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May 1091 / Volume 71 Niimber

SURVEY OF CURRENT BUSINESS
1

Business Situation
2
5
6

8

U.S. Department of Commerce

National Income and Product Accounts
8
22
24

Eoberfc A. Mosbacfeer / Secretary

Real GNP
Corporate Profits
Government Sector
Selected NIPA Tables
NIPA Charts
Reconciliation and Other Special Tables

Economics and Statistics Administration
Michael R» Barby / Under Secretary for

30

U.S. Business Enterprises Acquired or Established by
Foreign Direct Investors in 1990

Bureau of Economic Analysis
Allan H. Yotasg / Director
Carol S. Carson / Deputy Director

40

Valuation of the U.S. Net International Investment Position

Editor*in«Ckiefi Bouglas E» Fox
Z&lsp&l*. Scott
Publication Staff; W, Kcmnie Aster,
M, Greteheii ftibsoa, Bt& & Iteming,
Donald J. Parschalk
SURVEY OF CURRENT BUSINESS. Published monthly
by $ie Buteati of Economic Analysis of the t£S.
Department of Commerce. Editorial correspondence should be addressed to the Editor-in-Chief,
SURVEY OF CsteN* I&JSIKBSS, Bureau of Economic
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C-pages: Business Cycle Indicators
(See page C-l for contents)

S-pages: Current Business Statistics
(See page S-36 for contents and subject index)

Inside back cover: BEA Information

NOTE.—This issue of the SURVEY went to the printer on June 10,1991.
It incorporates data from the following monthly BEA news releases:
Gross National Product (May 29),
Personal Income and Outlaws (May 30), and
Composite Indexes of Leading, Coincident, and lagging
Indicators (May 31).

the BUSINESS SITUATION
CHART 1

PRELIMINARY estimates show that
real GNP—a measure of U.S. production—decreased at an annual rate of
2.6 percent in the first quarter of
1991, 0.2 percentage point less than
reported in the advance estimates issued a month ago. Real gross domestic purchases—a measure of U.S.
demand—decreased 4.0 percent, 0.2
percentage point more than previously
reported. The revisions in the two
measures differed because of a sizable upward revision in net exports.1
Among the components that are included in both measures, downward revisions in nonresidential fixed investment and inventory investment (that
is, change in business inventories)
were partly offset by upward revisions
in government purchases and personal
NOTE.—Daniel Larkins was primarily responsible for preparing the section on revisions in
the national income and product accounts, the
section on real GNP (with contributions from
Larry R. Moran, Ralph W. Morris, and Mira
A. Piplani), and the section on corporate profits; David T. Dobbs prepared the section on the
government sector.

1. Revisions in net exports—that is, exports minus
imports—lead to revisions in GNP but not in gross
domestic purchases. Gross domestic purchases is calculated as the sum of personal consumption expenditures
(PCE), gross private domestic investment (GPDI), and
government purchases. GNP is calculated as the sum
of these three components plus exports minus imports
(thereby including U.S. production of goods and services marketed outside the United States and excluding
goods arid services in PCE, GPDI, and government
purchases that are not U.S. produced).

consumption expenditures (see table 1
on page 24).
The price index for gross domestic
purchases (fixed weights) increased 3.6
percent in the first quarter; the increase was the same as that reported in
the advance estimates issued a month
ago.
The GNP price index (fixed
weights), up 5.1 percent, was also unrevised. As explained in the April
"Business Situation," the unusually
large difference between the changes
in these two price measures largely
reflects prices of imported petroleum,
which tumbled in the first quarter.
(Import prices are subtracted out in deriving GNP prices but not in deriving
gross domestic purchases prices.)
Revisions in components of real
GNP.—Net exports was revised up
$4.2 billion in the first quarter; the
revision reflected a larger downward
revision in imports than in exports.
Merchandise trade accounted for most
of these revisions.
Among the other components of
GNP, real inventory investment was
revised down $3.0 billion; both farm
and nonfarm inventories were revised
down. Nonresidential fixed investment
was revised down $2.2 billion; the revision was more than accounted for by
producers' durable equipment (mainly
aircraft). Government purchases was
revised up $1.6 billion; Federal purchases (mainly for national defense)
more than accounted for the revision.

Looking Ahead...
• U.S. International Investment Position. Estimates of the U.S. international
investment position will appear in the June SURVEY. They will include estimates for 1982-90 in current prices using the current-cost and market-value
methods for valuing foreign direct investment in the United States and U.S.
direct investment abroad described in this issue (see the article beginning
on page 40).
• Benchmark Input-Output Accounts. The 1982 benchmark input-output
accounts will be presented in the July SURVEY.
• National Income and Product Accounts Revision. The next comprehensive, or benchmark, revision of the national income and product accounts is
scheduled for release in November 1991 (see the box on page 9).




Real Product:
Change From Preceding Quarter
Billion 1982 $
50
GROSS
40

NATIONAL PRODUCT

30

I

20

II.I.I

10

-10

-20
-30
50
40

PERSONAL CONSUMPTION EXPENDITURES

30
20
10

ML.L 1

II II 11

-10
-20
-30
30
20
10

0
-10
-20
30
20
10

0
-10
-20
-30
-40
40
30
20
10

0
-10
-20
30
20

j

FIXED INVESTMENT

•-32.8

: CHANGE IN BUSINESS INVENTORIES

Ii

Hi

NET EXPORTS

-10
-20

•I it It 1

I. J ••

M

It
™

GOVERNMENT PURCHASES

10

0

-J«i
|IH' »ii ."ii i

T

1988

I

1989

1990

1991

Based on Seasonally Adjusted Annual Rates
U.S. Department of Commerce, Bureau of Economic Analysis

91-5-1

SURVEY OF CURRENT BUSINESS

May 1991

to its highest level since the first
quarter of 1987; and

Within personal consumption expendi- tors usually associated with consumer
tures, upward revisions in nondurable spending. In the first quarter,
goods and in services were largely off• Real disposable personal income
set by a downward revision in durable
decreased for the third consecutive
goods. (The newly available source
quarter;
data for the preliminary first-quarter
•
The unemployment rate increased
estimates are listed in the box on page
for
the third consecutive quarter,
2).

Real GNP
Real GNP decreased 2.6 percent in
the first quarter after decreasing 1.6
percent in the fourth.2 As described in
last month's "Business Situation," the
decreases in both quarters were concentrated in motor vehicles and construction; the rest of the economy—
that is, GNP excluding motor vehicles
and construction—increased 1.2 percent after increasing 2.5 percent (table
1).
Before discussing first-quarter developments in terms of the conventional GNP components, it is useful to consider recent changes in real
GNP expressed on a command basis.
Command-basis GNP measures U.S.
production in terms of its purchasing
power; thus, changes in commandbasis GNP reflect changes in the U.S.
terms of trade, which BEA measures
as the ratio of the implicit price deflator for exports to the implicit price
deflator for imports. (Command-basis
GNP and the terms-of-trade ratio are
shown in table 1.11 of the "Selected
NIPA Tables.") In the first quarter, the
U.S. terms of trade improved considerably, largely in response to plunging
prices of imported petroleum; as a result, command-basis GNP decreased
only 0.5 percent (compared with the
2.6-pereent decrease in real GNP). In
the fourth quarter, the terms of trade
had deteriorated, largely because of a
surge in the price of imported petroleum; as a result, command-basis GNP
decreased 3.9 percent (compared with
the 1.6-percent decrease in real GNP).
Personal consumption expenditures
Real personal consumption expenditures (PCE) decreased 1.3 percent in
the first quarter after falling 3.4 percent in the fourth (table 2). The
last time PCE decreased for two consecutive quarters was in 1980. The
decreases in the last two quarters
were accounted for by goods; services
increased in each quarter.
The decreases in PCE were consistent with weakness in many of the fac2. The regularly featured estimate of real GNP is
based on 1982 weights. An alternative estimate of real
GNP based on 1987 weights decreased 2.4 percent in the
first quarter after decreasing 3.1 percent in the fourth
(see tables 4 and 5 on page 26).




The Index of Consumer Sentiment
(prepared by the University of
Michigan's Survey Research Center) remained low, despite its first
increase in five quarters.

Table 1.—Gross National Product, Motor Vehicle Output, and Construction Output
[Seasonally adjusted at annual rates]
Percent change from preceding quarter

Billions of 1982 dollars
Change from preceding quarter

1991

1990

Level

1990

Gross national product .
Motor vehicle output .
Construction output

.

....

Gross national product less motor vehicle
and construction output

1991

m

II

I

IV

1991: I

II

4,126.5
120.6
335.0

4.5
15.3
-10.3

14.9
5.5
-8.1

-16.6
-27.3
-11.4

-26.9
-20.7
-16.7

0.4
48.3
-10.4

1.4
14.2
-8.4

-1.6
-50.7
-12.0

-2.6
-46.9
-17.7

3,670.9

-.5

17.5

22.1

10.5

-.1

1.9

2.5

1.2

I

IV

III

NOTE.—Motor vehicle output is derived by summing auto output (table 1.18 of the "Selected NIPA Tables") and truck output (table 1.20). Construction output may be approximated by "structures," shown in table .1.4 of the "Selected NIPA Tables." This approximation excludes maintenance
and repair expenditures and includes brokers' commissions as well as mining exploration, shafts, and wells; nevertheless, it probably tracks movements in construction output closely. The value of motor vehicle and construction output includes the value of inputs, such as steel, obtained from
other industries and from foreign suppliers as imports.

Table 2.—Real Personal Consumption Expenditures
[Seasonally adjusted at annual rates]
Percent change from preceding quarter

Billions of 1982 dollars
Change from preceding quarter

1991

1990

Level

1990
1991: I
Personal consumption expenditures

II

III

1991

IV

I

n

III

IV

I

2,664.9

1.5

18.0

-23.2

-8.7

0.2

2.7

-3.4

-1.3

Durables
Motor vehicles and parts
Furniture and household equipment
Other durables

401.3
155.4
177.7
68.3

-10.8
-6.1
-1.4
-3.3

2.7
1.8
-.3
1.2

-13.9
-10.2
-3.4
-.3

-14.3
-14.0
1.4
-1.6

-9.5
-12.6
-3.1
-17.0

2.6
4.1
-.7
7.1

-12.3
-20.9
-7.4
-1.7,

-13.1
-29.2
3.2
-8.8

Nondurables ..
.
Food . . . .
Clothing and shoes
Energy'
Other nondurables

896.8
453.5
166.8
110.7
165.8

-4.4
1.9
-2.9
-.6
-2.7

5.2
.1
3.1
1.3
.8

-15.2
-5.8
-3.8
-4.2
-1.5

-4.4
-.1
-3.8
-.6
.1

-1.9
1.7
-6.5
-2.1
-6.2

.2.3
.1
7.4
4.6
1.9

-6.5
-5.0
-8.4
-13.8
-3.5

-1.9
-.1
-8.6
-2.1
.2

1,366.7
378.1
166.7
80.2
86.4
101.2
310.8
410.0

16.6
.6
5.7
4.7
.9
.9
4.6
4.7

10.0
.3
1.6
.3
1.4
1.2
5.3
1.6

10.0
0
-2.9
-2.6
-.4
-.8
3.5
10.3

5.1
.6
14.8
26.5
4.3
3.7
6.4
4.9

3.0
.3
3.9
1.5
6.7
4.9
7.3
1.6

1.8
1.0
-1.2
.5
-2.7
4.4
3.6
1.7

3.0
0
-6.7
-12.0
-1.8
-3.1
4.6
10.7

Services
Housing ....
.
Household operation
Energy2
Other
Transportation
Medical care
Other services

.

