Full text of Survey of Current Business : May 1982
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
MAY 1982
/ VOLUME 62 NUMBER
SURVEY OP CURRENT BUSINESS
CONTENTS
Integrated Economic Accounts for the
United States, 1947-80
1
By Richard Ruggles and Nancy D. Ruggles
Conceptual Issues
Annex 1. Financial Intermediaries
in National Accounting
13
The Integrated Economic Accounts
17
Annex 2. Reconciliation Tables
26
Annex 3. Current and Capital Accounts
for the Nation and for Sectors, 1969-80
30
2
Saving, Investment, and Wealth
Comments
Hans J. Adler and Preetom S. Sunga
Carol S. Carson and George Jaszi
Edward F. Denison
John A. Gorman
Martin L. Marimont
Stephen P. Taylor
Helen Stone Tice
James Tobin
49
Selected National Income and Product Accounts Tables
U.S. Department of Commerce
Malcolm Baldrige / Secretary
Robert G. Dederick / Assistant Secretary
for Economic Affairs
Bureau of Economic Analysis
George Jaszi / Director
Allan H. Young / Deputy Director
S 36
/
54
57
59
66
67
68
69
74
The full set of National Income and Product Accounts
Tables, the special reconciliation tables, and the
constant-dollar inventory, sales and inventory-sales
ratio tables that regularly appear in this issue
are not shown. These tables are available from:
National Income and Wealth Division
Bureau of Economic Analysis (BE-54)
U.S. Department of Commerce
Washington, D.C. 2023O
CURRENT BUSINESS STATISTICS
General
Industry
SI
S19
Footnotes
S33
Subject Index (Inside Back Cover)
Carol S. Carson / Editor-in-Chief,
Survey of Current Business
Manuscript Editor: Dannelet A. Grosvenor
Managing Editor: Patti A. Trujillo
SURVEY OF CURRENT BUSINESS. Published monthly by the Bureau
of Economic Analysis of the U.S. Department of Commerce, Editorial correspondence should be addressed to the Editor-in-Chief,
Survey of Current Business, Bureau of Economic Analysis, U.S.
Department of Commerce, Washington, D.C. 20230.
First-Class mail.—Domestic only: Annual subscription $50.00.
Single copy: $5.50,
Second-class mail.—Annual subscription: $30.00 domestic;
$37.50 foreign. Single copy: $4.25 domestic; $5.35 foreign.
Foreign air mail rates available upon request.
Mail subscription orders and address changes to the Superintendent of Documents, U.S. Government Printing Office, Washington,
D.C. 20402. Make checks payable to Superintendent of Documents.
Second-class postage paid at Washington, D.C. and at additional
mailing offices.
The Secretary of Commerce has determined that the jpublication of this periodical is necessary in the transaction of the public business required by law of this Department. Use of funds for printing this
periodical has been approved by the Director of the Office of Management and Budget through April 1, 1985.
U.S. DEPARTMENT OF COMMERCE DISTRICT OFFICES
At, Birmingham 3520$
908 S. 20th St. 2544331
AK. Anchorage 99513
701 C St. 271-5041
AZ, Phoenix 8SO73
201 N. Central Ave, 261-3285
AR, Little Rock 72201
320 W. Capitol Ave. 378-5794
€ A, LOB Angeles 90049
11777 San Vicente Blvd. 824-7591
€A, San Francisco 91102
450 Golden Gate Ave, 556-5860
CO, Denver 80202
721 - 19th St 837-3246
CT, Hartford O6103
450 Main St. 244-3530
FL, Miami 33130
25 W. Flagler St. 350-5267
GA, Atlanta 30309
1365 Peachtree St., N.E. 881*7000
GA, Savannah 31412
125-29 Bull St. 944-4202
HI, Honolulu 96850
300 Ala Moana Blvd. 546-8694
IL, Chicago 60603
55 E. Monroe St. 353-4450
IN, Indianapolis 46204
46 E. Ohio St. 269-6214
I A, De» Mouses 50309
210 Walnut St. 2844222
KY, Louisville 402O2
U.S. P.O. & Courthouse Bldg. 582-5066
LA, New Orleans 70130
432 International Trade Mart 962-3560
MN, Minneapolis 55401
110S. 4th St. 725-2133
NY, New York 10278
26 Federal Plaza 264-0634
TN, Memphis 38103
147 Jefferson Ave. 521-3213
MS, Jackson 392O1
200 E. Pascagoula 960-4388
NC, Greensboro 27402
203 Federal Bldg. 378-5345
TX, Dallas 75242
1100 Commerce St. 767-0542
MO, Saint Louis 63105
120 S. Central Ave. 425-3302
OH, Cincinatti 45202
550 Main St. 684-2944
TX, Houston 77002
515 Rusk St. 226-4231
MO, Kansas City 64106
601 E. 12th St. 374-3142
OH, Cleveland 44114
666 Euclid Ave. 522-4750
UT, Salt Lake City 84101
350 S. Maine St. 524-5116
NE, Omaha 68102
300 S. 19th St. 221-3664
OR, Portland 972O4
1220 S.W. 3rd Ave. 221-3001
VA, Richmond 2324O
400 N. 8th St. 771-2246
NV, Reno 89503
777 W. 2nd St. 784-5203
PA, Philadelphia 19106
600 Arch St. 597-2866
WA, Seattle 98109
Rm. 706, Lake Union Bldg. 442-5616
MD, Baltimore 21202
415 U.S. Customhouse 962-3560
MA, Boston 02116
441 Stuart St. 223-2312
NJ, Newark 07102
4th Floor, Gateway Bidg. 645-6214
PA, Pittsburgh 15222
1000 Liberty Ave. 644-2850
W, Charleston 25301
NM, Albuquerque 87102
505 Marquette Ave., N.W. 766-2386
PR, San Juan OO918
Rm. 659, Federal Bldg. 753-4555
WI, Milwaukee 53202
517 E. Wisconsin Ave. 291-3473
MI, Detroit 48226
231 W. Lafayette 226-3650
NY, Buffalo 14202
111 W. Huron St. 846-4191
SC, Columbia 292O1
1835 Assembly St. 765-5345
WY, Cheyenne 82001
2120 Capitol Ave. 778-2220
5000 Quarrier St. 343-6181
By RICHARD RUGGLES and NANCY D. RUGGLES
Integrated Economic Accounts
for the United States, 1947-80
IT
IS NOW generally recognized
that national accounts have three
major functions: They serve as the coordinating and integrating framework
for all economic statistics; they give
timely and reliable key indicators on
the performance of the economy; and
they illuminate the relationships
among the sectors of the economy
that are fundamental to an under-
standing of its functioning. During
the past two decades, both the availability of data for national accounting
systems and the uses of these systems
have grown.
Two technological factors have altered the supply side. First, the rapid
development of sampling theory and
survey methodology has changed the
way data are collected. Second, the
Editor's Note
This issue of the SURVEY is" devoted to the presentation and discussion of an integrated set
of national income and product accounts and balance sheets for the United States. The development of these experimental accounts and analysis of the problems encountered is the
first phase in a long-term project to evaluate the feasibility of extending the work of the
Bureau of Economic Analysis (BEA) to encompass balance sheets.
The experimental accounts were developed by Richard Ruggles and Nancy D. Ruggles.
Their qualifications for this undertaking are unique: familiarity with the intricacies of the
U.S. national income and product accounts that may be unparalleled outside BEA; association with work in economic, social, and demographic statistics at the United Nations; participation in the activities of the professional organizations in the field, especially the International Association for Research in Income and Wealth and its Review of Income and
Wealth; and service as consultants on statistical programs in the United States and abroad.
Their willingness to "take the plunge" of putting together an integrated set of accounts,
when—because of the size and nature of the task—it was clear that not all issues could be
resolved, is another notable qualification.
The achievement of the Ruggleses is presented in their article, "Integrated Economic Accounts for the United States, 1947-80." The article is followed by eight comments. The comments were prepared by people with substantial diversity in the points from which they
view economic accounts. Hans J. Adler and Preetom S. Sunga are involved in work on integrated economic accounts at Statistics Canada, a statistical office that is among the leaders
in the development of integrated accounts. Carol S. Carson and George Jaszi, both at BEA,
are particularly interested in economic accounts as tools of analysis and have participated
in the international review of accounting systems. Edward F. Denison, formerly at BEA and
now at The Brookings Institution, combines an insider's knowledge of the national income
and product accounts with a user's perspective centered on economic growth studies. John
A. Gorman, at BEA, has particular expertise in accounting structures and in areas related
to finance and financial intermediaries. Martin L. Marimont, formerly at BEA, has wide
experience in conceptual and statistical aspects of economic accounting, notably inputoutput and environmental measures. Stephen P. Taylor, at the Board of Governors of the
Federal Reserve System, pioneered in that agency's development of flow of funds accounts.
Helen Stone Tice, at BEA, draws upon familiarity with the United Nations system of national accounts, experience with flow of funds accounts, and current work on the methodological and conceptual framework of the U.S. national income and product accounts. James
Tobin, at Yale University, uses stocks with flows and financial with nonflnancial data in
pathbreaking studies, particularly of investment behavior.
BEA believes that it is desirable to make discussions of prospects and problems in national economic accounting available to a wide spectrum of users and estimators of economic
accounts in the United States and other countries. To enhance the accessibility of the discussion in this issue, there are brief sketches of the BEA 5-account summary system and of
the Federal Reserve Board's summary flow of funds matrix, which are the points of departure for the Ruggleses in developing integrated accounts. Also, a guide to the comments is
provided so that the reader can more easily assemble views on a topic.
June P. Trammell coordinated the processing of the manuscript for this issue. Tavawyaha
R. Deville provided word-processing support.
computer has changed the way data
are processed, stored, and disseminated and has opened up administrative
data sources not previously accessible.
At the same time, the increasing
complexity of economic and social
problems has led to more sophisticated types of analysis, involving both
economic and social data. The emphasis of policy and analytic interest has
changed from an exclusive focus on
aggregate output to questions of distribution, and to social, as well as
purely economic, concerns. This
changing emphasis has significantly
broadened the range of data for which
the national accounts can serve as a
framework, while the rapidly increasing volume and complexity of the
data have intensified the need for a
broader framework.
Thus, much has changed since the
U.S. national income and product accounts (NIPA's) were developed, and
it is appropriate to consider how they
can be extended to comprehend the
new dimensions. A primary concern
should be continuity; that which has
already proved itself should be preserved. The aim should be evolution,
not revolution; expanded accounts
should retain at their core a set of
NIPA's that look familiar and serve
the same purposes as the existing accounts.
The purpose of the project on which
this article reports was the modification and extension of the existing
NIPA's to meet two primary objectives. The first was to improve the national accounting system as a framework for economic and social data at
different levels of aggregation, from
micro to macro, and embracing stocks
as well as flows. The second was to
simplify and clarify the presentation
of the transaction flows between the
sectors and their relation to the major
economic constructs. Although conceptually such economic and social
data are highly interrelated, statistically a number of different bodies of
1
SURVEY OF CURRENT BUSINESS
such data have been developed and
are commonly used independently of
one another. As the data available
have grown in quantity and sophistication, gradual steps have been taken
toward achieving both conceptual and
statistical consistency among these
bodies of data. This project is yet another step in that direction.
The report is divided into three
parts. Part I outlines some of the conceptual issues that have been raised
in connection with the BEA national
income and product accounts and various possible extensions. Part II shows
how an integrated economic accounting system can be implemented. Part
III presents some of the empirical results that emerge from viewing the
U.S. economy in the context of the integrated system, directing particular
NOTE.—This project was carried out at
Yale University with financial support
from BEA. The updating of the tables to
take into account the comprehensive revision of the national income and product accounts (NIPA's) completed in 1980
was carried out under the auspices of the
Retirement Security Project funded by
the U.S. Department of Health and
Human Services.
The authors acknowledge the contributions of people at Yale University, BEA,
and the Federal Reserve Board. Orin
Hansen, at Yale, developed the software
system used to generate the tables. This
system was modeled after that developed
by Stephen Taylor for the flow of funds
accounts at the Federal Reserve. Staff of
both agencies—particularly John Musgrave and Jean Salter at BEA, and Stephen Taylor—were very helpful in providing data. Helen Tice, John Gorman,
and Edward Denison, all at BEA, provided useful comments on an earlier
draft. Catherine Viscoli, at Yale, implemented the statistical work.
The authors' initial work on an integrated system of economic accounts was
done in conjunction with the project on
the Measurement of Economic and Social
Performance (MESP) supported by the
National Science Foundation from 1973
to 1978, and the authors benefited from
association with others in that project. A
selection of the work done for the MESP
project appeared in various issues of the
Review of Income and Wealth. More recently, the authors' work on the United
Nations System of National Accounts
has influenced the content of the integrated system. Much of the work done at
the United Nations is referenced in The
System of National Accounts: Review of
Major Issues and Proposals for Future
Work and Short-Term Changes (ESA/
STAT/AC.15/2, 15 April 1982).
May
attention to the analysis of saving,
capital formation, and revaluation.
There are three annexes. The first
discusses questions relating to financial intermediaries; the second provides a reconciliation with the BEA
NIPA's and lists sources of data; and
the third contains a set of integrated
economic accounts for 1969-80. For a
description of the full range of years
and subsectors for which accounts are
available, see page 46.
Part L Conceptual Issues
Official work on the measurement
of national income and its components was initiated in the Great Depression of the 1930's, and it crystallized into a formal accounting system
in 1947. * In 1958, the accounting
system was reorganized, and the 5-account summary system introduced at
that time has continued virtually unchanged to the present day. [Editor's
Note: See "The 5-Account Summary
System and its Relation to BEA's
Work"prepared by BEA, on pp. 6.] It
has served very well as the framework for the ever-expanding body of
NIPA statistics. It measures the Nation's production, and summarizes the
billions of explicit and implicit transactions that occur each year in a way
that is comprehensible and useful for
a wide range of economic analyses.
Why, then, should any changes in
the present accounts be contemplated? As already suggested, the reasons
lie in changes in the availability of
data and in the analytic uses of the
accounts. For instance, the 1958
system was not designed to accommodate data relating to either financial
transactions or balance sheets. The
flow of funds accounts developed by
the Federal Reserve Board to record
financial flows and the stock of financial assets and liabilities outstanding
have been conceptually reconciled
with the aggregates of the BEA national accounting system. [Editor's
Note: See "The Flow of Funds Accounts" prepared by BEA, on pp. 10.}
However, the two systems remain separate and distinct. BEA has developed
reproducible capital stock estimates
that are directly related to the
NIPA's, because they are based on es1. Carol S. Carson, "The History of the National
Income and Product Accounts: The Development of an
Analytical Tool," The Review of Income and Wealth,
series 21 (June 1975).
timates of purchases of structures and
durables and of capital consumption
using the perpetual
inventory
method.2 The Federal Reserve has recently used these BEA estimates in
conjunction with its own financial
assets and liabilities data to produce
balance sheets for enterprises and
households.3 However, balance sheets
for the government sector have not
been constructed, nor have the Federal Reserve balance sheets been integrated into the BEA framework.
Until the sector income accounts and
balance sheets are effectively integrated, the relation between current
income measures and changes in balance sheets, and the role of revaluations, will remain murky.
A second area the 1958 system was
not designed to accommodate is the
size distribution of income; since 1958
both the availability of relevant data
and the demand for analyses of
income distribution information have
increased by an order of magnitude.
Until the recent budget stringency,
BEA carried out work in this area
that involved matching and merging
of computer files of microdata, using
both exact and statistical matching
techniques that were not available in
1958. Although the resulting estimates were alined with the aggregate
estimates of personal income, major
conceptual differences remained that
prevented the size distribution work
from fitting neatly into the NIPA
system.
A third area the 1958 system was
not designed to accommodate was
nonmarket activity. BEA has had
until recently a program to develop
2. U.S. Department of Commerce, Bureau of Economic Analysis, Fixed Reproducible Tangible Wealth
in the United States, 1925-79, (Washington, D.C.: U.S.
GPO, February 1982).
3. Balance Sheets for the U.S. Economy, (Board of
Governors of the Federal Reserve System, June 1980).
SURVEY OF CURRENT BUSINESS
May
Table 1.—Production Statement for a Nonfinancial Corporation
[Thousands of dollars]
C
h
Depreciation allowances
Business transfers
Indirect taxes
Compensation of employees
Interest paid
Corporate profits
Corporate profits taxes
Dividends paid
Undistributed profits
Charges against value of production
..
.
.
120
20
5
15
100
10
30
275
25
Value of production
300
13
8
9
300
measures of nonmarket activity
within the national accounting framework. The program included studies
related to the measurement and valuation of time spent in nonmarket
work and leisure, the services of consumer durables, and the services of
government capital. The close relationship to the NIPA's has been
stressed in this work, but it was not
formally integrated.
A review of major conceptual issues
involved in constructing a system of
economic accounts follows. The issues
are arranged in three groups: those
relating to the measurement of production, the sectoring of the economy,
and the integration of current and
capital accounts.
A. Measurement of Production
The NIPA's are centrally concerned
with the questions that are the essence of both macroeconomics and microeconomics: the determination of
the level of output, the allocation of
resources among competing uses, and
the distribution of income to the factors engaged in economic activity.
Measurement in all parts of such a
vast and complex system as the U.S.
economy poses many conceptual and
practical problems. BEA, of necessity,
has had to resolve these problems.
Before considering any extension or
modification of the NIPA's, it will be
useful to examine briefly the fundamental principles underlying BEA's
measurements.
The general form of the national
income and product account, which
embodies the main measures of
output, can be conceived of as a consolidation of the current accounts of
nonfinancial enterprises. Complications arise, however, when the current receipts of an enterprise are de-
Sales of products
Inventory change ...
rived from sources other than the sale
of its products (i.e., from subsidies,
dividends, or interest), or when producers other than nonfinancial enterprises are considered (financial enterprises, government, nonprofit institutions, households, and the rest of the
world). The first section below presents the simple case. The following
three sections consider the treatment
of nonproduction receipts and of types
of producers other than nonfinancial
enterprises, and problems that arise
in defining the production boundary.
/. The national income and product
account
The principles of measuring the
output of a nonfinancial corporation
that receives all of its income from
the sale of its products can be demonstrated using a "production statement" (table 1). Such a statement resembles an income statement except
that it shows the change in inventory,
as well as sales, and the costs of production, rather than the costs of goods
sold.
This enterprise's contribution to the
Nation's total output is the value it
adds to the materials and supplies
purchased from other producers. This
value added is measured by subtracting its current-account purchases (i.e.,
goods and services purchased from
other producers on current account)
from the value of its production. For
the corporation shown in table 1, subtraction of its $120 of current-account
purchases from the $300 that is the
value of its production yields $180.
This is its gross value added—or gross
product. A measure of net product
can be obtained by using the depreciation allowance as an estimate of the
amount
of
capital
consumed
($180-$20=$160). These measures,
which are based on market price
valuations, are not the same as the
sum of payments to the factors of production if indirect taxes, such as sales
or excise taxes, are levied on a product or if the corporation makes transfer payments, such as gifts to nonprofit institutions. For example, excise
taxes on tobacco products and alcoholic beverages cause the sales price of
these products to exceed, by a large
margin, actual production costs. For
the corporation in table 1, subtracting
indirect taxes and business transfers
from net product at market prices
yields net product at factor cost
($160-$15-$5=$140). This same
total can, of course, be derived by
adding up the earnings of the suppliers of the factors of production—in
table 1, the sum of compensation of
employees, interest paid, and corporate profits ($100+$10+$30=$140).
(The production statement for an unincorporated enterprise would differ
only in that proprietors' income
would appear instead of corporate
profits.)4
The general form of the national
income and product account can be
conceived of as a consolidation of the
production accounts of individual nonfinancial enterprises like the one
shown in table 1. Gross product, net
product, and factor income at the enterprise level correspond to gross national product (GNP), net national
product, and national income around
which the BEA accounts are constructed. At the national level, the
sales of enterprises to one another on
current account consolidate out, leaving final sales to consumers, to government, and to enterprises on capital account, and net sales to abroad.
These add up to GNP at market
prices, shown on the right side of the
national income and product account.
The charges against GNP are shown
on the left side in approximately the
same categories as shown on the left
side of the enterprise production
statement.
4. It should be noted that the factor cost measure,
which is often used in the analysis of resource allocation, is not actually the factor cost, but rather the
factor return. Factor cost and factor return would be
the same only under conditions of perfect competition,
perfect knowledge, perfect factor mobility, and profit
maximization. In practice, the profit share reflects
many circumstances other than just the factor contributions of capital and entrepreneurship. Thus, lower
prices of farm products that are the result of an abundant harvest may well reduce the factor return in.
farming, although more factor resources may have
been used.
SURVEY OF CURRENT BUSINESS
2. Nonproduction receipts
For financial institutions such as
banks and savings institutions, the
Nonproduction receipts of enterprises introduce complexities into the net interest treatment described
national income and product account above eliminates most of their rebecause they do not reflect output ceipts from the product side of the acand therefore must be excluded from count and creates a large negative net
GNP. However, the exclusion must be interest item on the cost side. This is
done in a way that does not distort not considered to be a valid picture of
the actual transactions flows. On the their actual output. Even though the
product (right) side of the national exchange transaction is an implicit
income and product account, exclu- one, these institutions are considered
sion is a simple matter—nonproduc- to provide financial services to their
tion receipts are simply omitted. On depositors. The value of these services
the cost (left) side, exclusion is not so is imputed on the product (right) side
simple—different types of nonproduc- of the account at an amount equal to
tion receipts are handled in different the costs (including profits) of providing them. To bring the account into
ways.
balance, an equivalent net interest
Subsidies are often given to enterprises by government so that enter- paid item is imputed on the cost (left)
prises can sell their products below side.
For life insurance companies and
cost and still continue to operate.
pension funds, premiums and contriBEA treats subsidies as a negative
item on the cost side of the account, butions are not considered to measure
similar to indirect taxes (but in the the value of the service being proopposite direction), and thus they are vided, because they may include an
a part of the difference between na- element of saving. Here, also, the
tional income at factor cost and GNP costs of life insurance companies are
taken to measure the value of their
at market prices.
services, and only that part of the
Dividends received by enterprises premiums or contributions paid that
are not the recipient's output; to is equal to these costs is treated as an
derive a measure of dividends paid expenditure on these services.
from the enterprise's own output,
For government, the value of public
dividends received are subtracted goods is imputed, on the product side
from dividends paid out.
of the government production acInterest received by enterprises is count, at an amount that equals the
treated like dividends received—as a costs of providing the goods. Because
subtraction from the payment—so the BEA accounts do not include capithat net interest paid out by enter- tal formation for government and beprises as a group is shown in the na- cause the government does not pay
tional income and product account. A taxes, depreciation allowances and indiscussion of this treatment and of an direct taxes are not included. Therealternative—treating interest paid as fore, the only element of cost remaina purchase of a service—can be found ing after the deduction of purchases
in annex 1.
from enterprises is the compensation
of government employees.
3. Other producers
Nonprofit institutions obtain their
Some problems arise in fitting pro- receipts mainly from contributions,
ducers other than nonfinancial enter- interest, and dividends, and they
prises into the same mold. In particu- often provide services without equivalar, the market value of production lent payment. In this case also, costs
(i.e., sales receipts) cannot be used to are used as a basis for measuring the
measure the output of financial insti- value of the benefits provided. These
tutions, life insurance companies and costs consist of the nondurable goods
pension funds, government, nonprofit and services the institutions purchase
institutions, households, or the rest of from enterprises, the compensation of
the world. The essence of their treat- their employees, and the imputed
ment is the same in all cases: Where space rental value of the buildings
output is not sold and therefore they own for their own use, the last
cannot be valued from the product measured by interest and depreciside of the account, its value is taken ation. Gross product originating
to be equal to the costs of producing (value added) excludes, of course, the
goods and services purchased from
it.
May
business and is therefore equal to
compensation of employees. The gross
product arising from the ownership
and use of buildings by nonprofit institutions is considered to originate in
the real estate industry, in the same
way as imputed gross product on
owner-occupied housing.
Households employ factors of production, and thus create output, in
only one special case: the employment
of domestic service workers. Output is
measured by the compensation paid
to these workers, and this constitutes
the gross product originating in
households.
In the BEA accounts, the services of
owner-occupied housing are not considered to be produced within the
household. Rather, these services are
treated as imputed purchases by
households from fictitious unincorporated businesses. The imputed value of
these services (space rent) is set equal
to the rents on equivalent tenant-occupied housing. The imputed gross
product of owner-occupied housing
services is equal to this space rent
less expenditures for repairs and
maintenance. Gross product includes
an imputed net rental income paid to
households by the fictitious business;
this income is the difference between
space rent and the depreciation,
repair and maintenance expenditures,
property taxes, and mortgage interest
incurred by the business.
Rest-of-the-world output is measured by the net factor payments received from abroad, including both
the compensation of employees and
property income.
4. Problems of the production boundary
BEA, in defining current-account
purchases, closely follows the business
accounting practices that are reflected in reports to the Internal Revenue
Service, and these practices in turn
determine the production boundary.
Only a few adjustments are made.
BEA reclassifies, as capital, certain
outlays that are commonly charged
by business to current expense. The
depreciation allowances charged for
tax purposes are revalued to reflect
economic depreciation. Similarly, inventory changes are revalued so that
they measure the change in the physical quantity of inventories valued at
current prices.
May
SURVEY OF CURRENT BUSINESS
Questions have, however, been
raised about this production boundary. Some relate to the classification
of market transactions. For example,
when new environmental protection
regulations were introduced, should
the additional expense incurred have
been considered an intermediate cost
of production, and thus an increase in
the price of existing products, or
should it have been treated as an additional output of the system? When
government or households directly
pay the costs of environmental protection activity, the resources devoted to
it are reflected in government or
household consumption expenditures,
and so in GNP. To some, it does not
seem logical that, merely because the
society has sometimes succeeded in
transferring the cost of pollution
abatement and control to the polluter,
the measure of output should be lowered. Like government expenditures,
these services are provided to the
public as a whole, rather than to specific categories of recipients. To count
them as final output to be valued at
the cost of providing them, environmental services provided by enterprises would have to be treated in a
way that is parallel to the treatment
of government services, and shown explicity on the product side of the national income and product account.
The same sort of question has been
raised about services provided to consumers without charge by business
through advertising-supported media.
Radio, television, and newspapers are
primarily supported by advertising,
which is treated in the NIPA's (as in
the tax law) as an intermediate product. Yet similar services provided by
government or nonprofit institutions—for example, public television—are included in measures of
output.
Questions have been raised also
about business research and development expenditure, which is treated as
a current cost. However, it may be
argued that this expenditure represents a significant part of capital formation, and should be so treated.
In contrast to these arguments,
which lead to extensions of the production boundary, others lead to its
narrowing. It has been suggested that
much of what is output in the present
accounts is really part of the cost of
operating the economic system. Thus,
many government activities, includ-
ing police and fire protection, street
cleaning, road maintenance, and general administrative costs, may be considered to be intermediate. Even a
substantial part of household expenditures, including commuting expenses
and medical care, may be considered
intermediate.
The controversy over what is intermediate and what is final product
raises philosophical questions that are
not easily resolved. But the national
accounting system should provide
enough information so that different
measures can be constructed by users
desiring them. This suggests that it
would be useful to show separately in
the accounts the categories of transactions about which questions have
been raised, such as those relating to
environmental cost, advertising, and
commuting.
Other questions about the production boundary extend beyond matters
of reclassification of market transactions. In the view of some, it would be
desirable to develop imputations for
some kinds of nonmarket activity not
now included in output. It is argued
that housewives' services and do-ityourself activities, for example, make
a contribution to output that should
be measured. Doing so, however,
raises many problems. Accurate and
valid measurements of the quantity of
activity are difficult to obtain, and
valuation poses serious conceptual
problems. Should housewives' services
be valued in terms of that they would
cost if they were purchased, or in
terms of what the opportunity cost is
to the person carrying out the activity? What differentiates work from leisure, and how should leisure be
valued, if at all?
The BEA accounts do include a
number of nonmarket imputations,
such as those for the value of food
and fuel produced and consumed on
farms and the rental value of owneroccupied housing and of buildings
owned by nonprofit institutions.
These imputations also raise problems
of valuation, and it is not clear that
the solutions chosen are always appropriate. In housing, for example,
many owner-occupant costs reflect the
purchase prices and mortgages of an
earlier period. It is not obvious that
the current market rental value is an
appropriate shadow price in this case,
any more than it would be appropriate to substitute shadow market rent-
als for the rents that are actually
paid for rent-controlled apartments.
The fictitious enterprise device used
by BEA to remove owner-occupied
housing from the household sector introduces a considerable element of arbitrary judgment. The household does
not consider that it pays itself a
rental-equivalent return as a part of
its consumer expenditures, and contrary to what is indicated by the imputation, it does pay property taxes
and mortgage interest. The tax preferences relating to property taxes and
mortgage interest would certainly influence the valuation the owner
places on the return to his home, and
the valuations would be different for
individuals in different income tax
brackets.
In view of the inherent difficulties
in imputing values to nonmarket activities, it would seem useful wherever imputations are made to recognize
the imputed value as a different kind
of statistical estimate by separating
nonmarket activities from market
transactions in the accounts.
B. Sectoring
It is the sector accounts in the 5-account summary system—the accounts
for persons, government, and the rest
of the world in its transactions with
the United States plus the implicit account for business—that have provided the framework for (1) integrating economic data from different
sources and (2) presenting the network of transactions flows in the economic system. As has already been
noted, there have been major changes
in both the supply and use of data
since the sector accounts were developed, and it is important to consider
the sectoring of the economy in the
context of these changes.
/. Integration of economic and social
data
By integrating data from a wide variety of sources—such as Census
Bureau industrial censuses and business surveys, the Internal Revenue
Service tabulations of tax returns, the
Social Security Administration reports on wages and salaries, and the
Bureau of Labor Statistics information on employment, wages, and
prices—into consistent estimates of
transactions flows, BEA has managed
6
SURVEY OF CURRENT BUSINESS
to construct a comprehensive overview of the economy that cannot be
obtained from any single source of
basic data. At the same time, the
sector accounts show how the different parts of the economy reported on
in different sources are related to one
another.
The present sector accounts do not,
however, encompass all economic and
social data; they are concerned only
with current economic transactions
viewed at a fairly aggregate level. It
is increasingly recognized that the
most promising approaches to the
broader question of the integration of
economic, social, and demographic
data are those that take the NIPA's
as the starting point for a wider data
framework. Working outward and extending the framework of the national accounts to accommodate new
kinds of data and different levels of
aggregation seems to be an appropriate strategy. The ultimate objective
should be an overall statistical system
that would embrace economic, social,
demographic, and environmental data
May
at all levels of aggregation. For the
present discussion, it will be useful to
focus on the appropriateness of the
sector accounts as a framework for integrating the transactions flows in
the NIPA's with economic, social, and
demographic microdata relating to individuals, governments, and enterprises, and to consider how the sector
definitions might be modified to serve
this function better.
One of the most striking statistical
developments over the last 20 years
has been the increasing availability of
The 5-Account Summary System and Its Relation to BEA's Work
THE "Summary National Income and
Product Accounts, 1978" is shown in
table A. This 5-account summary
system has two main functions: It presents measures of production and provides a summary picture of the economic process—i.e., the production,
distribution, and use of the Nation's
output.
The national income and product
account shows three measures of production: gross national product (GNP),
net national • product, and national
income. GNP is the market value of
the goods and services produced by
labor and property supplied by residents of the United States before deduction of depreciation charges and
other allowances for business and institutional consumption of fixed capital goods and after deduction of products charged to expense by business.
On the right side of the account, it is
shown as the sum of four types of expenditures. Net national product is
the net market value of the same
goods and services, that is, it is after
deduction of depreciation charges and
similar allowances. National income,
in contrast to both of the product
measures, is a factor cost. It measures
the income that originates in the production of the same goods and services. As shown on the left side, it is
the sum of several types of income.
These three measures—combinations of net and gross and of market
price and factor cost—are on a national basis, denoting production at-
TABLE A.—SUMMARY NATIONAL INCOME AND PRODUCT ACCOUNTS, 1978
Account 1.—National Income and Product Account
[Billions of dollars]
Line
Line
Compensation of employees
Wages and salaries
Disbursements (2-7)
Wage accruals less disbursements (3-12) and (5-4)
Supplements to wages and salaries
Employer contributions for social insurance (3-20)
Other labor income (2-8)
Proprietors' income with inventory valution and capital consumption
adjustment (2-9)
Rental income of persons with capital consumption adjustment (2-10)
Corporate profits with inventory valuation and capital consumption adjustments
Profits before tax
Profits tax liability (3-17)
Profits aftertax
Dividends (2-12)
Undistributed profits (5-6)
Inventory valuation adjustment (5-7)
Capital consumption adjustment (5-8)
Net interest (2-15)
National income
Business transfer payments (2-20)
Indirect business tax and nontax liability (3-18)
Less: Subsidies less current surplus of government enterprises (3-11)
Charges against net national product
24 Capital consumption allowances with capital consumption adjustment (5-9)
1,299.7
1,105.4
1,105.2
2
194.3
92.1
102.2
117.1
27.4
185.5
223.3
83.0
140.3
44.6
95.7
—24.3
—13.5
Personal consumption expenditures (2-3)..
Durable goods
Nondurable goods
Services
1,348.7
199.3
529.8
619.6
Gross private domestic investment (5-1)..
Fixed investment
Nonresidential
Structures
Producers' durable equipment
Residential
Change in business inventories
375.3
353.2
242.0
78.7
163.3
111.2
22.2
Net exports of goods and services
Exports (4-1)
Imports (4-3)
-.6
219.8
220.4
Government purchases of goods and services (3-1)..
Federal
National defense
Nondefense
State and local
^
432.6
153.4
100.0
53.4
279.2
115.8
1,745.4
8.7
178.1
3.6
1,928.6
221.2
Charges against gross national product
Statistical discrepancy (5-12)
2,149.7
6.4
GROSS NATIONAL PRODUCT
2,156.1
GROSS NATIONAL PRODUCT
2,156.1
SURVEY OF CURRENT BUSINESS
May
TABLE A.—SUMMARY NATIONAL INCOME AND PRODUCT ACCOUNTS, 197&—Continued
Account 2.—Personal Income and Outlay Account
Line
Line
1 Personal tax and nontax payments (3-16)
258 8
2 Personal outlays
3
Personal consumption expenditures (1—27)
4
Interest paid by consumers to business (2-18)
5
Personal transfer payments to foreigners (net) (4-5)
6
Personal saving (5-3)
..
13866
1 348 7
37 1
.8
763
PERSONAL TAXES, OUTLAYS, AND SAVING
7 Wage and salary disbursements (1— ")
1 1052
8 Other labor income (1-7)
1022
9 Proprietors' income with inventory valuation and capital consumption
10
11
12
13
14
15
16
17
18
19
20
21
22
1,721.8
117 1
adjustments (1-8)
Rental income of persons with capital consumption adjustment (1—9)
Personal dividend income
Dividends (1-14)
Less* Dividends received by government (3—10)
Personal interest income ..
. .
Net interest (1-18)
Interest paid by government to persons and business (3-7)
Less: Interest received by government (3-9)
Interest paid by consumers to business (2—4)
Transfer payments to persons
From business (1-20)
From government (3-3)
Less: Personal contributions for social insurance (3-21)
274
431
446
15
1732
1158
49.7
294
37 1
2233
87
2146
696
PERSONAL INCOME
1 721 8
Account 3.—Government Receipts and Expenditures Account
[Billions of dollars]
Line
Line
1 Purchases of goods and services (1-40)
4326
16 Personal tax and nontax payments (2—1)
2 Transfer payments.
3
To persons (2-21)
4
To foreigners (net) (4-6)
2184
2146
17 Corporate profits tax liability (1-12)
38
5 Net interest paid
6
Interest paid .
7
To persons and business (2-16)
8
To foreigners (4-7)
9
Less: Interest received by government (2-17) .
290
584
497
87
294
10 Less: Dividends received by government (2-13) ...
830
18 Indirect business tax and nontax liabilitv (1 21)
178 1
19 Contributions for social insurance
Employer (1-6)
20
21
Personal (2-22)
1618
GOVERNMENT RECEIPTS
681 6
921
696
15
11 Subsidies less current surplus of government enterprises (1-22)
2588
36
12 Less: Wage accruals less disbursements (1-4)
..
2
13 Surplus or deficit ( — ), national income and product accounts (5-10).
14
Federal
15
State and local
GOVERNMENT EXPENDITURES AND SURPLUS
..
-2
292
290
..
..
681.6
Account 4.—Foreign Transactions Account
Line
Line
1 Exports of goods and services (1-39)
2 Capital grants received by the United States (net) (5-11)
219 8
0
3 Imports of goods and services (1—40)
. .
4 Transfer payments to foreigners (net)
5
From persons (net) (2-5)
6
From government (net) (3—4)
7 Interest paid by government to foreigners (3—8)
8 Net foreign investment (5-2)
RECEIPTS FROM FOREIGNERS
219 8
PAYMENTS TO FOREIGNERS
220.4
4.6
8
3.8
8.7
138
219.8
Account 5.—Gross Saving and Investment Account
Line
Line
1 Gross private domestic investment (1-39)
2 Net foreign investment (4-8)
375 3
13 8
3 Personal saving (2—6)
5 Undistributed corporate profits with inventory valuation and capital consumption
6
7
8
adjustments
Undistributed corporate profits (1—15)
Inventory valuation adjustment (1—16)
Capital consumption adjustment (1—17) . .
9 Capital consumption allowances with capital consumption adjustment (1—25)
10 Government surplus or deficit ( — ), national income and product accounts (3-13)
11 Capital grants received by the United States (net) (4-2)
12 Statistical discrepancy (1-26)
GROSS INVESTMENT
361.6
76.3
4 Wage accurals less disbursements (1—4)
GROSS SAVING AND STATISTICAL DISCREPANCY
0
57.9
957
-24.3
-13.5
221.2
-.2
0
64
361.6
Note.—Numbers in parentheses indicate accounts and items of counterentry in the accounts. For example, the counterentry for wage and salary disbursements, (2-7), is in account 2, line 7.
8
SURVEY OF CURRENT BUSINESS
tributable to labor and property supplied by residents of a country. Measures on a domestic basis denote location in a country of the labor and
property, in contrast to residence of
its suppliers. BEA provides the domestic counterparts of the three
measures just mentioned in more detailed presentations of its estimates.
The national income and product
account can be viewed as a consolidation of the production accounts for all
producing units. Business units—essentially those that produce goods
and services for sale at a price intended at least to approximate costs of
production—predominate; they are responsible for about 85 percent of
GNP.
The national income and product
account, in addition to showing a
product and an income measure of
total GNP, provides some information
on the distribution and use of GNP.
For instance, it shows the part of
GNP that goes to consumers (in the
national income and product accounts
(NIPA's), "persons") and many of the
incomes—for instance, wages and salaries—that persons receive and use to
purchase goods and services. It does
not, however, show all the income receipts of persons; nor does it show all
of the ways persons dispose of their
incomes. A similar situation holds for
the other major economic groups (i.e.,
sectors), government and foreigners.
Finally, information is incomplete for
the part of GNP that is saved and invested. The national income and product account shows only the part of
GNP that is invested domestically.
Among the forms of saving that make
investment possible, only business
saving is shown.
Accordingly, there are accounts for
persons, government, and foreigners
to record systematically all the receipts of these sectors and the disposition they make of these receipts, and
there is an account for the several
forms of domestic saving these sectors
generate and the investment their
saving makes possible.
The personal income and outlay account registers income of persons
from all sources—from participation
in production or from transfers—and
its disposition. Persons consist of individuals, nonprofit institutions serving
individuals, private noninsured welfare funds, and private trust funds.
(The last three are viewed as associations of individuals.) The government receipts and expenditures account can be regarded as a budget
statement within the framework of
the national income and product accounts. It covers Federal and also
State and local agencies except government enterprises. The foreign
transactions account can be regarded
as an embryonic balance of payments
statement. It covers the transactions
of the "rest of the world" with the
United States. The gross saving and
investment account cuts across the
sectors, and shows the saving and investment of all domestic sectors.
In this 5-account presentation, interrelations among sectors appear as
counterentries. They are indicated by
the parenthetical numbers following
individual items, which give the account and line numbers where the
counterentry occurs, generally in another account.
The summary accounts are essentially a pedagogical device. The figures shown are only the tip of the ice-
berg. Estimates are available not only
for years but also for quarters and, in
the case of personal income and its
disposition, for months. For GNP and
its components, current-dollar measures are separated into "real" measures—i.e., measures from which price
change has been eliminated—and
measures of price change. Finally,
most of the items are available in
much greater detail. For instance,
annual estimates of personal consumption expenditures are broken
down into about 100 types of expenditures.
More broadly, the NIPA's can be
viewed as the centerpiece of BEA's
other work in national economic accounting. The other work may be regarded as elaborations of the 5 accounts of the summary system. (1)
BEA's input-output accounts are, in
essence, disaggregations of the national income and product account along
industry lines. (2) Personal income,
from the personal income and outlay
account, is estimated for regions,
States, and sub-State areas. (3) Underlying the government account is substantial detail on receipts and expenditures of Federal, State, and local government. (4) The foreign transactions
account is elaborated into balance of
payments accounts, and supplemented
by information on foreign investment.
(5) For the saving and investment account, what BEA does is limited. It
provides estimates of the stocks of
tangible capital, an important component of national wealth. Finally,
there are several areas in which the
accounts are being extended in particular directions. For example, estimates consistent with the NIPA's are
available for pollution abatement and
control expenditures.
microdata relating to individuals.
These microdata sets have come from
a wide variety of sources, including
tax records, social security records,
censuses of population and housing,
and specialized household surveys. In
microunit form, these records often
contain not only economic data, but
also a wealth of demographic and
social data, and they have been used
for a broad range of studies relating
to the tax system, social security,
income distribution, employment behavior, etc.
Microdata sets for individuals and
households often contain information
on transactions that should conceptually be equivalent to similar transactions in the aggregate accounts. Yet,
in practice, aggregations of microdata
are often inconsistent with the corresponding national accounts estimates.
Household surveys, for instance, seriously underestimate both the transfers that individuals receive from government and the dividends and interest that they receive from enterprises.
For this reason distributions of
income using household survey microdata alone seriously underreport
income in both the lowest and highest
brackets of the income distribution,
relative to that shown for the middle
brackets. Furthermore, it is difficult
to make direct comparisons between
microdata for individuals and households and the corresponding data in
the aggregate accounts, because the
personal sector is defined differently
from the universes for the microdata
sets. The BEA personal account contains not just households, but also
May
May
SURVEY OF CURRENT BUSINESS
nonprofit institutions serving individuals—churches, universities, hospitals, and even insurance companies
such as Blue Cross and Blue Shield.
To aline the macrodata and microdata, the NIPA's would need to show
separately a household sector composed solely of units consistent with
the household definition of the Census
of Population.
For governmental units, microunit
data are available for the various
agencies of the Federal Government
and the budgetary units of State and
local governments. These data correspond closely to the BEA government
sector when they are adjusted for
such factors as differences between
cash and accrual accounting and between fiscal and calendar years, and
the treatment of capital transactions
and intergovernmental
transfers.
These adjustments must be carried
out at the microunit level rather than
through the use of bridge tables at
the macrodata level, so that the microdata can be used to generate statistics for intermediate levels of aggregation that are fully consistent with the
macrodata sector accounts.
Enterprise microdata are also becoming increasingly available. Securities and Exchange Commission quarterly financial reports on corporations
have been available for many years
and are widely used. Other government agencies also now maintain microdata sets in computerized form relating to enterprises and their establishments, and these microdata sets
could provide the basis for constructing more detailed subsector information for many parts of the enterprise
sector.
The sectoring and subsectoring of
the economy should take into consideration both the sources of data and
the potential uses of the estimates. In
some instances, established reporting
systems, some of which already produce microdata sets, may provide an
appropriate basis for defining subsectors that are useful for policy-relevant
analysis. In other instances, however,
it may be desirable to alter established reporting systems so that they
can more adequately cover what
would be logical and analytically
useful subsectors of the economy.
It should be emphasized that the integration of microdata with the sector
accounts does not imply that the
sector accounts should be alined with
374-058 0 - 8 2 - 2
or derived from any single microdata
set. The macrodata accounts, drawing
upon many different sources, provide
the control totals to which a variety
of microdata sets can be alined. Conceptual consistency between the
sector accounts and the corresponding
microunit information would make it
possible to move back and forth
among the different levels of aggregation and among related types of economic, social, and demographic data.
2. The network of transactions flows
The sector accounts have been very
successful in providing an overview of
the transactions flows in the economy
and summaries of the transactions
data contained in the more detailed
statistical tables. The amount of
detail provided has been continually
expanded. Nevertheless, some questions can still be raised on the treatment of specific categories of transactions.
In some instances, transactions that
are important for particular sectors
are consolidated out of the sector account entirely. For example, private
pension benefits do not appear in the
personal account, because private
pension fund reserves are classified in
the personal sector with the result
that transactions between households
and pension funds consolidate out.
In other instances, imputations are
made that the transactors of a sector
would not recognize as transactions in
which they were involved. For example, some of the fringe benefits provided to households by employers, the
financial services provided by banks,
and the interest earned on the reserves of pension funds are imputed
as part of employee compensation or
personal interest income, although
the households to whom they are attributed may be completely unaware
of them. Similarly, some of the expenditures that employers make on
behalf of their employees and the
costs of providing financial services to
depositors are recorded as consumer
expenditures, although they would
not be so considered by the consuming households. It has already been
pointed out that for owner-occupied
housing it is the imputed rental value
that is included in consumer expenditure; the actual transactions relating
to home maintenance, property taxes,
and mortgage interest are not.
9
It is essential to recognize that imputed transactions are different in
nature from actual transactions, and
that, for many types of analysis, combining imputed flows with actual
transactions flows in the sector accounts may impede analysis. While
BEA does provide supplementary
tables showing monetary and imputed
interest flows (BEA table 8.7) and the
imputations in the NIPA's (BEA table
8.8), these tables are rather complex,
somewhat bewildering, and difficult
to relate to the transactions flows recorded in the sector accounts.
The question of whether a given
transaction should be considered to be
imputed does not always have an unambiguous answer. Some transactions
that are not actually made by a given
transactor would nevertheless be generally recognized as transactions in
which he is engaged, albeit through
an agent. For example, even though
an employer acts as the taxpayer's
agent in withholding income taxes
from wages and paying them directly
to the Internal Revenue Service, it is
appropriate to consider taxes withheld as actually paid by the employee.
Similarly, income reported on wage
and tax (W-2) statements, which are
used to report employee income for
tax purposes, includes, in principle,
some wages in kind (e.g., food, clothing, and lodging furnished by the employer). It is appropriate to include
their value in both wages and consumer expenditures. Yet, similar
items may be provided in such a form
(e.g., expense account meals, uniforms, hotel expenses) that the employee would clearly exclude them
from both income and consumer expenditures. For some kinds of fringe
benefits, furthermore, employees may
be completely unaware of the costs involved, or consider them "public
goods." Thus, recreational facilities
provided by an employer would not
generally be considered by employees
to enter either income or consumer
expenditures.
The decision on classifying a transaction as actual or imputed will, in
the last analysis, depend largely on
how those involved view it. This view,
in turn, will depend on such institutional factors as Internal Revenue
Service rulings and withholding . as
shown on payroll records, and on the
general awareness of the actual costs
and benefits by the transactors in-
10
SURVEY OF CURRENT BUSINESS
volved. Merely because it is occasionally difficult to draw a precise line
does not mean, however, that such
distinctions should not be made. For
many kinds of analysis the distinction
is important, and it should be shown
in the sector.accounts.
The gross saving and investment
account completes the double entry of
transactions flows in the 5-account
system, showing all of the items that
are not balanced by entries in the
other four accounts. For example,
gross private domestic investment is,
in the national income and product
account, a sale by the producers of
capital goods; it is not balanced by a
purchase in the current accounts, but
by a purchase in the gross saving and
investment account. The saving in
each sector current account is the
portion of current income not used for
current outlays, and, accordingly,
there is no balancing transaction in
the current accounts; the balancing
entry is in the gross saving and investment account.
Gross private domestic investment
is defined in the BEA accounts as the
sum of the fixed capital goods (structures and producers' durables) purchased by private domestic businesses
plus the change in their inventories.
Investment encompasses only what is
embodied in the value of reproducible
tangible assets. Thus, an architect's
fees embodied in the cost of a building
are included, but research and development expenditures, which are not
C. Integration of Current and
Capital Accounts
The BEA 5-account system includes
a gross saving and investment account. Its gross capital formation consists of only two elements: (1) gross
private domestic investment, which
appears as a final expenditure in the
national income and product account,
and (2) net foreign investment, which
appears in the foreign transactions
account as the difference between
payments to, and receipts from, foreigners. Its saving items are more numerous and somewhat more complex.
They'are the net saving carried out
by each of the sectors, capital consumption allowances, and additional
items consisting of the difference between wage accruals and disbursements, capital grants received by the
United States, and the statistical discrepancy.
May
embodied in any particular physical
asset, are not.
The BEA definition of gross capital
formation is restricted to purchases
by private domestic business, i.e., no
capital formation is recognized for
either government or households.
Government purchases of structures
and durable goods are treated as current expenditures. Household purchases of residential structures are
considered to be purchases by fictitious unincorporated enterprises, and
so appear in business capital formation. Household purchases of automobiles and other durables are treated as current expenditures.
The sector saving figures, which are
derived as residual balancing items,
have no transactions content. While
the transactors in the sectors do
engage in capital transactions, these
are not shown in the BEA accounts.
/. Capital formation of government
and households
The national accounting systems
used by most international organizations, as well as those used by most
countries, do provide for government
capital formation. In all of these sys-
Flow of Funds Accounts
THE "Summary of Flow of Funds Accounts, 1978," shown in table B, is
like the 5-account summary of the national income and product accounts in
that it is essentially a pedagogical
device. It can be used to explain the
structure of the flow of funds (FOF)
accounts and to indicate the kind of
information available within the FOF
system.
The FOF accounts were developed
at the Board of Governors of the Federal Reserve System beginning in
1947. They are designed to show the
interrelationships of financial activities in the U.S. economy and the relationship of these activities to nonfinancial activities. They can be viewed
as a direct extension of the BEA
income and product structure into the
financial markets, with the purpose of
establishing direct linkage between
BEA estimates of saving and invest-
ment and the associated lending and
borrowing activities. The FOF accounts show only a minimum of information on income, saving, and capital
expenditures, and primarily record
changes in financial assets and liabilities.
Table B is a sector-by-transactions
matrix. In the columns, financial sectors are broken out and detail shown.
Each column is a sector account; entries are uses of funds (U) and sources
of funds (S). In the rows, for financial
transactions, which are detailed in
rows 14-43, uses of funds are dealings
in a claim as an asset (e.g., for a
household, a deposit in a commercial
bank) and sources of funds are dealings in a claim as a liability (e.g., for
a household, a mortgage borrowing).
Each row is a market account for a
transaction category, showing all purchases of assets by the several sectors
and all incurrences of liabilities by
the several sectors. The balance of all
financial transactions that are uses of
funds and all financial transactions
that are sources of funds is net financial investment, which appears for
each sector in row 11. The nonfinancial items are gross saving (row 1) and
net private capital expenditure (row
5). The definitions for these items
differ from those for corresponding
items in the national income and
product accounts, as itemized in footnotes to table B.
The two basic constraints in the
matrix are that (1) for each sector,
total investment—net private capital
expenditures plus net financial investment—equals gross saving, and (2) for
each row, the sum of all uses of funds
equals the sum of all sources of funds.
In the interlocking structure of the
matrix no one cell can be changed
11
SURVEY OF CURRENT BUSINESS
May
TABLE B.—SUMMARY OF FLOW OF FUNDS ACCOUNTS, 1978
[Billions of dollars]
^^\^
Sector
Transaction category
^\^^
Private
domestic
nonfinancial
sectors, total *
U
9 Inventory change
10 Mineral rights
11 Net financial investment
12 Financial uses
13 Financial sources
573.5
565.7
1993
1112
2310
22.1
2.0
23. Federal funds and security repurchase agreements
24 Foreign deposits
25 Life insurance reserves
26 Pension fund reserves
27. Interbank claims
28 Corporate equities
29 Credit market instruments
30. U.S. Treasury securities
31 Federal agency securities
32. State and local government securities
33. Corporate and foreign bonds
34 Mortgages
35. Consumer credit
36. Bank loans n.e.c
37. Open-market paper . .
38. Other loans
U
364
U
S
U
1.0
.7
10
| S
7
.5
U
S
13.0
2.2
22
National
saving
and
investment
U
S
U
2
568.3
364.2
204.1
12.7
1.9
10.7
5.9
4.8
1.2
14.2
8.7
.7
Discrepancy
Private
nonbank
finance
87
28.4
11.0
17.4
402.7
-389
24.6
.2
-2.7
.5
2
40
4.0
2
26.1
63.5
6.9
46.6
3.5
3.5
-.5
11
7.5
2.0
89
4.1
.5
24
3
6.9
4.2
-6.4
564.1
574.7
1993
111.2
242.0
22.1
2.4
67.0
21.7
139
308.8
38.0
28.2
33.8
1.4
-2.9
14.0
2.4
26.1
20.1
147.5
47.6
37.1
5.2
25.1
17.1
0
4.2
42
7.9
19.1
6.6
39
0
-.3
1.3
52.0
34
0
3.0
42 Fxiuity in noncorporate business
43. Miscellaneous
122
33.2
122
9.0
7.6
10.7
20.0
128"
53.7 349.2
5.2
55.1
21.4
-1.3
75.0
248
327
1 130 1
45.2
59.0
2.1
28.7
2.7
2.7
2.3
.7
3
4.4
12.6
1l
1.5
138.4
-8.1
.2
.5
.3
33.4
4.0
2
29.6
63.0
6.9
56.7
32.6
3.7
.2
29.2
63.0
6.9
56.7
554.5
364.2
190.3
3
571.6
574.7
199.3
111.2
242.0
22.1
1.4
2.1
11.5
24
22.4
2.4
10.8
3.6
5.9
5.9
120
61.8
14.9
120
61.8
15.7
4.5
.7
1.2
1.2
(*)
36.7
75
9
36.7
7.0
7.7
36.7
-.4
128.7
-6.5
7.0
7.3 173.6
3.5
14.7
31.0
471.3
55.1
35.3
471.3
55.1
35.3
258
2.8"
14.6 -1.2
12.5
14.6
~
96
-.3
351
26.2
59.0
-1.3
261
31.8
148.3
47.6
59.0
26.4
41.5
261
31.8
148.3
47.6
59.0
26.4
41.5
b
-.4
2
1.5
65.3
3.5
1.5
54.0
5.2
-12.2
61.9
122
71.3
3.2
1.0
3.2
-.5
8.9
1.0
52.2
6.9
5.9
20.2
.3
2.7
5
9.8
1.1
.6
152
33.0
69.2
19.0
6.8
.9
6.7
4.9
14.1
""2.8"
7.9
12.5
29
3
.6
.5
4.8
.5
0
.5
11.8
-8.3
-3.0
55.6
58.7
-.8
-.3
25.3
6.8'
.3
18.8
10.9
50.8
(*)
39.9
.5
.1
42.6
"866.6"
i'92.8"
117
54.9
6.3
31
.1
9.3
(*)
17
20.4
10.6
10.6
-10.6
856.1
10.8
203.5
.2
.6
1.8
U Uses of funds.
S Sources of funds.
* Positive or negative value that rounds to zero.
n.e.c. Not elsewhere classified.
1. In the standard presentation, sector accounts are shown for households, business, and State
and local governments.
2. Differs from gross saving in table A, account 5, by the omission of capital grants to the
without changing at least three
others: one in the same sector column
(because each use of funds must have
a source within the same sector), one
in the same row (because each purchase of an asset is also an incurrence
of a liability), and at least one other
for the corresponding column and a
second row (because an incurrence of
a liability is a source for that column
for which there must be a use in another row). The interlocking structure
enhances the utility of the sector and
market information, making it possi-
22.4
4.5
-.5
1.9
32.6
3.7
.2
29.2
63.0
6.9
567
11.7
54.9
15.7
5.4
-.1
5.4
143.9
13.3
1.6
.6
9.5
12.0
61.8
.7
"41.4"
1.6
.6
.1
26.1
.5
42.0
385.3
63.5"
""556
2.6
58.1
7
| S
20.3
6.7
136
36 4
-40.8
-20
30
58.7
1.3
-2.8
U
Commercial
banking
-20
3623
16.5
S
Monetary
authority
0
110
78
370.1
-5.8
Sponsored
agency and
mortgage
pools
Total
S
138
3.0
39. Security credit
40 Trade credit
41. Taxes payable
44. Sector discrepancies (1-4)
U
All sectors
Financial sectors
U.S.
Government
13.8
14 Gold and official foreign exchange
15 Treasury currency
16 Checkable deposits and currency
17 U S Government
18 Foreign
19. Private domestic
20. Small time and savings deposits
21. Money market fund shares
22 Large time deposits
S
U
570.6
3575
213 1
1. Gross saving
2 Capital consumption
3 Net saving (1 2)
4. Gross investment (5+11)
5 Private capital expenditures
6 Consumer durables
7 Residential construction
S
Rest of the
world
12.7
1.8
1.5
.2
7.4
24.7
-.4
4.2
(*)
-.5
.8
-11.3
1.7
9.4
4.2
-17.1
United States, the treatment of purchases of consumer durables as investment, and the omission
of wage accruals less disbursements.
3. Differs from gross investment in table A, account 5, by the treatment of purchases of consumer durables as investment, the omission of capital grants to the United States, and use of a
statistical discrepancy in international transactions based on capital flows.
Source: Federal Reserve Board of Governors.
ble to trace linkages between saving
and investment and the associated
lending and borrowing.
The FOF presentation of which this
matrix is a summary provides quarterly tables of time series for sectors
and transactions categories. At the
most detailed level, there are 26 sectors and about 45 financial transactions categories currently available.
Parallel to the information on flows,
there is a summary matrix of stocks
of financial claims outstanding and
time series for sectors and transac-
tions categories. These regular presentations are supplemented by
annual balance sheets for the private
sectors of the economy in which tangible assets (using BEA estimates of reproducible assets) and land are combined with financial assets and liabilities to produce measures of the total
position and net worth. Stock-flow
reconciliation tables accompany the
balance sheets.
NOTE.—For more information, see Board of
Governors of the Federal Reserve System, Introduction to Flow of Funds (Washington, D.C.:
Board of Governors, June 1980).
12
SURVEY OF CURRENT BUSINESS
terns, the construction of buildings,
the purchase of durable goods, and
the accumulation of strategic inventories by the government are considered to be capital formation. (Defense
goods, however, are generally considered to be current expenditures,
whether durable or not.) BEA does
identify Federal as well as State and
local government expenditures for
structures and durable goods, and has
generated, by the perpetual inventory
method, estimates of the stock of
these assets and the related capital
consumption. Although these stock
and capital consumption estimates
have not as yet been incorporated in
the BEA accounts, no major accounting problem prevents their incorporation.
For households, as was suggested
above, much can be said for treating
the purchase of owner-occupied
houses as a capital transaction of
households. Among the advantages is
that owner-occupied houses could
then be counted as an asset in the
balance sheet of households. The necessary data exist in both macrodata
and microdata form. For consumer
durables also, the figures exist. BEA
has computed the stock of these
assets, the capital consumption allowances for them, and the value of the
services they provide.5 The stock and
capital consumption data are in fact
incorporated in the flow of funds
table on capital transactions of the
household sector, and it would be relatively simple to incorporate them
into the BEA accounts.
From an analytical point of view,
information on government and
household capital formation and
stocks is useful for many problems.
Estimates of government capital formation are particularly important for
international comparisons.
5. Arnold J. Katz and Janice Peskin, "The Value of
Services Provided by the Stock of Consumer Durables,
1947-77: An Opportunity Cost Measure," SURVEY OF
CURRENT BUSINESS 60 (July 1980).
2. The nature of capital accounts
Capital accounts can be viewed as
having three components: (1) balance
sheets, which record the stock of
assets and liabilities; (2) capital transactions accounts, which record transactions in assets and liabilities; and
(3) revaluation accounts, which record
the change in the value of existing
assets and liabilities due to price
changes. Year-to-year changes in the
balance sheet can be fully accounted
for by changes recorded in the capital
transactions accounts and in the revaluation accounts. Because the different components of the capital accounts are closely related, it is important that they have the same coverage, be based on a common system of
classification, and employ consistent
valuation principles.
The question of valuation is particularly difficult. A number of different valuations could be used: historical cost, current market, constant
price, or discounted stream of future
returns. Historical cost valuation has
the advantage of reflecting the transaction values relevant to the decision
to acquire an asset or liability. Its disadvantage is that the valuation on
the balance sheet is dependent on
when a particular asset or liability
was acquired and how prices at the
time of acquisition differ from present
prices. Valuation in current market
prices may, in some cases, be more
difficult to estimate, but it is usually
more meaningful. Market valuations
are generated in two ways: (1) by adjusting acquisition cost (and depreciation in the case of assets) to reflect
the price changes that have occurred
since the acquisition of the assets and
liabilities and (2) by directly observing
May
prices of particular assets and liabilities in the current period. Constant
price valuation of certain balance
sheet items is also useful for many
types of analysis, for instance, analysis of changes in the quantity of tangibles owned by a sector.
Finally, economic theory suggests
that assets and liabilities could be
valued in terms of their discounted
expected future returns. However, the
stream of future returns would have
to be estimated and appropriate discount rates would have to be selected.
Because of the uncertainty attached
to both of these, estimates of discounted expected future returns are difficult to make and to interpret. Because different individuals have different information available to them
and value risk differently, the estimates of present value of expected
future returns will vary. Furthermore, once discounted future returns
are admitted as a basis for valuing
tangible assets, it becomes logical to
count as an asset anything that is expected to produce such a stream of
future returns, so that the scope of
what must be considered capital is
greatly expanded. Human capital (in
forms such as education and work experience) and rights to income (such
as pensions and insurance, social security payments, and welfare and
health benefits) would all need to be
included, although as assets they may
have no current market value and
usually cannot be transferred. On the
liabilities side of the account, future
expected costs such as maintenance
and even future expected illness
would have to be allowed for. In light
of these considerations, it is reasonable to suggest that, for intangible
assets with no market value, it is illuminating to estimate value based on
discounted future returns, but it must
be recognized that these valuations
are different from market valuations.
May
SURVEY OF CURRENT BUSINESS
13
Annex 1. Financial Intermediaries in National Accounting
THE treatment of financial interme- claims paid to business are subtracted in businesses buying insurance, bediaries is—and for many years has from the premiums paid by business. cause the cost of insurance would be
been—one of the most controversial This net premium payment, of course, measured by total premiums rather
issues in national accounting. It is equals the pro-rata share of the costs than net premiums. This decline
generally recognized that the results and profits of the insurance compa- would be exactly offset by an increase
of applying to financial intermediar- nies. Losses relating to fixed capital in product originating in the insuries the principles of measurement ap- due to fire and casualty are recorded ance sector, which would now measplied to nonfinancial enterprises are in the national income and product ure output by total, rather than net,
unacceptable. The market value of account as "accidental damage to premiums. Claims paid out would retheir sales is either difficult to identi- fixed capital" as part of capital con- flect that portion of the insurance secfy or is not considered to be a correct sumption allowances. (Losses not re- tor's output that is paid over to claimmeasure of the value of their output. lating to fixed capital are recorded in ants, much in the same way that diviThe alternatives proposed or used several other ways.) Thus, for busi- dends represent payment of profits to
rely on measures of cost. The product nesses as a group, the understatement stockholders. The transactor approach
of financial intermediaries is consid- of the insurance premiums that busi- thus recognizes that, at the microdata
ered to be equal to the contribution of ness pays is offset by an equal over- level, total premiums paid by a busithe factors of production they employ. statement of capital consumption, so ness are a current cost of operation,
and damage to fixed capital and
This contribution, in turn, is usually that profits remain unaffected.
In the actual accounts of business- claims paid with respect to it are admeasured on a net basis: Receipts are
deducted from the corresponding cate- es, these transactions would be re- justments to the capital account.
Purchases by households of fire and
corded differently. (1) Insurance pregory of factor payments.
The resulting measures of produc- miums paid would be a cost of goods casualty insurance are treated in the
tion, however, are designed to derive and services purchased from other en- BEA accounts in a manner parallel to
a national aggregate, not to reflect terprises and would not be netted the treatment used for business.
the actionj of individual transactors. against claims. (2) The claims re- Households pay "net premiums,"
From the viewpoint of the individual ceived, and also the losses they offset, which equal their pro-rata share of
transactor, these measures often do would be recorded in the capital ac- the costs and profits of the insurance
not present a recognizable picture. If counts. No entry would be made in companies. However, from the transthe macroeconomic accounting system capital consumption allowances for actor's point of view, it is the total
premium that represents a consumer
is to function as an aggregation of mi- accidental damage to fixed capital.
The BEA treatment would be inap- purchase, and claims received are a
croeconomic accounts, some reconsideration of the treatment of financial propriate for the accounts of individu- capital transaction. The BEA treatintermediaries is needed. This annex al transactors. Businesses suffering no ment, by combining a major capital
compares the treatment by BEA with damage to their fixed capital would receipt (claim received) with a relathe treatment that would reflect the record the premium actually paid. tively minor current outlay (premium
way the transactions would be record- Businesses suffering damage, howev- paid), distorts an individual houseer, would record "net premiums," i.e., hold's account. Unlike the case of ined in individual transactor accounts.
premiums paid less claims received, surance purchased by business, howwhich could be a sizable negative ever, the use of the transactor apA. Fire and Casualty
flow, and the damage would appear as proach for households would result in
a large item in capital consumption an increase in total GNP, because
Insurance
allowances. These distortions are due consumer purchases would reflect
Fire and casualty insurance is pur- partly to a questionable separation of total, rather than net, premiums paid,
chased by businesses and households current from capital transactions in and this increase would, in turn, inas protection against the possibility of BEA's accounts and partly to a will- crease the output of the insurance
loss. Premiums are paid to insurance ingness to deal exclusively with con- companies without any offsetting decompanies, which, in turn, use these solidated accounts for businesses as a crease elsewhere. This outcome is
funds to pay the claims of the insured group.
quite consistent with opportunity cost
suffering losses and to cover the costs
Recording these transactions as and utility theory. What households
and profits of the companies.
they are seen by individual transac- purchase is protection against capital
In the BEA accounts, the purchase tors would not alter the measure of loss, and the cost of the protection for
by business of fire and casualty insur- total GNP. However, it would result the individual transactor consists of
ance is treated on a net basis, i.e., the in a decline in the product originating the full premium payment.
14
SURVEY OF CURRENT BUSINESS
B. Health Insurance1
Health insurance premiums may be
paid to health insurance carriers by
employers as fringe benefits for their
employees, or they may be paid by
households directly. The benefits paid
consist of direct payments to doctors,
hospitals, and other providers of
medical care and of direct payments
to beneficiaries for reimbursement for
out-of-the-pocket cost of medical care.
Premiums paid by employers for
health insurance are, in the BEA accounts, "other labor income" received
by employees. On the outlay side of
the personal account, employees purchase (1) the services of health insurance carriers as measured by premiums less benefits, and (2) medical care
services as measured by payments to
providers of medical care.
From the employee's point of view,
health insurance provided as a fringe
benefit is not actual money income. It
does not appear on his wage and tax
(W-2) statement; in most cases, employees are quite unaware of the
amount of the premium the employer
pays. Although this fringe benefit
could be considered imputed income,
for any specific employee its valuation poses serious problems, and the
proper value might bear little or no
relation to the premiums paid by the
employer. For example, the value of
the insurance to a single person may
well be less than to a family, and
young employees might value it less
than older employees. There does not
seem to be more justification for this
imputation than for imputations for
subsidized meals, parking, use of expense accounts, recreational facilities,
and even pleasant working conditions.
For the costs of services of the carriers and medical care services as
measured by payments to providers,
allocation of what is shown in the
BEA accounts to individual households would give a grossly distorted
picture of actual income and expenditures. For individuals who were not
sick, an imputation of the "average
cost" as income and expenditure
would be an overstatement—they did
1. The discussion that follows is in terms of commercial health carriers and of medical care and hospitalization benefits. Nonprofit organizations, including
workmen's compensation funds, are not discussed, nor
are income loss benefits.
in fact have no health expenditures.
For individuals who did receive medical care, their imputed income and
expenditures would be understated by
use of an "average cost."
To replicate the accounts of individual transactors, employers should be
recorded as purchasing health insurance as a fringe benefit for their employees; this transaction should not
appear in the employees' accounts.
The health insurance industry, in
turn, should purchase medical care
from providers of such services. This
treatment would yield the same estimates of GNP and product originating by industry as the BEA treatment.
Premiums paid by individuals for
health insurance are not recorded in
the BEA accounts as consumer expenditures. Instead, the consumer expenditure for health insurance is the
costs and profits of the carriers; the
cost of the medical care individuals
receive is a separate consumer expenditure.
To replicate the accounts of individual transactors, the full premium
should be recorded as the purchaser's
expenditure. As in the case of household purchases of fire and casualty insurance, this shift to a transactor
basis would result in an increase in
GNP. The increase would be equal to
the difference between the premiums
paid and the costs and profits of
health insurers and the costs of medical care. Such an increase in GNP is
justifiable because the premiums paid
by households represent a purchase of
health security that guarantees medical care.
C. Life Insurance2
Life insurance premiums, like
health insurance premiums, may be
paid either by an employer for their
employees or by a household directly.
For the former, BEA treats premiums
as other labor income.
When an individual pays the premium, it is not entered in the BEA accounts as a consumer expenditure;
only the expenses of the life insurance companies are considered con-
2. The discussion that follows is generally applicable
to insured pension funds.
May
sumer expenditure. In both cases, in
terms of standard life insurance accounts, the difference between the
premiums actually paid less expenses
charged as consumer expenditure
equals benefits paid plus profits of the
life insurance companies plus the
change in their reserves less investment income earned.
In order to record premiums as
they appear to individual transactors,
it must first be determined whether
the transactions affect the individual's balance sheet. For term insurance, no cash surrender value or
equity is built up, and from the individual's point of view the treatment
should be the same as for casualty insurance. If an employer pays the premium, the payment is a fringe benefit
and should not enter the employee's
income. Those who do directly benefit
in the current period are those who
are paid the claims. Claims paid in a
lump sum should be recorded in the
capital accounts, together with other
estate transfers. Annuities should be
recorded as current income received
by households. Individual purchases
of term life insurance should be treated in the accounts like household purchases of other casualty insurance.
If life insurance premiums result in
an increase in the equity of individuals, this increase should be reflected
in their balance sheets and current
accounts. The appropriate measure of
the increase in an individual's equity,
however, is the increase in the cash
surrender value of his policies, not a
pro-rata share of the total reserves of
life insurance companies. Further, a
portion of the premiums paid by individuals represents saving in the current account, and this amount, too, is
best measured by what actually accrues to him—the change in his cash
surrender value. Aside from these
considerations, the premiums paid for
whole life insurance and the claims
paid should be recorded in transactor
accounts in the same way as described for term life insurance.
D. Interest
The BEA accounts employ the concept of "net interest." Interest received by enterprises is netted against
the interest they pay. At least two rationales for this treatment can be offered. It can be argued that interest is
May
SURVEY OF CURRENT BUSINESS
a payment for a factor of production,
and net interest represents the net
amounts of this factor used by enterprises. Alternatively, it can be argued
that interest payments are not factor
payments, but like dividend payments, represent a transfer of the
income earned by an enterprise to
those having a claim on it. According
to either rationale, interest received
is derived from the productivity of
other enterprises, and should be excluded from the measurement of the
output (income originating) of the receiving enterprise. This exclusion can
best be accomplished by omitting the
interest received from the product
side of the account and subtracting it
on the income side from interest paid.
For financial institutions whose interest receipts exceed interest payments by substantial amounts, this
procedure results in negative product.
As a consequence, it has been found
useful to recognize that depository institutions provide services, instead of
paying interest, to their depositors,
and these services, in effect, constitute imputed interest payments. Such
imputed payments are valued at the
cost of providing the services. Once
the imputations are introduced, the
net interest approach results in an
income originating measure for these
financial institutions that equals their
costs and profits.
The United Nations system does
not formally adopt a net interest approach, but, because it separates production accounts from appropriation
accounts, the effect is the same. In
the production account for an enterprise, the operating surplus is a residual reflecting the difference between
sales receipts and the costs of sales. It
represents that part of factor income
that is carried over to the appropriation account where dividends and interest are added to derive the total
amount of income available for distribution. The disbursements side of the
appropriation account shows the payments made. Because interest transactions are not recorded in the production account, they do not enter the
measurement of output.
enterprise might exclude interest received, but the purpose would be to
separate normal business activity
from financial activities.
/. Enterprise interest
In the accounts of individual enterprises, net interest received is not customarily netted against interest paid.
In computing operating surplus, an
From the point of view of an individual enterprise, it would be more
logical to treat interest transactions
like rental receipts and payments. On
the receipts side of the account, rents
are treated as the sale of services, and
on the outlay side, rents are an intermediate purchase of services from
other enterprises. This procedure results in a correct measure of product
originating in rental transactions in
the enterprise sector. The excess of
rents paid by the enterprise sector
over rents received by it is rents received by households. To convert
these rents into a measure of product
originating, the rental expenses are
deducted from gross receipts. This residual item is called "rental income of
persons."
Under a treatment similar to that
used for rental transactions, interest
received by enterprises would be considered a sale of services, and interest
paid by enterprises to other enterprises would be considered an intermediate purchase. The excess of interest paid by the enterprise sector over
interest received by it is interest received by households. To convert
these interest transactions into a
measure of product originating, any
costs incurred in connection with the
lending would be deducted before the
payment of "interest income to persons."
It has been argued that interest
should not be treated as an intermediate purchase, because this would misrepresent the "true" measure of value
added, or income originating, in an
industry. This reasoning has also
been applied to rental payments. For
example, production function analysis
may require a measure of capital
goods used, irrespective of whether
owned or rented. However, it does not
follow that the NIPA's should be constructed solely with such analysis in
mind; what an enterprise's gross product originating should represent is
the value that is added to contributions of other enterprises. In addition,
it would be extremely difficult to reconstruct enterprise accounts to treat
rented and owned capital goods symmetrically. To do so, it would be necessary to impute the costs of owner-
15
ship, including such items as management costs and taxes, to the using enterprise.
The transactor approach to interest
would alter the pattern of gross product originating. It would reduce the
gross product of the enterprises that
borrow, and correspondingly increase
the gross product of the enterprises
that lend. One of the major consequences would be that gross product
of depository institutions, without imputed interest, would be exactly equal
to what is now computed including
imputed interest. The reason is, of
course, that the interest received by
depository institutions would be a sale
of goods and services, and on the cost
side, interest paid would be an intermediate purchase, leaving in gross
product originating exactly what is
now in the BEA accounts. This approach does not require the abandonment of the imputation for depository
services; it does require, however,
that the imputation be justified on
grounds similar to those that might
justify imputations for television,
radio, and the media, which are paid
for largely by advertising expenditures.
2. Consumer interest payments
In the BEA personal account, the
interest treatment excludes consumer
interest from consumer expenditure;
it is treated as a transfer. However,
for the individual borrower, the extension of credit is a useful service,
and it is purchased like any other
consumer service. In many cases, interest charges are implicit in higher
prices where credit or charge privileges are granted. Paradoxically, if a
consumer buys at a lower price for
cash and borrows to finance the purchase, the interest charge is, in the
national accounts, excluded from consumer expenditures. If market valuations and opportunity cost are to be
used to represent the value of goods
and services, there is no reason from
the individual transactor's point of
view to exclude consumer interest as
a purchase of credit services.
The exclusion of consumer interest
payments from consumer expenditures is usually based on one or more
of the following arguments, which are
variants of the same theme. First, it
may be argued that no productive resources are involved in the loaning of
16
SURVEY OF CURRENT BUSINESS
money. Interest represents only a redistribution of income, and is not in
itself a factor of production. Second, it
may be argued that no production has
taken place, and, as a consequence,
there is no operating surplus out of
which interest can be paid. In both
cases, interest payments are considered transfers rather than purchases
of services. Finally, it is sometimes
argued that consumer interest is "unproductive," in much the same sense
that Adam Smith argued that the
services of domestic servants were unproductive.
question about the debt of State and
local governments, which has often financed capital assets, such as schools,
providing current services. With respect to the BEA accounts (as opposed
to those of most other countries), it
has also been argued that, because
government durables are not capitalized and are not considered to produce income, no real capital services
are performed, and it would therefore
be inappropriate to include a measure
of these services.
BEA's treatment of government interest is at variance with the general
principles underlying its system. In a
market economy, services purchased
are considered to represent output,
even if they are in some sense wasted,
as in waging wars. Thus, one does not
ask whether a government employee
performs a service; the fact that he is
paid is taken as an indication that the
service exists. A similar argument
can be made that if interest is paid,
then credit services exist.
The difference between a transfer
payment and the purchase of a service rests on the question of whether a
service is performed in the current
3. Government interest payments
The BEA accounts also exclude government interest from purchases of
services. The exclusion is an old and
universal (if not honorable) tradition
in national accounting. The original
justification was made for World War
I debt. It was argued that interest on
government debt incurred for a past
war should not give rise to output in
later periods. The National Accounts
Review Committee in 1958 generally
supported this argument, but raised a
May
period, not on whether the service is
used. Thus, a pension paid to a veteran differs from the pay of a soldier in
that no services are provided in the
current period by the veteran, whereas the pay of the soldier represents
services made available. Whether the
services are used is considered irrelevant.
Based on these principles, the holders of government bonds are providing services fully as much as if they
had purchased corporate bonds, and
government interest payments should
be recorded as the purchase of services. Furthermore, because government debt is fungible, it is not appropriate to distinguish between debt incurred for war purposes, for countercyclical measures, or the purchase of
government durables. Those interested in measuring "economic welfare"
can impute any deduction they wish
for what they consider to be the nonproductive use of government credit—
or for that matter any other nonproductive use of resources, like the "regrettable necessities" some analysts
have tried to identify. But this is
analysis, not accounting.
SURVEY OF CURRENT BUSINESS
May
Part II. The Integrated Economic
Accounts
A. The Relation of the
Integrated Economic Accounts
to the BEA System
The integrated economic accounts
(lEA's) presented in this report do not
constitute a new system; rather they
are a further development of the BEA
system. The changes that were made
can be classed in five broad categories.
/. Modification of the sectoring
A few relatively minor modifications of the sectoring of the BEA
system were made. The most important is redefinition of the personal
sector to exclude nonprofit institutions. This redefinition leaves the personal income and outlay account with
only the income and outlay of individuals and households. Defined in this
way, it corresponds in principle to the
group of transactors represented by a
comprehensive microdata set of
households.
Another sectoring modification sets
up the enterprise sector and its subsectors explicitly. The enterprise
sector is not shown separately in the
BEA 5-account system, although BEA
provides national income by legal
form of organization (BEA table 1.14)
and, in other tables, additional transactions detail by industry for both
corporate and noncorporate enterprises. The sectoring and subsectoring
used by the Federal Reserve in the
flow of funds accounts corresponds
closely to these BEA classifications by
legal form of organization. By combining the BEA and Federal Reserve
classifications, a consistent system of
sectoring and subsectoring can be developed, as shown below.
Enterprise sector
Nonfinancial
Corporate nonfarm
Noncorporate nonfarm
Farm
Government enterprises
Nonprofit institutions
Financial
Monetary authority
Commercial banking
Other banking
374-058 0 - 8 2 - 3
Pensions and insurance
Government financial agencies
Other financial institutions
Household sector
Government sector
Federal
State
Local
Rest-of-the-world sector
2. Redefinition of capital formation
The definition of capital formation
is broadened to recognize capital formation by households and government. This change does not pose
either statistical or analytical difficulties. BEA now compiles stock and
flow estimates of government and
household outlays for structures, durables, and inventories in a form that
can be directly integrated with both
the current accounts and the balance
sheets.
3. Separation of nonmarket activity
Imputed valuations of nonmarket
activity, e.g., the rental value of
owner-occupied housing, are very different in nature from imputed valuations that reflect actual transactions,
e.g., the cost of providing imputed financial services. As noted earlier, the
valuation of nonmarket activity is
speculative, and generally must be
based on analogy with the market
value of similar activity taking place
elsewhere in the economy. Nonmarket imputations also pose two other
types of problem. First, it is difficult
to decide just where to draw the production boundary; there is increasing
pressure to include such things as
changes in environmental conditions
and the nonmarket activity taking
place within the household. Second, if
imputed valuations for nonmarket activities are combined with actual
transactions in the accounts, the accounts may be less useful for fiscal
and monetary policy. An appropriate
solution to these problems would be
to show the nonmarket imputations
that are included in the accounts separately from the actual transactions
flows. In the lEA's, the following activities are shown separately as non-
17
market imputations: (1) nonprofit
building rent, (2) owner-occupied
housing, (3) margins on owner-built
homes, (4) household durables consumed, (5) farm income in kind, (6)
government durables consumed.
4. Reclassification of intersectoral
transactions flows
Sector accounts generally record
transactions in which the transactors
of that sector are directly engaged. As
has been noted, however, BEA has
some imputations that show indirect
involvement by a sector in the related
market activities of other sectors.
These imputations, while useful for
some types of analysis, do obscure
actual transactions flows. For many
purposes, it is unrealistic to impute to
individuals transactions about which
they have little or no knowledge.
In light of these considerations, the
lEA's record transactions in the
sector accounts in a way that reflects
the actual flows that occurred. First,
for the holder of insurance and pension rights (both for private and government employees), the lEA's record
the increase in cash value in his accounts, rather than the total increases in reserves accruing to the insurance companies and pension funds.
Second, many fringe benefits provided
by employers to employees are treated as a form of "public good"; this
treatment relegates the influence of
these benefits to the same category as
other situational variables like pleasant working conditions, rather than
treating them as part of the employee's income or expenditure.
Third, transactions relating to
owner-occupied housing (i.e., housing
repairs, property taxes, and mortgage
interest payments) are recorded by
the lEA's in the household current account rather than as activities of an
unincorporated business enterprise.
Finally, the assets and liabilities held
by estates and trusts are considered
to be held by financial institutions
and only the net equity in such estates and trusts is reflected in the balance sheets of households.
5. Establishment of integrated current
and capital accounts for sectors
To construct a consistent integrated
system of accounts that includes
stocks of structures, durables, and in-
18
SURVEY OF CURRENT BUSINESS
ventories in the balance sheets of all
sectors, expenditures for these assets
must be designated as capital transactions in all sectors and excluded from
sector consumption expenditures. The
BEA system must be altered to show
an explicit separation of the current
and capital accounts of households
and government.
By definition, capital transactions
refer to changes in assets—financial
and tangible—and liabilities. But capital transactions are not the only
source of changes in balance sheets;
revaluations are another source. For
this reason, explicit sector revaluation
accounts are useful. The revaluation
accounts together with the capital
transactions accounts show all of the
changes in the value of assets and liabilities on the balance sheets.
B. Current Accounts
There are five current accounts in
the lEA's, and, with the exception of
the account of the enterprise sector,
each is similar in structure to its
counterpart in the BEA summary 5account system. For the four accounts
for which there is a BEA counterpart,
annex 2 reconciles the items in the
lEA's with the related items in the
BEA accounts. (In the BEA system,
an account for the enterprise sector is
not shown separately.) Some of the
transactions flows differ, however,
and these differences will be described in the following review of the
transactions content of the major line
items. For each account, its structure
is brought out by explaining a "basic"
account, i.e., an account that presents
transactions flows in highly aggregated form. Then there follows a description of the account in the full transactions detail that brings out the relation among the sector accounts. The
five current accounts and a table
showing the relationship among
major aggregates for 1969-80 are
shown in annex 3.
/. The GNP account
The GNP account drawn up for the
lEA's corresponds closely to the BEA
national income and product account.
Its role, however, is somewhat different. Because an explicit enterprise
sector account has been introduced,
the GNP account is no longer needed
as part of the balancing system of
sector accounts. Instead, it provides
May
Table 2.—Gross National Product Account, 1978
[Billions of dollars]
Charges against:
Enterprise gross product
Government product . . . .
....
Charges against gross domestic product (market
1,760.6
2292
1,346.7
Current consumption expenditures
673.6
305
Gross capital formation
Sales to rest of the world net
Gross domestic product (market transactions)
Factor income from rest of the world net
1,989.8
292
Factor income from rest of the world net
Charges against GNP (market transactions)
Charges against imputed nonmarket gross product .
2,019 8
398.9
GNP (market transactions)
Imputed nonmarket outlays
Charges against GNP (market and nonmarket)
2,418.7
GNP (market and nonmarket)
1,989.8
299
2 019.8
398.9
. . .
2,418.7
an overview of economic activity de- consumption expenditures and gross
rived by consolidating the sector cur- private domestic investment.
rent accounts.
For current consumption expendiThe basic account.—Table 2 is in tures, it should be noted, first, that
three segments. In the first, the right enterprise consumption expenditures
side of the account shows the final (IEA 1.1 line 2) are explicitly recoguses of the gross domestic product: nized, and consist of: (1) employee
current consumption expenditures, benefits in kind, (2) nonprofit benefits
gross capital formation, and net sales in kind, and (3) financial services in
to the rest of the world. The left side kind. The lEA's treat employee beneshows the charges against gross do- fits in kind (line 3) as expenditures
mestic product. Two sources of gross made by employers on behalf of their
product are given: enterprises (includ- employees. Nonprofit benefits in kind
ing government enterprises and non- (line 4) are included by BEA as part
profit institutions) and government. of personal consumption expenditures
Government product is shown net because BEA's personal sector inrather than gross because it does not cludes nonprofit institutions. When
include any allowance for the capital nonprofit institutions are removed
consumption of government struc- from the household sector, the benetures and durables.
fits they provide must be shown sepaGross domestic product is defined . rately. Financial services in kind (line
as the output produced within the ge- 5) in the BEA accounts are recorded
ographic boundaries of the United as imputed interest paid to individStates. In addition, U.S. enterprises uals and government and, consequentand individuals may be paid factor ly, as expenditures by them. In the
income by the rest of the world or pay lEA's, these imputations are excluded
factor income to the rest of the world. from both the income and the expendThese net factor incomes are shown itures of households and government.
on both sides of the account, on the
Second, the current consumption
right, measuring output, and on the expenditures shown for households
left, measuring income; they consti- (IEA 1.1 line 6) and government (line
tute the difference between gross do- 9) exclude these sectors' expenditures
mestic product and GNP, which is on capital formation. The items inshown in the second segment. The cluded in the BEA expenditures but
third segment shows the imputed excluded from current consumption
outlay and imputed income that arise expenditures in the lEA's are, for
from including nonmarket activity in households, durable goods expendioutput and income.
tures (line 19) and change in invenTable IEA 1.1, The Gross National tories (line 20) and, for government,
Product Account.—This table gives expenditures on structures (line 22),
content to the broad aggregates expenditures on equipment (line 23),
shown in table 2. The definitions of and change in inventories (line 24).
some of the flows in the GNP account
For capital formation, the IEA conof the lEA's are significantly different cept of gross capital formation (IEA
from those in the BEA national 1.1 line 12) is, of course, very much
income and product account. Current larger than BEA gross private domesconsumption expenditures (IEA 1.1 tic investment, because it includes
line 1) and gross capital formation both household capital formation
(line 12) are different from BEA's (lines 19 plus 20) and government capdefinitions of, respectively, personal ital formation (line 21). Enterprise
SURVEY OF CURRENT BUSINESS
May
capital formation (line 13), however, is
somewhat smaller than BEA gross
private domestic investment, because
owner-occupied houses, which BEA
considers to be business investment,
Sample Table 1.1.—Gross National Product
Account
[Billions of dollars]
Line
1978
Current consumption expenditures
Enterprises
Employee benefits in kind
Nonprofit benefits in kind .
Financial services in kind
Households
Nondurable goods ,
Services
Government
Purchases
Compensation of employees
1
2
3
4
5
6
7
8
9
10
11
1 3467
139.2
62.3
425
34.4
829.4
5088
320.6
378 1
1488
229.2
Gross capital formation
Enterprises
Structures
Equipment
Change in inventories
Households
Owner-occupied houses
Durable goods
Change in inventories
Government
Structures
Equipment
Change in inventories
12
13
14
15
16
17
18
19
20
21
22
23
24
673.6
289 1
111 6
164.9
226
3094
94.7
1993
15.4
65 1
278
31.0
62
Sales to rest of the world, net
Sales to rest of the world
Less: Purchases from rest of the world
25
26
27
-30.5
1761
206.6
Gross domestic product (market transactions)
28
1,989.8
Factor income from rest of the world, net
29
29.9
GNP (market transactions) ...
30
2,019.8
Imputed nonmarket outlays
Enterprises
Nonprofit building rent
Households
Owner-occupied housing
Margins on owner-built houses
Durables consumed
Farm income in kind
Government
Capital consumption of structures and
durables
31
32
33
34
35
36
37
38
39
3989
71
7.1
3426
1269
1.7
2134
.6
492
40
492
GNP (market and nonmarket)...
41
2,418.7
Charges against enterprise gross product
Compensation of employees
Net interest
Proprietors' income
Rental income
Net dividends
Indirect taxes and nontaxes ..
Surplus of government enterprises
Net transfers
Enterprise gross saving .
Statistical discrepancy (BEA)
42
43
44
45
46
47
48
49
50
51
52
53
1 7606
1,070.5
206
1122
175
343
1519
830
5.9
-306
2890
6.4
Charges against government product
Compensation of employees ....
54
55
229.2
2292
Corporate profits taxes
Charges against gross domestic
(market transactions)
product
56
1,989 8
Factor income from rest of the world, net
Factor income received
Less: Factor income paid
57
58
59
29.9
438
13.8
Charges against GNP (market transactions)...
60
2,019.8
Charges against imputed nonmarket gross
product
Enterprises
Nonprofit building rent
Households
Gross income on owner-occupied housing..
Margins on owner-built houses
Gross income on durables
Farm income in kind
Government
Capital consumption of structures and
durables
61
62
63
64
65
66
67
68
69
3989
7.1
71
3426
126.9
17
2134
6
49.2
70
49.2
Charges against GNP (market and nonmarket)
71
2,418.7
have been reclassified to be part of
household capital formation (line 18).
Net sales to the rest of the world
(IEA 1.1 line 25) differs from BEA's
net exports of goods and services in
that it excludes net factor income
from the rest of the world. Showing
the latter (line 29) separately makes
it possible to show both gross domestic product (line 28) and GNP (line
30). BEA shows gross domestic product only in the supporting tables.
Table IEA 1.1 shows imputations
for nonmarket activity separately
(line 31) from the measurements
based on market transactions, to
permit the expansion of nonmarket
imputations without obscuring analysis of other transactions. In addition
to the imputations made by BEA, imputations have been made for the
services of consumer durables (line
37) and the capital consumption of
structures and durables owned by
government (line 40). Estimates of the
value of these items are available in
BEA's work on nonmarket activity
and on stocks of tangible capital
assets. The other imputations are as
estimated by BEA for table BEA 8.8.
The services of owner-occupied housing (line 35), for example, is equal to
BEA's imputed space rent of owneroccupied housing less the costs of its
repair and maintenance. Household
expenditures on repair and maintenance are excluded because they are
already in market consumption expenditures. Similarly, the margin on
owner-built houses (line 36) is shown
as an imputed expenditure by households.
The charges against gross domestic
product (IEA 1.1 line 56) are divided
into those arising in enterprises (line
42) and in government (line 54). The
breakdown for enterprises shows how
the product generated is allocated
among compensation of employees,
net interest, properietors' income,
rental income, net dividends, indirect
taxes and nontaxes, corporate profits
taxes, surplus of government enterprises, and net transfers (line 43-51).
Enterprise gross saving (line 52) is determined residually, and shows the
portion of enterprise product that is
not paid out to other sectors. Receipts
of enterprises not arising from their
productive activity (i.e., interest, dividends, and transfers) have been
netted against the same category of
payments made by enterprises, follow-
19
ing the BEA practice. The BEA statistical discrepancy (line 53) has been allocated to the enterprise sector.
Charges against government product
consist entirely of compensation of
employees (line 55). This treatment
accords with the BEA definition.
Net factor income from the rest of
the world (IEA 1.1 line 57, equal to
line 29) constitutes the difference between the charges against gross domestic product (line 56) and the
charges against GNP (line 60). Similar charges against imputed nonmarket gross product (line 61) equal imputed nonmarket outlays (line 31) and
represent the difference between the
charges against GNP (market transactions) (line 60) and the charges
against GNP (market and nonmarket
transactions ) (line 71).
Table IEA 1.2, Relation of National
Income, Net National Product, and
Gross National Product—This table
gives the transactions flows that add
up to national income and the adjustments needed to derive net national
product and GNP. Because this table
begins with the net aggregates at
factor prices (in contrast to the gross
aggregates at market prices of the
Sample Table 1.2.—Relation of National Income, Net National Product, and Gross National Product
[Billions of dollars]
Line
1978
1
2
3
4
5
6
7
8
1 4167
1,070.5
206
112.2
17.5
343
83.0
78.6
9
10
229.2
229.2
11
12
29.9
43.8
13
14
15
16
17
18
19
13.8
139.9
1.5
658
1.7
703
.6
Equals: National income (at factor prices)
20
1,815.8
Plus'
Plus:
Plus:
Less'
Plus'
21
22
23
24
25
1781
8.7
-3.1>
94
6.4
Equals: Net national product (at market
prices)
26
1,996.4
Plus' Capital consumption allowances
Enterprise capital consumption
Nonprofit-owned buildings
Owner-occupied housing
Consumer durables
Government structures and durables..
27
28
29
30
31
32
4224
180.6
56
350
143.1
58.2
Equals: GNP (market and nonmarket)
33
2,418.7
Plus' Enterprise income originating
Compensation of employees
Net interest
Proprietors' income
Rental income
Net dividends
Corporate profits taxes
Retained enterprise income
Plus: Government income originating
Compensation of employees
Plus: Rest-of-the-world income originating,
net
Factor income from rest of the world .
Less: Factor income paid to rest of
the world
Plus: Imputed nonmarket income originating..
Nonprofit building rent
Owner-occupied housing
Margins on owner-built houses
Consumer durables
Farm income in kind
Indirect taxes and nontaxes
Enterprise transfer payments
Net surplus of government enterprises....
Subsidies
Statistical discrepancy
20
preceding table), enterprise income
originating (IEA 1.2 line 1) differs
from charges against enterprise gross
product in that indirect taxes, net
transfers, current surplus of government enterprises, capital consumption
allowances, and the statistical discrepancy are excluded. It should be
noted that retained enterprise income
is equal to enterprise gross saving
minus enterprise capital consumption;
these concepts are explained below in
connection with the enterprise current account. Government income
originating (line 9) and net factor
income from the rest of the world
(line 11) are the same as in table IE A
1.1. Imputed income originating (net)
in nonmarket activity (line 14) includes the items included in national
income by BEA plus the net imputed
value of the services of consumer durables (line 18). Consequently, national income (line 20) is larger than
BEA's national income by the Amount
of these services.
Net national product at market
prices (IEA 1.2 line 26) is obtained
from national income by adding indirect taxes, enterprise transfer payments (net), net surplus of government enterprises, and the BEA statistical discrepancy, and subtracting
subsidies (lines 21-25).
Finally, the difference between net
national product at market prices and
GNP (IEA 1.2 line 33) is capital consumption allowances (line 27). GNP as
shown here exceeds BEA's GNP by
the amount of gross income from consumer durables (lines 18 plus 31) and
capital consumption of government
structures and durables (line 32).
2. The enterprise current account
The current account for the enterprise sector represents a consolidation
of the production accounts for all enterprises in the economy. "Enterprises" include not only corporate and
noncorporate private businesses, but
also government enterprises and private nonprofit institutions.
The basic account.—In table 3, the
right side of the account shows enterprise gross product in terms of the
net sales to different sectors of the
economy. These sales represent the
market value of output produced by
the enterprise sector, and include capital purchases and changes in inven-
SURVEY OF CURRENT BUSINESS
May
Table 3.—Enterprise Gross Product Account, 1978
[Billions of dollars]
Compensation of employees
Net interest
Proprietors' income
Rental income
N e t dividends . . . .
Indirect taxes and nontaxes
Corporate profits taxes
Surplus of government enterprises
Net transfers
Enterprise gross saving
Statistical discrepancy
..
..
Enterprise current outlays and gross saving (market
transactions).. .
Imputed nonmarket outlays
Enterprise current outlays and gross saving (market
and nonmarket).. .
10705
206
1122
17 5
343
151.9
830
5.9
-306
289.0
64
Sales toEnterprises net
Households
Government
Sales to rest of the world, net
4383
1,125.8
2138
-17.3
Enterprise gross product (market transactions)
1,760.6
17606
71
71
Imputed nonmarket sales
Enterprise gross product (market and nonmarket)
1,767.7
1,767.7
Table 4.—Household Current Income and Outlay Account, 1978
[Billions of dollars]
Current consumption expenditures
Interest payments
Tax payments
Personal contributions for social insurance
Transfers paid
Gross saving
Household current outlays and gross saving (market
Imputed nonmarket gross outlays
8295
90.4
2850
69.6
336
298.1
1,606.2
3426
Household gross current outlays and gross saving
1,948.8
(market and nonmarket)
tories as well as purchases for current
consumption. The left side of the account, showing enterprise current
outlays and gross saving, is identical
to charges against enterprise gross
product (IEA 1.1 line 42). On both
sides of the account, market transactions and nonmarket imputations are
shown separately. Nonmarket outlays, by definition, equal nonmarket
sales.
Table IEA 1.10, Enterprises Gross
Product Account.—The elements of
enterprise gross product (market and
nonmarket) (IEA 1.10 line 30) have already been discussed in connection
with table IEA 1.1. The components of
enterprise current outlays and gross
saving (line 86), however, are given in
considerably greater detail here so
that they articulate with the transactions flows in the other sector accounts. Compensation of employees
(line 31), for example, is broken down
into five transactions flows (lines 3237): wages and salaries (paid to households); social insurance contributions
(paid to government); pension and
other payments (paid to households);
benefits in kind (provided to households); and compensation paid to the
rest of the world.
Net transfers (IEA 1.10 line 61) are
somewhat more complex and include
Wages and salaries received
Interest income
Proprietors' income
Rental income
Dividends received
Transfers received
.. ..
Household current income (market transactions)
Imputed nonmarket gross income
Household gross current income^ (market and nonmarket)
1,1004
109.7
1122
17.5
410
225.4
1,606.2
3426
1,948.8
a number of quite different components. Transfers paid (line 62) consist
of bad-debt allowances for uncollectable accounts receivable from households (line 63) and nonprofit benefits
in kind (line 64). Transfers received
(line 65) are funds received by enterprises that cannot be classed as sales
of goods and services. These are:
household contributions to nonprofit
institutions, government grants to
nonprofit institutions, interest and
dividends received by nonprofit institutions, and subsidies to enterprises
(lines 66-69). Additions to government
pension and retirement reserves (line
70) are considered to be transfers to
enterprises because the pension and
retirement schemes are usually operated as government or private nonprofit enterprises; consequently, government pension and life insurance
reserves (line 81) are also included in
the enterprise sector.
Enterprise gross saving (IEA 1.10
line 71) is residually determined, and
consists of that part of enterprise
gross product that is not paid out to
others. The derivation of retains corporate profits (line 72) is shown explicitly: It equals the book value of
corporate profits with adjustments for
inventory valuation and for capital
consumption, less payments of net
SURVEY OF CURRENT BUSINESS
May
Sample Table 1.10.—Enterprise Gross Product
Account
[Billions of dollars]
Line
1978
1
2
3
4
5
6
7
8
9
438.3
1392
62.3
425
34.4
2991
111.6
1649
22.6
Sales to households
Current purchases
Nondurable goods
Services
Capital purchases
Owner-occupied houses
Durable goods
Change in inventories
10
11
12
13
14
15
16
17
1 125.8
8163
507 1
309.2
3094
94.7
1993
15.4
Sales to government
Current purchases net
Capital purchases
Structures
Equipment
Change in inventories
18
19
20
21
22
23
2138
1487
651
27.8
31 0
6.2
24
25
26
-17.3
1674
1846
27
28
29
1,760.6
71
7.1
Sales to enterprises
Current purchases net
Employee benefits in kind
Nonprofit benefits in kind
Financial services in kind ...
Capital purchases
Structures
.
Equipment
Change in inventories
....
Sales to rest of the world, net..
Sales to rest of the world
Less: Purchases from rest of the world
Enterprise gross product (market transactions)
Imputed nonmarket enterprise sales
Nonprofit building rent
...
Enterprise gross product (market and nonmarket)
30
1,767.7
Compensation of employees
Wages and salaries
Social insurance contributions
Other labor income
Pension and other payments
Benefits in kind
Compensation paid to rest of the world
31
32
33
34
35
36
37
1 070.5
908.2
643
97.6
35.3
623
.5
Net interest
Interest paid
Households
Nonprofit institutions
Rest of the world
Financial services in kind
Less' Interest received
Households
Government, net
Nonprofit institutions
Rest of the world
Proprietors' income
Rental income
Net dividends
Dividends paid
Households
Nonprofit institutions
Government
Rest of the world
Less: Dividends from rest of the world
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
206
154.9
1097
2.7
80
344
1343
904
258
15
165
1122
175
343
47 4
41 0
21
15
27
13 1
Indirect taxes and nontaxes ....
Corporate profits taxes
Surplus of government enterprises
58
59
60
1519
830
59
Net transfers.
Transfers paid
Bad-debt allowances
Nonprofit benefits in kind
Less: Transfers received
Household contributions to nonprofit institutions
Government grants to nonprofit institutions
Net interest and dividends received by
nonprofit institutions
Subsidies
Government pension and insurance reserves
61
62
63
64
65
306
497
71
42.5
80.3
66
328
70
279
Enterprise gross saving
Retained corporate profits (adj.)
Corporate profits (adj.)
Corporate profits (book)
Inventory valuation adjustment
Capital consumption adjustment
Less: Net corporate dividends
Corporate profits taxes
Capital consumption allowances (adj.)
