details, see Brent R. Moulton and Eugene R Seskin, “Preview of the 2003 Comprehensive Revision of the National Income and Product Accounts: Changes in Definitions and Classifications,” S urvey o f C urrent B usiness 83 (June 2003): 20. NIRA National income and product account March 2004 S urvey of C u rrent in d u stry accounts is com pu ted from the in du stry d is tribu tio n s o f G D I from the NIPAs. In general, these tw o m easures o f value ad d ed for an in du stry will differ. Because a m ajor benefit o f integrating the two sets o f accoun ts is to in corporate the best available in fo rm a tion from each, a “com bin ed” value ad d ed by in du stry is com p u ted an d in corporated into the 1997 bench m ark 1 -0 accoun ts.13 The com bin ed value ad d ed by in d u stry is an average w ith w eights determ ined by criteria that indicate the relative quality o f the ben ch m ark 1 -0 m easure o f value ad d ed and the G D P-by-industry m easure o f value added. In general, these criteria are b ased on the q u al ity o f the source data u sed for each set o f accounts. The criteria for the ben ch m ark 1 -0 accounts include the follow ing: •T h e percent o f interm ediate in pu ts by in du stry that are covered by source data from the quinquennial econ om ic census, and • T h e percent o f an in du stry’s total gross ou tpu t that is accounted for by the quin quen n ial econ om ic cen sus. The criteria for the G D P-by-industry accounts include the follow ing: • T h e quality and the percent o f ad ju stm en ts that are m ade to convert the enterprise-based, profit-type incom e data to an establishm ent basis, and • The percent o f an in d u stry’s value ad ded that is accounted for by p rop rieto rs’ incom e. For b o th the ben ch m ark 1 -0 accounts an d the GDPby-in dustry accounts, these criteria, along w ith expert analyst ju d gm en t, are applied at the in du stry level show n in table A in order to identify p oin t estim ates an d estim ates o f variance for each in d u stry’s m easure o f value a d d ed .14 For each industry, these poin t esti m ates an d estim ates o f variance are used to develop prob ab ility distributions o f value ad d ed by in du stry for each set o f accounts. Each probability distribution represents a m easure o f the likelihood that the “true” value added takes on a particular value, given the avail able source data. The distribution s are then com bin ed to prod u ce a com bined m easure o f value added by in dustry. Essentially, the com bin ed m easure is an average o f the tw o p oin t estim ates; the w eights are determ ined by the relative variances— a p oin t estim ate w ith a 13. The estimates o f “compensation o f employees” and “taxes on produc tion and imports, less subsidies” in the revised 1997 benchmark 1-0 accounts are consistent with those published in the NIPAs. For census-cov ered industries, the compensation in the previously published 1997 bench m ark 1 -0 accounts was based on the 1997 Economic Census. See Lawson, et al., 31. 14. The estimates are prepared at this level o f detail because the industry distributions o f GDI are available at this level. These estimates are allocated to m ore detailed industries when the revised benchmark 1-0 table is bal anced. Source data for 1997 were not available on a 1997 NAICS basis for all o f the components o f GDI. For selected components, BEA converted data from the 1987 Standard Industrial Classification basis to the 1997 NAICS basis. 45 B u s in e s s sm aller variance receives a larger weight. C h art 3 provides an exam ple o f the process used for the education al services industry. The poin t estim ate o f value ad d ed is $63.4 billion fro m the revised 1997 ben ch m ark 1 -0 accounts an d $61.3 billion from the G D P-by-industry accounts. The related probability distribution for each p oin t estim ate is show n in chart 3. N ote that the G D P-by-industry d istribution is m ore peaked— that is, it has a sm aller variance— than the d istribution from the 1 -0 accounts. The sm aller v ari ance indicates a relatively better G D P-by-industry esti m ate, which is the result o f the sm all am o u n t o f enterprise-establishm ent adju stm en ts m ade to the G D I d ata for this industry. In contrast, the larger v ari ance o f the probability distribution o f the p oin t esti m ate for the bench m ark 1 -0 accounts is the result o f the lim ited coverage o f this in du stry’s gross ou tpu t and interm ediate in pu ts in the quin quen n ial econ om ic census. A s expected, the com bined estim ate o f $62.1 billion is closer to the G D P-by-industry estim ate than to the 1 -0 estim ate. Because m ore in form ation is used to m ake this com bin ed estim ate, its overall quality is higher than that for either o f the in dividual estim ates, as show n by their distributions in chart 3. A fter the two sets o f revisions have been m ade to the 1997 ben ch m ark 1 -0 accounts, it is then balanced. For this balancing, each in du stry’s new m easure o f value ad d ed is fixed, an d total interm ediate in pu ts is esti m ated. Balancing ensures that the use o f com m odities equals the supply o f com m odities, the su m o f value added and interm ediate inputs by in d u stry equals gross ou tp u t by industry, and the su m o f final uses equals publish ed G D P for 1997. The revised 1997 Chart 3. Probability Distributions of Value Added for Educational Services Value added (Millions of dollars) U.S. Bureau of Economic Analysis March 2004 Annual Industry Accounts 46 ben ch m ark 1 -0 accoun ts then provide a startin g p oin t for p rep arin g the annual 1 -0 accounts for 1998-2002. A time series of value added for 1998-2002 A tim e series o f value added by in d u stry is prepared by extrapolatin g the revised 1997 ben ch m ark 1 -0 estim ates o f value added by in d u stry forw ard to 1998-2002 usin g the G D I-based m easure o f value added by industry. The com pon en ts o f G D I that co m pose value ad d ed by in du stry an d in form ation on the m ajor source data an d on the in du strial distribution for each com pon en t are show n in table C. As discu ssed above, the quality o f the G D I-based value-added m easures depen ds on a n um ber o f factors, including the adju stm en ts to convert enterprise-based, profit-type G D I data to an establish m ent basis. N ever theless, these m easures provide preferred indicators o f value-added grow th w hen com pared w ith the annual 1 -0 residual m eth odology prim arily because the an nual 1 -0 source data on interm ediate in puts by indus- Table C. Principal Source Data for Value-Added Extrapolators Industrial distribution Major source data Component of gross domestic income Compensation of employees, paid Wage and salary accruals1........... Supplements to wages and salaries Employer contributions for employee pension and insurance funds........................................ Employer contributions for government social insurance........................................................ Taxes on production and imports, less subsidies Taxes on production and imports............................ Subsidies................................................................. Gross operating surplus Private enterprises Net interest and miscellaneous payments, domestic industries Corporate........................................................ Noncorporate................................................... Business current transfer payments (net)........... Proprietors' income with IVA and without CCAdj Farm................................................................. Nonfarm Proprietors' income without IVA and CCAdj IVA............................................................... Rental income of persons without CCAdj........... Distribution available in source data BLS tabulations of wages and salaries of employees covered by state Ul programs and OPM data on wages and salaries of Federal Government employees. Establishment. DOL tabulations of IRS data (Form 5500) on pension plans, HHS data from the Medical Expenditure Panel Survey on health insurance, and trade association data for other types. None. BLS employer cost index and Ul tabulations. Federal budget data. None. Social Security Administration and BLS tabulations. Federal budget data and Census Bureau data on state and local governments. Federal budget data and Census Bureau data on state and local governments. None. Property taxes are based on BEA capital stock distribution. Payments are assigned to the industries being supported. Noncorporate..,................................................. Consumption of fixed capital Households and institutions3.............................. Government......................................................... USDA farm income statistics. Establishment. IRS tabulations of tax return data from sole proprietorships (Form 1040 Schedule C) and partnerships (Form 1065). BLS prices and IRS inventory data. Census Bureau data on housing units and rents from the American Housing Survey, HMDA data on residential mortgages, and IRS tabulations of data from individual tax returns (Form 1040). Company. Census Bureau company-establishment employment matrix. Assumed to be equivalent to an establishment distribution. Industry-specific payments are assigned to those industries; others are based on IRS company industry distribution. Assumed to be equivalent to an establishment distribution. Establishment. Establishment. Company. Census Bureau company-establishment employment matrix. Establishment. Company. IRS tabulations of tax return data from sole proprietorships (Form 1040 Schedule C) and partnerships (Form 1065). Federal budget data and Census Bureau data on state and local governments. Company. BEA capital stock estimates. BEA capital stock estimates. Establishment. Type of agency. 1. Includes wage and salary disbursements to the rest of the world and excludes wages and salaries received from the rest of the world. 2. A company-based industrial distribution for pension plans is available in the source data. 3. Consists of owner-occupied housing and nonprofit institutions primarily serving households. BEA Bureau of Economic Analysis BLS Bureau of Labor Statistics CCAdj Capital consumption adjustment DOL Department of Labor FFIEC Federal Financial Institutions Examination Council None. IRS tabulations of data from corporate tax returns (Form 1120 series), Company. FFIEC Call Report data on commercial banks, trade association data on life insurance companies. Company. IRS tabulations of tax return data from sole proprietorships (Form 1040 Schedule C) and partnerships (Form 1065), FRB flow-of-funds-account data on residential mortgages. IRS tabulations of data from corporate tax returns (Form 1120 series), Company. trade association data for property-casualty insurance net settlements and for other types. Corporate profits before tax with IVA and without CCAdj, domestic industries Corporate profits before tax without IVA and CCAdj.......................................................... IRS tabulations of data from corporate tax returns (Form 1120 series) and regulatory agencies and public financial reports data. IVA.................................................................... BLS prices and IRS inventory data. Capital consumption allowances Corporate........................................................ IRS tabulations of data from corporate tax returns (Form 1120 series). Current surplus of government enterprises............ Data or assumption used if distribution by establishment is not available in source data Establishment. FRB Federal Reserve Board of Governors HCFA Health Care Financing Administration HHS Department of Health and Human Services HMDA Home Mortgage Disclosure Act IRS Internal Revenue Service IVA Inventory valuation adjustment OPM Office of Personnel Management Ul Unemployment insurance USDA U.S. Department of Agriculture Census Bureau company-establishment employment matrix. Assumed to be equivalent to an establishment distribution. March 2004 S urvey of C u r r e n t B u s in e s s try are currently too sparse to yield high quality m easures o f value added by industry. Updated and balanced annual 1-0 accounts for 1998-2002 U p d atin g and balancing the annual 1 -0 accounts re quires com pletin g five tasks for each annual 1 -0 table for 1998-2002. Each task provides essential in puts for the next task. These tasks include (1) calculating in d u stry and co m m o dity gross ou tpu t; (2) estim ating the co m m o d ity co m p o sitio n o f interm ediate in pu ts for each in dustry; (3) estim ating the d om estic supply o f each com m odity ; (4) in corporatin g the com m odity co m p o sitio n s o f the G D P expenditure com pon en ts for person al con su m p tion expenditures (P C E ), gross p ri vate fixed investm ent, and governm ent con sum ption an d investm ent expenditures; an d (5) balan cing the use table. Industry and commodity gross output. For m ost in dustries and com m odities, annual source data are available to estim ate current-year in d u stry an d co m m o d ity gross output. For m an u factu rin g, trade, and m o st service industries, the annual source data are b ased on surveys from the B ureau o f the Census. For agriculture, insurance, an d governm ent enterprises an d for m ajo r parts o f tran sportation , utilities, finance, an d real estate, the annual source d ata are based on other governm ent sources or private sources. For the in dustries an d com m od ities for which annual source d ata at the 1997 ben ch m ark 1 -0 level o f detail are not available, aggregated source data are used to extrap o late the in d u stry an d co m m o d ity g ross-o u tp u t esti m ates. Table D show s the data sources used to update in du stry an d co m m o d ity gross output. Commodity composition of intermediate inputs. The estim ates o f the com p osition o f interm ediate in p u ts by in du stry are based on the revised 1997 ben ch m ark 1 -0 relationships an d are adju sted for changes in relative prices and other factors. First, each in du stry’s current-year ou tp u t is valued in the prices for the previous year an d is estim ated u s in g an in du stry price index that is calculated by w eighting together— in a Fisher in dex-n um ber fo r m ula— the co m m o dity price indexes that co m po se the in du stry’s output. Generally, the n um ber o f price in dexes available for com m odities is fewer than the n u m ber o f com m odities; for co m m o dities for w hich a price index is unavailable, an aggregate price index is applied to m ultiple com m odities. The data sources u sed to prepare the co m m o d ity price indexes are show n in table D. 47 Second, each in du stry’s ou tpu t for the current year that is valued in the prices for the previous year is m u l tiplied by the previous year’s direct requirem ents coef ficient for the in du stry to yield current-year interm ediate inputs valued in the prices o f the previ o u s year.15 T his procedure assu m es that in the current year, the co m po sitio n o f an in du stry’s interm ediate in pu ts per dollar o f ou tp u t (valued in the prices o f the previous year) is unchanged from the previous year. The results are then reflated to current-year prices u s ing the co m m o d ity price indexes. Finally, co m m o d ity taxes, tran spo rtation costs, and trade m argin s for each interm ediate in pu t are esti m ated. C o m m o d ity taxes are added to raise the inter m ediate in pu ts from a basic price valuation to a produ cers’ price valuation. T ran sportation costs and trade m argin s are estim ated to provide a purch asers’ price valuation o f interm ediate in p u ts.16 Domestic supply. D om estic supply is the total value o f g oo d s an d services available for con su m ption as in term ediate in puts by in dustries or as PC E, private fixed investm ent, an d governm ent con su m p tion an d invest m ent expenditures; it is calculated as dom estic co m m odity gross ou tpu t, plus im p orts, less exports, less the change in private inventories. The estim ates o f im p o rts and exports are based on foreign trade statistics from the B u reau o f the C ensus an d on BEA’s interna tional tran saction s accounts. For the current year, the change in private inventories by in du stry are from the NIPAs, and the com m odity co m po sitio n o f inventories held by in dustries are b ased on the revised 1997 bench m ark 1 -0 relationships. Commodity composition of final uses excluding trade and change in private inventories. T he annual estim ates o f the m ajor expenditure com pon en ts o f fi nal uses for PC E, private fixed investm ent, an d govern m ent con su m ption and investm ent are ob tain ed from the NIPAs. Initial co m m o d ity co m p o sitio n s for these expenditure com pon en ts are estim ated usin g com m odity-flow relationships from the revised 1997 ben ch m ark 1 -0 accounts. Balancing the use table. The use table is balanced w ith a b ip rop ortion al adju stm en t procedure— that is, with a procedure that sequentially adju sts row s and colum n s to equal a set o f predeterm in ed control totals. In a series o f iterations, the adju stm ents are m ade (1) 15. The direct requirements coefficient is the am ount o f a commodity required by the industry to produce a dollar o f the industry’s output. 16. The basic price is the price received by the producer for goods that are sold; it excludes the taxes collected by the producer from purchasers as well as transportation costs and trade margins. March 2004 Annual Industry Accounts 48 until the use o f com m od ities by industries, PC E, private fixed investm ent, and governm ent con su m ption an d investm ent equals the d om estic supply o f com m odities, (2) until the su m o f value added by indu stry an d interm ediate in puts by in du stry equals gross outpu t by industry, and (3) until the su m o f the com m odity co m po sitio n o f PC E, private fixed investm ent, and governm ent con su m ption an d investm ent equals the Table D. Principal Sources of Data for Industry and Commodity Output and Prices Industry and commodity Source data for price index Source data for extrapolator Agriculture, forestry, fishing and hunting Farms....................................................................................................... USDA cash receipts from marketing and inventory change....................... USDA prices received by farmers; PPI. Forestry, fishing, and related activities.................................................... For forestry, Census Bureau shipments; for fishing, NOAA value of fish landings; for related activities, NIPA estimates........................................ PPI; NOAA; NIPA deflator. Oil and gas extraction.............................................................................. DOE quantity produced and prices.............................................................. For crude petroleum and natural gas, IPD from DOE; for natural gas liquids, PPI. Mining, except oil and gas........................................................................ DOE quantity produced and average price for uranium and coal; USGS quantity and price data for all others........................................................ IPD from DOE and USGS. Support activities for mining.................................................................... DOE, USGS, and trade sources for quantity produced and prices............. IPD from DOE, USGS and trade sources; for exploration, PPI. Electric utilities......................................................................................... EIA............................................................................................................... PPI. Natural gas............................................................................................... EIA quantity and price data......................................................................... PPI. Water, sewage, and other systems......................................................... PCE.............................................................................................................. CPI. For the Department of Defense (DOD)................................................... DOD expenditures data................................................................................ DOD prices for military construction; cost indexes from trade sources and government agencies for other construction. For state and local highways................................................................... Census Bureau data from the ASGF.......................................................... Cost indexes from government agencies. For private electric and gas utilities......................................................... Federal regulatory agencies and trade sources expenditures data........... Cost indexes from trade sources and government agencies. For farms, excluding residential.............................................................. USDA expenditures data.............................................................................. Trade sources cost index; Census Bureau price deflator for new single family houses under construction. For other nonresidential........................................................................... Census Bureau data on value of construction put in place........................ Trade sources and government agency cost indexes; Census Bureau price index for new single-family houses under construction; BEA quality-adjusted price indexes for factories, office buildings, warehouses, and schools. For other residential................................................................................. Census Bureau data on value of construction put in place........................ Census Bureau price index for new single-family houses under construction; BEA price index for multifamily construction. Manufacturing............................................................................................ Census Bureau data on shipments and inventory change........................ PPI; quality adjusted price indexes for computers, photocopying equipment, digital telephone switching equipment, and LAN equipment; BEA price indexes based on DOD prices paid for military equipment. Wholesale trade......................................................................................... Census Bureau ATS data............................................................................ Sales price by kind-of-business computed from PPI. Retail trade................................................................................................. Census Bureau ARTS data......................................................................... Sales price by kind-of-business computed from CPI. Air transportation...................................................................................... BTS Air Carrier Financial Statistics.............................................................. IPD for total passenger-related revenues and passenger miles from DOT; IPD for total freight-, mail-, and express-related revenues and ton miles from DOT; wages and salaries per employee from BLS. Mining Utilities Construction Transportation and warehousing Rail transportation.................................................................................... Amtrak and trade sources........................................................................... PPI. Water transportation................................................................................ Army Corps of Engineers; trade sources.................................................... PPI for freight; for passengers, CPI. Truck transportation................................................................................. Census Bureau SAS.................................................................................... PPI. Transit and ground passenger transportation.......................................... PCE; BTS..................................................................................................... For taxicabs, intercity buses, and other local transit, PCE price index; for school buses, BLS data on wages and salaries per employee. Pipeline transportation............................................................................. Trade sources............................................................................................... PPI. Other transportation and support activities............................................. PCE.............................................................................................................. For sightseeing, PCE price index; for other transportation and support activities, PCE price indexes and PPI. Warehousing and storage........................................................................ Census Bureau SAS.................................................................................... PPI. Publishing industries (includes software)................................................ Census Bureau SAS.................................................................................... BEA price indexes for prepackaged and custom software for software publishers; for all other publishing industries, PPI. Motion picture and sound recording industries....................................... Census Bureau SAS.................................................................................... PCE price indexes. Broadcasting and telecommunications................................................... Census Bureau SAS.................................................................................... For cable networks, programming, and telecommunications, PPI; for radio and television broadcasting, network receipts, and all other telecommunications, composite price index of PPIs. Information and data processing services............................................ Census Bureau SAS.................................................................................. For information services, PCE price indexes; for data processing services, PPI. Information March 2004 S urvey of levels for expenditure com pon en ts in the NIPAs. A fter the results have been reviewed an d verified, the an nu al 1 -0 accounts for 1998-2002 are finalized, 49 C u r r e n t B u s in e s s The m easures o f gross ou tpu t, interm ediate inputs, and value added by in du stry are then in corporated into the G D P-by-industry accounts. Table D. Principal Sources of Data for Industry and Commodity Output and Prices—Continued Industry and commodity Source data for extrapolator Source data for price index Finance and insurance Federal Reserve banks, credit intermediation, and related activities FDIC; FRB; NIPA imputed service charges; NCUA; and other private PCE price indexes; other government data. Securities, commodity contracts, and investments................................. SEC FOCUS Report.................................................................................... PCE price indexes. Insurance carriers and related activities.................................................. Trade sources for insurance carriers; BEA estimates for property and casualty insurance; for all other insurance, PCE; for insurance agents, brokers, and services, IRS tabulations of business tax returns.............. For health and life insurance, PCE price indexes; for property and casualty insurance, PPI; for agents, brokers, and sen/ices, composite price index based on trade sources data and PCE price indexes. Funds, trusts, and other financial vehicles.............................................. NIPA imputed service charges for other financial institutions; EBSA data on pension funds...................................................................................... IPD from NIPA imputed service charges; composite price index based on PCE price indexes; PPI data; BLS data on wages and salaries per full time employee. Real estate............................................................................................... For residential dwellings and real estate agents and managers, NIPA housing data; for nonresidential dwellings, IRS tabulations of business tax returns; NIPA rental value of buildings owned by nonprofits............. For nonfarm residential dwellings, NIPA price index; for nonresidential dwellings, PPI; for real estate managers and agents, PPI and trade sources; IPD for nonprofit and farm residential dwellings. Rental and leasing services and lessors of intangible assets................ For rental and leasing services, Census Bureau SAS; for royalties, IRS tabulations of business tax returns.......................................................... For automotive equipment rental, PPI; for other rental services, PCE price indexes; for royalties, PCE price index and IPD from DOE and PPI. Legal services.......................................................................................... Census Bureau SAS.................................................................................... PPI. Computer systems design and related services..................................... Census Bureau SAS.................................................................................... BEA price indexes for prepackaged and custom software. Miscellaneous professional, scientific, and technical services............... Census Bureau SAS.................................................................................... PPI; BLS wages and salaries per full-time employee. Management of companies and enterprises.......................................... BLS wages and salaries............................................................................. BLS wages and salaries per full-time employee. Real estate and rental and leasing Professional, scientific, and technical services Administrative and waste management services Administrative and support services....................................................... Census Bureau SAS................................................................................... BLS wages and salaries per full- time employee; PCE price indexes; PPI. Waste management and remediation services....................................... Census Bureau SAS................................................................................... CPI. Educational services................................................................................ PCE.............................................................................................................. PCE price index based on trade sources. Ambulatory health care services............................................................. Census Bureau SAS................................................................................... PPI; PCE price indexes. Hospitals and nursing and residential care facilities................................ Census Bureau SAS.................................................................................... PCE price indexes. Social assistance.................................................................................... Census Bureau SAS................................................................................... PCE price indexes. Performing arts, spectator sports, museums, and related activities Census Bureau SAS................................................................................... PCE price indexes. Amusements, gambling, and recreation industries................................. Census Bureau SAS.................................................................................... PCE price indexes. Accommodation....................................................................................... Census Bureau ARTS................................................................................. For hotels and motels, PPI; PCE price index. Food services and drinking places.......................................................... Census Bureau ARTS.................................................................................. CPI. For religious, labor, and political organizations, PCE; for other services, Census Bureau SAS; for private households, BEA compensation of CPI; BLS data on wages and salaries per full-time employee; PCE price indexes. General government........................................................................... NIPA estimates............................................................................................. NIPA price indexes. Government enterprises..................................................................... USPS receipts; for electric utilities, DOE; other government data............. For USPS and electric utilities, PPI; for all others, PCE price index and NIPA price indexes. General government........................................................................... NIPA estimates............................................................................................. NIPA price indexes. Government enterprises...................................................................... For electric utilities, DOE data; for other enterprises, BEA data on revenue Health care and social assistance Arts, entertainment, and recreation Accommodation and food services Other services, except government........................................................ Government Federal State and local PPI. ARTS ASGF ATS BEA BLS BTS CPI DOC DOD DOE DOT EBSA EIA FDIC Annual Retail Trade Survey, Census Bureau Annual Survey of Government Finances, Census Bureau Annual Trade Survey, Census Bureau Bureau of Economic Analysis Bureau of Labor Statistics Bureau of Transportation Statistics Consumer Price Index, BLS Department of Commerce Department of Defense Department of Energy Department of Transportation Employee Benefits Security Administration Energy Information Administration Federal Deposit Insurance Corporation FOCUS FRB IPD IRS NCUA NIPA NOAA PCE PPI SAS SEC USDA USGS USPS Financial and Operational Combined Uniform Single Report, SEC Federal Reserve Board of Governors Implicit price deflator Internal Revenue Service National Credit Union Association National income and product accounts, BEA National Oceanic and Atmospheric Administration Personal consumption expenditures, BEA Producer Price Index, BLS Service Annual Survey Securities and Exchange Commission U.S. Department of Agriculture U.S. Geological Survey, Office of Minerals U.S. Postal Service 50 Annual Industry Accounts Price and quantity indexes for the GDP-byindustry accounts Preparing price an d quan tity indexes for the GDP-byin du stry accounts for 1998-2002 requires com pleting two tasks. First, price an d quantity indexes for gross ou tp u t an d interm ediate in pu ts by in d u stry are p re pared. Second, in form ation on gross o u tp u t an d inter m ediate in pu ts by in du stry are com bin ed usin g the double-deflation procedure to derive price and q u an tity indexes for value added by industry. March 2004 refers to the Fisher price relative, and C P t refers to the Fisher chain-type price index. The superscript G O re fers to gross ou tpu t, II refers to interm ediate inputs, and VA refers to value added; p refers to detailed prices, and q refers to quantities. Laspeyres price relatives for gross ou tpu t, interm e diate inputs, and value added, respectively, are GO GO 5>, 1 GO LP. t~ h t GO GO Indexes for gross output and intermediate inputs by industry. Price and quan tity indexes for gross o u t II U - l f r _ \ ^ G O G O and IT TT 1 The co m p u tation o f the chain-type Fisher price and quan tity indexes for gross ou tpu t, interm ediate inputs, an d value ad ded for an in du stry or an aggregate is su m m arized below. Chain-type price indexes. In the n otation, LPt-1 t refers to the Laspeyres price relative for the years t-1 an d t, PPt_j t refers to the Paasche price relative, FPt-1 t JI II LP t - 1, t VA LP t-\,t GO qt - 1 GO 2 > ,_ i n - 2 >»-i a g, ~ i / \ V i J Paasche price relatives for gross ou tpu t, interm edi ate inputs, an d value added are GO GO PP. i, a GO _ GO 2 > ,_ i II PP.t - \ , t JI 2 > ,- i qt GO VA PPt - 1, t ' GO GO «, II ^11 2 > ,- i Technical Note Com puting Chain-Type Price and Q uantity Indexes in the G DP-by-lndustry Accounts ?, - i , p u t by in d u stry are derived by separately deflating each co m m o dity p rodu ced by an in d u stry an d included as p art o f its gross output. This in form ation is obtain ed from an nu al 1 -0 m ake tables. Price an d quan tity in dexes for interm ediate in puts are derived by deflating the co m m o dities that com p ose an in du stry’s interm e diate in pu ts in the annual 1 -0 use tables. The data sources used to prepare the co m m o d ity price indexes for deflation are show n in table D. W hen a co m m o dity price index is based on m ore than one detailed price index, a Fisher in dex-n um ber form u la is used to pre pare the com posite index. The technical note “ C o m putin g Chain-Type Price an d Q uan tity Indexes in the G D P-by-Industry A ccoun ts” show s the Fisher indexn um ber form u las that are used to prepare the price an d quan tity indexes for gross o u tp u t an d in term edi ate in puts by industry. Indexes for value added by industry. Price and quantity indexes for value ad d ed by in d u stry are calcu lated usin g the double-deflation m eth od. In the d o u ble-deflation m eth od, the separate estim ates o f gross ou tp u t an d interm ediate in puts by in d u stry are co m bin ed in a Fisher in dex-n um ber fo rm u la in order to generate price and quantity indexes for value added by industry. This m eth od is preferred for com p u tin g price an d quan tity indexes fo r value added by in du stry b e cause it requires the fewest assu m p tion s abo u t the rela tion ships am o n g gross ou tp u t by in du stry and interm ediate in pu ts by industry. 1 II GO GO II II q, Fisher price relatives for gross ou tpu t, interm ediate inputs, and value added are f p GO t- FP = 1, t II t - I, t L p GO J = x p p GO t- \,t II LP. t-\,t xP P t - 1, t > II t —1, t >and March 2004 S urvey L „ VA LP , VA FP t - I, t I of C urrent Paasche quantity relatives for gross ou tpu t, interm e diate inputs, an d value added are GO GO VA x PPt - ,1, t t - I, t 51 B u s in e s s is , GO PQ t - 1, t Fisher chain-type price indexes for gross output, in term ediate in puts, an d value ad d ed for years after the reference year are GO GO GO CPt = CP t - ,1 x F P , , t GO IA I f „ GO CP = II CPf CP VA = 100. Chain-type quantity indexes. In the notation, LQ t-1 t refers to the Laspeyres quan tity relative for the years t-1 an d t, P Q t_i t refers to the Paasche quantity relative, F Q t-1 t refers to the Fisher quan tity relative, an d C Q t refers to the Fisher chain-type quan tity index. The superscript G O refers to gross output, II refers to interm ediate inputs, and VA refers to value added; p refers to detailed prices, an d q refers to quantities. Laspeyres quantity relatives for gross ou tpu t, inter m ediate inputs, an d value added, respectively, are VA PQ t - I, t GO if t F ^Qta- °,1, t II FQt - 1, t GO LQ t - 1, t q, GO ^ II II 2 > ,_ i VA LQt - \ , t II CQ , GO „ Ift-i q, V n GO 2 > / - i II , t * P Q^ t - 11, t 1, LQ t~l,t VA , ^ t - 1, t xPQ , and / T ~ 2 > ,- i ^ GO LQ ^ t- Fisher chain-type quan tity indexes for gross output, interm ediate inputs, and value added for years after the reference year are GO GO GO CQ = CQ ^t ^ t - 1 x FQ ^ t - ,1, t ,’ GO 7* - l LQ tII- 1, t r^G O ™ GO Q t - \ , t * P Q^ t - 1, t IrrJA F Q .t - l , t GO GO qt - 1 Fisher quantity relatives for gross ou tpu t, in term e diate inputs, an d value added are VA _ GO 2 > < -i , and IpI,‘ CP. a ° VA = C p ™ * f p va, t t- 1 t- \,t’ In the reference year (2000 for this com prehensive revision), GO t- 1 GO ' r u ", a a I f , - i V II CQ,VA =CQ,VA_X xFQlVA_ u r a I / , - i II = c e , _ ! x F Q , _ h t >and i In the reference year (2000 for this com prehensive revision), GO __// __VA = 100CQ , -CQ, CQ, March 2004 52 A Note on Patterns of Production and Employment by U.S. Multinational Companies The “outsourcing” of production to foreign locations and its effect on domestic employment and wages has been a much discussed topic. While BEA does not collect direct measures of the gains and losses that are associated with international trade and investment, it does collect a vari ety of data on the operations of U.S. multinational com panies that are relevant to the investigation of these issues. For example, using these data, it is possible to track the changes in the share of these companies’ opera tions carried out in the United States as compared with the share of their operations carried out by branches and subsidiaries located overseas. This note examines recent patterns and trends in the worldwide operations of U.S. multinationals with a focus on production and employ ment. It concludes with a discussion of several data and analytical considerations. p eriod, U.S. parents have consistently accounted for about three-fourths o f the total gross p rodu ct, capi tal expenditures, and em ploym en t o f M N C s, and their m ajority-ow ned foreign affiliates (henceforth, “foreign affiliates” ) accounted for ab o u t a fourth (table 1 an d chart 1). In 2001, U.S. parents accounted for 77 percent o f the total p rodu ction o f M N C s, 79 percent o f total capital expenditures, and 74 percent o f total em ploym ent. • The foreign operatio n s o f U.S. M N C s are centered in high-w age countries, w hich suggests that access to m arkets has been a key con sideration in their decisions to locate operatio n s abroad. In 2001, high-w age countries accoun ted for 62 percent o f total em ploym ent b y foreign affiliates (chart 2 ).2 • The role o f m arket access in the location choices o f M N C s is also suggested by the pattern s in the desti nation o f sales by foreign affiliates. In 2001, 65 M U LTIN A TIO N A L com pan ies (M N C s) acpercent o f sales by foreign affiliates were to local • coun t for a large share o f the U .S. economy. cu stom ers— that is, cu stom ers w ho resided in the In 2001, the value added in prod u ction (gross produ ct) sam e country as the foreign affiliate. An addition al origin atin g in n on b an k U .S. parent com pan ies totaled m ore than $2.5 trillion, w hich am oun ted to nearly a 2. In this note, high-wage foreign countries are defined as all the non-U.S. quarter o f current-dollar gross dom estic p ro d u ct o rigi members o f the Organisation for Economic Co-operation and Develop nating in the private sector. These com pan ies h ad 23.4 ment except for the Czech Republic, Hungary, Mexico, Poland, the Slovak m illion em ployees, or m ore than a fifth o f the total Republic, and the Republic o f Korea. U.S. n on b an k w ork force. Table 1. U.S.-Parent Share of Selected Measures of U.S. M N C s play an even greater role in U.S. in tern a U.S.-MNC Operations tional trade in good s. In 2001, the U .S. exports o f [Percent] g oo d s that involved U .S. parents or their foreign affili Production Capital expenditures Employment ates totaled $425.4 billion, or 58 percent o f total U.S. 1977........................... 75.3 79.8 77.9 1978........................... n.a. n.a. n.a. exports o f goods. U .S. im p orts o f g oo d s that were a sso 1979........................... n.a. n.a. n.a. 1980........................... n.a. n.a. n.a. ciated with U .S. M N C s totaled $432.9 billion, or 38 1981........................... n.a. n.a. n.a. percent o f total U.S. im p orts o f g o o d s.1 1982 78.1 80.8 78.8 1983 n.a. 81.3 79.1 The follow ing are som e patterns in U .S.-M N C oper 1984 n.a. 82.8 78.9 1985 n.a. 83.5 79.0 ations: 1986 n.a. 83.0 79.1 1987 81.4 n.a. 79.4 •W o rld w id e op eratio n s o f U.S. M N C s are concen 1988 n.a. 79.2 78.8 1989 76.6 77.5 78.6 trated in the U nited States: Over an extended 1990 n.a. 77.6 77.5 S 1. Further details and analysis o f U.S.-M NC operations are published in a series o f annual articles that present the results from BEA’s benchmark and annual surveys o f U.S. direct investment abroad. For the m ost recent article, see Raymond J. Mataloni, Jr., “ U.S. Multinational Companies: Operations in 2 0 0 1 ,” S u r v e y o f C u r r e n t B u sin e ss 8 3 (November 2 0 0 3 ) : 8 5 - 1 0 5 . For additional information on M N C operations, go to BEA’s Web site at < www.bea.gov>. Raymond J. Mataloni Jr. prepared this note. 1991 1992 1993 1994 1995 1996........................... 1997........................... 1998........................... 1999........................... 2000........................... 2001........................... MNC Multinational company n.a. Not available. n.a. n.a. n.a. 76.5 74.6 74.8 75.1 75.9 77.2 77.9 77.0 76.6 76.8 76.4 76.4 76.6 76.4 77.7 77.1 76.5 78.2 78.9 76.9 76.8 77.1 76.5 75.8 75.6 75.4 74.5 74.8 74.5 74.1 March 2004 S urvey of C u rrent 24 percent o f sales by these affiliates were to custom ers in other foreign countries; other data suggest that a significant fraction o f these sales were to custom ers w ho were “local” in the sense that they were located in the sam e econom ic area as the affiliate.3 O nly 11 percent o f their sales were to custom ers in the U nited States. 3. Information on the destination o f sales to nonlocal foreign countries is not available annually, but for the benchmark year o f 1999, information was collected on sales by foreign affiliates in the European Union (EU) to other EU countries; including these sales in local sales raises the share of local sales for 1999 from 67 percent to 78 percent. Information on sales within other economic areas was not collected, but including them in local sales would also raise the share o f local sales. Chart 1. U.S.-Parent Share of Selected Measures of U.S.-MNC Operations, 1977-2001 Percent 100 PRODUCTION Percentage points i Level (left scale) J Change from preceding year (right scale) 80 60 40 20 1.. 1...1...I l l 0 1 1 1 ...I l l I I... I...I...I ..lLll.1 *11 -2 0 J_L -40 11 I I I -LL I Percentage points Percent 100 53 B u s in e s s >The key m easures o f M N C operation s have con sis tently show n that their operation s are concentrated in the U nited States, bu t am o n g the m easures, the distributions o f the operation s have changed over tim e. For produ ction and capital expenditures, the U .S.-parent shares o f the w orldw ide M N C totals were sim ilar in 2001 and in 1977: U .S. parents accounted for 77 percent o f M N C p rodu ction in 2001 and for 75 percent in 1977, and they accounted for 79 percent o f capital expenditures in 2001 and for 80 percent in 1977. In contrast, for em ploym ent, the U .S.-parent share has decreased, from 78 percent in 1977 to 74 percent in 2001. ►E m ploym ent by foreign affiliates rem ains concen trated in high-w age countries, but in recent years, it has grow n faster in low-wage countries. In 1991-2001, their em ploym ent grew at an average annual rate o f 7 percent in low-wage countries, and it grew at a rate o f 3 percent in high-w age countries. These patterns reflect a variety o f factors, such as cost consideration s and the developm ent o f new m arkets an d liberalization o f policies tow ard fo r eign direct investm ent in a n um ber o f m ajor devel opin g countries. ►The forces o f globalization that have resulted in increased foreign em ploym ent by U.S. M N C s have also resulted in grow th in em ploym ent in the U nited States by foreign M N C s. D u rin g 1977-2001, em ploym ent by m ajority-ow ned U.S. affiliates o f foreign com panies (henceforth, “ U .S. affiliates” ) grew by 4.7 m illion; this grow th su rpassed that in em ploym ent by foreign affiliates o f U.S. com panies Chart 2. High-Wage-Country Share of Employment by Foreign Affiliates, 1977-2001 Percent 100 EMPLOYMENT Percentage points 10 80 8 60 6 40 4 20 2 I I I I I 1:1. J. J ft I 111 I J 0 111 ,1 .1 1.1 J I Percent 10 0 Percentage points 0 -2 -2 0 -40 I I I I I I 1977 I I I I 1983 I I I I I I I I 1989 I I I I I I -4 2001 1995 MNC Multinational company N ote. Data are available only for selected years. For each measure, the U.S. parent share is calculated as the value for U.S. parents as a percentage of the combined total for U.S. parents and majority-owned foreign affiliates. U.S. Bureau of Economic Analysis 1977 1983 1989 1995 2001 N otes. Data are available only for selected years. The high-wage country share is calculated as the number of employees of majority-owned foreign affiliates in high-wage foreign countries (see footnote 2 to the text) as a percentage of the number of employees of majority-owned foreign affiliates in all foreign countries. U.S. Bureau of Economic Analysis March 2004 Patterns of Production and Em ploym ent 54 at 2.8 m illion .4 (However, in 1991-2001, the em ploym en t grow th o f foreign affiliates— at 2.8 m illion— exceeded that o f U.S. affiliates— 1.7 m il lion.) O ne o f the key q uestion s raised in d iscu ssion s about M N C p rod u ction patterns is the degree to which U.S. com pan ies rely on p urch ased g oo d s an d services rather than on value added in p rod u ction by labor and capital em ployed within these firm s. D u rin g 1977-2001, p u r chases from outside suppliers as a percentage o f total sales for U.S. paren t com pan ies in all in dustries except w holesale an d retail trad e increased from 63 percent to 69 percent (chart 3 ).5 Som e o f these outside purch ases were obtained from d om estic suppliers, an d som e were obtain ed from both affiliated and unaffiliated foreign suppliers. The share o f purch ases that were im ported directly from foreign suppliers has essentially been u n changed, at 9 percent in 1977 and in 1999.6 However, it m u st be recognized th at in m any cases, the goo ds and services purch ased dom estically have som e im ported content, which m ay be considered “ indirect im ports.” D ata on the im ported content o f dom estic p u r chases by U.S. parent com pan ies are n ot available, but data for the entire U.S. econ om y indicate a general in crease in the reliance on im ports. The share o f U.S. gross dom estic purch ases accounted for by U .S. im ports o f goo ds and services increased from 9 percent in 1977 to 13 percent in 2003 (ch art 4 ).7 B ased on these figures, it seem s probable that the share o f U.S. paren ts’ purchases that are accounted for by indirect im ports o f goo ds and services also increased over the period even th ough the share accounted for by their direct im ports did not. However, even with the increase, the reliance on im ports by the U nited States rem ains lower than in m ost other large developed coun tries.8 4. Employment accounted for by U.S. affiliates that are majority-owned by foreign direct investors cannot be separately identified for 1977, but in recent years, these affiliates have consistently accounted for about 80 per cent o f employment by all U.S. affiliates. The estimate o f the change in employment by majority-owned affiliates was based on the assumption that these affiliates accounted for the same share— 81 percent— o f total U.Saffiliate employment in 1977 as in 1987. 5. Wholesale and retail trade are excluded here because their purchases, unlike those in m ost other industries, consist mainly o f goods for resale rather than intermediate inputs used in production. The exclusion o f these industries does not, however, materially affect the results: Purchases from outside suppliers as a percentage o f total sales for U.S. parent companies in all industries increased 7 percentage points (from 65 percent to 72 percent), compared with 6 percentage points in the selected industries. 6. The data needed to compute this share are available only for years cov ered by a benchmark survey, and the most recent survey was conducted for 1999. 7. These im ports include purchases for final use as well as for intermedi ate consumption. 8. For example, in 2002 the share o f gross domestic purchases accounted for by imports o f goods and services was 28 percent in the United King dom , 38 percent in Canada, and 26 percent in France. Chart 4. U.S. Imports of Goods and Services as a Share of U.S. Gross Domestic Purchases, 977-2003 Chart 3. Ratio of Purchased Goods and Services to Sales for U.S. Parents, 1977-2001 Percent IUU Percentage p ■ Level (left scale) * Change from preceding year (right scale) 80 60 40 20 0 -40 I...I I... I I 1 1 1 1 1 1 1 1...1 I I ...! I 11 1977 1 L 1 1 I - J- 1 1..-1-1 1983 1 1 1 1 -J 1989 * ... 1995 N otes. Data are available only for selected years. Excludes data for parents in wholesale and retail trade (see footnote 5 to the text). U.S. Bureau of Economic Analysis L. L 2001 0 1977 1982 U.S. Bureau of Economic Analysis 1987 1992 1997 2003 March 2004 S urvey of C urrent 55 B u s in e s s Data and analytical considerations BEA’s data on the operation s o f U.S. M N C s indicate a relatively stable m ix o f d om estic an d foreign o p era tion s, bu t the inferences that can be draw n from these data abo u t the prod u ction strategies o f M N C s and ab o u t the ultim ate effects o f U .S.-M N C activity on the U .S. econom y and on foreign econom ies are lim ited. The U .S.-parent share o f U .S.-M N C activity can change for a n um ber o f reasons, and these changes do n ot un iform ly correspon d to either ad d ition s to, or su btraction s from , p rod u ction and em ploym ent in the U nited States. A dditional factors that m igh t be asso ci ated w ith a change in the parent and affiliate shares o f M N C activity are given in chart 5. It m igh t be expected that new direct investm ent ab ro ad by U.S. M N C s w ould cause the em ploym ent share o f U .S. parents to fall and that o f foreign affiliates to rise, bu t its im pact on em ploym ent in the United States an d abro ad could vary, depen din g on the form o f the investm ent and the reasons why it w as un der taken. To illustrate the significance o f the fo rm o f the investm ent, a new investm ent m igh t represent the es tablishm ent o f a new com pany (or “greenfield invest m en t” ), the acquisition o f a successful existing com pany, or the acquisition o f a failing com pany. In each case, the em ploym ent by affiliates w ould rise, but the im p act on h ost-coun try em ploym ent w ould likely differ. Furtherm ore, this im pact cannot be discerned from in form ation on M N C operation s alone. Instead, the im pact will be determ ined by a w ide range o f fac tors, including the overall level o f em ploym ent in the econom y an d the types o f jo b s involved. To illustrate the significance o f the reasons for the investm ent, affiliate em ploym ent shares m ight rise ei ther because o f the shifting o f p rodu ction from parents to affiliates or because o f the open in g o f new overseas m arkets— such as those for m eals or lodgin g— that can be served only through a locally established enterprise. In the case o f produ ction shifting, the rise in em ploy m ent by affiliates m ight be expected to com e partly or w holly at the expense o f em ploym en t by the parents. In contrast, in the exam ple o f new overseas m arkets, the rise in em ploym ent by foreign affiliates w ould not affect em ploym ent in the U nited States by parent co m panies, or it could cause U.S. em ploym en t to rise, b e cause o f the need to provide h eadquarters services to the newly established affiliates. W hile the exam ples given here and in chart 5 have been con structed with reference to U.S. investm ents abroad, the econom ic m echan ism s that they illustrate are equally applicable to foreign investm ents in the U nited States. A data lim itation is the scarcity o f in form ation on the types o f jo b s held by the dom estic an d foreign e m ployees o f U.S. M N C s. Except for the data collected in ben ch m ark survey years on the n um ber o f produ ction w orkers o f foreign affiliates in m an u factu rin g, BEA does n ot collect data on the types o f jo b s held by Chart 5. Some Possible Causes of a Change in the Domestic Share of U.S.-MNC Employment Different rates of economic growth in the United States and abroad > 4. Different rates of productivity growth in U.S. parents and foreign affiliates New market opportunities abroad that cannot be served by U.S. exports U.S. Bureau of Economic Analysis ( Changes in foreign government policies toward direct investment M Change in domestic share ofA V. U.S.-MNC employment J * U.S. parent outsources an activity to a domestic company that is not also a U.S. parent U.S. parent outsources an activity to an unaffiliated or affiliated foreign company 56 Patterns of Production and Em ploym ent em ployees o f either U .S. parents or foreign affiliates.9 T hu s, it is n ot possible to determ ine the relative changes in the types o f jo b s offered by parents an d af 9. A related limitation is the absence o f information on the use o f “leased” employees, a practice that has become increasingly common in recent years. Because these employees are carried on the payrolls o f employee-leasing firms rather than on the payrolls o f the firms where the employees perform their duties, the changes in their use may result in changes in the observed patterns o f M N C employment. For example, if a U.S. parent in m anufac turing leases production workers from an employee-leasing firm that is also a U.S. parent, then the employment total for U.S. parents would not change, but the industry composition o f the employment would change. Specifically, employment in manufacturing would decrease and employ ment in the employee-leasing industry would increase. Thus, the industry composition o f employment would shift away from m anufacturing and toward services. However, if the leasing firm is not a U.S. parent, then the employment totals for U.S. parents, both overall and in manufacturing, would decrease. March 2004 filiates, either in term s o f the occu pation or the skill re quired for the job. Finally, the m ajo r pattern s in U .S .-M N C operations have been relatively stable over an extended period, but the m o st recent data cover 2001, an d the patterns o f operation s m ay have changed since then. In recognition o f the current public interest in these data and the need for m ore tim ely in form ation , this year, BEA is accelerating the release o f the su m m ary estim ates o f a few key item s. A news release providing estim ates o f total em ploym ent, sales, an d capital ex penditures by U.S. parent com pan ies, by their foreign affiliates, an d by U.S. affiliates o f foreign com pan ies for 2002 has been scheduled for A pril 16, 2004. D-1 March 2004 B E A C u r r e n t and H i s t o r i c a l D ata National, International, and Regional Data This section presents an extensive selection of economic statistics prepared by the Bureau o f Economic Analysis (BEA) and a brief selection o f collateral statistics prepared by other Government agencies and private organizations. Series that origi nate 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’s economic statistics are available on BEA’s Web site at < www.bea.gov>. The site contains data, articles, news releases, and other information from BEA’s national, industry, international, and regional programs. The tables present annual [A], quarterly [Q], and monthly [M] data N a t io n a l D a t a A. Selected NIPA tables [A, Q] 1. Domestic product and income................................. D-2 2. Personal income and outlays.................................. D -18 3. Government current receipts and expenditures... D-21 4. Foreign transactions................................................ D-33 5. Saving and investment.............................................D-37 6. Income and employment by industry................... D-43 7. Supplemental tables................................................. D-44 B. Other NIPA and NIPA-related tables B.l Personal income and its disposition [A, M ]..... D-47 C. Historical measures C..1 GDP and other major NIPA aggregates............D-48 D. Domestic perspectives [A, Q, M ]............................... D-52 E. Charts Selected NIPA series..................................................... D-54 Other indicators o f the domestic economy..............D-60 I n t e r n a tio n a l D a t a F. Transactions tables F.1 U.S. international transactions in goods and services [A, M ]............................................. D-62 F.2 U.S. international transactions [A, Q ] ............... D-63 F.3 U.S. international transactions by area [Q ]...... D-64 F.4 Private services transactions [A ].........................D-67 G. Investment tables [A] G..1 U.S. international investment position.............D-68 G.2 USDIA: Selected ite m s........................................D-69 G.3 Selected financial and operating data of foreign affiliates of U.S. companies................................ D-70 G.4 FDIUS: Selected items..........................................D-71 G.5 Selected financial and operating data of U.S. affiliates of foreign companies...........................D-72 H. International perspectives [A, Q, M] .......................D-73 I. Charts The United States in the international economy..... D-74 Regional D ata J. State and regional tables J.l Personal income [Q ].............................................. D-75 J.2 Personal income and per capita personal income [A]............................................D-76 J.3 Disposable personal income and per capita disposable personal income [A ]........................D-77 J.4 Gross state product [A]..........................................D-78 K. Local area table K. 1 Personal income and per capita personal income by metropolitan area [A ]................................... D-79 L. Charts Selected regional estimates...........................................D-81 A p p e n d ix e s A: Additional information about the NIPA estimates Statistical conventions.................................................. D-83 Reconciliation tables [A, Q ].........................................D-84 B: Suggested reading..........................................................D-85 As a result o f the comprehensive revision o f the NIPAs, the estimates in tables B.l and B.2 have been combined and are now presented in a new table B.l. The new tables B.2-B.11 (the old tables B.3-B.12) will be published in upcoming issues of the Su rvey o f C u r r e n t Business. An extensive set o f NIPA estimates were published in the February Survey. The estimates for 1929 forward are available on BEA’s Web site at < www.bea.gov>. D -2 March 2004 National Data A. S elected 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, 2004 and include the “preliminary” estimates for the fourth quarter o f 2003. The population and per capita estimates in tables 2.1 and 7.1 have been revised back to 2000 to incorporate this month’s Census Bureau population revisions. The selected set o f NIPA tables shown in this section presents quarterly estimates, which are updated monthly. In most o f these tables, annual estimates are also shown. The news release on gross domestic product is available within minutes o f the time o f release, and the “Selected NIPA Tables” are available later that day on BEA’s Web site < www.bea.gov>. The “Selected NIPA Tables” are also available on printouts or diskettes from BEA. To order, call the BEA Order Desk at 1-800-704-0415 (outside the United States, 202-606-9666). 1. Dom estic Product and Incom e Table 1.1.2. Contributions to Percent Change in Real Gross Domestic Product Table 1.1.1. Percent Change From Preceding Period in Real Gross Domestic Product [Percent] Seasonally adjusted at annual rates Seasonally adjusted at annual rates Line 2002 2003 2002 IV Gross domestic product.... Personal consumption expenditures........................... Durable goods.......................... Nondurable goods................... Services................................... Gross private domestic investment............................... Fixed investment...................... Nonresidential..................... Structures........................ Equipment and software... Residential............................ Change in private 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.......................... Line 2003 I II 1 2.2 3.1 1.3 2.0 3.1 8.2 4.1 2 3 4 5 3.4 6.5 3.0 3.0 3.1 7.3 3.8 2.0 2.2 0.3 4.6 1.5 2.5 0.5 5.7 1.5 3.3 17.7 1.2 1.7 6.9 28.0 7.3 2.8 2.7 -0.1 5.2 2.2 6 7 8 9 10 11 1? -1.2 -3.7 -7.2 -18.4 -2.8 4.9 4.3 4.4 2.9 -5.0 5.5 7.5 -0.6 2.1 -0.1 -5.6 1.7 6.8 -3.5 1.1 -0.6 -4.0 0.5 4.5 4.7 6.1 7.0 3.9 8.0 4.5 14.8 15.8 12.8 -1.8 17.6 21.9 15.8 9.3 9.6 -7.1 15.1 8.6 13 14 15 16 17 18 19 -2.4 -4.0 1.4 3.3 3.7 1.4 2.1 1.9 2.4 4.0 4.8 0.0 -3.7 -9.1 9.4 8.2 7.4 12.2 -2.0 1.9 -10.1 -6.8 -6.6 -7.5 -1.1 -1.7 0.2 9.1 13.7 -10.9 9.9 8.6 12.7 0.8 -1.5 13.4 21.0 21.2 20.7 16.4 18.1 8.6 20 21 22 23 24 3.8 7.9 8.9 6.2 1.8 3.4 8.8 10.6 5.3 0.5 7.1 18.2 22.1 11.4 1.5 -0.4 -0.2 -5.6 10.5 -0.5 7.4 23.5 41.9 -5.0 -0.8 1.8 1.2 -1.3 6.5 2.1 0.8 1.6 4.2 -3.3 0.4 2002 2003 IV III 2002 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........................ Equipment and software... Residential........................... Change in private 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......................... 2003 I IV II III IV 1 2.2 3.1 1.3 2.0 3.1 8.2 4.1 2 3 4 5 2.38 0.55 0.60 1.23 2.20 0.61 0.76 0.84 1.57 0.02 0.90 0.65 1.80 0.04 1.13 0.63 2.34 1.38 0.25 0.71 4.89 2.23 1.48 1.19 1.93 -0.01 1.04 0.91 6 7 8 9 10 11 12 -0.18 -0.60 -0.82 -0.59 -0.23 0.23 0.41 0.64 0.66 0.29 -0.13 0.42 0.36 -0.01 -0.09 0.31 -0.01 -0.14 0.13 0.32 -0.40 -0.57 0.16 -0.06 -0.10 0.04 0.22 -0.74 0.73 0.90 0.68 0.09 0.59 0.22 -0.17 2.17 2.30 1.25 -0.04 1.30 1.05 -0.13 2.31 1.39 0.95 -0.17 1.12 0.44 0.92 13 14 15 16 17 18 19 -0.70 -0.24 -0.29 0.04 -0.45 -0.42 -0.03 -0.35 0.20 0.13 0.07 -0.55 -0.55 0.00 -1.47 -0.37 -0.64 0.27 -1.10 -0.83 -0.27 0.81 -0.19 0.13 -0.31 1.00 0.81 0.19 -1.34 -0.11 -0.11 0.01 -1.24 -1.51 0.27 0.80 0.92 0.56 0.36 -0.12 0.18 -0.30 -0.30 1.85 1.28 0.57 -2.15 -1.95 -0.20 20 21 22 23 24 0.69 0.48 0.35 0.14 0.21 0.63 0.56 0.44 0.12 0.06 1.29 1.11 0.85 0.26 0.18 -0.07 -0.01 -0.25 0.24 -0.06 1.36 1.46 1.58 -0.12 -0.10 0.34 0.09 -0.06 0.15 0.25 0.16 0.11 0.19 -0.08 0.05 March 2004 S urvey of C urrent D -3 B u s in e s s Table 1.1.3. Real Gross Domestic Product, Quantity Indexes Table 1.1.4. Price Indexes for Gross Domestic Product [Index numbers, 2000=100] [Index numbers, 2000=100] Seasonally adjusted Line 2002 2003 2002 IV Gross domestic product.... Personal consumption expenditures........................... Durable goods.......................... Nondurable goods.................... Services................................... Gross private domestic investment............................... Fixed investment...................... Nonresidential..................... Structures......................... Equipment and software... Residential............................ Change in private 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.......................... Seasonally adjusted 2003 I II Line III 105.951 110.868 104.949 105.420 109.251 118.957 108.913 107.515 106.819 111.638 105.885 106.276 107.489 111.779 107.358 106.664 108.378 116.420 107.685 107.115 110.197 123.834 109.607 107.849 110.943 123.793 111.003 108.430 6 90.580 94.435 91.953 91.135 92.186 95.424 98.996 7 93.258 97.357 93.718 93.968 95.378 98.932 101.149 8 88.683 91.278 88.378 88.248 89.751 92.485 94.630 9 79.492 75.547 76.304 75.523 76.244 75.906 74.514 10 92.144 97.246 92.927 93.047 94.851 98.779 102.309 11 105.228 113.124 107.629 108.828 110.021 115.616 118.031 1? 13 14 92.512 94.409 92.818 92.353 92.097 94.290 15 90.163 91.853 89.651 90.076 89.693 91.572 16 98.348 100.751 100.660 98.010 98.068 101.033 17 100.609 104.617 103.610 101.810 104.059 104.277 18 100.400 105.226 103.586 101.829 105.144 104.739 19 101.787 101.774 103.842 101.828 98.938 102.100 98.893 96.072 105.893 108.322 109.192 104.230 20 21 22 23 24 111.240 123.900 128.565 115.629 104.880 106.697 111.958 113.086 109.956 104.047 110.334 121.761 125.114 115.814 104.592 108.666 116.764 118.672 113.381 104.593 108.563 116.713 116.972 116.252 104.463 110.527 123.025 127.675 114.781 104.248 111.008 123.406 127.247 116.596 104.779 2003 IV 1 102.710 105.916 103.502 104.008 104.801 106.887 107.968 2 3 4 5 2002 2002 2003 IV Gross domestic product.... Personal consumption expenditures.......................... Durable goods......................... Nondurable goods................... Services.................................... Gross private domestic investment............................... Fixed investment....................... Nonresidential....................... Structures........................ Equipment and software... Residential........................... Change in private 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.......................... I II III 2 103.429 105.302 104.203 104.927 105.065 105.522 105.695 3 95.208 91.682 94.136 93.074 92.147 91.207 90.298 4 102.075 104.180 102.789 104.079 103.529 104.488 104.623 5 105.946 108.966 107.174 108.028 108.758 109.306 109.771 6 7 8 9 10 11 1? 101.259 101.341 98.658 107.274 95.781 108.184 101.586 101.808 98.579 108.268 95.404 109.881 101.589 101.796 98.293 108.559 94.961 110.485 102.093 102.319 98.678 109.288 95.251 111.321 102.981 103.241 99.106 110.547 95.464 113.343 V,\ 14 99.273 101.342 99.964 15 98.668 100.680 99.311 16 100.740 102.941 101.543 17 96.519 100.030 97.694 18 95.345 98.113 96.364 19 102.665 110.248 104.681 100.842 100.159 102.491 100.435 99.086 107.525 101.044 100.589 102.166 99.381 97.353 110.212 101.434 100.529 103.587 100.042 97.972 111.108 102.049 101.443 103.521 100.261 98.042 112.148 107.951 107.032 106.968 107.148 108.435 107.966 107.399 107.300 107.581 108.246 108.433 107.755 107.654 107.942 108.778 108.564 107.818 107.749 107.941 108.951 20 21 22 23 24 101.119 101.155 98.859 106.974 96.121 107.105 105.207 104.858 104.666 105.208 105.382 102.062 102.291 98.664 109.165 95.270 111.257 108.229 107.501 107.418 107.653 108.603 106.055 105.066 104.941 105.293 106.580 Table 1.1.5. Gross Domestic Product Table 1.1.6. Real Gross Domestic Product, Chained Dollars [Billions of dollars] [Billions of chained (2000) dollars] Seasonally adjusted at annual rates Seasonally adjusted at annual rates Line 2002 2003 2002 IV Gross domestic product.... Personal consumption expenditures........................... Durable goods.......................... Nondurable goods.................... Services................................... Gross private domestic investment............................... Fixed investment....................... Nonresidential..................... Structures........................ Equipment and software... Residential............................ Change in private 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.......................... Line 2003 I II III IV 1 103.949 105.665 104.571 105.163 105.440 105.870 106.187 2002 2003 IV IV 1 10,480.8 10,985.5 10,623.7 10,735.8 10,846.7 11,107.0 11,252.3 2 3 4 5 7,385.3 911.3 2,086.0 4,388.0 7,753.2 941.1 2,209.4 4,602.7 7,501.2 907.3 2,119.2 4,474.7 7,600.7 898.2 2,175.7 4,526.8 7,673.6 926.2 2,170.8 4,576.6 7,836.3 975.1 2,230.0 4,631.2 7,902.3 965.1 2,261.3 4,676.0 6 7 8 9 10 11 12 1,589.2 1,583.9 1,080.2 266.3 813.9 503.7 5.4 1,671.4 1,672.3 1,109.7 258.3 851.4 562.6 -0.9 1,614.7 1,594.6 1,074.3 256.3 817.9 520.3 20.2 1,605.3 1,606.2 1,071.8 256.1 815.8 534.4 -0.9 1,624.3 1,630.1 1,086.9 259.2 827.7 543.2 -5.8 1,689.1 1,699.5 1,124.4 259.8 864.6 575.1 -10.5 1,767.0 1,753.3 1,155.5 258.0 897.5 597.8 13.7 13 14 15 16 17 18 19 -426.3 1,006.8 697.8 309.1 1,433.1 1,190.3 242.7 -494.9 1,049.0 725.4 323.6 1,543.9 1,283.2 260.6 -476.1 1,017.2 698.3 318.8 1,493.3 1,240.8 252.5 -487.6 1,021.0 707.6 313.3 1,508.5 1,254.2 254.3 -505.5 1,020.2 707.7 312.5 1,525.7 1,272.4 253.3 -490.6 1,048.5 722.1 326.4 1,539.0 1,275.6 263.5 -495.9 1,106.3 764.4 341.9 1,602.2 1,330.7 271.5 20 21 22 23 24 1,932.5 679.5 438.3 241.2 1,253.1 2,055.7 757.6 497.7 259.9 1,298.1 1,983.9 710.0 461.1 248.9 1,273.9 2,017.4 723.0 463.3 259.7 1,294.5 2,054.2 764.7 507.3 257.4 1,289.6 2,072.1 769.6 507.2 262.4 1,302.5 2,079.0 773.1 512.9 260.2 1,305.8 2002 Gross domestic product.... Personal consumption expenditures........................... Durable goods.......................... Nondurable goods.................... Services.................................... Gross private domestic Investment............................... Fixed investment...................... Nonresidential...................... Structures........................ Equipment and software... Residential........................... Change in private inventories... Net exports of goods and services................................... Goods................................... Services................................ Imports...................................... Goods................................... Services................................ Government consumption expenditures and gross investment............................... National defense.................. Nondefense.......................... State and local......................... Residual........................................ 2003 I II III IV 1 10,083.0 10,397.7 10,160.8 10,210.4 10,288.3 10,493.1 10,599.2 2 3 4 5 7,140.4 957.2 2,043.6 4,141.8 7,362.9 1,027.0 2,120.8 4,224.1 7,198.9 963.8 2,061.8 4,175.4 7,244.1 965.0 2,090.5 4,190.7 7,304.0 1,005.1 2,096.9 4,208.4 7,426.6 1,069.1 2,134.3 4,237.2 7,476.9 1,068.7 2,161.5 4,260.0 6 7 8 9 10 11 12 1,572.0 1,565.8 1,092.6 249.0 846.7 470.3 5.7 1,638.9 1,634.6 1,124.6 236.6 893.6 505.6 0.7 1,595.8 1,573.5 1,088.9 239.0 853.9 481.0 21.5 1,581.6 1,577.7 1,087.3 236.5 855.0 486.4 1.6 1,599.9 1,601.4 1,105.8 238.8 871.6 491.7 -4.5 1,656.1 1,661.0 1,139.5 237.7 907.7 516.7 -9.1 1,718.0 1,698.3 1,165.9 233.4 940.1 527.5 14.9 13 14 15 16 17 18 19 -470.6 1,014.2 707.2 306.8 1,484.7 1,248.4 236.4 -508.9 1,035.0 720.4 314.3 1,543.9 1,308.5 236.4 -511.5 1,017.5 703.2 314.0 1,529.0 1,288.1 241.2 -490.0 1,012.4 706.5 305.7 1,502.5 1,266.2 236.5 -526.0 1,009.6 703.5 305.9 1,535.7 1,307.4 229.8 -505.2 1,033.7 718.2 315.2 1,538.9 1,302.4 237.2 -514.4 1,084.1 753.5 330.3 1,598.6 1,357.8 242.1 20 21 22 23 24 25 1,836.9 648.0 418.8 229.2 1,189.1 2.4 1,899.5 704.7 463.3 241.4 1,195.3 -0.5 1,870.8 675.8 439.5 236.4 1,195.3 5.3 1,869.0 675.5 433.2 242.4 1,193.8 5.8 1,902.8 712.0 472.8 239.3 1,191.4 4.6 1,911.1 714.3 471.2 243.1 1,197.4 -6.0 1,915.1 717.1 476.1 241.1 1,198.6 -6.6 N ote . Chained (2000) dollar series are calculated as the product of the chain-type quantity index and the 2000 currentdollar value of the corresponding series, divided by 100. Because the formula for tne 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 differ ence between the first line and the sum of the most detailed lines. National Data D -4 March 2004 Table 1.1.8. Contributions to Percent Change in the Gross Domestic Product Price Index Table 1.1.7. Percent Change From Preceding Period in Prices for Gross Domestic Product [Percent] Seasonally adjusted at annual rates Seasonally adjusted at annual rates Line 2002 2003 2002 IV Gross domestic product.... Personal consumption expenditures........................... Durable goods.......................... Nondurable goods................... Services................................... Gross private domestic investment............................... Fixed investment....................... Nonresidential..................... Structures......................... Equipment and software... Residential............................ Change in private inventories... Net exports of goods and Exports..................................... Goods................................... Services............................... Imports..................................... Goods................................... Services............................... Government consumption expenditures and gross investment............................... Federal..................................... National defense................... Nondefense.......................... State and local.......................... Addendum: Gross national product............ Line 2002 2003 2003 I II 2002 IV III IV 1 1.5 1.7 1.7 2.3 1.1 1.6 1.2 2 3 4 5 1.4 -2.9 0.5 2.7 1.8 -3.7 2.1 2.9 1.7 -3.0 1.0 3.1 2.8 -4.4 5.1 3.2 0.5 -3.9 -2.1 2.7 1.8 -4.0 3.8 2.0 0.7 -3.9 0.5 1.7 6 7 8 9 10 11 1? 0.0 0.1 -0.9 1.4 -1.7 2.4 0.9 1.1 -0.2 2.0 -0.9 3.9 1.6 1.7 0.4 1.1 0.2 4.5 1.3 1.9 -0.3 3.8 -1.6 6.4 0.0 0.0 -1.2 1.1 -1.8 2.2 2.0 2.1 1.6 2.7 1.2 3.1 3.5 3.7 1.7 4.7 0.9 7.5 1S 14 15 16 17 18 19 -0.4 -0.7 0.3 -1.0 -1.7 2.5 2.1 2.0 2.2 3.6 2.9 7.4 0.6 0.6 0.6 0.8 0.5 2.0 3.6 3.5 3.8 11.7 11.8 11.3 0.8 1.7 -1.3 -4.1 -6.8 10.4 i.6 -0.2 5.7 2.7 2.6 3.3 2.4 3.7 -0.3 0.9 0.3 3.8 20 21 22 23 24 2.6 2.7 2.5 3.2 2.5 2.9 2.5 2.6 2.3 3.1 1.8 -0.5 -0.6 -0.4 3.0 7.3 7.7 8.0 7.2 7.1 0.1 1.4 1.2 1.6 -0.7 1.7 1.3 1.3 1.3 2.0 0.5 0.2 0.4 0.0 0.6 25 1.5 1.7 2.3 1.1 1.7 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........................ Equipment and software... Residential........................... Change in private 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.......................... 2003 I III II IV 1 1.5 1.7 1.7 2.3 1.1 1.6 1.2 2 3 4 5 0.96 -0.26 0.11 1.11 1.32 -0.23 0.27 1.29 1.21 -0.26 0.20 1.27 1.95 -0.39 1.00 1.33 0.35 -0.34 -0.43 1.12 1.24 -0.36 0.74 0.85 0.47 -0.35 0.10 0.71 6 7 8 9 10 11 12 0.01 0.01 -0.10 0.04 -0.14 0.11 0.00 0.17 0.17 -0.03 0.05 -0.08 0.20 -0.01 0.25 0.26 0.05 0.03 0.02 0.22 -0.01 0.25 0.27 -0.03 0.09 -0.12 0.31 -0.03 0.08 -0.01 -0.12 0.03 -0.14 0.11 0.09 0.30 0.31 0.16 0.06 0.09 0.15 -0.01 0.54 0.56 0.18 0.11 0.07 0.38 -0.02 13 14 15 16 17 18 19 0.11 -0.04 -0.05 0.01 0.15 0.20 -0.06 -0.38 0.22 0.15 0.07 -0.60 -0.41 -0.20 -0.05 0.06 0.04 0.02 -0.11 -0.06 -0.05 -1.24 0.33 0.22 0.11 -1.57 -1.31 -0.26 0.62 0.07 0.11 -0.04 0.55 0.80 -0.24 -0.22 0.15 -0.02 0.16 -0.37 -0.29 -0.08 0.11 0.23 0.24 -0.01 -0.12 -0.03 -0.09 20 21 22 23 24 0.46 0.17 0.10 0.07 0.29 0.55 0.16 0.11 0.05 0.39 0.33 -0.03 -0.02 -0.01 0.36 1.32 0.49 0.33 0.17 0.83 0.01 0.09 0.06 0.04 -0.08 0.33 0.09 0.06 0.03 0.23 0.09 0.02 0.02 0.00 0.07 Table 1.1.9. Implicit Price Deflators for Gross Domestic Product Table 1.1.10. Percentage Shares of Gross Domestic Product [Index numbers, 2000=100] [Percent] Seasonally adjusted Line 2002 2003 2002 IV Gross domestic product.... Personal consumption expenditures........................... Durable goods......................... Nondurable goods................... Services................................... Gross private domestic Investment............................... Fixed investment...................... Nonresidential..................... Structures......................... Equipment and software... Residential............................ Change in private 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.......................... Addendum: Gross national product............ 2003 I II Line III 1 103.945 105.652 104.556 105.146 105.427 105.851 106.162 2 103.429 105.302 104.199 104.923 105.060 105.517 105.691 3 95.209 91.640 94.137 93.075 92.148 91.208 90.299 4 102.075 104.181 102.785 104.075 103.525 104.485 104.619 5 105.946 108.963 107.167 108.021 108.751 109.299 109.764 101.530 101.795 98.293 108.553 94.968 110.475 101.995 102.318 98.678 109.283 95.258 111.311 102.847 103.240 99.106 110.541 95.470 113.332 13 14 99.274 101.354 99.962 100.841 101.042 15 98.668 100.694 99.313 100.161 100.590 16 100.740 102.949 101.535 102.484 102.157 17 96.520 99.999 97.662 100.403 99.349 18 95.345 98.072 96.332 99.053 97.321 19 102.666 110.250 104.671 107.514 110.201 101.432 100.531 103.579 100.011 97.939 111.098 102.047 101.444 103.512 100.230 98.009 112.137 20 21 22 23 24 108.423 107.748 107.644 107.938 108.774 108.555 107.811 107.740 107.936 108.948 6 7 8 9 10 11 1? 101.097 101.155 98.859 106.974 96.121 107.106 105.206 104.858 104.666 105.208 105.381 25 103.932 101.984 102.306 98.670 109.155 95.279 111.288 108.221 107.501 107.419 107.649 108.599 101.186 101.340 98.658 107.269 95.788 108.173 101.495 101.806 98.579 108.264 95.411 109.871 106.046 105.059 104.933 105.289 106.576 107.941 107.025 106.960 107.143 108.431 107.957 107.392 107.291 107.577 108.242 104.541 105.138 105.425 105.853 2002 2003 IV 2002 IV Gross domestic product.... Personal consumption expenditures.......................... Durable goods......................... Nondurable goods................... Services.................................... Gross private domestic investment............................... Fixed investment....................... Nonresidential...................... Structures........................ Equipment and software... Residential............................ Change in private 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......................... 2003 II III IV 100.0 100.0 100.0 100.0 70.6 8.5 19.9 42.1 70.8 8.4 20.3 42.2 70.7 8.5 20.0 42.2 70.6 8.8 20.1 41.7 70.2 8.6 20.1 41.6 15.2 15.2 10.1 2.4 7.8 5.1 0.0 15.2 15.0 10.1 2.4 7.7 4.9 0.2 15.0 15.0 10.0 2.4 7.6 5.0 0.0 15.0 15.0 10.0 2.4 7.6 5.0 -0.1 15.2 15.3 10.1 2.3 7.8 5.2 -0.1 15.7 15.6 10.3 2.3 8.0 5.3 0.1 -4.1 9.6 6.7 2.9 13.7 11.4 2.3 -4.5 9.5 6.6 2.9 14.1 11.7 2.4 -4.5 9.6 6.6 3.0 14.1 11.7 2.4 -4.5 9.5 6.6 2.9 14.1 11.7 2.4 -4.7 9.4 6.5 2.9 14.1 11.7 2.3 -4.4 9.4 6.5 2.9 13.9 11.5 2.4 -4.4 9.8 6.8 3.0 14.2 11.8 2.4 18.4 6.5 4.2 2.3 12.0 18.7 6.9 4.5 2.4 11.8 18.7 6.7 4.3 2.3 12.0 18.8 6.7 4.3 2.4 12.1 18.9 7.0 4.7 2.4 11.9 18.7 6.9 4.6 2.4 11.7 18.5 6.9 4.6 2.3 11.6 1 100.0 100.0 100.0 2 3 4 5 70.5 8.7 19.9 41.9 70.6 8.6 20.1 41.9 6 7 8 9 10 11 12 15.2 15.1 10.3 2.5 7.8 4.8 0.1 13 14 15 16 17 18 19 20 21 22 23 24 I March 2004 S urvey of D -5 C u r r e n t B u s in e s s Table 1.2.1. Percent Change From Preceding Period in Real Gross Domestic Product by Major Type of Product Table 1.2.2. Contributions to Percent Change in Real Gross Domestic Product by Major Type of Product [Percent] Seasonally adjusted at annual rates Line 2002 2003 2002 IV Gross domestic product.... Final sales of domestic product......................... Change in private inventories.................... Goods.......................................... Final sales............................ Change in private inventories Durable goods.......................... Final sales............................ Change in private inventories1...................... Nondurable goods................... Final sales............................ Change in private inventories1...................... Services2..................................... Structures................................... Addenda: Motor vehicle output................ Gross domestic product excluding motor vehicle output................................... Final sales of computers3........ Gross domestic product excluding final sales of computers............................. Gross domestic purchases excluding final sales of computers to domestic purchasers............................ Seasonally adjusted at annual rates 2003 I II Line III 2002 2003 IV 2002 IV 1 2.2 3.1 1.3 2.0 3.1 8.2 4.1 2 1.8 3.1 1.7 2.7 3.3 8.3 3.2 a 4 5 6 7 8 2.1 0.9 4.4 4.4 -2.8 -1.6 4.3 6.6 2.2 2.9 18.3 18.7 7.8 4.9 2.0 -1.1 6.0 6.2 -3.2 -6.3 -1.3 4.3 8.3 11.7 26.3 30.7 11.0 2.5 q 10 11 2.2 2.7 3.0 3.0 -2.4 2.5 9.2 8.6 -2.6 -3.8 11.9 9.4 5.2 7.0 1? 13 14 3.1 -3.0 2.6 2.4 3.5 2.1 1.0 -0.3 3.6 2.8 2.1 13.9 2.3 2.6 15 11.4 2.6 -4.9 -6.4 2.1 26.6 2.9 16 17 1.9 11.1 3.1 40.9 1.5 34.8 2.3 34.6 3.1 32.8 7.6 93.4 4.2 31.5 18 2.1 2.8 1.0 1.7 2.8 7.6 3.9 19 2.6 3.0 2.5 0.9 3.9 6.5 3.9 Percent change at annual rate: Gross domestic product.... Percentage points at annual rates: Final sales of domestic product.......................... Change in private inventories................... Goods.......................................... Final sales............................ Change in private inventories Durable goods......................... Final sales............................ Change in private inventories1...................... Nondurable goods................... Final sales............................ Change in private inventories1...................... Services2..................................... Structures.................................... Addenda: Motor vehicle output................ Gross domestic product excluding motor vehicle output.................................... Final sales of computers3........ Gross domestic product excluding final sales of computers............................. 2003 I II IV III 1 2.2 3.1 1.3 2.0 3.1 8.2 4.1 2 1.78 3.14 1.69 2.71 3.25 8.34 3.19 3 4 5 6 7 8 0.41 0.71 0.30 0.41 0.31 -0.18 -0.01 1.42 1.43 -0.01 0.88 0.90 -0.40 -0.92 -0.52 -0.40 -0.50 -0.97 -0.74 1.37 2.11 -0.74 -0.18 0.62 -0.17 0.75 0.92 -0.17 1.17 1.62 -0.13 5.67 5.80 -0.13 3.62 4.15 0.92 2.54 1.62 0.92 1.61 0.39 9 10 11 0.49 0.40 0.48 -0.02 0.54 0.53 0.47 -0.42 0.45 -0.80 1.55 1.49 -0.44 -0.43 -0.70 -0.53 2.05 1.65 1.22 0.93 1.23 12 13 14 -0.08 1.77 -0.29 0.01 1.48 0.23 -0.87 2.02 0.19 0.06 0.62 -0.02 0.27 2.08 0.26 0.40 1.27 1.27 -0.30 1.32 0.25 15 0.38 0.09 -0.18 -0.23 0.07 0.82 0.10 16 17 1.81 0.10 3.03 0.31 1.46 0.26 2.20 0.26 3.01 0.25 7.39 0.65 4.01 0.28 18 2.09 2.81 1.03 1.71 2.83 7.56 3.82 1. Estimates for durable goods and nondurable goods for 1996 and earlier periods are based on the 1987 Standard Indus trial Classification (SIC); later estimates for these industries are based on the North American Industry Classification System (NAICS). 2. Includes government consumption expenditures, which are for services (such as education and national defense) produced by government. In current dollars, these services are valued at their cost of production. 3. For some components of final sales of computers, includes computer parts. 1. Estimates for durable goods and nondurable goods for 1996 and earlier periods are based on the 1987 Standard Indus trial Classification (SIC); later estimates for these industries are based on the North American Industry Classification System (NAICS). 2. Includes government consumption expenditures, which are for services (such as education and national defense) produced by government. In current dollars, these services are valued at their cost of production. 3. For some components of final sales of computers, includes computer parts. Table 1.2.3. Real Gross Domestic Product by Major Type of Product, Quantity Indexes Table 1.2.4. Price Indexes for Gross Domestic Product by Major Type of Product [Index numbers, 2000=100] [Index numbers, 2000=100] Seasonally adjusted Line 2002 2003 2002 IV Gross domestic product.... Final sales of domestic product........................ Change in private inventories................... Goods.......................................... Final sales............................ Change in private inventories Durable goods......................... Finai sales............................ Change in private Nondurable goods................... Final sales............................ Change in private inventories1...................... Services2..................................... Structures................................... Addenda: Motor vehicle output................ Gross domestic product excluding motor vehicle output................................... Final sales of computers3..... Gross domestic product excluding finai sales of computers............................. Gross domestic purchases excluding final sales of computers to domestic purchasers............................ Seasonally adjusted 2003 1 II Line III 2 103.242 106.484 103.877 104.569 105.420 107.553 108.396 106.204 108.229 108.127 109.435 105.529 108.323 108.828 109.506 q 10 102.917 106.043 102.440 104.728 104.050 107.011 108.383 11 104.078 107.203 104.161 106.323 105.287 107.681 109.522 1? 13 105.450 108.144 106.718 106.995 107.947 108.510 109.123 14 96.680 99.028 96.813 96.748 97.421 100.650 101.295 15 106.114 108.876 106.813 105.066 105.603 112.016 112.818 16 102.593 105.817 103.389 103.975 104.776 106.713 107.804 17 126.217 177.830 140.659 151.506 162.631 191.792 205.392 18 102.493 105.396 103.189 103.631 104.361 106.291 107.302 19 103.168 106.293 104.223 104.444 105.448 107.129 108.151 1. Estimates for durable goods and nondurable goods for 1996 and earlier periods are based on the 1987 Standard Indus trial Classification (SIC); later estimates for these industries are based on the North American Industry Classification System (NAICS). 2. Includes government consumption expenditures, which are for services (such as education and national defense) produced by government. In current dollars, these services are valued at their cost of production. 3. For some components of final sales of computers, includes computer parts. 2003 2003 2002 IV 1 102.710 105.916 103.502 104.008 104.801 106.887 107.968 3 4 100.034 104.391 100.222 101.286 101.844 5 101.511 106.003 101.226 102.859 103.590 6 7 96.965 102.742 97.888 97.573 99.541 8 98.685 104.779 97.976 99.006 101.775 2002 Gross domestic product.... Final sales of domestic product.......................... Change in private inventories................... Goods.......................................... Final sales............................ Change in private inventories Durable goods......................... Final sales............................ Change in private inventories1...................... Nondurable goods................... Final sales............................ Change in private inventories1...................... Services2..................................... Structures.................................... Addenda: Motor vehicle output................ Gross domestic product excluding motor vehicle output.................................... Final sales of computers3........ Gross domestic product excluding finai sales of computers............................. 103.949 105.665 104.571 105.163 105.440 105.870 106.187 103.955 105.702 104.585 105.198 105.474 105.906 106.228 100.176 100.196 99.507 99.608 99.961 99.999 99.436 99.534 99.451 99.542 99.572 99.671 99.569 99.683 96.624 96.642 94.153 94.178 95.931 95.958 95.170 95.183 94.402 94.418 93.802 93.831 93.236 93.280 103.449 104.432 103.670 103.358 104.083 104.875 105.411 103.513 104.635 103.756 103.566 104.274 105.075 105.624 105.741 108.629 106.845 107.974 108.356 108.934 109.253 107.032 110.440 107.819 109.252 110.543 112.099 6.777 95.018 96.199 95.813 94.680 94.640 94.939 104.220 106.073 104.890 105.520 105.853 106.300 106.619 63.635 53.518 58.739 56.177 54.287 52.165 51.444 18 104.462 106.364 105.164 105.806 106.120 106.597 106.935 1. Estimates for durable goods and nondurable goods for 1996 and earlier periods are based on the 1987 Standard Indus trial Classification (SIC); later estimates for these industries are based on the North American Industry Classification System (NAICS). 2. Includes government consumption expenditures, which are for services (such as education and national defense) produced by government. In current dollars, these services are valued at their cost of production. 3. For some components of final sales of computers, includes computer parts. March 2004 National Data D-6 Table 1.2.5. Gross Domestic Product by Major Type of Product Table 1.2.6. Real Gross Domestic Product by Major Type of Product, Chained Dollars [Billions of dollars] [Billions of chained (2000) dollars] Seasonally adjusted at annual rates Seasonally adjusted at annual rates Line 2002 2003 2002 Gross domestic product.... Final sales of domestic product......................... Change in private inventories................... Goods.......................................... Final sales............................ Change in private inventories Durable goods.......................... Final sales............................ Change in private inventories1...................... Nondurable goods................... Final sales............................ Change in private inventories1..................... Services2..................................... Structures................................... Addenda: Motor vehicle output................ Gross domestic product excluding motor vehicle output................................... Final sales of computers3........ Gross domestic product excluding final sales of computers............................. Line 2003 IV I II III 2002 2003 1 10,480.8 10,985.5 10,623.7 10,735.8 10,846.7 11,107.0 11,252.3 2 10,475.5 10,986.3 10,603.6 10,736.7 10,852.4 11,117.4 11,238.7 3 4 5 6 7 8 5.4 3,456.2 3,450.9 5.4 1,582.8 1,576.8 -0.9 3,581.6 3,582.4 -0.9 1,633.9 1,631.0 20.2 3,454.5 3,434.4 20.2 1,586.7 1,554.4 -0.9 3,472.6 3,473.5 -0.9 1,568.9 1,558.0 -5.8 3,492.8 3,498.5 -5.8 1,587.6 1,588.7 -10.5 3,646.0 3,656.5 -10.5 1,672.5 1,688.3 13.7 3,714.8 3,701.2 13.7 1,706.5 1,688.8 9 10 11 6.1 1,873.4 1,874.1 2.9 1,947.7 1,951.5 32.3 1,867.8 1,880.0 10.9 1,903.7 1,915.5 -1.1 1,905.1 1,909.8 -15.8 1,973.6 1,968.2 17.6 2,008.4 2,012.3 12 13 14 -0.7 6,049.8 974.8 -3.8 6,373.5 1,030.4 -12.1 6,185.9 983.3 -11.8 6,267.5 995.7 -4.7 6,345.6 1,008.3 5.4 6,412.8 1,048.1 -4.0 6,467.8 1,069.7 15 374.8 377.6 375.1 367.5 365.0 387.0 391.0 16 10,106.0 10,607.8 10,248.6 10,368.3 10,481.7 10,719.9 10,861.3 91.4 94.1 110.6 116.8 17 88.3 104.8 97.6 18 10,392.5 10,880.6 10,532.3 10,641.7 10,749.0 10,996.3 11,135.5 1. Estimates for durable goods and nondurable goods for 1996 and earlier periods are based on the 1987 Standard Indus trial Classification (SIC); later estimates for these industries are based on the North American Industry Classification System (NAICS). 2. Includes government consumption expenditures, which are for services (such as education and national defense) produced by government. In current dollars, these services are valued at their cost of production. 3. For some components of final sales of computers, includes computer parts. Gross domestic product.... Final sales of domestic product.......................... Change in private inventories................... Residual............................ Goods.......................................... Final sales............................ Change in private inventories Durable goods......................... Final sales............................ Change in private inventories'...................... Nondurable goods................... Final sales............................ Change in private inventories1...................... Services2..................................... Structures.................................... Residual........................................ Addenda: Motor vehicle output................ Gross domestic product excluding motor vehicle output.................................... Final sales of computers3........ Gross domestic product excluding final sales of computers............................. 2003 2002 IV IV I II III 2 10,076.9 10,393.4 10,138.9 10,206.4 10,289.5 10,497.7 10,580.0 3 4 5 6 7 8 9 5.7 0.4 3,450.5 3,444.1 5.7 1,638.1 1,631.6 0.7 3.6 3,600.8 3,596.5 0.7 1,735.7 1,732.3 21.5 0.4 3,457.0 3,434.4 21.5 1,653.7 1,619.9 1.6 2.4 3,493.7 3,489.8 1.6 1,648.4 1,636.9 -4.5 3.3 3,512.9 3,514.7 -4.5 1,681.6 1,682.7 -9.1 4.5 3,663.3 3,668.6 -9.1 1,782.8 1,799.3 14.9 4.3 3,733.2 3,713.0 14.9 1,830.0 1,810.5 10 11 12 6.2 1,811.3 1,810.5 3.0 1,866.3 1,864.8 32.8 1,802.9 1,811.9 11.1 1,843.2 1,849.5 -1.0 1,831.2 1,831.5 -16.0 1,883.4 1,873.1 17.8 1,907.5 1,905.2 13 14 15 16 -0.4 5,721.3 910.8 3.0 -2.1 5,867.4 932.9 -0.6 -10.6 5,790.1 912.0 4.7 -8.9 5,805.1 911.4 5.3 -3.4 5,856.8 917.8 3.9 6.1 5,887.3 948.2 -4.9 -2.1 5,920.6 954.3 -7.1 17 387.3 397.4 389.8 383.5 385.4 408.8 411.7 18 19 9,697.1 10,001.8 195.5 138.8 9,772.3 154.6 9,827.7 166.6 20 9,949.0 10,230.8 10,016.6 10,059.5 10,130.4 10,317.7 10,415.8 9,903.4 10,086.5 10,189.6 225.8 178.8 210.8 1. Estimates for durable goods and nondurable goods for 1996 and earlier periods are based on the 1987 Standard Indus trial Classification (SIC); later estimates for these industries are based on the North American Industry Classification System (NAICS). 2. Includes government consumption expenditures, which are for services (such as education and national defense) produced by government. In current dollars, these services are valued at their cost of production. 3. For some components of final sales of computers, includes computer parts. N o te . Chained (2000) dollar series are calculated as the product of the chain-type quantity index and the 2000 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 following change in private inventories is the difference between gross domestic product and the sum of final sales of domestic product and of change in private 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. Table 1.3.1. Percent Change From Preceding Period in Real Gross Value Added by Sector Table 1.3.3. Real Gross Value Added by Sector, Quantity Indexes [Percent] [Index numbers, 2000=100] Seasonally adjusted Seasonally adjusted at annual rates Line 2002 2003 2002 II III IV 22 2.3 2.3 1.9 2.2 2.4 3.1 3.7 3.7 3.2 1.1 0.9 1.3 1.6 1.6 -1.5 -1.6 -3.8 2.0 1.9 2.4 -39.5 Z5 3.5 3.1 4.2 3.8 59.0 -1.9 -4.0 8.2 10.3 10.4 -3.2 2.9 4.1 4.1 3.9 4.1 -16.6 9.5 15.7 7 8 9 10 1.8 1.6 1.7 1.6 1.4 1.4 3.3 0.6 1.5 2.4 4.9 1.4 1.1 1.7 4.3 0.6 1.0 1.1 5.0 -0.5 1.3 0.1 0.0 0.1 1.9 0.5 -0.3 0.9 11 2.4 0.7 -3.6 3.5 -4.3 3.3 14.8 I 1. Equals gross domestic product excluding gross value added of households and institutions and of general government. 2. Equals gross domestic business value added excluding gross farm value added. 3. Equals compensation of employees of nonprofit institutions, the rental value of nonresidential fixed assets owned and used by nonprofit institutions serving households, and rental income of persons for tenant-occupied housing owned by nonprofit institutions. 4. Equals compensation of general government employees plus general government consumption of fixed capital. 2002 2003 2002 IV I II III IV 1 2 3 4 5 6 102.710 102.374 102.421 97.569 104.450 105.568 105.916 106.149 106.203 100.661 105.602 106.528 103.502 103.301 103.276 106.144 104.365 104.914 104.008 103.799 103.895 93.608 105.002 105.828 104.801 104.861 104.856 105.113 104.501 104.743 106.887 107.457 107.487 104.270 105.243 105.801 107.968 108.479 108.574 99.651 107.661 109.741 7 8 9 10 102.973 103.345 101.930 103.935 104.391 104.789 105.296 104.580 103.637 104.106 103.255 104.462 103.911 104.534 104.342 104.617 104.166 104.816 105.632 104.477 104.502 104.836 105.643 104.501 104.986 104.971 105.566 104.724 Line 2003 1 2 3 4 5 6 IV Gross domestic product.... Business1.................................... Nonfarm2.................................. Farm......................................... Households and institutions.... Households.............................. Nonprofit institutions serving households3......................... General government4................ Federal..................................... State and local.......................... Addendum: Gross housing value added..... IV 1 10,083.0 10,397.7 10,160.8 10,210.4 10,288.3 10,493.1 10,599.2 Gross domestic product.... Business1.................................... Nonfarm2.................................. Farm......................................... Households and institutions.... Households............................... Nonprofit institutions serving households3 ........................ General government4................ Federal...................................... State and local.......................... Addendum: Gross housing value added.... 2003 11 105.160 105.908 104.510 105.421 104.269 105.121 108.819 1. Equals gross domestic product excluding gross value added of households and institutions and of general government. 2. Equals gross domestic business value added excluding gross farm value added. 3. Equals compensation of employees of nonprofit institutions, the rental value of nonresidential fixed assets owned and used by nonprofit institutions serving households, and rental income of persons for tenant-occupied housing owned by nonprofit institutions. 4. Equals compensation of general government employees plus general government consumption of fixed capital. March 2004 S urvey of C urrent B D -7 u s in e s s Table 1.3.4. Price Indexes for Gross Value Added by Sector Table 1.3.5. Gross Value Added by Sector [Index numbers, 2000=100] [Billions of dollars] Seasonally adjusted Line Gross domestic product.... Business1.................................... Nonfarm2.................................. Farm......................................... Households and institutions.... Households.............................. Nonprofit institutions serving households3......................... General government4................ Federal..................................... State and local.......................... Addendum: Gross housing value added .. 2002 2003 2002 Seasonally adjusted at annual rates 2003 Line IV 1 II III IV 1 2 3 4 5 6 103.949 102.768 102.779 101.347 108.650 108.361 105.665 104.170 104.051 116.232 110.724 109.177 104.571 103.321 103.355 98.584 109.316 108.739 105.163 103.746 103.739 103.534 110.057 109.241 105.440 103.972 103.925 108.260 110.281 108.815 105.870 104.321 104.207 115.663 111.080 109.116 106.187 104.642 104.335 137.470 111.476 109.536 7 8 9 10 109.039 107.547 107.425 107.599 112.800 111.140 110.807 111.276 110.092 108.623 107.193 109.212 111.156 110.245 110.358 110.193 112.251 110.941 110.844 110.978 113.716 111.582 111.011 111.818 114.078 111.793 111.016 112.116 11 108.227 109.321 108.677 109.222 108.989 109.319 109.755 2002 2003 2002 2003 IV Gross domestic product.... Business1.................................... Nonfarm2.................................. Farm......................................... Households and institutions.... Households............................... Nonprofit institutions serving households3 ........................ General government4................ Federal..................................... State and local......................... Addendum: Gross housing value added... I II III IV 1 10,480.8 10,985.5 10,623.7 10,735.8 10,846.7 11,107.0 11,252.3 2 8,065.6 8,476.1 8,181.3 8,254.3 8,357.5 8,592.4 8,700.2 3 7,994.9 8,392.7 8,106.7 8,185.4 8,275.8 8,506.5 8,603.0 70.7 83.5 97.2 69.0 81.7 4 74.6 85.9 5 1,226.4 1,263.7 1,233.0 1,248.9 1,245.5 1,263.4 1,297.0 704.3 716.1 702.4 711.8 701.7 6 710.8 740.1 7 8 9 10 522.2 1,188.8 345.3 843.5 547.6 1,245.6 368.0 877.7 530.6 1,209.5 349.1 860.4 537.1 1,232.6 363.1 869.4 543.8 1,243.7 369.2 874.5 552.6 1,251.1 369.8 881.3 557.0 1,255.1 369.6 885.5 11 904.0 919.7 902.2 914.6 902.7 912.8 948.7 1. Equals gross domestic product excluding gross value added of households and institutions and of general government. 2. Equals gross domestic business value added excluding gross farm value added. 3. Equals compensation of employees of nonprofit institutions, the rental value of nonresidential fixed assets owned and used by nonprofit institutions serving households, and rental income of persons for tenant-occupied housing owned by nonprofit institutions. 4. Equals compensation of general government employees plus general government consumption of fixed capital. 1. Equals gross domestic product excluding gross value added of households and institutions and of general government. 2. Equals gross domestic business value added excluding gross farm value added. 3. Equals compensation of employees of nonprofit institutions, the rental value of nonresidential fixed assets owned and used by nonprofit institutions serving households, and rental income of persons for tenant-occupied housing owned by nonprofit institutions. 4. Equals compensation of general government employees plus general government consumption of fixed capital. Table 1.3.6. Real Gross Value Added by Sector, Chained Dollars Table 1.4.1. Percent Change From Preceding Period in Gross Domestic Product, Gross Domestic Purchases, and Final Sales to Domestic Purchasers [Billions of chained (2000) dollars] [Percent] Seasonally adjusted at annual rates Line 2002 2003 2002 IV Gross domestic product.... Business1.................................... Nonfarm2.................................. Farm......................................... Households and institutions.... Households.............................. Nonprofit institutions serving households3......................... General government4................ Federal..................................... State and local.......................... Residual....................................... Addendum: Gross housing value added. , Seasonally adjusted at annual rates 2003 I II III IV 1 10,083.0 10,397.7 10,160.8 10,210.4 10,288.3 10,493.1 10,599.2 2 7,848.7 8,138.1 7,919.7 7,957.9 8,039.3 8,238.4 8,316.7 3 7,779.0 8,066.3 7,844.0 7,891.0 7,964.0 8,163.8 8,246.4 4 69.8 72.0 67.0 75.2 74.6 75.9 71.3 5 1,128.8 1,141.3 1,127.9 1,134.8 1,129.4 1,137.4 1,163.5 6 649.9 651.4 655.8 645.9 651.5 644.8 675.6 7 8 9 10 11 478.9 1,105.4 321.4 783.9 0.1 485.5 1,120.8 332.1 788.8 -2.8 482.0 1,113.5 325.6 787.9 -0.5 483.3 1,118.1 329.1 789.0 -0.5 484.4 1,121.1 333.1 788.0 -1.2 486.0 1,121.3 333.2 788.2 -4.1 488.3 1,122.8 332.9 789.9 -5.2 12 835.3 841.2 830.1 837.3 828.2 835.0 864.3 1. Equals gross domestic product excluding gross value added of households and institutions and of general government. 2. Equals gross domestic business value added excluding gross farm value added. 3. Equals compensation of employees of nonprofit institutions, the rental value of nonresidential fixed assets owned and used by nonprofit institutions serving households, and rental income of persons for tenant-occupied housing owned by nonprofit institutions. 4. Equals compensation of general government employees plus general government consumption of fixed capital. N o t e . Chained (2000) dollar series are calculated as the product of the chain-type quantity index and the 2000 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 differ ence between the first line and the sum of the most detailed lines. Line 2002 2003 2002 IV Gross domestic product........... Less: Exports of goods and services.................................... Plus: Imports of goods and services.................................... Equals: Gross domestic purchases................................ Less: Change in private Equals: Final sales to domestic purchasers............................... Addendum: Final sales of domestic product 2003 I III II IV 1 2.2 3.1 1.3 2.0 3.1 8.2 4.1 2 -2.4 2.1 -3.7 -2.0 -1.1 9.9 21.0 3 3.3 4.0 8.2 -6.8 9.1 0.8 16.4 4 2.8 3.3 2.7 1.1 4.3 7.0 4.2 6 2.4 3.4 3.1 1.8 4.5 7.2 3.3 7 1.8 3.1 1.7 2.7 3.3 8.3 3.2 s D -8 National D ata March 2004 Table 1.4.3. Real Gross Domestic Product, Real Gross Domestic Purchases, and Real Final Sales to Domestic Purchasers, Quantity Indexes Table 1.4.4. Price Indexes for Gross Domestic Product, Gross Domestic Purchases, and Final Sales to Domestic Purchasers [Index numbers, 2000=100] [Index numbers, 2000=100] Seasonally adjusted Line 2002 2003 2002 Line 2003 IV Gross domestic product........... Less: Exports of goods and services.................................... Plus: Imports of goods and services.................................... Equals: Gross domestic purchases................................ Less: Change in private inventories................................ Equals: Final sales to domestic purchasers.............................. Addendum: Final sales of domestic product Seasonally adjusted I II III 1 102.710 105.916 103.502 104.008 104.801 106.887 107.968 2 92.512 94.409 92.818 92.353 92.097 94.290 2002 2003 98.893 3 100.609 104.617 103.610 101.810 104.059 104.277 108.322 4 103.482 106.932 104.625 104.915 106.016 107.836 108.959 5 6 103.998 107.484 104.992 105.459 106.619 108.483 109.376 7 103.242 106.484 103.877 104.569 105.420 107.553 108.396 2002 2003 IV IV Gross domestic product........... Less: Exports of goods and services.................................... Plus: Imports of goods and services.................................... Equals: Gross domestic purchases................................ Less: Change in private inventories................................ Equals: Final sales to domestic purchasers............................... Addendum: Final sales of domestic product I II III IV 1 103.949 105.665 104.571 105.163 105.440 105.870 106.187 2 99.273 101.342 99.964 100.842 101.044 101.434 102.049 3 96.519 100.030 97.694 100.435 99.381 100.042 100.261 4 103.374 105.308 104.065 104.934 105.031 105.496 105.772 5 6 103.379 105.343 104.077 104.968 105.062 105.531 105.811 7 103.955 105.702 104.585 105.198 105.474 105.906 106.228 Table 1.4.5. Relation of Gross Domestic Product, Gross Domestic Purchases, and Final Sales to Domestic Purchasers Table 1.4.6. Relation of Real Gross Domestic Product, Real Gross Domestic Purchases, and Real Final Sales to Domestic Purchasers, Chained Dollars [Billions of dollars] [Billions of chained (2000) dollars] Seasonally adjusted at annual rates Seasonally adjusted at annual rates Line 2002 2003 2002 IV Gross domestic product........... Less: Exports of goods and services.................................... Plus: Imports of goods and services.................................... Equals: Gross domestic purchases................................ Less: Change in private inventories................................ Equals: Final sales to domestic purchasers.............................. Addendum: Final sales of domestic product Line 2003 I II III 2 1,006.8 1,049.0 1,017.2 1,021.0 1,020.2 1,048.5 1,106.3 3 1,433.1 1,543.9 1,493.3 1,508.5 1,525.7 1,539.0 1,602.2 4 10,907.1 11,480.3 11,099.9 11,223.4 11,352.2 11,597.5 11,748.3 5.4 -0.9 20.2 -0.9 -5.8 -10.5 2003 13.7 6 10,901.7 11,481.2 11,079.7 11,224.3 11,357.9 11,608.0 11,734.6 7 10,475.5 10,986.3 10,603.6 10,736.7 10,852.4 11,117.4 11,238.7 2002 IV IV 1 10,480.8 10,985.5 10,623.7 10,735.8 10,846.7 11,107.0 11,252.3 5 2002 Gross domestic product........... Less: Exports of goods and services.................................... Plus: Imports of goods and services.................................... Equals: Gross domestic purchases................................ Less: Change in private inventories................................ Equals: Final sales to domestic purchasers............................... Addendum: Final sales of domestic product 2003 I II III IV 1 10,083.0 10,397.7 10,160.8 10,210.4 10,288.3 10,493.1 10,599.2 2 1,014.2 1,035.0 1,017.5 1,012.4 1,009.6 1,033.7 1,084.1 3 1,484.7 1,543.9 1,529.0 1,502.5 1,535.7 1,538.9 1,598.6 4 10,551.5 10,903.2 10,668.0 10,697.6 10,809.9 10,995.4 11,109.9 5 5.7 0.7 21.5 1.6 -4.5 -9.1 14.9 6 10,545.4 10,898.9 10,646.1 10,693.5 10,811.1 11,000.1 11,090.7 7 10,076.9 10,393.4 10,138.9 10,206.4 10,289.5 10,497.7 10,580.0 N ote. Chained (2000) dollar series are calculated as the product of the chain-type quantity index and the 2000 current- dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses weights than o n e period, the corresponding chained-dollar estimates are usually not additive. of m o re March 2004 S urvey of D -9 C u r r e n t B u s in e s s Table 1.5.1 Percent Change From Preceding Period in Real Gross Domestic Product, Expanded Detail Table 1.5.2 Contributions to Percent Change in Real Gross Domestic Product, Expanded Detail [Percent] Seasonally adjusted at annual rates Line 2002 2003 2002 IV Gross domestic product.... Personal consumption expenditures........................... Durable goods.......................... Motor vehicles and parts..... Furniture and household equipment......................... Other.................................... Nondurable goods................... Food..................................... Clothing and shoes.............. Gasoline, fuel oil, and other energy goods................... Other.................................... Services................................... Housing................................ Household operation........... Electricity and gas........... Other household operation Transportation....................... Medical care......................... Recreation............................ Other.................................... Gross private domestic investment............................... Fixed investment....................... Nonresidential..................... Structures......................... Equipment and software... Information processing equipment and software................... Computers and peripheral equipment........... Software1................ Other........................ Industrial equipment.... Transportation equipment............... Other equipment......... Residential............................ Change in private inventories... Farm..................................... Nonfarm................................ Net exports of goods and services................................... Exports..................................... Goods................................... Services............................... Imports..................................... Goods................................... Services............................... Government consumption expenditures and gross investment............................... Federal..................................... National defense.................. Consumption expenditures Gross investment............. Nondefense......................... Consumption expenditures Gross investment............. State and local.......................... Consumption expenditures... Gross investment.................. I II Line III 2002 2003 IV 2002 2003 IV 1 2.2 3.1 1.3 2.0 3.1 8.2 4.1 2 3 4 3.4 6.5 4.4 3.1 7.3 4.3 2.2 0.3 -8.0 2.5 0.5 -4.2 3.3 17.7 15.3 6.9 28.0 39.7 2.7 -0.1 -9.7 5 6 7 8 9 10.0 4.8 3.0 2.3 5.1 9.7 10.0 3.8 3.8 4.8 8.2 7.0 4.6 2.3 7.5 1.3 11.0 5.7 6.7 3.0 19.4 20.0 1.2 2.4 7.8 22.9 12.5 7.3 7.3 9.4 9.8 6.2 5.2 3.8 0.9 10 11 12 13 14 15 16 17 18 19 20 2.3 3.5 3.0 2.7 1.1 2.9 0.0 -1.7 5.7 3.8 2.1 -0.5 4.6 2.0 2.2 0.4 -0.2 0.8 -2.3 5.1 2.2 -0.1 12.7 4.5 1.5 2.3 0.9 6.1 -2.0 -3.1 6.1 3.2 -3.3 4.2 5.9 1.5 2.3 1.0 0.4 1.4 0.5 5.1 0.0 -2.8 -18.6 3.6 1.7 1.8 -3.3 -12.7 3.2 -4.0 4.6 3.6 1.3 3.7 7.6 2.8 2.2 3.5 4.1 3.2 -2.2 5.0 2.6 1.9 17.6 6.0 2.2 1.6 0.5 -1.2 1.5 -2.4 5.0 4.0 0.8 21 22 23 24 25 -1.2 -3.7 -7.2 -18.4 -2.8 4.3 4.4 2.9 -5.0 5.5 -0.6 2.1 -0.1 -5.6 1.7 -3.5 1.1 -0.6 -4.0 0.5 4.7 6.1 7.0 3.9 8.0 14.8 15.8 12.8 -1.8 17.6 15.8 9.3 9.6 -7.1 15.1 26 0.4 13.8 -1.5 17.3 16.8 27.1 17.1 2/ 28 29 30 13.8 -2.5 -2.9 -6.2 32.6 9.0 10.0 -3.5 12.0 -3.4 -5.9 -3.1 29.2 11.6 17.4 -7.4 48.6 9.9 9.7 -1.3 53.4 15.2 26.8 1.5 30.6 15.7 11.7 -0.9 31 32 33 34 -10.1 -1.7 4.9 -9.1 3.4 7.5 18.1 3.1 6.8 -27.4 -10.5 4.5 -7.6 4.3 4.5 -1.8 25.2 21.9 23.7 17.2 8.6 36 :v 38 39 40 41 42 43 -2.4 -4.0 1.4 3.3 3.7 1.4 2.1 1.9 2.4 4.0 4.8 0.0 -3.7 -9.1 9.4 8.2 7.4 12.2 -2.0 1.9 -10.1 -6.8 -6.6 -7.5 -1.1 -1.7 0.2 9.1 13.7 -10.9 9.9 8.6 12.7 0.8 -1.5 13.4 21.0 21.2 20.7 16.4 18.1 8.6 44 45 46 47 48 49 50 b1 52 53 b4 3.8 7.9 8.9 8.4 11.7 6.2 6.1 7.0 1.8 1.4 3.4 3.4 8.8 10.6 10.9 8.7 5.3 5.4 4.9 0.5 0.7 0.0 7.1 18.2 22.1 28.2 -12.6 11.4 13.7 -2.6 1.5 1.9 -0.3 -0.4 -0.2 -5.6 -4.8 -11.2 10.5 12.8 -4.1 -0.5 0.6 -4.9 7.4 23.5 41.9 41.9 42.1 -5.0 -11.7 53.7 -0.8 -0.5 -2.2 1.8 1.2 -1.3 -4.7 26.4 6.5 11.9 -22.8 2.1 -0.3 12.2 0.8 1.6 4.2 4.3 3.8 -3.3 -7.4 28.7 0.4 0.3 0.7 1. Excludes software “embedded,” or bundled, in computers and other equipment. Seasonally adjusted at annual rates 2003 Percent change at annual rate: Gross domestic product.... Percentage points at annual rates: Personal consumption expenditures.......................... Durable goods.......................... Motor vehicles and parts..... Furniture and household equipment........................ Other..................................... Nondurable goods................... Food...................................... Clothing and shoes.............. Gasoline, fuel oil, and other energy goods................... Other..................................... Services.................................... Housing................................ Household operation........... Electricity and gas........... Other household operation Transportation...................... Medical care........................ Recreation........................... Other..................................... Gross private domestic investment............................... Fixed investment...................... Nonresidential...................... Structures........................ Equipment and software... Information processing equipment and software................... Computers and peripheral equipment............ Software1................. Other....................... Industrial equipment.... Transportation equipment................ Other equipment.......... Residential........................... Change in private inventories... Farm..................................... Nonfarm................................ Net exports of goods and services................................... Exports..................................... Goods................................... Services................................ Imports...................................... Goods................................... Services................................ Government consumption expenditures and gross investment............................... Federal...................................... National defense.................. Consumption expenditures Gross investment............. Nondefense......................... Consumption expenditures Gross investment............. State and local.......................... Consumption expenditures... Gross investment................. I II IV III 1 2.2 3.1 1.3 2.0 3.1 8.2 4.1 2 3 4 2.38 0.55 0.18 2.20 0.61 0.17 1.57 0.02 -0.33 1.80 0.04 -0.16 2.34 1.38 0.54 4.89 2.23 1.36 1.93 -0.01 -0.40 5 6 7 8 9 0.30 0.08 0.60 0.22 0.15 0.28 0.16 0.76 0.37 0.13 0.24 0.11 0.90 0.22 0.21 0.04 0.17 1.13 0.63 0.09 0.54 0.30 0.25 0.23 0.21 0.65 0.21 1.48 0.71 0.27 0.29 0.10 1.04 0.37 0.02 10 11 12 13 14 15 16 17 18 19 20 0.04 0.20 1.23 0.29 0.04 0.04 0.00 -0.05 0.63 0.11 0.20 -0.01 0.26 0.84 0.24 0.02 0.00 0.02 -0.06 0.59 0.06 -0.01 0.21 0.25 0.65 0.25 0.04 0.09 -0.05 -0.09 0.69 0.09 -0.33 0.08 0.33 0.63 0.26 0.04 0.01 0.03 0.01 0.59 0.00 -0.28 -0.40 0.20 0.71 0.20 -0.13 -0.21 0.08 -0.11 0.53 0.10 0.13 0.07 0.43 1.19 0.25 0.14 0.06 0.08 -0.06 0.60 0.08 0.19 0.31 0.33 0.91 0.18 0.02 -0.02 0.04 -0.06 0.59 0.12 0.08 21 22 23 24 25 -0.18 -0.60 -0.82 -0.59 -0.23 0.64 0.66 0.29 -0.13 0.42 -0.09 0.31 -0.01 -0.14 0.13 -0.57 0.16 -0.06 -0.10 0.04 0.73 0.90 0.68 0.09 0.59 2.17 2.30 1.25 -0.04 1.30 2.31 1.39 0.95 -0.17 1.12 26 0.02 0.54 -0.06 0.64 0.64 1.05 0.69 27 28 29 30 0.11 -0.04 -0.05 -0.09 0.24 0.14 0.16 -0.05 0.09 -0.06 -0.10 -0.04 0.21 0.18 0.26 -0.10 0.33 0.15 0.15 -0.02 0.39 0.24 0.41 0.02 0.25 0.25 0.19 -0.01 31 32 33 34 35 36 -0.14 -0.02 0.23 0.41 -0.03 0.44 -0.11 0.04 0.36 -0.01 0.02 -0.04 0.20 0.04 0.32 -0.40 -0.02 -0.38 -0.37 -0.13 0.22 -0.74 0.15 -0.88 -0.09 0.05 0.22 -0.17 -0.09 -0.08 -0.05 0.28 1.05 -0.13 -0.03 -0.10 0.24 0.20 0.44 0.92 0.10 0.82 37 38 39 40 41 42 43 -0.70 -0.24 -0.29 0.04 -0.45 -0.42 -0.03 -0.35 0.20 0.13 0.07 -0.55 -0.55 0.00 -1.47 -0.37 -0.64 0.27 -1.10 -0.83 -0.27 0.81 -0.19 0.13 -0.31 1.00 0.81 0.19 -1.34 -0.11 -0.11 0.01 -1.24 -1.51 0.27 0.80 0.92 0.56 0.36 -0.12 0.18 -0.30 -0.30 1.85 1.28 0.57 -2.15 -1.95 -0.20 44 45 46 47 48 49 50 51 52 53 54 0.69 0.48 0.35 0.29 0.06 0.14 0.12 0.02 0.21 0.13 0.08 0.63 0.56 0.44 0.40 0.05 0.12 0.11 0.02 0.06 0.06 0.00 1.29 1.11 0.85 0.93 -0.07 0.26 0.26 0.00 0.18 0.19 -0.01 -0.07 -0.01 -0.25 -0.19 -0.06 0.24 0.25 -0.01 -0.06 0.06 -0.12 1.36 1.46 1.58 1.39 0.19 -0.12 -0.26 0.14 -0.10 -0.05 -0.05 0.34 0.09 -0.06 -0.20 0.13 0.15 0.23 -0.08 0.25 -0.02 0.27 0.16 0.11 0.19 0.17 0.02 -0.08 -0.16 0.08 0.05 0.03 0.02 1. Excludes software “embedded,” or bundled, in computers and other equipment. March 2004 National D ata D -1 0 Table 1.5.3 Real Gross Domestic Product, Expanded Detail, Quantity Indexes Table 1.5.4 Price Indexes for Gross Domestic Product, Expanded Detail [Index numbers, 2000=100] [Index numbers, 2000=100] Seasonally adjusted Seasonally adjusted Line 2002 2003 2002 2003 IV Gross domestic product.... Personal consumption expenditures........................... Durable goods.......................... Motor vehicles and parts..... Furniture and household equipment......................... Other.................................... Nondurable goods.................... Food..................................... Clothing and shoes.............. Gasoline, fuel oil, and other energy goods................... Other.................................... Services................................... Housing................................ Household operation........... Electricity and gas........... Other household operation Transportation...................... Medical care........................ Recreation............................ Other.................................... Gross private domestic investment............................... Fixed investment....................... Nonresidential..................... Structures........................ Equipment and software... information processing equipment and software................... Computers and peripheral equipment........... Software1................. Other........................ Industrial equipment.... Transportation equipment............... Other equipment......... Residential............................ Change in private inventories... I II Line III 1 102.710 105.916 103.502 104.008 104.801 106.887 107.968 2 105.951 109.251 106.819 107.489 108.378 110.197 110.943 3 110.868 118.957 111.638 111.779 116.420 123.834 123.793 4 109.522 114.224 108.395 107.228 111.116 120.794 117.756 5 6 7 8 9 116.544 103.870 104.949 103.573 107.183 127.905 114.284 108.913 107.545 112.307 119.356 105.576 105.885 104.188 108.622 119.740 108.357 107.358 105.885 109.416 125.172 113.405 107.685 106.508 111.495 131.794 116.799 109.607 108.390 114.037 134.915 118.576 111.003 109.397 114.281 10 11 12 13 14 15 16 17 18 19 20 104.060 106.466 105.420 105.508 101.117 101.352 100.959 97.774 110.250 106.169 103.935 103.583 111.415 107.515 107.866 101.515 101.138 101.773 95.551 115.898 108.502 103.782 104.974 107.690 106.276 106.487 101.418 103.198 100.329 96.582 112.462 107.184 103.968 106.047 109.252 106.664 107.106 101.675 103.302 100.678 96.697 113.880 107.180 103.237 100.743 110.227 107.115 107.581 100.838 99.842 101.483 95.714 115.157 108.124 103.570 101.664 112.274 107.849 108.173 101.717 100.859 102.274 95.188 116.563 108.812 104.058 105.880 113.909 108.430 108.605 101.832 100.549 102.658 94.603 117.991 109.890 104.265 21 22 23 24 25 90.580 93.258 88.683 79.492 92.144 94.435 97.357 91.278 75.547 97.246 91.953 93.718 88.378 76.304 92.927 91.135 93.968 88.248 75.523 93.047 92.186 95.378 89.751 76.244 94.851 26 98.211 95.424 98.996 98.932 101.149 92.485 94.630 75.906 74.514 98.779 102.309 111.777 100.115 104.182 108.297 114.996 119.632 27 116.477 154.434 124.706 132.950 146.791 163.361 174.634 28 95.068 103.602 96.336 99.021 101.393 105.045 108.949 29 93.181 102.472 93.191 96.996 99.259 105.335 108.297 30 85.452 82.419 84.117 82.516 82.247 82.554 82.360 31 79.729 72.460 79.073 73.002 71.581 70.701 74.556 32 94.721 97.945 96.101 93.460 94.445 99.913 103.964 33 105.228 113.124 107.629 108.828 110.021 115.616 118.031 34 fVS 3fi V 38 92.512 94.409 92.818 92.353 92.097 94.290 39 90.163 91.853 89.651 90.076 89.693 91.572 40 98.348 100.751 100.660 98.010 98.068 101.033 41 100.609 104.617 103.610 101.810 104.059 104.277 42 100.400 105.226 103.586 101.829 105.144 104.739 43 101.787 101.774 103.842 101.828 98.938 102.100 98.893 96.072 105.893 108.322 109.192 104.230 44 45 46 47 48 49 50 51 52 53 54 111.240 123.900 128.565 127.899 133.407 115.629 115.423 117.308 104.880 104.243 107.522 106.697 111.958 113.086 112.664 116.016 109.956 110.398 107.396 104.047 103.568 106.021 110.334 121.761 125.114 124.977 126.099 115.814 116.379 112.623 104.592 104.250 105.998 108.666 116.764 118.672 118.810 117.620 113.381 114.500 106.644 104.593 104.207 106.184 108.563 116.713 116.972 117.355 114.165 116.252 118.011 105.540 104.463 104.361 104.857 1. Excludes software “embedded,” or bundled, in computers and other equipment. 2003 2002 2003 I IV Gross domestic product.... Personal consumption expenditures........................... Durable goods......................... Motor vehicles and parts..... Furniture and household equipment........................ Other..................................... Nondurable goods................... Food...................................... Clothing and shoes.............. Gasoline, fuel oil, and other energy goods................... Other..................................... Services.................................... Housing................................ Household operation........... Electricity and gas........... Other household operation Transportation...................... Medical care........................ Recreation........................... Other..................................... Gross private domestic investment............................... Fixed investment...................... Nonresidential...................... Structures........................ Equipment and software... Information processing equipment and software................... Computers and peripheral equipment............ Software1................. Other....................... Industrial equipment.... Transportation equipment................ Other equipment.......... Residential............................ Change in private inventories... II III IV 1 103.949 105.665 104.571 105.163 105.440 105.870 106.187 2 103.429 105.302 104.203 104.927 105.065 105.522 105.695 3 95.208 91.682 94.136 93.074 92.147 91.207 90.298 4 98.766 95.991 97.959 97.029 96.514 95.785 94.636 5 88.778 83.539 87.082 85.873 84.212 82.409 81.660 6 99.531 97.905 99.168 98.115 97.790 98.195 97.521 7 102.075 104.180 102.789 104.079 103.529 104.488 104.623 8 104.942 106.966 105.449 105.898 106.527 107.197 108.241 9 95.405 93.047 94.734 93.555 92.642 92.816 93.174 10 11 12 13 14 15 16 17 18 19 20 90.530 104.986 105.946 107.786 103.490 104.857 102.715 102.826 106.241 106.476 105.419 105.692 105.136 108.966 110.411 107.497 113.154 104.193 105.558 109.445 109.658 108.278 95.987 105.159 107.174 108.958 104.355 105.478 103.733 103.628 107.375 107.726 107.077 109.497 104.975 108.028 109.612 106.555 110.177 104.443 103.781 108.033 108.714 108.002 102.030 104.993 108.758 110.043 107.827 114.549 103.906 105.014 109.041 109.358 108.392 107.390 105.439 109.306 110.676 107.998 114.730 104.070 106.523 109.887 110.066 108.317 103.853 105.137 109.771 111.312 107.608 113.161 104.353 106.915 110.818 110.492 108.402 21 101.119 102.062 101.259 101.586 101.589 102.093 102.981 22 101.155 102.291 101.341 101.808 101.796 102.319 103.241 23 98.859 98.664 98.658 98.579 98.293 98.678 99.106 24 106.974 109.165 107.274 108.268 108.559 109.288 110.547 25 96.121 95.270 95.781 95.404 94.961 95.251 95.464 26 91.736 88.744 90.553 89.512 89.077 88.684 87.704 2 / 70.466 62.065 66.951 64.232 62.648 61.254 60.125 28 100.279 99.274 100.067 99.417 99.439 100.013 98.226 29 96.068 95.232 95.613 95.451 95.479 95.016 94.983 30 101.049 101.875 101.279 101.552 101.683 102.058 102.205 31 99.792 103.920 101.286 102.079 100.133 103.593 109.877 32 102.272 103.295 102.653 102.996 103.344 103.488 103.351 33 107.105 111.257 108.184 109.881 110.485 111.321 113.343 14 SS 3fi Net exports of goods and Net exports of goods and Exports Goods Services............................... Imports Goods Services............................... Government consumption expenditures and gross investment............................... Federal..................................... National defense.................. Consumption expenditures Gross investment............. Nondefense.......................... Consumption expenditures Gross investment............. State and local.......................... Consumption expenditures... Gross investment.................. 2002 IV 110.527 123.025 127.675 128.087 124.649 114.781 114.406 117.511 104.248 104.231 104.288 111.008 123.406 127.247 126.569 132.174 116.596 117.676 110.132 104.779 104.165 107.326 Exports..................................... Goods................................... Services................................ Imports...................................... Goods................................... Services................................ Government consumption expenditures and gross investment............................... Federal...................................... National defense.................. Consumption expenditures Gross investment............. Nondefense.......................... Consumption expenditures Gross investment............. State and local......................... Consumption expenditures... Gross investment................. :v 38 99.273 101.342 99.964 39 98.668 100.680 99.311 40 100.740 102.941 101.543 41 96.519 100.030 97.694 42 95.345 98.113 96.364 43 102.665 110.248 104.681 100.842 100.159 102.491 100.435 99.086 107.525 101.044 100.589 102.166 99.381 97.353 110.212 101.434 100.529 103.587 100.042 97.972 111.108 102.049 101.443 103.521 100.261 98.042 112.148 44 45 46 47 48 49 50 51 52 53 54 107.951 107.032 106.968 108.295 98.249 107.148 108.329 100.000 108.435 109.195 105.372 107.966 107.399 107.300 108.677 98.237 107.581 108.838 99.973 108.246 108.813 105.971 108.433 107.755 107.654 109.057 98.417 107.942 109.218 100.226 108.778 109.456 106.056 108.564 107.818 107.749 109.180 98.336 107.941 109.292 99.779 108.951 109.569 106.464 105.207 104.858 104.666 105.643 98.279 105.208 106.021 100.356 105.382 105.694 104.116 108.229 107.501 107.418 108.802 98.310 107.653 108.919 99.995 108.603 109.258 105.966 106.055 105.066 104.941 105.926 98.512 105.293 106.153 100.176 106.580 107.095 104.502 1. Excludes software “embedded,” or bundled, in computers and other equipment. March 2004 S urvey of C urrent B D -1 1 u s in e s s Table 1.5.5 Gross Domestic Product, Expanded Detail Table 1.5.6 Real Gross Domestic Product, Expanded Detail, Chained Dollars [Billions of dollars] [Billions of chained (2000) dollars] Seasonally adjusted at annual rates Line 2002 2003 2002 IV Gross domestic product.... Personal consumption expenditures........................... Durable goods.......................... Motor vehicles and parts..... Furniture and household equipment......................... Other.................................... Nondurable goods................... Food..................................... Clothing and shoes.............. Gasoline, fuel oil, and other energy goods................... Other.................................... Services................................... Housing................................ Household operation........... Electricity and gas........... Other household operation Transportation Medical carp Recreation. Other........ Gross private domestic investment............................... Fixed investment...................... Nonresidential..................... Structures......................... Equipment and software... Information processing equipment and software................... Computers and peripheral equipment........... Software1................ Other....................... Industrial equipment.... Transportation equipment............... Other equipment......... Residential............................ Change in private inventories... Farm..................................... Nonfarm................................ Net exports of goods and services Exports. Goods Services Imports..................................... Goods................................... Services............................... Government consumption expenditures and gross investment............................... Federal..................................... National defense.................. Consumption expenditures Gross investment............. Nondefense......................... Consumption expenditures Gross investment............. State and local......................... Consumption expenditures... Gross investment................. Seasonally adjusted at annual rates 2003 I II Line III 2002 2003 IV 1 10,480.8 10,985.5 10,623.7 10,735.8 10,846.7 11,107.0 11,252.3 2 3 4 7,385.3 911.3 418.1 7,753.2 941.1 423.6 7,501.2 907.3 410.4 7,600.7 898.2 402.1 7,673.6 926.2 414.5 7,836.3 975.1 447.2 7,902.3 965.1 430.7 5 6 7 8 9 323.7 169.4 2,086.0 1,005.6 304.4 334.1 183.4 2,209.4 1,064.4 311.1 325.3 171.6 2,119.2 1,016.4 306.4 321.8 174.3 2,175.7 1,037.4 304.8 329.9 181.8 2,170.8 1,049.7 307.5 339.9 188.0 2,230.0 1,074.9 315.1 344.8 189.5 2,261.3 1,095.5 317.0 10 11 12 13 14 15 16 17 18 19 20 180.4 595.6 4,388.0 1,144.6 408.2 152.3 255.9 292.8 1,202.7 303.3 1,036.4 209.8 193.0 624.2 603.4 4,602.7 4,474.7 1,198.6 1,167.7 425.7 412.9 164.0 156.0 261.7 256.9 293.8 291.5 1,302.5 1,239.8 319.2 309.7 1,063.0 1,053.0 222.4 611.1 4,526.8 1,181.5 422.6 163.1 259.5 292.3 1,263.1 312.6 1,054.7 196.9 616.7 4,576.6 1,191.4 424.2 163.9 260.3 292.8 1,289.2 317.2 1,061.9 209.2 630.8 4,631.2 1,204.9 428.5 165.8 262.7 295.3 1,315.1 321.3 1,066.2 210.6 638.1 4,676.0 1,216.6 427.5 163.1 264.4 294.6 1,342.5 325.7 1,069.1 21 22 23 24 25 1,589.2 1,583.9 1,080.2 266.3 813.9 1,671.4 1,672.3 1,109.7 258.3 851.4 1,614.7 1,594.6 1,074.3 256.3 817.9 1,605.3 1,606.2 1,071.8 256.1 815.8 1,624.3 1,630.1 1,086.9 259.2 827.7 1,689.1 1,699.5 1,124.4 259.8 864.6 1,767.0 1,753.3 1,155.5 258.0 897.5 26 421.3 463.8 424.1 436.2 451.2 477.0 490.8 27 28 29 30 83.3 167.9 170.1 137.5 97.2 181.2 185.4 133.7 84.9 169.8 169.3 135.6 86.8 173.4 175.9 133.4 93.5 177.6 180.1 133.2 101.8 185.1 190.2 134.1 106.8 188.5 195.5 134.0 31 32 33 34 35 36 128.0 127.1 503.7 5.4 -3.4 8.7 121.1 132.7 562.6 -0.9 -2.3 1.4 128.8 129.4 520.3 20.2 -4.8 25.0 119.8 126.3 534.4 -0.9 0.2 -1.2 115.3 128.1 543.2 -5.8 -2.7 -3.0 117.8 135.7 575.1 -10.5 -4.3 -6.2 131.7 141.0 597.8 13.7 -2.3 16.0 37 38 39 40 41 42 43 -426.3 1,006.8 697.8 309.1 1,433.1 1,190.3 242.7 -494.9 1,049.0 725.4 323.6 1,543.9 1,283.2 260.6 -476.1 1,017.2 698.3 318.8 1,493.3 1,240.8 252.5 -487.6 1,021.0 707.6 313.3 1,508.5 1,254.2 254.3 -505.5 1,020.2 707.7 312.5 1,525.7 1,272.4 253.3 -490.6 1,048.5 722.1 326.4 1,539.0 1,275.6 263.5 -495.9 1,106.3 764.4 341.9 1,602.2 1,330.7 271.5 44 45 46 47 48 49 50 51 52 53 54 1,932.5 679.5 438.3 382.7 55.7 241.2 208.1 33.0 1,253.1 1,004.6 248.4 2,055.7 757.6 497.7 437.2 60.5 259.9 225.4 34.5 1,298.1 1,045.3 252.8 1,983.9 710.0 461.1 404.6 56.6 248.9 216.1 32.7 1,273.9 1,024.2 249.7 2,017.4 723.0 463.3 408.6 54.7 259.7 227.3 32.4 1,294.5 1,045.8 248.7 2,054.2 764.7 507.3 447.5 59.8 257.4 221.4 36.0 1,289.6 1,040.9 248.7 2,072.1 769.6 507.2 443.7 63.5 262.4 228.5 33.8 1,302.5 1,046.3 256.2 2,079.0 773.1 512.9 448.9 64.0 260.2 224.3 35.9 1,305.8 1,048.2 257.6 2002 IV Gross domestic product.... Personal consumption expenditures.......................... Durable goods......................... Motor vehicles and parts..... Furniture and household equipment........................ Other..................................... Nondurable goods................... Food...................................... Clothing and shoes.............. Gasoline, fuel oil, and other energy goods................... Other..................................... Services.................................... Housing................................ Household operation........... Electricity and gas........... Other household operation Transportation...................... Medical care Recreation Other..... Gross private domestic investment............................... Fixed investment...................... Nonresidential....................... Structures........................ Equipment and software... Information processing equipment and software................... Computers and peripheral equipment’ .......... Software2................. Other....................... Industrial equipment.... Transportation equipment................ Other equipment.......... Residential............................ Change in private inventories ... Farm..................................... Nonfarm................................ Net exports of goods and services................................... Exports..................................... Goods................................... Services................................ Imports...................................... Goods................................... Services................................ Government consumption expenditures and gross investment............................... Federal...................................... National defense.................. Consumption expenditures Gross investment............. Nondefense.......................... Consumption expenditures Gross investment............. State and local......................... Consumption expenditures... Gross investment................. Residual........................................ 2003 I II III IV 1 10,083.0 10,397.7 10,160.8 10,210.4 10,288.3 10,493.1 10,599.2 2 3 4 7,140.4 957.2 423.3 7,362.9 1,027.0 441.5 7,198.9 963.8 419.0 7,244.1 965.0 414.5 7,304.0 1,005.1 429.5 7,426.6 1,069.1 466.9 7,476.9 1,068.7 455.1 5 6 7 8 9 364.7 170.2 2,043.6 958.2 319.1 400.2 187.3 2,120.8 995.0 334.4 373.5 173.0 2,061.8 963.9 323.4 374.7 177.6 2,090.5 979.6 325.7 391.7 185.9 2,096.9 985.4 331.9 412.4 191.4 2,134.3 1,002.8 339.5 422.2 194.3 2,161.5 1,012.1 340.2 10 11 12 13 14 15 16 17 18 19 20 199.3 567.3 4,141.8 1,061.9 394.5 145.2 249.2 284.8 1,132.1 284.8 983.2 198.3 593.7 4,224.1 1,085.6 396.0 144.9 251.2 278.3 1,190.1 291.1 981.7 201.0 573.8 4,175.4 1,071.7 395.6 147.9 247.6 281.3 1,154.8 287.5 983.5 203.1 582.2 4,190.7 1,078.0 396.6 148.0 248.5 281.6 1,169.3 287.5 976.6 192.9 587.4 4,208.4 1,082.8 393.4 143.1 250.5 278.8 1,182.4 290.1 979.7 194.7 598.3 4,237.2 1,088.7 396.8 144.5 252.4 277.2 1,196.9 291.9 984.3 202.7 607.0 4,260.0 1,093.1 397.3 144.1 253.4 275.5 1,211.5 294.8 986.3 21 22 23 24 25 1,572.0 1,565.8 1,092.6 249.0 846.7 1,638.9 1,634.6 1,124.6 236.6 893.6 1,595.8 1,573.5 1,088.9 239.0 853.9 1,581.6 1,577.7 1,087.3 236.5 855.0 1,599.9 1,601.4 1,105.8 238.8 871.6 1,656.1 1,661.0 1,139.5 237.7 907.7 1,718.0 1,698.3 1,165.9 233.4 940.1 26 459.3 522.7 468.2 487.2 506.4 537.7 559.4 VI 28 29 30 167.5 177.1 136.1 182.5 194.7 131.2 169.7 177.1 133.9 174.4 184.3 131.4 178.6 188.6 131.0 185.0 200.2 131.4 191.9 205.8 131.1 31 32 33 34 35 36 128.2 124.3 470.3 5.7 -3.3 9.3 116.5 128.5 505.6 0.7 -1.0 2.0 127.2 126.1 481.0 21.5 -3.5 25.4 117.4 122.6 486.4 1.6 1.2 0.3 115.1 123.9 491.7 -4.5 -2.0 -2.4 113.7 131.1 516.7 -9.1 -2.8 -5.9 119.9 136.4 527.5 14.9 -0.6 15.9 3/ 38 39 40 41 42 43 -470.6 1,014.2 707.2 306.8 1,484.7 1,248.4 236.4 -508.9 1,035.0 720.4 314.3 1,543.9 1,308.5 236.4 -511.5 1,017.5 703.2 314.0 1,529.0 1,288.1 241.2 -490.0 1,012.4 706.5 305.7 1,502.5 1,266.2 236.5 -526.0 1,009.6 703.5 305.9 1,535.7 1,307.4 229.8 -505.2 1,033.7 718.2 315.2 1,538.9 1,302.4 237.2 -514.4 1,084.1 753.5 330.3 1,598.6 1,357.8 242.1 44 45 46 47 48 49 50 51 52 53 54 55 1,836.9 648.0 418.8 362.2 56.6 229.2 196.3 32.9 1,189.1 950.5 238.6 -3.3 1,899.5 704.7 463.3 401.8 61.6 241.4 206.9 34.5 1,195.3 956.8 238.5 -18.8 1,870.8 675.8 439.5 382.0 57.4 236.4 203.6 32.7 1,195.3 956.4 239.0 -2.5 1,869.0 675.5 433.2 377.3 55.7 242.4 209.9 32.4 1,193.8 957.8 236.0 -4.5 1,902.8 712.0 472.8 411.8 60.8 239.3 203.4 36.0 1,191.4 956.6 234.7 -11.5 1,911.1 714.3 471.2 406.9 64.5 243.1 209.3 33.8 1,197.4 956.0 241.5 -27.4 1,915.1 717.1 476.1 411.2 65.1 241.1 205.2 36.0 1,198.6 956.7 242.0 -31.7 1. Excludes software “embedded,” or bundled, in computers and other equipment. 1. The quantity index for computers can be used to accurately measure the real growth of this component. However, because computers exhibit rapid changes in prices relative to other prices in the economy, the chained-dollar estimates should not be used to measure the component’s relative importance or its contribution to the growth rate of more aggregate series; accurate estimates of these contributions are shown in table 1.5.2 and real growth rates are shown in table 1.5.1. 2. Excludes software “embedded,” or bundled, in computers and other equipment. N ote . The residual line is the difference between the first line and the sum of the most detailed lines. National Data D -1 2 March 2004 Table 1.6.4. Price Indexes for Gross Domestic Purchases Table 1.6.7. Percent Change From Preceding Period in Prices for Gross Domestic Purchases [Index numbers, 2000=100] [Percent] Seasonally adjusted Line 2002 2003 2002 I IV Gross domestic purchases... Personal consumption expenditures........................... Durable goods.......................... Motor vehicles and parts..... Furniture and household equipment........................ Other.................................... Nondurable goods................... Food..................................... Clothing and shoes.............. Gasoline, fuel oil, and other energy goods................... Other.................................... Services................................... Housing................................ Household operation........... Electricity and gas........... Other household operation Transportation...................... Medical care......................... Recreation............................ Other.................................... Gross private domestic investment............................... Fixed investment...................... Nonresidential..................... Structures......................... Equipment and software... Information processing equipment and software.................... Computers and peripheral equipment........... Software1................ Other........................ Industrial equipment.... Transportation equipment............... Other equipment......... Residential............................ Change in private inventories... Government consumption expenditures and gross investment............................... Federal..................................... National defense.................. Consumption expenditures Gross investment............. Nondefense......................... Consumption expenditures Gross investment............. State and local......................... Consumption expenditures Gross investment............. Addenda: Final sales of computers to domestic purchasers2 ......... Gross domestic purchases excluding final sales of computers to domestic purchasers............................ Food......................................... Energy goods and services..... Gross domestic purchases excluding food and energy.... Gross domestic product.......... Gross domestic product excluding final sales of computers................... Food................................. Energy goods and services........................ Gross domestic product excluding food and energy .......................... Final sales of domestic product Final sales to domestic purchasers............................ II Line III 2 103.429 105.302 104.203 104.927 105.065 105.522 105.695 3 95.208 91.682 94.136 93.074 92.147 91.207 90.298 4 98.766 95.991 97.959 97.029 96.514 95.785 94.636 5 88.778 83.539 87.082 85.873 84.212 82.409 81.660 6 99.531 97.905 99.168 98.115 97.790 98.195 97.521 7 102.075 104.180 102.789 104.079 103.529 104.488 104.623 8 104.942 106.966 105.449 105.898 106.527 107.197 108.241 9 95.405 93.047 94.734 93.555 92.642 92.816 93.174 10 11 12 13 14 15 16 17 18 19 20 90.530 104.986 105.946 107.786 103.490 104.857 102.715 102.826 106.241 106.476 105.419 105.692 105.136 108.966 110.411 107.497 113.154 104.193 105.558 109.445 109.658 108.278 95.987 105.159 107.174 108.958 104.355 105.478 103.733 103.628 107.375 107.726 107.077 109.497 104.975 108.028 109.612 106.555 110.177 104.443 103.781 108.033 108.714 108.002 102.030 104.993 108.758 110.043 107.827 114.549 103.906 105.014 109.041 109.358 108.392 107.390 105.439 109.306 110.676 107.998 114.730 104.070 106.523 109.887 110.066 108.317 103.853 105.137 109.771 111.312 107.608 113.161 104.353 106.915 110.818 110.492 108.402 21 101.119 102.062 101.259 101.586 101.589 102.093 102.981 22 101.155 102.291 101.341 101.808 101.796 102.319 103.241 23 98.859 98.664 98.658 98.579 98.293 98.678 99.106 24 106.974 109.165 107.274 108.268 108.559 109.288 110.547 25 96.121 95.270 95.781 95.404 94.961 95.251 95.464 26 91.736 88.744 90.553 89.512 89.077 88.684 87.704 2 / 70.466 62.065 66.951 64.232 62.648 61.254 60.125 28 100.279 99.274 100.067 99.417 99.439 100.013 98.226 29 96.068 95.232 95.613 95.451 95.479 95.016 94.983 30 101.049 101.875 101.279 101.552 101.683 102.058 102.205 31 99.792 103.920 101.286 102.079 100.133 103.593 109.877 32 102.272 103.295 102.653 102.996 103.344 103.488 103.351 33 107.105 111.257 108.184 109.881 110.485 111.321 113.343 34 '•ft 37 38 39 40 41 42 43 44 45 46 47 105.207 104.858 104.666 105.643 98.279 105.208 106.021 100.356 105.382 105.694 104.116 108.229 107.501 107.418 108.802 98.310 107.653 108.919 99.995 108.603 109.258 105.966 106.055 105.066 104.941 105.926 98.512 105.293 106.153 100.176 106.580 107.095 104.502 107.951 107.032 106.968 108.295 98.249 107.148 108.329 100.000 108.435 109.195 105.372 107.966 107.399 107.300 108.677 98.237 107.581 108.838 99.973 108.246 108.813 105.971 108.433 107.755 107.654 109.057 98.417 107.942 109.218 100.226 108.778 109.456 106.056 108.564 107.818 107.749 109.180 98.336 107.941 109.292 99.779 108.951 109.569 106.464 48 65.658 56.183 61.613 58.959 56.985 54.951 53.836 49 103.971 106.136 104.752 105.691 105.832 106.355 106.665 50 104.841 106.816 105.274 105.751 106.384 107.042 108.085 51 96.072 108.748 99.863 110.972 106.843 109.714 107.461 52 103.557 105.000 104.132 104.585 104.811 105.151 105.454 53 103.949 105.665 104.571 105.163 105.440 105.870 106.187 54 104.462 106.364 105.164 105.806 106.120 106.597 106.935 55 105.072 107.296 105.570 105.993 106.771 107.501 108.919 56 101.024 109.847 102.436 107.947 109.705 112.103 109.633 5/ 103.928 105.356 104.537 104.987 105.162 105.498 105.779 58 103.955 105.702 104.585 105.198 105.474 105.906 106.228 59 103.379 105.343 104.077 104.968 105.062 105.531 2002 2003 IV 1 103.374 105.308 104.065 104.934 105.031 105.496 105.772 1. Excludes software “embedded,” or bundled, in computers and other equipment. 2. For some components of final sales of computers, includes computer parts. Seasonally adjusted at annual rates 2003 105.811 2002 2003 IV Gross domestic purchases ... Personal consumption expenditures.......................... Durable goods......................... Motor vehicles and parts..... Furniture and household equipment........................ Other..................................... Nondurable goods................... Food...................................... Clothing and shoes.............. Gasoline, fuel oil, and other energy goods................... Other..................................... Services.................................... Housing................................ Household operation........... Electricity and gas........... Other household operation Transportation...................... Medical care........................ Recreation............................ Other..................................... Gross private domestic investment............................... Fixed investment....................... Nonresidential...................... Structures........................ Equipment and software... Information processing equipment and software.................... Computers and peripheral equipment............ Software1................. Other....................... Industrial equipment.... Transportation equipment................ Other equipment.......... Residential........................... Change in private inventories... Farm..................................... Nonfarm................................ Government consumption expenditures and gross investment............................... Federal...................................... National defense.................. Consumption expenditures Gross investment............. Nondefense.......................... Consumption expenditures Gross investment............. State and local.......................... Consumption expenditures Gross investment............. Addenda: Final sales of computers to domestic purchasers2.......... Gross domestic purchases excluding final sales of computers to domestic purchasers........................... Food.......................................... Energy goods and services..... Gross domestic purchases excluding food and energy.... Gross domestic product........... Gross domestic product excluding final sales of computers.................... Food.................................. Energy goods and services....................... Gross domestic product excluding food and energy.......................... Final sales of domestic product Final sales to domestic purchasers........................... I II IV III 1 1.4 1.9 1.7 3.4 0.4 1.8 1.1 2 3 4 1.4 -2.9 -1.6 1.8 -3.7 -2.8 1.7 -3.0 -2.0 2.8 -4.4 -3.7 0.5 -3.9 -2.1 1.8 -4.0 -3.0 0.7 -3.9 -4.7 5 6 7 8 9 -5.7 -0.8 0.5 1.9 -2.7 -5.9 -1.6 2.1 1.9 -2.5 -5.3 -1.0 1.0 1.7 -1.4 -5.4 -4.2 5.1 1.7 -4.9 -7.5 -1.3 -2.1 2.4 -3.8 -8.3 1.7 3.8 2.5 0.8 -3.6 -2.7 0.5 4.0 1.6 10 11 12 13 14 15 16 17 18 19 20 -6.4 2.2 2.7 3.8 -0.9 -5.2 1.9 1.3 2.5 3.0 3.5 16.7 0.1 2.9 2.4 3.9 7.9 1.4 2.7 3.0 3.0 2.7 9.4 -1.5 3.1 2.9 1.9 2.3 1.7 3.0 3.1 2.8 3.8 69.3 -0.7 3.2 2.4 8.7 19.0 2.8 0.6 2.5 3.7 3.5 -24.6 0.1 2.7 1.6 4.9 16.8 -2.0 4.8 3.8 2.4 1.5 22.7 1.7 2.0 2.3 0.6 0.6 0.6 5.9 3.1 2.6 -0.3 -12.5 -1.1 1.7 2.3 -1.4 -5.4 1.1 1.5 3.4 1.6 0.3 21 22 23 24 25 0.0 0.1 -0.9 1.4 -1.7 0.9 1.1 -0.2 2.0 -0.9 1.6 1.7 0.4 1.1 0.2 1.3 1.9 -0.3 3.8 -1.6 0.0 0.0 -1.2 1.1 -1.8 2.0 2.1 1.6 2.7 1.2 3.5 3.7 1.7 4.7 0.9 26 -3.8 -3.3 -3.4 -4.5 -1.9 -1.8 -4.3 27 28 29 30 -14.2 -0.7 -1.5 0.3 0.0 0.0 -0.9 0.8 -12.8 -0.6 -1.1 0.3 -15.3 -2.6 -0.7 1.1 -9.5 0.1 0.1 0.5 -8.6 2.3 -1.9 1.5 0.0 0.0 -0.1 0.6 31 32 33 34 3S 3fi 0.7 0.8 2.4 4.1 1.0 3.9 12.6 1.0 4.5 3.2 1.3 6.4 -7.4 1.4 2.2 14.6 0.6 3.1 26.6 -0.5 7.5 37 38 39 40 41 42 43 44 45 46 47 2.6 2.7 2.5 2.9 -0.7 3.2 3.9 -0.5 2.5 2.6 1.9 2.9 2.5 2.6 3.0 0.0 2.3 2.7 -0.4 3.1 3.4 1.8 1.8 -0.5 -0.6 -0.7 0.6 -0.4 -0.5 0.0 3.0 3.7 0.4 7.3 7.7 8.0 9.3 -1.1 7.2 8.5 -0.7 7.1 8.1 3.4 0.1 1.4 1.2 1.4 0.0 1.6 1.9 -0.1 -0.7 -1.4 2.3 1.7 1.3 1.3 1.4 0.7 1.3 1.4 1.0 2.0 2.4 0.3 0.5 0.2 0.4 0.5 -0.3 0.0 0.3 -1.8 0.6 0.4 1.5 48 -17.2 -14.4 -17.1 -16.1 -12.7 -13.5 -7.9 49 50 51 1.6 1.9 -6.0 2.1 1.9 13.2 2.0 1.7 7.7 3.6 1.8 52.5 0.5 2.4 -14.1 2.0 2.5 11.2 1.2 4.0 -8.0 52 53 1.7 1.5 1.4 1.7 1.5 1.7 1.8 2.3 0.9 1.1 1.3 1.6 1.2 1.2 54 55 1.8 1.9 1.8 2.1 1.9 1.5 2.5 1.6 1.2 3.0 1.8 2.8 1.3 5.4 56 -7.8 8.7 7.0 23.3 6.7 9.0 -8.5 5/ 58 1.8 1.5 1.4 1.7 1.6 1.8 1.7 2.4 0.7 1.1 1.3 1.6 1.1 1.2 59 1.4 1.9 1.7 3.5 0.4 1.8 1.1 1. Excludes software “embedded," or bundled, in computers and other equipment. 2. For some components of final sales of computers, includes computer parts. March 2004 S urvey of D -13 C u r r e n t B u s in e s s Table 1.6.8. Contributions to Percent Change in the Gross Domestic Purchases Price Index Table 1.7.1. Percent Change from Preceding Period in Real Gross Domestic Product, Real Gross National Product, and Real Net National Product [Percent] Seasonally adjusted at annual rates Line 2002 2003 2002 IV Percent change at annual rate: Gross domestic purchases... Percentage points at annual rates: Personal consumption expenditures........................... Durable goods.......................... Motor vehicles and parts..... Furniture and household equipment......................... Other.................................... Nondurable goods................... Food..................................... Clothing and shoes.............. Gasoline, fuel oil, and other energy goods................... Other.................................... Services................................... Housing................................ Household operation........... Electricity and gas........... Other household operation Transportation...................... Medical care......................... Recreation............................ Other.................................... Gross private domestic investment............................... Fixed investment...................... Nonresidential..................... Structures......................... Equipment and software... Information processing equipment and software................... Computers and peripheral equipment........... Software1................ Other....................... Industrial equipment.... Transportation equipment............... Other equipment......... Residential............................ Change in private inventories... Farm..................................... Nonfarm................................ Government consumption expenditures and gross investment............................... Federal..................................... National defense.................. Consumption expenditures Gross investment............. Nondefense......................... Consumption expenditures Gross investment............. State and local......................... Consumption expenditures Gross investment............. Addenda: Final sales of computers to domestic purchasers2 ......... Gross domestic purchases excluding final sales of computers to domestic purchasers........................... Food......................................... Energy goods and services..... Gross domestic purchases excluding food and energy.... I II ill Line IV 2002 2003 2002 IV 1 1.4 1.9 1.7 3.4 0.4 1.8 1.1 2 3 4 0.92 -0.25 -0.06 1.21 -0.23 -0.08 1.16 -0.25 -0.07 1.87 -0.37 -0.14 0.29 -0.33 -0.08 1.18 -0.34 -0.11 0.45 -0.33 -0.18 5 6 7 8 9 -0.18 -0.01 0.10 0.18 -0.08 -0.13 -0.02 0.25 0.13 -0.05 -0.16 -0.01 0.19 0.15 -0.04 -0.16 -0.07 0.96 0.16 -0.14 -0.23 -0.02 -0.42 0.22 -0.11 -0.25 0.03 0.71 0.23 0.02 -0.11 -0.04 0.10 0.36 0.04 10 11 12 13 14 15 16 17 18 19 20 -0.12 0.12 1.07 0.39 -0.03 -0.08 0.04 0.03 0.27 0.08 0.33 0.17 0.00 1.19 0.27 0.14 0.11 0.04 0.07 0.35 0.09 0.28 0.15 -0.08 1.22 0.30 0.07 0.03 0.04 0.08 0.34 0.08 0.35 0.98 -0.04 1.28 0.25 0.31 0.25 0.06 0.02 0.27 0.10 0.33 -0.53 0.00 1.05 0.16 0.17 0.22 -0.05 0.12 0.41 0.06 0.13 0.36 0.09 0.81 0.24 0.02 0.01 0.01 0.15 0.35 0.07 -0.03 -0.24 -0.06 0.68 0.24 -0.05 -0.08 0.02 0.04 0.38 0.04 0.03 21 22 23 24 25 0.01 0.01 -0.10 0.04 -0.13 0.15 0.16 -0.03 0.05 -0.08 0.24 0.25 0.04 0.03 0.02 0.24 0.26 -0.03 0.09 -0.12 0.07 -0.01 -0.11 0.02 -0.14 0.29 0.30 0.15 0.06 0.09 0.52 0.53 0.17 0.10 0.07 26 -0.16 -0.15 -0.13 -0.18 -0.08 -0.07 -0.18 27 28 29 30 -0.12 -0.01 -0.02 0.00 -0.12 -0.02 -0.02 0.01 -0.11 -0.01 -0.02 0.00 -0.13 -0.04 -0.01 0.01 -0.08 0.00 0.00 0.01 -0.08 0.04 -0.03 0.02 -0.07 -0.12 0.00 0.01 31 32 33 34 35 36 0.01 0.01 0.11 0.00 0.00 0.00 0.05 0.01 0.19 -0.01 0.02 -0.03 0.13 0.01 0.21 -0.01 0.00 -0.01 0.03 0.02 0.29 -0.02 0.05 -0.08 -0.08 0.02 0.10 0.07 0.06 0.01 0.14 0.01 0.15 -0.01 0.00 -0.01 0.25 -0.01 0.36 -0.02 -0.01 -0.01 37 38 39 40 41 42 43 44 45 46 47 0.44 0.16 0.09 0.10 0.00 0.07 0.07 0.00 0.28 0.24 0.04 0.51 0.15 0.10 0.10 0.00 0.05 0.05 0.00 0.36 0.32 0.04 0.31 -0.03 -0.02 -0.03 0.00 -0.01 -0.01 0.00 0.35 0.34 0.01 1.27 0.48 0.32 0.32 -0.01 0.16 0.16 0.00 0.79 0.72 0.07 0.01 0.09 0.05 0.05 0.00 0.04 0.04 0.00 -0.08 -0.13 0.05 0.31 0.09 0.06 0.05 0.00 0.03 0.03 0.00 0.22 0.22 0.01 0.09 0.02 0.02 0.02 0.00 0.00 0.01 -0.01 0.07 0.04 0.03 48 -0.22 -0.17 -0.22 -0.20 -0.16 -0.18 -0.11 49 50 51 1.60 0.17 -0.24 2.05 0.12 0.38 1.93 0.15 0.28 3.59 0.17 1.66 0.53 0.22 -0.62 1.96 0.23 0.42 1.15 0.37 -0.32 52 1.44 1.37 1.28 1.56 0.77 1.13 1.00 1. Excludes software “embedded,” or bundled, in computers and other equipment. 2. For some components of final sales of computers, includes computer parts. Seasonally adjusted at annual rates 2003 Gross domestic product........... Plus: Income receipts from the rest of the world....................... Less: Income payments to the rest of the world............................... Equals: Gross national product Less: Consumption of fixed capital Private......................... Government................. General government. Government enterprises.......... Equals: Net national product.... Addenda: Gross domestic incom e'......... Gross national income2........... Net domestic product............... Net domestic income3............. 1 2.2 ? 2003 I II III IV 1.3 2.0 3.1 8.2 -7.3 -6.2 -13.3 3.2 15.4 3 4 5 6 7 8 -3.6 2.1 2.1 2.2 1.5 2.3 -29.4 2.0 3.1 3.2 2.4 2.4 0.5 1.5 1.4 1.2 2.5 2.5 -3.9 3.3 -0.9 -1.6 2.5 2.6 11.3 8.3 1.6 1.4 2.6 2.6 9 10 -2.6 2.0 2.0 1.9 2.2 1.6 2.2 3.9 2.1 9.3 11 1? 