5.9
.9
-.5
.1
-.6
1.1
2.7
1.7

1. Gasoline and oil, and fuel oil and coal.
2. Electricity and gas.
NOTE.—Percent changes in major aggregates are found in table 8.1 of the "Selected NIPA Tables." Dollars levels are found in table 2.3.

NOTE.—Quarterly estimates in the national income and product accounts are expressed at
seasonally adjusted annual rates, and quarterly changes are differences between these rates.
Quarter-to-quarter percent changes are annualized. Real, or constant-dollar, estimates are
expressed in 1982 dollars and are based on 1982 weights. (Alternative measures based on more
current weights are shown in tables 3 and 4 on page .)
The preliminary GNP estimate for the first quarter incorporates the following revised or
additional source data that were not available when the advance estimate was prepared a month
ago.
Personal consumption expenditures: Revised retail sales for February and March.
Nonresidential fixed investment: Construction put in place in February (revised) and
March, revised manufacturers' shipments of equipment for February and March, and partial
information on plant and equipment expenditures for the quarter.
Residential investment: Construction put in place for February (revised) and March.
Change in business inventories: Manufacturing and trade inventories for February (revised)
and March.
Net exports of goods and services: Merchandise exports and merchandise imports for February
(revised) and March.
Government purchases of goods and services: Federal outlays for March, and State and local
construction put in place for February (revised) and March.
Wages and salaries: Revised employment, average hourly earnings, and average weekly
hours for February and March.
GNP prices: Detailed merchandise export and import price indexes for October through
March, values and quantities of petroleum imports for March, and residential housing prices
for the quarter.

May 1991

Expenditures for durable goods fell
13.1 percent in the first quarter after
dropping 12.3 percent in the fourth.
Virtually all of the first-quarter decrease and most of the fourth-quarter
decrease was accounted for by consumer purchases of new cars and
trucks. Two factors contributed to the
weak sales of new cars. First, new-car
prices jumped in the first quarter, at
least partly reflecting a scaling back of
sales-incentive programs by domestic
manufacturers and the imposition of a
tax on luxury cars in January. Second,
some consumers may have purchased
used cars instead of new cars. Manufacturers made available to consumers
many of the cars that they had repurchased from businesses as part of

SURVEY OF CURRENT BUSINESS
attractive fleet-marketing programs offered in the second half of 1990; these
repurchased vehicles, known as program cars, have fewer miles and more
optional equipment than most used
cars and are less expensive than most
new cars.
Expenditures for nondurable goods
decreased 1.9 percent in the first quarter after falling 6.5 percent in the
fourth. Clothing and shoes decreased
the same amount in both quarters, but
energy and food decreased much less
in the first quarter than in the fourth.
The decreases in energy reflected very
mild winter weather across most of the
Nation.
Expenditures for services increased
3.0 percent in the first quarter after in-

creasing 1.8 percent in the fourth. The
first-quarter increase was more than
accounted for by "other" services—
especially brokerage services associated with a sharp step-up in stock
market volume. A decrease in household operation primarily reflected a
sharp drop in purchases of electricity
and natural gas.
Nonresidential fixed investment

Real nonresidential fixed investment
decreased 15.9 percent in the first
quarter after changing little in the
fourth. Structures decreased less than
in the fourth quarter, but producers'
durable equipment fell sharply after a
moderate increase (table 3).
The decreases in fixed investment
were consistent with weakness in
Table 3.—Real Gross Private Domestic Fixed Investment
many of the factors that are associated
[Seasonally adjusted at annual rates]
with investment spending. In the first
quarter,
Billions of 1982 dollars
Percent change from preceding quarter
1990
Change from preceding quarter
1991
• The rate of capacity utilization in
Level
1990
1991
manufacturing dropped more than
III
II
I
IV
IV
II
III
1991: 1
I
2 percentage points after a similar
drop in the fourth quarter;
-11.7
-5.4
-6.5
649.9
Gross private domestic fixed investment ..
0.6
-32.8
-9.6
1.1
-17.9
•
Corporate profits decreased for the
Nonresidential
-4.7
10.9
-6.2
497.4
.1
8.9
-22.0
.1
-15.9
third.consecutive
quarter; and
-2.4
-18.2
5.1
-9.0
-6.0
1.5
-2.9
114.0
-8.0
Nonresidential buildings excluding
•
Real
final
sales
decreased—its
farms
-10.4
-2.5
-2.0
-6.1
.5
-.5
72.1
-27.1
2.5
Public utilities
0
4.0
.2
20.6
-3.8
.1
-.2
0
2.0
second
decrease
in
four
quarters.
-43.2
-.4
-2.4
Mining exploration, shafts and wells
-9.1
12.7
18.9
.7
16.6
.5
Other
-15.4
28.1
-.2
-8.1
-15.1
-.1
-.2
.3
4.7
However, two factors associated with
383.4
Producers' durable equipment
-18.2
6.3
10.2
-3.3
-19.7
9.5
6.1
-3.3
investment spending are encouraging:
Information processing and related
-.4
-.6
-4.4
-.2
equipment
30.7
13.0
-.3
196.5
-8.5
Interest rates (as measured by the
Industrial equipment
-18.9
-23.2
0
-4.5
-3.8
65.8
-1.7
0
-.3
79.1
Transportation and related equipment
-34.6
7.1
-3.9
10.1
1.1
-21.3
-7.5
63.1
yield on new issues of high-grade corOther
. ..
-1.2
4.4
-6.8
-.2
-35.8
-1.8
.7
-.3
58.1
porate bonds) dropped more than 50
Residential
-11.2
-9.8
152.4
-24.1
-20.6
-19.8
-10.9
-9.7
-5.5
basis points in the first quarter af-21.9
-6.9
-5.8
Single-family structures
-25.6
-27.0
-9.1
-6.0
69.1
-39.0
5.0
-1.2
.2
14.1
Multifamily structures
-24.0
-7.6
-25.9
-1.0
-.3
ter falling almost 3.0 basis points in
Other
-9.2
-3.4
-1.8
.2
-17.3
1.1
-.8
69.2
-4.5
the fourth, and corporate cash flow
NOTE.—Percent changes in major aggregates are found in table 8.1 of the "Selected NIPA Tables." Dollar levels are found in table 5.13.
increased for the second consecutive
CHART 2 quarter.
Structures decreased 8.0 percent in
Housing Starts
the first quarter after decreasing 18.2
Million of units
percent in the fourth. Most of the first2.0 f
~
quarter decrease was accounted for
by construction of commercial buildings, which had fallen sharply in the
fourth quarter to its lowest level in 7
1.5
years. Construction of industrial buildings rebounded after a fourth-quarter
drop.
Producers' durable equipment (PDE)
1.0
decreased 18.2 percent—the largest
drop in more than 10 years—after increasing 6.3 percent. The drop contrasts sharply with a Census Bureau
survey of plant and equipment ex0.5
penditure plans, conducted in January and February, that found that
businesses expected a substantial increase in PDE in the first quarter.
All major categories of equipment—
1991
1988
1989
1990
1987
and all but 3 of the 23 subcateSeasonally Adjusted at Annual Rates
gories of equipment—contributed to
U.S. Department of Commerce, Bureau of Economic Analysis
the decrease.




May 1991

SURVEY OF CURRENT BUSINESS
Residential Investment
Real residential investment decreased 24.1 percent in the first quarter after decreasing 20.6 percent in
the fourth. Single-family construction and multifamily construction decreased more in the first quarter than
in the fourth; the "other" component (which includes additions and
alterations, major replacements, mobile homes, and brokers7 commissions)
decreased less than in the fourth
quarter.
Single-family construction decreased
39.0 percent in the first quarter after
decreasing 25.6 percent in the fourth
quarter and more than 20 percent
in each of the preceding two quarters. The free-fall in single-family
construction mirrors a sharp falloff in
single-family starts (chart 2). In the
first quarter, single-family starts were
724,000 units (seasonally adjusted annual rate), 359,000 units below their
year-earlier level.
Multifamily construction decreased
24.0 percent after a decrease of 7.6 percent. High vacancy rates continue to
plague the multifamily housing sector;
in the first quarter, the rate moved up
to 9.4 percent.
The "other" component of residential
investment decreased 4.5 percent after decreasing 17.3 percent. In both
quarters, the decreases were partly
attributable to brokers' commissions.
Sales of new and existing homes decreased in both quarters despite falling
mortgage interest rates (chart 3). The
mortgage commitment rate fell 45 basis points in the first quarter to 9.50
percent, its lowest rate in 4 years.
In addition to the drop in mortgage
rates, three other developments in the
first quarter suggest that the troubles
in the single-family market may be
nearing an end:
• Sales of new single-family houses
increased in February and March,
• Average sales prices of new and existing single-family houses firmed,
and
• Single-family housing permits increased sharply in February and
held on to most of that gain in
March.

fourth quarter. The pickup was in
inventories of merchant wholesalers
of durable goods, mainly foreign cars
and machinery, equipment, and supplies.
Inventories of nonmerchant
wholesalers decreased again; the decreases were largely in inventories
held in petroleum bulk stations and
terminals.
Farm inventories increased $3.1 billion in the first quarter after increasing
$2.1 billion in the fourth. The firstquarter increase largely reflected weak
market sales of livestock; crop inventories decreased, reflecting a pickup in
market sales.
The first-quarter decreases in nonfarm inventories and in final sales left
the constant-dollar ratio of nonfarm inventories to final sales unchanged at
2.79.

fourth (table 4). The increase reflected
a slowing of inventory liquidation from
$26.4 billion in the fourth quarter to
$23.7 billion in the first. Much of the
liquidation in the last two quarters was
accounted for by retail auto dealers,
who reduced inventories by $18.2 billion in the first quarter after reducing
them $10.4 billion in the fourth. Excluding retail auto dealers (and farms),
liquidation was $8.6 billion in the first
quarter and $18.1 billion in the fourth.
Manufacturing inventories decreased
$2.0 billion after decreasing $18.3 billion.
Inventories of durables decumulated substantially again; most
categories decreased.
Inventories
of nondurables increased sharply after a decrease; the turnaround was
widespread.
Wholesale trade inventories increased somewhat more than in the

Table 4.—Change in Real Business Inventories
[Billions of 1982 dollars; seasonally adjusted at annual rates]
Change from preceding quarter

Level

n

I
Change in business inventories
Farm
Nonfarm
Manufacturing
Wholesale trade
Retail trade
Auto dealers
Other retail trade
Other
Addendum:
Nonfarm less auto dealers

III
4.7

-2.2

9.5

6.0

-2.1

0

-8.2
1.7
2.0
-25.6
-22.6
-3.0
13.7

11.6
-2.6
2.9
7.6
2.8
4.8
3.7

4.7
3.7
1.5
.8
3.2
-2.4
-1.3

14.4

8.7

1.5

n

I

IV
-26.4

1991

1990

1991

1990

I

IV

HI
-4.8
2.1

2.1

1.0

-26.8
-2.0
5.1
-23.4
-18.2
-5.2
-6.5

19.8
-4.3
.9
33.2
25.4
7.8
-10.0

-6.9
6.3
-1.4
-6.8
.4
-7.2
-5.0

-33.2
-22.0
1.7
-10.1
-13.6
3.5
-2.8

1.7
16.3
1.9
-14.1
-7,8
-6.3
-2.4

-8.6

-5.7

-7.2

-19.6

3.1

-28.5
-18.3
3.2
-9.3
-10.4
1.1
-4.1
-18.1

-31.1




9.5

NOTE.—Dollar levels for most inventories are found in table 5.11 of the "Selected NIPA Tables."