Nonprofit retained income
Pension and insurance reserves
71
72
73
74
75
76
77
78
79
80
81
2890
48.5
165.8
203.6
-24.3
-135
34.3
830
180.6
2.0
57.9
Statistical discrepancy (BEA)
Enterprise current outlays and gross saving
(market transactions)
Imputed nonmarket enterprise outlays
Nonprofit building rent
Enterprise current outlays and gross saving
(market and nonmarket) ..
82
6.4
83
84
85
1,760.6
7.1
71
86
1,767.7
67
69
68
69
33
94
21
corporate dividends and corporate
profits taxes (lines 74-78). Capital consumption allowances (line 79) do not
include capital consumption on buildings owned and occupied by nonprofit
institutions. For this reason, the retained income of nonprofit institutions (line 80) is gross. Additions to
pension and life insurance reserves
(line 81) are shown as part of enterprise gross saving; this treatment contrasts with the BEA practice that
puts these reserves partly into personal saving in the personal income and
outlays account, and partly into government surplus in the government
receipts and expenditures account.
The remaining components of enterprise current outlays and gross saving
have already been discussed in connection with table IEA 1.1.
Subsectoring.—As part of the project, gross product accounts were prepared for the enterprise subsectors
shown on page 17. In preparing the
estimates, unpublished detail in BEA
worksheets was used; for some flows,
enterprise sector flows were allocated
on the basis of information in the Internal Revenue Service Statistics of
Income. For the most part, the subsector transaction detail follows that
shown for the enterprise sector as a
whole, but in some cases, transactions
flows were combined. For example,
subsidies were netted against indirect
tax and nontax payments, and baddebt allowances and statistical discrepancies were combined with other
adjustments.
that households receive, and the left
side shows their gross current outlays
and gross saving. Gross saving in this
account is, of course, a residual; it
shows the portion of the total income
received by households used either to
acquire assets (financial or tangible)
or to discharge liabilities.
Table IEA 1.40, Household Current
Income and Outlay Account.—Payments by enterprises to households
and household payments to enterprises (including contributions to nonprofit institutions) have already been
discussed in connection with the enterprise current account. The new
3. The household current account
There are four major differences between the current account for the
household sector in the lEA's and the
BEA personal income and outlay account. First, the income and expenditures of nonprofit institutions are excluded. Second, expenditures on consumer durables and change in inventories are treated as capital, rather
than current, and thus are excluded
from the household current account.
Third, as already noted, a number of
transaction flows relating to fringe
benefits provided by employers, pensions and insurance, and owner-occupied housing have been reclassified.
Fourth, a number of market and nonmarket imputations are excluded
from both income and expenditures.
The basic account.—In table 4, the
right side shows the types of income
Sample Table 1.40.—Household Current
Income and Outlay Account
[Billions of dollars]
Line
1978
1
2
3
4
1,100.4
908.2
191.8
.4
5
6
7
8
109.7
112.2
17.5
41.0
Transfers received
Enterprises
Pension and welfare payments
Bad-debt adjustment
Government
Social insurance payments ...
Other payments
9
10
11
12
13
14
15
225.4
42.4
35.3
7.1
183.0
91.4
91.6
Household current income (market transactions)
16
1,606.2
Imputed nonmarket gross income
Gross income on owner-occupied housing
Capital consumption
Net imputed services
.
Margins on owner-built houses
Gross income on durables
Capital consumption
Net imputed services
Farm income in kind
17
18
19
20
21
22
23
24
25
342.6
126.9
35.0
91.9
1.7
213.4
143.1
70.3
.6
Household gross current income (market
and nonmarket)
26
1,948.8
Current consumption expenditures
Nondurable goods
Enterprises
.. ..
Rest of the world
Services
..
Enterprises
Rest of the world
27
28
29
30
31
32
33
829.4
508.8
507.1
1.7
320.6
309.2
11.4
Wages and salaries received
Enterprises
Government
Rest of the world
Interest income . .
Proprietors' income
Rental income
Dividends received
.
.
....
....
•• ••
Interest payments
34
90.4
Tax payments
Income taxes
Estate and gift taxes .
Property taxes
Other taxes and nontaxes
35
36
37
38
39
285.0
225.0
7.2
27.2
25.6
Personal contributions for social insurance
40
69.6
Transfers paid
Contributions to nonprofit institutions
Transfers to rest of the world, net .
41
42
43
33.6
32.8
.8
Gross saving
.
Capital consumption allowances
Owner-occupied houses
Durable goods .
Net saving
44
45
46
47
48
298.1
178.1
85.0
143.1
120.1
Household current outlays and gross saving
(market transactions)
49
1,606.2
Imputed nonmarket gross outlays
Owner-occupied housing
Margins on owner-built houses
Durables consumed
Farm income in kind
50
51
52
53
54
342.6
126.9
1.7
213.4
.6
Household gross current outlays and gross
saving (market and nonmarket)
55
1,948.8
22
transactions in this account are those
between households and the government, and between households and
the rest of the world. The government
pays wages and salaries (IEA 1.40 line
3) and makes transfer payments (line
13) to households, and receives from
households tax payments (line 35) and
personal contributions for social insurance (line 40)6.
The rest of the world pays wages
and salaries to households (IEA 1.40
line 4), and receives current consumption expenditures (lines 30 plus 33)
and transfers (line 43) from households. No interest and dividends are
received directly by households from
the rest of the world; rather, they are
considered as being received by enterprises and in turn paid out by them
to households. This procedure does
not affect the amount of net interest
paid by enterprises (the same amount
is added and subtracted), but it avoids
the somewhat difficult statistical
problem of determining whether interest or dividend payments by the
rest of the world are made to businesses or individuals.
Household gross saving (IEA 1.40
line 44) is quite different from BEA
personal saving. The exclusion of imputed interest on pension funds and
life insurance reserves and of employer contributions for pension funds and
life insurance removes most of the increase in life insurance and pension
fund reserves from gross household
saving. Increases in the cash value of
pensions and life insurance held by
households, however, are included as
part of household income, and thus a
part of household saving. The altered
treatment of owner-occupied housing
also has a substantial impact. Rnputed capital consumption allowances on
owner-occupied housing, which BEA
treats as part of business capital consumption, are included as a part of
household gross saving. The elements
of the imputed rental value of owneroccupied housing that reflect market
outlays, such as repair and maintenance costs, mortgage interest, and
property taxes, are in household out6. It could be argued that some of the taxes that
households pay are not "current" outlays, and so
should not be recorded in their current account. For
example, from the viewpoint of householders, payment
of estate taxes is a capital transaction in the capital
account. To preserve comparability with the BEA accounts, however, this modification was not made here.
SURVEY OF CURRENT BUSINESS
May
Table 5.—Government Current Income and Outlay Account, 1978
[Billions of dollars]
Current purchases and compensation of employees
Net interest
Transfers and subsidies
Gross saving
368.4
32.7
230.9
57.0
Government current outlays and gross saving (market
transactions)
689.0
Imputed nonmarket gross outlays
49.2
527.3
161.8
Government current income (market transactions)
Government current outlays and gross saving (market
and nonmarket)
j 738.2
Tax and nontax receipts
Social insurance contributions-
689.0
Imputed nonmarket gross income
Government gross current income (market and nonmarket)
49.2
738.2
Table 6.—Rest-of-the-World Current Account, 1978
[Billions of dollars]
Sales to the rest of the world
Factor income received
Capital grants received by government net
176.1
438
0
Receipts from rest of the world
219.8
lays. The net imputed rental income,
however, is excluded from both household market income and market outlays. Finally, the exclusion of expenditures on consumer durables from current consumption expenditures leads
to an estimate of household gross
saving that is much larger than personal saving as measured by BEA.
Gross saving is the residual in the account. Capital consumption allowances for owner-occupied houses (line
46) and durable goods (line 47) are
identified within this total; the remainder is net saving (line 48).
In addition to the market transactions, imputed nonmarket gross
income and outlays are shown for
owner-occupied housing (IEA 1.40
lines 18 and 51), margins on ownerbuilt houses (lines 21 and 52), household durables (lines 22 and 53), and
farm income in kind (lines 25 and 54).
It would be possible, of course, to
extend the estimates of household
nonmarket activity further, and provide imputations for, e.g., housewives'
services and do-it-yourself activities.
Subsectoring. —Subsectoring
of
household current income and outlays
has not been undertaken in the lEA's.
However, because the household
sector is now defined as coincident
with the universe of households, microdata could be used to develop
household subsectors defined in terms
of socioeconomic groupings. In effect
this Subsectoring is being carried out
in work on micromodeling the tax,
health, and welfare systems.
Purchases from the rest of the world
Factor income paid
Transfer payments to the rest of the world, net
Interest paid by government to rest of the world
Net foreign investment
Payments to rest of the world
206.6
138
4.6
87
138
219.8
4. The government current account
The major difference between the
current account for the government
sector in the lEA's and the BEA government receipts and expenditures account is that expenditures for structures and durables are treated as capital, rather than current, outlays.
The basic account.—In table 5, the
right side shows the receipts of the
government, and the left side shows
its current outlays and gross saving.
Gross saving in this account, as in
others, is a residual; it shows the portion of government total receipts that
is not spent as current expenditures
for goods and services, net interest, or
as transfers and subsidies. Imputed
nonmarket income and outlays arise
from the capital consumption of government structures and durables.
Table IEA 1.50, Government Current Income and Outlay Account.—
The only transactions that have not
already been discussed are those between the government and rest of the
world. These are the purchases from
the rest of the world (IEA 1.50 line
23), sales to the rest of the world (line
24), interest paid to the rest of the
world (line 33), interest received from
the rest of the world (line 34), and
transfers paid to the rest of the world,
net (line 43).
The gross saving of the government
sector is larger than the government
surplus shown in the BEA government sector account because purchases of structures and durables are
excluded from current expenditures.
SURVEY OF CURRENT BUSINESS
May
Again, gross saving is a residual. It
may be subdivided into capital consumption allowances and net saving.
Subsectoring.—Current income and
outlay accounts were prepared for
Federal, State, and local governments.
These accounts represent a deconsolidation in which the transfers between
various levels of government are
made explicit. Subsector accounts
could also be constructed for specific
States or for local governments in different regions, and, also, for some periods, by type or size of local government. The microdata in the Census of
Governments provide the basic source
for State and local governments. For
Sample Table 1.50.—Government Current
Income and Outlay Account
[Billions of dollars]
Line
1
2
3
4
5
6
7
8
9
10
11
527.3
242.2
151.9
83.0
5.9
1.5
285.0
225.0
7.2
27.2
25.6
Social insurance contributions ..
Enterprises
Households
..
Government
12
13
14
15
161.8
64.3
69.6
27.9
Government current income (market transactions)
16
689.0
Imputed nonmarket gross income
Capital consumption of structures and durables
Table 7.-—Capital Accounts for the Nation, 1977-78
[Billions of dollars]
17
49.2
18
49.2
Government gross current income (market
and nonmarket)
19
738.2
Current purchases
Purchases from enterprises, net
Purchases from rest of the world, net
Purchases from rest of the world
Less: Sales to rest of the world
20
21
22
23
24
148.8
148.7
.2
8.9
8.7
Compensation of employees
Wages and salaries
Social insurance contributions
Benefits in kind
25
26
27
28
229.2
191.8
27.9
9.6
Less: Withheld employee compensation for
benefits in kind
29
9.6
Net interest
Interest paid....
Enterprises net
Rest of the world
Less: Interest received from rest of the
world
30
31
32
33
End-ofyear
value
Total assets
...
..
.
..
.
Fixed-claim liabilities
Net worth
Total liabilities and net worth
the Federal Government, large
amounts of detail are available by
agency and by program from the
Office of Management and Budget
and the Treasury Department.
34
1.8
35
36
37
38
39
40
41
42
43
230.9
44.2
9.4
6.9
27.9
183.0
91.4
91.6
3.8
Gross saving
Capital consumption allowances
Net saving
44
45
46
57.0
58.2
12
47
689.0
48
49.2
49
49.2
50
738.2
5. The rest-of-the-world current account
The current account of the rest of
the world shows the transactions of
enterprises, households, and government with the rest of the world.
The basic account.—In table 6, the
right and left sides show, respectively,
the payments to and receipts from the
rest of the world. Except that factor
payments are shown separately from
the other imports and exports of
goods and services, the categories are
identical with those in the BEA foreign transactions account. As in the
BEA account, net foreign investment
is residually determined.
Table IEA 1.60, Rest-of-the-World
Current Account.—Only net foreign
investment (IEA 1.60 line 39) and capital grants received by government
(line 16) are new transactions.
Government current outlays
saving (market transactions)
and gross
Imputed nonmarket gross current outlays
Capital consumption of structures and durables
Government gross current outlays and gross
saving (market and nonmarket)
Capital
transaction
account
Revaluation
account
(1)
Reproducible assets
Land
Gold and foreign exchange
Fixed-claim assets
32.7
34.5
25.8
8.7
Transfers and subsidies ..
Enterprises
Subsidies
Nonprofit contributions ....
Pension and insurance reserves
Households
Social insurance payments
Other payments
Rest of the world, net
1978
19 78
1977
1978
Tax and nontax receipts
Enterprises
Indirect taxes and nontaxes
Corporate profits taxes
Surplus of government enterprises
Dividends received
Households
Income taxes.
Estate and gift taxes
Property taxes
Other taxes and nontaxes
23
(2)
(3)
6 108.4
17154
143
5,496.6
2512
13,334.7
5 496.6
7,838.1
13,334.7
End-ofyear
value
(4)
642.2
2845
2
7,001 8
19999
132
6,269 0
1,022.4
926.9
15,284.0
7724
249.9
926.9
62690
9,015.0
1,022.4
926.9
15,284.0
13
772.4
/. Capital accounts for the Nation
As noted earlier, capital accounts
can be viewed as having three components: balance sheets, capital transactions accounts, and revaluation accounts.
The basic capital accounts.—Table 7
implements this view of capital accounts; it shows the end-of-year national balance sheets, for 1977 and for
Sample Table 1.60.—Rest-of-the-World Current
Account
[Billions of dollars]
Line
1
Exports of goods and services
Sales to rest of the world
Enterprises
Merchandise
Other goods and services ..
Government
Military transactions
Other services
Factor income received .
Interest income
Enterprises....
Government
Dividends
...
Retained corporate profits
Compensation of employees
1978
..
219.8
2
3
4
5
6
7
8
176.1
167.4
140.9
26.5
87
8.1
.6
9
10
11
12
13
14
15
43.8
18.4
16.5
1.8
13.1
11.9
.4
Just as the GNP account shows
how the output of the Nation can be
derived from current transactions, the
capital accounts for the Nation show
how wealth—to be exact, changes in
wealth—can be derived from capital
transactions and revaluations. The
structure of the capital accounts is
brought out by explaining a set of
"basic" accounts for the Nation. Then
the capital accounts for the Nation
and for the sectors, which are shown
in annex 3 for 1969-80, are described.
16
0
Receipts from rest of the world
17
219.8
Imports of goods and services
C. Capital Accounts
Capital grants received by the government,
net
18
220.4
Purchases from rest of the world .
Enterprises
Merchandise
Other goods and services
Government
Military transactions
Other services
Households
Nondurable goods
Services
19
20
21
22
23
24
25
26
27
28
206.6
184.6
174.7
9.9
8.9
7.4
1.5
13.1
17
11.4
Factor income paid
Interest income
Enterprises
.
Dividends
Retained corporate profits
Compensation of employees
29
30
31
32
33
34
13.8
Transfer payments to rest of the world, net....
Households
Government
35
36
37
4.6
.8
Interest paid by government to rest of the
world
38
Net foreign investment...
39
Payments to rest of the world
40
8.0
8.0
2.7
2.6
.5
3.8
8.7
-13.8
219.8
24
1978 (columns 1 and 4), and the
changes in balance sheet entries
during the year 1978, in a capital
transactions account (column 2) and
in a revaluation account (column 3).
The balance sheets show the assets,
liabilities, and net worth of the
Nation. Four types of assets are distinguished: (1) reproducible assets, including structures, durables, and inventories, (2) land, (3) gold and foreign
exchange holdings (including special
drawing rights), and (4) fixed-claim
assets, such as currency and deposits,
bonds, and mortgages. This last category of assets equals fixed-claim liabilities. In effect, the fixed-claim
assets and liabilities show the fixed
claims that transactors in the economy hold against each other, and, because the national balance sheet
covers all sectors of the economy, the
sum of these fixed claims when
viewed as assets will be equal to the
sum when viewed as liabilities. In
practice, the statistical estimation of
fixed-claim assets and liabilities utilize different sources, and therefore
usually will result in different
amounts being recorded as assets and
liabilities. For this reason, a statistical discrepancy item has been included as a part of fixed-claim liabilities
to bring the totals into balance.
Net worth represents the value of
national wealth and is equal to total
assets minus fixed-claim liabilities.
Because fixed-claim liabilities by definition equal fixed-claim assets, national wealth equals the sum of reproducible assets, land, and gold and foreign exchange holdings.7
The transactions account records
the net capital transactions that have
taken place for each balance sheet
category. For reproducible assets,
they reflect the net capital formation
of the economy. No net capital transactions are shown for land, because
the amount of land purchased is
equal to the amount of land sold;
there is no change in the total
amount of land owned by the economy as a whole. The holdings of gold
and foreign exchange can change,
7. As was noted in the discussion of the valuation of
capital in part I, it would in principle be possible to
impute a value for intangible capital—such as human
capital—in the balance sheet. Such an imputation
could be handled in the balance sheet in a manner
parallel to that suggested for imputations for nonmarket activity in the current accounts.
SURVEY OF CURRENT BUSINESS
May
however, and the net change in these
holdings appears as the net capital
transactions for this category. Similarly, holdings of fixed-claim assets
and liabilities can change; thus an increase in currency and deposits is an
increase in the assets of those owning
them, and an equal increase in the li-
Sample Table 2.1.—Capital Accounts for the Nation, 1977-78
[Billions of dollars]
Line
Reproducible assets (net current value)
Residential structures
Owner-occupied
Other
Nonresidential structures
Government
Durables
Enterprises
Households
Government
Inventories
Enterprises
Households
Government
.
.
... .
.
...
.
.
..
Land
Enterprises
Government
•
. . . . .
End-ofyear
value
1977
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
(1)
6,108.4
17157
1,320.6
3951
1,921.5
1 171 1
750.5
1,699.2
806.6
702.3
190.3
771.9
5278
159.6
84.5
16
17
18
19
Cap.
trans,
acct.
1978
Revaluation
acct.
1978
17154
958.4
3588
398.3
20
14.3
Fixed-claim assets
Treasury currency and special drawing rights cert
Currency and deposits
Currency and demand deposits
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
5,496.6
12.6
1 4670
349.9
1 1132
3.9
28.2
322
3,288.8
7166
261.4
4007
1,021 1
288.8
3014
89.5
209.2
434
3527
271.9
41
13,334.7
1,022.4
Fixed-claim liabilities
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
5,496.6
10 2
1,498 8
3817
1,1132
3.9
53 3
22.8
32888
7166
261.4
4007
1021 1
2888
3014
895
2092
434
2924
3137
267
7838 1
1471 9
43447
28728
52870
5908
7318
474 0
1743
1896
3 1265
2541 3
5853
1 1082
2874
8820
61.3
556
-26.7
2499
953
119 4
242
159 8
11
27
11 5
122
1552
1297
256
144
11 1
183
72
52
-145
82
13,334.7
1,022.4
19999
1,096.9
4387
464.3
2
772.4
5
159.1
326
1196
6.9
22 4
15.7
4697
905
26.1
31 8
1483
476
574
264
41 6
15
573
607
145
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
(4)
7,001.8
20485
1,585.7
4627
2,168.7
13327
836.0
1,902.3
906.2
787.4
2087
882.4
6092
176.9
963
772.4
.6
1599
33.4
1196
6.9
11.5
149
469.7
905
26.1
31 8
148.3
47.6
574
26.4
41.6
15
64.5
49.8
Total assets
(3)
642.2
2704
205.4
649
211.1
1287
825
94.6
54.2
28.8
116
66.1
588
1.8
55
2845
138.6
799
66.0
(2)
251.2
624
59.7
27
36.0
330
3.0
108.5
45.4
56.3
6.9
44.3
22.6
15.4
6.3
Gold and foreign exchange
Money market fund shares
Federal funds and security repurchase agreements
Net interbank claims
Credit market instruments
U S Government securities
State and local obligations
.
Corporate and foreign bonds
Mortgages
Consumer credit
. .
Bank loans n e e
Open-market paper
Other loans
Security credit
Trade credit
Other fixed claims
..
..
Currency and deposits
Currency and demand deposits
Time and saving deposits
Money market fund shares
Federal funds and security purchase agreements
Net interbank claims
Credit market instruments
U S Government securities
State and local obligations
Corporate and foreign bonds
Mortgages
Consumer credit
Bank loans, n e e
Open-market paper
Other loans
Security debt
. .
Trade debt
Other fixed claims
Statistical discrepancy and float
Net worth
. . .
Enterprise net equity
Enterprise net worth
Less: Transfers of equity
Household equity
Corporate stock (market value)
Noncorporate nonfarm equity
Farm business equity
Pensions and insurance (cash value)
Estate and trust equity
Other net worth
Tangible assets
Net fixed-claim assets
Government net equity
Government enterprise equity
Other net worth
Less: Pension and insurance reserves
Rest-of-the-world net equity
Less: Statistical discrepancy and float
Total liabilities and net worth
.
.
•
End-ofyear
value
1978
-1.3
132
62690
13.1
1 6269
3833
1 2328
108
39.7
47 1
3,758.4
807 1
2875
4325
11694
336.4
3588
1159
250.7
449
417 1
321.7
926.9
15,284.0
6,269.0
10 7
16579
414 3
1 2328
108
756
385
37584
807 1
2875
4325
1 169 4
3364
3588
1159
2507
449
3497
3744
412
9269
1787
456 7
2780
552 6
264
1229
805
2
48
3177
3177
198 1
295
1685
24
9269
9 015 0
17459
4 920 9
31750
5 999 3
6183
8574
543 1
1867
194 4
3 599 5
29886
610 8
1 291 8
328 1
10323
685
633
412
15 284 0
May
SURVEY OF CURRENT BUSINESS
25
abilities of the financial system. The
net capital transactions recorded for
fixed-claim assets and liabilities are
those reported in the Federal Reserve
flow of funds accounts. Finally, the
change in net worth is the sum of the
net accumulation of reproducible
assets and of holdings of gold and foreign exchange, and net saving.
2. Capital accounts for sectors
Sector balance sheets, like the balance sheet for the Nation, show the
four types of assets balanced by fixedclaim liabilities and net worth. In addition, however, each sector account
shows, as a part of the assets of the
sector, the equities it holds; in the national balance sheet, equities are
shown as component elements of net
worth. The sector deconsolidation for
1978 is shown in table 8. Aside from
the additional detail provided for equities, the total holdings of assets and
liabilities for enterprises, households,
government, and the rest of the world
add up to the same figures as appear
in the balance sheet for the Nation.
The deconsolidation of net capital
formation is needed in order to reflect
fully the actual capital transactions
in which the sectors of the economy
The revaluation account records the
change in the value of assets and net
worth due to price changes during the
year. Because balance sheets are
stated in current market values, revaluations can also be looked at as
the difference between previous and
current valuations. For land, all
change in value is considered to be revaluation. When improvements increase the value of land, the improvement are considered part of capital
formation and are included with reproducible assets. Fixed-claim assets
and liabilities are considered by definition to be fixed in value, so that no
revaluation is made. Nevertheless,
the actual market values of some
fixed-claim assets and liabilities do
change. For example, the market
value of bonds fluctuates with the
rate of interest despite the fact that
they represent a fixed capital sum.
Because the sum is payable in the
future, its present value depends on
the rate of interest. For the accounts
presented here, however, this type of
revaluation has not been included.
Table IEA 2.19 Capital Accounts for
the Nation.—Reproducible assets,
land, and net worth are shown classified by the sectors owning them, and
financial assets and liabilities are
listed by major type. The sector detail
provided for net worth reflects not
only the net worth that originates in
a given sector, but also the transfers
of equity to other sectors. For example, households own equities in many
different kinds of businesses, in estates and trusts, and in pension and
insurance funds (as well as directly in
tangible assets or net fixed-claim
assets). Enterprise sector net worth
has been adjusted to reflect transfers
of such equities to households, and
government net worth has been adjusted to reflect the transfer of its
pension and insurance reserves to the
pension fund subsector of the enterprise sector.
374-058 0 - 8 2 - 4
(Continued on p. 48)
Table 8.—Sector Balance Sheets, 1978
[Billions of dollars]
Line
Enterprises
Households
1
2
3
4
5
3,294.7
4465
1,332.7
9062
609.2
2,550.0
15857
Land
6
1 096.9
Gold and foreign exchange
7
117
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
39146
13.1
171.9
107.0
64.8
Reproducible assets (net current value)
Residential structures
Other structures
Durables
Inventories
... .
Fixed-claim assets
Treasury currency and special drawing rights
Currency and deposits
Currency and demand deposits
Time and saving deposits
Money market fund shares
Federal funds and security repurchase agreements
Net interbank claims
Credit market instruments
U.S. Government securities
State and local obligations
Corporate and foreign bonds
Mortgages
Consumer credit
Bank loans, n.e.c
Open-market paper
Other loans
Security credit
Trade credit
. . .
Other fixed claims
. .
..
Equities held
Corporate stock (market value)
Noncorporate nonfarm equity
Farm business equity
Pensions and insurance (cash value)
Government pension and insurance reserves
Estates and trusts
Foreign direct investment
Government enterprise equity
Total assets . . . .
. .
28
29
30
31
32
33
34
35
36
37
Fixed-claim liabilities
Treasury curency and special drawing rights
Currency and deposits
Currency and demand deposits
Time and saving deposits
Money market fund shares
Federal funds and security repurchase agreements
Net interbank claims
Credit market instruments
U.S. Government securities
State and local obligations
Corporate and foreign bonds
Mortgages
Consumer credit
Bank loans, n.e.c
Open-market paper
Other loans
Security credit
Trade credit
Other fixed claims
Statistical discrepancy and float
29.7
544
2,989.1
431.5
232.6
387.4
10298
336.4
358.8
54.6
157.8
369
391.6
2279
594.0
3738
68.5
151.8
Government
Rest of
the
world
7874
176.9
1,157.2
162
836.0
2087
96.3
7,001.8
2,048 5
2,168.7
1 9023
8824
438.7
4643
1,999 9
16
132
1777 5
3507
2262
1,317.9
2275
1,079.6
108
95.9
297
66.2
41.2
190
22.2
3976
183.4
476
33.9
947
1995
54.4
73
380
79
541
2,399.9
6183
857.4
5431
1867
10.0
448
93.0
72
1724
137.8
112
233
8.9
364
16.6
33
328.1
84.6
421
1944
42.5
8,911.9
7,166.0
328 1
2,301.9
310.8
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
39910
1 1666
941 5
10.7
2110
1 1365
9026
625.4
2699
1622
7406
3364
199
g
395
198
65
Sector net worth
Transfers of equities
Corporate stock (market value)
Noncorporate nonfarm equity
Farm business equity
Pensions and insurance (cash value)
Government pension and insurance reserves
Estates and trusts
Foreign direct investment
Government enterprise equity
Net residual equity
Less* Statistical discrepancy and float
59
60
61
62
63
64
65
66
67
68
69
70
49209
3 175.0
10229
8574
543.1
1867
1 745.9
5,999.3
3281
1,291 8
-63.3
Total liabilities and net worth
71
8,911.9
7,166.0
2,301.9
310.8
1 657 9
414.3
1 232.8
108
756
38.5
1 5572
181.7
176
389.4
4280
2925
893
1587
250
3101
3265
Total
103
59993
43.1
464
266
460
282
113
37.6
13604
685
997
163.0
11 2
685
194.4
425
1518
62690
13.1
1,626.9
383.3
1,232.8
108
39.7
47 1
3,758 4
807.1
3364
432.5
1 1694
3364
358.8
1159
250.7
449
417.1
3217
3,406.6
10341
857.4
543 1
186.7
68.5
194.4
194.3
3281
18,690.6
6,269.0
10.7
1,657 9
414.3
1,232.8
108
75.6
385
37584
807.1
2875
432.5
1 1694
3364
358.8
1159
2507
44.9
3497
374.4
41 2
12 421 6
3,406.6
1034 1
8574
543.1
1867
68.5
194.4
1945
3281
8,973.7
41 2122
18,690.7
26
SURVEY OF CURRENT BUSINESS
May
Annex 2. Reconciliation Tables
THIS annex presents four tables that
show the relationship of the items in
the four accounts of the BEA and IEA
systems that are comparable. The
tables contain entries for each IEA
line. Additional detail is given to
make the content of the item evident.
A separate column shows the BEA aggregates. A key to the references, including the few that are not published BEA estimates, follows:
BEA
BEA national income and
product estimates. For
1947-76, The National
Income and Product Accounts of the United States,
1929-76: Statistical Tables.
For 1977-80, SURVEY OF
CURRENT BUSINESS and National Income and Product
Accounts, 1976-79. The
number after "BEA" is the
BEA table number; the
the table number; the
number after "L" is the
number after "C" is the
column number.
line number.
BEA Balance of Payments KP
Arnold Katz and Janice
Accounts. The number
Peskin, "The Value of Servafter "BPA" is the table
ices Provided by the Stock
number; the number after
of Consumer Durables,
"L" is the line number.
1947-77: An Opportunity
Cost Measure," SURVEY,
Federal Reserve Board
July 1980. The number
Flow of Funds Accounts.
after "KP" is the table
The number after "FF" is
number; the number after
the flow of funds code.
"C" is the column number.
Historical Statistics of the
Data provided by Raymond
United States, Colonial RG
Goldsmith
relating
to
Times to 1979. The number
wealth accumulation of
after "HS" is the series
nonprofit organizations.
number.
Tape on capital stock data The abbreviations used in the tables
provided by BEA.
are: BEA, Bureau of Economic AnalyData on income size distri- sis; lEA's, Integrated Economic Acbution provided by BEA. counts; GNP, Gross National Product;
The number after "JS" is ROW, Rest of the world.
BPA
FF
HS
JM
JS
Reconciliation Table 1.—The IEA Gross National Product Account (Table 1.1) and the BEA National Income and Product Account, 1978
IEA
Line
Item
Current consumption expenditures....
Employee benefits in kind
A. Private enterprise other
labor income.
B. Less: Pensions and other
payments.
C. Government enterprise
supplements.
D. Less: Government enterprise social insurance contributions.
Nonprofit benefits in kind
Financial services in kind
Government purchases
and services (BEA).
139.2
62.3
95.5
Lines (3 + 4 + 5)
Lines (3A-3B+ 3C-3D)
BEA6.15IX20+27-18)
4.0 BEA1.12L39
1.9 (BEA3.6L2/
BEA6.6BL2)xBEA1.12L38
4
42.5
5
34.4
HS.H399 + HS.H401 + JS5L4 + J
S6L4 + JS12L5 - BEA8.8L90 - R
G.NP.INV
BEA8.8L91 +BEA8.8L92
199.3
529.8
.6
5.0
15.4
829.4 Lines (7 +8)
BEA1.1L3
508.8 Lines (7A through 7D)
BEA8.8L95
BEA8.8L96 + BEA8.8L97
BEA (unpublished)
508.8
619.6
122.2
508.8 BEA1 1L4 Lines (7A+7B+7C)
320.6 Lines (8A through 81)
BEA8.8L74
4.7
7.1
42.5
62.3
4.6
24.8
30.7
320.6
432.6
Government
Purchases
A. Structures
B. Equipment
C. Change in inventories
D. Financial services in kind...
E. Other purchases
F. Military food and clothing ..
G. Employee benefits
H. Health benefits
Compensation of employees
Gross private domestic
ment (BEA).
BEA8.8L82
BEA8.8L87
Line 4
Line 3
BEA6 15L18 Lines (3C 3D)
BEA3.11L5
BEA8.8L91
320.6 BEA1.1L5- Lines (8 A through
8H)
BEA1.1L21= Lines (10+11)
9
10
11
Gross capital formation
Billions of
dollars
BEA
203.4
45.9
32.6
6.7
3.7
114.4
229.2"
375.3
invest-
Structures
A. Owner-occupied housing
B Other structures
1,348.7
8
IEA
Line
Item
lEA's
35.3 BEA6. 151X27 + 28 -30)
7
of goods
Source
1,346.7 Lines (2+ 6 +9)
2
3
6
B. Military food and clothing..
C. Change in consumer inventories.
{, •
A. Owner-occupied nonfarm
housing.
B. Farm-owner housing
C Nonprofit buildings
D. Nonprofit expenditures
E. Enterprise employee benefits.
F. Government employee
benefits.
G. Government health benefits.
H. Financial services in kind ..
I Other services
BEA
1
Personal consumption expenditures
(BEA).
Households
Durable goods
Billions of
dollars
12
13
14
C. Government enterprises
Equipment
A. Private enterprises
B. Government enterprises
Change in inventories . . .
A Private enterprises
B. Government enterprises
Households
Owner-occupied houses
Durable goods
Change in inventories
Government
Structures
17
18
19
20
21
22
Equipment
Change in inventories
189.9
96.4
95.2
23
24
Net exports of goods and services
(BEA).
Exports (BEA)
Less: Imports (BEA)
Sales to rest of the world, net
Sales to ROW
A. Exports of goods and services.
15
1*63.3"
163.3
16
22.1
22.1
-.6
25
26
219.8
220.4
219.8
Source
lEA's
378.1 Lines (10 +11)
148.8 Lines (10A through 10H)
BEA3.7BU11 + 18+25)
BEA3.7BIX4+13+20)
BEA (unpublished)
BEA8.8L92
114.4 BEA3.1L9- Lines
(10A+10B+10C+10D)
5.0 Line 7B
4.6 Line 8F
24.8 Line 8G
229.2 BEA3.1L8
BEA1 1L6- Lines (14 + 15+16)
673.6 Lines (13 + 17 + 21)
299.1 Lines (14 + 15 + 16)
111.6 Lines (14A+14B + 14C)
BEA8.8L99+BEA8.8L100
93.5" BEA5 2L10 + BEA5 2L16 Line
14A
18.1 BEA (unpublished)
164.9 Lines (15A + 15B)
163.3 BEA5.2L13
1.6 BEA (unpublished)
22.6 Lines (16A+16B)
22.1 BEA5.2L28
.5 BEA (unpublished)
309.4 Lines (18+19+20)
94.7 BEA8.8L99 - BEA8.8L100
199.3 BEA1.1L3
15.4 BEA (unpublished)
65.1 Lines (22+23 + 24)
27.8 BEA3.7BLU 1 + 18 +25) -Line
14C
31.0 BEA3.7BIX4+13+20)-Line 15B
6.2 BEA (unpublished)
BEA1.1L18- Lines (26 A -27 A)
BEAl.lL19-Line 26A
BEAl.lL20-Line 27 A
-30.5 Lines (26-27)
176.1 Lines (26 A - 26B - 26C - 26D)
219.8 BEA4.1L2
27
SURVEY OF CURRENT BUSINESS
May
Reconciliation Table 1.—The IEA Gross National Product Account (Table 1.1) and the BEA National Income and Product Account,
1978—Continued
IEA
Line
Item
Billions of
dollars
BEA
220.4"
.5 BEA (unpublished)
28
Factor income from ROW, net
A. Factor income from ROW
B. Less: Factor income to ROW
29
GNP (market transactions)
30
Imputed nonmarket outlays
Enterprises
Nonprofit building rent
Households
Owner-occupied housing
Margins on owner-built housesDurables consumed
Farm income in kind
Government
Capital consumption of structures and durables.
31
32
33
34
35
36
37
38
39
40
GNP (market and nonmarket)
A. Including only BEA imputations.
41
1,989.8 Lines (1 + 12 + 25)
29.9 Lines (29A 29B)
43.8 Lines (26B+26C+26D)
13.8 Lines (27B+27C+27D)
2,019.8 Lines (28 + 29)
398.9
7.1
7.1
342.6
126.9
1.7
213.4
.6
49.2
49.2
2,156.1
B. Including imputations for
household and government
durables.
2,418.7 Line 41B
2,156.1 BEAl.lLl=BEAl.lL(2+6+
18 +21)= Lines
(30+32 + 35 + 36 + 38)
42
B. Employers' social insurance contributions.
C. Government
enterprises
social insurance contributions.
D. Pension and other payments.
E. Employee benefits in kind....
F. Compensation to ROW
Net interest
1,926.9
1,760.6 Lines (43 through 53)
43
Compensation of employees
A. Wages and salaries
1,070.5
908.2
1,070.5 BEA6 5BL2 BE A3 1L8
908.2 Lines (43-43B-43C-43D43E 43F)
62.3 BEA3.6L2 - (BEA3. 13L5 +
BEA3.13L16)
1.9 Line 3D
62.3
1.9
35.3
44
62.3 Line 3
.5 BEA (unpublished)
20.6 Lines (44A+44B+44C+44D +
44E - 44F - 44G - 44H - 441)
2.7 JS5L4
115.8
2.7
109.7
34.4
84.9
E Paid to ROW
F. Less: Received from persons.
G. Less: Net interest from
nonprofit institutions.
H. Less: Net interest received
from government.
1 Net payments to enterprises.
2 Less: Government interest
from ROW.
I. Less: Interest received from
ROW.
Proprietors' income
A. Proprietors'
monetary
income.
B. Imputed income
Rental income
A. Rental monetary income
B. Imputed rental income
Net dividends
.
35.3 Line 3B
62.3
A. Paid to nonprofit institutions.
B. Paid to households
C. Financial services in kind
D. Other imputed interest
Lines (32+34 + 38)
Line 33
BEA8.8L87
Lines (35 +36 + 37 +38)
BEA8.8L74 + BEA8.8L82
BEA8.8L100
KP9C(2+3 + 5)
BEA8.8L95
Line 40
BEA (unpublished)
2,418.7 Lines (41 A + 37 + 40)
Charges against enterprise gross
product.
Households
Nonprofit institutions
Government
ROW
Less: ROW
206.6 Lines (27A-27B-27C-27D)
220.4 BEA4.1L11
8.0 BEA8.7L33
5.3 BEA6.24BL76 + BEA6.25BL76
Gross domestic product (market
transactions).
90.4
1.5
24.0
25.9
1.8
109.7 BEA8.7L28-JS5L4
34.4 BEA8.8L91 +BEA8.8L92
BEA8.7L48 - BEA8.8L49
-BEA8.8L91
8.0 BEA8.7L33
90.4 BEA8.8L50 - BEA8.8L90
1.5 BEA8.8L90
25.9 Lines (44H1-44H2)
25.9 BEA3.1L13 + BEA8.7L49
BEA8.7L34 + BEA8.7L20
BEA8.7L20
16.5 BEA8.7L19
45
46
47
.
117.1
112.2
4.9
27.3
17.5
9.9
44.6
41.0
2.1
1.5
IEA
Billions of
dollars
BEA
.4 BEA (unpublished)
27
Item
lEA's
18.4 BEA8.7L19 + BEA8.7L20
25.0 BEA6.24BL75 + BEA6.25BL75
B. Less: Interest from ROW
C. Less: Dividends and undistributed profits from ROW.
D. Less: Compensation of employees.
Less- Purchases from ROW
A. Imports of goods and services.
B. Less: Interest to ROW
C. Less: Dividends and undistributed profits to ROW.
D. Less: Compensation of employees.
A
B.
C
D
E.
Source
112.2 Lines (45A + 45B)
112.2 BEA2.1L9-BEA8.8L
(86+95 + 100)
BEA8.8L(86 + 95+100)
17.5 Lines (46A+46B)
17.5 BEA2.1L122 - BEA8.8L79
BEA8.8L79
34.3 Lines (47A + 47B+47C+47D
47E)
41.0 BEA2.1L13-Line 47B
2.1 JS6L4
1.5 BEA3.1L18
2.7 BEA6.24BL76
13.1 BEA6.24BL75
Indirect taxes and nontaxes
A Indirect business taxes
B. Owner-occupied
property
tax.
Corporate profits tax ...
Surplus of government enterprises.
A: Surplus
B Less1 Subsidies
Net transfers
A. Business transfer payments.
1 Bad-debt allowance
2 Corporate gifts to nonprofit
institutions.
B. Nonprofit benefits in kind....
C. Less: Household contributions to nonprofit institutions.
D. Less: Government grants
to nonprofit institutions.
E Less* Subsidies
F. Less: Government pension
reserves.
G. Less: Net interest and dividends to nonprofit institutions.
Enterprise gross saving
A. Retained corporate profits
(adj.).
1 Corporate profits (adj.)
a Corporate profits (book)...
i Domestic
ii From abroad
b IVA
c CCAdj
2 Less: Net corporate dividends,
a Domestic
b From abroad
3 Less: Corporate profits
taxes.
B. Capital consumption allowances (adj.).
1 Capital consumption allowances.
2 Less: Nonfarm owner-occupied housing.
3 Less: Farm owner-occupied housing.
4 Less: Nonprofit institutions.
C. Nonprofit retained income....
D. Pension and insurance reserves.
1 Private
2 Government
Statistical discrepancy (BEA)
48
178.1
151.9
26.2
49
50
83.0
5.9
9.5
8.7
Source
lEA's
151.9 Lines (48A+48B)
151.9 BEA3.1L4-BEA8.8L (76+84)
BEA8.8L (76+84)
83.0 BEA3.1L3
5.9 Lines (50 A -SOB)
8.7
5.9 BEA3.1L21
BEA3.1L20
Lines (51A+51B 51C 51D
51E-51F-51G)
7.1 Lines(51Al+51A2)
7.1
1.5
51
7.1 BEA1 7L7 Line 51A2
HS.H401
-30.7
42.5 Line 4
32.8 HS.H399
6.9 JS12L5
9.4 BEA3 1L20 BEA8 8L77
27.9 FF313154005 + FF224090005
3.3 JS5L4 + JS6L4 - BEA8.8L90
279.1
57.9
289.0 Lines (52A+52B+52C+52D)
48.5 Lines (52A1-52A3)
185.5
223.3
203.6
19.7
-24.3
-13.5
44.6
52
165.9 Lines (52Ala+52Alb+52Alc)
203.6 Lines (52Alai+52Alaii)
203.6 BEA6.21BL2
BEA6.21BL74
-24.3 BEA1.11L27
-13.5 BEA1.11L28
34.3 Lines (52A2a + 52A2b)
34.3
10.3
83.0
221.2
221.2
34.3 BEA6.24BL2
BEA6.24BL74
83.0" BEA3.1L3
180.6 Lines
(52B1 - 52B2 - 52B3 - 52B4)
221.2 BEA1.7L2
33.6 BEA8.8L75
1.4 BEA8.8L83
5.6 BEA8.8L88
2.0 RG.NP.INV
57.9 Lines (52D1 + 52D2)
30.0 BEA8 7L48 BEA8 8L91
27.9 FF313154005+FF224090005
6.4 BEA1.7L8
53
6.4
Charges against government product.
Compensation of employees
54
229.2
55
229.2
Charges against gross domestic
product (market transactions).
56
Factor income from ROW, net
Factor income received
Less: Factor income paid .
57
58
59
Charges against GNP (market
transactions).
Charges against imputed nonmarket gross product.
Enterprises
60
2,019.8 Lines (42 + 54 + 57)
61
398.9 Lines (62 + 64 + 69)
62
63
64
65
7.1
7.1
342.6
126.9
Households
Gross income on owner-occupied housing.
Margins
on
owner-built
houses.
Gross income on durables
C
t
Capital consumption of structures and durables.
Charges against GNP (market
and nonmarket).
A. Including only BEA imputations.
B. Including imputations for
household and government
capital consumption.
229.2 Line 55
229.2 BEA3.1L8
1,989.8 Lines (42 + 54)
29.9 Lines (58-59)
43.8 Line 29A
13.8 Line 29B
Line 63
BEA8.8L87
Lines (65+66+67 + 68)
BEA8.8L (74+82)
1.7 BEA8.8L100
66
213.4
.6
49.2
49.2
67
68
69
70
KP9C(2 + 3 + 5)
BEA8.8L95
Line 70
Line 40
2,418.7 Line 71B
71
2,156.1
2,156.1 Lines (42 + 54 + 57 + 62 +
65 + 66+68)
2,418.7 Lines (71 A +67 + 69)
28
SURVEY OF CURRENT BUSINESS
May
Reconciliation Table 2.—The IE A Household Current Income and Outlay Account (Table 1.40) and the BE A Personal Income and Outlay
Account, 1978
IEA
line
Item
Ft
d
1 rie
Ved
A Wages and salaries
B. Less: Wage accruals less disbursements.
C Benefits in kind
Govern ment
A Wages and salaries
B. Less: Wage accruals less disbursements.
C Benefits in kind
ROW
A Wages and salaries
1
2
Billions of
dollars
BEA
lEA's
1,105.2
908.2
908.2
1,100.4 Lines (2+3+4)
908.2 Lines (2A-2B + 2C)
(1-76+81+86)908.2 BEA6.6BL
BEA8.8L98-Line 4
BEA5.1L10
0
3
0
196.5
191.8
.2
4
5.0
.4
.4
W
173.2
BEA8.8L98
191.8 Lines (3A-3B + 3C)
191.8 BEA6.6BL
(76 81 86) BEA8 8L
(96+97)
BEA3.1L22
BEA8.8L (96+97)
"A Line 4A
.4 BEA (unpublished)
102.2
5
Other labor income
BEA2.1L8
4.9
109.7 Lines (5A+5B)
Lines (5A1 + 5A2)
109.7 BEA8.7L28-JS5L4
JS5L4
Lines (5B1+5B2)
BEA8.8L91
BEA8.7L48-BEA8.8L91
112.2 Lines (6A + 6B)
112.2 BEA2 1L9 BEA8 8L
(86 + 95 + 100)
BEA8.8L(86 + 95+100)
Rental income ....
A Monetary
B Imputed
7
27.4
17.5
9.9
17.5 Lines (7A+7B)
17.5 BEA2.1L12-BEA8.8L79
BEA8.8L79
Dividends received
8
43.1
41.0
2.1
41.0 Lines (8A+8B)
41.0 BEA2 1L13 JS6L4
JS6L4
A Monetary interest
1 Households
B Imputed interest
2 Other imputed interest
6
A Monetary
B Imputed
B By nonprofit institutions
Transfers received
Pension and welfare payments ...
Bad-debt allowance
Contributions to nonprofit institutions.
Government ..
. .
Social insurance payments
A Payments
B. Health benefits
Other payments
A To households
223.3
8.7
13
14
214.6
116.2
91.4
24.8
98.4
91.5
B. To nonprofit institutions
C Housing subsidies
Household current income (market
transactions).
Gross income on owner-occupied
housing.
Capital consumption
Net imputed services
Margins on owner-built houses
Gross income on durables
Capital consumption
Net imputed services
Farm income in kind .
....
109.7
2.7
60.7
30.7
30.0
117.1
112.2
9
10
11
12
X
15
7.l"
1.5
6.9
342.6 Lines (18+21 + 22 + 25)
126.9 BEA8.8L74 + BEA8.8L82
19
20
21
22
23
24
25
35.0
91.9
1.7
213.4
143.1
70.3
.6
Y
BEA8.8L75+BEA8.8L83
Line 18 -Line 19
BEA8.8L100
Lines (23 + 24)
KP9C3
KP9C(2 + 5)
BEA8.8L95
1,948.8 Lines (16 + 17)
69.6
1,721.8
expendi-
183.0 Lines (14 + 15)
91.4 Lines(14A+14B)
91.4 BEA2.1L16-BEA3.12L5
BEA3.11L5
9i.6 Lines (ISA +15B+15C)
91.5 BEA2.1L
(15_16)_JS12L5-BEA1.7L7
JS12L5
.1 BEA8.8L77
17
18
Less: Personal contributions for
social insurance.
Personal consumption
tures (BEA).
Lines (10 + 13)
Lines(ll + 12+12X)
BEA6.15L (28-30+27)
BEA1.7L7-HS.H401
HS.H401
1,606.2 Lines (1+5+6+7+8+9)
26
Personal income (BEA)
225.4
42.4
35.3
7.1
16
Household gross current income
(market and nonmarket).
IEA
line
Item
Source
1,348.7
BEA2.1L23
Lines (l+W + 5+6+7
+ 8+9-Y)
BEA21L27- Lines
(27A+28 + 31)
Current consumption expendituresDurable goods
Nondurable goods
Enterprises
A. Farm income in kind
B. Military food and clothing.
C. Change in consumer inventories.
D Other nondurables
27
ROW
Services
Enterprises
A. Nonfarm owner-occupied
housing.
B. Farm
owner-occupied
housing.
C Nonprofit buildings
D. Nonprofit expenditures
E. Enterprise
employee
benefits.
F. Government
employee
benefits.
G. Government
health
benefits.
H. Financial services in
kind.
I Other services
30
31
32
28
29
Billions of
dollars
199.4
529.8
528.1
.6
5.0
1.7
619.6
608.2
122.2
BEA8.8L82
7.1
42.5
62.3
BEA8.8L87
IEA1.1L4
IEA1.1L3
4.6
IEA1.1L8F
24.8
BEA3.11L5
BEA8.8L91
30.7
309.2
33
11.4
37.0
90.4
1.5
Tax payments
Income taxes
Estate and gift taxes
Property taxes
A. Owner-occupied property
tax.
B. Personal property taxes
Other taxes and nontaxes
35
36
37
38
258.8
225.0
7.2
1.0
39
1.0
25.6
Personal contributions for social
insurance.
40
Transfers paid
Contributions to nonprofit institutions.
Transfers to ROW, net
41
42
.8
43
.8
Gross saving
Capital consumption allowances...
Owner-occupied houses
Durable goods .
Net saving
Personal saving (BEA)
44
45
46
47
48
Z
Household current outlays and
gross saving (market transactions).
49
Imputed nonmarket gross outlays....
Owner-occupied housing
Margins on owner-built houses
Durables consumed.
Farm income in kind
50
51
52
53
54
Household current outlays and
gross saving (market and nonmarket).
55
saving
BEA (unpublished)
507.1 BEA1.1L4- Lines
(29A+29B+29C+30)
1.7 BEA2.4L105
320.6 Lines (32 + 34)
309.2 Lines (32A through 321)
BEA8.8L74
4.7
34
Personal outlays and
(BEA).
829.4 Lines (28+31)
BEA1.1L3
508.8 Lines (29+30)
507.1 Lines (29A + 29B+29C+29D)
BEA8.8L95
BEA8.8IX96+97)
15.4
507.1
Interest payments
A. Interest paid by households
B. Interest paid by nonprofit institutions.
C Imputed intereit
ROW
Source
lEA's
BEA
309.2 BEA1 1L5 Lines (32 A through
32H+33)
11.4 BEA2.4L104
90.4 Lines (34A+34B+34C)
90.4 BEA8.8L50-BEA8.8L90
BEA8.8L90
BEA8.8L49
549
285.0
225.0
7.2
27.2
26.2
Lines (36 + 37 + 38+39)
BEA3.4L3+BEA3.4L10
BEA3.4L7+BEA3.4L11
Lines (38A+38B)
BEA8.8IX76+84)
1.0 BEA3.4L13
25.6 BEA3.4L(8 + 12 + 14 + 15)
69.6 BEA3.6L18
76.3
33.6 Lines (42+43)
32.8 HS.H399
.8 BEA2.1L29
298.1
178.1
35.0
143.1
120.1
Lines (16 27 34 35 40 41)
Lines (46 + 47)
BEA8.8U75+83)
KP9C3
Lines (44-45)
BEA 2.1L30
1,606.2 Lines (27 + 34+35+40 +
41 + 44)
342.6
126.9
1.7
213.4
.6
Lines (51 +52 + 53 + 54)
BEA8.8L74 + BEA8.8L82
BEA8.8L100
KP9CX2+3 + 5)
BEA8.8L95
1,948.8 Lines (49 + 50)
1,721.8
Lines (27A+28+31+34 +
35+41 + Z)
SURVEY OF CURRENT BUSINESS
May
29
Reconciliation Table 3.—The IE A Government Current Income and Outlay Account (Table 1.50) and the BEA Government Receipts and
Expenditures Account, 1978
Item
IEA
line
Billions of
dollars
BEA
1
2
3
Tax and nontax receipts
Enterprises.
Indirect taxes and nontaxes
A. Owner-occupied housing
B. Other
Corporate profits taxes
Surplus of government enterprises.
Dividends received
Households
Income taxes
Estate and gift taxes
Property taxes
A. Personal property taxes
B. Owner-occupied property
taxes.
Other taxes and nontaxes
11
12
13
161.8
64.3
14
15
69.6
27.9
Households
Government
6
7
8
9
10
Government gross current income
(market transactions).
Imputed nonmarket gross income
Capital consumption of structures
and durables.
Government gross current income
(market and nonmarket).
527.3 Lines (2 + 7)
242.2 Lines (3 + 4 + 5 + 6)
151.9 Lines (3A+3B)
BEA8.8L(76+84)
151.9 BEA3.1L4-BEA8.8L (76 + 84)
83.0 BEA3.1L3
5.9 BEA3.1L21
258.8
225.0
7.2
1.0
1.0
1.5
285.0
225.0
7.2
27.2
1.0
26.2
19
Government receipts (BEA)
Current purchases
Purchases from enterprises, net
A. Structures
B Equipment
C. Changes in inventories
D. Financial services in kind
E. Other purchases
F Military food and clothing
G. Employee benefits
H Health benefits
Purchases from ROW, net
Purchases from ROW
Less: Sales to ROW
Compensation of employees
Wages and salaries paid
Social insurance contributions
Benefits in kind
25.6 BEA3.4L (8 + 12 + 14 + 15)
689.0 Lines (1 + 12)
49.2 Line 18
49.2 BEA (unpublished)
738.2 Lines (16 + 17)
681.6
Government purchases of goods
and services (BEA).
Lines (1 + 12)
432.6
20
21
22
23
24
BEA3.1L18
Lines (8+9 + 10 + 11)
BEA3.4L3 + BEA3.4L10
BEA3.4L7 + BEA3.4L11
Lines (10A + 10B)
BEA3.4L13
BEA8.8L (76 + 84)
161.8 Lines (13 + 14 + 15)
64.3 BEA3 6L2 BEA3 13(5 + 26) + 1
EA1.1L3D
69.6 BEA3.6L18
27.9 BEA3.13L (5+6)-IEAl.lL3D
17
18
203.4
203.2
45.9
32.6
6.7
3.7
114.2
.2
8.9
8.7
25
26
27
229.2
191.8
27.9
28
Lines (20 + 25)
148.8 Lines (21 + 22)
148.7 Lines (21A through 21H)
BEA3.7BL(ll + 18+25)
BEA3.7BL(4 + 13 + 20)
BEA (unpublished)
BEA8.8L92
114.2 BEA3.1L9- Lines
(21A+B+C+D+22)
5.0 BEA8.8L96 + BEA8.8L97
4.6 IEA1.1L8F
24.8 BEA3.11L5
.2 Lines (23 + 24)
8.9 BPA1L19+BPA1L26
8.7 BPA1L3 + BPA1L10
9.6
Billions of
dollars
IEA
line
229.2 BEA3.1L8
191.8 Lines (25 -27 -28)
27.9 Line 15
9.6 Lines (21F+G)
Less: Withheld employee compensation for benefits in kind.
30
31
32
Transfers and subsidies
Enterprises
Subsidies
A Enterprise
35
36
37
9.6 Lines (21F+G)
29
Net interest
Interest paid
Enterprises net
A. Monetary interest paid,
net.
B. Imputed interest received, net.
ROW
Less: Interest received from
ROW.
Less' Dividends received
Nonprofit contributions
Pension and insurance reserves.
Households
Social insurance payments
A Payments
B Health benefits
Other payments
A To households
Source
lEA's
BEA
519.9
261.1
178.1
26.2
151.9
83.0
16
Item
lEA's
25.6
Social insurance contributions
Enterprises
4
5
Source
32.7
34.5
25.8
25.8
29.0
30.8
22.2
25.8
3.7
33
34
8.7 BEA8.7L34
1.8 BEA8.7L20
8.7
1.8
X
1.5
9.5
9.5
9.4
.1
BEA3.1L18
230.9
44.2
9.4
9.4
Lines (36+40+43)
Lines (37 + 38 + 39)
Lines (37A+B)
BEA3 1L20 BEA8 8L77
BEA8.8L77
6.9 JS12L5
27.9 FF313154005+FF224090005
38
39
40
41
42
214.6
116.2
91.4
24.8
98.5
91.6
6.9
Lines (31 -34)
Lines (32 + 33)
Lines (32A-32B)
BEA3.1L13 + BEA8.8L92 BEA8.7L34 + BEA8.7L20
BEA8.8L92
183.0 Lines (41 +42)
91.4 Lines (41A+B)
91.4 BEA2 1L16 BEA3 11L5
BEA3.11L5
91.6 Lines (42A + B+C)
91.6 BEA2.1L
(15-16)-JS12L5-BEA1.1L7
JS12L5
T BEA8.8L77
3.8 BEA3.1L12
B. To nonprofit institutions ...
C. Housing subsidies
ROW net
43
Gross current saving
Capital consumption allowances...
Net saving
44
45
46
Less: Surplus of government enterprises.
Less: Wage accruals less disbursements.
Y
5.9
BEA3.1L21
Z
.2
BEA3.1L25
Surplus or deficit (BEA)
3.8"
57.0 Lines (16-20-25+29-30-35)
58.2 BEA (unpublished)
-1.2 Lines (44-45)
Lines (1 + 12) -(20 + 25 +
30-X+37 + 40 + 43-Y-Z)
-.2
Government current outlays and
gross saving (market transactions).
47
Imputed nonmarket gross current
outlays.
Capital consumption of structures and durables.
48
49.2 Line 49
49
49.2 BEA (unpublished)
Government gross current outlays
and gross saving (market and
nonmarket).
50
689.0 Lines (20 + 25-29 + 30 +
35+44)
738.2 Lines (47 + 50)
Reconciliation Table 4.—The IEA Rest-of-the-World Current Account (Table 1.60) and the BEA Foreign Transactions Account, 1978
Item
IEA
line
Billions of
dollars
BEA
Source
219.8
219.8 Lines (2 + 9)
176.1
167.4
140.9
26.5
8.7
8.1
.6
176.1
167.4
140.9
26.5
8.7
8.1
.6
9
10
11
12
13
14
15
43.8
18.4
16.5
1.8
13.1
11.9
.4
43.8
18.4
16.5
1.8
13.1
11.9
.4
Capital grants received by government, net.
16
0
0
Receipts from ROW
17
219.8
219.8 Lines (1 + 16)
Imports of goods and services
Purchases from ROW ...
Enterprises
Merchandise
18
19
20
21
220.4
206.6
184.6
174.7
220.4
206.6
184.6
174.7
Other goods and services
Government
Other services
Interest income
Government
Dividends
Retained corporate profits
Compensation of employees
Billions of
dollars
BEA
1
Sales to ROW
Enterprises
IEA
lEA's
2
3
4
5
6
7
8
Export of goods and services
Item
Lines (3 + 6)
Lines (4 + 5)
BEA4.1L3
BEA4.1L2- Lines (4 + 6 + 9)
Lines (7 + 8)
BPA1L3
BPA1L10
Lines (10 + 13 + 14 + 15)
Lines (11 + 12)
BEA8.7L19
BEA8.7L20
BEA6.24BL75
BEA6.25BL75
BEA (unpublished)
BEA4.1L9
Lines (19 + 29)
Lines (20 + 23 + 26)
Lines (21 + 22)
BEA4.1L12
Source
lEA's
22
9.9
23
24
25
26
27
28
8.9
7.3
1.5
13.1
1.7
11.4
9.9 BEA4.1L11- Lines
(21 + 23 + 26 + 29)
8.9 Lines (24 + 25)
7.3 BPA1L19
1.5 BPA1L26
13.1 Lines (27 + 28)
1.7 BEA2.4L105
11.4 BEA2.4L104
Factor income paid
Interest income
Enterprises
Dividends
Retained corporate profits
Compensation of employees
29
30
31
32
33
34
13.8
8.0
8.0
2.7
2.6
.5
13.8
8.0
8.0
2.7
2.6
.5
Transfer payments to ROW, net ..
Households
Government
35
36
37
4.6
.8
3.8
4.6 Lines (36 + 37)
.8 BEA2.1L29
3.8 BEA3.1L12
Interest paid by government to
ROW.
38
8.7
8.7 BEA4.1L21
Net foreign investment
39
-13.8
Payments to ROW
40
219.8
Other goods and services
Government
Military transactions
Other services
Households
Nondurable goods
Services
-13.8
Lines (30 + 32 + 33 + 34)
Line 31
BEA8.7L33
BEA6.24BL76
BEA6.25BL76
BEA (unpublished)
Lines (17 -18 -35 -38)
219.8 Lines (18 + 35+38 + 39)
30
SURVEY OF CURRENT BUSINESS
May
Annex 3. Current and Capital Accounts for the Nation and for Sectors, 1969-80
Table 1.1.—Gross National Product Account
[Billions of dollars]
Line
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
Current consumption expenditures
Enterprises
Employee benefits in kind...
Nonprofit benefits in kind
Financial services in kind
Households
Nondurable goods
Services
Government
Purchases
Compensation of employees
1
2
3
4
5
6
7
8
9
10
11
588.4
398
15.7
12.6
115
386.3
2385
147.8
1623
57.9
104.5
642.7
460
18.3
14.2
13.5
418.0
2583
159.7
1787
62.9
115.8
689.1
522
20.4
17.8
14.0
443.6
2707
172.9
1933
67.3
126.0
752.2
59.7
24.6
19.6
15.5
477.5
289.8
187.6
214.9
77.2
137.8
818.5
67.0
28.2
20.9
17.8
521.4
319.5
201.9
230.1
80.5
149.6
909.4
79.2
31.9
26.5
20.8
576.2
360.3
215.9
254.1
91.9
162.2
1,006.3
92.6
37.3
31.1
24.2
628.5
394.3
234.2
285.3
105.7
179.6
1,104.9
101.1
45.5
30.9
24.7
688.4
426.8
261.6
315.5
120.8
194.6
1,217.5
120.8
54.5
38.5
27.8
749.2
462.1
287.1
347.5
137.1
210.4
1,346.7
139.2
62.3
42.5
34.4
829.4
508.8
320.6
378:1
148.8
229.2
1,508.6
154.9
72.6
43.8
38.6
935.3
579.1
356.2
418.4
170.3
248.1
1,696.4
174.0
84.2
48.8
41.0*
1,052.7
654.1
398.6
469.7
200.3
269.3
Gross capital formation
Enterprises
Structures .
Equipment
Change in inventories
Households
Owner-occupied houses
Durable goods
Change in inventories
Government
Structures
Equipment
Change in inventories
12
13
14
15
16
17
18
19
20
21
22
23
24
295.8
1284
52.7
65.1
10.5
120.8
28.8
85.7
63
46.6
209
24.2
14
283.5
122.1
54.3
65.7
2.1
118.1
28.5
85.2
4.4
43.3
20.8
23.4
_9
319.3
134.0
58.2
68.1
7.8
142.8
40.3
97.2
5.2
42.5
22.6
20.2
-3
361.7
152.9
65.8
77.7
9.4
168.8
49.8
111.1
7.9
40.0
22.7
19.9
-2.6
414.6
185.3
75.0
93.3
17.0
186.4
52.5
123.3
10.6
42.9
24.4
19.4
-.8
423.6
193.7
78.1
101.8
13.8
177.7
46.9
121.5
9.3
52.3
27.6
20.4
4.3
419.9
173.9
76.5
103.7
-6.3
187.0
46.0
132.2
8.8
59.0
28.6
24.5
5.9
493.4
210.0
80.6
116.6
12.8
228.7
61.6
156.8
10.3
54.7
26.4
26.0
2.3
585.4
257.6
90.1
142.4
25.0
272.7
82.1
178.8
11.8
55.1
25.0
28.9
1.2
673.6
299.1
111.6
164.9
22.6
309.4
94.7
199.3
15.4
65.1
27.8
31.0
6.2
734.6
334.5
132.7
184.6
17.2
328.0
98.7
212.3
16.9
72.2
30.4
36.0
5.8
727.7
330.8
147.3
188.3
4.8
311.9
85.2
211.9
14.9
85.0
34.5
43.8
67
Sales to rest of the world net
Sales to rest of the world
Less: Purchases from rest of the world
25
26
27
27
464
49.1
7
53.7
54.3
51
55.8
60.9
-10.2
62.4
72.6
-1.8
87.5
89.3
-6.4
118.3
124.7
9.5
129.2
119.8
-6.7
141.2
147.9
-277
150.3
178.0
-305
176.1
206.6
304
214.7
245.1
-243
255.6
279.8
2,399.9
...
Gross domestic product (market transactions)
28
881.5
925.5
1,003.4
1,103.7
1,231.3
1,326.6
1,435.6
1,591.6
1,775.2
1,989.8
2,212.9
Factor income from rest of the world, net
29
6.9
7.3
9.2
10.9
16.0
19.8
17.3
20.5
23.5
29.9
43.8
47.5
GNP (market transactions)
30
888.4
932.8
1,012.5
1,114.6
1,247.3
1,346.4
1,452.9
1,612.1
1,798.7
2,019.8
2,256.7
2,447.4
Imputed nonmarket outlays
Enterprises
Nonprofit building rent
Households
Owner-occupied housing
Margins on owner-built houses
Durables consumed
Farm income in kind
Government
Capital consumption of structures and durables
31
32
33
34
35
36
37
38
39
40
1746
2.9
29
1490
52.0
4
96.3
3
226
22.6
1894
3.3
33
161.3
55.8
4
104.7
4
247
24.7
2036
3.6
36
173.2
60.7
.5
111.7
3
268
26.8
220.9
3.9
3.9
188.7
66.4
.6
121.3
4
28.3
28.3
238.1
4.3
4.3
203.6
73.5
.7
128.8
6
30.2
30.2
263.3
5.1
5.1
224.1
81.4
.7
141.4
6
34.2
34.2
296.8
5.6
5.6
253.1
89.4
.7
162.4
.6
38.1
38.1
320,1
5.8
58
273.9
98.4
1.1
173.8
6
40.5
40.5
352.3
6.3
63
301.8
110.9
1.5
188.8
6
44.1
44.1
398.9
7.1
71
342.6
126.9
17
213.4
6
492
49.2
4543
8.1
81
391.2
146.5
19
242.1
7
551
55.1
5198
8.9
89
4486
167.0
21
278.8
7
622
62.2
GNP (market and nonmarket)
41
1,063.0
1,122.2
1,216.1
1,335.5
1,485.4
1,609.7
1,749.7
1,932.3
2,151.0
2,418.7
2,711.0
2,967.2
Charges against enterprise gross product
Compensation of employees
Net interest
Proprietors' income
Rental income
Net dividends
Indirect taxes and nontaxes
Corporate profits taxes
Surplus of government enterprises
Net transfers
Enterprise gross saving
Statistical discrepancy (BEA)
42
43
44
45
46
47
48
49
50
51
52
53
7771
4683
65
65.4
85
188
738
395
28
13 1
1103
39
8097
496 1
107
645
88
187
798
342
20
144
1109
15
8773
5261
113
677
90
184
878
375
23
123
1252
41
9659
580.2
119
74.9
101
198
944
41 6
32
159
1425
33
10817
651.6
160
91.3
117
205
1025
490
22
168
1530
8
1 1644
715.3
237
85.9
129
203
1096
51 6
26
129
1517
37
12560
751.8
256
86.9
122
247
1188
506
27
132
1905
55
13970
206
90.4
128
29 1
1285
638
48
204
2205
51
1 5648
942.0
214
98.9
156
301
1407
726
47
225
2570
44
17606
1,070.5
206
112.2
175
343
1519
830
59
306
289 0
64
19648
1,212.8
279
1259
188
349
1618
876
66
298
316 1
22
2 1305
1,327 3
328
1243
198
374
1857
823
64
404
3557
7
Charges against government product
Compensation of employees
54
55
1045
1045
1158
1158
1260
1260
1378
1378
1496
1496
1622
1622
1796
1796
1946
1946
2104
2104
2292
2292
2481
248 1
2693
269 3
Charges against gross domestic product (market transactions)
56
881 5
925 5
1 003 4
1 103 7
1 231 3
1 326 6
1 435 6
1 591 6
1 775 2
1 989 8
Factor income from rest of the world, net
Factor income received
Less: Factor income paid
57
58
59
69
11 1
43
73
120
47
92
13 0
38
109
150
41
160
221
61
198
27 9
81
17 3
257
84
841.7
205
297
92
2 212 9
2 399 9
235
33 0
95
299
43 8
13 8
43 8
66 6
228
47 5
84 2
367
Charges against GNP (market transactions)
60
888.4
932.8
1,012.5
1,114.6
1,247.3
1,346.4
1 4529
1 612 1
1 798 7
2 019 8
22567
2 447 4
Charges against imputed nonmarket gross product
Enterprises
Nonprofit building rent
Households
Gross income on owner-occupied housing
Margins on owner-built houses.
.. ..
Gross income on durables
Farm income in kind
Government
Capital consumption of structures and durables
61
62
63
64
65
66
67
68
69
70
1746
29
29
1490
52.0
4
963
3
226
226
1894
33
1613
55.8
4
1047
4
247
247
2036
36
36
1732
607
5
1117
3
268
268
2209
39
39
1887
66.4
6
121 3
4
283
283
238 1
43
43
2036
735
7
1288
g
302
302
2633
51
51
224 1
814
7
1414
g
342
342
2968
56
56
253 1
894
7
1624
g
38 1
38 1
320 1
58
58
2739
984
11
1738
g
40 5
40 5
3523
63
63
301 8
1109
15
188 8
g
44 1
44 1
398 9
71
71
342 6
1269
17
213 4
g
49 2
49 2
519 8
89
89
448 6
167 0
2i
278 8
7
62 2
62 2
Charges against GNP (market and nonmarket)
71
1,063.0
1 1222
1 216 1
1 335 5
1 485 4
1 6097
1 7497
2 151 0
2 418 7
454 3
81
81
391 2
1465
19
242 1
7
55 1
55 1
2 7ii Q
0 O
1 932 3
o Q£7 9
May
SURVEY OF CURRENT BUSINESS
31
Table 1.2.—Relation of National Income, Net National Product, and Gross National Product
[Billions of dollars]
Line
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
Plus: Enterprise income originating
Compensation of employees...
Net interest
Proprietors' income
Rental income
Net dividends
Corporate profits taxes
Retained enterprise income
1
2
3
4
5
6
7
8
6393
4683
65
65.4
85
18.8
395
323
6574
. 496 1
107
64.5
88
187
342
245
703.7
526 1
113
67.7
90
18.4
375
33.6
779.4
5802
119
74.9
101
19.8
416
41.0
8809
6516
160
91.3
117
205
490
408
9350
7153
237
85.9
129
203
51 6
253
9949
7518
256
869
122
247
506
431
1 1115
8417
206
90.4
128
291
638
530
1 253.3
9420
214
98.9
156
301
726
728
1,416 7
10705
206
1122
175
343
830
786
1,588 0
12128
279
1259
188
349
876
800
1,705.4
13273
328
1243
198
374
823
815
Plus: Government income originating
Compensation of employees
9
10
1045
1045
1158
1158
126.0
1260
137.8
1378
1496
1496
1622
1622
1796
1796
1946
1946
2104
2104
2292
2292
2481
2481
2693
2693
Plus: Rest-of-the-world income originating net
Factor income from rest of the world
Less: Factor income paid to the rest of the world
11
12
13
69
11 1
4.3
73
120
4.7
92
13.0
qo
o.o
109
15.0
4.1
160
221
6.1
198
279
8.1
173
257
8.4
205
297
9.2
235
330
9.5
29 9
438
13.8
43 8
666
22.8
475
842
36.7
Plus: Imputed nonmarket income originating
Nonprofit building rent
Owner-occupied housing
Margins on owner-built houses
Consumer durables ....
Farm income in kind
14
15
16
17
18
19
655
6
273
4
369
.3
697
8
286
4
395
4
737
.8
310
.5
41 1
.3
804
9
337
6
448
4
856
10
374
'7
459
6
920
11
413
'7
483
6
104 2
12
450
'7
567
6
1095
13
49 6
1i
569
6
1195
14
558
15
60 2
6
1399
15
658
17
703
6
1654
17
790
19
82 1
7
197 3
18
94 6
2l
98 1
7
Equals: National income (at factor prices)
20
816.1
850.3
912.6
1,008.5
1,132 1
1 2089
1 2961
1 436 1
1 606 7
1 815 8
2 0454
2 219 5
Plus:
Plus:
Plus'
Less:
Plus:
Indirect taxes and nontaxes
Enterprise transfer payments
Net surplus of government enterprises
Subsidies
Statistical discrepancy
21
22
23
24
25
866
39
3
46
-39
943
41
15
49
-1 5
103.7
44
16
48
41
1209
55
26
52
8
129 1
58
32
36
37
140 1
74
41
49
55
1517
79
24
56
51
1660
82
33
76
44
178 1
87
31
94
64
1884
94
38
95
22
2123
10 5
53
10 9
7
Equals: Net national product (at market prices)
26
8977
9409
1 018 5
1 120 6
1 251 5
1 340 8
1 440 1
1 592 8
1 774 3
1 996 4
2 232 1
2 425 4
Plus: Capital consumption allowances
Enterprise capital consumption
Nonprofit-owned buildings
Owner-occupied housing
Consumer durables
Government structures and durables
27
28
29
30
31
32
1655
658
23
119
594
257
181 5
728
25
128
652
282
1978
796
28
14 1
707
307
2155
87 1
30
163
765
326
234 4
952
33
180
829
350
269 0
1112
40
208
93 1
400
309 8
131 7
44
232
1057
44 8
339 6
144 8
45
257
1169
47 7
376 8
161 1
49
300
128 6
52 1
422 4
180 6
56
350
143 1
582
479 0
2063
64
409
159 9
65 5
542 0
234 3
71
459
180 8
73 9
33
1 0630
1 1222
1 2161
1 335 5
1 4854
1 609 7
1 749 7
1 932 3
2 151 0
2 418 7
2 711 0
2 967 2
1975
1976
1977
1978
1979
1980
.
...
Equals: GNP (market and nonmarket)
111 5
49
11
64
33
Table 1.3.—Gross National Product in Constant Prices
[Billions of 1972 dollars]
Line
1969
1970
1971
1972
1973
1974
1
2
3
4
5
6
7
8
9
10
11
686.9
463
18.2
14.6
135
4386
266.8
171.8
2020
66.3
1357
708.0
502
20.2
15.7
144
4529
275.9
177.0
2048
68.7
1361
722.4
549
21.4
18.6
15.0
4608
280.3
180.6
206.7
69.9
136.8
752.2
597
24.6
19.6
15.5
4775
289.8
187.6
214.9
77.2
137.8
766.8
633
27.0
20.0
16.4
4884
295.0
193.3
215.1
76.0
139.1
773.5
687
28.2
23.4
17.0
4849
292.7
192.2
220.0
77.6
142.3
793.4
745
30.6
25.6
18.3
4925
298.5
194.0
226.5
81.6
144.9
824.9
77.6
35.1
23.8
18.7
513.7
311.6
202.1
233.6
87.3
146.3
854.3
86.7
38.9
27.5
20.2
527.2
322.2
204.9
240.5
92.1
148.4
883.9
91.2
41.5
28.3
21.4
547.1
332.1
215.0
245.6
93.8
151.9
908.7
93.8
44.8
27.0
22.1
562.4
341.0
221.3
252.5
98.7
153.8
927.4
97.5
47.3
27.4
22.9
570.8
346.8
224.0
259.1
103.8
155.2
12
13
14
15
16
17
18
19
20
21
22
23
24
3351
149.7
65.3
724
119
1306
316
919
71
54.9
261
272
16
307.7
136.3
63.2
705
26
1237
300
89.0
47
47.7
238
249
10
330.2
141.9
63.7
70.0
82
144.3
40.6
98.2
5.4
44.1
23.8
205
3
361.7
152.9
65.8
77.7
94
168.8
49.8
111.1
7.9
40.0
22.7
199
26
396.9
179.7
72.2
916
158
1765
45.4
121.3
97
40.7
22.5
189
7
368.9
167.5
63.2
930
113
1572
37.4
112.3
75
44.2
21.6
192
34
329.6
132.5
56.7
821
63
1513
31.9
1127
67
45.8
20.8
208
43
368.7
153.9
58.4
87.0
85
173.8
39.7
126.6
7.5
41.0
18.7
20.6
16
410.1
177.9
61.9
101.0
150
193.4
46.7
138.4
8.2
38.8
16.8
21.2
8
438.4
193.2
69.2
109.7
143
203.5
47.1
146.3
10.1
41.7
16.7
21 1
39
440.0
198.7
73.1
115.6
100
199.7
43.1
146.6
10.0
41.6
15.6
22.7
33
401.5
180.0
71.4
110.6
-21
177.6
33.9
135.8
7.9
43.9
15.5
24.8
35
Net sales to rest of the world
Sales to rest of the world
Less' Purchases from rest of the world
25
26
27
71
52.1
592
41
57.3
61 5
-8.0
57.4
65.4
-10.2
62.4
72.6
4
76.4
760
106
84.2
736
183
83.0
647
9.8
87.5
77.7
5.0
89.4
84.4
44
98.1
93.7
106
105.6
95.1
24.8
113.0
88.2
Gross domestic product (market transactions)
28
1,015.0
1,011.5
1,044.7
1,103.7
1,164.1
1,153.0
1,141.3
1,203.5
1,269.4
1,326.8
1,359.2
1,353.7
Factor income from rest of the world, net
29
7.9
8.0
9.5
10.9
15.1
17.3
13.9
15.6
16.9
20.1
27.2
27.1
GNP (market transactions)
30
1,022.9
1,019.5
1,054.2
1,114.6
1,179.2
1,170.3
1,155.2
1,219.1
1,286.3
1,346.9
1,386.4
1,380.8
Imputed expenditures
Enterprises
Nonprofit building rent
Households
.
Owner-occupied houses
Margins on owner-built houses
Services of durables
Farm income in kind
Government
<...
Durables consumed
31
32
33
34
35
36
37
38
39
40
194.1
34
34
164.0
605
5
102.7
3
267
26.7
201.6
36
36
170.7
617
4
108.2
4
27.3
27.3
209.9
38
3.8
178.3
635
.5
114.0
3
27.8
27.8
220.7
3.9
3.9
188.5
66.4
.6
121.1
4
28.3
28.3
234.3
41
41
201.5
702
.6
130.1
6
28.7
28.7
246.7
45
45
213.1
720
.6
140.0
5
29.1
29.1
256.3
46
4.6
222.1
735
.5
147.6
5
29.5
29.5
267.4
45
4.5
232.8
75.9
.8
155.7
.4
30.1
30.1
' 280.1
4.5
4.5
245.1
793
.9
164.4
.4
30.6
30.6
295.5
47
4.7
259.9
845
1.0
174.0
4
30.9
30.9
311.1
50
5.0
274.8
904
.9
183.1
4
31.3
31.3
328.6
5.0
5.0
291.9
93.8
1.0
196.8
.4
31.6
31.6
41
1,217.0
1,221.2
1,264.1
1,335.3
1,413.5
1,417.0
1,411.4
1,486.5
1,566.4
1,642.4
1,697.5
1,709.4
Current consumption expenditures
Enterprises
Employee benefits in kind...
Nonprofit benefits in kind
Financial services provided
Households
Nondurable goods .
..
Services
Government
Purchases
Compensation of employees
Gross capital formation
Enterprises
Structures
.
Equipment
....
.
•
.
...
. . . . . ..
Households
Owner-occupied houses
Durable goods
Change in inventories
Government
Structures
Equipment
GNP (market and nonmarket)
...
...
32
SURVEY OF CURRENT BUSINESS
May
Table 1.10.—Enterprise Gross Product Account
[Billions of dollars]
Line
1969
1970
1971
1974
1973
1972
1975
1976
1977
1978
1980
1979
1
2
3
4
5
6
7
8
9
168.1
39.8
15.7
12.6
11.5
128.4
52.7
65.1
10.5
168.1
46.0
18.3
14.2
13.5
122.1
54.3
65.7
2.1
186.2
52.2
20.4
17.8
14.0
134.0
58.2
68.1
• 7.8
212.6
59.7
24.6
19.6
15.5
152.9
65.8
77.7
9.4
252.2
67.0
28.2
20.9
17.8
185.3
75.0
93.3
17.0
272.8
79.2
31.9
26.5
20.8
193.7
78.1
101.8
13.8
266.4
92.6
37.3
31.1
24.2
173.9
76.4
103.7
-6.3
311.0
101.1
45.5
30.9
24.7
210.0
80.6
116.6
12.8
378.3
120.8
54.5
38.5
27.8
257.6
90.1
142.4
25.0
438.3
139.2
62.3
42.5
34.4
299.1
111.6
164.9
22.6
479.4
154.9
72.6
43.8
38.6
334.5
132.7
184.6
17.2
504.8
174.0
84.2
48.8
41.0
330.8
147.3
188.3
-4.8
10
11
12
13
14
15
16
17
500.6
379.8
236.7
143.1
120.8
28.8
85.7
6.3
528.6
410.5
256.2
154.3
118.1
28.5
85.2
4.4
578.5
435.7
268.6
167.0
142.8
40.3
97.2
5.2
637.5
468.7
287.9
180.8
168.8
49.8
111.1
7.9
698.8
512.4
317.8
194.5
186.4
52.5
123.3
10.6
744.1
566.4
358.7
207.7
177.7
46.9
121.5
9.3
805.2
618.2
392.8
225.4
187.0
46.0
132.2
8.8
906.3
677.6
425.4
252.2
228.7
61.6
156.8
10.3
1,010.1
737.4
460.6
276.8
272.7
82.1
178.8
11.8
1,125.8
816.3
507.1
309.2
309.4
94.7
199.3
15.4
1,249.0
921.0
577.4
343.6
328.0
98.7
212.3
16.9
1,348.7
1,036.8
652.3
384.5
311.9
85.2
211.9
14.9
18
19
20
21
22
23
100.8
54.2
46.6
20.9
24.2
1.4
102.5
59.2
43.3
20.8
23.4
-.9
106.5
64.0
42.5
22.6
20.2
-.3
113.3
73.3
40.0
22.7
19.9
-2.6
120.9
78.0
42.9
24.4
19.4
-.8
142.0
89.7
52.3
27.6
20.4
4.3
163.3
104.3
59.0
28.6
24.5
5.9
175.4
120.6
54.7
26.4
26.0
2.3
193.0
137.9
55.1
25.0
28.9
1.2
213.8
148.7
65.1
27.8
31.0
6.2
239.4
167.2
72.2
30.4
36.0
5.8
281.4
196.4
85.0
34.5
43.8
6.7
Sales to rest of the world net
Sales to rest of the world
Less" Purchases from rest of the world
24
25
26
7.6
44.5
36.9
10.5
51.8
41.3
6.2
53.6
47.4
2.5
60.7
58.2
9.8
84.5
74.8
5.6
114.5
108.9
21.1
124.7
103.6
4.3
135.3
131.0
-16.6
142.4
158.9
-17.3
167.4
184.6
-13.0
207.6
220.6
-4.4
247.0
251.4
Enterprise gross product (market transactions)
27
777.1
809.7
877.3
965.9
1,081.7
1,164.4
1,256.0
1,397.0
1,564.8
1,760.6
1,964.8
2,130.5
Imputed nonmarket enterprise sales
Nonprofit building rent
28
29
2.9
2.9
3.3
3.3
3.6
3.6
3.9
3.9
4.3
4.3
5.1
5.1
5.6
5.6
5.8
5.8
6.3
6.3
7.1
7.1
8.1
8.1
8.9
8.9
Sales to enterprises
Current purchases net
Employee benefits in kind
Nonprofit benefits in kind
Financial services in kind
Capital purchases
Structures . .
Equipment
Change in inventories
Sales to households
Current purchases
Nondurable goods
Services .
Capital purchases
Owner-occupied houses
Durable goods
Change in inventories
Sales to government
Current purchases net
Capital purchases
Structures
Equipment
Change in inventories
.
..
..
.
Enterprises gross product (market and nonmarket)
30
780.0
813.0
880.9
969.8
1,086.0
1,169.5
1,261.6
1,402.8
1,571.1
1,767.7
1,972.9
2,139.4
Compensation of employees
Wages and salaries
Social insurance contributions
Other labor income
Pension and other payments
Benefits in kind
Compensation paid to rest of the world
31
32
33
34
35
36
37
468.3
420.2
20.4
27.6
11.9
15.7
.2
496.1
443.2
21.1
31.6
13.3
18.3
.2
526.1
467.2
23.2
35.5
15.1
20.4
.2
580.2
510.7
27.6
41.6
17.0
24.6
.3
651.6
568.6
35.6
47.1
18.9
28.2
.3
715.3
621.4
39.9
53.7
21.8
31.9
.3
751.8
648.6
40.9
61.9
24.7
37.3
.4
841.7
720.7
48.0
72.6
27.2
45.5
.4
942.0
802.1
54.4
85.1
30.6
54.5
.4
1,070.5
908.2
64.3
97.6
35.3
62.3
.5
1,212.8
1,024.6
74.2
113.5
41.0
72.6
.5
1,327.3
1,116.4
78.8
131.6
47.4
84.2
.5
Net interest
Interest paid
Households
Nonprofit institutions
Rest of the world
Financial services in kind
Less' Interest received
Households
Government, net
Nonprofit institutions
,. .
Rest of the world
Proprietors' income
Rental income
Net dividends
Dividends paid
Households
Nonprofit institutions
Government
Rest of the world.
Less' Dividends from rest of the world
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
6.5
54.0
38.5
1.2
2.8
11.5
47.5
31.0
13.3
.6
2.5
65.4
8.5
18.8
23.4
21.4
1.0
.2
.9
4.6
10.7
62.1
44.1
1.3
3.1
13.5
51.4
33.4
14.2
.8
2.9
64.5
8.8
18.7
23.4
21.1
1.1
.2
1.0
4.7
11.3
65.3
48.2
1.3
1.8
14.0
54.0
36.6
13.7
.8
2.9
67.7
9.0
18.4
24.1
21.5
1.1
.3
1.2
5.7
11.9
70.8
52.1
1.3
1.9
15.5
58.9
41.3
13.4
.9
3.2
74.9
10.1
19.8
25.9
23.1
1.0
.3
1.4
6.1
16.0
84.3
61.7
1.5
3.3
17.8
68.4
47.6
15.1
1.0
4.7
91.3
11.7
20.5
28.5
25.3
1.2
.5
1.6
8.0
23.7
102.2
74.1
1.9
5.4
20.8
78.5
53.4
16.2
1.1
7.8
85.9
12.9
20.3
31.2
27.6
1.4
.8
1.3
10.9
25.6
110.0
79.1
1.9
4.8
24.2
84.4
56.8
18.3
1.2
8.0
86.9
12.2
24.7
32.8
28.4
1.5
.8
2.0
8.1
20.6
117.6
86.2
2.2
4.5
24.7
97.0
63.6
22.7
1.3
9.4
90.4
12.8
29.1
39.9
34.7
1.8
.8
2.6
10.8
21.4
133.4
98.1
2.5
5.0
27.8
112.1
75.0
24.3
1.4
11.4
98.9
15.6
30.1
42.4
36.8
1.9
1.2
2.4
12.3
20.6
154.9
109.7
2.7
8.0
34.4
134.3
90.4
25.8
1.5
16.5
112.2
17.5
34.3
47.4
41.0
2.1
1.5
2.7
13.1
27.9
192.6
135.4
3.3
15.3
38.6
164.7
107.9
28.5
1.7
26.5
125.9
18.8
34.9
53.3
46.2
2.4
1.5
3.2
18.4
32.8
239.7
165.5
4.0
29.1
41.0
206.9
125.6
36.8
1.8
42.7
124.3
19.8
37.4
59.9
51.8
2.7
1.6
3.9
22.5
58
59
60
73.8
39.5
2.8
79.8
34.2
2.0
87.8
37.5
2.3
94.4
41.6
3.2
102.5
49.0
2.2
109.6
51.6
2.6
118.8
50.6
2.7
128.5
63.8
4.8
140.7
72.6
4.7
151.9
83.0
5.9
161.8
87.6
6.6
185.7
82.3
6.4
Net transfers
Transfers paid
Bad-debt allowances
Nonprofit benefits in kind
Less' Transfers received
..
Household contributions to nonprofit institutions
Government grants to nonprofit institutions
Net interest and dividends received by nonprofit institutions
Subsidies
Government pension and insurance reserves
61
62
63
64
65
66
67
-13.1
15.4
2.8
12.6
28.4
13.3
1.9
-14.4
17.5
3.3
14.2
31.8
14.0
2.5
-12.3
21.3
3.6
17.8
33.6
15.0
2.8
-15.9
23.4
3.9
19.6
39.3
16.9
3.0
-16.8
25.3
4.3
20.9
42.1
20.4
3.0
-12.9
31.1
4.6
26.5
44.0
22.3
3.4
-13.2
37.3
6.2
31.1
50.5
24.2
4.1
-20.4
37.3
6.4
30.9
57.7
26.6
5.1
-22.5
45.1
6.6
38.5
67.7
29,3
5.2
-30.6
49.7
7.1
42.5
80.3
32.8
6.9
-29.8
51.6
7.9
43.8
81.5
36.5
7.1
-40.4
57.7
8.9
48.8
98.0
39.9
7.0
68
69
70
1.6
4.6
7.1
1.6
4.9
8.9
1.6
4.8
9.5
1.4
6.4
11.6
1.7
5.2
11.8
2.2
3.6
12.6
2.2
4.9
15.1
2.8
5.6
17.7
3.0
7.6
22.5
3.3
9.4
27.9
4.0
9.5
24.4
4.9
10.9
35.3
Enterprise gross saving
Retained corporate profits (adj.)
Corporate profits (adj.)
Corporate profits (book)
Inventory valuation adjustment
Capital consumption adjustment
Less' Net corporate dividends. . .
Corporate profits taxes
Capital consumption allowances (adj )
Nonprofit retained income
Pension and insurance reserves
71
72
73
74
75
76
77
78
79
80
81
110.3
20.7
78.9
80.5
-5.9
4.3
18.8
39.5
65.8
5.2
18.7
110.9
12.0
64.9
68.9
-6.6
2.5
18.7
34.2
72.8
4.7
21.3
125.2
20.2
76.1
79.4
-4.6
1.3
18.4
37.5
79.6
2.5
23.0
142.5
26.6
88.0
91.9
-6.6
2.7
19.8
41.6
87.1
2.8
26.0
153.0
25.1
94.6
111.9
-20.0
2.7
20.5
49.0
95.2
5.3
27.5
151.7
6.7
78.6
120.4
-40.0
-1.8
20.3
51.6
111.2
2.6
31.1
190.5
22.2
97.5
119.2
-11.6
-10.1
24.7
50.6
131.7
.6
36.0
220.5
30.9
123.8
152.0
-14.7
-13.5
29.1
63.8
144.8
5.1
39.8
257.0
46.6
149.2
177.0
-15.8
-12.0
30.1
72.6
161.1
.5
48.8
289.0
48.5
165.8
203.6
-24.3
-13.5
34.3
83.0
180.6
2.0
57.9
316.1
44.0
166.5
225.0
-42.6
-15.9
34.9
87.6
206.3
5.4
60.4
355.7
31.8
151.6
214.4
-45.7
-17.2
37.4
82.3
234.3
4.6
85.0
Statistical discrepancy (BEA)
82
-3.9
-1.5
4.1
3.3
.8
3.7
5.5
5.1
4.4
6.4
2.2
-.7
Enterprise current outlays and gross saving (market
transactions)
83
777.1
809.7
877.3
965.9
1,081.7
1,164.4
1,256.0
1,397.0
1,564.8
1,760.6
1,964.8
2,130.5
Imputed nonmarket enterprise outlays
Nonprofit building rent
84
85
2.9
2.9
3.3
3.3
3.6
3.6
3.9
3.9
4.3
4.3
5.1
5.1
5.6
5.6
5.8
5.8
6.3
6.3
7.1
7.1
8.1
8.1
8.9
8.9
Enterprise current outlays and gross saving (market and
nonmarket)
86
780.0
813.0
880.9
969.8
1,086.0
1,169.5
1,261.6
1,402.8
1,571.1
1,767.7
1,972.9
2,139.4
...
....
...
...
Indirect taxes and nontaxes
Corporate profits taxes
Surplus of government enterprises
SURVEY OF CURRENT BUSINESS
May
33
Table 1.40.—Household Current Income and Outlay Account
[Billions of dollars]
Line
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
Wages and salaries received ..
Enterprises
Government
Rest of the world
1
2
3
4
513.0
420.2
92.5
.2
546.0
443.2
102.6
.3
579.0
467.2
111.6
.3
632.7
510.7
121.7
.3
699.9
568.6
131.0
.3
762.0
621.4
140.3
.3
802.8
648.6
153.9
.4
885.9
720.7
164.9
.4
979.3
802.1
176.9
.4
1,100.4
908.2
191.8
.4
1,230.4
1,024.6
205.4
.4
1,337.6
1,116.4
220.8
.4
Interest income
Proprietors' income
Rental income
Dividends received
5
6
7
8
38.5
654
8.5
21.4
44.1
64.5
8.8
21.1
48.2
67.7
9.0
21.5
52.1
74.9
10.1
23.1
61.7
91.3
11.7
25.3
74.1
85.9
12.9
27.6
79.1
86.9
12.2
28.4
86.2
90.4
12.8
34.7
98.1
98.9
15.6
36.8
109.7
112.2
17.5
41.0
135.4
125.9
18.8
46.2
165.5
124.3
19.8
51.8
9
10
11
12
13
14
15
69.1
14.7
119
2.8
54.4
26.4
280
83.2
16.6
13.3
3.3
66.6
31.4
352
98.2
18.6
15.1
3.6
79.5
36.6
429
109.6
20.8
17.0
3.9
88.8
40.9
47.8
124.9
23.2
18.9
4.3
101.7
50.7
51.0
146.1
26.4
21.8
4.6
119.7
57.6
62.1
182.3
30.9
24.7
6.2
151.4
65.9
85.5
196.7
33.6
27.2
6.4
163.1
74.5
88.6
209.7
37.3
30.6
6.6
172.5
83.2
89.2
225.4
42.4
35.3
7.1
183.0
91.4
91.6
252.6
48.8
41.0
7.9
203.7
102.6
101.2
297.9
56.2
47.4
8.9
241.7
118.7
123.0
Household current income (market transactions)
16
715.8
767.8
823.7
902.5
1,014.8
1,108.7
1,191.8
1,306.7
1,438.5
1,606.2
1,809.3
1,996.9
Imputed nonmarket gross income
Gross income on owner-occupied housing
Capital consumption
Net imputed services
Margins on owner-built houses
Gross income on durables
...
..
Capital consumption
Net imputed services
..
Farm income in kind
17
18
19
20
21
22
23
24
25
149.0
52.0
119
40.1
4
96.3
594
369
.3
161.3
55.8
12.8
43.0
4
104.7
652
39.5
.4
1732
60.7
14 1
46.6
5
111.7
707
41 1
.3
188.7
66.4
16.3
50.1
.6
121.3
765
44.8
.4
203.6
73.5
18.0
55.5
.7
128.8
829
45.9
.6
224.1
81.4
208
60.6
7
141.4
931
48.3
.6
253.1
89.4
23.2
66.2
7
162.4
1057
56.7
.6
273.9
98.4
25.7
72.7
11
173.8
1169
56.9
.6
301.8
110.9
30.0
80.9
15
188.8
1286
60.2
.6
342.6
126.9
35.0
91.9
1.7
213.4
1431
70.3
.6
391.2
146.5
409
105.6
19
242.1
1599
821
.7
448.6
167.0
45.9
121.1
2.1
278.8
1808
98.1
.7
Transfers received
.
Enterprises
Pensions and welfare payments ..
Bad-debt adjustment
Government
Social insurance payments
Other payments
...
..
.
.
Household gross current income (market and nonmarket)...
26
864.9
929.1
996.9
1,091.2
1,218.4
1,332.8
1,445.0
1,580.5
1,740.3
1,948.8
2,200.5
2,445.6
Current consumption expenditures
Nondurable goods
Enterprises
.
Rest of the world
Services
Enterprises
Rest of the world
27
28
29
30
31
32
33
386.3
2385
236.7
1.9
1478
143.1
47
418.0
2583
256.2
2.0
1597
154.3
54
443.6
2707
2686
2.1
1729
167.0
59
477.5
2898
287.9
1.9
187.6
180.8
6.8
521.4
3195
317.8
1.7
2019
194.5
73
576.2
3603
3587
1.6
2159
207.7
81
628.5
3943
392.8
1.5
2342
225.4
88
688.4
4268
425.4
1.4
2616
252.2
94
749.2
462 1
460.6
1.5
287 1
276.8
103
829.4
5088
507.1
1.7
3206
309.2
11 4
935.3
579 1
5774
1.6
3562
3436
126
1,052.7
654 1
652.3
1.7
3986
384.5
142
Interest payments
34
310
334
366
413
476
534
568
636
750
904
1079
1256
Tax payments
Income taxes
Estate and gift taxes
Property taxes ....
.
Other taxes and nontaxes
35
36
37
38
39
1285
101.5
46
136
8.8
1303
100.0
48
153
10.2
1326
983
58
168
11.7
158 1
120.2
68
180
13.2
169 1
128.6
66
193
14.6
1897
1470
63
204
16.1
1902
1436
64
222
17.9
2200
1683
72
24 1
20.4
251 8
1936
93
262
22.7
2850
2250
72
272
25.6
3286
2645
76
277
28.8
365 1
296.0
88
278
32.6
Personal contributions for social insurance
40
26.2
27.9
307
34.4
42.6
479
504
555
61.1
69.6
806
87.9
Transfers paid
Contributions to nonprofit institutions
Transfers to rest of the world, net
41
42
43
14.2
133
9
15.1
140
11
161
150
11
180
169
11
21.6
204
13
233
223
10
251
242
9
275
266
9
30.2
293
9
33.6
328
8
375
365
10
41.1
399
1.2
44
45
46
47
48
1295
71.3
119
594
582
1432
78.0
128
652
651
164 1
848
14 1
707
793
173 1
928
163
765
803
2125
100.9
180
829
111 6
2182
1139
208
93 1
104 3
2408
1289
232
1057
1119
2516
1426
257
1169
1090
271 2
158.6
300
1286
1126
2981
178.1
350
143 1
1201
3194
200.8
409
1599
1186
3245
226.7
459
180.8
979
Household current outlays and gross saving (market
transactions)
49
7158
7678
8237
9025
1 014 8
1 108 7
1 191 8
1 3067
1 4385
1,606.2
1,809 3
1,996.9
Imputed nonmarket gross outlays
Owner-occupied housing
Margins on owner-built houses
Durables consumed
Farm income in kind
50
51
52
53
54
1490
520
4
963
.3
1613
558
4
1047
.4
1732
607
5
111 7
3
1887
664
6
121 3
4
2036
735
7
1288
.6
224 1
814
7
1414
6
253 1
894
7
1624
6
2739
984
11
1738
6
3018
1109
15
1888
6
3426
1269
17
2134
.6
391 2
1465
19
242 1
.7
4486
167.0
21
2788
.7
Household gross current outlays and gross saving (market
and nonmarket)
55
864.9
9291
9969
1 091 2
1 218 4
1 332 8
1 445 0
1 580 5
1 7403
1,948.8
22005
2 445.6
Gross saving
Capital consumption allowances
Owner-occupied houses
Durable goods
Net saving
374-058 O - 82 - 5
....
. .
34
SURVEY OF CURRENT BUSINESS
May
Table 1.50.—Government Current Income and Outlay Account
[Billions of dollars]
Line
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1
2
3
4
5
6
7
8
9
10
11
244.7
116.1
73.8
39.5
2.8
.2
1285
101.5
4.6
13.6
8.8
246.5
116.2
798
34.2
20
.2
1303
100.0
4.8
15.3
10.2
260.5
127.9
87.8
37.5
2.3
.3
1326
98.3
5.8
16.8
11.7
297.6
139.5
94.4
41.6
32
.3
158 1
120.2
6.8
180
13.2
323.3
154.2
102.5
49.0
2.2
.5
169 1
128.6
6.6
19.3
14.6
3543
164.6
1096
51.6
26
.8
1897
147.0
6.3
204
16.1
363.1
172.9
118.8
50.6
2.7
.8
1902
143.6
6.4
222
17.9
418.1
198.0
128.5
63.8
4.8
.8
2200
168.3
7.2
24.1
20.4
471.0
219.2
140.7
72.6
4.7
1.2
2518
193.6
9.3
26.2
22.7
527.3
242.2
1519
83.0
59
1.5
2850
225.0
7.2
272
25.6
586.2
257.5
161.8
87.6
66
1.5
3286
264.5
7.6
277
28.8
641 1
276.0
1857
82.3
64
1.6
365 1
296.0
8.8
278
32.6
12
13
14
15
55.0
204
26.2
8.3
58.6
21 1
27.9
9.6
64.6
23.2
30.7
10.8
74.2
276
34.4
12.2
92.4
35.6
42.6
14.2
104.3
399
47.9
16.5
110.9
409
50.4
19.5
126.0
480
55.5
22.5
140.6
54.4
61.1
25.0
161.8
643
69.6
27.9
187.1
742
80.6
32.2
203.7
788
87.9
37.0
Government current income (market transactions)
16
299.6
305.1
325.2
371.8
415.7
458.7
474.0
544.1
611.5
689.0
773.2
844.8
Imputed nonmarket gross income
..
Capital consumption of structures and durables
17
18
22.6
22.6
24.7
24.7
26.8
26.8
28.3
28.3
30.2
30.2
34.2
34.2
38.1
38.1
40.5
40.5
44.1
44.1
49.2
49.2
55.1
55.1
62.2
62.2
Government gross current income (market and nonmarket)
19
322.3
329.8
351.9
400.1
445.9
492.8
512.0
584.6
655.7
738.2
828.3
907.0
Current purchases
Purchases from enterprises net
Purchases from rest of the world, net
Purchases from rest of the world
Less* Sales to rest of the world
20
21
22
23
24
57.9
54.2
3.7
5.6
1.9
62.9
59.2
3.7
56
1.8
67.3
64.0
3.3
5.6
2.3
77.2
73.3
3.9
5.6
1.7
80.5
78.0
2.5
5.5
3.0
91.9
89.7
2.2
60
3.8
105.7
104.3
1.3
58
4.5
120.8
120.6
.2
61
5.9
137.1
137.9
-.7
72
79
148.8
1487
.2
89
87
170.3
167.2
3.1
103
7.1
200.3
1964
3.9
125
86
.....