13 14 1.8 1.7 2.2 1.8 0.0 0.7 1.0 -0.5 0.5 0.1 2.0 0.4 4.3 4.5 3.6 5.0 5.8 5.9 9.1 6.4 3.1 i'.9 1.8 2.5 2.5 2.1 3.3 1. Gross domestic income deflated by the implicit price deflator for gross domestic product. 2. Gross national income deflated by the implicit price deflator for gross national product. 3. Net domestic income deflated by the implicit price deflator for net domestic product. 4.1 1.1 0.8 2.7 2.8 2.3 4.5 D -1 4 March 2004 National D ata Table 1.7.3. Real Gross Domestic Product, Real Gross National Product, and Real Net National Product, Quantity Indexes Table 1.7.4. Price Indexes for Gross Domestic Product, Gross National Product, and Net National Product [Index numbers, 2000=100] [Index numbers, 2000=100] Seasonally adjusted Line 2002 2003 2002 IV Gross domestic product........... Plus: Income receipts from the rest of the world........................ Less: Income payments to the rest of the world............................... Equals: Gross national product Less: Consumption of fixed capital Private.......................... Government.................. General government. Government enterprises.......... Equals: Net national product.... Addendum: Net domestic product.............. Seasonally adjusted 2003 I II Line III 1 102.710 105.916 103.502 104.008 104.801 106.887 107.968 ? 75.802 a 4 5 6 7 8 78.053 102.527 108.180 108.842 104.868 104.883 110.206 110.749 107.452 107.532 76.753 74.059 74.640 77.366 74.505 103.476 109.708 110.495 105.777 105.815 74.593 103.873 110.102 110.835 106.432 106.482 73.848 104.711 109.846 110.388 107.099 107.167 75.847 106.825 110.288 110.782 107.778 107.867 110.586 110.992 108.501 108.612 9 104.827 107.070 105.615 106.201 106.778 107.347 107.953 10 101.759 102.631 103.028 104.007 106.335 11 101.963 102.657 103.178 104.106 106.404 2002 IV 2003 2002 IV Gross domestic product........... Plus: Income receipts from the rest of the world....................... Less: Income payments to the rest of the world............................... Equals: Gross national product Less: Consumption of fixed capital Private......................... Government................. General government. Government enterprises.......... Equals: Net national product.... Addendum: Net domestic product............... 2003 I II III IV 1 103.949 105.665 104.571 105.163 105.440 105.870 106.187 ? 103.131 3 4 5 6 7 8 103.800 104.754 104.895 105.442 103.486 104.242 103.936 104.556 100.284 99.892 99.780 99.939 99.277 99.277 102.071 103.092 102.395 101.777 102.657 102.081 104.913 105.156 99.828 99.277 102.695 102.291 104.869 105.438 99.884 99.277 103.040 102.622 105.231 105.872 99.918 99.940 99.277 99.277 103.248 103.385 102.827 102.890 9 103.630 105.418 104.069 104.856 105.276 105.501 106.039 10 104.461 105.245 105.926 106.240 106.732 11 104.478 105.265 105.936 106.246 106.732 March 2004 S urvey of C urrent B D -1 5 u s in e s s Table 1.7.5. Relation of Gross Domestic Product, Gross National Product, Net National Product, National Income, and Personal Income Table 1.7.6. Relation of Real Gross Domestic Product, Real Gross National Product, and Real Net National Product, Chained Dollars [Billions of dollars] [Billions of chained (2000) dollars] Seasonally adjusted at annual rates Seasonally adjusted at annual rates Line 2002 2003 2002 IV Gross domestic product........... Plus: Income receipts from the rest of the world........................ Less: Income payments to the rest of the world............................... Equals: Gross national product Less: Consumption of fixed capital Private.......................... Domestic business... Capital consumption allowances...... Less: Capital consumption adjustment...... Households and institutions........... Government................. General government. Government enterprises.......... Equals: Net national product.... Less: Statistical discrepancy.... Equals: National income........... Less: Corporate profits with inventory valuation and capital consumption adjustments........ Taxes on production and imports less subsidies.. Contributions for government social insurance...................... Net interest and miscellaneous payments on assets.... Business current transfer payments (net)............ Current surplus of government enterprises Wage accruals less disbursements............. Plus: Personal income receipts on assets....................................... Personal current transfer receipts......................... Equals: Personal income.......... Addenda: Gross national income............. Gross national factor income1.. Net domestic product.............. Net domestic income............... Net national factor income2 2003 I II Line III 299.1 304 8 296.8 299 5 2002 2003 IV Gross domestic product........... Plus: Income receipts from the 312.1 3 277.6 4 10,502.3 5 1,288.6 6 1,077.8 7 902.6 266.9 269.0 2662 274.3 10,661.6 10,763.7 10,880.0 11,144.8 1,307.8 1,300.4 1,305.7 1,303.4 1,309.1 1,089.6 1,087.1 1,090.4 1,086.0 1,089.9 905.9 908.4 908.0 902.8 905.1 1,312.9 1,092.0 907.7 8 1,176.6 1,272.0 1,176.4 1,175.0 1,268.9 1,309.9 1,334.1 Less: Income payments to the rest of the world............................... Equals: Gross national product Less: Consumption of fixed capital Private......................... Government................. General government. Government enterprises.......... Equals: Net national product.... Addenda: Gross domestic income1......... Gross national income2........... Net domestic product............... Net domestic income3............. II I III IV 1 10,083.0 10,397.7 10,160.8 10,210.4 10,288.3 10,493.1 10,599.2 ? 9 10 293.7 290.0 3 268.3 4 10,105.0 5 1,285.0 6 1,078.5 7 206.6 8 174.5 32.1 8,820.5 1,309.1 1,097.4 211.7 178.9 32.8 283.4 285.6 296.1 260.7 256.1 256.4 253.8 10,198.5 10,237.6 10,320.2 10,528.6 1,303.1 1,307.8 1,304.8 1,310.0 1,094.8 1,098.2 1,093.8 1,097.7 208.4 209.7 211.0 212.3 176.1 177.2 178.3 179.5 32.3 8,896.1 32.5 8,930.5 32.7 9,015.4 1,313.6 1,099.8 213.7 180.7 32.8 9,217.2 33.0 9 274.1 366.1 268.0 266.9 366.1 404.8 426.4 10 11 12 175.2 210.8 177.6 183.7 218.2 183.7 178.7 213.3 179.7 182.4 215.3 181.2 183.2 217.4 183.0 184.8 219.2 184.5 184.3 221.0 185.9 13 14 1<i 1fi 33.2 9,213.7 -77.2 9,290.8 34.5 33.6 9,361.2 -15.7 9,376.9 34.1 9,457.9 23.2 9,434.8 34.4 9,576.6 -8.3 9,584.9 34.7 9,835.7 54.0 9,781.7 35.0 1. Gross domestic income deflated by the implicit price deflator for gross domestic product. 2. Gross national income deflated by the implicit price deflator for gross national product. 3. Net domestic income deflated by the implicit price deflator for net domestic product. Note. Except as noted in footnotes 1, 2 and 3, chained (2000) dollar series are calculated as the product of the chain-type quantity index and the 2000 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. Table 1.8.3. Command-Basis Real Gross National Product, Quantity Indexes 1/ 904.2 934.9 927.1 1,022.8 1,124.2 18 721.8 740.7 732.8 729.4 725.2 745.2 763.1 19 750.3 774.9 755.5 768.7 772.3 776.9 781.7 20 582.4 580.7 589.7 589.3 581.7 579.9 571.7 21 89.8 95.2 86.2 90.1 92.5 97.1 101.2 22 2.8 5.0 4.1 6.3 5.8 3.7 4.2 23 0.0 0.0 0.0 1.4 -1.4 0.0 0.0 24 1,378.5 1,390.5 1,392.0 1,388.6 1,390.2 1,389.2 1,394.2 25 26 1,292.2 8,910.3 1,377.2 9,191.6 1,315.6 8,981.3 1,337.6 9,048.7 1,369.7 9,145.9 1,398.7 9,242.5 1,402.8 9,329.3 11 10,157.3 1? 10,179.2 13 8,798.5 14 8,872.4 9,088.1 10,175.8 10,188.4 10,296.2 10,442.0 10,213.5 10,215.6 10,328.0 10,477.5 8,858.4 8,903.4 8,983.4 9,181.7 8,873.3 8,881.5 8,991.3 9,131.2 9,283.7 [Index numbers, 2000=100] Seasonally adjusted ?7 10,558.0 ?ft 10,579.5 9,765.0 30 9,192.2 31 9,269.3 32 8,476.4 10,639.4 10,712.7 10,855.0 11 053.0 10,677.3 10,740.5 10,888.3 11,090.8 9,854.1 9,914.7 10,064.9 10,244.8 9,677.7 9,323.3 9,430.1 9,543.3 9,797.9 9,339.0 9,406.9 9,551.6 9,743.9 8,553.7 8,609.0 8,761.5 8,935.7 9,939.4 1. Consists of compensation of employees, proprietors’ income with inventory valuation adjustment (IVA) and capital consumption adjustment (CCAdj), rental income of persons with CCAdj, corporate profits with IVA and CCAdj, net interest and miscellaneous payments, and consumption of fixed capital. 2. Consists of gross national factor income less consumption of fixed capital. 2003 IV 1 10,480.8 10,985.5 10,623.7 10,735.8 10,846.7 11,107.0 11,252.3 ? 2002 Line 2002 2003 2002 2003 IV Gross national product............. Less: Exports of goods and services and income receipts from the rest of the world......... Plus: Command-basis exports of goods and services and income receipts from the rest of the Equals: Command-basis gross national product..................... Addendum: Percent change from preceding period in command-basis real gross national product... 1 102.527 ? 88.137 3 90.387 II III IV 103.476 103.873 104.711 106.825 4 102.865 5 I 88.613 87.555 87.521 89.858 90.480 88.015 88.944 91.137 103.756 103.942 104.924 107.017 2.1 2.0 0.7 3.8 8.2 1. Exports of goods and services and income receipts deflated by the implicit price deflator for imports of goods and services and income payments. Table 1.8.6. Command-Basis Real Gross National Product, Chained Dollars [Billions of chained (2000) dollars] Seasonally adjusted at annual rates Line 2002 2003 2002 IV Gross national product............. Less: Exports of goods and services and income receipts from the rest of the world Plus: Command-basis exports of goods and services and income receipts from the rest of the Equals: Command-basis gross national product..................... Addendum: Terms of trade2........................ 1 10,105.0 2003 I II III IV 10,198.5 10,237.6 10.320.2 10,528.6 2 1,303.5 1,310.5 1,294.9 1.294.4 1.328.9 3 1,336.8 1,338.2 1,301.7 1.315.5 1.347.9 4 10,138.2 10,226.1 10,244.5 10.341.3 10,547.5 5 102.553 102.111 100.528 101.630 101.427 1. Exports of goods and services and income receipts deflated by the implicit price deflator for imports of goods and services and income payments. 2. Ratio of the implicit price deflator for exports of goods and services and income receipts to the corresponding implicit price deflator for imports divided by 100. N ote. Chained (2000) dollar series are calculated as the product of the chain-type quantity index and the 2000 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. March 2004 National D ata D -1 6 Table 1.10. Gross Domestic Income by Type of Income Table 1.12. National Income by Type of Income [Billions of dollars] [Billions of dollars] Seasonally adjusted at annual rates Seasonally adjusted at annual rates Line 2002 2003 2002 IV 1 10,558.0 Compensation of employees, paid.......................................... Wage and salary accruals....... Disbursements..................... Wage accruals less disbursements.................. Supplements to wages and salaries................................. Taxes on production and imports.................................... Less: Subsidies......................... 2 3 4 <s 6 6,024.3 4,979.8 4,979.8 4,971.4 8.4 Line 2003 I II III 6,063.3 5,004.5 5,004.5 4,996.0 8.5 6,121.3 5,040.2 5,038.8 5,030.0 8.7 6,170.0 5,076.1 5,077.4 5,069.0 8.5 6,218.9 5,109.4 5,109.4 5,100.8 8.6 6,262.5 5,142.1 5,142.1 / 0.0 0.0 0.0 1.4 -1.4 0.0 0.0 8 1,044.5 1,101.3 1,058.8 1,081.2 1,093.9 1,109.6 1,120.4 9 10 11 1? 760.1 38.2 2,523.2 2,520.3 789.0 48.2 769.5 36.7 2,542.9 2,538.7 774.2 44.7 2,556.2 2,549.9 782.1 56.9 2,656.4 2,650.6 791.5 46.3 2,780.2 2,776.5 808.1 45.1 13 709.0 713.4 704.7 691.7 695.0 14 89.8 86.2 90.1 92.5 97.1 Net interest and miscellaneous payments, Business current transfer payments (net)................. Proprietors’ income with inventory valuation and capital consumption adjustments...................... Rental income of persons with capital consumption adjustment........................ Corporate profits with inventory valuation and capital consumption adjustments, domestic 15 16 797.7 173.0 95.2 847.3 163.7 812.2 159.0 813.5 163.2 838.8 153.4 860.9 157.0 17 750.8 767.9 778.4 874.3 966.5 18 195.0 202.9 213.9 211.4 230.6 19 ?n 555.8 358.9 565.0 375.6 564.5 375.7 662.8 388.4 735.9 382.7 ?1 196.8 189.5 188.8 274.5 353.2 22 23 24 25 2.8 1,288.6 1,077.8 210.8 4.1 1,300.4 1,087.1 213.3 6.3 1,305.7 1,090.4 215.3 5.8 1,303.4 1,086.0 217.4 3.7 1,309.1 1,089.9 219.2 26 -77.2 -15.7 23.2 -8.3 54.0 101.2 875.9 181.0 Taxes on corporate Profits after tax with inventory valuation and capital consumption Undistributed corporate profits with inventory valuation and capital consumption Current surplus of government enterprises........................... Consumption of fixed capital.... Private...................................... Government.............................. Addendum: Statistical discrepancy............. 5.0 1,307.8 1,089.6 218.2 2003 4.2 1,312.9 1,092.0 221.0 Compensation of employees.... Wage and salary accruals....... Government......................... Other..................................... Supplements to wages and salaries................................. Employer contributions for employee pension and insurance funds............... Employer contributions for government social insurance.......................... Proprietors’ income with IVA and CCAdj............................... Farm......................................... Nonfarm.................................... Rental income of persons with CCAdj....................................... Corporate profits with IVA and CCAdj....................................... Profits after tax with IVA and CCAdj................................... Net dividends....................... Undistributed profits with IVA Net interest and miscellaneous payments................................. Taxes on production and imports.................................... Less: Subsidies.......................... Business current transfer payments (net)....................... To persons (net)....................... To government (net)................. To the rest of the world (net).... Current surplus of government enterprises.............................. Cash flow: Net cash flow with IVA and CCAdj................................... Undistributed profits with IVA Consumption of fixed capital. Less: Inventory valuation adjustment............................ Addenda: Proprietors’ income with IVA and CCAdj............................ Farm..................................... Proprietors’ income with IVA................................ Capital consumption adjustment................... Nonfarm................................ Proprietors’ income (without IVA and CCAdj) Inventory valuation adjustment................... Capital consumption adjustment................... Rental income of persons with CCAdj................................... Rental income of persons (without CCAdj)............... Capital consumption adjustment....................... Corporate profits with IVA and CCAdj................................... Corporate profits with IVA.... Profits before tax (without IVA and CCAdj)........... Taxes on corporate income..................... Profits after tax (without IVA and CCAdj)....... Net dividends........... Undistributed profits (without IVA and CCAdj)................. Inventory valuation adjustment................... Capital consumption adjustment....................... 2002 2003 IV I II III IV 9,434.8 6,115.8 5,034.6 891.4 4,143.3 9,584.9 6,164.8 5,070.8 898.1 4,172.7 9,781.7 6,213.6 5,104.1 900.0 4,204.1 6,257.2 5,136.8 901.1 4,235.7 1 9,290.8 2 6,019.1 3 4,974.6 4 859.9 5 4,114.7 6,187.9 5,086.6 897.7 4,188.9 9,376.9 6,058.0 4,999.1 873.8 4,125.4 6 1,044.5 1,101.3 1,058.8 1,081.2 1,093.9 1,109.6 1,120.4 ! 680.4 723.4 692.1 706.3 717.3 730.7 739.4 8 364.1 377.8 366.7 374.9 376.6 378.8 381.0 9 10 11 797.7 14.3 783.4 847.3 19.5 827.8 812.2 16.3 795.9 813.5 13.0 800.5 838.8 20.0 818.8 860.9 21.5 839.4 875.9 23.4 852.4 12 173.0 163.7 159.0 163.2 153.4 157.0 181.0 13 14 904.2 195.0 934.9 202.9 927.1 213.9 1,022.8 211.4 1,124.2 230.6 15 16 709.1 398.3 732.0 413.1 713.2 420.3 811.3 427.5 893.7 434.3 17 310.8 318.9 292.9 383.8 459.3 18 582.4 580.7 589.7 589.3 581.7 579.9 571.7 19 20 760.1 38.2 789.0 48.2 769.5 36.7 774.2 44.7 782.1 56.9 791.5 46.3 808.1 45.1 21 22 23 24 89.8 42.6 46.8 0.4 95.2 45.9 46.8 2.6 86.2 41.0 47.1 -1.8 90.1 45.3 45.4 -0.6 92.5 44.5 46.2 1.8 97.1 46.1 47.3 3.7 101.2 47.7 48.1 5.3 2b 2.8 5.0 4.1 6.3 5.8 3.7 4.2 ?fi 1,058.2 1,070.8 1,043.3 1,129.4 1,206.6 ?7 28 310.8 747.3 318.9 751.9 292.9 750.4 383.8 745.6 459.3 747.2 W 30 -2.2 1,060.4 -10.8 1,081.7 -28.1 1,071.4 1.2 1,128.2 -1.8 1,208.4 31 32 797.7 14.3 847.3 19.5 812.2 16.3 813.5 13.0 838.8 20.0 860.9 21.5 10,639.4 10,712.7 10,855.0 11,053.0 6,193.2 5,091.9 5,091.9 2002 IV 430.9 748.1 441.5 749.1 875.9 23.4 33 20.1 25.2 22.0 18.8 25.8 27.2 29.1 34 35 -5.8 783.4 -5.7 827.8 -5.8 795.9 -5.8 800.5 -5.7 818.8 -5.7 839.4 -5.7 852.4 36 654.1 673.4 662.4 665.9 663.0 677.6 687.1 3/ -0.5 -1.4 -1.3 -4.0 1.0 -0.8 -2.0 38 129.9 155.9 134.8 138.6 154.8 162.6 167.3 39 173.0 163.7 159.0 163.2 153.4 157.0 181.0 40 184.4 175.9 170.7 175.4 165.5 169.2 193.4 41 -11.4 -12.2 -11.7 -12.1 -12.1 -12.2 -12.4 A'? 43 904.2 742.7 934.9 784.2 927.1 780.9 1,022.8 793.6 1,124.2 864.2 44 745.0 795.0 809.0 792.5 865.9 45 195.0 202.9 213.9 211.4 230.6 4fi 47 549.9 398.3 592.1 413.1 595.0 420.3 581.0 427.5 635.4 434.3 48 151.6 179.1 174.7 153.5 201.1 -10.8 -28.1 1.2 -1.8 150.7 146.3 229.2 260.1 44 -2.2 50 161.5 IVA Inventory valuation adjustment CCAdj Capital consumption adjustment 430.9 228.2 441.5 277.1 March 2004 S urvey of D -1 7 C u r r e n t B u s in e s s Table 1.14. Gross Value Added of Domestic Corporate Business in Current Dollars and Gross Value Added of Nonfinancial Domestic Corporate Business in Current and Chained Dollars [Billions of dollars] Seasonally adjusted at annual rates Line 2002 2003 2003 2002 IV Gross value added of corporate business1..................... Consumption of fixed capital......................................................... Net value added..................... Compensation of employees Wage and salary accruals Supplements to wages and salanes..................................... Taxes on production and imports less subsidies...................... Net operating surplus......... Net interest and miscellaneous payments........................... Business current transfer payments...................................... Corporate profits with IVA and CCAdj Taxes on corporate income.... Profits after tax with IVA and CCAdj Net dividends..................... Undistributed profits with IVA and CCAdj..................... Gross value added of financial corporate business1..... Gross value added of nonfinancial corporate business1 Consumption of fixed capital......................................................... Net value added............................................................................ Compensation of employees..................................................... Wage and salary accruals..................... Supplements to wages and salaries..... Taxes on production and imports less subsidies....................... Net operating surplus................................. Net interest and miscellaneous payments Business current transfer payments...... Corporate profits with IVA and CCAdj.... Taxes on corporate income............................................... Profits after tax with IVA and CCAdj.................................. Net dividends................................................................ Undistributed profits with IVA and CCAdj..................... Addenda: Corporate business: Profits before tax (without IVA and CCAdj)........................... Profits after tax (without IVA and CCAdj).............................. Inventory valuation adjustment............................................. Capital consumption adjustment........................................... Nonfinancial corporate business: Profits before tax (without IVA and CCAdj).......................... Profits after tax (without IVA and CCAdj).............................. Inventory valuation adjustment............................................. Capital consumption adjustment........................................... 6.233.4 747.3 5.486.1 3,989.9 3.326.4 663.6 501.1 995.1 168.1 76.2 750.8 195.0 555.8 358.9 196.8 822.9 5,410.6 618.2 4.792.4 3.570.1 2,971.8 598.3 464.5 757.7 206.9 59.1 491.7 748.1 4.086.4 3.386.4 700.0 519.1 81.6 621.1 3,656.6 3,025.5 631.1 480.9 58.1 101.6 390.2 257.2 133.0 591.6 396.5 -2.2 161.5 336.5 234.9 -2.2 157.5 6.285.1 751.9 5.533.2 4,019.6 3.337.8 681.8 508.7 1.004.9 167.6 69.4 767.9 202.9 565.0 375.6 189.5 805.8 5.479.3 623.4 4.856.0 3,596.8 2.982.1 614.7 471.5 787.6 207.0 61.4 519.3 114.5 404.8 265.7 139.1 6.321.2 750.4 5,570.8 4.037.2 3,349.7 687.6 511.6 628.1 425.2 - 228.2 II 10.8 150.7 384.7 270.3 - 208.5 10.8 145.4 III 202.2 6.589.2 747.2 5,842.0 4.103.2 3.398.6 704.6 524.3 1.214.4 164.6 83.3 966.5 230.6 735.9 382.7 353.2 880.4 5,708.8 621.3 5.087.4 3.671.7 3.036.4 635.3 486.0 929.7 202.9 59.6 667.3 133.6 533.7 270.8 262.9 660.2 446.3 -28.1 146.3 644.0 432.5 1.2 229.2 708.2 477.6 -1.8 260.1 277.1 398.4 278.6 -28.1 139.7 383.4 265.7 1.2 433.6 299.9 -1.8 235.5 248.8 1,022.0 165.6 78.0 778.4 213.9 564.5 375.7 188.8 842.0 5.479.2 622.9 4.856.3 3.612.6 2.992.7 619.9 474.1 769.6 204.5 55.1 510.0 119.8 390.2 265.8 124.4 6.437.7 745.6 5.692.2 4.068.4 3.373.2 695.2 506.8 1,117.0 163.4 79.4 874.3 211.4 662.8 388.4 274.5 856.1 5.581.7 619.4 4.962.3 3.640.5 3.013.7 626.8 469.0 852.8 201.4 56.7 594.7 117.7 477.0 274.8 210.1 749.1 4,136.6 3,424.1 712.5 533.8 85.8 623.5 3,701.6 3,059.2 642.4 494.6 60.9 Value added, in billions of chained (2000) dollars Gross value added of nonfinancial corporate business2.. Consumption of fixed capital3............................................. Net value added4................................................................ 5,339.0 624.1 4,714.9 636.6 5,405.7 635.0 4,770.8 5,412.1 634.5 4,777.6 5,505.2 630.9 4,874.2 5,618.3 639.4 4,979.0 641.6 1. Estimates for financial corporate business and nonfinancial corporate business for 2000 and earlier periods are based on the 1987 Standard Industrial Classification (SIC); later estimates for these industries are based on the North American Industry Classification System (NAICS). 2. Effective December 10,2003, the price index used to estimate chained- dollar gross value added of nonfinancial corporate business has been revised to reflect the 2000 reference year. Effective with the estimates scheduled for release in July 2004, the current-dollar value added will be deflated by a revised chain-type price index calculated using the gross value added chain-type price index for nonfinancial industries from the comprehensive revision to the GDP-by-industry accounts. 3. Chained-dollar consumption of fixed capital of nonfinancial corporate business is calculated as the product of the chain-type quantity index and the 2000 current-dollar value of the corresponding series, divided by 100. 4. Chained-dollar net value added of nonfinancial corporate business is the difference between the gross product and the consumption of fixed capital. IVA Inventory valuation adjustment CCAdj Capital consumption adjustment Table 1.15. Price, Costs, and Profit Per Unit of Real Gross Value Added of Nonfinancial Domestic Corporate Business [Dollars] Seasonally adjusted Line 2002 2003 2003 2002 IV Price per unit of real gross value added of nonfinancial corporate business1.............. Compensation of employees (unit labor cost)................................................................... Unit nonlabor cost................................................................................................................. Consumption of fixed capital................................................................................................ Taxes on production and imports less subsidies plus business current transfer payments Net interest and miscellaneous payments........................................................................... Corporate profits with IVA and CCAdj (unit profits from current production)................ Taxes on corporate income.................................................................................................. Profits after tax with IVA and CCAdj..................................................................................... 1.013 0.669 0.253 0.116 0.098 0.039 0.092 0.019 0.073 1.014 0.665 0.252 0.115 0.099 0.038 0.096 1.012 0.668 0.251 0.115 0.098 0.038 0.094 0.021 0.022 0.075 0.072 II III 1.014 0.661 0.245 0.113 0.095 0.037 0.108 0.021 0.087 1.016 0.654 0.244 0.111 0.097 0.036 0.119 0.024 0.095 1. The implicit price deflator for gross value added of nonfinancial corporate business divided by 100. Estimates for nonfinancial corporate business for 2000 and earlier periods are based on the 1987 Standard Industrial Classification (SIC); later estimates for these industries are based on the North American Industry Classification System (NAICS). N o te : Effective December 10,2003, the price index used to estimate chained-dollar gross value added of nonfinancial corporate business has been revised to reflect the 2000 reference year. Effective with the esti mates scheduled for release in July 2004, the current- dollar value added will be deflated by a revised chain-type price index calculated using the gross value added chain-type price index for nonfinancial industries from the comprehensive revision to the GDP-by-industry accounts. IVA Inventory valuation adjustment CCAdj Capital consumption adjustment March 2004 National D ata D -1 8 Personal Income and Outlays. Table 2.1. Personal Income and Its Disposition [Billions of dollars] Seasonally adjusted at annual rates Line 2002 2002 2003 2003 IV Personal income..................................................................................................................................... Compensation of employees, received Wage and salary disbursements.... Private industries...................... Government................................................................................................................................. Supplements to wages and salaries............................................................................................... Employer contributions for employee pension and insurance funds Employer contributions for government social insurance......... Proprietors’ income with inventory valuation and capital consumption adjustments.......................... Farm.............................................................................................. Nonfarm........................................................................................ Rental income of persons with capital consumption adjustment..... Personal income receipts on assets.................................................................................................... Personal interest income.... Personal dividend income Personal current transfer receipts Government social benefits to persons Old-age, survivors, disability, and health insurance benefits...................................................... Government unemployment insurance benefits.......................................................................... Veterans benefits......................................................................................................................... Family assistance1....................................................................................................................... Other............................................................................................................................................ Other current transfer receipts, from business (net)....................................................................... Less: Contributions for government social insurance.......................................................................... Less: Personal current taxes............................................................................................................... Equals: Disposable personal income................................................................................................. Less: Personal outlays........... Personal consumption expenditures Personal interest payments2.. Personal current transfer payments To government.................. To the rest of the world (net) Equals: Personal saving........................................................................................................................ Personal saving as a percentage of disposable personal income.............................................. Addenda: Disposable personal income: Total, billions of chained (2000) dollars3......................................................................................... Per capita: Current dollars............................................................................................................................. Chained (2000) dollars................................................................................................................. Population (midperiod, thousands)..................................................................................................... Percent change from preceding period: Disposable personal income, current dollars............................................................................ Disposable personal income, chained (2000) dollars............................................................... I II III IV 1 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 8,910.3 6,019.1 4,974.6 4,114.7 859.9 1,044.5 680.4 364.1 797.7 14.3 783.4 173.0 1,378.5 982.4 396.2 1,292.2 1,249.5 710.3 53.4 29.9 19.7 436.2 42.6 750.3 1,053.1 7,857.2 7,674.0 7,385.3 194.7 94.0 58.6 35.4 183.2 2.3 9,191.6 6,187.9 5,086.6 4,188.9 897.7 1,101.3 723.4 377.8 847.3 19.5 827.8 163.7 1,390.5 961.8 428.7 1,377.2 1,331.3 743.7 55.6 32.4 20.3 479.4 45.9 774.9 988.7 8,202.9 8,037.3 7,753.2 184.9 99.1 63.1 36.0 165.6 2.0 8,981.3 6,058.0 4,999.1 4,125.4 873.8 1,058.8 692.1 366.7 812.2 16.3 795.9 159.0 1,392.0 981.2 410.8 1,315.6 1,274.6 721.1 53.8 30.9 20.1 448.8 41.0 755.5 1,045.6 7,935.6 7,789.2 7,501.2 187.7 100.3 60.1 40.2 146.4 1.8 9,048.7 6,114.4 5,033.2 4,143.3 890.0 1,081.2 706.3 374.9 813.5 13.0 800.5 163.2 1,388.6 970.6 418.0 1,337.6 1,292.4 732.3 51.9 31.8 20.2 456.3 45.3 768.7 1,009.4 8,039.2 7,888.3 7,600.7 186.2 101.3 61.3 40.1 151.0 1.9 9,145.9 6,166.2 5,072.2 4,172.7 899.5 1,093.9 717.3 376.6 838.8 20.0 818.8 153.4 1,390.2 964.9 425.3 1,369.7 1,325.3 741.8 56.3 32.4 20.3 474.5 44.5 772.3 1,000.2 8,145.8 7,956.7 7,673.6 183.2 100.0 62.5 37.5 189.0 2.3 9,242.5 6,213.6 5,104.1 4,204.1 900.0 1,109.6 730.7 378.8 860.9 21.5 839.4 157.0 1,389.2 957.0 432.2 1,398.7 1,352.6 745.6 58.6 33.0 20.3 495.1 46.1 776.9 936.0 8,306.6 8,118.5 7,836.3 184.6 97.6 63.7 33.9 188.1 2.3 9,329.3 6,257.2 5,136.8 4,235.7 901.1 1,120.4 739.4 381.0 875.9 23.4 852.4 181.0 1,394.2 954.7 439.5 1,402.8 1,355.1 754.9 55.5 32.5 20.4 491.7 47.7 781.7 1,009.4 8,320.0 8,185.5 7,902.3 185.6 97.6 64.9 32.7 134.4 1.6 3b 7,596.7 7,789.9 7,615.8 7,662.0 7,753.5 7,872.3 7,872.0 36 37 38 27,259 26,355 288,240 28,180 26,761 291,086 27,425 26,320 289,360 27,720 26,419 290,016 28,022 26,673 290,689 28,501 27,011 291,445 28,474 26,941 292,194 39 40 5.2 3.8 4.4 2.5 2.3 0.6 5.3 2.4 5.4 4.9 8.1 6.3 0.6 0.0 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. Consists of nonmortgage interest paid by households. 3. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures. Table 2.2B. Wage and Salary Disbursements by Industry [Billions of dollars] Seasonally adjusted at annual rates Line 2002 2003 2002 IV Wage and salary disbursements.......................................................................................................... Private industries.................................................................................................................................. Goods-producing industries............................................................................................................ Manufacturing................ Services-producing industries Trade, transportation, and utilities Other services-producing industries1 Government.......................................................................................................................................... 1 2 3 4 5 6 7 8 4,974.6 4,114.7 1,010.9 675.7 3,103.7 844.7 2,259.0 859.9 5,086.6 4,188.9 1,007.6 669.0 3,181.3 863.2 2,318.1 897.7 4,999.1 4,125.4 1,007.1 672.6 3,118.3 847.6 2,270.7 873.8 2003 I 5,033.2 4,143.3 1,005.8 670.5 3,137.5 855.0 2,282.6 890.0 II 5,072.2 4,172.7 1,003.4 666.5 3,169.3 859.5 2,309.8 899.5 III 5,104.1 4,204.1 1,006.0 666.9 3,198.1 866.1 2,332.0 900.0 IV 5,136.8 4,235.7 1,015.2 672.0 3,220.5 872.4 2,348.1 901.1 1. Other services-producing industries consists of information; finance and insurance; real estate and rental and leasing; professional, scientific, and technical services; management of companies and enterprises, administrative and support and waste management and remediation services; educational services; health care and social assistance; arts, entertainment, and recreation; accommodation and food services; and other services. N o te . Estimates in this table are based on the 1997 North American Industry Classification System (NAICS). March 2004 S u rv ey of C urrent B Table 2.3.1. Percent Change From Preceding Period in Real Personal Consumption Expenditures by Major Type of Product D -19 u s in e s s Table 2.3.2. Contributions to Percent Change in Real Personal Consumption Expenditures by Major Type of Product [Percent] Seasonally adjusted at annual rates Line 2002 2003 2002 2003 IV Personal consumption expenditures................... Durable goods............................ Motor vehicles and parts......... Furniture and household equipment............................. Other........................................ Nondurable goods..................... Food......................................... Clothing and shoes................... Gasoline, fuel oil, and other energy goods........................ Gasoline and oil................... Fuel oil and coal.................. Other........................................ Services....................................... Housing.................................... Household operation............... Electricity and gas............... Other household operation... Transportation........................... Medical care............................. Recreation................................ Other........................................ Addenda: Energy goods and services1.... Personal consumption expenditures excluding food and energy............................ Seasonally adjusted at annual rates I II Line 2002 2003 IV III 2002 2003 IV 1 2 3 3.4 6.5 4.4 3.1 7.3 4.3 2.2 0.3 -8.0 2.5 0.5 -4.2 3.3 17.7 15.3 6.9 28.0 39.7 2.7 -0.1 -9.7 4 5 6 7 8 10.0 4.8 3.0 2.3 5.1 9.7 10.0 3.8 3.8 4.8 8.2 7.0 4.6 2.3 7.5 1.3 11.0 5.7 6.7 3.0 19.4 20.0 1.2 2.4 7.8 22.9 12.5 7.3 7.3 9.4 9.8 6.2 5.2 3.8 0.9 9 10 11 12 13 14 15 16 17 18 19 20 21 2.3 2.1 5.1 3.5 3.0 2.7 1.1 2.9 0.0 -1.7 5.7 3.8 2.1 -0.5 -0.6 1.8 4.6 2.0 2.2 0.4 -0.2 0.8 -2.3 5.1 2.2 -0.1 12.7 10.5 40.2 4.5 1.5 2.3 0.9 6.1 -2.0 -3.1 6.1 3.2 -3.3 4.2 7.0 -21.7 5.9 1.5 2.3 1.0 0.4 1.4 0.5 5.1 0.0 -2.8 -18.6 -17.8 -26.8 3.6 1.7 1.8 -3.3 -12.7 3.2 -4.0 4.6 3.6 1.3 3.7 1.5 31.1 7.6 2.8 2.2 3.5 4.1 3.2 -2.2 5.0 2.6 1.9 17.6 16.5 30.6 6.0 2.2 1.6 0.5 -1.2 1.5 -2.4 5.0 4.0 0.8 22 2.6 -0.3 9.6 2.5 -16.1 3.9 9.0 23 3.7 3.2 1.8 1.9 4.8 7.0 2.2 1. Consists of gasoline, fuel oil, and other energy goods and of electricity and gas. Percent change at annual rate: Personal consumption expenditures.................. Percentage points at annual rates: Durable goods............................. Motor vehicles and parts......... Furniture and household equipment............................. Other......................................... Nondurable goods..................... Food.......................................... Clothing and shoes.................. Gasoline, fuel oil, and other energy goods....................... Gasoline and oil................... Fuel oil and coal.................. Other......................................... Services....................................... Housing..................................... Household operation................ Electricity and ga s............... Other household operation... Transportation........................... Medical care............................. Recreation................................ Other......................................... Addenda: Energy goods and services1.... Personal consumption expenditures excluding food and energy........................... I II IV III 1 3.4 3.1 2.2 2.5 3.3 6.9 2.7 2 3 0.79 0.25 0.86 0.24 0.03 -0.46 0.06 -0.23 1.98 0.77 3.13 1.92 -0.02 -0.57 4 5 6 7 8 0.43 0.11 0.87 0.31 0.21 0.40 0.22 1.07 0.52 0.19 0.34 0.15 1.28 0.32 0.30 0.06 0.24 1.59 0.89 0.12 0.77 0.43 0.35 0.32 0.30 0.92 0.29 2.08 0.99 0.37 0.41 0.15 1.46 0.52 0.03 9 10 11 12 13 14 15 16 17 18 19 20 21 0.06 0.05 0.01 0.28 1.76 0.42 0.06 0.06 0.00 -0.07 0.90 0.15 0.29 -0.01 -0.01 0.00 0.37 1.18 0.35 0.02 -0.01 0.03 -0.09 0.83 0.09 -0.02 0.30 0.23 0.07 0.36 0.92 0.35 0.05 0.12 -0.07 -0.13 0.98 0.13 -0.47 0.11 0.17 -0.06 0.47 0.88 0.36 0.06 0.01 0.05 0.02 0.84 0.00 -0.39 -0.56 -0.49 -0.07 0.29 1.02 0.28 -0.18 -0.29 0.11 -0.16 0.75 0.15 0.18 0.10 0.04 0.06 0.61 1.68 0.35 0.20 0.09 0.11 -0.08 0.84 0.11 0.27 0.44 0.38 0.06 0.47 1.29 0.25 0.02 -0.03 0.05 -0.09 0.83 0.16 0.11 22 0.12 -0.02 0.43 0.12 -0.86 0.19 0.41 23 2.98 2.61 1.49 1.52 3.88 5.71 1.80 1. Consists of gasoline, fuel oil, and other energy goods and of electricity and gas. Table 2.3.3. Real Personal Consumption Expenditures by Major Type of Product, Quantity Indexes Table 2.3.4. Price Indexes for Personal Consumption Expenditures by Major Type of Product [Index numbers, 2000=100] [Index numbers, 2000=100] Seasonally adjusted Seasonally adjusted Line 2002 2003 2002 IV Personal consumption expenditures................... Durable goods............................ Motor vehicles and parts......... Furniture and household equipment............................. Other........................................ Nondurable goods..................... Food......................................... Clothing and shoes.................. Gasoline, fuel oil, and other energy goods....................... Gasoline and oil................... Fuel oil and coal.................. Other........................................ Services....................................... Housing.................................... Household operation............... Electricity and gas............... Other household operation... Transportation........................... Medical care............................. Recreation................................ Other........................................ Addenda: Energy goods and services1.... Personal consumption expenditures excluding food and energy........................... I II III 2002 2003 4 5 6 7 8 116.544 103.870 104.949 103.573 107.183 127.905 114.284 108.913 107.545 112.307 119.356 105.576 105.885 104.188 108.622 119.740 108.357 107.358 105.885 109.416 125.172 113.405 107.685 106.508 111.495 131.794 116.799 109.607 108.390 114.037 134.915 118.576 111.003 109.397 114.281 9 10 11 12 13 14 15 16 17 18 19 20 21 104.060 104.375 100.648 106.466 105.420 105.508 101.117 101.352 100.959 97.774 110.250 106.169 103.935 103.583 103.704 102.457 111.415 107.515 107.866 101.515 101.138 101.773 95.551 115.898 108.502 103.782 104.974 104.549 109.656 107.690 106.276 106.487 101.418 103.198 100.329 96.582 112.462 107.184 103.968 106.047 106.327 103.146 109.252 106.664 107.106 101.675 103.302 100.678 96.697 113.880 107.180 103.237 100.743 101.257 95.420 110.227 107.115 107.581 100.838 99.842 101.483 95.714 115.157 108.124 103.570 101.664 101.638 102.112 112.274 107.849 108.173 101.717 100.859 102.274 95.188 116.563 108.812 104.058 105.880 105.595 109.150 113.909 108.430 108.605 101.832 100.549 102.658 94.603 117.991 109.890 104.265 22 102.868 102.537 104.225 104.872 100.383 101.348 103.544 23 106.544 109.959 107.423 107.919 109.195 111.057 111.666 2002 2003 IV IV 1 105.951 109.251 106.819 107.489 108.378 110.197 110.943 2 110.868 118.957 111.638 111.779 116.420 123.834 123.793 3 109.522 114.224 108.395 107.228 111.116 120.794 117.756 1. Consists of gasoline, fuel oil, and other energy goods and of electricity and gas. Line 2003 Personal consumption expenditures.................. Durable goods............................. Motor vehicles and parts......... Furniture and household equipment............................ Other......................................... Nondurable goods..................... Food.......................................... Clothing and shoes.................. Gasoline, fuel oil, and other energy goods....................... Gasoline and oil................... Fuel oil and coal.................. Other......................................... Services....................................... Housing..................................... Household operation................ Electricity and gas............... Other household operation... Transportation........................... Medical care............................. Recreation................................ Other......................................... Addenda: Energy goods and services1.... Personal consumption expenditures excluding food and energy........................... I II III IV 1 103.429 105.302 104.203 104.927 105.065 105.522 105.695 2 95.208 91.682 94.136 93.074 92.147 91.207 90.298 3 98.766 95.991 97.959 97.029 96.514 95.785 94.636 4 88.778 83.539 87.082 85.873 84.212 82.409 81.660 5 99.531 97.905 99.168 98.115 97.790 98.195 97.521 6 102.075 104.180 102.789 104.079 103.529 104.488 104.623 7 104.942 106.966 105.449 105.898 106.527 107.197 108.241 8 95.405 93.047 94.734 93.555 92.642 92.816 93.174 9 10 11 12 13 14 15 16 17 18 19 20 21 90.530 90.415 91.778 104.986 105.946 107.786 103.490 104.857 102.715 102.826 106.241 106.476 105.419 105.692 105.264 110.164 105.136 108.966 110.411 107.497 113.154 104.193 105.558 109.445 109.658 108.278 95.987 95.923 96.529 105.159 107.174 108.958 104.355 105.478 103.733 103.628 107.375 107.726 107.077 109.497 108.891 115.989 104.975 108.028 109.612 106.555 110.177 104.443 103.781 108.033 108.714 108.002 102.030 101.339 109.557 104.993 108.758 110.043 107.827 114.549 103.906 105.014 109.041 109.358 108.392 107.390 107.304 107.978 105.439 109.306 110.676 107.998 114.730 104.070 106.523 109.887 110.066 108.317 103.853 103.522 107.132 105.137 109.771 111.312 107.608 113.161 104.353 106.915 110.818 110.492 108.402 22 96.601 108.891 100.040 109.830 107.378 110.533 107.823 23 103.581 104.812 104.243 104.474 104.680 104.951 105.143 1. Consists of gasoline, fuel oil, and other energy goods and of electricity and gas. March 2004 National D ata D -2 0 Table 2.3.5. Personal Consumption Expenditures by Major Type of Product Table 2.3.6. Real Personal Consumption Expenditures by Major Type of Product, Chained Dollars [Billions of dollars] [Billions of chained (2000) dollars] Seasonally adjusted at annual rates Seasonally adjusted at annual rates Line 2002 2003 2002 Personal consumption expenditures................... Durable goods............................ Motor vehicles and parts......... Furniture and household equipment............................. Other........................................ Nondurable goods..................... Food......................................... Clothing and shoes.................. Gasoline, fuel oil, and other energy goods........................ Gasoline and oil................... Fuel oil and coal................... Other........................................ Services....................................... Housing.................................... Household operation............... Electricity and gas............... Other household operation... Transportation Medical care.. Recreation.... Other............ Addenda: Energy goods and services1.... Personal consumption expenditures excluding food and energy........................... Line 2003 IV I II III 1 7,385.3 2 911.3 3 418.1 7,753.2 941.1 423.6 7,501.2 907.3 410.4 7,600.7 898.2 402.1 7,673.6 926.2 414.5 7,836.3 975.1 447.2 7,902.3 965.1 430.7 4 5 6 7 8 323.7 169.4 2,086.0 1,005.6 304.4 334.1 183.4 2,209.4 1,064.4 311.1 325.3 171.6 2,119.2 1,016.4 306.4 321.8 174.3 2,175.7 1,037.4 304.8 329.9 181.8 2,170.8 1,049.7 307.5 339.9 188.0 2,230.0 1,074.9 315.1 344.8 189.5 2,261.3 1,095.5 317.0 9 10 11 12 13 14 15 16 17 18 19 20 21 180.4 165.8 14.6 595.6 4,388.0 1,144.6 408.2 152.3 255.9 292.8 1,202.7 303.3 1,036.4 209.8 192.0 17.8 624.2 4,602.7 1,198.6 425.7 164.0 261.7 293.8 1,302.5 319.2 1,063.0 193.0 176.3 16.7 603.4 4,474.7 1,167.7 412.9 156.0 256.9 291.5 1,239.8 309.7 1,053.0 222.4 203.6 18.9 611.1 4,526.8 1,181.5 422.6 163.1 259.5 292.3 1,263.1 312.6 1,054.7 196.9 180.4 16.5 616.7 4,576.6 1,191.4 424.2 163.9 260.3 292.8 1,289.2 317.2 1,061.9 209.2 191.7 17.4 630.8 4,631.2 1,204.9 428.5 165.8 262.7 295.3 1,315.1 321.3 1,066.2 210.6 192.2 18.5 638.1 4,676.0 1,216.6 427.5 163.1 264.4 294.6 1,342.5 325.7 1,069.1 22 332.7 373.8 349.0 385.6 360.8 375.0 373.7 23 6,047.1 6,315.1 6,135.8 6,177.8 6,263.1 6,386.4 2002 2003 IV 6,433.1 Personal consumption expenditures.................. Durable goods............................. Motor vehicles and parts......... Furniture and household equipment............................. Other......................................... Nondurable goods..................... Food.......................................... Clothing and shoes.................. Gasoline, fuel oil, and other energy goods....................... Gasoline and oil................... Fuel oil and coal.................. Other......................................... Services....................................... Housing..................................... Household operation................ Electricity and gas............... Other household operation... Transportation.......................... Medical care............................. Recreation................................ Other......................................... Residual........................................ Addenda: Energy goods and services1.... Personal consumption expenditures excluding food and energy........................... 2002 2003 IV I II III IV 1 2 3 7,140.4 957.2 423.3 7,362.9 1,027.0 441.5 7,198.9 963.8 419.0 7,244.1 965.0 414.5 7,304.0 1,005.1 429.5 7,426.6 1,069.1 466.9 7,476.9 1,068.7 455.1 4 5 6 7 8 364.7 170.2 2,043.6 958.2 319.1 400.2 187.3 2,120.8 995.0 334.4 373.5 173.0 2,061.8 963.9 323.4 374.7 177.6 2,090.5 979.6 325.7 391.7 185.9 2,096.9 985.4 331.9 412.4 191.4 2,134.3 1,002.8 339.5 422.2 194.3 2,161.5 1,012.1 340.2 9 10 11 12 13 14 15 16 17 18 19 20 21 22 199.3 183.3 15.9 567.3 4,141.8 1,061.9 394.5 145.2 249.2 284.8 1,132.1 284.8 983.2 -2.8 198.3 182.2 16.2 593.7 4,224.1 1,085.6 396.0 144.9 251.2 278.3 1,190.1 291.1 981.7 -10.5 201.0 183.6 17.4 573.8 4,175.4 1,071.7 395.6 147.9 247.6 281.3 1,154.8 287.5 983.5 -3.0 203.1 186.8 16.3 582.2 4,190.7 1,078.0 396.6 148.0 248.5 281.6 1,169.3 287.5 976.6 -2.8 192.9 177.9 15.1 587.4 4,208.4 1,082.8 393.4 143.1 250.5 278.8 1,182.4 290.1 979.7 -8.2 194.7 178.5 16.2 598.3 4,237.2 1,088.7 396.8 144.5 252.4 277.2 1,196.9 291.9 984.3 -15.3 202.7 185.5 17.3 607.0 4,260.0 1,093.1 397.3 144.1 253.4 275.5 1,211.5 294.8 986.3 -15.5 23 344.4 343.3 348.9 351.1 336.1 339.3 346.6 24 5,838.0 6,025.1 5,886.2 5,913.3 5,983.3 6,085.3 6,118.7 1. Consists of gasoline, fuel oil, and other energy goods and of electricity and gas. 1. Consists of gasoline, fuel oil, and other energy goods and of electricity and gas. N ote . Chained (2000) dollar series are calculated as the product of the chain-type quantity index and the 2000 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 differ ence between the first line and the sum of the most detailed lines. March 2004 S urvey of D-21 C u r r e n t B u s in e s s Government Current Receipts and Expenditures Table 3.1. Government Current Receipts and Expenditures [Billions of dollars] Seasonally adjusted at annual rates Line Current receipts........................................................................... Current tax receipts............................................................................... Personal current taxes....................................................................... Taxes on production and imports...................................................... Taxes on corporate income............................................................... Taxes from the rest of the world........................................................ Contributions for government social insurance...................................... Income receipts on assets..................................................................... Interest and miscellaneous receipts.................................................. Dividends............................................................................................ Current transfer receipts........................................................................ From business (net)............................................................................ From persons..................................................................................... Current surplus of government enterprises........................................... Current expenditures.................................................................. Consumption expenditures.................................................................... Current transfer payments..................................................................... Government social benefits............................................................... To persons...................................................................................... To the rest of the world.................................................................. Other current transfer payments to the rest of the world (net).......... Interest payments................................................................................... To persons and business................................................................... To the rest of the world...................................................................... Less: Wage accruals less disbursements............................................. Net government saving............................................................... Social insurance funds.......................................................................... Other...................................................................................................... Addenda: Total receipts.................................................................................... Current receipts............................................................................. Capital transfer receipts................................................................. Total expenditures........................................................................... Current expenditures..................................................................... Gross government investment....................................................... Capital transfer payments.............................................................. Net purchases of nonproduced assets.......................................... Less: Consumption of fixed capital................................................ Net lending or net borrowing ( - ) .................................................... 2002 1 ? 3 4 ■S 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 n ?4 25 26 ?7 28 ?<? 2,980.7 2,006.2 1,053.1 760.1 185.9 7.2 750.3 116.1 114.0 2.1 105.3 46.8 58.6 2.8 3,224.0 1,595.4 1,271.1 1,252.3 1,249.5 2.7 18.8 319.3 245.4 73.9 38.2 0.0 -243.3 51.9 -295.1 TO 31 32 33 34 35 36 37 38 39 3,013.9 2,980.7 33.1 3,359.3 3,224.0 337.1 0.2 8.8 210.8 -345.4 2003 988.7 789.0 6.8 774.9 117.9 115.8 2.2 109.8 46.8 63.1 5.0 3,425.6 1,707.9 1,357.5 1,334.2 1,331.3 2.8 23.3 312.0 48.2 0.0 41.4 29.3 3,563.8 3,425.6 347.8 0.3 8.4 218.2 2002 2003 IV I II III 2,999.9 2,016.0 1,045.6 769.5 194.2 6.7 755.5 117.1 114.8 2.2 107.2 47.1 60.1 4.1 3,296.7 1,644.9 1,296.5 1,277.4 1,274.6 2.8 19.1 318.6 248.2 70.5 36.7 0.0 -296.8 46.7 -343.4 2,993.9 1,995.3 1,009.4 774.2 204.9 6.8 768.7 116.9 114.6 2.3 106.7 45.4 61.3 6.3 3,354.9 1,681.7 1,320.2 1,295.1 1,292.4 2.8 25.1 309.7 242.3 67.4 44.7 1.4 -361.0 49.7 -410.8 2,996.3 1,992 0 1,000.2 782.1 2029 6.9 772.3 117.5 115.3 2.2 108.7 46.2 62.5 5.8 3,435.7 1,709.8 1,352.4 1,328.1 1,325.3 2.8 24.3 315.3 2502 651 56.9 -1.4 -439.3 39.5 -478.9 2,966.0 1,955.7 936.0 791.5 221 6 6.7 776.9 118.7 116.6 2.1 111.0 47.3 63.7 3.7 3,452.3 1,718.6 1,378.3 1,355.4 1,352.6 2.8 22.9 309.1 243.8 65.3 46.3 0.0 -486.3 38.4 -524.8 3,030.4 2 999.9 30.5 3,431.5 3,296.7 339.0 0.4 8.7 213.3 -401.1 3,024.8 2,993 9 30.9 3,481.7 3,354.9 335.8 0.4 5.9 215.3 -456.9 n im n 2 996 3 26.0 3,570.6 3,435.7 344.5 0.1 7.7 217.4 -548.3 2,994.8 2966 0 28.8 3,598.7 3,452.3 353.5 0.1 12.0 219.2 -603.9 IV 1,009.4 808.1 6.9 781.7 118.5 116.6 2.0 113.0 48.1 64.9 4.2 3,459.4 1,721.4 1,378.9 1,358.0 1,355.1 2.9 20.9 314.0 45.1 0.0 37.7 31.7 3,604.3 3,459.4 357.5 0.4 7.9 221.0 March 2004 National D ata D -2 2 Table 3.2. Federal Government Current Receipts and Expenditures Table 3.3. State and Local Government Current Receipts and Expenditures [Billions of dollars] [Billions of dollars] Seasonally adjusted at annual rates Seasonally adjusted at annual rates Line 2002 2003. 2002 IV Personal current taxes.................. Taxes on production and imports... Excise taxes.............................. Customs duties.......................... Taxes from the rest of the world.... Contributions for government social insurance....................................... Income receipts on assets................ Interest receipts............................. Rents and royalties....................... Current transfer receipts................... From business............................... From persons................................ Current surplus of government enterprises.................................... Current expenditures............. Consumption expenditures............... Current transfer payments................ Government social benefits.......... To persons................................. To the rest of the world............. Other current transfer payments.... Grants-in-aid to state and local governments......................... To the rest of the world (net)..... Interest payments.............................. Subsidies........................................... Less: Wage accruals less disbursements............................... Net Federal Government Social insurance funds..................... 1 1,860.7 ? 1,080.7 3 831.1 4 87.6 5 67.7 6 19.9 7 154.8 a 24.5 q 130.3 10 7.2 11 12 13 14 15 16 17 736.7 20.6 15.9 4.7 25.8 14.1 11.7 762.7 88.0 66.8 21.2 6.8 761.1 24.1 19.4 4.6 26.6 14.7 11.9 Line 2003 I II 755.1 22.5 18.9 3.6 26.0 14.2 11.8 758.5 23.6 19.2 4.5 26.3 14.4 11.9 763.1 24.9 19.8 5.1 26.9 14.9 11.9 339.0 23.3 218.8 3n 31 304.6 18.8 229.3 155.4 73.9 37.2 32 0.0 33 34 3S -240.0 48.5 -288.5 765.7 89.8 68.5 21.4 Personal current taxes................... Income taxes.............................. Other........................................... Taxes on production and imports.... Sales taxes................................. Property taxes........................... Other........................................... 6.9 767.7 25.2 19.9 5.3 27.1 15.2 11.9 310.8 25.1 217.7 150.3 67.4 44.5 345.5 24.3 222.5 157.4 65.1 56.3 346.3 22.9 215.6 150.3 65.3 47.0 353.3 20.9 219.6 47.9 316.4 19.1 227.6 157.2 70.5 37.0 0.0 0.0 1.4 -1.4 0.0 0.0 37.9 -296.3 43.3 -339.7 -320.4 46.4 -366.8 -424.7 36.1 -460.8 -499.4 35.0 -534.4 43.9 34.2 Addenda: Current receipts........................ Capital transfer receipts............ Total expenditures...................... Current expenditures................ Gross government investment... Capital transfer payments......... Net purchases of nonproduced assets.................................... Less: Consumption of fixed capital.................................... Net lending or net borrowing (-) 2002 IV -3.1 -1.5 -2.3 -0.4 -1.6 -2.5 -1.5 18 19 2,100.7 2,263.7 2,156.1 2,184.0 2,288.5 2,283.7 2,298.6 620.7 673.2 590.8 662.6 635.9 668.9 672.3 20 21 1,243.4 1,334.4 1,270.8 1,287.3 1,339.5 1,348.9 1,361.9 972.1 935.4 969.7 979.7 987.6 22 920.0 951.5 932.6 984.7 23 917.3 969.3 948.7 966.8 976.9 24 2.7 2.8 2.8 2.8 2.9 2.8 2.8 335.4 323.4 362.3 335.9 369.8 369.2 374.3 25 26 27 28 2003 IV III 1,859.7 1,863.5 1,863.9 1,784.3 1,072.7 1,060.3 1,057.1 972.1 815.4 794.3 794.6 696.3 89.0 87.7 86.3 88.3 68.4 67.4 66.8 64.6 21.7 20.6 20.9 20.9 161.7 182.8 171.0 167.9 22.8 22.7 22.0 20.2 138.9 148.3 145.9 162.6 6.7 6.7 6.8 6.9 741.9 22.0 18.3 3.8 25.4 13.6 11.7 2002 3fi 1,886.2 1,882.8 1,887.1 1,882.6 1,806.0 1,859.7 1,863.5 1,863.9 1,784.3 37 1,860.7 22.1 23.0 18.7 21.7 24.6 38 25.6 23.5 39 2,144.8 2,312.5 2,198.5 2,215.7 2,339.9 2,344.5 2,350.1 40 2,100.7 2,263.7 2,156.1 2,184.0 2,288.5 2,283.7 2,298.6 41 88.7 95.0 89.3 87.1 95.8 97.3 99.9 42.9 47.1 44.1 42 44.3 44.9 37.3 51.3 43 0.2 -0.2 0.1 -2.7 -1.0 3.4 -0.7 44 45 89.1 -258.6 90.9 89.8 -315.8 90.0 -328.6 90.5 -457.3 91.3 -538.5 91.8 Contributions for government social insurance........................................ Income receipts on assets................. Interest receipts.............................. Dividends........................................ Rents and royalties........................ Current transfer receipts.................... Federal grants-in-aid....................... From business (net)....................... From persons.................................. Current surplus of government enterprises...................................... Current expenditures.............. Consumption expenditures................ Government social benefit payments to persons....................................... Interest payments............................... Subsidies............................................ Less: Wage accruals less disbursements................................ Net state and local government saving.............. Social insurance funds....................... 1 1,424.7 ? 925.5 3 221.9 4 201.7 20.2 5 672.5 6 7 328.8 291.0 8 9 52.6 m 31.1 226.0 205.1 20.9 700.9 340.8 304.3 55.8 2003 I II III IV 1,456.6 1,441.2 1,477.9 1,528.0 943.3 935.0 934.9 983.6 230.3 215.1 239.7 205.6 209.6 194.6 185.2 218.4 20.7 20.5 20.4 21.3 680.5 685.9 694.4 705.1 329.7 332.3 343.2 337.5 299.4 297.9 305.5 301.6 52.9 54.3 55.2 56.5 32.5 33.9 35.0 38.8 11 12 13 14 15 16 17 18 19 13.5 95.5 86.0 2.1 7.4 384.2 304.6 32.7 46.9 13.8 93.9 84.0 2.2 7.8 422.3 339.0 32.1 51.2 20 21 22 5.9 1,427.9 1,004.6 6.5 1,500.9 1,045.3 23 24 25 332.3 89.9 1.0 362.1 93.2 0.3 342.1 91.0 -0.3 343.7 92.0 0.3 358.4 92.7 0.6 375.7 93.5 -0.7 370.4 94.4 1.2 26 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -3.2 ............ 3.4 3.4 -6.6 -0.4 3.4 -3.8 -40.6 3.4 -44.0 -14.7 3.4 -18.1 13.1 3.5 9.6 3.5 1,506.5 1,485.4 1,532.1 1,456.6 1,441.2 1,477.9 44.2 50.0 54.2 1,591.8 1,613.7 1,623.1 1,457.0 1,481.8 1,492.6 249.7 248.7 248.7 1,586.3 1,528.0 58.3 1,651.7 1,514.9 256.2 50.7 1,651.2 1,514.2 257.6 27 28 ?9 13.6 95.0 85.3 2.2 7.5 398.2 316.4 33.4 48.4 13.7 94.4 84.5 2.3 7.6 391.5 310.8 31.3 49.5 13.8 93.9 84.0 2.2 7.7 427.9 345.5 31.8 50.6 13.9 93.9 83.9 2.1 7.8 430.4 346.3 32.4 51.7 243.7 222.2 21.5 718.3 350.4 310.6 57.4 14.0 93.3 83.4 2.0 7.9 439.2 353.3 32.9 52.9 6.5 6.6 7.4 6.2 5.6 1,457.0 1,481.8 1,492.6 1,514.9 1,514.2 1,024.2 1,045.8 1,040.9 1,046.3 1,048.2 Addenda: Capital transfer receipts............. Total expenditures....................... Current expenditures................. Gross government investment.... Net purchases of nonproduced assets..................................... Less: Consumption of fixed capital..................................... Net lending or net borrowing (-). 30 1,476.3 31 1,424.7 51.7 32 33 1,563.2 34 1,427.9 248.4 35 36 51.9 1,634.9 1,500.9 252.8 3/ 8.6 8.6 8.6 8.6 8.6 8.6 8.6 38 39 121.7 -86.9 127.3 123.5 -85.3 125.3 -128.3 126.9 -90.9 127.9 -65.4 129.2 March 2004 S urvey D -2 3 C u r r e n t B u s in e s s of Table 3.9.1 Percent Change From Preceding Period in Real Government Consumption Expenditures and Gross Investment Table 3.9.2 Contributions to Percent Change in Real Government Consumption Expenditures and Gross Investment [Percent] Seasonally adjusted at annual rates Seasonally adjusted at annual rates Line 2002 2003 2002 IV Government consumption expenditures and gross investment..................... Consumption expenditures1.............. Gross investment2........... Structures..................... Equipment and software Federal......................................... Consumption expenditures... Gross investment................. Structures......................... Equipment and software... National defense..................... Consumption expenditures... Gross investment.................. Structures......................... Equipment and software... Nondefense............................. Consumption expenditures... Gross investment.................. Structures......................... Equipment and software... State and local............................ Consumption expenditures...... Gross investment...................... Structures............................. Equipment and software...... 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 3.8 3.6 5.0 3.8 7.3 7.9 7.6 9.9 7.5 10.4 8.9 8.4 11.7 -5.1 13.4 6.2 6.1 7.0 14.2 4.2 1.8 1.4 3.4 3.5 3.0 3.4 3.7 1.9 -0.2 5.4 8.8 9.0 7.3 2.7 8.2 10.6 10.9 8.7 6.5 8.9 5.3 5.4 4.9 1.1 6.6 0.5 0.7 0.0 -0.4 1.4 9.3 -2.7 0.8 -8.4 18.2 22.9 -9.1 4.6 -11.5 22.1 28.2 -12.6 -4.4 -13.3 11.4 13.7 -2.6 8.9 -7.3 1.5 1.9 -0.3 0.5 -3.5 2002 2003 2003 I 7.1 Line II 2002 IV III IV -0.4 7.4 1.8 0.8 0.8 -5.9 -6.8 -4.4 -0.2 1.1 -8.7 -10.9 -8.2 -5.6 -4.8 -11.2 3.3 -12.4 10.5 12.8 -4.1 -16.7 2.1 -0.5 0.6 -4.9 -6.5 1.5 7.1 9.0 -1.9 30.2 23.5 20.5 46.3 19.3 52.2 41.9 41.9 42.1 -8.8 47.6 -5.0 -11.7 53.7 34.4 62.8 -0.8 -0.5 -2.2 -3.3 2.5 0.1 10.4 14.4 4.0 1.2 0.6 5.7 13.9 4.3 -1.3 -4.7 26.4 67.0 23.5 6.5 11.9 -22.8 -4.1 -29.8 2.1 -0.3 12.2 14.4 3.6 0.2 3.7 -0.6 11.3 1.6 0.2 12.0 -16.2 18.2 4.2 4.3 3.8 6.7 3.5 -3.3 -7.4 28.7 -25.9 62.0 0.4 0.3 0.7 0.7 0.9 1. Government consumption expenditures are services (such as education and national defense) produced by government that are valued at their cost of production. Excludes government sales to other sectors and government own-account invest ment (construction and software). 2. Gross government investment consists of general government and government enterprise expenditures for fixed assets; inventory investment is included in government consumption expenditures. Percent change at annual rate: Government consumption expenditures and gross investment...................... Percentage points at annual rates: Consumption expenditures1.............. Gross investment2........... Structures.................... Equipment and software Federal......................................... Consumption expenditures... Gross investment................. Structures......................... Equipment and software... National defense.................... Consumption expenditures... Gross investment................. Structures........................ Equipment and software... Nondefense............................. Consumption expenditures... Gross investment................. Structures......................... Equipment and software... State and local............................ Consumption expenditures...... Grass investment..................... Structures............................. Equipment and software.. . 2003 I II III IV 1 3.8 3.4 7.1 -0.4 7.4 1.8 0.8 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 2.96 0.88 0.41 0.46 2.68 2.24 0.44 0.05 0.38 1.92 1.60 0.32 -0.01 0.33 0.76 0.64 0.12 0.07 0.05 1.16 0.73 0.44 0.36 0.08 3.08 0.33 -0.01 0.34 3.07 2.73 0.33 0.03 0.31 2.41 2.16 0.25 0.01 0.23 0.66 0.57 0.09 0.01 0.08 0.34 0.34 0.00 -0.04 0.04 7.59 -0.47 0.09 -0.56 6.13 6.56 -0.43 0.03 -0.47 4.74 5.13 -0.39 -0.01 -0.38 1.39 1.43 -0.04 0.04 -0.09 0.99 1.03 -0.04 0.05 -0.09 0.64 -1.03 -0.75 -0.28 -0.06 0.34 -0.40 -0.08 -0.32 -1.33 -1.00 -0.33 0.01 -0.34 1.27 1.34 -0.07 -0.09 0.02 -0.32 0.31 -0.63 -0.66 0.04 5.95 1.49 -0.19 1.68 7.95 6.20 1.75 0.13 1.62 8.59 7.57 1.02 -0.02 1.04 -0.64 -1.37 0.73 0.15 0.58 -0.52 -0.25 -0.26 -0.32 0.06 0.07 1.68 1.43 0.25 0.46 0.20 0.26 0.10 0.16 -0.33 -1.03 0.70 0.12 0.58 0.79 1.23 -0.44 -0.02 -0.42 1.29 -0.13 1.42 1.33 0.09 0.21 0.63 -0.06 0.69 0.60 0.06 0.54 -0.13 0.67 1.02 0.90 0.11 0.02 0.10 -0.42 -0.84 0.42 -0.15 0.57 0.24 0.15 0.09 0.07 0.02 1. Government consumption expenditures are services (such as education and national defense) produced by government that are valued at their cost of production. Excludes government sales to other sectors and government own-account invest ment (construction and software). 2. Gross government investment consists of general government and government enterprise expenditures for fixed assets; inventory investment is included in government consumption expenditures. Table 3.9.3 Real Government Consumption Expenditures and Gross Investment, Quantity Indexes Table 3.9.4 Price Indexes for Government Consumption Expenditures and Gross Investment [Index numbers, 2000=100] [Index numbers, 2000=100] Seasonally adjusted Line 2002 2003 2002 IV Government consumption expenditures and gross investment..................... Consumption expenditures1.............. Gross investment2........... Structures..................... Equipment and software Federal......................................... Consumption expenditures... Gross investment................. Structures........................ Equipment and software... National defense..................... Consumption expenditures... Gross investment................. Structures........................ Equipment and software... Nondefense............................. Consumption expenditures... Gross investment.................. Structures........................ Equipment and software... State and local............................ Consumption expenditures...... Gross investment..................... Structures............................. Equipment and software...... Seasonally adjusted 2003 I II Line III 106.484 107.708 105.335 111.807 111.958 111.858 112.661 101.285 115.019 113.086 112.664 116.016 83.881 119.829 109.956 110.398 107.396 111.691 105.662 104.047 103.568 106.021 105.641 107.398 110.460 109.727 105.156 117.892 121.761 121.914 120.846 104.066 124.403 125.114 124.977 126.099 89.310 130.478 115.814 116.379 112.623 112.884 112.598 104.592 104.250 105.998 105.241 108.897 108.802 108.004 105.633 112.084 116.764 117.274 113.343 103.055 115.457 118.672 118.810 117.620 84.027 121.611 113.381 114.500 106.644 114.431 103.484 104.593 104.207 106.184 105.830 107.454 109.012 106.373 103.797 110.835 116.713 117.589 110.805 100.118 113.010 116.972 117.355 114.165 84.714 117.644 116.252 118.011 105.540 109.325 104.024 104.463 104.361 104.857 104.076 107.866 110.903 108.695 103.309 118.384 123.025 123.212 121.869 104.634 125.522 127.675 128.087 124.649 82.781 129.677 114.781 114.406 117.511 117.704 117.497 104.248 104.231 104.288 103.212 108.523 110.927 111.406 106.838 119.548 123.406 123.401 123.581 108.099 126.835 127.247 126.569 132.174 94.099 136.701 116.596 117.676 110.132 116.464 107.540 104.779 104.165 107.326 106.746 109.480 110.996 112.432 106.682 122.801 123.900 123.453 127.129 103.413 132.245 128.565 127.899 133.407 95.647 137.890 115.629 115.423 117.308 108.042 121.333 104.880 104.243 107.522 106.931 109.721 1. Government consumption expenditures are services (such as education and national defense) produced by government that are valued at their cost of production. Excludes government sales to other sectors and government own-account invest ment (construction and software). 2. Gross government investment consists of general government and government enterprise expenditures for fixed assets; inventory investment is included in government consumption expenditures. 2003 IV 1 106.697 110.334 108.666 108.563 110.527 111.008 111.240 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 2002 2002 IV Government consumption expenditures and gross investment...................... Consumption expenditures1.............. Gross investment2........... Structures.................... Equipment and software Federal......................................... Consumption expenditures... Gross investment................. Structures........................ Equipment and software... National defense.................... Consumption expenditures... Grass investment................. Structures........................ Equipment and software... Nondefense............................. Consumption expenditures... Gross investment................. Structures........................ Equipment and software... State and local............................ Consumption expenditures...... Gross investment..................... Structures............................. Equipment and software 2003 I II III IV 1 105.207 108.229 106.055 107.951 107.966 108.433 108.564 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 105.729 102.783 106.492 96.856 104.858 105.775 99.068 106.114 97.759 104.666 105.643 98.279 106.402 97.494 105.208 106.021 100.356 105.966 98.270 105.382 105.694 104.116 106.518 95.616 109.117 104.091 109.308 95.870 107.501 108.843 98.956 109.062 97.114 107.418 108.802 98.310 109.393 97.292 107.653 108.919 99.995 108.893 96.624 108.603 109.258 105.966 109.324 94.128 106.696 103.085 107.148 96.614 105.066 106.006 99.150 106.901 97.718 104.941 105.926 98.512 107.140 97.688 105.293 106.153 100.176 106.774 97.704 106.580 107.095 104.502 107.164 95.086 108.872 103.655 108.360 96.192 107.032 108.306 98.918 108.022 97.245 106.968 108.295 98.249 108.363 97.306 107.148 108.329 100.000 107.849 97.025 108.435 109.195 105.372 108.383 94.734 108.802 104.080 109.302 95.847 107.399 108.733 98.901 108.710 97.106 107.300 108.677 98.237 109.045 97.241 107.581 108.838 99.973 108.539 96.724 108.246 108.813 105.971 109.344 94.084 109.342 104.201 109.487 95.875 107.755 109.113 99.107 109.261 97.254 107.654 109.057 98.417 109.536 97.397 107.942 109.218 100.226 109.118 96.851 108.778 109.456 106.056 109.501 93.925 109.453 104.429 110.084 95.567 107.818 109.219 98.899 110.255 96.849 107.749 109.180 98.336 110.626 97.225 107.941 109.292 99.779 110.064 95.895 108.951 109.569 106.464 110.068 93.770 1. Government consumption expenditures are services (such as education and national defense) produced by government that are valued at their cost of production. Excludes government sales to other sectors and government own-account invest ment (construction and software). 2. Gross government investment consists of general government and government enterprise expenditures for fixed assets; inventory investment is included in government consumption expenditures. National Data D -2 4 March 2004 Table 3.9.5 Government Consumption Expenditures and Gross Investment Table 3.9.6. Real Government Consumption Expenditures and Gross Investment, Chained Dollars [Billions of dollars] [Billions of chained (2000) dollars] Seasonally adjusted at annual rates Seasonally adjusted at annual rates Line 2002 2003 2002 IV Government consumption expenditures and gross investment...................... Consumption expenditures1.............. Gross investment2........... Structures..................... Equipment and software Federal......................................... Consumption expenditures... Gross investment.................. Structures......................... Equipment and software... National defense..................... Consumption expenditures... Gross investment................. Structures......................... Equipment and software... Nondefense............................. Consumption expenditures... Gross investment.................. Structures......................... Equipment and software... State and local............................ Consumption expenditures...... Gross investment..................... Structures............................. Equipment and software Line 2003 I II III 1 1,932.5 2,055.7 1,983.9 2,017.4 2,054.2 2,072.1 2,079.0 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 1,595.4 337.1 212.4 124.7 679.5 590.8 88.7 14.3 74.4 438.3 382.7 55.7 4.4 51.2 241.2 208.1 33.0 9.9 23.2 1,253.1 1,004.6 248.4 198.1 50.3 1,707.9 347.8 217.6 130.2 757.6 662.6 95.0 15.1 79.9 497.7 437.2 60.5 4.9 55.7 259.9 225.4 34.5 10.2 24.3 1,298.1 1,045.3 252.8 202.5 50.2 1,644.9 339.0 214.3 124.7 710.0 620.7 89.3 14.6 74.7 461.1 404.6 56.6 4.5 52.1 248.9 216.1 32.7 10.2 22.6 1,273.9 1,024.2 249.7 199.6 50.1 1,681.7 335.8 212.9 122.8 723.0 635.9 87.1 14.4 72.7 463.3 408.6 54.7 4.6 50.2 259.7 227.3 32.4 9.8 22.5 1,294.5 1,045.8 248.7 198.6 50.1 1,709.8 344.5 213.8 130.7 764.7 668.9 95.8 15.1 80.7 507.3 447.5 59.8 4.5 55.3 257.4 221.4 36.0 10.6 25.4 1,289.6 1,040.9 248.7 198.7 50.0 1,718.6 353.5 221.5 132.0 769.6 672.3 97.3 15.7 81.6 507.2 443.7 63.5 5.1 58.4 262.4 228.5 33.8 10.6 23.3 1,302.5 1,046.3 256.2 205.8 50.4 1,721.4 357.5 222.3 135.2 773.1 673.2 99.9 15.2 84.8 512.9 448.9 64.0 5.3 58.8 260.2 224.3 35.9 9.9 26.0 1,305.8 1,048.2 257.6 207.2 50.4 1. Government consumption expenditures are services (such as education and national defense) produced by government that are valued at their cost of production. Excludes government sales to other sectors and government own-account invest ment (construction and software). 2. Gross government investment consists of general government and government enterprise expenditures for fixed assets; inventory investment is included in government consumption expenditures. 2002 2003 IV Government consumption expenditures and gross investment...................... Consumption expenditures1.............. Gross investment2........... Structures.................... Equipment and software Federal......................................... Consumption expenditures... Gross investment................. Structures........................ Equipment and software... National defense.................... Consumption expenditures... Gross investment................. Structures........................ Equipment and software... Nondefense............................. Consumption expenditures... Gross investment................. Structures........................ Equipment and software... State and local........................... Consumption expenditures...... Gross investment..................... Structures............................. Equipment and software...... Residual........................................ 2002 2003 IV I II III IV 1 1,836.9 1,899.5 1,870.8 1,869.0 1,902.8 1,911.1 1,915.1 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 1,509.0 328.0 199.4 128.8 648.0 558.5 89.5 13.5 76.1 418.8 362.2 56.6 4.2 52.5 229.2 196.3 32.9 9.3 23.6 1,189.1 950.5 238.6 186.0 52.6 -0.3 1,565.3 334.1 199.1 135.8 704.7 608.7 96.0 13.8 82.3 463.3 401.8 61.6 4.4 57.2 241.4 206.9 34.5 9.4 25.1 1,195.3 956.8 238.5 185.3 53.4 -0.8 1,541.8 328.9 200.0 129.1 675.8 585.6 90.1 13.7 76.4 439.5 382.0 57.4 4.2 53.3 236.4 203.6 32.7 9.5 23.1 1,195.3 956.4 239.0 186.3 52.7 -0.3 1,544.8 323.9 196.5 127.7 675.5 587.1 88.1 13.3 74.8 433.2 377.3 55.7 4.2 51.6 242.4 209.9 32.4 9.1 23.2 1,193.8 957.8 236.0 183.2 52.9 -0.2 1,571.6 331.0 195.6 136.4 712.0 615.2 96.8 13.9 83.1 472.8 411.8 60.8 4.1 56.9 239.3 203.4 36.0 9.8 26.2 1,191.4 956.6 234.7 181.7 53.2 -0.9 1,571.9 339.2 202.3 137.7 714.3 616.2 98.2 14.4 83.9 471.2 406.9 64.5 4.7 59.9 243.1 209.3 33.8 9.7 24.0 1,197.4 956.0 241.5 187.9 53.7 -1.0 1,572.9 342.4 202.0 141.5 717.1 616.4 101.0 13.7 87.5 476.1 411.2 65.1 4.8 60.5 241.1 205.2 36.0 9.0 27.1 1,198.6 956.7 242.0 188.2 53.8 -1.4 1. Government consumption expenditures are services (such as education and national detense) produced by government that are valued at their cost of production. Excludes government sales to other sectors and government own-account invest ment (construction and software). 2. Gross government investment consists of general government and government enterprise expenditures for fixed assets; inventory investment is included in government consumption expenditures. Note. Chained (2000) dollar series are calculated as the product of the chain-type quantity index and the 2000 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 differ ence between the first line and the sum of the most detailed lines. March 2004 S u rv ey of C urrent B D -25 u s in e s s Table 3.10.1. Percent Change From Preceding Period in Real Government Consumption Expenditures and General Government Gross Output [Percent] Seasonally adjusted at annual rates Line 2002 2003 2002 IV Government consumption expenditures1............................................................................. Gross output of general government Value added........................................ Compensation of general government employees........................................................ Consumption of general government fixed capital2....................................................... Intermediate goods and services purchased3 Durable goods................................ Nondurable goods.......................................................................................................... Services................. Less: Own-account investment4 Sales to other sectois Federal consumption expenditures Gross output of general government ............................................................................... Value added............................................ Compensation of general government employees............................................................. Consumption of general government fixed capital............................................................. Intermediate goods and services purchased Durable goods..................................... Nondurable goods............................... Services.............................................. Less: Own-account investment ............................................................................................ Sales to other sectors „ Defense consumption expenditures Gross output of general government Value added................................ Compensation of general government employees............................................................. Consumption of general government fixed capital............................................................. Intermediate goods and services purchased......................................................................... Durable goods............ Nondurable goods...... Services..................... Less: Own-account investment Sales to other sectois Nondefense consumption expenditures..................................................................................... Gross output of general government.......................................................................................... Value added................................ Compensation of general government employees............................................................. Consumption of general government fixed capital............................................................. Intermediate goods and services purchased......................................................................... Durable goods........................ Nondurable goods.................. Commodity Credit Corporation inventory change.......................................................... Other nondurable goods Services.................................. Less: Own-account investment , Sales to other sectors..................................................................................................... State and local consumption expenditures........................................................................................ Gross output of general government.................... Value added....................................................... Compensation of general government employees Consumption of general government fixed capital Intermediate goods and services purchased . Durable goods..................................................................................................................... Nondurable goods Services.......... Less: Own-account investment Sales to other sectors Tuition and related educational charges.................................................................... Health and hospital charges Other sales................... 7............................................................................................ 1 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 2003 I II III 3.6 3.6 1.6 1.5 2.3 7.3 3.3 4.8 8.5 1.0 4.1 7.6 7.4 1.7 2.0 0.7 16.1 5.4 13.2 17.9 -0.9 -10.7 8.4 8.4 1.4 2.1 -0.2 18.8 4.3 12.7 22.4 28.3 -8.5 6.1 5.5 2.1 1.9 3.0 11.0 18.0 3.7 3.6 1.4 1.2 2.5 7.5 4.6 2.2 9.5 2.4 3.2 9.0 8.9 3.3 3.8 1.7 16.4 7.7 -0.9 19.4 9.6 -7.6 10.9 10.7 3.3 4.2 1.0 20.2 8.8 -4.5 24.3 11.9 -29.2 5.4 5.5 3.3 3.3 3.4 8.8 -4.8 9.3 7.6 2.4 2.4 2.4 17.1 -9.9 1.4 25.7 -4.5 -1.1 22.9 20.1 4.9 6.0 1.3 43.5 -18.2 -7.9 60.9 -11.9 -92.0 28.2 24.1 -0.3 -0.7 0.6 62.1 -20.9 -13.4 92.2 15.5 -99.7 13.7 13.2 14.2 16.8 3.1 11.7 17.0 0.8 1.1 1.7 1.5 2.5 0.1 -11.3 0.5 1.1 -3.8 3.4 1.1 1.2 4.3 5.1 1.7 -2.5 -20.6 -10.9 0.6 4.7 28.8 -4.8 -4.6 6.2 8.2 1.2 -16.0 -18.2 30.7 -18.5 0.2 104.3 12.8 12.7 1.1 0.7 2.9 32.1 -42.9 7.1 7.0 1.1 0.8 2.6 17.4 42.1 7.6 18.7 3.4 6.4 20.5 21.7 5.0 6.0 2.0 46.2 88.3 45.8 42.2 6.3 467.0 41.9 42.5 8.0 10.6 1.2 95.5 100.3 8.0 103.7 6.3 680.6 -11.7 -9.5 0.2 -0.5 4.0 -22.1 -13.4 0.1 0.4 0.1 -0.4 2.6 1.0 1.2 -0.8 1.6 2.4 2.4 0.6 0.1 0.0 -0.6 2.2 0.2 1.3 -19.4 2.1 -24.2 -33.7 -4.7 -4.6 1.1 0.9 1.4 -10.4 -0.6 -48.1 -8.7 -18.9 17.0 11.9 10.1 -1.7 -2.8 4.1 29.8 31.8 IV 0.2 0.8 0.5 0.1 2.8 1.2 3.5 3.4 0.3 44.3 1.0 0.2 0.4 -0.3 -1.2 2.7 1.2 6.0 10.8 -0.1 360.0 -77.6 4.3 4.0 -0.3 -1.0 1.8 8.8 3.7 19.0 9.0 306.6 -97.0 -7.4 -6.2 -0.3 -1.4 5.0 -14.1 39.2 22.0 10.4 -17.5 -12.3 1.4 2.0 1.6 1.3 3.9 2.7 1.0 3.5 2.5 1.4 4.4 1.5 5.0 5.3 4.2 10.2 7.5 8.0 0.7 1.2 0.6 0.3 3.3 2.4 1.0 2.7 2.3 0.6 3.4 2.4 2.9 4.9 7.7 13.8 -30.6 23.5 1.9 2.2 1.4 1.1 3.4 3.7 1.6 3.0 4.1 -2.5 3.4 2.9 2.2 5.6 -36.8 51.0 9.0 6.5 0.6 1.0 0.6 0.3 3.3 1.8 1.1 2.4 1.6 -5.9 3.1 2.7 2.7 3.9 63.3 -32.0 6.3 386.8 -0.5 0.4 -0.5 -1.0 3.1 2.1 0.7 2.5 2.0 2.7 3.6 2.7 2.7 5.4 39.2 31.4 -28.9 -51.9 -0.3 0.6 0.1 -0.3 3.0 1.6 1.0 2.5 1.2 10.5 3.3 2.7 2.7 4.5 3.6 -17.8 415.3 -45.3 0.3 1.0 0.9 0.6 2.9 1.2 0.3 2.3 0.6 3.2 3.3 2.7 2.7 4.5 1. Government consumption expenditures are services (such as education and national defense) produced by government that are valued at their cost of production. Excludes government sales to other sectors and government own-account investment (construction and software). 2. Consumption of fixed capital, or depreciation, is included in government gross output as a partial measure of the services of general government fixed assets; the use of depreciation assumes a zero net return on these assets. 3. Includes general government intermediate inputs for goods and services sold to other sectors and for own-account investment. 4. Own-account investment is measured in current dollars by compensation of general government employees and related expenditures for goods and services and is classified as investment in structures and in soft ware in table 3.9.5. D -2 6 March 2004 National D ata Table 3.10.3. Real Government Consumption Expenditures and General Government Gross Output, Quantity Indexes [Index numbers, 2000=100] Seasonally adjusted Line 2002 2003 2002 IV Government consumption expenditures1.............................................................................. Gross output of general government...................................................................................... Value added......................................................................................................................... Compensation of general government employees........................................................ Consumption of general government fixed capital2....................................................... Intermediate goods and services purchased3................................................................... Durable goods...... Nondurable goods. Services................ Less: Own-account investment4 Sales to other sectors Federal consumption expenditures Gross output of general government.......................................................................................... Value added............................................................................................................................. Compensation of general government employees............................................................. Consumption of general government fixed capital............................................................. Intermediate goods and services purchased.......................................................................... Durable goods........... Nondurable goods..... Services..................... Less: Own-account investment Sales to other sectors Defense consumption expenditures Gross output of general government Value added........ .......... Compensation of general government employees............................................................. Consumption of general government fixed capital............................................................. Intermediate goods and services purchased......................................................................... Durable goods........... Nondurable goods..... Services.................... Less: Own-account investment Sales to other sectors Nondefense consumption expenditures Gross output of general government Value added.................. Compensation of general government employees............................................................. Consumption of general government fixed capital............................................................. Intermediate goods and services purchased.......................................................................... Durable goods..................................................................................................................... Commodity Credit Corporation inventory change.......................................................... Other nondurable goods Services..................... Less: Own-account investment Sales to other sectors..................................................................................................... State and local consumption expenditures........................................................................................ Gross output of general government.......................................................................................... Value added............................................................................................................................. Compensation of general government employees............................................................. Consumption of general government fixed capital............................................................. Intermediate goods and services purchased.......................................................................... Durable goods Nondurable goods Services......... ...................................................................... Less: Own-account investment Sales to other sectors............................... Tuition and related educational charges Health and hospital charges................ Other sales................................................................................................................. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 1/ 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 2003 I II III IV 106.484 106.763 103.345 103.070 104.883 113.061 106.859 110.332 114.648 109.731 108.262 111.858 111.330 101.930 102.174 101.177 126.895 107.680 123.429 130.280 121.298 66.494 112.664 112.715 101.657 102.711 99.107 130.598 105.743 115.417 138.001 163.043 91.911 110.398 108.891 102.398 101.379 106.978 120.093 132.912 110.460 110.658 104.789 104.310 107.532 121.553 111.803 112.755 125.592 112.393 111.757 121.914 121.198 105.296 106.081 102.854 147.736 115.942 122.329 155.595 132.909 61.455 124.977 124.810 105.034 107.032 100.072 157.020 115.042 110.249 171.553 182.487 65.071 116.379 114.844 105.750 104.676 110.663 130.632 126.590 108.802 108.856 104.106 103.801 105.815 117.654 107.376 110.959 121.002 109.790 109.137 117.274 116.386 103.255 103.788 101.608 138.210 108.246 119.674 144.969 120.830 47.156 118.810 118.511 101.852 102.922 99.265 145.547 105.731 108.868 158.546 167.824 42.436 114.500 112.647 105.654 105.063 108.180 124.723 141.354 109.012 109.151 104.534 104.188 106.482 117.698 104.212 111.103 121.343 108.725 110.053 117.589 116.744 104.342 105.085 102.034 137.337 102.168 116.284 145.178 122.213 50.238 117.355 117.121 103.407 104.972 99.566 139.332 100.561 116.402 150.644 167.903 50.733 118.011 116.073 105.943 105.252 108.955 133.716 122.865 110.903 111.009 104.816 104.402 107.167 122.510 113.779 113.144 126.647 109.649 111.783 123.212 122.622 105.632 106.622 102.530 151.007 119.684 127.780 158.544 124.097 77.522 128.087 127.970 105.418 107.647 99.857 164.759 119.628 118.676 179.963 170.482 84.799 114.406 113.217 106.004 105.108 110.033 125.630 118.537 110.927 111.130 104.836 104.308 107.867 122.821 114.115 112.908 127.144 110.307 112.454 123.401 122.654 105.643 106.464 103.088 151.074 120.079 121.061 159.353 115.774 69.947 126.569 126.457 105.696 107.895 100.214 160.295 119.441 100.722 175.894 161.800 88.187 117.676 115.964 105.562 104.351 111.154 134.098 127.010 110.996 111.343 104.971 104.341 108.612 123.183 115.108 113.864 127.235 120.890 112.739 123.453 122.774 105.566 106.152 103.765 151.527 121.838 124.192 159.305 169.553 48.114 127.899 127.693 105.615 107.614 100.650 163.695 120.537 105.195 179.710 229.762 36.563 115.423 114.122 105.491 103.993 112.510 129.085 137.948 144.492 117.862 98.831 55.699 103.568 104.753 103.935 103.381 108.421 106.330 105.896 108.404 105.359 107.211 109.505 103.924 111.310 110.414 150.592 129.853 106.239 60.170 104.250 106.028 104.580 103.680 111.992 108.844 106.916 111.364 107.768 107.864 113.250 106.465 114.488 115.868 146.971 123.108 95.560 49.502 104.207 105.546 104.462 103.802 109.829 107.648 106.351 109.683 106.760 107.386 110.974 104.683 112.571 112.684 131.028 136.464 97.635 50.291 104.361 105.813 104.617 103.870 110.726 108.134 106.631 110.336 107.180 105.775 111.827 105.391 113.333 113.779 148.114 123.925 99.146 74.700 104.231 105.908 104.477 103.613 111.587 108.689 106.805 111.024 107.699 106.484 112.810 106.104 114.099 115.289 160.890 132.687 91.028 62.195 104.165 106.068 104.501 103.541 112.422 109.118 107.071 111.724 108.010 109.166 113.720 106.822 114.872 116.551 162.335 126.338 137.149 53.492 104.243 106.323 104.724 103.696 113.232 109.435 107.159 112.371 108.184 110.033 114.645 107.544 115.649 117.854 1. Government consumption expenditures are services (such as education and national defense) produced by government that are valued at their cost of production. Excludes government sales to other sectors and government own-account investment (construction and software). 2. Consumption of fixed capital, or depreciation, is included in government gross output as a partial measure of the sen/ices of general government fixed assets; the use of depreciation assumes a zero net return on these assets. 3. Includes general government intermediate inputs for goods and services sold to other sectors and for own-account investment. 4. Own-account investment is measured in current dollars by compensation of general government employees and related expenditures for goods and services and is classified as investment in structures and in soft ware in table 3.9.5. March 2004 S urvey of C urrent D -2 7 B u s in e s s Table 3.10.4. Price Indexes for Government Consumption Expenditures and General Government Gross Output [Index numbers, 2000=100] Seasonally adjusted Line 2002 2003 2002 105.729 105.865 107.547 108.621 101.777 102.969 100.610 97.277 105.249 105.847 106.707 105.775 105.783 107.425 109.651 101.041 103.414 99.998 95.552 104.884 108.196 104.870 105.643 105.669 107.278 109.966 100.978 103.420 100.516 91.622 105.268 107.631 108.633 106.021 105.995 107.673 109.190 101.236 103.411 94.229 109.117 109.512 111.140 112.724 102.657 106.714 100.934 105.005 107.975 109.036 111.976 108.843 108.861 110.807 114.013 101.539 106.142 100.315 101.011 107.593 111.939 108.469 108.802 108.836 110.528 114.330 101.537 106.523 101.101 98.955 108.400 111.028 113.212 108.919 108.915 111.280 113.558 101.570 105.383 91.868 106.696 106.955 108.623 109.842 102.081 104.090 100.660 99.999 105.923 106.984 108.547 106.006 106.022 107.193 109.166 101.543 104.274 100.037 97.989 105.659 108.755 105.791 105.926 105.956 106.874 109.124 101.619 104.560 100.657 96.179 106.263 108.022 109.419 106.153 106.148 107.729 109.226 101.375 103.712 93.224 108.872 109.015 110.245 111.729 102.291 106.846 100.799 108.649 106.987 108.477 109.928 108.306 108.317 110.358 113.508 101.254 105.495 100.187 103.847 106.534 110.866 107.354 108.295 108.323 110.202 113.984 101.258 105.819 100.954 103.261 107.203 109.862 112.178 108.329 108.313 110.623 112.818 101.271 104.859 91.931 108.802 109.129 110.941 112.494 102.622 106.044 100.877 102.773 107.752 108.701 111.175 108.733 108.749 110.844 114.109 101.400 105.859 100.268 99.818 107.373 111.774 108.057 108.677 108.710 110.539 114.391 101.423 106.258 101.068 97.761 108.177 110.889 112.906 108.838 108.828 111.361 113.706 101.368 105.062 91.652 109.342 109.801 111.582 113.217 102.827 106.762 100.958 103.878 108.409 109.348 112.661 109.113 109.133 111.011 114.209 101.764 106.491 100.382 100.571 108.057 112.436 108.880 109.057 109.093 110.675 114.461 101.723 106.894 101.150 97.449 108.971 111.608 113.693 109.218 109.217 111.580 113.852 101.895 105.686 92.145 109.453 110.103 111.793 113.456 102.890 107.203 101.103 104.718 108.752 109.618 114.141 109.219 109.245 111.016 114.226 101.738 106.722 100.422 99.807 108.406 112.679 109.583 109.180 109.217 110.697 114.484 101.745 107.122 101.230 97.350 109.247 111.752 114.072 109.292 109.303 111.557 113.858 101.747 105.925 91.744 100.430 104.262 108.607 102.658 105.694 105.897 107.599 108.267 102.464 102.721 101.335 97.541 105.468 105.273 106.751 112.299 106.631 103.559 104.783 106.153 112.646 106.181 109.258 109.808 111.276 112.273 103.684 107.065 101.671 105.623 108.208 108.323 112.052 121.665 111.980 106.406 101.228 104.627 109.298 103.706 107.095 107.388 109.212 110.077 102.591 103.990 101.401 100.305 106.064 106.554 108.608 115.320 108.860 104.166 105.668 105.372 111.661 104.799 109.195 109.333 110.193 111.102 103.245 107.698 101.524 109.402 107.281 107.894 109.986 117.269 110.217 105.241 103.193 105.947 112.458 105.489 108.813 109.289 110.978 111.926 103.740 106.143 101.599 103.221 107.983 107.945 111.244 119.316 111.499 106.004 104.945 106.391 113.066 106.340 109.456 110.107 111.818 112.873 103.804 106.919 101.637 104.385 108.615 108.588 112.743 123.552 112.485 106.681 105.328 106.902 113.399 107.401 109.569 110.506 112.116 113.192 103.947 107.501 101.923 105.485 108.953 108.867 114.235 126.523 113.720 107.698 IV Government consumption expenditures1............................................................................. Gross output of general government..................................................................................... Value added........................................ Compensation of general government employees........................................................ Consumption of general government fixed capital2....................................................... Intermediate goods and services purchased3 Durable goods................................ Nondurable goods......................... Services.......................................... Less: Own-account investment4............................................................................................. Sales to other sectors Federal consumption expenditures Gross output of general government Value added.................... Compensation of general government employees............................................................. Consumption of general government fixed capital............................................................. Intermediate goods and services purchased......................................................................... Durable goods............. Nondurable goods Services...................... Less: Own-account investment Sales to other sectors Defense consumption expenditures........................................................................................... Gross output of general government..................... Value added........................................................ Compensation of general government employees Consumption of general government fixed capital Intermediate goods and services purchased......................................................................... Durable goods.. Nondurable goods Services.......... Less: Own-account investment Sales to other sectors..................................................................................................... Nondefense consumption expenditures..................................................................................... Gross output of general government.......................................................................................... Value added Compensation of general government employees............................................................. Consumption of general government fixed capital............................................................. Intermediate goods and services purchased......................................................................... Durable goods.. Nondurable goods Commodity Credit Corporation inventory change.......................................................... Other nondurable goods Services.......... Less: Own-account investment Sales to other sectors State and local consumption expenditures........................................................................................ Gross output of general government Value added Compensation of general government employees............................................................. Consumption ot general government fixed capital............................................................. Intermediate goods and services purchased.......................................................................... Durable goods.. Nondurable goods Services.......... Less: Own-account investment Sales to other sectors Tuition and related educational charges.................................................................... Health and hospital charges Other sales................... 7............................................................................................ 1 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 2003 I II III IV 1. Government consumption expenditures are services (such as education and national defense) produced by government that are valued at their cost of production. Excludes government sales to other sectors and government own-account investment (construction and software). 2. Consumption of fixed capital, or depreciation, is included in government gross output as a partial measure of the services of general government fixed assets; the use of depreciation assumes a zero net return on these assets. 3. Includes general government intermediate inputs for goods and services sold to other sectors and for own-account investment. 4. Own-account investment is measured in current dollars by compensation of general government employees and related expenditures for goods and services and is classified as investment in structures and in soft ware in table 3.9.5. D -2 8 National D ata March 2004 Table 3.10.5. Government Consumption Expenditures and General Government Gross Output [Billions of dollars] Seasonally adjusted at annual rates Line 2002 2003 2002 IV Government consumption expenditures1............................................................................. Gross output of general government ............................................................................... Value added......................................... Compensation of general government employees........................................................ Consumption of general government fixed capital2....................................................... Intermediate goods and services purchased3 Durable goods................................. Nondurable goods.......................... Services........................................... Less: Own-account investment4............................................................................................. Sales to other sectors Federal consumption expenditures Gross output of general government Value added................................. Compensation of general government employees............................................................. Consumption of general government fixed capital............................................................. Intermediate goods and services purchased......................................................................... Durable goods.............. Nondurable goods........ Services....................... Less: Own-account investment................................................................................................... Sales to other sectors Defense consumption expenditures Gross output of general government Value added........ Compensation of general government employees............................................................. Consumption of general government fixed capital............................................................. Intermediate goods and services purchased......................................................................... Durable goods... Nondurable goods Services........... Less: Own-account investment................................................................................................... Sales to other sectors..................................................................................................... Nondefense consumption expenditures Gross output of general government Value added................................. Compensation of general government employees............................................................. Consumption of general government fixed capital............................................................. Intermediate goods and services purchased Durable goods.......................... Nondurable goods............................................................................................................... Commodity Credit Corporation inventory change.......................................................... Other nondurable goods................................................................................................. Services.............................................................................................................................. Less: Own-account investment................................................................................................... Sales to other sectors..................................................................................................... State and local consumption expenditures Gross output of general government Value added................................. Compensation of general government employees............................................................. Consumption of general government fixed capital............................................................. Intermediate goods and services purchased......................................................................... Durable goods.......................... Nondurable goods.............................................................................................................. Services....................... Less: Own-account investment Sales to other sectors Tuition and related educational charges.................................................................... Health and hospital charges Other sales ....... 1 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 1,595.4 1,878.9 1,188.8 1,011.2 177.6 690.1 47.4 156.0 486.8 21.0 262.5 590.8 599.6 345.3 261.9 83.4 254.3 25.9 22.3 206.1 4.2 4.6 382.7 386.6 217.2 156.9 60.3 169.4 23.7 11.0 134.7 2.0 1.9 208.1 213.1 128.1 105.0 23.1 85.0 2.2 11.3 0.1 11.1 71.5 2.3 2.7 1,004.6 1,279.3 843.5 749.3 94.2 435.8 21.5 133.6 280.6 16.8 257.8 51.7 125.2 80.9 1,707.9 2,014.4 1,245.6 1,062.0 183.7 768.7 49.8 172.0 547.0 22.2 284.3 662.6 671.8 368.0 282.7 85.2 303.8 27.9 23.4 252.5 4.8 4.4 437.2 440.9 231.2 170.0 61.2 209.7 25.9 11.4 172.4 2.3 1.4 225.4 230.9 136.7 112.7 24.0 94.2 2.1 12.0 -0.1 12.1 80.1 2.5 3.0 1,045.3 1,342.6 877.7 779.2 98.5 464.9 21.8 148.6 294.5 17.4 279.9 57.4 135.3 87.2 1,644.9 1,935.3 1,209.5 1,029.8 179.7 725.8 47.7 161.2 516.9 21.3 269.1 620.7 628.2 349.1 264.9 84.2 279.2 26.0 22.2 231.0 4.2 3.3 404.6 407.5 216.8 156.1 60.8 190.7 23.7 10.9 156.1 2.1 0.9 216.1 220.7 132.2 108.8 23.4 88.5 2.3 11.3 -0.2 11.4 74.9 2.2 2.4 1,024.2 1,307.0 860.4 764.9 95.5 446.6 21.6 139.0 285.9 17.0 265.8 53.5 129.3 83.0 2003 I 1,681.7 1,977.9 1,232.6 1,051.4 181.2 745.3 46.3 175.4 523.6 21.3 274.8 635.9 643.8 363.1 278.8 84.3 280.7 24.6 22.8 233.2 4.4 3.6 408.6 411.8 227.0 166.2 60.7 184.8 22.6 12.5 149.6 2.1 1.1 227.3 232.1 136.2 112.6 23.6 95.9 2.0 10.3 -0.3 10.6 83.6 2.3 2.5 1,045.8 1,334.0 869.4 772.5 96.9 464.6 21.7 152.5 290.3 17.0 271.2 54.8 131.8 84.7 II 1,709.8 2,013.6 1,243.7 1,060.7 183.0 769.9 50.6 168.9 550.4 21.6 282.3 668.9 678.9 369.2 284.4 84.8 309.7 28.8 24.1 256.7 4.5 5.5 447.5 451.5 232.1 171.1 61.0 219.4 26.9 12.1 180.4 2.1 1.9 221.4 227.4 137.2 113.3 23.8 90.3 1.9 12.0 0.3 11.7 76.3 2.3 3.7 1,040.9 1,334.7 874.5 776.3 98.1 460.2 21.8 144.8 293.7 17.1 276.8 56.1 134.2 86.4 III 1,718.6 2,028.2 1,251.1 1,066.6 184.5 777.1 50.8 170.4 555.9 21.8 287.8 672.3 681.5 369.8 284.2 85.6 311.7 29.0 23.0 259.7 4.2 5.0 443.7 447.7 233.0 171.6 61.4 214.7 26.9 10.2 177.6 2.0 2.0 228.5 233.8 136.9 112.6 24.2 96.9 2.1 12.8 -0.2 13.0 82.1 2.2 3.1 1,046.3 1,346.7 881.3 782.4 98.9 465.4 21.8 147.4 296.2 17.6 282.8 58.5 136.3 87.9 IV 1,721.4 2,037.7 1,255.1 1,069.2 185.9 782.6 51.3 173.2 558.1 24.0 292.3 673.2 682.9 369.6 283.4 86.1 313.3 29.4 23.4 260.4 6.2 3.5 448.9 452.6 232.9 171.2 61.7 219.8 27.2 10.7 181.9 2.9 0.8 224.3 230.3 136.7 112.3 24.5 93.5 2.2 12.8 -0.4 13.1 78.5 3.3 2.7 1,048.2 1,354.8 885.5 785.7 99.8 469.3 21.9 149.8 297.6 17.8 288.8 60.3 138.8 89.8 1. Government consumption expenditures are services (such as education and national defense) produced by government that are valued at their cost of production. Excludes government sales to other sectors and government own-account investment (construction and software). 2. Consumption of fixed capital, or depreciation, is included in government gross output as a partial measure of the services of general government fixed assets; the use of depreciation assumes a zero net return on these assets. 3. Includes general government intermediate inputs for goods and services sold to other sectors and for own-account investment. 4. Own-account investment is measured in current dollars by compensation of general government employees and related expenditures for goods and services and is classified as investment in structures and in soft ware in table 3.9.5. March 2004 S urvey of C urrent D -29 B u s in e s s Table 3.10.6. Real Government Consumption Expenditures and General Government Gross Output, Chained Dollars [Billions of chained (2000) dollars] Seasonally adjusted at annual rates Line 2002 2003 2002 IV Government consumption expenditures1.............................................................................. Grass output of general government...................................................................................... Value added........................................................................................................................ Compensation of general government employees........................................................ Consumption of general government fixed capital2....................................................... Intermediate goods and services purchased3................................................................... Durable goods Nondurable goods. Services................ Less: Own-account investment4 Sales to other sectors Federal consumption expenditures.................................................................................................... Gross output of general government.......................................................................................... Value added............................................................................................................................ Compensation of general government employees............................................................. Consumption of general government fixed capital............................................................. Intermediate goods and services purchased......................................................................... Durable goods..................................................................................................................... Nondurable goods Services.................... Less: Own-account investment Sales to other sectors Defense consumption expenditures........................................................................................... Gross output of general government.................... Value added....................................................... Compensation of general government employees Consumption of general government fixed capital Intermediate goods and services purchased.... Durable goods............................................... Nondurable goods......................................... Services.............................................................................................................................. Less: Own-account investment Sales to other sectors Nondefense consumption expenditures Gross output of general government Value added............................................................................................................................ Compensation of general government employees Consumption of general government fixed capital Intermediate goods and services purchased.... Durable goods............................................... Nondurable goods......................................... Commodity Credit Corporation inventory change Other nondurable goods........................... Services.............................................................................................................................. Less: Own-account investment Sales to other sectors State and local consumption expenditures Gross output of general government Value added............................................................................................................................ Compensation of general government employees............................................................. Consumption of general government fixed capital............................................................. Intermediate goods and services purchased......................................................................... Durable goods Nondurable goods Services......... ..................................................................... Less: Own-account investment Sales to other sectors............................... Tuition and related educational charges Health and hospital charges................ Other sales........................................... Residual............................................................................ 1 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 1,509.0 1,774.8 1,105.4 930.9 174.5 670.2 47.1 160.3 462.5 19.9 246.0 558.5 566.9 321.4 238.8 82.6 245.9 25.9 23.3 196.5 3.9 4.4 362.2 365.8 202.5 142.7 59.7 163.8 23.5 12.0 128.0 1.8 1.8 196.3 201.0 119.0 96.1 22.9 82.1 2.3 11.2 0.1 11.1 68.5 2.1 2.6 950.5 1,208.0 783.9 692.1 91.9 424.2 21.2 137.0 266.1 15.9 241.5 46.1 117.4 78.1 -0.4 1,565.3 1,839.6 1,120.8 942.1 178.9 720.5 49.3 163.8 506.6 20.3 253.9 608.7 617.1 332.1 248.0 83.9 286.3 27.9 23.1 234.7 4.3 4.1 401.8 405.1 209.2 148.7 60.3 196.9 25.6 11.5 159.1 2.1 1.3 206.9 212.0 122.9 99.3 23.7 89.4 2.2 11.4 -0.1 11.6 75.5 2.2 2.8 956.8 1,222.7 788.8 694.1 95.0 434.3 21.5 140.8 272.1 16.0 249.8 47.2 120.8 82.0 -1.2 1,541.8 1,809.6 1,113.5 937.5 176.1 697.4 47.3 161.2 488.1 19.9 247.9 585.6 592.6 325.6 242.6 82.9 267.9 26.0 22.6 218.7 3.9 3.1 382.0 384.7 202.9 143.0 59.8 182.5 23.5 11.3 147.0 1.9 0.8 203.6 207.9 122.8 99.6 23.1 85.3 2.5 11.1 -0.2 11.3 71.6 2.0 2.3 956.4 1,217.2 787.9 694.9 93.1 429.5 21.3 138.6 269.6 16.0 244.8 46.4 118.8 79.7 -0.3 2003 I 1,544.8 1,814.5 1,118.1 941.0 177.2 697.7 45.9 161.4 489.5 19.7 250.0 587.1 594.4 329.1 245.6 83.3 266.2 24.5 22.0 219.0 4.0 3.3 377.3 380.1 206.0 145.9 60.0 174.7 22.4 12.1 139.7 1.9 1.0 209.9 214.3 123.1 99.8 23.3 91.5 2.2 9.7 -0.4 10.1 79.4 2.0 2.4 957.8 1,220.2 789.0 695.3 93.9 431.4 21.4 139.5 270.7 15.7 246.6 46.7 119.6 80.5 -0.7 II 1,571.6 1,845.4 1,121.1 943.0 178.3 726.2 50.2 164.4 510.9 19.8 254.0 615.2 624.4 333.1 249.2 83.7 292.7 28.8 24.2 239.2 4.0 5.1 411.8 415.4 210.0 149.6 60.1 206.6 26.6 12.4 166.9 1.9 1.7 203.4 209.0 123.2 99.7 23.5 85.9 2.1 11.6 0.3 11.4 72.1 2.1 3.5 956.6 1,221.3 788.0 693.6 94.6 433.6 21.4 140.3 272.0 15.8 248.8 47.0 120.4 81.6 -1.0 III 1,571.9 1,847.4 1,121.3 942.1 179.5 728.1 50.3 164.1 512.9 20.0 255.5 616.2 624.5 333.2 248.9 84.1 292.8 28.9 22.9 240.4 3.7 4.6 406.9 410.4 210.5 149.9 60.4 201.0 26.6 10.5 163.1 1.8 1.7 209.3 214.1 122.7 98.9 23.8 91.7 2.2 12.2 -0.2 12.4 77.2 1.9 2.9 956.0 1,223.2 788.2 693.1 95.3 435.4 21.5 141.2 272.8 16.2 250.8 47.3 121.2 82.4 -1.4 IV 1,572.9 1,850.9 1,122.8 942.4 180.7 730.2 50.8 165.4 513.3 21.9 256.1 616.4 625.1 332.9 248.1 84.7 293.7 29.3 23.5 240.3 5.5 3.2 411.2 414.5 210.4 149.5 60.6 205.3 26.8 11.0 166.6 2.6 0.7 205.2 210.7 122.6 98.6 24.0 88.3 2.4 12.2 -0.2 12.5 73.5 2.9 2.5 956.7 1,226.1 789.9 694.2 96.0 436.6 21.5 142.0 273.2 16.4 252.9 47.7 122.0 83.4 -1.1 1. Government consumption expenditures are services (such as education and national defense) produced by government that are valued at their cost of production. Excludes government sales to other sectors and government own-account investment (construction and software). 2. Consumption of fixed capital, or depreciation, is included in government gross output as a partial measure of the services of general government fixed assets; the use of depreciation assumes a zero net return on these assets. 3. Includes general government intermediate inputs for goods and services sold to other sectors and for own-account investment. 4. Own-account investment is measured in current dollars by compensation of general government employees and related expenditures for goods and services and is classified as investment in structures and in software in table 3.9.5. Note. Chained (2000) dollar series are calculated as the product of the chain-type quantity index and the 2000 current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive. The residual line is the difference between the first line and the sum of the most detailed lines. National Data D -3 0 March 2004 Table 3.11.1. Percent Change From Preceding Period in Real National Defense Consumption Expenditures and Gross Investment by Type [Percent] Seasonally adjusted at annual rates Line 2002 2003 2002 IV National defense consumption expenditures and gross investment..................................... Consumption expenditures1................................................................................................................ Gross output of general government.............................................................................................. Value added...................................................... Compensation of general government employees Military...................................................... Civilian...................................................... Consumption of general government fixed capital2 Intermediate goods and services purchased3.. Durable goods............................................... Aircraft..................................................................................................................................... Missiles.................................................................................................................................... Ships........................................................................................................................................ Vehicles.................................................................................................................................... Electronics Other durable goods Nondurable goods Petroleum products Ammunition Other nondurable goods Services Research and development.................................................................................................... Installation support Weapons support Personnel support Transportation of material....................................................................................................... Travel of persons Less: Own-account investment4......................................................................................................... Sales to other sectors............................................................................................................. Gross investment5 Structures.... Equipment and software Aircraft.... Missiles... Ships..... Vehicles............................................................................................................................................ Electronics and software................................................................................................................. Other equipment.............................................................................................................................. 1 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 8.9 8.4 8.4 1.4 2.1 3.8 -1.2 -0.2 18.8 4.3 0.5 -3.7 5.9 -1.6 8.7 13.9 12.7 10.8 22.6 9.3 22.4 29.9 9.0 24.5 30.4 15.5 6.6 28.3 -8.5 11.7 -5.1 13.4 14.3 -0.2 19.6 33.3 3.1 17.3 10.6 10.9 10.7 3.3 4.2 6.5 -0.3 1.0 20.2 8.8 6.9 9.4 -0.5 4.5 16.2 10.7 -4.5 -34.8 -0.7 25.2 24.3 21.5 5.4 30.2 33.4 74.5 22.3 11.9 -29.2 8.7 6.5 8.9 2.0 -1.2 9.4 23.0 10.3 11.6 22.1 28.2 24.1 -0.3 -0.7 -0.4 -1.3 0.6 62.1 -20.9 -3.4 5.6 -60.2 10.2 -47.5 -33.2 -13.4 -34.8 -31.4 27.6 92.2 216.7 30.5 75.6 84.5 7.6 10.1 15.5 -99.7 -12.6 -4.4 -13.3 10.8 60.6 4.3 -73.4 -18.5 -24.4 2003 I -5.6 -4.8 -4.6 6.2 8.2 15.0 -4.0 1.2 -16.0 -18.2 -26.2 -57.7 36.4 10.7 64.2 -23.5 30.7 84.4 -50.6 50.6 -18.5 -57.4 -28.1 -18.9 -0.9 1,029.0 53.4 0.2 104.3 -11.2 3.3 -12.4 -40.1 -35.3 -10.0 431.4 12.5 -26.0 II III 41.9 41.9 42.5 8.0 10.6 19.1 -5.3 1.2 95.5 100.3 110.2 115.9 29.0 3.3 57.3 154.4 8.0 -60.9 174.4 64.9 103.7 261.8 63.4 132.5 64.3 -7.7 3.0 6.3 680.6 42.1 -8.8 47.6 -4.2 -0.6 68.4 -24.7 6.0 146.3 -1.3 -4.7 -4.6 1.1 0.9 -3.6 11.3 1.4 -10.4 -0.6 -33.1 -7.8 2.6 -1.6 47.8 51.5 -48.1 -90.8 9.1 -17.2 -8.7 -43.9 0.2 7.7 19.4 -5.2 77.7 -18.9 17.0 26.4 67.0 23.5 -24.1 44.6 -1.4 -25.1 36.3 66.3 IV 4.2 4.3 4.0 -0.3 -1.0 -3.7 4.6 1.8 8.8 3.7 47.4 189.7 -28.6 -22.4 -36.5 -45.8 19.0 12.9 5.8 28.6 9.0 58.3 -11.8 -15.6 7.0 -38.9 11.1 306.6 -97.0 3.8 6.7 3.5 231.9 80.4 -25.2 -10.6 64.5 -49.4 1. National defense consumption expenditures are defense services produced by government that are valued at their cost of production. Excludes government sales to other sectors and government own-account investment (construction and software). 2. Consumption of fixed capital, or depreciation, is included In government gross output as a partial measure of the services of general government fixed assets; the use of depreciation assumes a zero net return on these assets. 3. Includes general government intermediate inputs for goods and services sold to other sectors and for own-account investment. 4. Own-account investment is measured in current dollars by compensation of general government employees and related expenditures for goods and services and is classified as investment in structures and in software. 5. Gross government investment consists of general government and government enterprise expenditures for fixed assets; inventory investment is included in government consumption expenditures. March 2004 S urvey of D-31 C u r r e n t B u s in e s s Table 3.11.3. Real National Defense Consumption Expenditures and Gross Investment by Type, Quantity Indexes Table 3.11.4. Price Indexes for National Defense Consumption Expenditures and Gross Investment by Type [Index numbers, 2000=100] [Index numbers, 2000=100] Seasonally adjusted Line 2002 2003 2002 IV National defense consumption expenditures and gross investment...................... Consumption expenditures1.... Gross output of general government.......................... Value added......................... Compensation of general government employees Military......................... Civilian......................... Consumption of general government fixed capital2........................ Intermediate goods and services purchased3 ....... Durable goods................. Aircraft.......................... Missiles....................... Ships............................ Vehicles........................ Electronics................... Other durable goods.... Nondurable goods........... Petroleum products..... Ammunition................. Other nondurable goods Services........................... Research and development............ Installation support...... Weapons support........ Personnel support....... Transportation of material................... Travel of persons......... Less: Own-account investment4 Sales to other sectors.. Gross investment5...................... Structures................................. Equipment and software.......... Aircraft.................................. Missiles................................. Ships.................................... Vehicles................................ Electronics and software..... Other equipment.................. Seasonally adjusted 2003 I II Line III 1 113.086 125.114 118.672 116.972 127.675 127.247 128.565 2 112.664 124.977 118.810 117.355 128.087 126.569 127.899 3 112.715 124.810 118.511 117.121 127.970 126.457 127.693 4 101.657 105.034 101.852 103.407 105.418 105.696 105.615 5 102.711 107.032 102.922 104.972 107.647 107.895 107.614 6 105.559 112.470 105.844 109.596 114.481 113.432 112.372 7 97.525 97.191 97.605 96.605 95.297 97.873 98.991 8 99.107 100.072 99.857 100.214 100.650 99.265 99.566 9 10 11 12 13 14 15 16 17 18 19 20 21 130.598 105.743 99.084 104.555 97.673 117.256 113.412 115.544 115.417 126.032 144.610 94.890 138.001 157.020 115.042 105.880 114.397 97.180 122.557 131.817 127.899 110.249 82.147 143.655 118.772 171.553 145.547 105.731 101.694 114.645 87.218 120.849 104.505 112.420 108.868 105.415 138.879 98.250 158.546 139.332 100.561 94.260 92.447 94.252 123.956 118.306 105.132 116.402 122.835 116.409 108.835 150.644 164.759 119.628 113.493 112.061 100.450 124.974 132.487 132.771 118.676 97.118 149.819 123.325 179.963 160.295 119.441 102.660 109.812 101.091 124.469 146.082 147.301 100.722 53.495 153.106 117.650 175.894 163.695 120.537 113.108 143.267 92.928 116.831 130.392 126.393 105.195 55.138 155.287 125.280 179.710 22 23 24 25 149.845 117.306 150.385 150.890 181.987 123.677 195.745 201.324 183.390 123.275 175.579 178.602 148.200 113.521 166.638 178.196 204.388 128.343 205.778 201.734 176.909 128.400 209.626 210.877 198.451 124.445 200.938 214.489 26 27 28 29 30 31 32 33 34 35 36 37 38 121.575 108.722 163.043 91.911 116.016 83.881 119.829 132.957 127.372 130.974 136.566 100.852 117.451 212.156 132.933 182.487 65.071 126.099 89.310 130.478 135.572 125.787 143.246 167.918 111.209 131.102 121.749 109.455 167.824 42.436 117.620 84.027 121.611 148.189 128.584 135.856 121.517 99.237 115.989 223.170 121.817 167.903 50.733 114.165 84.714 117.644 130.372 115.328 132.320 184.494 102.201 107.564 218.729 122.727 170.482 84.799 124.649 82.781 129.677 128.995 115.169 150.737 171.848 103.700 134.754 215.850 141.706 161.800 88.187 132.174 94.099 136.701 120.403 126.286 150.225 159.883 112.048 153.023 190.874 145.481 229.762 36.563 133.407 95.647 137.890 162.519 146.366 139.702 155.446 126.888 129.066 1. National defense consumption expenditures are defense services produced by government that are valued at their cost of production. Excludes government sales to other sectors and government own-account investment (construction and soft ware). 2. Consumption of fixed capital, or depreciation, is included in government gross output as a partial m easure of the services of general government fixed assets; the use of depreciation assumes a zero net return on these assets. 3. Includes general government intermediate inputs for goods and services sold to other sectors and for own-account investment. 4. Own-account investment is m easured in current dollars by compensation of general government employees and related expenditures for goods and services and is classified as investment in structures and in software. 5. Gross government investment consists of general government and government enterprise expenditures for fixed assets; inventory investment is included in government consumption expenditures. 2002 2003 IV 2002 IV National defense consumption expenditures and gross investment...................... Consumption expenditures1 .... Gross output of general government.......................... Value added......................... Compensation of general government employees Military......................... Civilian......................... Consumption of general government fixed capital2 ........................ Intermediate goods and services purchased3........ Durable goods................. Aircraft......................... Missiles........................ Ships............................. Vehicles....................... Electronics................... Other durable goods.... Nondurable goods........... Petroleum products...... Ammunition.................. Other nondurable goods Services........................... Research and development............ Installation support...... Weapons support........ Personnel support....... Transportation of material.................... Travel of persons.......... Less: Own-account investment4 Sales to other sectors... Gross investment5..................... Structures................................. Equipment and software.......... Aircraft.................................. Missiles................................. Ships..................................... Vehicles................................ Electronics and software...... Other equipment.................. 2003 I II III IV 1 104.666 107.418 104.941 106.968 107.300 107.654 107.749 2 105.643 108.802 105.926 108.295 108.677 109.057 109.180 3 105.669 108.836 105.956 108.323 108.710 109.093 109.217 4 107.278 110.528 106.874 110.202 110.539 110.675 110.697 5 109.966 114.330 109.124 113.984 114.391 114.461 114.484 6 109.978 114.171 108.533 114.014 114.193 114.228 114.250 7 109.991 114.685 110.323 113.941 114.827 114.973 114.997 8 100.978 101.537 101.619 101.258 101.423 101.723 101.745 9 10 11 12 13 14 15 16 17 18 19 20 21 103.420 100.516 100.822 101.843 100.673 107.953 96.354 100.403 91.622 78.660 99.551 101.616 105.268 106.523 101.101 102.500 102.649 99.775 110.143 94.639 100.429 98.955 94.152 100.646 102.077 108.400 104.560 100.657 101.000 102.761 100.901 110.198 95.669 100.257 96.179 88.406 99.609 102.668 106.263 105.819 100.954 101.969 102.725 98.844 111.601 95.043 100.396 103.261 106.137 99.694 102.685 107.203 106.258 101.068 102.301 103.092 98.787 110.278 94.794 100.523 97.761 92.241 100.141 101.654 108.177 106.894 101.150 102.865 101.934 100.562 108.237 94.504 100.547 97.449 89.385 101.162 102.080 108.971 107.122 101.230 102.865 102.846 100.905 110.454 94.217 100.249 97.350 88.846 101.588 101.890 109.247 22 23 24 25 103.472 105.093 104.517 107.324 105.625 109.246 106.750 110.621 104.272 106.489 105.133 108.339 104.923 107.720 105.811 109.732 105.434 108.875 106.488 110.323 105.818 110.090 107.063 110.876 106.324 110.299 107.639 111.554 26 27 28 29 30 31 32 33 34 35 36 37 38 108.587 104.506 107.631 108.633 98.279 106.402 97.494 90.872 96.547 100.533 97.633 96.194 100.890 115.869 105.012 111.028 113.212 98.310 109.393 97.292 90.372 98.025 100.930 97.601 94.367 101.207 111.316 103.543 108.022 109.419 98.512 107.140 97.688 92.153 96.119 101.151 97.534 95.559 100.796 111.410 103.745 109.862 112.178 98.249 108.363 97.306 90.514 96.979 100.868 97.130 94.800 101.165 115.756 105.686 110.889 112.906 98.237 109.045 97.241 89.957 97.759 100.519 97.928 94.613 101.289 119.110 106.336 111.608 113.693 98.417 109.536 97.397 91.010 97.985 100.659 97.337 94.520 101.288 117.201 104.279 111.752 114.072 98.336 110.626 97.225 90.006 99.378 101.672 98.010 93.536 101.086 1. National defense consumption expenditures are defense services produced by government that are valued at their cost of production. Excludes government sales to other sectors and government own-account investment (construction and soft ware). 2. Consumption of fixed capital, or depreciation, is included in government gross output as a partial m easure of the services of general government fixed assets; the use of depreciation assumes a zero net return on these assets. 3. Includes general government intermediate inputs for goods and services sold to other sectors and for own-account investment. 4. Own-account investment is measured in current dollars by compensation of general government employees and related expenditures for goods and sen/ices and is classified as investment in structures and in software. 5. Gross government investment consists of general government and government enterprise expenditures for fixed assets; inventory investment is included in government consumption expenditures. D -3 2 March 2004 National D ata Table 3.11.5. National Defense Consumption Expenditures and Gross Investment by Type Table 3.11.6. Real National Defense Consumption Expenditures and Gross Investment by Type, Chained Dollars [Billions of dollars] [Billions of chained (2000) dollars] Seasonally adjusted at annual rates Seasonally adjusted at annual rates Line 2002 2003 2002 IV National defense consumption expenditures and gross investment...................... Consumption expenditures1.... Gross output of general government.......................... Value added......................... Compensation of general government employees Military.......................... Civilian.......................... Consumption of general government fixed capital2......................... Intermediate goods and services purchased3 ....... Durable goods................. Aircraft.......................... Missiles........................ Ships............................ Vehicles........................ Electronics.................... Other durable goods.... Nondurable goods........... Petroleum products..... Ammunition.................. Other nondurable goods Services........................... Research and development............ Installation support...... Weapons support........ Personnel support....... Transportation of material................... Travel of persons......... Less: Own-account investment4 Sales to other sectors.. Gross investment5..................... Structures................................. Equipment and software.......... Aircraft.................................. Missiles................................. Ships.................................... Vehicles................................ Electronics and software..... Other equipment.................. Line 2003 I II III 2003 1 2 438.3 382.7 497.7 437.2 461.1 404.6 463.3 408.6 507.3 447.5 507.2 443.7 512.9 448.9 3 4 386.6 217.2 440.9 231.2 407.5 216.8 411.8 227.0 451.5 232.1 447.7 233.0 452.6 232.9 5 6 7 156.9 103.8 53.1 170.0 114.8 55.2 156.1 102.7 53.3 166.2 111.7 54.5 171.1 116.9 54.2 171.6 115.9 55.7 171.2 114.8 56.4 8 60.3 61.2 60.8 60.7 61.0 61.4 61.7 9 10 11 12 13 14 15 16 17 18 19 20 21 169.4 23.7 9.8 2.6 1.3 1.0 3.2 5.8 11.0 4.0 2.6 4.4 134.7 209.7 25.9 10.7 2.9 1.3 1.0 3.6 6.4 11.4 3.2 2.6 5.5 172.4 190.7 23.7 10.1 2.9 1.2 1.0 2.9 5.6 10.9 3.8 2.5 4.6 156.1 184.8 22.6 9.4 2.3 1.2 1.1 3.3 5.2 12.5 5.3 2.1 5.1 149.6 219.4 26.9 11.4 2.8 1.3 1.1 3.7 6.6 12.1 3.7 2.7 5.7 180.4 214.7 26.9 10.4 2.7 1.3 1.0 4.0 7.4 10.2 2.0 2.8 5.5 177.6 219.8 27.2 11.4 3.6 1.2 1.0 3.6 6.3 10.7 2.0 2.9 5.8 181.9 22 23 24 25 40.7 30.7 15.1 37.2 50.5 33.7 20.0 51.1 50.2 32.7 17.7 44.4 40.8 30.5 16.9 44.8 56.6 34.8 21.0 51.0 49.1 35.2 21.5 53.6 55.4 34.2 20.7 54.9 26 27 28 29 30 31 32 33 34 35 36 37 38 5.7 5.3 2.0 1.9 55.7 4.4 51.2 9.4 3.3 8.7 2.4 9.8 17.6 10.6 6.5 2.3 1.4 60.5 4.9 55.7 9.5 3.3 9.5 3.0 10.6 19.7 5.8 5.3 2.1 0.9 56.6 4.5 52.1 10.6 3.3 9.0 2.2 9.6 17.4 10.7 5.9 2.1 1.1 54.7 4.6 50.2 9.1 3.0 8.8 3.3 9.8 16.2 10.9 6.1 2.1 1.9 59.8 4.5 55.3 9.0 3.0 10.0 3.1 9.9 20.3 11.1 7.1 2.0 2.0 63.5 5.1 58.4 8.5 3.3 10.0 2.9 10.7 23.1 9.6 7.1 2.9 0.8 64.0 5.3 58.8 11.3 3.9 9.3 2.8 12.0 19.4 2002 IV IV 1. National defense consumption expenditures are defense services produced by government that are valued at their cost of production. Excludes government sales to other sectors and government own-account investment (construction and soft ware). 2. Consumption of fixed capital, or depreciation, is included in government gross output as a partial measure of the services of general government fixed assets; the use of depreciation assumes a zero net return on these assets. 3. Includes general government intermediate inputs for goods and services sold to other sectors and for own-account investment. 4. Own-account investment is measured in current dollars by compensation of general government employees and related expenditures for goods and services and is classified as investment in structures and in software. 5. Gross government investment consists of general government and government enterprise expenditures for fixed assets; inventory investment is included in government consumption expenditures. 2002 National defense consumption expenditures and gross investment...................... Consumption expenditures1 Gross output of general government.......................... Value added......................... Compensation of general government employees Military.......................... Civilian.......................... Consumption of general government fixed capital2 ........................ Intermediate goods and services purchased3........ Durable goods................. Aircraft.......................... Missiles........................ Ships............................. Vehicles....................... Electronics................... Other durable goods.... Nondurable goods........... Petroleum products Ammunition.................. Other nondurable goods Services........................... Research and development............ Installation support...... Weapons support........ Personnel support....... Transportation of material.................... Travel of persons.......... Less: Own-account investment4 Sales to other sectors... Gross investment5..................... Structures Equipment and software.......... Aircraft Missiles Ships Vehicles................................ Electronics and software...... Other equipment.................. Residual 2003 I II III IV 1 2 418.8 362.2 463.3 401.8 439.5 382.0 433.2 377.3 472.8 411.8 471.2 406.9 476.1 411.2 3 4 365.8 202.5 405.1 209.2 384.7 202.9 380.1 206.0 415.4 210.0 410.4 210.5 414.5 210.4 5 6 7 142.7 94.4 48.3 148.7 100.6 48.1 143.0 94.7 48.3 145.9 98.0 47.8 149.6 102.4 47.2 149.9 101.4 48.5 149.5 100.5 49.0 8 59.7 60.3 59.8 60.0 60.1 60.4 60.6 9 10 11 12 13 14 15 16 17 18 19 20 21 163.8 23.5 9.7 2.6 1.3 0.9 3.3 5.7 12.0 5.1 2.6 4.3 128.0 196.9 25.6 10.4 2.8 1.3 1.0 3.9 6.4 11.5 3.3 2.6 5.4 159.1 182.5 23.5 10.0 2.8 1.2 0.9 3.1 5.6 11.3 4.3 2.5 4.5 147.0 174.7 22.4 9.3 2.3 1.2 1.0 3.5 5.2 12.1 5.0 2.1 5.0 139.7 206.6 26.6 11.2 2.7 1.3 1.0 3.9 6.6 12.4 3.9 2.7 5.6 166.9 201.0 26.6 10.1 2.7 1.3 1.0 4.3 7.3 10.5 2.2 2.8 5.4 163.1 205.3 26.8 11.1 3.5 1.2 0.9 3.8 6.3 11.0 2.2 2.8 5.7 166.6 22 23 24 25 39.4 29.2 14.4 34.6 47.8 30.8 18.8 46.2 48.2 30.7 16.8 41.0 38.9 28.3 16.0 40.9 53.7 32.0 19.7 46.3 46.5 32.0 20.1 48.4 52.1 31.0 19.3 49.2 26 27 28 29 30 31 32 33 34 35 36 37 38 39 5.2 5.1 1.8 1.8 56.6 4.2 52.5 10.3 3.4 8.6 2.5 10.2 17.5 -0.1 9.1 6.2 2.1 1.3 61.6 4.4 57.2 10.5 3.4 9.4 3.1 11.2 19.5 0.2 5.2 5.1 1.9 0.8 57.4 4.2 53.3 11.5 3.5 8.9 2.2 10.0 17.3 -0.1 9.6 5.7 1.9 1.0 55.7 4.2 51.6 10.1 3.1 8.7 3.4 10.3 16.0 0.5 9.4 5.8 1.9 1.7 60.8 4.1 56.9 10.0 3.1 9.9 3.1 10.5 20.0 0.2 9.3 6.6 1.8 1.7 64.5 4.7 59.9 9.3 3.4 9.9 2.9 11.3 22.8 0.1 8.2 6.8 2.6 0.7 65.1 4.8 60.5 12.6 3.9 9.2 2.8 12.8 19.2 -0.1 1. National defense consumption expenditures are defense services produced by government that are valued at their cost of production. Excludes government sales to other sectors and government own-account investment (construction and soft ware). 2. Consumption of fixed capital, or depreciation, is included in government gross output as a partial measure of the services of general government fixed assets; the use of depreciation assumes a zero net return on these assets. 3. Includes general government intermediate inputs for goods and services sold to other sectors and for own-account investment. 4. Own-account investment is measured in current dollars by compensation of general government employees and related expenditures for goods and services and is classified as investment in structures and in software. 5. Gross government investment consists of general government and government enterprise expenditures for fixed assets; inventory investment is included in government consumption expenditures. N ote . Chained (2000) dollar series are calculated as the product of the chain-type quantity index and the 2000 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 differ ence between the first line and the sum of the most detailed lines. March 2004 S urvey of C urrent D -33 B u s in e s s Foreign Transactions Table 4.1. Foreign Transactions in the National Income and Product Accounts [Billions of dollars] Seasonally adjusted at annual rates Line 2002 2003 2002 IV Current receipts from the rest of the world............................................................................... Exports of goods and services............................................................................................................ Goods1............................................................................................................. ......................... Durable Nondurable Services1 Income receipts Wage and salary receipts................................................................................................................... Income receipts on assels Interest....................... Dividends.................. Reinvested earnings on U.S. direct investment abroad................................................................. Current payments to the rest of the world.................................................................................. Imports of goods and services............................................................................................................ Goods1.............. Durable......... Nondurable.... Services1.......... Income payments. Wage and salary payments Income payments on assets Interest.......... Dividends...... Reinvested earnings on foreign direct investment in the United States......................................... Current taxes and transfer payments to the rest of the world (net)................................................ From persons (net).............................................................................................................................. From government (net)....................................................................................................................... From business (net)............................................................................................................................ Balance on current account, NIPAs............................................................................................ Addenda: Net lending or net borrowing (-), NIPAs.............................................................................................. Balance on current account, NIPAs... Less: Capital account transactions (net)2 1 2 3 4 5 6 7 8 q m 11 1? n 14 15 16 17 18 19 ?n ?1 ?? ?3 ?4 25 26 27 28 ?9 1,306.0 1,006.8 697.8 489.8 208.0 309.1 299.1 3.2 296.0 93.5 81.5 121.0 1,770.1 1,433.1 1,190.3 770.4 419.9 242.7 277.6 8.4 269.2 220.2 42.1 6.9 59.3 35.4 14.3 9.6 -464.1 30 31 32 -465.4 -464.1 1.3 1,049.0 725.4 499.2 226.3 323.6 1,543.9 1,283.2 799.0 484.2 260.6 66.9 36.0 19.3 11.5 2003 1 II III 1,322.0 1,017.2 698.3 484.8 213.5 318.8 304.8 3.1 301.7 87.7 74.5 139.5 1,822.5 1,493.3 1,240.8 788.0 452.8 252.5 266.9 8.5 258.4 211.4 37.0 10.0 62.2 40.2 15.1 6.9 -500.5 1,317.8 1,021.0 707.6 484.5 223.1 313.3 296.8 3.2 293.6 782 79 1 136.2 1,847.1 1,508.5 1,254.2 770.9 483.3 254.3 269.0 8.7 260.2 193.6 34.5 32.1 69.6 40.1 21.1 8.5 -529.3 1,319.7 1,020.2 707.7 485.9 221.7 312.5 299.5 3.3 296.3 75.5 83.8 137.0 1,859.9 1,525.7 1,272.4 789.7 482.7 253.3 266.2 8.5 257.7 185.4 44.7 27.7 68.1 37.5 20.2 10.4 -540.2 1,360.6 1,048.5 722.1 497.1 224.9 326.4 312.1 3.3 308.8 72 7 82 7 153.5 1,879.0 1,539.0 1,275.6 788.9 486.7 263.5 274.3 8.6 266.1 187 7 31.1 47.3 65.7 33.9 19.1 12.7 -518.4 -501.9 -500.5 1.4 -530.9 -529.3 1.6 -541.5 -540.2 1.3 -521.6 -518.4 3.2 IV 1,106.3 764.4 529.2 235.2 341.9 1,602.2 1,330.7 846.5 484.2 271.5 64.2 32.7 16.9 14.6 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 reclas sified from goods to services. 2. Consists of capital transfers and the acquisition and disposal of nonproduced nonfinancial assets. National Data D -3 4 Table 4.2.1. Percent Change From Preceding Period in Real Exports and in Real Imports of Goods and Services by Type of Product March 2004 Table 4.2.2. Contributions to Percent Change in Real Exports and in Real Imports of Goods and Services by Type of Product [Percent] Seasonally adjusted at annual rates Seasonally adjusted at annual rates Line 2002 2003 2002 IV Exports of goods and services........................... Exports of goods1..................... 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........................................ Exports of services1 ................. Transfers under U.S. military agency sales contracts........ Travel........................................ Passenger fares....................... Other transportation................ Royalties and license fees....... Other private services............. Other........................................ Imports of goods and services........................... Imports of goods1...................... 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........................................ Imports of services1.................. Direct defense expenditures.... Travel........................................ Passenger fares........................ Other transportation................ Royalties and license fees....... Other private services............. Other........................................ Addenda: Exports of durable goods........ Exports of nondurable goods... Exports of agricultural goods2.. Exports of nonagricultural goods.................................... Imports of durable goods......... Imports of nondurable goods.... Imports of nonpetroleum goods Line 2003 I II 2002 IV IV III 1 2 3 -2.4 -4.0 -2.0 2.1 1.9 -0.2 -3.7 -9.1 -3.1 -2.0 1.9 14.5 -1.1 -1.7 -12.1 9.9 8.6 7.6 21.0 21.2 8.5 4 5 6 0.4 -2.1 1.8 2.6 2.3 2.8 2.4 -1.7 4.8 7.5 10.1 6.1 -3.6 1.5 -6.3 1.1 -8.4 6.7 10.7 11.6 10.2 7 -8.7 2.2 -15.6 -2.5 -1.1 19.7 36.4 8 -6.6 -9.6 -45.5 -21.3 -17.6 34.2 39.8 9 10 -13.6 -8.1 5.9 4.5 14.6 -11.0 -7.4 3.6 -11.2 5.1 48.7 11.8 25.8 37.7 11 4.1 0.7 -14.5 5.9 -0.4 -6.2 18.5 12 13 14 15 16 -4.0 -5.0 -2.9 -1.0 1.4 6.0 4.4 7.8 -6.2 2.4 -0.9 -6.4 5.5 -14.8 9.4 5.4 -8.5 21.6 -16.4 -10.1 7.4 15.5 -0.2 -4.9 0.2 12.2 18.2 6.3 -8.0 12.7 14.1 32.0 -2.7 0.9 20.7 17 18 19 20 21 22 23 -3.2 -6.3 -7.4 2.4 6.2 6.1 1.1 5.9 -1.1 -12.9 3.4 4.9 5.1 1.6 -44.1 48.0 14.6 16.5 -9.5 4.8 1.4 -18.9 -36.1 -51.9 -9.3 14.0 5.9 2.9 28.7 -25.0 -8.1 20.8 0.1 8.4 2.4 51.7 53.0 44.2 -13.7 5.4 1.5 0.8 14.6 52.2 39.6 27.9 5.9 10.9 0.6 24 25 26 3.3 3.7 5.3 4.0 4.8 7.8 8.2 7.4 4.5 -6.8 -6.6 12.5 9.1 13.7 5.2 0.8 -1.5 4.0 16.4 18.1 18.0 27 28 29 30 2.9 5.2 0.7 -2.8 3.0 0.6 5.0 7.4 9.3 15.9 3.0 18.9 -7.4 -10.5 -4.4 -12.6 0.5 -12.7 13.6 55.5 10.0 3.1 16.4 -3.0 0.2 24.3 -17.9 -16.1 31 -1.7 6.0 4.8 -2.0 12.6 5.0 27.3 32 -19.8 -5.5 118.1 -37.7 0.3 -17.0 73.6 33 34 10.3 -3.1 9.1 6.3 0.9 -3.3 -0.4 3.4 18.9 11.9 15.8 4.0 36.4 19.2 35 7.0 2.6 -0.3 -8.6 13.8 -14.0 35.0 36 37 38 39 40 41 42 43 44 45 46 47 9.4 11.4 7.3 4.7 1.4 23.6 -8.2 -15.7 2.9 13.9 7.0 -2.4 8.4 7.0 10.0 -8.6 0.0 2.9 -11.5 3.8 2.9 0.0 5.9 -3.4 11.6 7.5 16.2 4.5 12.2 9.3 18.5 74.9 12.6 -32.1 10.3 0.1 6.4 -2.2 16.0 -51.3 -7.5 4.0 -33.2 -31.6 10.6 5.8 7.1 -3.8 1.0 4.8 -2.8 57.5 -10.9 13.3 -41.5 -10.5 -8.7 11.8 1.9 -6.4 -0.2 6.1 -6.4 -19.3 13.4 -10.7 60.9 56.8 -14.8 13.3 5.1 0.7 27.9 43.2 13.1 13.8 8.6 -9.5 11.2 35.0 4.1 4.1 10.7 -3.8 48 49 50 -5.5 -0.3 -2.5 1.8 2.2 -0.1 -13.1 0.9 -1.2 -0.9 8.5 11.5 0.5 -6.4 -3.9 10.1 5.5 14.7 28.4 6.4 -5.2 51 52 53 54 -4.1 4.1 2.9 4.4 2.0 3.9 6.4 4.5 -9.7 5.1 11.8 6.3 1.1 -8.1 -4.1 -5.9 -1.5 10.1 19.6 9.5 8.1 -1.6 -1.4 -1.4 23.9 31.5 -1.4 22.8 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 nonau tomotive consumer goods. 2002 2003 Percent change at annual rate: Exports of goods and services.......................... Percentage points at annual rates: Exports of goods1..................... 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......................................... Exports of services1.................. Transfers under U.S. military agency sales contracts........ Travel........................................ Passenger fares....................... Other transportation................. Royalties and license fees....... Other private services.............. Other......................................... Percent change at annual rate: Imports of goods and services........................... Percentage points at annual rates: Imports of goods1....................... 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......................................... Imports of services1.................. Direct defense expenditures.... Travel........................................ Passenger fares....................... Other transportation................. Royalties and license fees....... Other private services.............. Other......................................... 2003 I II III IV 1 -2.4 2.1 -3.7 -2.0 -1.1 9.9 21.0 2 3 -2.81 -0.10 1.29 0.00 -6.52 -0.15 1.31 0.68 -1.18 -0.65 6.01 0.39 14.58 0.47 4 5 6 0.05 -0.11 0.17 0.40 0.13 0.27 0.36 -0.09 0.46 1.15 0.54 0.61 -0.59 0.09 -0.68 0.18 -0.51 0.68 1.77 0.68 1.09 7 -2.69 0.59 -4.80 -0.70 -0.31 5.19 9.66 8 -0.34 -0.47 -3.03 -1.10 -0.85 1.35 1.72 9 10 -0.61 -1.74 0.17 0.89 0.51 -2.29 -0.29 0.68 -0.44 0.97 1.56 2.28 0.98 6.96 11 0.30 0.07 -1.21 0.45 -0.03 -0.48 1.40 12 13 14 15 16 -0.34 -0.23 -0.12 -0.04 0.42 0.49 0.19 0.30 -0.26 0.76 -0.07 -0.29 0.22 -0.65 2.77 0.44 -0.37 0.81 -0.71 -3.29 0.61 0.62 -0.01 -0.19 0.07 1.04 0.77 0.27 -0.31 3.86 1.25 1.36 -0.11 0.04 6.42 17 18 19 20 21 22 23 -0.04 -0.44 -0.13 0.07 0.25 0.70 0.02 0.07 -0.05 -0.22 0.10 0.21 0.61 0.02 -0.69 2.62 0.23 0.45 -0.44 0.58 0.02 -0.23 -2.98 -1.14 -0.30 0.59 0.72 0.05 0.28 -1.74 -0.12 0.58 0.01 1.04 0.04 0.51 2.72 0.60 -0.44 0.25 0.20 0.01 0.18 3.08 0.62 0.81 0.28 1.44 0.01 24 3.3 4.0 8.2 -6.8 9.1 0.8 16.4 25 26 3.09 0.18 3.94 0.28 6.21 0.16 -5.49 0.42 11.04 0.19 -1.28 0.14 14.92 0.64 27 28 29 30 0.33 0.29 0.04 -0.21 0.31 0.02 0.28 0.56 1.02 0.86 0.16 1.39 -0.85 -0.60 -0.26 -1.11 0.09 -0.72 0.81 3.99 1.10 0.16 0.94 -0.27 0.07 1.23 -1.16 -1.49 31 -0.35 1.09 0.94 -0.38 2.33 0.94 4.99 32 -0.45 -0.11 1.31 -0.77 0.00 -0.28 0.93 33 34 0.52 -0.42 0.41 0.79 0.05 -0.42 -0.02 0.41 0.88 1.45 0.73 0.50 1.67 2.39 35 0.96 0.41 -0.05 -1.21 1.83 -2.04 4.34 36 37 38 39 40 41 42 43 44 45 46 47 1.90 1.19 0.72 0.27 0.23 0.26 -0.36 -0.26 0.08 0.17 0.37 -0.01 1.77 0.74 1.02 -0.47 0.04 0.04 -0.46 0.06 0.07 0.00 0.33 -0.02 2.47 0.84 1.63 0.27 2.00 0.12 0.69 0.80 0.33 -0.50 0.55 0.00 1.35 -0.24 1.59 -3.71 -1.28 0.06 -1.54 -0.51 0.29 0.07 0.38 -0.02 0.21 0.52 -0.31 2.39 -1.91 0.20 -1.91 -0.14 -0.27 0.14 0.11 -0.04 -0.04 0.65 -0.69 -1.12 2.13 -0.17 1.71 0.61 -0.47 0.16 0.28 0.00 5.67 4.31 1.36 0.70 1.52 -0.14 0.44 0.46 0.12 0.06 0.61 -0.02 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. March 2004 S urvey of C urrent B D -35 u s in e s s Table 4.2.3. Real Exports and Imports of Goods and Services by Type of Product, Quantity Indexes Table 4.2.4. Price Indexes for Exports and Imports of Goods and Services by Type of Product [index numbers, 2000=100] [Index numbers, 2000=100] Seasonally adjusted Line 2002 2003 2002 IV Exports of goods and services........................... Exports of goods1..................... 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........................................ Exports of services1.................. Transfers under U.S. military agency sales contracts........ Travel........................................ Passenger fares........................ Other transportation................ Royalties and license fees....... Other private services............. Other........................................ Imports of goods and services........................... Imports of goods1...................... 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........................................ Imports of services1.................. Direct defense expenditures.... Travel........................................ Passenger fares........................ Other transportation................ Royalties and license fees....... Other private services............. Other........................................ Addenda: Exports of durable goods........ Exports of nondurable goods... Exports of agricultural goods2.. Exports of nonagricultural goods.................................... Imports of durable goods......... Imports of nondurable goods.... Imports of nonpetroleum goods 1 92.512 94.409 2 90.163 91.853 3 100.813 100.618 Seasonally adjusted 2003 I 92.818 92.353 89.651 90.076 98.225 101.612 II Line III 92.097 94.290 98.893 89.693 91.572 96.072 98.394 100.205 102.259 4 96.460 98.969 97.101 98.875 97.982 98.244 100.773 5 89.461 91.486 89.417 91.596 91.940 89.953 92.456 6 100.864 103.694 101.948 103.468 101.808 103.476 106.022 7 82.346 84.125 81.264 80.752 80.523 84.217 91.007 8 96.861 87.554 90.851 85.564 81.511 87.735 95.407 9 10 76.562 80.700 81.080 84.302 79.127 79.935 77.623 80.639 75.355 81.648 83.216 83.962 88.126 90.960 11 97.411 98.140 96.537 97.942 97.842 96.299 100.477 12 13 14 15 16 95.209 100.910 96.036 97.299 99.042 101.941 94.194 98.300 94.002 91.949 95.317 99.391 96.334 103.801 98.292 103.224 103.167 104.766 95.129 89.184 95.074 90.909 89.777 87.922 98.348 100.751 100.660 98.010 98.068 101.033 105.357 106.542 104.047 88.129 105.893 17 90.568 95.920 90.447 85.827 91.412 101.457 18 81.359 80.432 87.425 78.177 72.757 80.917 19 79.460 69.191 78.802 65.611 64.238 70.392 20 98.823 102.177 101.331 98.879 103.661 99.918 21 98.987 103.869 99.468 102.785 102.817 104.187 22 114.593 120.401 115.908 117.583 119.984 120.439 23 103.615 105.306 103.936 104.693 105.324 105.529 104.982 89.876 76.521 106.251 105.686 123.598 105.680 24 100.609 104.617 103.610 101.810 104.059 104.277 108.322 25 100.400 105.226 103.586 101.829 105.144 104.739 109.192 26 110.150 118.731 112.429 115.791 117.274 118.428 123.431 27 99.102 102.030 102.638 100.689 100.827 103.270 103.332 28 98.696 99.276 102.846 100.045 96.710 97.452 102.899 29 99.512 104.492 102.459 101.320 104.594 108.636 103.419 30 100.595 108.069 104.309 100.868 112.633 111.781 106.993 31 87.117 92.307 88.768 88.310 90.978 92.104 97.834 32 91.865 86.791 96.437 85.668 85.734 81.828 93.933 33 100.666 109.837 102.304 102.212 106.740 110.731 119.664 34 81.911 87.081 83.191 83.885 86.272 87.126 91.042 36 37 38 39 40 41 42 43 44 45 46 47 111.249 110.513 112.098 106.584 101.787 138.861 87.414 71.767 97.525 113.433 120.550 99.890 48 86.738 88.272 49 99.337 101.488 50 100.641 100.519 116.750 114.260 119.538 109.006 103.842 141.124 88.458 77.403 101.234 107.511 123.480 98.782 118.566 113.626 124.044 91.065 101.828 142.502 79.974 70.393 103.822 109.036 125.606 97.821 118.847 114.969 123.163 102.013 98.938 147.008 69.954 68.473 101.477 112.127 126.193 96.226 118.786 116.690 121.154 96.677 102.100 142.891 78.782 76.626 97.484 115.685 127.769 96.387 126.317 127.658 124.938 99.859 104.230 139.382 80.901 82.603 98.464 116.851 131.064 95.460 85.918 85.718 85.835 87.930 93.604 99.620 101.674 100.006 101.345 102.926 97.202 99.874 98.883 102.342 100.976 51 89.398 91.225 89.100 89.349 89.014 90.767 95.770 52 97.646 101.472 100.200 98.103 100.502 100.091 107.191 53 105.815 112.569 110.265 109.127 114.118 113.723 113.309 54 100.340 104.881 103.493 101.927 104.276 103.920 109.400 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 nonau tomotive consumer goods. 2003 2002 IV Exports of goods and services.......................... Exports of goods1..................... 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......................................... Exports of services1.................. Transfers under U.S. military agency sales contracts........ Travel........................................ Passenger fares....................... Other transportation................. Royalties and license fees....... Other private services.............. Other......................................... Imports of goods and services.......................... Imports of goods1...................... 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, 35 103.782 106.519 106.300 103.929 107.339 103.378 111.431 120.629 118.236 123.325 97.404 101.774 142.946 77.403 74.524 100.312 113.425 127.658 96.473 2002 IV 2003 I II III IV 1 99.273 101.342 99.964 100.842 101.044 101.434 102.049 2 98.668 100.680 99.311 100.159 100.589 100.529 101.443 3 102.806 112.261 106.681 107.186 110.039 111.676 120.142 4 5 6 95.529 102.110 98.428 102.762 93.863 101.668 97.570 100.994 101.936 101.779 103.731 99.278 101.024 102.240 103.047 104.735 96.560 100.894 101.684 101.001 103.092 7 98.816 98.354 97.763 98.171 98.084 97.642 97.154 8 108.378 112.505 109.616 110.862 111.643 113.260 114.257 9 10 90.663 98.529 88.522 96.609 88.285 98.074 88.904 97.422 88.892 97.150 88.144 96.375 88.149 95.487 11 100.853 101.593 101.233 101.416 101.483 101.685 101.789 12 99.134 99.723 99.292 99.441 99.571 99.732 100.150 13 99.831 100.265 99.871 99.907 100.205 100.285 100.666 14 98.375 99.130 98.660 98.922 98.886 99.129 99.586 15 99.514 102.201 100.456 101.461 101.972 102.103 103.269 16 100.740 102.941 101.543 102.491 102.166 103.587 103.521 17 97.141 98.774 98.027 98.105 18 99.265 100.775 99.975 99.904 19 103.699 115.909 104.405 110.099 20 99.028 104.677 101.744 106.370 21 103.145 105.066 103.781 104.690 22 99.987 101.515 100.190 100.867 23 110.248 105.971 113.357 109.738 98.218 99.425 113.416 102.403 104.774 101.240 106.404 99.558 101.554 120.069 105.381 105.270 102.123 104.244 99.215 102.217 120.051 104.552 105.528 101.831 103.496 24 25 26 96.519 100.030 97.694 100.435 99.381 100.042 100.261 95.345 98.113 96.364 99.086 97.353 97.972 98.042 98.107 102.283 100.568 102.080 102.010 102.210 102.832 27 28 29 30 92.485 100.192 92.681 94.948 92.297 105.849 85.601 102.908 94.376 100.913 99.524 99.681 100.652 92.924 92.923 92.903 95.896 98.067 95.886 109.251 106.486 103.936 103.723 93.762 112.132 96.417 102.073 101.012 31 93.717 92.724 92.302 92.534 92.405 92.351 91.920 32 105.069 105.617 103.516 103.964 104.862 106.505 107.135 33 34 83.168 96.610 77.694 96.952 81.045 96.252 79.706 96.530 78.399 96.847 77.062 97.230 75.608 97.201 35 100.226 100.749 100.568 100.497 100.649 100.648 101.204 Consumer goods, except automotive........................... Durable goods..................... Nondurable goods............... Other......................................... Imports of services1.................. Direct defense expenditures.... Travel........................................ Passenger fares....................... Other transportation................. Royalties and license fees....... Other private services.............. Other......................................... Addenda: Exports of durable goods......... Exports of nondurable goods.... Exports of agricultural goods2.. Exports of nonagricultural goods.................................... Imports of durable goods......... Imports of nondurable goods.... Imports of nonpetroleum goods 36 37 38 39 40 41 42 43 44 45 46 47 98.168 97.186 99.243 98.689 102.665 102.864 102.622 114.628 95.363 103.093 103.288 100.906 97.976 96.469 99.623 100.862 110.248 121.252 114.536 116.994 107.672 105.029 105.575 107.452 98.037 96.771 99.429 99.204 104.681 109.320 105.003 114.742 98.017 103.745 104.471 102.322 97.924 96.556 99.424 100.397 107.525 118.294 109.518 116.064 101.173 104.654 105.339 104.750 97.975 96.501 99.585 100.681 110.212 121.253 115.005 118.351 106.456 104.738 105.569 107.297 97.979 96.468 99.629 100.957 111.108 120.155 114.430 118.980 111.140 105.234 106.060 107.942 98.024 96.352 99.854 101.414 112.148 125.308 119.190 114.579 111.918 105.491 105.333 109.819 48 99.198 99.342 99.121 99.293 99.444 99.321 99.309 49 97.333 103.635 99.655 102.029 103.083 103.171 106.258 50 102.581 113.113 106.837 107.766 109.938 112.044 122.703 51 52 53 54 98.360 99.692 96.141 95.933 93.857 101.921 96.427 97.602 98.714 99.555 99.844 99.610 99.757 95.821 95.744 95.734 96.031 96.224 97.267 104.905 100.195 101.364 101.219 96.624 97.674 97.488 97.526 97.721 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 nonau tomotive consumer goods. Table 4.2.5. Exports and Imports of Goods and Services by Type of Product [Billions of dollars] Table 4.2.6. Real Exports and Imports of Goods and Services by Type of Product, Chained Dollars [Billions of chained (2000) dollars] Seasonally adjusted at annual rates Line 2002 2003 2002 IV Exports of goods and services........................... Exports of goods1..................... Foods, feeds, and beverages.... Industrial supplies and materials............................... Durable aoods..................... 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........................................ Exports of services1.................. Transfers under U.S. military agency sales contracts........ Travel........................................ Passenger fares........................ Other transportation................ Royalties and license fees....... Other private services............. Other........................................ Imports of goods and services........................... Imports of goods1...................... 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........................................ Imports of services1.................. Direct defense expenditures.... Travel........................................ Passenger fares........................ Other transportation................ Royalties and license fees....... Other private services............. Other........................................ Addenda: Exports of durable goods........ Exports of nondurable goods... Exports of agricultural goods2.. Exports of nonagricultural goods.................................... Imports of durable goods......... Imports of nondurable goods.... Imports of nonpetroleum goods Seasonally adjusted at annual rates 2003 I II III 1 2 3 1,006.8 697.8 49.6 1,049.0 725.4 54.1 1,017.2 698.3 50.2 1,021.0 707.6 52.2 1,020.2 707.7 51.9 1,048.5 722.1 53.6 1,106.3 764.4 58.9 4 5 6 153.5 56.0 97.5 168.4 59.8 108.6 157.8 56.5 101.4 166.4 58.9 107.5 166.4 59.8 106.6 166.6 59.0 107.6 174.2 61.6 112.6 7 290.5 293.6 285.4 283.0 282.0 293.6 315.7 8 50.5 47.4 47.9 45.6 43.8 47.8 52.4 9 10 38.6 201.5 39.9 206.3 38.8 198.6 38.4 199.1 37.2 201.0 40.8 205.0 43.2 220.1 11 78.9 80.1 78.5 79.8 79.8 78.7 82.2 12 13 14 15 16 84.4 43.9 40.4 40.8 309.1 89.9 46.0 43.9 39.3 323.6 85.2 43.8 41.4 41.2 318.8 86.5 42.9 43.6 39.8 313.3 88.1 44.6 43.5 39.5 312.5 90.9 46.6 44.3 38.7 326.4 94.3 50.1 44.2 39.2 341.9 17 18 19 20 21 22 23 11.3 66.5 17.0 29.2 44.1 125.3 15.6 12.2 66.8 16.6 31.9 47.2 133.6 15.3 11.4 72.0 17.0 30.7 44.6 126.9 16.1 10.8 64.4 14.9 31.3 46.5 129.6 15.7 11.5 59.6 15.1 31.6 46.6 132.8 15.3 13.0 67.7 17.5 31.4 47.4 134.4 15.0 13.4 75.7 19.0 33.1 48.2 137.6 15.0 24 25 26 1,433.1 1,190.3 49.7 1,543.9 1,283.2 55.8 1,493.3 1,240.8 52.0 1,508.5 1,254.2 54.3 1,525.7 1,272.4 55.0 1,539.0 1,275.6 55.6 1,602.2 1,330.7 58.3 27 28 29 30 158.4 80.9 77.5 103.5 176.6 83.4 93.2 133.4 167.3 84.5 82.8 117.5 175.5 82.2 93.3 135.9 173.3 79.5 93.9 130.5 177.8 82.6 95.2 137.1 179.7 89.2 90.4 129.9 283.3 295.7 285.7 283.7 291.8 295.3 312.2 31 Line IV 32 25.5 24.2 26.4 23.5 23.7 23.0 26.6 33 34 75.2 182.7 76.5 195.0 74.5 184.9 73.2 187.0 75.2 192.9 76.6 195.6 81.3 204.4 35 203.7 210.2 209.4 204.6 211.6 203.8 220.9 36 37 38 39 40 41 42 43 44 45 46 47 308.0 160.6 147.4 83.7 242.7 19.2 58.0 20.0 38.5 19.3 79.7 8.0 333.3 170.6 162.7 78.2 260.6 23.3 57.4 21.2 44.7 19.6 86.3 8.2 322.8 165.4 157.4 86.1 252.5 20.8 60.1 21.6 41.1 18.4 82.6 8.0 327.5 164.1 163.4 72.8 254.3 22.7 56.7 19.8 43.5 18.8 84.7 8.1 328.4 165.9 162.5 81.7 253.3 24.0 52.1 19.7 44.7 19.3 85.3 8.2 328.2 168.4 159.9 77.7 263.5 23.1 58.3 22.1 44.9 20.0 86.7 8.2 349.2 184.0 165.3 80.6 271.5 23.5 62.4 23.0 45.6 20.3 88.4 8.3 48 49 50 489.8 208.0 54.5 499.2 226.3 60.1 484.8 213.5 54.9 484.5 223.1 56.9 485.9 221.7 57.5 497.1 224.9 60.6 529.2 235.2 65.5 51 52 53 54 643.3 770.4 419.9 1,086.8 665.3 799.0 484.2 1,149.9 643.4 788.0 452.8 1,123.3 650.7 770.9 483.3 1,118.3 650.2 789.7 482.7 1,141.9 661.4 788.9 486.7 1,138.4 698.9 846.5 484.2 1,200.9 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 are reclassified from goods to services. 2. Includes parts of foods, feeds, and beverages, of nondurable industrial supplies and materials, and of nondurable nonau tomotive consumer goods. March 2004 National D ata D -3 6 Exports of goods and services.......................... Exports of goods1..................... Foods, feeds, and beverages.... Industrial supplies and materials............................... Durable goods..................... Nondurable goods............... Capital goods, except automotive........................... Civilian aircraft, engines, and parts................................. Computers, peripherals, and Other..................................... Automotive vehicles, engines, and parts.............................. Consumer goods, except automotive........................... Durable goods..................... Nondurable goods............... Other......................................... Exports of services1.................. 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 goods1...................... 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 Other..................................... Automotive vehicles, engines, and parts.............................. Consumer goods, except automotive........................... Durable goods..................... Nondurable goods............... Other......................................... Imports of services1.................. Direct defense expenditures.... Travel........................................ Passenger fares....................... Other transportation................. Royalties and license fees....... Other private services.............. Other......................................... Residual........................................ Addenda: Exports of durable goods......... Exports of nondurable goods.... Exports of agricultural goods3.. Exports of nonagricultural goods.................................... Imports of durable goods......... Imports of nondurable goods.... Imports of nonpetroleum goods 2002 2003 2002 2003 IV I II III IV 1 2 3 1,014.2 707.2 48.3 1,035.0 720.4 48.2 1,017.5 703.2 47.0 1,012.4 706.5 48.6 1,009.6 703.5 47.1 1,033.7 718.2 48.0 1,084.1 753.5 49.0 4 5 6 160.7 56.9 103.9 164.9 58.2 106.8 161.8 56.9 105.0 164.7 58.3 106.6 163.3 58.5 104.9 163.7 57.2 106.6 167.9 58.8 109.2 / 294.0 300.3 290.1 288.3 287.5 300.7 324.9 8 46.6 42.1 43.7 41.1 39.2 42.2 45.9 q 10 204.5 213.6 202.5 204.3 206.9 212.7 230.5 11 78.3 78.9 77.6 78.7 78.6 77.4 80.7 12 13 14 15 16 85.1 44.0 41.1 41.0 306.8 90.2 45.9 44.3 38.5 314.3 85.8 43.9 41.9 41.0 314.0 87.0 42.9 44.0 39.2 305.7 88.5 44.5 44.0 38.7 305.9 91.1 46.4 44.7 37.9 315.2 94.2 49.8 44.4 38.0 330.3 17 18 19 20 21 22 23 24 11.6 67.0 16.4 29.5 42.8 125.3 14.2 0.3 12.3 66.3 14.3 30.5 44.9 131.6 14.4 -0.8 11.6 72.0 16.3 30.2 43.0 126.7 14.2 0.1 11.0 64.4 13.6 29.5 44.4 128.5 14.3 -0.1 11.7 60.0 13.3 30.9 44.5 131.2 14.4 -0.7 13.0 66.7 14.6 29.8 45.0 131.7 14.4 -0.8 13.5 74.1 15.8 31.7 45.7 135.1 14.4 -1.4 25 26 27 1,484.7 1,248.4 50.6 1,543.9 1,308.5 54.6 1,529.0 1,288.1 51.7 1,502.5 1,266.2 53.2 1,535.7 1,307.4 53.9 1,538.9 1,302.4 54.5 1,598.6 1,357.8 56.8 28 29 30 31 171.2 87.3 83.9 120.9 176.3 87.8 88.2 129.9 177.4 91.0 86.4 125.4 174.0 88.5 85.5 121.2 174.2 85.5 88.2 135.4 178.5 86.2 91.6 134.3 178.6 91.0 87.2 128.6 32 302.3 320.3 308.0 306.5 315.7 319.6 339.5 33 24.2 22.9 25.4 22.6 22.6 21.6 24.8 M 3b 189.1 201.1 192.1 193.7 199.2 201.2 210.2 36 203.3 208.6 208.2 203.6 210.3 202.5 218.3 3/ 38 39 40 41 42 43 44 45 46 47 48 49 313.7 165.3 148.5 84.8 236.4 18.7 56.6 17.4 40.4 18.7 77.2 7.9 -0.5 340.2 176.8 163.4 77.5 236.4 19.3 50.1 18.1 41.6 18.7 81.7 7.6 -2.6 329.2 170.9 158.4 86.8 241.2 19.0 57.2 18.8 41.9 17.7 79.0 7.8 -0.5 334.4 169.9 164.3 72.5 236.5 19.2 51.7 17.1 43.0 18.0 80.4 7.7 -1.3 335.2 171.9 163.2 81.2 229.8 19.8 45.3 16.6 42.0 18.5 80.8 7.6 -2.1 335.0 174.5 160.5 77.0 237.2 19.3 51.0 18.6 40.4 19.1 81.8 7.6 -2.2 356.2 190.9 165.5 79.5 242.1 18.8 52.3 20.1 40.8 19.2 83.9 7.6 -4.3 50 51 52 493.7 213.7 53.1 502.5 218.3 53.1 489.1 214.3 51.3 487.9 218.7 52.7 488.6 215.1 52.2 500.5 218.0 54.0 532.8 221.4 53.3 53 54 55 56 654.0 801.4 447.4 1,127.1 667.3 832.8 475.9 1,178.1 651.8 822.3 466.2 1,162.5 653.6 805.1 461.4 1,144.9 651.2 824.8 482.5 1,171.3 664.0 821.4 480.8 1,167.3 700.6 879.7 479.1 1,228.9 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 are reclassified from goods to services. 2. The quantity index for computers can be used to accurately measure the real growth of this component. However, because computers exhibit rapid changes in prices relative to other prices in the economy, the chained-dollar estimates should not be used to measure the component's relative importance or its contribution to the growth rate of more aggregate series; accurate estimates of these contributions are shown in table 4.2.2. and real growth rates are shown in table 4.2.1. 3. Includes parts of foods, feeds, and beverages, of nondurable industrial supplies and materials, and of nondurable nonau tomotive consumer goods. Note. Chained (2000) dollar series are calculated as the product of the chain-type quantity index and the 2000 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. For exports and for imports, the residual line is the difference between the aggregate line and the sum of the most detailed lines. March 2004 S urvey of C urrent B D -37 u s in e s s 5. S avin g and Investm ent Table 5.1. Saving and Investment Table 5.3.1. Percent Change From Preceding Period in Real Private Fixed Investment by Type [Billions of dollars] [Percent] Seasonally adjusted at annual rates Line 2002 2003 IV Gross saving...................... Net saving................................... Net private saving.................... Personal saving.................... Undistributed corporate profits with inventory valuation and capital consumption adjustments. Undistributed profits........ Inventory valuation adjustment................... Capital consumption adjustment................... Wage accruals less disbursements.................. Net government saving............ Federal................................. State and local..................... Consumption of fixed capital.... Private...................................... Domestic business.............. Households and institutions. Government.............................. Federal................................. State and local...................... Gross domestic investment, capital account transactions, and net lending, NIPAs... Gross domestic investment......... Gross private domestic investment............................ Gross government investment.. Capital account transactions (net)1........................................ Net lending or net borrowing (-), NIPAs........................................ Statistical discrepancy..... Addenda: Gross private saving................ Gross government saving........ Federal................................. State and local..................... Net domestic investment......... Gross saving as a percentage of gross national income... Net saving as a percentage of gross national incom e...... 1,539.4 250.8 494.0 183.2 165.6 310.8 151.6 -2.2 Line tl 1,469.0 168.5 465.3 146.4 1,388.5 82.8 443.9 151.0 1,436.9 133.5 572.9 189.0 1,470.2 161.1 647.4 188.1 318.9 179.1 292.9 174.7 383.8 153.5 459.3 10.8 -28.1 1.2 -1.8 - 134.4 201.1 228.2 150.7 146.3 229.2 260.1 277.1 0.0 -243.3 -240.0 -3.2 1,288.6 1,077.8 902.6 175.2 210.8 89.1 121.7 0.0 0.0 -361.0 -320.4 -40.6 1,305.7 1,090.4 908.0 182.4 215.3 90.0 125.3 0.0 -439.3 -424.7 -14.7 1,303.4 1,086.0 902.8 183.2 217.4 90.5 126.9 0.0 -486.3 -499.4 13.1 1,309.1 1,089.9 905.1 184.8 219.2 91.3 127.9 0.0 1,307.8 1,089.6 905.9 183.7 218.2 90.9 127.3 0.0 -296.8 -296.3 -0.4 1,300.4 1,087.1 908.4 178.7 213.3 89.8 123.5 1.462.2 1.926.3 2,019.2 1.453.3 1,953.8 1,411.7 1,941.0 1,428.6 1.968.8 1.524.1 2,042.6 2,124.5 1,589.2 337.1 1,671.4 347.8 1,614.7 339.0 1.605.3 335.8 1,624.3 344.5 1.689.1 353.5 1,767.0 357.5 1.4 1.6 1.3 3.2 1.3 -465.4 -77.2 -501.9 -15.7 -530.9 23.2 -541.5 -8.3 -521.6 54.0 1,571.8 -32.4 -150.9 118.5 637.7 1.552.4 -83.4 -206.5 123.1 653.3 1.534.3 -145.7 -230.4 84.7 635.3 1.658.9 665.4 1,737.3 -267.1 -408.2 141.0 733.5 14.6 13.8 12.9 13.2 13.3 2.4 1.6 0.8 1.2 1.5 711.4 - 222.0 -334.1 112.2 2002 2003 2002 IV 161.5 1. Consists of capital transfers and the acquisition and disposal of nonproduced nonfinancial assets. Seasonally adjusted at annual rates 2003 2002 1,312.9 1,092.0 907.7 184.3 221.0 91.8 129.2 811.6 Private fixed investment.... Nonresidential............................. Structures................................ Commercial and health care. Manufacturing...................... Power and communication.... Mining exploration, shafts, and wells.......................... Other structures1................. Equipment and software....... Information processing equipment and software... Computers and peripheral equipment.................... Software2......................... Other3............................... Industrial equipment............ Transportation equipment.... Other equipment4................ Residential................................... Structures................................ Permanent site...................... Single family.................... Multifamily........................ Other structures5................. Equipment............................... Addenda: Private fixed investment in structures.............................. Private fixed investment in equipment and software...... Private fixed investment in new structures6............................ Nonresidential structures..... Residential structures.......... 2003 I II III IV 9.3 9.6 -7.1 -7.3 -15.9 -5.8 0.1 -9.4 15.1 1 2 3 4 5 6 -3.7 -7.2 -18.4 -16.4 -46.1 -1.9 4.4 2.9 -5.0 -6.2 -20.7 -5.0 2.1 -0.1 -5.6 -4.8 -26.7 2.6 1.1 -0.6 -4.0 -16.6 -16.6 12.2 6.1 7.0 3.9 -2.4 8.8 -24.0 15.8 12.8 -1.8 2.2 -2.8 -16.0 7 8 9 -28.3 -17.1 -2.8 16.1 -3.0 5.5 -15.8 -3.2 1.7 30.1 -0.9 0.5 89.1 13.6 8.0 8.9 -1.4 17.6 10 0.4 13.8 -1.5 17.3 16.8 27.1 17.1 11 12 13 14 15 16 17 18 19 20 21 22 23 13.8 -2.5 -2.9 -6.2 -10.1 -1.7 4.9 4.9 4.1 4.1 3.9 6.2 2.8 32.6 9.0 10.0 -3.5 -9.1 3.4 7.5 7.5 8.2 9.1 1.2 6.3 10.0 12.0 -3.4 -5.9 -3.1 18.1 3.1 6.8 6.8 6.2 8.3 -9.1 7.5 6.8 29.2 11.6 17.4 -7.4 -27.4 -10.5 4.5 4.5 8.2 8.5 5.7 -1.0 6.5 48.6 9.9 9.7 -1.3 -7.6 4.3 4.5 4.2 -0.4 0.1 -4.8 11.8 21.3 53.4 15.2 26.8 1.5 -4.8 25.2 21.9 22.0 20.8 21.5 15.1 23.8 19.3 30.6 15.7 11.7 -0.9 23.7 17.2 8.6 8.6 21.3 24.7 -5.5 -8.6 12.3 24 -4.7 3.1 2.4 1.6 4.1 13.8 3.4 25 -2.8 5.6 1.7 0.6 8.1 17.6 15.0 26 27 28 -5.4 -17.6 4.2 2.3 -4.9 6.7 1.6 -5.6 6.2 2.6 -4.0 6.5 0.7 3.9 -1.0 9.4 -1.8 16.2 7.1 -7.1 15.3 1. Consists primarily of religious, educational, vocational, lodging, railroads, farm, and amusement and recreational struc tures, net purchases of used structures, and brokers’ commissions on the sale of structures. 2. Excludes software ‘‘embedded,’’ or bundled, in computers and other equipment. 3. Includes communication equipment, nonmedical instruments, medical equipment and instruments, photocopy and related equipment, and office and accounting equipment. 4. Consists primarily of furniture and fixtures, agricultural machinery, construction machinery, mining and oilfield machinery, service industry machinery, and electrical equipment not elsewhere classified. 5. Consists primarily of manufactured homes, improvements, dormitories, net purchases of used structures, and brokers’ commissions on the sale of residential structures. 6. Excludes net purchases of used structures and brokers’ commissions on the sale of structures. March 2004 National D ata D -3 8 Table 5.3.2. Contributions to Percent Change in Real Private Fixed Investment by Type Table 5.3.3. Real Private Fixed Investment by Type, Quantity Indexes [index numbers, 2000= 100] Seasonally adjusted Seasonally adjusted at annual rates Line 2002 2003 2002 IV Percent change at annual rate: Private fixed investment.... Percentage points at annual rates: Nonresidential............................ Structures............................... Commercial and health care Manufacturing...................... Power and communication... Mining exploration, shafts, and wells......................... Other structures1................. Equipment and software....... Information processing equipment and software... Computers and peripheral equipment................... Software2 ........................ Other3............................... Industrial equipment............ Transportation equipment.... Other equipment4................ Residential.................................. Structures............................... Permanent site.................... Single family.................... Multifamily....................... Other structures5................. Equipment............................... Addenda: Private fixed investment in structures.............................. Private fixed investment in equipment and software...... Private fixed investment in new structures6............................ Nonresidential structures..... Residential structures.......... Line 2003 II I III 4.4 2.1 1.1 6.1 15.8 9.3 2 3 4 5 6 -5.09 -3.64 -1.35 -0.84 -0.06 2.04 -0.85 -0.61 -0.22 -0.16 -0.08 -0.94 -0.35 -0.28 0.08 -0.39 -0.66 -1.24 -0.15 0.37 4.64 0.62 -0.16 0.07 -0.85 8.59 -0.27 0.15 -0.02 -0.50 6.33 -1.10 -0.47 -0.13 -0.16 / 8 9 -0.65 -0.73 -1.45 0.25 -0.11 2.89 -0.27 -0.12 0.86 0.41 -0.03 0.26 1.10 0.46 4.02 0.16 -0.05 8.85 0.00 -0.33 7.43 10 0.10 3.67 -0.43 4.29 4.35 7.16 4.59 11 12 13 14 15 16 17 18 19 20 21 22 23 0.67 -0.27 -0.31 -0.55 -0.87 -0.13 1.40 1.39 0.70 0.63 0.07 0.69 0.01 1.61 0.97 1.09 -0.31 -0.75 0.28 2.36 2.31 1.53 1.50 0.03 0.78 0.04 0.61 -0.38 -0.65 -0.28 1.31 0.25 2.15 2.12 1.18 1.38 -0.20 0.94 0.03 1.38 1.18 1.73 -0.65 -2.48 -0.89 1.46 1.43 1.56 1.45 0.11 -0.13 0.03 2.26 1.05 1.04 -0.11 -0.57 0.34 1.50 1.40 -0.08 0.02 -0.10 1.49 0.10 2.68 1.65 2.83 0.13 -0.34 1.91 7.18 7.08 4.04 3.73 0.31 3.04 0.09 1.67 1.64 1.28 -0.07 1.59 1.32 2.94 2.88 4.05 4.16 -0.11 -1.17 0.06 1.46 25 -1.44 26 27 28 -2.38 -3.42 1.04 6.81 1.18 0.78 2.02 1.78 2.94 0.89 0.29 4.11 8.95 7.49 0.94 -0.85 1.79 0.75 -0.94 1.69 1.12 -0.66 1.78 0.34 0.62 -0.28 4.29 -0.27 4.56 3.12 -1.09 4.22 1. Consists primarily of religious, educational, vocational, lodging, railroads, farm, and amusement and recreational struc tures, net purchases of used structures, and brokers’ commissions on the sale of structures. 2. Excludes software “embedded," or bundled, in computers and other equipment. 3. Includes communication equipment, nonmedical instruments, medical equipment and instruments, photocopy and related equipment, and office and accounting equipment. 4. Consists primarily of furniture and fixtures, agricultural machinery, construction machinery, mining and oilfield machinery, service industry machinery, and electrical equipment not elsewhere classified. 5. Consists primarily of manufactured homes, improvements, dormitories, net purchases of used structures, and brokers’ commissions on the sale of residential structures. 6. Excludes net purchases of used structures and brokers' commissions on the sale of structures. 2002 IV -3.7 -2.24 2003 IV 1 24 2002 Private fixed investment.... Nonresidential............................ Structures................................ Commercial and health care. Manufacturing...................... Power and communication.... Mining exploration, shafts, and wells........................... Other structures1................. Equipment and software....... Information processing equipment and software... Computers and peripheral equipment.................... Software2.......................... Other3............................... Industrial equipment............ Transportation equipment.... Other equipment4................ Residential................................... Structures................................ Permanent site..................... Single family.................... Multifamily........................ Other structures5................. Equipment............................... Addenda: Private fixed investment in structures............................. Private fixed investment in equipment and software...... Private fixed investment in new structures6........................... Nonresidential structures..... Residential structures.......... 2003 I 1 93.258 2 88.683 3 79.492 4 78.414 5 48.152 6 101.099 97.357 93.718 93.968 91.278 88.378 88.248 75.547 76.304 75.523 71.997 75.818 72.464 38.186 39.892 38.125 96.056 100.672 103.600 7 8 9 98.644 77.056 97.246 84.947 79.462 92.144 80.863 76.014 92.927 II 95.378 89.751 76.244 72.032 38.936 96.746 III IV 98.932 101.149 92.485 94.630 75.906 74.514 72.430 71.064 38.662 37.023 92.625 91.253 86.362 101.267 103.455 103.491 75.833 78.285 78.007 76.100 93.047 94.851 98.779 102.309 111.777 100.115 104.182 108.297 114.996 119.632 10 98.211 11 12 13 14 15 16 17 18 19 20 21 22 23 116.477 95.068 93.181 85.452 79.729 94.721 105.228 105.263 104.698 104.256 108.435 106.126 103.061 154.434 103.602 102.472 82.419 72.460 97.945 113.124 113.124 113.313 113.740 109.695 112.827 113.348 124.706 96.336 93.191 84.117 79.073 96.101 107.629 107.680 107.205 107.149 107.671 108.405 104.386 24 94.525 97.500 94.613 94.990 25 92.233 97.377 93.020 93.153 132.950 99.021 96.996 82.516 73.002 93.460 108.828 108.872 109.347 109.368 109.162 108.134 106.050 163.361 105.045 105.335 82.554 70.701 99.913 115.616 115.609 114.509 114.842 111.682 117.296 116.316 174.634 108.949 108.297 82.360 74.556 103.964 118.031 118.009 120.168 121.354 110.109 114.683 119.737 95.952 99.107 99.949 94.984 98.922 102.450 146.791 101.393 99.259 82.247 71.581 94.445 110.021 110.006 109.229 109.394 107.826 111.196 111.289 26 93.263 95.397 93.192 93.784 93.952 96.097 97.756 27 79.540 75.605 76.362 75.579 76.303 75.965 74.571 28 104.439 111.464 106.888 108.582 108.308 112.440 116.526 1. Consists primarily of religious, educational, vocational, lodging, railroads, farm, and amusement and recreational struc tures, net purchases of used structures, and brokers’ commissions on the sale of structures. 2. Excludes software “embedded," or bundled, in computers and other equipment. 3. Includes communication equipment, nonmedical instruments, medical equipment and instruments, photocopy and related equipment, and office and accounting equipment. 4. Consists primarily of furniture and fixtures, agricultural machinery, construction machinery, mining and oilfield machinery, service industiV machinery, and electrical equipment not elsewhere classified. 5. Consists primarily of manufactured homes, improvements, dormitories, net purchases of used structures, and brokers’ commissions on the sale of residential structures. 6. Excludes net purchases of used structures and brokers’ commissions on the sale of structures. March 2004 S urvey of C urrent B D -3 9 u s in e s s Table 5.3.4. Price Indexes for Private Fixed Investment by Type Table 5.3.5. Private Fixed Investment by Type [Index numbers, 2000=100] [Billions of dollars] Seasonally adjusted Line Private fixed investment.... Nonresidential............................ Structures............................... Commercial and health care Manufacturing....................... Power and communication... Minina exploration, shafts, ana wells.......................... Other structures1.................. Equipment and software....... Information processing equipment and software... Computers and peripheral equipment................... Software2 ......................... Other3............................... Industrial equipment............ Transportation equipment.... Other equipment4................ Residential.................................. Structures............................... Permanent site..................... Single family..................... Multifamily........................ Other structures5.................. Equipment............................... Addenda: Private fixed investment in structures.............................. Private fixed investment in equipment and software...... Private fixed investment in new structures6............................ Nonresidential structures..... Residential structures.......... 1 2 3 4 5 6 2002 101.155 98.859 106.974 106.613 108.449 105.265 2003 102.291 98.664 109.165 108.969 111.097 108.489 2002 Seasonally adjusted at annual rates 2003 Line IV I II III IV 101.341 98.658 107.274 107.163 109.255 106.124 101.808 98.579 108.268 108.256 110.373 107.071 101.796 98.293 108.559 108.503 110.622 108.046 102.319 98.678 109.288 108.894 111.019 108.952 103.241 99.106 110.547 110.221 112.372 109.886 7 111.934 110.208 108.705 109.203 108.379 110.830 112.418 8 106.419 108.823 107.065 108.092 108.401 108.801 109.997 9 96.121 95.270 95.781 95.404 94.961 95.251 95.464 10 91.736 88.744 90.553 89.512 89.077 88.684 87.704 11 12 13 14 15 16 17 18 19 20 21 22 23 70.466 100.279 96.068 101.049 99.792 102.272 107.105 107.231 107.550 107.706 106.260 106.747 99.571 62.065 99.274 95.232 101.875 103.920 103.295 111.257 111.496 112.083 112.199 111.018 110.604 96.848 66.951 100.067 95.613 101.279 101.286 102.653 108.184 108.331 108.707 108.820 107.674 107.764 99.291 64.232 99.417 95.451 101.552 102.079 102.996 109.881 110.074 110.780 110.895 109.727 109.006 98.224 62.648 99.439 95.479 101.683 100.133 103.344 110.485 110.712 111.212 111.327 110.155 109.955 96.764 61.254 100.013 95.016 102.058 103.593 103.488 111.321 111.565 111.932 112.047 110.868 111.006 96.593 60.125 98.226 94.983 102.205 109.877 103.351 113.343 113.634 114.408 114.526 113.320 112.450 95.811 24 107.159 110.731 107.986 109.479 110.002 110.815 112.629 25 96.150 95.282 95.811 95.427 94.975 95.260 95.464 26 107.033 110.531 107.809 109.360 109.789 110.535 112.437 27 106.984 109.192 107.287 108.289 108.582 109.316 110.583 28 107.011 111.247 108.065 109.931 110.437 111.189 113.430 1. Consists primarily of religious, educational, vocational, lodging, railroads, farm, and amusement and recreational struc tures, net purchases of used structures, and brokers' commissions on the sale of structures. 2. Excludes software “embedded," or bundled, in computers and other equipment. 3. Includes communication equipment, nonmedical instruments, medical equipment and instruments, photocopy and related equipment, and office and accounting equifxnent. 4. Consists primarily of furniture and fixtures, agricultural machinery, construction machinery, mining and oilfield machinery, service industry machinery, and electrical equipment not elsewhere classified. 5. Consists primarily of manufactured homes, improvements, dormitories, net purchases of used structures, and brokers’ commissions on the sale of residential structures. 6. Excludes net purchases of used structures and brokers' commissions on the sale of structures. Private fixed investment.... Nonresidential............................. Structures................................ Commercial and health care. Manufacturing...................... Power and communication.... Mining exploration, shafts, and wells........................... Other structures1................. Equipment and software....... Information processing equipment and software... Computers and peripheral equipment.................... Software2......................... Other3............................... Industrial equipment............ Transportation equipment.... Other equipment4................ Residential................................... Structures................................ Permanent site...................... Single family..................... Multifamily........................ Other structures5................. Equipment............................... Addenda: Private fixed investment in Private fixed investment in equipment and software...... Private fixed investment in new structures6............................ Nonresidential structures..... Residential structures.......... 2002 2003 2002 2003 IV I II III IV 1 2 3 4 5 6 1,583.9 1,080.2 266.3 115.0 16.6 49.8 1,672.3 1,109.7 258.3 107.9 13.5 48.8 1,594.6 1,074.3 256.3 111.7 13.9 50.0 1,606.2 1,071.8 256.1 107.9 13.4 51.9 1,630.1 1,086.9 259.2 107.5 13.7 48.9 1,699.5 1,124.4 259.8 108.5 13.6 47.2 1,753.3 1,155.5 258.0 107.7 13.2 46.9 7 8 9 25.8 59.1 813.9 29.5 58.6 851.4 23.9 56.9 817.9 25.6 57.3 815.8 29.8 59.3 827.7 31.1 59.3 864.6 31.6 58.5 897.5 10 421.3 463.8 424.1 436.2 451.2 477.0 490.8 11 12 13 14 15 16 17 18 19 20 21 22 23 83.3 167.9 170.1 137.5 128.0 127.1 503.7 496.1 298.5 265.9 32.6 197.7 7.6 97.2 181.2 185.4 133.7 121.1 132.7 562.6 554.5 336.8 302.3 34.4 217.8 8.1 84.9 169.8 169.3 135.6 128.8 129.4 520.3 512.7 308.9 276.1 32.8 203.8 7.6 86.8 173.4 175.9 133.4 119.8 126.3 534.4 526.7 321.0 287.2 33.8 205.7 7.7 93.5 177.6 180.1 133.2 115.3 128.1 543.2 535.3 321.9 288.4 33.6 213.3 7.9 101.8 185.1 190.2 134.1 117.8 135.7 575.1 566.9 339.7 304.7 35.0 227.2 8.3 106.8 188.5 195.5 134.0 131.7 141.0 597.8 589.4 364.4 329.1 35.3 225.0 8.4 24 762.4 812.8 769.0 782.8 794.5 826.7 847.3 25 821.4 859.5 825.6 823.4 835.6 872.9 906.0 26 27 28 695.9 265.6 430.3 735.2 257.7 477.5 700.4 255.7 444.7 715.0 255.5 459.5 719.1 258.6 460.5 740.5 259.2 481.3 766.2 257.4 508.8 1. Consists primarily of religious, educational, vocational, lodging, railroads, farm, and amusement and recreational struc tures, net purchases of used structures, and brokers' commissions on the sale of structures. 2. Excludes software ‘embedded," or bundled, in computers and other equipment. 3. Includes communication equipment, nonmedical instruments, medical equipment and instruments, photocopy and related equipment, and office and accounting equipment. 4. Consists primarily of furniture and fixtures, agricultural machinery, construction machinery, mining and oilfield machinery, service industry machinery, and electrical equipment not elsewhere classified. 5. Consists primarily of manufactured homes, improvements, dormitories, net purchases of used structures, and brokers’ commissions on the sale of structures, of used structures, and brokers' commissions on the sale of residential structures. 6. Excludes net purchases of used structures and brokers’ commissions on the sale of structures. 6. Excludes net purchases of used structures and brokers’ commissions on the sale of structures. D -4 0 March 2004 National D ata Table 5.3.6. Real Private Fixed Investment by Type, Chained Dollars Table 5.6.5B. Change in Private Inventories by Industry [Billions of chained (2000) dollars] [Billions of dollars] Seasonally adjusted at annual rates Seasonally adjusted at annual rates Line Private fixed investment.... Nonresidential............................ Structures............................... Commercial and health care Manufacturing...................... Power and communication... Minina exploration, shafts, ana wells.......................... Other structures1................. Equipment and software....... Information processing equipment and software... Computers and peripheral Software3 ........................ Other4............................... Industrial equipment............ Transportation equipment.... Other equipment5................ Residential.................................. Structures............................... Permanent site.................... Single family.................... Multifamily....................... Other structures6................. Equipment............................... Residual....................................... Addenda: Private fixed investment in structures.............................. Private fixed investment in equipment and software...... Private fixed investment in new structures7............................ Nonresidential structures..... Residential structures.......... 2002 2003 2002 Line 2003 IV I II III IV 1 2 3 4 5 6 1,565.8 1,092.6 249.0 107.9 15.3 47.3 1,634.6 1,124.6 236.6 99.0 12.1 45.0 1,573.5 1,088.9 239.0 104.3 12.7 47.1 1,577.7 1,087.3 236.5 99.7 12.1 48.5 1,601.4 1,105.8 238.8 99.1 12.4 45.3 1,661.0 1,139.5 237.7 99.6 12.3 43.4 1,698.3 1,165.9 233.4 97.7 11.8 42.7 7 8 9 23.1 55.5 846.7 26.8 53.8 893.6 22.0 53.1 853.9 23.5 53.0 855.0 27.5 54.7 871.6 28.1 54.5 907.7 28.1 53.2 940.1 10 459.3 522.7 468.2 487.2 506.4 537.7 559.4 11 12 13 14 15 16 17 18 19 20 21 22 23 24 167.5 177.1 136.1 128.2 124.3 470.3 462.7 277.5 246.9 30.6 185.2 7.6 -5.0 182.5 194.7 131.2 116.5 128.5 505.6 497.2 300.3 269.3 31.0 196.9 8.3 -17.7 169.7 177.1 133.9 127.2 126.1 481.0 473.3 284.1 253.7 30.4 189.2 7.7 -7.2 174.4 184.3 131.4 117.4 122.6 486.4 478.5 289.8 259.0 30.8 188.7 7.8 -10.4 178.6 188.6 131.0 115.1 123.9 491.7 483.5 289.5 259.0 30.5 194.0 8.2 -15.4 185.0 200.2 131.4 113.7 131.1 516.7 508.2 303.5 271.9 31.6 204.7 8.6 -20.8 191.9 205.8 131.1 119.9 136.4 527.5 518.7 318.5 287.4 31.1 200.1 8.8 -24.9 25 711.5 733.9 712.2 715.0 722.3 746.0 752.3 26 854.3 902.0 861.6 862.8 879.8 916.3 948.9 27 28 29 650.2 248.3 402.1 665.1 236.0 429.1 649.7 238.4 411.5 653.8 235.9 418.0 655.0 238.2 417.0 669.9 237.1 432.9 681.5 232.8 448.6 1. Consists primarily of religious, educational, vocational, lodging, railroads, farm, and amusement and recreational struc tures, net purchases of used structures, and brokers’ commissions on the sale of structures. 2. The quantity index for computers can be used to accurately measure the real growth rate of this component. However, because computers exhibit rapid changes in prices relative to other prices in the economy, the chained-dollar estimates should not be used to measure the component's relative importance or its contribution to the growth rate of more aggregate series; accurate estimates of these contributions are shown in table 5.3.2 and real growth rates are shown in table 5.3.1. 3. Excludes software “embedded," or bundled, in computers and other equipment. 4. Includes communication equipment, nonmedical instruments, medical equipment and instruments, photocopy and related equipment, and office and accounting equipment. 5. Consists primarily of furniture and fixtures, agricultural machinery, construction machinery, mining and oilfield machinery, service industry machinery, and electrical equipment not elsewhere classified. 6. Consists primarily of manufactured homes, improvements, dormitories, net purchases of used structures, and brokers’ commissions on the sale of residential structures. 7. Excludes net purchases of used structures and brokers’ commissions on the sale of structures. N ote . Chained (2000) dollar series are calculated as the product of the chain-type quantity index and the 2000 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 differ ence between the first line and the sum of the most detailed lines. 2002 2003 2002 Change in private inventories...................... Farm............................................. Mining, utilities, and construction.. Manufacturing............................... Durable goods industries Nondurable goods industries.... Wholesale trade........................... Durable goods industries Nondurable goods industries.... Retail trade................................... Motor vehicle and parts dealers Food and beverage stores General merchandise stores Other retail stores..................... Other industries............................ Addenda: Change in private inventories... Durable goods industries Nondurable goods industries Nonfarm industries.................. Nonfarm change in book value1............................... Nonfarm inventory valuation adjustment2..................... Wholesale trade........................ Merchant wholesale trade Durable goods industries.. Nondurable goods industries..................... Nonmerchant wholesale trade................................. 2003 I IV II III IV 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 5.4 -3.4 -2.2 -7.5 -9.5 2.0 -0.9 -1.5 0.6 19.1 12.7 0.0 1.2 5.2 0.2 -0.9 -2.3 -2.8 -12.5 -11.2 -1.3 -1.4 -1.2 -0.1 17.1 9.9 -0.3 0.9 6.6 0.9 20.2 -4.8 -3.6 -3.8 1.8 -5.7 6.5 3.9 2.5 26.6 20.1 -0.4 4.7 2.2 -0.8 -0.9 0.2 -8.3 -12.4 -13.3 0.9 -5.2 0.6 -5.8 26.9 18.7 0.8 0.3 7.0 -2.2 -5.8 -2.7 -2.5 -15.3 -13.9 -1.3 -5.1 -5.1 0.0 15.2 15.1 -0.9 -0.5 1.5 4.6 -10.5 -4.3 -0.2 -16.1 -15.9 -0.2 -1.4 -7.4 6.1 11.0 1.1 1.4 -0.1 8.5 0.6 13.7 -2.3 0.0 -6.1 -1.5 -4.7 6.2 7.0 -0.8 15.3 4.7 -2.5 3.8 9.4 0.7 16 17 18 19 5.4 6.1 -0.7 8.7 -0.9 2.9 -3.8 1.4 20.2 32.3 -12.1 25.0 -0.9 10.9 -11.8 -1.2 -5.8 -1.1 -4.7 -3.0 -10.5 -15.8 5.4 -6.2 13.7 17.6 -4.0 16.0 20 14.4 16.8 44.8 48.9 -12.5 -7.2 38.1 21 22 23 24 -5.7 -0.9 -1.8 -2.1 -15.4 -1.4 -0.1 0.1 -19.9 6.5 4.6 3.0 -50.1 -5.2 -0.7 3.9 9.4 -5.1 -4.8 -4.2 1.0 -1.4 0.1 -5.6 -22.1 6.2 5.1 6.4 25 0.2 -0.2 1.7 -4.6 -0.6 5.7 -1.3 26 0.9 -1.3 1.8 -4.5 -0.3 -1.5 1.1 1. This series is derived from the Census Bureau series “current cost inventories." 2. The inventory valuation adjustment (IVA) shown in this table differs from the IVA that adjusts business incomes. The IVA in this table reflects the mix of methods (such as first-in, first-out and last-in, first-out) underlying inventories derived primarily from Census Bureau statistics (see footnote 1). This mix differs from that underlying business income derived primarily from Internal Revenue Service statistics. N o te . Estimates in this table are based on the North American Industry Classification System (NAICS). March 2004 S urvey of C urrent B D-41 u s in e s s Table 5.6.6B. Real Change in Private Inventories by Industry, Chained Dollars Table 5.7.5B. Private Inventories and Domestic Final Sales by Industry [Billions of chained (2000) dollars] [Billions of dollars] Seasonally adjusted at annual rates Line 2002 2003 2002 IV Change In private inventories...................... Farm............................................. Mining, utilities, and construction.. Manufacturing............................... Durable goods industries........ Nondurable goods industries.... Wholesale trade............................ Durable goods industries....... Nondurable goods industries.... Retail trade................................... Motor vehicle and parts dealers Food and beverage stores....... General merchandise stores.... Other retail stores..................... Other industries............................ Residual....................................... Addenda: Change in private inventories... Durable goods industries..... Nondurable goods industries Nonfarm industries................... Wholesale trade...................... Merchant wholesale trade.... Durable goods industries.. Nondurable goods industries..................... Nonmerchant wholesale trade................................. Seasonally adjusted quarterly totals 2003 I II Line III IV IV 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 5.7 -3.3 -2.1 -7.5 -9.6 2.1 -0.7 -1.5 0.8 19.2 12.9 0.0 1.2 5.2 0.3 -0.3 0.7 -1.0 -2.3 -12.3 -11.2 -1.2 -1.1 -1.3 0.1 17.2 10.1 -0.3 0.9 6.7 1.0 -0.8 21.5 -3.5 -3.3 -3.8 1.9 -5.7 6.5 4.0 2.5 26.6 20.4 -0.4 4.7 2.2 -0.7 -0.6 1.6 1.2 -6.9 -12.2 -13.4 1.0 -4.7 0.6 -5.1 27.1 19.1 0.8 0.3 7.2 -2.1 -1.1 -4.5 -2.0 -2.2 -15.1 -14.0 -1.3 -4.6 -5.2 0.4 15.3 15.4 -0.9 -0.5 1.6 4.7 -0.5 -9.1 -2.8 -0.2 -15.8 -15.9 -0.2 -1.3 -7.6 5.8 11.0 1.2 1.4 -0.1 8.5 0.6 0.2 14.9 -0.6 -0.1 -5.9 -1.4 -4.4 6.2 7.0 -0.6 15.2 4.8 -2.3 3.7 9.3 0.7 -1.2 17 18 19 20 21 22 23 5.7 6.2 -0.4 9.3 -0.7 -1.6 -2.1 0.7 3.0 -2.1 2.0 -1.1 0.2 0.1 21.5 32.8 -10.6 25.4 6.5 4.7 3.0 1.6 11.1 -8.9 0.3 -4.7 -0.3 3.9 -4.5 -1.0 -3.4 -2.4 -4.6 -4.3 -4.3 -9.1 -16.0 6.1 -5.9 -1.3 0.1 -5.7 14.9 17.8 -2.1 15.9 6.2 5.1 6.5 24 0.5 0.1 1.7 ^t.O -0.1 5.4 -1.1 25 0.9 -1.3 1.8 -4.4 -0.3 -1.5 1.1 N o te . Estimates in Ms table are based on the North American Industry Classification System (NAICS). Chained (2000) dollar series for real change in private inventories are calculated as the period-to-period change in chained-dollar end-of-period inventories. Quarterly changes in end-of-period inventories are stated at annual rates. Because the formula for the chain-type quantity indexes uses weights of more than one period, the corresponding chained-dollar esti mates are usually not additive. The residual line is the difference between the first line and the sum of the most detailed lines. 2002 Private inventories1............................................ Farm............................................................................. Mining, utilities, and construction.................................. Durable aoods industries.......................................... Nondurable goods industries.................................... Wholesale trade............................................................ Durable goods industries. Nondurable goods industries Retail trade............................. Motor vehicle and parts dealers Food and beverage stores... General merchandise stores Other retail stores..................................................... Other industries............................................................ Addenda: Private inventories.................................................... Durable goods industries Nondurable goods industries Nonfarm industries.. Wholesale trade...... Merchant wholesale trade Durable goods industries.................................. Nondurable goods industries........................... Nonmerchant wholesale trade.............................. Final sales of domestic business2................... Final sales of goods and structures of domestic business2........................................ Ratios of private inventories to final sales of domestic business: Private inventories to final sales............................... Nonfarm inventories to final sales............................. Nonfarm inventories to final sales of goods and structures.............................................................. 2003 I II III IV 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 1,500.2 134.9 51.7 443.0 263.7 179.2 344.2 198.9 145.3 413.8 135.0 33.5 65.3 180.0 112.6 1,525.8 136.8 55.6 448.7 262.3 186.3 348.1 199.6 148.5 423.2 140.6 34.1 65.6 182.9 113.4 1,516.9 138.2 54.3 441.1 257.5 183.6 343.7 198.0 145.7 425.7 143.1 34.2 65.6 182.8 113.9 1,530.8 151.4 53.3 437.7 254.1 183.6 345.8 197.0 148.8 428.6 142.0 35.1 65.8 185.8 114.1 1,546.7 153.4 52.1 442.0 256.3 185.7 352.7 200.6 152.1 432.0 141.7 34.9 66.9 188.5 114.6 16 17 18 19 20 21 22 23 24 25 1,500.2 678.8 821.4 1,365.3 344.2 295.2 171.6 123.6 49.0 680.1 1,525.8 685.0 840.8 1,389.0 348.1 298.3 173.0 125.3 49.8 687.9 1,516.9 682.1 834.8 1,378.7 343.7 295.9 171.7 124.2 47.9 696.9 1,530.8 678.4 852.5 1,379.4 345.8 297.8 171.1 126.7 48.0 716.9 1,546.7 686.1 860.6 1,393.3 352.7 303.5 174.3 129.1 49.2 723.9 26 368.1 372.4 375.6 392.1 397.6 27 28 2.21 2.01 2.22 2.02 2.18 1.98 2.14 1.92 2.14 1.92 29 3.71 3.73 3.67 3.52 3.50 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 private inventories component of GDR The former is the difference between two inventory stocks, each valued at its 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, the change in private inventories is stated at annual rates. 2. Quarterly totals at monthly rates. Final sales of domestic business equals final sales of domestic product less gross value added of households and institutions and of general government, and it includes a small amount of final sales by farm and by government enterprises. N ote . Estimates in this table are based on the North American Industry Classification System (NAICS). D -4 2 March 2004 National D ata Table 5.7.9B. Implicit Price Deflators for Private Inventories by Industry Table 5.7.6B. Real Private Inventories and Real Domestic Final Sales by Industry, Chained Dollars [Index numbers, 2000=100] [Billions of chained (2000) dollars] Seasonally adjusted Seasonally adjusted quarterly totals Line Private Inventories1............................................. Farm............................................................................... Mining, utilities, and construction Manufacturing....................... Durable goods industries.. Nondurable goods industries Wholesale trade.................... Durable goods industries.. Nondurable goods industries Retail trade........................... Motor vehicle and parts dealers Food and beverage stores. General merchandise stores Other retail stores............. Other industries.................... Residual........................................................................ Addenda: Private inventories..................................................... Durable goods industries....................................... Nondurable goods industries Nonfarm industries.......... Wholesale trade.............. Merchant wholesale trade Durable goods industries Nondurable goods industries Nonmerchant wholesale trade Final sales of domestic business2.................... Final sales of goods and structures of domestic business2........................................ Ratios of private inventories to final sales of domestic business: Private inventories to final sales.................................... Nonfarm inventories to final sales................................. Nonfarm inventories to final sales of goods and structures................................................................... 2002 Line 2003 IV I II III IV 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 1,490.4 123.3 50.1 443.2 266.2 177.0 344.8 203.9 140.6 415.2 138.3 32.4 64.8 179.9 113.5 0.4 1,490.8 123.6 48.3 440.2 262.8 177.3 343.6 204.1 139.4 422.0 143.1 32.6 64.8 181.7 113.0 0.1 1,489.6 123.1 47.8 436.4 259.3 176.9 342.5 202.8 139.5 425.8 146.9 32.3 64.7 182.1 114.1 0.1 1,487.4 122.4 47.7 432.4 255.4 176.9 342.1 200.9 140.9 428.6 147.2 32.7 64.7 184.2 114.3 0.1 1,491.1 122.3 47.7 431.0 255.0 175.8 343.7 202.7 140.8 432.4 148.4 32.1 65.6 186.6 114.4 -0.3 17 18 19 20 21 22 23 24 25 26 1,490.4 690.7 799.4 1,367.2 344.8 295.4 175.8 119.3 49.4 589.2 1,490.8 693.5 797.2 1,367.3 343.6 295.3 176.8 118.3 48.3 594.0 1,489.6 693.2 796.3 1,366.7 342.5 294.2 175.7 118.3 48.3 597.8 1,487.4 689.2 797.9 1,365.2 342.1 294.3 174.3 119.7 47.9 614.8 1,491.1 693.6 797.3 1,369.2 343.7 295.5 175.9 119.4 48.2 620.9 27 360.4 364.9 367.5 382.8 386.8 28 29 2.53 2.32 2.51 2.30 2.49 2.29 2.42 2.22 2.40 2.21 30 3.79 3.75 3.72 3.57 3.54 1. Inventories are as of the end of the quarter. The quarter-to-quarter changes calculated from this table are at quarterly rates, whereas the change in private 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 value added of households and institutions and of general government, and it includes a small amount of final sales by farm and by government enterprises. N o te . Estimates in this table are based on the North American Industry Classification System (NAICS). Chained (2000) dollar inventory series are calculated to ensure that the chained (2000) dollar change in inventories for 2000 equals the current-dollar change in inventories for 2000 and that the average of the 1999 and 2000 end-of-year chainweighted and fixed-weighted inventories are equal. The residual line is the difference between the first line and the sum of the most detailed lines for inventories. Private inventories1............................................ Farm.............................................................................. Mining, utilities, and construction.................................. Manufacturing.................. Durable goods industries Nondurable goods industries Wholesale trade............... Durable goods industries Nondurable goods industries Retail trade...................... Motor vehicle and parts dealers............................... Food and beverage stores General merchandise stores Other retail stores........ Other industries............................................................ Addenda: Private inventories.................................................... Durable goods industries...................................... Nondurable goods industries................................ Nonfarm industries................................................... Wholesale trade........................................................ Merchant wholesale trade..................................... Durable goods industries.................................. Nondurable goods industries............................ Nonmerchant wholesale trade.............................. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 2002 2003 IV I II III IV 100.660 109.398 103.308 99.945 99.073 101.248 99.828 97.516 103.334 99.664 97.612 103.358 100.869 100.074 99.237 102.351 110.661 115.114 101.933 99.807 105.108 101.301 97.768 106.587 100.295 98.310 104.579 101.160 100.671 100.419 101.828 112.251 113.545 101.072 99.290 103.739 100.369 97.622 104.509 99.984 97.394 105.646 101.415 100.393 99.794 102.921 123.698 111.649 101.213 99.488 103.798 101.063 98.043 105.596 99.999 96.425 107.264 101.613 100.850 99.849 103.727 125.436 109.185 102.562 100.516 105.614 102.617 98.953 108.077 99.905 95.446 108.830 101.859 101.052 100.119 16 100.660 102.351 101.828 102.921 103.727 17 98.283 98.781 98.399 98.429 98.906 18 102.748 105.473 104.828 106.842 107.935 19 99.860 101.589 100.876 101.037 101.760 20 99.828 101.301 100.369 101.063 102.617 21 99.938 101.008 100.560 101.191 102.677 22 97.605 97.866 97.721 98.153 99.106 23 103.591 105.862 104.964 105.888 108.158 24 99.155 103.057 99.173 100.248 102.224 1. Implicit price deflators are as of the end of the quarter and are consistent with inventory stocks. Estimates in this table are based on the North American industry Classification System (NAICS). N ote . March 2004 S urvey of C urrent D -4 3 B u s in e s s 6. Incom e and E m p loym en t by Industry Table 6.16D. Corporate Profits by Industry [Billions of dollars] Seasonally adjusted at annual rates Line 2002 2003 2002 2003 IV Corporate profits with inventory valuation and capital consumption adjustments. Domestic Industries................................................................................................................. Financial1....... 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 financial2 Nonfinancial.... Utilities....... Manufacturing Durable goods Fabricated metal products......................................................................................... Machinery Computer and electronic products............................................................................. Electrical equipment, appliances, and components.................................................. Motor vehicles, bodies and trailers, and parts.......................................................... Other durable goods3 Nondurable goods Food and beverage and tobacco products................................................................ Petroleum and coal products..................................................................................... Chemical products Other nondurable goods4 .......................................................................................... Wholesale trade Retail trade.. Transportation and warehousing Information.. Other nonfinancial5 Rest of the world...................................................................................................................... 904.2 750.8 259.1 491.7 153.4 202.4 49.1 742.7 589.4 255.1 22.9 232.2 334.3 22.0 73.3 8.8 9.7 1.5 -18.4 1.7 -1.0 15.3 64.6 32.8 6.4 17.5 7.9 49.1 76.7 -2.3 - 20.2 135.5 153.4 II 934.9 767.9 248.6 519.3 166.9 214.0 47.0 784.2 617.2 243.4 21.2 222.1 373.9 22.8 95.1 25.2 12.1 -1.3 -1.2 0.7 -1.7 16.6 69.9 32.4 8.7 19.4 9.4 47.9 73.9 2.4 - 12.6 144.4 166.9 927.1 778.4 268.4 510.0 148.7 215.4 66.6 780.9 632.1 261.8 21.2 240.7 370.3 28.1 87.1 17.1 8.9 -2.8 -5.6 0.7 7.3 8.6 70.0 32.4 20.2 18.9 -1.5 39.8 72.9 5.6 -11.4 148.1 148.7 1,022.8 874.3 279.6 594.7 148.5 220.8 72.3 793.6 645.1 260.6 20.5 240.1 384.5 21.1 80.3 13.9 12.1 -2.7 -1.8 -0.9 -1.9 9.1 66.4 30.6 20.6 15.8 -0.5 42.6 85.0 12.9 -8.0 150.7 148.5 1,124.2 966.5 299.2 667.3 157.7 236.2 78.4 864.2 706.4 274.6 18.9 255.7 431.8 21.5 97.7 19.4 12.6 -2.4 -1.5 -1.5 -3.5 15.7 78.4 31.8 19.5 23.7 3.4 51.0 84.3 14.7 2.3 160.2 157.7 1. Consists of finance and insurance and bank and other holding companies. 2. Consists of credit intermediation and related activities; securities, commodity contracts, and other financial investments and related activities; insurance carriers and related activities; funds, trusts, and other finan cial vehicles; and bank and other holding companies. 3. Consists of wood products; nonmetallic mineral products; primary metals; other transportation equipment; furniture and related products; and miscellaneous manufacturing. 4. Consists of textile mills and textile product mills; apparel; leather and allied products; paper products; printing and related support activities; and plastics and rubber products. 5. Consists of agriculture, forestry, fishing, and hunting; mining; construction; real estate and rental and leasing; professional, scientific, and technical services; administrative and waste management services; educational sen/ices; health care and social assistance; arts, entertainment, and recreation; accommodation and food services; and other services, except government. N ote . Estimates in this table are based on the 1997 North American Industry Classification System (NAICS). D -4 4 National D ata March 2004 7. S u pplem ental Tables Table 7.1. Selected Per Capita Product and Income Series in Current and Chained Dollars Table 7.2.1 B. Percent Change from Preceding Period in Real Motor Vehicle Output [Dollars] [Percent] Seasonally adjusted at annual rates Seasonally adjusted at annual rates Line 2002 2003 2002 IV Current dollars: Gross domestic product.......... Gross national product............ Personal income...................... Disposable personal income.... Personal consumption expenditures........................ Durable goods..................... Nondurable goods............... Services............................... Chained (2000) dollars: Gross domestic product.......... Gross national product............ Disposable personal income.... Personal consumption expenditures......................... Durable goods..................... Nondurable goods............... Services............................... Population (midperiod, thousands) 1 2 3 4 36,361 36,436 30,913 27,259 5 6 7 8 9 10 11 37,740 Line 2003 I II III 2003 37,314 37,428 31,463 28,022 38,110 38,240 31,713 28,501 38,510 31,577 28,180 37,018 37,114 31,201 27,720 25,622 3,162 7,237 15,224 26,636 3,233 7,590 15,812 25,923 3,136 7,324 15,464 26,208 3,097 7,502 15,609 26,398 3,186 7,468 15,744 26,888 3,346 7,652 15,891 27,045 3,303 7,739 16,003 34,981 35,057 26,355 35,721 35,115 35,245 26,320 35,206 35,300 26,419 35,393 35,503 26,673 36,004 36,125 27,011 36,274 31,929 28,474 26,941 12 24,773 25,295 24,879 24,978 25,127 25,482 25,589 3,321 3,327 13 3,528 3,331 3,458 3,668 3,658 14 7,397 7,090 7,286 7,125 7,208 7,213 7,323 15 14,369 14,511 14,430 14,450 14,477 14,539 14,579 16 288,240 291,086 289,360 290,016 290,689 291,445 292,194 2002 IV IV 36,715 36,845 31,038 27,425 26,761 2002 Motor vehicle output..... Auto output.................. Truck output................. Final sales of domestic product Personal consumption expenditures...................... New motor vehicles............. Autos................................. Light trucks (including utility vehicles)............. Net purchases of used autos and used light trucks........ Used autos...................... Used light trucks (including utility vehicles)...................... Private fixed investment........ New motor vehicles............. Autos................................. Trucks............................... Light trucks (including utility vehicles)......... Other............................. Net purchases of used autos and used light trucks........ Used autos...................... Used light trucks (including utility vehicles)...................... Gross government investment.......................... Autos..................................... Trucks................................... Net exports.............................. Exports................................. Autos................................. Trucks............................... Imports................................. Autos................................. Trucks............................... Change in private inventories.... Autos......................................... New....................................... Domestic........................... Used..................................... Trucks....................................... New....................................... Domestic........................... Foreign.............................. Used1................................... Addenda: Final sales of motor vehicles to domestic purchasers........... Private fixed investment in new autos and new light trucks.... Domestic output of new autos2. Sales of imported new autos3 .. 2003 I II III IV 1 2 3 4 11.4 3.8 16.8 2.9 2.6 -9.3 9.8 4.0 -4.9 -5.2 -4.8 -11.7 -6.4 -23.1 4.1 -5.2 2.1 9.3 -1.5 9.4 26.6 4.8 39.4 65.7 2.9 -21.5 16.6 -17.2 5 6 7 5.1 7.8 -0.9 4.0 8.2 -1.9 -9.5 -29.0 -31.1 -5.7 -8.5 1.7 16.1 59.2 20.6 45.5 41.5 3.8 -12.2 -33.9 -24.4 8 14.6 15.1 -27.7 -14.6 89.6 68.1 -38.5 9 10 -0.6 -2.4 -5.4 -5.1 74.9 134.3 1.7 4.6 -52.3 -55.9 59.5 43.2 100.3 58.9 11 12 13 14 15 1.4 -3.4 -1.6 -2.0 -1.2 -5.9 -3.0 -2.2 -6.3 0.6 27.1 -9.7 6.0 -4.2 13.9 -1.7 -27.5 -35.3 -27.3 -40.3 -47.7 10.8 -5.7 -23.9 8.9 79.5 13.7 30.7 29.6 31.3 152.4 10.3 36.3 11.3 54.1 16 17 -1.5 -0.4 2.2 -4.5 29.3 -23.9 -35.3 -55.4 6.6 18.1 18.8 85.4 59.3 37.9 18 19 1.0 -0.7 -0.8 -8.9 30.9 -2.1 -44.5 -38.2 -25.3 -37.5 60.9 39.7 87.0 69.6 20 2.7 7.1 73.1 -49.6 -12.3 81.0 102.2 21 22 23 ?4 2b 26 27 28 29 30 31 3? 33 34 35 3fi 37 38 39 40 41 -3.0 -6.1 -1.9 -2.3 -3.2 -2.0 49.7 98.4 35.5 -33.0 3.0 -43.4 -13.4 -41.0 0.6 51.3 -33.9 97.6 26.7 78.7 14.4 12.3 12.0 12.7 5.3 6.2 4.1 9.5 4.1 15.2 -0.3 -3.6 3.7 8.3 -13.0 35.9 5.3 -5.0 18.8 -0.3 -1.9 1.2 -24.2 -30.2 -16.9 24.6 30.6 19.0 29.8 25.7 34.5 -21.1 -27.8 -14.1 -26.2 -18.0 -34.2 43.5 33.4 53.4 44.1 46.9 41.1 42 3.0 2.4 -8.3 -11.6 14.1 38.6 -6.9 43 44 45 -1.7 7.6 2.3 -1.8 -7.5 -3.5 12.0 -27.3 -11.5 -31.7 -13.2 -17.3 -8.7 21.3 0.3 23.6 -2.6 9.4 36.0 -8.2 -8.3 1. Consists of used light trucks only. 2. Consists of final sales and change in private inventories of new autos assembled in the United States. 3. Consists of personal consumption expenditures, private fixed investment, and gross government investment. March 2004 S urvey of C urrent D -45 B u s in e s s Table 7.2.3B. Real Motor Vehicle Output, Quantity Indexes Table 7.2.4B. Price Indexes for Motor Vehicle Output [Index numbers, 2000=100] [Index numbers, 2000=100] Seasonally adjusted Line 2002 2003 2002 IV Motor vehicle output..... Auto output.................. Truck output................. Final sales of domestic product Personal consumption expenditures...................... New motor vehicles............. Autos................................ Light trucks (including utility vehicles)............. Net purchases of used autos and used light trucks....... Used autos....................... Used light trucks (including utility vehicles)....................... Private fixed investment....... New motor vehicles............. Autos................................ Trucks............................... Light trucks (including utility vehicles)......... Other............................ Net purchases of used autos and used light trucks....... Used autos....................... Used light trucks (including utility vehicles)...................... Gross government investment........................... Autos.................................... Trucks................................... Net exports.............................. Exports................................. Autos................................ Trucks............................... Imports................................. Autos................................ Trucks............................... Change in private inventories... Autos........................................ New...................................... Domestic.......................... Foreign............................. Used..................................... Trucks....................................... New...................................... Domestic.......................... Foreign............................. Used1................................... Addenda: Final sales of motor vehicles to domestic purchasers........... Private fixed investment in new autos and new light trucks.... Domestic output of new autos2 Sales of imported new autos3.. I II Line III 5 111.862 116.391 110.333 108.737 112.868 123.958 120.003 6 118.775 128.547 118.064 115.467 129.705 141.455 127.559 7 99.265 97.360 94.762 95.168 99.732 100.675 93.864 8 137.091 157.847 139.966 134.544 157.870 179.761 159.213 9 10 98.674 94.282 93.324 89.500 95.906 95.489 96.305 96.566 80.039 78.695 89.946 107.008 86.084 96.656 11 103.938 12 82.904 13 88.124 14 91.113 15 86.167 97.837 80.380 86.187 85.415 86.684 96.438 83.551 92.017 93.567 91.028 96.030 77.085 82.525 86.412 80.010 81.662 79.087 81.327 80.697 81.736 94.521 119.137 81.661 83.686 86.950 93.948 86.105 88.444 87.501 97.489 1b 17 91.285 72.009 93.282 68.743 97.468 73.512 87.418 60.079 88.821 62.626 92.722 104.168 73.081 79.188 18 19 96.139 90.087 95.337 105.139 82.113 93.567 90.767 82.965 84.389 73.766 95.044 111.150 80.200 91.521 20 102.982 110.275 118.220 99.596 96.385 111.801 133.319 102.799 100.417 106.499 96.340 97.475 94.330 104.622 105.405 104.807 102.668 107.202 92.986 92.927 103.058 109.343 92.362 83.272 96.283 93.115 110.396 114.174 21 22 23 ?4 25 26 27 28 29 30 31 3? 33 34 35 36 37 38 39 40 41 108.501 120.195 98.225 103.027 103.627 102.320 118.809 125.120 113.178 102.739 99.921 106.081 114.830 122.244 108.257 106.349 104.705 108.292 114.733 121.654 108.587 99.235 95.721 103.390 121.218 130.056 113.407 105.929 101.353 111.336 114.249 119.903 109.191 98.196 96.441 100.289 125.037 128.867 121.528 107.596 106.168 109.310 42 104.192 106.654 103.365 100.228 103.588 112.402 110.400 43 91.202 44 98.291 45 101.050 89.538 95.584 90.882 91.575 97.475 101.539 86.910 88.391 96.842 84.950 92.766 96.922 89.566 92.163 99.132 2002 2003 2002 1 2 3 4 96.777 97.527 96.264 96.900 95.018 92.913 96.072 94.561 96.199 96.359 96.031 96.367 95.813 94.071 96.686 95.503 94.680 93.115 95.457 94.101 94.640 92.367 95.788 94.145 94.939 92.100 96.358 94.495 5 6 7 97.943 97.832 98.370 94.620 96.417 96.535 96.952 97.881 98.278 95.763 96.977 97.160 95.211 96.441 96.592 94.399 96.310 96.330 93.106 95.940 96.057 8 97.429 96.290 97.576 96.811 96.295 96.237 95.816 9 10 98.078 98.071 89.731 88.853 94.408 94.150 92.558 92.203 91.960 91.379 89.048 87.516 85.357 84.313 11 12 13 14 15 98.086 90.724 97.482 101.579 97.376 97.271 98.357 96.523 96.704 97.757 IV 1 106.114 108.876 106.813 105.066 105.603 112.016 112.818 2 97.520 88.452 93.731 87.782 89.751 90.801 85.473 3 112.246 123.295 116.150 117.333 116.888 126.998 131.959 4 104.935 109.107 103.103 101.727 104.045 118.043 112.613 1. Consists of used light trucks only. 2. Consists of final sales and change in private inventories of new autos assembled in the United States. 3. Consists of personal consumption expenditures, private fixed investment, and gross government investment. Seasonally adjusted 2003 96.727 90.209 97.005 IV Motor vehicle ou tp ut..... Auto output.................. Truck output................. Final sales of domestic product Personal consumption expenditures...................... New motor vehicles............. Autos................................. Light trucks (including utility vehicles)............. Net purchases of used autos and used light trucks........ Used autos...................... Used light trucks (including utility vehicles)...................... Private fixed investment........ New motor vehicles............. Autos................................. Trucks............................... Light trucks (including utility vehicles)......... Other............................. Net purchases of used autos and used light trucks........ Used autos...................... Used light trucks (including utility vehicles)...................... Gross government investment........................... Autos..................................... Trucks................................... Net exports.............................. Exports................................. Autos................................. Trucks............................... Imports................................. Autos................................. Trucks............................... Change in private inventories.... Autos......................................... New....................................... Domestic.......................... Foreign.............................. Used..................................... Trucks....................................... New....................................... Addenda: Final sales of motor vehicles to domestic purchasers........... Private fixed investment in new autos and new light trucks.... Domestic output of new autos2. Sales of imported new autos3 .. 2003 I 94.676 92.943 99.043 100.167 97.398 98.238 98.274 97.153 96.788 98.977 II III IV 92.611 90.768 86.572 97.352 100.720 108.078 96.473 96.661 97.711 96.580 96.314 96.045 96.408 96.889 98.752 16 95.453 96.108 94.915 97.586 94.382 95.110 97.354 17 101.000 103.431 103.225 103.532 103.531 103.085 103.576 18 19 20 21 22 23 ?4 25 26 27 28 29 30 31 3? 33 34 35 36 37 38 39 40 41 97.438 97.516 91.855 91.786 95.477 95.411 95.952 95.696 95.652 95.405 91.359 91.347 84.455 84.694 97.361 91.941 95.543 96.194 95.886 91.394 84.289 99.530 101.439 100.580 101.019 100.082 100.839 103.815 100.153 99.542 99.715 98.296 98.030 99.921 101.922 99.323 102.187 100.899 102.083 100.875 101.258 104.531 102.010 101.293 102.757 101.278 101.009 101.595 103.770 102.618 104.884 102.170 101.652 102.747 42 97.813 96.120 43 44 45 96.819 98.761 98.366 96.343 97.382 96.530 103.304 102.296 104.276 101.635 101.377 101.929 103.549 102.518 104.542 102.005 101.443 102.629 103.920 102.628 105.172 102.086 101.443 102.801 104.306 103.028 105.545 102.953 102.343 103.630 97.412 96.741 95.730 95.763 96.245 96.506 98.803 98.278 97.420 97.821 97.156 95.417 97.373 96.585 95.699 97.214 96.324 96.836 97.120 96.054 103.070 102.300 103.806 101.561 101.409 101.736 1. Consists of used light trucks only. 2. Consists of final sales and change in private inventories of new autos assembled in the United States. 3. Consists of personal consumption expenditures, private fixed investment, and gross government investment. D -4 6 National D ata March 2004 Table 7.2.5B. Motor Vehicle Output Table 7.2.6B. Real Motor Vehicle Output, Chained Dollars [Billions of dollars] [Billions of chained (2000) dollars] Seasonally adjusted at annual rates Line 2002 2003 2002 IV Motor vehicle output..... Auto output.................. Truck output................. Final sales of domestic product Personal consumption expenditures...................... New motor vehicles............. Autos................................ Light trucks (including utility vehicles)............. Net purchases of used autos and used light trucks....... Used autos...................... Used light trucks (including utility vehicles)....................... Private fixed investment....... New motor vehicles............. Autos................................ Trucks............................... Light trucks (including utility vehicles)......... Other............................ Net purchases of used autos and used light trucks....... Used autos....................... Used light trucks (including utility vehicles)....................... Gross government investment........................... Autos.................................... Trucks................................... Net exports.............................. Exports................................. Autos................................ Trucks............................... Imports................................. Autos................................ Trucks............................... Change in private Inventories... Autos........................................ New...................................... Domestic.......................... Foreign............................. Used..................................... Trucks ....................................... New...................................... Domestic.......................... Foreign............................. Used1................................... Addenda: Final sales of motor vehicles to domestic purchasers........... Private fixed investment in new autos and new light trucks.... Domestic output of new autos2 Sales of imported new autos3.. Seasonally adjusted at annual rates 2003 II III IV 1 2 3 4 374.8 143.7 231.1 360.4 377.6 124.1 253.5 365.6 375.1 136.5 238.7 352.1 367.5 124.7 242.7 344.3 365.0 126.2 238.8 347.0 387.0 126.7 260.3 393.9 391.0 118.9 272.2 377.2 5 6 7 356.6 249.0 101.1 358.3 265.5 97.4 348.1 247.6 96.5 338.9 239.9 95.8 349.8 268.0 99.8 380.8 291.9 100.5 363.6 262.2 93.4 8 147.8 168.2 151.1 144.1 168.2 191.4 168.8 9 10 107.7 56.1 92.8 48.1 100.5 54.4 99.0 53.9 81.7 43.5 88.9 45.6 101.4 49.4 11 12 13 14 15 51.6 95.6 165.9 68.5 97.5 44.7 96.7 162.2 63.0 99.2 46.1 97.9 173.4 70.3 103.1 45.1 91.3 156.8 64.1 92.7 38.2 91.1 151.8 59.5 92.2 43.3 97.3 162.6 63.4 99.2 52.1 107.1 177.6 64.9 112.7 16 17 75.0 22.5 77.2 22.0 79.7 23.4 73.5 19.2 72.2 20.0 75.9 23.3 87.3 25.4 18 19 -70.4 -35.0 -65.5 -30.0 -75.5 -35.6 -65.5 -31.7 -60.7 -28.1 -65.3 -29.2 -70.6 -30.9 20 -35.3 -35.5 -39.9 -33.8 -32.6 -36.1 -39.7 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 12.7 3.3 9.3 -104.5 28.9 14.9 14.0 133.4 72.7 60.7 14.4 7.5 7.0 5.8 1.2 0.5 6.9 5.8 4.5 1.4 1.1 12.6 3.2 9.4 -102.0 32.2 15.7 16.5 134.2 70.5 63.7 12.0 -2.7 -0.5 -0.4 -0.1 -2.2 14.8 8.9 8.8 0.0 5.9 13.3 3.6 9.7 -107.2 30.9 15.3 15.6 138.1 73.7 64.4 23.0 5.7 5.7 0.0 5.7 0.1 17.3 7.6 2.1 5.5 9.6 12.1 3.5 8.5 -98.0 31.0 15.2 15.7 128.9 67.4 61.6 23.2 -8.8 -3.9 -3.0 -1.0 -4.9 32.0 28.2 25.8 2.4 3.8 11.5 3.1 8.4 -105.3 32.8 16.3 16.5 138.1 71.4 66.8 18.0 3.4 3.5 2.3 1.2 -0.1 14.6 6.0 4.8 1.2 8.6 12.9 2.8 10.0 -97.1 31.0 15.1 16.0 128.1 67.9 60.2 -6.8 -3.5 -2.5 -0.3 -2.2 -1.0 -3.4 -11.3 -4.8 -6.5 8.0 14.1 3.3 10.7 -107.5 34.1 16.2 17.8 141.6 75.4 66.2 13.8 -2.0 0.8 -0.7 1.5 -2.8 15.8 12.5 9.5 3.0 3.3 42 464.9 467.6 459.3 442.3 452.3 491.0 484.8 43 44 45 143.5 107.3 83.4 140.2 97.8 78.9 137.6 95.6 78.9 131.7 99.8 78.5 139.3 99.0 80.1 152.2 96.8 78.2 149.9 100.1 83.7 I Line 1. Consists of used light trucks only. 2. Consists of final sales and change in private inventories of new autos assembled in the United States. 3. Consists of personal consumption expenditures, private fixed investment, and gross government investment. 2002 2003 2002 IV Motor vehicle output..... Auto output.................. Truck output................. Final sales of domestic product Personal consumption expenditures...................... New motor vehicles............. Autos................................. Light trucks (including utility vehicles)............. Net purchases of used autos and used light trucks........ Used autos....................... Used light trucks (including utility vehicles)....................... Private fixed investment........ New motor vehicles............. Autos................................. Trucks ............................... Light trucks (including utility vehicles)......... Other............................. Net purchases of used autos and used light trucks........ Used autos...................... Used light trucks (including utility vehicles)....................... Gross government investment........................... Autos..................................... Trucks ................................... Net exports.............................. Exports................................. Autos................................. Trucks............................... Imports................................. Autos................................. Trucks ............................... Change in private inventories.... Autos......................................... New....................................... Domestic........................... Foreign.............................. Used..................................... Trucks....................................... New....................................... Domestic........................... Foreign.............................. Used1................................... Residual....................................... Addenda: Final sales of motor vehicles to domestic purchasers........... Private fixed investment in new autos and new light trucks.... Domestic output of new autos2. Sales of imported new autos3.. 2003 II III IV 1 2 3 4 387.3 147.3 240.1 371.9 397.4 133.6 263.7 386.7 389.8 141.6 248.4 365.4 383.5 132.6 251.0 360.6 I 385.4 135.6 250.0 368.8 408.8 137.2 271.6 418.4 411.7 129.1 282.2 399.1 b 6 7 364.1 254.5 102.8 378.8 275.4 100.8 359.1 252.9 98.2 353.9 247.4 98.6 367.4 277.9 103.3 403.5 303.1 104.3 390.6 273.3 97.2 8 151.7 174.7 154.9 148.9 174.7 198.9 176.2 9 10 109.8 57.2 103.8 54.3 106.7 57.9 107.1 58.6 89.0 47.7 100.1 52.2 119.0 58.6 11 12 13 14 15 52.6 98.0 170.4 69.6 100.8 49.5 95.1 166.7 65.2 101.4 48.8 98.8 177.9 71.5 106.5 48.6 91.2 159.6 66.0 93.6 41.3 93.5 157.3 61.6 95.6 47.8 96.6 168.1 65.8 102.4 60.3 99.0 181.7 67.6 114.0 16 17 78.6 22.3 80.3 21.3 83.9 22.7 75.2 18.6 76.4 19.4 79.8 22.6 89.7 24.5 18 19 -72.2 -35.9 -71.6 -32.7 -79.0 -37.3 -68.2 -33.1 -63.4 -29.4 -71.4 -32.0 -83.5 -36.5 20 -36.3 -38.9 -41.7 -35.1 -34.0 -39.4 -47.0 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 12.7 3.3 9.4 -103.4 28.3 14.7 13.6 131.7 71.9 59.8 14.2 7.6 7.1 5.9 1.2 0.5 6.6 5.3 4.0 1.4 1.2 1.2 12.4 3.2 9.2 -100.3 31.0 15.3 15.7 131.3 69.4 62.0 9.5 -2.9 -0.6 -0.4 -0.1 -2.4 12.0 5.9 5.9 0.1 6.4 1.4 13.2 3.6 9.6 -106.0 30.0 15.0 15.0 136.0 72.7 63.3 22.7 5.9 5.7 -0.1 5.6 0.1 16.5 7.0 1.9 5.6 10.1 0.5 11.9 3.6 8.3 -96.9 30.0 14.9 15.1 126.9 66.4 60.4 19.9 -9.1 -4.0 -3.1 -1.0 -5.1 28.0 23.7 21.4 2.3 4.0 3.6 11.5 3.1 8.4 -103.8 31.7 15.9 15.8 135.4 70.4 65.0 17.0 3.5 3.5 2.3 1.2 -0.1 13.3 4.9 3.9 1.1 9.0 -0.8 12.8 2.8 9.9 -95.7 29.8 14.7 15.2 125.5 66.9 58.6 -11.1 -3.7 -2.6 -0.3 -2.2 -1.2 -7.3 -14.8 -9.5 -5.7 8.7 1.9 13.5 3.3 10.2 -104.9 32.7 15.8 16.9 137.6 73.7 63.9 12.3 -2.2 0.8 -0.7 1.4 -3.3 14.0 10.1 7.6 2.6 3.9 1.0 43 475.3 486.5 471.5 457.2 472.5 512.7 503.6 44 45 46 148.2 108.6 84.7 145.5 100.4 81.7 155.3 101.2 85.2 141.2 97.7 81.2 138.0 102.5 81.3 145.5 101.8 83.1 157.1 99.7 81.4 1. Consists of used light trucks only. 2. Consists of final sales and change in private inventories of new autos assembled in the United States. 3. Consists of personal consumption expenditures, private fixed investment, and gross government investment. N ote . Chained (2000) dollar series are calculated as the product of the chain-type quantity index and the 2000 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 differ ence between the first line and the sum of the most detailed lines, excluding the lines in the addenda. D -4 7 March 2004 B. O ther NIPA and NIPA-Related Tables Monthly Estimates Table B .l presents the m ost recent estimates o f personal income and its com ponents and the disposition o f personal income. These estimates were released on March 1, 2004, and they update the results o f the 2003 comprehensive NIPA revision that were published in the February 2004 S u r v e y . Table B.1. Personal Income and Its Disposition [Billions of dollars; monthly estimates seasonally adjusted at annual rates] 2002 2002 Personal Income................................ Compensation of employees, received......................................... Wage and salary disbursements Private industries........................... Goods-producing industries Manufacturing........................ Service-producing industries Trade, transportation, and utilities................................ Other services-producing industries........................... Government................................... Supplements to wages and salaries Employer contributions for employee pension and insurance funds......................... Employer contributions for government social insurance.... Proprietors’ income with IVA and CCAdj............................................ Farm.............................................. Nonfarm......................................... Rental income of persons with CCAdj..................................... Personal income receipts on assets.... Personal interest income.................. Personal dividend income................ Personal current transfer receipts Government social benefits to persons.......................................... Old-age, survivors, disability, and health insurance benefits.......... Government unemployment insurance benefits..................... Other............................................. Other current transfer receipts, from business (net)................... Less: Contributions for government social insurance............................. Less: Personal current taxes.............. Equals: Disposable personal Income............................................ Less: Personal outlays......................... Personal consumption expenditures.. Durable goods............................... Nondurable goods......................... Services........................................ Personal interest payments1............ Personal current transfer payments... To government............................... To the rest of the world (net)......... Equals: Personal saving.................. Personal saving as percentage of disposable personal income......... Addenda: Disposable personal income: Billions of chained (2000) dollars2 Per capita: Current dollars............................... Chained (2000 dollars)................. Population (midperiod, thousands)3 Personal consumption expenditures: Billions of chained (2000) dollars Durable goods........................... Nondurable goods.................... Services.................................... Implicit price deflator, 2000=100... Personal income, current dollars Disposable personal income: Current dollars................................... Chained (2000) dollars..................... Personal consumption expenditures: Current dollars................................... Chained (2000) dollars..................... " Preliminary. ' Revised. CCAdj Capital consumption adjustment. IVA Inventory valuation adjustment. 2003 2004 2003 Dec. Jan. Feb. March April May June July Aug. Sept. Oct. ' Nov. ' Dec. ' Jan. " 8,910.3 9,191.6 8,994.1 9,012.5 9,046.9 9,086.6 9,100.8 9,151.0 9,186.0 9,219.6 9,239.6 9,268.4 9,294.2 9,332.1 9,361.7 9,380.1 6,019.1 4,974.6 4,114.7 1,010.9 675.7 3,103.7 6,187.9 5,086.6 4,188.9 1,007.6 669.0 3,181.3 6,067.4 5,005.1 4,128.4 1,008.2 672.8 3,120.2 6,088.2 5,015.3 4,130.8 1,006.0 670.9 3,124.8 6,118.9 5,037.0 4,145.7 1,005.8 671.1 3,139.9 6,136.2 5,047.5 4,153.3 1,005.4 669.5 3,147.8 6,142.1 5,051.6 4,155.4 1,000.0 664.2 3,155.4 6,171.4 5,077.4 4,178.7 1,003.4 666.6 3,175.3 6,184.9 5,087.6 4,183.9 1,006.8 668.7 3,177.1 6,200.2 5,096.0 4,196.3 1,002.3 664.9 3,194.0 6,214.9 5,105.4 4,204.9 1,006.0 666.7 3,198.9 6,225.8 5,110.8 4,211.1 1,009.8 669.0 3,201.2 6,241.1 5,123.4 4,222.9 1,011.1 669.2 3,211.9 6,268.0 5,147.0 4,246.5 1,017.9 674.6 3,228.6 6,262.5 5,140.2 4,237.7 1,016.8 672.4 3,221.0 6,303.2 5,166.8 4,258.5 1,022.1 675.9 3,236.4 844.7 863.2 846.9 850.9 855.3 858.7 857.3 860.2 860.9 864.0 866.9 867.4 872.9 873.2 871.0 876.5 2,259.0 859.9 1,044.5 2,318.1 897.7 1,101.3 2,273.3 876.8 1,062.2 2,273.9 884.5 1,072.9 2,284.6 891.2 1,081.9 2,289.2 894.2 1,088.8 2,298.1 896.2 1,090.4 2,315.1 898.7 1,094.0 2,316.2 903.7 1,097.3 2,330.1 899.6 1,104.2 2,332.0 900.6 1,109.5 2,333.9 899.8 1,115.0 2,339.0 900.4 1,117.7 2,355.4 900.5 1,121.0 2,350.0 902.4 1,122.3 2,359.9 908.3 1,136.4 680.4 723.4 695.1 699.1 706.8 713.1 714.7 717.6 719.6 725.9 730.7 735.6 737.5 739.4 741.2 746.3 364.1 377.8 367.1 373.8 375.1 375.7 375.7 376.4 377.7 378.3 378.8 379.4 380.2 381.6 381.1 390.0 797.7 14.3 783.4 847.3 19.5 827.8 812.0 16.8 795.3 813.0 11.7 801.3 809.5 13.1 796.5 818.0 14.2 803.9 822.6 16.2 806.4 839.5 20.0 819.5 854.3 23.8 830.5 859.8 22.5 837.2 858.1 21.4 836.7 864.8 20.5 844.3 867.9 22.6 845.3 876.1 23.9 852.2 883.6 23.7 859.8 877.9 16.7 861.2 173.0 1,378.5 982.4 396.2 1,292.2 163.7 1,390.5 961.8 428.7 1,377.2 154.0 1,392.1 978.9 413.2 1,325.1 158.3 1,390.2 974.6 415.6 1,329.4 163.3 1,388.5 970.5 418.0 1,335.9 168.1 1,387.1 966.7 420.4 1,347.5 160.8 1,388.4 965.5 422.9 1,357.4 153.3 1,390.2 964.9 425.3 1,368.6 146.2 1,391.9 964.3 427.6 1,383.1 151.4 1,390.5 960.7 429.8 1,393.5 157.0 1,389.2 957.1 432.2 1,397.4 162.6 1,388.0 953.4 434.6 1,405.2 171.9 1,390.9 954.0 436.9 1,402.2 181.0 1,394.1 954.7 439.4 1,395.9 190.2 1,397.5 955.4 442.1 1,410.2 186.6 1,398.0 953.2 444.8 1,411.3 1,249.5 1,331.3 1,284.6 1,285.1 1,290.7 1,301.3 1,311.9 1,324.1 1,339.7 1,348.4 1,351.3 1,358.1 1,354.4 1,348.2 1,362.6 1,364.2 710.3 743.7 727.5 728.3 732.3 736.2 737.6 743.7 744.1 743.3 746.8 746.7 751.1 752.9 760.7 763.6 53.4 485.8 55.6 532.1 54.4 502.6 49.5 507.3 50.5 507.8 55.6 509.4 55.5 518.8 53.4 526.9 60.0 535.7 59.3 545.7 57.3 547.2 59.2 552.2 58.4 544.9 53.0 542.2 55.1 546.8 47.1 553.6 42.6 45.9 40.6 44.3 45.3 46.2 45.5 44.5 43.4 45.1 46.1 47.1 47.8 47.7 47.6 47.1 750.3 1,053.1 774.9 988.7 756.5 1,039.6 766.6 1,014.8 769.2 1,009.6 770.4 1,003.9 770.4 1,000.0 772.1 1,000.0 774.4 1,000.5 775.8 924.6 777.0 882.2 778.1 1,001.0 779.8 1,004.8 783.0 1,010.6 782.2 1,012.8 796.9 963.4 7,857.2 7,674.0 7,385.3 911.3 2,086.0 4,388.0 194.7 94.0 58.6 35.4 183.2 8,202.9 8,037.3 7,753.2 941.1 2,209.4 4,602.7 184.9 99.1 63.1 36.0 165.6 7,954.5 7,848.6 7,564.1 934.7 2,126.3 4,503.1 183.9 100.7 60.5 40.2 105.9 7,997.7 7,864.3 7,578.3 900.0 2,160.5 4,517.8 185.0 100.9 60.9 40.1 133.4 8,037.3 7,876.6 7,589.0 889.6 2,173.9 4,525.5 186.2 101.3 61.3 40.1 160.7 8,082.7 7,923.9 7,634.7 905.0 2,192.6 4,537.1 187.5 101.7 61.7 40.1 158.8 8,100.8 7,907.7 7,622.9 917.0 2,161.6 4,544.3 185.2 99.6 62.1 37.5 193.1 8,151.0 7,956.8 7,673.7 926.5 2,164.3 4,582.8 183.2 100.0 62.5 37.5 194.2 8,185.6 8,005.8 7,724.2 934.9 2,186.4 4,602.8 181.2 100.4 62.9 37.5 179.8 8,294.9 8,072.4 7,792.4 960.9 2,209.7 4,621.8 182.9 97.1 63.3 33.9 222.5 8,357.4 8,142.2 7,860.1 990.5 2,239.6 4,630.0 184.6 97.6 63.7 33.9 215.2 8,267.4 8,140.8 7,856.6 973.9 2,240.7 4,642.0 186.3 98.0 64.1 33.9 126.6 8,289.5 8,139.0 7,855.9 955.8 2,246.4 4,653.7 185.9 97.1 64.4 32.7 150.5 8,321.5 8,187.3 7,904.1 961.4 2,267.0 4,675.7 185.6 97.6 64.9 32.7 134.2 8,348.9 8,230.3 7,947.0 977.9 2,270.5 4,698.6 185.3 98.0 65.3 32.7 118.6 8,416.7 8,262.1 7,979.1 945.5 2,304.3 4,729.2 184.7 98.4 65.7 32.7 154.6 2.3 2.0 1.3 1.7 2.0 2.0 2.4 2.4 2.2 2.7 2.6 1.5 1.8 1.6 1.4 1.8 7,596.7 7,789.9 7,616.4 7,647.7 7,656.9 7,681.4 7,716.4 7,763.3 7,780.6 7,874.4 7,920.7 7,821.7 7,844.1 7,880.6 7,891.2 7,929.1 27,259 26,355 288,240 28,180 26,761 291,086 27,468 26,300 289,591 27,597 26,389 289,806 27,714 26,402 290,013 27,849 26,467 290,228 27,890 26,567 290,451 28,041 26,707 290,686 28,136 26,744 290,929 28,487 27,043 291,179 28,676 27,177 291,446 28,341 26,814 291,709 28,393 26,867 291,958 28,479 26,970 292,197 28,550 26,985 292,427 28,761 27,095 292,644 7,140.5 957.2 2,043.6 4,141.8 103.4 2.3 7,362.9 1,027.0 2,120.8 4,224.1 105.3 3.2 7,242.5 997.6 2,069.6 4,180.7 104.4 0.1 7,246.7 964.6 2,095.4 4,188.9 104.6 0.2 7,229.8 956.1 2,084.3 4,190.5 105.0 0.4 7,255.7 974.3 2,091.9 4,192.6 105.2 0.4 7,261.1 990.5 2,081.3 4,194.1 105.0 0.2 7,308.7 1,006.4 2,097.6 4,211.1 105.0 0.6 7,342.1 1,018.4 2,111.7 4,219.8 105.2 0.4 7,397.3 1,050.1 2,128.4 4,230.5 105.3 0.4 7,449.4 1,085.7 2,143.8 4,236.3 105.5 0.2 7,433.1 1,071.6 2,130.7 4,244.8 105.7 0.3 7,433.8 1,054.6 2,143.7 4,247.1 105.7 0.3 7,485.4 1,064.9 2,171.0 4,262.3 105.6 0.4 7,511.3 1,086.6 2,169.7 4,270.7 105.8 0.3 7,516.8 1,048.3 2,186.9 4,290.9 106.1 0.2 5.2 3.8 4.4 2.5 0.2 0.0 0.5 0.4 0.5 0.1 0.6 0.3 0.2 0.5 0.6 0.6 0.4 0.2 1.3 1.2 0.8 0.6 -1.1 -1.2 0.3 0.3 0.4 0.5 0.3 0.1 0.8 0.5 4.8 3.4 5.0 3.1 0.9 0.7 0.2 0.1 0.1 -0.2 0.6 0.4 -0.2 0.1 0.7 0.7 0.7 0.5 0.9 0.8 0.9 0.7 0.0 -0.2 0.0 0.0 0.6 0.7 0.5 0.3 0.4 0.1 1. Consists of nonmortgage interest paid by households. 2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures. 3. 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 estimates for the first of the month and the first of the following month; the annual estimate is the average of the monthly estimates. D -4 8 March 2004 C. Historical M easures This table is derived from the “GDP and Other Major NIPA Series” tables that were published in the February 2004 issue of the S u r v e y o f C u r r e n t B u s i n e s s and from the “Selected NIPA Tables” that are published in this issue. (The changes in prices are calculated from indexes expressed to three decimal places.) Table C.1. GDP and Other Major NIPA Aggregates [Quarterly estimates are seasonally adjusted at annual rates] Billions of chained (2000) dollars Year and quarter Percent change from preceding period Chain-type price indexes [2000=100] Implicit price deflators [2000=100] Gross domestic product Gross domestic product Percent change from preceding period Chain-type price indexes Gross domestic product Final sales of domestic product Gross national product Gross domestic product Final sales of domestic product Gross domestic purchases Gross national product Gross domestic product Gross domestic purchases Impticitpric« deflators Gross domestic product Gross national product 1959 ................... 2,441.3 2,442.7 2,457.4 7.1 6.2 20.754 20.365 20.751 20.727 1.2 1.2 1.2 1.2 1960 1961 1962 1963 1964 .................... .................... ................... .................... ................... 2,501.8 2,560.0 2,715.2 2,834.0 2,998.6 2,506.8 2,566.8 2,708.5 2,830.3 2,999.9 2,519.4 2,579.3 2,736.9 2,857.2 3,023.6 2.5 2.3 6.1 4.4 5.8 2.6 2.4 5.5 4.5 6.0 21.044 21.281 21.572 21.801 22.134 20.646 20.865 21.139 21.385 21.725 21.041 21.278 21.569 21.798 22.131 21.018 21.255 21.547 21.777 22.111 1.4 1.1 1.4 1.1 1.5 1.4 1.1 1.3 1.2 1.6 1.4 1.1 1.4 1.1 1.5 1.4 1.1 1.4 1.1 1.5 1965 1966 1967 1968 1969 .................... .................... ................... .................... .................... 3,191.1 3,399.1 3,484.6 3,652.7 3,765.4 3,173.8 3,364.8 3,467.6 3,640.3 3,753.7 3,217.3 3,423.7 3,510.1 3,680.0 3,792.0 6.4 6.5 2.5 4.8 3.1 5.8 6.0 3.1 5.0 3.1 22.538 23.180 23.897 24.916 26.153 22.102 22.724 23.389 24.380 25.580 22.535 23.176 23.893 24.913 26.149 22.516 23.158 23.874 24.893 26.127 1.8 2.8 3.1 4.3 5.0 1.7 2.8 2.9 4.2 4.9 1.8 2.8 3.1 4.3 5.0 1.8 2.9 3.1 4.3 5.0 1970 1971 1972 1973 1974 ................... ................... ................... ................... ................... 3,771.9 3,898.6 4,105.0 4,341.5 4,319.6 3,787.7 3,893.4 4,098.6 4,315.9 4,305.5 3,798.2 3,927.8 4,136.2 4,383.6 4,367.5 0.2 3.4 5.3 5.8 -0.5 0.9 2.8 5.3 5.3 -0.2 27.538 28.916 30.171 31.854 34.721 26.964 28.351 29.619 31.343 34.546 27.534 28.911 30.166 31.849 34.725 27.512 28.889 30.145 31.830 34.699 5.3 5.0 4.3 5.6 9.0 5.4 5.1 4.5 5.8 10.2 5.3 5.0 4.3 5.6 9.0 5.3 5.0 4.3 5.6 9.0 1975 1976 1977 1978 1979 ................... ................... .................... ................... ................... 4,311.2 4,540.9 4,750.5 5,015.0 5,173.4 4,352.5 4,522.3 4,721.6 4,981.6 5,161.2 4,348.4 4,585.3 4,800.3 5,064.4 5,240.1 -0.2 5.3 4.6 5.6 3.2 1.1 3.9 4.4 5.5 3.6 38.007 40.202 42.758 45.762 49.553 37.761 39.938 42.634 45.663 49.669 38.002 40.196 42.752 45.757 49.548 37.976 40.175 42.731 45.737 49.527 9.5 5.8 6.4 7.0 8.3 9.3 5.8 6.8 7.1 8.8 9.4 5.8 6.4 7.0 8.3 9.4 5.8 6.4 7.0 8.3 1980 1981 1982 1983 1984 ................... .................... ................... .................... ................... 5,161.7 5,291.7 5,189.3 5,423.8 5,813.6 5,196.7 5,265.1 5,233.4 5,454.0 5,739.2 5,227.6 5,349.7 5,249.7 5,482.5 5,869.3 -0.2 2.5 -1.9 4.5 7.2 0.7 1.3 -0.6 4.2 5.2 54.062 59.128 62.738 65.214 67.664 54.876 59.896 63.296 65.515 67.822 54.043 59.119 62.726 65.207 67.655 54.015 59.095 62.699 65.184 67.631 9.1 9.4 6.1 3.9 3.8 10.5 9.1 5.7 3.5 3.5 9.1 9.4 6.1 4.0 3.8 9.1 9.4 6.1 4.0 3.8 1985 1986 1987 1988 1989 .................... ................... ................... ................... ................... 6,053.7 6,263.6 6,475.1 6,742.7 6,981.4 6,042.1 6,271.8 6,457.2 6,734.5 6,962.2 6,093.4 6,290.6 6,500.9 6,775.2 7,015.4 4.1 3.5 3.4 4.1 3.5 5.3 3.8 3.0 4.3 3.4 69.724 71.269 73.204 75.706 78.569 69.760 71.338 73.527 76.043 78.934 69.713 71.250 73.196 75.694 78.556 69.695 71.227 73.181 75.679 78.549 3.0 2.2 2.7 3.4 3.8 2.9 2.3 3.1 3.4 3.8 3.0 2.2 2.7 3.4 3.8 3.1 2.2 2.7 3.4 3.8 1990 1991 1992 1993 1994 ................... .................... .................... .................... ................... 7,112.5 7,100.5 7,336.6 7,532.7 7,835.5 7,108.5 7,115.0 7,331.1 7,522.3 7,777.8 7,155.2 7,136.8 7,371.8 7,568.6 7,864.2 1.9 -0.2 3.3 2.7 4.0 2.1 0.1 3.0 2.6 3.4 81.614 84.457 86.402 88.390 90.265 82.144 84.836 86.828 88.730 90.583 81.590 84.444 86.385 88.381 90.259 81.589 84.440 86.375 88.382 90.262 3.9 3.5 2.3 2.3 2.1 4.1 3.3 2.3 2.2 2.1 3.9 3.5 2.3 2.3 2.1 3.9 3.5 2.3 2.3 2.1 1995 1996 1997 1998 1999 ................... ................... ................... .................... ................... 8,031.7 8,328.9 8,703.5 9,066.9 9,470.3 8,010.2 8,306.5 8,636.6 8,997.6 9,404.0 8,069.8 8,365.3 8,737.5 9,088.7 9,504.7 2.5 3.7 4.5 4.2 4.5 3.0 3.7 4.0 4.2 4.5 92.115 93.859 95.415 96.475 97.868 92.483 94.145 95.440 96.060 97.556 92.106 93.852 95.414 96.472 97.868 92.114 93.863 95.420 96.475 97.869 2.0 1.9 1.7 1.1 1.4 2.1 1.8 1.4 0.6 1.6 2.0 1.9 1.7 1.1 1.4 2.1 1.9 1.7 1.1 1.4 2000 2001 2002 2003 ................... ................... ................... ................... 9,817.0 9,866.6 10,083.0 10,397.7 9,760.5 9,901.1 10,076.9 10,393.4 9,855.9 9,901.4 10,105.0 3.7 0.5 2.2 3.1 3.8 1.4 1.8 3.1 100.000 102.376 103.949 105.665 100.000 101.974 103.374 105.308 100.000 102.373 103.945 105.652 100.000 102.368 103.932 2.2 2.4 1.5 1.7 2.5 2.0 1.4 1.9 2.2 2.4 1.5 1.6 2.2 2.4 1.5 March 2004 S urvey o f C urrent B D -4 9 u s in e s s Table C.1. GDP and Other Major NIPA Aggregates—Continued [Quarterly estimates are seasonally adjusted at annual rates] Billions of chained (2000) dollars Year and quarter Percent change from preceding period Chain-type price indexes [2000=100] Implicit price deflators [2000=100] Percent change from preceding period Chain-type price indexes Gross domestic product Final sales of domestic product Gross national product Gross domestic product Final sales of domestic product Gross domestic product Gross domestic purchases Gross domestic product Gross national product Gross domestic product Gross domestic purchases Implicit price deflators Gross domestic product Gross national product 1959: I.................. II................. Ill................ IV ............... 2,392.9 2,455.8 2,453.9 2,462.6 2,396.9 2,440.3 2,471.1 2,462.3 2,408.1 2,471.1 2,470.3 2,479.8 7.9 10.9 -0.3 1.4 8.1 7.4 5.1 -1.4 20.680 20.711 20.770 20.853 20.296 20.326 20.379 20.460 20.704 20.704 20.753 20.840 20.680 20.681 20.730 20.817 1.8 0.6 1.1 1.6 2.1 0.6 1.0 1.6 0.9 0.0 1.0 1.7 0.9 0.0 1.0 1.7 1960: I.................. II................. Ill................ IV ............... 2,517.4 2,504.8 2,508.7 2,476.2 2,488.1 2,511.5 2,507.9 2,519.8 2,534.1 2,521.8 2,526.5 2,494.9 9.2 -2.0 0.6 -5.1 4.3 3.8 -0.6 1.9 20.903 20.995 21.093 21.186 20.505 20.598 20.694 20.787 20.931 21.004 21.084 21.146 20.909 20.982 21.061 21.122 1.0 1.8 1.9 1.8 0.9 1.8 1.9 1.8 1.8 1.4 1.5 1.2 1.8 1.4 1.5 1.2 1961: I.................. II................. Ill................ IV ............... 2,491.2 2,538.0 2,579.1 2,631.8 2,522.0 2,549.1 2,568.9 2,627.3 2,510.8 2,556.7 2,598.3 2,651.4 2.4 7.7 6.6 8.4 0.4 4.4 3.1 9.4 21.210 21.249 21.305 21.360 20.807 20.831 20.887 20.933 21.192 21.237 21.303 21.375 21.169 21.214 21.280 21.352 0.5 0.7 1.1 1.0 0.4 0.5 1.1 0.9 0.9 0.9 1.2 1.4 0.9 0.9 1.3 1.4 1962: I.................. II................. Ill................ IV ............... 2,679.1 2,708.4 2,733.3 2,740.0 2,659.5 2,704.5 2,725.6 2,744.5 2,698.6 2,729.7 2,754.8 2,764.5 7.4 4.4 3.7 1.0 5.0 6.9 3.2 2.8 21.482 21.538 21.596 21.671 21.041 21.109 21.163 21.241 21.501 21.533 21.585 21.653 21.479 21.511 21.564 21.632 2.3 1.0 1.1 1.4 2.1 1.3 1.0 1.5 2.4 0.6 1.0 1.3 2.4 0.6 1.0 1.3 1963: I.................. II.................. Ill................ IV ............... 2,775.9 2,810.6 2,863.5 2,885.8 2,762.8 2,809.7 2,859.4 2,889.5 2,799.4 2,833.3 2,886.6 2,909.6 5.3 5.1 7.7 3.1 2.7 7.0 7.3 4.3 21.732 21.754 21.794 21.923 21.308 21.335 21.382 21.514 21.702 21.745 21.788 21.951 21.681 21.724 21.768 21.930 1.1 0.4 0.7 2.4 1.3 0.5 0.9 2.5 0.9 0.8 0.8 3.0 0.9 0.8 0.8 3.0 1964: I .................. II................. Ill................ IV ............... 2,950.5 2,984.8 3,025.5 3,033.6 2,952.7 2,988.1 3,025.4 3,033.2 2,976.3 3,009.6 3,051.1 3,057.5 9.3 4.7 5.6 1.1 9.0 4.9 5.1 1.0 22.001 22.073 22.180 22.282 21.596 21.674 21.769 21.860 22.016 22.073 22.160 22.270 21.995 22.053 22.140 22.250 1.4 1.3 2.0 1.9 1.5 1.5 1.8 1.7 1.2 1.0 1.6 2.0 1.2 1.1 1.6 2.0 1965: I.................. II.................. Ill................ IV ............... 3,108.2 3,150.2 3,214.1 3,291.8 3,081.0 3,136.6 3,195.5 3,282.4 3,135.2 3,178.0 3,240.0 3,315.7 10.2 5.5 8.4 10.0 6.5 7.4 7.7 11.3 22.380 22.479 22.578 22.717 21.940 22.037 22.140 22.292 22.383 22.480 22.563 22.707 22.363 22.460 22.544 22.688 1.8 1.8 1.8 2.5 1.5 1.8 1.9 2.8 2.0 1.7 1.5 2.6 2.0 1.7 1.5 2.6 1966: I.................. II................. Ill................ IV ............... 3,372.3 3,384.0 3,406.3 3,433.7 3,337.0 3,352.4 3,380.2 3,389.6 3,396.9 3,408.7 3,430.4 3,458.9 10.1 1.4 2.7 3.3 6.8 1.9 3.4 1.1 22.857 23.071 23.293 23.498 22.416 22.629 22.831 23.018 22.855 23.048 23.291 23.505 22.837 23.029 23.272 23.486 2.5 3.8 3.9 3.6 2.2 3.9 3.6 3.3 2.6 3.4 4.3 3.7 2.7 3.4 4.3 3.7 1967: I.................. II................. Ill................ IV ............... 3,464.1 3,464.3 3,491.8 3,518.2 3,424.2 3,460.2 3,477.8 3,508.2 3,489.0 3,488.5 3,518.5 3,544.1 3.6 0.0 3.2 3.1 4.1 4.3 2.0 3.5 23.611 23.759 23.977 24.242 23.109 23.254 23.469 23.723 23.612 23.741 23.975 24.241 23.593 23.722 23.955 24.221 1.9 2.5 3.7 4.5 1.6 2.5 3.7 4.4 1.8 2.2 4.0 4.5 1.8 2.2 4.0 4.5 1968: I.................. II................. Ill................ IV ............... 3,590.7 3,651.6 3,676.5 3,692.0 3,581.7 3,617.7 3,669.4 3,692.2 3,617.2 3,678.7 3,704.4 3,719.6 8.5 7.0 2.7 1.7 8.6 4.1 5.8 2.5 24.503 24.777 25.017 25.367 23.979 24.230 24.483 24.826 24.506 24.763 25.008 25.362 24.487 24.743 24.988 25.342 4.4 4.5 3.9 5.7 4.4 4.3 4.2 5.7 4.4 4.3 4.0 5.8 4.5 4.2 4.0 5.8 1969: I.................. II................. Ill................. IV ............... 3,750.2 3,760.9 3,784.2 3,766.3 3,730.5 3,748.6 3,767.6 3,768.1 3,778.0 3,787.7 3,810.0 3,792.1 6.5 1.1 2.5 -1.9 4.2 2.0 2.0 0.1 25.622 25.966 26.345 26.678 25.062 25.402 25.764 26.093 25.626 25.958 26.332 26.675 25.605 25.937 26.310 26.652 4.1 5.5 6.0 5.2 3.9 5.5 5.8 5.2 4.2 5.3 5.9 5.3 4.2 5.3 5.9 5.3 1970: I.................. II................. Ill................ IV ............... 3,760.0 3,767.1 3,800.5 3,759.8 3,778.0 3,771.0 3,804.6 3,797.2 3,786.3 3,794.3 3,827.4 3,784.5 -0.7 0.8 3.6 -4.2 1.1 -0.7 3.6 -0.8 27.051 27.437 27.655 28.009 26.474 26.841 27.093 27.449 27.056 27.428 27.647 28.004 27.034 27.406 27.624 27.982 5.7 5.8 3.2 5.2 6.0 5.7 3.8 5.4 5.8 5.6 3.2 5.3 5.9 5.6 3.2 5.3 1971: I.................. II................. Ill................ IV ............... 3,864.1 3,885.9 3,916.7 3,927.9 3,844.7 3,871.3 3,905.2 3,952.5 3,893.1 3,916.4 3,944.4 3,957.1 11.6 2.3 3.2 1.1 5.1 2.8 3.5 4.9 28.429 28.809 29.097 29.329 27.854 28.230 28.539 28.779 28.425 28.798 29.089 29.322 28.403 28.777 29.069 29.300 6.1 5.5 4.1 3.2 6.0 5.5 4.5 3.4 6.2 5.4 4.1 3.2 6.2 5.4 4.1 3.2 1972: I.................. II................. Ill................ IV ............... 3,997.7 4,092.1 4,131.1 4,198.7 4,006.9 4,073.0 4,109.6 4,204.8 4,028.1 4,122.1 4,163.5 4,231.0 7.3 9.8 3.9 6.7 5.6 6.8 3.6 9.6 29.814 29.989 30.264 30.620 29.234 29.437 29.728 30.078 29.781 29.959 30.250 30.652 29.759 29.937 30.229 30.631 6.8 2.4 3.7 4.8 6.5 2.8 4.0 4.8 6.4 2.4 3.9 5.4 6.4 2.4 4.0 5.4 1973: I.................. II................. Ill................ IV ............... 4,305.3 4,355.1 4,331.9 4,373.3 4,296.4 4,317.4 4,322.6 4,327.3 4,342.5 4,394.6 4,377.8 4,419.5 10.6 4.7 -2.1 3.9 9.0 2.0 0.5 0.4 31.025 31.542 32.147 32.703 30.478 31.052 31.625 32.218 31.020 31.500 32.114 32.750 31.000 31.481 32.095 32.731 5.4 6.8 7.9 7.1 5.4 7.7 7.6 7.7 4.9 6.3 8.0 8.2 4.9 6.4 8.0 8.2 1974: I.................. II................. Ill................ IV ............... 4,335.4 4,347.9 4,305.8 4,288.9 4,322.7 4,328.7 4,316.3 4,254.5 4,389.4 4,399.1 4,352.4 4,329.3 -3.4 1.2 -3.8 -1.6 -0.4 0.6 -1.1 -5.6 33.371 34.110 35.164 36.240 33.068 34.007 35.045 36.062 33.376 34.162 35.166 36.218 33.354 34.137 35.141 36.188 8.4 9.2 12.9 12.8 11.0 11.9 12.8 12.1 7.9 9.8 12.3 12.5 7.8 9.7 12.3 12.5 National D ata March 2004 Table C.1. GDP and Other Major NIPA Aggregates—Continued [Quarterly estimates are seasonally adjusted at annual rates] Billions of chained (2000) dollars Year and quarter Percent change from preceding period Chain-type price indexes [2000=100] Implicit price deflators [2000=100] Percent change from preceding period Chain-type price indexes Gross domestic product Final sales of domestic product Gross national product Gross domestic product Final sales of domestic product Gross domestic product Gross domestic purchases Gross domestic product Gross national product Gross domestic product Gross domestic purchases Implicit price deflators Gross domestic product Gross national product 1975: I... 11.. III IV 4,237.6 4,268.6 4,340.9 4,397.8 4,287.8 4,331.0 4,370.1 4,421.1 4,271.5 4,302.8 4,377.7 4,441.7 -4.7 3.0 6.9 5.4 3.2 4.1 3.7 4.8 37.077 37.622 38.324 39.005 36.849 37.412 38.060 38.724 37.050 37.614 38.313 38.987 37.022 37.586 38.288 38.961 9.6 6.0 7.7 7.3 9.0 6.3 7.1 7.2 9.5 6.2 7.6 7.2 9.5 6.2 7.7 7.2 1976: I... 11.. III, IV. 4,496.8 4,530.3 4,552.0 4,584.6 4,482.1 4,496.3 4,523.7 4,587.1 4,539.3 4,574.6 4,596.7 4,630.4 9.3 3.0 1.9 2.9 5.6 1.3 2.5 5.7 39.443 39.866 40.405 41.096 39.163 39.595 40.168 40.828 39.418 39.840 40.385 41.122 39.396 39.818 40.365 41.101 4.6 4.4 5.5 7.0 4.6 4.5 5.9 6.7 4.5 4.4 5.6 7.5 4.5 4.4 5.6 7.5 1977: I... 11.. III IV, 4,640.0 4,731.1 4,815.8 4,815.3 4,631.5 4,705.5 4,755.2 4,794.1 4,692.2 4,782.3 4,866.4 4,860.4 4.9 8.1 7.4 0.0 3.9 6.5 4.3 3.3 41.781 42.452 43.036 43.762 41.591 42.306 42.950 43.688 41.796 42.401 42.917 43.852 41.773 42.381 42.899 43.831 6.8 6.6 5.6 6.9 7.7 7.1 6.2 7.1 6.7 5.9 5.0 9.0 6.7 6.0 5.0 9.0 1978: I.., 11.. III. IV. 4,830.8 5,021.2 5,070.7 5,137.4 4,799.5 4,989.9 5,036.0 5,100.6 4,882.9 5,064.7 5,118.2 5,191.9 1.3 16.7 4.0 5.4 0.5 16.8 3.7 5.2 44.493 45.350 46.133 47.074 44.410 45.266 46.048 46.928 44.505 45.321 46.072 47.047 44.483 45.301 46.052 47.027 6.9 7.9 7.1 8.4 6.8 7.9 7.1 7.9 6.1 7.5 6.8 8.7 6.1 7.6 6.8 8.7 1979: I... 11.. III. IV 5,147.4 5,152.3 5,189.4 5,204.7 5,117.8 5,117.9 5,192.3 5,216.9 5,203.1 5,214.9 5,263.8 5,278.6 0.8 0.4 2.9 1.2 1.4 0.0 5.9 1.9 47.929 49.092 50.102 51.088 47.828 49.044 50.289 51.515 47.876 49.058 50.115 51.117 47.857 49.034 50.093 51.093 7.5 10.1 8.5 8.1 7.9 10.6 10.5 10.1 7.2 10.2 8.9 8.2 7.2 10.2 8.9 8.2 1980: I... 11.. Ill IV. 5,221.3 5,115.9 5,107.4 5,202.1 5,227.3 5,126.2 5,193.5 5,239.7 5,296.5 5,185.5 5,173.0 5,255.6 1.3 -7.8 -0.7 7.6 0.8 -7.5 5.4 3.6 52.209 53.362 54.572 56.105 52.930 54.220 55.446 56.907 52.195 53.349 54.560 56.071 52.172 53.324 54.534 56.043 9.1 9.1 9.4 11.7 11.4 10.1 9.4 11.0 8.7 9.1 9.4 11.5 8.7 9.1 9.4 11.5 1981: I... 11.. III. IV. 5,307.5 5,266.1 5,329.8 5,263.4 5,261.7 5,272.8 5,278.5 5,247.4 5,364.5 5,319.8 5,386.8 5,327.3 8.4 -3.1 4.9 -4.9 1.7 0.8 0.4 -2.3 57.566 58.582 59.661 60.704 58.397 59.434 60.355 61.400 57.517 58.598 59.641 60.729 57.492 58.571 59.616 60.706 10.8 7.2 7.6 7.2 10.9 7.3 6.3 7.1 10.7 7.7 7.3 7.5 10.8 7.7 7.3 7.5 1982: I... 11.. III IV 5,177.1 5,204.9 5,185.2 5,189.8 5,232.9 5,230.5 5,196.6 5,273.3 5,237.7 5,272.8 5,242.9 5,245.3 -6.4 2.2 -1.5 0.4 -1.1 -0.2 -2.6 6.0 61.563 62.330 63.193 63.866 62.213 62.883 63.717 64.372 61.555 62.302 63.182 63.863 61.530 62.276 63.155 63.837 5.8 5.1 5.7 4.3 5.4 4.4 5.4 4.2 5.6 4.9 5.8 4.4 5.5 4.9 5.8 4.4 1983: I... 11.. III IV 5,253.8 5,372.3 5,478.4 5,590.5 5,329.2 5,404.6 5,505.1 5,577.0 5,308.8 5,430.9 5,538.0 5,652.4 5.0 9.3 8.1 8.4 4.3 5.8 7.7 5.3 64.413 64.881 65.542 66.020 64.768 65.213 65.849 66.231 64.388 64.853 65.517 66.012 64.363 64.831 65.495 65.991 3.5 2.9 4.1 2.9 2.5 2.8 4.0 2.3 3.3 2.9 4.2 3.1 3.3 2.9 4.2 3.1 1984: I... 11.. III IV 5,699.8 5,797.9 5,854.3 5,902.4 5,614.4 5,717.5 5,770.2 5,854.6 5,757.1 5,855.5 5,911.3 5,953.2 8.1 7.1 3.9 3.3 2.7 7.5 3.7 6.0 66.838 67.439 67.989 68.392 67.052 67.647 68.114 68.476 66.837 67.414 67.953 68.385 66.815 67.392 67.930 68.359 5.0 3.6 3.3 2.4 5.1 3.6 2.8 2.1 5.1 3.5 3.2 2.6 5.1 3.5 3.2 2.6 1985: I... 11.. III. IV. 5,956.9 6,007.8 6,101.7 6,148.6 5,953.0 5,998.5 6,095.8 6,121.2 5,997.4 6,050.8 6,137.4 6,188.2 3.8 3.5 6.4 3.1 6.9 3.1 6.6 1.7 69.180 69.542 69.876 70.299 69.137 69.537 69.907 70.459 69.155 69.550 69.838 70.289 69.127 69.529 69.827 70.276 4.7 2.1 1.9 2.4 3.9 2.3 2.1 3.2 4.6 2.3 1.7 2.6 4.6 2.3 1.7 2.6 1986: I... 11.. III IV 6,207.4 6,232.0 6,291.7 6,323.4 6,184.1 6,230.5 6,317.8 6,355.0 6,242.5 6,257.3 6,320.1 6,342.8 3.9 1.6 3.9 2.0 4.2 3.0 5.7 2.4 70.660 71.001 71.455 71.960 70.851 70.985 71.493 72.025 70.652 71.015 71.426 71.893 70.635 70.993 71.401 71.866 2.1 1.9 2.6 2.9 2.2 0.8 2.9 3.0 2.1 2.1 2.3 2.6 2.1 2.0 2.3 2.6 1987: I... 11.. III IV 6,365.0 6,435.0 6,493.4 6,606.8 6,344.4 6,431.4 6,510.8 6,542.5 6,386.8 6,461.8 6,519.5 6,635.4 2.7 4.5 3.7 7.2 -0.7 5.6 5.0 2.0 72.514 72.904 73.450 73.948 72.728 73.229 73.819 74.332 72.487 72.882 73.425 73.958 72.465 72.870 73.412 73.944 3.1 2.2 3.0 2.7 4.0 2.8 3.3 2.8 3.3 2.2 3.0 2.9 3.4 2.3 3.0 2.9 1988: I... 11.. III IV 6,639.1 6,723.5 6,759.4 6,848.6 6,637.2 6,716.4 6,749.5 6,835.1 6,675.0 6,756.2 6,788.9 6,880.9 2.0 5.2 2.1 5.4 5.9 4.9 2.0 5.2 74.564 75.296 76.178 76.786 74.975 75.706 76.406 77.086 74.587 75.300 76.141 76.712 74.571 75.285 76.124 76.700 3.4 4.0 4.8 3.2 3.5 4.0 3.8 3.6 3.4 3.9 4.5 3.0 3.4 3.9 4.5 3.1 1989: I... 11.. III. IV, 6,918.1 6,963.5 7,013.1 7,030.9 6,873.3 6,933.6 7,015.3 7,026.8 6,950.1 6,993.9 7,046.2 7,071.4 4.1 2.6 2.9 1.0 2.3 3.6 4.8 0.7 77.588 78.342 78.913 79.433 77.937 78.764 79.227 79.807 77.580 78.324 78.879 79.425 77.566 78.316 78.875 79.422 4.2 3.9 2.9 2.7 4.5 4.3 2.4 3.0 4.6 3.9 2.9 2.8 4.6 3.9 2.9 2.8 1990: I... 11.. III IV 7,112.1 7,130.3 7,130.8 7,076.9 7,110.6 7,103.8 7,118.3 7,101.3 7,150.0 7,169.9 7,163.9 7,137.1 4.7 1.0 0.0 -3.0 4.9 -0.4 0.8 -1.0 80.389 81.326 82.053 82.689 80.878 81.629 82.531 83.536 80.375 81.311 82.031 82.646 80.376 81.301 82.028 82.652 4.9 4.7 3.6 3.1 5.5 3.8 4.5 5.0 4.9 4.7 3.6 3.0 4.9 4.7 3.6 3.1 March 2004 S urvey o f C urrent B D- u s in e s s Table C.1. GDP and Other Major NIPA Aggregates—Continued [Quarterly estimates are seasonally adjusted at annual rates] Billions of chained (2000) dollars Year and quarter Percent change from preceding period Chain-type price indexes [2000=100] Implicit price deflators [2000=100] Gross domestic product Gross domestic product Percent change from preceding period Chain-type price indexes Gross domestic product Final sales of domestic product Gross national product Gross domestic product Final sales of domestic product Gross domestic purchases Gross national product Gross domestic product Gross domestic purchases Implicit price deflators Gross domestic product Gross national product 1991: I .................. II.................. I ll................ IV................ 7,040.8 7,086.5 7,120.7 7,154.1 7,071.5 7,120.2 7,134.6 7,133.8 7,087.0 7,119.1 7,149.3 7,191.8 -2.0 2.6 1.9 1.9 -1.7 2.8 0.8 0.0 83.662 84.194 84.772 85.200 84.197 84.533 85.058 85.556 83.626 84.165 84.762 85.206 83.623 84.164 84.758 85.202 4.8 2.6 2.8 2.0 3.2 1.6 2.5 2.4 4.8 2.6 2.9 2.1 4.8 2.6 2.9 2.1 1992: I .................. II.................. I ll................ IV................. 7,228.2 7,297.9 7,369.5 7,450.7 7,239.3 7,284.3 7,360.5 7,440.3 7,265.5 7,334.5 7,402.6 7,485.0 4.2 3.9 4.0 4.5 6.0 2.5 4.2 4.4 85.766 86.212 86.587 87.042 86.093 86.588 87.098 87.531 85.721 86.190 86.580 87.029 85.710 86.181 86.567 87.019 2.7 2.1 1.8 2.1 2.5 2.3 2.4 2.0 2.4 2.2 1.8 2.1 2.4 2.2 1.8 2.1 1993: I .................. II.................. I ll................ IV................. 7,459.7 7,497.5 7,536.0 7,637.4 7,431.2 7,483.7 7,540.6 7,633.7 7,502.4 7,532.8 7,577.7 7,661.5 0.5 2.0 2.1 5.5 -0.5 2.9 3.1 5.0 87.729 88.204 88.599 89.030 88.076 88.595 88.916 89.331 87.707 88.190 88.570 89.038 87.705 88.189 88.574 89.048 3.2 2.2 1.8 2.0 2.5 2.4 1.5 1.9 3.2 2.2 1.7 2.1 3.2 2.2 1.8 2.2 1994: 1.................. II ........... Ill................. IV................. 7,715.1 7,815.7 7,859.5 7,951.6 7,677.5 7,737.2 7,814.3 7,882.3 7,747.2 7,843.7 7,886.8 7,979.2 4.1 5.3 2.3 4.8 2.3 3.1 4.0 3.5 89.598 89.980 90.525 90.958 89.800 90.271 90.921 91.340 89.578 89.954 90.530 90.952 89.583 89.963 90.527 90.953 2.6 1.7 2.4 1.9 2.1 2.1 2.9 1.9 2.4 1.7 2.6 1.9 2.4 1.7 2.5 1.9 1995: 1................... II ........... I ll................ IV................ 7,973.7 7,988.0 8,053.1 8,112.0 7,918.7 7,962.3 8,055.0 8,104.8 8,014.3 8,032.0 8,081.0 8,152.0 1.1 0.7 3.3 3.0 1.9 2.2 4.7 2.5 91.554 91.891 92.281 92.734 91.877 92.329 92.662 93.065 91.530 91.859 92.289 92.733 91.534 91.868 92.299 92.743 2.6 1.5 1.7 2.0 2.4 2.0 1.5 1.8 2.6 1.4 1.9 1.9 2.6 1.5 1.9 1.9 1996: I ................... II.................. Ill................ IV................. 8,169.2 8,303.1 8,372.7 8,470.6 8,175.4 8,285.8 8,319.9 8,444.7 8,213.3 8,337.6 8,402.7 8,507.6 2.9 6.7 3.4 4.8 3.5 5.5 1.7 6.1 93.302 93.615 94.064 94.455 93.602 93.897 94.286 94.796 93.328 93.659 93.951 94.450 93.338 93.671 93.962 94.458 2.5 1.3 1.9 1.7 2.3 1.3 1.7 2.2 2.6 1.4 1.3 2.1 2.6 1.4 1.2 2.1 1997: I .................. II.................. Ill................ IV................ 8,536.1 8,665.8 8,773.7 8,838.4 8,507.3 8,574.6 8,705.7 8,758.6 8,566.0 8,707.0 8,808.7 8,868.1 3.1 6.2 5.1 3.0 3.0 3.2 6.3 2.5 94.963 95.291 95.541 95.864 95.189 95.296 95.494 95.781 95.054 95.206 95.534 95.846 95.058 95.212 95.542 95.851 2.2 1.4 1.1 1.4 1.7 0.5 0.8 1.2 2.6 0.6 1.4 1.3 2.6 0.6 1.4 1.3 1998: I .................. II................. Ill................ IV................ 8,936.2 8,995.3 9,098.9 9,237.1 8,821.1 8,948.7 9,038.4 9,182.2 8,965.5 9,022.2 9,112.2 9,255.2 4.5 2.7 4.7 6.2 2.9 5.9 4.1 6.5 96.096 96.284 96.620 96.901 95.773 95.881 96.141 96.444 96.089 96.249 96.600 96.934 96.091 96.254 96.604 96.932 1.0 0.8 1.4 1.2 0.0 0.5 1.1 1.3 1.0 0.7 1.5 1.4 1.0 0.7 1.5 1.4 1999: I .................. II................. Ill................ IV................ 9,315.5 9,392.6 9,502.2 9,671.1 9,239.7 9,353.7 9,453.5 9,569.3 9,346.7 9,429.1 9,532.7 9,710.4 3.4 3.4 4.8 7.3 2.5 5.0 4.3 5.0 97.274 97.701 98.022 98.475 96.761 97.317 97.790 98.356 97.328 97.674 98.013 98.432 97.330 97.675 98.014 98.433 1.5 1.8 1.3 1.9 1.3 2.3 2.0 2.3 1.6 1.4 1.4 1.7 1.7 1.4 1.4 1.7 2000: I .................. II................. Ill................ IV................ 9,695.6 9,847.9 9,836.6 9,887.7 9,668.8 9,748.4 9,780.4 9,844.3 9,729.0 9,885.3 9,867.8 9,941.6 1.0 6.4 -0.5 2.1 4.2 3.3 1.3 2.6 99.292 99.780 100.241 100.687 99.275 99.714 100.283 100.727 99.317 99.745 100.259 100.666 99.311 99.741 100.262 100.672 3.4 2.0 1.9 1.8 3.8 1.8 2.3 1.8 3.6 1.7 2.1 1.6 3.6 1.7 2.1 1.6 2001: I .................. II................. I ll................ IV................ 9,882.2 9,866.3 9,834.6 9,883.6 9,877.5 9,895.3 9,876.9 9,954.9 9,908.7 9,893.5 9,846.5 9,956.8 -0.2 -0.6 -1.3 2.0 1.4 0.7 -0.7 3.2 101.478 102.273 102.676 103.078 101.381 101.958 102.211 102.346 101.443 102.248 102.660 103.139 101.447 102.243 102.653 103.129 3.2 3.2 1.6 1.6 2.6 2.3 1.0 0.5 3.1 3.2 1.6 1.9 3.1 3.2 1.6 1.9 2002: I .................. II ........... Ill................. IV................ 9,997.9 10,045.1 10,128.4 10,160.8 10,020.1 10,052.3 10,096.4 10,138.9 10,020.3 10,053.4 10,147.5 10,198.5 4.7 1.9 3.4 1.3 2.6 1.3 1.8 1.7 103.364 103.738 104.123 104.571 102.592 103.213 103.625 104.065 103.315 103.814 104.084 104.556 103.304 103.804 104.069 104.541 1.1 1.5 1.5 1.7 1.0 2.4 1.6 1.7 0.7 1.9 1.0 1.8 0.7 2.0 1.0 1.8 2003: I .................. II.................. II I I V 10,210.4 10,288.3 10.493.1 10.599.2 10,206.4 10,289.5 10,497.7 10,580.0 10,237.6 10,320.2 10,528.6 2.0 3.1 8.2 4.1 2.7 3.3 8.3 3.2 105.163 105.440 105.870 106.187 .104.934 105.031 105.496 105.772 105.146 105.427 105.851 106.162 105.138 105.425 105.853 2.3 1.1 1.6 1.2 3.4 0.4 1.8 1.1 2.3 1.1 1.6 1.2 2.3 1.1 1.6 March 2004 D -5 2 D. Dom estic Perspectives This table presents data collected from other government agencies and private organizations, as noted. Quarterly data are shown in the m iddle m onth o f the quarter. Table D.1. Domestic Perspectives 2004 2003 2002 2003 Jan. Feb. March April May June July Aug. Sept. Oct. Nov. Dec. Jan. Consumer and producer prices (monthly data seasonally adjusted)1 Consumer price index for all urban consumers, 1982-84=100: All items..................................................... Commodities......................................... Services................................................ All items less food and energy.................. Food...................................................... Energy................................................... Producer price index, 1982=100: Finished goods.......................................... Consumer goods................................... Capital equipment................................. Less food and energy............................ Intermediate materials............................... Less food and energy............................ Crude materials......................................... Less energy........................................... 179.9 149.7 209.8 190.5 176.2 121.7 184.0 151.2 216.5 193.2 180.0 136.5 182.2 150.6 213.5 192.2 177.1 130.4 183.2 152.0 214.1 192.4 178.1 137.5 184.0 152.9 214.9 192.5 178.4 144.9 183.4 151.4 215.2 192.6 178.4 138.1 183.3 150.2 216.1 193.0 178.8 132.9 183.5 150.4 216.4 193.1 179.6 133.7 183.8 150.5 216.9 193.4 179.8 134.1 184.5 151.5 217.3 193.6 180.5 138.3 185.1 152.1 217.8 193.7 180.9 142.8 184.9 151.2 218.4 194.0 181.8 137.8 184.6 150.5 218.4 194.0 182.6 133.7 184.9 150.7 218.9 194.1 183.5 134.1 138.9 139.4 139.1 150.2 127.8 135.8 108.1 135.7 143.3 145.2 139.6 150.5 133.7 138.5 135.3 152.2 141.2 142.5 139.2 150.1 131.2 137.2 128.2 143.6 142.8 144.8 139.0 149.9 133.8 138.2 134.9 148.5 144.8 147.2 139.8 150.9 136.6 138.7 152.4 148.1 142.4 144.2 139.0 149.9 133.4 138.4 128.3 146.4 141.8 143.4 139.1 150.1 132.5 138.4 130.1 145.4 142.5 144.4 139.1 150.0 133.2 138.4 135.8 145.3 142.7 144.6 139.3 150.2 133.3 138.2 131.7 147.8 143.5 145.5 139.7 150.5 134.1 138.3 130.2 150.8 143.8 145.8 139.7 150.5 133.8 138.7 134.7 154.5 144.9 147.2 140.5 151.3 134.3 139.1 138.2 159.3 144.5 146.6 140.3 151.2 134.0 139.4 138.5 166.1 144.9 147.2 140.1 151.0 134.7 139.6 141.3 171.7 185.8 151.7 219.5 194.4 183.5 140.4 Money, interest rates, and stock prices Money stock (monthly and quarterly data seasonally adjusted):2 Percent change: M 1............................................................ M 2............................................................ Ratio: Gross domestic product to M 1................. Personal income to M2............................. Interest rates (percent, not seasonally adjusted):2 Prime rate charged by banks...................... 3-month Treasury bills, secondary market.... 3-Year U.S. Treasury bonds.......................... 10-Year U.S. Treasury bonds........................ Federal funds rate........................................ New home mortgages.................................. Index of stock prices (not seasonally adjusted):3 500 common stocks, 1941—43=10.............. 0.27 0.56 1.18 0.73 0.45 0.43 0.41 0.73 0.96 0.81 1.06 0.62 0.39 0.75 0.68 0.65 0.06 -0.33 0.11 -0.30 -0.05 -0.13 0.70 -0.15 -0.48 0.05 8.806 1.586 8.698 1.530 1.544 8.730 1.539 1.539 1.530 8.638 1.526 1.523 1.517 8.681 1.510 1.520 1.529 8.744 1.537 i .544 1.052 4.68 1.60 3.10 4.61 1.67 6.54 4.12 1.01 2.11 4.02 1.13 5.82 4.25 1.17 2.18 4.05 1.24 5.92 4.25 1.17 2.05 3.90 1.26 5.84 4.25 1.13 1.98 3.81 1.25 5.75 4.25 1.13 2.06 3.96 1.26 5.81 4.25 1.07 1.75 3.57 1.26 5.48 4.22 0.92 1.51 3.33 1.22 5.23 4.00 0.90 1.93 3.98 1.01 5.63 4.00 0.95 2.44 4.45 1.03 6.26 4.00 0.94 2.23 4.27 1.01 6.15 4.00 0.92 2.26 4.29 1.01 5.95 4.00 0.93 2.45 4.30 1.00 5.93 4.00 0.90 2.44 4.27 0.98 5.88 4.00 0.88 2.27 4.15 1.00 5.74 993.94 965.23 895.84 837.62 846.62 890.03 935.96 988.00 992.54 989.53 1,019.44 1,038.73 1,049.90 1,080.64 1,132.52 Labor markets (thousands, monthly and quarterly data seasonally adjusted, unless otherwise noted)1 Civilian labor force................................................ Labor force participation rates (percent): Total.............................................................. Males, age 20 and over............................ Females, age 20 and over........................ Both sexes, age 16-19............................. Civilian employment............................................. Ratio, civilian employment to working-age population (percent).......................................... Employees on nonagricultural payrolls................. Goods-producing industries......................... Services-producing industries...................... Hours of production workers: Average weekly hours, total private sector... Average weekly hours, manufacturing......... Average weekly overtime hours, manufacturing........................................... Number of persons unemployed........................... Unemployment rates (percent): Total.............................................................. Males, age 20 and over............................ Females, age 20 and over....................... Both sexes, age 16-19............................. 15 weeks and over....................................... Average weeks unemployed................................. Median weeks unemployed.................................. Productivity and costs, nonfarm business sector, 1992=100: Indexes: Output per hour of all persons.................. Unit labor costs......................................... Hourly compensation............................... Percent change from preceding period, annual rate: Output per hour........................................ Unit labor costs......................................... Real hourly compensation........................ See footnotes at end of table. 144,863 146,510 145,875 145,898 145,818 146,377 146,462 146,917 146,652 146,622 146,610 146,892 147,187 146,878 146,863 66.6 76.3 60.5 47.4 136,485 66.2 75.9 60.6 44.5 137,736 66.3 75.8 60.7 46.0 137,447 66.3 75.9 60.5 45.5 137,318 66.2 75.8 60.6 44.4 137,300 66.4 76.0 60.7 45.1 137,578 66.3 76.0 60.7 45.0 137,505 66.5 76.0 60.9 45.1 137,673 66.3 75.9 60.7 44.4 137,604 66.2 75.9 60.6 44.1 137,693 66.1 76.0 60.3 44.0 137,644 66.2 75.9 60.5 43.7 138,095 66.2 76.1 60.5 43.8 138,533 66.0 75.9 60.4 43.2 138,479 66.1 76.0 60.2 44.4 138,566 62.7 62.3 62.5 130,190 22,122 108,068 62.4 130,031 22,005 108,026 62.3 129,921 21,949 107,972 62.4 129,901 21,880 108,021 62.3 129,873 21,859 108,014 62.3 129,859 21,805 108,054 62.2 129,814 21,744 108,070 62.2 129,789 21,712 108,077 62.1 129,856 21,697 108,159 62.2 129,944 21,674 108,270 62.3 130,027 21,686 108,341 62.2 130,043 21,670 108,373 62.4 130,155 21,677 108,478 33.9 40.5 33.7 40.4 33.8 40.3 33.7 40.4 33.8 40.4 33.6 40.1 33.7 40.2 33.7 40.3 33.6 40.1 33.6 40.2 33.6 40.4 33.7 40.5 33.8 40.8 33.5 40.6 33.7 40.9 4.2 8,378 4.2 8,774 4.3 8,428 4.3 8,581 4.1 8,519 4.0 8,799 4.1 8,957 4.1 9,245 4.1 9,048 4.1 8,929 4.2 8,966 4.3 8,797 4.5 8,653 4.6 8,398 4.6 8,297 5.8 5.3 5.1 16.5 2.0 16.6 9.1 6.0 5.6 5.1 17.5 2.3 19.2 10.1 5.8 5.5 4.8 17.0 2.2 18.5 9.7 5.9 5.5 5.1 17.3 2.2 18.7 9.5 5.8 5.4 5.1 17.6 2.2 18.1 9.7 6.0 5.7 5.1 17.8 2.3 19.4 10.1 6.1 5.8 5.1 18.1 2.2 19.2 10.1 6.3 6.0 5.2 19.0 2.4 19.6 11.7 6.2 5.9 5.2 18.2 2.4 19.3 10.1 6.1 5.8 5.2 16.9 2.4 19.2 10.0 6.1 5.8 5.3 17.5 2.4 19.6 10.1 6.0 5.6 5.2 17.1 2.4 19.4 10.3 5.9 5.6 5.1 15.7 2.4 20.0 10.4 5.7 5.3 5.1 16.1 2.3 19.6 10.4 5.6 5.1 5.0 16.7 2.3 19.8 10.7 123.6 115.0 142.1 129.1 113.6 146.7 126.0 114.8 144.6 127.9 114.4 146.3 130.8 112.8 147.5 131.6 112.7 148.3 5.0 -2.5 0.7 4.4 -1.2 0.9 3.4 0.6 0.2 6.2 -1 .3 4.2 9.5 -5 .6 1.0 2.6 -0 .4 1.4 March 2004 S urvey of C urrent D -5 3 B u s in e s s Table D.1. Domestic Perspectives—Continued 2002 2004 2003 2003 Jan. Feb. March April May June July Aug. Sept. Oct. Nov. Dec. Jan. Construction (monthly data seasonally adjusted at annual rates)' New construction put in place (billions of dollars).......................................... Private construction..................... Residential buildings............... Other........................................ Public construction....................... Housing starts (thousands of units): Total.............................................. 1-unit structures............................ New 1-family houses sold (thousands of units)............................................. 860.9 650.5 421.5 229.0 210.4 898.7 683.1 465.9 217.2 215.6 883.2 667.6 450.0 217.6 215.6 876.5 665.1 448.5 216.5 211.4 875.2 668.8 447.1 221.6 206.5 871.9 662.8 443.9 218.9 209.1 871.9 660.9 444.9 216.1 210.9 878.8 661.5 444.4 217.1 217.2 892.6 674.3 457.1 217.2 218.3 901.4 681.2 466.8 214.4 220.2 913.8 692.5 475.7 216.7 221.4 925.5 705.2 487.5 217.7 220.3 928.7 712.6 497.0 215.7 216.0 934.4 719.3 501.4 218.0 215.1 931.2 715.8 501.4 214.3 215.4 1,705 1,359 1,848 1,500 1,828 1,509 1,640 1,312 1,742 1,393 1,627 1,357 1,745 1,389 1,844 1,499 1,890 1,533 1,831 1,490 1,931 1,547 1,977 1,640 2,054 1,673 2,067 1,670 1,903 1,537 973 1,089 1,009 935 1,008 1,004 1,081 1,200 1,145 1,190 1,129 1,149 1,111 1,125 1,106 1,178,322 1,183,298 438,294 438,680 450,337 453,394 289,691 291,224 1,187,687 438,126 456,845 292,716 1,190,686 438,106 458,123 294,457 Manufacturing and trade, inventories and sales (millions of dollars, monthly data seasonally adjusted) * Inventories: Total manufacturing and trade. Manufacturing..................... Retail trade......................... Merchant wholesalers........ Sales: Total manufacturing and trade. Manufacturing..................... Retail trade......................... Merchant wholesalers........ Inventory-sales ratio: Total manufacturing and trade. Manufacturing..................... Retail trade......................... Merchant wholesalers........ 1,172,045 1,179,647 1,183,281 444,220 446,088 445,180 443,879 439,120 447,163 290,938 288,705 289,680 9,888,161 10,312,574 3,891,753 3,997,190 3,245,407 3,421,857 2,751,001 2,893,527 1,183,557 445,207 448,258 290,092 1,179,925 444,049 446,914 288,962 1,180,343 442,666 448,758 288,919 1,178,142 440,767 448,314 289,061 1,173,573 439,632 445,224 288,717 845,441 329,665 278,798 236,978 837,850 325,591 274,066 238,193 851,680 330,764 280,369 240,547 836,843 322,608 279,601 234,634 838,547 323,920 280,578 234,049 849,696 328,643 283,318 237,735 863,732 337,248 287,565 238,919 861,312 331,676 290,121 239,515 869,199 337,598 289,594 242,007 875,497 339,825 288,940 246,732 881,635 341,454 291,921 248,260 889,797 346,533 292,400 250,864 1.39 1.35 1.58 1.22 1.41 1.37 1.62 1.22 1.39 1.35 1.59 1.21 1.41 1.38 1.60 1.24 1.41 1.37 1.59 1.23 1.39 1.35 1.58 1.22 1.36 1.31 1.56 1.21 1.36 1.33 1.53 1.21 1.36 1.30 1.56 1.20 1.35 1.29 1.57 1.18 1.35 1.28 1.56 1.18 1.34 1.26 1.57 1.17 Industrial production indexes and capacity utilization rates (monthly data seasonally adjusted): Industrial production indexes, 1997=100: Total......................................... Final products..................... Consumer goods............ Business equipment....... Nonindustrial supplies........ Materials............................. Capacity utilization rates (percent): Total industry.......................... Manufacturing......................... 110.9 107.6 106.8 109.5 108.6 115.1 111.1 107.4 106.0 110.3 108.9 115.7 111.2 107.7 106.6 109.8 109.2 115.5 111.6 108.2 107.0 110.6 109.5 115.8 110.8 107.6 106.3 110.0 108.8 114.7 110.1 106.5 105.3 108.7 108.1 114.5 110.0 106.7 105.5 108.6 108.1 114.1 110.0 106.5 105.0 109.0 107.8 114.4 110.8 107.1 105.8 109.3 108.7 115.4 110.9 107.2 105.7 110.0 108.6 115.5 111.5 107.8 106.1 111.2 108.7 116.4 111.8 107.7 106.0 110.8 109.6 116.9 112.9 108.8 107.0 112.8 110.6 118.0 112.9 108.5 106.6 112.8 110.5 118.5 113.8 109.1 107.4 113.4 111.5 119.5 75.6 73.9 74.8 73.4 75.2 73.6 75.4 73.5 74.8 73.3 74.2 72.7 74.1 72.6 74.0 72.7 74.5 73.0 74.5 73.0 74.9 73.6 75.0 73.6 75.7 74.3 75.6 74.4 76.2 74.6 Credit market borrowing (billions of dollars, quarterly data seasonally adjusted at annual rates): All sectors, by instrument: Total........................................... Open market paper.............. U.S. government securities... Municipal securities.............. Corporate and foreign bonds. Bank loans, n.e.c................... Other loans and advances.... Mortgages............................. Consumer credit.................... Sources: 1. Bureau of Labor Statistics 2. Federal Reserve Board 2,290.4 -91.5 811.5 159.4 495.8 -80.6 33.1 881.3 81.4 2.703.5 -81.6 969.0 136.3 650.6 -94.4 19.4 1.002.5 101.6 2,505.3 44.1 643.1 103.5 750.8 -122.4 84.6 919.8 82.0 3,170.0 -76.0 1,194.9 193.7 657.4 -59.3 12.9 1,127.3 119.2 3. Standard and Poor’s, Inc. 4. Bureau ot the Census n.e.c. Not elsewhere classified 2.577.3 -81.6 1.088.4 112.1 481.1 -86.5 -60.7 1,002.7 121.6 2,555.8 -212.7 949.6 135.8 713.3 -109.3 40.9 960.3 77.9 March 2004 D -5 4 E. Charts The percent changes shown in this section are based on quarter-to-quarter changes and are expressed at seasonally adjusted annual rates. The levels of series are also expressed at seasonally adjusted annual rates as appropriate. SELECTED NIPA SERIES C hained (2000) dollars Feb Mar Nov 40,000 40,000 ‘ R 3 5 ,0 0 0 - -35,000 3 0 ,0 0 0 - -30,000 2 5 ,0 0 0 - -25,000 20,000- - 1 5 ,0 0 0 - -15,000 10,000 10,000 Percent 20 20,000 . _. A |L ^ b 15 10 -1 0 U.S. Bureau of Economic Analysis March 2004 S urvey of C urrent D -55 B u s in e s s SELECTED NIPA SERIES P e rc e n t Dec Nov Apr Feb Nov Mar Jan Jly Jly Nov Jly Mar Mar Nov SHARES OF FEDERAL GOVERNMENT RECEIPTS H Personal current t - 50 - 40 K ■ |m m r^ J \ . * - ___ _________ * $ . ' Contributions ,or government social insurance ’ ' * 30 1 - 20 - 10 Taxes on corporate income Taxes on production and imports P e rc e n t 70 Apr Feb Dec Nov Nov Mar Jan Jly Jly Nov Jly Mar Mar Nov -------------OF FEDERAL GOVERNMENT Cl NT EXPEN Current transfer payments -5 0 -4 0 \ Consumption expenditures -3 0 -2 0 Interetst payments - P e rc e n t Dec Nov Apr Feb Nov NET GOVERNMENT SAVING TO GROSS DOMES Net Government saving Mar Jan Jly Jly Nov Jly Mar ODUCT ■ ■ State and local Federal U.S. Bureau of Economic Analysis Mar Nov IT 10 March 2004 National D ata D -5 6 SELECTED NIPA SERIES P e rc e n t Apr Feb Dec Nov P e rc e n t Apr Feb Dec Nov Nov Nov Mar Mar JanJIyJly JanJIyJly Nov Nov Jly Mar Jly Mar Mar Nov Mar Nov March 2004 S urvey of D -57 C u r r e n t B u s in e s s SELECTED NIPA SERIES 2002 1959 SHARES OF NATIONAL INCOME Supplements to wages salaries, 4.6% Wage and salary accruals, 57.0% \ Supplements to wages and salaries, 11.2% Wage and salary accruals, 53.5% Proprietors' income, 11.1% Proprietors’ income, 8.6% Rental income of persons, 3.6% Rental income of persons, 1.9% Corporate profits, 9.7% Corporate profits, 12.2% Net interest and misc. payments, 6.3% [ interest and misc. payments, 2.1% O therO 4% Taxes on Production and imports, 9.0% SHARES OF GROSS DOMESTIC PRODUCT BY SECTOR Other 0 6% 1959 2002 Business, 77.0% Business, 80.6' Households, 6.7% Households, 5.9% Nonprofit institutions serving households, 2.0% General government, Federal 6.3% Personal consumption expenditures, 62.7% General government, state and local, 8.0% 2002 1959 Gross private domestic investment, 10.0% Nonprofit institutions serving households, ' 5.0% General government, Federal, 3.3% General government, state and local 5.2% SHARES OF GROSS DOMESTIC PURCHASES ^axes on Producti°n and imports, 8.2% Personal consumption expenditures, 67.7% Residential investment, 5.6% Gross private domestic investment, 10.0% Residential investment, 4.6% Federal Government,' 6.2% Federal Government,* 12.9% ‘ Consumption expenditures and gross investment U.S. Bureau of Economic Analysis State and local government,* 8.8% State and local government,' 11.5% D -5 8 SELECTED NIPA SERIES P e rc e n t National D ata March 2004 March 2004 SELECTED NIPA SERIES P e rc e n t S urvey of C urrent B u s in e s s D -5 9 March 2004 National D ata D -6 0 OTHER INDICATORS OF THE DOMESTIC ECONOMY P e rc e n t July Mar Jan Jly Jly Nov IMER PRICE INDEX (PERCENT CHANGE) Mar Nov Mar Nov $11 items less food and energy Finished goods less food and energy Si Finished goods All items Index 130 Jan Jly Jly Nov INDI July Mar Mar Nov Percent Jan Jly Jly Nov July Mar Mar Nov CAPACITY UTILIZATION RATE PRODUCTION INDEX, Manufacturing Hours Jan Jly Jly Nov July Mar iGE WEEKLY HOURS, MANUFACTURING U.S. Bureau of Economic Analysis Mar Nov Hours AVERAGE V^EKLY OVERTIME HOURS, MANUFACTURING Mar Nov March 2004 S urvey of C urrent D-61 B u s in e s s OTHER INDICATORS OF THE DOMESTIC ECONOMY P e rc e n t P e rc e n t P ercen t Mar Nov 79 M illio n s Jan Jly Jly Nov U.S. Bureau of Economic Analysis Thousands July Mar Mar Nov 81 83 85 87 89 91 93 I I I 95 97 I I I I I I 99 2001 03 D -6 2 March 2004 International Data F. Transactions Tables Table F.1 contains estimates o f U.S. international trade in goods and services that were released on M arch 10, 2004, including “prelim inary” estimates for January 2004 and “revised” estimates for January-D ecem ber 2003. 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] 2002 2002 Exports of goods and services.............. Goods..................................................... Foods, feeds, and beverages............. Industrial supplies and materials....... Capital goods, except automotive...... Automotive vehicles, parts, and engines............................................ Consumer goods (nonfood), except automotive....................................... Other goods........................................ Adjustments1...................................... Services................................................. Travel................................................... Passenger fares.................................. Other transportation............................ Royalties and license fees................. Other private services......................... Transfers under U.S. military agency sales contracts................................ U.S. Government miscellaneous services........................................... Imports of goods and services............... Goods..................................................... Foods, feeds, and beverages............. Industrial supplies and materials....... Capital goods, except automotive...... Automotive vehicles, parts, and engines............................................ Consumer goods (nonfood), except automotive....................................... Other goods........................................ Adjustments1...................................... Services................................................. Travel................................................... Passenger fares.................................. Other transportation............................ Royalties and license fees................. Other private services......................... Direct defense expenditures.............. U.S. Government miscellaneous services........................................... Memoranda: Balance on goods................................... Balance on services................................ Balance on goods and services............. 2003 2004 2003' Dec. Jan. r Feb.r Marchr April' M ay' Junef July' Aug. ' Sept.f Oct. ’ Nov. ' Dec. r Jan.'’ 82,058 57,156 4,434 14,077 22,922 82,691 57,920 4,436 13,976 24,093 82,639 58,309 4,412 14,414 23,612 81,103 57,243 4,372 14,212 22,983 82,261 57,774 4,327 14,260 23,268 84,132 59,269 4,506 14,465 24,111 85,627 60,367 4,650 14,821 24,710 83,385 57,691 4,392 14,020 23,891 85,836 59,719 4,598 14,069 24,665 88,250 61,655 4,828 14,731 25,576 90,633 63,722 5,189 14,650 27,214 90,103 62,962 4,952 15,275 26,002 89,045 61,907 4,563 15,208 25,803 974,107 681,874 49,616 156,837 290,496 1,018,720 713,788 55,096 172,969 293,047 81,075 55,774 4,355 13,625 22,461 78,942 80,121 6,483 6,643 6,653 6,663 6,641 6,756 6,553 6,812 6,116 6,748 6,928 6,670 6,937 6,776 84,359 32,854 -11,229 292,233 66,547 17,046 29,166 44,142 122,594 89,895 32,901 -10,241 304,932 65,054 15,598 31,871 47,870 131,013 6,973 2,784 -907 25,301 6,091 1,414 2,633 3,752 10,339 7,319 2,509 -747 24,902 5,616 1,300 2,611 3,845 10,483 6,990 2,629 -857 24,771 5,492 1,271 2,580 3,880 10,553 7,299 2,882 -973 24,330 4,932 1,161 2,643 3,899 10,708 7,167 2,894 -1,026 23,860 4,458 1,065 2,631 3,948 10,708 7,173 2,878 -888 24,487 4,933 1,160 2,585 3,981 10,766 7,684 2,835 -885 24,863 5,103 1,227 2,634 4,009 10,786 7,542 2,687 -855 25,260 5,281 1,316 2,603 3,992 10,962 7,447 2,742 -916 25,694 5,462 1,351 2,585 4,009 11,058 7,716 2,696 -774 26,117 5,682 1,379 2,624 4,030 11,150 7,547 2,828 -782 26,595 5,798 1,390 2,803 4,062 11,273 8,098 2,651 -750 26,911 6,128 1,481 2,737 4,092 11,255 7,915 2,671 -790 27,141 6,169 1,497 2,834 4,123 11,311 7,747 2,785 -975 27,138 6,029 1,482 2,831 4,161 11,469 11,943 12,716 1,006 980 929 918 984 996 1,034 1,039 1,161 1,184 1,202 1,150 1,139 1,098 795 1,392,145 1,164,746 49,687 267,681 283,323 810 1,508,632 1,262,945 55,834 316,330 295,678 66 123,406 103,220 4,503 24,262 24,694 68 122,065 101,989 4,534 24,981 24,457 67 121,280 101,548 4,417 25,933 23,224 67 125,591 105,791 4,630 28,371 23,216 67 123,074 103,577 4,671 26,051 24,064 67 124,033 104,402 4,612 25,559 24,466 68 124,489 104,319 4,462 25,880 24,407 67 126,240 105,373 4,586 26,719 24,459 68 123,166 102,386 4,536 26,758 24,041 68 127,090 106,267 4,786 26,902 25,296 67 129,955 108,743 4,788 26,799 25,478 68 128,853 107,666 4,869 25,616 25,659 68 132,795 110,883 4,942 26,761 26,911 68 132,102 110,299 4,838 27,420 26,824 203,743 210,217 17,682 16,969 16,826 17,333 16,872 17,786 18,227 17,964 15,570 17,400 18,335 18,208 18,725 17,721 307,854 49,078 3,380 227,399 58,044 19,969 38,527 19,258 69,436 19,245 333,634 47,791 3,460 245,687 56,190 20,564 45,058 19,881 77,376 23,614 27,694 4,158 228 20,186 5,223 1,805 3,573 1,533 6,047 1,763 26,975 3,879 195 20,076 4,991 1,722 3,596 1,556 6,141 1,822 26,942 3,999 207 19,732 4,724 1,652 3,486 1,568 6,183 1,870 28,057 3,936 249 19,800 4,391 1,571 3,797 1,583 6,228 1,982 27,729 3,924 266 19,497 4,060 1,497 3,843 1,560 6,264 2,023 27,758 3,872 350 19,631 4,247 1,535 3,659 1,566 6,326 2,049 26,719 4,156 468 20,170 4,526 1,673 3,753 1,580 6,339 2,049 27,334 4,107 203 20,867 4,751 1,867 3,883 1,692 6,431 1,992 27,220 3,796 466 20,780 4,845 1,866 3,640 1,730 6,472 1,976 27,608 3,967 307 20,823 4,663 1,758 3,790 1,759 6,636 1,966 29,047 4,026 269 21,212 4,917 1,798 3,795 1,748 6,751 1,951 28,966 4,090 257 21,187 4,880 1,843 3,704 1,760 6,791 1,957 29,280 4,040 223 21,912 5,195 1,782 4,112 1,777 6,816 1,977 29,327 3,920 248 21,803 5,034 1,708 4,140 1,801 6,858 2,010 2,920 3,004 242 248 249 248 250 249 250 251 251 251 252 252 253 252 -482,872 64,834 -418,038 -549,156 59,245 -489,911 -47,447 5,115 -42,332 -44,833 4,826 -40,007 -43,628 5,039 -38,589 -47,482 4,530 -42,952 -46,334 4,363 -41,971 -46,628 4,856 -41,772 -45,050 4,693 -40,357 -45,006 4,393 -40,613 -44,695 4,914 -39,781 -46,548 5,294 -41,254 -47,088 5,383 -41,705 -43,944 5,724 -38,220 -47,921 5,229 -42,692 -48,392 5,335 -43,057 f Preliminary. 'Revised. 1. Reflects adjustments necessary to bring the Census Bureau’s component data in line with the concepts and definitions used to prepare BEA’s international and national accounts. 2. Contains goods that cannot be separately identified. Sources: U.S. Bureau of Economic Analysis and U.S. Bureau of the Census. March 2004 S urvey of D -6 3 C u r r e n t B u s in e s s Table F.2. U.S. International Transactions [Millions of dollars] Not seasonally adjusted Line (Credits+; d e b its -)1 2002 2002 I 1 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 70a 71 72 73 74 75 76 II III IV I Current account 1,229,649 294,947 310,189 312,767 311,746 307,576 Exports of goods and services and income receipts......................... Exports of goods and services.......................................................... 974,107 233,613 245,704 245,866 248,924 243,942 Goods, balance of payments basis2.............................................. 681,874 163,785 175,002 169,014 174,073 171,180 Services3..................................................................................... 292,233 69,828 70,702 76,852 74,851 72,762 11,943 2,827 Transfers under U.S. military agency sales contracts4................ 2,785 2,751 3,418 2,989 Travel....................................................................................... 66,547 14,479 16,732 18,829 16,507 14,286 Passenger fares........................................................................ 17,046 3,872 4,281 4,831 4,062 3,444 Other transportation.................................................................. 29,166 6,784 7,104 7,632 7,646 7,488 Royalties and license fees5....................................................... 44,142 10,139 11,012 11,168 11,823 11,297 Other private services5 122,594 31,574 28,623 30,760 31,637 33,218 U.S. Government miscellaneous services.................................. 795 195 199 200 201 202 Income receipts................... 255,542 61,334 64,485 66,901 62,822 63,634 Income receipts on U.S.-owned assets abroad............................... 252,379 60,523 63,705 66,116 62,035 62,827 Direct investment receipts 142,933 32,674 35,538 37,986 36,735 38,124 Other private receipts... 106,143 26,950 27,560 27,225 24,408 23,700 U.S. Government receipts 3,303 899 607 905 892 1,003 Compensation of employees 3,163 811 787 807 780 785 Imports of goods and services and income payments....................... -1,651,657 -373,437 -418,753 -431,963 -427,504 -416,512 Imports of goods and services.......................................................... -1,392,145 -312,227 -349,628 -363,766 -366,524 -354,003 Goods, balance of payments basis2 -1,164,746 -260,732 -291,870 -303,073 -309,071 -298,174 Services3.................................... -227,399 -51,495 -57,758 -60,693 -57,453 -55,829 -4,394 -4,668 -4,990 -5,193 -5,674 Direct defense expenditures.... -19,245 Travel...................................... -58,044 -12,430 -15,806 -16,930 -12,878 -12,196 Passenger fares........................................................................ -19,969 -4,422 -5,475 -5,430 -4,642 -4,479 Other transportation.................................................................. -38,527 -8,420 -9,577 -10,138 -10,392 -10,303 Royalties and license fees5....................................................... -19,258 -4,607 -4,765 -4,941 -4,945 -4,564 Other private services5............................................................ -69,436 -16,481 -16,742 -17,539 -18,674 -17,868 U.S. Government miscellaneous services.................................. -741 -729 -2,920 -725 -725 -745 Income payments............................................................................. -259,512 -61,210 -69,125 -68,197 -60,980 -62,509 Income payments on foreign-owned assets in the United States..... -251,108 -59,211 -67,085 -66,107 -58,705 -60,428 Direct investment payments....................................................... -49,458 -8,074 -14,303 -15,637 -11,444 -15,332 Other private payments............................................................ -127,735 -32,512 -33,773 -31,802 -29,648 -28,245 U.S. Government payments -73,915 -18,625 -19,009 -18,668 -17,613 -16,851 Compensation of employees -8,404 -1,999 -2,040 -2,090 -2,275 -2,081 Unilateral current transfers, net -58,853 -16,450 -12,834 -13,772 -15,797 -17,575 U.S. Government grants4..... -17,097 -6,397 -3,287 -3,075 -4,338 -5,813 U.S. Government pensions and other transfers................................... -5,125 -1,330 -1,005 -923 -1,867 -1,037 Private remittances and other transfers6........................................... -36,631 -8,723 -8,542 -9,774 -9,592 -10,725 Capital and financial account Capital account Capital account transactions, net....................................................... -277 -1,285 -286 -364 -358 -388 Financial account -178,985 -37,698 -130,751 26,896 -37,432 -103,903 U.S.-owned assets abroad, net (increase/financial outflow (-))......... U.S. official reserve assets, net......................................................... -3,681 390 -1,843 -1,416 -812 83 Gold7.......................................................................................... Special drawing rights................................................................... -107 -127 897 -475 -109 -132 Reserve position in the International Monetary Fund...................... -2,632 652 -1,607 -1,136 -541 -644 Foreign currencies........................................................................ -574 -144 -170 -153 -129 -148 U.S. Government assets, other than official reserve assets, net.......... -32 133 42 -27 -180 -70 U.S. credits and other long-term assets......................................... -5,611 -853 -565 -1,375 -2,818 -2,578 Repayments on U.S. credits and other long-term assets8.............. 5,684 994 566 1,452 2,672 2,472 U.S. foreign currency holdings and U.S. short-term assets, net........ -105 —8 41 -104 -34 36 U.S. private assets, net...................................................................... -175,272 -38,221 -128,950 28,339 -36,440 -103,916 Direct investment.......................................................................... -137,836 -41,554 -37,643 -34,439 -24,200 -36,977 Foreign securities.......................................................................... 15,801 5,367 -5,843 21,641 -5,364 -27,146 US. claims on unaffiliated foreigners reported by U.S. nonbanking concerns.................................................................................. -31,880 -1,886 -16,210 -11,862 -1,922 -11,998 U.S. claims reported by U.S. banks, not included elsewhere........... -21,357 -148 -69,254 52,999 -4,954 -27,795 Foreign-owned assets in the United States, net (increase/financial inflow (+))......................................................................................... 706,983 146,075 224,088 142,129 194,691 241,859 Foreign official assets in the United States, net.................................. 94,860 8,992 32,210 40,978 6,106 47,552 73,521 6,257 21,706 U.S. Government securities........................................................... 12,300 33,258 31,768 U.S. Treasury securities9......................................................... 43,144 -1,039 1,415 27,630 22,288 15,138 Other10.................................................................................... 30,377 7,296 6,568 10,885 5,628 9,480 Other U.S. Government liabilities " ............................................... 137 -597 365 464 -95 -437 U.S. liabilities reported by U.S. banks, not included elsewhere....... 17,594 -280 24,575 -4,607 -2,094 8,321 Other foreign official assets12........................................................ 3,608 726 906 835 1,141 1,326 Other foreign assets in the United States, net..................................... 612,123 139,969 176,536 133,137 162,481 200,881 Direct investment.......................................................................... 39,633 9,869 2,390 14,850 12,524 34,241 U.S. Treasury securities................................................................ 96,217 11,789 14,218 57,505 12,705 14,568 291,492 U.S. securities other than U.S. Treasury securities.......................... 74,461 104,187 45,880 66,964 55,574 U.S. currency................................................................................ 21,513 4,525 7,183 2,556 7,249 4,927 U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking 72,142 46,771 concerns.................................................................................. 24,610 -8,102 8,863 74,848 U.S. liabilities reported by U.S. banks, not included elsewhere....... 91,126 -7,446 23,948 20,448 54,176 16,723 Statistical discrepancy (sum of above items with sign reversed)....... -45,852 -13,160 28,347 -35,693 -25,346 -11,057 Of which: Seasonal adjustment discrepancy...................................... Memoranda: Balance on goods (lines 3 and 20)......................................................... -482,872 -96,947 -116,868 -134,059 -134,998 -126,994 64,834 Balance on services (lines 4 and 21)...................................................... 18,333 12,944 16,159 17,398 16,933 Balance on goods and services (lines 2 and 19)..................................... -418,038 -78,614 -103,924 -117,900 -117,600 -110,061 Balance on income (lines 12 and 29)..................................................... -3,970 124 -4,640 -1,296 1,842 1,125 Unilateral current transfers, net (line 35)................................................. -58,853 -16,450 -12,834 -13,772 -15,797 -17,575 Balance on current account (lines 1,18, and 35 or lines 73,74, and 75)13 -480,861 -94,940 -121,398 -132,968 -131,555 -126,511 '’Preliminary. ' Revised. See footnotes on page D-67. Source: Table 1 in “U.S. International Transactions, Third Quarter 2003" in the January 2004 issue of the S urvey o f C urrent B usin ess . Seasonally adjusted 2003 2002 2003 II' III'’ I II III IV I IIf III'’ 314,168 249,405 177,888 71,517 3,014 15,185 3,455 7,884 11,744 30,033 202 64,763 63,949 40,172 22,620 1,157 814 -435,671 -372,350 -311,339 -61,011 -6,121 -14,248 -5,283 -11,294 -4,546 -18,770 -749 -63,321 -61,296 -18,261 -26,769 -16,266 -2,025 -16,719 -5,654 -1,208 -9,857 320,977 253,032 172,883 80,149 3,381 19,142 4,557 8,151 11,912 32,803 203 67,945 67,125 42,958 22,882 1,285 820 -449,996 -385,034 -319,558 -65,476 -5,900 -17,006 -5,949 -11,695 -4,802 -19,371 -753 -64,962 -63,001 -18,715 -27,960 -16,326 -1,961 -16,441 -5,309 -1,149 -9,983 297,074 236,442 165,298 71,144 2,785 16,295 4,224 7,102 10,373 30,170 195 60,632 59,821 32,058 26,950 813 811 -387,864 -326,499 -271,331 -55,168 -4,394 -14,453 -4,874 -8,891 -4,728 -17,087 -741 -61,365 -59,271 -8,134 -32,512 -18,625 -2,094 -15,938 -6,397 -1,271 -8,270 307,616 243,696 171,421 72,275 2,751 16,030 4,279 7,075 11,221 30,720 199 63,920 63,140 34,874 27,560 706 780 -416,962 -348,584 -292,707 -55,877 -4,668 -14,252 -4,874 -9,580 -4,902 -16,876 -725 -68,378 -66,246 -13,464 -33,773 -19,009 -2,132 -13,481 -3,287 -1,279 -8,915 313,939 247,815 174,315 73,500 3,418 16,217 4,288 7,307 11,389 30,681 200 66,124 65,339 37,264 27,225 850 785 -422,666 -354,795 -297,627 -57,168 -4,990 -14,314 -4,829 -9,787 -5,036 -17,487 -725 -67,871 -65,820 -15,350 -31,802 -18,668 -2,051 -13,997 -3,075 -1,282 -9,640 311,015 246,151 170,840 75,311 2,989 18,005 4,255 7,682 11,157 31,022 201 64,864 64,077 38,735 24,408 934 787 -424,165 -362,267 -303,081 -59,186 -5,193 -15,025 -5,392 -10,271 -4,592 -17,984 -729 -61,898 -59,771 -12,510 -29,648 -17,613 -2,127 -15,436 -4,338 -1,292 -9,806 310,278 247,377 173,346 74,031 2,827 16,089 3,736 7,837 11,630 31,710 202 62,901 62,094 37,508 23,700 886 807 -431,716 -369,006 -309,364 -59,642 -5,674 -14,168 -4,960 -10,873 -4,698 -18,524 -745 -62,710 -60,527 -15,431 -28,245 -16,851 -2,183 -17,269 -5,813 -1,320 -10,136 311,794 247,484 174,247 73,237 3,014 14,543 3,456 7,853 11,944 32,225 202 64,310 63,496 39,635 22,620 1,241 814 -434,248 -371,668 -312,335 -59,333 -6,121 -12,895 -4,720 -11,249 -4,697 -18,902 -749 -62,580 -60,461 -17,426 -26,769 -16,266 -2,119 -16,940 -5,654 -1,335 -9,951 322,014 254,670 177,858 76,812 3,381 16,569 4,059 7,789 12,155 32,656 203 67,344 66,524 42,400 22,882 1,242 820 -440,736 -375,987 -314,090 -61,897 -5,900 -14,464 -5,335 -11,282 -4,874 -19,289 -753 -64,749 -62,705 -18,419 -27,960 -16,326 -2,044 -16,319 -5,309 -1,328 -9,682 -1,553 -795 -277 -286 -364 -358 -388 -1,553 -795 -115,384 -170 -7,261 -611 29,712 -44,902 -101,331 -112,818 -1,416 -812 83 -170 -4,891 -611 -35,227 -128,567 390 -1,843 -107 -102 -97 -109 86 -383 652 -1,607 -154 -131 -153 -129 427 530 133 42 -1,454 -1,515 -853 -565 1,955 2,027 994 566 -74 -8 41 18 -115,641 -7,180 -35,750 -126,766 -32,429 -39,895 -39,083 -35,459 8,654 -28,826 5,367 -5,843 -19,101 -72,765 22,206 39,335 265,667 57,000 38,639 35,349 3,290 -16 17,628 749 208,667 25,239 55,037 85,964 1,458 128,789 43,895 19,611 16,271 3,340 -41 22,879 1,446 84,894 8,728 49,868 9,626 2,768 4,147 36,822 -10,508 6,772 7,132 24,727 -133,451 10,506 -122,945 1,442 -16,719 -138,222 -146,675 14,673 -132,002 2,983 -16,441 -145,460 -1,886 -148 -127 897 -102 -97 -132 -541 -644 86 -383 -1,136 -154 -148 -144 -170 -131 427 -27 -180 -70 530 -1,375 -2,818 -2,578 -1,454 -1,515 2,672 2,472 2,027 1,452 1,955 -104 -34 36 -74 18 31,155 -43,910 -101,344 -113,075 -4,810 -31,623 -31,670 -34,405 -29,863 -37,525 8,654 -28,826 21,641 -5,364 -27,146 -16,210 -11,862 -69,254 52,999 146,813 221,242 141,478 6,106 47,552 8,992 6,257 21,706 12,300 -1,039 15,138 1,415 7,296 6,568 10,885 -597 365 464 -280 24,575 -4,607 726 906 835 140,707 173,690 132,486 10,607 -456 14,199 11,789 14,218 57,505 74,461 104,187 45,880 4,525 7,183 2,556 46,771 -7,446 -4,581 8,579 -1,922 -4,954 -11,998 -27,795 -19,101 -72,765 22,206 39,335 197,448 242,004 32,210 40,978 33,258 31,768 27,630 22,288 5,628 9,480 -95 -437 -2,094 8,321 1,141 1,326 165,238 201,026 34,386 15,281 12,705 14,568 66,964 55,574 4,927 7,249 262,819 57,000 38,639 35,349 3,290 -16 17,628 749 205,819 22,391 55,037 85,964 1,458 128,200 43,895 19,611 16,271 3,340 -41 22,879 1,446 84,305 8,139 49,868 9,626 2,768 4,147 36,822 -9,054 1,454 6,772 7,132 12,527 -12,200 24,610 -8,102 8,863 23,948 20,448 54,176 30,438 -48,102 -23,602 1,744 2,091 -12,409 74,848 16,723 -1,578 9,479 -106,033 -121,286 -123,312 -132,241 -136,018 -138,088 -136,232 13,904 14,915 16,332 16,125 14,389 15,976 16,398 -90,057 -104,888 -106,980 -116,116 -121,629 -124,184 -121,317 191 1,730 2,595 -733 -4,458 -1,747 2,966 -15,938 -13,481 -13,997 -15,436 -17,269 -16,940 -16,319 -106,728 -122,827 -122,724 -128,586 -138,707 -139,394 -135,041 D -6 4 March 2004 International D ata Table F.3. U.S. International Transactions, by Area [M illions of dollars] Western Europe Line 2003 (Credits +; debits - ) 1 I 1 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 European Union14 IIr I Current account 95,287 98,597 97,741 85,579 Exports of goods and services and income receipts......................................... 67,424 68,898 67,852 61,050 Exports of goods and services.............................................................................. 36,934 Goods, balance of payments basis2................................................................ 40,240 40,919 37,631 27,184 27,979 30,221 24,116 Services3......................................................................................................... 612 Transfers under U.S. military agency sales contracts4............................... 748 826 1,038 3,955 4,331 5,010 6,182 Travel............................................................................................................. 1,321 1,165 Passenger fares... 1,207 1,695 2,694 Other transportation 2,495 2,767 2,218 5,424 5,449 5,560 4,790 Royalties and license fees5 ......................................................................... Other private services5................................................................................ 12,919 12,668 12,943 11,345 35 36 36 31 U.S. Government miscellaneous services Income receipts............................................... 29,699 29,889 24,529 27,863 Income receipts on U.S.-owned assets abroad 27,786 29,619 29,807 24,464 18,407 13,774 Direct investment receipts....................... 15,900 18,561 10,881 10,460 Other private receipts.................................................................................... 11,466 11,153 U.S. Government receipts............................................................................. 420 177 247 230 Compensation of employees............................................................................. 77 80 82 65 -126,617 -105,717 Imports of goods and services and income payments...................................... -117,305 -126,805 Imports of goods and services.............................................................................. -85,912 -95,032 -94,343 -78,153 Goods, balance of payments basis2................................................................ -62,223 -66,975 -65,570 -57,391 -23,689 -28,057 -28,773 -20,762 Services3......................................................................................................... -2,607 -2,185 Direct defense expenditures.......................................................................... -2,566 -2,781 -5,637 -3,482 -6,017 -3,251 Travel................................ -3,032 -1,866 -1,993 Passenger fares.............. -3,060 -3,241 Other transportation........ -3,863 -4,416 -4,531 -2,309 -2,550 -2,634 -1,839 Royalties and license fees5 -8,134 Other private services5... -9,187 -9,350 -9,632 -291 -292 -246 U.S. Government miscellaneous services.................................................... -289 Income payments.................................................................................................. -31,393 -<31,585 -32,462 -27,564 Income payments on foreign-owned assets in the United States..................... -31,293 -31,496 -32,377 -27,481 Direct investment payments......................................................................... -10,340 -11,749 -11,664 -8,391 -15,487 -16,449 -15,057 Other private payments................................................................................. -16,441 U.S. Government payments.......................................................................... -4,512 -4,260 -4,264 -4,033 Compensation of employees............................................................................. -100 -89 -85 -83 164 82 Unilateral current transfers, net...................... -206 138 -7 -264 -116 -104 -377 -338 U.S. Government pensions and other transfers -393 -393 427 Private remittances and other transfers6 ....... 435 673 635 Capital and financial account Capital account Capital account transactions, net.......................................................................... -81 -80 -85 -60 Financial account U.S.-owned assets abroad, net (increase/financial outflow (-))......................... -69,228 -86,287 -29,534 -72,372 -154 -120 -170 -131 40 41 42 43 Special drawing rights....................................................................................... 44 Reserve position in the International Monetary Fund...................................... 45 Foreign currencies............................................................................................. 46 47 48 49 50 U.S. private assets, net......................................................................................... 51 Direct investment............................................................................................... 52 Foreign securities.............................................................................................. 53 54 U.S. claims reported by U.S. banks, not included elsewhere........................... 55 Foreign owned assets in the United States, net (increase/financial Inflow (+)) 56 Foreign official assets in the United States, net................................................... 57 U.S. Government securities.............................................................................. 58 U.S. Treasury securities9............................................................................. 59 Other10......................................................................................................... 60 Other U.S. Government liabilities11................................................................. 61 U.S. liabilities reported by U.S. banks, not included elsewhere....................... 62 Other foreign official assets12.......................................................................... 63 Other foreign assets in the United States, net 64 Direct investment............................. 65 U.S. Treasury securities................. 66 U.S. securities other than U.S. Treasury securities.......................................... 67 U.S. currency..................................................................................................... 68 U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking 69 U.S. liabilities reported by U.S. banks, not included elsewhere........................ 70 Statistical discrepancy (sum of above items with sign reversed).................... Memoranda: 71 Balance on goods (lines 3 and 20)............................................................................ 72 Balance on services (lines 4 and 21)........................................................................ 73 Balance on goods and services (lines 2 and 19)..................................................... 74 Balance on income (lines 12 and 29)........................................................................ 75 Unilateral current transfers, net (line 35)................................................................... 