CHART 3

Selected Interest Rates
Percent

141

Prime Rate
12

Mortgage Commitments
10

Inventory investment
Real inventory investment—that is,
the change in business inventories—
increased $2.7 billion in the first quarter after decreasing $31.1 billion in the

2.7

11.7
-8.1

-23.7

2.1

H HI I I I
1987

I I m i l m II
1988
1989

Data: FRB.
U.S. Department of Commerce, Bureau of Economic Analysis

1990

1991

May 1991

SURVEY OF CURRENT BUSINESS

Net exports

quarter, was widespread across major
end-use categories; only capital goods
(except autos) increased.
Exports and imports of services
posted unusually large decreases in the
first quarter: Exports dropped $11.7
billion, and imports dropped $12.2 billion. In both cases, the drops largely
reflected decreases in factor income
and in foreign travel (related to the war
in the Persian Gulf).

Real net exports increased $15.2 billion in the first quarter after increasing $37.7 billion in the fourth (table
5). Exports decreased $4.2 billion;
an increase in merchandise exports
was more than offset by a decrease
in exports of services. Imports decreased $19.4 billion, as merchandise
and services fell.
Merchandise exports increased $7.5
billion (or 7.1 percent) in the first
quarter after a larger increase in the
fourth. Nonagricultural exports increased $6.3 billion; capital goods (except autos) accounted for most of the
increase, but industrial supplies and
materials, which had increased very
sharply in the fourth quarter, also contributed to the increase. Agricultural
exports increased $1.2 billion after a
small decrease.
Merchandise imports decreased $7.2
billion (or 5.5 percent) in the first quarter after decreasing $18.1 billion in the
fourth. A partial rebound in petroleum imports after a record decrease
was more than offset by a sharp drop
in nonpetroleum imports. The drop,
following little change in the fourth

Government purchases

Real government purchases decreased 1.5 percent in the first quarter after increasing 4.7 percent in the
fourth (table 6). Both Federal Government purchases and State and local
government purchases contributed to
the downswing.
Federal defense purchases increased
1.7 percent in the first quarter after increasing 12.1 percent in the
fourth.
The slowdown was concentrated in purchases of military
hardware and in petroleum products. A first-quarter upswing in defense purchases of services—mainly
in compensation of military personnel (including reservist pay and haz-

Table 5.—Real Net Exports of Goods and Services
[Seasonally adjusted at annual rates]
Billions of 1982 dollars

Percent change from preceding quarter

Change from preceding quarter

1990

1991

Level

1990
1991: I
Net exports of goods and services

Agriculture
Nonagriculture
Services
Imports
Merchandise
Petroleum
Nonpetroleum
Services

..

NOTE.—Percent changes in
major aggregates) and table 4.4 (for

HI

I

IV

n

m

I

IV

-9.2

-1.9

37.7

15.2

643.0
441.3
39.5
401.8
201.7

-8.0
-4.0
-3.5
-.5
-4.0

10.4
2.6
-1.3
3.9
7.8

16.7
12.8
-.3
13.1
3.9

-4.2
7.5
1.2
6.3
-11.7

-5.0
-3.7
-28.6
-.5
-7.6

6.9
2.5
-12.4
4.2.
16.4

11.0
12.7
-3.1
14.4
7.7

-2.6
7.1
13.1
6.5
-20.2

636.6
501.2
87.4
413.8
135.4

1.2
-2.6
-3.9
1.2
3.8

12.3
11.3
4.0
7.2
1.1

-21.0
-18.1
-17.6
-.4
-2.9

-19.4
-7.2
4.1
-11.3
-12.2

.7
-2.0
-14.6
1.2
10.9

7.6
9.1
17.6
7.1
3.0

-11.8
-13.1
-53.5
-.4
-7.5

-11.3
-5.5
21.2
-10.2
-29.2

6.4

Exports

II

1991

are found in table 8.1 of the "Selected NIPA Tables." Dollar levels are found in table 4.2 (for
itegory detail).

Table 6.—Real Government Purchases of Goods and Services
[Seasonally adjusted at annual rates]
Percent change from preceding quarter

Billions of 1982 dollars

1990

Change from preceding quarter

1991

Level

1991

1990
1991: I
Government purchases of goods and
services

Other
State and local
Structures
Other

:
....
..

I

IV

III

n

m

'

IV

12.3

2.5

9.6

-3.2

6.2

1.2

4.7

348.8
266.8
82,1

12.9
2.1
10.8

.1
1.7
-1.6

3.9
7.5
-3.6

-1.1
1.1
-2.1

16.4
3.3
67.4

.1
2.7
-7.0

4.6
12.1
-15.4

-1.3
1.7
-9.6

-1.5
83.6

8.1
2.7

.2
-1.8

-3.8
.2

1.0
-3.1

13.2

-7.9

.9

-13.6

480.3
63.9
416.4

-.7
-2.4
1.7

2.4
.5
1.9

5.7
4.2
1.5

-2.1
-3.3
1.2

-.6
-14.0
1.7

2.0
3.2
1.9

4.9
29.5
1.5

829.1

Federal
..
. ;
National defense
Nondefense
Commodity Credit Corporation

II

NOTE.—Percent changes in major aggregates are found in table 8.1 of the "Selected NIPA Tables." Dollar levels are found in table 3.8B.




-1.5

-1.7
-18.2
1.2

ardous duty pay), installation support, weapons support, and personnel support—largely reflected expenditures related to Operation Desert
Storm.
Federal nondefense purchases decreased for the third consecutive quarter. The level of Commodity Credit
Corporation (CCC) inventories decreased in both the fourth and first
quarters—$2.5 billion and $1.5 billion,
respectively. These decreases largely
reflected net withdrawals of crops under the commodity loan program. Federal nondefense purchases excluding
CCC transactions decreased 13.6 percent in the first quarter after little
change in the fourth. All components
except structures contributed to the
decrease.
State and local government purchases decreased 1.7 percent in the
first quarter after increasing 4.9 percent in the fourth. The downswing
was in structures, mainly highway
construction.

Corporate Profits
Profits from current production.—
profits before tax plus inventory valuation adjustment (IVA) and capital consumption adjustment (CCAdj)—
decreased $0.9 billion in the first quarter of 1991 after decreasing $11.8 billion in the fourth quarter of 1990 (table
7). The first-quarter decrease was
more than accounted for by profits of
domestic nonfinancial corporations and
reflected a decrease in the real gross
product of these corporations; profits of domestic financial corporations
and profits from the rest of the world
increased.
Cash flow from current production,
a profits-related measure of internally
generated funds available to corporations for investment, increased $15.1
billion after increasing $3.5 billion.
The first-quarter increase, together
with a drop in current-dollar nonresidential fixed investment, lifted cash
flow as a percent of nonresidential investment to 81 percent—midway between its average level for 1989-90
(77 percent) and its average level for
1986-88 (85 percent).
Profits by industry.—Profits before
tax (PBT) with IVA is the best available
measure of Industry profits because estimates of the CCAdj by industry are
not available. For domestic corporations, PBT with IVA decreased slightly
in the first quarter; a $1.5 billion de-

SURVEY OF CURRENT BUSINESS
crease in the profits of nonfinancial
corporations was partly offset by a $1.0
billion increase in the profits of financial corporations. On the basis of
preliminary and incomplete information, it appears that drops in the profits
of manufacturing and of "other" nonmanufacturing industries were largely
offset by increases in the profits of
trade and of transportation and public utilities. (Industry estimates will be
published in the June SURVEY.)
Profits from the rest of the world increased $1.4 billion. This component
of profits measures receipts of profits
from foreign affiliates of U.S. corporations less payments of profits by U.S.
affiliates of foreign corporations. In the
first quarter, receipts increased about
as much as payments decreased.
Profits before tax and related measures.—PET decreased $21.4 billion.
The difference between the $0.9 billion
decrease in profits from current production and the $21.4 billion decrease
in PBT reflected a change in the IVA.
The IVA is an estimate of inventory
profits with the sign reversed. Inventory profits decreased $22.1 billion,
reflecting a decrease in prices of inventoried goods, especially petroleum
and petroleum products. The Producer

May 1991

Price Index, a major source for inven- Federal
tory prices, decreased an an annual
The Federal Government deficit derate of almost 8 percent (not seasonally
creased $66.3 billion, to $118.0 billion,
adjusted) in the first quarter.
as expenditures decreased and receipts
increased.
Government Sector
Receipts.—Receipts increased $12.3
The fiscal position of the government billion in the first quarter after increassector improved in the first quarter of ing $0.6 billion in the fourth. The step1991. The Federal Government deficit up was accounted for by contributions
decreased $66.3 billion; this large drop for social insurance and by indirect
mainly reflected contributions from business tax and nontax accruals.
Contributions for social insurance
U.S. coalition partners for Operation
Desert Storm. The State and local increased $13.2 billion after increasgovernment surplus increased $4.7 bil- ing $1.6 billion. Contributions were
lion. The resulting combined deficit boosted by four changes in Federal proof the Federal Government and State grams that became effective January
and local governments decreased $71.0 1, 1991: An increase in the tax base
for the old age, survivors, and disabilbillion, to $87.6 billion (table 8).
Table 8.—Government Sector Receipts and Expenditures
[Billions of dollars, seasonally adjusted at annual rates]

Level
1991: I

Change from
preceding
quarter
1990:
IV

1991: I

Billions of dollars
Profits from current production
Domestic
..
......
Financial
..
...
Nonfinancial
Rest of the world
Inventory valuation adjustment
Capital consumption adjustment
Profits before tax
Profits tax liability
Profits after tax
Profits by industry:
Profits before tax with IVA
Domestic
Financial
Nonfinancial
Manufacturing
Trade
.7.
Transportation and public
utilities
Other
Rest of the world
Receipts (inflows)
Payments (outflows)

288.0
218.7
22.8
195.8
69.4

-11.8
-22.3
-2.6
-19.7
10.4

-0.9
-2.1
1.1
-3.3
1.4

8.3
-3.0
282.7
115.1
167.6

6.0
-3.4
-14.4
-12.6
-1.8

22.1
-1.6
-21.4
-11.4
-10.0

291.1
221.7
19.8
201.9

-8.4
-18.8
-2.9
-15.9
-18.1
3.3

.8
-.6
1.0
-1.5

69.4
72.1
2.7

-26
1.5
10.4
4.0
-6.5

1.4
.6
-.7

1.208
.813
.316
.080

0.006
.007
.006
-.007

0.017
.009
.009
.000

NOTE.—Levels of these and other profits series are found in tables
1.14, 1.16, 6.18B, and 7.18 of the "Selected NIPA Tables."
IVA Inventory valuation adjustment




m

II

I

1991:1

I

IV

Government sector
Receipts
Expenditures
Surplus or deficit ( )