25
26
27
28
104.5
92.5
8.3
3.6
115.8
102.6
9.6
3.6
126.0
111.6
10.8
3.7
137.8
121.7
12.2
3.9
149.6
131.0
142
4.4
162.2
140.3
165
5.4
179.6
153.9
19.5
6.2
194.6
164.9
225
7.2
2104
176.9
250
8.5
2292
191.8
279
9.6
2481
205.4
322
10.6
2693
220.8
370
11.6
Less: Withheld employee compensation for benefits in kind...
29
3.6
3.6
3.7
3.9
4.4
5.4
6.2
7.2
8.5
9.6
10.6
11.6
Net interest
Interest paid
Enterprises net
Rest of the world
Less' Interest received from rest of the world
30
31
32
33
34
13.2
14.1
133
.8
9
14.4
15.3
142
1.0
9
14.7
15.6
13.7
1.8
9
15.3
16.1
134
2.7
9
180
18.9
15 1
3.8
9
19.4
20.5
162
4.3
11
21.8
22.9
183
4.5
11
25.9
27.2
227
4.5
13
282
29.8
243
5.5
16
327
34.5
258
8.7
18
373
39.6
285
11.1
23
465
493
368
12.5
28
Transfers and subsidies
Enterprises
Subsidies
Nonprofit contributions
Pension and insurance reserves
Households
Social insurance payments
Other payments
Rest of the world net
35
36
37
38
39
40
41
42
43
70.0
136
4.6
19
7.1
544
264
28.0
21
85.0
162
4.9
25
8.9
666
314
35.2
22
99.2
17.1
4.8
28
9.5
795
366
42.9
26
112.6
210
6.4
30
116
888
409
478
27
124.3
200
5.2
30
118
101 7
507
510
26
142.4
195
3.6
34
12.6
1197
576
621
32
178.6
- 241
4.9
41
15.1
151 4
659
85.5
31
194.7
284
5.6
51
17.7
163 1
745
88.6
32
211.1
354
7.6
52
225
1725
832
892
32
230.9
442
9.4
69
27.9
1830
914
916
38
248.9
410
9.5
71
24.4
2037
1026
1012
42
299.8
532
10.9
70
353
2417
1187
1230
49
44
45
46
57.7
257
320
30.6
282
24
21.7
307
89
33.0
326
4
477
350
12 8
48.2
400
82
-5.5
448
503
15.3
477
324
33.2
52 1
189
57.0
582
12
79.1
655
137
404
739
33 5
Government current outlays and gross saving (market
transactions)
47
2996
305 1
325 2
371 8
415 7
458 7
474 o
544 i
611 5
689 0
773 2
844 8
Imputed nonmarket gross current outlays
Capital consumption of structures and durables
48
49
22.6
226
24.7
247
26.8
268
283
283
302
302
342
342
38 1
381
405
405
44 1
44 1
492
492
551
551
622
62 2
Government gross current
(market and nonmarket)
50
322.3
329.8
351.9
400.1
4459
4928
5120
584.6
6557
7382
828 3
907 0
Tax and nontax receipts
Enterprises
Indirect taxes and nontaxes
Corporate profits taxes
Surplus of government enterprises
Dividends received
Households
Income taxes
Estate and gift taxes
Property taxes
Other taxes and nontaxes
Social insurance contributions
Enterprises
Households .
Government
..
Compensation of employees
Wages and salaries
Social insurance contributions
Benefits in kind
Gross current saving
Capital consumption allowances
Net saving
outlays
. . .
..
.
.
and gross saving
SURVEY OF CURRENT BUSINESS
May
35
Table 1.60.—Rest-of-the-World Current Account
[Billions of dollars]
Line
1969
1970
1971
1973
1972
1974
1975
1976
1977
1979
1978
1980
1
57.5
65.7
68.8
77.5
109.6
146.2
154.9
170.9
219.8
281.3
339.8
2
3
4
5
6
7
8
46.4
44.5
36.4
8.1
1.9
1.5
.3
53.7
51.8
42.5
9.4
1.8
1.5
55.8
53.6
43.3
10.3
2.3
1.9
.3
62.4
60.7
49.4
11.3
1.7
1.4
.4
87.5
84.5
71.4
13.2
3.0
2.6
.4
118.3
114.5
98.2
16.3
3.8
3.4
.4
129.2
124.7
106.6
18.1
4.5
4.0
141.2
135.3
114.4
20.9
5.9
5.5
.5
150.3
142.4
119.7
22.6
7.9
7.4
.6
176.1
167.4
140.9
26.5
8.7
8.1
.6
214.7
207.6
176.9
30.7
7.1
6.6
.5
255.6
247.0
218.2
28.8
8.6
8.2
.4
Factor income received
Interest income
Enterprises
Government
Dividends
Retained corporate profits
Compensation of employees
9
10
11
12
13
14
15
11.1
3.5
2.5
.9
4.6
2.8
.2
12.0
3.8
2.9
.9
4.7
3.2
.3
13.0
3.8
2.9
.9
5.7
3.2
.3
15.0
4.1
3.2
.9
6.1
4.5
.3
22.1
5.6
4.7
.9
8.0
8.2
27.9
8.9
7.8
1.1
10.9
7.8
.3
25.7
9.2
8.0
1.1
8.1
8.0
.4
29.7
10.8
9.4
1.3
10.8
7.7
.4
33.0
13.0
11.4
1.6
12.3
7.3
.4
43.8
18.4
16.5
1.8
13.1
11.9
.4
66.6
28.8
26.5
2.3
18.4
18.9
.4
84.2
45.5
42.7
2.8
22.5
15.8
.4
Capital grants received by the government, net
16
0
.9
.7
-2.0
0
0
0
0
1.1
1.1
Receipts from rest of the world
17
57.5
66.5
69.5
78.2
109.6
144.2
154.9
170.9
183.3
219.8
282.5
340.9
Exports of goods and services
Sales to rest of the world
Enterprises
Merchandise
Other goods and services
Government
Military transactions
Other services
18
53.3
59.0
64.7
76.7
95.4
132.8
128.1
157.1
187.5
220.4
267.9
316.5
Purchases from rest of the world
Enterprises
Merchandise
Other goods and services
Government
Military transactions
Other services
Households
Nondurable goods
Services
19
20
21
22
23
24
25
26
27
28
49.1
36.9
35.8
1.1
5.6
4.9
.7
6.6
1.9
4.7
54.3
41.3
39.9
1.4
5.6
4.9
.7
7.4
2.0
5.4
60.9
47.4
45.6
1.8
5.6
4.8
.7
7.9
2.1
5.9
72.6
58.2
55.8
2.5
5.6
4.8
.8
8.8
1.9
6.8
89.3
74.8
70.5
4.3
5.5
4.6
.9
9.0
1.7
7.3
124.7
108.9
103.4
5.6
6.0
5.0
1.0
9.8
1.6
8.1
119.8
103.6
97.9
5.7
5.8
4.8
1.0
10.3
1.5
147.9
131.0
123.4
7.6
6.1
4.9
1.2
10.8
1.4
9.4
178.0
158.9
150.5
8.4
7.2
5.8
1.4
11.9
1.5
10.3
206.6
184.6
174.7
9.9
8.9
7.4
1.5
13.1
1.7
11.4
245.1
220.6
208.9
11.6
8.6
1.7
14.3
1.6
12.6
279.8
251.4
245.9
5.5
12.5
10.7
1.8
15.9
1.7
14.2
Factor income paid
Interest income
Enterprises
Dividends
Retained corporate profits
Compensation of employees
29
30
31
32
33
34
4.3
2.8
2.8
.9
.4
.2
4.7
3.1
3.1
1.0
.4
.2
1.8
1.8
1.2
.5
.2
4.1
1.9
1.9
1.4
.6
.3
6.1
3.3
3.3
1.6
.9
.3
8.1
5.4
5.4
1.3
1.1
8.4
4.8
4.8
2.0
1.2
.4
9.2
4.5
4.5
2.6
1.7
9.5
5.0
5.0
2.4
1.6
.4
13.8
8.0
8.0
2.7
2.6
.5
22.8
15.3
15.3
3.2
3.8
.5
36.7
29.1
29.1
3.9
3.2
.5
Transfer payments to rest of the world, net
Households
Government
35
36
37
3.0
.9
2.1
3.3
1.1
2.2
3.7
1.1
2.6
3.9
1.1
2.7
3.9
1.3
2.6
4.2
1.0
3.2
4.0
.9
3.1
4.1
.9
3.2
4.1
.9
3.2
4.6
.8
3.8
5.2
1.0
4.2
6.0
1.2
4.9
Interest paid by government to rest of the world
38
.8
1.0
1.8
2.7
3.8
4.3
4.5
4.5
11.1
12.5
Net foreign investment
39
.4
3.2
-.7
6.5
2.9
18.3
5.1
Payments to rest of the world
40
57.5
66.5
69.5
109.6
144.2
154.9
170.9
Imports of goods and services
-5.1
78.2
5.5
-13.9
8.7
-13.8
219.8
183.3
10.3
-1.7
282.5
5.9
340.9
Table 2.2.—Stock of Reproducible Goods in Constant Prices
[Billions of 1972 dollars]
Line
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
3,051.8
3,138.9
3,243.1
3,370.5
3,521.3
3,632.6
3,691.0
3,783.5
3,903.1
4,038.9
4,162.9
4,231.5
Residential structures..
Owner-occupied
Other
797.8
595.6
202.2
818.2
611.4
206.8
850.0
636.9
213.1
890.2
668.4
221.7
927.7
697.4
230.3
949.7
717.1
232.6
964.0
731.4
232.7
985.8
752.9
232.9
1,015.5
780.8
234.7
1,045.7
808.3
237.3
1,071.6
831.2
240.4
1,086.5
844.3
242.2
Nonresidential structuresEnterprises
Government
990.5
577.0
413.5
1,023.0
598.4
424.5
1,052.3
617.2
435.2
1,081.1
636.8
444.4
1,112.1
659.0
453.1
1,139.8
678.7
461.1
1,159.3
692.2
467.1
1,175.6
704.6
471.0
1,190.6
717.6
473.0
1,210.1
734.9
475.2
1,231.6
755.0
476.6
1,251.4
773.1
478.3
Durables
Enterprises....
Households....
Government..
839.5
366.0
356.9
116.7
873.6
383.4
372.9
117.3
907.9
397.1
393.4
117.4
956.3
416.3
420.8
119.3
1,019.6
446.1
453.0
120.5
1,066.3
473.1
472.0
121.2
1,097.2
486.1
487.6
123.5
1,139.0
501.6
511.3
126.1
1,194.1
525.6
540.9
127.6
1,256.0
554.1
572.5
129.5
1,315.1
583.8
598.3
133.1
1,348.2
604.5
608.9
134.8
Inventories
Enterprises....
Households....
Government..
424.0
261.0
97.5
65.5
424.1
263.0
98.0
63.1
432.8
271.4
100.0
61.4
442.8
280.3
105.4
57.1
462.0
295.7
112.2
54.1
476.8
306.8
114.2
55.9
470.5
300.4
116.2
53.9
483.1
308.8
120.6
53.7
502.9
323.9
125.8
53.2
527.1
338.1
133.6
55.4
544.6
347.2
141.4
56.0
545.4
344.6
145.9
54.9
Reproducible assets-
36
SURVEY OF CURRENT BUSINESS
May
Table 2.1.—Capital Accounts
[Billions
Reproducible assets (net current
value)
Residential structures
Owner-occupied
Other
Nonresidential structures
Enterprises
Government
Durables
Enterprises
Households
Government
Inventories
Enterprises
Households
..
Government
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
Land
Enterprises
Households
Cap.
trans,
acct.
16
17
18
19
130.6
21.5
16.9
4.6
31.3
203
11.0
59.5
21.7
26.3
11 5
18.3
10.5
6.3
14
Revaluation
acct.
End of
year
value
128.9
36.2
26.5
9.7
65.8
39.7
26.2
6.6
10.3
3.3
70
20.3
11.6
3.5
53
2,716.1
705.2
526.3
178.8
834.5
486.6
347.9
785.3
339.9
340.1
1053
391.2
239.8
90.7
606
402
14.3
88
172
Revaluation
acct.
Cap.
trans,
acct.
102.0
19.5
15.7
3.8
29.4
19.8
9.6
47.6
17.8
20.0
98
5.5
2.1
4.4
9
End of
year
value
123.4
29.5
21.4
8.1
68.0
38.2
29.8
20.2
14.7
8.2
28
5.8
5.5
-.6
9
2,941.5
754.1
563.4
190.7
931.8
544.5
387.3
853.1
372.4
368.3
1123
402.5
247.4
94.5
606
430
15.1
9.2
186
7382
434.4
1423
161 4
o
1971
1970
1969
Line
Cap.
trans,
acct.
121.5
31.8
26.2
5.6
28.7
18.8
9.9
48.2
15.8
26.6
5.9
12.7
7.8
5.2
-.3
End of
year
value
115.8
44.2
32.4
11.8
60.7
33.9
26.8
1.9
9.0
4.9
-2.2
9.0
9.8
.9
.1
3,178.8
830.1
622.0
208.1
1,021.3
597.3
424.0
903.2
397.1
390.0
116.0
424.2
265.0
98.8
60.4
37.3
13.8
6.2
173
7812
449.6
151 6
1800
9
1972
Revaluation
acct.
Cap.
trans,
acct.
Revaluation
acct.
818.4
463.4
157.8
1973
7
146.2
41.8
33.5
8.3
29.1
20.3
8.8
60.6
20.9
34.6
51
14.7
9.4
7.9
-26
1973
End of
year
value
151.5
62.0
45.8
16.1
67.0
37.9
29.1
4.3
7.4
-3.3
2
18.2
17.8
0
4
3,476.5
933.9
701.3
232.6
1,117.3
655.5
461.9
968.0
425.5
421.3
1213
457.2
292.2
106.7
583
1013
57.1
260
183
Cap.
trans,
acct.
180.3
43.5
34.5
9.0
33.9
24.9
9.0
76.1
31.6
40.4
40
268
17.0
10.6
8
9198
520.4
1838
2156
Revaluation
acct.
End of
year
value
3,991.0
1,086.8
817.2
269.6
1,292.5
758.2
534.2
1,069.2
476.3
465.4
1276
542.5
359.7
119.1
638
1656
94.3
348
365
o
334.3
109.4
81.3
28.1
141.2
77.8
63.4
25.1
19.2
3.7
23
58.6
50.5
1.8
63
10853
614.7
2185
2521
Gold and foreign exchange
20
10
119
8
11 9
13
113
6
Fixed-claim assets
...
Treasury currency and special
drawing rights cert .
Currency and deposits
Currency and demand deposits
Time and savings deposits...
Money market fund shares
Federal funds and security repurchase agreements
Net interbank claims
Credit market instruments
U S Government securities
State and local obligations
Corporate and foreign bonds
Mortgages
Consumer credit
Bank loans n e.c
Open-market paper
Other loans
... . ....
Security credit
Trade credit
Other fixed claims
21
155.7
2,521.6
182.6
2,704.3
282.4
2,986.6
362.3
3,348.9
4082
3,757.1
22
23
1
55
6.8
6202
.7
677
7.5
6879
.5
97.6
8.0
785.4
.7
1072
8.7
8926
4
959
91
9885
24
25
26
69
-14
2091
411 1
127
55.0
2217
466.1
15.7
81.8
0
2375
547.9
188
88.4
2563
6364
175
783
2738
7147
27
28
29
30
31
32
33
34
35
36
37
38
39
40
2.6
77
117.0
62
9.9
138
30.7
108
173
124
158
-6.7
253
4.2
3.8
499
1,490.7
3212
133.1
1780
443.2
1377
1440
381
953
25.7
2096
114.9
-2.2
-36
109.3
217
11.2
244
29.9
54
72
21
74
-.8
88
2.7
1.6
462
1,600.1
3430
144.4
2024
473.1
143 1
1512
40 1
1027
24.9
2184
1176
1.0
-.7
153.9
309
17.4
247
52.5
147
11.0
1
29
3.8
135
12.9
2.6
45.6
1,753.9
3738
161.8
2270
525.7
1578
162.2
400
1056
28.7
2319
130.5
2.5
15
192.1
236
14.7
203
76.8
198
262
16
91
8.7
285
21 1
5.1
470
1,946.0
3974
176.5
2473
602.4
1776
1885
416
1147
37.4
2603
151.6
153
8
2396
283
147
146
799
260
488
83
190
-79
403
254
20.4
462
2,185 6
4257
1912
2619
6823
2037
2373
500
1337
29.5
3007
1771
Total assets
41
287.3
5,987.7
283.9
6,438.9
402.5
6,995.1
508.0
7,757.6
588.4
Fixed-claim liabilities
Treasury currency and special
drawing rights cert
Currency and deposits
Currency and demand deposits
Time and saving deposits
Money market fund shares
Federal funds and security purchase agreements ....
Net interbank claims
Credit market instruments
U.S. Government securities
State and local obligations .
Corporate and foreign bonds....
Mortgages
Consumer credit
Bank loans, n.e.c
Open-market paper
Other loans
Security debt
Trade debt
Other fixed claims
Statistical discrepancy and
float
42
155.7
2,521.6
182.6
2,704 3
2824
2,986 6
3623
33489
4082
3757 1
43
44
.3
65
5.3
6409
.6
674
60
7083
5
994
64
8077
5
1123
70
9200
4
958
74
10158
45
46
47
79
-1.4
2298
411 1
124
550
2422
4661
176
818
2598
5479
238
884
2836
6364
175
783
301 1
7147
48
49
50
51
52
53
54
55
56
57
58
59
60
61
55
7.6
1170
6.2
99
13.8
30.7
108
17.3
12.4
158
67
23.1
90
81
523
14907
321.2
1331
1780
4432
1377
144.0
381
953
257
1888
1338
42
-30
1093
217
112
244
299
54
7.2
21
74
8
86
15
40
493
1600 1
3430
144 4
2024
473 1
143 1
1512
401
1027
249
1974
1353
95
446
1 9460
3974
1765
2473
6024
1776
1885
416
114 7
37 4
2364
171 6
162
2
2396
283
147
146
799
260
488
83
190
79
424
24 9
257
444
2 1856
4257
1912
2619
6823
2037
2373
500
1337
29 5
2788
1964
62
-66
-240
31
234
2
Net worth
Enterprise net equity... .
Enterprise net worth
Less: Transfers of equity
Household equity
Corporate
stock
(market
value)
Noncorporate nonfarm equity..
Farm business equity
Pensions and insurance (cash
value)..
Estate and trusts equity
Other net worth
Tangible assets
Net fixed-claim assets
Government net equity
Government
enterprise
equity
Other net worth
Less: Pension and insurance reserves
Rest-of-the-world net equity
Less: Statistical discrepancy
and float
63
64
65
66
67
131.6
412
626
21.4
563
169.1
1529
530
-99.8
284
3,466.1
2422
20638
1,821.6
27743
1012
31 6
507
19.1
697
1673
59 1
767
17.6
516
37346
3329
2 191 1
1,858 3
28957
120 1
467
688
221
750
1537
861
1216
2077
1843
40085
2935
2381 6
20881
3 1549
1457
482
68 0
198
930
2546
44 9
183 3
2283
2369
44087
2967
2 6329
23361
3 484 8
68
69
70
11 5
1.1
15
929
19.5
88
6269
338.2
2032
53
-.8
5
133
18.5
55
6083
355.8
2082
98
-1.5
21
916
17.0
17 9
6900
371.4
224 1
149
-1.2
46
70 8
38.3
34 8
71
72
73
74
75
76
4.9
-.3
-5.5
42.0
42.0
107 2
760
31 2
22
10
234
68 5
685
53 2
1253
1597
15844
12686
3158
5703
66
82 1
580
24.1
14 0
7
242
328
328
56 1
1184
1354
14695
1 1778
291.7
531 1
62
710
40.1
30.9
40
1
2.7
382
382
495
1130
132.8
1,360 3
1,099.5
260.8
4710
53
63.3
49.5
13.8
255
77
78
52
21.9
76
41.9
1157
3878
34
31
85
476
1275
4385
45
-156
101
43 1
142 2
4659
40
30
79
80
16
1.9
-4.8
324
-45.5
25
-.9
.4
349
-46.0
29
10.1
2.3
378
-33.6
31
6.4
81
-6.6
-240
31
-210
-24
234
2
Total liabilities and net worth
82
287.3
169.1
5,987.7
283.9
167.3
6,438.9
402.5
6,995.1
508.0
o
o
169.1
o
o
o
o
167.3
o
o
210
o
153.7
o
o
37
-17
1539
30.9
174
247
525
147
11.0
_ i
29
38
135
117
77
476
17539
3738
1618
2270
5257
1578
162.2
400
1056
287
2109
1470
24
153.7
17
o
124
o
254.6
o
o
19
30
1921
236
147
203
768
198
262
16
91
87
255
245
236
14
o
138
o
501.2
o
8,847.3
o
29
265
1802
57 9
80 7
228
111 3
5012
296 7
177 9
1189
80 2
50902
651 4
2 891 4
22401
3 676 3
7459
408.4
254 3
18 6
2.7
43
1590
58.8
72 9
5683
470.0
322 8
74
124 2
85 5
387
12 6
16
12 5
121 6
121 6
59 5
132 9
183 1
1 760 1
1 413 1
3470
627 6
129 4
138 7
1706
20058
1 620 1
3857
769 7
98
49 6
156 0
512 6
39
11 0
19 4
1100
179 3
633 6
3.1
409
-24.0
23
-4.5
-5.2
43 3
-33.7
501.2
8,847.2
23 6
254.6
29
7,757.6
588.4
26 5
SURVEY OF CURRENT BUSINESS
May
37
for the Nation
of dollars]
1974
Cap.
trans,
acct.
154.6
29.4
26.1
3.3
34.3
25.0
9.3
63.5
30.8
28.4
4.3
27.4
13.8
9.3
4.3
1975
Revaluation
acct.
End of
year
value
Cap. Revalutrans, ation
acct.
acct.
110.0
22.4
22.8
-.4
28.6
19.9
8.6
50.6
17.9
26.5
6.3
8.4
-6.3
8.8
5.9
536.3
107.3
80.9
26.5
229.0
156.0
73.1
127.1
75.0
41.6
10.4
72.8
60.1
3.8
9.0
4,681.9
1,223.5
924.1
299.4
1,555.8
939.2
616.6
1,259.9
582.1
535.4
142.3
642.7
433.6
132.1
77.1
166.1
34.6
43 1
1,251.4
7030
253.1
2952
0
14.0
0
300.7
4,057.8
.5
879
4,966.4
1,319.2
1,001.1
318.1
1,645.8
990.8
655.1
1,402.0
658.7
585.0
158.3
599.3
383.3
137.7
78.4
1167
747
196
224
1,368.0
7777
272.7
3176
_ ^
13.9
.1
340.5
4,398.3
9.7
6.7
788
2.4
174.5
73.3
54.2
19.1
61.5
31.7
29.8
91.6
58.7
23.1
9.7
-51.8
-43.9
-3.3
-4.6
1.0
10764
883
.2
Cap.
trans,
acct.
1074
10.6
1 1838
17.1
297.6
8825
280.5
7935
2.4
-.7
890
1.3
3.7
19.7 -1.1
43.6 -7.4
2,407.8 212.5
949
4576
207.7
16.1
286.7
36.7
59.0
742.5
213.6
9.6
278.2 -12.4
67.6 -1.2
9.9
153.9
24.7
3.7
280.9
10.5
195.0
13.8
-2.6
222.2
31 9
16.5
24.9
60.2
9.9
40.9
17.7
20.3
-4.8
-19.8
17.9
18.6
36.2
26204
5525
223.8
323.4
801.5
223.2
265.7
66.4
163.8
28.5
291.5
2088
153.8
35.3
35.9
-.6
26.4
20.5
5.8
66.7
20.7
40.0
6.0
25.4
12.8
10.3
2.3
Revaluation
acct.
End of
year
value
Cap.
trans,
acct.
208.7
53.6
52.1
1.5
25.5
22.5
3.0
91.6
34.6
50.2
6.8
38.1
25.0
11.8
1.2
3.9
4.2
228
-8.2
286.9
28.1
29072
6376
239.5
3646
888.8
2486
272.0
4.1
381.5
27.5
425
181.6
41.1
317.6
251 4
35.1
205
209.2
43.4
352.7
271 9
851
15.7
41.2
87.2
25.4
6.2
8.1
746
17.8
12.7
26.1
17
149
17846
33.4
1196
383.3
1 2328
359
874
344
419.2
13201
5.4
28.2
32.2
3 288.8
7166
261.4
400.7
1,021.1
288.8
301.4
791
21.9
36.1
132.3
40.2
29.5
150
895
2.2
8,931.4
2,527.1
1,966.8
560.3
2,826.3
1,758.4
1,068.0
2,442.6
1,182.9
995.1
264.6
1,135.5
793.7
214.4
127.3
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
2,571.5
1,391 2
583.3
5970
16
18.8
1450
515
115
108
69
397
11 5
14.9
4697
47.1
37584
807 1
287.5
4325
1,169.4
3364
358.8
1159
250.7
44.9
417 1
3217
905
26!l
318
148.3
476
574
264
416
1.5
645
498
255.6
61.8
57.8
4.0
43.2
41.0
2.2
110.8
49.0
52.4
9.4
39.9
17.2
16.9
5.8
452
118
700
1.0
867
21.8
328
1573
463
492
405
418
-1.4
781
41 1
17
18
19
13.8
20
7,765.5
21
1.5
164
193 1
19776
22
23
4380
14651
744
24
25
26
630
27
40.4
46517
1 016 1
336.1
5038
1,447 4
3850
4563
1778
329 1
53.4
5386
424 4
30
31
32
33
34
35
36
37
38
39
40
292
67.9 -27.4
4,234 8 4169
8938 1223
26.9
309.3
384
4654
1,326 7 120.6
3827
23
4080
483
1564
214
2925
366
10.0
43.5
4952
433
3629
61 6
20.7
4764
Line
816.5
204.7
156.4
48.4
282.6
169.5
113.1
235.8
129.3
89.7
16.8
93.4
81.2
8.7
3.5
710.3
1577
349.9
1 1132
.2
7,055.2
13.1
16269
27.3
1230
322.6
9902
-1.1
6
12.6
1 4670
25.0
1077
13.9
1599
.6
12.0
13165
1.1
786.2
1505
1.4
1327
627
2,270.0
1,252 5
490.5
5270
6,269.0
5,496.6
4,896.7
270.1
1555
51.8
185.8
42.9
39.3
3.6
47.1
44.6
2.5
79.0
34.2
31.1
13.8
16.8
-4.8
14.9
6.7
772.4
599.9
498.4
7,929.2
2,279.4
1,771.1
508.3
2,496.7
1,544.3
952.4
2,127.8
1,019.4
874.4
234.0
1,025.3
717.3
190.8
117.2
-.4
251.2
62.4
59.7
2.7
36.0
33.0
3.0
108.5
45.4
56.3
6.9
44.3
22.6
15.4
6.3
End of
year
value
301.5
1387
92.8
671.7
169.2
127.6
41.6
284.8
170.5
114.3
114.7
64.2
34.6
15.9
103.0
91.0
-2.9
15.0
13.2
-1.3
.2
Cap. Revaltrans, uation
acct. acct.
.2
14.3
14.0
End of
year
value
1,999.9
10969
438.7
4643
.1
0
Revaluation
acct.
799
660
389
418
863
Cap.
trans,
acct.
284.5
1386
1,715.4
9584
358.8
3983
1,548.2
8720
3168
3594
End of
year
value
7,001.8
2,048.5
1,585.7
462.7
2,168.7
1,332.7
836.0
1,902.3
906.2
787.4
208.7
882.4
609.2
176.9
96.3
42.0
44.0
Revaluation
acct.
642.2
270.4
205.4
64.9
211.1
128.7
82.5
94.6
54.2
28.8
11.6
66.1
58.8
1.8
5.5
167.3
180.1
3.7
Cap.
trans,
acct.
6,108.4
1,715.7
1,320.6
395.1
1,921.5
1,171.1
750.5
1,699.2
806.6
702.3
190.3
771.9
527.8
159.6
84.5
5,449.4
1,483.8
1,134.1
349.7
1,733.6
1,048.0
685.6
1,528.0
720.7
636.5
170.9
704.0
476.0
148.2
79.8
0
End of
year
value
450.2
178.4
134.5
43.9
162.5
100.5
62.0
79.6
51.4
15.6
12.6
29.8
26.7
-.4
3.5
329.2
129.2
97.0
32.2
61.4
36.7
24.7
59.3
41.2
11.5
6.5
79.3
80.0
.2
-.8
943
Revaluation
acct.
1980
1979
1978
1977
1976
End of
year
value
28
29
455.5
702.4 10,005.1
450.5
291.1 10,746.7
652.2
509.3 11,908.2
808.9
617.6 13,334.7 1,022.4
926.9 15,284.0 1,041.4
895.0 1,119.0 19,282.2
41
300.7
4,057.8
340.5
4,398.3
498.4
4,896.7
599.9
5,496.6
7724
6 269.0
7862
7,055 2
7103
7,765 5
42
.3
7.7
.9
1,103.9
108.9
12128
1.2
132.4
9.9
.3
13453
1536
102
5
88.1
8.7
107
123
13
136
14988
159 1
16579
16
1577
1 8156
1947
20103
43
44
6.9
78.8
308.0
793.5
18.6
89.0
326.6
882.5
24.8
107.7
351.4
9902
30.4
1230
381.7
1 1132
32.6
1196
414.3
1 2328
108
35.9
874
450.2
13201
20.5
1450
470.7
14651
45
46
69
533
224
756
168
925
208
48
22.8
32888
7166
261.4
400.7
1 021 1
2888
3014
15.7
4697
19.2
4764
2092
43 4
2924
3137
41 6
15
38.5
37584
807 1
287.5
432.5
1 1694
3364
358 8
1159
2507
1133
26.9
46517
1,016 1
336.1
503.8
14474
3850
4563
1778
329 1
2.4
2.4
.4
1.3
40.9
17.7
20.3
-4.8
-52.8
22.3
25.3
3.5
44.3 -11.2
2,407.8 212.5
457.6
94.9
207.7
16.1
286.7
36.7
742.5
59.0
213.6
9.6
278.2 -12.4
67.6
1.2
153.9
9.9
24.7
3.7
226.0
13.3
218.7
19.7
25.8
3.7
_ Y -11.0
-.1
222.2
31.9
16.5
24.9
60.2
9.9
28.8
33.1
2,620.4
552.5
223.8
323.4
8015
223.2
2657
66.4
163.8
28.5
239.4
2384
0
37
2
424
62
8.1
109
24.1
29072
637.6
239.5
364.6
8888
2486
2720
13.6
-9.0
286.9
85.1
15.7
41.2
872
25.4
-1.3
381 5
79.1
21.9
36.1
1323
746
17.8
12.7
24.5
181.6
41 1
2638
2818
433
39
402
295
150
895
27.5
22
286
31 9
905
261
31.8
1483
476
57 4
264
449
452
344
292
744
57.7 -30.8
42348 4169
8938 1223
309.3
26.9
38.4
465.4
1206
13267
3827
23
4080
483
214
1564
2925
366
43 5
100
4207
41 1
4302
354
867
218
32.8
1573
463
49 2
405
418
3497
374 4
573
60 7
942.9 17,268.3
14
71 0
55 8
47
49
50
51
52
53
54
461 9
465 6
55
56
57
58
59
60
61
-31 2
62
184.6 1,119.0 11,516.7
95.7
0 2,053.7
130.9
697.8 6,452.1
35.2
697.8 4,398.4
869.7 7,788.6
174.1
63
64
65
66
67
534
-11.7
-7.2
-18.9
-7.8
-26.7
-14.5
-41.2
-109
-52.1
154.8
56.5
72.7
16.3
118.7
702.4
463.2
301.7
-161.5
85.7
5,947.3
1,171.0
3,265.9
2,094.8
3,880.7
110.0
39.8
64.3
24.5
140.8
291.1
-120.9
212.0
332.8
332.2
6,348.4
1,089.9
3,542.1
2,452.2
4,353.7
153.9
76.0
93.7
17.7
126.3
509.3
31.8
333.8
302.0
388.9
7,011.6
1,197.7
3,969.7
2,772.0
4,868.9
209.0
76.8
99.4
22.5
134.8
617.6
197.3
275.7
78.3
283.4
7,838.1
1,471.9
4,344.7
2,872.8
5,287.0
249.9
95.3
117.7
22.5
159.8
926.9
178.7
458.4
279.7
552.6
9,015.0
1,745.9
4,920.9
3,175.0
5,999.3
255.2
110.6
127.7
17.2
156.4
942.9 10,213.0
101.6 1,958.1
574.7 5,623.4
473.1 3,665.3
589.1 6,744.9
-1.6
-1.1
-6.9
-164.5
79.0
39.9
402.3
547.8
355.8
6.1
-3.1
-1.8
126.0
43.2
45.9
534.4
587.9
399.9
-6.1
-4.3
-8.8
94.2
61.2
52.1
622.6
644.7
443.2
-.1
-1.7
-7.6
-31.7
88.8
38.4
590.8
731.8
474.0
1.1
1.0
-11.5
26.4
124.6
80.5
618.3
857.4
543.1
-13.7
1.8
-12.5
141.3
114.3
86.4
745.9 -1.5
973.5 -3.8
616.9 -14.4
250.6
149.8
68.8
995.1
1,119.6
671.4
68
69
70
6.8
-1.6
28.0
160.9
160.9
1.1
22.2
93.7
93.7
.8
279
152.8
152.8
-.7
32
191.7
191.7
12.2
168.3
127.1
412
-1.4
.7
354
211.1
211.1
250.5
12.4
199.9
2298
3,978.9 181.3
85.2
3,326.8
960
6520
1,540.9 -38.0
2.5
505
347.5
347.5
198.1
186.7
1944
3,599.5
2,988.6
6108
1,291.8
12.5
156.9
131.4
256
-14.4
.2
48
316.0
316.0
140.2
174.3
1896
3,126.5
2,541.3
5853
1,108.2
248.4
214.8
2803
4,507.6
3,759.5
7480
1,751.3
71
72
73
74
75
76
21.5
118.7
287.4
882.0
11.1
-18.3
29.5
168.5
328.1
1,032.3
8.9
-2.1
39.7
210.8
11.1
376.6
1,241.0 -40.3
42.2
206.2
429.8
1,407.0
77
78
-3.3
613
-55.6
72
-5.2
-2.4
685
-63.3
82
-21.3
1.7
88
767
-82.9 -26.2
.9
855
-108.2
79
80
-14.5
-41.2
-10.9
-52.1
926.9 15,284.0 1,041.4
942.9 17,268.3
162.4
8.7
143.9
142.6
2,288.2 131.0
1,844.8
58.1
443.4
72.9
937.3 -58.7
73.5
153.7
8.7
164.9
2,512.9 136.9
1,996.6
86.1
516.3
50.7
952.1 -40.4
85.3
163.2
11.8
1928
2,802.5 132.4
2,235.5 114.1
182
5670
997.0 -29.1
6.8
1.2
25.6
136.9
211.7
7.7
771.7 -62.6
15.8
57.8
235.2
7.6
766.8 -43.3
12.1
73.2
11.0
254.9
796.8 -33.4
2.9
.3
-9.0
3.8
46.1
-42.3 -23.0
6.2
49.9
4.7
-59.1 -15.1
3.3
121.5
63.8
57.7
5.2
546
-71.0
6.6
18.6
25.8
-.7 -11.0
-11.7
-7.2
-18.9
-7.8
-26.7
455.5
450.5
291.1 10,746.7
652.2
509.3 11,908.2
808.9
617.6 13,334.7 1,022.4
702.4 10,005.1
21.0
21.0
-31.2
81
895.0 1,119.0 19,282.2
82
38
SURVEY OF CURRENT BUSINESS
May
Table 2.3.—National and Sector Capital
[Billions of dollars,
1970
1969
Line
Cap.
trans,
acct.
Revaluation
acct.
End of
year
value
Cap.
trans,
acct.
1972
1971
Revaluation
acct.
End of
year
value
Cap.
trans,
acct.
Revaluation
acct.
End of
year
value
Cap.
trans,
acct.
1973
Revaluation
acct.
End of
year
value
Cap.
trans,
acct.
Revaluation
acct.
End of
year
value
National capital accounts
Reproducible assets
Residential structures
Nonresidential structures
Durables
Inventories
Land
Gold stock and special drawing
rights
Fixed-claim assets
Total assets
Fixed-claim liabilities
Net worth
Total liabilities and net worth
1
2
3
4
5
6
1505
24.8
36.0
68.6
21.1
27
3.3
32.1
-35.0
2.4
50
3,129 5
812.5
961.5
904.8
450.7
8505
111.6
21.3
32.1
52.1
6.0
-24.5
-9.2
25.3
-24.1
-16.6
3.7
3,216.5
824.6
1,018.9
932.8
440.2
854.2
126.5
33.1
29.9
50.2
13.2
-32.2
6.9
14.8
42.4
-11.5
-1.7
3,310.9
864.6
1,063.7
940.7
441.8
852.4
146.2
41.8
29.1
60.6
14.7
19.4
27.5
24.6
33.2
.6
67.3
3,476.5
933.9
1,117.3
968.0
457.2
919.8
170.6
41.1
32.1
72.0
25.3
129.1
53.2
73.4
-28.3
30.8
107.1
3,776.2
1,028.3
1,222.9
1,011.7
513.3
1,026.9
7
8
11
1794
6
- 140.4
137
2,905.4
_9
199.7
3
-148.1
130
2,957.1
-.4
294.1
.1
140.4
11.8
3,110.7
-.6
362.3
1.2
-124.1
12.4
3,348.9
0
386.2
6
-180.3
131
3,554.8
9
331.0
133.3
6,899.1
310.4
- 168.6
7,040.9
419.2
-174.3
7,285.8
508.0
-36.2
7,757.6
556.7
56.6
8,370.9
10
11
179.4
1516
-140.4
7.1
2,905.4
3,993.7
199.7
110.7
-148.1
-20.6
2,957.1
4,083.8
294.1
125.1
-140.4
33.8
3,110.7
4,175.1
362.3
145.7
-124.1
88.0
3,348.9
4,408.7
386.2
170.5
-180.3
236.9
3,554.8
4,816.1
12
331.0
-133.3
6,899.1
310.4
-168.6
7,040.9
419.2
-174.3
7,285.8
508.0
-36.2
7,757.6
556.7
56.6
8,370.9
13
14
15
16
17
18
19
20
21
22
23
65.9
5.4
23.3
250
122
15.8
1.3
20.4
64
.4
85
6
89 1
-58.5
-53.5
-3.2
47.5
4.1
21.6
195
2.3
.3
-1.6
13.2
-39
-8.0
90
-.6
940
-26.1
-20.2
-4.0
1,476.1
202.8
595.5
4072
270.6
4916
11.7
1 8784
411.0
296.0
76.8
49.7
5.6
19.6
16.4
8.1
-3.4
2.2
7.1
-10.0
-2.7
-90
.6
892
26.1
31.9
-4.0
1,522.4
210.6
622.1
413.6
276.0
4826
10.6
1 9749
471.3
352.4
79.6
58.5
7.9
20.3
209
9.4
1,598.7
225.6
655.5
4255
292.2
5204
10.4
2 1279
534.5
412.1
81.5
77.6
8.0
23.6
29.9
16.1
78.7
13.1
38.3
-48
32.0
612
5
1146
-115.6
-109.1
-4.3
1,755.1
246.7
717.4
4506
340.3
581 6
109
22635
455.3
3276
86.8
Enterprise capital accounts
Reproducible assets
..
Residential structures
Nonresidential structures
Durables
Inventories
Land
Gold stock
Fixed-claim assets
Equities held
Corporate stock
Foreign direct investment
Government pension and insurance reserves
Total assets
Fixed-claim liabilities
Net worth
Total liabilities and net worth
o
114 4
31.5
240
5.7
1,429.0
200.4
560.7
3916
276.3
5006
11.9
1 844 1
410.6
2998
73.4
.4
1283
26.4
16.3
7.4
-.6
1857
34.3
24.6
6.7
-.5
231 7
35.1
26.2
5.7
17.8
7.0
13.1
-91
6.8
378
.4
788
28.1
33.4
-3.8
0
2502
36.4
24.6
9.6
24
1.8
-1.8
37.3
2.7
1.9
38.1
3.0
-1.8
39.4
3.1
-1.6
40.9
2.2
-2.2
40.9
25
211.8
-140.9
4,196.2
202.6
-129.9
4,268.8
269.2
-76.1
4,461.9
324.8
5.3
4,791.9
364.2
-89.7
5,066.4
26
27
1397
72.1
-86.4
-54.5
1,818.3
2,377.9
147.2
55.4
-92.7
-37.3
1,872.8
2,396.0
197.5
71.7
-89.0
12.8
1,981.3
2,480.5
256.8
68.0
-79.1
84.4
2,159.1
2,632.9
287.8
76.4
-116.2
26.5
2,330 7
2,735.8
28
211.8
-140.9
4,196.2
202.6
-129.9
' 4,268.8
269.2
-76.1
4,461.9
324.8
5.3
4,791.9
364.2
-89.7
5,066.4
29
30
31
32
33
34
35
36
37
38
39
40
570
19.5
303
7.3
-13.6
1.9
147
-.8
22
-398
-169.6
1504
3.6
-1.5
68
-14.5
1,1028
606.5
3918
104.5
1640
8246
1,629.3
7224
389.6
234.1
130 2
153.0
438
17.2
219
4.8
-24.5
-7.5
-110
-6.0
18
-420
-68.4
51 3
.3
-6.0
65
-4.9
1,122 2
616.1
4027
103.3
1658
841 1
1,559 5
665 2
389.1
227.7
129 5
148.1
604
27.3
277
5.5
-25.6
4.5
242
-5.9
14
-399
83.7
63 8
-.7
7.9
55
18.2
1,157.0
647.9
4062
102.9
1643
8752
1,635.7
718 7
386.8
233.4
130 5
166.3
760
33.5
346
7.9
-37
20.0
-196
-4.1
194
-349
1032
42 2
22.8
25.5
42
16.8
1,229.3
701.3
4213
106.7
1838
9399
1,724.7
745 9
408*4
254.3
1329
183.1
80.9
32.6
382
10.0
160
39.2
-192
-4.0
230
-506
-1320
190 6
33.7
55.3
87
-21.7
1,326 2
773.2
4403
112.7
2068
9972
1,580 6
537 7
444.7
305.4
131 2
1615
Household capital accounts
Reproducible assets
Residential structures
Durables
Inventories
Land
Fixed-claim assets
Equities held
Noncorporate nonfarm equity..
Farm business equity
Pensions and insurance
Estates and trusts
Total assets
Fixed-claim liabilities
Net worth
Total liabilities and net worth
509
-8.1
13 2
1.2
-1.7
56
585
-1.4
58
-.9
-.5
58
741
-7.5
10 3
-1.5
-2.2
65
996
-14.2
14 9
-1.2
-4.6
66
1078
-12.2
17 6
2.6
-4.1
70
41
99.8
-220.8
3,720.7
100.9
-133.1
3,688.5
127.1
16.7
3,832.3
161.4
84.0
4,077.7
176.6
-143.6
4,110.6
42
43
35.0
649
-25.2
1956
524.2
3 1966
24.7
763
-26.7
1064
522.1
31664
49.0
781
-24.8
41 5
546.3
32860
68.4
930
-21.8
1058
592.9
34848
71.2
1053
-31.9
1117
632.3
3 478 4
44
99.8
-220.8
3,720.7
100.9
-133.1
3,688.5
127.1
16.7
3,832.3
161.4
84.0
4,077.7
176.6
-143.6
4,110.6
45
46
47
48
49
50
27.6
0
12.7
133
16
.6
597.6
56
400.8
121 3
699
1860
20.3
1
10.5
107
10
.3
11.7
140
29
11 3
12.2
92
26
109
618.3
57
423.5
1228
663
1968
16.4
3
10.3
61
3
-3.2
2
7.8
82
30
87
631.4
61
441.6
1208
62 9
2055
11.7
4
8.8
51
26
5.3
5
11.5
46
2i
10 1
648.4
70
461.9
1213
58 3
2156
12.1
5
8.5
38
7
34.4
9
35.1
44
28
229
694.9
84
505.5
1207
60 3
2385
51
52
53
1.1
48
6.0
0
86
2.6
1.7
1727
133.3
-1.3
97
3.7
.9
88
2.5
1.3
1736
1394
-.8
130
47
.7
82
39
1.2
1784
148 1
0
158
40
.8
71
39
2.0
187 1
1560
0
19 1
37
.1
10 1
100
2.1
196 1
1697
54
60
26
1333
37
25
1394
47
39
148 1
40
39
1560
37
100
1697
55
394
58
1 091 3
32 4
57
1 129 4
33 4
18
1 164 6
31 5
13 0
1 209 1
34 9
57 4
1 301 4
56
57
82
31 2
259
31 7
511 3
580 1
253
70
26 1
31 8
510 5
6189
44 9
11 6
24 2
26 1
531 2
6334
30 5
10
21 2
34 2
540 5
668 6
208
14 1
29 i
86 5
532 2
769 2
58
39.4
5.8
1,091.3
32.4
5.7
1,129.4
33.4
1.8
1,164.6
31.5
13.0
1,209.1
34.9
57.4
1,301.4
59
60
61
62
93
33
18
1.5
28
77
67
-.9
640
445
308
13.6
33
24
8
1.6
33
25
18
-.7
640
443
29 8
14.5
21 3
13
9
.4
30
1i
15
-.4
82 2
466
32 1
14.5
15 2
34
24
.9
33
40
45
-.6
94 1
53 9
39 1
14.9
90
53
26
2.6
51
80
10 0
1.9
98 0
51 2
63
12.6
1084
5.6
5.8
1082
225
20
128 8
18 5
7
148 0
14 3
13 1
149 2
64
65
42
84
794
290
9
65
40
18
745
33 7
52
17 3
35
16
762
52 6
68
11 7
30
37
80 0
680
91
51
43
88
84 8
64 4
66
12.6
108.4
5.6
-5.8
108.2
22.5
-2.0
128.8
18.5
.7
148.0
14.3
-13.1
149.2
Government capital accounts
Reproducible assets
Residential structures
Nonresidential structures
Durables
Inventories
Land
Gold stock and special drawing
rights
Fixed-claim assets
Equities held
Government enterprise
equity
Total assets
Fixed-claim liabilities
Net worth
Total liabilities and net worth
o
o
Rest-of-the-world capital accounts
Fixed-claim assets
Equities held
Corporate stock
Foreign direct investment
Total assets
Fixed-claim liabilities
Net worth
Total liabilities and net worth
-10.5
39
66
-10.5
qi 7
19.4
SURVEY OF CURRENT BUSINESS
May
39
Accounts in Constant Purchasing Power
1972 purchasing power]
1974
Cap.
trans,
acct.
End of
year
value
Cap.
trans,
acct.
134.5
25.6
29.8
55.3
23.8
163.4
10.8
101.1
29.3
22.2
62.0
4,074.1
1,064.7
1,353.8
1,096.3
559.3
1,088.9
87.6
17.8
22.8
40.3
6.7
.1
261.7
-1.0
-285.5
12.2
3,531.0
396.4
-61.1
261.7
134.7
-285.5
224.4
396.4
-61.1
63.2
2.7
21.7
26.8
12.0
.1
137.1
16.1
5.9
7.8
1976
1975
Revaluation
acct.
Revaluation
acct.
End of Cap.
year trans,
value
acct.
1979
1978
End of
year
value
Cap.
trans,
acct.
Revaluation
acct.
End of
year
value
Cap.
trans,
acct.
Revaluation
acct.
94.2
65.6
43.7
-7.0
-8.1
54.9
4,368.4
1,227.0
1,374.2
1,215.2
552.0
1,226.8
167.4
41.6
24.0
72.3
29.5
130.5
96.6
47.1
-19.7
6.5
106.0
-.5
10.3
-204.6 3,930.9
-.9
514.8
1980
Cap.
trans,
acct.
Revaluation
acct.
4,871.4
1,400.4
1,533.9
1,307.2
629.9
1,394.6
104.7
24.2
26.5
44.6
9.5
59.6
.2
33.1
25.4
.8
55.3
5,035.8
1,424.8
1,593.6
1,377.2
640.2
1,449.9
1
2
3
4
5
6
0
-326.5
8.5
4,334.5
-.6
400.5
-.1
-356.6
7.8
4,378.4
7
8
Cap.
trans,
acct.
Revaluation
acct.
4,666.3
1,365.2
1,445.3
1,267.8
588.1
1,332.8
157.0
38.0
26.5
68.0
24.5
48.0
-2.8
62.0
-28.6
17.3
61.8
-.6
-267.7
8.8
4,177.9
-.3
483.0
End of
year
value
End of
year
value
End of
year
value
Line
-206.3 3,955.4
-31.9 1,050.7
-65.8 1,310.8
-20.0 1,116.6
477.3
-88.6
.6 1,089.6
116.4
26.7
20.0
50.5
19.2
53.1
45.7
-18.5
-10.5
36.4
82.3
4,124.9
1,123.1
1,312.2
1,156.6
532.9
1,171.9
149.3
38.3
18.2
65.5
27.2
0
271.2
-1.1
-299.2
11.1
3,503.0
.1
377.2
-.6
-173.7
10.6
3,706.5
.2
429.0
8,706.2
358.8
-506.0
8,559.0
493.7
-38.8
9,013.9
578.5
-56.0
9,536.4
681.4
-31.8
10,185.9
639.8
-216.7
10,609.0
504.6
-241.8
10,871.8
9
3,531.0
5,175.2
271.2
87.6
-299.2
-206.7
3,503.0
5,056.1
377.2
116.5
-173.7
134.8
3,706.5
5,307.4
429.0
149.4
-204.6
148.7
3,930.9
5,605.5
514.8
166.6
-267.7
235.9
4,177.9
6,008.0
483.0
156.8
-326.5
109.8
4,334.5
6,274.5
400.5
104.1
-356.6
114.7
4,378.4
6,493.4
10
11
8,706.2
358.8
-506.0
8,559.0
493.7
-38.8
9,013.9
578.5
-56.0
9,536.4
681.4
-31.8
10,185.9
639.8
-216.7
10,609.0
504.6
-241.8
10,871.8
12
134.3 1,952.6
2.2
251.5
78.1
817.2
29.1
506.6
24.9
377.3
30 1
6118
-.9
10.1
-181.8 2,218.8
-126.1
345.3
-115.6
217.8
-7.2
87.3
24.7
-.4
15.9
14.2
-5.0
-113.7 1,863.6
244.6
-6.6
789.1
-44.0
3.8
524.6
-67.0
305.3
6194
76
9.2
-.9
-188.0 2,190.2
387.7
28.3
257.1
39.4
90.9
-7.6
40.4
-.5
15.5
15.7
9.7
50.7 1,954.7
11.5
255.6
-11.3
793.3
5.2
545.5
45.4
360.3
407
660 1
8.8
-.5
-108.6 2,310.2
429.7
19.0
24.9
292.5
-3.9
95.8
59.8
1.0
16.1
24.7
17.9
50.0 2,064.5
16.2
272.8
28.1
837.5
6.6
576.8
-.8
377.4
685.4
253
8.4
-.5
-127.5 2,449.4
-46.3
398.6
258.0
-36.8
-7.2
96.8
69.3
1.9
22.0
30.3
15.1
61.9
22.9
28.7
-3.2
13.5
457
-.6
-166.8
-16.4
-7.3
-6.1
2,195.7
297.6
888.2
603.9
406.0
731 0
7.8
2,608.9
395.9
249.1
101.1
68.4
2.6
25.2
30.1
10.5
2,317.3
301.6
948.7
626.3
440.7
7695
6.9
2,723.8
422.1
267.1
107.8
43.8
2.2
25.1
19.3
-2.7
-.1
318.8
24.2
4.6
14.6
53.2
1.4
35.4
-7.7
24.1
384
-.8
-203.9
2.1
13.5
-7.9
49.9
1.4
17.5
21.4
9.6
149
-.6
-224.1
40.0
48.1
-4.3
2,411.0
305.1
991.4
666.9
447.5
7844
6.3
2,752.8
487.0
325.0
113.8
13
14
15
16
17
18
19
20
21
22
23
o""
159.5
14.1
-.1
11.2
o""
228.5
23.0
10.6
8.8
2.5
-3.3
40.1
3.0
^3.4
39.7
3.6
216.5
-144.4
5,138.6
198.2
-266.6
5,070.1
291.9
153.2
63.3
-187.2
42.8
2,296.7
2,841.9
147.0
51.2
-194.6
-72.0
2,249.1
2,821.1
216.5
-144.4
5,138.6
198.2
-266.6
55.5
22.7
24.7
8.1
3.4
8.3
.9
-5.8
135
-80.1
-192.4
-186.3
33.0
10.2
-11.9
-37.4
1,385.0
804.1
465.9
115.0
2203
1,009.9
1,385.7
350.1
476.7
309.6
125.2
124.1
46.3
18.2
21.1
7.0
145.8
-255.6
4,000.9
151.8
-74.5
4,078.1
42.5
103.3
-50.8
-204.8
624.0
3,376.9
39.6
112.2
-52.9
-21.6
610.7
3,467.4
145.8
-255.6
4,000.9
151.8
-74.5
15.8
.2
8.1
3.7
3.8
25.8
.4
23.0
-.6
3.0
18.3
736.5
9.0
536.6
123.8
67.1
256.9
16.6
.1
6.9
5.0
4.7
.1
12.6
5.9
-.1
-15.8
8.6
2.1
193.0
184.2
.1
14.8
6.1
92.8
-2.5
-1.4
-1.0
-6.0
5.9
1977
Revaluation
acct.
97.6
7.9
4.9
-2.5
-1.4
6.9
.1
266.7
15.2
2.2
8.2
0
326.3
13.7
-1.6
10.5
0
253.0
24.9
9.7
10.2
-2.0
41.4
4.8
-2.3
43.8
4.8
-3.0
45.7
5.0
-3.6
47.1
5.0
-3.9
48.2
24
1.3
5,363.4
341.9
-99.0
5,606.3
409.3
-76.3
5,939.3
411.3
-111.0
6,239.5
321.8
-119.8
6,441.5
25
221.0
71.0
-111.5 2,358.5
112.8 3,004.9
270.8
71.1
-130.2
31.2
2,499.2
3,107.2
330.8
78.5
-170.2
93.9
2,659.8
3,279.5
332.8
78.5
-207.9
96.8
2,784.7
3,454.8
248.0
73.8
-229.1
109.2
2,803.6
3,637.9
26
27
5,070.1
291.9
1.3 5,363.4
341.9
-99.0
5,606.3
409.3
-76.3
5,939.3
411.3
-111.0
6,239.5
321.8
-119.8
6,441.5
28
-58.4 1,372.9
797.3
-25.0
-21.1
465.9
109.7
-12.3
217.2
-31
-85.6 1,021.9
72.5 1,466.1
70.7
425.6
468.2
-6.0
10.3
318.5
122.4
-9.7
131.3
7.2
65.2
27.2
30.3
7.8
81.6
37.3
35.9
8.4
26.9
48.8
-15.5
-6.4
168
-59.7
-20.8
-48.7
36.5
9.0
-7.3
103
1,560.8
944.4
502.2
114.2
2566
1,135.7
1,545.1
422.5
523.3
339.0
124.6
135.6
87.6
39.8
37.5
10.3
51.0
72.6
-15.0
-6.6
358
-77.4
52.4
-11.2
47.4
30.6
-8.4
60
1,699.4
1,056.8
524.7
117.9
292.4
1,184.6
1,599.4
412.1
571.4
361.9
124.4
129.6
78.1
35.5
32.2
10.4
-35.0
-4.2
-19.7
-11.0
90
-92.6
107.3
54.6
25.6
24.8
-9.3
11.6
1,742.5
1,088.1
537.2
117.3
3013
1,221.5
1,699.3
458.3
598.1
379.0
122.8
141.2
48.1
22.2
17.5
8.4
.3
-1.4
6.4
-4.7
27.5
-100.5
154.6
103.6
35.3
7.6
-8.7
16.9
1,790.9
1,108.9
561.1
120.9
328.9
1,236.8
1,849.9
561.0
631.2
378.5
121.1
158.0
29
30
31
32
33
34
35
36
37
38
39
40
14.2
33.9
-14.4
-5.3
226
-50.7
106.1
50.2
23.1
23.6
-5.5
14.6
1,452.4
858.4
481.8
112.2
2398
1,081.9
1,564.1
471.2
488.0
335.4
123.5
145.9
167.8
92.2
4,338.2
196.9
-36.9
4,498.2
215.7
61.9
4,775.7
200.3
-11.3
4,964.8
159.8
81.9
5,206.5
41
72.3
95.6
-30.3
122.5
652.7
3,685.5
100.5
96.4
-36.0
717.1
-.8 3,781.0
109.2
106.5
-48.8
110.7
777.5
3,998.2
104.2
96.1
-60.8
49.5
821.0
4,143.8
61.7
98.1
-67.5
149.5
815.1
4,391.4
42
43
4,078.1
167.8
92.2
4,338.2
196.9
-36.9
4,498.2
215.7
61.9
4,775.7
200.3
-11.3
4,964.8
159.8
81.9
5,206.5
44
-34.2
-.3
-21.7
-2.8
-9.3
-3.9
718.9
- 8.8
521.7
126.1
62.4
252.9
10.8
0
4.4
4.6
1.8
-11.9
.3
-7.2
-3.7
19.1
-1.3
717.9
9.2
518.9
129.3
60.4
272.0
7.9
0
2.1
4.9
.9
17.3
.6
15.7
1.9
-.9
12.8
743.1
9.8
536.7
136.1
60.5
284.8
10.6
-.1
2.0
4.6
4.2
17.5
1.1
18.4
-1.6
-.4
24.6
771.2
10.8
557.1
139.1
64.2
309.4
10.5
-.2
1.3
5.8
3.6
29.8
.1
26.7
-1.1
4.2
14.3
811.6
10.7
585.1
143.8
72.0
323.8
12.8
-.1
1.4
7.8
3.8
9.5
.2
15.6
-2.4
-4.0
12.8
833.9
10.8
602.1
149.2
71.8
336.6
45
46
47
48
49
50
-.3
-16.4
-3.0
1.9
191.5
187.3
.1
24.5
5.7
-.1
-9.5
-.1
1.8
206.5
192.9
.1
22.6
7.9
0
-11.4
4.8
1.9
217.7
205.5
-.9
30.9
7.4
.1
-14.8
5.7
1.0
233.7
218.6
_ 2
25^1
5.4
.8
-18.3
7.3
1.7
240.6
231.4
-.6
26.5
6.2
.4
-19.8
4.8
1.5
247.3
242.4
51
52
53
54
110.7
-8.0
-4.6
-3.3
-6.7
6.6
113.5
1.7
-.1
-1.2
-5.4
8.4
126.2
1.9
.7
.6
-7.6
8.2
129.5
-7.3
-8.4
1.1
-7.7
7.7
115.8
-4.0
-.8
-2.1
-8.1
7.0
5.9
8.6
184.2
6.1
-3.0
187.3
5.7
-.1
192.9
7.9
4.8
205.5
7.4
5.7
218.6
5.4
7.3
231.4
6.2
4.8
242.4
34.4
36.8
1,372.6
37.7
-57.7
1,352.6
41.1
-2.5
1,391.2
38.4
23.5
1,453.0
48.0
33.0
1,534.1
40.9
34.0
1,609.0
45.0
7.7
1,661.7
55
27.4
7.0
-42.7
79.6
516.9
81.4
855.7 -43.7
-43.8
-13.9
554.5
68.1
798.0 -27.0
-27.5
25.0
595.1
54.4
796.0 -16.0
-32.9
56.3
616.7
836.3
52.8
-4.8
-42.0
75.0
627.5
906.6
36.8
4.2
-49.0
83.0
615.2
61.4
993.8 -16.5
-50.6
58.3
626.0
1,035.6
56
57
34.4
36.8
1,372.6
37.7
-57.7
1,352.6
41.1
-2.5
1,391.2
38.4
23.5
1,453.0
48.0
33.0
1,534.1
40.9
34.0
1,609.0
45.0
7.7
1,661.7
58
19.2
4.6
.5
4.1
-7.9
-12.8
-11.1
-1.7
109.3
43.0
21.1
21.9
-.8
5.8
3.7
2.1
-9.3
1.4
3.3
-1.9
99.3
50.2
28.1
22.0
13.5
5.4
2.1
3.3
-4.9
.3
2.3
-2.0
107.9
55.8
32.5
23.3
26.2
4.6
1.9
2.7
-6.0
-7.2
-6.0
-1.2
128.1
53.2
28.4
24.7
31.3
6.9
1.6
5.3
-8.7
-3.7
-2.0
-1.7
150.8
56.4
28.1
28.3
9.5
8.3
1.0
7.3
-11.8
-1.6
.5
-2.1
148.5
63.1
29.6
33.5
5.2
9.1
3.0
6.1
-12.2
1.1
3.7
-2.7
141.5
73.3
36.4
36.9
59
60
61
62
23.8
-20.7
152.3
5.0
-7.9
149.4
18.9
-4.6
163.7
30.8
-13.2
181.3
38.2
-12.4
207.1
17.9
-13.4
211.6
14.3
-11.2
214.7
63
16.0
7.8
-6.8
-13.9
93.9
58.3
12.0
-7.0
-8.0
.1
98.0
51.5
21.3
-2.4
-4.9
.2
114.4
49.3
8.9
21.8
-6.3
-6.8
117.1
64.3
31.6
6.7
-8.0
-4.4
140.6
66.5
15.9
1.9
-11.0
-2.4
145.6
66.0
17.6
-3.3
-12.0
.8
151.2
63.5
64
65
23.8
-20.7
152.3
5.0
-7.9
149.4
18.9
-4.6
163.7
30.8
-13.2
181.3
38.2
-12.4
207.1
17.9
-13.4
211.6
14.3
-11.2
214.7
66
SURVEY OF CURRENT BUSINESS
40
May
Table 2.10.—Enterprise
Line
Reproducible assets (net current
value)
Residential structures
Gross stock (book value)
Plus' revaluation
Equals: gross stock (current) ....
Less: capital consumption
(book)
Capital consumption revaluation
Nonresidential structures
Gross stock (book value)
Plus' revaluation
Equals: gross stock (current) ....
Less: capital consumption
(book)
Capital consumption revaluation
Equipment
Gross stock (book value)
Plus* revaluation
Equals: gross stock (current) ....
Less: capital consumption
(book)
Capital consumption revaluation
Inventories
Revaluation
acct.
Cap.
trans,
acct.
1
2
3
4
5
57.2
4.7
9.9
6
1971
1970
1969
End of
year
value
Cap.
trans,
acct.
Revaluation
acct.
End of
year
value
Cap.
trans,
acct.
Revaluation
acct.
64.0
11.4
-.8
165
15.7
1973
1972
End of
year
value
Cap.
trans,
acct.
Revaluation
acct.
78.6
15.4
-.7
23.0
22.2
1,461.7
202.2
171.8
186.9
358.7
58.5
7.9
14.5
-1.6
48.2
3.8
-1.7
108.2
597.3
597.7
368.1
965.8
2.7
20.3
51.3
46.9
5.9
33.9
-8.0
46.8
38.8
18.3
6.5
184.8
162.5
372.4
539.8
1114
651.2
9.8
15.8
68.1
68.1
11.4
9.0
-30.2
105
-19.7
217.1
45.0
-28.0
4.1
5.5
61.7
247.4
7.4
7.8
15.1
449.6
0
10.7
-.6
1173
17178
15.9
50.4
4.1
-1.8
119.4
655.5
640.9
419.3
1,060.2
3.3
24.9
59.1
51.3
8.5
37.9
-8.1
51.2
43.1
59.1
15.9
77.8
-8.7
115.6
107.0
19.5
6.8
197.5
20.9
-7.1
211.3
183.7
397.1
577.7
1219
699.6
11.6
20.9
77.7
207.2
425.5
623.5
1280
751.5
13.2
31.6
93.3
77.7
12.0
7.4
-32.0
61
-25.9
93.3
36.3
19.2
-341
247
-9.4
256.7
476.3
6827
1527
835.4
234.0
48.5
-30.0
252.5
53.0
-32.7
272.8
-.6
9.8
68.5
265.0
8.3
9.4
-3.3
17.8
73.5
292.2
8.6
17.0
13.8
463.4
57.1
520.4
0
10.1
-.5
.8
10.4
1783
1,896 1
2317
21279
2644
23923
46.3
3.5
99.9
544.5
558.8
321.3
880.1
2.4
18.8
46.9
45.1
3.3
38.2
-7.2
55.0
47.8
17.1
-5.8
173.1
138.8
339.9
5012
913
592.5
8.2
17.8
65.7
65.7
15.4
14.7
-27.1
202
-7.0
-24.3
201.0
41.9
-25.8
2.0
116
51.6
239.8
6.0
2.1
143
4344
0
10.4
9.9
31
12
443
O o
7
8
9
10
11
2.2
20.3
42.8
94.4
486.6
521.0
2663
787.3
2.3
19.8
45.1
42.8
4.8
39.7
-6.5
569
50.4
12
16.0
-5.5
161.8
13
14
15
16
17
6.6
21.7
651
65.1
16.2
10.3
256
136
-12.0
18
38.6
19
20
4.8
10.5
9.3
66.3
7.8
-.7
106
9.9
End of
year
value
174.2
26.7
-.7
41 5
40.8
-1.3
43.4
3.7
9.3
Revaluation
acct.
82.0
8.4
15.9
47.2
5.3
11.3
1,240.2
173.9
152.8
1599
312.6
Cap.
trans,
acct.
1,598.7
225.6
185.5
2099
395.4
1,349.9
185.5
161.3
1705
331.7
71.0
9.4
-.8
138
13.0
End of
year
value
11.3
14.5
1,855.0
260.7
200.7
2514
452.1
52.7
138.6
758.2
691.3
535.0
1,226.2
4.1
50.5
86.3
359.7
943
6147
Land
21
Gold stock
22
0
Fixed-claim assets
Treasury currency and special
drawing rights
Currency and deposits
Currency and demand deposits
Time and savings deposits
Federal funds and security repurchase agreements
Net interbank claims
Credit market instruments ....
U S Government securities
Treasury issues
Agency issues
State and local obligations
Corporate bonds
Mortgages
Consumer credit
Bank loans, n.e.c
Open-market paper
Other loans
Security credit
Trade credit
Other fixed claims
23
993
24
25
1
7
6.8
865
.7
44
7.5
909
.5
70
8.0
979
.7
90
8.7
1070
4
64
91
113 4
26
27
7.3
65
78.6
79
1.2
32
79.8
11 1
.6
76
79.2
187
4.1
49
83.3
237
14
50
847
287
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
2.6
3
70.8
11 1
131
2.0
-18
10.1
272
108
17.3
61
12.3
46
23.6
5.8
3.8
330
1,180.9
1825
1618
20.7
955
169.2
3827
1377
144.0
188
50.6
200
1981
71.3
-2.2
28
98.3
206
14.2
6.4
129
14.6
273
54
7.2
54
4.9
2
76
5.6
1.6
358
1,279.2
2031
1760
27.1
1083
183.9
4100
143 1
151.2
241
55.5
202
2056
76.9
1.0
39
135.7
17 1
87
8.5
197
18.1
508
147
11.0
39
3
34
148
12.1
2.6
397
1,414.9
2202
184.6
35.6
1281
202.0
4608
1578
162.2
280
55.8
235
2204
89.0
2.5
5
163.1
83
-19
10.2
139
15.8
698
198
26.2
33
5.9
85
285
18.8
5.1
402
1,578.1
2285
1827
45.8
1420
2178
5306
1776
188.5
313
617
321
2489
107.8
Equities held
Corporate stock
Foreign direct investment
U.S. Government pension and
insurance reserves
44
45
46
27.4
209
4.9
-32.2
324
.2
356.3
2602
63.7
24.2
149
6.8
-4.7
45
-2
375.8
2707
703
330
236
65
43.8
44 1
-3
452.5
3384
764
35.1
262
57
47
1.6
324
2.5
349
29
378
31
Total assets
48
183.9
53.0
3,641.9
185.3
76 7
39038
258.4
121.6
42838
3248
Fixed-claim liabilities
Currency and deposits .
Currency and demand deposits
Time and savings deposits
Money market fund shares
Federal funds and security repurchase agreements
Net interbank claims
Credit market instruments
Sponsored agencies and mortgage pool securities
Tax-exempt bonds
Corporate bonds
Mortgages
Bank loans, n.e.c
Open-market paper
Other loans
Security debt
Trade debt
Other fixed claims.
49
50
121.3
6.5
1,578.1
6409
134.6
674
1,7127
7083
1896
994
19023
8077
51
52
53
7.9
— 14
0
229.8
411 1
0
12.4
550
0
2422
4661
0
176
81 8
o
54
55
56
5.5
7.6
73.2
8.1
52.3
577.6
-4.2
-3.0
59.9
4.0
493
637.5
57
58
59
60
61
62
63
64
65
66
9.7
0
12.8
122
16.4
12.1
99
-3.0
22.2
9.2
33.8
0
164.8
1654
132.9
34.9
45.8
13.2
173.6
112.5
98
0
23.5
158
6.0
1.3
3.5
1.0
7.6
57
436
0
1883
181 2
1390
36.2
492
142
181.2
1182
67
68
626
21.4
530
-99.8
20638
1,821.6
507
19.1
767
176
2191 1
18583
688
222
69
70
71
105
1.1
-1.5
1296
19.5
8.8
9070
338.2
203.2
102
-.8
-.5
176
18.5
5.5
8996
355.8
208.2
Net worth
Transfers of equities
Corporate stock (market
value)
Noncorporate nonfarm equity..
Farm business equity
Government enterprise
equity
Pension and insurance reserves (cash value)
Estates and trusts equity
Foreign direct investment
Net residual equity
Total liabilities and net worth
1 600 5
.4
0
1.2
12.9
19
1968
70
68
139
102
146
755
260
488
11
157
78
390
148
11.6
180
421
17749
2356
1759
597
1522
2324
6061
2037
2373
302
774
243
2879
1227
46.9
475
-6
534.5
412 1
815
409
23
183.3
47919
384 9
2568
1123
2159 1
9200
3042
958
24633
10158
2598
5479
0
238
884
o
2836
6364
0
175
783
301 1
714 7
37
17
63.0
77
476
700.6
19
30
93.2
95
446
7938
162
2
1334
257
444
9272
59
.1
237
263
81
— 4
7
11
129
11 1
495
1
2120
2075
147 1
357
485
153
1942
1293
84
5
192
35 5
21 6
26
53
42
246
236
579
6
2313
2430
1687
384
538
195
2188
1529
19 9
18
136
327
426
74
153
34
396
229
77 9
24
244 9
2758
211 3
458
69 2
16 1
2583
1758
1216
2077
23816
20881
68 0
198
183 3
2283
2 632 9
2336 1
807
22 8
177 9
118 9
2891 4
2240 1
146
-1.5
-2.1
137 4
17.0
17.9
1 051 5
371.4
224.1
14 1
-1.2
-4.6
120 8
38.3
34.8
1 186 5
408.4
254.3
10 4
2.7
-4.3
39
258 8
58.8
72.9
938 0
470.0
322.8
19 4
1793
74
2.8
57 9
16
12 5
2.9
2967
138 7
1706
20.6
651 4
384.9
177.9
5,354.7
72
5.2
7.6
115.7
3.4
85
1275
45
10 1
1422
40
98
1560
73
74
75
76
49
1130
132.8
11.8
242.2
53
1184
135.4
13.3
332.9
.4
467
7
242
.3
861
1253
1597
13.9
2935
66
1.5
31.6
1
2.7
0
59.1
62
1.3
41.2
-3
-5.5
-.3
152.9
.9
482
10
234
0
449
1329
183 1
14.9
2967
77
183.9
53.0
3,641.9
185.3
76.7
3,903.8
258.4
121.6
4,283.8
324.8
183.3
4,791.9
384
260
101
-918
919
1
4812
3462
917
177 9
5 354 7
433
o
o
41
SURVEY OF CURRENT BUSINESS
May
Capital Accounts
1974
72.7
3.1
11.4
11.4
4.5
End of
year
value
316.5 2,243.9
25.2
289.1
-.7
211.3
388
2902
38.1
501.6
55.3
-1.9
Cap.
trans,
acct.
31.0
-.5
8.8
8.8
4.8
58.6
53.4
-.6
9.4
9.4
5.0
226.4
220.9 2,886.8
381.4
42.3
-.2
240.7
66.0
431.0
65.7
671.7
-1.7
-8.8
280.1
30.9
-9.2
-2.2
78.1
6
8.6
41.0
113.6
300.8
1,544.3
1,120.0
1,452.6
2,572.6
8.9
44.6
127.8
113.6
21.0
170.5
-12.1
254.7
242.6
127.8
27.0
169.5
-13.4
251.6
238.2
336.8
1,758.4
1,234.3
1,704.2
2,938.6
7
8
9
10
11
301.7
34.0
-9.8
326.0
37.8
-10.4
353.3
12
826.9
1,182.9
1,360.7
785.4
2,146.1
13
14
15
16
17
164.9
184.6
188.3
86.3
-47.6
421.3
97.1
-52.5
465.9
108.2
-58.0
516.1
18
7.6
26.7
259.3
527.8
33.2
22.6
9.5
58.8
302.0
609.2
38.6
17.2
9.0
91.0
349.7
717.3
46.0
-4.8
51.5
81.2
447.1
793.7
19
20
86.4
9584
138.6
1,096.9
155.5
1,252.5
138.7
1,391.2
21
0
11.7
.1
-.1
11.7
-.2
-.3
11.2
11.2
22
3730
3,425 0
4896
3 914.6
5190
4,433.6
448.8
4,882.3
23
120
1404
6
12.6
126
1530
6
189
131
171.9
17
19.0
149
190.9
1.5
22.3
16.4
213.1
24
25
31
9
948
456
39
8.7
987
54.2
83
10.6
1070
64.8
97
9.3
116.7
74.1
7.0
15.3
123.7
89.4
26
27
116
422
21038
3203
2373
830
1679
2832
7034
2232
2657
429
972
236
2730
1488
42
23
2390
60.6
508
98
148
346
78.5
254
62
86
103
112
222
221
158
399
2 342 8
380.9
2881
928
1827
3178
781.9
2486
2720
51 5
1074
349
2953
1710
4.4
50
2938
22.3
74
14.9
249
373
117.2
402
295
9
216
32
34 1
194
202
449
2,636 6
403.2
2955
1076
2076
3552
8991
2888
3014
524
1291
38 1
3294
1904
9.5
95
3525
28 3
62
221
250
323
130.8
476
574
23
287
11
623
375
29.7
544
2,989.1
431.5
3017
129.8
2326
3874
1,029.8
3364
3588
546
157.8
369
3916
227.9
7.8
21
3770
45.4
259
19.5
210
270
132.8
463
492
261
294
19
746
38.6
37.5
565
3,366.1
476.9
3276
149.3
2536
414.4
1,162.6
3827
4080
807
187.2
350
466.2
266.5
11.5
—30
330.1
82.1
51.1
31.0
248
31.7
96.1
2.3
483
24.2
20.5
58
38.4
42.2
49.0
535
3,696.1
559.0
378.8
180.2
2784
446.1
1,258.7
385.0
4563
105.0
207.7
408
504.6
308.7
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
486.8
322.8
114.1
30.4
14.0
11.6
567.7
386.4
126.6
21.3
3.1
11.5
-31.6
-28.9
-2.7
557.4
360.7
135.4
20.6
-2.3
15.7
594.0
373.8
151.8
39.3
7.4
23.7
53.7
53.6
.1
687.1
434.8
175.5
44.2
17.2
18.2
132.5
124.4
8.2
863.8
576.4
201.9
44
45
46
613
72
685
82
767
88
855
47
275.7
7,839.3
614.2
458.4 8,911.9
669.5
574.7
10,156.1
570.7
697.8
11,424.6
48
3787
1536
3,494 6
14988
4964
159 1
39910
16579
5418
1577
4,532.7
18156
439.8
1947
4,972.5
20103
49
50
351.4
9902
37
30.4
1230
.2
3817
1 1132
39
326
1196
69
414.3
12328
108
35.9
874
344
450.2
1,320 1
45.2
20.5
145.0
29.2
470.7
1,465.1
74.4
51
52
53
136
90
93 1
424
24 i
1 2060
109
13
1555
533
228
13616
224
157
1957
756
38 5
15572
168
19 2
2310
925
57 7
1,788 2
208
30 8
1821
1133
269
1,970 3
54
55
56
1073
67
2980
3219
233.6
547
908
16.0
2099
210.2
155
25
32.7
258
-.3
62
106
7.9
196
34.4
1228
92
3307
3477
233.3
609
1014
239
2295
244.6
222
48
311
394
23.6
125
219
.9
258
1450
139
3618
387 1
2569
735
1234
249
2553
277.9
367
37
276
408
357
158
354
2
549
48.6
1817
176
3894
4280
292.5
893
1587
25.0
310 1
326.5
492
36
290
416
46.0
293
323
-2
67 1
50.2
43.0
25
37.6
369
28.8
11.3
221
4.9
362
31.8
273.9
236
456.0
506.4
367.3
129.8
2132
29.8
4134
408.5
57
58
59
60
61
62
63
64
65
66
212.0 3,542.1
332.8 2,452.2
93.7
17.7
333.8 3,969.7
302.0 2,772.0
99.4
22.5
275.7
78.3
4,344.7
2,872.8
117.7
22.5
458.4
279.7
4,920.9
3,175.0
127.7
17.2
574.7
473.1
5,623.4
3,665.3
130.9
35.2
697.8
697.8
6,452.1
4,398.4
67
68
10.3
-4.3
-8.8
149.3
61.2
52.1
1,042.5
644.7
443.2
5.3
-1.7
-7.6
-66.6
88.8
38.4
981.2
731.8
474.0
1.7
1.0
-11.5
40.1
124.6
80.5
1,022.9
857.4
543.1
-5.3
1.8
-12.5
196.6
114.3
86.4
1,214.2
973.5
616.9
19.0
-3.8
-14.4
383.8
149.8
68.8
1,617.0
1,119.6
671.4
69
70
71
235.2
7.6
12.1
254.9
11.0
21.5
287.4
11.1
29.5
328.1
8.9
39.7
376.6
11.1
42.2
429.8
72
153.7
1.1
22.2
164.9
-.1
27.7
-120.9 1,089.9
8.7
.8
27.9
-1.2
31.8
163.2
192.8
30.8
1,197.7
11.7
174.3
1896
34.6
1,471.9
12.2
186.7
194.4
42.5
1,745.9
11.9
110.6
.7
354
.1
101.6
199.9
229.8
54.5
1,958.1
12.4
7.9
95.3
.2
48
0
178.7
12.5
3.7
76.8
-.7
-3.2
.1
197.3
10.9
95.7
2.5
50.5
.2
0
214.8
2803
65.5
2,053.7
73
74
75
76
333.8 7,085.6
478.0
275.7
7,839.3
614.2
458.4
8,911.9
669.5
574.7
10,156.1
570.7
697.8
11,424.6
77
26.5
34.6
142.4
-35.1
296.0
63.7
-38.1
321.5
69.5
-41.1
349.8
77.0
12.7
13.8
44.0
60.1
143.0
433.6
22.1
-6.3
24.1
-43.9
189.2
383.3
26.4
12.8
5.2
80.0
220.8
476.0
30.9
25.0
883
7030
747
7777
943
8720
0
11.7
-.1
0
11.6
0
11.6
.1
1575
25498
2003
27501
3019
30520
5
107
97
124 1
10
123
106
1364
14
40
7
100
854
387
63
60
917
447
43
23
1640
117
1i
128
66
209
502
99
40 9
68
168
38
226
152
137
398
19389
2473
1749
724
1588
2534
6563
2136
278 2
37 1
943
205
2653
1379
21
24
1649
730
625
105
91
299
471
96
124
58
29
31
77
109
-102.9
-102.6
-.3
396.8
250.3
100.4
17.7
-.2
14.0
46 1
38
499
47
546
5,905.2
248.9
212.0 6,366:1
385.7
333.8 7,085.6
478.0
1761
88 1
2,639 4
1 1039
184.6
1089
2,823 9
12128
291.9
1324
3,1159
13453
6.9
788
2.4
308.0
7935
2.4
18.6
890
1.3
326.6
8825
37
24.8
1077
0
— 4
1
1321
253
44 3
10593
35
11 2
537
288
33 1
1 1130
200
16
22.7
251
35.3
104
169
-2.9
583
17.7
979
41
267.6
3008
246.6
562
86 1
13.1
2000
193.5
9.4
26
30.4
21 1
-13.0
15
47
2.9
99
16.8
72.7
16.2
301.7 3,265.9
-161.5 2,094.8
64.3
24.5
6.0
-1.1
-6.9
-276.2
79.0
39.9
667.9
547.8
355.8
10.4
-3.1
-1.8
204.7
43.2
45.9
882.9
587.9
399.9
6.8
25.6
211.7
7,7
15.8
6.8
143.9
142.6
25.1
1,171.0
8.7
4.8
56.5
-1.6
-28.0
-.2
463.2
2.6
39.8
248.8
301.7
5,905.2
248.9
45.4
488.1
51.4
806.6
-45.6
983.8
605
4648
14.8 1,448.6
66
301.7
6.7
271.2
1,332.7
1,018.4
1,197.9
2,216.3
382.6
5.3
416.3
41.2
720.7
-42.1
887.0
473
4043
5.3 1,291.3
58.3
29
73.6
81.9
64.2
-53.3
741
20.8
24.3
20.7
116.6
101.8
248.8
19.5
-2.0
61.8
54.2
-49.1
652
16.0
2.4
386.7
58.7
658.7
812.4
-39.6
3570
843
44.7 1,169.4
23.5
17.9
103.7
18.5
6.8
8.9
1
2
3
4
5
6.2
4,276.1
541.2
293.6
662.6
956.1
79.0
129.3
-58.5
1814
122.8
360.9
582.1
748.3
2727
1,021.1
.1
Line
19.0
-1.9
28.4
260.6
End of
year
value
426.5
46.4
-1.1
72.4
71.3
5.7
95.8
Revaluation
acct.
77.7
3.9
19.5
69.5
77.4
Cap.
trans,
acct.
3,771.8
490.9
275.2
590.1
865.4
15.8
39.3
128.7
-11.9
193.1
181.2
End of
year
value
365.8
40.1
-.1
59.3
59.2
111.3
4.2
19.0
7.2
33.0
95.8
-8.4
Cap. Revalutrans, ation
acct.
acct.
303.9 3,294.7
62.3
446.5
-.1
256.3
530.8
99.8
99.7
787.2
103.9
2.8
15.8
1980
1979
Revalu- End of
ation
year
acct.
value
224.7
1,171.1
934.5
1,004.8
1,939.3
84.9
75.0
-36.1
1200
83.9
103.7
65.6
Cap.
trans,
acct.
25.1
100.5
-10.9
147.9
137.0
26.3
242.7
-7.5
5.3
71.1
-8.0
22.5
62.0
12.8
6.0
22.5
77.4
24.4
66.7
-1.6
83.6
1.5
12.8
193.6
1,048.0
868.1
856.8
1,724.9
67.8
4.5
19.9
67.8
189.0 2,582.3
31.2
337.6
-.6
228.2
48.0
365.1
47.5
593.3
17.9
36.7
-11.1
44.6
33.5
5.0
20.5
71.1
157.2
939.2
749.7
7767
1,526.4
19.2
30.8
101.8
65.0 2,339.9
18.5
307.1
-.8
219.3
268
3170
26.0
536.3
-1.5
1978
End of Cap. Revalu- End of Cap. Revalu- End of
year trans, ation
year
year trans, ation
acct.
value
value acct.
acct.
value acct.
9.0
170.7
31.7
990.8
-9.4
808.1
8122
355
26.1 1,620.2
14.7
156.0
-8.3
2417
233.4
3.8
25.0
66.7
Revaluation
acct.
1977
1976
1975
Revaluation
acct.
Cap.
trans,
acct.
72.3
72.6
-.3
212.0
6,366.1
116.6
0
4.3
76.0
385.7
50.5
49.7
.8
142.4
-44.2
DO O
31.9
45.4
164.9
16.1
15.4
.7
581.8
906.2
1,099.5
5300
1,629.5
38.6
49.0
184.6
702.3
1,019.4
1,230.9
6040
1,834.9
45.5
34.2
188.3
2309
212
418.4
4696
338.5
1186
191 1
24.9
3772
376.7
0
0
42
SURVEY OF CURRENT BUSINESS
May
Table 2.40.—Household
Line
Reproducible assets (net current
value)
Residential structures
Gross stock (book value)
Plus: revaluation
Equals: gross stock (current) ....
Less: capital consumption
(book)
Capital consumption
revaluation
Consumer durables
Gross stock (book value)
Plus' revaluation
Equals: gross stock (current) ....
Less: capital consumption
(book)
Capital consumption
revaluation
Inventories
Cap.
trans,
acct.
1
2
3
4
5
28.8
6
Revaluation
acct.
End of
year
value
Cap.
trans,
acct.
Revaluation
acct.
Cap.
trans,
acct.
58.0
26.2
40.3
Revaluation
acct.
40.3
26.6
32.4
-3.6
47.4
43.8
-1.1
110.8
9.2
149.3
368.3
616.3
55.8
672.1
4.9
26.6
97.2
85.2
7.4
8.2
-48.0
198
-28.2
61.4
-43.3
274.8
3.8
4.4
6.8
-.6
29.0
94.5
9572
526.3
4770
290.3
767.3
40.1
15.7
285
28.5
290
21.4
-27
30.4
27.7
8.0
-1.1
103.4
8.6
7
8
9
10
11
3.9
263
85.7
137.6
3401
579.1
360
615.1
4.2
20.0
85.2
85.7
9.7
33
-46.9
114
-35.4
12
569
421
2567
13
14
2.5
6.3
3.4
35
18.3
90.7
88
End of
year
value
1,026.2
563.4
502.8
320.7
823.5
332
26.5
23
37.3
35.0
495
16.9
288
1971
1970
1969
9.2
1423
1972
End of
year
value
Cap.
trans,
acct.
76.0
33.5
49.8
Revaluation
acct.
1,110.9
622.0
539.5
368.1
907.6
49.8
42.5
35.8
-4.5
66.9
62.4
-1.1
118.9
10.0
166.7
390.0
662.1
53.2
715.3
6.3
34.6
111.1
97.2
12.5
-4.9
-51.5
-2.5
-54.0
65.3
-45.0
295.2
5.4
5.2
-4.2
.9
30.2
98.8
6.2
151.6
1973
End of
year
value
Cap.
trans,
acct.
Revaluation
acct.
End of
year
value
1,229.3
701.3
584.8
435.0
1,019.8
52.5
86.8
81.3
-5.1
119.3
114.1
-1.1
127.8
10.9
-1.2
137.5
190.7
421.3
716.2
547
770.9
7.1
40.4
123.3
111.1
17.6
-3.3
-57.0
15
-55.5
123.3
34.0
3.7
-59.9
14.6
-45.3
231.7
465.4
779.7
693
849.0
71.3
-49.6
316.9
77.4
-51.9
342.3
5.2
7.9
-2.6
0
32.8
106.7
5.6
10.6
157.8
26.0
85.5
34.5
52.5
1838
2.9
1.8
34.8
1,401.6
817.2
632.2
554.2
1,186.4
41.3
119.1
2185
Land
15
Fixed-claim assets
Deposits
Currency and checkable deposits
....
Small time and savings deposits
Large time deposits
Money market fund shares
Credit market instruments
U S government securities
Treasury issues
Savings bonds
Other treasury
Agency issues
State and local obligations
Corporate and foreign bonds
Mortgages
Open-market paper
Security credit
Other fixed claims
16
17
442
53
18
-4.5
105.2
9.2
114.4
12.2
126.6
12.4
138.9
14.5
1534
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
15.6
58
0
388
164
10.8
1
109
5.6
117
3.2
21
53
-1.8
19
376.6
44
0
2028
984
839
518
322
14.5
355
6.7
467
154
5.2
21 5
28.8
144
65.4
13
0
102
-11.5
-7.6
23
-9.9
3.9
-20
6.3
10
-3.8
.5
19
470.7
20 1
0
1923
817
64.8
544
103
17.0
316
22.1
490
79
4.9
257
67.3
62
0
11 1
10
3.6
33
4
-2.7
1l
44
63
17
.1
25
5380
263
0
2034
827
684
577
107
143
327
265
553
62
50
282
37.7
258
0
339
173
155
27
128
1.8
43
_2
33
91
_2
23
5757
521
3
52
-11.6
3
-119
6.4
-18
9.1
14
38
-.9
23
405.4
188
0
2025
933
72.4
521
20.3
20.9
336
15.8
481
117
4.4
238
34
35
36
37
70
— 11 5
1.1
15
704
929
19.5
88
1414 1
6269
338.2
203 2
13
-53
-.8
5
134
-133
18.5
55
14262
6083
355.8
208 2
72
-98
-1.5
21
1514
91 6
17.0
17 9
1 5705
6900
371.4
224 1
142
149
-1.2
46
1684
708
38.3
34 8
17247
7459
408.4
254 3
129
186
2.7
43
413
1590
58.8
72 9
1 670 5
5683
470.0
322 8
38
39
4.9
-.3
55
113.0
1328
5.3
.1
27
118.4
1354
6.2
.7
242
125.3
1597
6.6
10
234
1329
183 1
7.4
-1.6
125
1387
1706
Total assets
40
86.7
284
32292
923
51 6
33732
1220
1843
3 679 4
161 4
236 9
4 077 7
1866
80 2
4 344 5
Fixed-claim liabilities
Credit market instruments
Home mortgages
Consumer credit
Installment
Other
Bank loans, n e e
Other loans
U.S. government loans
Policy loans
Security debt
Other fixed claims. .. .
41
42
43
44
45
46
47
48
49
50
51
52
30.3
334
18.6
108
9.5
1.3
10
3.0
.4
26
-3.4
4
454.9
4380
2763
1377
1012
36.6
57
183
3.6
147
12.2
47
22.6
239
14.1
54
44
1.0
18
26
.3
23
-1.8
4
477.5
4619
2904
143 1
1055
37.6
75
209
3.9
170
10.4
51
47.0
440
26.2
147
127
2.0
18
14
.4
10
27
3
524.5
5060
3167
1578
1183
395
92
223
42
180
131
54
68.4
634
414
198
149
49
9
13
4
9
44
5
5929
5694
3580
1776
1332
445
101
236
46
190
175
60
753
792
473
260
219
41
34
26
3
22
43
4
Net worth
Tangibles
Equities
Net financial assets
53
54
55
56
56 3
495
70
138
28 4
420
704
2 774 3
10995
1 414 1
2608
697
401
13
309
51 6
382
134
2 8957
1 1778
1 426 2
2917
75 0
580
72
24 1
184 3
328
151 4
3 154 9
l'2686
1 570 5
3158
93 0
760
14 2
31 2
236 9
685
168 4
3 484 8
1 413 1
1 724 7
3470
111 3
855
129
387
80 2
121 6
41 3
3 676 3
1 620 1
1 670 5
3857
Total liabilities and net worth
57
86.7
-28.4
3,229.2
92.3
51.6
3,373.2
122.0
184.3
3,679.4
161.4
236.9
4,077.7
186.6
80.2
4,344.5
Addenda:
Net saving (balance sheet) ....
Net saving (current account)
Capital gains dividends
Residual discrepancy .
58
59
60
61
563
58.2
2.5
—44
Equities held
Corporate stock
Noncorporate nonfarm equity
Pension and insurance (cash
value)
Estates and trusts
7157
4862
769.2
5386
53.5
524
o
697
65.1
9
37
71.1
789
750
79.3
8
51
840.3
6174
99.6
859
930
803
14
113
9399
7033
114.0
779
111 3
111 6
9
12
10539
7813
o
2372
1000
839
604
235
161
370
263
586
153
49
306
6682
6487
4053
2037
1551
486
135
262
50
21 2
132
64
SURVEY OF CURRENT BUSINESS
May
43
Capital Accounts
1975
1974
1977
1976
1978
Revaluation
acct.
End of
year
value
Cap.
trans,
acct.
Revaluation
acct.
End of
year
value
Cap.
trans,
acct.
Revaluation
acct.
End of
year
value
Cap.
trans,
acct.
Revaluation
acct.
End of
year
value
Cap.
trans,
acct.
1,591.7
924.1
673.7
6722
1,345.9
58.1
22.8
46.0
1,723.8
1,001.1
713.6
7517
1,465.3
1,918.7
1,134.1
767.5
8956
1,663.0
82.1
149.7
134.5
-10.0
2003
190.3
2,182.5
1,320.6
839.5
1 095.8
1,935.4
131.4
59.7
94.7
61.6
108.7
97.0
-7.7
1439
136.1
114.1
52.1
82.1
46.0
74.1
54.2
-6.2
79.5
73.4
86.1
35.9
61.6
46.9
126.3
80.9
-5.4
1180
112.6
94.7
236.1
205.4
-12.3
306.0
293.7
11.8
-1.3
148.0
12.5
-1.9
158.7
13.4
-2.0
170.1
14.6
-2.2
182.5
16.0
-2.4
9.0
28.4
121.5
273.8
535.4
839.8
151 2
990.9
10.7
26.5
132.2
305.5
585.0
906.4
196 1
1,102.5
358.9
636.5
987.9
221 4
1,209.2
178.8
58.0
15.6
-84.4
328
-51.6
432.2
702.3
1,082.3
2542
1,336.5
19.0
56.3
199.3
156.8
41.1
11.5
-75.4
253
-50.1
15.4
50.2
178.8
132.2
21.0
23.1
-65.5
450
-20.6
12.3
40.0
156.8
121.5
33.0
41.6
-61.4
81 9
20.5
199.3
90.7
28.8
-89.8
535
-36.4
83.2
-53.0
372.5
89.5
-55.9
406.1
97.4
-62.7
440.7
107.1
-69.8
478.0
117.5
-73.6
83.0
132.1
16.2
8.8
111.5
137.7
19.5
10.3
132.0
148.2
21.5
11.8
156.3
159.6
25.6
15.4
Cap.
trans,
acct.
76.8
26.1
46.9
9.9
9.3
31.8
3.8
253 1
346
12.2
-3.3
196
2727
1.1
.2
440
3167
420
1 1606
847.0
1226
92.1
81
1615
- 74
1689
15.8
340
21.3
24
397
194
148
3.0
118
46
9.3
31
3.7
42
-1.0
21
6098
73.4
24
277.0
1194
987
63.3
354
20.7
46.3
294
62.4
195
3.9
327
965
-13.0
13
26.1
159
16.9
4.0
12.9
— 1.1
4.7
6.2
3.8
-44
.6
38
7062
60.4
37
3031
1353
1156
67.4
483
197
51.0
355
66.2
15 1
4.5
365
1175
-11.0
-75.2
-164.5
79.0
39.9
1,592.4
402.3
547.8
355.8
9.9
6.1
-3.1
-1.8
238.5
126.0
43.2
45.9
1,840.8
534.4
587.9
399.9
236.1
94.2
61.2
52.1
2,066.4
622.6
644.7
443.2
2.4
_ i
-1.7
-7.6
6.8
-1.6
280
143.9
1426
8.7
1.1
222
153.7
1649
8.7
.8
279
163.2
1928
167.6
85.7
4,597.8
190.5
332.2
5,120.5
221.7
388.9
717.1
698.7
440.5
213.6
164.6
49.0
152
29.4
55
23.9
11 4
7.1
49.7
48.3
38.0
9.6
7.7
1.9
-1 5
2.2
5
1.6
7
.7
766.8
747.0
478.6
223.2
172.3
50.9
137
31.5
60
255
121
77
95.5
89.7
61.5
25.4
21.5
3.9
10
1.8
5
14
51
6
1066
657
-2.9
-1.6
-1.1
-6.9
48.9
50.0
35.2
9.9
9.5
.4
16
3.2
5
2.7
-18
.7
End of
year
value
8.4
1.8
79.9
358.8
Cap.
trans,
acct.
Revaluation
acct.
2,550.0
1,585.7
921.9
1,401 8
2,323.8
127.1
57.8
98.7
98.7
159.2
127.6
-14.3
192.7
178.4
196.1
17.5
-2.7
541.9
787.4
1,191.8
3077
1,499.4
23.4
52.4
212.3
212.3
53.5
34.6
-96.7
640
-32.7
521.9
128.7
-77.7
190.2
176.9
31.2
16.9
4387
10.4
-2.9
End of
year
value
Cap.
trans,
acct.
Revaluation
acct.
End of
year
value
2,836.3
1,771.1
1,006.4
1,594.5
2,600.8
85.2
39.3
85.2
3,176.3
1,966.8
1,078.6
1,826.7
2,905.3
85.2
254.7
156.4
-13.0
232.2
219.2
211.0
19.0
-2.9
618.8
874.4
1,307.4
371 7
1,679.0
26.9
31.1
211.9
211.9
65.8
89.7
-103.7
1627
59.0
572.8
140.2
-84.4
231.8
190.8
40.6
14.9
6
7
8
9
10
11
628.6
12
326.1
214.4
13
14
15
16
17
153
265.6
18
804
50.0
292
19.2
155
5.8
-7.3
13 1
9.7
1.8
17
7.5
73
41
71
1 1227
163.9
744
486.6
2429
1756
72.5
1031
673
51.3
404
113.9
38 1
126
678
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
522.2
250.6
149.8
68.8
3,281.1
995.1
1,119.6
671.4
34
35
36
37
12.4
2.5
505
214.8
2803
38
39
8,081.1
283.4
869.7
9,234.2
40
1093
1031
83.8
23
1.4
9
80
8.9
22
67
50
12
14456
1,409.0
940.4
3850
312.8
722
288
54.8
122
426
237
129
41
42
43
44
45
46
47
48
49
50
51
52
1,777 5
1,317.9
2108
133.7
206
205.2
22.3
227.5
22.8
2503
944
12.5
2
25.6
14 1
92
4.7
44
4.9
-3.6
-50
10.4
97
-1.0
64
918.0
61.9
3.9
345.7
158 1
129.4
76.8
526
28.8
45.9
36.3
83.6
217
5.3
480
63.2
36.4
69
51.8
253
17.7
3.9
138
7.6
1.7
-25
11.1
163
2.6
61
9813
98.3
108
397.6
1834
1470
80.7
664
364
47.6
339
94.7
380
79
54 1
609
15.6
344
69.9
440
22.8
-.8
236
21.2
1.9
48
11.6
75
6
66
10422
113.9
452
467.4
2274
169.8
79.9
899
57.6
49.5
387
106.4
454
85
607
91.7
-31.7
88.8
38.4
2,160.5
590.8
731.8
474.0
2.8
1.1
1.0
-11.5
236.6
26.4
124.6
80.5
2,399.9
618.3
857.4
543.1
-11.9
-13.7
1.8
-12.5
378.1
141.3
114.3
86.4
2,766.0
745.9
973.5
616.9
11.7
-.7
32
174.3
1896
12.2
.2
48
186.7
194 4
12.5
.7
354
199.9
2298
5,731.2
275.3
283.4
6,289.8
323.6
552.6
7,166.0
326.0
589.1
8623
8367
540.1
248.6
193.8
548
146
33.4
65
269
172
84
17.0
88
4.5
4.7
_ l
4.2
-1.5
57
7.1
-3 1
1.8
51
227.1
711.5
995.1
1,415.5
534.3
1,949.9
583.3
189.4
128.9
184.6
o
1
2
3
4
5
21936
1,626.6
4905
1 588.1
1,189.0
1405
138.3
93.0
402
36.4
37
28
2.3
6
17
13
9
1 0028
975.0
633.1
2888
230.2
586
174
35.7
71
286
18 5
93
1639
1615
107.6
476
41.9
57
25
3.8
12
26
13
1i
1 1666
1,1365
740.6
3364
272.1
643
199
39.5
83
31 2
19 8
103
1696
1695
115.9
463
39.2
71
9
6.4
17
47
12
13
1 4293
1,061.3
53.7
8.7
Line
13363
1 305.9
856.5
3827
311.4
71 3
208
45.9
10 0
359
18 6
11 7
518
1587
127.6
8237
49.3
37
320.1
144 1
120.2
72.0
482
23.9
49.5
413
73.3
120
6.3
416
1 283 1 1462
939.1
122.2
-10.6
-6.1
-4.3
-8.8
2.7
-.4
1980
1979
Revaluation
acct.
1 9883
1,451.6
928
2054
175.0
-7.2
-1.5
-3.8
-14.4
118.7
63.8
-2.9
57.7
85.7
160.9
-75.2
3,880.7
1,844.8
1,592.4
443.4
140.8
58.1
9.9
72.9
332.2
93.7
238.5
4,353.7
1,996.6
1,840.8
516.3
126.3
86.1
-10.6
50.7
388.9
152.8
236.1
4,868.9
2,235.5
2,066.4
5670
134.8
114.1
2.4
182
283.4
191.7
91.7
5,287.0
2,541.3
2,160.5
5853
159.8
131.4
2.8
256
552.6
316.0
236.6
5,999.3
2,988.6
2,399.9
6108
156.4
127.1
-11.9
41 2
589.1
211.1
378.1
6,744.9
3,326.8
2,766.0
6520
174.1
85.2
-7.2
960
869.7
347.5
522.2
7,788.6
3,759.5
3,281.1
7480
53
54
55
56
167.6
85.7
4,597.8
190.5
332.2
5,120.5
221.7
388.9
5,731.2
275.3
283.4
6,289.8
323.6
552.6
7,166.0
326.0
589.1
8,081.1
283.4
869.7
9,234.2
57
118.7
104.3
.5
13.9
140.8
111 9
.2
28.7
1263
1090
.5
168
1348
1126
6
21 5
1598
120 1
7
390
1564
1186
9
369
174 1
97 9
17
745
58
59
60
61
44
SURVEY OF CURRENT BUSINESS
May
Table 2.50.—Government
Cap.
trans,
acct.