76 Balance on current account (lines 1,18, and 35 or lines 73,74, and 7 5 )13........... See footnotes on page D-67. H 111,874 31,559 (17) 47,175 -154 75 -9 68 16 -86,208 -18,958 7,471 -12,010 -62,711 52,303 -1,727 (17) H (17) -34 (17) (17) 54,030 7,581 (17) 39,358 62,037 (17) -20,520 5,883 (17) 61,920 -21,983 3,495 -18,488 -3,530 -206 -22,224 -26,056 -78 -26,134 -1,886 164 -27,856 -170 34 -404 414 24 -69,092 -17,683 -19,045 -24,501 -7,863 112,053 179 (17) 17 (17) -186 2003 2003 III'’ -131 269 -4 269 4 -29,672 -22,858 -14,008 7,194 63,338 2,765 (17) M (1?) -286 (17) (1/) 60,573 -114 (17) 20,538 IIr III'’ 87,762 87,430 62,237 61,354 34,296 37,179 25,058 27,058 923 696 4,627 5,712 1,628 1,276 2,344 2,461 4,794 4,835 11,467 11,289 32 32 25,525 26,076 25,457 26,007 15,561 15,296 10,259 10,000 187 161 68 69 -113,987 -113,389 -85,839 -85,458 -61,382 -60,282 -24,457 -25,176 -2,313 -2,436 -5,574 -5,166 -2,831 -2,876 -3,609 -3,706 -2,014 -2,146 -8,109 -8,358 -247 -248 -27,550 -28,529 -27,473 -28,455 -9,617 -9,499 -14,189 -15,063 -3,785 -3,775 -77 -74 284 292 -1 -342 -346 626 639 I 2003 II ' III'’ I II' III'’ 23,326 16,083 8,457 7,626 119 1,779 572 512 938 3,702 4 7,243 7,222 2,541 4,681 24,707 16,694 8,423 8,271 76 2,163 645 581 1,020 3,782 4 8,013 7,991 3,410 4,581 25,040 16,736 7,873 8,863 99 2,452 760 607 1,021 3,920 4 8,304 8,281 3,600 4,681 23 -34,621 -18,304 -10,502 -7,802 -200 -1,528 -1,009 -852 -418 -3,777 -18 -16,317 -16,299 -3,807 -10,409 -2,083 -18 360 47,035 34,001 22,800 11,201 292 1,490 528 1,166 2,390 5,314 21 13,034 12,999 8,501 4,329 169 35 -53,233 -44,738 -34,155 -10,583 -1,810 -1,455 -726 -1,610 -1,249 -3,535 -198 -8,495 -8,440 -3,539 -3,767 -1,134 -55 -97 47,402 34,340 23,169 11,171 231 1,678 541 1,247 2,210 5,243 21 13,062 13,025 8,813 4,059 153 37 -58,158 -49,030 -36,430 -12,600 -1,940 -2,606 -1,118 -1,814 -1,412 -3,511 -199 -9,128 -9,076 -4,532 -3,487 -1,057 -52 -24 46,164 32,927 20,766 12,161 203 2,316 747 1,300 2,234 5,340 21 13,237 13,200 8,914 4,156 130 37 -57,881 -48,011 -35,103 -12,908 -1,873 -2,775 -1,159 -1,843 -1,534 -3,524 -200 -9,870 -9,820 -5,095 -3,661 -1,064 -50 -128 21 -34,120 -16,911 -10,114 -6,797 -200 -1,214 -701 -750 -395 -3,519 -18 -17,209 -17,189 -4,721 -10,280 -2,188 -20 225 22 -34,086 -18,178 -10,515 -7,663 -199 -1,422 -1,225 -819 -398 -3,582 -18 -15,908 -15,890 -4,039 -9,773 -2,078 -18 299 -60 285 -61 360 -56 416 -183 86 -184 160 -196 68 -59 -63 -8 -8 -9 -11 -10 -11 -82,368 -104 -38,940 -85 -56,822 -62,717 -31,653 -16,849 -16,730 -2,644 -120 238 -104 41 -85 140 -6 2 31 207 31 -72,490 -17,123 -17,769 -24,008 -13,590 126,889 H (18 (18 (18) -169 (18) H t 18) 24,169 (18) 43,330 31 10 -82,305 -15,852 6,956 -12,196 -61,213 38,069 H (18 (18 136 4 -38,995 -19,151 -11,359 -6 -62,711 -2,739 2,142 -7,896 -54,218 -772 (1S) (18 (18 2 -31,655 -8,616 -13,324 -16,730 -8,827 3,111 -6,811 -4,203 32,550 (18) (18 (18 (18) 50 (18) (18) (18) 2,662 (18) 3,167 n -17 H (18) 5,771 (18) 37,128 -8,485 51,807 (18) H (18 (18) -336 (18) H (18) -208 (18) 17,527 62,145 5,389 (17) 18-2,586 18-10,202 18 34,824 13,461 -4,793 -34,401 69,701 -27,939 1,448 -26,491 -2,573 138 -28,926 European Union (6)15 United Kingdom -20,457 3,354 -17,103 -3,035 82 -20,056 -24,203 601 -23,602 -2,025 284 -25,343 -25,986 1,882 -24,104 -2,453 292 -26,265 2 2 -2,646 -9,501 285 H 37 (18) -9,715 55,832 (18) H (18) n —3 (18) n (18) 1,984 (18) 26,905 M ( i8) 4,007 n 7,877 31 -16,880 -7,107 -5,671 1,147 -5,249 9,627 (18) (18j (18 (18) -83 (18) M (18) 3,747 (18) 7,420 1,302 55,166 18 850 18-31,000 72,577 -42,723 18 43,951 -14,949 3,768 18-5,225 13,528 9,557 1817,114 -5,030 18 2,238 14,483 -2,629 1,061 -1,568 -8,013 360 -9,221 -11,355 618 -10,737 4,539 -97 -6,295 -13,261 -1,429 -14,690 3,934 -24 -10,780 -14,337 -747 -15,084 3,367 -128 -11,845 -56,822 -7,518 -13,009 -25,236 -11,059 110,122 (18) (18 H (18) -83 (18) (18) (18) 19,538 (18) 34,651 -1,657 829 -828 -9,966 225 -10,569 -2,092 608 -1,484 -7,895 299 -9,080 6,570 17 H (18 (18 (18) 66 (18) (18) (18) -4,513 (18) 2,226 March 2004 S urvey of C urrent D -65 B u s in e s s Table F.3. U.S. International Transactions, by Area—Continued [Millions of dollars] Eastern Europe Line (Credits +; debits - ) 1 2003 I Current account 1 Exports of goods and services and income receipts......................................... 2 Exports of goods and services............................................................................. 3 Goods, balance of payments basis2................................................................ 4 Services3......................................................................................................... 5 Transfers under U.S. military agency sales contracts4............................... Travel............................................................................................................. 6 7 Passenger fares............................................................................................ 8 Other transportation...................................................................................... 9 Royalties and license fees5 10 Other private services5 11 U.S. Government miscellaneous services.................................................... 12 Income receipts............... 13 Income receipts on U.S.-owned assets abroad................................................ 14 Direct investment receipts 15 Other private receipts 16 U.S. Government receipts 17 Compensation of employees 18 Imports of goods and services and income payments...................................... 19 Imports of goods and services.............................................................................. 20 Goods, balance of payments basis2................................................................ 21 Services3......................................................................................................... 22 Direct defense expenditures 23 Travel....................... 24 Passenger fares...... 25 Other transportation, 26 Royalties and license fees5 ......................................................................... 27 Other private services5............................................................................... 28 U.S. Government miscellaneous services.................................................... 29 Income payments.................................................................................................. 30 Income payments on foreign-owned assets in the United States..................... 31 Direct investment payments......................................................................... 32 Other private payments................................................................................. 33 U.S. Government payments......................................................................... 34 Compensation of employees............................................................................ 35 Unilateral current transfers, net............................................................................ 36 U.S. Government grants4..................................................................................... 37 U.S. Government pensions and other transfers................................................... 38 Private remittances and other transfers6 ............................................................ Capital and financial account Capital account 39 Capital account transactions, net......................................................................... Financial account 40 U.S.-owned assets abroad, net (increase/financial outflow (-))........................ 41 42 Gold7................................................................................................................ 43 44 45 46 47 48 49 50 U.S. private assets, net......................................................................................... 51 Direct investment............................................................................................... 52 Foreign securities.............................................................................................. 53 54 U.S. claims reported by U.S. banks, not included elsewhere........................... 55 Foreign owned assets in the United States, net (increase/financial inflow (+)) Foreign official assets in the United States, net................................................... 56 57 U.S. Government securities.............................................................................. 58 U.S. Treasury securities9............................................................................. Other10......................................................................................................... 59 Other U.S. Government liabilities11................................................................. 60 U.S. liabilities reported by U.S. banks, not included elsewhere........................ 61 62 Other foreign official assets12.......................................................................... Other foreign assets in the United States, net...................................................... 63 64 Direct investment............................................................................................... U.S. Treasury securities.................................................................................... 65 U.S. securities other than U.S. Treasury securities.......................................... 66 67 68 U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking U.S. liabilities reported by U.S. banks, not included elsewhere........................ 69 70 Statistical discrepancy (sum of above items with sign reversed).................... Memoranda: 71 Balance on goods (lines 3 and 20)............................................................................ 72 Balance on services (lines 4 and 21)........................................................................ 73 Balance on goods and services (lines 2 and 19)..................................................... 74 Balance on income (lines 12 and 29)........................................................................ 75 Unilateral current transfers, net (line 35).................................................................. 76 Balance on current account (lines 1,18, and 35 or lines 73,74, and 75 )13........... See footnotes on page D-67. I Ir Latin America and Other Western Hemisphere Canada 2003 2003 III'’ I IIr III'’ I 52,766 47,662 41,177 6,485 44 1,803 483 665 809 2,660 21 5,104 5,081 3,295 1,786 56,681 51,466 44,931 6,535 57 1,872 495 660 846 2,584 21 5,215 5,191 3,593 1,598 51,497 46,079 39,587 6,492 51 1,695 536 673 825 2,691 21 5,418 5,393 3,772 1,621 23 -61,875 -60,312 -56,339 -3,973 -19 -962 -87 -865 -198 -1,797 -45 -1,563 -1,479 -366 -919 -194 -84 -145 24 -63,774 -61,706 -57,097 -4,609 -19 -1,501 -82 -931 -165 -1,866 -45 -2,068 -1,985 -936 -873 -176 -83 -120 25 -63,236 -61,040 -55,167 -5,873 -18 -2,717 -105 -912 -188 -1,888 -45 -2,196 -2,114 -976 -920 -218 -82 -169 -136 -9 -139 19 -55 28 -236 -1,131 -400 58 -12 70 -76 76 -58 58 257 549 135 -126 -301 4,332 -236 -594 429 -70 -1 4,269 -1,131 -387 233 (18) (18) (18 (18 3,286 2,725 1,511 1,214 105 255 15 59 106 666 8 561 547 290 131 126 14 -5,900 -5,016 -4,485 -531 -38 -179 -66 -36 -18 -179 -15 -884 -865 -395 -122 -348 -19 -1,037 -349 -15 -673 3,323 2,717 1,602 1,115 86 331 16 58 116 500 8 606 592 451 121 20 14 -6,280 -5,391 -4,523 -868 -56 -387 -122 -47 -49 -192 -15 -889 -874 -423 -134 -317 -15 -1,061 -394 -15 -652 3,653 2,960 1,703 1,257 90 371 14 65 111 598 8 693 679 533 125 21 14 -6,718 -5,939 -5,076 -863 -35 -388 -137 -42 -49 -197 -15 -779 -766 -351 -120 -295 -13 -1,236 -504 -11 -721 -55 -51 315 22,539 19,346 12,912 6,434 120 1,291 422 778 1,603 2,194 26 3,193 3,175 1,849 1,325 1 18 -41,005 -33,817 -29,210 -4,607 -422 -516 -211 -1,117 -1,218 -1,074 -49 -7,188 -7,171 -1,618 -1,293 -4,260 -17 155 23,659 20,322 12,271 8,051 105 2,352 791 808 1,656 2,313 26 3,337 3,319 1,916 1,402 1 18 -41,863 -33,605 -28,552 -5,053 -390 -699 -301 -1,235 -1,334 -1,045 -49 -8,258 -8,243 -2,554 -1,336 -4,353 -15 93 -150 -19 -34 175 -35 190 -26 119 28 35 -57 -5 -19 6 6 6 6,428 -5,795 -18,193 -34,402 57,821 -12,088 -8,236 -10,313 37 -59 103 -7 -34,439 2,069 -3,822 -9,385 -23,301 114,611 (18) (/ 190 -52 245 -3 57,631 -2,172 -2,433 16,960 45,276 -19,764 (18) 8 2 -5,795 -3,001 2,214 173 -68 248 -7 -18,366 -7,307 -12,693 13,130 -11,496 62,743 8 -12,096 -893 -1,102 -340 -9,761 24,922 H (» 2 -8,238 -620 -253 -558 -6,807 44,828 (18) -110 18 6,836 -A41 95 18 5,205 36 18-2,670 9,455 4,666 (17) -542 -4,722 (17) -10,903 (17) 12,546 -2,974 683 -2,291 -323 -1,037 -3,651 -2,921 247 -2,674 -283 -1,061 -4,018 -3,373 394 -2,979 -86 -1,236 -4,301 -15,162 2,512 -12,650 3,541 -145 -9,254 -12,166 1,926 -10,240 3,147 -120 -7,213 -15,580 619 -14,961 3,222 -169 -11,908 (18) III'’ 22,738 19,600 12,179 7,421 151 1,913 534 753 1,592 2,452 26 3,138 3,120 1,679 1,440 1 18 -40,039 -33,756 -28,953 -4,803 -391 -588 -241 -1,130 -1,392 -1,012 -49 -6,283 -6,259 -515 -1,468 -4,276 -24 141 -1,334 (18) (18) 109 (18) n (18) -73 IIr 61,439 51,443 37,353 14,090 100 4,872 1,173 891 1,200 5,810 44 9,996 9,944 4,926 4,926 92 52 -76,725 -65,917 -55,127 -10,790 -70 -4,447 -767 -929 -264 -4,177 -136 -10,808 -9,167 -433 -6,401 -2,333 -1,641 -6,769 -687 -190 -5,892 -1,254 H n -1,152 n 98 (18 (18 I 58,276 48,776 36,141 12,635 102 4,043 983 885 1,181 5,397 44 9,500 9,446 4,139 5,221 86 54 -75,977 -65,043 -54,186 -10,857 -66 -4,578 -702 -948 -249 -4,179 -135 -10,934 -9,278 -612 -6,424 -2,242 -1,656 -6,377 -530 -202 -5,645 H (18) 339 (18) -1,468 H (18 n 12 2003 III'’ IK 56,612 47,163 35,022 12,141 114 3,597 955 842 891 5,698 44 9,449 9,396 4,262 5,067 67 53 -73,131 -61,836 -51,404 -10,432 -83 -4,572 -706 -927 -329 -3,681 -134 -11,295 -9,672 -805 -6,605 -2,262 -1,623 -6,335 -501 -186 -5,648 -400 -2,807 4,195 -529 -1,259 10,168 -1,262 (17) (17) (17) -12 (17) (17j 11,430 325 (17) 2,566 -977 -3,968 H (18 Japan 6,428 -5,921 2,167 -899 11,081 11,660 -168 (17) (17) (17) -12 (17) (17S 11,828 7,093 (17) 4,119 -5,008 5,122 407 (17) <17) (17S -19 (17) (17) 4,715 1,534 (17) -1,136 (18) H H (isj -5 (18) (18) (18) (18) (18 25 H (18) (18) 6,546 (18) 37,047 (18 ) (18) 1,086 ( I (18) -176 (1S) (18i (18) -1,995 12,715 Q (18 30 (18) (1 H Q18 21 (18) n (18) -10,313 -1,058 -10,238 983 22,152 (18) (18 < 18 202 (18) n (18) 3,390 5,379 2,015 (18) 5,751 -13,927 7,562 -17,565 5,890 18 57,607 18 63,431 18-16,030 -21,639 -56,126 -15,983 -39 18 21,753 4,320 -2,170 18 39,211 -18,287 18 32,487 6,266 -17,774 3,300 -14,474 -812 -6,769 -22,055 -16,774 2,618 -14,156 -3,145 141 -17,160 -16,298 1,827 -14,471 -3,995 155 -18,311 -16,281 2,998 -13,283 -4,921 93 -18,111 960 (18) -1,709 -16,382 1,709 -14,673 -1,846 -6,335 -22,854 -18,045 1,778 -16,267 -1,434 -6,377 -24,078 (18) (18) (18) D -6 6 March 2004 International D ata Table F.3. U.S. International Transactions, by Area—Continued [Millions of dollars] Line (Credits +; debits - ) 1 I Current account 1 Exports of goods and services and income receipts............................................................. 2 Exports of goods and services.................................................................................................. 3 4 Services3............................................................................................................................. 5 Transfers under U.S. military agency sales contracts4.................................................... 6 Travel.................................................................................................................................. 7 8 Other transportation.......................................................................................................... 9 Royalties and license fees5 ............................................................................................. 10 Other private services5.................................................................................................... 11 U.S. Government miscellaneous services......................................................................... 12 Income receipts.......................................................................................................................... 13 Income receipts on U.S.-owned assets abroad.................................................................... 14 Direct investment receipts................................................................................................. 15 Other private receipts......... 16 272 17 Compensation of employees... 18 Imports of goods and services and income payments.......................................................... 19 Imports of goods and services.................................................................................................. ?n Goods, balance of payments basis2.................................................................................... 21 Services3.............................................................................................................................. ?? Direct defense expenditures ?3 Travel.................................. ?4 Passenger fares................. 25 Other transportation........... 26 Royalties and license fees5 27 Other private services5.... 28 U.S. Government miscellaneous services......................................................................... Income payments...................................................................................................................... 29 30 Income payments on foreign-owned assets in the United States......................................... 31 Direct investment payments 32 Other private payments..... 33 U.S. Government payments 34 Compensation of employees.. 35 Unilateral current transfers, net.. 36 U.S. Government grants4..................... ........................................ .................................. 37 U.S. Government pensions and other transfers....................................................................... 38 Private remittances and other transfers6 ................................................................................. Capital and financial account Capital account 39 Capital account transactions, net.............................................................................................. Financial account 40 U.S.-owned assets abroad, net (increase/financial outflow (-))............................................. 41 U.S. official reserve assets, net................................................................................................. 4? 43 Special drawing rights........................................................................................................... 44 Reserve position in the International Monetary Fund.......................................................... 45 Foreign currencies................................................................................................................. 46 U.S. Government assets, other than official reserve assets, net.............................................. 47 U.S. credits and other long-term assets................................................................................ 4ft 49 U.S. foreign currency holdings and U.S. short-term assets, net........................................... 50 U.S. private assets, net............................................................................................................. 51 Direct investment................................................................................................................... 52 Foreign securities.................................................................................................................. 53 U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns..................... 54 U.S. claims reported by U.S. banks, not included elsewhere............................................... 55 Foreign owned assets in the United States, net (increase/financial inflow (+)).................. 56 Foreign official assets in the United States, net....................................................................... 57 U.S. Government securities.................................................................................................. sa U.S. Treasury securities9............... 59 Other10........................................... 60 Other U.S. Government liabilities11... 61 U.S. liabilities reported by U.S. banks, not included elsewhere............................................ 6? Other foreign official assets12........... 63 Other foreign assets in the United States, net 64 Direct investment................................ 65 U.S. Treasury securities..................... 66 U.S. securities other than U.S. Treasury securities.............................................................. 8/ U.S. currency.......................................................................................................................... 6fi U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns................. 69 U.S. liabilities reported by U.S. banks, not included elsewhere............................................ 70 Statistical discrepancy (sum of above items with sign reversed)......................................... Memoranda: 71 Balance on goods (lines 3 and 20)................................................................................................ 72 Balance on services (lines 4 and 21)........ 73 Balance on goods and services (lines 2 and 19) /4 Balance on income (lines 12 and 29)........ 75 Unilateral current transfers, net (line 35).... 76 Balance on current account (lines 1,18, and 35 or lines 73,74, and 7 5 )13............................... Australia Other countries in Asia and Africa International organizations and unallocated16 2003 2003 2003 I II r III v 67,010 57,498 40,758 16,740 1,960 3,221 256 2,648 1,702 6,887 66 9,512 9,409 7,418 1,164 827 103 -127,086 -120,652 -108,372 -12,280 -2,753 -2,493 -1,420 -3,220 -58 -2,130 -206 -6,434 -6,312 -154 -1,730 -4,428 -122 -6,833 -3,826 -134 -2,873 5,283 4,075 2,766 1,309 57 317 66 73 207 587 2 1,208 1,201 768 433 6,153 4,774 3,155 1,619 43 375 69 89 236 805 2 1,379 1,372 967 405 7,012 5,265 3,580 1,685 37 449 92 97 222 786 2 1,747 1,740 1,309 431 62,650 53,738 38,285 15,453 1,608 2,070 184 2,421 1,636 7,468 66 8,912 8,809 7,264 1,273 7 -2,856 -2,212 -1,415 -797 -26 -267 -176 -52 -15 -252 -9 -644 -640 -372 -159 -109 -4 -64 7 -2,984 -2,348 -1,594 -754 -27 -249 -141 -46 -19 -263 -9 -636 -633 -363 -157 -113 -3 -60 7 -2,894 -2,480 -1,694 -786 -27 -245 -159 -46 -23 -277 -9 -414 -411 -122 -166 -123 -3 -62 -13 -51 -14 -46 -14 -48 103 -110,888 -104,119 -93,355 -10,764 -2,551 -2,146 -1,210 -2,858 -60 -1,736 -203 -6,769 -6,542 -29 -1,696 -4,817 -227 -8,388 -4,552 -134 -3,702 59,818 51,854 38,228 13,626 1,780 2,263 149 2,545 1,709 5,115 65 7,964 7,862 5,930 1,162 770 102 -114,443 -108,033 -97,754 -10,279 -2,750 -1,380 -993 -3,075 -55 -1,822 -204 -6,410 -6,248 -61 -1,608 -4,579 -162 -7,653 -4,319 -136 -3,198 -6 -6 -6 -223 -1,445 -671 1,051 -3,685 -598 -197 16,162 -16,315 1,051 -1,276 369 1,499 459 -3,365 (18) (18 (18 (18| -9 (18) (1® (18) 1,104 (18) -2,708 -3,685 -863 -1,905 1,498 -2,415 6,916 (18) (1S (18) (18) 11 (18) (18| (18) -1,458 (18) 776 715 18-2,467 -43 -146 18 7,733 -6,334 1,351 512 1,863 564 -64 2,363 1,561 865 2,426 743 -60 3,109 p Preliminary. 'Revised. See footnotes on page D-67. Source: Table 11 in “U.S. International Transactions, Third Quarter 2003” in the January 2004 issue of the S urvey o f C urrent B usiness. III'’ IIf III'’ 8,954 1,555 8,781 1,574 8,966 1,613 1,555 1,574 1,613 180 607 768 175 629 770 202 636 775 7,399 6,887 4,666 2,104 117 512 -4,518 -840 7,207 6,692 4,682 1,907 103 515 -4,591 -980 7,353 6,834 4,677 2,060 97 519 -4,669 -1,058 -840 -980 -1,058 -572 -243 -24 -1 -3,678 -3,678 -2,510 -835 -333 -714 -241 -24 -1 -3,611 -3,611 -2,499 -793 -319 -780 -252 -25 -1 -3,611 -3,611 -2,461 -838 -312 -1,541 -147 -142 -1,252 -1,767 -295 -274 -1,198 -1,603 -188 -231 -1,184 -5,163 253 -5,128 -16 -1,396 -480 897 -644 -102 86 -97 -383 -263 -263 -261 -261 -296 -296 -5,153 -4,666 16 -4,851 -4,682 -86 -503 6,120 168 -83 7,281 25 -620 -4,677 -46 5 246 -1,143 29,929 3 168 25 3 5,952 2,510 (18) -110 4,927 7,256 2,499 n -353 1,458 (18) 930 (18) 6,235 18 936 -4,346 1,689 1816,261 32,160 -2,355 18 24,946 23,762 18 37,455 52,809 18-1,375 -3,852 18 3,652 -4,576 29,926 2,461 (18) -455 2 768 24,337 18 815 -31,227 1,886 899 2,785 1,333 -62 4,056 -55,070 4,689 -50,381 2,143 -8,388 -56,626 -59,526 3,347 -56,179 -1,554 -7,653 -62,278 -67,614 4,460 -63,154 3,078 -6,833 -66,909 715 715 3,721 -1,541 2,895 594 594 3,596 -1,767 2,423 555 555 3,742 -1,603 2,694 -183 894 (18) (18 (18) (isj 19 (1S) (isj (18) 365 (18) -426 367 -1,105 1,455 17 -16,682 -4,662 -5,213 IIr 574 -1,049 1,708 -85 15,588 -2,860 4,653 2,323 11,472 23,799 (18) (is (18) (18) -150 (18) (18j (18) 624 (18) 734 -598 -1,080 665 -80 -1,831 1,740 11 -117 -2,894 979 -1,131 2,929 24,886 (18) (18 (18 (18S -229 (1S) (IS) I -6,807 31,086 (1S) (18 (18) (18) -99 <18) (18j (18) 79 (18) -6,349 March 2004 S urvey of C D -67 B u s in e s s urrent Table F.4. Private Services Transactions [Millions of dollars] Not seasonally adjusted Line 2002 2002 I 1 Exports of private services............................................. 2 Travel (table F.2, line 6)................................................... 3 Passenger fares (table F.2, line 7)................................... 4 Other transportation (table F.2, line 8)............................. 5 Freight................ 6 Port services...... 7 Royalties and license fees (table F.2, line 9).................... 8 Affiliated............. 9 U.S. parents’ receipts 10 U.S. affiliates' receipts 11 Unaffiliated......... 12 Industrial processes1 13 Other2........... 14 Other private services (table F.2, line 10)......................... 15 Affiliated services 16 U.S. parents’ receipts 17 U.S. affiliates’ receipts Unaffiliated services 18 Education...... 19 20 Financial services 21 Insurance services 22 Telecommunications 23 Business, professional, and technical services........ 24 Other unaffiliated services3................................... 25 Imports of private services.............................................. 26 Travel (table F.2, line 23)................................................. 27 Passenger fares (table F.2, line 24)................................. 28 Other transportation (table F.2, line 25)........................... 29 Freight....................................................................... 30 Port services............................................................. 31 Royalties and license fees (table F2, line 26).................. 32 Affiliated.................................................................... 33 U.S. parents’ payments......................................... 34 U.S. affiliates’ payments 35 Unaffiliated......... 36 Industrial processes1 37 Other2........... 38 Other private sen/ices (table F.2, line 27)........................ 39 Affiliated services 40 U.S. parents’ payments......................................... 41 U.S. affiliates’ payments 42 Unaffiliated services 43 Education...... 44 Financial services 45 Insurance services 46 Telecommunications 47 Business, professional, and technical services....... 48 Other unaffiliated services3................................... Supplemental detail on insurance transactions: 49 Premiums received............................................................ 50 For insurance services4(line 21).................................... 51 For loss settlement5...................................................... 52 Actual losses paid5........................................................... 53 Premiums paid.................................................................. 54 For insurance services4(line 45).................................... 55 For loss settlement5...................................................... 56 Actual losses recovered5................................................... Memoranda: 57 Balance on goods (table F.2, line 71).................................. 58 Balance on private services (line 1 minus line 25)............... 59 Balance on goods and private services (lines 57 and 58) I 2003 2002 III IV II' III'’ IIr III'’ 279,495 66,547 17,046 29,166 12,330 16,836 44,142 32,218 29,066 3,152 11,924 3,900 8,024 122,594 43,500 25,194 18,306 79,094 12,759 15,859 2,839 4,137 28,799 14,700 205,234 58,044 19,969 38,527 25,973 12,554 19,258 15,132 2,958 12,174 4,126 1,935 2,192 69,436 32,367 17,529 14,838 37,069 2,466 3,665 15,348 4,180 10,732 679 66,848 14,479 3,872 6,784 2,879 3,905 10,139 7,200 6,881 319 2,939 981 1,958 31,574 9,465 5,793 3,672 22,109 5,095 4,083 663 1,092 7,599 3,578 46,360 12,430 4,422 8,420 5,594 2,826 4,607 3,242 598 2,644 1,365 474 891 16,481 7,616 3,749 3,867 8,865 471 975 3,533 1,112 2,613 161 67,752 16,732 4,281 7,104 2,926 4,178 11,012 8,050 7,236 814 2,962 974 1,988 28,623 10,389 6,167 4,222 18,234 1,584 4,126 701 1,045 7,146 3,632 52,365 15,806 5,475 9,577 6,428 3,149 4,765 3,691 718 2,973 1,074 480 594 16,742 7,496 4,181 3,315 9,246 615 999 3,756 1,050 2,658 169 73,234 18,829 4,831 7,646 3,134 4,512 11,168 8,173 7,199 974 2,995 972 2,023 30,760 10,988 6,207 4,781 19,772 3,471 3,842 735 1,009 6,993 3,723 54,978 16,930 5,430 10,138 6,806 3,332 4,941 4,106 843 3,263 835 487 349 17,539 8,053 4,607 3,446 9,486 807 834 3,948 1,023 2,702 173 71,661 16,507 4,062 7,632 3,391 4,241 11,823 8,795 7,750 1,045 3,028 973 2,055 31,637 12,658 7,027 5,631 18,979 2,610 3,808 740 992 7,062 3,767 51,531 12,878 4,642 10,392 7,145 3,247 4,945 4,093 799 3,294 852 494 358 18,674 9,202 4,992 4,210 9,472 573 857 4,111 996 2,759 176 69,733 14,286 3,444 7,488 3,273 4,215 11,297 8,237 7,285 952 3,060 976 2,084 33,218 11,260 6,582 4,678 21,958 5,607 3,825 742 987 7,081 3,717 49,410 12,196 4,479 10,303 6,962 3,341 4,564 3,699 630 3,069 865 504 362 17,868 8,192 4,329 3,863 9,676 510 939 4,250 966 2,830 180 68,301 15,185 3,455 7,884 3,622 4,262 11,744 8,652 7,796 856 3,092 981 2,110 30,033 11,599 6,863 4,736 18,434 1,643 3,984 740 976 7,319 3,773 54,141 14,248 5,283 11,294 8,103 3,191 4,546 3,669 623 3,046 877 513 365 18,770 8,728 4,719 4,009 10,042 667 926 4,374 961 2,931 183 76,565 19,142 4,557 8,151 3,414 4,737 11,912 8,787 7,722 1,065 3,125 988 2,137 32,803 11,478 6,822 4,656 21,325 3,639 4,140 730 965 7,928 3,923 58,823 17,006 5,949 11,695 8,356 3,339 4,802 3,907 643 3,264 895 522 373 19,371 8,602 4,814 3,788 10,769 875 1,044 4,492 956 3,219 184 68,164 16,295 4,224 7,102 2,934 4,168 10,373 7,434 7,066 368 2,939 981 1,958 30,170 9,992 6,035 3,957 20,178 3,082 4,083 663 1,092 7,599 3,660 50,033 14,453 4,874 8,891 5,924 2,967 4,728 3,363 598 2,765 1,365 474 891 17,087 8,094 4,062 4,032 8,993 597 975 3,533 1,112 2,613 161 69,325 16,030 4,279 7,075 2,918 4,157 11,221 8,259 7,313 946 2,962 974 1,988 30,720 10,897 6,262 4,635 19,823 3,150 4,126 701 1,045 7,146 3,655 50,484 14,252 4,874 9,580 6,456 3,124 4,902 3,828 718 3,110 1,074 480 594 16,876 7,631 4,287 3,344 9,245 612 999 3,756 1,050 2,658 169 69,882 16,217 4,288 7,307 3,140 4,167 11,389 8,394 7,357 1,037 2,995 972 2,023 30,681 11,195 6,380 4,815 19,486 3,253 3,842 735 1,009 6,993 3,654 51,453 14,314 4,829 9,787 6,579 3,208 5,036 4,201 843 3,358 835 487 349 17,487 8,183 4,657 3,526 9,304 624 834 3,948 1,023 2,702 173 72,121 18,005 4,255 7,682 3,338 4,344 11,157 8,129 7,329 800 3,028 973 2,055 31,022 11,415 6,517 4,898 19,607 3,274 3,808 740 992 7,062 3,731 53,264 15,025 5,392 10,271 7,016 3,255 4,592 3,740 799 2,941 852 494 358 17,984 8,457 4,522 3,935 9,527 627 857 4,111 996 2,759 176 71,002 16,089 3,736 7,837 3,337 4,500 11,630 8,570 7,487 1,083 3,060 976 2,084 31,710 11,906 6,852 5,054 19,804 3,364 3,825 742 987 7,081 3,805 53,223 14,168 4,960 10,873 7,360 3,513 4,698 3,833 630 3,203 865 504 362 18,524 8,720 4,705 4,015 9,804 639 939 4,250 966 2,830 180 70,021 14,543 3,456 7,853 3,611 4,242 11,944 8,852 7,862 990 3,092 981 2,110 32,225 12,118 6,963 5,155 20,107 3,292 3,984 740 976 7,319 3,797 52,463 12,895 4,720 11,249 8,093 3,156 4,697 3,820 623 3,197 877 513 365 18,902 8,874 4,827 4,047 10,028 653 926 4,374 961 2,931 183 73,228 16,569 4,059 7,789 3,417 4,372 12,155 9,030 7,902 1,128 3,125 988 2,137 32,656 11,649 7,001 4,648 21,007 3,388 4,140 730 965 7,928 3,855 55,244 14,464 5,335 11,282 8,069 3,213 4,874 3,979 643 3,336 895 522 373 19,289 8,727 4,838 3,889 10,562 667 1,044 4,492 956 3,219 184 11,937 2,839 9,098 8,619 47,156 15,348 31,808 30,914 2,649 663 1,986 2,199 11,416 3,533 7,882 7,123 2,916 701 2,215 2,158 11,663 3,756 7,907 7,658 3,124 735 2,389 2,131 11,902 3,948 7,954 8,003 3,248 740 2,508 2,131 12,175 4,111 8,064 8,130 3,265 742 2,523 2,176 12,472 4,250 8,222 8,026 3,277 740 2,537 2,236 12,826 4,374 8,452 7,704 3,309 730 2,579 2,305 13,194 4,492 8,702 7,495 2,649 663 1,986 2,199 11,416 3,533 7,882 7,123 2,916 701 2,215 2,158 11,663 3,756 7,907 7,658 3,124 735 2,389 2,131 11,902 3,948 7,954 8,003 3,248 740 2,508 2,131 12,175 4,111 8,064 8,130 3,265 742 2,523 2,176 12,472 4,250 8,222 8,026 3,277 740 2,537 2,236 12,826 4,374 8,452 7,704 3,309 730 2,579 2,305 13,194 4,492 8,702 7,495 -482,872 74,261 -408,611 II Seasonally adjusted 2003 I II III IV I -96,947 -116,868 -134,059 -134,998 -126,994 -133,451 -146,675 -106,033 -121,286 -123,312 -132,241 -136,018 -138,088 -136,232 17,984 17,742 18,131 18,841 18,429 18,857 17,779 17,558 20,488 15,387 18,256 20,130 20,323 14,160 -76,459 -101,481 -115,803 -114,868 -106,671 -119,291 -128,933 -87,902 -102,445 -104,883 -113,384 -118,239 -120,530 -118,248 ” Preliminary. ' Revised. 1. Includes royalties, license fees, and other fees associated with the use of intangible assets, including patents, trade secrets, and other proprietary rights, that are used in connection with the production of goods. 2. Includes royalties, license fees, and other fees associated with the use of copyrights, trademarks, franchises, rights to broadcast live events, software licensing fees, and other intangible property rights. 3. Other unaffiliated services receipts (exports) include mainly expenditures of foreign governments and international organiza tions in the United States and film and television tape rentals. Payments (imports) include mainly expenditures of U.S. residents temporarily working abroad and film and television tape rentals. 4. Includes charges for auxiliary insurance services. 5. Beginning in 1992, the net result of (line 51 - line 52) - (line 55 - line 56) is recorded in “private remittances and other transfers" (table F.2, line 38). Source: Table 3 in “U.S. International Transactions, Third Quarter 2003" in the January 2004 issue of the Survey o f C u rren t Busi ness. Footnotes to Tables F.2. and F.3. Footnotes to Tables F.2 and F.3: 1. Credits, +: Exports of goods and services and income receipts; unilateral current transfers to the United States: capital account transactions receipts: financial inflows—increase in foreign-owned assets (U.S. liabilities) or decrease in U.S.-owned assets (U.S. claims). Debits,-: Imports of goods and services and income payments; unilateral current transfers to foreigners; capital accounts transac tions payments; financial outflows—decrease in fbreign-owned assets (U.S. liabilities) or increase in U.S.-owned assets (U.S. claims). 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 m Census import documents, and reflects various other adjustments (for valua tion, coverage, and timing) of Census statistics to balance of payments basis; see table 2 in ‘ U.S. International Transactions, Third Quarter 2003’ in the January 2004 issue of the Survey o f C urrent Business. 3. Includes some goods: Mainly military equipment in line 5; major equipment, other materials, supplies, and petroleum products purchased abroad by U.S. military agencies in line 22; and fuels purchased by airline and steamship operators in lines 8 and 25. 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. At the present time, all U.S. Treasury-owned gold is held in the United States. 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-lmport Bank obligations, not included elsewhere, and of debt securities of U.S. Govern ment 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 2003’ in the January 2004 issue of the Survey. 12. Consists of investments in U.S. corporate stocks and in debt securities of private corporations and State and local govern ments. 13. Conceptually, line 76 is equal to ‘ net foreign investment* in the national income and product accounts (NIPAs). However, the foreign transactions account in the NIRAs (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 reconciliation table 2 in appendix A in this issue of the Survey. A reconciliation of the other foreign transactions in the two sets of accounts appears in table 4.5 of the full set of NIFft tables. Additional footnotes to Table F.3: 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 includes taxes withheld; currentcost adjustments associated with U.S. and foreign direct investment; before 1996, 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 are not shown separately; see totals in lines 56 and 63. March 2004 D -68 G. Investment Tables Table G.1. International Investment Position of the United States at Yearend, 2001 and 2002 [Millions of dollars] Changes in position in 2001 (decrease (-)) Attributable to: Valuation adjustments Line Type of investment Position, Financial flows 2001' Position, Total Price changes (a) Exchange rate changes1 Other changes2 (c) <d) 2002 » (a+b+c+d) 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). -1,979,906 -2,314,271 -527,998 -527,998 -83,284 -42,105 147,129 230,053 56,848 49,166 -407,305 -290,884 -2,387,211 -2,605,155 U.S.-owned assets abroad: With direct investment positions at current cost (lines 5+10+15).... With direct investment positions at market value (lines 5+10+16)... 6,187,410 6,891,251 178.985 178.985 -365,107 -847,812 182,335 264,680 5,568 -13,542 1,781 -417,689 6,189,191 6,473,562 129,961 72,328 10,783 17,869 28,981 3,681 18,492 3 18,492 6,482 -14 4 -14 28,641 18,478 1,383 4,110 4,670 158,602 90,806 12,166 21,979 33,651 U.S. Government assets, other than official reserve assets........... U.S. credits and other long-term assets 5 Repayable in dollars................. Other 6....................................... U.S. foreign currency holdings and U.S. short-term assets........ 85,654 83,132 82,854 278 2,522 32 -73 -69 -4 105 32 -73 -69 -A 105 85,686 83,059 82,785 274 2,627 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).. 5,971,795 6,675,636 175.272 175.272 -383,599 -866,304 175,853 258,198 5,582 -13,528 -26,892 -446,362 5,944,903 6,229,274 1,598,072 2,301,913 2,114,734 502,061 1,612,673 835,780 1,423,209 137.836 137.836 -15,801 -33,478 17,677 31,880 21,357 -5,215 -487,920 -378,384 21,274 -399,658 25,577 107,922 126,427 11,927 114,500 13,301 10,548 -4,418 -23,528 153,780 -265,690 -267,758 -277 -267,481 55,181 31,905 1,751,852 2,036,223 1,846,976 501,784 1,345,192 890,961 1,455,114 8,167,316 9,205,522 706.983 706.983 -281,823 -805,707 35,206 34,627 -51,280 -62,708 409,086 -126,805 8,576,402 9,078,717 Foreign official assets in the United States.................................... U.S. Government securities........................................................ U.S. Treasury securities Other............................. Other U.S. Government liabilities7 U.S. liabilities reported by U.S. banks, not included elsewhere.. Other foreign official assets........................................................ 1,027,194 798,844 650,703 148,141 17,007 123,425 87,918 94,860 73,521 43,144 30,377 137 17,594 3,608 10,476 25,640 16,761 8,879 -15,164 105,336 99,161 59,905 39,256 137 17,594 -11,556 1,132,530 898,005 710,608 187,397 17,144 141,019 76,362 Other foreign assets: With direct investment at current cost (lines 35+37+38+41+42+43)... With direct investment at market value (lines 36+37+38+41+42+43). 7,140,122 8,178,328 612.123 612.123 -292,299 -816,183 35,206 34,627 -51,280 -62,708 303,750 -232,141 7,443,872 7,946,187 1,514,374 2,552,580 389,000 2,855,705 1,391,616 1,464,089 275,569 799,120 1,306,354 39.633 39.633 96,217 291,492 236,309 55,183 21,513 72,142 91,126 -6,060 -529,944 18,413 -304,652 43,801 -348,453 579 -44,098 -55,526 -9,946 -545,837 114,630 5,410 298,680 -293,270 21,513 71,139 101,004 1,504,428 2,006,743 503,630 2,861,115 1,690,296 1,170,819 297,082 870,259 1,407,358 U.S. official reserve assets.............................................. Gold.............................................................................. Special drawing rights................................................. Reserve position in the International Monetary FundForeign currencies....................................................... Direct investment abroad: At current cost................................................................................................ At market value.. Foreign securities... Bonds................ Corporate stocks U.S. claims on unaftmaiea foreigners reported Dy U.S. nonDanKing concerns.. U.S. claims reported by U.S. banks, not included elsewhere............................ Foreign-owned assets in the United States: With direct investment at current cost (lines 26+33)... With direct investment at market value (lines 26+34). Direct investment in the United States: At current cost.................................................................................................. At market value................................................................................................ U.S. Treasury securities........................................................................................ U.S. securities other than U.S. Treasury securities Corporate and other bonds.............................. Corporate stocks.............................................. U.S. currency........................................................ U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns. U.S. liabilities reported by U.S. banks, not included elsewhere........................... f 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, capital gains and losses of direct investment affiliates, and other statistical adjust ments 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. Reflects changes in gold stock from U.S. Treasury sales of gold medallions and commemorative and bullion coins: also reflects replenishment through open market purchases. These demonetizations/monetizations are not included in international transactions financial flows. 475 2,632 574 908 1,478 4,096 10,000 18.570 18.570 6,179 9,878 -7,182 5. Also includes paid-in capital subscriptions to international financial institutions and resources provided to foreigners under foreign assistance programs requiring repayment over several years. Excludes World War I debts that are not being serviced. 6. Includes indebtedness that the borrower may contractually, or at its option, repay with its currency, with a third country’s currency, or by delivery of materials or transfer of services. 7. Primarily U.S. Government liabilities associated with military sales contracts and other transactions arranged with or through foreign official agencies. Source: Table 1 in The International Investment Position of the United States at Yearend 2002" in the July 2003 issue of the S urvey o f C urrent B usin ess . March 2004 S urvey of C urrent D -6 9 B u s in e s s Table G.2. U.S. Direct Investment Abroad: Selected Items, by Country of Foreign Affiliate and by Industry of Foreign Affiliate, 1999-2002 [Millions of dollars] Direct investment position on a historical-cost basis All countries, all industries............................................... Capital outflows (inflows (-)) 1999 2000 2001 2002 1,215,960 1,316,247 1,383,225 1,520,965 Income 1999 2000 2001 2002 1999 2000 2001 2002 209,392 142,627 103,767 119,742 114,348 133,692 107,060 123,889 By country of foreign affiliate Canada...................................................................................... 119,590 132,472 141,789 152,522 22,824 16,899 15,510 12,893 13,529 16,181 11,881 11,098 Europe....................................................................................... Of which: France .............................................................................. Germany, Ireland.... Netherlands Switzerland United Kingdom 627,754 687,320 716,901 796,913 109,484 77,976 44,720 66,761 58,289 65,574 51,133 59,487 43,120 53,399 25,157 121,315 40,532 216,638 42,628 55,508 35,903 115,429 55,377 230,762 40,839 65,800 35,712 126,076 60,675 238,773 43,978 64,739 41,636 145,474 70,051 255,391 2,111 5,658 4,741 13,320 6,929 47,265 1,967 3,811 9,823 961 8,687 28,317 -118 11,046 196 12,828 4,029 15,720 2,132 -4654 4,870 18,325 7,673 18,871 1,781 5,086 4,167 13,646 6,686 13,629 2,370 4,736 5,773 13,402 5,027 19,099 1,722 3,879 4,375 12,096 4,974 9,665 1,884 2,991 4,652 14,401 7,861 11,250 253,928 266,576 282,328 272,363 44,658 23,212 26,152 8,610 19,686 19,796 18,860 16,809 50,847 37,184 37,151 29,762 60,114 36,717 39,352 33,451 66,144 35,523 56,554 30,242 68,856 31,715 58,074 29,252 6,871 5,672 8,164 11,264 9,363 3,350 4,203 989 6,704 769 15,305 -20 4,238 181 3,627 -719 4,655 1,180 4,350 2,466 6,446 1,621 4,431 1,606 6,137 1,294 4,251 2,813 4,758 766 4,532 3,132 Latin America and Other Western Hemisphere....................... Of which: Bermuda........................................................................... Brazil................................................................................ Mexico.............................................................................. United Kingdom Islands, Caribbean................................. Africa......................................................................................... 13,118 11,891 13,411 15,066 596 716 1,120 861 1,803 2,010 1,537 1,938 Middle East............................................................................... 10,950 10,863 12,351 14,154 1,000 1,375 1,585 1,837 1,334 2,272 1,375 1,864 Asia and Pacific........................................................................ Of which: Australia............................................................................ Hong Kong Japan..... Singapore 190,621 207,125 216,445 269,947 30,831 22,449 14,680 28,779 19,707 27,861 22,274 32,694 35,386 22,759 55,120 20,665 34,838 27,447 57,091 24,133 32,574 32,089 58,233 26,749 36,337 35,764 65,676 61,361 4,868 4,447 10,602 3,863 890 4,922 4,295 3,688 -396 4,407 2,322 3,820 3,726 2,035 4,482 11,407 2,397 3,170 4,146 2,604 3,415 5,163 5,988 4,045 1,702 4,785 4,767 2,600 2,596 4,962 6,807 10,060 Mining........................................................................................ 72,526 72,111 78,319 80,976 9,298 2,174 12,823 9,011 8,451 13,164 10,011 10,165 Utilities....................................................................................... 22,472 21,964 23,214 20,932 1,296 2,466 2,436 -3301 1,503 1,610 1,574 1,552 Manufacturing........................................................................... Of which: Food................................................................................. Chemicals...................... Primary and fabricated metals Machinery...................... Computers and electronic products.................................. Electrical equipment, appliances, and components........ Transportation equipment................................................. 327,282 343,899 365,924 392,553 39,672 43,002 29,899 29,510 35,637 42,230 32,234 31,279 23,268 81,727 21,569 21,501 46,783 8,212 43,322 23,497 75,807 21,644 22,229 59,909 10,005 49,887 24,681 93,779 22,699 21,292 65,559 10,118 44,210 28,240 99,371 24,359 22,025 69,208 10,166 48,378 1,111 9,007 2,068 2,785 9,631 1,136 4,482 2,014 3,812 1,233 2,659 17,303 2,100 7,814 2,274 8,270 1,251 -845 8,659 1,115 2,809 3,893 10,116 1,814 161 922 100 3,238 3,020 9,026 1,552 2,048 6,430 998 4,770 2,681 11,552 1,536 2,257 8,860 1,079 4,107 2,626 10,313 1,379 1,261 5,868 478 1,921 3,440 12,065 973 1,412 3,764 397 1,477 13,229 By industry of foreign affiliate Wholesale trade....................................................................... 86,313 93,936 102,322 114,895 11,029 11,938 9,096 7,182 12,414 14,198 13,002 Information............................................................................... 50,062 52,345 50,492 53,841 14,180 16,531 3,519 1,533 752 -964 -3491 237 Depository institutions (banking).............................................. 40,879 40,152 52,681 52,935 903 -1274 9,715 -1185 968 2,191 2,662 2,270 Finance (except depository institutions) and insurance........... 198,749 217,086 225,556 244,480 27,833 21,659 5,807 25,775 13,097 15,210 8,430 14,005 Professional, scientific, and technical services........................ 29,968 32,868 34,704 38,307 7,238 5,441 3,442 2,448 2,985 3,548 2,084 2,968 Other industries........................................................................ 387,709 441,886 450,013 522,047 97,944 40,690 27,030 48,769 38,542 42,504 40,555 48,184 N o te . 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 16 and 17 in “U.S. Direct Investment Abroad: Detail for Historical-Cost Position and Related Capital and Income Rows, 2002" in the September 2003 issue of the S urvey o f C urrent B u sin ess. D -7 0 International D ata March 2004 Table G.3. Selected Financial and Operating Data for Nonbank Foreign Affiliates of U.S. Companies by Country and by Industry of Affiliate, 2001 Majority-owned nonbank foreign affiliates (MOFAs) All nonbank affiliates Millions of dollars Millions of dollars U.S. exports of goods shipped to affiliates U.S. imports of goods shipped by affiliates Thousands of employees 583,444 198,547 197,436 8,193.4 16,417 97,126 71,527 317,983 63,501 47,906 71,871 37,928 1,044.2 3,749.4 121,962 199,178 112,599 415,338 306,912 3,899 8,309 22,397 8,451 29,120 34,367 57,710 20,362 103,143 64,315 4,079 7,352 8,807 11,746 43,363 2,845 5,067 2,425 8,637 48,126 540.5 601.0 175.8 1,204.8 1,585.7 94,336 98,261 51,299 24,964 768,522 59,760 107,293 33,597 18,213 515,743 -1,360 4,409 2,900 1,938 28,879 14,547 19,891 12,271 7,354 109,995 3,523 33,595 707 854 42,216 1,666 41,177 4,066 810 34,636 348.0 801.8 139.1 60.2 1,614.8 316.9 494.6 101,371 263,034 58,563 157,228 2,407 6,437 18,427 37,376 4,662 13,222 1,080 2,231 265.3 235.1 180,050 167.8 114.8 5,074.3 234,459 138,199 1,024,761 92,043 75,222 1,148,329 15,430 1,512 50,941 55,188 11,203 300,819 1,315 4 129,108 9,766 154 166,801 147.9 77.9 4,308.8 3,084 14,338 3,916 8,121 44,884 425.6 631.0 255.6 403.3 747.3 60,970 274,113 52,309 55,781 153,848 83,807 205,790 39,778 60,244 203,268 3,676 17,643 1,485 1,981 9,391 18,668 57,617 11,908 16,725 36,038 4,209 17,266 3,249 7,362 28,671 3,017 13,771 3,836 7,308 44,573 376.9 567.3 235.0 339.6 719.6 2,756 53,746 62,016 4,751 83,741 18,869 23,977 160,937 753 1,812 16,562 -14,928 6,945 44,606 92,713 19,388 2,658 51,766 60,711 677 223.4 893.0 18,736 (D) 27,480 252,092 663,352 76,457 4,151 73,646 (D) 264.4 1,047.1 831.7 700.8 783.1 339.2 9 0 899 198,581 81,794 184,778 19,282 5,395 82,186 23,511 30,926 49,695 9 1,529 5,195 U.S. exports of goods shipped to affiliates U.S. imports of goods shipped by affiliates Thousands of employees Total assets Sales 9,775.6 5,225,797 2,520,556 176,380 77,041 38,400 1,156.3 4,168.5 464,038 3,170,144 334,124 1,311,967 2,966 5,086 2,571 8,648 50,769 578.3 652.6 230.1 1,279.9 2,005.1 166,117 268,999 398,356 1,391,209 746,829 3,615 34,635 786 922 44,312 1,810 42,782 40,560 406.4 1,016.7 241.0 93.1 2,111.7 2,632 7,247 4,726 14,585 1,082 7,899 103,016 97,564 1,329,898 18,128 3,115 55,120 1,478 5 133,591 10,614 67,572 309,369 58,613 69,322 160,111 93,164 230,312 45,790 75,101 207,822 4,030 18,425 1,766 2,188 9,237 4,487 18,067 3,407 7,751 28,919 27,264 207,235 396,093 295,805 31,000 306,862 698,852 165,558 829 2,251 17,716 -13,582 2,028,161 124,005 1,345,067 211,006 86,417 237,298 19,853 5,547 86,250 Total assets Sales Net income All countries, all industries............. By country 5,836,225 2,929,609 192,147 205,030 211,761 Canada................................................................ Europe................................................................. Of which: France......................................................... Germany..................................................... Netherlands................................................. United Kingdom........................................... Latin America and Other Western Hemisphere Of which: Brazil........................................................... Mexico......................................................... Africa.................................................................... Middle East.......................................................... Asia and Pacific................................................... Of which: Australia....................................................... Japan........................................................... 509,564 3,393,748 367,216 1,459,546 17,401 103,812 65,303 48,873 190,604 320,810 423,488 1,432,135 884,540 134,870 240,718 141,185 428,171 371,684 3,770 9,042 23,810 8,059 33,697 4,606 7,436 9,029 44,834 126,088 128,203 67,280 55,581 925,513 73,180 132,068 42,145 34,815 654,203 -1,769 6,087 3,541 2,641 31,055 111,608 345,333 69,448 241,072 256,604 188,456 1,202,034 (D) (D) (D) Net income Gross product By industry Mining.................................................................. Utilities................................................................. Manufacturing...................................................... Of which: Food............................................................ Chemicals.................................................... Primary and fabricated metals.................... Machinery.................................................... Computers and electronic products............ Electrical equipment, appliances, and components............................................. Transportation equipment............................ Wholesale trade.................................................. Information.......................................................... Finance (except depository institutions) and insurance......................................................... Professional, scientific, and technical services.... Other industries................................................... (D) 5,592 (D) (D) 343.9 437.8 2,104.5 378,528 123,481 1,955,630 120,741 1,249,998 D Suppressed to avoid disclosure of data of individual companies. N o te : The data in this table are from “U.S. Multinational Companies: Operations in 2001” in the November 2003 issue of the S urvey o f C u r r e n t Business. (D) 0 (D) 995 320.2 409.4 1,806.9 March 2004 S urvey of C u rrent D-71 B u s in e s s Table G.4. Foreign Direct Investment in the United States: Selected Items, by Country of Foreign Parent and by Industry of U.S. Affiliate, 1999-2002 [Millions of dollars] Direct investment position on a historical-cost basis 1999 All countries, all industries............................................................. 955,726 2000 2001 Capital inflows (outflows (-)) 2002 1,256,867 1,355,114 1,347,994 1999 283,376 Income 2000 2001 2002 1999 2000 314,007 143,980 30,032 46,385 47,921 8,899 38,821 2001 2002 By country of foreign parent Canada ................................................................................................... 90,559 114,309 102,127 92,041 26,367 27,258 12,957 -3,577 2,215 849 -5,817 -1,233 Europe.................................................................................................... Of which: France............................................................................................. Germany......................................................................................... Luxembourg.................................................................................... Netherlands..... Switzerland..... United Kingdom 639,923 887,014 1,005,606 1,006,530 223,406 251,041 127,859 25,956 36,753 38,766 17,454 32,348 89,945 112,126 35,644 125,010 52,973 153,797 125,740 122,412 58,930 138,894 64,719 277,613 148,282 164,017 34,111 157,596 118,447 269,321 170,619 137,036 34,349 154,753 113,232 283,317 29,834 23,478 6,887 41,689 2,503 108,566 51,001 14,054 30,864 33,517 12,124 82,652 12,146 37,939 -21,654 25,193 52,580 4,891 16,097 -4,607 -1,327 -4,989 1,907 14,851 2,954 6,123 2,241 7,299 2,844 11,899 3,633 2,140 4,711 8,776 2,782 13,347 5,477 -8,155 2,675 3,739 1,089 10,368 5,052 -2,906 1,220 5,652 5,137 12,309 Latin America and Other Western Hemisphere..................................... Of which: Bermuda......................................................................................... Mexico............................................................................................. Panama........................................................................................... United Kingdom Islands, Caribbean.............................................. 40,771 53,691 54,082 52,291 16,929 12,741 3,435 -1,190 2,397 2,382 -3,567 -458 14,798 1,999 5,275 11,573 18,336 7,462 3,819 15,191 4,611 7,336 4,391 26,200 977 7,857 5,668 25,502 10,338 1,273 -226 4,137 2,965 5,062 -1,087 3,800 -8,734 -320 303 13,069 -3,012 1,281 1,824 -1,419 41 175 752 1,527 -204 -142 647 1,627 -5,076 -716 499 1,264 -2,928 -369 844 720 1,361 2,700 2,397 2,344 423 666 -374 28 -66 31 -198 36 Middle East............................................................................................. 4,362 6,506 6,145 6,766 376 2,389 -334 560 156 241 220 -89 Asia and Pacific....................................................................................... Of which: Australia.......................................................................................... Japan... Singapore 178,749 192,647 184,757 188,023 15,876 19,912 438 8,253 4,931 5,651 808 8,218 15,616 153,815 1,365 18,775 159,690 5,087 22,289 150,008 3,490 24,470 152,032 2,902 4,193 11,555 -560 4,935 7,820 5,911 5,675 -4,005 -1,467 4,258 4,970 -530 643 4,006 101 356 5,182 -123 1,488 -110 -164 749 7,323 -75 Manufacturing......................................................................................... Of which: Food................................................................................................ Chemicals....................................................................................... Primary and fabricated metals....................................................... Machinery....................................................................................... Computers and electronic products............................................... Electrical equipment, appliances, and components...................... Transportation equipment.............................................................. 406,415 480,561 484,042 470,893 82,382 105,119 36,855 4,445 28,855 24,744 5,288 21,706 15,015 96,614 18,831 30,462 62,566 13,413 52,809 18,073 120,413 24,184 32,283 92,782 43,109 55,750 15,240 123,748 19,217 32,924 58,053 61,103 60,881 15,113 112,602 18,482 35,502 54,040 53,834 61,570 -1,637 7,435 2,881 17,878 29,481 4,206 7,153 2,281 25,466 8,199 2,175 33,073 13,333 1,653 -2,735 9,236 -3,219 1,553 -1,282 17,878 9,719 1,427 -10,519 1,038 1,150 -2,598 376 5,814 1,246 6,236 886 886 634 585 6,946 1,076 4,572 1,121 1,003 2,395 2,033 4,284 528 3,413 -287 582 -4,965 22 1,772 -71 7,326 114 -131 -1,543 4,454 4,204 Wholesale trade...................................................................................... 106,745 173,991 177,396 188,819 16,458 52,501 6,962 10,815 6,066 13,569 9,347 13,067 Retail trade.............................................................................................. 22,387 26,703 28,323 28,341 3,335 4,111 5,183 548 1,152 1,519 674 2,008 Information.............................................................................................. 78,035 146,856 199,809 185,408 81,894 25,207 47,436 8,074 -22 -3,996 -12,000 -4,354 2,431 By Industry of U.S. affiliate Depository institutions (banking)............................................................ 61,972 64,236 71,628 80,726 19,471 5,775 7,329 4,132 2,974 3,590 2,715 Finance (except depository institutions) and insurance........................ 132,203 167,007 174,109 162,853 35,185 50,990 18,659 -7,887 3,185 3,782 -433 305 Real estate and rental and leasing........................................................ 47,816 49,985 49,828 50,769 5,948 3,473 -2,645 1,781 1,211 2,382 1,562 1,866 Professional, scientific, and technical services...................................... 11,682 30,492 41,659 40,245 5,826 34,136 9,952 1,414 -66 -166 -20 5 Other industries....................................................................................... 88,473 117,037 128,320 139,939 32,876 32,695 14,250 6,710 3,029 2,496 1,766 1,787 N o te . 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. 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, 2002” in the September 2003 issue of the S urvey o f C u rrent B u sin ess . March 2004 International D ata D -7 2 Table G.5. Selected Financial and Operating Data of Nonbank U.S. Affiliates of Foreign Companies by Country of Untimate Beneficial Owner and by Industry of Affiliates, 2001 Majority-owned nonbank affiliates All nonbank affiliates Millions of dollars Millions of dollars All countries, all industries......... Total assets Sales 5,466,000 2,354,136 Net income -42,902 Gross product 486,553 Millions of dollars Millions of dollars Thousands of employees U.S. exports of goods shipped by affiliates U.S. imports of goods shipped to affiliates 6,371.9 163,641 369,488 Total assets Sales 4,732,536 2,085,727 Net income -48,608 Gross product 428,109 Thousands of employees U.S. exports of goods shipped by affiliates U.S. imports of goods shipped to affiliates 5,671.5 149,323 352,861 By country Canada............................................... 385,328 156,413 -18,848 34,648 562.2 9,497 16,596 367,143 146,772 -18,694 30,843 509.4 9,143 16,170 Europe................................................ Of which: France......................................... Germany..................................... Netherlands................................ Sweden....................................... Switzerland................................. United Kingdom......................... 3,732,776 1,389,403 -18,654 308,241 4,251.0 86,263 145,454 3,523,089 1,249,018 -20,864 275,753 3,894.9 78,431 139,964 534,536 687,828 620,025 65,477 818,244 841,184 188,096 313,897 244,594 41,001 127,686 353,895 -5,085 -12,786 1,964 -852 -4,425 4,474 39,975 50,180 44,685 10,494 36,080 100,338 578.6 734.8 571.9 248.8 546.8 1,120.7 16,011 30,173 6,717 3,866 7,216 15,985 19,154 55,981 16,496 4,171 8,461 26,366 490,219 671,073 598,268 64,968 793,647 755,051 168,649 302,392 -3,309 -12,734 (D) 55,687 40,263 115,143 319,860 (D) -813 -4,435 2,372 505.5 699.4 558.3 241.4 452.4 1,037.7 10,464 29,665 (D) 37,376 46,985 40,309 10,133 30,374 87,941 3,846 7,110 15,394 4,141 8,298 26,046 250,890 138,681 -7,725 33,724 456.3 10,587 18,547 237,244 118,571 -7,848 29,631 355.8 10,357 15,735 149,960 29,957 1,750 57,834 29,809 1,194 -7,353 -825 -9 14,079 6,303 510 225.4 143.8 6.6 6,293 (D) 16,291 1,134 -670 -15 14,008 3,270 492 223.8 50.1 6.5 6,284 21,173 1,637 (D) (D) (D) 127 1,937 3,409 64 1,932 2,774 64 44,411 11,815 (D) 34.8 7.7 (D) 43,927 9,596 -322 1,910 343 (D) (D) (D) (D) (D) 33.3 H (D) (D) 1,555 794 2,002 6,445 1,555 25,635 8,145 5,559 22 1,126 11.0 639 254 (D) (D) (D) (D) J (D) 249 Latin America and Other Western Hemisphere..................................... Of which: Bermuda..................................... Mexico........................................ Panama....................................... United Kingdom Islands, Caribbean............................... Venezuela................................... Africa................................................... (D) (D) (D) 127 (D) (D) Middle East......................................... 25,621 32,251 928 8,819 48.2 846 7,801 23,557 30,805 969 8,298 39.8 842 7,744 Asia and Pacific.................................. Of which: Australia...................................... Japan.......................................... 656,210 576,886 -5,424 87,368 965.1 54,017 179,590 555,586 518,444 -3,576 76,499 829.7 48,205 171,845 68,610 536,435 31,243 481,598 -3,601 99 8,251 71,663 80.4 786.8 1,715 43,725 1,328 153,342 60,231 449,523 25,526 437,268 -3,414 1,576 7,171 62,983 66.4 683.6 40,728 (D) 782 149,817 United States...................................... 407,029 54,944 6,798 12,627 78.1 1,792 1,245 (D) (D) (D) (D) K (D) 1,153 Manufacturing..................................... Of which: Food............................................ Chemicals................................... Primary and fabricated metals.... Machinery................................... Computers and electronic products.................................. Electrical equipment, appliances, and components.................... Transportation equipment.......... 1,151,660 952,003 -22,025 225,483 2,569.8 99,394 144,995 1,066,060 829,797 -22,524 204,508 2,355.7 88,818 131,019 59,196 263,557 61,158 95,222 49,269 174,681 63,091 72,510 -74 -630 83 -1,592 11,362 44,412 17,014 21,325 153.0 385.2 211.7 309.9 2,364 16,935 5,588 8,572 3,953 20,704 8,525 8,773 57,730 244,245 52,230 93,528 46,268 160,158 54,127 71,023 -136 -1,138 -19 -595 10,762 40,640 15,167 21,275 143.2 354.4 196.5 303.5 2,242 15,872 4,483 8,357 3,879 20,404 7,667 8,464 111,804 98,870 -19,162 21,566 256.6 17,421 24,184 98,829 85,648 -18,673 18,455 224.9 12,478 17,040 118,087 206,515 49,658 198,389 -1,509 -2,472 12,777 32,166 198.8 389.2 6,080 29,788 3,056 50,651 117,844 199,646 49,279 187,749 -1,527 -2,658 12,689 29,685 197.7 361.7 5,958 3,001 (D) (D) Wholesale trade.................................. 411,476 653,230 8,227 85,241 596.6 58,099 213,468 403,192 631,713 7,769 81,839 563.8 54,537 211,182 Retail trade.......................................... 83,705 137,142 -989 30,131 776.5 1,443 5,114 63,854 115,413 -605 25,311 630.8 1,422 4,824 Information.......................................... Of which: Publishing industries.................. Broadcasting and telecommunications............... 334,134 98,779 -19,709 18,372 307.4 (D) 242 245,267 71,410 -19,886 8,444 235.0 (D) (D) 59,148 28,976 -4,059 7,698 101.9 467 (D) 44,867 25,397 -3,228 6,321 86.8 455 140 (D) 2 (D) (D) (D) (D) (D) (D) 2 By industry1 178,253 45,443 -12,434 4,263 94.2 Finance (except depository institutions) and insurance............. 2,922,634 253,305 -4,705 33,264 336.5 (*) 4 2,475,361 207,910 -10,954 24,139 278.7 (*) 4 Real estate and rental and leasing.... 118,683 24,197 2,395 11,255 44.6 (D) 455 106,962 21,240 2,040 9,652 35.8 (D) 455 Professional, scientific, and technical services........................................... 60,319 45,396 -3,395 15,178 202.4 405 313 52,073 41,891 -2,432 14,500 180.8 (D) (D) Other industries.................................. 383,390 190,084 -2,701 67,628 1,538.1 3,370 4,897 319,767 166,352 -2,017 59,716 1,390.9 3,255 4,846 D Suppressed to avoid disclosure of data of individual companies. * Less than $500,000. 1. The industry classification system used to classify the data for U.S. affiliates is based on the North American Industry Classification System. Prior to 1997, the affiliate data were classified using an industry classification system based on the Standard Industrial Classification system. N o te s . The data in this table are from BEA's annual survey of the operations of U.S. affiliates of foreign companies; see “U.S. Affiliates of Foreign Companies: Operations in 2001," in the August 2003 issue of the S u rvey o f C u rrent B u sin ess. Size ranges are given in employment cells that are suppressed. The size ranges are: A—1 to 499; F—500 to 999; G—1,000 to 2,499; H-2,500 to 4,999; 1-5,000 to 9,999; J—10,000 to 24,999; K-25,000 to 49,999; L-50,000 to 99,999; M—100,000 or more. March 2004 D -73 H. International Perspectives The quarterly data in this table are shown at the end m onth o f the quarter. 2002 Nov. 2003 Dec. Jan. Feb. March April June May 2004 July Aug. Sept. Oct. Nov. Dec. Jan. Unemployment rate (percent) Euro area.................................................... France. Germany Italy..... Netherlands United Kingdom Japan...... Singapore South Korea................................................ Taiwan........................................................ Canada....................................................... Mexico........................................................ United States.............................................. 8.6 9.2 10.0 8.7 9.3 10.3 8.7 9.4 10.5 4.5 5.1 5.5 4.9 5.2 5.2 2.8 5.2 7.5 2.6 5.9 8.6 9.3 10.1 8.9 4.4 5.1 5.3 4.2 3.1 5.0 7.5 2.1 6.0 3.5 5.0 7.4 2.7 5.7 Euro area.................................................... France.................................................... Germany................................................. Italy......................................................... Netherlands............................................ United Kingdom.......................................... Singapore................................................... South Korea................................................ Taiwan........................................................ Canada....................................................... Mexico........................................................ United States.............................................. 3.12 3.02 3.11 2.94 3.12 3.83 0.65 4.91 1.73 2.73 7.83 1.23 2.94 2.86 2.93 2.69 2.94 3.84 0.67 4.90 1.52 2.67 7.27 1.19 Euro area.................................................... France .................................................... Germany................................................. Italy......................................................... Netherlands............................................ United Kingdom.......................................... Japan.......................................................... Singapore South Korea Taiwan.... Canada... United States.............................................. 4.59 4.66 4.50 4.74 4.55 4.64 0.96 2.97 5.80 2.82 5.18 4.05 4.41 4.43 4.30 4.55 4,36 4.62 0.89 2.55 5.77 2.48 4.88 4.03 4.4 5.1 5.3 8.8 9.5 10.7 8.8 9.5 10.6 5.4 5.2 5.4 5.5 5.2 5.4 3.7 5.2 7.4 2.7 5.8 8.8 9.4 10.6 8.9 5.1 5.2 5.4 4.5 3.6 5.1 7.3 2.8 5.8 3.3 4.9 7.5 2.9 6.0 3.2 5.0 7.8 2.7 6.1 2.83 2.79 2.81 2.60 2.83 3.75 0.66 4.70 1.37 2.81 8.69 1.17 2.69 2.67 2.67 2.43 2.69 3.46 0.62 4.54 1.21 2.86 8.86 1.17 2.53 2.44 2.51 2.34 2.53 3.48 0.63 4.76 1.19 3.14 9.12 1.13 2.54 2.46 2.52 2.36 2.53 3.44 0.55 4.62 1.16 3.24 8.00 1.13 4.27 4.27 4.20 4.38 4.19 4.44 0.75 2.44 5.43 1.96 5.02 4.05 4.06 4.07 4.00 4.16 3.97 4.39 0.78 2.24 5.15 1.90 4.93 3.9 4.13 4.17 4.00 4.19 4.01 4.54 0.73 2.05 5.20 1.93 5.13 3.81 4.23 4.25 4.20 4.31 4.23 4.67 0.61 2.10 5.03 1.91 4.9 3.96 8.8 9.5 10.5 8.7 5.4 5.2 5.3 4.5 3.3 5.1 7.8 3.3 6.4 8.8 9.6 10.6 8.8 9.6 10.6 8.8 9.7 10.5 8.8 9.6 10.5 5.5 5.0 5.2 5.8 5.0 5.2 3.3 5.2 8.0 4.0 6.1 8.8 9.7 10.5 86 5.5 5.1 5.1 5.5 3.2 5.1 8.0 3.9 6.1 5.3 5.2 5.3 5.4 5.1 5.1 3.4 5.2 7.8 3.5 6.2 8.8 9.3 10.2 3.4 4.7 7.5 3.8 5.9 8.8 9.7 10.4 8.5 5.7 4.9 4.9 4.5 3.5 4.6 7.4 3.0 5.7 3.3 4.9 7.6 3.6 6.0 2.14 2.09 2.12 2.07 2.14 3.49 0.78 3 90 0.85 2.70 5.11 0.95 2.15 2.08 2.13 2.08 2.15 3 56 0.72 383 0.89 2.60 5.20 0.94 2.14 2.08 2.13 2.08 2.14 378 0.76 3 93 0.88 2.65 5.38 0.92 2.16 2.08 2.15 2.14 2.16 382 0.63 4 23 0.93 2.71 5.23 0.93 2.15 2.08 2.13 2.10 2.15 3.74 0.71 415 1.01 2.59 6.18 0.90 2.09 2.05 2.07 2.02 2.09 4.20 4.24 4.10 4.29 4.18 4.68 1.41 3.72 5.26 2.24 4.96 4.45 4.23 4.24 4.20 4.31 4.21 4 76 1.42 3.54 4.77 2.77 4.64 4.27 4.31 4.34 4.20 4.38 4.27 4.88 1.44 3.95 4.87 2.78 4.85 4.29 4.44 4.48 4.40 4.51 4.41 4 95 1.33 4.03 5.35 2.87 4.79 4.30 4.36 4.36 4.30 4.46 4.33 4.83 1.32 3.75 4.77 2.80 4.66 4.27 6.1 4.9 5.0 3.5 4.6 7.9 3.8 5.6 Short-term interest rate (percent per year) 2.41 2.32 2.39 2.20 2.40 341 0.55 4 39 1.11 3.20 5.75 1.07 2.15 2.07 2.13 1.98 2.15 3.47 0.52 4.28 1.09 3.13 5.37 0.92 2.13 2.07 2.11 1.98 2.13 333 0.63 4 15 0.85 2.81 5.27 0.90 0.77 0.96 2.26 5.11 0.88 Long-term interest rate (percent per year) 3.92 3.97 3.80 4.04 3.91 4 46 0.53 1.89 4.68 1.49 4.5 3.57 3.72 3.75 3.60 3.82 3.72 4.39 0.71 2.28 4.46 1.42 4.37 3.33 4.06 4.05 4.00 4.13 4.04 4 65 0.96 3.07 4.95 1.81 4.78 3.98 4.26 4.22 4.20 4.32 4.18 1.24 3.39 2.62 4.61 4.15 Real GDP (percent change from same quarter a year earlier) Euro area........... France........... Germany........ Italy................ Netherlands.... United Kingdom., Japan..... Singapore South Korea Taiwan............... Canada.............. Mexico............... United States..... 0.7 0.6 0.4 0.7 -0.2 1.8 2.8 1.6 3.7 5.3 2.5 2.3 2.0 0.2 -0.4 -0.7 0.3 -1.2 2.0 2.3 -3.8 1.9 1.1 1.4 0.2 3.1 0.3 -0.2 -0.2 0.6 -1.2 2.1 2.0 1.7 2.3 3.7 1.0 0.4 8.2 -0.5 1.6 3.6 4.9 Stock market prices (index number) France........................................................ Germany..................................................... Italy........ Netherlands United Kingdom Japan..... Singapore South Korea Taiwan........................................................ Canada....................................................... Mexico........................................................ United States.............................................. 53.14 47.12 60.29 54.88 65.73 54.51 68.02 102.59 60.15 68.39 94.60 65.95 48.94 41.05 55.36 48.93 62.12 50.75 65.55 88.82 57.64 68.85 94.14 61.97 46.93 39.00 53.20 44.71 56.24 49.33 63.13 83.77 64.92 68.38 91.49 60.27 43.99 36.15 54.19 40.36 57.63 49.47 62.27 81.45 57.38 68.23 91.07 59.25 41.83 34.40 50.93 37.68 56.96 47.16 61.97 75.82 55.94 66.02 90.87 59.74 47.18 41.76 56.12 42.85 61.89 46.33 62.63 84.83 53.70 68.55 100.03 64.58 47.79 42.33 58.57 42.54 63.82 49.83 65.94 89.65 58.98 71.40 102.93 67.87 Euro area (E).............................................. United Kingdom (f)..................................... Japan (Y).................................................... Singapore (S$)........................................... South Korea (W)......................................... Taiwan (NT$).............................................. Canada (Can$)........................................... Mexico (Ps)................................................. United States ($ )........................................ 1.0013 1.5711 121.61 1.7653 1210.2 34.673 1.5715 10.195 126.38 1.0194 1.5863 121.89 1.7532 1206.61 34.799 1.5592 10.225 125.7 1.0622 1.6175 118.81 1.7363 1176.45 34.571 1.5414 10.622 124.21 1.0785 1.6079 119.34 1.7451 1190.37 34.734 1.5121 10.945 124.12 1.0797 1.5825 118.69 1.7551 1237.2 34.721 1.4761 10.905 123.56 1.0862 1.5739 119.9 1.7771 1231.1 34.824 1.4582 10.589 122.54 1.1556 1.6224 117.37 1.7357 1201.23 34.697 1.384 10.253 118.54 49.26 45.71 58.13 44.20 63.55 53.73 70.77 94.82 63.07 72.68 108.40 68.64 51.28 49.50 59.16 48.13 65.53 56.57 76.20 100.99 68.85 75.54 113.01 69.75 52.89 49.46 59.59 49.94 65.60 61.19 78.17 107.50 73.15 78.24 116.64 71.00 50.08 46.22 58.42 46.51 64.50 60.45 79.71 98.73 72.64 77.24 120.19 70.15 53.88 51.89 61.28 50.06 67.59 62.46 84.26 110.74 78.25 80.90 123.92 74.08 54.71 53.16 63.69 50.36 68.46 61.54 83.78 114.28 74.71 81.80 131.44 74.54 56.83 56.28 63.08 51.19 70.58 63.16 86.25 114.75 76.25 85.57 135.14 78.32 58.12 57.60 65.10 53.56 69.22 63.79 90.05 120.10 82.53 88.69 144.88 79.67 1.1365 1.6221 118.7 1.7551 1181.16 34.396 1.3821 10.458 119.11 1.1155 1.5939 118.66 1.7533 1178.6 34.318 1.3963 10.783 120.43 1.1267 1.6155 114.8 1.7466 1165.4 33.995 1.3634 10.923 119.03 1.1714 1.6792 109.5 1.7345 1169.34 33.875 1.3221 11.18 116.66 1.171 1.6897 109.18 1.7282 1186.39 34.036 1.313 11.149 116.07 1.2298 1.7516 107.74 1.7107 1192.34 34.056 1.3138 11.251 114.51 1.2638 1.8255 106.27 1.6965 1183.35 33.669 1.2958 10.920 112.54 Exchange rate1 1. Figures for the euro area and for the United Kingdom are in U.S. dollars per euro and per pound sterling, respectively, The rate for the United States is a weighted average of the nominal foreign exchange value of the U.S. dollar against the currencies of a broad index group of major U.S. trading partners from a base of January 1997=100. For other countries, figures are in currency units per U.S. dollar. Sources: Exchange rates are from the Board of Governors of the Federal Reserve System. Indexes of stock market 1.1674 1.6609 118.33 1.7351 1194.14 34.633 1.3525 10.503 117.93 prices are calculated from data taken from finance oriented Web sites and are rebased to 2000=100 to facilitate comparisons. Other series are drawn from the Web sites of the statistical agencies of the countries shown, N ote . In 2003, the countries in this table accounted for 62 percent of the value of U.S. imports of goods and 70 percent of the value of U.S. exports of goods. The euro area consists of Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, and Spain. March 2004 D -7 4 I. Charts THE U.S. IN THE INTERNATIONAL ECONOMY Billion $ Billion $ Billion $ Billion $ Billion $ Billion $ 10,000 EXPORTS AND IMPORTS OF GOODS AND SERVICES 350 8,000 300 6,000 250 4,000 200 2,000 NET INTERNATIONAL INVESTMENT POSITION VALUED AT CURRENT COST Foreign assets in the United States U.S. assets abroad Imports 150 0 Exports Net investment position 10 0 U.S. Bureau of Economic Analysis - 2,000 - 4,000 March 2004 D -75 Regional Data J. State and Regional Tables The tables in this section include the m ost recent estimates o f state personal income and gross state product. The sources o f these estimates are noted. The quarterly and annual estimates o f state personal income and the estimates o f gross state product are available on CD -R O M . For inform ation on state personal income, e-mail reis.remd@bea.gov; write to the Regional Econom ic Inform ation System, BE-55, Bureau o f Econom ic Analysis, U.S. Departm ent o f Commerce, W ashington, D C 20230; or call 202-606-5360. For inform ation on gross state product, e-mail gspread@ bea.gov; write to the Regional Econom ic Analysis Division, BE-61, Bureau o f Econom ic Analysis, U.S. D epartm ent o f Commerce, Washington, D C 20230; or call 202-606-5340. Table J.1. Personal Income by State and Region [Millions of dollars, seasonally adjusted at annual rates] 1999 2000 2002 2001 Percent change1 2003 Area name 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..................... Rocky Mountain Colorado................ Idaho..................... Montana................ Utah....................... Wyoming................ Far W est................... Alaska.................... California............... Hawaii.................... Nevada.................. Oregon .................. Washington............ IV I II III IV I II III IV I II III IV I II III 7,953,561 472,228 133,597 31,228 223,830 38,300 29,334 15,939 1,478,613 23,229 21,181 170,617 295,035 619,371 349,180 1,276,384 381,355 157,602 280,785 309,656 146,985 525,456 74,855 72,199 150,723 146,660 46,741 15,307 18,971 1,753,053 102,191 57,013 431,669 218,724 93,383 100,586 57,916 206,935 93,051 144,055 209,459 38,070 795,211 123,358 38,396 79,144 554,313 246,228 133,367 29,778 19,925 49,960 13,199 1,406,387 17,974 1,026,338 33,113 56,986 91,234 180,741 8,203,951 492,587 137,801 32,059 235,826 40,481 30,101 16,318 1,533,630 23,706 22,333 176,498 306,809 647,339 356,945 1,312,492 392,581 162,336 291,251 316,931 149,392 534,339 76,108 71,753 154,381 150,470 46,642 15,726 19,260 1,798,309 103,738 57,854 444,157 226,268 96,542 101,827 58,563 212,844 95,124 147,282 215,466 38,644 819,754 129,117 38,764 80,479 571,394 252,336 136,641 30,544 20,249 51,426 13,477 1,460,503 18,489 1,069,569 33,642 58,401 93,634 186,768 8,340,516 499,629 140,406 32,757 238,462 40,773 30,489 16,743 1,567,335 24,231 22,689 179,203 316,979 661,036 363,197 1,325,439 398,686 164,309 292,004 318,569 151,869 546,218 77,676 73,639 158,125 153,761 47,414 16,097 19,505 1,828,832 105,257 58,562 452,177 229,859 97,668 103,306 59,561 216,603 97,267 149,179 220,039 39,354 833,799 129,404 39,593 82,367 582,434 259,527 141,846 31,075 20,593 52,319 13,693 1,479,739 18,694 1,085,862 34,291 59,989 95,150 185,753 8,481,243 510,551 142,688 33,121 245,457 41,521 30,977 16,788 1,589,291 24,672 22,938 182,368 321,275 669,618 368,419 1,339,837 405,376 166,165 293,583 321,035 153,677 553,792 78,421 75,309 160,570 155,682 48,088 16,153 19,569 1,854,115 105,904 59,672 459,035 233,463 98,868 104,252 60,068 219,838 98,213 151,095 224,073 39,634 849,525 131,811 39,945 83,896 593,873 265,102 146,085 31,333 20,967 52,885 13,832 1,519,030 18,942 1,122,375 34,504 60,602 96,589 186,018 8,569,774 517,235 144,758 33,529 248,107 42,285 31,396 17,160 1,621,161 25,209 23,434 185,696 327,824 685,055 373,942 1,347,657 410,567 165,361 294,304 322,078 155,348 557,165 78,715 74,825 163,070 156,483 48,252 16,111 19,709 1,874,225 107,041 59,633 465,884 236,058 99,780 105,135 60,195 221,626 99,036 152,187 227,532 40,118 857,947 133,853 40,467 84,982 598,645 268,181 147,601 31,754 21,166 53,442 14,219 1,526,203 19,099 1,124,911 35,099 61,604 96,659 188,832 8,651,750 523,494 146,423 34,234 250,661 42,913 31,817 17,447 1,631,068 25,256 23,144 188,357 326,632 691,345 376,335 1,358,650 413,332 168,181 295,843 324,581 156,713 562,952 79,391 76,291 164,055 157,920 49,123 16,304 19,868 1,895,842 108,598 60,661 470,309 238,069 100,459 107,373 61,420 223,903 100,603 152,906 230,869 40,671 871,240 135,545 41,451 85,713 608,532 270,900 148,921 32,064 21,523 54,120 14,271 1,537,604 19,332 1,133,205 35,467 62,527 98,003 189,070 8,669,238 521,469 145,899 34,394 248,883 42,752 31,919 17,622 1,628,112 25,609 23,324 189,786 327,969 683,685 377,739 1,360,352 411,904 168,290 296,181 326,608 157,369 565,546 79,654 76,556 164,632 158,745 49,476 16,398 20,086 1,909,663 109,319 61,067 475,131 239,184 100,953 108,618 61,739 224,212 100,513 153,934 233,930 41,063 871,512 136,991 41,979 86,339 606,204 271,833 148,426 32,365 21,740 54,787 14,516 1,540,750 19,673 1,130,001 35,462 63,415 97,966 194,232 8,697,083 520,807 145,327 34,585 248,235 42,729 32,245 17,685 1,632,447 25,850 23,276 190,747 329,812 682,727 380,035 1,367,434 414,358 169,060 297,092 328,330 158,594 569,173 80,152 77,327 165,126 159,866 49,887 16,533 20,282 1,918,954 109,808 61,559 478,106 240,715 101,830 110,287 62,092 224,210 101,332 154,928 232,735 41,353 877,630 138,663 42,630 86,925 609,412 272,434 148,132 32,515 22,015 55,027 14,744 1,538,203 19,793 1,128,191 35,805 63,839 98,167 192,407 8,691,889 519,362 144,542 34,753 247,332 42,722 32,261 17,752 1,631,164 25,780 23,305 191,170 330,559 681,059 379,292 1,364,979 412,582 168,955 296,806 327,985 158,651 569,280 80,093 77,138 165,325 159,843 50,084 16,452 20,347 1,921,712 109,825 61,927 478,882 241,046 101,649 110,991 62,437 224,050 101,158 154,751 233,388 41,608 878,046 138,125 42,982 87,221 609,717 271,806 147,475 32,507 21,799 55,122 14,904 1,535,539 19,842 1,128,075 35,766 63,020 97,967 190,868 8,772,204 524,249 147,269 35,481 247,765 43,055 32,779 17,900 1,644,672 25,929 24,204 194,304 337,578 676,590 386,067 1,373,198 415,157 171,072 295,932 330,130 160,906 576,036 81,814 77,875 167,189 161,919 50,408 16,787 20,043 1,944,902 111,057 62,408 485,611 243,028 103,365 112,155 63,376 227,740 102,912 156,391 234,661 42,198 882,369 140,528 43,677 86,961 611,202 273,963 147,880 33,294 22,270 55,522 14,996 1,552,816 20,091 1,138,401 36,757 64,384 98,842 194,342 8,881,691 531,524 148,249 35,858 252,257 43,865 33,202 18,093 1,662,445 26,090 24,677 196,862 338,845 686,279 389,692 1,396,144 420,863 173,169 304,930 334,343 162,839 580,552 82,375 77,967 169,755 162,979 50,774 16,608 20,095 1,968,792 112,093 63,291 493,048 245,628 104,583 113,505 63,990 228,855 104,156 158,810 238,366 42,467 892,577 142,215 44,098 87,622 618,643 275,997 149,421 33,221 22,490 55,771 15,095 1,573,659 20,273 1,152,672 37,244 65,121 100,211 198,138 8,927,635 532,245 148,840 36,141 251,714 43,847 33,467 18,238 1,668,240 26,175 24,768 198,005 341,099 685,909 392,285 1,402,919 420,922 174,777 306,682 336,601 163,937 585,711 82,803 78,418 171,656 164,041 51,397 16,931 20,466 1,979,094 113,036 63,686 495,859 246,123 105,556 113,982 64,523 229,994 104,718 159,256 239,670 42,689 896,253 143,274 44,438 88,168 620,373 277,739 149,961 33,695 22,862 55,952 15,271 1,585,435 20,607 1,160,385 37,570 65,891 100,896 200,086 8,982,839 533,241 148,486 36,483 252,127 44,047 33,659 18,439 1,674,725 26,143 25,393 199,454 342,035 687,503 394,198 1,409,904 422,491 176,538 307,437 338,255 165,182 589,532 83,577 79,028 171,969 165,471 51,767 17,059 20,660 1,995,385 114,183 64,464 501,588 248,050 106,548 115,257 65,077 230,836 105,420 160,411 240,605 42,944 902,617 144,881 45,193 88,522 624,021 279,810 150,665 34,129 22,979 56,568 15,469 1,597,627 20,898 1,169,530 38,016 66,889 101,974 200,319 9,057,680 538,181 150,866 37,011 252,895 44,424 34,413 18,571 1,685,937 26,731 24,988 200,338 345,818 689,228 398,833 1,417,554 424,276 177,379 307,968 340,827 167,102 598,651 85,500 80,422 173,352 166,740 53,239 17,787 21,610 2,019,529 116,119 65,052 505,386 252,333 107,330 115,964 66,489 234,192 107,187 162,261 243,809 43,406 908,147 146,021 45,453 89,338 627,335 281,350 151,187 34,666 23,093 56,800 15,604 1,608,331 20,896 1,176,483 38,689 68,028 102,141 202,094 9,144,434 541,195 151,227 37,241 254,749 44,785 34,408 18,784 1,706,806 27,011 25,263 203,040 348,854 700,133 402,505 1,429,236 428,002 178,740 311,347 342,900 168,247 603,516 86,099 80,401 175,683 167,858 53,653 17,980 21,841 2,031,701 116,271 65,618 511,191 252,767 108,217 117,351 66,633 233,826 107,266 163,405 245,534 43,622 919,452 148,477 46,109 90,184 634,683 283,624 152,040 34,823 23,527 57,432 15,801 1,628,904 21,202 1,191,379 38,950 68,629 103,053 205,690 9,248,017 546,076 152,249 37,606 257,126 45,318 34,783 18,994 1,724,203 27,278 25,445 205,031 352,001 707,533 406,915 1,442,726 432,607 180,831 313,184 346,219 169,884 611,825 87,618 81,536 177,732 170,108 54,373 18,252 22,206 2,056,564 117,745 66,489 517,516 256,823 109,511 118,864 67,542 236,424 108,223 165,496 247,887 44,043 931,723 150,546 46,873 91,434 642,870 286,548 152,992 35,586 23,911 58,044 16,016 1,648,351 21,527 1,204,509 39,355 69,811 104,332 208,817 1. Percent change was calculated from unrounded data. N o te . The personal income level shown for the United States is derived as the sum of the state estimates. It differs from the estimate of personal income in the national income and product accounts (NIFfts) because of differences in coverage, in the methodologies used to prepare the estimates, and in the timing of the availability of source data. In particular, It differs from 2003:ll2003:lll 1.1 0.9 0.7 1.0 0.9 1.2 1.1 1.1 1.0 1.0 0.7 1.0 0.9 1.1 1.1 0.9 1.1 1.2 0.6 1.0 1.0 1.4 1.8 1.4 1.2 1.3 1.3 1.5 1.7 1.2 1.3 1.3 1.2 1.6 1.2 1.3 1.4 1.1 0.9 1.3 1.0 1.0 1.3 1.4 1.7 1.4 1.3 1.0 0.6 2.2 1.6 1.1 1.4 1.2 1.5 1.1 1.0 1.7 1.2 1.5 the NIFA estimate 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, Source: Table 1 in “State Personal Income: Third Quarter 2003" in the February 2004 issue of the S urvey o f C u r r e n t Business . D -7 6 Regional D ata March 2004 Table J.2. Annual Personal Income and Per Capita Personal Income for States and Regions Personal income Area name 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 .............................. Rocky Mountain................ Colorado......................... Idaho............................... Montana Utah.. Wyoming......................... Far West Alaska California........................ Hawaii Nevada Oregon Washington..................... Per capita personal income1 Millions of dollars 1997 1998 1999 6,928,545 408,231 116,421 27,773 191,596 32,397 26,293 13,752 1,315,810 20,145 19,135 148,826 260,705 553,543 313,457 1,138,557 340,594 139,459 250,216 279,367 128,920 462,173 67,938 63,728 129,020 131,144 40,724 13,332 16,288 1,532,165 91,284 51,055 377,673 183,757 82,927 92,286 51,598 179,691 81,045 125,457 180,190 35,202 677,462 103,702 34,860 69,951 468,950 206,847 108,765 25,226 17,726 43,696 11,433 1,187,299 16,488 861,557 31,218 47,258 80,575 150,203 7,418,497 437,134 124,880 29,469 205,176 35,198 27,673 14,738 1,400,562 21,879 20,255 158,501 278,788 590,406 330,733 1,206,886 362,081 149,318 264,520 293,208 137,759 493,714 71,280 67,896 140,031 138,987 43,313 14,709 17,497 1,639,428 96,481 53,784 405,146 200,104 88,148 97,458 55,072 192,577 86,672 134,241 193,007 36,738 736,392 112,895 36,857 74,677 511,964 223,322 118,413 27,066 18,942 46,772 12,129 1,281,057 17,138 931,564 31,841 52,017 85,305 163,192 7,779,521 459,782 130,579 30,680 217,066 37,121 28,762 15,575 1,458,307 22,716 20,785 167,360 288,796 616,292 342,357 1,252,336 373,813 154,405 276,187 304,342 143,589 512,453 72,908 69,997 147,151 143,814 45,293 14,848 18,442 1,718,850 100,422 55,919 425,157 213,508 91,218 99,052 56,799 202,455 91,075 141,046 204,727 37,472 775,029 120,264 37,725 77,512 539,527 238,547 128,386 28,901 19,405 48,923 12,931 1,364,218 17,600 995,326 32,626 55,439 89,080 174,148 2000 8,398,871 505,001 141,413 32,867 241,963 41,265 30,741 16,752 1,577,854 24,455 22,849 180,941 318,222 665,762 365,626 1,331,356 401,803 164,543 292,786 319,653 152,572 547,878 77,730 73,882 159,037 154,099 47,599 16,022 19,511 1,838,870 105,485 58,930 455,313 231,412 98,215 103,630 59,597 217,727 97,410 149,936 221,778 39,438 840,256 131,046 39,692 82,931 586,587 261,286 143,043 31,177 20,744 52,518 13,805 1,496,369 18,806 1,100,679 34,384 60,149 95,508 186,843 2001 8,677,490 521,283 145,548 34,491 248,778 42,779 32,061 17,627 1,630,698 25,624 23,262 190,015 328,743 684,704 378,350 1,362,854 413,044 168,622 296,480 326,876 157,832 566,738 79,822 76,828 164,784 159,093 49,642 16,422 20,146 1,911,543 109,388 61,304 475,607 239,754 101,223 109,317 61,922 224,094 100,902 154,130 232,730 41,174 874,607 137,331 42,260 86,550 608,466 271,743 148,239 32,363 21,769 54,764 14,609 1,538,024 19,660 1,129,868 35,625 63,200 98,026 191,645 2002 8,891,093 530,315 148,211 35,991 250,966 43,703 33,276 18,167 1,662,520 26,084 24,760 197,156 339,889 684,070 390,560 1,395,541 419,858 173,889 303,745 334,832 163,216 582,958 82,642 78,322 170,142 163,603 51,086 16,846 20,316 1,972,043 112,592 63,463 494,027 245,707 105,013 113,725 64,242 229,356 104,302 158,717 238,325 42,575 893,454 142,725 44,352 87,818 618,560 276,877 149,481 33,585 22,650 55,953 15,208 1,577,384 20,467 1,155,247 37,397 65,571 100,481 198,221 1. Per capita personal income was computed using midyear population estimates of the Bureau of the Census. 2. Percent change was calculated from unrounded data. N o te . The personal income level shown for the United States is derived as the sum of the state estimates. It differs from the estimate of personal income in the national income and product accounts (NIPAs) because of differences in coverage, Percent change2 2.5 1.7 1.8 4.3 0.9 2.2 3.8 3.1 2.0 1.8 6.4 3.8 3.4 -0.1 3.2 2.4 1.6 3.1 2.5 2.4 3.4 2.9 3.5 1.9 3.3 2.8 2.9 2.6 0.8 3.2 2.9 3.5 3.9 2.5 3.7 4.0 3.7 2.3 3.4 3.0 2.4 3.4 2.2 3.9 4.9 1.5 1.7 1.9 0.8 3.8 4.0 2.2 4.1 2.6 4.1 2.2 5.0 3.8 2.5 3.4 Dollars 1997 25,412 29,924 34,759 22,134 30,773 27,238 25,643 23,026 28,868 26,807 33,704 28,857 31,720 29,670 25,635 25,589 27,950 23,418 25,509 24,772 24,481 24,517 23,499 24,182 27,086 23,926 24,148 20,520 21,885 22,986 20,899 19,628 24,869 23,911 20,979 20,874 18,580 23,468 20,998 22,814 26,385 19,351 22,868 21,892 19,641 20,739 23,756 23,651 27,067 20,534 19,920 20,613 23,360 26,353 26,898 26,521 25,765 26,789 24,385 26,469 1998 26,893 31,829 37,108 23,404 32,714 29,187 26,837 24,547 30,565 28,662 35,836 30,455 33,640 31,478 27,008 26,983 29,505 24,891 26,860 25,921 26,004 26,001 24,555 25,519 29,092 25,171 25,541 22,716 23,453 24,242 21,904 20,479 26,161 25,447 22,118 21,948 19,635 24,661 22,115 24,101 27,968 20,234 24,352 23,118 20,551 21,930 25,398 25,041 28,764 21,612 21,225 21,594 24,714 27,972 27,645 28,240 26,201 28,069 25,446 28,285 1999 27,880 33,227 38,560 24,218 34,360 30,377 27,645 25,757 31,630 29,312 36,452 31,851 34,547 32,638 27,916 27,849 30,246 25,543 27,906 26,849 26,926 26,787 24,989 26,134 30,194 25,857 26,569 23,046 24,576 25,067 22,668 21,087 26,978 26,536 22,702 22,205 20,082 25,468 22,914 25,014 29,246 20,682 25,141 23,939 20,865 22,551 26,244 26,230 30,380 22,656 21,621 22,203 26,294 29,335 28,170 29,712 26,957 28,655 26,247 29,807 2000 29,760 36,195 41,446 25,732 38,034 33,266 29,257 27,465 34,013 31,092 39,970 34,060 37,734 35,041 29,759 29,437 32,297 27,010 29,408 28,130 28,389 28,430 26,540 27,439 32,231 27,493 27,781 24,990 25,815 26,456 23,694 22,000 28,366 28,103 24,258 23,185 20,920 26,939 24,209 26,290 31,210 21,821 26,761 25,361 21,788 24,007 27,992 28,194 33,060 23,987 22,961 23,410 27,941 31,694 29,960 32,363 28,354 29,794 27,836 31,605 2001 30,413 37,096 42,377 26,853 38,864 33,969 30,256 28,756 34,952 32,166 40,539 35,279 38,625 35,878 30,752 29,986 32,990 27,522 29,629 28,699 29,196 29,257 27,225 28,432 33,059 28,221 28,861 25,798 26,566 27,169 24,477 22,750 29,048 28,523 24,878 24,454 21,653 27,308 24,840 26,808 32,338 22,862 27,350 25,878 23,081 24,945 28,472 28,819 33,455 24,506 24,044 24,033 29,587 32,025 31,027 32,655 29,034 30,128 28,222 31,976 2002 30,832 37,494 42,829 27,804 39,044 34,276 31,107 29,464 35,434 32,307 43,371 36,121 39,567 35,708 31,663 30,555 33,320 28,233 30,222 29,317 29,996 29,942 28,141 28,838 33,895 28,841 29,544 26,567 26,694 27,683 25,096 23,417 29,559 28,703 25,657 25,370 22,370 27,566 25,395 27,378 32,676 23,628 27,419 26,157 23,908 25,136 28,401 28,926 33,170 25,042 24,906 24,157 30,494 32,344 31,792 32,898 30,040 30,169 28,533 32,661 Rankin U.S. 1 33 3 6 16 24 13 4 2 5 15 8 31 18 25 21 32 27 7 26 23 37 36 43 49 22 28 39 41 50 34 40 35 11 48 38 47 42 30 9 44 45 46 17 14 10 20 19 29 12 in the methodologies used to prepare the estimates, and in the timing of the availability of source data. In particular, it differs from the NIFA estimate 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. Source: Table 1 in “Personal Income by State: First Quarter 2003 and Revised 2002” in the August 2003 issue of the S urvey o f C urrent B usin ess . March 2 0 0 4 S urv ey of D -77 C u r r e n t B u sin e ss Table J.3. Disposable Personal Income and Per Capita Disposable Personal Income for States and Regions Disposable personal income Area name Millions of dollars 1997 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 ............................... Rocky Mountain................ Colorado......................... Idaho............................... Montana.......................... Utah................................. Wyoming.......................... Far W est............................ Alaska.............................. California........................ Hawaii.............................. Nevada............................ Oregon........................... Washington..................... Per capita disposable personal income1 5,960,749 342,605 95,724 24,200 159,674 28,200 22,851 11,955 1,114,511 16,987 16,120 125,597 220,964 464,468 270,375 975,464 291,507 119,826 214,500 239,900 109,732 399,625 59,294 55,113 109,183 114,001 35,531 11,853 14,650 1,336,061 80,342 45,063 329,682 158,350 71,915 81,431 46,245 155,311 70,880 111,632 154,028 31,182 596,546 90,217 30,758 61,222 414,349 178,194 92,927 22,044 15,621 37,715 9,886 1,017,744 14,497 735,173 27,371 41,126 68,539 131,039 1998 6,349,151 364,015 101,699 25,480 169,596 30,578 23,898 12,764 1,178,249 18,470 16,921 133,060 234,080 491,784 283,933 1,029,255 307,987 128,475 225,186 250,838 116,768 425,703 62,181 58,652 118,006 120,352 37,620 13,143 15,748 1,423,978 84,855 47,302 351,912 171,711 76,215 86,139 49,256 165,760 75,481 119,346 163,510 32,491 645,743 97,615 32,496 65,310 450,321 191,724 100,489 23,639 16,670 40,460 10,466 1,090,483 15,003 789,557 27,846 44,903 72,660 140,515 1999 6,621,490 379,850 105,647 26,439 177,512 31,985 24,800 13,467 1,218,066 19,169 17,080 140,240 240,074 508,124 293,380 1,066,709 316,698 132,864 235,134 260,394 121,619 442,180 63,446 60,312 124,969 124,434 39,267 13,247 16,506 1,489,666 88,267 49,179 368,621 182,801 78,682 87,749 50,744 173,925 79,283 125,546 171,743 33,128 679,260 103,783 33,169 67,783 474,525 203,763 108,384 25,119 17,023 42,113 11,123 1,141,995 15,430 827,718 28,431 47,692 75,394 147,329 2000 7,113,634 410,995 113,079 28,184 193,936 35,151 26,249 14,397 1,313,155 20,624 18,715 150,839 263,055 547,203 312,719 1,135,687 340,103 142,187 250,086 273,184 130,127 471,590 67,875 63,535 133,951 133,323 41,133 14,297 17,476 1,591,256 92,749 51,684 392,530 197,747 84,974 91,613 53,307 186,877 85,040 133,732 186,170 34,834 732,944 113,010 34,702 72,358 512,874 221,953 120,009 26,884 18,150 45,154 11,757 1,236,055 16,444 898,615 29,862 51,533 80,343 159,258 2001 7,386,598 429,722 117,445 29,700 202,977 36,797 27,568 15,235 1,363,967 21,737 19,085 159,164 274,376 565,168 324,435 1,165,051 350,333 146,053 253,620 279,754 135,291 488,749 69,689 66,162 139,411 137,821 43,021 14,623 18,021 1,657,731 96,291 53,882 411,117 205,629 87,582 96,752 55,538 193,094 88,247 137,460 195,722 36,416 765,749 119,024 37,079 75,646 533,999 232,166 125,325 28,078 19,096 47,182 12,484 1,283,464 17,189 934,447 31,046 54,304 83,130 163,348 1. Per capita disposable personal income was computed using midyear population estimates of the Bureau of the Census. 2. Percent change was calculated from unrounded data. N ote . The personal income level shown for the United States is derived as the sum of the state estimates. It differs from the estimate of personal income in the national income and product accounts (NIPAs) because of differences in coverage, 2002 7,778,520 453,483 124,516 31,718 213,268 38,615 29,293 16,072 1,432,002 22,624 21,059 169,147 293,008 583,205 342,959 1,222,381 366,070 153,875 266,749 292,386 143,300 513,542 73,662 68,965 147,061 144,944 45,195 15,249 18,466 1,749,719 100,962 56,831 438,003 215,896 92,703 102,500 58,607 201,761 93,249 144,299 206,667 38,241 800,718 126,808 39,751 78,176 555,983 242,485 129,666 29,941 20,236 49,310 13,332 1,364,190 18,271 993,302 33,258 57,893 87,270 174,196 Percent change2 Dollars 1997 1998 1999 21,863 25,114 28,580 19,286 25,646 23,709 22,286 20,018 24,452 22,605 28,393 24,353 26,885 24,896 22,111 21,924 23,922 20,121 21,868 21,273 20,837 21,199 20,509 20,913 22,921 20,799 21,069 18,244 19,684 20,044 18,394 17,325 21,709 20,605 18,194 18,419 16,653 20,284 18,364 20,300 22,554 17,141 20,137 19,045 17,330 18,151 20,990 20,375 23,126 17,944 17,554 17,792 20,199 22,590 23,650 22,630 22,590 23,313 20,742 23,092 23,016 26,505 30,219 20,236 27,041 25,356 23,176 21,258 25,714 24,196 29,937 25,566 28,245 26,220 23,186 23,011 25,097 21,417 22,866 22,175 22,041 22,420 21,421 22,045 24,516 21,796 22,184 20,297 21,109 21,056 19,265 18,011 22,724 21,836 19,124 19,399 17,561 21,226 19,259 21,426 23,694 17,895 21,354 19,989 18,119 19,179 22,340 21,498 24,410 18,876 18,679 18,680 21,324 23,811 24,201 23,935 22,914 24,230 21,674 24,354 23,730 27,450 31,198 20,871 28,099 26,174 23,836 22,272 26,419 24,734 29,953 26,690 28,718 26,909 23,922 23,721 25,625 21,979 23,758 22,972 22,806 23,113 21,746 22,518 25,643 22,372 23,033 20,561 21,996 21,725 19,924 18,545 23,390 22,720 19,582 19,671 17,941 21,879 19,947 22,265 24,534 18,285 22,034 20,658 18,345 19,721 23,082 22,405 25,647 19,691 18,967 19,112 22,619 24,556 24,697 24,709 23,491 24,651 22,214 25,217 5.3 5.5 6.0 6.8 5.1 4.9 6.3 5.5 5.0 4.1 10.3 6.3 6.8 3.2 5.7 4.9 4.5 5.4 5.2 4.5 5.9 5.1 5.7 4.2 5.5 5.2 5.1 4.3 2.5 5.5 4.9 5.5 6.5 5.0 5.8 5.9 5.5 4.5 5.7 5.0 5.6 5.0 4.6 6.5 7.2 3.3 4.1 4.4 3.5 6.6 6.0 4.5 6.8 6.3 6.3 6.3 7.1 6.6 5.0 6.6 2000 25,206 29,458 33,142 22,065 30,485 28,337 24,983 23,603 28,307 26,222 32,739 28,393 31,192 28,801 25,453 25,111 27,338 23,340 25,119 24,040 24,213 24,472 23,175 23,596 27,147 23,786 24,007 22,299 23,124 22,894 20,833 19,295 24,455 24,015 20,987 20,496 18,712 23,122 21,135 23,448 26,199 19,274 23,343 21,871 19,048 20,947 24,475 23,950 27,736 20,684 20,090 20,127 23,796 26,181 26,197 26,422 24,625 25,526 23,416 26,939 2001 25,889 30,580 34,195 23,122 31,709 29,218 26,016 24,853 29,235 27,288 33,260 29,551 32,237 29,614 26,370 25,634 27,981 23,839 25,346 24,562 25,026 25,231 23,769 24,485 27,969 24,448 25,012 22,973 23,764 23,562 21,547 19,996 25,109 24,463 21,525 21,643 19,421 23,531 21,724 23,909 27,196 20,220 23,946 22,428 20,252 21,803 24,987 24,621 28,284 21,262 21,092 20,706 25,283 26,725 27,128 27,007 25,302 25,887 23,933 27,255 2002 26,974 32,062 35,982 24,503 33,179 30,285 27,384 26,066 30,521 28,021 36,888 30,990 34,109 30,443 27,804 26,764 29,052 24,983 26,541 25,600 26,336 26,377 25,083 25,393 29,297 25,552 26,137 24,048 24,263 24,562 22,504 20,970 26,207 25,221 22,650 22,866 20,408 24,250 22,704 24,891 28,336 21,223 24,573 23,240 21,429 22,376 25,527 25,333 28,773 22,325 22,251 21,289 26,734 27,973 28,381 28,286 26,716 26,636 24,782 28,703 Rank in U.S. 1 34 3 6 16 24 14 4 2 5 15 8 31 20 25 21 30 28 7 26 23 37 35 42 49 22 29 41 39 50 36 40 32 12 48 38 46 43 27 9 44 45 47 17 11 13 18 19 33 10 in the methodologies used to prepare the estimates, and in the timing of the availability of source data. In particular, it differs from the NIPA estimate 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. Source: Table 2 in “Personal Income by State: First Quarter 2003 and Revised 2002" in the August 2003 issue of the S urvey o f C urrent B u sin ess . D -7 8 Regional D ata March 2004 Table J.4. Gross State Product (GSP) by Industry for States and Regions, 2001 [Millions of dollars] State and region Rank of total GSP Total GSP Agriculture, forestry, and fishing Mining Construction Manufacturing Transportation and public utilities Wholesale trade Retail trade Finance, insurance, and real estate Services Government 10,137,190 594,686 166,165 37,449 287,802 47,183 36,939 19,149 140,650 4,563 1,152 725 1,683 365 234 403 139,040 320 129 5 99 37 14 36 480,013 26,205 5,898 1,723 13,512 2,282 1,922 868 1,422,990 78,655 24,277 5,239 34,427 7,610 4,105 2,998 819,464 34,833 9,754 2,518 16,093 2,818 2,285 1,365 680,683 37,940 10,004 2,198 19,443 3,359 1,830 1,107 931,756 50,290 12,887 4,481 22,767 4,923 3,312 1,920 2,076,987 158,783 51,458 7,194 73,880 11,792 10,934 3,526 2,226,585 146,039 35,654 7,970 79,902 10,179 7,951 4,382 1,219,022 57,057 14,951 5,396 25,995 3,818 4,352 2,544 15 8 2 6 1,900,223 40,509 64,459 195,007 365,388 826,488 408,373 12,092 387 25 1,798 2,060 3,729 4,093 3,922 2 22 157 299 657 2,785 75,070 1,598 578 11,319 15,749 27,372 18,453 208,027 5,235 762 13,963 42,068 77,701 68,297 146,418 1,902 3,095 14,192 32,957 59,282 34,989 120,175 1,576 705 11,766 33,782 46,992 25,354 143,945 2,674 1,759 16,972 28,999 56,468 37,072 522,373 17,476 10,569 42,025 90,097 282,888 79,318 449,316 6,229 24,269 48,534 83,497 190,202 96,584 218,886 3,429 22,675 34,280 35,878 81,197 41,427 Great Lakes....................... Illinois.............................. Indiana............................. Michigan.......................... Ohio................................. Wisconsin........................ 5 16 9 7 20 1,536,991 475,541 189,919 320,470 373,708 177,354 16,840 4,303 2,458 2,993 3,506 3,579 4,494 1,050 668 915 1,573 288 74,687 23,556 9,971 16,012 16,537 8,611 315,515 68,339 51,647 73,937 79,603 41,988 114,262 40,445 14,376 20,774 26,198 12,468 109,332 37,136 11,636 22,659 26,507 11,394 141,787 39,031 17,544 31,350 37,261 16,601 278,109 105,089 27,224 50,256 66,439 29,102 315,053 108,099 34,306 66,417 73,297 32,935 166,913 48,493 20,089 35,157 42,786 20,387 Plains.................................. Iowa................................. Kansas............................ Minnesota....................... Missouri........................... Nebraska......................... North Dakota.................. South Dakota.................. 30 31 17 19 36 50 46 647,904 90,942 87,196 188,050 181,493 56,967 19,005 24,251 16,965 3,454 2,392 3,166 2,506 2,772 1,004 1,671 3,598 203 1,266 753 459 129 658 129 32,174 3,951 4,051 9,982 9,619 2,712 896 963 104,786 19,112 14,053 29,801 30,442 6,994 1,641 2,744 60,046 7,631 11,145 13,468 17,777 6,340 1,932 1,755 49,068 6,256 6,535 15,353 13,287 4,340 1,607 1,690 61,956 8,218 8,545 18,358 17,536 4,962 1,870 2,467 109,367 14,594 11,669 36,348 29,653 8,981 2,771 5,353 130,377 16,210 15,533 40,589 38,646 11,536 3,662 4,201 79,567 11,313 12,007 20,234 21,568 8,201 2,965 3,280 Southeast........................... Alabama.......................... Arkansas ........................ Florida............................. Georgia............................ Kentucky.......................... Louisiana......................... Mississippi...................... North Carolina................ South Carolina................ Tennessee...................... Virginia............................ West Virginia.................. 25 34 4 10 26 24 35 12 28 18 13 40 2,205,625 121,490 67,913 491,488 299,874 120,266 148,697 67,125 275,615 115,204 182,515 273,070 42,368 33,751 2,427 2,263 7,753 4,188 2,498 1,308 1,879 5,218 1,506 1,926 2,444 343 40,281 1,483 496 730 1,126 2,235 28,114 740 511 162 516 1,154 3,013 111,379 5,929 3,368 26,974 15,307 5,635 6,482 3,098 14,101 6,825 8,173 13,338 2,149 320,110 21,626 13,136 29,038 43,489 30,297 17,416 12,041 58,923 23,124 34,166 31,607 5,249 191,168 10,338 7,216 39,353 33,414 9,905 12,909 6,360 18,829 10,256 15,420 22,577 4,589 149,546 7,883 4,581 37,353 26,675 7,461 7,877 3,875 16,766 7,035 13,177 14,576 2,289 221,091 12,507 8,109 56,063 28,405 11,369 12,547 7,327 25,113 12,236 20,314 22,758 4,343 379,132 18,015 8,354 108,534 48,978 14,152 19,613 8,244 52,309 16,571 27,533 51,815 5,016 457,688 21,991 11,514 125,903 61,114 20,081 25,014 12,046 47,977 19,583 39,657 64,526 8,281 301,478 19,292 8,876 59,787 37,179 16,633 17,418 11,514 35,868 17,906 21,634 48,275 7,096 Southwest.......................... Arizona............................ New Mexico.................... Oklahoma....................... Texas............................... 23 37 29 3 1,073,842 160,687 55,426 93,855 763,874 15,417 2,605 1,270 1,967 9,575 59,682 1,183 5,224 5,386 47,890 53,897 9,701 2,418 3,933 37,846 136,041 21,707 7,545 13,034 93,754 107,138 11,172 4,137 8,820 83,010 75,997 10,570 2,225 5,596 57,606 106,552 17,582 5,023 9,831 74,117 168,990 31,387 7,434 11,934 118,235 218,620 34,490 10,145 17,576 156,410 131,507 20,291 10,006 15,779 85,431 Rocky Mountain................ Colorado.......................... Idaho............................... Montana......................... Utah................................. Wyoming......................... 21 44 47 33 48 324,139 173,772 36,905 22,635 70,409 20,418 7,126 2,738 2,143 860 874 511 10,174 3,068 156 838 1,323 4,789 21,175 11,827 2,585 1,313 4,357 1,094 32,718 14,991 6,570 1,535 8,079 1,542 32,922 19,317 2,919 2,503 5,595 2,588 19,500 10,714 2,312 1,405 4,243 826 31,582 16,909 3,877 2,303 6,989 1,503 56,021 31,816 4,515 3,200 14,135 2,355 70,205 41,860 6,635 4,804 14,498 2,410 42,716 20,532 5,195 3,874 10,315 2,800 Far W est............................. Alaska.............................. California........................ Hawaii.............................. Nevada............................ Oregon ............................ Washington..................... 45 1 39 32 27 14 1,853,781 28,581 1,359,265 43,710 79,220 120,055 222,950 33,896 497 24,435 504 629 3,075 4,757 16,568 5,590 8,623 33 1,761 156 405 85,426 1,384 57,712 1,891 7,523 5,893 11,024 227,140 1,056 163,841 1,173 3,070 30,613 27,387 132,676 4,560 92,421 4,085 5,750 7,750 18,111 119,123 842 89,384 1,632 3,635 8,428 15,202 174,553 1,920 127,073 4,915 8,502 10,059 22,086 404,211 3,197 317,481 10,057 14,860 17,583 41,034 439,287 3,962 326,119 10,019 25,210 21,848 52,128 220,899 5,572 152,176 9,400 8,282 14,652 30,817 United States............ New England...................... Connecticut.................... Maine............................... Massachusetts................ New Hampshire.............. Rhode Island................... Vermont........................... 22 42 11 38 43 49 Mideast............................... Delaware......................... 41 Maryland......................... New Jersey..................... New York........................ Pennsylvania.................. N o te . Totals shown for the United States differ from the national income and product account estimates of gross domestic product (GDP) because GSP is derived from gross domestic income, which differs from GDP by the statistical discrepant In addition, GSP excludes and GDP includes the compensation of Federal civilian and military personnel stationed abroad and government consumption of fixed capital for military structures located abroad and for military equip- ment, except office equipment. Also, GSP and GDP have different revision schedules, Source: This table reflects the GSP estimates for 2001 that were released on May 22, 2003. Detailed estimates are available on BEA's Web site at <www.bea.gov> under “State and local area data." D -79 March 2004 K. Local Area Table Table K.1. Personal Income and Per Capita Personal Income by Metropolitan Area, 1999-2001 Personal income Area name Percent change2 Millions of dollars 1999 2000 2001 United States3.................. 7,779,521 8,398,871 8,677,490 Metropolitan portion......................... 6,633,219 7,185,218 7,428,050 Nonmetropolitan portion................. 1,146,302 1,213,653 1,249,440 Consolidated Metropolitan Statistical Areas 298,061 321,557 331,277 Chicago-Gary-Kenosha, IL-IN-WI.......... Cincinnati-Hamilton, OH-KY-IN............... 57,342 60,627 62,758 Cleveland-Akron, OH... 86,292 90,686 92,446 Dallas-Fort Worth, TX . 159,254 175,700 180,072 Denver-Boulder-Greeley, CO.................. 85,768 96,583 100,284 Detroit-Ann Aitor-Rint, Ml 169,736 180,724 182,894 143,594 157,975 167,954 Houston-Gah/eston-Brazona, TX........... Los Angeles-Riverside-Orange County, CA.................................................... 450,650 484,858 508,187 Miami-Fort Lauderdale, FL..................... 100,297 107,399 112,446 Milwaukee-Racine, Wl........................... 51,745 54,859 56,513 New York-No. New Jersey-Long Island, NY-NJ-CT-FA..................................... 846,883 872,675 774,091 Philadelphia-Wilmington-Atlantic City, PA-NJ-DE-MD................................... 194,331 209,100 216,243 Portland-Salem, OR-WA........................ 64,163 69,645 71,520 Sacramento-Wo, CA............................ 49,898 54,257 57,143 San Francisco-Oakland-San Jose, CA.... 283,381 333,236 326,824 Seattle-Tacoma-Bremerton, WA............. 121,336 129,721 132,586 Washington-Baltimore, DC-MD-VA-WV... 264,060 287,952 302,650 Metropolitan Statistical Areas4 3,184 Abilene, TX............................................ 3,001 3,051 19,258 20,362 20,905 Akron, OH*........................................... Albany, GA 2,646 2,776 2,852 Albany-Schenectady-Troy, NY................ 24,982 26,732 27,956 Albuqueique, NM 17,295 18,436 19,531 Alexandna, LA 3,070 3,297 2,885 Allentown-Bethlehem-Easton, RA........... 17,521 18,796 19,520 Altoona, PA 2,999 3,146 3,173 Amarillo, TX 5,052 5,344 5,367 Anchorage, AK 8,674 9,200 9,755 Ann Arbor, Ml* 18,277 20,022 20,125 Anniston, AL 2,376 2,392 2,452 9,604 10,746 Appleton-Oshkosh-Neenah, Wl.............. 10,290 6,114 Asheville, NC 5,760 6,256 Athens, GA ........................... 3,405 3,613 3,755 126,446 139,019 144,477 Atlanta, GA 10,367 Atlantic-Cape May, NJ*.......................... 11,135 11,273 Auburn-Opelika, AL............................... 2,023 2,161 2,210 Augusta-Aiken, GA-SC.......................... 10,819 11,489 11,876 Austin-San Marcos, TX 36,852 40,712 41,673 Bakersfield, CA.......... 12,815 13,637 14,236 78,303 83,987 87,832 Baltimore, MD*.......... Bangor, ME (NECMA). 3,229 3,461 3,651 Bamstable-Yarmouth, MA (NECMA)....... 7,348 7,881 8,159 Baton Rouge, LA....... 14,488 15,246 15,836 9,307 Beaumont-Port Arthur, TX 8,752 9,115 Bellingham, WA......... 3,699 3,950 4,192 Benton Harbor, M l..... 4,041 4,185 4,219 Bergen-Passaic, NJ*... 53,208 58,913 60,735 Billings, MT........................................... 3,202 3,450 3,635 Biloxi-Gulfport-Pascagoula, MS............. 8,064 8,502 8,685 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, T X ........................................ Bremerton, WA*.................................... Brownsville-Harlingen-San Benito, TX.... Bryan-Cotlege 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..................................... Charlotte-Gastonia-Rock Hill, NC-SC..... Charlottesville, VA................................. Chattanooga, TN-GA............................ Cheyenne, WY Chicago, IL*.... Chico-Paradise, CA Cincinnati, OH-KY-IN*........................... Clarksville-Hopkinsville, TN-KY.............. Cleveland-Lorain-Etyna, OH*................. Colorado Springs, CO........................... Columbia, MO Columbia, SC Columbus, GA-AL Columbus, OH Corpus Christi, TX................................. See footnotes at the end of the table. Per capita personal income1 20002001 Rank in U.S. Dollars 1999 2000 2001 Personal income Area name 2001 3.3 27,880 29,760 30,413 3.4 29,616 31,680 32,336 2.9 20,818 21,901 22,472 Corvallis, OR........................................ Cumberland, MD-WV............................ Dallas, TX*........................................... Percent change2 Millions of dollars 1999 2000 2001 2,317 2,191 2,403 2,014 2,114 2,201 113,010 125,424 126,926 2,194 9,264 26,119 10,763 3,403 3,058 71,496 13,766 1999 2001 2001 3.7 27,995 29,650 4.1 19,656 20,756 1.2 32,774 35,383 30,709 21,694 34,697 78 302 33 0.7 2.0 2.1 4.4 4.4 0.9 4.0 5.3 21,074 27,283 28,677 23,273 24,236 27,901 37,924 31,777 21,280 27,879 29,340 23,827 25,233 28,417 38,513 32,991 304 138 103 264 215 123 17 47 1.4 31,716 33,665 3.1 22,360 23,386 1.2 22,906 23,974 34,035 24,030 23,940 3/ 254 260 3.9 24,465 25,825 19,894 25,753 27,402 22,114 23,432 26,563 34,515 30,550 2000 Danville, VA.......................................... Davenport-Moline-Rock Island, IA-IL...... Dayton-Springfield, OH.......................... Daytona Beach, FL............................... Decatur, AL.......................................... Decatur, IL............................................ Denver, CO*.......................................... Des Moines, IA...................................... 4.8 27,842 29,488 30,360 4.7 26,289 27,576 28,325 3.0 30,716 32,436 33,308 Detroit, Ml*........................................... Dothan, AL........................................... Dover, DE............................................. 3.0 36,943 40,046 40,949 Dubuque, IA.......................................... 2,176 2,305 2,394 26,889 163 5,984 8,029 3,600 11,874 4,614 2,150 1,321 6,618 7,849 7,817 4,533 7,151 6,813 2,558 10,667 2,954 2,903 6,657 45,084 11,477 9,064 4,304 4,344 13,234 46,244 18,282 2,121 5,121 6,411 16,197 2,756 2,249 2,264 2,699 28,993 1,908 3,888 6,431 6,389 8,702 3,837 12,546 4,852 2,298 1,378 6,975 8,292 8,288 4,811 7,587 7,356 2,771 11,013 3,091 3,103 7,512 48,383 12,523 9,608 4,632 4,531 14,022 50,277 19,332 2,211 5,423 6,839 17,240 2,934 2,416 2,388 2,922 30,747 2,013 4,217 6,834 6,571 9,196 3,872 13,230 4,833 2,325 1,421 7,156 8,420 8,650 4,992 7,777 7,936 2,884 11,016 3,140 3,251 7,849 51,370 13,563 10,033 4,839 4,768 14,070 53,146 20,219 2,253 5,635 7,088 17,825 2,986 2,459 2,444 3,007 31,462 2,072 4,357 7,005 2.8 5.7 0.9 5.4 -0.4 1.2 3.1 2.6 1.5 4.4 3.8 2.5 7.9 4.1 0.0 1.6 4.8 4.5 6.2 8.3 4.4 4.5 5.2 0.3 5.7 4.6 1.9 3.9 3.6 3.4 1.7 1.8 2.3 2.9 2.3 2.9 3.3 2.5 24,615 28,925 24,426 17,581 25,544 23,549 22,704 23,527 24,392 26,445 26,216 23,710 22,464 21,086 24,556 20,759 23,107 26,966 28,281 26,568 28,653 21,029 25,698 26,558 27,663 20,061 20,397 23,727 25,758 25,685 22,211 19,871 23,125 23,509 26,909 23,669 22,301 28,605 26,202 30,987 25,817 18,398 26,436 25,246 23,896 24,847 25,641 27,970 27,538 25,054 23,461 22,577 25,204 21,615 24,666 29,700 29,629 28,215 29,965 22,270 26,505 27,867 29,337 20,878 21,400 24,841 27,272 27,282 23,599 21,319 24,562 25,019 28,145 25,106 23,016 30,052 26,873 32,349 25,899 19,186 26,050 25,638 24,780 25,495 25,963 29,185 28,372 25,729 24,585 23,311 25,105 22,037 25,742 30,198 30,702 29,540 30,601 23,048 27,674 27,819 30,230 21,463 21,865 25,572 27,786 28,094 23,952 21,738 25,351 25,366 28,471 26,016 22,469 30,535 166 53 188 311 182 202 230 206 185 106 124 196 237 275 219 294 197 89 79 99 83 280 142 140 88 303 298 203 141 130 258 301 212 210 121 184 290 85 33,981 2,940 23,013 3,035 8,917 17,748 36,054 3,291 24,655 3,257 9,404 18,649 32,771 29,124 29,293 31,106 33,878 31,182 31,218 35,028 30,559 30,773 33,412 37,158 33,067 33,632 3.4 2.7 5.3 -1.9 2.2 5.1 31,526 28,638 28,235 40,605 34,428 35,119 33,750 30,619 29,996 47,180 36,386 37,684 34,750 30,822 30,571 45,778 36,669 38,915 -4.2 2.7 2.7 4.6 5.9 7.4 3.8 0.8 0.4 6.0 0.5 2.5 4.4 2.3 3.9 3.9 1.2 2.3 3.4 2.4 4.4 4.6 5.5 3.5 3.9 2.1 6.1 -0.8 3.1 5.4 2.2 23,757 27,784 21,951 28,583 24,489 22,877 27,579 23,110 23,407 33,447 32,072 20,675 27,030 25,747 22,527 31,534 29,404 17,918 22,805 30,560 19,553 30,824 22,287 33,557 24,221 22,730 22,474 24,941 38,885 24,869 22,336 25,179 29,258 22,975 30,503 25,794 24,282 29,421 24,382 24,468 35,307 34,403 21,486 28,626 26,970 23,452 33,507 31,328 18,714 24,033 32,185 20,543 32,837 23,889 35,303 25,228 23,689 23,567 25,942 42,799 26,628 23,304 24,304 29,953 23,275 31,789 27,030 26,053 30,317 24,682 24,365 36,949 33,965 22,035 29,579 27,378 24,085 33,769 31,511 18,923 24,721 31,511 21,021 34,039 25,097 36,135 26,032 24,296 24,564 25,826 43,856 27,891 23,679 246 91 277 62 159 181 86 234 243 22 38 295 97 148 252 41 66 312 233 66 306 36 221 28 183 247 239 189 4 137 266 2,335 9,988 27,811 12,040 3,695 3,222 83,704 15,318 20002001 Rank in U.S. Dollars 35,751 31,419 31,368 33,247 37,607 33,314 34,916 3.0 3.5 1.9 2.5 3.8 1.2 6.3 2,319 9,791 27,251 11,533 3,540 3,194 80,516 14,545 Per capita personal income1 140,791 149,689 151,753 3,072 3,228 3,330 2,877 3,047 3,084 5,987 25,654 2,276 2,763 4,206 11,424 6,344 27,170 2,460 2,979 4,511 12,776 6,463 28,450 2,618 3,062 4,679 13,153 1.9 4.7 6.4 2.8 3.7 3.0 23,686 27,969 24,155 22,964 28,200 27,135 25,167 29,437 25,944 24,684 29,897 29,294 25,669 30,620 27,461 25,302 30,761 29,109 201 81 144 213 77 109 Duluth-Superior, MN-WI......................... Dutchess County, NY*........................... Eau Claire, Wl....................................... El Paso, TX .......................................... Elkhart-Goshen, IN............................... Elmira, NY............................................ Enid, OK............................................... Erie, Fft................................................ Eugene-Springfield, OR......................... Evansville-Henderson, IN-KY................. Fargo-Moorhead, ND-MN....................... Fayetteville, NC Fayetteville-Spnngdale-Rogers, AR........ Flagstaff, AZ-UT Flint, Ml*.... Florence, AL Florence, SC Fort Collins-Loveland, CO...................... Fort Lauderdale, FL*............................. Fort Myers-Cape Coral, FL.................... Fort Pierce-Port St. Lucie, FL................. Fort Smith, AR-OK................................ Fort Walton Beach, FL.......................... Fort Wayne, IN Fort Worth-Ariington, TX*....................... Fresno, CA. Gadsden, AL Gainesville, FL Galveston-Texas City, TX*...................... Gary, IN*.... Glens Falls, NY Goldsboro, NC Grand Forks, ND-MN Grand Junction, CO.............................. Grand Rapids-Muskegon-Holland, Ml..... Great Falls, MT Greeted CO* Green Bay, W l....................................... Greensboro-Winston-Salem-High Point, NC.................................................... Greenville, NC....................................... Greenville-Spartanburg-Anderson, SC.... Hagerstown, MD*.................................. Hamilton-Middletown, OH*..................... Harrisburg-Lebanon-Carlisle, PA............ 36,626 3,362 25,239 3,375 9,682 19,476 1.6 2.2 2.4 3.6 3.0 4.4 27,452 22,179 24,159 23,139 26,961 28,256 28,707 24,526 25,534 24,655 28,184 29,611 28,774 24,854 25,818 25,404 28,718 30,829 11b 225 191 209 116 76 211,837 10,384 5,582 5,699 4,665 2,882 30,386 5,579 10,160 1,967 5,738 4,296 12,671 6,728 43,384 4,634 11,947 2,191 275,684 4,258 48,424 4,319 67,035 13,880 3,453 14,108 6,478 44,563 8,478 237,575 11,850 6,185 6,162 5,038 3,122 31,895 6,035 10,635 2,216 6,147 4,656 13,594 7,104 46,785 5,013 12,694 2,333 297,811 4,535 51,222 4,673 70,324 15,266 3,721 15,083 6,872 47,519 8,995 244,142 12,223 6,409 6,388 5,283 3,233 32,454 6,360 10,830 2,224 6,278 4,863 14,177 7,442 48,815 5,123 12,738 2,469 306,730 4,701 53,075 4,802 71,541 15,682 3,850 15,567 7,136 49,093 9,221 2.8 3.1 3.6 3.7 4.9 3.6 1.8 5.4 1.8 0.3 2.1 4.4 4.3 4.8 4.3 2.2 0.3 5.8 3.0 3.6 3.6 2.8 1.7 2.7 3.4 3.2 3.8 3.3 2.5 35,178 36,319 23,494 24,844 14,125 19,190 25,902 28,315 24,964 29,680 30,211 24,048 23,199 26,638 29,481 29,450 25,823 27,052 33,569 21,155 29,561 21,079 29,757 27,267 25,752 26,555 23,654 29,228 22,208 39,125 40,447 25,426 26,497 14,954 20,429 27,284 30,250 26,133 33,301 31,977 25,874 24,694 28,256 30,993 31,269 27,254 28,547 35,907 22,255 31,040 22,510 31,241 29,388 27,396 28,021 24,992 30,737 23,628 39,873 40,840 25,695 27,427 15,334 21,028 27,852 31,591 26,620 33,274 32,391 26,808 25,543 29,847 31,526 31,657 27,213 30,074 36,624 22,818 31,967 23,017 31,807 29,280 28,020 28,578 25,909 31,343 24,280 16 13 200 147 317 305 139 64 171 43 52 168 204 94 65 63 155 90 25 287 59 282 61 105 133 120 186 69 248 Hartford, CT (NECMA).......................... 39,199 42,490 43,836 2,282 2,412 2,533 Hattiesburg, MS.................................... Hickory-Morganton-Lenoir, NC............... 8,159 8,648 8,675 Honolulu, HI.......................................... 25,385 26,644 27,511 Houma, LA........................................... 3,955 4,220 4,600 Houston, TX*......................................... 131,601 144,951 154,457 6,626 6,841 6,319 Huntington-Ashland. WV-KY-OH............ 9,987 Huntsville, AL 8,837 9,549 46,760 50,256 52,244 Indianapolis IN 3,094 3,343 3,524 Iowa City, IA 3,902 Jackson,Ml 3,705 3,909 Jackson, MS 11,091 11,746 12,210 2,526 2,697 2,683 Jackson, TN 29,903 32,189 33,416 Jacksonville FL 3,300 3,448 3,559 Jacksonville, NC 2,990 3,038 Jamestown, NY 2,855 3,976 Janesville-Beloit, Wl.............................. 3,783 3,936 15,674 17,130 17,552 Jersey City, NJ*..................................... Johnson City-Kingsport-Bristol, TN-VA.... 10,233 10,894 11,282 5,212 5,344 Johnstown, m ....................................... 5,029 1,841 1,715 1,811 Jonesboro, AR....................................... 3,654 3,341 3,535 Joplin, MO.. 11,314 11,815 11,912 Kalamazoo-Battle Creek, M l.................. 2,512 2,580 2,357 Kankakee, IL* Kansas City, MO-KS.............................. 52,969 57,032 58,978 3,994 Kenosha, Wl* 3,823 4,143 6,785 7,163 7,406 Killeen-Temple, TX................................ 17,138 18,356 19,035 Knoxville, TN 2,847 Kokomo, IN........................................... 2,778 2,920 3.2 5.0 0.3 3.3 9.0 6.6 3.2 4.6 4.0 5.4 -0.2 3.9 -0.5 3.8 3.2 1.6 1.0 2.5 3.6 2.5 1.6 3.4 0.8 2.7 3.4 3.7 3.4 3.7 -2.5 34,345 20,628 24,141 28,882 20,328 31,995 20,002 26,023 29,427 28,172 23,588 25,360 23,740 27,475 22,056 20,383 24,961 25,950 21,409 21,489 21,165 21,438 25,051 22,731 30,063 25,774 22,019 25,147 27,419 36,915 21,517 25,205 30,420 21,697 34,487 21,021 27,800 31,155 30,018 24,628 26,583 25,076 29,161 22,952 21,419 25,802 28,100 22,676 22,441 21,952 22,413 26,063 24,184 32,000 26,609 22,797 26,636 28,762 37,819 22,351 24,988 31,115 23,540 35,872 21,793 28,684 31,960 31,203 24,415 27,428 24,674 29,625 23,945 21,897 25,908 28,584 23,473 23,141 22,147 23,019 26,207 24,749 32,693 27,217 23,415 27,330 28,038 19 291 224 72 268 29 299 118 60 71 241 146 235 96 259 297 187 119 271 279 293 281 178 232 49 154 272 152 132 D -8 0 Regional D ata March 2004 Table K.1. Personal Income and Per Capita Personal Income by Metropolitan Area, 1999-2001— Continued Personal income Percent change2 Millions of dollars Area name 1999 2000 2001 La Crosse, WI-MN........................... Lafayette, LA.................................... Lafayette, IN Lake Charles, LA Lakeland-Winter Haven, FL.............. Lancaster, FA Lansing-East Lansing, Ml................. Laredo, TX.. 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..................... Los Angeles-Long Beach, CA*......... Louisville, KY-IN............................... Lubbock, TX.................................... Lynchburg, VA................................. 3,166 8,131 4,179 4,016 10,600 12,415 11,508 2,690 2,887 40,406 2,116 2,348 2,418 12,808 3,721 6,852 15,270 4,769 264,408 29,253 5,601 4,890 3,356 8,641 4,476 4,118 11,275 13,387 12,116 2,924 2,991 43,969 2,293 2,466 2,559 13,743 3,877 7,358 16,189 5,074 282,700 31,202 6,041 5,202 3,525 9,247 4,642 4,383 11,800 13,699 12,287 3,125 3,173 46,155 2,441 2,561 2,680 14,002 3,929 7,833 17,028 5,346 296,233 32,298 6,090 5,315 7,798 8,289 Madison, W l.................................... Mansfield, OH.................................. McAllen-Edinburg-Mission, TX......... Medford-Ashland, OR....................... Melbourne-Titusville-Palm Bay, FL.... Memphis, TN-AR-MS....................... Merced, CA..................................... Miami, FL*....................................... MidcHesex-Somerset-Hunterdon, NJ*. Milwaukee-Waukesha, Wl*............... Minneapolis-St. Paul, MN-WI........... Missoula, MT................................... 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-Bndgeport-Stamford- 13,746 3,911 7,066 4,285 11,522 32,011 3,717 55,213 45,573 46,584 101,664 2,174 11,729 9,582 36,488 3,226 8,236 2,798 4,333 9,693 36,409 104,726 14,929 4,100 7,601 4,574 12,567 33,607 3,867 59,016 50,577 49,423 110,764 2,373 12,372 10,253 40,335 3,409 8,698 2,977 4,693 10,365 39,065 113,140 74,560 7,969 33,672 337,749 75,429 9,654 80,841 8,492 35,278 368,463 84,027 10,370 38,799 84,550 5,540 5,984 25,953 5,284 21,652 93,187 41,313 2,088 3,391 3,423 9,090 9,365 162,176 83,347 1,601 68,830 3,822 1,518 8,016 56,125 26,040 6,469 3,009 3,393 5,161 35,568 2,217 9,892 3,754 New London-Norwich, CT (NECMA).. New Orleans. LA............................. New Vbrk, NY* Newark, NJ* Newburgh, NY-PA’ Norfolk-Virgima Beach-Newport News, VA-NC............................... Ocala, FL......................................... Odessa-Midland, TX......................... Oklahoma City, OK.......................... Olympia, WA* Omaha, NE-IA Orange County, CA*........................ Orlando, FL Owensboro, KY Panama City, FL Parkersburg-Marietta, WV-OH.......... Pensacola, FL Peoria-Pekin, IL Philadelphia, RA-NJ* Phoenix-Mesa, AZ Pine Bluff, AR Pittsburgh, FA 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, W l*..................................... Raleigh-Durham-Chapel Hill, NC...... Reading, FA..................................... Redding, CA.................................... Per capita personal income1 20002001 Personal income Rank in U.S. Dollars 1999 2000 2001 2001 5.0 7.0 3.7 6.4 4.7 2.3 1.4 6.9 6.1 5.0 6.4 3.9 4.7 1.9 1.3 6.5 5.2 5.4 4.8 3.5 0.8 2.2 25,121 21,167 23,034 21,895 22,173 26,534 25,740 14,232 16,602 26,882 21,268 20,233 23,389 27,023 24,027 27,689 26,378 22,829 28,017 28,677 23,261 22,884 26,420 22,395 24,416 22,436 23,224 28,382 27,023 15,011 17,090 27,777 22,892 21,520 24,637 28,585 24,983 29,289 27,663 24,305 29,605 30,357 24,872 24,174 27,626 23,881 25,141 23,935 23,991 28,863 27,253 15,508 17,984 27,916 24,129 22,672 25,752 28,849 25,353 30,872 28,845 25,439 30,611 31,251 24,788 24,665 143 262 218 261 256 110 153 316 314 136 251 289 196 111 211 75 112 208 82 70 229 236 8,556 3.2 24,309 25,644 26,265 177 15,753 4,193 8,170 4,688 13,079 35,084 4,033 61,077 51,677 50,907 115,330 2,498 12,765 10,568 41,934 3,541 8,994 3,031 4,847 10,940 40,554 115,641 5.5 2.3 7.5 2.5 4.1 4.4 4.3 3.5 2.2 3.0 4.1 5.3 3.2 3.1 4.0 3.9 3.4 1.8 3.3 5.6 3.8 2.2 32,477 22,172 12,712 23,906 24,405 28,431 17,977 24,860 39,400 31,134 34,671 22,935 21,846 21,846 32,730 21,918 24,870 23,559 22,590 39,548 29,973 38,264 34,848 23,340 13,238 25,152 26,300 29,513 18,268 26,093 43,051 32,898 37,152 24,696 22,847 22,791 35,668 23,151 26,078 25,088 23,694 40,772 31,599 40,978 36,201 23,989 13,788 25,505 26,888 30,559 18,461 26,594 43,292 33,780 38,131 25,818 23,400 22,677 36,543 24,171 26,830 25,493 24,021 41,269 32,338 41,559 27 257 318 205 164 84 313 173 6 40 18 191 273 288 26 249 167 207 255 11 54 10 83,358 8,635 37,431 379,472 87,193 10,875 3.1 1.7 6.1 3.0 3.8 4.9 43,925 30,939 25,159 36,529 37,314 25,292 47,286 32,723 26,385 39,501 41,291 26,609 48,453 33,112 28,048 40,450 42,550 27,343 3 45 131 14 7 150 41,376 96,400 5,889 6,470 28,152 5,715 23,174 101,280 44,684 2,237 3,575 3,564 9,720 9,829 174,534 91,777 1,663 72,987 4,113 1,593 8,521 61,258 43,516 98,073 6,077 6,619 29,564 6,016 24,151 106,284 46,064 2,300 3,678 3,617 10,101 10,083 180,280 96,047 1,708 76,679 4,205 1,651 9,092 62,926 5.2 1.7 3.2 2.3 5.0 5.3 4.2 4.9 3.1 2.8 2.9 1.5 3.9 2.6 3.3 4.7 2.7 5.1 2.2 3.6 6.7 2.7 24,905 35,764 21,727 24,927 24,117 25,790 30,416 33,093 25,692 22,860 22,886 22,578 22,169 26,909 31,896 26,223 19,023 29,092 28,264 20,098 30,373 29,594 26,288 40,086 22,624 27,389 25,928 27,426 32,234 35,446 26,974 24,424 24,115 23,593 23,549 28,309 34,186 27,991 19,745 30,966 30,511 21,081 32,036 31,801 27,452 39,963 22,910 27,920 26,970 28,266 33,249 36,647 27,003 25,095 24,575 24,055 24,140 29,139 35,192 28,337 20,387 32,626 31,363 21,780 34,041 31,971 145 15 284 134 162 127 44 24 161 222 238 253 250 108 31 125 308 51 68 300 35 58 27,809 7,063 3,194 3,608 5,436 39,128 2,359 10,563 4,029 29,051 7,339 3,308 3,753 5,606 40,772 2,446 10,898 4,211 4.5 3.9 3.6 4.0 3.1 4.2 3.7 3.2 4.5 27,251 17,887 21,464 24,195 27,398 30,613 25,185 26,668 23,176 28,817 19,046 22,517 25,361 28,762 32,681 26,577 28,208 24,595 29,824 19,271 22,954 25,800 29,550 32,998 27,181 28,835 25,175 Reno, NV......................................... Richland-Kennewick-Pasco, WA........ Richmond-Petersburg, VA................. Riverside-San Bernardino, CA*......... Roanoke, VA Rochester, MN Rochester, NY 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................. San Angelo, TX San Antonio, TX............................... San Diego, CA San Francisco, CA*.......................... San Jose, CA* San Luis Obispo-Atascadero-Paso Percent change2 Millions of dollars 1999 2000 2001 11,199 4,288 29,131 70,928 6,482 3,870 30,339 9,387 3,097 45,588 10,350 3,822 2,306 77,424 8,037 11,096 32,685 2,374 39,188 84,585 85,910 76,443 12,216 4,639 31,331 76,681 6,899 4,181 31,715 9,838 3,512 49,579 10,854 4,095 2,473 82,714 8,388 11,802 35,039 2,519 42,152 92,986 101,736 93,928 13,018 4,967 32,619 80,842 7,138 4,447 32,846 9,889 3,613 52,350 10,792 4,221 2,536 85,596 8,595 12,230 36,295 2,592 43,742 97,241 100,048 87,479 20002001 6.6 7.1 4.1 5.4 3.5 6.4 3.6 0.5 2.9 5.6 -0.6 3.1 2.6 3.5 2.5 3.6 3.6 2.9 3.8 4.6 -1.7 -6.9 Rank in U.S. Dollars 1999 2000 2001 33,648 22,685 29,513 22,238 27,529 31,571 27,675 25,483 21,604 28,457 25,663 23,098 22,628 29,838 23,366 28,001 24,748 22,846 24,920 30,322 49,788 45,733 35,781 24,074 31,348 23,382 29,250 33,488 28,863 26,429 24,546 30,249 26,927 24,361 24,106 31,729 24,080 29,270 26,176 24,230 26,355 32,910 58,702 55,677 36,988 25,259 32,268 23,840 30,249 35,110 29,870 26,335 25,164 30,906 26,749 24,802 24,799 32,666 24,402 29,901 26,780 25,104 26,887 33,883 57,714 51,579 21 214 55 263 87 32 93 176 217 74 170 227 228 50 242 92 169 220 165 39 1 2 2001 6,191 6,772 7,011 3.5 25,429 27,341 27,917 135 Sharon, RA....................................... Sheboygan, Wl Sherman-Demson, TX...................... Shreveport-Bossier City, LA.............. Sioux City, IA-NE.............................. Sioux Falls, SD South Bend, IN Spokane, WA Springfield, IL................................... Springfield, MO Springfield, MA (NECMA)................. State College, FA............................. Steubenville-Weirton, OH-WV.......... Stockton-Lodi, CA............................ 12,071 8,362 4,347 14,293 19,928 7,581 14,983 93,047 2,615 3,032 2,415 8,994 2,964 5,036 6,949 10,012 5,665 7,590 15,685 3,234 2,772 12,223 13,179 9,687 4,646 16,204 21,512 8,069 15,863 99,291 2,786 3,212 2,607 9,416 3,084 5,403 7,321 10,877 6,032 8,149 16,838 3,423 2,924 13,192 13,541 9,426 4,910 16,173 22,545 8,418 16,399 101,059 2,821 3,314 2,633 9,748 3,192 5,694 7,486 11,044 6,277 8,519 17,473 3,618 2,985 13,753 2.7 -2.7 5.7 -0.2 4.8 43 3.4 1.8 1.2 3.2 1.0 3.5 3.5 5.4 2.3 1.5 4.1 4.5 3.8 5.7 2.1 4.3 30,414 32,966 29,680 31,522 34,247 25,998 23,878 38,811 21,657 27,052 22,117 22,989 23,921 29,874 26,228 24,100 28,135 23,600 25,834 23,897 20,800 22,127 32,961 37,866 31,365 35,193 36,292 27,509 25,436 41,025 23,180 28,486 23,482 24,000 24,842 31,129 27,534 25,977 29,929 24,933 27,649 25,175 22,207 23,212 33,739 36,865 32,920 34,671 37,212 28,422 26,439 41,229 23,512 29,409 23,366 24,812 25,768 32,154 28,098 26,107 31,037 25,756 28,705 26,396 22,876 23,155 42 23 48 34 20 122 174 12 269 100 274 226 194 57 128 180 73 195 117 175 285 278 Syracuse, NY................................... Tacoma, WA*.................................... Tallahassee, FL................................ Tampa-St. Petersburg-Clearwater, FL. Terre Haute, IN................................. 2,044 18,396 17,306 6,953 64,205 3,252 2,150 19,390 18,554 7,304 69,119 3,433 2,191 19,810 19,124 7,507 71,843 3,482 1.9 2.2 3.1 2.8 3.9 1.4 19,500 25,119 24,985 24,743 27,101 21,755 20,519 26,474 26,354 25,621 28,748 23,033 21,009 27,021 26,601 26,127 29,379 23,493 307 160 172 179 102 270 Wheeling, WV-OH................. Wichita, KS...................................... Wichita Falls, TX.............................. 2,680 16,611 4,491 13,000 19,129 22,044 3,788 4,541 6,819 13,823 22,128 2,069 3,165 6,917 4,663 182,722 2,964 3,252 44,869 3,365 14,626 3,347 2,852 17,203 4,783 14,386 20,412 23,738 3,984 4,898 7,151 15,281 24,197 2,217 3,320 7,209 4,888 200,708 3,169 3,457 47,656 3,513 15,258 3533 2,887 17,385 4,973 15,041 21,384 24,903 4,145 5,131 7,306 15,626 24,828 2,300 3,468 7,549 5,029 211,443 3,300 3,573 50,676 3,597 16,161 3,584 12 11 4.0 4.5 4.8 4.9 4.0 4.7 2.2 2.3 2.6 3.7 4.5 4.7 2.9 5.3 4.1 3.4 63 24 59 15 20,698 26,862 26,499 37,311 23,077 27,604 23,037 26,288 22,741 27,069 29,768 24,638 21,633 18,965 22,044 37,693 23,193 25,936 40,172 21,819 26,887 23.786 21 983 27,825 28,127 40,911 24,048 29,486 24,134 27,920 23,863 29,280 31,974 26,391 22,675 19,539 22,837 40,536 24,770 27,455 41,945 22,984 27,940 25.175 22,150 28098 29,144 42,317 24,767 30,650 25,041 28,824 24,452 29,289 32,232 27,158 23,616 20,166 23,302 41,754 25,826 28,274 43,626 23,783 29,386 25,716 292 128 107 8 231 80 223 114 240 104 56 157 267 309 276 9 189 126 5 265 101 199 95 310 283 193 98 Yolo, CA*................................. 46 \fork, RA........................................... 156 113 216 YUma, A2 ......................................... 2,599 18,624 5,684 4,606 4,311 9,753 13,951 2,953 2,510 2,764 20,111 6,136 4,934 4,678 10,445 14,364 3,088 2,543 2,903 21,221 6,479 5,109 4,793 10,553 14,378 3,114 2,762 5.0 5.5 5.6 36 2.5 1.0 0.1 08 8.6 21,621 32,073 24,696 20.786 26,084 25,741 23,354 21 383 16,124 23,047 34,179 26.175 22,145 27,547 27,290 24,177 22 130 15,819 24,344 35,638 27,081 22,872 27,332 27,365 24,322 21,983 16,839 244 30 158 286 151 149 245 296 315 1. Per capita personal income was computed using Census Bureau midyear population estimates. Estimates for 20002001 reflect county population estimates available as of April 2003. 2. Percent change calculated from unrounded data. 3. The personal income level shown for the United States is derived as the sum of the county estimates. It differs from the estimate of personal income in the national income and product accounts (NIPAs) because of differences in coverage, in the methodologies used to prepare the estimates, and in the timing of the availability of source data. In particular, it differs from Area name Per capita personal income1 Santa Barbara-Santa Maria-Lompoc, CA............................................ Santa Cmz-Watsonville, CA*............ Santa Fe, NM...... Santa Rosa, CA*... Sarasota-Bradenton, FL.................... Scranton-Wilkes-Barre-iiazieton, FA.. Toledo, OH....................................... Topeka, KS....................................... Trenton, NJ* Tucson, AZ Tulsa, OK.. Tuscaloosa, AL Tyler, TX... Utica-Rome, NY Vallejo-Fairfield-Napa, CA*................ Ventura, CA* Victoria, TX Vineland-Millville-Bridgeton, NJ*....... Visalia-Tulare-Porterville, CA............ Waco, TX.. Washington, DC-MD-VA-WV*........... Waterloo-Cedar Falls, IA................... Wausau, Wl...................................... the NIPA estimate 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. 4. Includes Metropolitan Statistical Areas, Primary Metropolitan Statistical Areas (PMSAs designated by *), and New England County Metropolitan Areas (NECMAs). The New Haven-Bridgeport-Stamford-Danbury-Wateitiury, CT NECMA is presented as a PMSA (part of the New Vbrk CMSA). Source: Table 1 in “Local Area Personal Income, 1999-2001” in the May 2003 issue of the Survey of Current Business. D-81 March 2004 L. Charts SELECTED REGIONAL ESTIMATES S H A R E S O F U .S . P E R S O N A L IN C O M E B Y R E G IO N 2002 1969 M id e a s t 2 3 .6 % G re a t L akes 2 0 .9 % G re a t L akes 1 5 .7 % M id e a s t 1 8 .7 % P la in s N e w E n g la n d 6 .4 % P la in s 7 .5 % Far W est 1 5 .2 % 6 .6 % N e w E n g la n d 6 .0 % Far W est 1 7 .7 % S o u th e a s t 2 2 .2 % S o u th e a s t 1 7 .3 % S o u th w e s t 7 .0 % R o c k y M o u n ta in 2 .2 % S o u th w e s t 10 .1 % R o c k y M o u n ta in 3 .1 % S H A R E S O F U .S . G R O S S S T A T E P R O D U C T B Y R E G IO N 1977 2001 N e w E n g la n d 5 .2 % N e w E n g la n d 5 .9 % S o u th e a s t 1 9 .6 % R o c k y M o u n ta in R o c k y M o u n ta in 3 .2 % 2 .8 % A V E R A G E A N N U A L G R O W T H R A T E O F P E R S O N A L IN C O M E , 1 9 9 2 - 2 0 0 2 S T A T E S W IT H F A S T E S T G R O W T H U Sg | V®ora 9 ® S T A T E S W IT H S L O W E S T G R O W T H U ' Sg . | V% a 9 e N evada A riz o n a C o lo ra d o U ta h G e o r g ia Texas Id a h o N e w H a m p s h ire F lo rid a N o rth C a ro lin a 5 P e rc e n t U.S. Bureau of Economic Analysis 6 7 D -82 March 2004 Regional D ata SELECTED REGIONAL ESTIMATES P E R C A P IT A P E R S O N A L I N C O M E , 2 0 0 2 ME $27,804 MA $39,044 Rl $31,107 CT $39,567 $42’829 DE $32,307 DC $43,371 © U.S. = $30,832 j^| Highest quintile Fourth quintile Third quintile 2 ] Second quintile 1 | Lowest quintile P E R S O N A L IN C O M E : P E R C E N T C H A N G E , 2 0 0 3 : ll- 2 0 0 3 : ll l MA 0.9 Rl 1.1 CT 0.7 NJ 0.9 DE 1.0 MD 1.0 DC 0.7 U.S. growth rate = 1.1 percent H ighest quintile jH Fourth quintile | Third quintile H Se co n d quintile | U.S. Bureau of Economic Analysis Low est quintile D -8 3 March 2004 Appendix A Additional Information About the NIPA Estimates Statistical Conventions Current-dollar GDP is a m easure o f the market value o f goods, services, and structures that are produced in the economy in a particular period. The changes in currentdollar GDP can be decom posed into quantity and price com ponents. Quantities, or “real” measures, and prices are expressed as index num bers with the reference year— at present, the year 2000— equal to 100.1 The annual changes in quantities and prices are calcu lated using a Fisher formula that incorporates weights from 2 adjacent years. For example, the annual percent change in real GDP for 2001-2002 uses prices for 2001 and 2002 as weights, and the 2001-2002 annual percent change in the GDP price index uses quantities for 2001 and 2002 as weights. Because the Fisher form ula allows for the effects o f changes in relative prices and in the com position o f output over time, the resulting quantity or price changes are not affected by the substitution bias that is associated with changes in quantities and prices calculated using a fixed-weighted formula. These annual changes are “chained” (multiplied) together to form time series o f quantity and price indexes. The percent changes in the Fisher indexes are not affected by the choice o f the reference year. BEA also publishes implicit price deflators (IPDs), which are calculated as the ratio o f the current-dollar value o f a com ponent to the chained-dollar value o f the component, m ultiplied by 100. The values o f an IPD are very close to the values o f the corresponding “chain-type” price index. The measures o f real GDP and its m ajor components are also presented in dollar-denom inated form, desig nated “chained (2000) dollar estimates.” For m ost series, these estimates are com puted by multiplying the cur rent-dollar value in 2000 by a corresponding quantity index num ber and then dividing by 100. For example, if a current-dollar GDP com ponent equaled $100 in 2000 and if real output for this com ponent increased by 10 percent in 2001, then the chained (2000) dollar value o f this com ponent in 2001 would be $110 ($100 x 1.10). The percent changes calculated from the chained (2000) dollar estimates and from the quantity indexes are the same; any differences will be small and due to rounding. The chained-dollar values for the detailed GDP com ponents will not necessarily sum to the chained-dollar estimate o f GDP (or to any intermediate aggregate) in a table, because the relative prices that are used as weights for any period other than the reference year differ from those o f the reference year. A measure o f the effect o f such 1. See J. Steven Landefeld, Brent R. Moulton, and Cindy M. Vojtech, “ChainedDollar Indexes: Issues, Tips on Their Use, and Upcoming Changes,” S u r v e y o f C u r r e n t B u s i n e s s (November 2003): 8-16. differences is provided by a “residual” line— the differ ence between the chained-dollar value o f the m ain aggre gate in the table and the sum o f the m ost detailed com ponents in the table. For periods close to the refer ence year, when the relative prices that are used as weights have usually not changed much, the residuals tend to be small, and the chained-dollar estimates can be used to approxim ate the contributions to growth and to aggre gate the detailed estimates. For periods further from the reference year, the residuals tend to be larger, and the chained-dollar estimates are less useful for analyses o f contributions to growth. In particular, for com ponents for which relative prices are changing rapidly, the calcula tion o f contributions based on chained-dollar estimates m ay be m isleading even ju st a few years from the refer ence year. Thus, contributions derived from quantity indexes provide a better m easure than contributions derived from chained-dollar estimates; contributions based on quantity indexes are shown in selected NIPA tables 1.1.2, 1.2.2, 1.5.2, 2.3.2, 3.9.2,4.2.2, and 5.3.2. For quarters and months, NIPA estimates are pre sented at annual rates, which show the value that would be registered if the rate o f activity that is m easured for a quarter or for a m onth were m aintained for a full year. Annual rates are used so that periods o f different lengths— for example, quarters and years— m ay be more easily compared. These annual rates are determined sim ply by multiplying the estimated rate o f activity by 4 (for quarterly data) or by 12 (for monthly data). For m ost quarterly NIPA estimates, percent changes in the estimates are also expressed at annual rates. Calculat ing these changes requires a variant o f the com pound interest formula: -i r= lA V -1 x 100, -I where r is the percent change at an annual rate; x t is the level o f activity in the later period; x 0 is the level o f activ ity in the earlier period; m is the periodicity o f the data (for example, 1 for annual data, 4 for quarterly data, or 12 for monthly data); and n is the num ber o f periods between the earlier periods and the later periods (that is, t- 0 ). Quarterly and m onthly NIPA estimates are seasonally adjusted if necessary. Seasonal adjustm ent removes from the time series the average effects o f variations that nor mally occur at about the sam e tim e and in about the same m agnitude each year— for example, weather, holidays, and tax payment dates. After seasonal adjustm ent, cycli cal and other short-term changes in the economy stand out more clearly. D -8 4 Appendix A March 2004 Reconciliation Tables “ Table 1. R econciliation o f C h anges in BEA -D erived C o m p en satio n Per H our W ith BLS Average H ourly E arn in gs” is bein g revised to reflect the results o f the com prehensive revision o f the national incom e an d prod u ct accounts. It will be publish ed in an u p com in g issue o f the S urvey. Table 2. Relation of Net Exports of Goods and Services and Net Receipts of Income in the NIPAs to Balance on Goods and Services and Income in the ITAs [Billions of dollars] Seasonally adjusted at annua rates Line 2001 2002 2002 II III 2003 IV I II III Exports of goods and services and income receipts, ITAs........................................................ 1 1,284.9 1,229.6 1,230.5 1,255.8 1,244.1 1,241.1 1,247.2 1,288.1 Less: Gold, ITAs.......................................................................................................................................... Statistical differences1........................................................................................................................... Other items.............................................................................................................................................. 2 3 4 4.9 -11.1 0.9 3.4 -13.0 0.7 3.5 -12.8 0.8 3.6 -13.2 0.6 3.8 -13.5 0.6 3.8 -13.4 0.5 5.6 -13.0 0.6 5.3 -12.3 0.6 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... 5 6 7 6.0 49.8 8.0 5.0 53.0 9.4 5.1 52.2 9.1 4.8 54.4 9.7 5.7 53.5 9.7 5.0 53.3 9.2 4.9 52.2 8.6 4.8 53.1 8.2 Equals: Exports of goods and services and income receipts, NIPAs....................................... 8 1,354.1 1,306.0 1,305.3 1,333.7 1,322.0 1,317.8 1,319.7 1,360.6 Imports of goods and services and income payments, ITAs..................................................... 9 1,632.1 1,651.7 1,667.8 1,690.7 1,696.7 1,726.9 1,737.0 1,762.9 Less: Gold, ITAs.......................................................................................................................................... Statistical differences1........................................................................................................................... Other items.............................................................................................................................................. 10 11 12 4.3 -10.9 0.0 2.9 -12.9 0.0 3.5 -12.8 0.0 3.0 -13.2 0.0 2.9 -13.5 0.0 2.4 -13.4 0.0 4.1 -12.0 0.0 4.1 -11.8 0.0 Plus: Gold, NIPAs........................................................................................................................................ 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 -3.4 6.0 36.1 8.0 -3.3 5.0 38.0 9.4 -3.6 5.1 37.2 9.1 -3.5 4.8 39.3 9.7 -3.0 5.7 40.7 9.7 -3.8 5.0 29.2 9.2 -4.0 4.9 37.4 8.6 -4.2 4.8 33.9 8.2 Equals: Imports of goods and services and income payments, NIPAs.................................... 17 1,685.5 1,710.7 1,725.1 1,751.1 1,760.2 1,777.5 1,791.8 1,813.4 Balance on goods and services and income ITAs (1 -9 ).................................................................. 18 -347.2 -422.1 -437.3 -434.9 -452.6 -485.8 -489.8 -474.8 Less: Gold (2-10+13)................................................................................................................................. Statistical differences (3 -1 1 )1............................................................................................................... Other items (4 -1 2 )................................................................................................................................. 19 20 21 -2.8 -0.2 0.9 -2.8 -0.1 0.7 -3.6 0.0 0.8 -2.9 0.0 0.6 -2.1 0.0 0.6 -2.4 0.0 0.5 -2.5 -1.0 0.6 -3.0 -0.5 0.6 Plus: Adjustment for U.S. territories and Puerto Rico (6-1 5 )................................................................ 22 13.7 15.0 15.0 15.1 12.8 24.1 14.8 19.2 Equals: Net exports of goods and services and net receipts of income, NIPAs (8-17) 23 -331.4 -404.7 -419.8 -417.4 -438.2 -459.7 -472.1 -452.8 1. Consists of statistical revisions in the NIPAs that have not yet been incorporated into the ITAs (2001 :l2003:lll) and statistical revisions in the ITAs that have not yet been incorporated into the NIPAs (2003:112003:111). ITAs International transactions accounts NIPAs National income and product accounts March 2004 D -85 A p p e n d ix B Suggested Reading The Bureau o f Economic Analysis (BEA) has published a wealth o f information about the m ethodologies that are used to prepare its national, industry, international, and regional accounts. In addition, m ost o f this information is available on BEA’s Web site at < www.bea.gov>. Look under “M ethodologies” ; for articles from the S urvey of C u r r en t B u sin e ss , look under “ Publications.” National accounts The national accounts encom pass the detailed estimates in the national income and product accounts (including gross dom estic product) and the estimates o f wealth and related estimates. N ational incom e and prod u ct accounts (NIPAs). This series o f papers docum ents the conceptual framework o f the NIPAs and the m ethodologies that have been used to prepare the estimates. An Introduction to National Economic Accounting (1985) [also in the March 1985 S urvey ] Corporate Profits: Profits Before Tax, Profits Tax L iab il ity, and D ividends (2002) Governm ent Transactions (1988) Personal Consumption Expenditures (1990) The m ethodologies described in these papers have been updated and improved, typically as part o f the com prehensive and annual revisions o f the NIPAs. The following S urvey articles describe the m ost recent comprehensive revision o f the NIPAs. “ Improved Estimates o f the National Income and Product Accounts for 1929-2002: Results o f the Com pre hensive Revision” (February 2004) “ Preview o f the Revised NIPA Estimates for 1997 Effects o f Incorporating the 1997 Benchmark 1-0 Ac counts and Proposed Definitional and Statistical Changes” (January 2003) “Preview o f the 2003 Comprehensive Revision o f the National Income and Product Accounts” Changes in Definitions and Classifications (June 2003) New and Redesigned Tables (August 2003) Statistical Changes (Septem ber 2003) In addition, see the following articles. “Annual Revision o f the National Income and Product Accounts” (August 2002). “Chained-Dollar Indexes: Issues, Tips on Their Use, and Upcom ing Changes” (November 2003) discusses the advantages o f using chain-weighted indexes and the chal lenges o f using chained dollars. “M easuring the Services o f Com m ercial Banks in the NIPAs: Changes in Concepts and M ethods” (September 2003) “M easuring the Services o f Property-Casualty Insur ance in the NIPAs: Changes in Concepts and M ethods” (October 2003) “ Reliability o f GDP and Related NIPA Estim ates” (Jan uary 2002) evaluates the principal NIPA estimates by ex amining the record o f revisions to them. Fixed assets and consum er durable goods. Fixed Assets and Consum er Durable Goods in the United States, 19 2 5 - 9 7 (2003) discusses the concepts and statistical con siderations that underlie the estimates and their deriva tion. “ Fixed Assets and Consum er Durable G oods for 1925-98” (April 2000) describes the definitional and sta tistical improvements that were incorporated in the com prehensive revision o f the estimates. Industry accounts The industry accounts consist o f the estimates o f gross dom estic product by industry, the input-output accounts, and two satellite accounts. “ Preview o f the Comprehensive Revision o f the Annual Industry Accounts: Integrating the Annual InputOutput Accounts and the Gross-Dom estic-Product-byIndustry Accounts” (March 2004) provides the details about the upcom ing comprehensive revision. G ross produ ct by industry. “Improved Estimates o f Gross Product by Industry for 1947-98” (June 2000) describes the m ost recent comprehensive revision o f these estimates. “Gross Dom estic Product by Industry for 1999-2001” (November 2002) describes the m ost recent annual revi sion o f the these estimates. Mission Statem ent and Strategic Plan The m ission statement o f the Bureau o f Econom ic Analysis and the latest update to its strategic plan for improving the accuracy, reliability, and relevance of the national, industry, regional, and international a c c o u n t s are a v a i l a b l e on BEA ’s Web site at < www.bea.gov>; look under “About BEA.” D -8 6 Appendix B Input-output accounts. “Benchmark Input-Output Accounts for the U.S. Economy, 1997” (December 2002) presents the 1997 accounts and describes the im prove ments that were incorporated. Satellite accounts. These accounts extend the analyti cal capacity o f the input-output accounts by focusing on a particular aspect o f economic activity. “U.S. Transportation Satellite Accounts” For 1992 (April 1998) For 1996 (May 2000) “U.S. Travel and Tourism Satellite Accounts” For 1992 (July 1998) For 1996 and 1997 (July 2000) International accounts The international accounts encom pass the international transactions accounts, direct investment, and interna tional transactions in services. International transactions accounts (ITAs). The Balance of Payments of the United States: Concepts, Data Sources, and Estimating Procedures (1990) describes the m ethodologies used to prepare the estimates in the ITAs and the international investment position o f the United States. These m ethodologies are usually updated and im proved as part o f the annual revisions o f the ITAs. The annual revisions o f the ITAs are described in a series o f articles, the latest o f which was published in the July 2003 S u r v e y . Direct investment. International Direct Investment: Studies by the Bureau of Economic Analysis (1999) is a col lection o f previously published articles on U.S. direct in vestment abroad and foreign direct investment in the United States. It also includes the following information. The “M ethodology for U.S. Direct Investment Abroad,” which is also available in U.S. Direct Investment Abroad: 1994 Benchmark Survey, Final Results (1998) “A Guide to BEA Statistics on U.S. M ultinational Com panies,” which is also available in the March 1995 S u r v e y “A Guide to BEA Statistics on Foreign Direct Investment in the United States,” which is also available in the February 1990 S u r v e y In addition, the updated m ethodology for foreign direct investment in the United States is available in For eign Direct Investment in the United States: Final Results From the 1997 Benchmark Survey (2001). March 2004 International services. U.S. International Transac tions in Private Services: A Guide to the Surveys Conducted by the Bureau of Economic Analysis (1998) describes 11 surveys. It includes classifications, definitions, release schedules, the m ethods used to prepare the estimates, and sam ples o f the survey forms. “Selected Issues in the M easurem ent o f U.S. Interna tional Services” (June 2002) describes key issues in defin ing and m easuring insurance, wholesale and retail trade, finance, construction, and utilities services and explores possible actions to address these issues. Regional accounts The regional accounts include estimates o f personal income and gross state product. Personal income. Estim ates o f personal income are prepared for States and for local areas. “Comprehensive Revision o f State Personal Income for 1969-99” (June 2000) sum m arizes the changes in the m ethodology that is used to prepare the estimates. The detailed m ethodology is available on the C D -R O M State Personal Income, 1929-2000. “State Personal Income: Revised Estimates for 19992001” (October 2002) presents the m ost recent annual re vision o f these estimates. “ The Reliability o f the State Personal Income Esti m ates” (December 2003) evaluates the estimates o f state personal income and o f selected com ponents by exam in ing the revisions o f these estimates. “Comprehensive Revision o f Local Area Personal In come for 1969-98” (July 2000) sum m arizes the changes in the m ethodology that is used to prepare the estimates for counties and m etropolitan areas. The detailed m eth odology is available on the C D -R O M Regional Economic Information System, 1969-2001. “Local Area Personal Income, 1999-2001” (M ay 2003) presents the m ost recent annual revision o f these esti mates. Gross state product. “Comprehensive Revision o f Gross State Product by Industry, 1977-94” (June 1997) sum m arizes the sources and the m ethods that are used to prepare the estimates. “Gross State Product by Industry, 1977-98” (October 2000) describes the m ost recent com prehensive revision o f these estimates. “Gross State Product by Industry, 1999-2001” (June 2003) presents the m ost recent annual revision o f these estimates.
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