*

3.4
55.6
-52.2

14.8
-56.2
71.0

1,822.9
1,910.6
-87.6

20.1

.6

12.3

1,138.8

8.0
5.0
.5
6.6

5.4
-10.1
3.6
1.6

.1
-9.0
8.1
13.2

505.6
95.1
72.7
465.5

22.9

-.2

39.2

11.3
2.4
8.9
4.9
7.0
1.1
5.9

3.9
3.0
.9
2.3
2.8
4.7
-1.9

7"6

2.8
6.9
4.8
4.5
-2.1

2.9
6.2
-4.5
-6.8
-7.0
-2.3

-1.7
5.5
-10.7
-8.3
-8.6
2.4

11.8
12.4
-.6
-1.8
5.4
13.2
-7.8
-17.0
6.0
3.1
12.8
15.0
14.7
2.2

-18.2

2.3

20.3

-38.6

19.0

8.6

16.4

8.8

10.4

827.9

1.6
1.2
8.4
.9
7.0

2.9
.6
1.4
.8
2.9

5.0
.9
11.3
.8
-1.7

1.7
-2.5
2.9
.7
6.0

2.2
-2.3
2.0
.7
7.9

213.3
20.1
388.7
62.1
143.7

19.4

8.1

15.8

22.4

5.7

797.5

16.1
5.1
4.5
-.3
.2
-.6

5.0
-2.9
4.1
-.4
.3
-.3

12.5
.9
4.3
-.4
.2
-.4

18.2
5.2
4.8
-.4
.2

2.1
-4.0
4.6
-.4
.3
-.4

.6

.3

.4

697.4
80.1
174.4
-42.6
10.8
-20.9
.8
21.7

-.4

.6

.6

-13.6

4.7

30.4

.7
-1.1

.8
-.2

.7
-.1

.6
-14.2

.7
4.1

71.1
-40.7

36.8
55.4
-18.6

30.9
28.1
2.9

38.3
17.3
20.9

24.8

25.2

4.0
5.2
1.9
13.8

18.5
2.7
-.1
4.1

43.0
10.6
8.0
2.7
-3.0
15.6
19.8
-4.3

Federal Government

Personal tax and nontax receipts
Corporate profits tax accruals
Indirect business tax and nontax accruals
Contributions for social insurance
Expenditures
Purchases of goods and services
National defense
Nondefense
.
Of which: Commodity Credit Corporation inventory change
Transfer payments
To persons
Of which: Contributions for Operation Desert Storm
Grants-in-aid to State and local governments
Net interest paid
Subsidies less current surplus of government enterprises
Subsidies
;
Of which ' Agricultural subsidies
Less: Current surplus of government enterprises
Surplus or deficit ( )

-53.9

1,256.8

-60.2
25.0
-85.1
-73.7
7.9
.8
-8.5
-2.8
-3.2
5.6

443.5
330.8
112.7
-1.4
458.4
534.3
-75.9
-90.7
143.7
193.8
17.4
29.5
10.4
12.0

66.3

-118.0

5.9
5.9

State and local governments

Dollars
Unit prices, costs, and profits of
domestic nonfinancial corporations:
Unit price
Unit labor cost
Unit nonlabor cost
Unit profits from current production ...

1991

1990

Receipts

Table 7.—Corporate Profits

Level

Changes from preceding quarter

Receipts
Personal tax and nontax receipts
Corporate profits tax accruals
Indirect business tax and nontax accruals
Contributions for social insurance
Federal grants-in-aid
Expenditures
Purchase of goods and services
Of which' Structures
Transfer payments to persons
Net interest paid
Less' Dividends received by government
Subsidies less current surplus of government enterprises
Subsdies
Less' Current surplus of government enterprises
Less' Wage accruals less disbursements
Surplus or deficit ( )
Social insurance funds
Other

,.

NOTE.—Dollar levels are found in table 3.2 and 3.3 of the "Selected NIPA Tables."

.4

May 1991

ity insurance portion of social security
from $51,300 to $53,400 ($1.8 billion);
an increase in the tax base for the
medicare portion of social security from
$51,300 to $125,000 ($5.8 billion); an
increase in medicare monthly insurance premiums from $28.60 to $29.90
per month ($0.9 billion); and an increase in the contribution for military
retirement ($1.2 billion).
Indirect business tax and nontax accruals increased $8.1 billion after increasing $3.6 billion. The acceleration
was due to excise tax increases enacted
in the Omnibus Budget Reconciliation
Act of 1990: Effective December 1,
1990, excise taxes on gasoline, diesel
fuel, and aviation increased, and effective January 1, 1991, excise taxes
on alcohol, tobacco, and certain other
items increased.
Personal tax and nontax receipts increased $0.1 billion after increasing
$5.4 billion. Income tax receipts increased $6.2 billion, about one-half as
much as in the fourth quarter. The deceleration was largely attributable to
lower net final settlements being received with 1990 income tax returns.
Among legislative changes, tax reductions of $6.0 billion attributable to
indexation were largely offset by tax
increases of $5.5 billion attributable
to provisions of the Omnibus Budget
Reconciliation Act of 1990.
Corporate profits tax accruals declined $9.0 billion after declining
$10.1 billion.
Both declines reflected continuing declines in corporate
profits.
Expenditures.—Expenditures
decreased $53.9 billion in the first quarter after increasing $39.2 billion in
the fourth. The drop was more than
accounted for by a large decline in
transfer payments to foreigners.
Transfer payments to foreigners decreased $85.1 billion after decreasing
$7.8 billion. The first-quarter decline
included $73.7 billion in contributions
from U.S. coalition partners for Operation Desert Storm expenses, which—




SURVEY OF CURRENT BUSINESS
as payments from foreigners—are entered with a negative sign. Other
foreign transfer payments declined after unusually large foreign assistance
payments in the fourth quarter.
Subsidies less the current surplus
of government enterprises decreased
$8.5 billion after increasing $12.8 billion. The downswing was largely attributable to government payments to
farmers, which declined $3.2 billion
after increasing $14.7 billion. A stepup in the current surplus of government enterprises reflected a January
increase in deposit insurance premiums and a February increase in postal
rates.
Transfer payments to persons increased $25.0 billion after increasing
$13.2 billion. The first-quarter increase included $3.3 billion for unemployment benefits and $17.8 billion for
cost-of-living adjustments (COLA's).
The largest COLA's were for social
security ($13.4 billion), civilian and
military retirement ($2.9 billion), and
supplemental security income ($0.7
billion).
Purchases of goods and services increased $5.9 billion after increasing
$11.8 billion. Defense purchases increased $5.9 billion after increasing
$12.4 billion. A pay raise for defense
employees accounted for $3.7 billion
of the first-quarter increase; purchases
for Operation Desert Storm had accounted for much of the fourth-quarter
increase. Nondefense purchases were
unchanged after decreasing $0.6 billion; an acceleration in purchases of
agricultural commodities by the Commodity Credit Corporation and the pay
raise for Federal employees were offset
by increased sales from the Strategic
Petroleum Reserve and by declines in
other programs.
Among other expenditures, grantsin-aid to State and local governments
increased $7.9 billion after increasing
$6.0 billion; grants for medicaid, aid
to families with dependent children,
social services, mass transit, and education all increased. Net interest paid

increased $0.8 billion after increasing
$3.1 billion.
Cyclically adjusted surplus or deficit.—When measured using cyclical adjustments based on a 6-percent unemployment rate trend GNP, the Federal deficit on the national income and
product accounts basis decreased from
$179.1 billion in the fourth quarter to
$89.9 billion in the first (see table 3 on
page 25). The cyclically adjusted deficit
as a percentage of the 6-percent unemployment rate trend GNP decreased
from 3.2 percent in the fourth quarter
to 1.6 percent in the first.
State and local

The State and local government surplus increased $4.7 billion, to $30.4
billion, as receipts increased more than
expenditures.
Receipts increased $10.4 billion in
the first quarter after increasing $8.8
billion in the fourth. Grants-in-aid
increased $7.9 billion after increasing
$6.0 billion. Personal tax and nontax receipts increased $2.2 billion after
increasing $1.7 billion. Indirect business tax and nontax accruals increased
$2.0 billion after increasing $2.9 billion. Contributions for social insurance
increased $0.7 billion, the same as in
the fourth quarter. Corporate profits
tax accruals declined $2.3 billion after declining $2.5 billion; both declines
reflected decreasing profits.
Expenditures increased $5.7 billion
in the first quarter after increasing
$22.4 billion in the fourth. The deceleration was primarily in purchases
of goods and services, which increased
$2.1 billion after increasing $18.2 billion. Within goods and services, purchases of structures decreased $4.0 billion after increasing $5.2 billion; most
of the turnaround was accounted for by
highway construction. All other categories of expenditures combined increased $3.6 billion, slightly less than
in the fourth quarter.

8

May 1991

SURVEY OF CURRENT BUSINESS

NATIONAL INCOME
AND PRODUCT ACCOUNTS
Selected NIPA Tables
New estimates in this issue: First quarter 1991, revised; for gross domestic product of nonfinancial corporate business in 1982 dollars (table 1.1.6)
and current-dollar cost and profit per unit of constant-dollar domestic product of nonfinancial corporate business (table 7.18), revised from 1977 forward.
The selected set of 54 national income and product accounts (NIPA) tables shown in this section presents quarterly estimates, which are updated
monthly. (In most of these tables, annual estimates are also shown.) For more information on the presentation of the estimates, see "National Income
and Product Accounts Estimates: When They are Released, Where They Are Available, and How They Are Presented" in the July 1988 SURVEY.
The tables shown are available the day of the GNP news release on printouts and diskettes on a subscription basis or from the Commerce Department's
Economic Bulletin Board. Estimates for 1986-89 are in the July 1990 issue of the SURVEY; estimates for 1985 are in the July 1988 issue; estimates
for 1984 are in the July 1987 issue; estimates for 1983 are in the July 1986 issue. Estimates for 1929-82 are in National Income and Product
Accounts, 1929-82: Statistical Tables. For more information, write to National Income and Wealth Division (BE-54), Bureau of Economic Analysis, U.S.
Department of Commerce, Washington, DC 20230.
NOTE.—This section of the SURVEY is prepared by the National Income and Wealth Division and the Government Division.
Table 1.1.—Gross National Product

Table 1.2.—Gross National Product in Constant Dollars

[Billions of dollars]

[Billions of 1982 dollars]
Seasonally adjusted at annual rates

1989

1990

1989

IV

..

HI

IV

Fixed investment
Nonresidential
Structures
Producers' durable equipment ....
Residential
Change in business inventories
Nonfarm
Farm
Net exports of goods and services l
Exports l
Imports '
Government purchases of goods and
services

3,450.1 3,657.3 3,518.5 3,588.1 3,622.7 3,693.4 3,724.9 3,744.5

.

771.2

741.0

762.7

747.2

759.0

759.7

6983

664.2

742.9
511.9
146.2
365.7
231.0
28.3
23.3
5.0

746.1
524.1
147.0
377.1
222.0
-5.0
-7.4
2.4

737.7
511.8
147.1
364.7
225.9
25.0
24.1
.9

758.9
523.1
148.8
374.3
235.9
-11.8
-17.0
5.3

745.6
516.5
147.2
369.3
229.1
13.4
13.0
.5

750.7
532.8
149.8
383.0
217.9
9.0
6.8
2.2

729.2
524.0
142.1
381.9
205.2
-30.8
-32.4
1.5

695.4
504.2
139.8
364.4
191.2
-31.2
-34.1
2.9

-46.1

-31.2

-35.3

-30.0

-24.9

-41.3

-28.8

12.1

626.2
672.3

672.8
704.0

642.8
678.1

661.3
691.3

659.7
684.6

672.7
714.1

697.4
726.2

687.5
675.4

1,025.6 1,098.1 1,043.3 1,070.1 1,086.4 1,102.8 1,132.9 1,140.9
...

......