Revaluation
acct.
1971
1970
1969
Line
End of
year
value
Cap.
trans,
acct.
Revaluation
acct.
End of
year
value
Cap.
trans,
acct.
1972
Revaluation
acct.
End of
year
value
Cap.
trans,
acct.
1973
Revaluation
acct.
End of
year
value
Cap.
trans,
acct.
Revaluation
acct.
End of
year
value
Reproducible assets (net current
value)
Residential structures
...
Gross stock (book value)
Plus' revaluation..
Equals: gross stock (current) ....
Less: Capital consumption
(book)
Capital
consumption
revaluation
Nonresidential structures
Gross stock (book value)
Plus* revaluation
Equals: gross stock (current) ....
Less: capital consumption
(book)
Capital
consumption
revaluation
Equipment
Gross stock (book value)
Plus* revaluation
Equals: gross stock (current) ....
Less: capital consumption
(book)
Capital
consumption
revaluation
Inventories
Land
21
U.S. gold stock and special drawinc ri&rhts
22
1.0
1.2
-.7
23
24
4.1
-2.2
149.9
32.5
8.8
12.1
158.7
44.6
12.5
11.5
171.3
56.1
15.8
7.4
187.1
63.5
20.2
5.8
207.3
69.3
25
26
3.8
-6.0
19.1
13.4
1.8
10.3
20.9
23.7
4.3
7.2
25.2
30.9
.6
6.9
25.8
37.8
-1.2
7.1
24.5
44.8
27
28
29
30
31
32
33
34
35
36
0
7.8
2.9
3.1
-.2
.1
1.4
3.5
.9
-2.4
0
90.8
29.9
22.2
7.7
2.2
13.9
44.7
7.3
19.3
0
.8
-3.0
.9
-4.0
.1
1.2
2.5
8
-3.3
0
91.6
26.9
23.2
3.7
24
15.1
47.2
6.6
16.0
0
1.9
-1.0
-1.3
.3
-3
.7
2.5
-1.7
.8
0
93.6
25.9
21.8
4.0
2.1
15.8
49.7
4.9
16.8
0
9.4
5.8
4.1
1.7
-.3
.7
3.2
8
-.2
0
103.0
31.7
25.9
5.8
1.8
16.5
52.9
4.0
16.5
2.4
8.4
3.7
-1.0
4.7
.2
1.1
3.3
.3
3.4
2.4
111.3
35.4
25.0
10.4
2.1
17.6
56.2
4.3
19.9
37
5.2
7.6
115.7
3.4
8.5
127.5
4.5
10.1
142.2
4.0
9.8
156.0
3.9
19.4
38
5.2
7.6
115.7
3.4
8.5
127.5
4.5
10.1
142.2
4.0
9.8
156.0
3.9
19.4
179.3
Total assets
39
34.2
49.5
947.2
29.6
56.1
1,032.9
32.0
53.2
1,118.1
31.5
59.5
1,209.1
36.9
129.4
1,375.4
Fixed-claim liabilities
Treasury currency
Credit market instruments
U.S. Government securities
Treasury and other issues
State and local obligations
Mortgages
Other loans
Trade debt
Other fixed claims
40
41
42
43
44
45
46
47
48
49
7.1
.3
7.0
-3.6
-3.6
9.9
-.1
.7
.1
-.3
443.7
5.3
426.9
287.4
287.4
133.1
16
4.7
10.6
9
23.2
.6
23.2
11.9
11.9
11.2
1
.1
0
6
466.9
6.0
450.0
299.3
299.3
144.4
15
4.8
10.6
.3
43.1
0.5
42.6
25.0
25.0
17.3
1
.4
0
0
510.0
6.4
492.6
324.3
324.3
161.7
14
5.2
10.6
.3
30.5
.5
29.6
15.2
15.2
14.2
1
.3
.4
0
540.5
7.0
522.2
339.5
339.5
175.9
1.3
5.5
11.0
.3
22.0
.4
20.6
8.3
8.3
12.9
-.1
6
1.0
0
Net worth
Transfer of equity
U.S. Government pension
and insurance reserves
Net residual equity
50
51
27.1
1.6
49.5
503.4
32.4
6.4
2.5
56.1
566.0
34.9
-11.1
2.9
53.2
608.1
37.8
1.0
3.1
59.5
668.6
40.9
14.9
2.3
129.4
812.9
43.3
52
53
1.6
25.5
49.5
32.4
471.0
2.5
4.0
56.1
34.9
531.1
2.9
-14.0
53.2
37.8
570.3
3.1
-2.2
59.5
40.9
627.6
2.3
12.6
129.4
43.3
769.7
Total liabilities and net worth
54
34.2
49.5
947.2
29.6
56.1
1,032.9
32.0
53.2
1,118.1
31.5
59.5
1,209.1
36.9
129.4
1,375.4
Addenda:
Net saving (balance sheet)
Net saving (current account)
Mineral rights sales
Residual discrepancy
55
56
57
58
25.5
32.0
0
-6.5
Fixed-claim assets
Currency and deposits
Currency and demand deposits
Time deposits
Security repurchase
agreements
Credit market instruments
U.S. Government securities
Treasury issues
Agency issues
State and local obligations
Mortgages . . . .
Other loans
Trade credit
Other fixed claims
Equities held
Government enterprise
equity
606.2
5.9
4.9
3.6
8.5
11.7
.4
.5
.5
30.5
.7
.1
.9
1.0
1.2
.1
0
1.5
424.0
362.5
290.0
652.4
.1
8.8
22.2
22.2
.2
26.8
-1.2
37.1
35.9
22.2
7.1
-1.3
93.2
7.5
5.2
5.9
20.2
135.3
116.0
175.4
51.9
227.3
5.9
5.1
19.9
20.2
10.5
2.2
-13.5
3.1
-10.4
11.5
-7.8
78.6
-.4
.1
32.7
60.4
17.3
197.3
565.4
5.2
4.5
3.1
7.6
15.7
.2
.4
.4
25.1
.4
.1
.5
.6
1.1
.1
0
1.3
387.3
341.4
252.9
594.3
.1
9.9
22.2
20.6
.1
29.8
-1.3
42.2
40.9
6.7
-1.3
87.4
102.9
105.3
162.4
40.4
202.8
4.4
9.8
23.4
23.4
12.4
-2.8
-17.2
8.5
-8.7
119.6
112.3
168.6
48.8
217.5
71.7
11.1
-7.9
74.9
.4
5.3
25.8
60.6
2.5
-.9
2.0
.9
30.3
60.6
2.8
-.3
17.2
161.4
18.6
180.0
518.7
4.9
4.3
2.8
7.0
18.6
.1
.2
.2
28.1
.2
0
.3
.3
1.0
.1
0
1.1
347.9
322.1
210.6
532.7
0
9.6
20.6
20.9
.1
26.2
14
37.1
35.8
6.3
1.2
82.0
3.6
11.5
24.2
24.2
10.8
-7.0
-18.0
4.3
-13.7
10.7
-7.1
1
2
3
4
5
23.9
0
.1
.1
24.7
.3
0
.4
.4
6
.1
0
7
8
9
10
11
0
11.0
20.9
12
13
14
15
16
17
18
19
20
2.0
1.4
0
1.5
-1.2
40
2.4
.3
12
.9
140
-8.9
7
58
.7
1.2
648.4
7.0
5.5
4.5
10.0
12.7
.5
.7
.7
73.3
1.3
.1
1.6
1.8
1.3
.1
0
1.8
461.9
383.7
330.4
714.1
.1
9.0
23.7
-1.3
99.3
19.9
11.8
.2
-13.4
1.2
-12.1
153.0
121.3
181.9
53.2
235.1
12.0
10.1
80.5
2.8
-2.6
2.2
.4
33.3
58.3
18.3
215.6
0
22
4
9
35
.2
29.1
-.9
40.5
39.5
.9
2.0
734.4
8.9
6.4
6.1
12.5
1.4
23.7
.4
63.4
-1.1
92.4
91.2
2.2
534.2
406.3
422.8
829.0
7.9
-1.5
105.7
6.8
4.0
19.4
19.4
29.3
2.3
127
3.7
-9.0
189.1
127.6
188.6
56.9
245.5
12.4
-9.8
83.0
3.0
-.8
-1.4
6.3
34.9
63.8
36.5
252.1
0
12.6
12.8
3.2
33
.2
2.3
179.3
562.5
7.4
542.8
347.8
347.8
188.8
1.3
4.9
12.0
.3
SURVEY OF CURRENT BUSINESS
May
45
Capital Accounts
1974
Cap.
trans,
acct.
18.1
.3
.4
Revaluation
acct.
.4
End of
year
value
93.8
1.2
.1
1.6
1.7
.1
1975
0
Cap.
trans,
acct.
Revaluation
acct.
Cap.
trans,
acct.
End of
year
value
1,157.2
16.2
7.8
16.6
24.4
17.1
-.3
.1
.2
102.3
2.7
0
3.9
3.9
.1
0
1.9
6.2
836.0
532.1
812.7
1,344.8
.2
2.2
30.3
End of
year
value
1,039.0
13.7
7.6
12.7
20.3
15.9
-.1
.2
.3
79.7
1.6
0
2.4
2.4
.1
0
1.8
4.8
750.5
505.8
692.1
1,197.9
.2
3.0
27.7
End of
year
value
948.4
12.1
7.4
10.3
17.6
11.0
0
.3
1.7
3.8
685.6
482.9
602.0
1,084.9
.2
3.0
24.8
Cap.
trans,
acct.
Revaluation
acct.
Cap.
trans,
acct.
Revaluation
acct.
Revaluation
acct.
Revaluation
acct.
End of
year
value
1,479.0
19.1
8.0
21.8
29.9
Revaluation
acct.
End of
year
value
1,321.0
17.4
7.9
18.9
26.8
22.8
-.3
.1
.1
146.7
1.5
0
2.3
2.3
.1
135.2
1.9
0
2.9
2.9
.1
0
2.1
.1
0
7.3
952.4
560.5
987.0
1,547.5
.3
2.5
34.4
.3
31.4
1.0
0
1.6
1.6
1.6
.1
0
3.2
655.1
458.8
569.0
1,027.9
.1
5.8
26.1
24.8
.8
62.0
-1.9
90.1
88.2
27.7
1.3
82.5
-1.3
120.5
119.2
30.3
.8
114.3
-1.9
174.3
172.5
34.4
1.0
113.1
-1.0
173.0
172.1
-1.8
119.6
9.3
-1.7
127.2
9.8
-1.9
135.0
10.3
-2.0
143.4
10.8
-2.3
151.8
11.4
253.2
158.3
208.6
964
305.0
10.9
6.0
26.0
272.2
170.9
222.1
1081
330.2
312.4
190.3
236.4
1339
370.3
365.5
208.7
252.0
1529
404.9
36.0
60.5
15.9
-13.9
233
9.3
443.3
234.0
274.1
176 1
450.3
20.5
13.8
43.8
31.0
38.7
11.6
-15.4
190
3.6
17.3
9.4
36.0
28.9
28.2
12.6
-14.6
258
11.2
14.4
6.9
31.0
26.0
8.0
6.5
-12.5
117
-.8
12.0
6.8
28.9
24.5
10.6
9.7
-12.0
20.2
8.3
13.5
-8.4
91.4
14.3
-9.8
96.0
15.2
-10.0
101.2
16.1
-11.9
105.5
17.3
-11.2
111.6
4.7
5.9
7.0
-4.6
55.3
78.4
5.7
2.3
2.4
-.8
63.3
79.8
6.9
1.2
8.5
3.5
78.8
84.5
8.0
6.3
3.8
5.5
90.6
96.3
9.3
5.8
4.7
15.0
104.6
117.2
11.4
6.7
22.4
317.6
418
3594
38.9
3983
660
4643
627
527 0
.3
35.5
.6
0
.9
.9
1.5
.1
0
2.8
616.6
432.7
528.2
960.9
.1
8.6
28.3
27.1
.4
73.1
-.7
105.4
104.7
8.4
-1.6
112.5
8.9
9.5
4.3
20.4
231.8
142.3
196.0
76.2
272.2
10.8
6.3
24.5
20.4
33.2
10.4
-12.9
19.3
6.3
12.9
-9.5
86.3
5.5
9.0
43.6
77.1
43.1
295.2
.1
Cap.
trans,
acct.
Cap.
trans,
acct.
14.2
0
.3
20.9
.1
.3
3.3
4.3
End of
year
value
1980
1979
1978
902.7
11.0
7.1
8.7
15.8
846.3
10.3
6.9
7.8
14.6
.1
9.3
27.1
1977
1976
28.3
.3
29.8
-2.2
40.8
38.6
26.1
.5
24.7
-2.0
33.0
31.0
Line
1
2
3
4
5
2.2
6
8.6
1,068.0
593.9
1,160.0
1,753.9
7
8
9
10
11
-1.9
161.3
12
43.8
60.9
16.8
-21.3
383
17.0
524.7
264.6
296.6
2144
511.0
13
14
15
16
17
18.6
-11.4
118.8
18
11.5
3.5
127.6
127.3
19
20
700
597 0
21
2.4
.1
2.3
.1
2.4
.1
1.6
-.3
2.6
22
14.5
.8
2218
70.2
186
1.8
2404
72.0
324
5.2
2728
77.2
31.5
7.5
3044
84.7
464
11.2
3507
95.9
409
-1.9
391 6
94.0
470
-6.1
4387
879
23
24
-4.9
57
19.6
506
3.7
19
23.3
487
2.9
23
262
509
.4
71
267
58 1
3.1
81
297
662
-10
9
288
653
-4 1
20
246
633
25
26
3.6
7.3
-2.9
-5.5
2.5
.5
62
3.4
10
1.8
6.0
1186
32.5
19.5
130
2.6
238
59.7
53
21.7
1.0
154
-2.1
-1.7
-4
2.4
81
70
12
-.8
7.0
1340
30.4
17.8
125
5.0
320
66.6
65
21.0
0
157
4.1
2.2
19
2.4
17
76
5
11.1
70
1496
345
20.0
144
73
336
742
69
32.1
1.0
225
11.3
9.6
17
.6
47
59
8
1.3
8.0
172 1
457
29.6
16 1
79
384
80 1
62
33.3
2.0
273
86
3.0
56
-6
65
128
27
3.1
10.0
1995
54.4
32.6
21 8
73
448
930
89
36.4
4.0
355
113
4.1
72
-1 1
129
123
24
.9
140
2350
657
36.7
290
62
57 8
1053
11 3
373
0
476
142
12.3
18
2
170
162
37
1.9
140
2826
798
49.0
308
65
748
121 5
15 0
39.2
27
28
29
30
31
32
0
-.1
0
.1
2.6
-1.4
.3
1.5
2.7
-1.1
1.0
DO
34
35
36
6.8
25.6
211.7
7.7
15.8
235.2
7.6
12.1
254.9
11.0
21.5
287.4
11.1
29.5
328.1
8.9
39.7
376.6
11.1
42.2
429.8
37
6.8
25.6
211.7
7.7
15.8
235.2
7.6
12.1
254.9
11.0
21.5
287.4
11.1
29.5
328.1
8.9
39.7
376.6
11.1
42.2
429.8
38
39.6
162.4
1,577.4
47.3
73.5
1,698.3
54.3
85.3
1,837.9
53.6
140.2
2,031.7
72.1
198.1
2,301.9
66.6
250.5
2,618.9
79.8
248.4
2,947.1
39
5940
7.7
570 1
359.7
359.7
2036
1.2
5.6
14.5
17
1022
.9
99 1
85.5
85.5
135
-.1
.2
2.7
6
6963
8.7
6692
445.2
445.2
2172
1.1
5.8
17.2
1i
900
12
847
69.6
69.6
132
_i
2.0
4.6
5
7862
99
7539
514.8
5148
2303
10
78
21.8
7
760
3
74 1
56.9
569
17 1
_ l
.2
2.3
6
8623
102
828 0
571.6
571 6
247 5
9
80
24.1
792
5
746
53.8
538
224
1
-1 6
4.1
941 5
107
9026
6254
6254
2699
8
65
28.2
599
16
55 8
375
37 5
182
'l
2
25
1 001 4
123
958 3
6629
6629
288 1
'7
67
307
1090
13
1045
793
793
24 4
1
9
32
1 110 3
136
1 062 9
742.2
7422
3125
5
76
339
40
41
42
43
44
45
46
47
48
49
31.5
.3
273
11.9
11.9
14.8
-.1
.7
2.5
14
o
o
o
o
o
o
o
8.0
29
162.4
983.4
46 1
-54.9
38
73.5
1,002.0
499
-35.7
47
85.3
1,051.6
54 6
-22.4
66
140.2
1,169.5
61 3
-7.2
72
198.1
1,360.4
68 5
6.8
82
250.5
1,617.6
76 7
-29.2
88
248.4
1,836.8
85 5
50
51
2.9
5.2
162.4
46.1
937.3
3.8
-58.7
73.5
49.9
952.1
4.7
-40.4
85.3
546
997.0
66
-29.1
140.2
61 3
1,108.2
72
-14.4
198.1
685
1,291.8
82
-1.4
250.5
767
1,540.9
88
-38.0
248.4
855
1,751.3
52
53
39.6
162.4
1,577.4
47.3
73.5
1,698.3
54.3
85.3
1,837.9
53.6
140.2
2,031.7
72.1
198.1
2,301.9
66.6
250.5
2,618.9
79.8
248.4
2,947.1
54
5.2
8.2
6.5
-9.6
-58.7
-50.3
1.3
-9.7
-40.4
-32.4
40
-12.0
-29.1
-18.9
25
-12.6
-14.4
-1.2
20
-15.1
-1.4
13.7
47
-19.8
-38.0
-33.5
65
-10.9
55
56
57
58
46
May
SURVEY OF CURRENT BUSINESS
Table 2.60.—Rest of the
Cap.
trans,
acct.
Fixed-claim assets
Currency and deposits
U S demand deposits
Monetary authorities
Commercial banking
U S time deposits
Net interbank claims
Credit market instruments
U S Treasury issues
Short-term marketable
Other treasury
U S corporate bonds
Acceptances
Security credit
Trade credit
Other fixed claims
1
2
3
4
5
6
7
g
9
10
11
12
13
14
15
16
81
17
3
1
4
14
74
5
-20
22
2
5
10
2
8
12
Equities held
Corporate stock
Direct investment in U.S
17
18
19
28
16
1.3
Total assets
20
10.9
Fixed-claim liabilities
Credit market instruments
Corporate and foreign bonds. ..
Bank loans n e e
to foreign officials
to foreign banks
to ocber foreign
Acceptances
Other loans (U S Government)
Security debt
Trade debt
Other fixed claims
U.S. official foreign exchange
and net IMF position
U S private deposits
U S Government deposits
Other liabilities, n.e.c
21
22
23
24
25
26
27
28
29
30
31
32
36
33
1.0
1
Net worth
Transfers of equities
Equities held by U.S
U.S. direct investment abroad ...
Net residual equity
Revaluation
acct.
Addenda:
Net saving (balance sheet)
Current account balance (sign
reversed)
Plus* equities held in U.S
Residual discrepancy
1971
1970
1969
Line
Cap.
trans,
acct.
End of
year
value
Revaluation
acct.
End of
year
value
Revaluation
acct.
Cap.
trans,
acct.
58.5
138
6.7
3
6.3
71
10.5
267
19.7
11.5
8.2
2.7
4.3
3
6.2
9
20.4
1
-.2
1
-.3
3
-4.6
264
26.3
13.9
12.4
.3
-.2
0
.4
-19
3
-.2
0
405
27.2
13.3
12
.8
.4
-.3
99.0
21.6
681
50.6
14.1
4.8
6
2.0
21
4.0
278
.3
5.6
11.7
50
4.2
.9
1.1
2
.3
6
.3
18
0
.5
.3
2.6
8
24
5.9
-1.7
4
.1
1.6
30.8
768
6.6
70.3
-46.0
16.6
65
0
6.5
10.1
1973
1972
End of
year
value
Cap.
trans,
acct.
Revaluation
acct.
78.9
140
6.5
5
6.0
75
5.8
532
46.0
254
20.6
30
4.1
3
6.6
10
447
30.8
13.9
34
2.4
.9
3.0
123.6
18.5
732
54.8
15.0
59
8
24
27
43
296
3
6.1
120
Revaluation
acct.
End of
year
value
103.6
24.6
11.2
.3
10.9
13.4
4.1
62.2
54.7
210
33.7
31
4.4
3
8.4
40
9.5
57
2.9
1
3.0
28
-2.7
6
.2
57
5.9
1
3
58
5.8
0
539
391
14.9
56
28
2.8
54
-8.3
2.9
54 1
335
20.6
5.8
148.0
15.1
—5.4
157.6
800
606
160
97
10
35
52
32
31 7
4
66
124
96
64
10
28
4
16
7
'9
17
2
19
15
896
670
170
125
14
51
59
42
33 4
2
85
139
7
22
20
75
1
12
6
1
6
33
26
74
680
920
105
81.5
240
54
99
2
10.1
45
68
58
1.0
38
2
12
24
10
21
1
.5
4
9
12
24
7.5
Cap.
trans,
acct.
94.1
188
8.3
4
7.9
106
6.8
616
54.4
267
27.7
31
4.1
4
7.4
9
15.2
49
1.8
1
1.9
31
.9
84
8.4
13
7.2
1
-.1
1
.8
30
2.8
.3
End of
year
value
2
9
4
555
150
62
4
58
88
16.8
163
10.4
37
68
20
3.8
4
4.2
28
6
17
-64
105
9.3
78
1.5
7
5
1
20
19
46
-43
-.3
386
268
11.8
22
7
1.5
-4.6
94.1
5.1
2
3
3
21
2
.8
3
689
483
13.2
5.4
8
21
25
32
265
.3
4.6
157
8
23
.9
-6
1
_1
4
8
12
0
1.0
-41
33
34
35
36
.3
4
_l
-.1
5.1
12
25
6.9
-25
4
_1
-1.1
37
38
39
40
41
7.3
54
.5
4.9
1.9
25.2
707
7.0
63.7
-45.5
5.9
68
.1
6.8
_9
42
7.3
5.9
16.6
11.7
54
43
44
45
4
5
7.2
32
1
9.1
7
51
4
71
65
2
121
o
-4.6
3
0
.2
-4,8
30
11
5
o
-.3
6
-.4
-.2
4
o
3.0
7
10
-.3
23
50.5
840
7.6
76.4
-336
o
0
11.7
53
— 4
5.7
64
15.8
58
27
33
-.6
31
o
10
49
54
2
3
.1
52
680
101 7
100
91.7
337
Computer Tape for IEA Tables
The complete set of IEA tables (those contained in annex 3 plus tables for subsectors) are available on computer tape. To order, send a check, payable to the Bureau of Economic Analysis/U.S. Department of Commerce, for
$150.00 to the Budget Office, Bureau of Economic Analysis, U.S. Department of Commerce, Washington, D.C. 20230.
Request "Integrated Economic Accounts for the United States" (BEA CBA 82-001). Specify whether you want internal labels and whether the tape should be 800 or 1600 bpi.
National and sector accounts, 1947-80
1.1
1.2
1.3
1.10
Gross National Product
Relation of National Income,
Net National Product, and
Gross National Product
Gross National Product (1972
Dollars)
Enterprise Gross Product Account
1.40
1.50
1.60
2.1
2.2
Household Current Income and
Outlay Account
General Government Receipts
and Current Outlay Account
Rest of the World Current Account
Capital Accounts for the Nation
Stock of Reproducible Goods in
Constant Prices (1972 Dollars)
2.3
2.10
2.40
2.50
2.60
National and Sector Capital Accounts in Constant Purchasing Power (1972 Dollars)
Enterprise Capital Accounts
Household Capital Accounts
Government Capital Accounts
Rest of the World Capital Accounts
(Continued opposite)
SURVEY OF CURRENT BUSINESS
May
47
World Capital Accounts
1974
Cap.
trans,
acct.
1975
Revalu- End of
ation
year
acct.
value
22.0
106
2.8
.2
2.6
7.7
2
112
3.7
7.6
-39
.9
6.6
0
18
-1.3
Cap.
trans,
acct.
125.6
35 1
14.0
5
13.5
21 1
39
734
58.4
28.6
298
4.0
11 0
.3
103
2.7
5.3
.5
4.8
-10.0
-9.8
-.2
27.3
-10.0
7.3
4.7
2.6
Cap.
trans,
acct.
1247
363
13.7
5
13.2
226
60
795
66.5
35.3
31 2
4.6
84
.4
11 9
2.6
6.3
6.4
-.1
63.0
35.3
27.7
7.1
2.8
4.3
6.3
1977
Revalu- End of
ation
year
acct.
value
179
13
3.2
2
3.0
-19
58
152
116
3.3
83
.9
27
4
34
4.2
-9
1i
-.3
0
-.3
15
99
61
81
6.6
15
.6
-26
.1
16
-.1
49.4
24.2
25.1
1976
Revalu- End of
year
ation
acct.
value
Cap.
trans,
acct.
1425
37 5
16.9
6
162
207
11 8
947
781
386
395
55
11 1
0
154
68
24
3
g
396
31 5
8.1
234
3.8
44
0
17
-6.6
3.6
4.9
-1.2
73.7
42.9
30.8
6.4
2.7
3.7
3.6
1978
Revalu- End of
year
ation
acct.
value
Cap.
trans,
acct.
1792
403
19.3
6
187
21 0
127
1343
1096
46.7
629
9.3
155
0
17 1
.1
470
9
-.2
1
-3
1i
54
380
282
13.9
143
1.9
79
0
5
32
-5.8
-5.8
.1
74.4
39.8
34.6
10.3
2.4
7.9
-.1
-.1
0
-5.8
-.1
366
27
2.4
o
1980
1979
Revalu- End of
ation
year
acct.
value
Cap.
trans,
acct.
2262
412
190
7
183
222
72
1724
1378
606
772
112
233
0
166
33
155
69
44
1
43
25
18 6
61
140
-185
45
10
69
84.6
42.1
42.5
13.5
1.7
11.9
Revalu- End of
year
ation
acct.
value
241 7
48 1
234
8
227
246
11 4
1663
1238
421
818
122
302
0
Cap.
trans,
acct.
Revaluation
acct.
-17
4.6
4.5
.1
102.7
48.2
54.5
16.2
5.4
10.9
11.1
10.9
.2
4.6
11.1
o
111
Line
2509
500
241
5
236
258
13 1
1863
1343
544
800
173
347
0
190
87
92
19
7
2
9
12
24 5
200
105
123
18
51
44
0
13
104
1i
-50
End of
year
value
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
130.0
64.5
65.5
17
18
19
175.0
6.3
187.6
24.9
216.2
43.0
253.5
57.4
310.8
29.1
344.4
25.4
380.9
20
18.4
12.8
2.1
4.0
3
3.1
6
7.3
6
0
3.1
25
1080
79.8
191
16.5
17
8.2
65
11.4
328
2
11.5
164
15.1
11.4
62
2.0
3
1.1
7
.3
29
.1
.7
2.9
123.0
91.2
25.3
18.5
2.0
9.3
72
11.7
357
.3
12.2
19.3
28.1
19.4
8.6
5.6
.9
4.2
5
1.9
33
-.3
.3
88
151 2
110.6
339
24.1
29
13.5
77
13.6
390
0
12.5
281
12.5
13.6
51
3.1
1
2.6
3
2.4
31
0
.5
-16
163.7
124.2
38.9
27.1
2.9
16.2
80
16.1
42 1
0
13.0
26.5
474
38.0
42
19.3
22
9.5
75
10.6
39
0
-1.7
11 1
211 0
162.2
43 1
46.4
52
257
155
266
460
0
11.3
376
259
20.2
39
2.3
21
-4 1
42
112
29
2370
182.3
470
48.7
73
216
197
378
489
31 3
27.2
8
11.5
45
47
23
101
47
2682
2095
478
60.2
119
263
220
480
535
1.5
43
12.8
418
18
23
146
442
21
22
23
24
25
26
27
28
29
30
31
32
13
1.6
-.6
1
19
4.9
2.1
75
4
.8
-.1
17
23
5.8
2.0
92
25
1.7
-.1
48
48
74
1.9
140
2
1.3
-.1
-3 1
50
8.8
1.8
109
5
28
.1
77
54
116
19
186
4
61
51
177
1.9
17 2
79
25
-3
79
130
202
17
93
33
34
35
36
67.0
109.4
9.0
100.4
-42.3
-8.8
14.2
.2
14.0
-23.0
64.6
123.7
9.6
114.1
-59.1
-3.2
12.0
.3
11.6
-15.1
65.1
136.0
9.5
126.6
-71.0
30.5
11.9
.4
11.5
18.6
89.8
145.5
10.1
135.4
-55.6
10.0
15.2
-.5
15.7
-5.2
107.5
190.3
14.8
175.5
-82.9
-5.9
20.3
2.1
18.2
-26.2
112.6
220.8
18.9
201.9
-108.2
37
38
39
40
41
9.0
8.7
-.2
8.9
.3
-10.0
-1.1
-.8
-.3
-9.0
6.3
.1
.4
-.3
6.2
3.6
.4
-.5
.8
3.3
-5.8
-2.5
.2
-2.7
-3.3
-.1
2.3
1.7
.7
-2.4
99.7
163.0
11.2
151.8
-63.3
o
o
o
15
3.2
24.5
.8
23.7
-21.3
4.6
2.9
2.8
.1
1.7
o
o
11.1
10.2
2.0
8.2
.9
90
88
32
305
100
32
59
42
-2.9
_ 2
12.1
-18.3
2
9.3
-5.1
3
1.6
13.9
4
163
13.8
5
-3.3
17
8
7
-5.9
21
-21
43
44
45
Subsector accounts
Gross product accounts
1.20
1.21
1.22
1.23
1.24
1.25
1.30
1.31
1.32
1.33
1.34
Nonfmancial Enterprise (195977)
Corporate Nonfarm (1959-77)
Noncorporate Nonfarm (195977)
Farm (1959-77)
Government Enterprise (195977)
Nonprofit Institutions (1959-77)
Financial Enterprise (1959-75)
Monetary Authority (1959-75)
Commercial Banking (1959-75)
Other Banking (1959-75)
Pension and Insurance Funds
(1959-75)
1.35
Government Financial Agencies
(1959-75)
1.36
Other Financial Institutions
(1959-75)
Receipts and current outlay accounts
1.51
1.52
1.53
1.54
Federal Government (1947-80)
State and Local Governments
(1947-80)
State Governments (1959-75)
Local Governments (1959-75)
2.23
2.24
2.25
2.30
2.31
2.32
2.33
2.34
2.35
Capital accounts
2.20
2.21
2.22
Nonfinancial Enterprise (195977)
Corporate Nonfarm (1959-77)
Noncorporate Nonfarm (195977)
2.36
2.51
2.52
2.53
2.54
Farm (1959-77)
Government Enterprise (195977)
Nonprofit Institutions (1959-77)
Financial Enterprise (1959-75)
Monetary Authority (1959-75)
Commercial Banking (1959-75)
Other Banking (1959-75)
Pension and Insurance Funds
(1959-75)
Government Financial Agencies
(1959-75)
Other Financial Enterprises
(1959-75)
Federal Government (1947-80)
State and Local Governments
(1947-80)
State Governments (1959-75)
Local Governments (1959-75)
48
(Continued from p. 25)
engage, and to permit the computation of balance sheet values for reproducible assets by the perpetual inventory method. An example of the accounting entries involved is given in
table 9, for equipment owned by enterprises.
The book value of the gross stock,
shown in column 1, line 2, is the
starting point. It is the accumulated
cost of equipment at time of purchase.
To this is added revaluation of the
stock (line 3), the difference between
these book value figures and the
value of equipment in 1977 prices.
The result is the value of gross stock
in 1977 prices, i.e., the gross stock at
current value (line 4). Next, a deduction is made for accumulated capital
consumption. The book value of this
capital consumption is in line 5, and
these figures are revalued to 1977
prices in line 6. The figure for the
current value of the net stock of
equipment in line 1, which is the end
product of the computation, is the
same as that for the end of 1977 in
column 1, line 9, of capital accounts
for the Nation (table IEA 2.1).
Column 2 shows the capital transactions during 1978. Line 2 is gross capital formation, shown as the expenditures by enterprises on equipment in
table IEA 1.1. No revaluation is required for this current-year expenditure, so the same figure is repeated in
line 4. Capital consumption and its revaluation (lines 5 and 6) are components of the capital consumption and
the capital consumption adjustment
shown in table IEA 1.10. The result is
net capital formation (line 1).
Column 3 shows revaluations
during 1978. The revaluations are
composed of two elements. The first is
the value of the capital stock that is
retired or discarded (line 2) during
1978, and its associated accumulated
capital consumption (line 5), both in
May
SURVEY OF CURRENT BUSINESS
Table 9.—Capital Accounts for Equipment of Enterprises, 1977-78
[Billions of dollars]
1977
End-ofyear
value
1. Equipment (net current value)
2 Gross stock (book value)
3. Plus- Revaluation of stock .
4 Equals' Gross stock (current value)
5. Less' Capital consumption (book value) . . .
6 Less' Revaluation of capital consumption
book values. The second is an adjustment that is required to bring the
gross capital stock and capital consumption valued at 1977 prices to the
prices of 1978. For the gross stock,
this 1977-to-1978 revaluation is shown
in line 3, and for capital consumption
in line 6. Line 1 is change in the
prices of the net stock from 1977 to
1978.
Addition across the table—end-1977
values plus capital transactions plus
the revaluations—yields end-1978
stocks at net current value, gross
book value, and gross current value in
lines 1, 2, and 4, of column 4.
D. Estimates in Constant
Prices and in Constant
Purchasing Power
The lEA's record transactions and
corresponding balance sheets in the
current prices of each period. However, some purposes, such as comparisons that involve the measurement of
changes in output over time, require
the use of constant-price estimates.
The BEA implicit price deflators are
used to obtain GNP in constant prices
in the lEA's (annex 3, table IEA 1.3).
In a somewhat similar manner, it is
possible to make constant-price estimates of the stock of reproducible
assets. The BEA implicit price deflators are used to obtain constant-price
(1)
806.6
9838
464.8
1 4486
382.6
2593
1978
19 78
Capital
transaction
account
(2)
45.4
1649
1649
86.3
332
Revaluation
account
(3)
54.2
49 1
65.2
160
-47.6
95
End-ofyear
value
(4)
906.2
10995
530.0
16295
4213
3020
estimates for these assets in the lEA's
(annex 3, table IEA 2.2).
The technique of using specific
price indexes to derive constant-price
estimates cannot be applied to all categories of flows and stocks. In many
cases, meaningful price measures do
not exist. Nevertheless, it is still
useful to consider changes in the purchasing power of specific income flows
or stocks of wealth over time. Although currency and bank deposits do
not have prices, it is generally recognized that their purchasing power
erodes with increases in the general
level of prices. For assets such as corporate stock or land where price information is available, it is reasonable
to ask whether the increase in value
has been greater or less than the
change in purchasing power. Holders
of assets that increase in price faster
(more slowly) than the general level
of prices can be considered to be
making a real capital gain (loss).
In developing estimates in constant
purchasing power, the GNP implicit
price deflator was used as a measure
of general purchasing power to deflate the assets and liabilities held by
the various sectors. The results are
shown in table IEA 2.3 of annex 3.
The revaluations shown for each element of assets, liabilities, and net
worth in this table reflect changes in
the relative price level, and thus real
revaluations.
SURVEY OF CURRENT BUSINESS
May
49
Part III. Saving, Investment, and
Wealth
THE lEA's have introduced three
modifications that can be viewed as
extensions of BEA's 5-account system.
First, capital accounts have been integrated with the current accounts. It is
now possible to see how current transactions generate gross saving, how
gross saving is reflected in capital
transactions, and how capital transactions, together with revaluations, account for changes in the balance
sheet. Second, the lEA's have modified the sectoring and recording of
transactions so that the national accounts can serve as a framework for
both macrodata and microdata. As a
result, the accounts facilitate a wide
range of analyses: analysis requiring
highly disaggregated data relating to
specific groups or specific regions;
analysis requiring the introduction of
social and demographic information;
and analysis requiring the linkage of
micromodels to macromodels using
simulation techniques. Third, nonmarket activity has been distinguished from market transactions.
This separation allows the inclusion
of new types of information without
disrupting the present usefulness of
the accounts.
Of the three extensions, only the introduction of capital accounts significantly changes the overview of the
economy. This change comes about
partly because of the establishment of
capital accounts for households and
government and partly because of the
integration of new kinds of information that permits a better understanding of how saving, capital formation,
and revaluations are related to the
process of wealth accumulation. This
part will present a brief discussion of
the resulting picture. The trends and
cyclical behavior of capital formation
and saving by sector are examined
first. Then the focus narrows to the
household sector, for examination of
the roles of saving and revaluation in
the accumulation of wealth and of the
changes in the components of the balance sheet.
CHART 1
Gross Capital Formation and Gross Saving, 1947-80
Billion $
400 r "
ENTERPRISES
350
300
250
200
150
100
\
Gross Saving
50
0
350
i
i
i
i
i
i
i
i
i
i
i
i
i
i
i
i
HOUSEHOLDS
300
250
200
150
100
50
0
100
i
i
i
i
i
I
i
I
i
i
1
i
1
GOVERNMENT
50
-50
1947
49
51
53
55
57
U.S. Department of Commerce, Bureau of Economic Analysis
59
61
63
65
67
69
71
73
75
77
1
1
79
SURVEY OF CURRENT BUSINESS
May
CHART 2
50
effect of the social security system
upon them, have been unsuccessful.
The lEA's carry the institutional
approach much further, keeping together all of the activities engaged in
by particular transactors. The two
principal changes—recognizing that
households do directly engage in capital formation, and allocating saving to
the sectors that actually do it—lead
to a rather different view of the process of saving and investment.
Enterprise gross capital formation
and gross saving on the IEA basis are
shown in chart 1 for 1947-80. For the
period as a whole, the enterprise sector's gross saving was 95 percent of its
gross capital formation. Despite considerable cyclical variation in the retained earnings of corporations, the
steady growth of capital consumption
allowances and of pension and life insurance reserves resulted in only
moderate fluctuations in gross saving.
In contrast, gross capital formation
was considerably more sensitive to
short-run economic conditions. Consequently, in the 1975 and 1980 recessions, gross capital formation was
smaller than gross saving. In the
sharp inflationary periods of 1950-51
and 1974, however, when retained
earnings were severely reduced by inventory and capital consumption revaluations reflecting rising prices,
gross capital formation exceeded gross
saving by more than 20 percent.
Thus, both the cyclical variation of
gross capital formation and the effect
of inflation on adjusted retained earnings are major factors in explaining
the differences between enterprise
gross capital formation and saving.
Although, for enterprises in the aggregate, gross saving is almost equal
to gross capital formation, it, of
course, does not follow that this nearequality holds in each industry. Some
industries may generate more gross
saving than they use, and others may
be net borrowers of funds. Further
subsectoring would be required to
bring out the details of these interrelations.
Household gross capital formation
and gross saving are shown in chart 1
for 1947-80. For the period as a
whole, gross capital formation by
households was 93 percent of their
gross saving. Households thus re-
Cumulative Change in Household Net Worth and Net Saving, 1947-80
Trillion $
1947
49
51
53
55
57
59
61
U.S. Department of Commerce, Bureau of Economic Analysis
63
65
67
69
71
73
75
77
79
82-5-2
system. Enterprises are not viewed as
savers, and households are not considered to engage directly in capital formation.
The BEA NIPA's do not fully reAccording to both neoclassical and
Keynesian economics, producers hire flect this functional view of the ecofactors of production, sell their nomic system. The chief deviation
output, and purchase capital goods, from this view is that gross saving is
and consumers receive income, pur- recognized in the business sector, in
chase consumption goods, and supply the form of capital consumption and
saving. The financial system is viewed retained corporate earnings. On the
as the instrument for translating the other hand, household saving is consaving of consumers into the capital sidered to include the accumulation of
formation required by producers. pension funds even though houseThus, the theory is cast in functional holds have neither control over nor
terms. In practice, however, as inter- access to these funds, and the paypreted by analysts and policymakers, ments of pension benefits consolidate
these functional activities acquire in- out of the system altogether. Given
stitutional characteristics: Production these accounting practices, it is little
and capital formation are identified wonder that the somewhat simplistic
with enterprises, consumption and efforts by economists to analyze the
saving with households, and financial determinants of aggregate saving and
intermediation with the financial investment, and in particular the
A. Capital Formation and
Saving
May
quired almost as much funds for capital formation as they generated in
saving. For 9 of the 33 years, gross
capital formation exceeded gross
saving. For the whole period, the
excess of household gross saving over
gross capital formation equaled about
6 percent of the capital formation by
the enterprise and government sectors. Accordingly, household saving
cannot be considered a major source
of saving for the capital formation
carried out by other sectors.
Except for 1954, households generally reduced their capital formation
during recessions, although gross
saving continued to increase, and
gross saving exceeded gross capital
formation. This pattern suggests the
reverse of a permanent income hypothesis. When the rate of increase in
household income slows down or inflation raises the cost of living, or both,
gross saving tends to be maintained
because of its institutional nature:
Households are committed to repay
mortgage and other debt acquired in
previous periods. What households
can alter in these circumstances is
the purchase of houses, durables, and
discretionary current expenditures
such as vacations and other luxuries.
It is interesting to note that in 1978
and 1979 the gross capital formation
of households once again exceeded
their gross saving, as residential construction temporarily recovered from
its previous slump.
Government gross capital formation
and gross saving are shown in chart 1
for 1947-80. Gross saving amounted to
approximately 84 percent of gross
capital formation for the period as a
whole. Until 1970, on balance, gross
saving exceeded capital formation;
but in the last decade, Federal deficits, mainly due to the recessions of
1970, 1975, and 1980, have been such
that gross capital formation was 50
percent larger than gross saving. In
contrast with the enterprise and
household sectors, gross capital formation in the government sector is
relatively stable and gross saving fluctuates widely. The reason for this is,
of course, that in periods of economic
slowdown or recession, governments
do not contract their capital formation, but the amount of revenue they
collect is directly related to the state
of the economy.
SURVEY OF CURRENT BUSINESS
51
CHART 3
Components of Household Balance Sheets: Market Values
and Cumulative Net Acquisitions, 1947-80
Billion $
2,500
OWNER-OCCUPIED HOUSES AND LAND
CONSUMER DURABLES AND INVENTORIES
2,000 -
1,500
-
1,000
-
Cumulative Net Acquisitions
I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I 0
0 I » N I I M II M II I II M
FIXED-CLAIM LIABILITIES
- 1,000
- 500
1947 50
55
60
65
70
75
80 1947 50
55
I IIIM IIM IIII I IM
60
65
70
I I I I I I In
75
80
*For reproducible assets, net current value.
U.S. Department of Commerce, Bureau of Economic Analysis
For the rest of the world, net foreign investment represents the difference between the sale of exports and
factor income received from abroad
and the purchase of imports and
factor incomes, net transfers, and government interest paid to abroad. In
periods of domestic prosperity, imports rise faster than exports, reducing net foreign investment. Conversely, domestic recessions cause imports
to fall faster than exports, increasing
net foreign investment. Exogenous
factors such as the oil crisis have also
been important in affecting the
amount of net foreign investment.
In summary, gross capital formation of enterprises and households
rises faster than their saving in prosperity; conversely, in economic slowdowns or recessions, their gross capital formation tends to fall faster than
their saving. In the government
sector, gross capital formation is less
affected by economic conditions, but
gross saving fluctuates. In recession,
52
it declines, and offsets the surplus
saving of enterprises and households;
in prosperity, it increases. This situation is due in large part to the automatic stabilizing effect of the tax
system, which generates increased tax
revenues in prosperity and decreased
revenues in recession.
SURVEY OF CURRENT BUSINESS
May
CHART 4
Components of Household Balance Sheets: Market Values and
Cumulative Net Acquisitions in Constant Purchasing Power, 1947-80
Billion (1972) $
2,500
OWNER-OCCUPIED HOUSES AND LAND
CONSUMER DURABLES AND INVENTORIES
Billion (1972) $
12,500
2,000
1,500
B. Household Net Worth and
Saving
2,000
1,500
Market Value*
1,000
1,000
500
500
In neoclassical analysis, saving is
considered to be the source of capital
accumulation. Because the primary
0
0
emphasis is upon productive activity,
2,500
2,500
CORPORATE STOCK
OTHER EQUITIES
capital gains and losses are assumed
either to consolidate out of the system
2,000
2,000
(one man's loss being another man's
gain) or to reflect only a change in
the price level that does not corre1,500
1,500
spond to any "real" change in the
economy. In the BEA NIPA's, capital
1,000
1,000
gains are not considered to be relevant for measuring productive activity.
500
500
But if balance sheets valued in
terms of current market prices are to
n II i i II i I I I i i I I I i I II II i I I I II I I i i i I I I Il Ii l i Ii M l l I I l i i II l I I I Il i i I Ii i i I i I n
be drawn up for the household sector,
the role of revaluations cannot be ig2,500
2,500
FIXED-CLAIM ASSETS
FIXED-CLAIM LIABILITIES
nored. Wealth-holders may belong to
any sector, and they hold a variety of
2,000
2,000
different assets and liabilities, so that
capital gains and losses by sector and
1,500
type of asset do not wash out even
1,500
when adjusted for the change in the
price level.
1,000
1,000
The cumulative change in household net worth and net saving for the
period 1947-80 is shown in chart 2.
500
500
Throughout the period, net worth
rose much more rapidly than net
n I I I I I I I I I I I I I I I I I I I I I I I I M I I I I I I I I I ITi i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i In
saving, reflecting the importance of
1947 50
55
60
65
70
75
80 1947 50
55
60
65
70
75
80
*For reproducible assets, net current value.
revaluations in the increase in
U.S. Department of Commerce, Bureau of Economic Analysis
32-5-4
wealth. By 1980, the increase in
household net worth over its 1947
level was approximately $7.1 trillion, year-by-year basis. Removing price C. Household Balance Sheets
of which $5.9 trillion was due to re- changes in this way emphasizes the
fluctuations in net worth. In some pevaluations.
In the balance sheets, the different
To a large extent, the revaluations riods, for example from 1962 to 1968
reflect the decline in the value of the and since 1975, net worth increased components of assets and liabilities
dollar. If this decline is taken into ac- faster than net saving. But in some are differentially affected by capital
count, the increase in net worth more other periods, net worth contracted transactions and by revaluations. To
nearly corresponds to the increase in despite the continued growth of net show this differential effect, housesaving. Chart 2 shows both net worth saving. It is thus clear that informa- hold balance sheet components were
and net saving in constant-purchas- tion on revaluations is important for classified into six broad categories: (1)
ing-power dollars. The BEA GNP de- understanding the change in both the owner-occupied houses and land, (2)
flator was used to adjust the changes current values and the real values of corporate stock, (3) fixed-claim assets,
(4) consumer durables and invenin net worth and net saving on a wealth.
May
tories, (5) other equities, and (6) fixedclaim liabilities. Chart 3 shows, for
each of these categories, the market
value, which includes revaluations,
and the cumulative net acquisitions
from 1947 to 1980.
For owner-occupied houses and
land, revaluations have been very significant. From 1947 to 1965, they accounted for about 30 percent of the
increase in market value, and since
1965, for almost 80 percent. In contrast, for consumer durables and inventories, revaluation was negligible
in the first two decades and relatively
minor in the most recent decade. Corporate stock behaved differently. Its
value increased sharply in the first
two decades, entirely due to revaluations. In the last decade, its market
value has fluctuated, first falling
sharply until 1974 and then rising
until it reached a new peak in 1980.
Generally speaking, since 1960, households have sold off more stock than
they have purchased. For other equities (farms, unincorporated enterprises, and estates and trusts), 94 percent of the increase in value has been
due to revaluations. These, in turn,
were largely due to the increase in
the price of farmland. Finally, for
fixed-claim assets and liabilities, revaluations are excluded by definition.
The accumulation of fixed-claim
assets by households has occurred at
a faster rate than their incurrence of
fixed-claim liabilities.
The value of the different components in the household balance sheet
can be viewed in constant 1972 purchasing-power-dollars, as well as in
current dollars. A comparison of the
two views is equivalent to asking
whether the price of the specified
component rose more or less than
SURVEY OF CURRENT BUSINESS
prices in general. If the price rises
more (less), this component will show
what can be considered a "real" capital gain (loss). Chart 4 presents the results of the calculations in constant
purchasing power.
Owner-occupied houses and land
still show a positive revaluation over
the whole period. Although the real
capital gain is very much smaller
than the monetary gain shown in
chart 3, it still amounts to 40 percent
of the total value. Consumer durables
and inventories, on the other hand,
showed a negative revaluation. The
negative revaluation indicates that
the price of consumer durables did
not rise as fast as prices in general (in
some cases it actually declined) so
that the value of accumulated household stocks of durable goods eroded
almost 40 percent in real terms by
1980. The value of households' corporate stock rose sharply relative to
prices in general over the first two
decades, but declined substantially
over the last decade. Other equities
showed continued and progressive
upward revaluation, similar to that
shown by owner-occupied houses and
land, and for much the same reason.
Finally, fixed-claim assets and liabilities showed the sharp erosion in the
purchasing power of these assets and
liabilities caused by the rise in prices.
The holder of fixed-claim assets was
losing in real terms, and, conversely,
holding fixed-claim liabilities meant
that the holder's debt burden was declining in real terms. However, these
gains and losses cannot be fully evaluated without also taking into account
the behavior of interest rates, which
channeled some of the revaluation
into current interest income and payments.
53
This summary examination of the
differential behavior of the components of the household balance sheet
suggests that the impact of revaluations will vary among individuals
holding different portfolios. For example, in the first two decades, major
upward revaluations in corporate
stock significantly altered the distribution of wealth, in both current
value and real terms, in favor of
households that held corporate stock;
these households tended to be at the
upper end of the income and wealth
distributions. The household with
assets mainly in fixed claims or consumer durables, which rented rather
than owned a home, may have gained
in market-value terms, but may have
suffered a loss in real terms.
In the last decade, the upper end of
the income and wealth distribution
lost through the relative decline in
corporate stock prices and the erosion
of fixed-claim assets. Those who
gained in this period were homeowners and owners of other equities (e.g.,
firms and other unincorporated businesses). On the one hand, the value of
their assets increased faster than the
general level of prices, and, on the
other, their fixed debt in the form of
mortgages and other liabilities declined in real terms. Again in this
period, the household with assets
mainly in fixed claims or consumer
durables may have suffered a loss in
real terms.
Microdata information on the portfolio holdings of individuals would
make it possible to examine in somewhat more detail the consequences of
specific types of change for groups at
different stages in the life cycle and
in different economic circumstances.
Editor's Note
Comments
These comments present their authors' views, and do not necessarily represent the views
of the organizations with which the authors are affiliated. Table C provides a guide to the
comments. The topics are listed roughly in the order in which they are taken up by the
Ruggleses.
Table C.—Topical Guide to the Comments
Adler and
Sunga
Denison
Carson and
Jaszi
Gorman
Marimont
X
X
X
Flow of funds accounts
Measurement of production
Nonmarket activity
X
Imputations
Sectoring
Microdata
X
X
X
X
X
X
X
X
X
X
X
X
X
Network of transactions, transactor approach
Capital formation
Capital accounts: stocks, transactions revaluation
Capital accounts: format
Constant price and constant purchasing power estimates
Saving, investment, and wealth
..
Insurance (life, health, and fire and casualty) and pensions
Interest
Statistical discrepancy and estimating problems
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
.. ..
X
X
X
X
X
....
X
X
X
X
X
X
X
X
X
Tobin
X
X
X
Analytical uses . .
. .
I integration
BEA 5-account summary system
Tice
Taylor
X
X
X
X
X
X
X
X
Hans J. Adler and Preetom S. Sunga
THE "Integrated Economic Accounts
for the United States" by the Ruggleses is, as was to be expected, a very
elegant piece of work. The system is
not only clearly and concisely described and tightly and consistently
argued, but it it also logically built on
both the existing U.S. conceptual
framework and data base. Those familiar with the U.S. statistical background will have no difficulty following the Ruggleses into new territory,
while for the uninitiated this work
can be understood and appreciated on
its merit alone.
The separation of certain imputed
items in all sectors will no doubt facilitate analysis, keep "hard" from
"softer" estimates, and remove the
wind from the sails of those perennially inclined to argue what transactions should or should not be imputed. At the same time, the integrated
framework permits future expansion,
if desired, into other nonmarket
areas, such as, the valuation of household services or the capitalization of
health or education expenditure. By
not including such items in their pres-
ent work, the Ruggleses have managed to steer skillfully between the
Scylla of close-mindedness and the
Charybdis of expanding the accounts
to where they become an almost new
paradigm.
The Ruggleses' system, however,
cannot escape the historic tradition
that each new proposed system of accounts generates its own train of disagreement. While we have some
points of difference (and a few unanswered questions), space limitation
forces us to be selective rather than
extensive in our comments. Before
dealing with some of these issues, we
should make it clear, however, that
while we enjoyed looking at the pudding, we did not have a chance to
taste it, i.e., we did not attempt to use
the framework in any applied analysis and, hence, can render no empirical judgment on its utility or digestibility.
While the integrated economic accounts (IEA) contain many changes
and improvements, all of which, it
might be argued, "integrate" the accounts more fully, we take it that the
emphasis on integration rests mainly
on the combination of the two major
statistical systems, dealing, on the
one hand, with current economic
transactions and, on the other, with
flow of funds and published respectively by two independent U.S. statistical agencies. That such an integration is both a significant development
and a major accomplishment in the
statistical history of the United States
needs no emphasis. That this was
both an arduous and worthwhile undertaking also goes without saying.
However, from a conceptual point of
view, it represents no major breakthrough. The United Nations System
of National Accounts calls for this
type of arrangement. In Canada, we
have for many years endeavored—
with varying degrees of success—to
follow this system.
In our view, however, the major
problem of integration is to relate, in
a common-sector framework, activity
by establishment-based industry as reflected in the input-output matrixes,
real domestic product, and gross domestic product (GDP) data with eco-
May
SURVEY OF CURRENT BUSINESS
nomic transactions by institutional
units represented in financial flows,
income and outlay, and balance sheet
accounts. This problem still remains
largely unsolved, whether one looks
at the U.S., U.N., or Canadian systems. While one cannot expect even
the Ruggleses to unravel this Gordian
knot, it is disappointing to find not
even some discussion of it in an article whose "ultimate objective should
be an overall statistical system that
would embrace economic, social, demographic, and environmental data
at all levels of aggregation/' Such integration of industry and sector data
as has been accomplished, has, in the
main, been effected by a "black box"
solution. It has only been done by aggregating or disaggregating both
types of accounts to or from one consolidated GNP or GDP account.
This dichotomy between detailed
production accounts and other economic transaction accounts has given
rise to many basic integration problems. All three national accounts systems mentioned above take the establishment as the primary unit of production. But compilations of industry
data on this basis, however useful for
commodity-by-industry and production function analyses, are clearly inadequate to permit analysis of and
policy decisions on markets, finances,
and investment in the private sector,
or to allow development of broad economic and fiscal policies for the
public sector. Company- or enterprisebased data may be more useful in
these instances. A fully integrated national accounts system that portrays
production, distribution, consumption,
and financing on a consistent industry basis would constitute a great improvement over the present schizophrenic scheme.
Among other matters, the Ruggleses are very interested in the analysis of macrodata from their micro
content. It seems to us that it would
be a most rewarding statistical exercise if one could develop a method via
this micro-macro approach to go directly from one set of transactions to
another. In our view it is one way in
which the above-mentioned black box
solution might be improved.
Our own limited attempts to link
directly microdata originating from
two differently defined units of collection (which can be added to an identi-
cal—or nearly so—total) have so far
been fraught with almost insurmountable difficulties. The resource costs of
such attempts, even in a fully integrated statistical agency, are more
than can be faced with equanimity.
Even such seemingly simple steps as
ensuring that all establishments in
one set of data (or all companies in
another set of data) originating from
different surveys are classified to the
same industry or location are often
frustrating and always time- and resource-consuming. The profiling of
companies or enterprises into their
constituent units frequently requires
the ability of a Sherlock Holmes and
the patience of a saint. Mention must
also be made of the conceptual horrors of allocating head-office expenses
among regions or industries, or of distributing income originating in broad
geographical activities, such as transportation and energy creation, to specific small areas. Thus, while the answers to these problems are not obvious, we have the intuitive feeling that
micro-macro data methodology might
point in the right direction.
Given then the inherent difficulties
and high-resource costs with respect
to microdata and their reconciliation,
might it not be appropriate to choose
a primary unit for each sector that
would allow cross-articulation over
the whole system of national accounts? For example, the legal entity
(company) might be such a candidate
for the primary production unit in
the enterprise sector. It can be classified by industry. In its own right it
can provide marketing, investment,
and financial data by industry. The
company unit also has the advantage
that it permits size grouping of companies, which can provide interesting
analytical financial material for decisions involving mergers, acquisitions,
and control of supplies and markets.
For such broad financial and control
analysis, the company could also be
aggregated to a higher enterprise-type
unit. On the other hand, for special
purposes, the primary units could
with some effort be disaggregated into
their constituent establishment elements and reformulated to serve the
needs of special analyses dealing with
productivity, industry-commodity relationships, etc. Naturally, problems
of profiling, both to disaggregate to
the establishment level and to sum to
55
the enterprise level, would still
remain.
Another comment on the overall
system is of a more cosmetic nature.
In the Canadian sector accounts, we
have a Capital Finance Account that
directly follows each sector Income
and Outlay Account. This arrangement has the advantage of keeping all
economic transactions together and
permits a full
cross-articulation
within the sector accounts. It also furnishes a more directly identifiable
link with the financial transactions,
permits these—which we call the financial flow accounts—to be published separately (at different times),
and clearly shows that there is a separate residual error contained in
these accounts. We offer this suggestion because we think it will aid statistical management, and not because
we feel it has any inherent intellectual neatness.
We would like to make one more
general comment before turning to
some details. Most of the changes
made by the Ruggleses were reviewed
by them in the light of consistency of
accounting principles, valid definitions and measurements of production, ease of integration of different
accounts, and trouble-free integration
with microdata sets. We, therefore,
wonder why the analysis and rationale, both for established and new
treatments, were not also viewed with
some welfare consideration in mind.
While one may take issue with a
number of the changes outlined in the
IEA, there are many more instances
that elicit nothing but wholehearted
agreement. Those with which we disagree have, by and large, been argued
extensively in the literature and certainly, in most instances, the preferences and choices of the Ruggleses are
as valid as ours or those of other national accountants. There are, however, a few changes, related mainly to
the sectoring, that we find very difficult to accept as improvements, and
we cannot help but comment on
them.
The move of the nonprofit institutions to the enterprise sector is one of
those that, in our view, contributes
only a partial improvement. It is true
that this move improves the household sector in the sense that it eliminates some activities characteristic of
the business sector and leaves the
56
SURVEY OF CURRENT BUSINESS
household as a consumer and producer of the factor labor. However, the
motivation and behavior characteristics of nonprofit institutions are composed of many elements. Nonprofit institutions have some aspects of the
enterprise sector in terms of production, of the household sector in terms
of consumption, and of the government sector in terms of collective production-consumption, although without the government's appropriatory
power.
The net result of transferring the
nonprofit institutions to the enterprise sector therefore is that it blurs
the latter's characteristics. Where
previously enterprises were conceived
of as production units motivated primarily by profit and had only intermediate or factor expenses, one is
now confronted with an almost legitimatized case for current final enterprise consumption. (And without
wishing to go into a detailed argument, we might mention that we do
not agree with the final enterprise expenditure—employee
benefits
in
kind—either. "But this is analysis,
not accounting/' If one eliminated
this and the above final enterprise expenditures, would it then remain
worthwhile to have a current final enterprise expenditure category for the
very debatable financial services
item?)
On the other hand, one cannot
argue with the fact that a household
sector as defined by the Ruggleses
might be amenable to better estimation through the summation of microdata to macro-aggregates. However, a
caveat is necessary. Even in the personal sector the statistical problems
of this approach appear immense.
Given the multiplicity of data bases
and definitions used in the compilation of information from household
income and expenditure surveys, censuses, income tax and other administrative sources as well as problems of
memory bias, incomplete records, and
sheer numbers of records involved, we
have some apprehension that the results may not always prove as useful
as one would hope. Furthermore, although steps towards the refinement
of the household sector may lead to
statistical improvement and be logically welcome, on conceptual grounds
a legitimate question can be raised
whether the inclusion of net imputed
rent along with depreciation on
owner-occupied housing and other
consumer capital goods has not
blurred the traditional concept of the
household as a consumption unit (engaged in production of the factor
labor) and converted it to a quasi-enterprise sector.
It should also be noted that the
logic of this treatment would demand
that interest on consumer debt (at
least for those goods that have been
capitalized) now be included with consumption expenditure. Capitalized
goods give rise to services, i.e., production, and hence interest paid on
money borrowed to finance these
goods, now clearly arises from such
production. A like argument would
apply to the government debt interest. We would like to offer the suggestion that this approach might be a solution to the conundrum that the
Ruggleses treat in the annex 1. Because personally—in contradistinction
to our official capacity—we have for
many years disagreed with the present treatment of these two items, we
would not be averse to seeing this
logic followed to its conclusion.
After many years of use and experience with the U.S. system, two of its
pioneers, the Ruggleses, have returned to present us with their views
on its improvements. In so doing, they
have also repeated some of the basic
home-truths on which such a system
must continue to be built. We would
like to close by expanding these views
and adding some observations that we
feel have a bearing on the fundaments of the national accounts
system.
As the national accounting system
has evolved and policymakers, analysts, and economists in general have
become more familiar with its usefulness and potential, there have been
increasing demands to extend the
system and to accommodate particular needs. This is evidenced by the development of constant-dollar estimates, regional breakdowns of personal income, industry breakdowns of
GDP, government and other specialized tables, input-output matrixes,
quarterly estimates, seasonally adjusted estimates, financial flows, and,
indeed, greater articulation of the national accounting system itself. As the
May
Ruggleses note, there are now increasing demands for further extension into the nonmarket area. One
can easily mention more system parts
that would enhance the usefulness of
the national accounts framework,
such as, the satellite accounts for
health, education, and justice, and
social protection accounts. Obviously,
it is not possible to meet all these demands in their full complexity, particularly because some may originate
from limited special objectives, and
some, valid as they may be in their
own context, may be in conflict with
other special purposes. In many instances, the special nature of these requirements forces compromises to the
overall system. If the process is allowed to continue unchecked, the very
success of the global system in trying
to be all things to all analysts may
destroy the credibility of the whole.
One might note that these special demands may at times even include
such otherwise worthwhile objectives
as international comparisons or institutional invariance. To put it in crude
terms, the tail, however persuasive or
influential, must not be allowed to
wag the dog. But the big problem is
how to distinguish the dog from the
tail.
Fundamental criteria must be established in order to distinguish
whether a refinement should be integrated into the system, be left as an
optional or "below the line" item, or
structured as ancillary to the system.
What the Ruggleses have pointed out
again and again, but bears repetition,
is that the basic system must continue to reflect and represent as closely
as possible economic reality in terms
of actual transactions and the institutional economic structure in which
these occur.
Neither economists nor statisticians
can afford to take a monodimensional
view of polydimensional economic reality. Temptation to construct artificially transactions where none exist
or impute economic motivations that
are not too evident and to integrate
those into the formal national accounts must be resolutely resisted.
The desire for imputations on the
part of some appears to be limited
neither by data nor common sense
but only by the mental gymnastic
ability of the proponents. This is par-
May
ticularly relevant for the nonbusiness
sector.
Having said this, however, we do
not wish to preclude those cases
where there is a legitimate need for
the making of estimates for special
comparisons; we wish only that they
be recognized as such and not be built
into the general-purpose framework.
Furthermore, and without downgrading the relevance and usefulness of
SURVEY OF CURRENT BUSINESS
57
the special-purpose tables or frameworks, distinctions should be drawn
between those that are either a disaggregation or expansion of the system
itself, that is, deductive in nature
(such as the industrial distribution of
GDP, financial flows, or wealth accounts), and those that are coincident
only in part with the system. The
latter would include, for instance, the
construction of satellite accounts for
health and other specialized areas,
such as the environment.
The Ruggleses have clearly indicated that the system must be kept
simple and close to institutional reality and that its constituent elments
must correspond to those in the real
world. Only in this manner can the
statistical apparatus reflect dynamic
reality and the multiplicity of kaleidoscopic events.
Carol S. Carson and George Jaszi
THE Ruggleses, in presenting their
ingenious system, bring out many
issues central to the construction of
economic accounts. We shall group
our comments into four topics: integration, sectoring and microdata, imputations, and the transactor approach.
Integration
The Ruggleses describe their system
of accounts as "integrated" because it
fulfills the objective of providing "a
framework for economic and social
data at different levels of aggregation,
from micro to macro, and embracing
stocks as well as flows."
Integration has long been recognized as a desirable objective. However, it is by no means clear what is
meant by integration, either in terms
of coverage or in terms of the kinds of
linkages a system's parts must exhibit
to qualify the system as a whole as an
integrated one. A quarter of a century
ago in the United States what was
meant by integration reflected the
concern that the various forms of national economic accounts—mainly the
national income and product accounts, input-output accounts, flow of
funds accounts, and national balance
sheets—did not fit together in a way
that made it possible for users to
move easily from one set of information to another and that made most
efficient use of data collection and
processing resources. Viewed in the
light of that definition, the Ruggleses
have fitted together the national
income and product accounts, flow of
funds accounts, and national balance
sheets without reconciliation tables.
However, the Ruggleses have not
addressed the problems of relating
input-output accounts to their system.
This omission is regrettable. By not
addressing these problems, they are
avoiding what is probably the most
important obstacle to a comprehensive integration of economic accounts—the "establishment-firm" dichotomy. The essence of the dichotomy is that input-output accounts, because they show how industries interact to produce the Nation's output,
should be based on a technological
definition of the business unit, i.e.,
the establishment, whereas the flow
of funds accounts, which show the
transactions that transform saving
into investment, should be based on
an ownership definition, i.e., the firm.
This dichotomy is so difficult to
handle that the United Nations
System of National Accounts is really
two separate systems—one consisting
of production accounts based on establishments and another consisting of
income and outlay accounts and finance accounts based on firms. The
aspects of the economy revealed by
input-output accounts are significant.
Moreover, there are relations between
production, on the one hand, and
saving and investment, on the other.
Accordingly, the integrated economic
accounts (lEA's) cannot be fully evalu-
ated as an integrated system without
knowing how the obstacles that arise
because of the establishment-firm dichotomy are to be dealt with.
The Ruggleses, in their definition of
integration, emphasize the provision
of a framework for social data in addition to economic data, and microdata
in addition to macrodata. One has
only to pick up a volume of the
Census Bureau's Social Indicators to
recognize that the Ruggleses could
not have intended to provide a framework for the broad spectrum of data
in that eclectic volume. However, it
would have been useful both in understanding why they make certain
suggestions, e.g., those relating to sectoring, and in evaluating the usefulness of the system as a whole if they
had said more about the scope of the
social data as well as the kind of linkages to economic data they had in
mind when designing the system. For
the Ruggleses, the provision of a
framework for microdata is clearly of
great significance. Because the use of
microdata in conjunction with macrodata is closely related to issues of sectoring, we will comment on those
topics next.
Sectoring and microdata
The Ruggleses, rather than discussing sectoring in terms of general principles, focus on it from the viewpoints
of providing a framework for integrating microdata as well as stocks and
flows. A major modification in sector-
58
SURVEY OF CURRENT BUSINESS
ing is to put production by nonprofit
institutions in the enterprise sector
rather than in the household sector,
the lEA's also show the enterprise
sector explicitly. Further, for the
lEA's, the Ruggleses change the
sector classification of several items;
these changes include: (1) putting production of the services of owner-occupied housing in the household sector
rather than in the enterprise sector
in conjunction with the changed presentation of imputations, (2) moving
production by domestic service workers from the household sector to the
enterprise sector, and (3) moving consumption of many fringe benefits provided by employers to employees from
the household sector to the enterprise
sector.
For nonprofit institutions, the
Ruggleses claim that moving them
from the personal sector leaves the
personal income and outlay account
"with only the income and outlay of
individuals and households/' and that
the redefined sector corresponds "in
principle to the group of transactors
represented by a comprehensive microdata set of households/' This claim
seems to be exaggerated. Left in the
account are the members of the
Armed Forces and the institutional
population (residents of prisons, sanitariums, etc.). Moreover, putting nonprofit institutions, and also domestic
service workers, into the enterprise
sector has the disadvantage of increasing the heterogeneity of that
sector.
For owner-occupied housing, the
test of the usefulness of the change in
classification is whether saving and
investment patterns of the household
and enterprise sectors are more
meaningful on the basis of the IEA
classification than on the basis of the
BEA classification. Some evidence is
presented in part III of the article.
Most importantly, it appears that, in
the IEA classification, the excess of
investment over saving is smaller for
enterprises and the excess of saving
over investment is smaller for households. This observation is interesting,
but per se it does not suggest that the
IEA classification leads to a better
understanding of the way saving is
transformed into investment, e.g., of
the role of the financial intermediaries.
As noted earlier, the Ruggleses discuss sectoring from the viewpoint of
providing a framework for microdata.
Because microdata have been, and are
likely to be, a major "growth industry," the dual concern of the Ruggleses—that the economic accounts be
modified if necessary to take advantage of that industry's product and
that, rather than the industry being
allowed to proceed laissez faire, it
should be made aware of the needs of
the economic accounts—is well taken.
However, the weight that concern is
to have in a redesign of the economic
accounts is a matter of judgment, and
we probably give it a smaller weight
than do the Ruggleses. First, we do
not believe that the quantity of usable
microdata now available is as large as
the Ruggleses suggest, and, second,
given both substantive difficulties and
costliness, we are less optimistic
about prospects for integrating microdata and macrodata. The discussion
in the article suggests that the Ruggleses have examined the prospects
and problems of the use of microdata
much less thoroughly for the enterprise and government sectors than for
the household sector. Had they attempted to grapple with some of the
problems encountered in the enterprise and government sectors—e.g.,
the previously noted establishmentfirm dichotomy and also differences
in business accounting practices—
they might have ended up giving the
provision of a framework for microdata a smaller weight in their redesign.
Imputations
The Ruggleses have a classification
called "nonmarket imputations" into
which they put six items: nonprofit
building rent, owner-occupied housing
rent, margins on owner-built homes,
household durables consumed, farm
income in kind, and government durables consumed. The lEA's show
these imputations separately, i.e.,
they are excluded from totals for
"market transactions," which consist
of actual transactions and market imputations. The explanations for their
separate presentation are that existing nonmarket imputations, and any
nonmarket imputations yet to be developed, present "inherent difficul-
May
ties" of valuation and are, therefore,
a "different kind of statistical estimate," and that "valuation of nonmarket activity is speculative, and
generally must be based on analogy
with the market value of similar activity taking place elsewhere in the
economy."
This aspect of the lEA's may be examined in two ways. One is to examine the usefulness of the market
transaction aggregates; the other is to
examine the concepts and implementation underlying the separation of
nonmarket imputations. We shall do
the latter. Before doing so, however,
we note that this separation is not
costless in terms of one of the objectives of the Ruggleses—simplification
and clarification. A count of the items
in the lEA's required to implement
the separation of nonmarket imputations suggests the separation's high
cost—albeit this valuation is a speculative, nonmarket one. (We believe a
count of the items required to implement the move of nonprofit institutions to the enterprise sector would
lead to a similar evaluation.)
Classifications such as those based
on the degree of speculativeness must,
of course, incorporate an element of
judgment. In several cases our judgment differs from that of the Ruggleses. It seems to us that in a country such as the United States, the estimate of food and fuel produced and
consumed on farms (farm income in
kind) is not so speculative that it requires classification as "a different
kind of statistical estimate." On the
other hand, some actual transactions
and market imputations do fit this
characterization. For example, among
actual transactions, there are some
that are, particularly for current periods, notoriously speculative because
reliable data are not available for estimating them. Also, there are some,
such as economic depreciation, where
the underlying concepts, quite apart
from the means to implement them,
are somewhat shaky. Among market
imputations, that for commercial
banking stands out because it is one
of the conceptually most controversial
imputations, and in that sense is speculative, although it does not present
unusually difficult estimating problems.
May
The subject of imputation is a difficult one. Two further examples reinforce our view that further work on
the subject—including going back to
the basics of defining imputation—
would be desirable. The Ruggleses
and many other practitioners in economic accounting regard government
purchases of goods and services as an
imputation. Although the Ruggleses
do not explain fully, we believe that
they view the government, in its production account, as purchasing goods
and services from business and selling
them to its own appropriation account. It is the latter transaction that
they seem to consider an imputation.
To us, this view seems overcomplicated. It would be more straightforward
to think of the government making a
direct purchase from business—clearly an actual transaction. Life insurance raises different issues; here we
note only that, in contrast to the procedure for commercial banking, which
is always considered an imputation,
the procedure for life insurance is
only sometimes so considered.
The transactor approach
In discussing some of the conceptual issues raised in connection with the
BEA accounts, and also in explaining
the lEA's, the Ruggleses refer to a
SURVEY OF CURRENT BUSINESS
59
principle that, in annex 1, is identified as the "transactor approach/' If
we understand them, the essence of
this approach is that transactions are
to be defined in the way individual
transactors recognize (perceive, view)
them and that these transactions are
to be registered in the sectors in
which the transactors are included.
First, it is not clear to us whether
this principle is intended as the overriding, or even as a main, principle in
the construction of economic accounts, although this conclusion is
suggested by the fact that no alternative principle is mentioned in the article. If it is so intended, we have serious misgivings. Inasmuch as economic
accounts are a multipurpose tool, it
seems likely that several, and sometimes even contradictory, principles
will have to be used.
Second, if the principle is intended
to be the overriding or main one, it
seems that the lEA's do not consistently embody it. Alternatively, if the
principle is intended to be one among
several others, its application in the
lEA's seems questionable in some instances. The treatment of the following transactions in the lEA's illustrates both of these points. Many
fringe benefits provided by employers
to employees, e.g., health insurance,
are excluded from IEA household
income on the ground that households
do not recognize them as income. Yet,
the significance of fringe benefits in
collective bargaining is prima facie
evidence that employees not only recognize them, but also attribute considerable importance to them. On the
other hand, a net imputed income on
consumer durables is included in IEA
household income. Yet it is hard to
believe that households perceive an
imputed income on, e.g., their refrigerators or the family heirlooms—
much less have any idea of its magnitude.
Third, although the principle is referred to in discussing the treatment
of controversial transactions, especially those involving financial intermediaries, it would appear that, in logic,
the same principle should be applicable to noncontroversial transactions
as well. However, it is apparent that
its application to such transactions
would in all likelihood lead to serious
difficulties. For example, many households are only dimly aware of how
much they spend on various goods
and services and how much they pay
in various kinds of taxes. It seems
doubtful that a principle that fails to
provide a useful guide to the accounting for noncontroversial transactions
would provide such a guide for controversial ones.
product accounts (NIPA's). Many of
the objections I raise would not apply,
or would apply less strongly, had
their intent been to retain the present
NIPA's and supplement them with an
alternative presentation.
The changes in the NIPA's that the
Ruggleses propose are intended to introduce stocks in addition to flows; to
make it possible to distribute the total
income and outlay of the sectors (and
components of these totals) among microunits without use of bridge tables
or other adjustments; and to simplify
and clarify the presentation of the
major economic constructs and the
transactions flows between sectors. I
fear that the actual effect, however, is
to reduce the usefulness of the accounts for other important purposes,
including measurement of output,
while actually achieving only the first
of these objectives.
BEA's NIPA's are multipurpose.
They measure the Nation's production and summarize the billions of explicit and implicit economic transactions that occur each year in a way
that is comprehensible and useful for
a wide range of economic analyses.
The hallmark and great strength of
the system lie in its use of a few
Edward F. Denison
FEW of its practitioners have advanced national accounting as much,
and over so extended a period, as
have Richard and Nancy D. Ruggles.
They have done so not only by writing and teaching, but also through
work for international organizations,
membership on government advisory
committees, and—perhaps above allservice to the International Association for Research in Income and
Wealth.
Their latest contribution, "Integrated Economic Accounts for the United
States, 1947-80," proposes a replacement for BEA's national income and
60
SURVEY OF CURRENT BUSINESS
simple formal accounts that are supplemented by many supporting tables
tied to the accounts. The waste involved in preparing estimates for uninteresting items just to complete articulated (i.e., to-whom from-whom)
accounts is minimal. The supporting
tables classify the aggregates in various ways and provide details of their
composition. They furnish not only
annual but also quarterly and monthly estimates. For personal income,
vast geographic detail is published.
BEA must therefore strive to define
series in the way most appropriate for
a wide range of uses, subject to limitations imposed by availability of source
information. Decisions cannot be
based solely on considerations such as
whether the series correspond without adjustment to totals that could be
added up from reports of microunits,
or whether accounts facilitate introduction of stocks. Any change must be
justified as an improvement when all
uses of the accounts are considered.
My comments start from this premise.
My discussion comments in a general way on measures of production,
sectors, and estimates of saving, and
indicates some major points of disagreement with the Ruggleses. Thereafter, I take up several points that do
not fit into this framework.
bles and (2) the net imputed income
derived by households from consumer
durables have been added. The first
and larger addition adds over 12 percent to BEA's GNP in 1978 and is
wholly unacceptable.
The BEA series for GNP is itself
not a satisfactory measure of the Nation's production because, as its name
implies, it double counts the value of
capital used up in production by business. This double counting lifts GNP
to a level that was 11 percent above
net national product (NNP) in 1978.
For most purposes only a net measure
of output or income is appropriate. Insofar as a large output is a proper
goal of society, it is net output that
measures the degree of success in
achieving this goal. There is no more
reason to wish to maximize capital
consumption incurred in the production of, say, television sets, than there
is to maximize the metal used, and no
more reason to include it on top of
the value of the television set.
Two defenses are usually offered for
the use of GNP rather than NNP.1
One is that GNP can be calculated
more reliably because of difficulties in
measuring business capital consumption, which must be subtracted from
GNP to obtain NNP.2 The other is
that GNP is better for analyzing
short-term movements of employment.3 If these points argue (though
to me, not persuasively) for inclusion
Measures of Production and
the GNP Account
The GNP account in the integrated
economic accounts (lEA's) sums on
the right side to "GNP (market and
nonmarket)." It shows "GNP (market
transactions)/' a subtotal, as an alternate GNP measure. I shall consider
GNP with and without nonmarket
transactions separately, but note in
advance that I do not see "GNP
(market transactions)" as a viable
candidate to be a measure of the Nation's output.
GNP including nonmarket transactions
GNP (market and nonmarket transactions) in the lEA's is larger than
BEA's GNP because (1) the capital
consumption of consumer durables
and government structures and dura-
1. A third reason sometimes heard, expecially in
wartime, deserves no credence at all. This is the assertion that GNP provides a better measure than NNP of
what a nation can consume in the short run because
capital need not be replaced. But to estimate what a
nation could consume in any period is an analytical
task and it is no easier to start with GNP than with
NNP. The difference between what a nation can consume and its net output neither includes all capital
consumption nor is confined to capital consumption. It
also includes its holdings of inventories, the maintenance and repair it can defer without immediately impairing output, and the maximum import surplus it
can secure—which, in turn, depends on the amount of
assets that can be liquidated abroad, its ability to
borrow abroad, and net foreign assistance, as well as
upon the availability of supplies to be imported.
2. I do not believe GNP actually is more accurate
than NNP, even though its calculation does not require selection of a depreciation formula, because it
has an offsetting disadvantage. Price indexes for capital goods are less satisfactory than those for other
components, on the average, and biases in them have
a much greater effect on GNP than on NNP because
their weight is gross rather than net capital formation. This point applies to both current-dollar and constant-dollar series.
3. Capital consumption moves so smoothly that any
advantage of one series over the other for this use
must actually be trivial.
May
of business depreciation in output,
they argue much more forcefully for
exclusion of depreciation on consumer
durables and government capital.
These latter series are estimated by
BEA by use of an assumed depreciation formula and must be explicitly
added to obtain an output measure
that includes them. Insofar as their
values are regarded as questionable,
their addition reduces the reliability
of an output measure. It clearly
makes the series less appropriate for
employment analysis because no employment corresponds to depreciation
on consumer durables and government capital.
GNP is the main output series used
for analysis by BEA and others. So
long as this is the case, a change to
the IEA definition of GNP, as well as
other attempts to "improve" GNP by
increasing the amount of duplication,
must be opposed because greater duplication would make GNP a worse
output measure. Even if, as the Ruggleses believe, the addition of consumer and government depreciation
would make it easier to integrate
wealth accounts with income and
product accounts, this consideration is
minor relative to the worsening of
GNP as a measure of output.
Addition of net imputed income on
consumer durables raises not only the
lEA's series for GNP but also those
for NNP and national income above
the corresponding BEA series. Whether BEA should include this item in its
production measures, rather than provide it as a supplementary estimate,
is a question that reasonable people
have debated inconclusively for years.
The Ruggleses offer no new reason for
inclusion, and the considerations they
say underlie their article add no support. Inclusion does not help the introduction of stocks, and a corresponding imputation is not made in
the parallel case of government capital. Inclusion can only aggravate disparities between macrodata and microdata. And the Ruggleses insist that
in the household sector income and
outlay should correspond to what individuals recognize as such, and if
possible even have records of; surely
this would favor excluding this imputed return.4
4. As indicated below, I do not accept this criterion.
May
In 1978, consumers actually spent
$199.3 billion for consumer durables
but consumer durables contribute
$412.7 billion to the GNP in the lEA's
as a consequence of the addition of depreciation and net imputed income.
In the stationary state the relative increase would be still larger. I see no
gain from such escalation of the numbers.
GNP excluding nonmarket transactions
A distinctive feature of the lEA's is
the central role assigned to the division between market and nonmarket
transactions. The Ruggleses apparently do this for two reasons. First, they
want to find a way to accommodate
both those who like a lot of imputations and those who do not. Second,
they argue that, if some other
changes are also made, the series excluding nonmarket transactions will
match microdata sets.
The Ruggleses distinguish two
kinds of imputations in BEA's accounts. One consists of values that
are market transactions they think
BEA has moved among sectors. These
they move back. The other consists of
nonmarket transactions. These are
grouped in each account and shown
separately, with alternative aggregates including and excluding nonmarket transactions. The main effect
of their alterations is on sector accounts, but it is the concept of GNP
and income excluding nonmarket
transactions that I comment upon. As
a preliminary, let me recognize that
there is a common belief that a significant concept of money income and
expenditure exists; that it is simple
and noncontroversial; that it is generally understood; and that BEA estimates start from data for monetary
transactions and add imputed items.
However, none of these things are
true. The Ruggleses are too sophisticated to believe wholly that they are,
but I think they nevertheless underlie
the rationale for their accounts.
1. If there are to be two sets of accounts, one more conservative and
one more venturesome, the more
conservative should be approximately
BEA's present set, not a set based on
a "transactions" or money concept
that narrows its scope. BEA has already restricted imputations almost
61
SURVEY OF CURRENT BUSINESS
entirely to those that are essential to
obtain reasonable measures of income
and production for the whole economy, for sectors, and for industries.
2. The "market transactions" measures in the lEA's actually go only
part way toward eliminating nonmarket transactions. Notably, they do not
eliminate inventory change. The fact
that inventory change (and, for any
net series, consumption of fixed capital) exists is the most obvious reason
that a sensible concept of income or
production based only on transactions, or money income, cannot be
found. I discuss this point in the section on sectoring, below.
3. The IEA measure of GNP based
on market transactions is $136.3 billion smaller than BEA's GNP in 1978.
With trivial exceptions, it is GNP excluding the services of (i.e., value
added by) owner-occupied dwellings
and structures owned and occupied by
nonprofit institutions. I see no reason
to give this measure a central role in
output measurement or in the arrangement of the accounts.
Some $122.2 billion of the $136.3
billion difference results from complete elimination of any value added
for the stock of nonfarm owner-occupied dwellings alone. Of their total
space rent of $144.8 billion, only the
$22.5 billion that represents purchases from other enterprises for
maintenance and repairs is retained.
This measure corresponds to no one's
idea of the proper valuation of housing services. Most, I believe, accept
BEA's imputed rent treatment, but
those who do not would typically
eliminate from BEA's GNP only net
rent ($9.9 billion); they would value
housing services "at cost," that is, by
actual outlays for taxes, interest, repairs, and maintenance, plus depreciation.5
Detail of the GNP account
Partly because the Ruggleses assign
the market transactions aggregate a
central role and must therefore divide
entries in such a way that it can be
5. It is true that in NIPA table 8.8, the full $122.2
billion is shown as "imputations included in GNP."
This is correct in the sense that it would all be deleted
if owner-occupied houses were treated as BEA treats
consumer durables. However, BEA does not imply
that zero would be a sensible value for the services of
dwellings.
derived, the product side of their GNP
account (table 1.1) is awkward and
much less convenient and informative
than BEA's summary national income
and product account. The charges side
of the IEA account, which has additional problems, seems unusable. If
this account were adopted, tables (e.g.,
national income by type of income)
would have to be completely divorced
from the accounts.
Sectors
The IEA sectors differ explicity
from BEA's mainly in that they classify nonprofit institutions serving individuals, including income originating in them, in the enterprise sector
rather than in the personal sector. In
addition, however, the income and
product of domestic workers, employee benefits in kind, the change in reserves of pension funds and life insurance, and transactions relating to
owner-occupied housing are moved
from one sector to another.
Nonprofit institutions are primarily
consuming units, with part of their
consumption consisting of the purchase of labor services. In this respect
they are akin to both government and
households. In my growth accounting
studies, I group production in government, nonprofit institutions, and
households because they share another crucial common characteristic:
There is no measure of output other
than input, so that measured output
per unit of input does not change. Because of great interest in government
as such, BEA keeps government separate; it combines nonprofit institutions and households. To combine
nonprofit institutions with the producing units in the business sector,
whose output is normally sold to the
other sectors and can be independently measured because there is a sale, is
the least satisfactory grouping.
The moving of the production of
household employees to the business
sector is subject to the same objection
as the moving of nonprofit institutions and also introduces ari unnecessary artificial feature: The Rugglesses
consider domestic workers and babysitters to be proprietors of unincorporated businesses.
62
SURVEY OF CURRENT BUSINESS
I believe the Ruggleses' primary objective in resectoring is to achieve a
household account in which the receipts and expenditures correspond to
the amounts that would (or should or
could) be obtained by adding up
amounts reported by microunits in
household surveys. For example, instead of using a bridge table that incorporates appropriate adjustments to
personal income to derive a macroseries for household current income, the
adjustments would be incorporated in
the macroaccounts themselves. I have
three comments.
1. I not only believe that the Ruggleses fail to meet their primary objective, but also that the objective
itself is a chimera. This belief has several aspects.
a. There is no general concept that
microdata follow or even can follow.
They differ with respect to the choice
and definition of reporting unit—
households, families, dwelling units,
individuals, taxpayers, etc.—and results are sensitive to even minor variations in definitions. Income and
outlay definitions also differ. In addition, institutional populations and estates and trusts may be included, excluded, or handled in various ways.
The differences among microdata sets
automatically mean that the personal
(or household) account could at best
be consistent with only one microdata
set. For all others a bridge table
would be needed.6 Why not use a
bridge table for all such sets, as is
now done?
b. Bridge tables will also be required because aggregates of microdata treat on a combined or gross
basis items that are consolidated or
netted in the IEA household current
income and outlay account. This account, like the NIPA personal account, eliminates all transactions
among households except (in the
NIPA accounts) factor payments. In
microdata, such a transaction appears
as a payment by the giver and receipt
by the recipient. Moreover, a great
many transactions are netted in the
IEA accounts; insurance payments
and house sales are two important examples. Some of these points are
noted by the Ruggleses in their annex
1, but they do not bring out that consolidation and netting
prevent
achievement of a macroaccount that
can be distributed without adjustment
among microunits.
6. NIPA table 8.13 provides a reconciliation of the
bridge table type between personal income and totals
compiled from one set of microdata, adjusted gross
income reported to the Internal Revenue Service.
c. It is not obvious that "market
transactions" are either more accurate or more easily collected from microunits than personal income and
outlay components. For example, certain earnings in kind (food, lodging,
etc.) must be included in wages on the
W-2 statements and on Form 1040,
the sources of information most easily
accessible to most people. To identify
the income in kind included in
income of farm or retail proprietors,
one must allocate the amounts of
their business costs that are incurred
in providing commodities to themselves—no easy or automatic task.
The change in a firm's inventories
cannot be obtained from market
transactions, and no sensible income
figures can be calculated without
knowing inventory change. The Ruggleses (wisely) resolve the dilemma by
including inventory change in income,
but in doing so abandon the market
transactions
concept.
Similarly,
income cannot be computed without
data for capital consumption that
cannot be obtained from market
transactions; the Ruggleses use the estimated values.
There is no sensible concept at all
of household money income and expenditures with respect to life insurance carriers and pension funds,
either. Here, too, the Ruggleses wisely
abandon the market transactions concept (although I believe their alternative, which I discuss later, is little
better).
2. Concepts should be appropriate
for the purposes to which data are to
be put. One can question whether the
use of market transactions in the IEA
household account would be an improvement. In size distributions, for
example, a measure comprehensive
enough to indicate that a higher
income is better than a lower income
seems a reasonable objective. Most
people would like the data to conform
more closely to this standard—by including undistributed profits, for example, or more types of income in
kind—not to eliminate items of genuine income as the Ruggleses do. Their
May
elimination from income and consumption of housing services would
distort size distributions, and so
would the elimination of insurance
and pension fund saving.
3. The main points under item 1
apply equally, mutatis mutandis, to
changing the account for the business
sector to conform with microdata sets.
No one set of aggregate data can
match all microdata because it makes
a great difference whether one deals
with establishments or firms and, if
the latter, with data for affiliated
firms that are consolidated or unconsolidated; interest and dividends received by some corporations cannot be
netted against payments by others; interplant transfers are not market
transactions; and so on.
Estimates of Saving
The Ruggleses' changes would raise
the Nation's net saving, capital consumption, and gross saving as shown
in the NIPA's and shuffle the saving
already included among sectors. It is
not easy to see the relationship between saving in the two sets of accounts, so I have introduced table 1,
which reconciles the saving series in
1978.
Total net saving in the NIPA's—
$134.0 billion in 1978—is conceptually
equal to net private domestic investment plus net foreign investment.
Business, government, and personal
saving show the distribution among
sectors of the saving that frees resources for net private domestic investment, (i.e., investment by business, defined to include all net private
investment in dwellings and nonprofit
structures), and net foreign investment. The accounts are easily rearranged, as is sometimes convenient
when governments are in deficit, to
show the sector distribution of the
private saving that frees resources for
net private domestic investment, net
foreign investment, and the government deficit.
The lEA's add to NIPA total net
saving the increase in household
stocks of consumer durables and inventories (in household saving) and
the increase in government stocks of
consumer durables and inventories (in
government saving). These additions
raise total net saving by $98.7 billion
SURVEY OF CURRENT BUSINESS
May
or 74 percent. The removal of margins also deduct depreciation on nonprofit
on owner-built homes from capital structures, $5.6 billion, to arrive at
formation reduces net saving by $1.7 the capital consumption figures
billion.
shown in the sector tables. They have
The Ruggleses have eliminated the to add this item back to arrive at the
net inflow from abroad of reinvested $422.5 billion figure shown in IEA
earnings of incorporated foreign affili- table 2.1.
ates, amounting to $9.4 billion in
Total gross saving in the NIPA's of
1978, from the (domestic) enterprise $355.2 billion is conceptually equal to
account, but I do not know where it is gross private domestic investment
now classified. The net saving figures and net foreign investment, and its
for households and government sector breakdown shows the distribushown in IEA tables 1.40 and 1.50 tion of the gross saving that frees rehave not had this item added to them sources for such investment. The
(nor should they have); the rest-of-the- Ruggleses add personal consumption
world current account does not show expenditures for durable goods, govnet saving. I have added a column ernment purchases of structures and
titled "Other" to the reconciliation durable goods, and the amounts of
table to register this item because I personal consumption expenditures
do not know where the Ruggleses and government purchases for nonwould include it.
durables that are added to household
Total capital consumption in the and government inventories. These
NIPA's was $221.2 billion in 1978. additions raise gross saving by $300
The Ruggleses add $143.1 billion in billion or 84 percent in 1978. The one
the household sector for consumer du- subtraction is $1.7 billion for margins
rables and $58.2 billion in the govern- on owner-built housing.
ment sector for government strucComment on aggregates.—Let me
tures and durables, raising the total abstract from the last adjustment.
by $201.3 billion or 91 percent. They The lEA's show the distribution
Table 1.—Reconciliation of Saving in the Integrated Accounts (lEA's) and the National Income
and Product Accounts (NIPA's), 1978
63
among sectors of the gross "saving"—
I find myself reluctant to use the
word in this context—that frees resources from other types of expenditures for the sum of the following
items: business investment (as previously described), net foreign investment, personal consumption expenditures for durables, government purchases of structures and durables, and
additions to household and government stocks of nondurables. They also
show net saving corresponding to net
values of these items. For analysis of
economic growth and fluctuations, the
expanded net saving aggregate that is
allocated by sector is less interesting
than the present aggregate. The gross
saving total is a hugely duplicated aggregate that serves no purpose. The
additional information in these accounts is not without interest, but,
except for consumer and government
inventory change, it already appears
in much greater detail in BEA's
wealth acocunts. I may add that a
gross saving and investment account
such as BEA provides is useful. Its absence from the IEA system makes it
much harder to obtain an overview.
Sectoral shifts of BEA saving
[Billions of dollars]
Whole
economy
Net saving, NIPA's
Addition to stock of consumer durables
Addition to consumer inventories
Addition to stock of government structures and durables
Addition to government inventories
Net inflow of reinvested earnings from abroad
Saving of nonprofit institutions .
.. .
Addition to noncashable private pension and insurance
reserves
....
Addition to government pension reserves
Excess of wage accruals over disbursements ..
Margins on owner-built housing
Net saving, lEA's
Capital consumption NIPA's
Consumer durables
Government structures and durables
Nonprofit structures
Owner-occupied homes
Subtotal l
Nonprofit structures
Capital consumption, lEA's 2
Business
or
(domestic)
enterprise
sector
Government
sector
57.9
-0.2
134.0
+ 563
+ 15.4
+ 300
+ 279
..
Gross saving NIPA's
PCE for durables
..
Addition to consumer inventories
Government purchases of structures and durables
Addition to government inventories
Net inflow of reinvested earnings from abroad
Saving of nonprofit institutions
Addition to noncashable private pension and insurance
reserves
Addition to government pension reserves
Excess of wage accruals over disbursements
Capital consumption nonprofit structures
Capital consumption, owner-occupied homes
Margins on owner-built housing
Gross saving lEA's
4169
+ 5.6
422.5
355.2
+ 199.4
+ 154
+ 78.5
+ 67
102.8
-30.0
279
-.2
-1.2
+ .2
1.7
120.1
9.4
221.2
+ 143.1
+ 58.2
56
-35.0
1806
+ 5.6
186.2
582
+ 35.0
178 1
58.2
178.1
279.1
-.2
76.3
+ 199.4
+ 154
+ 78.5
+ 67
+ 300
+ 27.9
+ 94
-2.0
-300
-27.9
-.2
56
-350
1. Sum of capital consumption as shown in IEA tables 1.10, 1.40, 1.50.
2. As shown in IEA table 1.2.
76.3
+ 563
+ 15.4
+ 3.6
94
+ 2.0
-1.7
653.5
Other
+ 9.4
-94
-3.6
221 2
+ 143.1
+ 582
56
Rest-ofthe-world
sector
+ 203
+ 67
+ 203
+ 67
17
231.0
Personal
or
household
sector
289.0
57.0
+ .2
+ 56
+ 35.0
-1.7
298.1
9.4
Because all economic activity is for
the benefit of, and in some sense controlled by, individuals, all sectoring is
somewhat arbitrary. In this shadowy
land, the most important and clearest
boundary is that between government
and the private economy as a whole,
and it is the transfer from government to the private economy (more
precisely, to enterprises) of additions
to government pension reserves that I
find least acceptable among sectoral
shifts of saving proposed by the Ruggleses. The amount of saving in this
form is almost entirely determined by
government, and it also is probable
that a change in the amount of such
saving is more likely to be offset in
other government than in private
saving.
Within the private economy, the
Ruggleses transfer from the personal
sector to the enterprise sector additions to noncashable private pension
and life insurance reserves (a concept
that itself seems fuzzy, as stated
below) and saving of nonprofit institutions. It seems to me better to retain
SURVEY OF CURRENT BUSINESS
May
departures are precisely the same for
factor cost measures as for market
price measures and provide little
reason to prefer one to the other. Further, the Ruggleses' example of an
abundant harvest that lowers the
price of farm products and reduces
the factor return in farming, even
Other Points
though more resources are used to
The points below roughly follow the produce the larger crop, indicates
nothing wrong with the national
sequence of the Ruggleses' article.
1. The Ruggleses mention as one of income measure. Whether output is
the three functions of national ac- measured at market prices or at
counts now generally recognized the factor cost, a decline in current-dollar
provision of "key indicators on the values is consistent with a rise in conperformance of the economy." I trust stant-dollar values if prices fall. Howthat they mean to include long-term ever, the example hints at the possias well as short-term and past as well bility of a more basic confusion. A
as current performance of the econo- constant-price series for national
income measures the quantity of
my.
2. Language to describe various de- output, not the quantity of input. An
preciation concepts can easily be con- index of the constant-price value of
fusing. BEA has standardized its every product component of net
wording by using "capital consump- output should be identical whether
tion allowances" (italics mine) to refer valuation is at factor cost or market
to book, tax, or original-cost depreci- price. An aggregate series for real naation while it calls so-called "econom- tional income differs from one for real
ic" depreciation "capital consumption net national product only because difallowances with capital consumption ferent weights are used to combine
adjustment." The use of "the depreci- output components.
National income is in fact a useful
ation allowance" or "depreciation allowances" (e.g., TEA table 1) to de- series. It is obviously preferable to
scribe economic depreciation will NNP whenever interest is in the discause confusion. "Capital consump- tribution of earnings by share or in
tion" (e.g., IE A table 1.40) is likely to the derivation of weights to combine
inputs into a measure of total factor
be less misleading.
3. The Ruggleses' description of na- input. It also provides a more conventional income, a series they obviously ient real output measure for analysis
do not like, is neither entirely accu- of productivity. NNP is, to be sure,
rate nor altogether fair. First, they usable for that purpose, but unless
call the measure "net product at national income is also available one
factor cost." They should say that the cannot identify the effects of composimeasure is called "national income" tional shifts to or from heavily taxed
or, alternatively, "net national prod- or subsidized commodities or services.
uct at factor cost"; BEA tables use A price series for national income is
only the term "national income." more appropriate than one for NNP
Second, it should be understood that for indexation of income taxes.
factor cost includes all earnings of
4. The Ruggleses, in describing the
corporate and noncorporate enter- BEA treatment state that "the value
prises, so that factor cost and factor of public goods is imputed, on the
earnings (or return) are identical, just product side of the government proas receipts and expenditures are iden- duction account, at an amount that is
tical but describe whether the same equal to the cost of providing the
item is looked at from the standpoint goods." I suppose one could adopt this
of the recipient or payer. Third, once rather tortured way of looking at the
one recognizes that factor cost and matter if one were concerned only
factor earnings are identical, the with total output, but I must note
point made in footnote 5 of the article that neither the NIPA's nor the lEA's
that they differ translates to a recog- actually show an imputation. To
nition that actual factor earnings are impute government purchases to the
not the same as they would be if per- private sectors, abolishing consumpfect competition prevailed. But such tion in government, would effectively
destroy any useful sectoring in the
national accounts. Indeed, any imputation of output that is not simultaneously an addition to the earnings of
a factor of production tends to do this
and must be sternly resisted if sector
accounts are to have meaning. My
way of looking at government purchases implies no imputation. Like
households and nonprofit institutions,
governments are final purchasers of
the Nation's output. Acting in response to decisions that, in a democracy, are made in the people's behalf
by their elected representatives, governments provide collective consumption.
5. The Ruggleses repeatedly say
that BEA treats owner-occupied
houses as "fictitious unincorporated
businesses." It is a fine point, no
doubt, but this wording wrongly suggests that BEA merges such houses
with proprietorships and partnerships
and that net rental income arising in
them is classified as proprietors'
income.
6. The Ruggleses indicate that it
would be desirable "to show separately in the accounts, the categories of
transactions about which questions
have been raised." I agree that such
transactions should be shown when
estimates can be made and resources
permit. A main reason that a good bit
of the detail now in the NIPA's is
shown, including some for which the
statistical basis would otherwise be
judged too flimsy or public interest
too slight to warrant separate presentation, is precisely to permit users to
reclassify or redefine. But the place to
do this is in the detailed supporting
tables.
7. The Ruggleses say: "To aline the
macrodata and microdata, the national income and product accounts would
need to show separately a household
sector composed solely of units consistent with the household definition
of the Census of Population." Four
points must be made.
First, a NIPA sector with the stipulated scope would conform only to
Census of Population and Current
Population Survey data. All other microdata sets, including tax data,
would still require bridge tables.
Second, such a sector would eliminate
not only nonprofit institutions but
also the institutional population, the
Armed Forces overseas and such of
64
the BEA practice of confining net
business saving in the NIPA's to undistributed corporate profits (with the
inventory valuation and capital consumption adjustments).
May
their family members as are overseas,
and estates and trusts. These categories would then have to be forced into
some other sector. Third, transactions
between these odds and ends, on the
one hand, and households, on the
other, would have to be introduced
into the accounts, and transactions by
the present personal sector would
have to be divided between those to
which households are parties and
those to which the other categories
are parties. Fourth, Census of Population and Current Population Survey
data themselves would continue to
differ statistically from NIPA data, although a limited number of tables
based on them might be adjusted to
conform to NIPA aggregates.
The Ruggleses also seek to aline
macrodata and microdata for enterprises. The scope of the sector and
definition of transactions differ even
more among microdata sets for enterprises than for households. There is
no way the NIPA's could be consistent with more than one set. Also,
there is no microdata set with scope
and definitions that are consistent
with the purposes of national accounting.
Even if sectors and transactions
could be so defined that they would
conform directly to those of some microdata set in one period, they would
not necessarily do so in another. The
uses to which NIPA data are put
demand their consistency over time,
and BEA's efforts to secure consistency have contributed greatly to their
value. Providers of microdata are
rarely troubled by this restraint.
Moreover, data compiled from tax returns, and most of those from administrative records, of necessity follow
changes in laws and regulations.
8. The Ruggleses imply that important elements in determining how
transactions should be handled are
whether households are aware of
them and how they regard them.
These criteria are not very helpful.
Households deserve no special priority, and one of two parties to a transaction may be aware of it while the
other is not. Similarly, in difficult
SURVEY OF CURRENT BUSINESS
65
cases two parties to a transaction are
likely to regard them differently. Nor
would the Ruggleses themselves think
it desirable, even from the standpoint
of the household sector, that similar
transactions of different individuals
be treated differently; for example,
that interest accruing on series E savings bonds should be included in personal income for individuals keeping
track of its amount but excluded for
others who let their bonds sit unobserved until maturity and do not
think of interest as part of each
year's current income.
9. The Ruggleses state that "much
can be said for treating the purchase
of owner-occupied houses as a capital
transaction
of households. . . .
Owner-occupied housing could then be
counted as an asset in the balance
sheet of households. The necessary
data exist in both macrodata and microdata form." What the Ruggleses
are asking, and I would resist, is that
owner-occupied homes be treated differently from individually owned
tenant-occupied homes.
The practical case for treating all
units alike is overwhelming. Millions
of dwelling units are sometimes occupied by their owners and sometimes
rented. Many of them change status
twice a year or more, on a seasonal
basis. The proposed treatment requires registering an imputed sale
(for which there are no data) between
the household and enterprise sectors,
equal to the full value of the unit,
every time such a change takes place.
Imputed intersectoral transfers of the
outstanding mortgage and accumulated depreciation must also be registered. Avoiding this nightmare is a
major reason to adopt the convention
of treating all dwelling units as businesses. Actually, I cannot understand
why the Ruggleses would even want
the balance sheets of two homeowning households to differ just because
one lives in its house and the other
rents it out.
Even apart from the probem of imputed transactions, there would be a
major problem of measuring (on a
gross basis, to conform to microdata)
the values of actual sales that result
in shifts between tenant- and owneroccupancy, and the baggage of mortgages, tax accruals, and so on that accompanies such sales.
10. The Ruggleses assert in their
discussion of fire and casualty insurance that gross rather than net premiums should be included in output.
This view contrasts with the usual
and, to my mind, more acceptable,
view that a casualty company's function is to spread risks among its policyholders (who, if they preferred,
could do so without its intervention),
and the value of its services is the
amount of the premiums it retains for
performing this service.
11. The Ruggleses assert that the
appropriate measure of the increase
in an individual's equity is the increase in the cash surrender value of
his insurance and pension policies,
not a pro-rata share of the total reserves of life insurance companies.
Term policies and unvested pension
plans are not assets, according to this
view. But a renewable term insurance
policy with no cash surrender value
does carry the option to obtain future
insurance. It costs the insured more
than straight term, requires insurance company reserves, and cannot be
acquired by a newcomer without examination. Also, an employee with 9
years service in a pension plan that
vests after 10 years has a valuable,
even though contingent, claim whose
existence requires pension fund reserves. The Ruggleses do not require
certainty of payment and instantaneous convertibility to cash before
other assets are recognized, and I do
not know why they do so in this case.
12. Like the Ruggleses, I have misgivings about BEA's treatment of cosumer interest, but unlike them I do
not believe that its full inclusion in
PCE and output measures would help.
I would be interested to know how
the Ruggleses would deflate consumer
interest, and also how, in the constant-dollar series, the inclusion of
consumer interest would resolve the
trouble introduced by prices that are
raised to cover implicit credit costs.
66
John A. Gorman
MY comments consist of a number of
points that seem to me to be useful in
evaluating a treatment of financial
intermediaries "that would reflect the
way the transactions would be recorded in individual transactor accounts."
The Ruggleses discuss this alternative
to the BE A treatment in annex 1.
Fire and casualty insurance.—First,
I would like to make sure that the relationship between accidental damage
to fixed capital and insurance for
such damage is clear. All accidental
damage to fixed business capital is included in the BEA accounts in capital
consumption allowances, whether or
not the property is insured. Insurance
simply affects the industrial distribution of the cost of the loss. For uninsured businesses, the loss is borne by
the firm owning the destroyed capital;
for insured businesses, the loss is
borne by the insurance industry if the
loss was unanticipated in the rate
structure, or shared among all insurance customers, if the loss was anticipated in the rate structure.
As the Ruggleses describe the transactions relating to fire insurance and
damage to fixed capital, under a
macro-accounting treatment that reflects individual transactor accounts,
the macro-accounts would no longer
add the accidental damage to capital
consumption allowances and would
measure the value of insurance services as the premiums paid. This treatment, they recognize, would not affect
total GNP, but only its industrial distribution. However, it should be noted
that adoption of this treatment
changes net national product—raising
it in the year in which the damage
occurs by the amount of the damage
and reducing it in the following years
by the continued depreciation on the
damaged capital. I fail to see the utility of such a measure of net national
product.
Several items should be noted concerning the handling of these various
transactions in microdata sets. First,
in tax returns, businesses may deduct
accidental damage in arriving at profits. Thus, in this respect the BEA
treatment is consistent with these microdata. Second, I venture to suggest
that no single treatment of fire and
casualty insurance will encompass the
variety of accounting treatments that
are used by individual transactors. I
invite the Ruggleses to contemplate
the rich variety possible under the involuntary conversion rules for tax returns. Third, fire and casualty insurance generally pays the replacement
cost for the destroyed asset, not the
historical cost. In an inflationary environment, this practice generally
means that the insurance proceeds
exceed the book value of the destroyed assets, and generally accepted
accounting principles require that the
excess be booked as net income. (Onethird of the net income reported by
American Airlines in 1979 came from
the excess of replacement cost over
book value of a plane that was destroyed.) In the BEA accounts, this
excess of replacement cost over book
value is part of the capital consumption adjustment; I assume that the
treatment described by the Ruggleses
would not be carried so far as to classify the excess of replacement cost
over historical cost as net income in
order to further the integration of microdata sets.
Health insurance.—In BEA's present treatment, the value of medical
care is counted once, as the amount
paid to health care providers regardless of whether the payment comes
from the sick person's own assets, an
insurance company, or Medicare or
Medicaid. The alternative treatment
described by the Ruggleses would
count the value of medical care paid
for by an insurance policy purchased
by a household twice, once as a sum
paid to the medical care provider, and
once as the premium paid the health
insurance company. Medical care financed from the sick person's own
assets, employer-paid insurance, or
Medicare and Medicaid would be
counted only once. I see no point in
grossing up the measure of output of
medical services in the manner described.
The Ruggleses introduce enterprise
current consumption that includes
the purchase of medical services from
health care providers in the case of
employer-financed health insurance.
The purpose of this procedures is to
have aggregate household accounts
that can be assembled from the kind
of data that can be collected in field
surveys. As the Ruggleses note, this
would not involve any change in the
production aggregate or the industrial
composition of output. The BEA procedure is based on the principle that
medical consumption should be in the
personal income and outlay account
for cases in which the consuming individual decides which doctor or hospital shall provide it. Implementation
of this principle seems to provide the
analytically most useful location for
the medical consumption. For this
reason, BEA made sure to include in
the personal income and outlay account medical expenditures financed
under the Medicare program.
It should be noted that although
the Ruggleses describe an "allocation
of what is shown in the BEA accounts" to individuals and note the
resulting "grossly distorted picture
. . .," the present BEA treatment of
health insurance does not require
such an allocation. BEA aggregates
could be obtained equally well by: (1)
allocating premiums to all the insurees' in the microdata sets, and (2) allocating benefits to only those individuals that received them. Indeed, only
such a procedure would yield the correct change in net worth for each individual: The sick person's net worth
is not impaired to the extent that he
or she is covered by insurance.
Before leaving non-life insurance, it
should be noted that fire, casualty,
and health insurance do not exhaust
all the categories of losses that can be
insured against and for which a treatment must be provided in the national accounts. However, the issues that
arise in providing an appropriate
treatment are similar.
Life insurance and pensions.—The
Ruggleses, in the lEA's, change the
treatment of life insurance and pension funds to measure personal saving
by the change in the cash surrender
value of life insurance policies or the
vested benefits of pension funds. Two
points need to be made. (1) Life insur-
May
ance carrier saving, and therefore corporate profits, would be increased by
the excess of the increase in aggregate reserves over the increase in
cash surrender values. This change
would require a departure from the
present similarity of microdata files
for life insurance carriers and the national aggregates—a deviation from
the transactor approach. (2) I am unaware of aggregate data on cash surrender value.
Interest—The approach to enterprise interest that the Ruggleses call
the transactor approach would have
the consequence that the measure of
a firm's output would be a function of
the distribution between borrowed
funds and equity capital; a firm that
borrowed part of its capital would, ceteris paribus, have a lower value
added than a firm that operated entirely on equity funds. I do not believe
that such measures of value added
would be interesting.
I have particular trouble with the
deflation of interest as a service. If interest rates go up, ceteris paribus,
borrowing industries' current-dollar
value added would be reduced under
SURVEY OF CURRENT BUSINESS
67
the transactor approach. If interest
services were deflated by an appropriate interest rate, the constant-dollar
value added would be unchanged.
Consequently, the implicit price deflator would fall. I do not understand
what this decline in the deflator
would mean.
It is true that the transactor approach would yield the identical
output measures for depository institutions that are now derived through
the device of imputing interest to the
depositor. As a national accountant
who has spent a good part of his
working life explaining the banking
imputation, the resulting reduction of
my workload would be welcome. However, the price is too high. I find it
quite simple to justify the banking
imputation: At the cost of being illiquid, the depositors could have invested their money directly and obtained
higher returns. Their acceptance of
no or lower interest is an implicit valuation of the service of liquidity provided by the financial institution.
For consumer and government interest, BEA does not use the factor
cost approach that is used for enter-
prise interest. With the factor cost approach enterprise interest payments
do not directly enter output; if interest payments increase or decrease
there is an offsetting movement in
profits. (If an enterprise succeeds in
passing on its interest costs to its customers, interest can, however, indirectly enter output.) For government
and consumer interest, use of the
factor cost approach would mean the
interest would be included in output,
because there is no profit to be the
offset. The use of the money borrowed
is not a criterion in the BEA accounts
in deciding on the treatment to be
given to interest. A choice between
the BEA treatment and a transactor
approach must be made on the basis
of the resulting output measures. Integration with microdata sets for
households and governments can be
accomplished by either approach.
What is required for households
under the BEA treatment is to control microdata to "personal outlays"
rather than to "personal consumption
expenditures," and for governments
to control to "government expenditures" rather than to "government
purchases of goods and services."
Ruggleses, I wish to congratulate
them for the skill, insight, and ingenuity so evident in their formulation
of the lEA's.
1. I believe that the Ruggleses
greatly overstate the benefits derived
from molding the structure of the accounts to conform to the special characteristics of the data for the individual transactors. In fact, adhering to
this practice could impose upon the
accounting structure features that are
irrelevant or harmful to the analytical usefulness of the accounts. It
would appear to be much preferable
to design the accounting structure in
accordance with what is needed for a
comprehensive understanding of how
the economy operates, where it is
now, and where it is going. Having
done so, the national accountant can
design statistical methods for adapting the data for individual transactors
to match the requirements of the accounting design. Admittedly, proceeding from design to the data, rather
than the reverse, could weaken the
statistical linkage between the microdata and the aggregate estimates.
However, that is a more acceptable
cost than the cost of a less useful
system of accounts.
2. Having been critical of the principle of matching the accounts to the
transactor, I will now object that the
Ruggleses do not adhere to their principle in some important areas. As a
result, the lEA's would appear to be
Martin L Marimont
IN their article, Nancy and Richard
Ruggles have made an important contribution to the continuing development of the national economic accounts. They propose and implement
extensions of the national income and
product accounts to provide for: more
nonmarket transactions than are
presently included, capital transactions, and the separation of imputations from other transactions. In addition, the Ruggleses modify the structure of the accounts in accordance
with their goal to integrate the accounts more closely with the data for
individual transactors and with those
transactors' perception of their transactions. While I will focus on three
broad areas where I disagree with the
68
SURVEY OF CURRENT BUSINESS
less useful to analysts. The example I
have in mind is the exclusion of
household purchases of durable goods
from current consumption expenditures and their inclusion in capital
formation. This treatment leads to
household saving very few householders are likely to recognize. The reality
of this saving to householders is even
more questionable when one notes
that among its significant components
are capital consumption allowances
on owner-occupied houses and on
household durable goods. Few householders would consider such saving as
a factor in determining the amount or
timing of their purchases. Even fewer
lending institutions would give much
weight to this saving in evaluating
the credit worthiness of a householder
applying for a loan.
3. The treatment of imputations in
the lEA's is also troublesome. To
begin with, it would be important to
define more precisely what kinds of
transactions are to be classified as imputations. Lacking such definition, I
was surprised to find, as one example,
what used to be called the "banking
imputation'' included in the market
transactions category "financial services provided/' Another example is
that capital consumption allowances
on owner-occupied houses and on
household durable goods are also in-
May
cluded among market transactions in
the household current income and
outlay account.
The second feature of the treatment
of imputations—showing them as a
separate category—appeared initially
to be appealing. It seemed to be important to be able to track the "real"
economy separately from the economy
including fictional activities. However, implementing a separate treatment has resulted in more complex
accounts and an excessive number of
totals and subtotals. This increased
complexity and population explosion
of totals and subtotals may be too
great a burden to place on the users
of the accounts.
Stephen P. Taylor
THE Federal Reserve Board has published its flow of funds (FOF) accounts
in essentially their present form,
except for incidental changes in structure to reflect new financial institutions or new financial practices, since
the mid-1960's. The purpose of these
accounts is to provide a macroeconomic view of relationships between financial markets and nonfinancial activity and among various forms of financial markets. Nonfinancial activity is taken to be BEA's national
income
and
product
accounts
(NIPA's), which the Federal Reserve
integrates into FOF sectoring using
data supplied by BEA. With this integration, one view of the FOF accounts
is as a sectoral deconsolidation of the
NIPA statement of total gross saving
and investment with considerable
elaboration on intersector credit
flows.l A second view of the same information shows for each market the
sectors that are supplying credit and
the sectors that are absorbing credit.
The full system includes, for both
1. The form of the integration and deconsolidation
of NIPA data is described in Board of Governors of
the Federal Reserve System, Introduction to Flow of
Funds (Washington, D.C.: Board of Governors, June
1980), pp. 27-31.
sector and market dimensions, sets of cluding financial accounts, which
accounts for transactions and for were transferred from the FOF for
stocks of outstanding assets and liabil- the integration exercise.
ities. The transactions accounts carry
Apart from the joint structural
the direct link between nonfinancial changes, the major difference from
activity and financial flows—the pair- the FOF is in the very sharp division
ing, for example, of saving and the in- for each sector between current acvestment of saving in a financial count and capital account—a division
asset—and the accounts for outstand- that is reflected in the ISA's by sepaings show asset-debt relationships rate sets of sector tables for current
within and across sectors that are activities and for capital transactions
major determinants of transaction and positions. This division tends to
flows. Because changes in stocks are obscure profoundly the definitional
not fully explained by transactions, a connections between the two accountset of "stock-flow reconciliation" ing forms in ways that are not helpful
statements are used to link the two to the inexpert user and that can
types of information.
easily lead to error. The Ruggleses
may have accentuated the division
The full system covers much the through their form of capital account
same ground as the capital accounts tables, which interleaf balances,
in the integrated economic accounts transactions, and revaluations to
(lEA's), and at the broadest level the state in one place everything that
lEA's should be seen as an integra- happened to the capital position in a
tion of the NIPA's and FOF accounts period. The cost of this form is that it
within a national accounting frame- necessarily isolates capital from curwork that is more formal and more rent transactions and requires users
complete than the present relation- to know more than they may want to
ship. In setting up the integration, know in trying to use the two togeththe Ruggleses propose changes in the er. Table form is different from acNIPA's to improve the sense of reali- count structure, but in this case it has
ty and the generality of the accounts, complicated the understanding of the
and these changes have many conse- system and has thus made access
quences for the capital accounts, in- more difficult for financial analysts.
May
Substantively,
however,
the
changes proposed for household accounts are clearly valuable to financial analysis in bringing the current
account closer to the view that households themselves have of their activities and positions than appears now
in the NIPA's. In the past, the FOF
accounts have held departures from
NIPA concepts to a minimum to
maintain clear communications between the two systems. The departures that have been made are almost
all in household accounts, and include
the treatment of consumer durables
as capital goods and of owner-occupied housing as a household activity
without imputed business relationships. The Ruggleses go beyond these
changes to clarify, in particular, the
position of pension and retirement
systems. They point out that the present measure of personal saving includes a sizable component that goes
into pension funds through contributions and from fund earnings, without
any choice by individuals other than
whether to hold a covered job. This
inclusion in saving carries over into
the financial accounts to produce artificial measures of investment by
households in pension funds that can
be quite different from either their
vested claims on pension funds or the
actuarial value of their pension fund
positions.
The treatment of pension funds proposed by the Ruggleses is useful
indeed for eliminating some of the existing fictions. In the capital account,
households are attributed cash-value
claims on insurance and pension sys-
SURVEY OF CURRENT BUSINESS
69
tems, presumably a reasonably liquid
asset, and pension assets beyond cashvalue claims are left self-standing in
the equity of the financial enterprise
sector. The only caveat is that the
Ruggleses mediatize the Federal Government's
retirement
systems
through the pension and insurance
sector, thus mixing two very different
operations in one account. For financial analysis the accounts would be
more useful without this layering of
claims.
For retirement systems there is an
additional question about unfunded liabilities, which are the difference between present value of future payments due from retirement systems
and the capital value of the assets of
the systems. These unfunded liabilities can be estimated separately for
private funds, State and local government systems, and Federal systems,
and the totals are evidently large.
These capital values have important
implications for the employer groups
supporting the retirement systems,
but they probably have little meaning
to workers covered by the plans, because they are illiquid in an extreme
degree and are fairly abstract concepts. Financial planning by individuals unquestionably recognizes expected future flows of income from retirement systems as an important
backdrop for asset and liability preferences, but does not require that
they be nailed down as capital values.
With an asymmetrical condition such
as this between obligors and obligees,
a broad accounting system such as
the lEA's can legitimately include
such values as peripheral or memorandum information without incorporating them fully into the accounts.
Social Security plays a role for individuals parallel to retirement systems, and its capitalized liabilities
might be included in the memo table
even though Social Security is not
itself capitalized at all in NIPA's,
FOF accounts, or lEA's.
Treatment of retirement systems is
the most important innovation in the
lEA's for the financial analyst, but
there are many others that have
varying usefulness and that need consideration. It is not clear, for example,
that charities and foundations belong
in nonfinancial rather than financial
enterprise or that the inhabitants of
"other banking" would recognize
themselves under that rubric. More
substantially, there is an interesting
contrast between the lEA's and FOF
accounts in the meaning of the national capital account or national net
worth, in which the FOF statement
gives the position, foreign plus domestic, of domestic residents, while the
lEA's give equity positions, foreign
plus domestic, in a set of domestic
assets and liabilities. The Ruggleses
propose a great many particular features such as these that should be
looked through and integrated into a
systematic
accounting
structure
where sectoring, current accounts,
and capital accounts can be seen together in their interrelationships.
That integration has not really been
done yet, but the proposal is plainly
rich enough in its implications to
make the effort worthwhile.
cial transactions and on wealth and
balance sheets. The IEA system consists of current and capital accounts
for four sectors, summarized by an aggregate production account and by aggregate wealth and capital accounts.
In all cases, the current accounts
clearly differentiate between market
and nonmarket transactions, and the
capital accounts combine balance
sheets, capital transactions, and revaluations in a single presentation. In
addition to these structural modifications, the Ruggleses make certain
changes in sectoring and in the recording of transactions.
All of this results in a set of accounts that, superficially at least,
look quite a bit different from those
that we are used to seeing. They look
Helen Stone Tice
THE Ruggles and Ruggles integrated
economic accounts (IEA) system is a
modification of the national income
and product accounts (NIPA's) designed to accommodate three types of
additional information: microdata
that complement and are consistent
with macroeconomic data, imputations for an expanded range of nonmarket production, and data on finan-
70
SURVEY OF CURRENT BUSINESS
less unusual to those familiar with
the Federal Reserve Board's flow of
funds (FOF) accounts, but not all
NIPA users are in that company. The
Ruggleses add only a few new estimates, largely BEA estimates that
have not been incorporated into the
NIPA's but are consistent with them.
By and large, therefore, their work
consists of moving existing pieces into
a new configuration. It is legitimate
to ask, therefore, whether all this
rearrangement makes us any better
off. Are the lEA's more precisely estimated and more illuminating than
the accounts that we now have?
This comment is concerned primarily with the capital accounts in the
IEA; other changes are discussed only
to the extent that they affect the capital accounts. The IEA system is a substantial first step in the expansion of
the NIPA's to include more fully developed capital accounts. Indeed, if it
were not so substantial a step, the
user would be less conscious of the deficiencies in presentation noted in the
remainder of this comment. The first
section covers the formal structure of
the IEA capital accounts; it evaluates
the broader concept of capital formation that they embody, and compares
them with existing presentations. The
second section touches on two other
aspects of the lEA's that have particular relevance for the capital accounts: sectoring and the classification and reclassification of transactions. The next sections describe and
evaluate both the constant-dollar capital accounts and the view of saving
provided by the ISA's.
other changes in value arising outside
the production process.
It is unfortunate that the IEA current accounts stress gross saving and
investment while the capital accounts
use net concepts; it makes relating
them more difficult than it should be.
Indeed the enterprise current account
does not even have a convenient presentation of gross and net saving that
covers all the entities included in this
sector. Although the household and
government sectors have explicitly
identified sector discrepancies between net saving as measured in each
of the two accounts, such a discrepancy is unaccountably missing for the
enterprise sector. Explicit discrepancies are of immense value to the practicing national accountant, because
they are a good indicator of statistical
trouble; surely there should be some
recognition
of
their
existence
throughout the IEA system.
It is difficult to relate the current
and capital accounts conceptually because of their different format. It also
is difficult to relate them empirically,
because of disparities between the estimates of capital consumption,
saving, and net investment reported
in the two accounts for the enterprise
and the government sectors. Investment by nonprofit institutions and
government enterprises is included in
IEA enterprise gross investment in
both the current and the capital accounts. IEA enterprise capital consumption allowances include capital
consumption by nonprofit institutions
and government enterprises in the
capital account, but not in the current account, however, at least not in
a readily identifiable form. l Whatever
the cause, the lack of an explicit gross
and net saving statement for the enterprise account is a severe limitation
of the IEA system; if the account
were patterned after an income and
Capital accounts of the IEA's
Form of the accounts.—The general
form of the capital accounts is much
like that recommended by the United
Nations System of National Accounts
(SNA) guidelines for balance sheets.
The IEA presentation combines four
accounts for a single year into one
table: the opening balance sheet; the
transactions in assets and liabilities
during the year; any revaluations in
these assets, from whatever cause;
and the closing balance sheet. The
focus of the presentation is clearly on
sector capital formation and accumulation, with provision for systematically recording price appreciation and
1. According to the text, the retained income of nonprofit institutions is gross of capital consumption allowances; consequently, enterprise capital consumption allowances exclude those of nonprofit institutions.
IEA table 1.2 and the subsector accounts indicate that
the surplus of government enterprises shown in the
gross national product, enterprise gross product, and
government accounts is gross of capital consumption
allowances, although by analogy with proprietors'
income, it seems that net income should be shown
here. Moreover, government enterprise capital consumption allowances are included in the current-account measure of capital consumption allowances for
the government sector.
May
outlay account rather than the production account, it might be easier to
provide such a statement.
Similar difficulties exist in relating
the current and capital accounts for
the rest of the world. In the current
account, the lEA's retain the NIPA
concept of net foreign investment, a
measure of net saving by the United
States. In the capital accounts, on the
other hand, the lEA's reflect the investments of the rest of the world in
the United States net of foreign borrowings and sales of equity in U.S. financial markets; it is foreigners who
are saving and accumulating claims
on the United States. Obviously there
needs to be only a change of sign
when relating the two accounts, but a
more straightforward presentation
would be desirable.
To those unfamiliar with the FOF
accounts and with BEA's capital stock
calculations, some items in table
stubs for the capital account often are
not as clear as they might be.
1. The appearance of gross investment on a line labeled "gross stock"
is confusing, and revaluations to revaluations are a mystery without a
careful reading of the text.
2. The derivation of net investment
in reproducible assets and of net
stocks of these assets is done in considerable detail in the IEA sector accounts; it almost replicates the perpetual inventory calculation. Although the distinction between book
and replacement cost measures is an
important one, and although it is desirable to report estimates on both
bases, it is not clear that the full details of this derivation need to be included in the capital accounts; supporting tables might be a much better
vehicle. There is almost too much information to be absorbed even in
sector capital accounts with tangibles
shown entirely in net terms, as they
are in the capital accounts for the
Nation.
3. "Transfers of equity" may not be
the best term with which to refer to
the attribution of certain types of equities to the net worth of their owners
rather than to the independent net
worth of the sector in which they
originate. Corporate shares outstanding are subtracted from the net worth
of corporations and attributed to
households and other holders. Propri-
May
etors' equity and pension, trust, and
insurance equities are transferred to
the household sector; the equity of
government enterprises is transferred
to government; and the equities represented by direct investment positions
are transferred to the owner.
Definition of capital formation.—
Recognition of consumer and government capital formation has long been
controversial, but the treatment proposed by the Ruggleses seems sensible.
Owner-occupied housing has always
been included in the NIPA's as capital formation; putting it and the
mortgage debt that finances it in the
household sector merely makes the
sector conform more closely to customary definitions of personal wealth.
The importance of consumer durables
in the U.S. economy warrants their
inclusion in capital formation (even
though the SNA does not do so). Certainly much of the transportation
services consumed in the United
States today is owner-provided; and
major appliances, which are capitalized if installed in rental units, should
be given the same treatment if installed in owner-occupied units. For
consumer durables, as well as for
owner-occupied housing, the lEA's include components of service value besides capital consumption allowances;
the FOF measure of the service value
of consumer durables includes only
the latter. The estimates used in the
lEA's are BEA estimates, designed to
be consistent with other portions of
the NIPA's.
The NIPA's do not recognize government capital formation. However,
the SNA does, and there are several
indications that it would be useful to
do so. These indications include
recent journalistic accounts of the
perilous state of much of the Nation's
infrastructure and the inclusion of
the replacement value of tangible
assets in an estimate of the real net
explicit liabilities of the Federal Government published in the 1982 Economic Report of the President. The
Ruggleses include only the capital
consumption allowance in service
value, probably for want of estimates
of other components.
Relationship of the IEA 's and existing presentations.—The lEA's considerably expand on the information on
SURVEY OF CURRENT BUSINESS
71
capital formation and its financing
currently in the NIPA gross saving
and investment account and broaden
the content of capital formation as
well. The lEA's and the FOF accounts
share certain characteristics: the use
of sector gross saving and gross investment concepts; the attribution of
capital formation in owner-occupied
housing to the household sector
rather than to the business sector, the
treatment of consumer durables as
saving and investment rather than as
current consumption, and the removal of government pension and insurance funds from the government
sector. In addition to these FOF adjustments to the NIPA's, the Ruggleses remove nonprofit institutions
and personal trusts from the FOF
household, personal trust, and nonprofit institutions sector and reclassify certain government outlays from
consumption to capital formation.
The user of the FOF accounts may
find himself at sea in the IEA capital
account however, for it combines the
conventional FOF sector transactions
account with the less frequently published balance sheets and reconciliation statements. This IEA presentation is clearly not as convenient for
the analysis of financial markets as is
the FOF system. In the FOF accounts,
time series are typically given for
each of the component accounts separately—balance sheet, transactions,
revaluation. Moreover, the presentation of the estimates in terms of both
sectors and asset categories enhances
its usefulness as a market summary.
Clearly the specialist user of the FOF
system will probably not find the
lEA's to his liking, and they are not
really as appropriate to his purposes.
For the NIPA user, however, they are
a useful introduction to this financial
information; and they do show quite
clearly the process of accumulation
and the relationship of NIPA saving
to the balance sheets on successive
dates.
The IEA capital accounts for the
Nation and the FOF statement of consolidated domestic net assets both
show national wealth as the sum of
sector net worths, but they differ in
the way that the two systems eliminate the double-counting of equity. In
the lEA's, the portion of a sector's net
worth represented by equity claims
held by other sectors—primarily the
household sector—is attributed to the
owning sectors; this transfer leaves a
residual equity for the enterprise
sector, for example, that is over and
above the following: the value of proprietors' equity, the market value of
corporate shares held outside the enterprise sector, and the value of the
beneficial owners' equity in life insurance reserves, pension funds, estates,
and trusts. In the FOF balance sheets,
on the other hand, the transfer is
made in the opposite direction; it is
household net worth that is reduced
by equity holdings and enterprise net
worth that is left intact. The IEA
treatment attributes most of national
wealth to households—particularly in
times of rising stock market values;
this treatment, which is the one recommended by the SNA, is consistent
with treatment of equity issues in the
capital transactions account. The FOF
treatment, on the other hand, suggests a more important role in
wealth-owning for enterprises than
that shown in the lEA's, and may
lead to useful insights about the control and likely use of this wealth.
Sectoring and transactions
Sectoring.—The changes in sectoring improve the homogeneity of the
household and government sectors,
but at great expense to the usefulness
of the enterprise sector. To a considerable extent, the subsectoring scheme
appears to consist of conforming FOF
sector detail to SNA categories. The
insurance and pension sector of the
IEA system apparently does not include property and casualty companies; the latter are, instead, included
in a category "other financial enterprises," along with investment companies, finance companies, brokers and
dealers, and personal trusts and estates—a heterogeneous collection of
institutions with obligations ranging
over the entire maturity spectrum of
the financial account.
A number of sectoring legacies
might have been changed, but were
not. The Federal Reserve System and
the Federally Sponsored Credit Agencies are part of the enterprise financial sector in the lEA's, just as they
are in the FOF and the NIPA's. In
the NIPA's, this treatment may not
72
SURVEY OF CURRENT BUSINESS
cause serious difficulties of interpretation, although Federal Reserve profits
can behave somewhat atypically at
times; in the FOF accounts, the high
level of disaggregation allows these
institutions to be noticed readily. No
such safeguards exist in the lEA's.
The capital account transactions and
positions of these institutions are substantial, and, for many reasons, they
should probably not be combined with
other financial and nonfinancial enterprises.
Transactions.—By and large, the
Ruggleses accepted the transactions
as they found them in the existing
NIPA's and FOF accounts. They
modified the NIPA's more than the
FOF, however, by introducing the
transactor approach to recording
transactions, which changed the
treatment of certain insurance and
pension transactions and items of "enterprise consumption" to make these
transactions conform more closely to
the way in which participants view
and record them.
The Ruggleses changed very few
FOF categories of financial transactions. They retained the peculiarly
U.S. institutional detail rather than
conforming to SNA guidelines, which
group assets and liabilities primarily
by maturity rather than by instrument. The lEA's also preserve certain
FOF aggregates, such as credit
market claims, that have wide acceptance. Some asset detail is not retained; unfortunately, what remains
may be overwhelming to the NIPA
user new to financial accounts, but at
the same time insufficient for the
FOF specialist.
Another implication of the acceptance of the FOF transactions, however, is the acceptance of carrying of
fixed-claim assets at book or par
value rather' than at market value,
thus eliminating the possibility of reporting any current-dollar revaluation in these assets. The wherewithal to convert everything to market
values is lacking for the most part,
and it is probably better not to try
than to produce some questionable estimates with what is available. As a
result, however, the revaluation accounts have less information than
they otherwise might in a period of
changing capital values.
Probably for want of relevant data,
the Ruggleses also adopt the FOF
practice of ignoring land transactions
and placing all changes in land value
in the revaluation account. This treatment makes the revaluation account
absorb more than its probable share
of changes in land value, and it also
raises the question of how these revaluations come about if there are no
transactions to set market prices.
The acceptance of the FOF transactions categories also implies the acceptance of the FOF version of the
capital account of the balance of payments accounts. The gold stock and
Special Drawing Rights are prominently displayed in the lEA's, although, for the most part, they are
shown in the enterprise sector account; official foreign exchange holdings and the net IMF position are
components of IE A "other fixed claim
assets." Direct investment is removed
from the FOF "miscellaneous" group
and identified in IEA equity, a desirable change. And major types of securities—components of portfolio investment—are identified, although the
balance of payments maturity information is missing.
I do not understand why the Ruggleses passed up this opportunity to
remove Special Drawing Rights allocations from the category of "capital
grants" in the current account, the
present NIPA treatment, and to let
them fall instead in the revaluation
account, as recommended by the SNA
and currently practiced in the FOF.
Discrepancies.—Sector discrepancies
in the FOF arise because of inconsistencies between the accounting records that underlie the estimates of
conventional NIPA transactions and
the accounting records that form the
basis of the financial accounts. These
discrepancies are defined as the
excess of gross saving over gross investment, the latter the sum of capital expenditures (primarily NIPA)
and net financial investment. Because
both components contain capital consumption allowances, the FOF discrepancy is conceptually equivalent to
the excess of IEA net saving over IEA
net residual equity. The Ruggleses
add too little new information to be
expected to reduce the overall discrepancy in the system—the sum of the
May
NIPA statistical discrepancy with
sign reversed, and floats and unallocated liabilities in the financial statistics; but to the extent that the IEA
transactor approach is effective in its**
stated objective of recording transactions in the lEA's as they are perceived and recorded by the transactors, it should reduce the FOF sector
discrepancies. The IEA capital accounts permit us to ask whether these
sectoring and transactions changes do
in fact reduce discrepancies.
Although such a comparison is difficult to make, it appears that the discrepancies in the lEA's are better for
some sectors, but worse for others,
than they are in the FOF; overall
they are just different. A comparison
limited to the years 1974-80 suggests
the following: (1) the IEA discrepancies for the household sector are
either similar to or smaller than,
those in the FOF, especially after
1975; (2) enterprise account discrepancies are somewhat reduced in the
IEA, again especially after 1975, but
there are puzzling variations in absolute size, as well as abrupt changes in
sign; (3) overall government account
discrepancies are reduced in every
year, although the Federal Government discrepancy exhibits some puzzling changes in sign; and (4) the discrepancy in rest of the world account
is about the same in the two systems,
although the differences are variable
in both size and sign.
The IEA net saving estimates used
for enterprises include net saving by
nonprofit institutions and pension
and insurance funds. Other adjustments should probably be made as
well. The overall financial discrepancy in the lEA's seems larger in absolute terms than its FOF counterpart,
for reasons that I do not understand;
net direct investment earnings retained abroad are handled differently
in the lEA's from the way they are
treated in the NIPA's and FOF; and
certain FOF adjustments (sales of
mineral rights, capital gains dividends, and foreign equities held in the
United States) appear as addenda
items in one IEA capital account
without being mentioned explicitly as
a counterentry elsewhere in the
system. I did not attempt to explore
these other opportunities.
May
Obviously reduction in sector discrepancies does not by itself justify a
reclassification; many frivolous adjustments could pass muster on such
a criterion. If a reclassification is appealing on other grounds, however, an
unambiguous improvement in one or
more sector discrepancies would lend
support to making the change.
Capital accounts in constant purchasing power
The IEA constant purchasing power
presentation embodies an approach
proposed for use by commercial accountants in reporting business financial results in periods of inflation. In
this presentation, all items are first
converted, where appropriate, to a
current-value replacement cost basis
and then are deflated by a common
index; such an approach separates
holding gains from operating profit
and recognizes the monetary gains
and losses accruing to debtors and to
creditors during inflation.
For the constant purchasing power
estimates (table IEA 2.3), the items in
the current-value balance sheet are
deflated by the NIPA GNP implicit
price deflator. If a NIPA rather than
an IEA deflator was to be used, the
fixed-weighted index might have been
a better choice, because the form of
the IEA capital accounts leads easily
to essentially binary comparisons between adjacent years. Sectors whose
assets have risen in price more than
average thus will show an increase in
net worth relative to those whose
assets have risen in price less rapidly
than average. Similarly, both fixedclaim assets and fixed-claim liabilities
will fall in value during rising general prices; the constant purchasing
power net worth of net lenders will,
on balance, fall, and that of net borrowers will rise.
The IEA estimates of real revaluations are more or less analogous to
Eisner's estimates of net revaluations,
except that the IEA revaluations (1)
do not take account of differences between end-of-year and annual average
prices and (2) are expressed in constant dollars and Eisner's in current
SURVEY OF CURRENT BUSINESS
dollars.2 For any sector, both the IEA
and the Eisner revaluation accounts
indicate the extent to which the
sector has kept up with inflation and
maintained capital intact.
These constant purchasing power
accounts do not provide measures of
real capital, however; indeed they
may seem counter-intuitive to one
used to thinking in terms of lower
prices implying higher real magnitudes. Although the Ruggleses provide a table showing reproducible
assets in constant dollars, they do not
use specific deflators of the sort used
in this second table in their constant
purchasing power accounts. Obviously, in real terms, the stock of the
more rapidly inflating assets has
fallen relative to the general price
level.
One minor disadvantage of the
presentation is that the sector net
worths do not show detail on transfers of equity and net residual equity
as well as the total; the reported
sector net worths, therefore, are not
additive.
The view of saving
Clearly the lEA's offer a more extensive menu of saving measures than
that provided by the NIPA's and a
more convenient presentation of this
additional material than that provided by the FOF. Moreover, the constant purchasing power estimates
from the capital account are an original contribution. Do these additional
measures give any new insights?
Although the sectoring in the two
systems is different enough to make
exact comparisons difficult, it is possible to compare IEA enterprise saving
with NIPA business saving, IEA
household saving with NIPA personal
saving, IEA private domestic saving
with NIPA private saving, and IEA
government saving with NIPA government saving. Each of these measures is expressed as a percentage of
the appropriate IEA or NIPA estimate of GNP.
2. See Robert Eisner, "Capital Gains and Income:
Real Changes in the Value of Capital in the United
States, 1946-77," in The Measurement of Capital,
edited by Dan Usher (Chicago: University of Chicago
Press, 1980), pp. 175-342.
73
A comparison limited to 1974-80
suggests that, although the actual
percentages differ somewhat, the conventional transactions measures of
gross and net saving are broadly similar in trend, whether IEA or NIPA,
although there are some short-term
variations among them.
After declining sharply from its
1975 high, the NIPA gross private
saving rate is stable after 1977; the
IEA gross private domestic saving
rate declines less sharply than the
NIPA rate from 1975 to 1977, and
continues to decline after 1977.
Two conventional measures of net
saving are available in the lEA's for
comparison with NIPA measures, one
from the current account and one
from the capital account. In all cases
both IEA measures behave similarly,
although the capital account measure
is more volatile. The NIPA measures
are lower throughout than either of
their IEA analogs. The NIPA net private saving rate declines steadily
from its 1975 high; the IEA net private domestic saving rates remain
close to their 1975 level through 1978,
declining thereafter. The net saving
rates for IEA enterprises and NIPA
business behave similarly, rising until
1977-78 and remaining more or less
stable after this. Both of the IEA net
saving rates for households decline
from 1975 through 1978 as does the
NIPA personal saving rate; unlike the
NIPA measure, the IEA measures do
not increase after 1978. Both IEA government saving rates are very close
in trend and in size to their NIPA
analog.
The addition of revaluations produces saving rates that are much
more volatile than are these conventional measures. Three variants are
considered: (1) a simple change in net
worth, equivalent to capital account
net saving plus revaluations in current dollars; (2) capital account net
saving plus constant-dollar revaluations reflated to current dollars; and
(3) current account net saving plus
constant-dollar revaluations reflated
to current dollars. These last two
measures add to conventional saving
only revaluations in excess of the increase in the general price level. Revaluations are calculated from net residual equity in order to make them
additive.
74
All measures for enterprises, government, and the private domestic
economy as a whole fell in 1975 and
have not regained their 1974 level.
The decline was sharpest for enterprises, with all three rates negative; a
partial recovery was reversed after
1977 so that the 1980 inflation-adjusted measures were negative once
again. Both inflation-adjusted government saving rates were also negative
in 1975, although the rate based on
the change in net worth was slightly
positive; the recovery in these rates
was not reversed until 1979. Saving
rates for the private domestic econo-
SURVEY OF CURRENT BUSINESS
May
my also fell in 1975, although not so
precipitously as those for the enterprise sector; subsequently, an erratic
increase through 1978 was followed
by an erratic decline.
Household saving rates recovered in
1975 from the effects of the previous
year's losses in the stock market;
nominal changes in household net
worth relative to GNP have risen erratically since 1975; both of the inflation-adjusted saving rates are volatile
but trendless after 1975.
On balance, it appears that the
lEA's provide conventional transac-
tions saving measures that, over the
period examined, at least, behave substantially like those in the NIPA's;
they are higher because the IEA capitalizes outlays that the NIPA's consider current expenditures. The IEA
saving ratios that measure changes in
net worth, both nominal and with adjustments for inflation, are new and
potentially valuable; they are far
more volatile than NIPA measures, at
least in the period examined. Certainly the precipitous drop in private
rates of net accumulation that they
show in 1975 is intriguing and bears
further investigation.
results of saving behavior. Physical
stocks of producers' capital—structures, equipment, inventories—must,
of course, be estimated in order to understand productivity and investment.
The valuations of these stocks in asset
markets is also relevant to investment decisions. These valuations, in
turn, are the outcomes of financial
markets, where the portfolio preferences of households, businesses, foreigners, and other agents interact
with the monetary and fiscal policies
of governments and central banks.
The impacts of these policies—on
macroeconomic performance and in
encouraging or crowding out investment—cannot be analyzed or estimated econometrically without tracking
their effects on the stocks of moneys
and near-moneys, public debt securities, and other assets and debts. The
examples serve to make the general
point: It is more than ever recognized
that analysis, forecasting, and policy
evaluation require data on stocks as
well as flows, balance sheets as well
as income statements.
Fortunately, the flow of funds statistics of the Federal Reserve Board
provide in great detail regular data
on financial stocks and flows. The
Ruggleses show how these data can be
integrated with other stock data and
with the national income and product
accounts. But their experiment also il-
lustrates the well-known problem. It
is difficult to reconcile data from the
different sources, and disturbingly
large,
unexplained
discrepancies
remain, e.g., between financial saving
flows estimated from flow of funds
statistics and the same concepts from
the national income and product accounts and other sources. Conceptual
integration needs to be matched by a
concerted effort to diagnose and
remedy these inconsistencies.
The integrated economic accounts
(lEA's) could, I think, be displayed
somewhat more informatively than in
any of the tables in the article. For
stocks and balance sheets, I have in
mind a matrix for each date, with a
row for each asset or debt category
and a column for each sector. In each
cell (ij) would be displayed the net position, positive or negative or zero, of
the sector (i) in the asset (jX (When information permits, the gross positions,
positive and negative, could be shown
in the cell, with the net holding
equaling their difference. For example, business firms hold the securities
of other business firms, and banks
have deposits in other banks.) The list
of sectors is exhaustive, including—as
it does in the IEA schema—the rest of
the world. Consequently, the sum of
the entries in a row is in principle
zero for financial assets; one sector's
net asset holding is another sector's
James Tobin
THE very essence of an accounting
system—for a household, an enterprise, or a Nation—is consistent joint
evaluation of stocks and flows. The
system should show how changes in
balance sheets from one date to another arise from incomes, outgoes,
and revaluations in the intervening
period. The national accounts of other
countries respect these basic principles. The U.S. system does not, even
though we are better endowed than
most countries with relevant data. It
is high time that we adopt and apply
empirically a conceptual framework
for evaluating and tracking of stocks.
I hope that the proposals of Richard
and Nancy Ruggles will inspire the
Federal Government to develop an integrated system. Their article provides a conceptual design, shows how
existing data can be rearranged to fit
the concepts, and exposes the inconsistencies in numerical data that need
to be resolved.
In the last 35 years, economic analysis has increasingly emphasized the
role of stocks and balance sheets in
economic behavior. The simple
Keynesian consumption function was
a relation between flows, but it soon
became evident, on both theoretical
and empirical grounds, that stocks of
wealth, liquid assets, durable goods,
and consumer debt are important
short-run determinants and long-term
May
liability. Deviations from zero, in
practice, are statistical discrepancies.
For a row representing durable goods,
however, the sum is the Nation's
stock of the goods, valued at the
prices of the date of the tabulation.
Likewise, the list of assets is in principle exhaustive, including in one or
more rows claims of domestic agents
on foreigners and debts to foreigners.
Each column, therefore, represents
the balance sheet of the sector, and
its sum is the sector's net worth. The
two sums of sums should be equal,
each representing, apart from statistical discrepancies, domestic wealth.
(National wealth is this quantity
minus the net worth of the rest of the
world in the assets listed in the
matrix, i.e., plus the net claims of domestic sectors on foreigners.)
The same matrix format can, of
course, record the changes in sector
holdings of all assets from one date to
another. Within each cell there would
be, as in the IEA tables, two entries,
one for the sector's net purchases or
sales of the asset at the prices of the
period, and one for revaluations of
assets previously acquired. For any
sector, the sum of all these entries is
the change in net worth, similarly
split between the value of net acquisitions, which is the net saving of the
sector, and revaluation of existing
holdings.
A second flow matrix leads in principle to the same estimates of sectoral
net saving. In this matrix the columns are the same, but the rows represent transactions other than purchases or sales of assets. The row categories are types of transactions like
taxes, transfers, income payments,
consumption outlays, and labor compensation. If the list of these is exhaustive, their net sums will be the
saving figures. As the IEA tables illustrate, the statistical discrepancies
between these saving estimates and
those described in the preceding paragraph are frequently large. Their reduction should be a major objective of
interagency work towards integration
of accounts.
The format I am advocating is like
that used in the European Communities.1 In the lEA's, the closest approach is table 8, where I would con1. See European Communities, Commission, European System of Integrated Economic Accounts—ESA, 2nd
ed. (Luxembourg: Office for Official Publications 1980),
table T2, pp. 186-87.
U.S. GOVERNMENT PRINTING OFFICE : 1982 0 - 374-058
SURVEY OF CURRENT BUSINESS
75
solidate the two rows shown for each
asset, one for positive holdings and
one for liabilities of the same type.
This table distinguishes 4 major sectors and 30 types of assets. In greatest
detail, the lEA's distinguish 16 sectors, almost 40 types of assets, and
over 80 other categories of flows.
Clearly, the approach can be followed
at different levels of aggregation.
I would like to comment on some of
the conventions that the Ruggleses
adopted. As is always true with respect to accounting conventions,
people will differ in their tastes and
views. In the end, arbitrary decisions
govern the forms in which data are
regularly presented, and determine
the small set of summary statistics on
which public attention inevitably is
focused. As I think the authors recognize, certainly by the practical test of
the detail in which they supply numbers, the arbitrary decisions are less
important if serious users of the data
can adapt them to the concepts useful
for their own purposes.
Some economists may be surprised
that households do not own the entire
wealth of the Nation. Non-zero net
worth is attributed to all the sectors,
and, by the same token, all of them
can save or dissave. Several accounting conventions lead to this feature of
the lEA's.
The least controversial of these, I
should think, is the attribution of net
worth to governments. Government is
debited for its fiduciary monetary
issue and for its net interest-bearing
financial debt obligations. Crediting
governments for the value of their
physical assets—durable public goods
of various kinds—is an accounting
reform long overdue in this country.
The authors understandably do not
attempt to attribute these public
goods to their users or beneficiaries in
other sectors. In keeping with their
sensible general decision not to include in capital accounts the present
value of those future income streams
that are neither valued in markets
nor secured or defined by legal contracts, the Ruggleses do not capitalize
future tax revenues or transfers. An
old but nagging question about the
treatment of government in the national income and product accounts
remains, and perhaps it is time to
review it again. Which of the current
expenditures of government and serv-
ices of public goods should be regarded as intermediate rather than final
and excluded from national product?
Equities in privately owned enterprises are given two valuations for
the same point of time. Securities
market valuations are used in reckoning the equity holdings and net worth
positions of households and other
shareowners. But the underlying
assets are valued at commodity prices
(replacement costs) in the accounts of
the enterprise sector. The excess of
the second valuation over the first is
counted in enterprise net worth, so
that in aggregate national wealth the
underlying physical assets are carried
at replacement cost. This is one consistent way of handling deviations of
"q" from 1. Incidentally, an important
task in improving flow of funds statistics is estimation of market values of
bonds, corporate and government. In
these days of volatile interest rates,
the convention of carrying debts at
par is questionable.
Some enterprises, financial and
nonfinancial, do not have owners in
other sectors, and they are properly
credited with net worth of their own.
These include nonprofit institutions—now happily moved out of the
household sector—and mutual savings
institutions. The assets of pension
funds and life insurance companies
are attributed to their prospective
beneficiaries to the extent that they
represent cash or loan values. Otherwise, households are not credited with
" wealth" representing the capital
value of future pension benefits, governmental or private. Neither are
they credited with "human capital"
reflecting the capitalization of future
labor earnings or other entitlements.
These conventions seem satisfactory,
so long as more adventurous users of
the data can reestimate and supplement household wealth and saving by
calculations of their own.
Limited by time, space, and expertise, I have commented only on those
aspects of the article that bear most
directly on my own interests in the
monetary and financial aspects of macroeconomics. In conclusion, I very
much hope that, thanks to the extraordinarily careful and thorough
trailblazing of the Ruggleses team, we
are on the threshold of a major improvement of the U.S. national accounts.
INDISPENSABLE
Economic Information
from the Bureau of Economic Analysis
SURVEY OF
CURRENT BUSINESS
BUSINESS
CONDITIONS DIGEST
The journal of record and
research of the Bureau of
Economic Analysis.
Published monthly.
The Wall Street Journal said
it was "the single most useful
government publication, in the
opinion of many analysts."
(March 21, 1977)
Published monthly.
ENTER MY SUBSCRIPTION TO
Survey of Current Business
Annual subscription: Domestic second class, $30.00; domestic first class, $50.00; foreign, $37.50;
single copy domestic, $4.25.
Business Conditions Digest
Annual subscription: Domestic first class, $60.00; foreign, $75.00; single copy domestic, $5.50.
Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402
Credit Card Orders Only
D check,
Enclosed is $
VISA'
Total charges $_
. Fill in the boxes below.
D money order, or charge to my
Credit
Deposit Account No.
CaTd N o . r I I I I I M I T I I I I I I I I
ORDER FORM To:
1 1 i i i i i i-n
Expiration Date •—•—,—•—,
Month/Year
I I I I I
Order No..
For Office Use Only
Quantity
Company or personal name
Enclosed
iAddition*!addraM/attontion Vne i i i i i i i i i i i i i i i i i i i i
i i i i i i i i i
I
I
I
I
treet address
I
I
I
I
I I
I
I I I
I I
I I
I
I
I I
I I
I
I
I
I I
i i i i i i i i i i i i i i i i i i i i State i ZIPiCode i i i
i i i i
;
"l 1 1 } 1 1 1 1 1 1 1 II 1 II 1 1 II LLJ 1 1 1 M 1
or Country)
1 1 1 II
M
1 1 1 1 1 1 1 1 II
PLEASE PRINT OR TYPE
1
II 1 1 1 1 II
M
1
To be mailed
Subscriptions
Postage
Foreign handling
MMOB
OPNR
UPNS
Discount
Refund
Charges
CURRENT BUSINESS STATISTICS
STATISTICS here update series published in the 1979 edition of BUSINESS STATISTICS, biennial statistical supplement to the SURVEY OF CURRENT
BUSINESS. That volume (available from the Superintendent of Documents for $9.50, stock no. 003-010-00089-9) provides a description of each series, references to
sources of earlier figures, and historical data as follows: For all series, monthly or quarterly, 1975 through 1978, annually, 1947-78; for selected series, monthly
or quarterly, 1947-78 (where available).
The sources of the series are given in the 1979 edition of BUSINESS STATISTICS; they appear in the main descriptive note for each series, and are also listed
alphabetically on pages 171-172. Series originating in Government agencies are not copyrighted and may be reprinted freely. Series from private sources are
provided through the courtesy of the compilers, and are subject to their copyrights.
Unless otherwise stated in footnotes below, data
through 1978 and descriptive notes are as shown
in the 1979 edition of BUSINESS STATISTICS
1980
1981
1982
1981
Mar.
Annual
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Mar.
Apr.
2,522.5
2,531.1
1,531.4 1,542.9 1,540.5
r
r
5!8.8
-519.0
523.6
r
387.9
392.3 rr388.8
r
374.0
371.9
375.0
Dec.
1,537.8
514.8
387.0
373.6
Jan.
Feb.
GENERAL BUSINESS INDICATORS
PERSONAL INCOME BY SOURCE f
Seasonally adjusted, at annual rates: t
Total personal income
bil. $..
r
2,498.1 r2,513.2
2,160.2
2404 1
23404
23538
23674
2 384.3
2,419.2
2,443.4
2,462.6
2,475.2
2,492.4
2,492.0
Wage and salary disbursements, total
Commodity -producing industries, total....
Manufacturing
Distributive industries
do....
do....
do....
do....
1,343.7
465.4
350.7
328.9
1,482.7
512.7
387.3
361.1
1,452.8
503.2
379.4
354.8
1,459.6
504.8
383.7
357.0
1,467.3
508.1
387.8
357.7
1,473.9
511.5
388.8
358.7
1,484.9
517.0
391.7
360.7
1,500.3
521.2
394.7
365.9
1,510.3
522.4
395.4
369.3
1,517.5
522.5
393.9
368.5
1,527.7
522.2
391.8
371.7
1,522.4
518.2
387.3
368.4
Service industries
Govt. and govt. enterprises
Other labor income
Proprietors' income: $
Farm
Nonfarm
do
do....
do
2957
253.6
137 1
3350
273.9
154 1
3265
268.4
1495
3284
269.4
1509
3309
270.5
151 6
3322
271.7
1530
3344
272.8
1548
3396
273.6
1563
341 4
277.2
1578
3446
281.9
1592
3504
283.4
1604
351 2
284.6
161 7
3540
286.4
1627
do....
do....
23.4
107.2
224
112.4
182
114.2
202
113.0
217
112.2
23.2
112.2
24.4
112.2
25.2
112.4
24.4
112.5
24.9
111.9
24.7
111.4
23.7
111.0
r
!9.8
110.6
bil. $..
do
do....
do....
do....
do.. .
31.8
544
256.3
294.2
87.9
2,112.6
33.6
61 3
308.5
3332
104.2
2,353 5
32.9
33.1
594
583
295.2
297.9
3225
3219
102.6
102.9
22954 23064
33.3
602
300.6
3235
103.1
2318 1
33.5
61 1
304.1
3265
103.3
2333 1
33.7
624
309.2
3419
104.3
23664
33.9
630
315.7
3417
105.2
23893
34.1
635
322.3
343.0
105.5
2 409.0
34.3
639
326.3
343.6
106.3
2 420.6
34.5
64 1
328.9
347.4
106.8
2 437.6
34.7
64 3
330.8
349.9
106.6
2 437.8
2 1602
338.5
1,821.7
1 7204
1,672.8
211.9
675.7
785.2
2 404 1
'388.2
2,016.0
19084
1,857.8
232.0
743.2
8826
23404 23538
375.1
378.2
1,965.4 1,975.6
1 8732 1 8696
1,824.1 1,820.0
2294
2405
729.6
733.9
8539
8566
2 367 4
382.5
1,984.9
18755
1,825.7
2264
731.5
8679
23843
388.0
1,996.3
1 8919
1,841.6
226.1
740.6
8749
24192
393.7
2,025.5
1 916 1
1,865.6
2300
746.8
8888
2 443 4
400.2
2,043.2
19455
1,894.3
245.2
752.5
8966
24626
405.4
2,057.3
19436
1,891.7
2334
754.6
9038
24752
394.8
2,080.4
1 9468
1,894.6
226.3
755.2
913 1
2 4 9 2 4 24920 r 2 498 1 r2r 513 2
399.5
399.8
394.9 r 401.1
2,092.9 2,092.1 r2,103.3 r2,112.1
r
1 9627 1 9720 r l 993 1 2 006 0
1,910.6 1,919.7 l,940.7 1,953.4
r
r
226.7
237.6
226.2
237.3
r
r
761.7
764.0
759.7 r769.1
r
922.6
928.9
9434
9470
Rental income of persons with capital
consumption adjustment
Dividends
Personal interest income
Transfer payments
Less: Personal contrib. for social insur
Total nonfarm income
34.8
645
333.6
351.2
110.5
r
2 447.4
r
r
16.2
110.6
34.8
64 8
r
352.6
111.5
2 465.6
3602
289.3
1658
14.7
111.0
34.8
648
r
344.4
r
r
338.9
r
r
3595
288.3
1649
14.9
110.8
357 1
287.2
1638
r
358.9
111.6
2 475.7
35.0
650
349.8
363.8
111.7
2 484.0
DISPOSITION OF PERSONAL INCOME *
Seasonally adjusted, at annual rates:
Total personal income
Less: Personal tax and nontax payments
Equals: Disposable personal income
Less' Personal outlays
Personal consumption expenditures
Durable goods
Nondurable goods
Services
Interest paid by consumers to
business
Personal transfer payments to
foreigners (net)
bil $
do....
do....
do
do....
do....
do....
do....
do....
46.4
do....
1.2
Equals: personal saving
do....
Personal saving as percentage of disposable
personal income §
percent .
101.3
Disposable personal income in constant (1972)
dollars
bil. $..
Personal consumption expenditures in
constant (1972) dollars
do
Durable goods
.. .
do
Nondurable goods
do....
Services
do
Implicit price deflator for personal consumption
expenditures
index, 1972=100..
49.5
1.0
107.6
48.2
1.0
92.2
48.6
1.0
106.0
48.8
1.0
109.4
49.3
1.0
104.4
49.6
1.0
109.3
50.3
1.0
97.7
50.9
51.2
1.0
1.0
113.7
133.6
51.2
1.0
130.2
51.3
51.4
1.0
120.1
57
2r 522 5 2531 1
398.9
391.5
2,123.6 2,139.6
1 993 7 2 0 0 4 2
1,941.1 1,951.5
r
234.7
230.0
r
756.1
761.1
r
950.3
960.3
r
r
1.0
1.0
106.1
r
51.7
51.6
51.6
1.0
110.2
r
1.0
129.9
55
5.8
1,048.5
135.4
1,052.2
56
53
49
52
54
54
51
52
56
61
61
1,018.4
1,040.4
1,035.3
1,036.8
1,036.5
1,037.3
1,041.6
1,045.5
1,043.7
1,048.4
1,049.6
935 1
1358
358.4
440 9
958 9
1394
367.3
452 2
960 9
147 7
363.1
450 1
955 1
1396
366.5
449 o
953 4
1366
365.5
451 3
9569
1360
368.9
4520
9594
1370
368.7
453 6
9693
1458
370.1
453 4
9597
1380
367.7
4540
954 8
133 1
367.0
454 7
9582
1332
369.2
4558
9594
133 1
370.1
4562
'961 9
1377
r
365.4
r
458 7
r
9697
1389
r
371.5
r
459 3
961 7
137.2
365.8
4587
178.9
193.7
189.8
190.6
191.5
192.5
194.5
195.4
197.1
198.4
199.4
200.1
T
201.8
r
201.4
201.8
147.0
151.0
152.7
151.5
152.6
156.5
151.0
155.4
155.8
152.4
146.4
139.1
136.6
142.4
"141.7
e
e
53
1,045.6 1,042.4
INDUSTRIAL PRODUCTION
Federal Reserve Board Index of Quantity Output
Not Seasonally Adjusted
Total index
1967=100..
By industry groupings:
Mining and utilities
Manufacturing
Nondurable manufactures
Durable manufactures
!40.0
do..
1495
1550
1544
1452
1455
1556
161 4
164 1
1568
1525
1520
1552
1643
1594
P
do....
do
do....
146.7
161 2
136.7
1504
1648
140.5
1525
164 8
144.1
1524
165 3
143.4
1534
166 1
144.7
1566
1705
147.0
1495
163 9
139.5
1543
1722
142.0
1555
173 4
143.1
1524
169 3
140.7
1456
161 0
134.9
1370
149 4
128.4
133 1
147 1
123.4
140 4
156 0
129.6
"140 2
1555
129.6
e
!394
e
do
1470
1510
152 1
151 9
152 7
1529
153 9
1536
151 6
149 1
146 3
143 4
140 7
142 7
P
e
144 5
1442
141 7
P
143
P
e
!433
e
!433
e
1523
!449
!55 6
128.2
Seasonally Adjusted
Total index
.
By market groupings:
Products total
Final products
Consumer goods
See footnotes at end of tables.
do
do....
do
1467
145.3
1454
1506
149.5
1479
1507
149.0
1483
151 3
149.9
1489
1523
151 3
1507
1522
151.4
1503
1530
152.1
1507
1526
151 5
1496
151 0
1500
1478
149 4
1489
1465
1475
147 2
144 0
1462
1463
1420
142 9
1428
139 6
141 5
7
1435
141 7
P
!40 7
!425
S-l
S-2
SURVEY OF CURRENT BUSINESS
1981
1980
Unless otherwise stated in footnotes below, data
through 1978 and descriptive notes are as shown
in the 1979 edition of BUSINESS STATISTICS
Annual
May 1982
1982
1981
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
GENERAL BUSINESS INDICATORS—Continued
INDUSTRIAL PRODUCTION—Continued
Seasonally Adjusted— Continued
By market groupings—Continued
Final products—Continued
Durable consumer goods
Automotive products
Autos and utility vehicles
Autos
Home goods
Nondurable consumer goods
Clothing ...
Consumer staples
Consumer foods and tobacco
Nonfood staples
Equipment
Business equipment
Industrial equipment #
Building and mining equip
Manufacturing equipment
Commercial, transit, farm eq. #
Commercial equipment
Transit equipment
Defense and space equipment
Intermediate products
Construction supplies
Business supplies
Materials
Durable goods materials
Nondurable goods materials
Energy materials .
By industry groupings:
Mining and utilities
Mining
Metal mining
Coal
Oil and gas extraction $
Crude oil
Natural gas
Stone and earth minerals
Utilities
.
Electric
Manufacturing
Nondurable manufactures
Foods
Tobacco products
Textile mill products
Apparel products
Paper and products
Printing and publishing
Chemicals and products
Petroleum products
Rubber and plastics products
Leather and products
Durable manufactures
Ordnance, pvt. and govt
Lumber and products
Furniture and fixtures
Clay, glass, and stone products
Primary metals .
Iron and steel
Nonferrous metals
Fabricated metal products
Nonelectrical machinery
Electrical machinery
Transportation equipment
Motor vehicles and parts
Instruments
BUSINESS SALES
Mfg. and trade sales (unadj ) total $
Mfg. and trade sales (seas, adj.), total $
Manufacturing, total f
Durable goods industries
Nondurable goods industries
do....
do.
do....
do
do....
do
do
do....
do....
do....
do....
do....
do....
do....
do....
do
do....
do
do
do....
do
do....
do
do .
do....
do
do....
do
do....
... do
do....
do....
do....
do....
do....
do
do....
do
do
do....
do
do....
do....
do
do....
do....
do
do....
do
do....
do .
do
do....
do
do....
do
do....
155.0
1422
123 1
141.3
1468
95.1
1118
129.4
169 1
190.9
150.4
164.8
152.1
122.2
1357
1204
1550
144 2
215.6
1297
274.0
69.3
1405
81.1
119.1
1572
147.9
1079
99.8
1224
1364
1712
1784
116.1
1223
170.3
mil $ 3 846 477 4 200 227
do.... 13,846,477 '4,200,227
do 1 1845 934 1 1997 775
do.... 936,030 1,019,879
do.... 909,903 977,896
do....
do
do....
Merchant wholesalers, total @
Durable goods establishments
Nondurable goods establishments
do....
do....
do....
Mfg. and trade sales in constant (1972) dollars
(seas, adj.), total *
bil. $..
Manufacturing * .
do
Retail trade *
.
do
Merchant wholesalers *
do....
140.5
137.9
111.2
103.4
142.0
150.9
1198
159.5
1503
1700
1518
181 1
166.4
286.2
127.9
198.0
258.7
125.4
102.7
154.4
1419
166.7
1516
149 1
174.6
1290
149.5
1327
1092
146.7
1333
94.9
111 1
132.8
1683
189.7
146.7
161.2
149.6
119.9
1386
127.0
151 1
1396
207.1
1329
255.7
70.1
1367
78.5
119.3
1500
147.5
1023
92.4
1198
134 1
162.8
1728
116.9
1190
171.1
do....
Retail trade, total §
Durable goods stores
Nondurable goods stores
See footnotes at end of tables.
136.7
132.8
110.1
103.6
138.9
148.9
1260
155.2
1474
164.3
1452
1732
156.5
239.9
128.2
192.4
237.8
139.9
98.2
151.9
1409
162.8
1476
1430
171.5
1293
1967=100..
do....
do....
do....
1
951,902
296,594
655,308
1
1,038,790
326,596
712,194
1,055,168
1
1,174,072
499,970
674,102
448,040
607,128
1189
158.8
1505
168.4
1500
1793
164.6
276.6
128.6
196.2
252.7
127.8
100.7
157.1
1490
165.1
1544
1522
177.5
1309
144.3
142.9
120.2
113.2
145.0
150.7
1206
159.0
1502
169.3
151 4
1810
165.9
281.7
128.5
198.6
254.5
131.5
101.5
156.3
1479
164.7
1529
1518
179.3
123 1
147.3
151.8
129.1
120.0
144.8
152.1
122 1
1603
1513
1708
152 1
1820
167.0
286.4
128.4
199.4
258.0
130.0
102.0
156.1
1465
165.6
1534
1528
179.0
1230
147.9
153.1
131.4
122.2
145.0
151.2
1209
159.6
1496
171.3
1530
1836
169.0
289.7
130.6
200.4
259.9
129.7
101.7
154.9
1434
166.2
1540
1524
176.9
1293
146.5
147.6
123.0
118.1
145.8
152.3
1228
160.5
1505
172.2
154 1
1848
169.4
290.3
130.8
202.5
263.7
128.4
102.6
156.2
144 3
168.0
155 3
1536
176.5
1333
142.5
137.6
107.8
104.0
145.3
152.5
1219
161.0
1506
1730
1540
1844
170.2
293.0
130.8
200.9
264.3
124.6
102.8
156.8
1440
1695
1552
1543
175.4
1326
140.4
139.1
110.0
103.3
141.1
150.8
1193
159.5
1495
171.1
1529
1827
168.9
293.6
129.3
198.5
264.2
121.0
103.0
154.6
1397
169.4
1525
1504
175.5
1289
136.3
132.8
101.7
92.5
138.2
150.5
1178
159.6
1507
169.9
152 1
1805
166.9
295.6
125.7
196.2
259.8
120.6
104.5
151.4
1352
1675
148 5
1456
170.6
1283
129.7
121.7
88.9
81.1
134.1
149.7
116 1
159.0
1504
169.1
1515
1790
165.1
293.8
123.6
195.0
260.6
116.6
105.3
148.7
130 1
167.1
144 6
141 0
164.7
128 1
123.2
119.2
87.5
78.1
125.4
149.5
1138
159.4
1509
169.3
152 1
1790
164.0
294.6
122.0
196.3
262.9
117.5
107.0
145.9
1270
1646
1390
1340
1583
1274
154.8
1432
131 1
151.2
144 1
95.7
1118
138.8
1678
188.9
151.6
165.3
152.4
125.7
1362
120.2
1576
1427
218.5
1303
269.5
68.8
1421
78.5
125.6
1556
154.6
1149
108.0
1277
1392
1692
1774
119.5
1271
170.0
150.5
1352
123 1
75.9
146 1
963
1127
133.7
1676
1886
1520
165.9
1519
1222
1389
1216
1570
141 6
2198
1300
2752
68.9
1425
798
1263
158 7
154.3
1106
1034
1222
1395
1697
1788
121.3
130 7
1700
152 1
1354
1250
77.0
1462
952
111 8
132.2
1707
1929
1528
166.4
1522
1223
1388
1226
1559
141 3
2206
1298
2803
69.8
1435
809
126.2
1589
151.7
111 9
1056
1216
1384
1721
1799
123.7
136 4
1706
156.3
141 7
1235
122.9
1482
96.2
1128
132.7
1727
195.6
152.4
165.8
151.3
120.9
1383
121 1
1534
143 1
2184
1293
285 1
68.4
1432
809
122.5
1624
148.1
1074
985
123 1
139 3
174 1
180 1
123.4
1375
1713
159 1
1465
1236
170.0
1477
952
111 5
133.3
173 1
1962
153.2
167.1
1516
1213
1394
1226
154 9
144 4
2215
1287
2853
70.1
1436
806
122.9
164 9
148.7
1094
997
1318
140 1
1767
1809
119.8
1305
172 1
1582
1460
124 1
1674
1482
948
1168
128.2
1719
1942
1532
167.3
1519
1238
1407
1226
1567
146 1
2192
1304
2867
69.6
1434
818
119 1
1633
148.2
113 1
105 1
1288
1400
1764
1826
115.4
123 1
1723
155.8
1450
1215
161.9
1488
950
111 5
123.4
1678
1883
151 1
165.9
1507
1224
1363
1225
1586
1459
2163
129 1
2822
69.7
1409
823
113.2
1599
147.3
1086
992
1250
136 8
1739
1800
114.2
1204
1697
1561
1453
1198
1669
1489
940
111 9
122.0
168 1
1894
1480
162.8
1514
1243
1325
1178
153 3
1456
2088
128 3
2760
71.2
1378
825
1096
1572
143.4
1023
922
1193
1338
1697
1796
110.6
1138
1686
1554
1433
1154
1608
148 4
939
108 1
116.7
1689
1909
1450
160.3
1530
1196
126 1
1138
1526
143 4
2046
1280
264 1
708
134 4
843
1047
153 7
135.9
966
872
1128
130 2
1679
1757
106.1
1055
167 1
1547
1426
1109
1455
1505
945
1105
115.7
1682
1902
1420
157.4
1528
1126
1228
114 1
1466
1453
1998
1283
2473
656
1313
855
1048
149 4
131.5
896
792
1080
126 1
1674
170 7
103.7
1004
1668
143.6
139.2
116.1
107.8
146.1
150.1
120.1
!09.2
71.6
61.3
126.3
147.4
125.2
117.2
82.0
70.5
129.8
148.2
158.9
1500
169.1
1472
1722
158.1
289.0
116.9
188.5
256.1
109.0
105.2
143.4
1242
162.4
137 2
1297
1568
1309
159.1
'151 1
1683
1477
1715
156.4
'275.9
117.4
189.0
'255.1
110.4
107.6
'1458
'127 1
1644
'1399
'1323
1625
'1300
P
1585
P
P
1574
144 5
1213
1479
1515
962
111 3
115.8
1718
1952
1385
155.1
151 1
1127
1200
'1554
'1424
1206
1560
'146 7
950
"1526
"1383
"110 1
"1556
"1423
"952
119.5
'1699
'1924
'1408
157.7
'1517
1247
'1256
"118.2
148 3
1456
1967
1233
r
2447
63.1
127 1
'84 1
992
144 3
128.5
'89 7
'796
'1089
120 7
'1609
1682
'96.6
90 4
'1622
'1509
1464
'2015
'119 1
'2508
'640
'129 1
'862
1049
'148 4
'1340
'882
'785
1060
'121 4
'1594
'1728
102.1
986
'164 5
"1490
"1440
"2002
"1225
"2493
"660
"1282
"870
"1034
"150 1
"1337
"830
"735
"999
"120 1
"1564
"1722
"104.8
"1063
"1630
r
"127.6
124.9
"93.6
"79.8
P
P
129.2
"147.3
149 4
1690
P
1460
P
1684
P
1505
"256.2
"115.6
"189.0
"257.0
"110.3
"108.5
"1442
"1259
"1623
"1382
"130 1
"1617
"1286
"1686
"1905
"1399
"156.7
"1506
1598
74 g
460
39.0
1585
74 2
457
38^5
1602
75 7
464
38.1
1590
74 6
459
38.5
1582
738
468
37.6
1584
73 4
466
38.4
1535
708
449
37!8
153 4
698
45 1
38.5
1527
694
453
38.0
'1489
'672
44 4
37.3
'1530
'69 3
'454
'38.3
158 5
1696
144 5
1657
1460
e
242.2
114.1
188.4
e
255.5
111.0
108.8
143 1
1247
1368
1276
162 1
1275
1501
1338
1502
e
!37 9
"168 3
1903
1394
156.4
"1255
361 175 354 873 353099 366 401 341 248 349 730 357 025 358 871 343 537 359 212 309 039 '324 533 357 201
349,898 350,923 349,245 354,442 354,759 352,783 353,717 345,287 345,213 342,226 '336,548 '343,446 343,354
165804 167 491 167 527 171 494 170 324 169 518 168 581 164 085 161 979 161 081 '156 861 '159 938 158 860
85,058 86,327 86,664 88,770 87',319 86,841 86,179 82,583 81,641 81,146 '77,740 '80,268 79,402
80,746 81 164 80863 82724 83005 82677 82402 81502 80338 79935 79121 '79 670 79458
86,128 86263 86361 87299 87292 87961 87823 86413 86733 86572 85320 '87 654 87 128
27,601 27,166 27,488 27,725 27759 28,098 27810 26354 26436 26206 25316 '26 810 26972
58,527 59,097 58,873 59,574 59,533 59,863 60,013 60,059 60,297 60,366 60,004 '60,844 60,156
98,288 98,840 98,964 98,027 97,445 97,359 97,440 96,249 96,738 94,920 94,367 '95,854 97,366
41,062 41,575 42,358 42,449 42,288 42,144 41,562 40,843 41,410 40,930 40,323 '40 597 39257
57,226 57,265 56,606 55,578 55,157 55,215 55,878 55,406 55,328 53,990 54,044 '55,257 58,109
1604
743
468
39.2
131.0
130.3
101.1
e
87.2
131.4
'147.1
153 2
69 4
45 0
38.9
"1485
"1430
"1230
"127 7
"877
"780
"118 9
"154 2
"1737
"106.9
"111 4
"161 7
S-3
SURVEY OF CURRENT BUSINESS
May 1982
Unless otherwise stated in footnotes below, data
through 1978 and descriptive notes are as shown
in the 1979 edition of BUSINESS STATISTICS
1980
1981
Mar.
Annual
1982
1981
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
GENERAL BUSINESS INDICATORS—Continued
BUSINESS INVENTORIES
Mfg. and trade inventories, book value, end of year
or month (unadj.), total $
mil. $..
Mfg. and trade inventories, book value, end of year
or month (seas adj ) total $
mil $
Manufacturing total 1"
Durable goods industries
Nondurable goods industries
do
do....
do
Retail trade total §
Durable goods stores
Nondurable goods stores
do
do
do
Merchant wholesalers total @
do
Durable goods establishments
do....
Nondurable goods establishments
do....
Mfg. and trade inventories in constant(1972)dollars,
end of year or month(seas adj.),total* . . bil $
Manufacturing *
do....
Retail trade *
....
do
Merchant wholesalers *
do
BUSINESS INVENTORY-SALES RATIOS
Manufacturing and trade, total t
ratio..
Manufacturing, total t
Durable goods industries
Materials and supplies
Work in process
Finished goods
do....
do
do.. .
do
do
Nondurable goods industries
Materials and supplies
Work in process
Finished goods
Retail trade, total §
Durable goods stores ...
Nondurable goods stores
do....
do
do
do....
do....
do
do ...
Merchant wholesalers, total @
Durable goods establishments
Nondurable goods establishments
do....
do....
do....
Manufacturing and trade in constant (1972) dollars,
total *
...
do
Manufacturing *
do
Retail trade *
do
Merchant wholesalers *
do
470 769
506 647 489 556 490 985 492 671 494 485 495 544 498 254 504 114 513 410 520 102 506 647 507 968 '508 026 509 358
475 202
257 979
171 603
86376
114 114
53747
60367
104 441
67,033
37,408
513 286
276 414
185 226
91 188
125 693
58835
66858
111 179
73,746
37,433
485 467
266 524
176*229
90295
116 148
53944
62204
105 018
67,789
37229
487060 490 254 494 226 498 098
267 506 269 260 269 709 271 872
177 123 177 635 178 676 180 855
90383 91 625 91 033 91 017
116 968 118 191 120 010 121 993
54629 55560 56764 57865
62339 62631 63 246 64 128
105 038 105 349 106756 105 768
68,189 68,958 69,480 68,929
36849 36391 37276 36839
502 458
273 361
182 221
91 140
123 341
58545
64 796
107 516
70,379
37 137
508 132
276 616
185 140
91 476
124 376
58761
65*615
108 802
71,842
36960
511 682
278 440
186 718
91 722
125 364
59014
66350
108 708
71,943
36765
515 165
279 544
187 275
92 269
125 618
58907
66 711
110 243
73,479
36764
2697
148 1
669
54 7
2704
148 1
668
55 5
2626
146 1
635
53 0
1.45
1.65
2 16
070
096
050
1.13
046
0 18
0.48
1.41
r
2 14
1 08
'1.13
1.70
r
0.70
1.42
162
2 12
066
0 97
049
1.11
045
0 18
048
139
208
107
1.09
1.67
0.66
2632
1464
638
530
2639
1466
643
53 1
2654
1463
652
538
2665
1468
66 4
53 2
267 1
1469
66 3
53 9
2685
1477
664
54 5
139
161
207
065
095
047
1.12
045
018
048
135
195
106
1.07
1.65
0.65
139
160
205
065
094
047
1.11
045
0 18
048
136
201
106
1.06
1.64
0.64
140
161
205
064
092
046
1.13
0 45
0 19
049
137
202
106
1.06
163
0.64
139
157
201
063
092
046
1.10
0 44
0 18
049
138
205
106
1.09
164
0.67
140
160
207
065
094
048
1.10
044
0 17
049
140
209
108
1.09
163
0.67
142
161
2 10
065
096
0 49
1.10
0 44
0 18
048
140
208
108
1.10
167
0.67
144
164
2 15
067
098
051
1.11
045
0 18
049
142
2 11
109
1.12
173
0.66
148
170
2 26
070
1 03
053
1.13
045
0 17
050
145
2 24
1 11
1.13
176
0.66
149
173
229
071
1 05
0 54
1.15
046
0 18
051
145
2 23
1 11
1.14
177
0.66
164
197
1 36
135
1 65
196
1 39
136
1 67
198
1 41
138
1 66
193
1 41
1 41
1 68
1 97
1 45
1 38
1 69
1 99
1 42
1 43
1 70
201
1 42
1 42
1 76
209
1 49
1 45
1 76
2 12
1 48
1 44
513 286 r510 460 '508 315 505 894
276 414 '275 175 '276 206 275 230
185 226 184 057 '184 470 183 843
91 188 91 118 '91 736 91 387
125 693 '124 131 '123 395 123 297
58835 57 807 '56 957 56777
66*858 '66 324 '66 438 66520
111 179 111 154 '108 714 107 367
73J46 73*,110 '71859 71930
37433 38044 '36 855 35437
2688
147 1
66 1
556
'266 5
1461
'649
55 5
265 1
'146 1
'644
'54 7
2646
1460
64 5
54 1
150
172
228
070
152
148
173
147
'175
1 04
237
073
1 08
054
056
1.14
1.15
046
0 18
'2 30
0 71
'1 04
1 73
232
0 70
1 05
055
056
1.15
1.15
0 46
0 18
047
046
0 18
0 18
049
145
225
050
051
051
'1 45
1 11
1 11
1 41
'2 12
1 09
1 42
2 11
1 11
1.13
228
1.17
1.18
181
177
0.69
0.70
'0.67
1.10
1 83
0.61
1 76
2 12
1 46
1 47
1 79
2 17
1 46
1 49
1 73
2 11
'1 42
'1 43
1 73
2 11
1 43
1 39
180
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERS
Shipments (not seas, adj.), total t
Durable goods industries, total
Stone, clay, and glass products
Primary metals
Blast furnaces, steel mills
Fabricated metal products
Machinery, except electrical
Electrical machinery
Transportation equipment
Motor vehicles and parts
Instruments and related products
Nondurable goods industries, total
Food and kindred products
Tobacco products
Textile mill products
Paper and allied products
Chemical and allied products
Petroleum and coal products
Rubber and plastics products
Shipments (seas, adj.), total t
By industry group:
Durable goods industries, total #
Stone clay, and glass products..
Primary metals
Blast furnaces, steel mills
Fabricated metal products
Machinery, except electrical
Electrical machinery
Transportation equipment
Motor vehicles and parts
Instruments and related products
Nondurable goods industries, total #
Food and kindred products
Tobacco products
Textile mill products
Paper and allied products
Chemicals and allied products
Petroleum and coal products
Rubber and plastics products
See footnotes at end of tables.
do.... 1,845,934 1,997,775 175,250 170,022 169,040 179,978 156,408 166,520 174,010 170,346 161,275 155,673 '144,942
do.... 936,030 1,019,879 91,521 88,627 88,289 95,046 78,497 83,181 88,536 86,763 80,945 78,345 '70,330
do....
45,518
49,051
4,277
4,364
4,279
4,592
4,151
4,288
4,335
4,164
3,824
3,400
'3,239
do.... 134 051 137 970 12559 12431 12267 12628 10806 11556 11724 11 191 10 114
9090
9728
do....
62,481
70,933
6,392
6,437
6,364
6,617
5,736
5,921
5,965
5,698
5,154
4,779
4,958
do.... 116,868 123,117 11,078 10,724 10,800 11,300
9,701 10,535 10,671 10,497
9,297
8,850
8,328
do.... 182,837 204,644 18,412 17,194 16,869 18,736 15465 16244 17,814 17136 16675 17959 14843
do
125907 136 583 11 812 11 301 11 338 12 330 10351 11 402 12339 11 839 11 583 11 012 10276
do
191 387 219 761 20522 19872 20067 21 924 16373 16547 18286 18828 17433 16669 '13 891
do.... 114,909
137,404 12,912 12,664 13,045 14,397 10*228
9,997 ll|039 12,299 10,670
8,939
8,534
do....
45,993
50,233
4,327
3,979
4,148
4,552
3,894
4,198
4,587
4,237
4,395
4,251
3,532
do.... 909,903 977,896 83,729 81,395 80,751 84,932 77911 83339 85,474 83583 80330 77328 74612
do.... 254,745 266,111 22,860 22,312 21,749 23,171 21,057 22,394 23,316 22,763 21,900 21,343 20,361
do.. .
12466
13623
1060
1 101
1046
1 149 1 186
1218
1 190
1 164
1 218
1 199
1 135
3755
4 713
do
46 167
50682
4 558
4 225
4409
4 755
4 430
4*320
4*001
3703
3431
do
71660
77745
6799
6 587
6553
6 720
6 106
6658
6690
6581
6347
5993
6250
do.... 167,099 182,343 16,472 15,607 15,413 16,153 14*180 15,055 16,078 14*787 14,477 14,800 14,238
do.... 176 598 194 703 16 109 15723 16236 16491 15772 16458 16086 16249 15778 15846 15 136
4 133
4 152
4 017
do
48060
46640
3915
4 227
3 732
4040
4087
3525
3329 '3387
do
165 804 167 491 167 527 171 494 170 324 169 518 168581 164085 161 979 161 081 '156861
do....
do
do....
do
do....
do
do
do....
do
do....
85058
4 211
11321
5622
10550
16919
11 284
18453
11285
4 136
86327
4293
11691
6101
10459
16836
11373
18'%1
11987
4030
86664
4 180
11824
6209
10594
16775
11597
19 130
12257
4208
88770
4 207
11810
6 172
10591
17303
11679
20440
13378
4257
87319
4 250
11971
6228
10547
17070
11 713
18967
12390
4308
86841
4004
11981
6 111
10432
17246
11 682
19431
12370
4205
86179
4024
11600
5929
10286
17353
11*667
18956
11971
4299
82583
3845
11*065
5710
9989
16924
11 262
17 198
10686
4*241
do....
do
do .
do
. do
do....
do
do....
80746
21930
1086
4 235
6525
15 166
16 153
3.766
81 164
22700
1095
4 195
6536
14704
15969
3.962
80863
21931
1034
4350
6426
14*875
16404
3.850
82724
22676
1 154
4 467
6392
15296
16357
4.074
83005
22638
1 195
4496
6493
15*459
15859
4.129
82677
22453
1 186
4414
6446
15458
16405
3.956
82402
22421
1211
4 427
6537
15489
16049
3.971
81502
22077
1099
4061
6*489
15053
16479
3.945
81641
3860
10635
5518
9494
17446
11 433
16803
10018
4 146
80338
21493
1 173
3934
6533
15328
15830
3.642
161 365 167500
'80 693
'3,541
'10 146
'5,177
'9,464
17 429
'11 548
'16 837
10 255
'4,007
'80 672
'22,591
1 121
'3991
'6622
15,570
'14 397
'3 678
'159 938
85223
3,830
9857
4,966
10,188
18348
11 885
18 797
11805
4,236
82277
23138
1 112
4 400
6774
16,469
13840
3 679
158860
81 146 '77 740 '80268
3822
3877 '3825
9803 10542 '9847
5144
5407 '4997
r
9564
9440
9186
17417 16367 '17 125
11 159 11066 '11 300
17427 15 132 16499
10018
9013 "1)958
4241
3920 '4 103
79402
3 767
8887
4368
9700
16949
11 362
16*946
10 320
4048
79935
21296
1 193
3875
6553
15794
15542
3.698
79458
22227
1 138
4094
6503
15267
13856
3.450
79121
21914
1 182
3797
6500
15079
15 112
3.673
'79 670
'22 421
1 190
'4 029
'6520
'15 241
'14080
'3.549
Apr.
S-4
SURVEY OF CURRENT BUSINESS
1980
Unless otherwise stated in footnotes below, data
through 1978 and descriptive notes are as shown
in the 1979 edition of BUSINESS STATISTICS
1981
1981
Mar.
Annual
May 1982
Apr.
May
June
July
1982
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERS f— Continued
Shipments (seas, adj.) t—Continued
By market category: t
Home goods and apparel
mil $
Consumer staples
do
Equipment and defense prod., exc. auto .... do....
Automotive equipment .
...
do .
Construction materials and supplies
do....
Other materials and supplies
do
Supplementary series:
Household durables
do....
Capital goods industries
do
Nondefense
do....
Defense
do
Inventories, end of year or month: t
Book value (unadjusted), total
1
135 305
1329 447
'277,289
1
134,879
1
143,458
'825 553
'145530
'345 664
'306,690
'158,828
'149,928
'891 128
12054
28366
25,641
13,017
13,100
73626
12282
29003
25,185
13,827
13,056
74137
12235
28207
25,241
14,134
12,812
74,898
12,572
29344
25,938
15,230
12,696
75,714
12,792
29219
25,208
14,381
12,754
75,949
12,400
28919
26,044
14,227
12,289
75,639
12,217
29267
26,185
13,688
12,310
74,914
11,971
28664
25,163
12,442
11,925
73,920
11,793
28506
26,236
11,600
11,564
72,280
11,088
28551
27,045
11,678
11,392
71,327
'63,343
'58,493
'308 368 '338 562
267,210 '288,611
'49 948
Ml 158
5,292
28,159
23,999
4 161
5,547
27,773
23,810
3964
5,291
27,982
24,041
3,941
5,403
28,714
24,602
4,112
5,512
28,160
23,931
4,229
5,274
28,992
24,573
4,419
5,360
28,822
24,608
4,214
5,194
27,871
23,534
4,337
5,128
28,935
24,433
4,502
4,921
29,377
24,750
4,627
1
11,179 12,052
28854 r29 772
24,445 r26,016
10,608 11,584
11,333 11,288
r
70,442 r69,226
12,315
29806
25,935
11,840
11,515
67,449
r
5,138
28,344
'23,726
r
4,161
4,618
5,278
28,307
23,482
4,825
r
4,880
r
26,902
r
22,741
r
r
r
r
r
r
274,257 267,908 269,614 271,609 270,228 271,008 272,545 273,900 276,040 277,405 274,257 276,113 277,776 276,598
182 615 177 879 179 091 179 959 179 710 180 681 181 967 183 091 184 310 185 149 182 615 184 072 185 727 185 500
r
91,642 90,029 90,523 91,650 90,518 90,327 90,578 90,809 91,730 92,256 91,642 92,041 92,049 91,198
r
r
r
r
275,878 266,524 267,506 269,260 269,709 271,872 273,361 276,616 278,440 279,544 275,878 275,175 276,206 275,230
Nondurable goods industries, total
do....
256,584
169 616
86,967
Book value (seasonally adjusted), total t
By industry group:
do....
257,979
Stone clay and glass products
Primary metals
Blast furnaces, steel mills
do....
do
do....
171 603
6,145
21976
11,844
Fabricated metal products
Machinery, except electrical
Electrical machinery
Transportation equipment
Motor vehicles and parts
Instruments and related products
By stage of fabrication: t
Materials and supplies
Work in process
Finished goods
.
do....
do....
do
do....
do
do....
19,773
39,189
24383
36,810
9694
9,281
do....
do
do
53,808
77935
39860
r
56,822
r
83 713
r
44,155
55,495
80584
40,149
55,857
81000
40,265
55,282
81 933
40,420
55,816
81,769
41,091
56,867
82,431
41,557
56,594
82,996
42,631
57,495
84,083
43,562
57,648
84,986
44,084
57,740
85,574
43,961
r
56,822
r
83,713
r
r
56,845
r
83,683
r
r
56,905
r
83,634
r
55,611
83,569
44,663
Food and kindred products
Tobacco products
Textile mill products
Paper and allied products
Chemicals and allied products
Petroleum and coal products
do....
do
do....
do
do....
do....
86376
22,325
3507
6,386
7798
18,489
8,240
5 279
91 188
21,101
4243
r
6,688
8817
20,438
8,680
5 508
90295
22,237
3689
6,518
8286
19,488
9,885
5538
90383
22,055
3,643
6,545
8246
19,490
9,932
5652
91 625
22,114
3,699
6,562
8224
20,029
10,278
5616
91033
21,862
3,570
6,604
8,332
20,218
91 140
21,951
3,931
6,550
8,445
20,281
9,320
5624
91476
21,826
3,966
6,642
8,588
20,363
9,206
5703
91 722
21,600
4,043
6,676
8,664
20,722
8,772
5729
92269
21,619
4,036
6,709
8,822
20,755
8,663
5801
91 188
21,101
4,243
r
6,688
8,817
20,438
8,680
5508
91 118
21,071
4,343
6,469
8,738
20,449
8,710
5438
r
91 736
r
5634
91017
21,836
3,765
6,608
8,429
20,116
9,604
5677
91387
20,874
4,391
6,430
9,022
20,699
8,969
5552
do
do....
do....
35572
14,108
36,696
37 122
14,373
39,693
36412
14,782
39,103
36656
14,799
38,927
36,673
14,979
39,973
36,311
14,607
40,115
36,786
14,573
39,658
36,421
14,772
39,947
36,692
14,568
40,216
36,716
14,222
40,784
37,022
14,063
41,184
37,122
14,373
39,693
37,013
14,438
39,667
r
36,545
14,163
40,679
do
do
do....
do
do....
do
20663
32201
69,908
11872
21,266
102 070
do....
do
do....
do
9,992
78245
67,224
11021
By stage of fabrication:
Materials and supplies
Work in process
Finished goods
By market category: t
Home goods and apparel . ...
Consumer staples
Equip, and defense prod., exc. auto
Automotive equipment
Construction materials and supplies
Other materials and supplies
Supplementary series:
Household durables
Capital goods industries
Nondefense
Defense
New orders, net (not seas, adj.), total t
Durable goods industries, total
Nondurable goods industries, total
New orders net (seas adj ) total 1"
By industry group:
Durable goods industries, total
Primary metals
Blast furnaces, steel mills
Nonferrous and other primary met
Fabricated metal products
Machinery except electrical ..
Electrical machinery
Transportation equipment
Aircraft, missiles, and parts
Nondurable goods industries, total
Industries with unfilled orders $
Industries without unfilled orders H
By market category: t
Home goods and apparel
Consumer staples
Equip, and defense prod., excl. auto
Automotive equipment
Construction materials and supplies
Other materials and supplies
Supplementary series:
Household durables
Capital goods industries
Nondefense
.
Defense
See footnotes at end of tables.
do....
r
!84 690 176 229 177 123 177 635 178 676 180 855 182 221 185 140 186 718 187 275 184 690 184 057 184 470 183 843
7,037
6,967
6,831
6,923
6,953
6,781 r r6,857
6,882
6,642
6,390
6,509
6,599
6,967
6,398
25 194 23640 23402 23,163 23,334 23,926 24,412 25,087 25,268 25,361 25,194 25,236 25,486 25,415
13,066 13,262 13,467
13,089 12,722 12,362 12,112 12,169 12,556 12,734 13,120 13,148 13,129 13,089
r
19,812 19,799 19,796 19,973 20,031 20,232 20,440 20,598 20,733 20,314 20,630 r20,442 20,085
20,314
42,472 39,618 39,705 40,070 40,342 41,036 41,366 42,017 42,282 42,502 42,472 42,324 r42,517 42,136
26325 25057 25,589 25,457 25,689 25,987 26,243 26,517 26,865 27,976 r 26,325 r 26,182 r26,150 26,080
r
39,175 38,111 38,305 38,427 38,628 38,949 38,695 39,424 40,264 40,250 39,175 39,012 39,211 39,461
r
8,677
9,397
9,088
9,316
9,453
9,094
8,970
8,641
8,555
9,275
9489
9,376
8970
9605
r
9,707
9,738
9,714
9,771
9,765
9,606
9,798
9,569
9,585
9,645
9,603
9,765
9,380
9,581
44,155
43,529
43,931
21,082
4,309
r
6,441
r
8,949
r
20,513
r
9,016
r
5487
37,003
14,274
r
40,459
22,773 21,201 21,420 21,761 21,410 21,637 21,881 21,982 22,570 23,064 22,773 22,717 r22,610 22,029
r
33005 32880 32693 32891 32658 32826 33205 33142 33 184 33020 r 33005 r 33083 r33 402 33258
75,823 71,400 72,284 72,697 73,240 73,756 74,156 75,148 76,180 76,570 75,823 75,711 76,282 76,387
11364 11 775 11666 11592 11 530 11688 11 394 11 714 11866 11570 11364 11007 10 886 10986
22,575 21,602 21,660 22,055 22,393 22,613 22,727 23,006 22,795 22,901 22,575 22,244 r2 1,866 21,701
110 338 107 666 107 783 108 264 108 478 109 352 109 998 111 624 111 845 112419 110338 110413 111 160 110869
r
10,880
r
85 289
r
71,647
13642
10,236
80456
68,473
11984
10,360
81266
69,100
12 165
10,323
81608
69,335
12273
10,250
82376
69,676
12700
10,446
83283
70,602
12681
10,674
83742
71,053
12689
10,719
85,074
72,055
13019
10,981
86053
72,985
13068
11,037
86513
72,972
13541
10,880
r
85 289
r
7 1,647
13642
10,902 r 10,837
85,921
71,410 r7 1,850
13805 14 071
r
85 215
r
10,608
85836
71,325
14511
do.... 1,860,706 1,998,049 177,003 171,926 168,602 178,014 156,831 164,781 172,733 168,150 158,259 154,967 148,382 161,277 168,073
do.... 951,169 1,020,808 93,232 90,242 87,680 93,280 79,035 81,487 87,507 84,898 78,472 77,825 r73,473 r8 1,048 85,859
do.... 909,536
977,240 83,771 81,684 80,922 84,734 77,796 83,294 85,226 83,252 79,787 77,142 74,909 r80,229 82,214
1 860 706'1998049 167 361 168 584 169 340 170 913 172,611 170,063 168,444 159,005 159,923 159 469 156 189 159 051 159 405
do
r
do.... '951,169 '1,020,808
do
134057 '134411
do.... 163,212 '69,519
do.... 1 58,694 '52,465
86,729
11739
6,024
4,580
87,180
11831
6,337
4,475
88,164
11809
6,076
4,612
88,303
11324
6,040
4,235
89,696
12466
6,436
4,842
87,350
11,602
6,082
4,466
86,278
11,422
6,022
4,348
77,804
10 170
5,107
3,944
79,956
10032
5,124
4,036
79,764
9378
4,949
3,698
•77,095
9 153
4,419
3,857
79,801
r
8584
r
3,987
r
3,802
80,136
7871
3,683
3,339
do.... 1 11 5,993
do
182782
do
130744
do.... '202,676
do.... 163,658
'121,692
'204 948
'140846
'220,808
'59,381
10,556
16740
11666
19,428
6,324
10,291
17504
11960
18,698
3,777
10,607
17082
11 721
20,093
5,803
10,979
17303
12600
20,909
4,083
10,804
16,376
12055
20,653
6,116
9,901
17,658
11920
20,375
5,106
10,054
17,498
12487
18,627
5,617
9,282
15984
10370
15,780
3,432
9,262
17472
11873
15,429
3,966
9,270
17605
11650
16,071
4,657
r
r
8,757
9,555
15391 15 162
11506 11 337
16,959 19,053
r
5,785 r7,166
9,772
14889
12908
19,074
7,714
. do... '909 536 '977 240
do.... 1 184,073 '201,943
do.... '725,462 '775,294
80,632
16,666
63,966
81404
17,083
64,321
81 176
17,052
64,124
82610
16,814
65,796
82,915
17,213
65,702
82,713
17,033
65,680
82,166
17,031
65,135
81201
16,605
64,596
79967
16,644
63,323
79705
16,720
62,985
79094 r79 250
16,509 16.633
62,585 r62,617
79269
17,092
62,177
11,177 11 893
28840 r29 785
27,064 r27,517
10513 11 290
10,778 11,000
r
67 817 r67 566
12505
29795
26,902
11800
11,919
66484
r
5,033
r
29 714
r
21 045
r
5,461
29996
22065
7.931
do.... 134,892
do
'329 505
do.... '291,959
1
133 322
do
do.... 1 142,790
do.... 1 828,235
'145,479
'345 823
'310,210
'158721
'149,162
'888,643
12,245
28376
26,834
13089
13,154
73,662
12,328
29075
25,606
13822
12,843
74,909
12,083
28 188
25,365
14258
12,755
76,691
12,776
29384
25,025
15083
13,166
75,479
12,828
29253
26,944
14474
12,900
76,059
12,353
28945
27,503
14284
11,944
75,034
12,221
29282
25,302
13408
12,273
75,958
11,578
28655
23,225
12490
11,571
71486
11,556
28547
26,956
11 171
11,698
69995
10,989
28493
25,647
11805
11,033
71502
do.... '58,182
do.... '326,752
'270 571
do
do.... '56.181
'63,333
'344,264
'281 618
'62.641
5,473
29,307
24460
4.848
5,603
28,699
24723
3.976
5,119
29,248
23865
5.383
5,625
28,186
23230
4.956
5,510
29,708
24226
5.482
5,252
30,459
24700
5.759
5,388
29,580
23026
6.554
4,810
24826
20996
3.830
4,873
28663
23813
4.856
4,836
28552
22518
6.034
r
4,902
r
28 267
r
21 571
r
6.696
8.669
Apr.
S-5
SURVEY OF CURRENT BUSINESS
May 1982
Unless otherwise stated in footnotes below, data
through 1978 and descriptive notes are as shown
in the 1979 edition of BUSINESS STATISTICS
1980
1982
1981
1981
Mar.
Annual
Apr.
May
June
July
Aug.
Sept.
Nov.
Oct.
Jan.
Dec.
Feb.
Mar.
Apr.
GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERS t— Continued
Unfilled orders, end of year or month (unadjusted),
total t
mil. $..
Durable goods industries total
do
Nondur. goods ind. with unfilled orders $
do....
Unfilled orders, end of year or month (seasonally
adjusted) total t
mil. $..
By industry group:
Durable goods industries, total #
do....
Primary metals
do
Blast furnaces steel mills
do
Nonferrous and other primary met
do....
Fabricated metal products
Machinery, except electrical
Electrical machinery
Transportation equipment
Aircraft, missiles, and parts
do....
do....
do
do....
do....
Nondur goods ind with unfilled orders $ do
By market category: t
Home goods, apparel, consumer staples
Equip, and defense prod., incl. auto
Construction materials and supplies
Other materials and supplies
Supplementary series:
Household durables
Capital goods industries
...
Nondefense
Defense
...
..
.