400.0
301.1
98.9
625.6

424.0
313.6
110.4
674.1

399.9
299.2
100.7
643.4

410.6
307.2
103.4
659.6

421.9
309.6
112.3
664.6

425.8
312.6
113.2
677.0

437.6
325.0
112.6
695.3

1990

I"

474.6 480.3 471.2 492.1 478.4 482.3 468.5 453.4
1,130.0 1,193.7 1,148.8 1,174.7 1,179.0 1,205.0 1,216.0 1,212.3
1,845.5 1,983.3 1,898.5 1,921.3 1,965.3 2,006.2 2,040.4 2,078.8

Gross private domestic investment

Federal
National defense
Nondefense
State and local

II

1989

443.5
330.8
112.7
697.4

Gross national product
Personal consumption expenditures ' .
Durable goods
Nondurable goods
Services *
Gross private domestic investment
Fixed investment
Nonresidential
Producers' durable equipment ....
Residential
Change in business inventories
Nonfarm
Farm
Net exports of goods and services 1
Exports '
Government purchases of goods and
services
Federal
National defense
Nondefense
State and local

1991

1990

1989

IV

5,200.8 5,465.1 5,289.3 5,375.4 5,443.3 5,514.6 5,5273 5,561.7

Gross national product
Personal consumption expenditures 1 .
Durable goods ....
Nondurable goods
Services'

I

Seasonally adjusted at annual rates

1991

1990

I

n

HI

IV

4,117.7 4,1573 4,133.2 4,150.6 4,155.1 4,170.0 4,153.4 4,126.5
2,656.8 2,681.6 2,669.9 2,677.3 2,678.8 2,696.8 2,673.6 2,664.9
428.0 427.4 423.1 437.6 426.8 429.5 415.6 401.3
919.9 911.1 923.0 915.6 911.2 916.4 901.2 896.8
1,309.0 1,343.1 1,323.8 1,324.2 1,340.8 1,350.8 1,356.7 1,366.7
716.9

688.7

709.1

700.7

700.7

697.0

656.3

626.1

693.1
506.1
122.4
383.7
187.0
23.8
18.7
5,0

692.3
515.4
120.9
394.6
176.8
-3.6
-5.1
1.5

690.2
508.4
123.1
385.4
181.8
18.9
15.3
3.6

702.9
514.6
123.8
390.8
188.3
-2.2
-8.2
6.0

691.2
508.4
120.9
387.5
182.8
9.5
11.6
-2.1

692.3
519.3
122.4
397.0
173.0
4.7
4.7
0

649.9
497.4
114.0
383.4
152.4
-23.7
-26.8
3.1

-54.1

-33.8

-47.9

-35.4

-44.6

-46.5

682.7
519.4
116.4
403.1
163.3
-26.4
-28.5
2.1
-8.8

593.3
647.4

631.5
665.3

611.6
659.4

628.1
663.5

620.1
664.7

630.5
677.0

647.2
656.0

643.0
636.6

798.1

820.8

802.2

807.9

820.2

822.7

832.3

829.1

334.9
256.3
78.7
463.2

343.7
258.7
85.0
477.1

332.7
255.5
77.2
469.5

333.0
254.4
78.6
475.0

345.9
256.5
89.4
474.3

346.0
258.2
87.8
476.7

349.9
265.7
84.2
482.4

348.8
266.8
82.1
480.3

1. See the box on page 21 of the July 89 SURVEY OF CURRENT BUSINESS.

1. See the box on page 21 of the July 89 SURVEY OF CURRENT BUSINESS.

NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.

NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.

Table 1.3.—Gross National Product by Major Type of Product

Table 1.4.—Gross National Product by Major Type of Product in
Constant Dollars

[Billions of dollars]

[Billions of 1982 dollars]
Seasonally adjusted at annual rates

1989

1990

IV
Gross national product
Final sales
Change in business inventories
Final sales
Change in business inventories
Durable goods
Final sales
Change in business inventories
Nondurable goods
Final sales
Change in business inventories
Structures

II

III

IV

,

5,172.5 5,470.2 5,264.3 5,387.2 5,429.9 5,505.6 5,558.2 5,592.9
-31.2
13.4
9.0 -30.8
-5.0
25.0 -11.8
28.3
2,044.4 2,148.3 2,060.9 2,122.8 2,133.1 2,161.4 2,175.9 2,169.4
-31.2
13.4
9.0 -30.8
25.0 -11.8
28.3
-5.0
953.2
943.4
9.8

1990

Gross national product
Final sales
Change in business inventories
Goods
Final sales
Change in business inventories

1991

1990

1989

IV

5,200.8 5,465.1 5,289.3 5,375.4 5,443.3 5,514.6 5,5273 5,561.7

I

II

III

IV

V

4,117.7 4,157.3 4,133.2 4,150.6 4,155.1 4,170.0 4,153.4 4,126.5
4,094.0 4,160.9 4,114.4 4,152.8 4,145.6 4,165.3 4,179.8 4,150.2
-2.2
4.7 -26.4 -23.7
23.8
9.5
18.9
-3.6
1,829.5 1,829.3 1,823.1 1,825.4 1,831.3 1,839.7 1,821.0 1,798.1
1,805.7 1,832.9 1,804.3 1,827.6 1,821.8 1,835.0 1,847.4 1,821.8
-2.2
4.7 -26.4 -23.7
23.8
-3.6
18.9
9.5

878.8
917.9
-39.1

Durable goods
Final sales
Change in business inventories

907.5
897.7
9.8

920.6
930.1
-9.5

904.4
894.2
10.2

914.3
932.1
-17.7

919.1
919.5
-.3

941.1
932.9
8.3

908.0
936.0
-28.1

878.7
910.6
-31.9

1,166.0 1,215.3 1,178.6 1,191.2 1,216.4 1,217.2 1,236.3 1,259.4
1,149.6 1,209.3 1,166.7 1,181.4 1,203.0 1,218.0 1,234.7 1,251.5
13.4
16.4
1.7
-.8
9.8
11.9
6.0
7.9

Nondurable goods ..
Final sales
Change in business inventories

922.0
908.0
13.9

908.7
902.8
5.9

918.7
910.1
8.6

911.0
895.5
15.5

912.2
902.4
9.8

898.5
902.1
-3.6

913.0
911.4
1.6

919.3
911.2
8.2

906.6
894.7
11.9

928.0
939.1
-11.1

907.4
894.2
13.2

919.9
941.4
-21.6

930.1
930.1
0

908.7
941.2
-32.5

2,671.2 2,864.5 2,747.5 2,791.3 2,834.2 2,889.6 2,943.0 3,004.6
456.9

457.4

455.9

473.0

462.5

454.6

4393

NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.




1989

V

2,072.7 2,143.3 2,085.9 2,111.0 2,146.6 2,170.4 2,145.0 2,138.2

Goods

Services

I

6.4

Seasonally adjusted at annual rates

1991

1990

1989

r

418.9

Services
Structures

1,915.6 1,961.0 1,939.7 1,943.7 1,952.5 1,967.3 1,980.7 1,993.4
372.7

366.9

370.4

381.5

371.2

363.1

351.7

NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.

335.0

May 1991

SURVEY OF CURRENT BUSINESS

Table 1.5.—Relation of Gross National Product, Gross Domestic Purchases,
and Final Sales to Domestic Purchasers

Table 1.6.—Relation of Gross National Product, Gross Domestic Purchases,
and Final Sales to Domestic Purchasers in Constant Dollars

[Billions of dollars]

[Billions of 1982 dollars]
Seasonally adjusted at annual rates

Seasonally adjusted at annual rates

1989

1990

1989

IV
Gross national product

1990

I

n

III

IV

2

Equals: Gross domestic purchases ....
Less: Change in business inventories
Equals: Final 3sales to domestic
purchasers

626.2
672.3

672.8
704.0

642.8
678.1

661.3
691.3

659.7
684.6

672.7
714.1

697.4
726.2

687.5
675.4

5,246.9 5,496.4 5324.6 5,4053 5,468.2 5,555.9 5,556.1 5,549.7

28.3

-5.0

25.0

-11.8

13.4

9.0

-30.8

1990

i'

5,200.8 5,465.1 5,289.3 5375.4 5,4433 5,514.6 5,5273 5,561.7

Less: Exports of goods and services * ....
Plus: Imports of goods and services l ....

1989

1991

-31.2

5,218.6 5,501.4 5,299.6 5,417.1 5,454.7 5,546.9 5,586.9 5,580.8

1989

IV

1991

1990

I

II

III

IV

4,117.7 4,1573 4,133.2 4,150.6 4,155.1 4,170.0 4,153.4 4,126.5

Gross national product
Less: Exports of goods and services l ....
Plus: Imports of goods and services * ....
2

Equals: Gross domestic purchases ....
Less: Change in business inventories
Equals: Final 3sales to domestic
purchasers

593.3
647.4

631.5
665.3

611.6
659.4

628.1
663.5

620.1
664.7

630.5
677.0

647.2
656.0

23.8

-3.6

18.9

-2.2

9.5

4.7

-26.4

NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.

NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.

Table 1.7.—Gross National Product by Sector

Table 1.8.—Gross National Product by Sector in Constant Dollars

[Billions of dollars]

[Billions of 1982 dollars]
Seasonally adjusted at annual rates

Seasonally adjusted at annual rates

1989

IV
Gross national product
Gross domestic product
Business
Nonfarm
Nonfarm less housing
Housing
Statistical discrepancy

1990

I

n

1989

1991

III

IV

-23.7

4,148.1 4,194.7 4,162.2 4,188.1 4,190.1 4,211.8 4,188.6 4,143.9

1. See the box on page 2i of the July 89 SURVEY OF CURRENT BUSINESS.
2. Purchases in the United States of goods and services wherever produced.
3. Final sales in the United States of goods and services wherever produced.

1990

643.0
636.6

4,171.8 4,191.1 4,181.1 4,185.9 4,199.7 4,216.5 4,162.2 4,120.1

1. See the box on page 21 of the July 89 SURVEY OF CURRENT BUSINESS.
2. Purchases in the United States of goods and services wherever produced.
3. Final sales in the United States of goods and services wherever produced.