317,661
306 995
10,666
325,133 323,853 321,651 318,635 317,931 r321,373 r321,278 321,855
317,931 326,943 328,847 328,411 326,446
r
r
307 918 315 727 317 342 316 736 314 968 315*502 313812 312 779 310 908 308 436 307 918 311 064 311,412 312,050
r
9,805
9,866
10,013 11,216 11,505 11,675 11,478 11,364 11,321 11,074 10,743 10,199 10,013 10,309
319,729
319,865 323 602 324 694 326 508 325,918 328,206 328,757 328,613 323,538 321,478 319,865
308,815
30248
17 439
9,008
30,189
74,396
47225
113,043
88,371
10913
319,192 r318,302 318,844
r
r
r
309,611 312,598 313,450 314,954 314,477 316,853 317,369 317,460 312,681 310,995 309,611 308,964 308,495 309,226
26599 28955 29095 29080 28595 29090 28708 28521 27627 27024 26599 25210 r23 947 22,932
15 977 16 926 17 161 17 028 16 897 17 105 17 075 17 168 16 565 16 171 15977 14989 13 979 13294
6,703
7,638
7,392
7,053 r6,934
7,392
8,425
8,344
8,062
7,522
8,557
8,572
8,599
8,712
28,746 30,134 29,964 29,975 30,362 30,620 30,091 29,856 29,150 28,917 28,746 r28,318 r28,306 28,378
r
74,713 74,602 75,270 75,580 75,578 74,885 75,297 75,440 74,499 74,526 74,713 73,738 r71.776 69,713
51 563 48 494 49 082 49207 50 124 50466 50707 51526 50634 51 072 51563 52002 52037 53 583
113,927 116,198 115,934 116,900 115,515 117,456 118,405 118,073 116,657 115,283 113,927 rl!5,752 118,307 120,435
90,435 91299 90,249 91 319 90,504 92,166 92,449 93,126 92,010 91,187 90,435 r9 1,899 r94,702 97,749
10254
11005
11 244
11 554
11 441
11353
11388
11 153
10857
10483
10254
10228
r
9807
9618
r
do....
do....
do....
do
3,988
186,876
17,587
111 277
4,921
4,517
4,163
4,145
4,000
4,178
4,163
4,782
4,854
4,922
4,902
4,320
4,664
4,609
190,237 191,324 191 739 191,990 190,926 192,756 194,278 193,108 191,219 190,510 190,237 192,760 193,968 194,892
16,791 17,409 17,195 17,137 17,607 17,752 17,407 17,371 17,017 17,151 16,791 16,237 15,949 16,353
108 674 110 206 110 978 112 772 112 531 112 645 112 170 113 213 110 785 108 497 108 674 106 050 104 385 103 421
do....
do
do.. .
do
2954
216 028
147 673
68355
3007
3,105
3,007
3708
3735
3348
3,028 r 2923
3628
3684
3732
3728
3093
3511
221617 220 323 221 248 222 518 222 984 223 533 225 006 225 758 222 716 222 442 221 617 r222 980 r224 352 226 038
140 737 147 924 148 838 148 666 147 288 147 581 147 712 146 126 143 589 142 969 140 737 139 567 136 888 135,469
80880 72398 72410 73 852 74696 75952 77294 79632 79 127 79473 80880 r83 413 r87 464 90569
533 520
580 867
BUSINESS INCORPORATIONS @
New incorporations (50 States and Dist. Col.):
Unadjusted
number
Seasonally adjusted . . . .
...
do
51278
47927
52 032
49574
48 115
48907
51 729
48*489
52566
50433
45 762
47483
48 305
48792
49002
47947
43 533
49 413
48 650
47556
42 680
43330
609
594
593
584
601
516
607
526
382
436
477
1404
524
621
507
373
442
561
1422
664
856
794
266
528
728
432
381
434
547
1469
INDUSTRIAL AND COMMERCIAL
FAILURES @
Failures, total
Commercial service
Construction
Manufacturing and mining
Retail trade
Wholesale trade
number.
do
do...
do....
do....
do....
Liabilities (current), total
Commercial service
Construction
Manufacturing and mining
Retail trade
Wholesale trade
thous. $.. 4,635 080
do.... 413,502
do..
752 109
do
1 885 017
do... 993*539
do.... 590,913
Failure annual rate (seasonally adjusted)
No. per 10,000 concerns..
11742
1594
2355
1,599
4,910
1284
1 212
173
228
180
505
126
1 557
217
327
225
625
163
1 464
211
335
180
592
146
1 408
209
298
181
594
126
485 335 536 877 428 199 408 543
40,629 65913 60998 84435
51 853 58801 63722 53597
219 521 188 987 113 187 97 692
87064 165 283 109 416 138 900
86,268 57893 80876 33919
'42.1
47.6
61.8
62.0
60.8
COMMODITY PRICES
PRICES RECEIVED AND PAID BY
FARMERS H
Prices received, all farm products
Crops #
Commercial vegetables
Cotton
Feed grains and hay ....
Food grains
Fruit
Tobacco
Livestock and products #
Dairy products
Meat animals
Poultry a n d eggs
.
1910-14=100..
614
631
do
do
do
do
do....
do
do....
do
do
do...
do
539
562
583
417
452
465
1219
691
798
878
255
..
...
.
.
Prices paid:
Production items .
do
All commodities and services, interest, taxes, and
wage rates (parity index)
1910-14=100..
652
648
650
649
627
579
673
565
446
456
477
1,360
653
629
834
607
490
486
450
1297
618
664
614
488
486
456
1300
615
650
612
494
471
470
1304
597
597
601
478
439
475
1304
595
662
594
463
436
440
1369
558
622
549
430
430
474
1409
685
841
842
265
677
844
822
270
687
832
851
264
680
826
845
254
704
820
890
261
704
820
885
270
699
820
877
265
521
600
490
393
427
464
1 452
701
844
873
264
675
856
823
255
641
856
756
253
545
892
421
400
432
519
1 478
659
850
791
259
608
534
789
409
391
425
547
1478
685
844
841
264
r
608
617
r
521
r
656
r
423
r
392
r
419
r
531
686
425
400
422
541
1469
r
699
r
832
r
708
820
901
255
533
1478
870
268
799
854
854
863
863
866
859
858
859
850
849
840
856
858
866
866
950
1,031
1,031
1,040
1,037
1,037
1,031
1,058
1,060
1,067
1,066
63
63
1,035
63
1,038
61
1,033
63
1,037
65
1,024
64
60
59
57
57
57
57
57
57
58
ALL ITEMS, WAGE EARNERS AND
CLERICAL WORKERS, REVISED
(CPI-W)
1967- 100..
247.0
272.3
265.2
2668
269 1
271.4
274.6
276.5
279.1
279.7
280.4
281.1
282.1
282.9
282.5
283.7
ALL ITEMS, ALL URBAN CONSUMERS
(CPI-U)
1967= 100..
Special group indexes:
All items less shelter
do
All items less food
do
All items less medical care
do....
246.8
272.4
265.1
266.8
269.0
271.3
274.4
276.5
279.3
279.9
280.7
281.5
282.5
283.4
283.1
284.3
2355
244 0
245.5
2585
2706
270.9
2533
2623
263.7
2549
2642
265.4
256 2
2670
267.6
2578
2695
269.9
2599
2727
273.0
261 4
2749
274.9
2635
2782
277.8
2645
2790
278.3
2654
280 1
279.0
2660
2808
279.6
2674
2814
280.6
2683
282 1
281.5
2685
2817
280.9
2687
2829
282.1
Parity ratio §
do
CONSUMER PRICES
(U.S. Department of Labor Indexes)
Not Seasonally Adjusted
See footnotes at end of tables.
SURVEY OF CURRENT BUSINESS
S-6
Unless otherwise stated in footnotes below, data
through 1978 and descriptive notes are as shown
in the 1979 edition of BUSINESS STATISTICS
1980
1982
1981
1981
Annual
May 1982
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
COMMODITY PRICES—Continued
CONSUMER PRICES—Continued
(U.S. Department of Labor Indexes) — Continued
Not Seasonally Adjusted
All items (CPI-U)—Continued
Commodities
Nondurables
Nondurables less food.
Durables
Commodities less
food
Services
Services less rent
233.9
2450
2352
210.4
2220
270.3
285 1
Food #
Food at home
Housing
Shelter #
Rent residential..
Homeownership
Fuel and utilities #
Fuel oil, coal, and bottled gas
Gas (piped) and electricity
Household furnishings and operation
do
do.. .
do....
do
do..
do
do....
do....
do....
do....
2546
2515
263.3
2817
1916
3140
278.6
556.0
301.8
205.4
253.6
2663
257.5
227.1
2412
305.7
3243
2746
269.9
293.5
3147
208.2
3527
319.2
675.9
345.9
221.3
Apparel and upkeep
Transportation
Private
New cars
Used cars
.
Public
Medical care
Seasonally Adjusted
do....
do
do....
do....
do
do....
do
178.4
2497
2492
179.3
208 1
251.6
2659
186.9
2800
277.5
190.2
2569
312.0
2945
All items, percent change from previous month
Commodities
1967—100
Commodities less food
do....
Food
do
Food at home .
do....
Apparel and upkeep
do....
Transportation
Private
New cars
... .
Services .
.
.
PRODUCER PRICES §
(U.S. Department of Labor Indexes)
Not Seasonally Adjusted
do....
do....
do
do
All commodities
1967= 100..
By stage of processing: t
Crude materials for further processing
do....
Intermediate materials, supplies, etc
do....
Finished goods # ....
....
.. .
.. do..
Finished consumer goods
do....
Capital equipment
do
By durability of product:
Durable goods. . .
..
.
do
Nondurable goods
do....
Total manufactures .
.
do
Durable manufactures
do....
Nondurable manufactures
do
Farm prod., processed foods and feeds
do....
Farm products
do....
Foods and feeds, processed
do....
Industrial commodities
do
Chemicals and allied products
do....
Fuels and related prod and power
do
Furniture and household durables
do....
Hides, skins, and leather products
do....
Lumber and wood products
do....
Machinery and equipment
do....
Metals and metal products
do....
Nonmetallic mineral products
do....
Pulp, paper, and allied products
do....
Rubber and plastics products
do....
Textile products and apparel
do....
Transportation equipment # ....Dec. 1968=100..
Motor vehicles and equip
1967 — 100
253.2
2662
258.0
226.6
241 1
303.5
3219
255.0
267 1
257.5
229.6
2426
308.8
328 1
256.2
268 1
258.4
230.9
243.8
312.2
3317
257.7
2695
260.3
232.6
2455
317.3
3375
257.9
2695
260.7
232.9
2459
318.6
3387
2736
268.7
284.8
3038
2042
3393
310.5
690.6
330.6
219.2
186.4
2753
2734
186.1
239 1
297.2
2870
251.9
2658
258.2
223.9
2396
299.6
3174
2725
267.7
288.5
3084
205.9
3450
314.9
685.8
339.6
220.1
186.4
2778
276.0
190.9
2452
297.7
2890
2762
271.6
297.0
3185
207.8
3580
325.1
677.9
357.6
222.4
184.7
2826
279.6
192.5
2603
323.1
2956
2774
272.8
299.7
3220
210.3
3618
327.8
674.6
360.8
222.9
187.4
283.7
280.5
191.9
266.9
326.5
2993
2780
273.2
303.7
3269
211.9
3678
331.1
673.4
364.5
224.5
190.7
285.2
281.9
191.3
272.8
329.1
3017
2776
272.1
303.5
3266
213.6
3667
330.1
672.7
360.6
225.6
191.5
287.2
283.9
192.5
278.2
330.8
3048
0.6
2501
237.5
2717
268.0
184.9
275.3
273.8
183 1
2930
1967—100..
do
do....
do....
do
do....
do
0.4
250 1
237.3
2723
267.9
185.7
274.5
272.8
186 1
2960
0.8
251.1
238.5
272.6
268.0
185.8
275.8
274.1
1899
299.9
0.7
252.1
239.7
273.2
268.2
186.1
276.9
274.9
192.0
303.3
1.1
254.0
241.6
275.0
269.9
0.8
255.4
243.0
276.5
271.3
1.1
257.3
244.9
278.3
273.3
0.4
258.3
245.9
279.0
273.5
187.1
189.0
189.5
284.6
281.5
193.7
288.2
285.1
194.0
308.6
188.4
281.4
278.3
192.8
312.2
316.9
318.4
321.4
249.8
2652
2575
219.8
2370
292.5
3095
250.8
2659
258 1
221.1
2380
295.4
3128
2722
2686
282.6
3016
2030
3368
308.4
693.4
326.7
216.9
185.1
2735
271.7
182.9
2354
293.9
2847
2729
2687
292.2
3126
206.8
3504
320.2
682.0
350.2
221.1
185.8
2799
277.9
192.2
2529
303.9
2915
279.7
276.6
1928
258.0
2695
261.1
233.2
246.2
320.6
3408
277.1
271.0
258.4
2698
261.1
233.7
246.5
321.8
3420
258.8
270.8
260.2
233.4
245.9
323.9
3442
2810
275.3
259.5
2717
260.1
233.7
246.0
325.3
3457
258.8
2707
258.4
233.5
245.2
325.5
3457
258.9
2693
255.0
235.8
245.0
328.4
349 1
283.3
278.0
2830
277.1
306.1
3283
217.8
3675
336.2
686.0
367.4
228.4
187.3
2899
286.6
197.4
280.5
334.9
3134
307.3
329.5
218.6
368.7
337.1
683.1
368.7
230.2
306.7
3276
219.6
3657
339.3
664.0
375.9
231.6
191.1
285.1
281.3
194.4
280.9
336.7
3188
2839
277.9
309.4
3314
220.1
3706
339.2
641.3
377.8
232.6
191.3
289.1
285.8
195.3
281.4
333.2
308.2
2778
271.7
305.2
3280
216.5
3678
331.8
682.5
359.9
227.7
190.5
289.8
286.5
197.0
281.9
333.8
3102
0.5
258.8
246.5
279.3
273.3
0.4
259.6
247.5
279.5
273.1
0.3
259.9
247.2
281.5
275.9
0.2
260.4
247.2
283.2
278.1
189.3
189.4
290.8
287.8
194.6
292.5
289.6
196.1
289.9
286.5
194.5
322.9
189.3
291.9
288.7
1960
324.4
304.2
3272
215.0
367.2
329.8
676.1
358.3
227.2
188.0
288.0
284.5
195.5
279.7
336.8
316.2
191.9
2829
278.8
196.0
285.1
339.3
3217
0.2
258.4
244.6
2830
277.1
325.6
-0.3
259.1
245.9
282.2
276.4
190.9
287.1
283.4
194.6
325.7
328.7
190.1
191.1
282.6
278.5
1960
268.8
293.4
290.3
293.4
294.1
294.8
296.2
296.4
295.7
296.1
295.5
r
295.8
298.2
298.5
297.9
297.9
304.6
280.3
2470
248.9
2398
329.0
306.0
269.8
271.3
2643
334.2
302.0
2660
268.2
2581
336.3
305.8
2685
270.6
2608
334.4
306.7
269.9
271.5
2625
335.4
307.2
270.5
272.3
2638
337.3
308.5
2718
273.5
2654
333.0
310.1
271.5
273.0
2658
327.4
309.7
271.5
273.1
2653
319.9
309.4
2743
275.1
2715
313.9
309.0
274.7
275.2
2730
'311.5
'309.4
'2754
r
275.8
274 1
318.2
311.3
2774
277.7
276 1
321.5
311.3
277.4
278.1
2748
319.9
310.9
2769
277.2
2757
322.8
310.1
2769
276.9
277 1
2515
282.4
2615
250.8
2730
244.7
249.4
241.2
2748
2698
312.4
2860
269.6
3036
251.5
254.9
248.7
304 1
287.8
6944
198.4
261.5
292.8
263.1
300.4
309.5
273.7
232.8
199.6
235.4
2375
2649
310.9
2823
264.4
3017
253.5
260.7
248.5
2996
280.4
6965
195.8
261.2
294.4
257.5
296.4
300.9
269.0
228.4
195.2
228.1
2295
2678
314.2
2853
267.2
3049
2686
314.8
2862
268.2
3057
252.9
259.6
248.2
3047
288.6
7090
197.4
263.7
298.4
260.7
299.1
312.0
272.1
231.8
199.2
233.6
2360
269 1
315.7
2869
268.9
3064
254.3
260.7
249.9
305 1
290.5
7076
197.3
261.6
298.1
262.1
298.4
313.6
272.9
233.4
200.1
234.3
2367
2708
316.8
2880
270.6
3069
256.8
263.3
252.2
3062
291.3
7049
199.5
261.1
296.5
264.8
302.0
314.3
274.9
232.1
201.3
235.0
2374
2719
316.2
2886
271.7
3069
254.2
257.9
251.2
3072
293.3
7043
199.6
261.3
294.5
266.2
304.1
314.1
275.9
234.1
202.4
235.9
2384
2718
315.0
2883
271.7
3063
250.3
251.1
248.9
3074
293.3
7035
201.0
261.7
289.3
268.1
304.9
313.2
277.8
235.7
202.9
231.8
2328
2750
312.8
2898
275.1
3055
246.0
243.1
246.6
3090
292.4
698 1
201.3
260.0
284.3
269.3
305.3
313.3
279.2
237.3
204.0
244.5
2478
2754
311.4
2897
275.8
3045
242.5
237.4
244.3
3093
292.0
698 1
202.1
259.8
282.1
270.4
304.2
313.7
280.4
238.0
203.6
246.3
2489
r
2760
r
311.4
r
2899
r
276.5
'3043
2774
314.7
2918
2778
3068
'241.0
-•234.6
'243.6
'3100
'291.8
'7025
'202.9
'260.7
'285.4
'272.0
'303.3
'313.5
'281.0
'238.3
'203.4
'246.8
'2495
246.2
242.1
247.4
3117
293.4
7058
202.7
264.5
285.7
273.5
305.1
315.1
283.9
239.5
203.7
248.3
2504
2773
315.3
2919
277.7
3072
248.5
247.1
248.3
311 4
294.5
6976
203.9
263.3
285.4
274.9
305.0
318.4
285.4
241.0
204.2
244.7
246 1
2773
314.2
2914
277.8
3058
247.5
244.6
248.1
3110
294.6
690 1
204.7
262.7
285.4
275.7
303.6
319.7
286.3
241.8
205.0
244.9
2464
278 1
313.5
2909
2787
3039
251.4
250.6
250.8
3099
294.5
6712
205.6
264.4
286.1
277.3
303.8
320.0
287.9
241.9
204.7
245.6
2466
260.3
5740
187.7
248.9
288.9
239.8
286.4
283.0
249.2
217.4
183.5
207.0
2088
253.8
263.3
247.6
3035
286.0
7072
196.4
263.5
299.4
259.6
298.8
310.8
271.4
230.8
197.6
231.9
2339
Seasonally Adjusted $
Finished goods, percent change from previous
month
By stage of processing: t
Crude materials for further processing 1967—100.
Intermediate materials, supplies, etc
do....
Finished goods $
do
Finished consumer goods
do..
Food
do....
Finished goods exc foods
do
Durable
... do.
Nondurable
do....
Capital equipment ....
....
..
do
PURCHASING POWER OF THE DOLLAR
As measured by:
Producer prices
1967=$1.00..
Consumer prices
do
See footnotes at end of tables.
1l
0.405
0406
0.371
0367
09
02
06
04
0.3
02
06
05
'03
04
-01
-0 1
3284
3015
2657
2678
2523
2721
2144
315.1
2579
3332
304 1
2682
2704
2527
2755
2162
3198
2602
3337
3057
2688
2706
2533
2756
2177
318.8
2620
3369
3069
2703
2720
2545
277 1
2189
3204
264 1
3376
308 1
2713
2729
2566
2774
2185
3212
2656
3344
3097
272 1
2733
2568
2779
2196
3215
2674
3284
3098
2726
2739
2555
2793
2195
3239
2678
3227
3097
2742
2752
2550
2814
2225
3253
2705
318 1
3106
2755
2763
2532
r
2838
2245
3280
2725
'3136
r
311 1
'2763
'2769
'2530
'284 6
'2247
'3293
274 1
3192
3124
277 3
2779
2559
284 8
2240
3301
2752
3173
3114
2769
2777
257 1
2840
2226
3296
274 1
3146
3104
276 5
2768
2567
2830
2239
3270
2755
3202
3085
276 7
2768
2608
281 1
2234
3243
276 5
0.376
0377
0.372
0375
0.371
0372
0.370
0369
0.368
0364
0.368
0362
0.368
0358
0.365
0357
0.364
0356
0.363
0355
0.360
0354
0.360
0353
0.361
0353
0.361
0352
01
S-7
SURVEY OF CURRENT BUSINESS
May 1982
Unless otherwise stated in footnotes below, data
through 1978 and descriptive notes are as shown
in the 1979 edition of BUSINESS STATISTICS
1980
1981
Mar.
Annual
1982
1981
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
CONSTRUCTION AND REAL ESTATE
CONSTRUCTION PUT IN PLACE
mil. $..
230,273
237,037
18,020
19,254
19,978
21,297
21,498
21,407
21,834
21,307
20,174
19,200
15,442 15,097
16,863
do
do
do....
174 897
87261
63,139
183 501
85806
61989
14 182
6924
5242
15088
7584
5,524
15 565
7883
5613
16355
8001
5810
16 440
7814
5694
16409
7610
5,541
16363
7359
5,384
16349
7 106
5,031
15638
6698
4,609
15234
6025
3,953
12 434 12 092
r
5,161 r4,739
r
3,420 r3,146
13541
5,495
3,721
Nonresidential buildings, except farm and
public utilities total $
mil $
Industrial
do....
Commercial
do
Public utilities:
Telephone and telegraph
do
52434
13,837
29945
59747
16883
33489
4 450
1252
2457
4614
1239
2609
4716
1283
2698
5073
1370
2875
5333
1492
3028
5511
1,621
3065
5527
1,651
3031
5635
1,684
3087
5498
1,611
3067
5237
1,525
2969
New construction (unadjusted), total
Private total #
Residential
New housing units
..
..
4,542
1,226
2619
r
4,575
1,239
2623
r
4,971
1,317
2873
Military facilities
Highways and streets
588
557
566
611
590
602
645
696
626
647
465
53536
3839
4 166
4 414
4941
5058
4998
5470
4958
4536
3966
3008
r
3005
3323
18864
1,648
1,788
18452
1,746
2083
1508
147
178
1493
159
170
1507
158
191
1553
155
187
1601
146
183
1615
150
157
1745
129
230
1500
124
112
1573
142
159
1498
146
204
1217
112
119
1264
115
149
1310
133
171
do....
do
.
7039
55376
do
do....
do....
Buildings (excluding military) #
Housing and redevelopment
Industrial
6733
do
Public total #
1,880
13785
1943
13 162
135
653
168
880
181
1061
182
1465
180
1530
145
1469
163
1563
151
1414
166
1 121
163
748
163
431
145
443
178
565
2503
246.5
235.9
234.0
2339
229.8
230.9
230.4
233.0
235.8
232.7
r
233.0
231.2
189 6
1899
184 1
181 8
1823
1806
1786
1792
1806
1828
181 1
181 4
1792
963
730
95.2
729
897
677
860
643
829
605
80.5
58 1
78.5
559
783
528
782
509
79.8
51 1
'78.2
r
512
r
76.2
r
504
76.0
515
583
154
333
58 1
155
334
56 8
155
32 4
58 4
162
32 4
60 5
172
34 o
61 4
183
337
612
183
33 4
612
186
330
62 1
184
345
627
177
359
639
172
368
r
656
176
379
648
162
386
New construction (seasonally adjusted at annual
rates), total
bil. $..
Private total #
do
Residential
do....
New housing units
..
do
Nonresidential buildings, except farm and
public utilities total #
bil $
Industrial
do ...
Commercial
do
Public utilities:
Telephone and telegraph
do....
531
r
r
71
6.9
7.0
65
68
6.7
7.1
72
74
7.4
7.3
do
60 6
566
51 8
52 2
51 6
49 3
52 2
51 1
52 4
53 1
51 6
r
51 6
52 0
Buildings (excluding military) #
Housing and redevelopment
Industrial
do
do....
do....
204
19
20
186
20
20
179
19
22
17 6
18
20
174
15
21
175
18
18
185
14
24
17 1
14
16
18 9
16
22
18 9
17
26
167
17
1.5
183
16
21
17 5
17
20
Military facilities
Highways and streets .
do....
do
17
162
2.1
15 1
21
124
23
133
21
13 2
16
122
18
125
19
11 5
19
125
19
116
21
126
18
133
22
140
!3 682 14378
117
123
13350
102
14 919
109
13651
99
12289
99
12868
100
12328
101
9722
92
11577
112
10580
116
8881
97
13036
105
Public total #
86
CONSTRUCTION CONTRACTS
Construction contracts in 50 States (F.W. Dodge
Division, McGraw-Hill):
Valuation, total
.. .. mil $
Index (mo. data seas, adj.)
1977 = 100..
Public ownership
Private ownership
By type of building:
Nonresidential .
Residential
Non-building construction
New construction planning
(Engineering News-Record) §
148 393
106
150 189
107
r
r
mil. $..
do
41,717
106 676
39070
111 120
3535
10 147
3703
10675
3236
10 113
3407
11512
3292
10360
3336
8953
3965
8 903
3541
8787
2406
7316
2862
8715
2673
7907
2998
5 883
4280
8 756
do
do....
do
52492
63,668
32234
58250
60063
31877
r
5213
r
5957
r
2511
5272
6,569
2537
5050
5*887
2413
5 560
5904
3454
5 572
5853
2227
5270
4,894
2 126
5 125
4*844
2898
5 287
4872
2 169
4 380
3737
1605
4 445
3739
3393
3458
3008
4 113
3606
3 143
2 132
5 273
4600
3 164
do....
149,143
166,366
11,212
15,545
14093
11684
12897
11,890
11999
16597
15492
17516
13920
12 102
10844
thous..
do
.
do
13126
12922
8522
1 1003
1 084 2
7054
1089
1078
705
1240
1230
836
1106
109 9
738
1070
105 8
725
1010
99 9
695
873
86 3
570
909
84 1
583
88 1
872
499
649
64 6
40 1
597
59 1
34 1
476
472
293
r
520
r
r
793
r
788
r
1318
863
1301
868
1 172
776
1 046
705
1 040
696
946
614
899
623
854
507
860
554
882
550
885
592
r
945
r
r
941
r
881
564
r
986
r
'941
r
543
r
878
r
r
835
r
r
738
r
r
743
r
r
573
413
797
454
r
803
r
r
792
r
r
851
r
871
444
..
..
.
14043
HOUSING STARTS AND PERMITS
New housing units started:
Unadjusted:
Total (private and public)
Privately owned
One-family structures
..
Seasonally adjusted at annual rates:
Total privately owned
One-family structures
do
do .
New private housing units authorized by building
permits (16,000 permit-issuing places):
Monthly data are seas. adj. at annual rates:
Total
. . . . thous..
One-family structures
do....
Manufacturers' shipments of mobile homes
Unadjusted
thous
Seasonally adjusted at annual rates
do....
1 191
710
r
986
r
564
1 172
r
686
1 186 1 178
r
'682
659
505
456
400
450
51 3
325
568
436
523
627
460
2216
2407
216
255
24 1
265
229
262
23 1
256
21 8
267
224
238
215
232
202
208
157
207
142
206
139
211
172
251
221
252
1433
152 1
152 1
151 1
1506
1502
1522
1530
1545
154 1
1536
1550
1560
1563
1572
1913—100..
do
do....
do .
do
2495
2660
2,553
2671
2343
2643
2841
2645
2873
2453
2576
2788
2629
2834
2346
2600
2807
2,644
2855
2361
2635
2805
2640
2855
2485
2655
2784
2631
2821
2476
2678
2894
2653
2915
2467
2679
2896
2668
2909
2505
2676
2898
2658
2893
2494
2678
2892
2655
2896
2491
2678
2878
2646
2918
2523
2700
2893
2659
2934
2535
Boeckh indexes:
Average, 20 cities:
Apartments hotels office buildings 1977 — 100
Commercial and factory buildings
do....
Residences
do....
125 1
127.7
128.9
1374
140.1
136.0
1326
135.3
1313
Engineering News-Record:
Building
Construction
.
1967—100
do ..
2877
3014
3103
3289
2980
3150
Federal Highway Adm. — Highway construction:
Composite (avg. for year or qtr.)
1977=100..
163.0
156.7
160.0
84 2
557
CONSTRUCTION COST INDEXES
Dept of Commerce composite ..
.. 1977—100
American Appraisal Co., The:
Average, 30 cities
Atlanta
New York
San Francisco
St Louis
See footnotes at end of tables.
.
.
1354
138.1
134.4
3055
3214
3073
3233
1397
141.9
1383
3083
3268
152.4
3121
3316
1432
145.9
141.6
142 1
145.3
140.4
3135
3328
3166
336 1
157.3
319 1
3419
3236
3454
1460
148.5
143.1
144 1
146.3
142.1
3233
3449
156.8
3247
3468
3257
347.8
3248
3472
145.3
2
3250
2
347.3
SURVEY OF CURRENT BUSINESS
S-8
Unless otherwise stated in footnotes below, data
through 1978 and descriptive notes are as shown
in the 1979 edition of BUSINESS STATISTICS
1980
1981
1982
1981
Apr.
Mar.
Annual
May 1982
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
CONSTRUCTION AND REAL ESTATE—Continued
REAL ESTATE H
Mortgage applications for new home construction:
FHA net applications
thous units
Seasonally adjusted annual rates
do. .
1414
923
130
144
113
120
88
88
74
84
62
65
72
84
5.4
58
4.5
50
46
61
82
126
7.5
136
8.6
126
98
104
63
67
11.9
135
8.5
99
9.0
100
8.7
123
9.1
141
9.3
142
9.1
119
11.1
118
11.5
121
18.2
192
15.4
180
14.2
156
13.8
150
Home mortgages insured or guaranteed by:
Fed Hous Adm ' Face amount ....
mil $ . 16 458.53 10 278.14
Vet. Adm.: Face amount §
do.... 13,855.54 7,905.93
98370 1 121 55
706.41 769.70
98342
583.44
978.02
875.83
793.47
644.07
622.98 1,014.78
696.21 660.19
654.28
485.73
727.94
464.19
593.31
357.69
443.87
327.39
606.52
393.60
585.12
421.78
547.57
374.45
Federal Home Loan Banks, outstanding advances
to member institutions, end of period
mil. $..
49,175
53,148
56,095
59,475
62,471
64,347
64,662
64,409
65,194
65,099
65,089
66,162
67,941
Requests for VA appraisals
Seasonally adjusted annual rates
do . .
do
202.2
48,963
New mortgage loans of all savings and loan
associations estimated total
mil $ .
By purpose of loan:
Home construction
do
Home purchase
do....
All other purposes
do
153.8
65,194
17.3
192
51,530
r
72537
53,283
4927
5537
5,734
6,052
4987
4,055
3,865
3,465
2,934
3,760
2,628
14946
42,957
14634
11599
28,299
13385
1226
2,540
1 161
1367
2,828
1 342
1 248
3,130
1 356
1 187
3,435
1430
1003
2,771
1213
772
2,323
960
803
1,970
1,092
650
1,838
977
600
1,498
836
824
1,682
1,254
495
1,204
929
592
1,320
r
937
2,849
3,966
r
966
1,647
1,353
DOMESTIC TRADE
ADVERTISING
Magazine advertising (Publishers Information
Bureau):
Cost total
mil. $..
Apparel and accessories
do
Building materials
Drugs and toiletries
Foods, soft drinks, confectionery
do
do
do....
r
2,872.6
1122
r
231 1
r
525
r
2808
r
211.9
r
3,222.5
1417
290 1
565
3183
231.8
268.0
12 1
257
32
274
18.4
288.3
144
272
48
316
19.4
297.9
11 1
31 0
74
31.3
17.5
267.1
7.4
290
5.3
27.4
19.5
196.6
6.4
176
36
21.4
17.6
210.9
12.9
174
48
22.3
15.8
284.8
21.1
147
7.2
30.9
18.4
330.5
15.4
29.3
5.4
28.2
23.7
393.3
16.5
384
5.4
31.1
34.2
275.3
11.6
21 1
3.8
23.5
20.3
211.2
7.9
20.3
2.7
20.1
10.3
249.5
8.4
23.5
2.5
27.8
21.1
Beer, wine, liquors
do....
Industrial materials
Soaps cleansers etc
Smoking materials
All other
do....
do
do....
do
239.2
1396
r
71.0
r
300
r
290.3
12139
251.8
1654
67.5
296
314.5
1355 1
17.8
116
5.8
21
30.0
1139
19.6
148
6.0
3.0
29.8
1178
19.0
184
7.2
3.4
24.8
1268
25.7
123
5.4
2.0
28.5
104.5
15.0
99
4.3
1.4
25.5
73.4
14.3
95
4.0
1.9
27.5
80.7
18.1
146
5.9
3.2
25.6
125.1
24.8
21 1
7.9
3.6
23.6
146.8
33.7
235
8.3
3.5
28.4
170.3
37.9
130
4.7
1.7
25.2
112.7
15.1
71
3.5
1.5
21.2
101.4
16.2
67
4.2
1.9
24.5
112.5
Newspaper advertising expenditures (Media
Records Inc.):
Total
mil. $..
Automotive
.
do .
Classified
do....
Financial
do
General
do....
Retail
do
8,185.9
182.4
2,195.6
2973
1,121.7
43889
9,575.4
225.6
2,514.9
3872
1,380.0
50678
840.3
22.5
235.0
312
136.2
4154
816.6
18.4
215.6
309
126.5
4252
884.5
21.3
240.2
260
134.9
462 1
772.2
15.7
217.1
28.0
114.0
397.4
707.3
15.8
208.8
29.7
94.1
358.9
811.7
21.3
238.8
35.2
92.8
423.6
779.3
17.4
204.3
39.4
109.4
408.8
856.7
24.7
207.8
45.5
129.4
449.4
936.7
19.6
201.3
31.1
137.1
547.5
795.0
13.2
149.1
31.7
91.7
509.4
738.3
21.6
208.4
42.6
120.6
345.0
729.6
22.5
197.3
26.0
119.1
364.7
824.3
25.8
218.5
31.3
128.8
419.9
98,116 100,159
41,850 44,359
56,266 55,800
97,562
42,626
54,936
95,143
42,523
52,620
98,548 100,820
42,726 43,253
55,822 57,567
95,938
40,333
55,605
98,565
41,012
57,553
87,340
35,404
51,936
r
87,470
r
36,578
r
103,682
42,319
61,363
WHOLESALE TRADE $
Merchant wholesalers sales (unadj.), total
Durable goods establishments
Nondurable goods establishments
mil. $.. 1,055,168 1,174,072 102,728 100,535
do.... 448,040 499,970 43,156 43,155
do.... 607,128 674,102 59,572 57,380
Merchant wholesalers inventories, book value,
end of year or month (unadj.), total
mil. $..
Durable goods establishments
do
Nondurable goods establishments ..
do
104,655
65825
38830
50,892
111,163 107,057 105,584 105,171 106,021 104,675 105,722 107,225 108,655 111,015 111,163 111,331 110,187 109,324
r
72345 68264 68735 70 199 70870 69825 70590 71411 71008 72450 72345 71 575 r71 931 72434
38,818 38793 36849 34,972 35,151 34*850 35,132 35,814 37,647 38,565 38,818 39,756 38,256 36,890
RETAIL TRADE
All retail stores: t
Estimated sales (unadj.), total t
951,902 1,038,790
83,971
85,210
86,899
87,309
88,248
89,046
85,522
88,779
87,331 106,069
76,647
r
r
296 594
326 596
28063
27501
27522
28,985
28858
29,248
27,626
27,165
25,750
29,140
21,704
r
49616
162 309
43,416
53 164
180 722
45,701
4 192
16746
3,670
4695
15694
3,571
4969
15213
3,630
5,174
16205
3,785
4952
16307
3,745
4,824
16,742
3,881
4,704
15,425
3,838
4,662
14,842
3,887
4,190
13,444
3,987
3,841
13,341
4,836
do
do
do
do....
655 308
117 227
217 047
93,624
712,194
127 494
237,586
101,665
55908
9054
18788
8,285
57709
10033
19346
8,397
59,377
10307
20,339
8,636
58,324
10079
19,693
8,895
59390
9600
20928
9,069
59,798
10423
20,121
8,855
57,896
9905
19,544
8,551
61,614
11014
20,723
8,664
61,581
12622
19,514
8,271
76,929
19888
22,019
8,555
r
3,055 r3,889
3,058
12,118 13,912 17,099
r
3,143 r3,581
3,211
54,943 r52,333 r58,005
7442 r 7468 r 9500
19,966 18,594 r20,023
r
7,460 r7,871
8,110
do....
do....
do....
.. do
44,426
85,842
30,504
17083
47,755
94,070
32,999
17,461
3,445
7,620
2,589
1297
4,126
8,500
2,699
1,479
3,920
7,989
2,601
1,396
4,227
8,183
2,760
1,458
4,268
7,570
2,725
1,438
6,676
7,888
3,837
2,125
3,302
7,279
2,590
1,333
Nondurable goods stores
General merch group stores
Food stores
Gasoline service stations
Apparel and accessory stores
Eating and drinking places
Drug and proprietary stores
Liquor stores
3,957
7,806
2,653
1 336
3,724
8,253
2,693
1 436
3,623
8,176
2,699
1,422
3,589
8,432
2,710
1 506
75,698
23,365
86,128
86,263
86,361
87,299
87,292
87,961
87,823
86,413
86,733
86,572
85,320
r
27601
27 166
27488
27725
27759
28098
27810
26354
26436
26206
25316
r
4,604
3073
784
4,620
3082
792
4,578
3074
783
4,580
3045
796
4,487
2937
794
4,377
2876
803
4,313
2807
782
4,152
2712
771
4,213
2758
789
4,058
2586
783
4,046
2538
844
do....
do
do
15,233
13608
1625
14877
13256
1621
Furniture, home furn., and equip. #
Furniture, home furnishings stores
Household appliance, radio. TV
do....
do....
do....
3,838
2334
1.185
3,833
2353
1.176
See footnotes at end of tables.
15,191 15,364
13595 13718
1 596 1646
3,814
2,374
1.138
3,817
2358
1.164
15,451 15896
13728 14 148
1 723 1 748
3,734
2275
1.176
3,828
2351
1.202
87,654
26 810
r
4,130
2690
r
781
87,549
28,0!4 '27 786
r
3,752
r
8,061
r
2,575
1 257
do....
Automotive dealers
Motor vehicle dealers
Auto and home supply stores
86,0!9
r
3,168
r
7,259
r
Durable goods stores #
do
Building materials, hardware, garden supply,
and mobile home dealers #
mil. $..
Building materials and supply stores do
Hardware stores
do....
Estimated sales (seas, adj.), total t
1
r
mil. $..
Durable goods stores #
.
do
Building materials, hardware, garden supply,
and mobile home dealers .
mil $
Automotive dealers
do
Furniture, home furn., and equip
do....
2,769
1,381
'4,344
16475
'3,527
'59 763
10 168
'20 604
'7,840
'4,131
'8,448
'2,827
r
87,128 '88,310
r
26 972 '27 893
r
4,202
2756
774
'4331
15,664 14,506 14,596 14,497 13677 14 894 15 200 16047
13888 12806 12866 12819 12083 13 239 13 574 1 14 466
1 776 1 700 1 730 1 678 1594
1 655 1 626
3,864
2391
1.200
3,781
2289
1.228
3,775
2270
1.246
3,776
2285
1.236
3,508
2 112
1.137
r
3,655
r
2 176
1.187
r
3,682
2 186
1.194
'3,788
S-9
SURVEY OF CURRENT BUSINESS
May 1982
Unless otherwise stated in footnotes below, data
through 1978 and descriptive notes are as shown
in the 1979 edition of BUSINESS STATISTICS
1980
1982
1981
1981
Annual
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
DOMESTIC TRADE—Continued
RETAIL TRADE— Continued
All retail stores t — Continued
Estimated sales (seas, adj.) —Continued
58527
10,406
8486
752
59097
10,628
8646
763
58873
10,523
8553
740
59574
10743
8764
749
59533
10,610
8632
756
59863
10,743
8746
756
60013
10,651
8683
732
60059
10,634
8645
737
60297
10,751
8721
740
60366
10,774
8728
738
60,004 r60,844 r60,156 160,417
10,427 10,770 10,863 10,647
8672 r8916 r9,006 '8,859
757
707
714
do....
do
do
19,366
17861
8463
19,628
18097
8482
19,577
18069
8442
19,798
18282
8480
19,881
18337
8468
20,131
18 614
8449
20,199
18694
8511
20,393
18867
8536
20,487
18950
8521
Apparel and accessory stores #
do
Men's and boys' clothing
do....
Women's clothing spec stores furriers do
Shoe stores
do....
3945
650
1459
712
3964
655
1 476
720
3929
649
1479
718
4003
652
1512
729
4013
651
1 511
730
4029
656
1518
720
20,053
18525
8551
4035
672
1505
708
3994
678
1 459
712
3985
630
1485
702
3984
627
1471
750
20,213 r20,419 r20,296 '20,541
18666 18 778 18717 18990
8628 r8382 r7,999 '7,848
3947 r4340 r4,223 '4,123
r
618
568
615
1599
1534 1663
r
765
722
792
Eating and drinking places
do. .
Drug and proprietary stores
do
Liquor stores
do
Estimated inventories, end of year or month: t
Book value (unadjusted), total
mil. $..
Durable goods stores #
do
Building materials and supply stores . do ...
Automotive dealers
do....
Furniture, home furn., and equip .... do
7823
2677
1 441
7759
2713
1447
7815
2717
1439
7854
2774
1435
7807
2777
1 449
7813
2797
1459
7989
2791
1462
7999
2802
1458
7935
2801
1463
7880
2801
1500
7973
2690
1466
r
8460
r
122 236 116,189 117 386 118319 119 770 121 401 121 532 124 524 130 334 133 246 122 236
57994 54897 55731 56897 57817 58070 56506 56491 58528 59819 57994
9390 10 102 10 142 10346 10 185
9772
9745
9390
9*936
9894
9776
28,211 24,859 25,777 26,711 27,747 28,134 26,094 25,759 26,879 27,838 28,211
8847
8726
8708
8784
8908
9256
9349
8847
8826
8731
8833
r
l 19,989
r
120 079
56839
9602
27,427
8630
63240
22,605
16912
13706
9683
123 419
56925
9583
27048
8851
66,494
24644
18503
14,000
10323
Nondurable goods stores
General merch. group stores
Department stores
Variety stores
. . . . mil $
do....
do
do
Food stores
Grocery stores
Gasoline service stations
.
Nondurable goods stores #
General merch. group stores
Department stores
Food stores
Apparel and accessory stores
2
()
111,104
52991
9 197
24,708
8346
do
do....
do
do.. .
do....
58 113
19,811
14835
12600
9,041
Book value (seas, adj.), total
do....
Durable goods stores #
do
Building materials and supply stores .. do....
Automotive dealers
do
Furniture, home furn., and equip
do....
114,114
53747
9,610
24488
8,542
Nondurable goods stores #
General merch. group stores
Department stores
Food stores
Apparel and accessory stores
Firms with 11 or more stores:
Estimated sales (unadjusted) total
do....
do....
do
do....
do....
mil $
64242
22,515
16897
13825
9574
Apparel and accessory stores
Women's clothing, spec, stores, furriers.,
Shoe stores
Drug stores and proprietary stores
61422
22,513
16934
13020
9198
61953
22,899
17 035
13'012
9261
63331
23,456
17370
13093
9653
65026
24,383
18 050
13'l38
10089
68033
26,223
19514
13446
10525
71806
28,405
21 242
13905
10978
73427
28,746
21 730
14208
11 193
64242
22,515
16897
13825
9574
60,367
21,810
16213
12,535
9,388
66,858
24821
18487
13,702
9952
62,204
22594
16756
13,011
9,582
62,339
22623
16887
13,076
9613
62,631
22862
17 122
13,152
9463
63,246
23300
17347
13,143
9627
64,128
23702
17688
13,279
9810
64,796
24073
17 960
13,365
9872
65,615
24519
18375
13,568
9901
66,350
25 188
18 899
13,474
9899
66,711
25 113
18798
13,583
10030
66,858
24821
18 487
13,702
9952
28490
2007
297
29968
30891
30 239
30489
31 053
2 187
334
2297
324
2 361
353
2326
349
2 274
334
30 017
2 230
32 282
2 278
33 310
2 404
44 821
3 447
26,483
8,279
10039
9897
1,350
1654
1,385
27,781
9,112
10272
10 118
1,630
1652
1,434
28,594 27,878
9,388
9,210
10858 10421
10 710 10 276
1,491
1,428
1 759 1724
1,459
1445
28,163
8,711
11 149
10 990
1,378
1808
1452
28,779
9505
10708
10 555
1,678
1804
1442
30468
316
8 134
580
10267
30907
315
8 349
609
10293
30783
317
8 224
576
10358
31270
326
8 325
582
10547
31 415
326
8 436
589
10738
338 028
372 443
25023
3,606
do....
do....
do
do
do....
do....
do....
do
do
do
do
do
Nondurable goods stores #
General merchandise group stores
Food stores
Grocery stores..
Apparel and accessory stores
Eating places
Drug stores and proprietary stores
Estimated sales (sea. adj ) total #
Auto and home supply stores
Department stores
Variety stores
Grocery stores
61655
22,429
16819
13089
9382
125 693 116 148 116968 118 191 120 010 121 993 123 341 124 376 125 364 125 618 125 693
58835 53944 54629 55560 56764 57865 58545 58761 59014 58907 58835
9,822
9,798
9761 10064 10015
9946
9954
9881
9903
9822
9895
27987 23926 24881 25439 26705 27718 28 149 28276 28294 28091 27987
9074
8805
8691
8775
8784
8811
9068
8*782
8780
8900
9074
do
do....
Durable goods stores
Auto and home supply stores
61292
21,977
16320
13089
9,362
313,005
105,982
115059
113 630
17,066
18,237
16,137
27216
3,846
345,227
116,115
127 517
125 629
18,798
20 125
17,769
(2)
do
do....
do
do
1 562
668
340
1 449
1575
682
344
1 477
1563
665
349
1 472
31 389
325
8 439
584
10507
1 590
683
350
1 497
1585
675
351
1 502
1 569
666
342
1 504
322
342
27,787 30,004
9041
9992
10487 11 246
10 340 11 098
1,560
1,631
1641
1 755
1 365 1436
30,906
11 533
10488
10 339
1,729
1690
1477
31 412
31391
324
31 187
315
321
313
8 363
8 328
8 374
571
10627
572
10640
578
10725
1 572
665
336
1 493
1 544
'651
337
1 501
1567
655
337
1 503
57 454
9372
28,249
r
8663
r
62 535
r
22,113
r
!6 600
r
!3 573
r
9339
124 229
r
57 807
9652
r
27 695
r
8968
r
66,422
r
24 666
18 465
13,766
10 195
r
r
2823
1468
r
8,259
r
'8,348
'2850
231 31
23148
2846
1516
27 194 26 183
1 710 1 736
275
345
41,374 r25,484
r
6753
18270
12064 10 934
11 790 10 797
1,160
2,790
1 705 1579
1394
2254
31 827 r31 311
320
329
8 407 rgr 330
550
'580
10927 10733
1 591 1r 598
674
655
r
366
358
1 489 1 488
259
24,447
6801
10061
9 ggg
1,116
1513
1373
31 989
339
8 542
565
10827
1 680
716
341
1 560
LABOR FORCE, EMPLOYMENT, AND EARNINGS
POPULATION OF THE UNITED STATES
Total, incl. armed forces overseas $
mil..
LABOR FORCE
Not Seasonally Adjusted
Labor force, total, persons 16 years of age
and over
thous
Armed forces
do
Civilian labor force, total
do....
Employed
..
do
Unemployed
do
Seasonally Adjusted H
Civilian labor force, total
Participation rate *
Employed, total
Employment-population ratio *
Agriculture
Nonagriculture
Unemployed, total
Long term, 15 weeks and over
See footnotes at end of tables.
3
3
109 042
2 102
106,940
99303
7637
110812 109 762 110 035 110713 112 035 112 881 112259 110 438 111 402 111 337 110 738 110 173 110 492 110936 110990
2 142
2 128
2 127
2 168
2 129
2 131
2 139
2 160
2 165
2 158
2 158
2 164
2 159
2 175
2 176
108 670 107 634 107 906 108 586 109 904 110742 110 099 108 273 109 244 109 179 108 574 108 014 108324 108 761 108*814
100 397 99364 100 345 100 855 101 419 102 612 102 152 100 389 101 028 100 502 99 562 97831 97946 98471 98858
7 947
8273
8271
7 561
7 731
8 485
8 130
7 884
8 216
8 676
9 013 10 183 10 378 10 290
9 957
227.66
do....
percent
thous..
percent..
thous..
do.
58.5
3,364
95938
do
do....
1,871
638
229 80
229 12
22928
22944
22962
22980
23003
23026
23048
23067
23084
231 01
231 17
108 364 108 777 109 293 108 434 108 688 108 818 108 494 109 012 109 272 109 184 108 879 109 165 109 346 109 648
639
64 1
644
638
636
639
638
635
637
637
638
638
639
638
100 406 100 878 101 045 100 430 100 864 100 840 100 258 100 343 100 172 99613 99581 99590 99492 99340
57.1
58.3
58.5
58.7
58.8
58.5
58.0
57.9
57.5
57.4
57.2
58.3
58.4
58.0
57.3
3,368
3,343
3,349
3,470
3,405
3,348
3,342
3,404
3,358
3,378
3,372
3,209
3,411
3,373
3,309
97030 97063 97404 97640 97082 97522 97436 96900 96965 96800 96404 96 170 96217 96 144 96032
639
2,285
7958
2,269
7899
2,187
8248
2,231
8004
2,363
7824
2,170
7978
2^217
8236
2,248
8669
2^292
9 100
2,364
9571
2^372
9298
2,399
9575
2J24
9854
2,954
10307
3,015
S-10
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1978 and descriptive notes are as shown
in the 1979 edition of BUSINESS STATISTICS
1980
1981
Annual
May 1982
1982
1981
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
LABOR FORCE—Continued
Seasonally Adjusted H
Civilian labor force—Continued
Unemployed—Continued
Rates (unemployed in each group as percent
of civilian labor force in the group):
All civilian workers
Men, 20 years and over ..
Women, 20 years and over
Both sexes 16-19 years
71
5.9
6.4
178
63
13.1
4.2
58
9.2
76
63
6.8
196
67
142
4.3
60
10.4
73
60
6.6
192
64
13.6
4.1
59
9.6
73
5.8
6.6
190
64
13.2
3.8
59
9.9
75
6.3
6.7
194
67
13.7
4.0
5.8
10.4
74
6.1
6.6
192
64
14.2
4.2
5.7
10.7
72
5.8
6.7
187
63
13.8
3.9
57
11.2
73
6.0
6.6
19.0
62
14.7
4.0
5.5
10.1
7.6
6.2
6.9
19.7
6.6
14.8
4.4
6.0
10.7
80
6.7
7.0
20.4
70
15.2
4.8
6.1
10.6
83
7.1
7.2
21.4
7.4
15.2
5.2
6.5
10.8
8.8
7.9
7.4
21.5
7.7
15.7
5.7
6.6
10.5
8.5
7.5
7.2
21.7
7.5
15.1
5.3
6.2
10.4
8.8
7.6
7.6
22.3
7.7
15.9
5.3
7.0
10.2
9.0
7.9
7.9
21.9
7.9
16.6
5.5
7.1
10.6
94
8.2
8.3
230
84
16.9
6.0
7.8
11.5
37
10.0
40
10.3
39
10.0
4.0
9.7
40
9.9
39
9.8
40
9.5
3.9
9.5
4.1
10.2
4.1
10.9
4.2
11.8
4.5
12.7
4.2
12.5
4.6
12.5
4.8
12.9
4.9
13.7
74
14.1
85
9.0
77
15.6
83
82
75
14.7
81
80
7.3
14.5
76
7.5
7.7
15.7
78
7.4
7.4
16.1
74
7.1
7.2
15.2
73
7.1
7.3
16.2
70
6.5
7.7
16.3
7.9
7.7
8.1
17.6
8.6
8.6
8.4
17.8
9.4
9.5
9.1
18.1
11.0
11.8
8.8
18.7
10.4
11.0
9.0
18.1
10.6
11.3
9.5
17.9
10.8
10.8
9.9
19.4
11.8
11.9
Employees on payrolls of nonagricultural estab.:
Total, not adjusted for seasonal variation ....thous..
Private sector (excl. government)
do....
Seasonally Adjusted t
90,564
74,316
91,548
75,493
90,720
74,227
91,337
74,880
91,848
75,434
92,481
76,278
91,600
76,213
91,598
76,450
92,159
76,599
92,424
76,403
92,293
76,136
91,932
75,803
89,799 '89,945 '90,192 '90,451
73,912 '73,839 '74,003 "74,288
Total employees, nonagricultural payrolls
Private sector (excl. government)
Nonmanufacturing industries
Goods-producing
Mining
Construction
do....
do....
do....
do....
do
do....
90,564
74,316
54,016
25,718
1020
4399
91,548
75,492
55,228
25,676
1 104
4,307
91,347
75,143
54,952
25,705
1098
4,416
91,458
75,288
54,958
25,700
950
4,418
91,564
75,433
55,019
25,705
957
4,334
91,615
75,575
55,151
25,818
1,110
4,284
91,880
75,888
55,353
25,939
1132
4,272
91,901
75,984
55,479
25,931
1,151
4,276
92,033
76,128
55,632
25,930
1,162
4,272
91,832
75,894
55,653
25,662
1,162
4,259
91,522
75,596
53,579
25,418
1,172
4,229
91,113
75,183
55,447
25,104
1,175
4,193
Manufacturing . . .
.
Durable goods
Lumber and wood products
Furniture and
fixtures
Stone, clay and glass products
Primary metal industries
Fabricated metal products
Machinery, except electrical
Electric and electronic equipment
Transportation equipment
Instruments and related products
Miscellaneous manufacturing
do
do....
do
do....
do....
do....
do....
do....
do....
do....
do....
do....
20300
12,181
690
469
666
1,144
1,609
2,497
2,103
1,875
708
419
20264
12,139
680
477
651
1,128
1,584
2,513
2,134
1,839
718
415
20,332
12,207
702
478
656
1,145
1,595
2,491
2,134
1,878
714
414
20,414
12,254
710
484
658
1,142
1,604
2,511
2,143
1,872
716
414
20,505
12,311
686
487
660
1,148
1,610
2,542
2,166
1,889
727
417
20,496
12,115
677
485
655
1,139
1,606
2,551
2,163
1,889
727
419
20,241
12,115
652
480
644
1,114
1,575
2,549
2,150
1,811
723
417
20,017
11,932
634
470
634
1,090
1,546
2,522
2,119
1,783
719
415
19,736
11,714
619
464
622
1,058
1,516
2,488
2,089
1,725
717
416
8,118
1711
69
853
1,266
694
1,258
1,107
197
731
233
64847
5,143
20,386
5,281
15 104
5,168
17901
16249
2866
13,383
8,126
1683
71
840
1,256
692
1,288
1,107
211
744
233
65873
5,152
20,736
5,343
15393
5,330
18598
16,056
2774
13,283
8,160
1703
71
843
1,258
694
1,283
1,109
213
753
233
65859
5,148
20,714
5,346
15,368
5,326
18540
16,131
2779
13,352
8,202
1691
71
856
1,278
696
1,290
1,110
212
760
238
65941
5,167
20,796
5,360
15,436
5,344
18642
15,992
2777
13,215
8,173
1668
73
849
1,272
698
1,295
1,106
212
764
236
65970
5,170
20,862
5,375
15,487
5,354
18667
15,917
2770
13,147
8,185
1,669
71
849
1,273
703
1,301
1,112
211
760
236
66 103
5,186
20,872
5,370
15,502
5,366
18774
15,904
2,765
13,140
8,126
1675
70
833
1,259
691
1,302
1,108
210
744
234
66 170
5,168
20,916
5,360
15,556
5,360
18788
15,938
2759
13,179
8,085
1,676
70
823
1,251
686
1,302
1,104
210
733
230
8,022
1,669
70
812
1,233
682
1,302
1,100
208
722
224
65642
5,139
20,635
5,316
15,319
5,293
18371
16,204
2781
13,423
8,125
1697
72
842
1,250
691
1,280
1,107
211
744
231
65758
5,161
20,636
5,333
15,303
5,316
18475
16,170
2767
13,403
20,424
12,278
699
486
658
1,144
1,604
2,521
2,148
1,886
717
415
8,146
1673
71
846
1,264
695
1,284
1,111
212
757
233
65797
5,149
20,717
5,349
15,368
5,331
18560
16,040
2781
13,259
20,535
12,333
702
488
658
1,140
1,614
2,533
2,163
1,886
723
426
Nondurable goods
do....
Food and kindred products
do
Tobacco manufactures
do.
Textile mill products
do....
Apparel and other textile products
do....
Paper and allied products
do....
Printing and publishing
do....
Chemicals and allied products
do....
Petroleum and coal products
do....
Rubber and plastics products, nee
do....
Leather and leather products
do....
Service-producing
do
Transportation and public utilities
do....
Wholesale and retail trade
do....
Wholesale trade
do....
Retail trade
do....
Finance, insurance, and real estate
do....
Services
do
Government
do....
Federal . . . .
do
State and local
do....
Production or nonsupervisory workers on private
nonagric. payrolls, not seas, adjusted
thous..
Manufacturing
do
20,191
12,099
692
467
651
1,141
1,581
2,480
2,117
1,849
712
409
8,092
1691
72
838
1,243
689
1,276
1,108
210
734
231
66 104
5,147
20,838
5,363
15,475
5,355
18838
15,926
2748
13,178
66009
5,122
20,735
5,336
15,399
5,366
18856
15,930
2741
13,189
90,879 '91,019 '90,760 P90,562
74,980 r75,134 '74,853 P74,680
55,430 r55,628 '55,513 "55,422
24,801 '24,836 '24,609 P24,435
1,166 '1,165 '1,159 pl,151
4,085 '4,165 '4,110 P4,026
19,550 '19,506 '19,340 P19,258
11,596 '11,559 '11,458 pl 1,393
P
615
625
'622
627
P
458
454
'450
452
P
607
605
'600
597
P
1,042 '1,027 '1,013 p 995
1,501
1,493 '1,479
l,468
2,455
2,441 '2,405 P2,379
2,093 '2,084 '2,073 P2,076
p
1,706 '1,719 '1,712
l,700
P
711
'708
'705
703
P
403
408 *
'399
396
P
7,954 '7,947 '7,882
7,865
1,663 '1677 '1665 "1657
P
71
70
'69
68
795
'793
'775 p P785
1,210 '1,212
1,192
l,177
P
678
673
'671
667
1,301
1,303 '1,304 pl,305
1,093 '1,092 '1,088 pl,083
P
203
201
201
201
P
712
718
'706
710
P
'214
222
'211
212
66078 '66 183 '66 151 P66 127
P
5,124 '5,105
5,088
5,100
20,849 '20,934 '20,892 P20,822
5,321 '5,321 '5,305 P P5,301
15,528 '15,613 '15,587 15 521
5,361 '5,366 '5,377 P P5,371
18845 '18 893 '18 887 P18 952
15,899 '15,885 '15,907 15 882
2742 '2739 '2729 P2717
13,157 '13,146 '13,178 P13,165
60,457
14223
61,210
14088
60,115
14049
60,736
14 127
61,204
14 195
61,911
14325
61,814
14 108
62,018
14230
62,194
14376
62,007
14 147
61,727
13904
61,372
13601
59,534 '59,490 '59,632
13276 '13 243 '13 168
60457
18442
757
3,461
14223
8438
577
378
516
879
1,193
1,605
1,336
1,215
424
314
61,210
18250
812
3,350
14088
8,321
565
384
501
867
1,168
1,592
1,338
1,176
422
307
60,961
18346
813
3,459
14074
8,325
577
376
501
879
1,169
1,575
1,334
1,190
420
304
61,114
18338
689
3,462
14 187
8,412
586
386
506
884
1,178
1,580
1,345
1,218
422
307
61179
18317
694
3,376
14247
8442
593
392
507
880
1,184
1,594
1,353
1,210
423
306
61,292
18387
819
3,323
14245
8455
585
393
506
882
1,187
1,602
1,354
11,218
422
306
61585
18476
834
3315
14327
8491
585
396
508
879
1,197
1,605
1,365
1,213
427
316
61,622
18459
850
3,315
14294
8485
571
395
510
883
1,193
1,618
1,364
1,217
426
308
61,770
18454
857
3,316
14281
8,465
563
391
505
877
1,187
1,624
1,360
1,221
426
309
61,527
18 185
854
3,301
14030
8267
540
385
495
851
1,157
1,615
1,347
1,147
423
307
61,210
17934
862
3,275
13797
8083
521
376
485
828
1,132
1,587
1,308
1,121
418
307
60,759
17611
864
3,233
13514
7868
506
370
473
799
1,102
1,554
1,278
1,064
417
305
60,538 '60 681 '60 414 P60 269
17326 '17 374 '17 188 "17P025
852
'849
'845
832
3,132 '3209 '3 155 P3031
13342 '13 316 '13 188 P13 118
7758 '7740 '7661 "7595
P
502
'512
'509
511
P
364
360
'356
353
P
458
458
453
451
783
772
'761 p P746
1,085 '1,079 '1,068 pl,060
1,523 '1,510 '1,482 pl,455
1,285
1,278 '1,267 pl,270
1,048
1,066 '1,064
l,047
P
413
'410
'409
406
P
297
295
292
233
White
Black and other
Married men, spouse present
Married women spouse present
Women who maintain families
Occupation:
White-collar workers
Blue-collar workers
Industry of last job (nonagricultural):
Private wage and salary workers
Construction
Manufacturing
Durable goods
.. .
EMPLOYMENT f
Seasonally Adjusted t
Production or nonsupervisory workers on private
nonagricultural payrolls t
thous..
Goods-producing
do
Mining
do.. .
Construction
do....
Manufacturing . .
do
Durable goods
do....
Lumber and wood products
do....
Furniture and
fixtures
do
Stone, clay, and glass products
do....
Primary metal industries
do....
Fabricated metal products
do....
Machinery, except electrical
do....
Electric and electronic equipment
do....
Transportation equipment
do....
Instruments and related products
do....
Miscellaneous manufacturing
do....
See footnotes at end of tables.
P
59,912
P
13 057
S-ll
SURVEY OF CURRENT BUSINESS
May 1982
Unless otherwise stated in footnotes below, data
through 1978 and descriptive notes are as shown
in the 1979 edition of BUSINESS STATISTICS
1980
1981
Mar.
Annual
1982
1981
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Apr.
Feb.
Mar.
'5527 P5517
1,140
"1,128
'54
"58
P
675
'664
"999
1,013
P
'501
499
P
'717
716
'603
"603
120
"121
'538
-544
P
177
179
P
'43 226 43 243
'4 188 P4 201
18,269 P18,199
'4293 P4 289
'13 976 P13 910
'4032 P4'025
'16 737 P16818
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
EMPLOYMENT t—Continued
Seasonally Adjusted t
Production or nonsupervisory workers—Continued
Nondurable goods
Food and kindred products
Tobacco manufactures
Textile mill products
Apparel and other textile products
Paper and allied products
Printing and publishing
Chemicals and allied products
Petroleum and coal products
Rubber and plastics products, nee
Leather and leather products
thous..
do....
do....
do....
do....
do....
do
do....
do....
do....
do....
5786
1,175
54
741
1,082
524
703
626
124
562
196
5768
1,153
55
727
1,069
521
712
627
132
574
197
5749
1,158
56
727
1,061
519
708
626
134
566
194
5775
1,164
56
729
1,065
521
709
627
134
575
195
5805
1,170
55
731
1,071
523
710
629
135
584
197
5790
1,144
56
733
1,077
524
709
632
133
585
197
5836
1,160
55
742
1,092
525
711
630
133
586
202
5809
1,140
57
738
1,082
526
714
630
132
592
200
5816
1,140
56
737
1,084
5
718
631
131
588
200
5763
1,149
55
722
1,071
31
718
626
130
573
199
5714
1,149
55
710
1,062
520
716
620
129
573
199
5646
1,141
54
699
1,046
516
715
615
127
551
189
5584
1,133
56
68
1,027
506
715
608
121
548
187
5576
1,148
54
681
1,027
'503
715
r
607
120
543
178
do....
do
do....
do
do. ..
do....
do
42015
4291
17,881
4319
13562
3913
15930
42961
4274
18,128
4348
13779
4026
16533
42615
4268
18,031
4330
13701
16320
42776
4291
18,027
4 342
13685
4,017
16441
42862
4272
18,084
4352
13732
4024
16482
42905
4 269
18,093
4 350
13743
4030
16 513
43 109
4 284
18,200
4 367
13833
4037
16588
43163
4284
18,230
4370
13 860
4047
16 602
43316
4305
18,271
4 367
13904
4055
16685
43342
4277
18,311
4359
13952
4049
16705
43342
4 277
18,311
4 359
13952
4049
16 705
43 148
4235
18,120
4 339
13781
4041
16752
43212
4228
18,205
4311
13894
4035
16744
'43 307
'4212
18,300
'4 309
'13 991
'4034
16 761
35.3
35.2
432
370
436
368
35.2
353
423
372
35.2
354
436
36 9
35.2
353
438
36 9
35.4
35 2
42 1
37 2
35.6
353
435
37 7
35.6
35 2
44 i
37 3
35.0
34 9
438
35 7
35.1
350
445
37 5
35.1
350
443
37 0
35.2
34 9
447
370
33.9
342
428
332
34.7
350
'435
'35 7
34.7
'349
'43 7
'369
P
34.6
P
34 8
P
43 1
P
39.7
39.8
39.7
402
29
40.1
403
32
39.6
400
30
405
30
388
38.5
40.9
40 5
40.5
41 1
40.5
412
40 5
39.2
39.5
393
27
39.7
395
27
39.6
393
25
39.9
390
24
37.1
373
23
39.2
39 5
24
39.1
390
23
"38.7
P
39 1
P
24
39 7
26
373
37.5
40.3
406
39.5
403
39.6
399
40 5
38.4
399
26
376
38.1
40.0
398
40.0
40 7
39.9
405
404
39.0
397
24
375
37.7
40.0
39 7
39.6
406
39.3
403
40 3
39.0
393
24
376
37.7
39.5
39 2
39.2
403
39.2
394
399
38.4
379
22
346
32.6
38.3
384
37.9
390
38.1
387
386
36.9
'399
22
'382
37.6
'40.2
'396
'39.6
'40 7
39.8
'409
400
38.7
394
21
'37 9
'37.4
'39.8
'388
39.3
'40 1
'39.4
'40 4
'40 0
38.5
P
389
28
39.2
402
38 9
35.2
390
28
39.5
394
39 3
35.7
388
27
39.6
388
38 8
35.6
386
27
39.8
38 1
378
35.1
364
24
39.1
36 1
31 3
30.7
'389
26
40.3
383
'38 1
'35^4
385
25
'39.8
'37 0
37 5
'35.0
P
38 4
P
26
P
39.7
P
36 7
P
37 4
P
34.8
Service-producing
Transportation and public utilities
Wholesale and retail trade
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services
AVERAGE HOURS PER WEEK t
Seasonally Adjusted
Avg. weekly hours per worker on private nonagric.
payrolls: fl Not seasonally adjusted
hours..
Seasonally adjusted
do
Mining $
do....
Construction $ .
do
Manufacturing:
Not seasonally adjusted
do....
Seasonally adjusted
do....
Overtime hours
do
36 2
28
28
39.9
399
28
Durable goods
Overtime hours
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
Primary metal industries
Fabricated metal products
Machinery except electrical
Electric and electronic equipment
Transportation equipment
Instruments and related products
Miscellaneous manufacturing
do
do....
do....
do....
do....
do
do....
do
do....
do....
do
do....
40 1
28
38.6
38.1
40.8
40 1
40.4
410
39.8
40.6
405
38.7
402
28
387
38.4
40.7
405
40.3
409
39.9
409
404
38.9
404
28
39 1
38.6
40.7
41 0
40.2
409
40.0
409
405
38.7
40 8
30
396
38.8
41.2
41 2
40.9
41 3
40.2
420
40 1
38.9
40 8
32
398
39.0
41.0
41 0
40.9
41 4
40.4
418
40 4
39.2
40.2
40 1
30
40 5
30
390
38.9
40.8
408
40.7
41 1
40.2
41 4
404
39.1
Nondurable goods
Overtime hours
Food and kindred products
Tobacco manufactures $
Textile mill products
...
Apparel and other textile products
do....
do
do....
do....
do .
do....
390
28
39.7
38.1
40 1
35.4
392
28
39.7
38.8
397
35.7
392
28
39.7
372
399
35.7
393
29
40.1
372
398
35.5
396
31
40.0
386
405
36.0
394
30
39.8
385
40 2
36.1
393
29
39.4
386
40 4
35.9
39.8
400
30
405
30
386
38.6
40.8
40 7
40.5
41 2
40.4
413
408
39.1
393
29
39.4
407
40 3
36.1
Paper and allied products
Printing and publishing
Chemicals and allied products
Petroleum and coal products
Rubber and plastics products, nee
Leather and leather products
do....
do
do....
do....
do....
do....
42.3
37 1
41.5
41.8
40.1
36.7
425
373
41.6
43.3
40.4
36.8
424
37 1
41.5
43.5
40.5
37.1
426
37 3
41.5
44.1
40.7
36.6
428
37 6
41.7
43.8
41.3
37.1
427
37 4
41.7
43.4
41.0
37.4
427
37 3
41.8
43.1
40.5
36.5
427
37 3
41.7
42.8
40.6
36.9
43 1
37 1
42.3
43.3
39.6
36.1
424
37 1
41.5
42.1
40.0
36.8
419
369
41.3
42.3
39.6
36.7
418
37 2
41.3
42.6
39.4
36.1
412
36 5
40.8
44.3
37.8
33.6
'422
'37 4
'41.2
'43.5
'40.0
'35.5
41 7
'37 1
'40.7
'43.4
'39.5
35.8
P
42 2
P
368
P
40.4
P
42.8
P
39.7
P
do....
do
do....
do
do....
do
39.6
32 2
385
302
362
326
39.4
32 1
386
30 1
362
326
39.4
32 2
386
30 2
364
328
39.3
32 3
386
30 3
363
32 8
39.3
32 1
385
30 1
36 1
32 7
39.8
32 1
385
30 1
36 1
32 5
39.8
32 2
387
30 1
363
32 5
39.5
32 1
386
30 1
363
32 4
39.2
32 1
385
30 1
360
32 4
39.1
31 9
385
299
362
32 5
39.3
320
38 6
299
362
326
39.3
31 9
384
299
362
32 7
38.4
31 6
380
29 6
362
325
'39.2
'31 9
38 5
'299
'362
32 7
38.9
31 8
'38 3
298
36 2
'32 7
P
39.0
P
31 8
P
38 2
P
29 8
P
36 1
P
Seasonally Adjusted
Employee-hours, wage & salary workers in nonagric. establish, for 1 week in the month,
seas adj. at annual rate
bil hours .
Total private sector
do
Mining
do....
Construction .
....
do
Manufacturing
do
Transportation and public utilities
do....
Wholesale and retail trade
do
Finance, insurance, and real estate
do....
Services
do....
Government .
do
16968
13783
231
846
41 94
10.60
3429
9.75
3047
31 86
17068
139 74
251
824
41 89
10.56
3482
10.06
3164
3097
17208
140 14
248
860
42 15
10.60
34 75
10.04
3151
31 94
17050
139 79
2 17
843
42 13
10.62
34 84
10.04
3156
3071
17137
139 81
2 19
8 26
4243
10.56
34 70
10.05
3160
31 57
17086
13935
239
804
42 13
10.60
34 65
10.04
3149
31 51
17103
139 88
254
8 12
42 23
10.59
34 73
10.08
3159
31 15
171 23
140 06
261
805
42 24
10.52
3492
10.10
3161
31 17
16788
13960
258
7 78
41 78
10.56
35 05
10.08
3177
2828
17063
13998
264
8 10
41 63
10.54
3506
10.09
3190
3066
17005
13983
270
8 24
41 14
10.54
3502
10.12
3207
3022
Indexes of employee-hours (aggregate weekly): fi
Private nonagric. payrolls, total
1977=100..
Goods-producing
do....
Mining
do
Construction
.
.
do .
Manufacturing
do....
Durable goods
do
Nondurable goods
do ..
Service-producing
do....
Transportation and public utilities
do....
Wholesale and retail trade
do....
Wholesale trade
do
Retail trade
...
do
Finance, insurance, and real estate
do....
Services
do....
107.3
102.5
122 1
116 1
990
995
983
110.0
106.3
1059
110 4
1042
114.6
115.0
108.5
101.7
1320
1119
983
982
983
112.3
105.2
1073
111 4
1056
117.9
119.3
108.7
102.6
1280
1093
1002
100 6
995
112.1
106.2
1070
111 3
1053
117.6
118.7
109.4
103.5
1365
1109
1005
1009
998
112.6
106.0
1078
1123
1060
118.1
119.3
109.2
103.4
139 8
1100
1004
1009
995
112.5
105.2
1079
112 1
1062
118.7
119.0
108.6
101.1
139 0
1052
985
98 6
985
112.8
105.5
1080
111 8
1066
118.3
119.6
108.4
100.8
140 1
1098
972
969
978
112.7
104.0
1077
111 6
1062
118.5
120.1
Transportation and public utilities $
Wholesale and retail trade
Wholesale trade
Retail trade...
Finance, insurance, and real estate $
Services
..
396
P
22
P
380
P
37.7
P
40.1
P
38 4
P
39.6
P
40 2
P
39.5
P
41 6
P
395
P
38.6
35.4
32 7
AGGREGATE EMPLOYEE-HOURS t
See footnotes at end of tables.
108.4
102.4
1282
1166
984
986
98 1
111.8
105.1
1069
111 1
1054
117.5
118.4
108.9
102.8
1120
1158
999
1007
987
112.3
105.4
1072
111 4
1056
117.8
119.3
108.9
103.1
1133
1129
1007
101 1
100 1
112.0
104.9
1069
111 4
1052
117.4
119.2
108.0
99.3
141 1
111 1
95 1
94 1
964
112.8
104.7
1073
111 8
1055
118.2
120.8
16985 167 28 '170 55 '169 44 P168 17
13863 137 91 '139 35 '138 00 P136 75
P
279
'272
'273
'2 69
2 62
8 14 r 7 71
'809
'7 94 P P7 54
3989
40 53
40 48 '39 78 P39 18
10.54
10.46
10^44
10.38
10.39
3461 r34 74 '35 16 '34 82 P34 60
P
10.12
10.14
10.13
10.16
10.08
r
3220 '3228 '32 23 "3232
3209
2937 '31 21 '31 44 P31 42
31 22
106.9
96.8
1430
1084
924
908
948
112.4
103.2
1065
110 8
1049
118.2
121.2
104.3
90.9
137 2
99 1
872
863
886
111.7
102.0
1059
1089
1047
118.0
120.4
107.0
96.4
'1390
1079
922
'906
'945
112.9
103.4
1076
'1103
1065
117.7
121.2
106.1
'94.6
'1383
'106 4
'903
'88 7
'926
112.4
102.3
1069
'109 3
1060
118.0
121.1
P
105.7
P
93.4
P
1340
P
101 6
P
899
P
88 4
P
922
P
112.5
"102.9
P
1065
P
1089
P
1055
P
117.4
P
121.6
S-12
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1978 and descriptive notes are as shown
in the 1979 edition of BUSINESS STATISTICS
1980
1982
1981
1981
Mar.
Annual
May 1982
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
HOURLY AND WEEKLY EARNINGS f
Average hourly earnings per worker: U
Not seasonally adjusted:
Private nonagric payrolls
dollars
Mining
do....
Construction
do....
Manufacturing
do
Excluding overtime
do....
Durable goods
do
Excluding overtime
do....
Lumber and wood products
do....
Furniture and fixtures
do....
Stone, clay, and glass products
do....
Primary metal industries
do....
Fabricated metal products
do....
Machinery, except electrical
do....
Electric and electronic equipment .... do....
Transportation equipment
do....
Instruments and related products .... do....
MisceDaneous manufacturing
do....
666
917
9.92
727
7.02
775
7.48
6.53
5.49
7.50
9.77
7.45
8.00
6.95
9.32
6.80
5.47
725
10.06
10.75
799
7.71
852
8.23
7.00
5.90
8.27
10.81
8.20
8.83
7.66
10.31
7.44
5.98
7 10
9.85
10.44
7.80
7.53
832
8.04
6.79
5.76
7.94
10.52
8.01
8.62
7.47
10.08
7.23
5.85
7 13
9.70
10.43
7.88
7.62
840
8.12
6.83
5.78
8.11
10.76
8.05
8.67
7.51
10.14
7.25
5.91
7 17
9.68
10.53
792
7.64
845
8.15
6.92
5.83
8.20
10.68
8.17
8.75
7.55
10.25
7.31
5.93
720
9.94
13.60
7.97
7.68
852
8.21
7.10
5.89
8.31
10.76
8.23
8.81
7.60
10.36
7.34
5.93
7.24
10.11
10.74
8.02
7.74
8.55
8.26
7.16
5.91
8.39
10.79
8.22
8.85
7.69
10.35
7.44
5.98
7.30
10.15
10.87
8.02
7.74
8.57
8.27
7.13
5.98
8.41
10.97
8.27
8.86
7.76
10.30
7.56
5.97
7.40
10.29
11.02
8.15
7.86
8.68
8.39
7.15
6.00
8.53
11.22
8.34
8.98
7.79
10.41
7.60
6.07
742
10.28
11.10
8.15
7.88
8.71
8.42
7.09
6.05
8.50
10.97
8.39
9.05
7.84
10.65
7.61
6.06
7.46
10.42
11.12
8.20
7.93
8.75
8.48
7.15
6.04
8.54
11.10
8.43
9.10
7.86
10.66
7.70
6.12
7.45
10.43
11.19
8.26
7.99
8.81
8.54
7.17
6.11
8.56
11.09
8.53
9.20
7.93
10.69
7.83
6.20
7.55
10.68
11.56
8.41
8.17
8.91
8.67
7.40
6.27
8.73
11.23
8.55
9.21
8.02
10.72
7.94
6.31
Nondurable goods
do....
Excluding overtime
do....
Food and kindred products
do....
Tobacco manufactures
do....
Textile mill products
do
Apparel and other textile products .. do....
Paper and allied products
do....
Printing and publishing
do....
Chemicals and allied products
do....
Petroleum and coal products
do....
Rubber and plastics products, nee .... do....
Leather and leather products
do....
Transportation and public utilities
do....
Wholesale and retail trade
do
Wholesale trade
do....
Retail trade
do....
Finance, insurance, and real estate
do....
Services
do....
6.56
6.33
6.86
7.73
508
4.57
7.84
7.53
8.30
10.09
6.56
4.58
8.87
548
696
4.88
5.78
5.85
7.19
6.94
7.46
8.81
552
4.98
8.60
8.20
9.12
11.36
7.23
4.99
9.72
592
7.58
5.25
6.30
6.41
7.01
6.77
7.29
8.61
536
4.94
8.30
8.02
8.84
11.23
7.07
4.98
9.42
585
7.42
5.20
6.19
6.29
7.08
6.86
7.37
8.90
5.36
4.96
8.37
8.04
8.94
11.40
7.15
4.93
9.54
587
7.47
5.22
6.20
6.30
7.11
6.86
7.43
9.03
540
4.98
8.42
8.10
8.99
11.28
7.22
4.95
9.59
589
7.51
5.23
6.24
6.33
7.14
6.88
7.43
9.33
5.42
5.00
8.55
8.13
9.07
11.29
7.23
4.98
9.63
5.89
7.51
5.23
6.24
6.33
7.23
6.98
7.47
9.43
5.51
4.94
8.73
8.22
9.16
11.41
7.28
4.96
9.69
5.91
7.59
5.24
6.27
6.34
7.24
6.97
7.50
8.61
5.66
4.98
8.67
8.27
9.19
11.31
7.32
4.97
9.89
5.94
7.67
5.26
6.37
6.41
7.37
7.09
7.58
8.66
5.69
5.06
8.95
8.40
9.38
11.53
7.38
5.08
9.97
6.04
7.71
5.37
6.38
6.51
7.34
7.08
7.53
8.58
5.72
5.07
8.82
8.42
9.37
11.46
7.39
5.09
9.96
6.00
7.74
5.29
6.42
6.57
7.39
7.13
7.63
8.96
5.74
5.06
8.89
8.44
9.42
11.57
7.41
5.10
10.07
6.03
7.81
5.32
6.51
6.67
7.45
7.21
7.69
8.90
5.72
5.05
8.96
8.50
9.52
11.58
7.48
5.14
10.08
6.01
7.83
5.32
6.46
6.66
7.68
7.43
7.83
9.15
5.76
5.02
9.07
8.61
9.68
11.90
7.62
5.18
10.15
6.17
7.95
5.44
6.57
6.79
6.66
9 17
9.92
727
8.87
548
5.78
585
7.25
1006
10.75
799
9.72
592
6.30
641
7.09
9.85
10.49
780
9.48
581
6.19
624
7.14
9.70
10.52
7.90
9.57
584
6.20
627
7.18
9.68
10.57
7.95
9.67
589
6.24
632
7.23
9.94
10.69
7.99
9.74
591
6.24
638
7.26
10.11
10.77
8.02
9.71
5.93
6.27
6.42
7.34
10.15
10.85
8.08
9.88
5.99
6.37
6.51
7.37
10.29
10.88
8.14
9.88
6.05
6.38
6.52
7.39
10.28
11.01
8.15
9.89
6.02
6.42
658
7.45
10.42
11.09
8.18
9.99
6.05
6.51
6.64
7.45
10.43
11.16
8.19
10.03
6.08
6.47
6.65
1273
935
134 1
121.8
1294
127.2
1278
127.0
1255
1390
926
1482
131.6
1420
139.6
1383
138.1
1374
1358
928
144.0
128.6
1385
136.1
135.8
136.0
1340
1367
930
145.7
129.0
1399
137.3
136.4
135.4
1348
1377
93 1
145.6
129.4
140.7
138.9
137.4
136.8
136.0
1384
929
147.2
130.4
1416
139.8
137.8
137.1
136.6
1390
92.2
148.9
131.8
142.5
139.3
138.4
137.4
136.9
1407
92.7
149.4
132.5
143.6
141.8
140.0
140.4
139.4
141.5
92.1
151.5
132.9
144.8
141.7
141.2
140.3
139.8
1419
920
151.3
134.3
1455
142.0
140.5
140.9
1407
1432
925
153.3
135.4
1464
144.0
141.5
143.2
142.6
11.73
1842
12.92
1678
12.36
16 11
12.45
16 13
12.56
1630
12.77
1648
13.03
1685
13.09
16.98
13.27
17.31
13.62
1766
10.62
10.54
10.56
10.66
i.6.65
Seasonally adjusted:
Private nonagri cultural payrolls
Mining .
.....
Construction
Manufacturing
Transportation and public utilities
Wholesale and retail trade
Finance, insurance, and real estate
Services
dollarsdo....
do....
do
do....
do
do....
do
Indexes of avg. hourly earnings, seas, adj.: H
Private nonfarm economy:
Current dollars
1977—100
1977 dollars $
do
Mining
do....
Construction
do....
Manufacturing
do
Transportation and public utilities
do....
Wholesale and retail trade ... .
do.
Finance, insurance, and real estate
do....
Services
do.
Hourly wages, not seasonally adjusted:
Construction wages, 20 cities (ENR): §
Common labor
$ per hr..
Skilled labor
..
do
Farm (U.S.) wage rates, hired workers, by
method of pay:
All workers, including piece-rate
$ per hr..
All workers other than piece-rate
do
Workers receiving cash wages only
do
Workers paid per hour, cash wages only
do....
Railroad wages (average, class I)
do....
Avg. weekly earnings per worker,
private nonfarm: fl
Current dollars, seasonally adjusted
1977 dollars, seasonally adjusted $
Spendable earnings (worker with 3 dependents):
Current dollars, seasonally adjusted
1977 dollars seasonally adjusted t
Current dollars, not seasonally adjusted:
Private nonfarm, total
dollars..
Mining
do
Construction
do
Manufacturing
do....
Durable goods
do
Nondurable goods
do....
Transportation and public utilities
do....
Wholesale and retail trade ...
do.
Wholesale trade
do....
Retail trade
do
Finance, insurance, and real estate
do....
Services
do
r
755
!0.65
!1.28
r
8.34
8.09
8.88
8.64
r
7.28
r
6.18
8.65
11.20
8.57
9.22
8.00
10.75
r
7.95
r
6.33
r
754
10.64
11.30
r
8.35
r
8.12
r
8.89
r
8.66
r
7.24
r
6.20
r
8.65
11.16
8.63
r
9.19
r
8.06
10.80
r
8.01
6.36
7.55
5.15
9.00
8.60
r
9.68
r
!2.27
r
7.59
5.21
10.19
r
6.16
r
7.95
r
5.43
6.62
r
6.79
7.57
7.34
7.79
r
9.62
5.77
r
5.17
r
9.03
r
8.63
r
9.66
12.20
r
7.55
5.22
10.14
6.15
r
7.94
r
5.43
r
6.60
r
6.77
7.52
10.68
11.53
8.37
10.15
6.08
6.57
6.72
r
7.53
10.65
11.31
r
8.33
10.18
r
6.09
6.62
r
671
r
7.54
10.64
11.35
r
8.81
10.20
6.11
r
6.60
r
6.72
1435
92.3
153.2
136.2
147.0
144.4
141.9
141.8
142.7
145 1
931
156.0
140.8
149.0
145.8
142.3
143.4
143.6
1453
929
155.9
138.2
149 1
146.5
143.0
143.9
1440
1457
935
155.8
138.3
1498
147.2
143.2
144.9
1442
13.69
1774
13.69
1772
13.78
17.89
13.83
1799
13.83
1800
10.61
10.79
11.00
11.25
11.39
256.84
16475
366
359
382
367
9.92
10.64
10.49
3.92
388
409
3.91
10.58
234.93
17274
254.74
170 13
250.28
17107
252.76
172 18
253.45
171 25
254.50
17092
256.28
16995
258.37
170.09
257.21
167.56
258.65
16774
260.75
16833
260.01
16721
206.19
8352
220.19
14677
216.62
14796
218.48
14873
219.00
14807
219.80
14762
221.14
14674
222.71
14671
221.05
14443
22386
145 18
22520
14546
224.90
144 46
235 10
396 14
36704
288.62
31078
255.84
351.25
17646
267.96
14738
209.24
19071
25520
43862
39560
318.00
34250
281.85
382.97
19003
292.59
15803
228.06
20897
24992
41666
38837
311.22
33696
274.09
371.15
18662
285.67
15496
225.32
20505
250.98
42292
38487
312.84
33852
275.41
374.92
18843
287.60
15660
225.06
20538
252.38
42398
38856
317.59
34307
280.13
376.89
18848
289.14
15638
225.26
20573
25488
41847
39432
320.39
34591
28203
383.27
19025
28989
15899
225.26
20699
257.74
43979
40490
317.59
341 15
282.69
385.66
19385
294.49
16192
227.60
20922
259.88
44762
40545
319.20
34451
285.26
390.66
19483
296.83
16253
231.35
21089
259.00
45070
39341
321.93
34546
288.17
390.82
19449
296.84
162 17
229.68
21092
26044
45746
41625
323.56
34927
28699
389.44
19140
29954
15764
232.40
213 53
261 85
461 61
41144
32472
35000
28895
395.75
19236
30147
158 54
235.66
216 78
26224
46622
41403
32957
35592
29204
396.14
19352
30302
161 20
233.85
217 12
129
119
125
118
118
121
123
119
112
110
111
109
r
r
r
7.32
r
7.75
r
9.51
r
5.76
r
r
263 55
16862
263 15
168 90
See footnotes at end of tables.
1967—100..
756
8.17
8.91
P
8.69
P
7.18
P
6.20
P
8.70
11.30
P
8.68
P
9.18
P
8.09
P
10.76
P
8.04
P
6.40
P
P
7.66
P
7.43
P
7.89
P
9.94
5.80
5.21
P
9.13
P
8.67
P
9.79
P
12.45
P
7.63
P
5.23
P
10.19
P
6.17
P
7.97
P
5.45
P
6.64
P
6.79
P
P
P
7.56
10.68
11.32
P
8.48
P
10.22
P
6.14
P
6.64
P
6.76
P
P
P
1464
P
938
P
156.8
P
137.8
P
1508
P
147.1
P
144.0
P
144.9
145 1
P
P
13.85
P
1807
P
263 09
168 54
P
(!)
(!)
25595 r261 99 r261 64 "261 58
457 10 r463 28 r464 97 P460 31
38379 r402 70 r416 97 P406 16
31201 r326 93 r326 49 P325 08
33591 r352 54 r352 04 P348 38
27802 29143 29069 P291 08
389.76 r399.45 394.45 P397.41
19189 194 04 193 73 P194 36
30051 r303 69 r303 31 P303 66
157 76 159 64 159 64 P160 78
237.83 r239.64 r238.92 P239.70
219 32 r220 68 r220 03 P220 68
HELP- WANTED ADVERTISING
Seasonally adjusted index
P
P
10.68
P
11.22
P
8.40
P
P
106
103
96
S-13
SURVEY OF CURRENT BUSINESS
May 1982
Unless otherwise stated in footnotes below, data
through 1978 and descriptive notes are as shown
in the 1979 edition of BUSINESS STATISTICS
1980
1982
1981
1981
Mar.
Annual
Apr.
May
June
Aug.
July
Nov.
Oct.
Sept.
Dec.
Jan.
Mar.
Feb.
Apr.
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
WORK STOPPAGES H
Work stoppages involving 1,000 or more workers:
Number of stoppages:
Beginning in month or year
number
Workers involved in stoppages:
Beginning in month or year
thous
Days idle during month or year
do
187
145
795
20844
16
17
18
30
202
862
729
16908
48
4085
85
4454
9
23
5
7
5
2
2
2
2
6
200
3
237
7
331
80
1 576
200
2618
36
1018
26
899
13
734
12
141
4
146
UNEMPLOYMENT INSURANCE
Unemployment insurance programs:
Insured unemployment, all programs, average
weekly # @
thous
State programs (excl. extended duration prov.):
Initial claims .
.
thous
Insured unemployment, avg. weekly
do....
Percent of covered employment: @ @
Unadjusted
Seasonally adjusted
Beneficiaries, average weekly
thous
Benefits paid @
mil. $..
r
3410
3948
3453
3 111
2949
3012
2874
2680
2753
3228
3935
4681
4723
4892
25373
3350
23939
r
3048
1684
3382
1647
2*988
1 417
2691
1741
2596
2 114
2743
1610
2656
1680
2488
1996
2592
2286
3061
3272
3,778
3328
4470
2272
4.376
4,280
3.9
3.5
2864
14 590.3
2614
13 206 7
3.9
3.3
3069
13936
3.4
3.4
2698
12268
3.1
34
2331
10063
3.0
3.4
2256
10128
3.1
3.2
2280
10619
3.0
34
3486
10049
2.9
3.5
2 174
10010
3.0
3.7
2 142
9972
3.5
3.9
2392
10797
4.3
4.1
3 172
15925
5.1
4.1
3801
1,764.2
5.0
4.0
3908
1 781.8
3837
Federal employees, insured unemployment,
average weekly
thous
Veterans' program (UCX):
Initial claims
do
Insured unemployment avg. weekly
do
Beneficiaries, average weekly
do....
Benefits paid...
.
mil $
Railroad program:
Applications
thous..
Insured unemployment, avg. weekly
do....
Benefits paid
mil. $..
30
32
36
31
27
25
25
25
29
32
36
39
40
40
267
56
56
2949
193
40
41
2303
18
51
53
247
16
46
49
230
15
43
43
20 0
19
42
44
21 1
22
44
44
228
19
44
45
21 4
15
34
35
17 1
11
26
26
130
9
22
21
10 1
11
19
20
102
8
16
15
71
8
13
12
53
162
34
176.1
184
40
210.8
5
45
23.2
6
41
19.2
7
38
15.4
26
30
16.2
41
29
11.5
13
29
7.1
15
35
15.0
21
37
16.0
13
4
16.4
19
56
25.3
r
22
73
30.5
r
11
67
28.0
38
11
9
65
33.9
FINANCE
BANKING
Open market paper outstanding, end of period:
Bankers' acceptances
mil. $..
Commercial and financial co. paper, total
do....
Financial companies
do....
Dealer placed
do
Directly placed
do
Nonfinancial companies
do....
54,744
121,597
r
87,667
19 904
67763
r
33 930
69226 60089 62320 60551 63427 63721 64577 65048 66072 68749 69226 70088
161,114 130,118 133,597 140,056 145 994 151 264 153 651 161 717 164 124 166 317 161 114 167 036 167 232 166,138
r
r
111,908 r91,638 r93,275 r97,823 101,649 106,431 107,258 111,420 113,308 113,411 111,908 111,877 110,428 109,422
r
30 357 r22 608 23 131 24 782 r25 629 r26 807 r27 824 r30 440 r30 716 r30 728 r30 357 30 666 r 30 974 31 844
r
81 551 69030 70 144 73041 76020 79624 79434 r80 980 82592 r82 683 r81 551 r81 211 79 454 77578
r
49 206 r38 480 MO 322 M2 233 M4 345 M4 833 M6 393 r50 297 r50 816 r52 906 M9 206 55 159 56804 56716
Agricultural loans and discounts outstanding of
agencies supervised by the Farm Credit Adm.:
Total, end of period
...
mil $
Farm mortgage loans:
Federal land banks ...
do
Loans to cooperatives
do....
Other loans and discounts ....
do
68648
78 188
r
72 091
73382
74452
75207
76412
77072
77614
78283
78 103
78 188
78387
79035
79758
38 138
9,506
21005
46463
9,124
22619
40264
9,802
r
22 025
41 111
9648
22624
41 913
9361
23 178
42693
8807
23707
43450
8897
24065
44 064
8932
24075
44 720
8950
23944
45386
9400
23497
45 961
9315
22827
46463
9 124
22619
46899
9498
21990
47324
9760
21951
47 966
9581
22211
Federal Reserve banks, condition, end of period:
Assets total #
mil $
171 495
176 778 167 040 168 067 164 447 171 311 167 377 168 429 181 639 167 256 171 676 176 778 179 941 170 321 172 249 182 959
137,644
1809
121,328
11 161
Reserve bank credit outstanding, total # .. do....
Time loans
..
do
U.S. Government securities
do....
Gold certificate account
do
Liabilities, total #
Deposits, total....
Member-bank reserve balances
Federal Reserve notes in circulation
do
171 495
143,906 131,037 132,896 130,939 132,227 134,957 136,699 138,288 134,665 139,140 143,906 141,871 138,575 139,700 148,335
2333
1601
656
1366
1010
1027
1 254 2486
924
232
1601
2217
1 180 2 646
1 799
130,954 118,043 119,687 118,311 120,017 123,172 124,522 124,330 123,005 126,539 130,954 128,230 125,410 125,589 134,257
11 151 11 154 11 154 11 154 11 154 11 154 11 154 11 152 11 152 11 152 11 151 11 151 11 150 11 150 11 149
176 778 167 040 168 067 164 447 171 311 167 377 168 429 181 639 167 256 171 676 176 778 179 941 170 321 172 249 182 959
do
do
do....
31 546
27456
124,241
30816 29983 31 310 27 213 27 423 29 690 30 398 41 924 28 742 29 053 30 816 39 324 29 630 30 073 38 357
25228 26 164 26063 24304 23626 26011 27045 27243 23672 24312 25228 25066 24964 26357 24702
131,906 120,874 121,852 123,251 124,783 124,765 125,134 125,050 125,351 129,086 131,906 126,835 126,869 128,855 130,189
MO 097
1
40 067
1
Ml 918
Ml 606
'312
'642
1
277
All member banks of Federal Reserve System,
averages of daily figures:
Reserves held total
mil $
Required
do....
Excess
do
Borrowings from Federal Reserve banks
do....
Free reserves
.
do
Large commercial banks reporting to Federal Reserve System, Wed. nearest end of yr. or mo.:
Deposits:
Demand, adjusted §
mil. $..
30
1
'1,617
1471
39720
39445
275
1,004
532
40366
40 164
202
1,343
980
r
40512 40 443 41 Oil 41 026
40260 40*104 40667 40*731
252
339
344
295
2,154
2,038
1,751
1,408
1 643 1 408 1 159 -893
r
r
40 593
40 177
416
1,473
-835
r
119 485
108 595 106 568
Demand total #
Individuals, partnerships, and corp
State and local governments
U.S. Government
Domestic commercial banks
do
do....
do....
do....
do .
228 086
158,283
5,829
1,108
41407
Time total #
Individuals, partnerships, and corp.:
Savings
.
Other time
do
314 128
187 518 r206 400 188 649 195 175 r209 661 173 365 187 335 r209 236
140,376 139,814 128,823 130,792 140,406 122,000 127,927 135,847
r
5,235
M,946
4,456
4,262
5,176
M,161 M,526 r5,129
r
1005 r2880
2,148
3312
1082
1784 1 106 r2 198
21896 r38 438 32839 36735 41 213 r27 912 36984 M4 149
r
362 502 r321 791 r322 988 334 602 r337 288 r341 127 r349 779 '349 069
do
do....
72670
205,862
Loans (adjusted), total §
Commercial and industrial
For purchasing or carrying securities
To nonbank financial institutions
Real estate loans
Other loans
do....
do
do....
do....
do
do ..
r
433,313
r
!74 581
r
9,988
r
26,073
r
!11819
r
Investments, total
U.S. Government securities, total
Investment account *
Other securities
do....
do....
do
do....
118,098
39,611
35239
78.487
See footnotes at end of tables.
97 582
97 112 101 466
97 112
95 313 100 656
40 711
40433
278
1,149
719
40 951
40604
347
695
269
41 918
41606
312
642
277
r
99 021 106 737 108 595
43 210 41 475 39 390
42785 40992 38879
425
483
511
1,526
1,713
1,611
1 026 1 098
926
39 635
39289
346
1,580
1 067
99682
94010
95764 101 234
163 230 186 099 187 518 170 840 169 273 172 931 157 940
123,561 137,774 140,376 127,443 125,658 131,868 120,484
M,123 M,985 r5,235
5,328
4.492
5,133
4,640
1566
3645
1 114 r2 148
3331
1 133 2958
18 025 22 158 21896 19273 19762 19695 16 143
r
350 216 r356 985 r362 502 367 200 370 510 372 461 373 733
r
76 971 79344 77897 77797 r78 235 r76 358 r76 172 r75 364 r74 359 r76 758 r76 971 79 286 79 314 80 434 78 902
250,511 r208,365 r210,960 r221,735 r225,775 r232,026 '239,712 r240,184 r242,481 r245,714 r250,511 252,236 253,750 255,514 257,536
r
M70 988
195 499
10,756
r
26,729
124 444
!35 555 146 367
r
430 343
172 680
10,146
r
24,719
114 525
134 210
M30 385
174 438
r
8,701
r
25,309
115341
129 376
M37 294
176 617
10,388
r
25,807
116634
132 900
M50 102
182 545
12,111
'26,785
117 927
137 099
M42 499
180 450
r
9,154
r
25,957
118905
132 755
M52 309
184 956
r
8,616
r
27,137
120 264
139 346
M60 044
187 874
10,204
r
26,273
121 596
145 053
M55 089
187 174
8,483
r
25,408
122 302
137 542
M68 089
191 818
10,672
r
26,385
123 512
146 880
M70 988
195 499
10,756
r
26,729
124 444
146 367
470 410
198 009
8,675
26,756
126 157
144 998
472 278
198 819
9,163
26,762
126 840
144 382
476 519
202 573
7,782
27,913
127 306
140 837
479 517
204 731
7,484
28,096
128 538
138 662
116,905 120,244 117,324 121,050 119,521 118,104 117,519 117,457 116,293 119,081 116,905 118,503 117,596 117,936 115,768
r
36,819 '41,789 39,720 42,128 r 40,599 M0.644 r38,843 r37,771 r38,310 r37,510 r36,819 38,090 38,374 38,570 36,999
r
30 872 r33 902 34280 34444 33 810 r33 397 r31 975 r31 632 r31 404 r30 690 r30 872 30785 30747 30345 29548
r
80.086 r78.455 '77.604 r78.922 r78.922 r77.460 r78.676 r79.686 r77.983 r8 1.571 r80.086 80.413 79'222 79!366 78.769
S-14
SURVEY OF CURRENT BUSINESS
1980
Unless otherwise stated in footnotes below, data
through 1978 and descriptive notes are as shown
in the 1979 edition of BUSINESS STATISTICS
1982
1981
1981
Mar.
Annual
May 1982
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1,327.5 1,317.0 1,322.1 1,334.6
1103 1110 1143 r 1153
r
231.2
231.6
232.0
232.6
r
986 1 r9745 F9758
9866
Jan.
Feb.
Mar.
Apr.
FINANCE—Continued
BANKING—Continued
Commercial bank credit, seas, adj.:
Total loans and securities
fl
U S Treasury securities
Other securities
Total loans and leases jf .
bil. $..
do ..
do....
do
r
l,239.6
'1100
T
214.4
r
915 1
Money and interest rates:
Discount rate (N.Y.F.R. Bank), end of year or
month
percent.
Federal intermediate credit bank loans
r
l,317.0
r
l!10
r
231.6
r
9745
1,261.0
1129
219.4
9288
1,267.9
1139
219.5
9345
1,285.1
1160
220.6
9485
1,295.4
1167
2216
9572
1,302.8
116.4
222.3
9640
1,312.2
115.6
223.8
972.7
1,317.8
113.2
225.6
979.0
1,324.0
1125
228.7
9828
12.10
13.00
13.35
13.00
13.65
13.87
13.95
14.00
14.29
14.00
14.59
14.00
14.83
14.00
15.11
14.00
15.28
13.00
15.26
12.10
14.87
12.00
14.63
12.00
14.45
12.00
14.11
12.00
14.14
12.87
1,344.1
1146
233.6
9959
2
Z
2
1225
2
2
14
2
17
14.62
1348
13.91
1362
13.99
1356
14.19
14 12
14.40
14 14
14.77
14.60
15.03
1469
15.38
1504
15.47
1568
15.80
1523
15.53
1467
15.37
1444
15.22
1493
15.07
15 13
15.39
3
1278
3
12.29
3
do....
4
1532
3
14.76
3
13.73
1388
13.59
12.89
1465
14.17
12.94
1756
16.66
14.97
1627
15.22
14.13
17.10
16.09
14.47
17.22
16.62
15.32
16 11
15.93
15.01
1478
14.72
13.96
1200
11.96
11.72
12 13
12.14
11.24
1306
13.35
12.56
1447
14.27
13.58
1373
13.47
12.89
1395
13.64
13.09
12.821
12.22
Home mortgage rates (conventional 1st
mortgages):
New home purchase (U.S. avg )
.
percent
Existing home purchase (U.S. avg.)
do....
Open market rates, New York City:
Bankers' acceptances 90 days
do
Commercial paper, 6-month $
do....
Finance co. paper placed directly, 6-mo @ do....
14.20
12.58
11.28
Yield on U.S. Government securities (taxable):
3-month bills (rate on new issue)
percent.
3
3
14.077
13.478
13.635
16.295
14.557
14.699
15.612
14.951
13.873
11.269
10.926
12.412
13.780
12.493
306 076
304 628
336 341
316 447
29352
27664
28951
26353
28036
26026
30397
27286
28750
26885
29299
25799
30 158
26 133
27 158
26693
26526
26 125
30914
26595
22574
25814
22758
25460
27986
28289
do
29370
29271
28377
29223
28,290
28,323
29406
26836
27,370
26,656
26888
27 150
27462
do
do....
do
do .
12504
5,911
3 153
4472
12379
5,218
3 181
5002
12283
4,937
3212
4486
12701
5251
3 137
5018
11,973
5,439
3299
4,826
11,458
6,385
2913
4,616
12384
7,158
2558
4,568
11610
5,327
2621
4,559
12430
5,287
2571
4,279
13,264
4,089
2517
4,142
11775
4,433
3326
4385
12431
4,857
2695
4254
12519
5,002
2631
4536
do....
do
do .
do ..
8,499
11620
616
26399
7,459
12383
593
7,515
12658
509
8,396
11663
520
25,895
26,431
7,490
11753
475
25,834
8,073
11379
479
26,770
7,352
11592
27 192
8,059
11706
445
26,739
9,000
12263
532
26549
7384
11876
620
26806
508
26,689
7,474
11070
434
26445
7,283
11730
364
27075
7183
12 143
411
26472
do .
do
do
do....
12070
4372
2866
4,245
12333
3965
2909
4,471
12072
4528
2821
4489
11986
4681
2918
4602
11944
4 491
2767
4,561
11,704
4002
2668
4,629
11957
4476
2692
4,557
11686
4 123
2830
4,455
11997
4825
2795
4,405
12 104
4503
2886
4,480
11765
5030
2637
4358
12602
4 550
2830
4378
12353
4329
2753
4365
11.506
CONSUMER INSTALLMENT CREDIT
Total extended and liquidated:
Unadjusted:
Extended
Liquidated
Seasonally adjusted:
Extended total #
By major holder:
Commercial banks .
Finance companies
Credit unions
Retailers
By major credit type:
Automobile
Revolving
Mobile home
Liquidated total #
By major holder:
Commercial banks
Finance companies
Credit unions
Retailers
mil $
do
...
....
By major credit type:
Automobile
Revolving
Mobile home
Total outstanding, end of year or month #
do....
By major holder:
Commercial banks
do....
Finance companies
..
do
Credit unions
do....
Retailers
do
By major credit type:
Automobile
do. ..
Revolving
do
Mobile home
do .
FEDERAL GOVERNMENT FINANCE
Budget receipts and outlays:
Receipts (net)
..
mil $
Outlays (net)
do....
Budget surplus or deficit (—) ...
do
Budget financing, total
do....
Borrowing from the public
do .
Reduction in cash balances
do
Gross amount of debt outstanding
do....
Held by the public
do
Budget receipts by source and outlays by agency:
Receipts (net) total
mil $
Individual income taxes (net)
do....
Corporation income taxes (net)
do....
Social insurance taxes and contributions
(net)
mil. $..
Other
do
Outlays total #
Agriculture Department
Defense Department, military
Health and Human Services
Department §
Treasury Department
National Aeronautics and Space Adm
Veterans Administration
147,013
76756
44,041
28448
149,300 143,397 143,680 143 841 145 125 145,382 146,006 147,060 146,889 146,687 149,300 148 162 146 922 146 454
89818 79490 81033 81794 82723 83924 86 152 88698 89583 89956 89818 88925 89009 89591
45,954 44,212 44,390 45055 45686 46,096 46,605 46,791 46,416 46,092 45,954 45907 45586 45632
29551 26097 26263 26287 26394 26396 26477 26594 26922 27510 29551 28 179 27013 26530
116 838
58352
17322
126 431 118049 119 076 119 582 120400 121,476 123,481 125 703 126 344 126 385 126 431 125 525 125 294 125 559
63049 55356 55716 55820 56798 56764 57280 58318 58451 58923 63049 61433 59514 58 491
18486 17 162 17342 17576 17704 17760 17959 18 124 18300 18380 18486 18397 18343 18363
'517 112
1
576,675
'-59 563
1
59,563
1
70 515
1
10952
'914,317
1715 105
'599 272
1
657,204
'-57 932
'57 932
'79 329
1
21397
1
1,003,941
1794 434
44623 74464 38514 70688 48 142 47976 60594 45467 44317 57407 55269 43042
54,217 57,198 54608 55619 58,486 53,095 53,698 63,573 54,959 76,875 45930 57822
-9593 17266 -16 094 15070 -10 343 -5 119
6897 -18 105 -10 642 19468
9339 14780
9,593 -17 266 16094 -15 070 10,343
5,119 -6897 5 18,749 12522 20516 -8109 14993
3383
6501
15 138 -3725
8577 10374 10972 14274
539
572
9783 10693
4 300
6960
1382 15474
-5545 13541 15 555 15 642
8 375
1 550 6 242 17 892
970,901 970,326 974,758 977,350 979,388 986,312 1,003,941 1,011,111 1,019,324 1,034,716 1,043,817 1,053 325
778 587 774 863 775 402 775 973 779 356 785 857 794 434 804 808 815 780 830 055 839 837 850 504
1517 112 1599 272
'244,069 1285,917
1
64,600 '61,137
44 623
13,693
8,586
74 464
38^659
9,371
38 514
10,496
1,011
70688
33,729
15,792
48 142
24,439
1,715
47976
21^615
1,607
60594
30,882
8,659
45 467
22,555
1,265
44 317
21,775
745
57 407
25,770
10,220
55 269
32,646
2,473
43042
21,007
1,293
1
157,803 '182,720
'50 640 '69499
15,784
6560
20,201
6232
20694
6312
14657
6510
15,206
6783
18,190
6565
14516
6537
15369
6278
15795
6002
14641
6 777
14575
5 574
15 109
5633
do
'576 675 '657 204
do.... 124,555 '26,030
do.... 1 132,840 '156,035
54217
1,802
13,263
57 198
1,546
13,000
54608
1,456
13500
55619
2,117
13464
58486
1,123
14,392
53095
2,750
13,239
53698
604
13624
63573
3,146
14351
54 959
3,072
13889
76875
4,793
15880
45930
4573
13783
57 822
2984
14239
18783
6,878
559
1025
19308
8,376
483
2 164
18897
7,415
461
1668
19074
12,100
509
1784
21 141
7,522
417
2992
19342
7,793
401
786
20905
6,537
348
2008
21249
8,268
658
3010
19770
8,204
517
851
33866
13,277
551
3214
7 319
7935
20679
8 164
493
1 908
mil $
do....
do....
do .
GOLD AND SILVER:
Gold:
Monetary stock, U.S. (end of period)
mil. $..
Price at New York £j:
dol. per troy oz .
Silver:
Price at New York t$
dol per troy oz
See footnotes at end of tables.
313,472
7003
6973
6811
7498
6537
6921
6466
7509
7284
7595
7366
7339
7211
11 110 11443 11520 11651 11,590 11,486 11692 11429 11358 11533 11266 11885 11836
364
552
410
386
375
353
404
365
460
372
399
408
396
333,375 311,071 313,669 315,679 318,792 320,656 324,161 328,187 328,652 329,053 333,375 330,135 327,435 327,131
do
do. ..
do
1
194 691 '230 304
'92,633
'5,421
'21 135 '22904
'76,691
'4,850
11,160
612509
20632
443
760
11,151 11,154 11,154 11,154 11,154 11,154 11,154 11,152 11,152 11,152 11,151 11,151 11,150 11,150
459 614 498 761 494905 479788 460 761 408 839 410960 444095 437 195 413 671 408 743 384 125 374 071 330 248 350 488
10518
12338
H437
10848
10001
8631
8925
10035
9251
8 547
8 432
8030
8 268
7 213
7 311
Unless otherwise stated in footnotes below, data
through 1978 and descriptive notes are as shown
in the 1979 edition of BUSINESS STATISTICS
S-15
SURVEY OF CURRENT BUSINESS
May 1982
1980
Annual
1982
1981
1981
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
FINANCE—Continued
MONETARY STATISTICS
Currency in circulation (end of period)
bil. $..
137.2
145.6
Money stock measures and components (averages
of daily figures): t
Measures (not seasonally adjusted): $
Ml
bil. $..
401.4
429.6
M2
.
do
15916
1 746 9
M3
do .
18730
20898
L (M3 plus other liquid assets)
do.... 2,267.6 '2,519.0
Components (not seasonally adjusted):
Currency
.
do .
1117
1198
2639
Demand deposits
do
2399
Other checkable deposits
ft
do....
21.8
65.6
Overnight RP's and Eurodollars *
do....
30.0
38.7
Money market mutual funds
do
552
110 1
Savings deposits
do
4040
3616
Small time deposits @
do
8129
7064
Large time deposits @
do
2363
2864
Measures (seasonally adjusted): $
Ml
do
M2
do
M3
do..
L (M3 plus other liquid assets)
do
Components (seasonally adjusted):
Currency
do..
Demand deposits
do
Savings deposits
do
Small time deposits @
do....
Large time deposits @
do
PROFITS AND DIVIDENDS (QTRLY.)
Manufacturing corps. (Fed. Trade Comm.):
92,579 100,812
Net profit after taxes, all industries
mil. $..
Food and kindred products
do....
8,222
8,506
Textile mill products
do....
977
1,157
Paper and allied products
do
2789
3 108
11,578
Chemicals and allied products
do....
12555
Petroleum and coal products
do....
25,133
24,583
Stone, clay, and glass products
do....
1,833
1,628
Primary nonferrous metal
do....
2,768
1,929
Primary iron and steel
. .
do
2334
3203
Fabricated metal products (except ordnance,
3,967
machinery, and transport, equip.)
mil. $..
4,335
Machinery (except electrical)
do....
11,459
12,726
7,114
Elec. machinery, equip., and supplies
do....
7,852
Transportation equipment (except motor
vehicles, etc.)
mil. $..
3,084
3^539
Motor vehicles and equipment ..
do
-3424
209
14,745
All other manufacturing industries
do..
15900
36,495
Dividends paid (cash), all industries
do....
40,045
SECURITIES ISSUED
Securities and Exchange Commission:
81,111
Estimated gross proceeds, total
mil. $..
75,874
By type of security:
Bonds and notes, corporate
do.. .
56,265
45606
r
Common stock
do.. .
25 107
Preferred stock
do
3635
1796
By type of issuer:
78889
Corporate total $
mil $
72509
Manufacturing
do .
24398
17397
4818
Extractive (mining)
do
9 122
Public utility
do
15940
14492
Transportation
do..
3745
2776
Communication
do
7385
6 160
Financial and real estate
do....
15,638
17,197
State and municipal issues (Bond Buyer):
47 133
Long-term
do
46 134
Short-term
do..
26,485
34*443
SECURITY MARKETS
Stock Market Customer Financing
Margin credit at brokers, end of year
or month
mil $
14,721 14411
Free credit balances at brokers:
2,105
3,515
Margin accounts
do....
6070
7 150
Cash accounts
do
Bonds
Prices:
Standard & Poor's Corporation:
High grade corporate:
41.4
33.7
Composite §
dol. per $100 bond..
57.4
Domestic municipal (15 bonds)
do....
43.2
Sales:
New York Stock Exchange, exclusive of some
stoooed sales, face value, total
mil. $.. 5.190.30 5.733.07
See footnotes at end of tables.
133.9
135.0
4167
4360
16968 1 729 1
20239 20527
2,441 5 2 464.2
1167
2379
58.1
36.5
853
3739
7902
2739
1183
2468
66.8
36.8
95 8
3764
7900
268 1
136.5
138.1
138.3
138.5
138.5
138.8
142.7
145.6
140.5
140.5
142.6
455.7
437.1 '440.0
4276
432 1
4315
4345
4397 '451.2
4534
4232
4304
17238 17390 17560 1 7667 1 7756 1793 1 18093 18291 18488 1 842 41 861 51 8873
2*055 6 20763 20983 2 1153 2 1322 2 1524 2 1754 2 199.6 22168 '2 215 6 '2 237.1 2,264.8
2,476.3 25018 2,522.0 25441 2,568.3 2,597.8 '2,627.3 '2,651.9 2,673.1
1192
235 9
64.1
40.9
986
3699
7969
2773
1197
2370
66.4
42.9
1028
3650
8064
2817
1213
2376
68.6
42.3
1127
3652
8095
2866
1213
234 7
69.7
43.1
122 1
3550
8220
2948
1208
234 6
71.7
39.6
1304
3479
832 1
299 1
1212
2366
72.4
36.2
137 1
3439
8476
2998
1229
2375
75.2
37.0
1446
3422
8519
3018
1254
2433
78.4
38.1
1508
3430
8517
3055
1233
2436
82.5
43.3
1544
3468
'8575
3076
1230
2285
81.4
43.1
1554
3445
8685
'3143
1238
'2282
'83.8
43.3
1584
'346 1
'8797
317 1
125.7
2362
89.6
40.6
1607
348.1
888 1
3166
447 3 '448 2
424 4
4284
4329
436 4 14409
4486
4526
433 3
4292
4294
431 1
431 2
17010 17231 17323 17407 17536 17722 1778 1 1 7893 18097 18224 18409 18475 1 864 8 18800
20239 20462 20651 20820 21024 21258 2 1380 2 1510 2,174 5 2,187.8 '2 204 0 '2 214.6 '2,235.5 2,256.8
24379 2455 5 2483 1 25066 25304 25597 25772 25994 '2 628 2 '2 640 9 26586
1178
243 0
3785
7820
2698
119 1
243 5
3788
784 1
2676
119 4
2404
3735
7958
2784
1197
2377
3668
8055
2856
1205
2367
3610
8140
293 1
1207
2366
3509
8308
2999
121 1
234 7
3431
8397
3023
1213
2357
3396
8498
3022
1218
2357
3409
8568
3006
123 1
2364
3436
854.7
3004
23,808
1,896
243
769
3,394
5,408
238
631
851
29307
2,181
408
876
3259
7419
568
641
1076
1,054
2,819
2,143
1350
3278
2,159
1 156
3 102
1,795
983
936
4 173
10,039
871
-622
4246
9,611
1246
2345
3486
8595
'308 1
5450
125 1
'2330
3507
'8701
3122
1264
233 1
3506
881.6
3158
6 484
3 102
775
3527
1,755
1,019
-384
3727
9,717
1238
2393
3488
8523
3027
666
139
3754
10,678
22,608
2,229
198
829
2887
5499
269
361
2
25089
2,200
308
634
3015
6257
553
296
1278
6,871
8273
5954
10979
4259
3310
4972
5363
9729
5969
'2780
4471
1986
298
4720
2453
85
3251
2440
164
5704
4754
188
2046
1589
67
1578
1467
14
2544
2037
186
3839
1382
141
7 112
2039
59
3948
1870
145
1 168 3732
1412
1424
145
199
6755
1843
655
1 174
222
964
1,429
7258
1947
565
1 415
352
724
1,761
5855
2204
753
1410
166
65
899
10646
1894
1 997
1690
692
1 506
2,267
3702
822
328
630
74
840
807
3059
468
625
608
186
202
545
4 767
572
905
1 746
150
765
541
5 362
238
703
1331
74
91
2,563
9 210
2462
797
1246
120
411
3,254
5963 '2 779
1212
'629
723
'654
1 176
753
105
53
201
58
1,894
'448
5301
356
478
1007
73
337
2,850
3 695
1718
5082
1*881
3 358
4763
4921
3756
3 255
2267
3 088
2084
3539
4 412
3 625
3543
5035
2902
5 072
3138
3 780
2525
3 477
2*708
'5538
'2950
14243
14869
14951 15 136 15 154 14 585 14 023 13 926 14 124 '14 411
13441
13023
12094
2,340
6530
2270
6440
2345
6 150
2350
6650
2670
6470
2645
6640
2940
6555
2990
6 100
3290
6865
3515
7 150
3455
6575
3755
6595
3895
6510
365
47.9
34.5
45.9
329
45.0
351
45.8
33.0
43.7
318
39.4
299
36.8
30.0
37.4
33.7
41.0
33.2
37.1
309
35.8
31.1
37.0
32.9
37.3
398.95
430.18
418.49
457.82
444.69
475.07
577.36
567.54
611.97
673.76
410.47
388.34
512.80
509.13
S-16
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1978 and descriptive notes are as shown
in the 1979 edition of BUSINESS STATISTICS
1980
1982
1981
1981
Mar.
Annual
May 1982
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
FINANCE—Continued
Bonds— Continued
Yields:
Domestic corporate (Moody 's)
By rating:
Aaa
Aa
.
.
.
A
Baa
12.75
15.06
14.26
14.66
15.15
14.76
15.18
15.60
16.18
16.20
15.35
15.38
16.05
16.13
15.68
15.53
do....
d o .
do....
do
11.94
1250
12.89
1367
14.17
14.75
15.29
1604
13.33
1390
14.47
1534
13.88
14.39
14.82
1556
14.32
1488
15.43
1595
13.75
1441
15.08
1580
14.38
1479
15.36
16 17
14.89
15.42
15.76
1634
15.49
15.95
16.36
1692
15.40
15.82
16.47
17 11
14.22
14.97
15.82
1639
14.23
15.00
15.75
1655
15.18
15.75
16.19
17 10
15.27
15.72
16.35
17 18
14.58
15.21
16.12
1682
14.46
14.90
15.95
1678
do ..
do....
do
12.35
13.15
1148
14.50
15.62
1322
1366
14.86
1272
1400
15.32
1285
1445
15.84
1290
1425
15.27
1309
1448
15.87
1322
14.87
16.33
1350
15.47
16.89
13.71
15.64
16.76
1388
15.19
15.50
1392
15.00
15.77
13.84
15.37
16.73
14.10
15.53
16.72
1408
15.29
16.07
1400
15.22
15.82
14.03
Domestic municipal:
Bond Buyer (20 bonds)
Standard & Poor's Corp (15 bonds)
do....
do
8.73
851
11.56
1123
10.21
10 12
10.94
1055
10.64
1073
10.85
1056
11.44
1103
13.10
12 13
12.93
1286
12.99
1267
12.18
11 71
13.30
1277
13.15
13 16
12.70
1281
13.13
1272
11.97
U S Treasury bonds taxable $
do
1081
1287
12 15
1262
1296
1239
1305
13.61
14 14
14 13
1268
1288
1373
1363
1298
12.84
328.23
891.41
11043
307.23
364.61
932.92
10858
398.56
381.05 390.66
987.18 1,004.86
10842 10732
417.42 439.23
380.45
979.52
10684
423.24
384.92
996.27
10879
422.72
368.97
947.94
10759
404.26
364.22
926.25
111.49
396.27
333.33
853.38
105.18
353.12
337.10
853.24
103.77
368.56
346.44
860.44
110.42
383.56
351.31
878.28
110.73
387.11
333.99
853.41
105.68
353.99
327.54
833.15
105.98
345.93
318.94
812.33
107.47
328.85
332.69
844.96
112.17
344.68
By group:
Industrials . . . .
Public utilities
Railroads
.
.
..
percent..
.
Stocks
Prices:
Dow-Jones averages (65 stocks)
Industrial (30 stocks)
Public utility (15 stocks)
Transportation (20 stocks)
Standard & Poor's Corporation: §
Combined index (500 Stocks)
Industrial, total (400 Stocks) #
Capital goods (111 Stocks)
Consumer goods (189 Stocks)
1941-43=10..
do....
do....
do....
118.78
134.52
131.37
86.88
128.04
144.24
139.03
100.67
133.19
151.03
149.76
100.84
134.43
152.29
150.80
105.96
131.73
149.06
146.78
104.67
132.28
148.70
144.84
108.55
129.13
145.30
140.10
101.63
129.63
145.95
141.13
110.04
118.27
132.67
126.60
93.67
119.80
133.98
123.98
96.89
122.92
136.76
125.80
98.38
123.79
138.35
128.23
98.37
117.28
131.08
121.78
95.43
114.50
127.56
120.53
97.32
110.84
122.85
112.43
97.00
116.31
129.19
117.32
102.91
Utilities (40 Stocks)
Transportation (20 Stocks)
Railroads (10 Stocks)
do.. .
1970—10
1941-43-10 .
50.54
1852
75.57
51.87
2326
93.09
50.36
2502
101.32
50.96
2588
103.25
50.37
2448
94.77
52.15
24 12
90.91
52.28
2355
92.55
54.06
2299
91.12
51.01
2003
78.81
51.41
2101
83.83
54.52
2192
89.68
53.53
2221
90.84
51.81
2005
80.86
51.39
1895
75.99
52.33
1768
67.73
54.25
1871
71.20
Financial (40 Stocks)
1970-10..
NewYorkCity banks(6 Stocks) 1941-43=10..
Banks outside N.Y.C. (10 Stocks)
do....
Property-Casualty Insurance (6 Stocks) do....
12.50
44.00
102.90
127.06
14.44
52.45
117.82
141.29
14.30
49.83
119.52
136.70
14.44
49.65
119.30
142.81
14.55
52.57
118.09
142.21
15.80
58.23
127.68
155.50
14.67
53.94
120.62
146.16
14.46
53.42
117.24
140.67
13.73
50.82
111.69
132.95
14.40
53.75
113.93
141.22
15.23
56.28
119.20
152.40
14.76
54.01
112.58
149.00
13.95
51.33
102.51
141.08
14.19
53.85
100.48
146.08
14.15
53.77
96.11
147.01
14.59
55.93
97.40
149.14
New York Stock Exchange common stock indexes:
Composite
12/31/65 — 50
Industrial
.
. . . . do .
Transportation
do....
Utility
do
Finance
do....
68 10
78.70
60.61
3735
64.25
7402
85.44
72.61
3891
73.52
7646
89.39
77.09
3782
72.82
7760
9057
80.63
3834
74.59
7628
88.78
76.78
3827
74.65
7680
88.63
76.71
3923
79.79
7498
8664
74.42
3890
74.97
7524
86.72
73.27
40.22
73.76
6837
78.07
63.67
38.17
69.38
6940
78.93
65.65
3887
72.56
71 49
80.86
67.68
40.73
76.47
71 81
81.70
68.27
40.22
74.74
6791
76.85
62.04
39.30
70.99
66 16
74.78
59.09
3832
70.50
6386
71.51
55.19
38.57
69.08
6697
75.59
57.91
39.20
71.44
percent
. do .
do
..
do .
do....
526
4.94
977
4.04
5.75
520
490
10 18
3.40
5.41
488
457
1023
306
5.38
486
455
1046
298
5.41
498
467
1033
3.17
5.38
503
476
1003
3.22
4.95
5 18
488
1007
3.34
5.35
5 16
4.86
978
3.46
5.43
569
5.38
1049
3.99
5.74
565
5.35
1046
3.80
5.47
554
528
992
3.67
5.19
557
5.28
1022
3.76
5.48
595
5.64
1074
4.20
5.89
606
5.75
1077
438
5.79
do....
10.60
12.36
11.81
11.81
12.30
12.23
12.43
12.63
13.01
13.09
12.76
12.83
13.19
13.20
mil $..
millions
475,850
15486
490,688
15910
49,120
1526
48,253
1459
41252
1278
46,694
1520
42,649
1310
37728
1224
33534 39,673
1 220 1380
37,495
1303
38692
1365
33,445
1222
35,953
1313
mil $
millions .
397 670
12,390
415 913
12843
41888
1239
41575
1204
34253
1019
39713
1,232
36340
1064
31 769
973
28378
974
33826
1,129
32029
1,062
32701
1092
28301
987
30268
1071
sales
millions..
11,352
11,854
1,175
1,123
906
1,101
954
921
959
996
988
959
968
972
Shares listed, N.Y. Stock Exchange, end of period:
Market value, all listed shares
bil. $..
Number of shares listed
millions..
1,242.80
33.709
Yields (Standard & Poor's Corp.):
Composite (500 stocks)
Industrials (400 stocks) .
Utilities (40 stocks)
Transportation (20 stocks)
.
Financial (40 stocks)
Preferred stocks, 10 high-grade
Sales:
Total on all registered exchanges (SEC):
Market value
Shares sold
On New York Stock Exchange:
Market value
Shares sold (cleared or settled) .
New York Stock Exchange:
Exclusive of odd-lot and stopped stock
(sales effected)
12.97
1,270
1,143.79 1,248.95 1,229.56 1,238.19 1,224.74 1,224.89 1,149.19 1,080.56 1,134.19 1,181.82 1,143.79 1,115.82 1,053.75 1,036.85 1,081.87
38.298 34.670 34.967 35.545 36.859 37.404 37.567 37.709 37.874 38.144 38.298 38.408 38.572 38.588 38.738
FOREIGN TRADE OF THE UNITED STATES
VALUE OF EXPORTS
Exports (mdse.), incl. reexports, total @
Excl. Dept. of Defense shipments
Seasonally adjusted
By geographic regions:
Africa
Asia
Australia and Oceania
Europe
Northern North America
Southern North America
South America
By leading countries:
Africa:
Egypt
Republic of South Africa
Asia; Australia and Oceania:
Australia, including New Guinea
Japan
See footnotes at end of tables.
mil. $.. 220,704.9 '233,739.0 22,928.5 20,511.9 19,988.7 20,261.5 18,569.0 17,766.4 18,819.2 19,896.8 19,047.7 19,139.9 17,515.3 17,637.3 20,160.9
do.. . 220 548.7 *233 677.0 22 917 7 20 509.3 19 986 1 20 254 7 18,565 2 17 764 2 18 816 1 19 893 5 19 040.0 19 130 0 17 507 9 17 635 5 20 151 7
21 277 8 19 786 1 18 899 0 19 749 8 19 289 4 19 030 8 19 550 7 19 163 2 19 152 9 18 885 4 18 736 7 18 703 6 18 602 0
do
90604 '110974
do
do.... 60,168.3 163,848.7
48757 *6 435 8
do
do.... 71,371.4 169,714.7
9286
998 1
10977
6,450.2 5,466.1 5,104.0
4986
514 1
5557
7,141.1 6,068.4 57954
do.... 35,399.0 ^ses.s
21 337 7 X24 368 7
do
do . 17 376 8 47732 1
3,747.1 3,639.0 3,691.1 3,927.8
22130 2 1575 2271 1 23126
1 7590 15095 15226 15009
10884
52934
6927
53380
9747
8754
944 4
9363
52806 4,837.5 50108 55826
559 1
544 1
5150
5892
5214 1 5 019.3 57099 60402
2,977.3
20823
1*469 6
3,103.0
18342
13382
3,302.7 3,145.8
1889 1 20706
13648 14230
7955
5 286.4
5452
57200
9254
56288
5824
59125
8506
9724
5 1723 5 1948
461 4
4426
5545 1 56057
3,213.8 2,841.7 2,463.8 2,593.5
20024 1 888 3 1 703 4 1 665 1
1 4085 13056 1 3186 1 1630
'2 159 4
'2911 7
1938
271 1
1980
2604
1933
2653
2850
2500
1842
2679
1938
2334
1327
2302
1776
2669
140 7
2220
142 8
2159
172 6
2309
275 2
2246
do.... 4,130.7 X5,297.5
do.... 20,790.0 '21,823.0
417.0
2,161.1
426.9
1,756.1
424.2
1,595.2
488.6
1,786.8
430.1
1,900.0
477.7
1,594.2
464.9
1,678.1
490.8
1,859.0
464.1
1.940.1
486.6
2,064.6
391.2
1.785.8
370.5
1,705.6
do
do .
18736
24635
1,136
S-17
SURVEY OF CURRENT BUSINESS
May 1982
Unless otherwise stated in footnotes below, data
through 1978 and descriptive notes are as shown
in the 1979 edition of BUSINESS STATISTICS
1980
Mar.
Annual
1982
1981
1981
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Jan.
Dec.
Feb.
Mar.
FOREIGN TRADE OF THE UNITED STATES—Continued
VALUE OF EXPORTS—Continued
Exports (mdse.), incl. reexports—Continued
Europe:
France
mil $
German Democratic Republic (formerly
E. Germany)
mil. $..
Federal Republic of Germany (formerly
W. Germany)
mil. $..
74854
North and South America:
Canada ....
Latin American republics, total #
Brazil
Mexico
.
Venezuela
Exports of U.S. merchandise, total §
Excluding military grant-aid
Agricultural products, total
Nonagricultural products, total
By commodity groups and principal
commodities:
Food and live animals #
Beverages and tobacco
Crude materials, inedible, exc. fuels #
Mineral fuels, lubricants, etc. #
Oils and fats, animal and vegetable
Chemicals
Manufactured goods #
Machinery and transport equipment,
total
Machinery total #
Transport equipment, total
Motor vehicles and parts
7058
652 1
5508
5128
518 5
6132
5552
5739
5627
5234
339
40.0
252
52
146
90
9.0
249
177
16.4
49.9
266
10259
864 1
7637
8877
9002
8464
7989
822.5
7896
574 3
199.1
12403
9400
8085
473 7
424 9
394 5
141.6
43.1
80.3
1 1564 1 1112 10884
7379
do
do....
do....
10,276 7
5 511 1 15 360 0
1,512.8 '2,431.3
12 693 6 '12,4392
352 0
127.2
1 1465
444 7
101.3
8854
4196
257.4
952 1
3904
280.8
9268
459 0
239.9
9083
5480
358.3
9406
413 6
398.0
912 1
397 5
450.5
8175
do
Italy
Union of Soviet Socialist Republics
United Kingdom
8473
295.7
35 395 3 139 564 3
37470
36390
29770
3 1030
3 302 5 3 1457
3 2136
28417
24635
25935
10 959 8
do.... 36,030.4
do.... 4,343 5
do
15 144 6
do.... 4 572.8
do....
do....
do....
do....
'7 340 5
1
478.6
1
'38,950.1
1
'3,798 2
17 788 7
'5,444 9
216 592.2 '228 960 8
216,436.0 1 228,898.7
41,255.9 '43,338.5
175,336.3 1 185 622.6
mil. $.. 27 743.7 '30,290 8
do
26630 '29147
do.... 23,790.7 1 20,992.4
mil. $.. 7,982.3 40,2790
do....
1,946.3 1 1,750.3
do
121
20 740 2 1 187 1
do.... 22,254.6 20,632.5
3691 0
39277
3,690.3 3,395.1 3,533.2 3,561.7 3,272.0
3483
3308
2873
332 1
347 1
16200 16039 16734 17358 15130
4878
4368
4824
4385
5087
2 933.6 2,977.7 3,241.7 3 089.2 2,933.4
2520
3023
2577
2698
2565
1 314 4 13754 15422 14026 13808
4393
4672
3999
453 1
5088
5635
2,757.4 2,537.2
3062
2604
1 187 8 1 1239
C
3644
3809
22 494 1 20 102 3 19 618 1 19 851 9
22,483.3 20,099.7 19 615.5 19 845.1
4,666.9 3,751.4
3,191.2
17 827 2 16 350 9 16 051 3 16 660 7
18 198 6 17 455 8 18 376 5 19 466 4 18 646 0 18 631 1 17 129 0 17 274 6
18 194 9 17 453 6 18,373.4 19 463.1 18 638 3 18,621.1 17 121.6 17 272 8
2,841.8 2,926.4 3,203.2 3,925.6 3,775.4 3,596.5 3,254.7 3,499.9
15 356 8 14 529 4 15 173 3 15 540 9 14 870 6 15 034 6 13 874 3 13 774 7
3004 1 26405
2190
2623
2,325.9 1,823.9
8262
7455
206.8
145.4
2412 1 23307
237 5
217 7
1,865.0 1,594.4
6377
6138
151.8
1645
23423 22412 25170
194 4
259 8
187 3
1,244.5 1,301.0 1,376.6
9186
9584
9190
1294
168 1
124.3
20446
20246
1 859 2 1 8194 1 8260 1 644 1 1 684 9 1 798 2 1 665 5 1 715 4 1 594 2 1 662 1 1 858 4
1*893*3 18022 1660 1 1*569 1 16607 16517 16236 14463 14569 13887 16338
17639
19409
mil. $.. 84 552.9 '95,717 2 9395 1 86514
do
55 789 7 '62 945 5 6047 1 5456 1
do.... 28,838.8 132,790.9 3,351.8 3,196.1
do.... 14,589.6 116,214.0 1,592.5 1,531.5
84598
5 371 4
3,089.1
1,603.8
88402
5 614 7
3]226!4
1,573.4
75972 74715 78454
5 2990 4 879 9 5 197 2
2,298.9 2,592.1 2,649.0
1,297.3 1,196.4 1,306.8
20649
2089
1,724.7
10485
102.8
2691 1 23353 23153
3048
2368
375 1
1,831.5 1 930.7 1,811.4
1 131 1 10977 1 1062
131.9
1215
158.4
80018
5 457 5
2,545.0
1,325.5
75294
5 167 7
2 367.6
1,267.3
2 1885 24296
2500
3002
1,782.6 1,837.3
10509 12463
132.4
1673
7 1267 69794
4 849 8 4 7190
2,281.4 2 261.0
1,023.7 1,123.9
79312
5012 2
2,921.0
1,124.8
83576
VALUE OF IMPORTS
General imports total
Seasonally adjusted
do
do
By geographic regions:
Africa
Asia
Australia and Oceania
Europe
Northern North America
Southern North America
South America
do.... 32 250.9 127,070 6
do
78 848 0 '92 032 6
do.... 3,391.9 '3,352.7
do
47 849 7 153 409 7
,
By leading countries:
Africa:
Egypt ....
Republic of South Africa
Asia; Australia and Oceania:
Australia, including New Guinea
Japan
do.... 41,470.9 '46,432.0
do.... 22 656.9 '23,477 4
do
14 361 6 1 15 526 4
do
do....
mil. $..
do
Europe:
France
do
German Democratic Republic (formerly
E. Germany)
mil. $..
Federal Republic of Germany (formerly
W. Germany)
mil. $..
Italy
do
Union of Soviet Socialist Republics
do....
United Kingdom
do....
North and South America:
Canada
Latin American republics, total #
Brazil
Mexico
Venezuela
By commodity groups and principal
commodities:
Agricultural products total
Nonagricultural products, total
Food and live animals #
Beverages and tobacco
Crude materials, inedible, exc. fuels #
Mineral fuels, lubricants, etc
Petroleum and products
Oils and fats, animal and vegetable
Chemicals
Manufactured goods #
Machinery and transport equipment
Machinery total #
Transport equipment
Automobiles and parts
See footnotes at end of tables.
374-058 0 - 82 - S2 : QL 3
240 834 3 »261 304 9 21 362 6 22 775 2 21 454 2 22 522 2 20 349 6 22 617 5 20 748 7 23 555 1 22 555 0 19 663 4 2226060 18 264 6 20 823 4
20 949 3 22 289 2 21 309 9 21 974 7 19 806 7 23*528 3 21 228 6 23 234 4 22 521 5 195163 222 828 8 19 090 4 20 348 7
4584
3,320.5
'397 3
'2,445.3
23020
7 1610
187.5
4 506 5
32195 22046
74684 7355 7
315.8
259.3
4 588 1 4 4108
3,990.0 3,922.2 4 142.3
19213 2 1286 19944
12940 1 1323 1 086 8
50 1
219.8
21 4
197.4
2,562.3 '2,514.8
143.9
194.3
30 701 3 '37 612 1 3053 1 32230
31 0
224.9
54 9
171.3
57
215.5
15 5
185.4
161.7
223.3
190.3
195.3
3 0305 3 147 6 3 140 7 3 5429
28 6
151.2
51 4
1809
33
3524
13673 22 358 5
6 961 4 2g2466 5
280.5
200.5
4 410 3 24 753 5
2
426
1681
24 3
131.0
2
2
238.3
261.0
177.2
235.4
154.7
2910 1 3 6989 3 326 5 3001 5 23 720 0
'5 851 4
4653
456 7
501 9
4699
440 3
529 1
432 2
4669
5996
'47.7
3.8
4.1
3.8
4.1
2.5
5.1
3.6
4.5
4.0
4.4
11,681.2 '11,3790
9700 10110
4313 1 '5 189 0
3956
3976
453.2
44.5
19.7
'347.5
9,755.1 '12,834.6 1 119.1 1,1039
9719
431 6
18^4
9895
7893
9721
409 0
429 1
31.7
15.8
1 1262 10852
9987
494 4
278
9547
10559
503 3
8.0
9063
2
534 1
43.9
mil $
17 425 0 1 17 003 4 1 5063
do.... 223,409.2 '244 301 4 19 826 6
do.... 15,762.7 '15,237.6 1,372.9
do..
27715 '3 138 3 2449
do.... 10,495.9 '11,193.4
989.3
do.... 79,057.7 '81,416.9 6,475.9
do.... 73,770.9 '75,577.3 5,992.5
do....
533.4
46.6
'479.5
do
85827 '9 445 9
818 1
32,190.4
60,545.7
31 903 6
28 642 0
24,133.9
'37,291.9
'69,627.2
'38 212 2
'31 415 2
'26,216.9
2,807.7
5,984.2
3 1743
28100
2.324.6
9183
9501
9878
433 5
411 8
494 8
39.0
13.3
14.1
1 1894 1 1317 15050
17063
63334
1919
3674 7
2
36060 23 508 5 35490
18263 21 860 6 1 831 9
1 211 3 1 452 5
9772
5247 0
do.... 41,455.4 '46,413 8 39877 39216 4 1409
do.... 29,851.2 '32,023.3 2,636.6 2,659.0 2,435.3
do
37146 '4 474 5
297 1
4136
337 6
do.... 12,519.5 '137651 1 1049 12454 10722
do
324 2
5297 1 '5 566 0
4070
4965
do....
do....
do
do
do....
17230 19509 1785 1 16696 17972
7 265 8 8 4506 76290 9 102 7 86360
239.7
256.1
342.0
308.5
241.1
4 565 1 4 938 1 4 055 6 4 654 2 4 570 7
40515 36778 36409 37077 42598 4 1322
2 114 8 17138 20740 18996 2 1557 18747
1 121 6 1 164 4 1*306 6 1 329 7 1 404 2 1 302 7
29736
7438 7
305.6
4 516 2
511 0
2
100 1
183 1
152.8
2 708 0
452 7
3.6
51
1 087 4
2499 2
2
18.4
2
981 7
8749
394 4
220
7800
2
3638 7 3 7055 4258 9 4 1322 3 603 9 23 507 g 3 547 6
25628 2,381.9 26166 26515 3 015.7 27556 2573 1 22 759 9 23760
2335 4
349 2
352 1
356 4
395 0
411 8
4126
376 4
314 4
12077
9875 1 1226 1 119 2 13624 1 287 1 1 170 9 212 116 6 1 255 3
433 5
310 3
472 7
467 0
514 8
373 5
436 6
602 2
312 4
4 0488 36772
1 417 6 1 552 3 1 306 7
21 326 7 19 891 4 21 182 9
1,225.0 1,371.2 1,240.9
2615
2313
311 7
1,038.3 1,129.7 1,061.4
7,835.5 6,078.2 7 255.5
7,368.9 5,651.8 6,853.8
24.9
40.5
32.0
8254
794 1
8159
1 184 8 1 394 7 1 2900 1 4280 1 247 7
19 132 4 21 276 8 19 487 8 22 107 4 21 305 4
1,161.6 1,176.1 1,150.7 1,295.4 1,132.7
2197
285 5
2393
316 3
299 9
891.9
944.7
873.2
829.2
824.3
5,692.0 6 880.5 65579 6 643.7 66132
5,264.9 6,436.2 6,154.3 6,153.7 6,113.7
38.3
41.4
37.2
40.4
32.8
7078
9290
8166
8263
718 2
1 367 9 21 306 8 c l 140 3 1 396 1
18 285 2 221 343 0 17 173 6
3,125.0 3,221.0
5,954.3 5,853.8
3 1254 3 112 3
28289 27415
2,329.9 2.298.7
3,092.3
5,694.2
3 198 0
24963
2.097.6
2901.1 23 225 9 r 28309 29637
5,711.3 26,199.7 5,263.5 6,601.1
23
2 971 3 2 3i8 i 2 784 4
2 7400 22 881 6 2 479 1
2.296.2 2.436.4 2.017.7
3 179.9
5,922.7
3 204 1
27186
2.365.3
3,440.2
5,883.0
3 3769
2 506 1
2.089.7
30770
5,254.6
3 1463
2 1084
1.752.4
3,455.1
6,606.6
3 8190
27875
2.370.7
3 287.0
6,452.6
3 586 7
2 865 9
2.290.6
1,299.2
2389
696.1
54269
4,854.3
35.3
691 3
2
9484 1 270.6
1,035.8
2
285 8
193 5
266 3
2
689.7
740.9
669.2
2
7 439 3 5 1072 50089
2
6,830.8 4 523.2
2
42.8
19.2
40.2
2
7774
872 9
667 7
Apr.
S-18
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1978 and descriptive notes are as shown
in the 1979 edition of BUSINESS STATISTICS
1980
1982
1981
1981
Annual
May 1982
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
FOREIGN TRADE OF THE UNITED STATES—Continued
Indexes
Exports (U.S. mdse., excl. military grant-aid):
Unit value
1977—100..
Quantity
do
Value
do....
General imports:
Unit value
do
Quantity
..
do. ..
Value
do
Shipping Weight and Value
Waterborne trade:
Exports (incl. reexports):
Shipping weight
thous sh tons
Value
..
..
mil $
General imports:
Shipping weight
thous sh tons
Value
mil $
138.1
1329
183.6
1
150.8
1
1288
194.1
148.4
1542
228.8
150.4
1360
204.6
151.1
132 1
199.6
149.7
1349
202.0
152.2
1217
185.2
151.0
1176
177.6
151.3
123.6
187.0
152.8
1296
198.1
153.0
124.0
189.7
152.9
123.9
189.5
156.2
111.6
174.2
155.6
1130
175.8
154.8
129.4
200.2
1614
102.6
1655
1703
1
105.2
179 1
1761
99.8
1758
1759
106.5
1873
1725
102.3
1765
1724
107.6
1854
1700
98.5
1674
1678
110.9
1860
1663
102.6
1706
1664
116.3
1936
165.7
111.9
1853
1674
96.5
1616
1707
109.1
186.2
1717
87.6
1504
170.4
100.7
1715
401 172
118 835
36416
12046
32482
10524
30656
10563
29244
9,754
33589
9809
33551
9075
36081
10079
39812
10,871
36674
10,429
487 936
164 924
34240
14073
41019
15909
37 102
14335
42874
15603
35014
13649
43812
15959
39482
14123
40316
15,765
37298
14,517
TRANSPORTATION AND COMMUNICATION
TRANSPORTATION
Air Carriers (Scheduled Service)
Certificated route carriers:
Passenger-miles (revenue)
bil
Passenger-load factor
percent
Ton-miles (revenue) total
mil
Operating revenues (quarterly) # §
mil. $..
Passenger revenues
do....
Cargo revenues
do
Mail revenues
do
Operating expenses (quarterly) §
do....
Net income after taxes (quarterly) §
do....
Domestic operations:
Passenger-miles (revenue)
bil.
Cargo ton-miles
mil
Mail ton-miles
do
Operating revenues (quarterly) §
mil $
Operating expenses (quarterly) §
do....
Net income after taxes (quarterly) §
do
International operations:
Passenger-miles (revenue)
bil
Cargo ton-miles
mil
Mail ton-miles
do ..
Operating revenues (quarterly) §
mil. $..
Operating expenses (quarterly) §
do
Net income after taxes (quarterly) §
do....
Urban Transit Systems
Passengers carried, total ..
.
. mil.
Motor Carriers
Carriers of property, large, class I, qtrly.:
Number of reporting carriers
Operating revenues, total .
...
mil $..
Net income, after extraordinary and prior period
charges and credits
mil $..
Tonnage hauled (revenue), common and contract
carrier service
mil tons
Freight carried—volume indexes, class I and II
intercity truck tonnage (ATA):
Common and contract carriers of property
(qtrly )
average same period 1967 — 100
Common carriers of general freight,
seas, adj
1967= 100..
Class I Railroads t
Financial operations, qtrly. (AAR), excl. Amtrak:
Operating revenues total $
mil $
Freight
do....
Passenger, excl. Amtrak
do....
Operating expenses
do....
Net railway operating income
do....
Ordinary income
do
Traffic:
Ton-miles of freight (net), total, qtrly
bil..
Revenue ton-miles, qtrly. (AAR)
do....
Price index for railroad freight
1969 — 100
Travel
Hotels and motor-hotels:
Restaurant sales index.... same month 1967=100..
Hotels: Average room sale
fl
dollars..
Rooms occupied
% of total..
Motor-hotels: Average room sale jj
dollarsRooms occupied
% of total..
Foreign travel:
U.S. citizens' Arrivals (quarterly)
thous
Departures (quarterly)
do....
Aliens: Arrivals (quarterly)
do....
Departures (quarterly)
do....
Passports issued
.
do
National parks, visits
do....
See footnotes at end of tables.
254.18
59.0
32,487
2
33,267
22,791
2
2,427
621
2
33,462
2
-90
248.39
58.5
31,886
19.84
56.8
2,591
8,367
7,108
577
157
8,536
-217
20.26
58.4
2,603
21.82
61.0
2,776
22.86
60.8
2,876
9,416
7,963
625
159
9,292
3
24.46
60.8
3,057
24.50
68.2
3,023
19.72
57.6
2,566
9,729
8,195
625
161
8,600
73
20.16
57.7
2,673
18.06
54.7
2,419
20.38
57.2
2,651
19.62
55.5
2,457
200.09
3,274
944
26,376
2
26,383
2
156
198.13
3,338
994
16.49
286
86
6,964
6,993
-65
16.42
278
85
17.41
289
81
17.82
292
77
7,542
7409
41
18.94
297
78
18.64
273
75
15.15
289
78
7463
7,442
-12
15.97
308
85
14.78
271
76
16.70
264
111
15.92
225
79
54.09
2,458
392
2
6,891
2
7,079
2
-246
50.28
2,337
376
3.36
204
31
1,403
1,543
-152
3.84
184
31
4.41
194
31
5.04
191
29
1,627
1,641
-36
5.52
207
29
5.86
196
29
4.57
199
29
1,932
1,859
61
4.19
232
32
3.29
229
36
3.68
194
43
3.70
162
29
8,228
7,948
726
690
676
693
615
625
645
693
643
651
603
623
127.9
131.6
"126.4
208.2
350.1
100
3,921
100
4,264
25
92
46
47
16.00
46
100
15,538
148.7
147.1
150.6
28,258
26,350
439
26,351
1,342
3
1,130
30,904
28,925
535
28,583
1,362
3
2,055
7,660
7,182
121
6,960
469
636
920.6
914.6
285.5
911.7
911.9
327.7
236.1
236.6
321.4
321.0
182
49.48
65
35.30
66
194
56.39
68
38.31
67
198
58.11
74
37.42
72
191
57.28
73
38.14
71
2
9,010
2
8,905
9,978
11,976
9,933
3,222
62,237
2,012
2,148
2,401
1,961
338
2,622
r
9,971
11,252
2
9,285
3,020
59,081
2
5
78
183
12.98
100
4,301
284
S
153.3
153.6
153.4
C
153.3
151.1
C
145.8
C
139.7
C
134.9
126.2
7,582
7,101
126
7,179
274
341
335
3,556
7966
7,452
144
7,331
428
498
7697
7,191
143
7,113
192
580
321.4
229.8
222.5
324.3 ""333.2 ""333.5
227.1
227.5
333.6 ""337"6 ""337.8
236.2
225.1
337.5 ""349.7 ""349.9
200
56.29
73
38.00
70
214
54.90
72
40.15
73
317
5,237
2,244
2,709
3,012
2,393
363
7,892
214
56.05
69
39.42
76
323
10,955
192
49.44
68
38.79
76
191
55.55
67
38.56
67
272
11,226
2,666
2,863
3,858
3,199
225
6,865
215
59.56
74
38.85
68
196
5,032
189
58.72
64
38.57
59
195
57.95
50
38.21
50
160
60.33
57
40.22
56
4
700
4
703
4
877
4
172
2,719
1,965
2,208
2,681
2,339
210
2,023
759
208
4
611
4
690
4
674
4
555
"260
5
15.29
S-19
SURVEY OF CURRENT BUSINESS
May 1982
Unless otherwise stated in footnotes below, data
through 1978 and descriptive notes are as shown
in the 1979 edition of BUSINESS STATISTICS
1980
1981
Annual
1982
1981
Mar.
Apr.
May
June
July
Sept.
Aug.
Oct.
Nov.
Jan.
Dec.
Mar.
Feb.
TRANSPORTATION AND COMMUNICATION—Continued
COMMUNICATION
Telephone carriers:
Operating revenues #
Station revenues
Tolls, message
Operating expenses (excluding taxes)
Net operating income (after taxes)
Phones in service end of period
mil. $..
do .
do....
do....
do....
mil
Telegraph carriers:
Domestic:
Operating revenues
Operating expenses
..
Net operating revenues (before taxes)
Overseas, total:
Operating revenues
Operating expenses
Net operating revenues (before taxes)
56,738
24333
22,983
37,983
10,194
1599
66,498
28 117
26,505
44,594
11903
1649
5,307
2244
2 144
3,498
985
1647
5,275
2272
2 102
3,577
888
1650
5303
2288
2076
3,574
923
164 8
5503
2330
2 199
3,620
1019
164 8
5714
2338
2319
3,727
1074
1648
5772
2360
2*340
3,703
1 117
164 6
5816
2415
2310
3,812
1085
1653
5838
2466
2354
3,820
1 111
1653
5806
2463
2264
4,060
950
165 1
5978
2503
2394
4,505
865
1649
5911
2508
2324
3,924
1041
1645
mil. $..
do.
do....
r
697.0
r
779.2
6238
112.7
63.0
493
103
64.0
500
108
619
486
73
684
549
93
680
555
89
682
530
114
677
560
78
676
568
77
657
53 1
91
683
496
96
642
518
87
do....
do
do....
r5
534.7
r5
374 8
r5
578.0
4344
118.6
500
340
13.7
480
352
10.7
466
360
8.5
495
283
11.1
502
383
9.9
470
394
5.4
50 1
39 1
8.7
512
369
12.1
480
374
8.5
47 1
363
9.3
477
378
7.8
93
765
173
32
101
770
184
30
r
771
54
97
87
768
210
30
764
48
82
99
787
206
27
771
64
84
57
55
52
44
56
57
733
3 689
5614
95.9
137.0
5802
2515
2 163
3,944
987
164 4
CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Inorganic Chemicals
Production:
Aluminum sulfate, commercial (17% A12O3) $
thous. sh. tons..
Chlorine gas (100% C12) $
do
Hydrochloric acid (100% HC1) $
do....
Phosphorus elemental $
do
1,286
11421
2,895
432
11,606
786
1,139
1206
10 556
2444
426
10,650
738
1,162
94
932
217
38
952
69
98
102
960
210
38
965
70
98
99
947
210
39
962
55
99
98
937
221
36
945
73
95
114
893
221
34
894
62
96
97
874
202
37
873
59
96
119
851
183
34
861
69
95
106
837
173
38
826
61
92
767
57
89
690
748
60
63
61
68
59
70
66
68
57
61
58
57
53
65
56
65
51
58
10,271
3,042
10,369
3571
869
2918
838
2876
878
2859
875
2824
915
2930
914
3044
852
3203
834
3235
842
3367
844
3571
782
3651
19,043
8,791
4
1642
r
9,039
r4
2 951
9,914
r
40 361
1,733
839
217
875
284
941
3829
1,698
778
219
804
279
961
3808
1,632
741
188
760
4
263
927
3656
1,582
651
181
695
4
235
918
3560
1,545
673
199
714
4
250
850
3412
1,510
617
165
657
4
231
676
2896
1,537
684
152
717
252
742
3 142
1,547
744
1,491
723
148
728
218
690
2869
1570
768
do
do....
do....
19,653
9,127
2 136
9,232
2773
10,938
44,272
1381
710
132
692
4
197
638
2679
Superphosphate and other phosphatic fertilizers ,.
(100% P2O5):
Production
thous. sh. tonsStocks, end of period
do....
Potash deliveries (K2O) U
do
8,339
372
6950
r3
16,903
r3
1,717
1417
651
1864
226
1225
94
1,693
1374
687
1859
245
1 184
114
1,632
1339
441
2015
259
1 175
97
1,514
1414
514
1 949
'227
1 076
110
1,436
1561
513
2 184
333
1 143
116
1092
1321
806
1 659
124
979
103
1 158
1 211
378
1 872
220
1 029
90
1261
1 177
399
45
28
806
35
19
46
598
16
16
10
651
12
14
16
623
10
16
29
948
o
15
17
786
16
26
10
655
26
26
12
577
6
Sodium
Sodium
Sodium
Sodium
hydroxide (100% NaOH) $
do....
silicate, anhydrous $
do....
sulfate, anhydrous $
do....
tripolyphosphate (100% Na5P3O10) $
do....
Titanium dioxide (composite and pure) $
do....
Sulfur, native (Frasch) and recovered:
Production
thous. Ig. tons..
Stocks (producers') end of period
do....
Inorganic Fertilizer Materials
Production:
Ammonia, synthetic anhydrous $
thous. sh. tons..
Ammonium nitrate, original solution $
do....
Ammonium sulfate $
do...
Nitric acid (100% HNO3) t
do....
Nitrogen solutions (100% N) $
Phosphoric acid (100% P2O5) $
Sulfuric acid (100% H2SO4) t
r
727
727
..do
do....
do
do....
Exports total #
Nitrogenous materials
Phosphate materials
Potash materials
Imports:
Ammonium nitrate .
Ammonium sulfate
Potassium chloride
Sodium nitrate
rl
.
29445
3,668
17524
1,815
1,068
6478
22391
2834
13308
1203
do
do....
..do
do....
247
289
8907
158
264
327
8601
159
31
46
876
25
(2)
742
4
224
760
3096
1 512
167
880
93
r
r
(2)
r
751
r4
223
707
r
2909
1 112 1076
1276 1068
550
614
1 579 1 834
221
246
982
1 148
101
100
1 127
1 196
416
1 497
243
860
62
396
1 637
'212
1 135
30
417
2031
274
1 309
106
21
20
670
12
16
24
552
18
34
582
21
r
r
17
58
719
o
o
Industrial Gases
Production:
Acetylene $
mil cu ft.
Carbon dioxide, liquid, gas, and solid
thous. sh. tons..
Hydrogen (high and low purity) $
mil. cu. ft..
Nitrogen (high and low purity) $
do....
Oxygen (high and low purity) $
do....
Organic Chemicals §
Production:
Acetylsalicylic acid (aspirin)
mil. lb..
Creosote oil
mil gal
Ethyl acetate (85%)
mil. lb..
Formaldehyde (37% HCHO)
do....
Glycerin, refined, all grades
do....
Methanol synthetic
mil gal
Phthalic anhydride
mil. lb
r
4905
440
409
397
388
389
353
425
392
384
282
363
3,720
106,064
478,964
430,729
3,982
101,561
r
485,066
r
421,588
324
8,582
41,248
37,153
355
8,625
40,052
36,281
324
8,746
41,797
37,964
345
8,490
40,396
35,726
385
8,544
40,921
36,147
353
7,630
40,939
34,158
324
8,785
41,225
34,930
335
8,300
41,545
36,440
324
7,669
39,246
32,603
315
8040
r
39,229
r
31,528
287
7065
40,609
31,172
312
7578
37,799
30,793
'33.7
1525
233.6
'5,555.3
314.8
10773
1
8182
29.6
1179
*2789
1
5,854.6
299.1
12662
1
8107
3.4
10 5
23 1
531.9
25.3
97 1
960
3.2
10 4
272
576.5
27.1
114 5
847
1.9
11 0
222
537.0
25.7
100 5
87 1
16
10 8
206
5042
27.0
108 2
814
18
87
242
4612
25.3
112 5
606
28
82
227
5930
24.2
84 6
725
29
10 2
209
4947
298
99 5
803
24
99
260
483 1
287
104 7
49 3
21
88
24 8
4358
227
107 7
48 4
18
88
18 2
3765
167
121 5
57 1
21
52
13 7
3750
175
930
53 8
24
64
11 0
3790
186
85 8
42 1
r
643.2
72.0
5713
83.2
493
73.6
509
69.8
440
76.2
422
675
453
725
558
754
53 1
787
440
758
478
775
45 4
832
r
301.2
r
230.1
2244
5.0
17.4
177
6.6
19.3
185
4.5
18.0
175
4.0
23.4
230
3.1
17.2
166
3.4
18.0
173
3.5
188
185
3.1
207
189
3.4
173
163
3.8
18 1
163
5.0
5493
1
448
r
ALCOHOL
Ethyl alcohol and spirits:
Production
Stocks, end of period
Denatured alcohol:
Production
Consumption (withdrawals)
Stocks, end of period
See footnotes at end of tables.
mil. tax gal..
do....
mil. wine gal..
do....
do....
284.2
10.1
200
Apr.
S-20
SURVEY OF CURRENT BUSINESS
1980
Unless otherwise stated in footnotes below, data
through 1978 and descriptive notes are as shown
in the 1979 edition of BUSINESS STATISTICS
1981
May 1982
1981
Mar.
Annual
Apr.
May
June
July
1982
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
CHEMICALS AND ALLIED PRODUCTS—Continued
PLASTICS AND RESIN MATERIALS
Production:
Phenolic resins
Polyethylene and copolymers
Polypropylene
Polystyrene and copolymers
Polyvinyl chloride and copolymers
mil Ib
do....
do
.do
do....
1
*1 744 9
11,719.9
*3 699 0
'5 540.1
1
5,4&&A
1
1
14890
11,998.4
*3 948 1
X
5 686.6
1
5,G633
2370
1,116.6
3324
583.9
554.3
2385
1,063.3
3356
5010
551.0
2256
1,058 4
3574
4902
552.5
7745
374.6
2483
151.6
7708
385.4
2404
145.0
1925
1518
1 001.2 1,005.5
3466
3473
4989
468.3
552.2
517.4
125 1
1,032.7
328 1
456.6
500.0
1254
984.3
3169
496.3
451.1
1295
954.2
3273
491.6
402.2
1049
886.8
3014
433.2
384.9
1018
825.9
2733
404.6
310.6
704.2
315.1
235.7
153.3
5720
248.1
2030
121.0
r
5136
r
932
814.6
2764
3518
329.0
1007
845.8
3045
397.5
384.5
5449
234.8
2019
108.2
5836
277.6
1955
110.5
MISCELLANEOUS PRODUCTS
Explosives (industrial), shipments, quarterly
mil. Ib..
'3,000.4
3,003.6
741.2
mil $
do....
do
do....
Paints, varnish, and lacquer, shipments:
Total shipments
Architectural coatings
Product finishes (OEM)
Soecial ouroose coatings
76359
3,641.2
24185
1.576.2
r
8 395 7
r
3,968.9
r
728 1
339.5
2495
139.1
2 737 2
1.689.5
846.1
599.7
8518
426.1
2612
164.5
7744
396.8
2249
152.7
7848
390.5
2327
161.7
7732
372.5
2330
167.7
816.7
225.9
I860
101.7
687.0
ELECTRIC POWER AND GAS
ELECTRIC POWER
Production:
Electric utilities total
By fuels
By waterpower
mil kw -hr
do..
do
Sales to ultimate customers, total (Edison Electric
Institute) $ ..
mil kw -hr
Commercial and industrial:
Small light and power §
do
Large light and power §
do
Railways and railroads
Residential or domestic
do
do
Street and highway lighting
Other public authorities
Interdepartmental
2 286 034 2 292 841 185 435 172 369 177 656 202 694 220 164 210 245 186 858 181 377 175 637 195 590 210 098
2,010,013 2,031 973 164,863 151 646 153 574 176 325 195,032 188,610 169,016 163,264 156,606 171,711 183,195
276 021 260 868 20572 20723 24081 26370 25 133 21635 17842 18 114 19030 23879 26904
2 095,333 2,111 899 172 296 164 971 162 656 174 208 191,316 192 116 183,125 170,764 163,665 173711
509 547
791 241
522 993
795 369
41 114
66251
39710
66000
40392
66040
44501
67497
48909
68847
48848
69 198
47,192
68491
43,184
66677
40,789
63968
43 161
62252
4292
720 784
4 103
716 471
367
58402
339
53024
331
49978
335
55789
332
67,078
326
67472
325
61,040
322
54,522
329
52,743
355
61929
14,566
48426
6477
14,921
51200
6841
1,317
4242
602
1,152
4 175
571
1,206
4 125
584
1,172
4332
581
1,137
4442
572
1,177
4481
614
1,206
4284
587
1,220
4288
550
1,302
3989
544
1,294
4 183
536
91,618.7 105,868.3
8,061.0
7,653.8
7,987.2
8,948.2 10,094.0 10,197.1
9,609.9
8,799.8
8,415.8
9,165.6
do....
do
do
Revenue from sales to ultimate customers (Edison
Electric Institute) $
mil. $..
GAS
Total utility gas, quarterly
(American Gas Association):
Customers end of period total
Residential ..
Commercial
Industrial
Other
.
.
47263
Sales to customers total
Revenue from sales to customers total
Residential
Commercial
Industrial
Other
do
do
do
do....
47,859
43,644
3493
189
47
44,059
3563
189
48
15426
5312
3458
2812
3844
4565
2369
8,215
278
2 151
996
2,068
97
789
428
2,182
60
398
304
2,063
47
1227
642
1,902
73
56980
18993
12416
10,372
15 199
17409
8 149
22081
637
mil $
47,373
43963
3560
189
48
48276
do
do
do....
do
47760
44,016
3584
191
49
4823
2442
7,862
283
tril Btu
Residential
Commercial
Industrial
Other
47,840
44059
3563
189
48
15409
do
do
do
do....
47859
43528
3499
188
48
thous
.
19 188
9297
27718
776
8336
3725
6662
269
3405
1678
7 182
152
1,969
1 211
7,062
130
5478
2683
6812
226
FOOD AND KINDRED PRODUCTS; TOBACCO
ALCOHOLIC BEVERAGES
Beer:
Production
Taxable withdrawals
Stocks, end of period
Distilled spirits (total):
Production
mil. tax gal..
Consumption, apparent, for beverage
purposes ijmil wine gal
Stocks, end of period $ .
.... mil tax gal
Imports
mil proof gal
Whisky:
Production $
Stocks end of period iji
Imports
...
mil. tax gal..
do
mil. proof gal..
Wines and distilling materials:
Effervescent wines:
Production
Taxable withdrawals
Stocks, end of period
Imports.
..
Still wines:
Production $
Taxable withdrawals $
Stocks, end of period $ .
Imports
mil wine gal
do....
do....
do
..
.
Distilling materials produced at wineries
See footnotes at end of tables.
194.08
17337
13.96
mil. bbl .
do
do....
193.69
17668
12.95
16.72
1501
15.12
17.68
1547
15.26
18.87
1700
15.78
18.63
1729
15.24
18.80
1737
14.98
17.72
16.22
14.53
15.72
14.68
14.42
14.61
13.84
13.99
13.12
12.39
13.38
13.93
12.91
12.95
151.93
16.68
14.75
12.73
11.82
6.38
7.93
11.43
13.71
13.73
3568
571.04
1004
3703
633.18
903
3442
62393
1021
3772
637.85
767
3591
621.26
856
3336
618.00
8.33
3475
612.74
1177
39.07
609.60
13.32
4107
606.20
1232
5409
613.76
9 12
84.31
554 88
86.00
96.63
54107
86.53
12.42
49791
7.64
10.64
55833
6.88
8.44
55877
7.56
7.38
55579
5.30
3.68
55127
6.52
4.66
547 19
5.83
6.92
54360
9.32
8.80
540.06
10.00
9.14
53510
9.30
2620
25.28
9.27
4.83
3040
27.26
11.53
7.66
285
1.63
13.20
0.38
242
1.73
13.97
055
236
198
14.47
064
305
2.42
11.92
045
247
1.68
15.14
055
2.30
2.26
14.89
0.52
2.04
2.11
14.44
0.53
3.80
4.52
20.75
0.76
460.16
363.62
604.31
107.60
5.87
32.31
526.79
7.44
5.43
29.13
49401
7.70
5.62
29.03
46663
9.34
4.45
31.20
42805
7.97
5.84
29.51
40161
8.58
74.37
26.66
437.53
9.51
202.16
31.46
62050
8.37
188.20
2.81
2.94
5.96
5.24
2.96
35.12
67.97
15.00
1291
14.93
14.05
448 82
613.76
11793
15.19
1190
14.16
140.53
2
449
r
42
623.26
11371
3
r
do....
do....
.do
do....
509.05
349.35
610.53
97.68
do....
224.38
r
r
3070
703
633
582
9.06
54107
6.62
4.91
4.65
4.06
2.88
3.91
12.63
1.07
195
2.72
11.53
101
183
1.15
12.67
053
189
1.12
13.09
033
045
101.90
36.40
656.67
10.24
26.59
31.55
62490
11.12
15.00
30.96
60431
10.91
4.02
28.98
575 15
9.96
6.03
25.63
55753
6.49
781
32.05
13.63
10.50
2.88
2.87
Apr.
S-21
SURVEY OF CURRENT BUSINESS
May 1982
Unless otherwise stated in footnotes below, data
through 1978 and descriptive notes are as shown
in the 1979 edition of BUSINESS STATISTICS
1980
Mar.
Annual
1982
1981
1981
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
DAIRY PRODUCTS
Butter, creamery:
Production (factory) @
Stocks, cold storage, end of period
Price wholesale 92 score ( N Y )
1 1453
304.6
1 448
1 2368
4292
1 535
1167
4074
1535
1169
4504
1162
4736
966
507.5
84 1
5155
850
515.6
863
489.5
1005
470.0
942
451.1
1089
429.2
1283
433.1
1168
440.4
1234
445.3
mil. Ib..
do
3983 1
23746
42045
25848
3654
2245
3712
2375
3869
253 5
3859
2436
347 1
2179
3337
2028
3245
1882
3388
1984
3263
1913
365.4
2170
347.0
2184
3258
2049
376.3
2322
Stocks cold storage end of period
do
American, whole milk
do....
Imports
do
Price, wholesale, cheddar, single daisies
(Chicago)
$ per Ib..
5788
4796
231 2
7096
6230
247 6
5936
5039
15 3
6324
5399
195
649 8
5556
13 7
6857
5850
16 8
7142
6157
18 6
7194
6177
169
6943
5986
220
6824
5913
234
6775
5904
265
7096
6230
529
7173
632.0
190
6964
6226
118
7234
645.8
157
1.562
1672
1669
1670
1678
1679
1.678
1 678
1 678
1685
1.692
1.684
1.684
1.684
1.684
7247
751 7
604
650
652
692
678
680
60 1
570
603
682
58 1
536
615
518
460
395
530
663
770
816
99 1
101 1
848
586
460
455
407
477
434
349
29
21
28
32
27
24
30
29
31
37
22
50
12
Fluid milk:
Production on farms $
do....
Utilization in mfd dairy products @
do
Price, wholesale, U.S. average
$ per 100 Ib..
128 525
71687
13.10
132 634
75637
13.80
11511
6718
13.80
11509
6863
13.60
12055
7052
13.50
11576
6830
13.40
11344
6456
13.40
11 104
6 179
13.40
10638
5837
13.80
10751
5902
14.00
10384
5530
14.00
10847
6 155
14.00
11047
6370
13.90
10311
6099
13.80
11,642
6945
13.60
Dry milk:
Production:
Dry whole milk @
Nonfat dry milk (human food) @
mil Ib
do....
827
1,160.7
92 1
1,306.8
68
110.0
80
122.9
85
135.3
64
132.6
70
120.0
76
114.8
84
94.5
92
90.4
86
88.2
88
109.6
92
104.1
80
107.2
94
125.3
do
do....
53
850
60
867
39
965
40
1020
46
1165
36
1163
33
99 1
29
1043
30
872
28
837
43
758
60
867
76
877
69
945
69
944
Exports, whole and nonfat (human food)
do....
Price, manufacturers' average selling, nonfat dry
milk (human food)
$ per Ib
176.2
198.0
11.4
14.6
24.2
31.4
26.3
30.9
17.0
8.2
7.9
2.0
9.4
12.6
17.4
0887
0939
0937
0939
0939
0939
0938
0938
0939
0 944
0942
0940
0936
0936
0.937
3,914.4
3,914.2
361.9
326.1
289.8
289.9
295.7
301.2
358.8
369.6
312.8
318.6
285.8
299.5
360.9
mil Ib
do....
$ per Ib
Cheese:
Production (factory), total @
American whole milk @
Condensed and evaporated milk:
Production case goods @
mil Ib
Stocks, manufacturers', case goods, end of
period
.
mil Ib
Exports
do
Stocks, manufacturers', end of period:
Dry whole milk
Nonfat dry milk (human food)
(7)
1.684
"13.40
(7)
GRAIN AND GRAIN PRODUCTS
Exports (barley, corn, oats, rye, wheat)
mil. bu..
Barley:
Production (crop estimate)
fl
Stocks (domestic), end of period, total $
On farms $
Off farms
.
.
Exports including malt §
Exports including meal and flour
do
Oats:
Production (crop estimate)
fl
Stocks (domestic), end of period, total $
On farms t
Off farms
mil bu
do....
do
do....
Exports, including oatmeal
do....
Price, wholesale, No. 2, white (Minneapolis)
$ per bu..
Rice:
Production (crop estimate) ....
mil bags #
California mills:
Receipts domestic rough ..
mil Ib
Shipments from mills, milled rice
do....
Stocks, rough and cleaned (cleaned basis), end
of period
mil Ib
Southern States mills (Ark., La., Tenn., Tex.):
Receipts, rough, from producers
mil. Ib..
Shipments from mills, milled rice
do....
Stocks, domestic, rough and cleaned (cleaned
basis), end of period
mil. Ib..
Exports
do
Price, wholesale, No. 2, medium grain (Southwest Louisiana)
$ per Ib..
Rye:
Production (crop estimate)
fl
Stocks (domestic), end of period $
332.2
2307
!01 5
689
918
48
6,644.8
5,858.8
4 141.5
1 7173
2
8,201 0
r
6,898.6
r
4,965 4
r
24853
2 1593
bu..
do
do....
do....
2
137.3
4
744
4
628
35
2222
15
01
67
124
207 6
120
5
9559
1853
r
451.0
3030
1480
3
2,774.2
3
18183
3
3,987.2
2641 1
l 933 2 1 346 1
1577
1472
16 5
150 0
77
87
85
82
r
6,898.6
r
4 965 4
r
1,034.0
5
490 1
5
5438
1392
226.5
1473
792
332.2
2307
1015
5,074.1
35697
15044
l 933 2
194 6
1724
175 0
65
151 1
147 2
1893
2
4583
391.0
3293
61.7
508 1
364.7
3136
51 1
256 1
211 7
444
128
08
25
19
06
14
08
09
06
05
03
06
03
06
9.1
4
1769
4
1489
4
364.7
3136
51 1
457.8
3840
737
280
236.5
2002
36.3
(7)
2
2
1462
1854
3582
2711
3359
2267
333
268
351
303
317
346
218
186
168
67
219
238
92
106
473
90
293
79
287
97
84
70
184
62
221
76
231
510
226
203
120
107
174
114
98
326
426
510
493
550
628
10,831
6795
10821
7354
749
852
274
660
142
492
85
499
182
389
1,503
511
3,308
673
1696
738
848
660
768
654
505
612
683
564
784
685
2,132
2969
2763
2342
1853
6620
6 801
809
688
0225
0256
0275
0275
2
2
165
9.3
2
2
2
2
2,374
2
479
1895
2,191
do....
do
do....
1,903.2
7534
1 1497
Exports, total, including flour
Wheat onlv
do....
do....
1,344.5
1.309.5
r
2
Stocks (domestic), end of period, total $
On farms $
Off farms
See footnotes at end of tables.
4
203.4
1134
900
mil bu
do....
roil.
2
478.3
r
361.0
303.4
185.6
1178
do
Corn:
Production (crop estimate, grain only) |J .. mil. bu..
Stocks (domestic), end of period, total $
do....
On farms $
do....
Off farms
do
Wheat:
Production (crop estimate), total H
Spring wheat ]|
Winter wheat
fl
Distribution, quarterly @ @
2
do....
do....
do....
do
186
7.8
6.9
2793
2
695
2099
2,525
1 456
794
1008
772
1232
2722
3,091
2906
2763
2572
2300
497
371
453
470
532
583
458
479
515
399
0280
0280
0280
0265
0250
0225
0213
0 195
0 185
0 175
0 160
575
4
5.7
7.8
1,049
561
8
6
4
9888
4
4143
4
2,176.0 1,328 6
9548
5389
1 221 2 7898
134.0
128.8
6
340
r
1,647.7
1.610.8
14.5
4.1
5745
134.5
127.7
80.0
76.0
r
2 176.0
9548
1 221.2
2,733.9
12049
15290
130.0
124.5
140.4
138.1
148.7
145.4
195.8
194.1
157.6
156.9
127.8
127.5
137.8
137.4
1,554.9
7480
806.9
125.6
124.2
143.8
138.7
164.5
159.1
2063
SURVEY OF CURRENT BUSINESS
S-22
Unless otherwise stated in footnotes below, data
through 1978 and descriptive notes are as shown
in the 1979 edition of BUSINESS STATISTICS
1980
1981
May 1982
1982
1981
Annual
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
r
23,985
r
432
53 740
23553
423
52786
Apr.
25271
453
56659
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
GRAIN AND GRAIN PRODUCTS-Continued
Wheat flour:
Production:
Flour $ ..
thous sacks (100 Ib ) .
Millfeed t
thous. sh. tons..
Grindings of wheat $
thous bu
Stocks held by mills, end of period
thous sacks (100 Ib )
Exports
.
do. .
Prices, wholesale:
Spring, standard patent (Minneapolis)
$ per 100 Ib..
Winter hard 95% patent (Kans City)
do
282 655
4,866
628 599
285 579
5,045
637 973
24959
435
55310
23,967
424
53402
23,421
420
52 184
23521
416
52643
23342
410
51 194
23,665
431
53323
24,189
436
54589
24712
440
55552
22835
410
50982
22,321
403
50 197
3842
15014
3460
15839
3897
2241
2932
1,724
3895
2350
987
1,420
4222
724
284
117
3460
184
605
2165
3376
2336
10.844
10 347
10.975
10275
11.100
10525
11.075
10313
11.125
10525
10.813
10275
10.750
10300
10.588
10200
10.525
10025
10.675
10313
10.338
10.763
10638
10.950
10700
10.738
10638
14,048
15,008
1,203
1,236
1,258
1,320
1,336
1,306
1,356
1,377
1,191
1,227
1,087
1,070
1,253
339
198
392
238
375
221
397
229
423
256
509
327
596
401
657
466
716
532
703
528
469
305
392
238
378
238
374
236
379
235
0.270
'0.265
0.250
'0.255
0.285
0.290
0.245
0.245
0.235
0.230
0.255
0.250
0.256
193.6
193.4
16.6
15.9
16.2
15.5
16.1
16.2
15.7
16.4
16.2
16.9
16.6
15.0
31
24
35
22
31
22
31
22
25
23
41
24
39
27
20
27
19
25
21
26
38
24
35
22
26
21
19
19
44
17
0.628
0.690
0.666
0.697
0.622
0.629
0.675
0.687
0.707
0.713
0.773
0.721
0.762
0.742
0.752
2,294
31,642
2,478
32,819
213
2,726
190
2,625
158
2,593
175
2,770
204
2,765
198
2,772
228
2,846
236
2,939
217
2,668
254
2,829
228
2,771
210
2,591
263
2,819
66.96
75.13
75.52
63.84
64.26
77.18
61.40
65.47
80.88
64.92
66.28
83.90
66.86
63.10
84.25
68.26
63.51
82.38
67.86
61.51
76.00
66.37
64.15
77.25
65.37
64.58
77.50
61.45
62.52
71.75
59.84
61.77
68.88
59.24
58.96
67.50
60.75
59.22
69.00
63.54
62.37
67.50
65.80
63.96
71.50
91882
87850
7988
7993
7,004
6682
6540
6580
7,320
7872
7308
7923
6875
6340
7691
39.48
44.29
39.88
40.15
41.96
48.78
51.01
51.14
48.89
46.15
42.10
40.17
45.77
49.70
49.50
14.4
14.9
11.9
12.0
12.6
15.0
15.7
17.1
19.1
18.4
177
16.3
17.1
19.8
5363
5789
488
512
426
440
439
467
546
558
476
522
510
490
570
59.81
54.44
55.25
59.25
65.00
66.25
59.00
53.75
50.25
51.00
46.00
46.50
49.75
51.50
59.00
38590
750
1663
2,052
38675
578
1847
1,832
3389
776
169
131
3299
817
148
155
3071
795
189
140
3 118
717
180
153
3041
629
128
162
3044
539
144
168
3,247
509
123
180
3433
547
174
167
3 185
552
154
120
3417
578
154
118
3 152
554
129
127
2894
524
147
106
3296
536
124
160
21849
338
425
1531
22629
266
486
1317
1935
351
54
87
1845
349
40
110
1794
338
34
95
1893
306
46
108
1855
280
30
116
1861
252
39
119
1930
242
40
141
2011
252
48
123
1838
241
39
80
1942
266
43
80
1889
258
33
93
1750
232
46
72
1917
221
44
108
1.044
0.990
0.943
0.997
1.033
1.065
1.072
1.039
1.030
0.960
0.946
0.937
0.974
1.012
1.038
310
9
328
11
29
8
29
10
24
10
24
12
24
13
25
14
30
13
31
13
27
11
30
11
29
10
28
8
33
9
16,431
349
314
433
15,719
264
345
432
1,425
361
37
37
1,425
404
31
36
1,254
394
39
37
1201
347
34
39
1 162
284
19
39
1,157
225
19
42
1,287
207
20
29
1391
238
28
36
1319
255
30
35
1445
264
29
33
1234
249
30
30
1 116
246
25
30
1346
274
21
46
2548
1.011
1.137
2459
1.105
2524
1.035
2424
1.124
2544
1.191
2789
1.261
2826
1.212
2843
1.185
2845
1.148
2833
1.074
2923
1.007
2737
1.209
279 1
1.169
2825
1.100
MISCELLANEOUS FOOD PRODUCTS
Cocoa (cacao) beans:
Imports (incl. shells)
thous. Ig. tonsPrice, wholesale, Accra (New York)
$ per Ib..
148.5
1.354
245.0
1.085
19.2
1.120
30.4
1.150
27.1
1.040
24.1
0.890
19.3
1.085
22.0
1.120
20.3
1.170
24.1
1.130
5.8
1.030
11.5
1.090
10.0
1.160
29.0
1.070
176
1.020
Coffee (green):
Inventories (roasters', importers', dealers'),
end of period
thous. bags fl..
Roastings (green weight)
do....
2,834
17047
2,849
4742
1395
364
2.180
440
1299
138
2.180
378
1356
283
1.290
305
1026
166
1.155
325
922
213
1.155
304
1213
172
1.270
430
(3)
(3)
1 150
256
1.270
582
1487
316
1.295
588
1565
309
1.470
450
1547
294
1.500
456
1287
186
1.510
r
389
1 195
210
1360
504
1 490
267
1360
319
295
294
331
356
373
363
355
350
315
POULTRY AND EGGS
Poultry:
Slaughter
mil. Ib..
Stocks, cold storage (frozen), end of period, total
mil. Ib..
Turkeys
do
Price, in Georgia producing area, live broilers
$ per Ib..
1
10.566
'10 116
Production on farms
mil cases §..
Stocks, cold storage, end of period:
Shell
thous. cases §..
Frozen
mil. Ib..
Price, wholesale, large (delivered; Chicago)
$ per doz..
1
r
0.275
C
r
r
r
0.265
r
r
r
0.235
LIVESTOCK
Cattle and calves:
Slaughter (federally inspected):
Carves
Cattle
thous. animalsdo....
Prices, wholesale:
Beef steers (Omaha)
$ per 100 Ib..
Steers, stocker and feeder (Kansas City) .... do....
Calves, vealers (So. St. Paul)
do....
Hogs:
Slaughter (federally inspected)
thous animals .
Prices:
Wholesale, average, all weights (Sioux City)
$ per 100 Ib..
Hog-corn price ratio (bu. of corn equal in value
to 100 Ib. live hog)
.. . .
Sheep and lambs:
Slaughter (federally inspected)
thous animals
Price, wholesale, lambs, average (Omaha)
$ per 100 Ib..
MEATS
Total meats (excluding lard):
Production total
Stocks, cold storage, end of period
Exports (meat and meat preparations)
Imports (meat and meat preparations)
mil Ib .
do....
do .
do....
Beef and veal:
Production total
do
Stocks, cold storage, end of period
do....
Exports
do
Imports
...
do. .
Price, wholesale, beef, fresh, steer carcasses,
choice (600-700 Ibs.) (Central U.S.)
$ per Ib..
Lamb and mutton:
Production, total
mil. Ib..
Stocks, cold storage, end of period
do....
Pork (excluding lard):
Production, total
mil. Ib..
Stocks cold storage end of period
do
Exports
do....
Imports
..
do .
Prices, wholesale:
Hams smoked #
Index 1967—100.
Fresh loins, 8-14 Ib. average (N.Y.)
$ per Ib..
Imports, total
From Brazil
Price, wholesale, Santos, No. 4 (N.Y.)
Confectionery, manufacturers' sales @
Fish:
Stocks, cold storage, end of period
See footnotes at end of tables.
2
do .
do....
$ per Ib..
mil. $..
18153
3,505
2.066
4,649
(3)
(s)
16555
3,243
1.594
5,095
mil. Ib..
393
350
2,590
3962
378
r
282
r
!98
P
261
69.11
64.72
78.00
52.16
202
59.50
1.095
1.186
S-23
SURVEY OF CURRENT BUSINESS
May 1982
Unless otherwise stated in footnotes below, data
through 1978 and descriptive notes are as shown
in the 1979 edition of BUSINESS STATISTICS
1980
1981
Mar.
Annual
1982
1981
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
FOOD AND KINDRED PRODUCTS; TOBACCO—Cont.
MISCELLANEOUS FOOD PRODUCTS— Cont.
Sugar (United States):
Deliveries and supply (raw basis): §
Production and receipts:
Production . .
thous sh tons.
Deliveries total
For domestic consumption
Stocks raw and ref end of period
Exports raw and refined
Imports raw and refined
.
do
do....
do
sh tons
thous sh tons
Prices, wholesale (New York):
Raw
Refined (excl excise tax)
Tea imports
153
878
785
2807
80412
255
0231
0344
14696
0.200
0315
5157
10922
9731
3311
4 127
0.198
0303
190 254
0.306
0405
$ per lb..
do
thous lb
232
1004
836
3 195
979 157 134 737
5054
313
4713
10838
10,149
2970
608 029
184 786
1 132 1 154
128
603
1099
861
842
785
783
766
746
986
3311
1 416 1 579 2416
91 131 68370 65210 47605
424
653
462
902
201
138
943
1031
914
815
2755
2285
83266 115336
398
312
86
82
985
997
853
877
1928
1602
88501 122 452
313
347
19220
0.163
0266
18990
0.191
0295
17736
0 198
0285
14586
0 185
0295
19 128
0.154
0236
13205
0.160
0261
15855
0.163
0261
13473
0.167
0261
12 121
745
648
638
3743
4370
223
3644
16359
4246
100
316
0.180
0282
15055
0.178
0282
15464
0.169
0282
13787
TOBACCO
Leaf:
Production (crop estimate)
Stocks, dealers' and manufacturers',
end of period $
Exports incl scrap and stems
Imports, incl. scrap and stems
Manufactured:
Consumption (withdrawals):
Cigarettes (small):
Tax-exempt
Taxable
Cigars (large) taxable
Exports, cigarettes
1
mil. lb..
rl
1,786
2,060
mil. lb..
thous lb
do....
4,850
591 518
365,622
575 255
335 920
4624
53728
31753
49414
24,274
44571
28796
4285
40142
22347
31277
22171
27398
32 153
4,697
45510
32,372
63222
27,889
86775
22,946
55577
12970
31670
31,264
39392
16,579
49862
20,393
millions
do....
do
do....
94256
620,565
3292
81,998
91 995
636 136
3257
82.582
7592
54224
291
8.534
6891
53670
257
6.046
6341
50678
274
6.621
8031
56519
336
6.214
6766
51064
242
6.231
7555
58716
261
6.468
7636
58 150
313
7,149
8 141
56635
300
7.300
7447
49658
267
8.058
6479
42300
247
4.713
7479
48234
215
6.426
15017
52,850
221
8,148
7.337
15393
12682
19464
11660
10849
10343
13696
629
681
210.2
94.5
LEATHER AND PRODUCTS
LEATHER
Exports:
Upper and lining leather
Price, producer:
Sole, bends, light
thous sq ft
19717
17678
18016
18692
3067
3085
317.1
3185
2984
375 473
192 597
192 193
2
283.3
index, 1967-100..
13921
10918
2847
LEATHER MANUFACTURES
Footwear:
Production total
thous pairs
Shoes, sandals, and play shoes, except athletic
thous. pairs..
Slippers
do....
Athletic
do
Other footwear
do....
Exports
396 851
r
34345
33025
31926
30361
26968
30703
32887
35040
30493
27 624
27009
299,131
73,337
24383
3271
r
25,673
6282
2390
259
24,795
5676
2554
219
24,124
5551
2251
217
729
22,251
5798
2312
224
976
20,618 22351
4645
6200
1 705 2 152
246
257
551
785
24,545
6362
1980
397
25,196
7631
2213
303
20,257
4902
1850
252
640
663
22,562 r21,061
6 197 r4715
1 734 !848
r
266
238
615
1 121
do....
278,979
70834
r
25 660
T
3 171
505
9,781
9688
1031
1026
1030
1027
1035
1036
1038
104 1
1036
1039
1036
104 4
211.7
214.7
99.7
214.0
102.8
214.1
102.8
214.5
103.0
213.4
102.9
214.0
102.9
213.6
101.0
217.9
97.8
212.1
93.5
212.3
93.5
216.2
93.5
213.0
94.3
208.5
94.3
Prices, producer: *
Men's leather upper, dress and casual
index 12/80-100
Women's leather upper
Women's plastic upper
913
r
index, 1967=100..
index, 12/80=100..
1 180
1040
LUMBER AND PRODUCTS
LUMBER—ALL TYPES #
National Forest Products Association:
Production, total
mil. bd. ft..
Hardwoods
.
do
Softwoods
do....
Shipments, total
do....
Hardwoods
do....
Softwoods
do .
Stocks (gross), mill, end of period, total
do....
Hardwoods
do
Softwoods
do
Exports, total sawmill products
do..
Imports, total sawmill products
do....
SOFTWOODS
Douglas fir:
Orders new
.
.mil. bd. ft
Orders unfilled end of period
do
Production
do
Shipments
do.. .
Stocks (gross), mill, end of period
do....
Exports, total sawmill products
Sawed timber
Boards, planks, scantlings etc
do....
do
do....
Price, wholesale:
Dimension, construction, dried, 2" x 4", R.L.
$ per M bd ft
See footnotes at end of tables.
3
31,632
3
7297
24335
3
3
29 713
3
7003
22710
3
2818
614
2204
2780
598
2 182
2651
2633
626
2007
2483
545
1938
2554
'572
1982
2307
542
1765
2379
527
1852
1831
1 765
1810
1891
1390
1347
1454
1489
2395
498
1897
6 103
1886
4?217
2431
2382
514
1868
6285
1964
4 321
2045
441
1604
6075
1968
4 107
1637
1837
1576
1244
1 407
6232
1918
4 314
2260
518
1742
6284
1947
4 337
1989
6213
1871
4 342
2588
560
2028
2765
560
2205
6015
1839
4 176
5842
1972
3870
6016
1936
4 080
6068
1906
4 162
592
2059
441
418
356
402
29 715
3
6,812
22903
2752
592
2160
5805
1807
3998
1655
9,859
5842
1972
3 870
6098
1872
4 226
2755
579
2 176
6 123
1891
4 232
9,518
966
980
992
934
842
465
660
755
728
591
530
585
601
6791
499
6393
429
6815
6821
912
6395
6463
844
698
594
622
618
598
601
601
591
538
540
576
599
566
505
533
601
466
458
546
518
483
455
526
486
536
458
533
533
459
429
396
507
407
471
459
365
393
443
457
421
523
496
454
470
982
969
901
941
969
476
477
403
457
992
486
510
521
481
1,009
1,009
955
844
938
974
958
540
523
43
51
47
43
31
51
43
29
38
47
34
34
31 126
3
6,679
24447
117
422
22342
129
394
9
35
13
38
8
39
13
30
6
25
546
1885
14
37
14
29
9
20
6
31
413
19
28
393
11
22
430
8
26
54
18
36
Apr.
SURVEY OF CURRENT BUSINESS
S-24
Unless otherwise stated in footnotes below, data
through 1978 and descriptive notes are as shown
in the 1979 edition of BUSINESS STATISTICS
1980
May 1982
1982
1981
1981
Mar.
Annual
Apr.
June
May
Sept.
Aug.
July
Nov.
Oct.
Dec.
Jan.
Mar.
Feb.
Apr.
LUMBER AND PRODUCTS—Continued
SOFTWOODS— Continued
Southern pine:
Orders, new
mil. bd. ft.. '6,559
Orders unfilled end of period
do.
419
1
Production
do...
6758
1
6,663
Shipments
do....
Stocks (gross), mill and concentration yards, end
of period
mil bd ft
1270
Exports total sawmill products
thous bd ft
280 243
Prices, wholesale (indexes):
Boards, No. 2 and better, 1" x 6", R.L.
1967-100
3372
Flooring, C and better, F. G., 1" x 4", S.L.
1967-100
3247
Western pine:
Orders, new
mil. bd. ft..
7,730
326
Orders unfilled end of period
do
Production
do
7613
7,807
Shipments
do....
1,185
Stocks (gross), mill, end of period
do....
Price, wholesale, Ponderosa, boards, No. 3,
28755
1" x 12" R L (6' and over)
$ per M bd ft
HARDWOOD FLOORING
Oak:
1.9
Orders, unfilled, end of period
mil. bd. ft..
780
Shipments
do
Stocks (eross). mill, end of oeriod
do....
12.4
1
6,128
418
587
493
602
486
508
474
535
440
546
441
448
407
463
402
498
399
461
430
400
418
344
430
409
448
'6143
'6,129
552
541
604
609
546
520
559
569
557
545
512
482
485
468
488
501
364
430
415
412
366
332
419
391
1284
227 020
1290
26059
1285
19 198
1 311 1301
19919 21226
1313
20898
1343
21048
1360
16719
1347
19043
1281
21 334
1284
15032
1318
14283
1346
18936
20 195
7,235
747
442
637
426
573
355
761
369
627
377
569
314
538
291
573
264
489
243
428
219
407
257
413
261
562
333
736
719
681
653
684
644
679
747
616
619
656
632
511
561
582
600
436
510
390
452
423
369
417
409
529
490
1,287
1,315
1,355
1,287
1,284
1,308
1,258
1,240
1,166
1,104
1,158
1,166
1,205
2.5
80
9.7
3.7
90
9.3
3.2
75
8.6
3.0
7.3
9.2
3.6
6.5
7.6
3.0
7.1
8.7
3.1
6.6
8.8
2.1
7.0
7.9
2.4
5.7
7.7
10.1
2.8
5.2
2.0
5.4
9.9
10.3
2.2
5.4
2.6
6.9
9.9
228
395
233
532
244
480
227
509
173
462
!54
539
197
522
219
7261
7,342
1,104
METALS AND MANUFACTURES
IRON AND STEEL
Exports:
Steel mill products
thous. sh. tonsScrap
do....
Pig iron
do
Imports:
Steel mill products
do....
Scrap
do
Pig iron
do ...
Iron and Steel Scrap
Production
.. . thous. sh. tons..
Receipts net
do
Consumption
do....
Stocks, end of period
do....
Prices, steel scrap, No. 1 heavy melting:
Composite
$ per Ig. tonPittsburgh district
do....
Ore
Iron ore (operations in all U.S. districts):
Mine production .
.. . .thous Ig tonsShipments from mines
do
Imports
do ..
U.S. and foreign ores and ore agglomerates:
Receipts at iron and steel plants
do
Consumption at iron and steel plants
do....
Exports
do....
Stocks total end of period
do
At mines
do
At furnace yards
do. ..
At U S docks
do
Manganese (mn. content), general imports
do....
Pig Iron and Iron Products
Pig iron:
Production (including production of ferroalloys)
thous. sh tons..
Consumption
do....
Stocks end of period
.
do
Price basic furnace .
.
.
. $ per sh. tonCastings, gray and ductile iron:
Orders, unfilled, for sale, end of period
thous. sh. tonsShipments total .
. . do ..
For sale
do....
Castings, malleable iron:
Orders, unfilled, for sale, end of period
thous. sh tons..
Shipments, total
do....
For sale
do....
See footnotes at end of tables.
279
628
218
348
4,101
11,168
2,904
6,415
73
16
2
15,495
19,898
1,142
1,761
1,772
1,665
558
400
572
433
53
5
52
36
62
61
52
59
37
36
'42,207
'40 954
'83710
8,018
43,804
43 412
87221
8,261
4,240
4261
8,379
8,004
4,078
4018
8,137
8,015
4,001
4 162
8,184
8,175
3,876
3817
7,657
8,287
92.17
96.17
90.17
100.50
98.74
109.00
101.44
112.00
96.13
105.50
'69 613
'69 594
25,058
74274
71650
28042
6,280
3938
1,794
87 188
89,397
5,073
56066
10636
35,706
6095
795
96645
94,958
15,210
60243
17469
36,203
6571
775
3,794
9,293
63
50786
26736
19,972
4078
55
68,721
'69,053
73456
75,051
889
859
203.00
20600
964
11 799
6,457
r
743
11 929
r
6,702
22
450
206
r
421
r
r
32
!99
260
442
291
694
2
259
677
1
2
1
194
450
1
1
2
1
1
4
r
2
()
1
2,226
1,748
1,872
1,921
1,613
1,969
1,600
1,356
59
38
56
30
33
34
43
42
45
64
32
36
41
16
36
14
3,689
3454
7,168
8,245
3,631
3564
7,116
8,383
3,591
3542
7,116
8,408
3,353
3496
6,833
8,418
3,004
3064
6,054
8,453
2,817
2661
5,656
8,261
r
2,742
r
2715
r
5,917
r
7,826
2,757
2882
5,624
7,867
88.63
99.00
87.07
99.00
91.37
107.50
89.74
102.50
84.24
95.50
78.01
86.00
76.02
85.50
81.70
94.00
80.47
91.50
7,265
8906
2,901
7525
9625
3879
7,112
9703
3,059
6,860
9300
4,113
6,382
8 133
2,595
5,731
7 112
2,555
3,910
5048
2,029
4,430
3507
1,585
5,687
1076
1,630
5,244
1 180
1,018
6,233
8,793
625
49781
29336
17,286
3 159
70
11,520
8,841
2,967
51411
27700
19,885
3826
111
11924
8,162
634
53744
25601
23,480
4663
78
12,350
8,022
530
56,356
23019
27,904
5433
68
12,159
8,024
607
58,755
20586
31,931
6238
55
9,927
7,708
391
59,574
18837
34,062
6,675
72
9,070
6,913
315
60,387
17515
36,137
6,735
51
7,241
6,370
8,358
60,144
16429
36,939
6776
67
5,579
6,038
685
60,243
17469
36,203
6,571
49
1,664
5,518
44
60,401
21594
32,298
6,509
65
7 193
7,316
6755
6,927
6938
7,108
6,259
6,521
5,889
6,029
5419
5,527
4782
4,847
831
817
786
817
812
841
4750
4,824
846
6408
6,589
6268
6,508
881
20300
20300
20300
203.00
203.00
203.00
213.00
21300
21300
213.00
4489
4,766
r
881
21300
846
1079
848
984
843
951
833
956
781
986
727
823
r
743
r
681
r
6751
2035
1 165
779
1,663
968
1 140
882
1 170
845
1 114
634
657
630
619
577
570
548
555
458
43
43
20
42
42
20
40
38
19
44
40
18
40
31
14
46
33
17
36
33
15
31
35
18
33
26
13
859
r
r
787
754
344
394
r
32
r
31
24
12
r23
io
75.93
85.00
646
1,589
1,596
5,175
5,670
1
1
60,894
25701
28,813 24,654
6,380
6 110
49
65
4 169
4,395
4622
821
21300
21300
69.98
75.00
S-25
SURVEY OF CURRENT BUSINESS
May 1982
Unless otherwise stated in footnotes below, data
through 1978 and descriptive notes are as shown
in the 1979 edition of BUSINESS STATISTICS
1982
1981
1981
1980
Mar.
Annual
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
METALS AND MANUFACTURES—Continued
Steel, Raw and Semifinished
Steel (raw):
Production
Rate of capability utilization
thous. sh. tons.. 111,835
percent. .
72.8
Steel castings:
Orders, unfilled, for sale, end of period
thous sh. tons.
Shipments total
do
For sale total
do .
'119,912
77.7
r
385
1752
r
l 568
605
1878
1 701
11,744
88.6
11,243
87.7
11,423
86.2
10,451
81.5
10,160
77.6
10,120
77.3
9,618
75.9
9,003
68.7
7,962
62.8
558
173
155
540
154
137
525
150
132
501
151
132
489
127
114
489
137
121
469
146
131
366
144
129
366
127
116
7,672
58.6
r
7,737
59.3
385
122
110
7,178
60.9
8,049
61.7
380
115
105
Steel Mill Products
Steel products, net shipments:
Total (all grades)
thous sh tons
By product:
Semifinished products
do
Structural shapes (heavy) steel piling
do
Plates
do
Rails and accessories
do
83853
87014
8 422
8 108
7 932
8 148
7 115
7020
7039
6723
5783
5666
5608
5434
6 163
5342
5207
8080
1797
5598
4903
7397
1458
606
548
731
170
531
472
678
161
535
414
667
140
529
408
627
116
400
392
584
114
434
395
586
89
437
432
630
88
437
362
543
99
385
313
498
98
389
299
482
81
314
329
463
98
285
323
498
102
325
365
527
91
1,015
573
320
117
Bars and tool steel total
Bars: Hot rolled (incl. light shapes)
Bars' Reinforcing
Bars: Cold finished
do..
do....
do
do....
13258
6,911
4683
1,585
13828
J
7770
4371
1,620
1334
764
407
156
1292
740
395
150
1 258
722
385
145
1 263
706
399
152
1 115
593
388
128
1 106
528
342
131
1 163
659
364
134
1 140
638
364
133
953
543
296
109
898
471
323
99
912
525
271
112
821
506
205
105
Pipe and tubing
Wire and wire products
Tin mill products
Sheets and strip (incl. electrical), total
Sheets: Hot rolled
Sheets- Cold rolled
do.. .
do....
do....
do....
do..
do
9097
1,768
5,709
33,595
12 116
13313
10286
1,694
4,927
36,924
13451
14396
945
185
431
3,470
1267
1 344
949
161
431
3,434
1252
1 354
925
150
388
3,456
1233
1 402
890
155
419
3,739
1346
1 487
859
137
413
3,102
1 146
1209
881
130
399
3,001
1 124
1 154
849
135
396
2,910
1063
1 125
892
133
351
2,765
976
1 085
813
107
327
2,288
863
857
759
102
412
2,246
901
811
753
105
389
2,245
793
869
702
115
449
2,139
768
817
By market (quarterly):
Service centers and distributors
Construction, incl. maintenance
Contractors' products
.
Automotive
Rail transportation
. . .
Machinery, industrial equip., tools
Containers, packaging, ship, materials
Other
do....
do....
do
do....
do
do....
do....
do.. .
16,174
8,787
3362
12156
3 178
4566
5,549
30082
17,546
8,761
3225
13 101
2 180
4646
5,293
32264
4,696
2,356
958
3591
753
1 261
1,470
8326
Steel mill shapes and forms, inventories, end of
period— total for the specified sectors:
mil. sh. tons..
Producing mills, inventory, end of period:
Steel in process .
.
mil sh tons
Finished steel
do....
Service centers (warehouses), inventory, end of
period
mil. sh. tons..
Consumers (manufacturers only):
Inventory, end of period
do....
Receipts during period .
do
Consumption during period
do. ..
3
r
28.4
3,704
1,812
610
2472
422
947
1,129
7075
4,151
2,190
796
3218
455
1 148
1,278
7938
30.0
29.3
28.2
29.8
29.5
30.0
30.5
30.5
30.4
98
71
99
73
10 4
75
103
72
10 6
72
11 1
74
11 2
75
11 3
74
r
30.5
113
74
96
69
3
4,997
2,442
892
3811
548
1292
1,399
8806
113
74
53
662
133
400
2,645
953
1 030
3,429
1,684
592
2,367
411
960
1,260
6500
30.0
30.0
11 3
74
11 6
72
54
54
53
53
53
54
53
53
53
55
54
52
6.6
699
734
5.9
718
724
70
67
67
67
63
66
66
64
65
67
68
67
68
61
60
67
61
62
65
60
62
64
58
59
63
50
51
r
59
r
39
43
60
47
46
5 130
1,377
4948
1,653
448
146
431
139
441
139
420
148
426
149
416
139
393
140
396
150
364
129
364
123
351
143
do....
do....
580.5
72.7
698.5
140.1
75.6
7.5
50.2
10.7
67.8
13.9
55.9
11.6
63.9
12.5
67.0
11.0
60.5
14.0
55.2
15.6
41.5
14.9
49.3
13.7
38.5
17.5
do....
do
715.0
3153
3442
271 2
329
326
486
265
293
30 6
235
214
293
16 0
168
152
92
172
24 1
216
23 1
16 0
246
16 8
Price, primary ingot, 99.5% minimum .... $ per lb..
0.6957
0.7600
0.7600
0.7600
0.7600
0.7600
0.7600
0.7600
0.7600
0.7600
0.7600
1294
963
562
154
1 199
952
550
148
1 189
929
541
139
847
665
368
110
r
NONFERROUS METALS AND PRODUCTS
Aluminum:
Production, primary (dom. and foreign ores)
thous. sh. tons..
Recovery from scrap (aluminum content)
do....
Imports (general):
Metal and alloys, crude
Plates, sheets, bars, etc
Exports:
Metal and alloys, crude
Plates sheets bars etc
Aluminum products:
Shipments:
Ingot and mill prod, (net ship ) . .
Mill products, total
Sheet and plate
Castings
mil lb
do.
do....
do....