1989

lr

1990

IV

I"

5,200.8 5,465.1 5,2893 5375.4 5,4433 5,514.6 5,5273 5,561.7
5,163.2 5,423.4 5,246.5 5,333.8 5,411.7 5,471.7 5,476.5 5,506.5
4,418.1 4,619.2 4,483.1 4,551.8 4,613.5 4,659.6 4,652.1 4,662.4
4,346.6 4,527.8 4,399.5 4,455.8 4,522.1 4,571.4 4,562.1 4,562.3
3,915.3 4,068.8 3,955.8 4,007.6 4,067.5 4,106.9 4,093.1 4,089.7
431.2 459.1 443.7 448.1
454.7 464.4 469.0 472.6
88.6
86.7
89.6
93.1
95.3
94.6
93.1
92.0
-3.0
.7
.4
-17.0
-1.7
-3.2
-4.9
8.1

•1989

Gross national product
Gross domestic product
Business
Nonfarm
.
Nonfarm less housing
Farm
Statistical discrepancy

1991

1990

I

II

III

IV

r

4,117.7 4,157.3 4,133.2 4,150.6 4,155.1 4,170.0 4,153.4 4,126.5
4,087.6 4,125.4 4,099.5 4,118.2 4,130.6 4,137.5 4,115.2 4,085.6
3,557.9 3,581.1 3,564.4 3,580.0 3,587.2 3,590.8 3,566.7 3,534.6
3,492.9 3,502.5 3,487.5 3,500.3 3,510.3 3,514.3 3,485.1 3,447.2
3,196.0 3,200.4 3,187.8 3,199.1 3,208.4 3,211.9 3,182.1 3,143.5
296.9 302.1 299.7 301.2 301.8 302.4 303.1 303.7
80.2
79.4
81.2
81.3
80.0
79.1
78.8
79.3
6.2
-2.4
.6
-3.7
.3
-13.8
-1.3
-2.5

Households and institutions
Private households
;
Nonprofit institutions

203.6
10.3
193.3

224.8
10.8
214.0

210.3
10.4
199.9

215.0
10.5
204.5

221.4
10.8
210.6

229.3
10.9
218.4

233.4
11.0
222.4

237.8
11.1
226.7

Households and institutions
Private households
Nonprofit institutions

146.2
9.5
136.6

154.5
9.7
144.8

149.2
9.7
139.6

150.8
9.7
141.2

153.6
9.8
143.7

156.7
9.8
146.9

157.0
9.7
147.3

158.0
9.7
148.3

Government
Federal
State and local

541.6
168.6
373.0

579.4
178.5
400.9

553.0
169.7
383.3

567.0
176.6
390.4

576.7
179.2
397.5

582.8
178.3
404.5

591.0
179.8
411.2

606.3
188.5
417.8

Government
Federal
State and local

383.5
126.5
257.0

389.7
127.6
262.1

385.9
126.8
259.2

387.4
127.0
260.4

389.9
128.2
261.7

390.0
127.4
262.7

391.5
127.8
263.6

393.0
128.7
264.4

37.6

41.7

42.8

41.6

31.6

42.9

50.8

553

30.2

31.9

33.7

32.4

24.5

32.6

38.2

40.8

Rest of the world
Addendum:
Gross domestic business product less
housing

Addendum:
Gross domestic business product less
3,978.4

32526

NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.




Rest of the world

NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.

Comprehensive Revision of the NIPA's
Revised and updated estimates of the national income and product accounts (NIPA's) resulting from a comprehensive, or benchmark, revision are scheduled for release at the end of
November 1991 and will appear in the November SURVEY OF CURRENT BUSINESS. These estimates will incorporate statistical revisions resulting from (1) newly available source data, such
as the 1982 benchmark input-output tables, the 1987 Economic Censuses, and several annual
surveys for 1989 and 1990, (2) changes in methodology, and (3) a shift, from 1982 to 1987, in
the base period used to express constant-dollar GNP in prices of a single period. The estimates
will also reflect changes in definitions and classifications. In addition, table formats will be
revised and new series presented. The most important of the new series will be alternative
measures of constant-dollar GNP; these measures, described in the April 1989 SURVEY, involve
approaches to weighting that use prices for more than one year. The changes to be introduced
in the comprehensive revision will be described in a SURVEY article this summer.
In general, the statistical revisions will affect the estimates back to 1978, the changes hi
definitions and classifications will affect the estimates as far back as necessary, and the shift
in base period will affect the estimates back to 1929. The estimates released in November will
be limited to 1959 forward and will exclude the GNP by industry series; estimates for earlier
periods and for the industry series will be released during 1992.
The annual NIPA revision covering 1988-90, which would usually be released in July 1991,
will be postponed and combined with the comprehensive revision. The July SURVEY will include
tables showing detailed annual estimates for 1990 on an unrevised basis (in addition to those
that appear monthly in the "Selected NIPA Tables").

10

May 1991

SURVEY OF CURRENT BUSINESS
Table 1.14.—National Income by Type of Income

Table 1.9.—Relation of Gross National Product, Net National Product,
National Income, and Personal Income

[Billions of dollars]

[Billions of dollars]

Seasonally adjusted at annual rates
Seasonally adjusted at annual rates

1989

1990

II

I

IV

III

lr

IV

Equals: Net national product

554.4

575.6

572.5

567.0

571.1

579.3

585.1

590.9

541.9

540.5

544.3

538.6

539.3

540.7

543.3

548.0

-12.6

-35.1

-28.2

-28.4

-31.8

-38.6

-41.8

-43.0

4,646.4 4,889.5 4,716.8 4,808.4 4,872.2 4,935.3 4,942.2 4,970.8

Less: Indirect business tax and nontax
liability
Business transfer payments
Statistical discrepancy

414.0
32.4
-17.0

440.3
35.0
-1.7

421.5
33.4
-3.0

431.7
34.1
.7

433.0
34.7
-3.2

444.9
35.4
-4.9

451.4
36.0
.4

Plus: Subsidies less current surplus of
government enterprises

6.3

2.5

2.2

8.4

3.6

-7.5

5.3

461.4
36.7
8.1

-3.5

4,2233 4,418.4 4,267.1 43503 4,411.3 4,452.4 4,459.7 4,461.1

Equals: National income
Less: Corporate profits with inventory
valuation and capital consumption
adjustments
Net interest
Contributions for social
insurance
Wage accruals less
disbursements .. ..
Plus: Government transfer payments to
persons
Personal interest income
Personal dividend income
Business transfer payments
Equals: Personal income

311.6
445.1

298.3
466.7

290.9
461.7

296.8
463.6

306.6
466.2

300.7
468.3

288.9
468.4

288.0
463.9

476.8

506.9

484.2

498.9

503.9

511.3

513.7

527.5

0

0

0

0

652.0
678.0
122.9
34,7

661.0
685.3
124.9
35.4

679.0
687.9
126.7
36.0

708.6
683.4
126.7
36.7

0

604.5
643.2
114.4
32.4

0

659.7
680.4
123.8
35.0

0

622.5
664.9
118.2
33.4

0

646.8
670.5
120.5
34.1

4,384.3 4,645.5 4,469.2 4,562.8 4,622.2 4,678.5 4,718.5 4,737.0

II

III

IV

I"

3,079.0 3,244.2 3,128.6 3,180.4 3,232.5 3,276.9 3,286.9 3,297.7

Wages and salaries
Government and government
enterprises
Other

2,573.2 2,705.3 2,612.7 2,651.6 2,696.3 2,734.2 2,738.9 2,741.3
476.6 508.0 486.7 497.1 505.7 511.3 518.1 529.8
2,096.6 2,197.2 2,126.0 2,154.5 2,190.6 2,222.9 2,220.8 2,211.5

Supplements to wages and salaries ....
Employer contributions for social
insurance
Other labor income
Proprietors' income with inventory
valuation and capital consumption
adjustments
Farm
Proprietors' income with inventory
valuation adjustment
Capital consumption adjustment
Nonfarm
Proprietors' income
Inventory valuation adjustment
Capital consumption adjustment
Rental income of persons with capital
consumption adjustment
Rental income of persons
Capital consumption adjustment
Corporate profits with inventory
valuation and capital consumption
adjustments
Corporate profits with inventory
valuation adjustment
....

Inventory valuation adjustment
Capital consumption adjustment

[Billions of 1982 dollars]

1991

1990

I

4,223.3 4,418.4 4,267.1 4,3503 4,411.3 4,452.4 4,459.7 4,461.1

Compensation of employees

Profits before tax
Profits tax liability
Profits after tax
Dividends
Undistributed profits

Table 1.10.—Relation of Gross National Product, Net National Product,
and National Income in Constant Dollars

1989

IV
National income

5,200.8 5,465.1 5,289.3 5,375.4 5,443.3 5,514.6 5,5273 5,561.7

Gross national product
Less: Capital consumption allowances
with capital consumption adjustment .
Capital consumption
allowances without capital
consumption adjustment
Less: Capital consumption
adjustment

1990

1991

1990

1989

1989

Net interest

505.8

538.9

515.9

528.8

536.1

542.7

548.0

556.5

263.9
241.9

280.8
258.1

268.4
247.5

276.0
252.8

279.7
256.4

282.7
260.0

284.8
263.2

290.3
266.2

379.3

402.5

381.7

404.0

401.7

397.9

406.2

404.2

48.6

49.9

45.7

57.4

51.0

42.4

48.8

48.5

56.3
-7.7

57.5
-7.6

53.4
-7.7

65.1
-7.7

58.5
-7.6

49.9
-7.6

56.3
-7.5

55.9
-7.4

330.7
298.9
-1.0
32.8

352.6
324.3
-1.7
30.0

336.0
306.7
-1.1
30.4

346.6
317.1
-.9
30.3

350.8
320.7
-.2
30.2

355.6
329.3
-3.5
29.8

357.4
330.1
-2.2
29.5

355.7
324.7
1.6
29.4

8.2

6.9

4.1

5.5

4.3

8.4

9.3

7.2

64.1
-55.8

61.6
-54.7

63.0
-58.9

60.2
-54.6

58.8
-54.5

63.5
-55.1

64.0
-54.7

61.4
-54.2

311.6

298.3

290.9

296.8

306.6

300.7

288.9

288.0

286.1

293.3

275.3

285.5

298.8

298.7

290.3

291.1

307.7
135.1
172.6
123.5
49.1

304.7
132.1
172.5
133.9
38.7

289.8
123.5
166.3
127.7
38.6

296.9
129.9
167.1
130.3
36.8

299.3
133.1
166.1
133.0
33.2

318.5
139.1
179.4
135.1
44.3

304.1
126.5
177.6
137.2
40.4

282.7
115.1
167.6
137.5
30.2

-21.7

-11.4

-14.5

-19.8

-13.8

-11.4

-.5

25.5

4.9

15.6

11.3

7.7

2.0

-1.4

-3.0

445.1

466.7

461.7

463.6

466.2

468.3

468.4

463.9

176.5

166.1

167.5

167.0

173.4

161.6

162.4

172.9

399.4

395.3

396.3

393.4

400.2

392.0

395.5

410.6

53.0

32.2

39.8

36.7

40.5

26.5

25.2

35.5

8.3

Addenda:
4,117.7 4,157.3 4,133.2 4,150.6 4,155.1 4,170.0 4,153.4 4,126.5

Gross national product
Less: Capital consumption allowances
with capital consumption adjustment .
Equals: Net national product
Less: Indirect business tax and nontax
liability plus business transfer
payments less subsidies plus current
surplus of government enterprises
Statistical discrepancy
Equals* National income

506.0

519.7

519.8

512.5

516.5

522.5

527.1

531.7

3,611.7 3,637.6 3,613.4 3,638.0 3,638.6 3,647.5 3,626.2 3,594.8

333.4

333.4

335.9

334.3

332.5

335.5

331.2

327.3

-13.8

-1.3

-2.4

.6

-2.5

-3.7

.3

6.2

3,292.1 3,305.6 3,280.0 3,303.2 3,308.6 3,315.7 3,294.7 3,261.3

Table 1.11.—Command-Basis Gross National Product in Constant Dollars
[Billions of 1982 dollars]

Less: Net exports of goods and services
Exports
Imports

4,117.7 4,157.3 4,133.2 4,150.6 4,155.1 4,170.0 4,153.4 4,126.5
6.4
-8.8
-54.1 -33.8 -47.9 -35.4 -44.6 -46.5
593.3 631.5 611.6 628.1 620.1 630.5 647.2 643.0
647.4 665.3 659.4 663.5 664.7 677.0 656.0 636.6

Equals: Gross domestic purchases

4,171.8 4,191.1 4,181.1 4,185.9 4,199.7 4,216.5 4,162.2 4,120.1

Gross national product

Plus: Command-basis net exports of
goods and services
Command-basis exports l
Imports
Equals: Command-basis gross
national product

-44.4
603.1
647.4

-29.5
635.8
665.3

-34.3
625.1
659.4

-28.8
634.7
663.5

-24.2
640.5
664.7

-39.2
637.8
677.0

-26.0
630.0
656.0

11.4
648.0
636.6

4,127.4 4,161.6 4,146.8 4,157.2 4,175.5 4,1773 4,136.2 4,131.5

Addendum:
Terms of trade2

..

101.6

100.7

102.2

101.1

103.3

101.1

97.4

100.8

1. Exports of goods and services deflated by the implicit price deflator for imports of goods and services.
2. Ratio of the implicit price deflator for exports of goods and services to the implicit price deflator for
imports of goods and services with the decimal point shifted two places to the right.
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.




Corporate profits after tax with
inventory valuation and capital
consumption adjustments
Net cash flow with inventory
valuation and capital
consumption adjustments
Undistributed profits with
inventory valuation and capital
consumption adjustments
Capital consumption allowances
with capital consumption
adjustment
Less: Inventory valuation
adjustment
Equals: Net cash flow

346.4

363.0

356.5

356.7

359.7

365.5

370.3

375.1

-21.7
421.1

-11.4
406.6

-14.5
410.8

-11.4
404.9

-.5
400.6

-19.8
411.8

-13.8
409.2

8.3
402.3

May 1991

11

SURVEY OF CURRENT BUSINESS

Table 1.16.—Gross Domestic Product of Corporate Business in Current
Dollars and' Gross Domestic Product of Nonfinancial Corporate Business
in Current and Constant Dollars

Table 1.17.—Auto Output
[Billions of dollars]
Seasonally adjusted at annual rates

Seasonally adjusted at annual rates

1989

1990

1989

1990

IV

I

n

1989
1991

III

IV

Auto output

Gross domestic product of
corporate business

Net domestic product
Indirect business tax and nontax
liability plus business transfer
payments less subsidies
Domestic income
Compensation of employees
Wages and salaries .
Supplements to wages and
salaries
Corporate profits with inventory
valuation and capital
consumption adjustments
Profits before tax
Profits tax liability
Profits after tax
Dividends
Undistributed profits
Inventory valuation adjustment ...
Capital consumption adjustment .
Net interest
Gross domestic product of
financial corporate business .
Gross domestic product of
nonfinancial corporate
business
Capital consumption allowances with
capital consumption adjustment
Net domestic product
,
Indirect business tax and nontax
liability plus business transfer
payments less subsidies
Domestic income
Compensation of employees
Wages and salaries
Supplements to wages and
salaries
Corporate profits with inventory
valuation and capital
consumption adjustments
Profits before tax
Profits tax liability
Profits after tax
Dividends
Undistributed profits
Inventory valuation adjustment ...
Capital consumption adjustment .
Net interest

3,086.4 3,198.6 3,109.5 3,1363 3,206.0 3,234.4 3,217.6 3,218.1
346.4

363.0

356.5

356.7

359.7

365.5

370.3

375.1

2,739.9 2,835.5 2,753.0 2,779.5 2,846.3 2,869.0 2,847.4 2,843.0
295.1 313.5 299.9 307.3 307.6 317.7 321.4 329.6
2,444.9 2,522.1 2,453.1 2,472.3 2,538.7 2,551.3 2,526.0 2,513.4
2,058.1 2,140.5 2,080.6 2,090.1 2,140.3 2,167.7 2,163.9 2,155.8
1,731.5 1,800.3 1,750.3 1,758.1 1,800.4 1,823.9 1,818.9 1,808.1
326.7

340.2

330.3

332.0

339.8

343.8

345.1

347.7

Capital consumption allowances with
capital consumption adjustment
Net domestic product
Indirect business tax and nontax
liability plus business transfer
payments less subsidies
Domestic income

260.7
256.9
135.1
121.8
104.3
17.5
-21.7
25.5
126.0

241.4
247.8
132.1
115.7
114.8
.8
-11.4
4.9
140.2

234.0
232.9
123.5
109.4
100.4
9.0
-14.5
15.6
138.5

243.9
244.0
129.9
114.1
115.6
-1.4
-11.4
11.3
138.3

257.6
250.3
133.1
117.2
109.4
7.8
_ <

231.9

245.9

231.0

228.8

140.8

243.1
260.9
139.1
121.8
112.7
9.1
-19.8
2.0
140.5

220.8
236.0
126.5
109.5
121.7
-12.2
-13.8
-1.4
141.2

218.7
213.4
115.1
98.2
112.3
-14.1
8.3
-3.0
139.0

246.0

255.3

253.6

257.4

in

New
Used

III

IV

I"

1313

126.5

128.2

1203

128.9

1413

115.6

103.0

128.9
141.4
99.7
41.6
20.3
50.1
-29.8
-34.4
10.0
44.5

131.1
139.8
96.1
43.7
24.8
54.0
-29.2
-35.5
10.4
45.9

123.0
133.9
90.1
43.8
18.6
46.7
-28.1
-30.9
11.2
42.1

135.0
145.3
102.6
42.7
22.3
50.0
-27.8
-34.6
10.9
45.5

133.8
140.2
97.6
42.6
24.2
52.2
-28.0
-32.4
11.4
43.8

133.3
139.8
95.2
44.6
28.9
59.6
-30.7
-37.0
10.2
47.2

122.3
133.9
89.0
44.9
23.9
54.4
-30.5
-37.9

109.2
120.6
76.4
44.2
23.5
53.7
-30.2
-37.3

9.1

9.3

47.1

46.6

1.6

1.9

1.4

1.9

1.7

1.6

2.4

2.3

2.4
1.6
.8

-44
-.2

5.1 -14.6
6.6 -146
0

-4.9
-3.8
-1.1

8.0
7.6
.5

-6.7
-6.7

-6.1
-6.8

-1.4

Domestic output of new autos l
Sales of imported new autos2

105.2
57.6

99.7
58.1

100.2
54.8

103.4
59.1

113.4
58.8

89.3
56.5

83.5
48.2

-4.5

0

.7

Table 1.18.—Auto Output in Constant Dollars
[Billions of 1982 dollars]
Seasonally adjusted at annual rates

1990

2,854.5 2,952.7 2,878.5 2,907.5 2,960.0 2,979.1 2,964.1 2,960.7
317.8

331.6

326.4

326.1

329.1

333.4

338.0

272.9 289.7 277.1 283.9 284.2 293.6 297.0 304.5
2,263.8 2,331.3 2,275.1 2,297.4 2,346.8 2,352.1 2,329.2 2,313.8
1,902.3 1,983.4 1,924.4 1,946.2 1,982.1 2,004.7 2,000.7 1,990.8
1,599.4 1,667.2 1,618.1 1,636.3 1,666.2 1,685.6 1,680.6 1,668.6
302.9

316.3

306.3

310.0

315.9

319.1

320.2

322.2

241.0
241.5
101.4
140.1
104.8
35.2
-21.7
21.2
120.5

219.5
229.1
96.3
132.8
117.7
15.2
-11.4
1.8
128.4

223.8
226.0
96.6
129.3
104.1
25.2
-14.5
12.3
126.9

224.5
227.9
95.3
132.6
118.5
14.1
-11.4
8.1
126.6

235.8
232.2
97.5
134.7
112.3
22.4
-.5
4.1
128.9

218.8
239.1
100.3
138.8
115.5
23.3
-19.8
-.6
128.6

199.1
217.2
91.9
125.3
124.3
1.0
-13.8
-4.3
129.3

195.8
193.6
80.3
113.3
114.7
-1.4
8.3
-6.1
127.2

2,503.0 2,506.5 2,502.2 2,503.8 2,519.6 2,514.4 2,4883 2,450.1
290.7 298.0 296.9 294.6 296.9 299.1 301.4 303.4
2,212.3 2,208.5 2,205.3 2,209.2 2,222.7 2,215.3 2,187.0 2,146.7
213.3 212.8 214.7 213.5 212.4 214.5 210.6 207.4
1,999.1 1,995.8 1,990.7 1,995.8 2,010.2 2,000.8 1,976.3 1,939.3

Auto output
Final sales
Personal consumption expenditures ....
New autos
Net purchases of used autos
Producers' durable equipment
New autos
Net purchases of used autos
Net exports of goods and services
Exports
Imports
Government purchases of goods and
services
Change in business inventories of new
and used autos

New

Used

1991

1990

1989

IV

342.3

2,536.7 2,621.0 2,552.2 2,581.3 2,630.9 2,645.7 2,626.1 2,618.4

92.5
58.1

1. Consists of final sales and change in business inventories of new autos assembled in the United States.
2. Consists of personal consumption expenditures, producers' durable equipment, and government purchases.

1989

NOTE.—Estimates of gross domestic product of nonfinancial corporate business in 1982 dollars have been
revised back to 1977. See "Reconciliation and Other Special Tables."




Change in business inventories of new
and used autos

I

n

Addenda:

Billions of 1982 dollars
Gross domestic product of
nonfinancial corporate
business

Final sales
Personal consumption expenditures ....
New autos
Net purchases of used autos
Producers' durable equipment
New autos
Net purchases of used autos
Net exports of goods and services
Exports
Imports
.
Government purchases of goods and
services
....
. ...

1991

1990

1989

IV

V

Billions of dollars

Capital consumption allowances with
capital consumption adjustment

1990

III

II

I

IV

r

110.4

104.7

106.3

99.0

1073

117.2

953

83.1

109.0
115.1
81.5
33.6
17.2
41.0
-23.8
-24.7
7.9
32.6

109.0
113.0
77.4
35.6
19.6
43.6
-23.9
-25.2
8.1
33.3

103.4
108.6
73.3
35.2
15.3
38.0
-22.6
-21.8
8.8
30.6

111.7
117.0
82.3
34.7
17.6
40.1
-22.6
-24.5
8.4
32.9

110.8
113.8
78.8
35.0
19.1
42.2
-23.1
-23.5
8.8
32.3

111.2
113.3
77.2
36.1
23.3
48.3
-25.0
-26.8
7.8
34.6

102.5
108.0
71.4
36.5
18.6
43.6
-25.1
-26.1
7.4
33.5

89.5
96.0
59.7
36.3
16.9
41.9
-25.0
-25.2
6.9
32.2

1.4

1.6

1.2

1.6

1.5

1.4

2.0

1.9

1.4
.7
.6

-43
-4.2
-.1

2.9
4.1
-1.2

-12.7
-12.7
0

-3.5
-2.5
-.9

6.0
5.6
.4

-7.1
-7.2
0

-6.5
-7.0
.5

85.1
47.1

79.5
46.8

80.3
44.6

72.9
46.6

82.7
47.7

91.2
47.7

71.2
45.3

64.2
37.7

Addenda:
Domestic output of new autos2 l
Sales of imported new autos

1. Consists of final sales and change in business inventories of new autos assembled in the United States.
2. Consists of personal consumption expenditures, producers' durable equipment, and government purchases.

12

SURVEY OF CURRENT BUSINESS

May 1991

Table 1.19.-—Truck Output

Table 1.20.—Truck Output in Constant Dollars

[Billions of dollars]

[Billions of 1982 dollars]
Seasonally adjusted at annual rates

1989

1990

1990

1989
IV

Truck output 1
Final sales
Personal consumption expenditures ....
Producers' durable equipment
Net exports of goods and services
Exports
Imports
Government purchases of goods and
services
Change in business inventories

.