14057
10485
5,862
1,538
Inventories, total (ingot, mill products, and
scrap) end of period
mil lb
Copper:
Production:
Mine, recoverable copper
Refinery, primary
From domestic ores
From foreign ores
Secondary, recovered
as refined
thous. met. tons..
do. ..
do
do
5076
r
!3 147
10310
r
5962
1,581
r
1 248
957
564
146
1 039
859
494
119
1 119
866
514
132
1082
*871
514
134
1 040
826
476
128
65.9
19.1
61.7
21.4
22 1
180
188
17 8
460
183
0.7600
0.7600
0.7600
0.7600
r
909
r
672
383
98
828
734
426
106
105
6 607
6 679
1126
1062
97 3
89
r
6607
5 408
5 495
5 600
5 632
5 964
6 086
6 187
6276
6 524
1,168.3
l 2109
1 121 9
^90
1,529.0
1 5207
1 416 5
104 1
126.8
1396
1317
79
1265
140 1
131 0
92
1302
1317
123 6
81
1264
133 1
125 5
76
1230
1208
111 5
92
1354
1103
103 4
69
1339
1218
114 4
74
1399
1289
120 5
83
134 1
113 4
107 2
62
1133
1302
123 9
62
l
r
do
5730
6319
45 5
63 1
55 7
61 5
54 4
58 4
50 2
58 8
32 5
60 1
Imports (general):
Refined, unrefined,
scrap (copper cont.)
Refined
do....
do....
520.3
4318
502.5
3593
29.0
218
40.2
28 1
286
217
51.1
345
41.6
322
48.1
378
45.7
378
52.7
367
42.4
302
42.3
243
45.2
206
40.6
157
30.8
188
Exports:
Refined and scrap
Refined
do....
do
330.1
174
3397
272
387
58
202
12
337
09
400
35
185
13
228
17
21 8
30
350
07
194
21
213
18
352
04
21 9
06
29.4
09
Consumption, refined
(by mills, etc.)
thous. sh. tons..
Stocks, refined end of period
do...
Price, electrolytic (wirebars), dom., delivered
$ per lb..
2,083
365
2,045
511
526
331
1.0242
0.8512
0.8738
0.7863
0.7878
0.7586
See footnotes at end of tables.
547
380
0.8803
0.8580
0.8523
479
409
0.8441
0.8739
0.8472
493
511
0.8231
0.8122
0.8029
Apr.
S-26
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1978 and descriptive notes are as shown
in the 1979 edition of BUSINESS STATISTICS
1980
1981
Annual
May 1982
1982
1981
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
METALS AND MANUFACTURES—Continued
NONFERROUS METALS AND
PRODUCTS—Continued
Copper-base mill and foundry products, shipments
(quarterly total):
Brass mill products
mil. lb..
Copper wire mill products (copper cont )
do
Brass and bronze foundry products
do...
Lead:
Production:
Mine recoverable lead
thous met tons
Recovered from scrap (lead cont.)
do....
Imports (general), ore (lead cont.), metal
do....
Consumption total
do
Stocks, end of period:
Producers', ore, base bullion, and in process
(lead content) ABMS
thous met tons
Refiners' (primary), refined and antimonial
(lead content)
thous met tons
Consumers' (lead content) 1J
do....
Scrap (lead-base, purchased), all smelters
(gross weight)
thous met tons.
Price, common grade, delivered
$ per lb..
Tin:
Imports (for consumption):
Ore (tin content)
metric tons..
Metal, unwrought, unalloyed
do....
Recovery from scrap total (tin cont )
do
As metal
do....
Consumption total
.. ..
do
Primary
do....
Exports, incl. reexports (metal)
do....
Stocks pig (industrial) end of period
do
Price, Straits quality (delivered)
$ per lb..
Zinc:
Mine prod recoverable zinc
thous met tons
Imports (general):
Ores (zinc content)
do
Metal (slab blocks)
.do
Consumption (recoverable zinc content):
Ores
do
Scrap all types .
do
Slab zinc: @
Production, total $
thous. met. tons..
Consumption fabricators ..
do
Exports
do....
Stocks, end of period:
Producers', at smelter (ABMS)
do....
Consumers'
do
Price, Prime Western
$ per lb..
MACHINERY AND EQUIPMENT
Heating, combustion, atmosphere equipment, new
orders (domestic), net, qtrly #
mil $..
Electric processing heating equipment
do
Fuel-fired processing heating equip
do....
Material handling equipment (industrial):
Orders (new) index seas adj
1967—100
Industrial trucks (electric), shipments:
Hand (motorized)
number
Rider-type
do
Industrial trucks and tractors (internal combustion
engines), shipments
numberIndustrial supplies, machinery and equipment:
New orders index, seas, adjusted
1977=100..
Industrial suppliers distribution: t
Sales index, seas, adjusted
1977 — 100..
Price index, not seas. adj. (tools, material
handling equip., valves, fittings, abrasives,
fasteners, metal products, etc.)
1977 = 100..
Fluid power products shipments indexes: *
Hydraulic products, seas, adj
1972=100..
Pneumatic products, seas, adj
do....
Machine tools:
Metal cutting type tools:
Orders, new (net), total
mil. $..
Domestic
do. .
Shipments total
do
Domestic
. .
do
Order backlog, end of period
do....
Metal forming type tools:
Orders, new (net), total
Domestic .
....
Shipments, total
Domestic
Order backlog, end of period
See footnotes at end of tables.
do....
do
do ..
do
do....
r
652
r
2,467
2783
'489
2,636
2816
471
710
748
121
5495
675.6
52.1
10703
'4441
567.3
68.9
1 1253
430
43.8
11.1
959
264
42.5
3.3
912
275
44.1
11.5
891
17 1
46.7
2.4
910
317
46.4
10.0
81 1
38 1
49.1
3.9
93 1
478
52.5
4.3
999
473
50.9
7.8
1104
396
52.2
3.0
945
41.2
48.7
2.1
896
40.5
45.5
5.6
r
939
48.2
3.4
844
4.9
812
716
738
125
558
628
109
702
116
833
1227
1105
1083
111 1
1172
1160
1069
1005
880
833
789
793
795
98.1
774
87.1
728
86.5
57 1
89.1
473
93.2
437
96.3
41 1
97.4
459
105.0
598
98.9
719
101.0
795
98.1
683
92.0
700
88.4
59.6
0.4246
41.7
0.3653
37.1
0.3506
38.2
0.3752
38.4
0.3641
39.1
0.3797
46.1
0.4098
50.9
0.4389
52.8
0.4032
54.0
0.3705
45.8
0.3388
41.7
0.3107
41.7
0.2967
36.8
0.2870
0.2764
842
45,983
'18638
'1,703
'56 362
'44,342
232
45,873
15010
1,705
48450
r
38,750
0
3,985
1220
130
4 100
3,300
0
4,359
1345
135
4350
3,200
0
3,440
1215
185
3900
2,900
287
5725
6.8358
411
6227
6.5839
1,019
6465
6.8981
471
5710
7.8022
0
232
3,951
4,216
1 150 1,270
160
115
2950
3400
2,500
2,200
171
1,180
5563
5988
8.2147 7.9352
295
2,312
1025
85
3400
2,500
4,748
3872
7.7590
162
2,742
919
5229
7.0026
0
3,261
1280
155
3900
2,950
253
5325
7.9560
72
1,089
5,989
5988
7.3305
0
2,819
1,310
140
4,200
3,000
287
5,663
7.5339
0
3,038
1,225
125
3950
3,000
4,293
5504
8.4600
0
4,831
1285
160
4400
3,500
343
5978
6.5806
3349
3053
276
255
248
231
236
246
283
280
254
234
242
1138
329.0
1177
6026
108
484
39
525
102
52.3
133
71.7
85
55.4
136
50.8
114
43.0
78
48.2
37
593
92
32.8
676
236 1
582
224 1
48
180
57
199
49
189
52
190
32
173
32
17.5
46
185
46
195
46
187
'369.9
'811 1
0.3
341.8
8347
0.3
31.3
773
(2)
30.9
743
0.1
29.2
736
(2)
28.0
772
(2)
30.0
644
(2)
30.4
724
(2)
26.7
702
(2)
27.0
662
0.1
18.7
226
0.3743
34.6
72 1
0.4455
19.0
574
04130
16.0
618
04256
15.6
664
04520
16.2
663
04612
18.9
689
0.4625
20.8
705
0.4747
19.5
724
0.4872
24.5
721
0.4587
348.3
828
156.5
470.0
1069
225.4
91.8
193
36.7
375.5
3820
4410
3655
4319
3696
4462
292.5
4139
3242
3887
20495
24 110
18734
19784
1893
1693
1505
1 727
1559
1551
1735
1722
1383
1258
1,596
1492
1,765
1812
1,571
1722
1586
1 814
39,448
31,885
2,920
2,817
2,563
2,962
2,366
2,482
2,721
2,622
109.8
115.6
117.8
118.0
115.7
118.2
121.9
119.2
115.6
134.5
142.3
1389
1456
1402
1409
149.4
150.6
147.2
131.2
144.3
140.8
142.6
143.6
144.2
145.8
146.2
146.7
272
234
279
249
260
253
278
255
267
244
294
245
310
266
287
267
301
243
3,884.75
3 495.50
3 680 80
3 206 00
4,749.7
2,228.10
1 945.80
4 104 50
3 552 45
2,873.3
869.55
66495
1 010.95
87855
384.8
716.75
61685
991.10
82420
427.0
1353
548
95.8
r
0
3,856
1 185
135
4600
3,700
6.6917
32
2.0
61
330
63
36.2
53
186
46
17 1
42
168
26.6
598
(2)
23.0
520
(2)
24.2
55 1
(2)
21.6
552
(2)
31.6
729
0.4615
34.6
72 1
0.4259
36.7
70 1
0.4217
41.2
670
04272
3778
3230
4280
1569
1976
1250
1447
1398
1452
1665
1828
2,622
2,551
2,277
2,053
2,430
112.6
111.7
110.5
107.6
104.1
98.9
147.9
1400
132.5
1352
1309
1333
147.4
148.3
149.2
150.2
151.6
152.6
269
242
276
252
271
251
263
252
r
255
r
259
226
91.30
6380
8890
7065
647.1
50.00
4290
7935
67 10
617.8
64.50
5695
9585
75 45
586.4
55.15
4860
7175
6235
569.8
46.70
4295
6580
5605
550.7
36.35
3100
76 10
67 25
511.0
21.4
59.40
5020
7230
60 25
498.0
245
41.8
03923
13540 11255 15595 123 15 P103 30
11565 10105 12490 113 30 P8770
329 75 398 60 307 15 r293 15 P335 35
28735 35885 284 50 r273 75 P304 95
3,159.4 2,873.3 2,722.1 r2,552.1 P2 320 0
60.35
5285
7840
7000
480.0
39.25
3290
9230
7995
427.0
49.25
41 25
7640
4960
399.8
r
40.65
35 90
66 45
57 50
374.0
19.3
(2)
115.3
284
54.0
287.25 228.55 179.00 253.65 136.85 167.45 150.95 157.10
24905 19155 16235 20605 12195 14570 14045 14580
37385 35850 33195 41295 29535 25960 36535 33460
31180 29140 274 10 35245 25595 22835 33605 30570
4,438.4 4,308.5 4,155.6 3,996.2 3,837.8 3,745.6 3,531.2 3,353.7
62.25
5770
10325
7520
644.7
441
1,610
3490
7.4519
126.8
232
70.9
99.8
360
63.8
3300
2,500
P
32.05
P
P
P
7305
P
26 75
78 20
327.8
39.9
S-27
SURVEY OF CURRENT BUSINESS
May 1982
Unless otherwise stated in footnotes below, data
through 1978 and descriptive notes are as shown
in the 1979 edition of BUSINESS STATISTICS
1980
1981
Mar.
Annual
1982
1981
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
METALS AND MANUFACTURES—Continued
MACHINERY AND
EQUIPMENT—Continued
Tractors used in construction, shipments, qtrly:
Tracklaying, total
units..
mil $
Wheel (contractors' off-highway)
units..
mil $
Tractor shovel loaders (integral units only),
wheel and tracklaying types
units
mil $
Tractors, wheel, farm, nonfarm (ex. garden and
construction types) ship., cjtrly .
units
mil. $..
ELECTRICAL EQUIPMENT
16503
1306 1
4781
3875
15625
15346
4398
3919
1258
104 0
4474
4253
1 140
1043
3848
4126
1 127
112 4
9381
4394
4669
7505
3544
36683
9380
39 145
9058
33732
815.0
45480
1697 1
146 274
3,183.4
142 831
3,519.8
Batteries (auto.-type replacement), ship
thous..
thous..
50,063
28,104
53,597
Radio sets, production, total market
Television sets (incl. combination models),
production, total market
31,476
5
2905
3049
33271
861.0
4,897
2,012
4,269
1,671
1,250
1,208
1,344
1,831
1,947
2,177
2,650
572
151
272
161
343
117
383
253
1 911
r
!07
268
85
120
305
508
44
643.7
613
84
645.9
79,823 '86,074 '75,326 '73,250 62,951 68,478
58,975 58,405 57,822 64,114
48,385 47,685 46,873 52,968 57,195 48,975
10,270 10,290 10,374 10,390
4,833
5,150
5,319
5,030
756
430
575
320
158,651 169,103 176,776 179,064
144,097 154,165 '161,454 163,356 152,935 152,735
14,554 14,938 15,322 15,708
6,446
6,268
6,179
6,357
6,029
8,918
11,589 12,105 11,676 11,462
521.4
524.5
510.6
506.0
506.8
507.6
83,100
3,460
3,488
4,037
5,278
6,201
4,668
1,905
2,519
5
2,364
3,661
5
3,767
3,216
5
1,895
1,376
1,390
5
1,777
1,216
1,494
5
1,981
1,550
1,474
5
2991
r
620
228
'319
r
!99
424
r
!50
408
260
2 119
2982
603
240
309
220
440
141
368
245
2613
3 136
2683
283
190
237
200
511
227
376
243
2436
64
236
288
190
450
152
398
254
2357
52
202
234
176
456
111
416
293
1955
2342
90
220
331
191
383
89
612
260
1854
128
143
286
111
125
287
115
110
204
120
121
204
125
136
202
139
128
224
111
119
203
95
124
211
80
99
239
'457
252
629.1
'550
171
642.5
'394
101
643.7
472
147
643.7
3,331
2,030
thous..
18,532
18,480
5
Household major appliances (electrical), factory
shipments (domestic and export) #
thous..
Air conditioners (room)
do
Dishwashers
. ... do
Disposers (food waste)
do
Ranges
do
Refrigerators
do
Freezers
. . do
Washers
do
Dryers (incl. gas)
do
Vacuum cleaners (qtrly )
do
30260
3204
2738
2962
2530
5124
1681
4550
3 177
7439
30336
3692
2484
3 178
2325
4 944
1561
4365
2977
7785
r
GAS EQUIPMENT (RESIDENTIAL)
Furnaces, gravity and forced-air, shipments.... thous..
Ranges, total, sales
do....
Water heaters (storage), automatic, sales @
do....
1,446
1,538
2,818
1,417
1496
2,785
477
192
253
193
428
142
346
221
3,658
2,739
653
220
230
219
542
206
402
247
1 944
105
123
226
108
134
235
6,096
3,233
94
165
197
163
272
62
267
217
5,012
1,814
163
144
206
152
264
76
246
189
191
169
220
147
276
89
306
228
361
160
214
143
324
99
347
234
1 767
r
69
3,839
r5
l,816
r5
1,499
1,375
PETROLEUM, COAL, AND PRODUCTS
COAL
Anthracite:
Production
Exports
Price, wholesale *
thous. sh tons..
do
Index, 1967=100..
Bituminous:
Production 1"
6,056
1,795
463.7
thous sh tons
Consumption total
. ...
Electric power utilities
Industrial total
Coke plants (oven and beehive)
Residential and commercial
Stocks end of period, total
Electric power utilities
Industrial, total
Oven-coke plants
823,644
669,061
568,322
125,815
66,493
4,924
do.... '199,077
do
178,269
do....
20,808
9,017
do
do
do....
do
do....
do....
do
Index, 1967=100..
Exports
Price, wholesale
89,882
466.5
thous. sh. tons..
do....
46,132
27,094
r
5,423
2,249
548
114
542.8
463
167
545.2
'814,716
724,953
595,575
124,498
60,860
4,880
77,325
59,736
48,323
11,108
5,516
36,869
54,070
43,604
10,035
4,850
240
170
552.8
477
283
572.0
37,276 61,902
54,372 '59,147
44,909 '49,975
8,962
9,200
4,451
4,250
566
332
589.7
534
278
597.3
73,345 78,204
66,764 '65,169
56,042 '54,350
10,459 10,580
5,417
5,433
239
263
210
263
431
305
179,064 201,687 '181,908 '162,929 '152,515 148,423 '151,041
163,356 179,032 '164,187 '148,407 '139,439 134,855 '136,981
15,708 22,655 17,721 14,522 13,076 13,568 14,060
6,446 10,735
5,602
5,027
4,452
4,800
6,900
110,243
5,872 10,414 11,034
5,911
8,099
9,593
503.2
484.4
483.4
501.9
488.2
478.3
417
307
619.9
10,335
522.3
COKE
Production:
Beehive and oven (byproduct)
Petroleum coke §
Stocks, end of period:
Oven-coke plants, total
do....
At furnace plants
do....
At merchant plants
do ...
Petroleum coke $
.. . do
Exports
do....
PETROLEUM AND PRODUCTS
Crude petroleum:
Oil wells completed
numberPrice wholesale
Index 1967 — 100
Gross input to crude oil distillation
units
mil bbl
Refinery operating ratio
% of capacity..
All oils, supply, demand, and stocks: $
New supply, total
fl
mil. bbl..
Production:
Crude petroleum
do....
Natural gas plant liquids
do....
Imports:
Crude and unfinished oils
do....
Refined products
do
Change in stocks, all oils (decrease, —)
Demand total
Exports:
Crude petroleum
Refined products
See footnotes at end of tables.
do....
do
do
do....
8,627
7,521
1 106
3
846
2,162
2
28,296
11,382
2,356
2,209
2,354
2
7,586
2
6,564
2
10,058
2,395
2,425
11 143
2,466
2,348
2,445
2,622
2,420
2,207
813
790
5 192
4798
394
765
708
836
900
829
894
73
60
94
123
67
134
48
105
97
3,750
745.0
2,360
1022
948
132
835
869
118
89
4,990
4554
437
758
206
3,099
842.8
2,905
842.5
2,604
839.9
3,497
815.9
2,790
798.9
3,137
796.8
3,416
796.8
3,775
788.2
3,587
785.9
4,581
787.4
2,790
787.4
3,049
770.4
900
1,251
r
27,026
556.4
'37,644
5,049.3
76
4,656.5
69
391.4
68
368.5
66
389.2
67
381.9
68
389.9
67
409.3
71
382.5
68
383.3
67
378.2
68
395.1
69
372.9
66
325.4
65
6,266.9
5,905.7
503.5
477.0
490.4
470.5
490.7
494.2
498.2
500.5
476.2
501.3
480.2
418.6
3,146.4
591.8
3,124.6
597.9
266.6
50.1
256.3
47.7
263.4
50.2
258.5
49.3
261.1
49.5
265.9
50.5
257.6
50.9
264.8
51.6
257.8
50.1
267.3
51.1
268.7
49.2
243.3
44.0
1,946.2
582.5
1,642.8
540.4
141.5
45.3
135.7
37.3
133.5
43.3
125.2
37.4
135.3
44.8
134.0
43.9
145.3
44.4
140.7
43.4
124.0
44.3
135.7
47.1
118.6
43.6
86.9
44.4
3
79.3
6,441.7
68.3
7.9
17.9
23.5
-8.9
5.8
14.5
22.3
7.6
17.9
-17.6
-27.7
-29.5
6,057.2
509.2
475.5
489.5
492.5
504.8
492.3
484.1
513.9
486.3
535.0
518.3
468.9
104.9
94.3
83.2
133.9
6.5
11.7
5.9
11.2
9.7
8.8
3.7
8.9
8.0
9.7
6.3
13.6
5.8
9.8
7.0
15.9
8.3
12.7
5.9
14.5
7.4
18.3
8.5
14.0
3,683
S-28
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1978 and descriptive notes are as shown
in the 1979 edition of BUSINESS STATISTICS
1980
1982
1981
1981
Mar.
Annual
May 1982
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
PETROLEUM, COAL, AND PRODUCTS—Continued
PETROLEUM AND PRODUCTS— Continued
All oils, supply, demand, and stocks $—Continued
Domestic product demand total #
do
Gasoline
do....
Kerosene
do .
Lubricants
Asphalt
Liquefied gases
..
...
.
Stocks end of period total
....
Crude petroleum
Strategic petroleum reserve
Unfinished oils natural gasoline etc
Refined products
Refined petroleum products: $
Gasoline (incl. aviation):
Production
Stocks end of period
4584
198.6
28
471 1
205.7
27
4799
211.2
2.6
487 1
212.5
2.7
4723
207.2
2.9
4686
200.5
2.8
491 1
205.5
4.1
4652
192.5
4.4
5146
208.9
6.2
4926
184.2
6.4
4464
170.5
5.0
10490
918.0
3907
10328
752.5
3686
896
65.1
327
762
54.9
289
742
54.8
286
73.1
59.8
31.1
73.8
61.9
33.7
73.9
57.3
31.8
75.9
56.3
30.9
86.6
57.8
29.0
86.6
56.3
29.8
101.0
67.9
30.7
105.7
66.6
31.2
89.2
63.3
29.7
583
142.4
5378
560
124.8
5422
49
7.2
480
55
9.3
40 1
47
10.8
398
4.3
13.8
39.9
5.1
15.2
38.8
4.3
15.8
35.0
4.6
13.9
42.1
5.3
13.7
49.2
3.7
9.9
47.4
4.4
5.8
51.8
3.9
2.9
58.1
4.2
4.3
47.6
.. do .
do
do....
do
do
•
4910
196.4
35
.. do .
do....
do
.
.
58402
2,414.9
46.2
do
do....
do
Distillate fuel oil
Residual fuel oil
Jet fuel
6 242 4
2,420.5
580
*14202
L
4829
1
107.8
*1920
*7453
14885
5988
230.3
1768
7129
14055
518 1
120.9
193 9
6935
14234
5414
134.2
1898
6922
14469
5523
150.1
1854
7092
1 438.0 1,443.8
5656
5553
173.1
163.1
1810
1873
695.4
6971
1,458.3
5499
184.7
1826
725.8
1,480.7
5607
199.2
1799
740.0
1,488.3
5843
214.8
1780
726.0
1,506.2
5948
222.5
1783
733.0
1,488.5
5988
230.3
1768
712.9
1,460.9
6062
235.3
1815
673.3
1,431.4
6122
241.2
1840
635.2
2394 1
'2135
23508
2058
1933
2345
1842
2252
1909
2150
187.8
1963
200.2
1877
206.3
1906
198.1
1932
200.9
1929
198.3
2029
206.0
2058
192.3
2168
166.3
216 1
6947
6904
685.6
6774
668.4
666.4
666.1
661.7
659.3
653.4
641.6
1398
1 448
1398
1 449
1398
1450
1.397
1449
1.398
1 450
(*)
4
mil bbl
do
Prices (excl. aviation):
Wholesale regular ...
Index 2/73-100.
Retail, regular grade (Lundberg/Platt's): U
Leaded
$ per gal
Unleaded *
do
Aviation gasoline:
Production
mil bbl
Stocks end of period
do
Kerosene:
Production
do
Stocks end of period
do....
Price, wholesale (light distillate)
Index, 1967=100..
Distillate fuel oil:
Production
mil bbl
Imports
do....
Stocks end of period
do
Price, wholesale (middle distillate)
Index, 1967-100..
Residual fuel oil:
Production
mil bbl
Imports
do
Stocks end of period
do....
Price wholesale
Index 1967 — 100
5767
6832
1 217
1261
1384
1 435
2
1400
2
1449
622.9
()
12 8
1
23
11 5
27
07
21
08
18
12
21
1i
21
13
22
12
2.3
1i
26
10
2.6
08
27
08
2.7
06
2.7
06
2.7
50 1
11.4
436
11.1
38
11.0
36
11.9
35
12.6
31
13.2
28
13.2
3.0
13.6
27
13.8
2.7
12.6
37
12.4
4.5
11.1
4.4
9.6
43
9.1
1,041.0
1,080.9
1,084.1
1,078.9
1,067.5
1,052.6
1,044.6
1,043.2
1,042.7
1,036.8
1,043.1
1,033.1
770
4.5
1647
725
3.5
1647
76 1
51
1719
75.0
6.0
1802
745
5.5
1867
82.3
4.9
2003
78.3
3.9
2068
77.2
3.6
2012
819
3.4
2000
88.7
2.9
1902
81.1
3.0
1660
68.5
3.6
1467
1,082.8
1,105.4
1,092.5
1,092.2
1,079.8
1,076.7
1,067.8
1,056.1
1,047.5
1,057.1
1,064.4
1,054.5
386
370
364
38 1
379
257
25.4
252
16.2
228
69.3
80.0
74.8
70.1
785
1 3182 1 2558 1 206 1 1 2464 1 1924
382
365
402
24.0
25.3
28.5
80.8
79.8
78.3
1 179 1 1 1743 1 1758
367
25.4
68.2
12310
31 8
260
58.1
1 1889 1 1630
1
863.4
9549
61.0
1902
974 1
51.9
J
2054
850.6
5784
3436
MJ1.5
9612
4803
2906
78.3
44 1
21 7
749
13237
396
175
73.0
13346
Jet fuel:
Production
Stocks end of period
mil. bbl .
do
3656
'424
353.5
405
308
392
288
407
31 2
44 7
29.8
454
32.2
449
30.3
44.9
28.0
433
28.0
42.8
28.9
419
29.3
405
27.8
37.2
do....
do
65.1
'136
60.6
142
5.3
129
5.2
126
5.4
13 1
5.1
136
5.0
133
5.3
14.1
4.4
137
4.9
12.9
5.0
139
5.1
142
4.3
14.4
4.1
143
Asphalt:
Production ...
Stocks end of period
do ...
do
141.2
*188
124.2
195
83
275
10.0
282
118
293
11.9
276
12.7
254
13.4
23 1
11.9
213
10.7
184
9.0
176
7.6
195
6.5
23 1
5.4
243
Liquefied gases (incl. ethane and ethylene):
Production total
At gas processing plants (L P G )
At refineries (L.R.G.)
Stocks (at plants and refineries)
do....
do
do....
do....
561.8
4409
120.8
128.0
583.4
4679
115.6
137.0
487
390
97
111.9
47.9
383
9.7
118.5
498
398
10 1
126.9
47.3
375
9.8
132.7
47.3
378
9.5
140.6
48.4
378
10.6
148.1
48.6
393
9.3
151.3
49.8
406
9.2
148.7
50.0
41 0
9.0
146.4
49.9
410
8.9
137.0
47.9
403
7.6
122.2
1,025.3
28.0
370
Lubricants:
Production
Stocks end of period
1,026.6
41.3
348
6.6
113.5
1
PULP, PAPER, AND PAPER PRODUCTS
PULPWOOD AND WASTE PAPER
Pulpwood:
Receipts
Consumption
Stocks end of period
thous cords (128 cu ft )
do....
do .
3
81 007
3
3
79
3
6847
6,889
6009
6528
6,882
5528
6465
6,716
5 123
6649
6,790
4985
6799
6,526
5,464
6,706
6,656
5,552
6,774
6,645
5,693
7,206
7,058
5,917
6258
6,459
5,600
5,972
5,658
6,045
(5)
5
(5)
()
3
13 523
11 042
1229
854
1 195
910
1 159
866
1204
925
1063
940
1,190
959
1 109
958
1,135
949
1016
941
966
993
(5)
51,783
1366
39597
1812
5,038
3940
4,621
110
3556
157
438
360
4,501
108
3479
148
421
345
4,584
125
3516
165
425
353
4,398
120
3351
159
430
338
4,057
102
3 129
126
387
313
4,513
140
3445
155
444
330
4,309
102
3309
149
427
322
4,459
113
3443
154
423
326
4,268
129
3251
147
407
301
3,590
85
2675
130
420
279
1035
531
447
61
1077
581
438
58
1088
607
430
51
1 154
614
488
53
1 224
667
497
59
1287
730
505
52
1 141
602
485
54
1 267
745
462
60
1341
842
443
56
1 198
690
454
54
3678
784
2894
356
83
272
290
48
243
359
70
289
237
65
172
300
65
236
347
63
284
274
62
212
267
53
214
315
85
230
221
50
172
303
42
261
319
62
257
4086
201
3.885
368
22
346
295
8
287
363
61
302
414
26
388
349
8
341
329
25
304
323
10
313
279
24
255
406
27
379
318
10
308
269
8
262
270
26
244
310
9
301
296
10
286
79,703
6697
Waste paper:
Consumption
Stocks end of period
WOODPULP
thous sh. tons
do
3
Production:
Total, all grades #
Dissolving and special alpha
Sulfate
Sulfite
Groundwood
Semichemical
thous. sh. tons..
do....
do
do .
do....
do
3
Stocks, end of period:
Total all mills
Pulp mills
Paper and board mills
Nonpaper mills
do....
do
do
Imports all grades total
Dissolving and special alpha
All other
do
do....
do....
52,055
1,418
38931
1,911
4,887
3938
3
944
439
449
57
do .
do....
do
do....
Exports all grades, total
Dissolving and special alpha
All other
See footnotes at end of tables.
13 185
831
547
79,604
6045
1 198
690
454
54
3
3
3
3
3
3
3
3
3,805
769
3037
4051
194
3.858
(5)
(5)
(5)
(5)
(5)
(5)
(5)
(5)
(5)
(5)
(5)
Apr.
S-29
SURVEY OF CURRENT BUSINESS
May 1982
Unless otherwise stated in footnotes below, data
through 1978 and descriptive notes are as shown
in the 1979 edition of BUSINESS STATISTICS
1980
Mar.
Annual
1982
1981
1981
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
PULP, PAPER, AND PAPER PRODUCTS—Continued
PAPER AND PAPER PRODUCTS
Paper and board:
Production (Bu. of the Census):
All grades, total, unadjusted
thous. sh. tons..
Paper
do
Paperboard
do
Wet-machine board
do
Construction paper and board
do
65,834
30 164
31 143
138
4390
66,439
30669
31561
160
3846
6,005
2724
2842
16
374
5,891
2643
2809
18
377
5,757
2 591
2745
15
360
5,724
2622
2734
11
357
5,347
2 451
2543
12
342
5,653
2603
2705
14
332
5,548
2556
2688
14
290
5,592
2676
2629
14
273
5,252
2500
2497
9
247
4,693
2309
2 177
9
197
(5)
(5)
5
(5 )
(5)
()
1967-100..
do
234.6
2062
258.1
231 3
225 1
2279
2557
2325
2588
2373
259.2
2374
2594
2355
260.6
2342
261.6
2342
261.7
2333
261.6
232 1
259.3
2277
259.7
2332
261.4
231 1
261.1
2375
Selected types of paper (API):
Groundwood paper, uncoated:
Orders, new .
..
..
.. thous sh tons
Orders, unfilled, end of period
do....
Shipments
.
.
do
1475
110
'1498
'1426
112
'1 441
126
132
122
103
111
127
128
117
121
107
106
120
125
119
111
130
122
126
118
134
110
117
117
133
95
90
116
122
112
113
113
r
90
r
l!0
112
99
108
121
97
127
'4,866
308
4,951
427
345
438
409
324
405
405
320
411
406
313
411
407
341
387
424
340
422
409
317
434
448
324
439
396
319
399
363
308
389
r
397
r
r
412
r
385
r
402
340
432
'7706
8,218
710
744
664
731
698
731
612
695
639
645
633
675
627
688
677
713
570
655
592
599
r
627
r
r
612
r
670
703
348
342
317
298
330
318
311
326
269
r
r
343
372
390
373
350
r
r
365
385
Producer price indexes:
Paperboard
Building paper and board
Coated paper:
Orders, new
Orders, unfilled end of period .
Shipments
do....
do
do....
'4,753
391
4,673
Uncoated free sheet papers:
Orders new
Shipments
do
do....
'7694
1
8,326
Unbleached kraft packaging and industrial
converting papers:
Shipments
thous. sh. tons..
'3,930
'3,891
345
Tissue paper, production
'4375
'4485
395
372
386
374
347
395
8625
8,622
165
8946
8915
194
766
769
235
772
782
225
770
744
251
748
776
223
726
738
211
677
652
236
707
708
235
815
795
255
769
773
252
743
800
194
783
671
306
719
709
317
760
750
327
do....
do
do....
4,239
4234
21
4,753
4735
38
399
395
29
391
392
29
402
400
30
404
395
39
405
401
43
426
421
48
400
410
38
420
417
41
412
407
46
359
367
38
415
406
46
378
376
48
420
413
55
Consumption by publishers \\
do....
Stocks at and in transit to publishers, end of
period
thous. metric tons .
10,089
10 165
860
867
897
814
791
827
839
922
914
892
732
961
827
846
847
902
952
928
944
959
947
961
568
do
Newsprint:
Canada:
Production
thous metric tons
Shipments from mills
do....
Stocks at mills end of period . . .
do
United States:
Production
Shipments from mills
.
Stocks at mills, end of period
Imports
thous sh. tons..
Price, rolls, contract, f.o.b, mill, freight allowed
or delivered
Index 1967-100
Paper products:
Shipping containers, corrugated and solid fiber
shipments
mil. sq. ft. surf. area..
Folding paper boxes, shipments.... thous sh tons..
mil. $..
rl
7,279
3
6977
241,377
620
584
622
3019
3019
21,656
21,583
19,808
308 1
244,429
r
676
311
355
r
792
981
389
657
324
r
778
870
1038
1 062
20,933
568
502
513
649
624
557
585
524
608
3019
3019
3
2793
343
404
3093
3168
3168
3168
3168
3168
3168
318 1
20,486
20,434
21,094
21,867
18,189
17,600
18,961
18,638
21,218
4968
13051
4256
142.43
5459
138.36
5164
138.02
2
(2)
()
RUBBER AND RUBBER PRODUCTS
RUBBER
Natural rubber:
Consumption
Stocks, end of period
thous. metric tons
do....
586 15
126.67
Imports, incl. latex and guayule ....thous. Ig. tons..
598.31
Price, wholesale, smoked sheets (N.Y.).... $ per lb..
4
Synthetic rubber:
Production
Consumption
thous. metric tons..
do
Stocks, end of period
do
63467
142.43
r
5544
122.83
5506
127.56
5393
12405
5952
119.51
5636
11353
5107
111.22
52 13
11437
5732
12297
69.42
53.38
67.62
66.36
50.47
41.59
43.40
62.76
0.650
0.590
0.580
0.570
0.560
0.540
2,015.24 2,021.45 200.37
1 854 01 1 889 71 19400
180.94
14488
175.92
167 10
158.18
154 13
161.50
144 69
159.72
16499
168.90
15672
56.23
49.13
50.99
59.33
45.71
0.456
0.483
0.488
0.465
0.470
169.98
16375
157.68
141 13
125.51
13188
140.49
14309
145.76
13894
0.504
0.730
662.41
4
0.576
thous Ig tons
341 77
42278
34902
33463
34699
3873
36586
31 77
368 29
32 00
35979
2855
369 44
26 27
35340
21 97
33347
24 40
35257
23 94
36438
22 49
34902
21 65
34036
27 76
34039
23 46
thous
Exports (Bu of Census)
159263
181 762
16834
15406
14277
14902
15851
16534
13750
11 855
14866
15387
18617
4301
13,607
709
18619
4292
13,851
476
40 615
19324
4538
14,290
496
38570
17380
3026
13,901
453
37 116
17583
2813
14,407
363
17982
3 123
14,503
356
13,544
2363
10,820
361
14 144
2478
11,365
301
13,704
2769
10.573
362
36 709
36 088
18 179
3537
14,168
474
36 556
13992
2758
10,823
411
43686
15466
18,835
4 154
14,160
521
42393
15 183
177,063
40227
131,271
5565
41 112
40 863
42 904
46 254
1072
1040
830
1 134
725
653
990
485
385
461
614
252
250
350
337
259
268
208
231
141
151
254
31 18
TIRES AND TUBES
Pneumatic casings, automotive:
Production
Shipments, total
Original equipment
..
Replacement equipment
Exports
do
.
Stocks end of period
Exports (Bu. of Census)
Inner tubes, automotive:
Exports (Bu. of Census)
See footnotes at end of tables.
do....
do
do....
do .
...
.
33298
201 105
41 711
153,716
5678
40 863
do
9058
11088
1055
do....
4.557
3.428
335
1 224
374
Apr.
S-30
SURVEY OF CURRENT BUSINESS
1980
Unless otherwise stated in footnotes below, data
through 1978 and descriptive notes are as shown
hi the 1979 edition of BUSINESS STATISTICS
1982
1981
1981
Annual
May 1982
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
23,495
15,149
17,755
25,729
305.6
305.6
STONE, CLAY, AND GLASS PRODUCTS
PORTLAND CEMENT
Shipments finished cement
thous. bbl..
CLAY CONSTRUCTION PRODUCTS
Shipments:
Brick, unglazed (common and face)
mil. standard brick..
Structural tile except facing
thous sh tons
Sewer pipe and fittings, vitrified
do....
Facing tile (hollow), glazed and unglazed
mil. brick equivalent..
Floor and wall tile and accessories, glazed and
unglazed
.
mi so, ft
J
404 569
'382,697
30,229
35,165
34 181
38074
38,872
37,489
37,303
36,266
29,590
6,090.1
1015
758.7
'5, 199.9
919
r
462.2
515.0
97
50.4
528.8
71
45.0
501.1
88
38.9
484.1
68
35.8
477.3
70
42.8
445.4
60
42.6
440.6
73
41.1
431.3
106
41.7
352.6
61
30.9
35.3
32
32
30
36
32
27
30
3.2
27 1
256
24 1
245
256
252
253
237
215
280.8
299.3
300.1
301.3
302.4
302.8
302.8
303.2
303.1
303.8
868,459
233,439
276.7
51
r
21.9
2.4
2878
r
454
r
2976
Price index, brick (common), f.o.b. plant or N.Y.
dock
1967-100..
179.6
32
15.4
2.6
1.8
22.8
21.5
305.1
305.1
r
GLASS AND GLASS PRODUCTS
Flat glass, mfrs.' shipments
Glass containers:
Production
thous. $..
.
do
327 022
323 816
do....
do
do....
do
24,808
61032
122,678
24574
thous gross
Shipments domestic total
Narrow-neck containers:
Food
Beverage
Beer
Liquor and wine
Wide-mouth containers:
Food (inch packer's tumblers, jelly glasses,
and fruit jars)
thous gross
Narrow-neck and wide-mouth containers:
Medicinal and toilet
do ..
Chemical, household and industrial
do....
Stocks end of period
do
61212
29532
27751
29449
25943
29305
23,849
r
27434
28209
26817
30223
29 172
27342
26478
25865
23,823
r
2,676
5 194
9,892
2598
2,256
5554
10,695
2 123
2,426
5 188
10,625
1840
2,675
6476
11327
2 146
2,589
6325
11459
1795
2,727
5724
9,657
1827
2,812
4809
8,733
1937
2,297
4596
8,487
2 124
1,928
4,454
8,175
1893
r
l,968
r
4488
r
2,452
3617
8,518
2075
6301
4450
4627
5 165
4904
5247
5616
5955
5214
r
5019
5435
1,947
138
46 683
2227
133
r
321 439
316 618
28207
27851
r
29337
r
28,682
r
r
60 487
l 13,066
r
24 007
r
62 417
26250
3,262
46676
r5
25 270
r5
46 683
1
12 376
1
243,260
248,658
48 163
50278
891
986
630
1,030
970
642
924
623
924
778
703
862
825
500
411
435
521
452
419
32
29
31
20
13
1234
5
32
19
827
313
11
27
19
12
1,146
5
27
17
763
295
11
28
49755
1889
222
51053
2 172
262
50255
1902
198
48478
1941
219
49633
11434
11359
7593
939
1005
456
1,003
1080
593
977
1067
715
1,008
976
710
1054
838
812
*4904
308
419
441
487
370
36
34
32
36
'225
157
1
13 759
59
325
208
'9,295
3446
122
304
19
16
1239
6
29
18
857
296
9
24
18
17
1,353
6
34
22
928
322
11
30
2359
317
8,208
1832
2172
234
50420
2 138
218
49836
2,689
r
5
!9 912 24434
23 600 24457
2339
232
2,041
5
118
r
46406
GYPSUM AND PRODUCTS
Production:
Crude gypsum (exc byproduct) .. thous. sh. tons .
Calcined
do
Imports crude gypsum
do
11 848
7365
Sales of gypsum products:
Uncalcined
do .
*5544
Calcined:
Industrial plasters
Building plasters:
Regular basecoat
AH other (incl Keene's cement)
Board products total
Lath
Veneer base
Gypsum sheathing
Regular gypsum board
Type X gypsum board
Predecorated wallboard
5/16 mobile home board
409
do
do....
do .
mil. sq. ft .
do....
do
do....
do....
do
do .
do....
217
161
14 131
78
339
190
9,923
3266
105
4
229
J
16
15
1 102
4
26
19
740
271
11
31
16
14
1 164
5
29
17
782
292
11
28
r
783
872
375
801
688
397
448
308
294
36
29
26
25
26
19
13
1 127
4
27
19
748
291
10
28
21
12
1 133
4
25
17
752
297
10
28
18
9
16
10
965
4
22
15
633
259
10
23
17
9
982
4
21
15
655
258
9
20
15
10
955
3
21
15
629
258
10
19
876
3
18
15
564
236
9
31
541
205
336
111
327
450
653
337
316
604
236
368
795
357
439
651
344
307
TEXTILE PRODUCTS
FABRIC
Woven fabric, finishing plants: *
Production (finished fabric)
mil. linear yd..
Cotton
do
Manmade and silk
fiber
do....
Inventories held at end of period
do....
Cotton
do....
Manmade and silk
fiber.
do .
Backlog of finished orders
do....
Cotton
.
do
Manmade and silk
fiber
do....
COTTON
Cotton (excluding linters):
Production:
Ginnings
fl
thous. running bales..
Crop estimate .
thous net weight bales §
Consumption
thous running bales
Stocks in the United States, total, end of period #
thous. running bales..
Domestic cotton total
...
. . do
On farms and in transit
do....
Public storage and compresses
do....
Consuming establishments
do....
See footnotes at end of tables.
8,420
3531
4,990
769
339
430
8495
4577
4,219
8,176
3212
5,163
740
317
423
9,018
4711
4,307
2
10,826
2
2
15,150
ra
11 122
6 135
r
9,261
9260
2,502
5,927
831
3
891
3
341
3
550
786
338
448
809
441
368
686
267
419
111
341
436
839
446
393
3
663
3
335
3
3
!5 646
5409
11 122
3
539
435
441
13,777
13776
3,752
9,268
756
5,938
5937
606
4,227
1,104
5,007
5006
460
3,469
1,770
4,109
4 108
278
2,808
1,022
528
730
315
415
761
375
386
519
188
331
747
318
429
770
376
394
659
251
408
789
325
464
745
369
376
3
609
3
306
3
502
776
333
443
715
364
351
668
256
412
780
329
451
687
348
339
828
236
391
794
334
459
642
343
r
301
657
255
402
740
317
423
601
326
275
44
683
268
415
778
343
435
832
444
388
427
1725
5539
10157
13502
15570
517
448
403
MOO
378
16,327
16326
13,692
1,940
694
15,628
15627
10,906
4,059
662
14,907
14907
7,170
7,064
673
13,777
13776
3,752
9,268
756
12,567
12566
2,257
9,488
821
531
385
429
3,217
3216
81
2,202
933
2,595
2594
25
1,687
882
16,970
16969
14,669
1,491
809
3
r
391
11,424
11 422
1,810
8,729
883
3
479
10,074
10072
1,215
7,943
914
Apr.
SURVEY OF CURRENT BUSINESS
May 1982
Unless otherwise stated in footnotes below, data
through 1978 and descriptive notes are as shown
in the 1979 edition of BUSINESS STATISTICS
1980
1981
Annual
S-31
1982
1981
Mar.
Apr.
June
May
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
TEXTILE PRODUCTS—Continued
COTTON AND MANUFACTURES— Cont.
Cotton (excluding linters) —Continued
Exports
thous running bales
Imports
thous. net-weight bales §..
Price (farm), American upland fl cents per lb..
Price, Strict Low Middling, Grade 41, staple 34
(1-1/16"), average 10 markets
cents per lb..
Spindle activity (cotton system spindles):
Active spindles, last working day, total
Consuming 100 percent cotton
Spindle hours operated, all fibers, total
Average per working day
Consuming 100 percent cotton ...
..
J
7975
16
r
74.4
8021
17
"54.5
3
3
159
6.0
102.4
0.388
420
71.5
mil..
do....
bil..
do....
do
Cotton cloth:
Cotton broadwoven goods over 12" in width:
Production (qtrly )
mil sq yd
Orders, unfilled, end of period, compared with
avg weekly production
no weeks' prod.
Inventories, end of period, compared with
avg. weekly production
no. weeks' prod..
Ratio of stocks to unfilled orders (at cotton
mills) end of period
Exports, raw cotton equiv. thous.
net-weight §
bales
Imports, raw cotton equivalent
do....
733
8
71.9
498
(r7)
72.7
83.0
81.5
154
5.5
91.8
0.357
336
157
5.8
4
9.2
0366
4
33
r
264
0
70.4
990
(7)
65.0
261
2
58.0
262
0
62.3
478
0
60.1
737
1
51.2
653
1
49.9
78.1
75.1
66.5
60.8
60.6
57.5
55.1
156
58
7.4
0371
27
156
5.7
4
8.9
0358
4
32
156
57
6.8
0339
24
156
5.6
7.3
0363
25
155
55
4
8.9
0358
4
31
154
5.4
7.4
0.371
26
153
5.5
r
7.0
r
0349
25
154
5.5
4
6.9
0.278
4
25
458
72.5
o
320
(r7)
71.2
81.2
78.5
158
5.9
7.3
0365
27
r
r
754
0
48.4
873
(7)
50.1
"50.3
57.8
57.3
59.7
62.0
154
5.5
6.5
0327
23
154
5.5
6.9
0344
24
r
5.6
4
31
3888
971
14 1
147
137
138
136
184
146
144
127
128
146
4.2
5.6
4.8
4.8
5.2
5.3
6.0
5.5
5.6
5.8
6.4
6.7
6.5
029
040
033
035
038
039
033
037
039
046
050
046
045
5402
567.0
3456
766.3
358
66.9
357
57.4
309
56.8
308
61.3
217
58.0
259
62.3
25 8
62.9
275
71.8
266
66.7
219
58.9
182
60.5
186
55.1
204
47.4
mil lb
do....
3085
4433
2570
4606
614
1163
do....
do
do....
37253
4 1482
8673
mil lb
do....
184
27.2
143
31.1
158
293
do .
do
do
2893
2870
104 1
3370
3278
1462
2926
318 1
1090
5
158
5
5
971
993
953
145
MANMADE FIBERS AND MANUFACTURES
Fiber production, qtrly:
Filament yarn (acetate)
Staple, incl. tow (rayon)
Noncellulosic, except textile glass:
Yarn and monofilaments
Staple incl tow
Textile glass fiber
Fiber stocks, producers', end of period:
Filament yarn (acetate)
. ..
Staple, incl. tow (rayon)
Noncellulosic fiber, except textile glass:
Yarn and monofilaments
Staple incl tow
Textile glass fiber
Manmade fiber and silk broadwoven fabrics:
Production (qtrly.), total #
mil. sq. yd..
Filament yard (100%) fabrics #
do....
Chiefly rayon and/or acetate fabrics
do....
Chiefly nylon fabrics
. ...
..
do
Spun yard (100%) fab., exc. blanketing #.. do....
Rayon and/or acetate fabrics, blends
do....
Polyester blends with cotton
do....
Filament and spun yarn fabrics
do
Manmade fiber gray goods, owned by weaving
mills:
Ratio stocks to unfilled orders, end of period
Prices, manufacturer to mfr., f.o.b. mill:
50/50 poly ester /carded cotton printcloth, gray,
48", 3.90 yds./lb., 78x54-56
$ per yd..
Wool prices, raw, shorn, clean basis, delivered to
U.S. mills:
Domestic —Graded territory, 64's, staple 2-3/4"
and up
cents per lb
Australian, 64's, Type 62, duty-paid
do....
Wool broadwoven goods, exc. felts:
Production (qtrly.)
mil. sq. yd..
548
111 7
9728
1051 3
2806
8342
9408
2632
12 1
237
126
273
143
31.1
2919
312 9
879
3344
336 6
121 0
3370
3298
1462
2r 903.1
995.6
1277
1300
16198
176.0
1r 097 2
2513
r
37928
9777
4 191 1 10830
1041 1
237 1
28909
979.0
1278
1375
16113
142.0
1 1215
265 2
2 764.9
900.9
120.3
1257
1 596.3
92.0
1 1826
2394
1 009 6
1 1160
2602
5,899.6
430.2
4,342 9
7638
11,448.7 r2,929.8
3,911.4 1,035.9
503.9
128.1
5350
141 8
6 431.4 16040
584.1
174.1
45170 1 1157
10022
2463
0.510
0568
0581
0576
0574
10,774.1
3,980.6
Manmade fiber manufactures:
Exports, manmade fiber equivalent
mil. Ibs..
Yarn, tops, thread, cloth
do....
Cloth woven
do
Manufactured prods apparel, furnishings do....
Imports, manmade fiber equivalent
do....
Yarn tops thread cloth
. do
Cloth woven
do
Manufactured prods., apparel, furnishings do....
Apparel, total
do....
Knit apparel
do
WOOL AND MANUFACTURES
Wool consumption, mill (clean basis):
Apparel class
mil. lb..
Carpet class
do
Wool imports clean yield
do
Duty-free (carpet class)
do....
658
1185
750
114 1
r
771.54
418.64
24977
352.91
637.73
31889
20848
31884
67.33
3372
2167
3362
64.83
3576
2459
2908
58.05
2753
18 20
3051
58.78
28 13
18 71
3066
47.59
2403
15 84
2356
49.70
2424
15 75
2547
48.77
2274
13 84
2602
50.98
2460
1597
2638
46.95
23 16
1551
2379
38.08
1900
1274
1909
34.90
1620
972
1870
38.35
17 13
10 13
2122
39.72
18 10
11 48
2161
540.64
9748
6728
443.15
378.52
18774
639.08
13052
9538
508.56
434.87
18470
4381
1186
8 91
31.94
2670
1051
4553
1087
773
34.67
2930
1251
5783
13 11
9 34
44.72
3666
16 95
5801
11 34
8 59
46.67
4106
1768
6666
1243
9 25
54.23
48 44
21 52
6932
1205
898
57.27
4985
2190
5677
1005
7 77
46.72
4084
1730
6724
1233
8 46
54.92
4743
2275
49 12
1056
8 02
38.56
3196
1263
3951
771
5 83
31.80
2597
836
53 18
1088
7 74
42.30
3648
1246
48.07
873
658
39.34
33.95
1122
4774
933
6 82
38.41
3229
1055
113.4
100
565
260
127.7
105
753
26.1
129
4
09
66
18
10.8
07
75
19
102
08
86
24
128
4
09
49
21
84
08
65
28
10 1
10
53
25
9.4
1i
60
1.8
94
07
51
20
11 2
r4
10
53
2.0
94
07
80
21
9.6
09
63
16
129
10
66
18
5
245
5
5
278
5
274
3.07
278
3.14
2 78
3.16
283
3.19
2 83
3.23
283
3.20
283
3.16
283
3.17
283
3.12
275
3.01
2 63
3.03
2 44
3.13
2
3.09
4
3.16
r
193.3
584
4
114
1 1
37
16
2 83
3.16
565
2984
37.4
410
2709
FLOOR COVERINGS
Carpet, rugs, carpeting (woven, tufted, other),
shipments quarterly
mil sq. yds
10822
10635
16808
179,401
18,162
70,152
26.704
14845
136,176
13,605
91,025
30.322
r
r
2587
r
2356
APPAREL
Women's, misses', juniors' apparel cuttings:
Coats ....
...
thous. units .
Dresses
do....
Suits (incl. pant suits, jumpsuits)
do....
Skirts
do....
Blouses
thous. dozen..
See footnotes at end of tables.
1000
15,086
1,251
9,092
2.748
1275
13,630
1,158
9222
2.509
1474
11,935
1,159
7914
2.461
1 552 1 374 1 633 1 515
12079 10218 11439 11238
1,196
1,152
1,233
1,218
6907
8909
6827
7342
3.077
2.429
2.449
2.617
1 419
9,961
1,026
7035
2.641
849
8,152
939
6461
2.178
639
8,015
813
5,192
2.097
2 40
3.23
SURVEY OF CURRENT BUSINESS
S-32
Unless otherwise stated in footnotes below, data
through 1978 and descriptive notes are as shown
in the 1979 edition of BUSINESS STATISTICS
1980
1981
1981
Mar.
Annual
May 1982
Apr.
May
June
July
1982
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
25,065
21,634
23,902
7083
4,187
504
7742
3.993
369
Apr.
809
TEXTILE PRODUCTS—Continued
APPAREL— Continued
Men's apparel cuttings:
14 074
Suits
thous units
16906
Coats (separate) dress and sport
do
124 Oil
Trousers (separate) dress
do
253 640
Slacks (jean cut) casual
do
40,988
Shirts, dress and sport
thous. doz..
Hosiery, shipments
thous. doz. pairs.. '286.379
14686
14686
175 445
38,112
304.826
1259
1477
10826
19064
3,668
24,265
1 284 1 367 1393
1588
1 444 1575
11 352 11 516 11071
15986 14 190 14 135
3,327
3,436
3,378
26.119 25.192 26.405
911
1,186
7857
13663
2,663
30,233
1 252
1448
11930
12443
3,107
26,850
1 294
1801
17894
3,198
26,448
1367
1,682
13,360
3,107
27,141
1 227
1,433
10052
2,864
24,125
1 139
1312
10178
2,441
19,796
TRANSPORTATION EQUIPMENT
AEROSPACE VEHICLES
mil $
do....
do
do
do
70409
33,497
68407
58440
26674
76814
41,144
74782
68589
32523
20853
10,268
20303
15959
7455
18298
9,747
17878
17577
7884
16917
8,582
16501
16636
8126
20746
12,547
20 100
18417
9058
Backlog of orders end of period #
do.. .
U.S. Government
do....
Aircraft (complete) and parts
do .
Engines (aircraft) and parts
do....
Missiles, space vehicle systems, engines, propulsion units and parts
mil $..
Other related operations (conversions, modifications) products services
mil $..
90517
37,200
47 186
11,595
98742
45,821
48246
13,890
95,411
40,013
50568
11,449
96,132
41,876
49989
12,497
96413
42,332
49 129
13,422
98742
45,821
48246
13,890
Orders new (net) qtrly total @
U.S. Government
Prime contract
Sales (net) receipts or billings qtrly total
U S Government
Aircraft (complete);
Shipments # #
Airframe weight ##
Exports commercial ijujr
do
thous. lb..
mil $
8,572
9016
8,587
8,652
8,609
9,016
10,330
14554
11,449
11,536
12,593
14554
13 043 1
97,068
8250
14 041 1
92,788
8551
13553
9,216
963
1501 8
10,204
1049
13305
9,239
746
1 4924
9,312
916
7626
5,180
413
8124
5,299
608
13295
8,413
804
8518
5,373
538
6,400
5840
6,225
5749
620
565
645
589
670
608
712
652
513
472
345
313
522
487
520
486
425
394
370
344
273
256
8,979
6,581
2398
8,535
6,209
2326
963
719
244
10.3
77
26
751
534
218
8.0
58
23
734
524
210
7.9
57
22
724
518
206
7.5
52
2.2
707
497
209
8.2
59
2.3
801
602
199
10.4
82
2.2
687
519
168
8.8
67
2.1
649
492
157
7.2
52
2.1
585
432
152
7.6
54
2.3
523
358
165
7.2
50
2.3
535
368
166
8.2
57
2.5
632
457
175
8.6
63
23
1,520
1 438
1,471
1465
1,216
1090
1,344
1 198
1,472
1 313
1,665
1 472
1,427
1446
1,481
1,485
1,471
1465
1,432
1 321
1,325
1 174
1 1302 1 662 1
7,331 10,177
476
952
r
MOTOR VEHICLES (NEW)
Passenger cars:
Factory sales (from U.S. plants), total
Domestic
Retail sales, total, not seasonally adj t
Domestics §
Imports §
Total seas, adjusted at annual rate t
Domestics §
Imports §
3
thous..
do
do....
do....
do
mil..
do
do....
Retail inventories, end of mo., domestics: t
Not seasonally adjusted
thous..
Seasonally adjusted § .
do...
Registrations jj, total new vehicles
Imports incl domestically sponsored
Trucks and buses:
Factory sales (from U.S. plants), total
Domestic
1,486
1 558
1,490
1 459
320
302
467
669
499
170
7.2
55
18
1,247
!081
1,256
1097
24
r
26
27
17
25
27
34
33
23
2.6
3.5
33
3.6
28
22
22
607.80
509.13
3,310.7
594.8
538.12
470.75
3,000.8
562.3
60.36
53.12
306.6
53.9
58.52
52.65
282.3
55.6
63.81
58.32
254.1
56.0
57.84
51.87
282.4
59.8
49.85
45.96
250.1
41.0
31.79
29.00
259.2
33.8
37.99
34.08
173.7
43.7
35.22
28.41
236.0
48.8
29.73
24.95
237.3
58.9
29.18
22.37
233.7
45.7
17.27
13.42
259.9
37.1
23.87
19.46
195.9
58.0
40.21
36.03
285.7
70.4
do....
do....
8,761
2469
8,444
2432
849
226
752
228
731
224
747
223
690
207
721
206
763
209
654
182
614
169
612
184
509
159
546
164
626
176
1,667
1464
1,700
1513
167
146
162
142
159
139
180
161
127
111
87
75
130
115
165
152
123
112
127
115
116
108
19635
92.3
175.7
1 7466
73.9
151.7
1490
6.2
13.8
1508
8.7
14.5
1573
6.3
11.6
152 1
5.2
11.5
141 9
6.3
12.0
164 1
6.1
12.8
1503
5.9
13.3
1272
4.9
11.4
1308
4.3
11.2
1142
5.3
13.6
1734
3.8
14.6
1820
3.2
12.2
1960
3.1
12.5
1656
3.6
13.1
5106
3
thous..
do
r
!44
133
2
196
574.0
190 32
559.4
17051
547.7
2001
541.5
1621
546.4
1781
559.0
1744
576.5
1238
523.9
11 19
516.2
11 16
548.2
11 95
547.5
1077
575.5
897
517.0
822
4924
11 46
473.9
1268
1,133 28
82677
7072
6366
7287
68.24
64.05
6749
64.53
78.55
6997
72.29
7480
57 15
8200
Registrations, fl new vehicles, excluding buses not
produced on truck chassis
thous..
2477
2 185
176
186
198
201
190
194
196
171
169
180
156
171
208
Truck trailers and chassis, complete (excludes
detachables) shipments
number
Vans
do....
Trailer bodies (detachable), sold separately
do....
Trailer chassis (detachable), sold separately
do....
125 278
75,172
11,849
14,202
117 707
71,032
7239
13,356
9490
5,211
545
2,662
9980
5,751
1009
885
10076
5,810
1072
1,105
11 311
6,710
696
1,077
8913
4,826
459
849
9770
6,061
340
1,189
10533
6,854
387
767
11051
7,378
542
855
9474
6,159
404
1,062
9612
5,640
336
499
r
7476
r
4,327
r
252
r
8348
4,955
203
564
Freight cars (new), for domestic use; all railroads
and private car lines (excludes rebuilt cars and
cars for export):
Shipments
number..
Equipment manufacturers
do
New orders
do....
Equipment manufacturers
do....
Unfilled orders end of period
do
Equipment manufacturers
do....
'85,920
'80 357
'43 955
'40,140
52370
47,866
'44,901
'41 435
'17916
'17,288
16485
14,819
5,162
4718
1559
1,559
41539
38,059
4 143
3,781
4,245
3442
3779
3792
1 762 1 791 1 155
927
1791
1,737
38972 35588 32321
35,920 32,900 29,744
2,983
2864
1315
1,315
26267
23,809
3 184
2971
798
798
23648
21,403
3529
3299
1 743
1743
21852
19,837
2063
2900
1839
2656
1 013
860
860
638
18831 17724
16,685 15,802
Freight cars (revenue), class 1 railroads (AAR): $
Number owned, end of period
thous..
Held for repairs % of total owned
Capacity (carrying), total, end of mo
mil. tons..
Average per car
tons
1,168
88
92.56
7924
1,111
69
89.37
8043
1,162
80
92.37
7949
1,137
77
90.67
7978
1,130
77
90.32
7992
1,124
76
89.92
8000
1,122
72
89.83
8008
4
449
RAILROAD EQUIPMENT
488
111
576
201
7.9
59
2.1
Retail sales, seasonally adjusted: t
Light-duty up to 14 000 Ibs GVW
do
Medium-duty, 14,001-26,000 Ibs. GVW
do....
Heavy-duty, 26,001 Ibs. and over GVW
do....
Retail inventories, end of period, seasonally
adjusted t
thous..
Exports (BuCensus) assembled units
do
Imports (BuCensus), including separate chassis
and bodies
thous..
See footnotes at end of tables.
2
thous..
do....
do....
do....
Inventory-retail sales ratio domestics § t
Exports (BuCensus), assembled cars
To Canada
Imports (BuCensus), complete units # #
From Canada, total
1,675
1606
2
r
1,146
80
91.07
7949
1,143
81
91.18
7975
1,119
72
90.00
8041
1 116
70
89.64
80 30
1 995 1 762 2247
2711
1833
2455
1 526 2 032
'753
815
1 811
l'485
815
1 811
1485
753
16485 14 735 13 486 12 599
14,819 13,231 12,218 11,546
1 111
69
89.37
80 43
1 110
70
89.32
80 48
1 105
74
89.02
80 58
1 100
76
88.76
80 71
2
188
SURVEY OF CURRENT BUSINESS
May 1982
S-33
FOOTNOTES FOR PAGES S-l THROUGH S-32
General Notes for all Pages:
r
p
e
c
Revised,
Preliminary,
Estimated,
Corrected.
Page S-l
Page S-8
t Revised series. Estimates of personal income have been revised as part of the 1980
benchmark revision of the national income and product accounts. An article describing that
revision appears in the Dec. 1980 SURVEY. Data for 1976-79 are available in a special
supplement to the SURVEY. Pre-1976 data are available in The National Income and Product
Accounts of the United States, 1929-76: Statistical Tables.
$ Includes inventory valuation and capital consumption adjustments.
* New series. Detailed descriptions begin on p. 18 of the Nov. 1979 SURVEY. See note "t"
for this page for information on historical data.
§ Monthly estimates equal the centered three-month average of personal saving as a percentage of the centered three-month moving average of disposable personal income.
1. Advance Estimate.
!f Home mortgage rates (conventional first mortgages) are under money and interest rates
on p. S-14.
§ Data include guaranteed direct loans sold.
$ Effective April 1982 SURVEY, wholesale trade data have been revised for Jan. 1972-Dec.
1981. Revised data are available upon request.
t Effective April 1982 SURVEY, retail trade data have been revised for the years 1972-1981.
Revised data and a s u m m a r y of the changes are available from the Census Bureau,
Washington, D.C. 20233.
# Includes data for items not shown separately.
PageS-2
1. Based on data not seasonally adjusted.
# Includes data not shown separately.
j Revised series. For wholesale see note ":{:" for p. S-8. For manufacturing see note "t"
for p. S-3. For retail see note "t" for p. S-8.
t See note "t" for p. S-3.
§ See note "t" for p. S-8.
(ft See note "$" for p. S-8.
* New series. Data back to 1967 are available from the National Income and Wealth
Division, Bureau of Economic Analysis.
Page S-3
$ Revised series. For wholesale see note "$" for p. S-8. For manufacturing see note "t"
for this page. For retail see note "t" for p. S-8.
t Revised series. Data have been revised back to 1972. A detailed description of this
revision and historical data appear in the report "Manufacturers' Shipments, Inventories,
and Orders" M3-1.10 (1972-1980), available from the Bureau of the Census, Washington,
D.C. 20233.
§ See note "t" for p. S-8.
<& See note "t" for p. S-8.
* New series. Data back to 1967 are available from the National Income and Wealth
Division, Bureau of Economic Analysis.
# Includes data for items not shown separately.
Page S-9
1. Advance estimate.
2. Effective Jan. 1979 data, sales of mail-order houses are included with department store
sales.
3. As of July 1.
# Includes data for items not shown separately.
$ Revisions for Jan. 1977-Oct. 1979 appear in "Current Population Reports," Series P-25,
No. 870, Bureau of the Census.
H Effective with the February 1982 SURVEY, the labor force series have been revised back
to 1970 to reflect the 1980 Census of Population. Seasonal adjustment factors were revised
accordingly. Revised monthly series appear in the February 1982 issue of Employment and
Earnings. Revised annual series will appear in the March 1982 issue of Employment and
Earnings, U.S. Department of Labor, Bureau of Labor Statistics.
* New series. The participation rate is the percent of the civilian noninstitutional population in the civilian labor force. The employment-population ratio is employment as a percent
of the total noninstitutional population, 16 years and over.
t See note "t" for p. S-8.
PageS-10
t Effective July 1981 SURVEY, data have been revised to reflect new benchmarks and new
seasonal adjustment factors. See "BLS Establishment Estimates Revised to March 1980
Benchmarks," in the July 1981 issue of Employment and Earnings.
T See note "II" for p. S-9.
PageS-4
1. Based on data not seasonally adjusted.
t See note "t" for p. S-3.
# Includes data for items not shown separately.
$ Includes textile mill products, leather and products, paper and allied products, and
printing and publishing industries; unfilled orders for other nondurable goods industries are
zero.
U For these industries (food and kindred products, tobacco, apparel and other textile products,
petroleum and coal, chemicals and allied products, and rubber and plastics products) sales
are considered equal to new orders.
Page S-5
1.
t
(a;
#
§
*!
t
Based on unadjusted data.
See note "t" for p. S-3.
Compiled by Dun & Bradstreet, Inc.
Includes data for items not shown separately.
Ratio of prices received to prices paid (parity index).
Revisions, back to 1975 for some commodities, are available upon request.
See note "t" for p. S-4.
Page S-6
§ For actual producer prices of individual commodities see respective commodities in the
Industry section beginning p. S-19. All data subject to revision four months after original
publication.
t Revised series. Stage-of-processing producer price indexes have been revised back to
1976 to reflect updated industry input-output relationships and improved classification of
some products.
# Includes data for items not shown separately.
$ Effective Feb. 1982, data have been revised back to 1977 to reflect new seasonal factors.
Page S-7
1.
2.
#
§
four
Computed from cumulative valuation total.
Index as of May 1, 1982: building, 328.6; construction, 353.0.
Includes data for items not shown separately.
Data for Apr., July and Oct. 1981, Jan. and Apr. 1982 are for five weeks; other months
weeks.
PageS-11
t See note "t" on p. S-10.
$ This series is not seasonally adjusted because the seasonal component is small relative to
the trend-cycle and/or irregular components and consequently cannot be separated with
sufficient precision.
H Production and nonsupervisory workers.
PageS-12
1. This series has been discontinued.
t See corresponding note on p. S-10.
^1 Production and nonsupervisory workers.
$ Earnings in 1977 dollars reflect changes in purchasing power since 1977 by dividing by
Consumer Price Index.
8 Wages as of May 1, 1982: Common, $14.15; Skilled, $18.39.
PageS-13
1. Average for Dec.
U Effective April 1982 SURVEY, the series for work stoppages involving six or more workers
have been discontinued and have been replaced by series for work stoppages involving 1,000
or more workers.
# Includes data for items not shown separately.
§ For demand deposits, the term "adjusted" denotes demand deposits other than domestic commercial bank and U.S. Government, less cash items in process of collection; for loans,
exclusive of loans to and Federal funds transactions with domestic commercial banks and
include valuation reserves (individual loan items are shown gross; i.e. before deduction of
valuation reserves).
* New series. Beginning Dec. 1978, data are for all investment account securities; comoar
able data for earlier periods are not available.
<& Insured unemployment (all programs) data include claims filed under extended duration
provisions of regular State laws; amounts paid under these programs are excluded from state
benefits paid data.
(&@ Insured unemployment as a percent of average covered employment in a 12-month
period.
SURVEY OF CURRENT BUSINESS
S-34
May 1982
PageS-14
PageS-18
1. Data are for fiscal years ending Sept. 30 and include revisions not distributed to the
months.
2. Average for the year.
3. Daily average.
4. Beginning Jan. 1981, data are for top-rated only. Prior data cover a range of top-rated
and regional dealer closing rates. See also note 3 for this page.
5. Beginning Oct. 1981, data represent the total deficit (budget deficit plus off-budget
deficit).
# Includes data for items not shown separately.
§ The Department of Health, Education, and Welfare was redesignated as the Department of Health and Human Services by the Department of Education Organization Act.
11 Adjusted to exclude domestic commercial interbank loans and Federal funds sold to
domestic commercial banks.
$ Rates on the commercial paper placed for firms whose bond rating is Aa or the equivalent. Data through Oct. 1979 show a maturity for 120-179 days. Beginning Nov. 1979, maturity is for 180 days.
@ Data through Oct. 1979 show a maturity for 150-179 days. Beginning Nov. 1979, maturity is for 180 days.
tt Courtesy of Metals Week.
1. See note 1 for p. S-16.
2. Annual total; quarterly or monthly revisions are not available.
3. Before extraordinary and prior period items.
4. For month shown.
5. Domestic trunk operations only (averaging about 90 percent of domestic total).
# Includes data for items not shown separately.
§ Total revenues, expenses, and income for all groups of carriers also reflect nonscheduled
service.
$ Beginning Jan. 1977, defined as those having operating revenues of $50 million or more.
1! Average daily rent per room occupied, not scheduled rates.
PageS-15
1. M1 - A has been discontinued. M1 -B will now be designated "M1."
t Effective Feb. 1982 SURVEY, the money stock measures and components have been revised
back to 1959. The Federal Reserve has redefined the monetary aggregates. The redefinition
was prompted by the emergence in recent years of new monetary assets—for example, negotiable
order of withdrawal (NOW) accounts and money market mutual fund shares—and alterations in
the basic character of established monetary assets—for example, the growing similarity of
and substitution between the deposits of thrift institutions and those of commercial banks.
Monthly data from 1959 to date are available from the Banking Section of the Division of
Research and Statistics at the Federal Reserve Board, Washington, D.C. 20551.
$ Composition of the money stock measures is as follows:
MI.—This measure is currency plus demand deposits at commercial banks and interest-earning
checkable deposits at all depositary institutions—namely NOW accounts, automatic transfer
from savings (ATS) accounts, and credit union share draft balances—as well as a small
amount of demand deposits at thrift institutions that cannot, using present data sources, be
separated from interest-earning checkable deposits.
A/2.—This measure adds to M l - B overnight repurchase agreements (RP's) issued by commercial banks and certain overnight Eurodollars (those issued by Caribbean branches of
member banks) held by U.S. nonbank residents, money market mutual fund shares, and
savings and small-denomination time deposits (those issued in denominations of less than
$100,000) at all depositary institutions. Depositary institutions are commercial banks (including
U.S. agencies and branches of foreign banks, Edge Act corporations, and foreign investment
companies), mutual savings banks, savings and loan associations, and credit unions.
M3.—This measure equals M2 plus large-denomination time deposits (those issued in denominations of $100,000 or more) at all depositary institutions (including negotiable CD's) plus
term RP's issued by commercial banks and savings and loan associations.
L.—This broad measure of liquid assets equals M3 plus other liquid assets consisting of
other Eurodollar holdings of U.S. nonbank residents, bankers acceptances, commercial paper,
savings bonds, and marketable liquid Treasury obligations.
$$ Includes ATS and NOW balances at all institutions, credit union share draft balances,
and demand deposits at mutual savings banks.
# Overnight (and continuing contract) RP's are those issued by commercial banks to the
nonbank public, and overnight Eurodollars are those issued by Caribbean branches of member
banks to U.S. nonbank customers.
@ Small time deposits are those issued in amounts of less than $100,000. Large time
deposits are those issued in amounts of $100,000 or more and are net of the holdings of
domestic banks, thrift institutions, the U.S. Government, money market mutual funds, and
foreign banks and official institutions.
# Includes data for items not shown separately.
§ Number of issues represents number currently used; the change in number does not
affect the continuity of the series.
PageS-16
1. Beginning Jan. 1981 data, U.S. Virgin Islands trade with foreign countries is included.
§ Number of issues represents number currently used; the change in number does not
affect the continuity of the series.
$ For bonds due or callable in 10 years or more.
# Includes data for items not shown separately.
@ Data may not equal the sum of the geographic regions, or commodity groups and
principal commodities, because of revisions to the totals not reflected in the component
items.
PageS-17
1. See note 1 for p. S-16.
2. Beginning Jan. 1982 data, the Customs value is being substituted for the f.a.s. value.
# Includes data not shown separately.
§ Data may not equal the sum of geographic regions, or commodity groups and principal
commodities, because of revisions to the totals not reflected in the components.
PageS-19
1. Reported annual total; monthly revisions are not available.
2. Data withheld to avoid disclosing operations of individual companies.
3. Beginning Jan. 1981, data represent gross weight (formerly phosphoric acid content
weight) and are not comparable with data shown for earlier periods.
4. A portion of data is being withheld to avoid disclosing information for individual
companies; not comparable with other published data.
5. Beginning Jan. 1980 data, another company is included.
# Includes data for items not shown separately.
§ Data are reported on the basis of 100 percent content of the specified material unless
otherwise indicated.
$ Revisions, back to 1977 for some commodities, are available upon request.
II Data for Jan. 1977-June 1979 exclude potassium magnesium sulfate; not strictly comparable with data shown for other periods.
PageS-20
1. Reported annual total; monthly revisions are not available.
2. Includes Hawaii; not distributed to the months.
3. Reported annual total, including Hawaii; monthly data are preliminary and subject to
change.
§ Data are not wholly comparable from year to year because of changes from one classification to another.
@ Revisions, back to 1978 for some commodities, are available upon request.
$ Revisions back to 1977 are available upon request.
PageS-21
1. Average for three months, price not available for Apr.-Dec.
2. Crop estimate for the year.
3. Stocks as of June 1.
4. Stocks as of June 1 and represents previous year's crop; new crop not reported until
June (beginning of new crop year).
5. Previous year's crop; new crop not reported until Oct. (beginning of new crop year).
6. See note "@@" for this page.
7. Data are no longer available.
8. May 1 estimate of 1982 crop.
§ Excludes pearl barley.
# Bags of 100 Ibs.
H Revised crop estimates back to 1975 are available upon request.
@ Revisions, back to 1977, for some commodities, are available upon request.
$ Revisions back to 1975 are available upon request.
@@ Data are quarterly except for June (covering Apr. and May) and Sept. (covering
June-Sept.).
PageS-22
1. Average for 11 months; price not available for Dec.
2. Average for nine months; index not available for Apr.-June.
3. Data are no longer available.
§ Cases of 30 dozen.
H Bags of 132.276 Ibs.
$ Revisions for Jan.-July 1979 (back to 1975 for grindings of wheat) are available upon
request.
@ Revisions back to 1977 are available upon request.
# Effective Apr. 1981 SURVEY, the wholesale price of smoked hams has been discontinued
and has been replaced with the comparable price index. Annual indexes prior to 1979 and
monthly indexes prior to Feb. 1980 are available upon request.
PageS-23
1. Crop estimate for the year.
2. Average of the seven available indexes.
3. Annual total; monthly revisions are not available.
§ Monthly data reflect cumulative revisions for prior periods.
$ Revisions back to 1975 are available upon request.
# New series. Source: Bureau of Labor Statistics.
# Totals include data for items not shown separately.
May 1982
SURVEY OF CURRENT BUSINESS
Page S-24
1. Annual data; monthly revisions not available.
2. Less than 500 short tons.
PageS-25
1. Annual data; monthly revisions are not available.
2. For month shown.
3. Effective Jan. 1981, data are revised back to Jan. 1980. Inventory data formerly calculated by the Bureau of the Census are now based on the Steel Service Center Institute monthly
Business Conditions report.
S-35
PageS-29
1. Reported annual total; revisions not distributed to the months.
2. Effective Jan. 1980, data are no longer available.
3. Average for 11 months; no price for Aug. 1980 or June 1981.
4. Average for 11 months; no price available for Nov. 1980 or for Oct. 1981.
5. Monthly data will be discontinued as of April 1982 SURVEY, due to budgetary limitations. The related annual report, MA26A, will continue to be published.
U Consumption by 525 daily newspapers reporting to the American Newspaper Publishers
Association.
§ Monthly data are averages of the 4-week periods ending on the Saturday nearest the end
of the month; annual data are as of Dec. 31.
$ Data are monthly or annual totals. Formerly weekly averages were shown.
PageS-26
1. Annual data; monthly revisions are not available.
2. Less than 50 tons.
U Includes secondary smelters' lead stocks in refinery shapes and in copper-base scrap.
@ All data (except annual production figures) reflect GSA remelted zinc and zinc purchased for direct shipment.
$ Source for monthly data: American Bureau of Metal Statistics. Source for annual data:
Bureau of Mines.
# Includes data not shown separately.
t Effective July 1980 SURVEY, data are revised and shown on a new base. The sample size
has been restored to 100 firms and the base has been changed to 1977= 100. The revised series
are not comparable to previously published data.
* New series. These indexes are based on shipments of hydraulic and pneumatic products
reported by participating members of the National Fluid Power Association. Data back to
1959 are available upon request.
PageS-30
1. Reported annual total; revisions not allocated to the months.
2. Crop for the year.
3. Data cover five weeks; other months, four weeks.
4. Data are not available prior to Jan. 1980.
5. Effective Nov. 1981, shipments of wide-mouth containers for "chemicals, household
and industrial" are included in shipments for "medicinal and toilet" containers.
* New series. Data for finishing mills have replaced data for weaving mills, which are no
longer available.
# Includes data for items not shown separately.
H Cumulative ginnings to the end of month indicated.
§ Bales of 480 Ibs.
PageS-27
PageS-31
1. Effective Jan. 1980, total stocks for bituminous coal and lignite exclude residential and
commercial stocks and are not comparable with data shown for earlier periods.
2. Beginning 1981, data are for quarterly intervals.
3. Based on new 1981 stock level. See also note "$" for this page.
4. For month shown.
5. Data are for five weeks; other months 4 weeks.
# Includes data for items not shown separately.
@ Beginning July 1977, data are representive of those manufacturers reporting and are
not an average of the total industry; they are not directly comparable with earlier data.
* New series. Annual data prior to 1978 and monthly data prior to April 1979 are available upon request.
§ Includes nonmarketable catalyst coke.
II Includes small amounts of "other hydrocarbons and hydrogen refinery input," not shown
separately.
t Revisions for 1978 are available upon request.
$ Effective with 1981 petroleum data, the Energy Information Agency has changed some
definitions and concepts to reflect recent developments in refining and blending practices.
These changes include adding a category for gasohol production to motor gasoline production and accounting more precisely for distillate and residual fuel oil processed further after
initial distillation. A description of these changes appears in the May 1981 issue of Monthly
Energy Review, U.S. Department of Energy, Energy Information Administration.
1. Effective Jan. 1,1978, includes reexports, formerly excluded.
2. Annual total includes revisions not distributed to the months.
3. Average for crop year; Aug. 1-Jul. 31.
4. For five weeks; other months four weeks.
5. Monthly average.
6. Average for 11 months; no price for Oct.
7. Less than 500 bales.
8. Effective Aug. 1981 SURVEY, data are restated to represent millions of square yards.
§ Bales of 480 Ibs.
H Based on 480-lb. bales, preliminary price reflects sales as of the 15th; revised price reflects
total quantity purchased and dollars paid for the entire month (revised price includes discounts and premiums).
# Includes data not shown separately.
PageS-28
1. Based on new 1981 stock level. See also note "$" for p. S-27.
2. Effective April 1981, price represents simple average of Platt's/Lundberg special retail
gasoline prices for 48 cities; not strictly comparable with prices shown for earlier periods
which represent weighted average price.
3. Reported annual totals; revisions not allocated to the months.
4. Simple averages of prices are no longer available.
5. See note 5 for p. S-29.
U Prices are mid-month, include taxes, and represent full service; comparable prices prior
to Jan. 1979 are not available.
# Includes data for items not shown separately.
* New series. See note "11" for this page.
$ Except for price data, see note "$" for p. S-27.
PageS-32
1. Annual total includes revisions not distributed to the months.
2. Estimates of production, not factory sales.
3. Beginning Jan. 1979, data reflect the inclusion of Volkswagens produced in the U. S.
Beginning Jan. 1980, passenger vans (previously reported as passenger cars) are included
with trucks.
4. Monthly data for 1980 as published in earlier issues of the SURVEY, exclude exports for
off-highway trucks; not strictly comparable with data shown for other periods.
# Total includes backlog for nonrelated products and services and basic research.
§ Domestics comprise all cars assembled in the U.S. and cars assembled in Canada and
imported to the U.S. under the provisions of the Automotive Products Trade Act of 1965.
Imports comprise all other cars.
U Courtesy of R.L. Polk & Co.; republication prohibited. Because data for some states
are not available, month-to-month comparisons are not strictly valid.
$ Excludes railroad-owned private refrigerator cars and private line cars.
t Revisions, back to 1967 for some commodities, are available upon request.
@ In the 1979 BUSINESS STATISTICS, 4th Qtr. 1977 should read "13,946" mil. $.
$t In the 1979 BUSINESS STATISTICS, annual data for 1977 should read "2,604.8"
mil. $.
## Revisions back to 1977 are available upon request.
Selected National Income and Product Accounts Tables
Table 1.11.—National Income by Type of
Income
Table 3.2.—Federal Government Receipts and
Expenditures
Billions of dollars
Billions of dollars
Seasonally
adjusted at
annual rates
Billions of dollars
1981
1981
1982
1981
lr
IV
Ir
627.2
607.5
National income
2,347.2
2,399.1
2,394.6
Compensation of employees
1,771.6
1,821.3
1,844.2
1,482.8
1,522.5
1,538.1
273.9
1,208.8
283.2
1,239.2
287.1
1,251.0
288.8
298.8
306.1
134.7
154.1
138.4
160.4
142.3
163.8
Indirect business tax and
nontax accruals
Excise taxes
Customs duties
Nontaxes
134.8
135.9
127.7
22.4
17.0
Contributions for social
insurance
24.4
626.0
Receipts
Personal tax and nontax
receipts
Income taxes
Estate and gift taxes .
Nontaxes
Farm
Proprietors' income with
IVA
CCAdj
30.1
-7.7
32.6
-8.2
25.3
-8.4
Nonfarm
Proprietors' income
IVA
CCAdj
.-
112.4
116.1
-1.6
-2.1
111.5
115.4
-1.5
-2.4
110.7
113.0
-.4
-1.9
33.6
34.5
Rental income of persons
CCAdj
Corporate profits with IVA and
CCAdj
70.0
-36.4
191.7
71.9
-37.4
177.6
72.4
-37.5
149.9
Corporate profits with IVA
205.6
190.4
159.6
Profits before tax
Profits tax liability
Profits after tax
Dividends
Undistributed profits
233.3
77.7
155.5
63.1
92.4
212.8
68.8
144.0
66.0
78.0
169.8
51.0
118.8
66.8
52.0
IVA
CCAdj
Net interest
Addenda:
Corporate profits after tax
with IVA and CCAdj
Dividends
Undistributed profits with IVA
and CCAdj
-27.7
-13.9
-22.3
-12.8
215.4
113.9
63.1
108.9
66.0
98.9
66.8
50.8
42.9
91.9
51.9
31.4
8.7
96.1
54.0
33.0
9.0
98.6
55.0
34.3
9.2
11.7
10.4
8.3
189.9
92.7
72.6
24.6
195.5
94.4
75.0
26.0
199.5
95.3
77.0
27.1
36.4
38.0
39.0
66.0
58.3
42.7
Corporate profits tax accruals
59.9
45.1
9.4
5.4
50.7
36.2
8.7
5.8
Indirect business tax and
nontax accruals
Sales taxes
Property taxes
Other
207.0
214.4
Contributions for social
ance
688.4
727.2
733.9
Federal grants-in-aid
230.2
154.3
75.9
253.3
169.7
83.5
254.0
170.2
83.9
Transfer payments
To persons
To foreigners
284.5
279.4
5.2
297.9
291.7
6.2
302.1
297.0
5.0
Grants-in-aid to State and local
governments .
87.2
83.7
83.5
Net interest paid
Interest paid
To persons and business
To foreigners
Less: Interest received
73.1
91.2
74.4
16.7
18.1
78.7
98.1
81.0
17.1
19.4
81.3
102.2
84.6
17.6
20.9
Subsidies less current surplus of government
enterprises
Subsidies
Less: Current surplus of government enterprises
Surplus or
NIPA's
429.0
202.5
Less: Wage accruals less disbursements
238.0
423.7
299.7
291.1
8.3
.4
13.4
12.8
-.5
13.6
14.5
.9
12.7
14.2
1.5
-10.1
-9.7
229.7
417.2
Receipts
61.2
47.5
8.6
5.1
Expenditures
deficit
0
-.1
-.2
( — ),
Social insurance funds
Other
-62.4
-100.0
-126.4
-12.4
-50.0
-19.8
-80.2
lr
Personal tax and nontax
receipts
Income taxes . .. .
Nontaxes
Other
302.0
294.1
7.5
.3
Purchases of goods and
services
National defense
Nondefense
1982
IV
34.8
Rental income of persons with
CCAdj
1981
296.2
289.0
7.0
.2
Corporate profits tax accruals
Proprietors' income with IVA
and CCAdj
1981
1982
IV
Supplements to wages and salaries
Employer contributions for
social insurance
Other labor income
Seasonally
adjusted at
annual rates
Seasonally
adjusted at
annual rates
1981
Wages and salaries
Government and government
enterprises
Other
Table 3.3.—State and Local Government
Receipts and Expenditures
insur-
87.2
Purchases of goods and
services
Compensation of employees
Other
83.7
83.5
380.5
Expenditures
387.8
392.6
361.0
203.3
157.7
368.7
208.7
160.0
372.5
212.7
159.8
42.2
43.1
44.7
Net interest paid
Interest paid
Less' Interest received
-12.8
19.4
32.3
-13.9
20.3
34.2
-14.4
21.0
35.4
Less: Dividends received
1.8
1.9
2.0
-8.2
.4
-8.3
.4
-8.3
.4
8.6
8.7
8.7
0
0
0
36.7
35.9
36.4
32.1
4.6
33.7
2.2
34.7
1.7
Transfer payments to persons
Subsidies less current surplus of government
enterprises
Subsidies
Less: Current surplus of government enterprises
Less: Wage accruals
bursements
Surplus or
NIPA's
less dis-
deficit ( — ),
Social insurance funds
Other
-17.5
-108.9
32.1
Table 1.13.—Gross Domestic Product of Corporate Business in Current Dollars and Gross
Domestic Product of Nonfinancial Corporate Business in Current and Constant Dollars
Gross domestic product of
corporate business
Capital consumption allowances
with CCAdj
it
Table 5.1.—Gross Saving and Investment
Gross saving1
455.5
444.7
400.6
480.1
107.6
507.7
128.0
490.6
115.4
Undistributed corporate profits
with IVA and CCAdj
Undistributed profits
IVA
CCAdj
50.8
92.4
-27.7
-13.9
42.9
78.0
-22.3
-12.8
32 i
32.1
52.0
10
-10.1 1
— 9.7
-9.7
Capital consumption allowances with CCAdj'
Corporate
Noncorporate
Wage accruals less disburse-
197.7
123.9
207.7
129.1
2ii 7
211.7
131 3
131.3
0
0
0
-25.7
-62.4
36.7
-64.1
-100.0
35.9
QO
-90.00
126 4
-126.4
36 4
36.4
1.1
1.1
0
454.7
444.8
396.4
Gross private saving
Government surplus or
deficit ( ) NIPA's
Federal
State and local
Capital grants received by the
United States (net)
Gross investment
Gross private domestic investment
Net foreign investment
Statistical discrepancy
450.5
4.2
443.3
1.5
391.4
_5.0
-5.0
-.8
.2
— 4.2
-4.2
Net domestic product
Indirect business tax and
nontax liability plus business
transfer payments less subsidies
1,814.7
1,841.4
197.7
207.7
211.7
1,616.9
1,638.5
1,629.6
191.4
194.3
189.4
Domestic income
Compensation of employees
Wages and salaries
Supplements to wages and
salaries
Corporate profits with IVA
and CCAdj
. .
1,425.5
Profits before tax
Profits tax liability
Profits after tax
Dividends
Undistributed profits
IVA
CCAdj
Net interest
Gross domestic product
of financial corporate
business
Gross domestic product
of nonfinancial corporate business
Capital consumption allowances
with CCAdi
1,846.2
1,444.1
1,440.2
1,226.7
1,016.0
1,256.9
1,039.5
1,269.4
1,047.2
210.7
217.4
222.2
167.5
153.7
130.1
209.1
77.7
131.4
47.0
84.3
-27.7
-13.9
31.3
188.8
68.8
120.0
49.8
70.2
-22.3
-12.8
33.5
51.0
99.0
53.0
46.0
— 10-1
— 9.7
40.7
81.8
81.4
87.2
1,732.9
1,764.8
1,754.2
186.6
195.9
199.6
Net domestic product .
Indirect business tax and
nontax liability plus business
transfer payments less subsidies
Domestic income
Compensation of employees
Wages and salaries
Supplements to wages and
salaries
Corporate profits with IVA
and CCAdj
Profits before tax
Profits tax liability
Profits after tax
Dividends ..
Undistributed profits
IVA
CCAdj
Net interest
1,546.3
1,569.0
1,554.6
183.3
1,363.1
1,152.2
955.6
186.0
1,383.0
1,179.7
977.0
181.3
1,373.4
1,190.6
983.7
196.6
202.7
207.0
146.4
134.9
111.3
184.6
58.9
125.7
50.7
75.3
-27.7
-10.5
64.5
166.4
50.2
116.2
53.4
62.8
-22.3
-9.1
68.3
127.5
31.5
96.0
56.4
39.6
-10.1
-6.0
71.3
Billions of 1972 dollars
Gross domestic product of
nonfinancial corporate
business
Capital consumption allowances
with CCAdj
Net domestic product
Indirect business tax and
nontax liability plus business
transfer payments less subsidies .
Domestic income
896.6
883.0
872.5
91.8
93.2
94.1
804.8
789.8
778.3
97.3
707.5
97.4
692.4
97.8
680.5
INDEX TO CURRENT BUSINESS STATISTICS, Pages S1-S36
SECTIONS
Business indicators
Commodity prices
.....
,
Construction and real estate........ .....
Domestic trade
Labor force, employment, and earnings...
Finance ................«.....«.««....•«•.««.«•««*..*.......«<
Foreign trade of the United States—.....
Transportation and communication.........
1-5
5,6
7,8
8,9
9-13
13-16
16-18
18,19
Industry:
Chemicals and allied products ............—
Electric power and gas.
...................
Food and kindred products; tobacco
Leather and products ...............................
Lumber and products...............................
Metals and manufactures.................—...
Petroleum, coal, and products ...........—
Pulp, paper, and paper products..............
19,20
20
20-23
23
23,24
24-27
27,28
28,29
Rubber and rubber products....................
Stone, clay, and glass products...
....
Textile products .......................................
Transportation equipment........................
29
30
30-32
32
Footnotes
33-35
INDIVIDUAL SERIES
8,12
32
13
18
27
Aircraft and parts ................................................ 4,32
19
Alcohol, denatured and ethyl ................
...............
Alcoholic beverages ....................... 8,20
.......................
25
Aluminum .«*.......«».*...........................*.....•••...........
Apparel ........................................................ 2, 4—6i, 8-12
28
Asphalt..................................................................
Automobiles, etc
.. 2-4, 6, 8, 9, 14, 15, 17,32
13,14
Banking
.
21
Barley ..................................
.................................
27
Battery shipments ........... — ......... — ......
...........
22
Beef and veal ............................
............................
Beverages ........................................................... 8, 17,20
3-5
Blast furnaces, steel mills ..................
..................
3-5
Bonds, issued, prices, sales, yields ...........
...........
Brass and bronze ....•.....................»..........•..•..»....*. 15-16
26
Brick..... ..............
..............
...........
...........
30
Building and construction materials....................
Building costs ............................ 2,4,5
...........................
Building permits ..........................
.........................
7
Business incorporations (new), failures .
.....
5
Business sales and inventories ...............
..............
2,3
22
Cattle and calves...................................................
30
Chain-store sales, firms with 11 or more
stores.................................................................
9
Cheese.......................................................
......
21
Chemicals
.
2-4,10-12,15,17,19, 20
Cigarettes and cigars............................................
23
Clay products....................................................... 2-4, 30
Advertising . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
.............................
Agricultural loans ..............................................
Air carrier operations ........«.........».............«*........
Clothing. See apparel
Coal....................................................................... 2, 27
Cocoa.....................................................—..........
22
Coffee ...........
...........
...................
...................
22
Coke ........
.......
..
27
Combustion, atmosphere, heating equipment ..................................................................
26
Communication
.
.
*
15,19
Confectionery, sales.............................................
22
Construction:
Contracts
7
Costs.................................................................
7
Employment, unemployment, hours,
earnings........
......
.........
. .... 10-12
Highways and streets.—.
7
Housing starts..................................................
7
New construction put in place ........................
7
Consumer credit...................................................
14
Consumer goods output, index ............................
1, 2
Consumer Price Index .........................................
5, 6
Copper and copper products —........................... 25, 26
Corn......................................................................
21
Cost of living (see Consumer Price Index)
5, 6
Cotton, raw and manufactures
.
5, 30,31
Credit, commercial bank, consumer.........
....
14
Crops............................................................ 5, 21, 23,30
Crude oil................. ..... ............................... 3, 27
Currency in circulation..—.
.—.
15
Dairy products ..................................................... 5, 21
Debt, U.S. Government
.—....
14
Deflator, PCE
.
.
1
Department stores, sales, inventories
9
Deposits bank...................................................... 13,15
3f
27
1
20
1,15
8,9
12
..
8,9
5,22
2,20
.........
2-5,
10-12, 15, 27
Employee-hours, aggregate, and indexes.
.....
11
Employment.......................................................... 10,11
Explosives.......
.
..............................
20
Exports (see also individual commodities)
16,17
Failures, industrial and commercial....................
5
Farm prices ................................—.........
.... 5, 6
Farm wages ..........................................................
12
Fats and oik
17
Federal Government
finance................................
14
Federal Reserve banks, large commercial...........
13
Federal Reserve member banks..
.............
13
Fertilizers.............................................................
19
Fish...............
..
.......
......
.....
.....
22
Flooring, hardwood..............................................
24
Flour, wheat
22
Food products
2-6, 8,10-12,15,17, 20-23
Foeign trade (see also individual commod.)
16-18
Freight cars (equipment)......................................
32
Fruits and vegetables
.
5
Fuel oil
.......
.................... 5, 28
Fuels
2, 6,17, 27, 28
Furnaces...............................................................
27
Furniture.......... ........
....
..... 2, 6, 8-12
Gas, output, prices, sales, revenues
2, 6, 20
Gasoline.......................
..................................
28
Glass and products...............................................
30
Glycerin
.
...
.......
.
....
19
Gold ...
.....................
.......................
14,15
Grains and products
......
5, 6, 21, 22
Grocery stores ..*.....,.................*........»*...............».
9
Gypsum and products ...*»....................«................
30
Hardware stores ................».....»....*.,.....*...........*.*.
8
Heating equipment...............................................
26
Help-wanted advertising index
.. .
.....
12
Hides and skins.................................... ...........
6
Highways and streets...........................................
7
Hogs .. . . .
..
......................
......................
22
Home Loan banks, outstanding advances............
8
Home mortgages ..................................................
8
Hotels and motor-hotels .......
.
18
Hours, average weekly.*............*................*.........
11
Housefurnishings ...
.
2, 4, 5, 8, 9
Household appliances, radios, and televi sion
sets....
..
... ....
. . . . . . .........
...
27
Housing starts and permits..................................
7
Imports (see also individual commodities)
17,18
Income, personal..................................................
2
Income and employment tax receipts..................
14
Industrial production indexes:
By industry .....*.....*.....................*............
1, 2
By market grouping .........................................
1,2
Installment credit.................................................
14
Instruments and related products........
2-4,10-12
Interest and money rates .....................................
14
Inventories, manufacturers* and trade —........... 3,4, 9
Inventory-sales ratios...........................................
3
Iron and steel.............................................. 2,15, 24, 25
....................
14
Labor advertising index
9, 10
Labor force....................................... ........
..
..
22
Lamb and mutton............................. ...
26
Lead...... ......... . . . . . .
..
..
2, 6,10-12, 23
Leather and products....................... ,
.. 5, 22
Livestock.......................................... ,. ...
Loans, real estate, agricultural, bank (see
.
8,13
also Consumer credit)..................
28
Lubricants ........................................ ...
Lumber and products....................... . 2, 6,10-12, 23, 24
26
Machine tools
Machinery .......
..... ..... 2-6,10-12,15, 17, 26, 27
(or
shipments),
Manufacturers'
sales
inventories, orders....... ....................................
3-5
Manufacturing
employment,
unemployment,
production
workers,
hours,
10-12
earnings ........................................
1,2
Manufacturing production indexes.,
5,22
Meat animals and meats.............—
6
Medical care..................
.. .
Metals
. 2-6,10-12,15, 24-26
Milk.........................................
.....................
21
Mining and minerals
2, 6,10-12,15
Monetary statistics..............................................
15
Money and interest rates.....................................
14
Money supply .....,........«......................».......*.........
15
Mortgage applications, loans, rates...........—.. 8,13,14
Motor carriers......................................................
18
Motor vehicles ............ .......... 2-4, 6,8, 9,15,17, 32
Dishwashers
Disposition of personal income ..........
Distilled spirits
Dividend payments.....
.—
Drugstores, sales
Earnings, weekly and hourly..............
Eating and drinking places .................
Eggs and poultry
Electric power.....................................
Electrical machinery and equipment..,
National parks, visits..........................................
18
Newsprint .............................................................
29
New York Stock Exchange, selected data
16
Nonferrous metals
.... 2,4, 5,15, 25, 26
Oats
.......
.
........
21
Oils and fats
17
Orders, new and unfilled, manufacturers'...........
4, 5
Outlays, U.S. Government...................................
14
Paint and paint materials ....................................
20
Paper and products and pulp
.
...
2-4,
6,10-12,15, 28, 29
Parity ratio............
........ .
.......
..
5
Passenger cars
2-4, 6, 8,9,15,17, 32
Passports issued
18
Personal consumption expenditures
.......
1
Personal income...................................................
1
Personal outlays
...................
1
Petroleum and products
.
2-4,
10-12, 15, 17, 27, 28
Pig iron
24
Plastics and resin materials.................................
20
Population ...
.
............
....
.
9
Poultry and eggs ................................................. 5, 22
Price deflator, implicit (PCE)
.
1
Prices (see also individual commodities)
5, 6
Printing and publishing
2,10-12
Private sector employment, hours, earnings...
.....
.
10-12
Producer Price Indexes .......................................
6
Profits, corporate—.
15
Public utilities
1, 2, 7,15,16, 20
Pulp and pulpwood
28
Purchasing power of the dollar ....................
.
6
Radio and television
Railroads ................. .....
Rayon and acetate....
Real estate...............................
Receipts, U.S. Government
Refrigerators...........................
Registrations (new vehicles)...
Rent (housing).
........—
Retail trade
.
2, 3, 5, 8-12,14, 32
Rice.......... ..... .
.................................
21
Rubber and products (inch plastics).. .
.... 2-4,
6,10-12, 29
Saving, personal ........»...................».............*........
1
Savings and loan assoc., new mortgage loans .
8
Savings deposits ...................................................
13
Securities issued...................................................
15
15,16
Security markets
.....
6,10-12
Services
..........
.... ......
. .
....... . .
..
22
Sheep and lambs.....
..
23
Shoes and other footwear .................. ....
14
Silver................................................... ..................
31
Spindle activity, cotton
.
.— ..................
.........
25
Steel (raw) and steel manufactures ... .........
............
24
Steel scrap..........................................
15
Stock market customer financing .....
16
Stock prices, yields, sales, etc ...........
Stone, clay, glass products................ 2-4,10-12,15, 30
23
Sugar..........,...,..................................*. .................
..... 19
Sulfur .................................................. ..„.„
.
19
Sulfuric acid
.
19
Superphosphate .................................
23
Tea imports ........................................................
19
Telephone and telegraph carriers ......................
27
Television and radio
Textiles and products
2-4, 10-12,15, 30, 31
Tin
26
Tires and inner tubes —.....................................
29
Tobacco and manufactures
2-4,10-12, 23
Tractors................................................................
27
Trade (retail and wholesale)
... 2,3, 5, 8-12, 32
Transit lines, urban..............................................
18
Transportation................................. 6,10-12,15,16,18
Transportation equipment..
.. 2-6,10-12,15,17, 32
Travel
......
................
18
Truck trailers .......................................................
32
Trucks (industrial and other)
26, 27, 32
Unemployment and insurance —..................... 9,10,13
U.S. Government bonds .......................................
16
U.S, Government
finance.....................................
14
Utilities
2, 6, 7,15,16, 20
Vacuum cleaners ..................................................
27
Variety stores.......................................................
9
Vegetables and fruits .... .................................
5
Veterans* unemployment insurance......—.........
13
1,12
Wages and salaries..................
27
Washers and dryers ................
27
Water heaters..........................
.
21, 22
Wheat and wheat flour....
2, 3, 5, 8,10-12
Wholesale trade...........
..
................
28
Wood pulp ...............................
................
31
Wool and wool manufactures .
.....
26
ss3Nisna "ivioujo
ZOPOZ 'O'Q
J-N3lAlNd3AOO
@FedFRASER