Seasonally adjusted at annual rates

1991

I

n

m

IV

1989

1990

Y

IV

Truck output l

69.6

63.4

63.1

60.8

69.6

64.6

58.7

48.1

68.6
32.8
36.5
-6.6
3.6
10.2

64.7
30.8
34.2
-5.5
3.9
9.4

62.1
30.8
33.6
-6.8
3.7
10.5

67.4
32.7
35.0
-5.4
3.4
8.7

65.4
30.2
34.1
-5.3
4.3
9.5

65.2
32.1
35.2
-7.1
3.5
10.6

60.9
28.3
32.4
-4.2
4.5
8.7

56.9
25.4
30.1
-3.7
4.1
7.8

Final sales
Personal consumption expenditures ....
Producers' durable equipment
Net exports of goods and services ......
Exports

5.8

5.3

4.5

5.2

6.4

5.1

4.4

5.1

Government purchases of goods and
services

1.0

-13

1.1

-6.6

4.2

-.6

-2.3

-8.8

1. Includes new trucks only.

Change in business inventories

1991

1990

1989
I

n

III

55.8

51.4

46.0

373

52.4
23.7
27.7
-4.2
3.5
7.7

51.9
25.2
28.3
-5.6
2.8
8.4

47.7
21.9
25.6
-3.2
3.5
6.8

44.1
19.2
23.6
-2.8
3.2
6.0

56.5

50.5

50.6

48.8

55.7
26.8
29.7
-5.4
2.9
8.3

51.5
24.2
27.4
-4.3
3.1
7.5

49.8
24.9
26.9
-5.5
3.0
8.5

54.0
25.9
28.2
-4.3
2.7
7.0

4.7

4.2

3.6

.7

-1.0

.7

4.2

-5.2

IV

Y

5.2

4.1

3.5

4.0

3.3

-5

-1.7

-6.6

1. Includes new trucks only.

Table 2.1.—Personal Income and Its Disposition

Table 2.2.—Personal Consumption Expenditures by Major Type of Product

[Billions of dollars]

[Billions of dollars]
Seasonally adjusted at annual rates

1990

1989

1989
IV

IV

Commodity-producing industries ....
Manufacturing
Distributive industries
Service industries
Government and government
enterprises
Other labor income

.

Proprietors' income with inventory
valuation and capital
consumption adjustments
Nonfarm
Rental income of persons with
capital consumption adjustment ..
Personal dividend income
Personal interest income
Transfer payments
Old-age, survivors, disability, and
health insurance benefits
Government unemployment
insurance benefits
Veterans benefits
Government employees retirement
benefits
Other transfer payments
Aid to families with dependent
children
Other
Less: Personal contributions for
social insurance
Less: Personal tax and nontax
payments
Equals: Disposable personal income ...
'.

Personal consumption expenditures ....
Interest paid by consumers to
business
Personal transfer payments to
foreigners (net)
Equals: Personal saving

721.4
540.9
614.6
790.0

724.6
541.2
627.0
802.9

731.1
548.1
637.3
822.2

735.3
551.8
642.7
844.9

726.0
546.1
641.9
853.0

712.8
536.8
639.8
858.9

Durable goods

476.6

508.0

486.7

497.1

505.7

511.3

518.1

529.8

Nondurable goods

241.9

258.1

247.5

252.8

256.4

260.0

263.2

266.2

379.3

402.5

381.7

404.0

401.7

397.9

406.2

404.2

48.6
330.7

49.9
352.6

45.7
336.0

57.4
346.6

51.0
350.8

42.4
355.6

48.8
357.4

48.5
355.7

8.2
114.4
643.2
636.9

6.9
123.8
680.4
694.8

4.1
118.2
664.9
655.9

5.5
120.5
670.5
680.9

4.3
122.9
678.0
686.7

8.4
124.9
6853
696.4

9.3
126.7
687.9
715.1

7.2
126.7
683.4
7453

325.3

350.7

334.1

347.2

347.6

351.1

356.8

372.1.

14.7
17.3

18.2
17.9

15.5
17.3

16.3
17.9

17.3
17.9

18.2
17.9

20.9
17.9

24.2
18.0

90.1
189.5

96.9
211.1

92.0
197.1

96.1
203.4

96.0
207.8

96.9
212.3

98.6
220.9

105.0
226.1

18.0
171.6

19.8
191.3

18.5
178.6

19.1
184.2

19.6
188.2

19.9
192.4

20.5
200.4

21.1
205.0

212.8

226.2

215.8

222.9

224.1

228.6

228.9

237.3

658.8 699.4 669.6 675.1 696.5 7093 716.6 718.8
3,725.5 3,946.1 3,799.6 3,887.7 3,925.7 3,969.1 4,001.9 4,018.2
3,553.7 3,766.0 3,625.5 3,696.4 3,730.6 3,802.6 3,834.4 3,854.1
.3,450.1 3,657.3 3,518.5 3,588.1 3,622.7 3,693.4 3,724.9 3,744.5
102.2

107.8

105.7

107.4

107.5

1.4

.9

1.2

.9

.4

171.8

180.1

174.1

191.3

195.1

107.9
1.3

1663

108.5
1.0

1673

108.5
1.0

164.1

Addenda:
Disposable personal income:
Total, billions of 1982 dollars
Per capita:
Current dollars
1982 dollars
Population (mid-period, millions) ...
Personal saving as percentage of
disposable personal income

2,869.0 2,893.5 2,883.2 2,900.9 2,902.8 2,898.0 2,872.4 2,859.6
14,973 15,695 15,210 15,527 15,639 15,765 15,849 15,875
11,531 11,509 11,541 11,586 11,564 11,511 11,376 11,298
248.8 251.4 249.8 250.4 251.0 251.8 252.5 253.1
4.6

4.6

4.6

4.9

5.0

4.2

4.2

NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.




Personal consumption
expenditures 1

729.3
546.8
637.2
830.8

720.6
541.8
604.7
771.4

1990

4.1

•.

I

n

HI

IV

lr

3,450.1 3,657.3 3318.5 3388.1 3,622.7 3,693.4 3,724.9 3,7443

.

Motor vehicles and parts
Furniture and household equipment ...
Other
Food
Clothing and shoes
Gasoline and oil
Other nondurable goods
Fuel oil and coal
Other

1991

1990

1989
IV

2,573.2 2,705.3 2,612.7 2,651.6 2,6963 2,734.2 2,738.9 2,7413

Wage and salary disbursements

1989

V

4^84.3 4,645.5 4,469.2 4,562.8 4,622.2 4,6783 4,7183 4,737.0

Personal income

Less: Personal outlays

m

n

I

Seasonally adjusted at annual rates

1991

1990

474.6

4803

471.2

492.1

478.4

4823

4683

453.4

215.5
171.4
87.8

213.0
176.4
90.9

207.5
173.0
90.7

221.1
178.9
92.0

212.4
176.8
89.3

214.7
176.4
91.2

203.9
173.4
91.3

188.8
174.4
90.3

1,130.0 1,193.7 1,148.8 1,174.7 1,179.0 1,205.0 1,216.0 1,2123

..........

Services '
Housing
Household operation
Electricity and gas
Other
Transportation
Medical care
Other l

595.3
204.6
83.8
246.3
17.7
228.7

624.7
213.2
93.8
261.9
18.5
243.4

602.2
208.7
83.5
254.4
20.1
234.3

616.4
212.9
87.1
258.2
17.7
240.5

623.3
212.6
84.5
258.6
17.4
241.2

629.8
215.8
94.0
265.4
19.6
245.7

629.4
211.5
109.4
265.6
19.3
246.3

636.8
213.1
93.8
268.7
17.8
250.9

1,845.5 1,983.3 1,898.5 1,921.3 1,965.3 2,006.2 2,040.4 2,078.8
533.9 569.5 549.5 556.3 563.6 575.8 582.1 587.1
205.2 211.9 212.7
215.5 216.7
214.2
206.3 211.3
96.4
98.5
99.1
96.4 103.0
92.5
97.5
97.7
114.4
116.3 116.4 118.1
108.6 115.0 111.2 112.7
132.3 135.2 137.4 141.5 145.0
126.4 136.6 128.8
434.3 483.4 450.6 462.6 475.8 491.5 503.8 516.6
544.5 582.5 555.4 564.9 578.9 588.7 597.6 613.3

1. See the box on page 21 of the July 89 SURVEY OF CURRENT BUSINESS.

Table 2.3.—Personal Consumption Expenditures by Major Type of Product
in Constant Dollars
[Billions of 1982 dollars]
Seasonally adjusted at annual rates

1989

1990

IV

Personal consumption
expenditures ^
Durable goods
Motor vehicles and parts
Furniture and household equipment ...
Other
Nondurable goods
Food
Clothing and shoes
Gasoline and oil
Other nondurable goods
Fuel oil and coal
Other
Servicesl
Housing
Household operation
Electricity and gas
Other
Transportation
Medical care
Other1

1991

1990

1989
I

II

III

IV

Y

2,656.8 2,681.6 2,669.9 2,677.3 2,678.8 2,696.8 2,673.6 2,664.9
428.0

427.4

423.1

437.6

426.8

4293

415.6

4013

181.4
175.0
71.6

177.7
179.3
70.4

174.1
175.7
73.2

183.9
181.4
72.3

177.8
180.0
69.0

179.6
179.7
70.2

169.4
176.3
69.9

155.4
177.7
68.3

919.9

911.1

923.0

915.6

911.2

916.4

901.2

896.8

462.9
172.7
96.7
187.7
21.9
165.7

457.4
172.6
94.8
186.3
19.2
167.1

460.3
175.1
97.5
190.0
23.8
166.3

457.4
174.2
96.2
187.7
18.6
169.1

459.3
171.3
93.9
186.8
20.4
166.4

459.4
174.4
94.4
188.3
21.0
167.2

453.6
170.6
94.6
182.3
16.7
165.7

453.5
166.8
93.0
183.5
17f
165.1

1309.0 1343.1 1323.8 1324.2 1340.8 1350.8 1356.7 1366.7
372.1
167.6
84.1
83.4
96.9
286.1
386.4

377.1
167.8
81.4
86.3
100.3
301.5
396.5

375.2
172.7
87.7
85.0
98.4
289.3
388.3

376.3
162.8
77.7
85.1
98.8
294.7
391.7

1. See the box on page 21 of the July .89 SURVEY OF CURRENT BUSINESS.

376.9
168.5
82.4
86.0
99.7
299.3
396.4

377.2
170.1
82.7
87.4
100.9
304.6
398.0

378.1
169.6
82.8
86.8
102.0
307.3
399.7

378.1
166.7
80.2
86.4
101.2
310.8
410.0

May 1991

13

SURVEY OF CURRENT BUSINESS

Table 3.2.—Federal Government Receipts and Expenditures

Table 3.3.—State and Local Government Receipts and Expenditures

[Billions of dollars]

[Billions of dollars]
Seasonally adjusted at annual rates

Seasonally adjusted at annual rates

1989

1990

1989

IV
Receipts

1990

n

I

III

IV

Personal tax and nontax receipts ............
Income taxes
Estate and gift taxes
Nontaxes

464.0
453.1
9.0
1.8

492.8
479.1
11.7
2.0

469.6
458.5
9.2
1.9

473.6
462.1
9.6
2.0

492.1
474.3
15.7
2.0

500.0
487.0
11.1
2.0

Corporate profits tax accruals
Federal Reserve banks
Other

110.4
21.6
88.8

108.5
22.6
86.0

101.3
21.8
79.5

106.5
21.8
84.8

109.2
22.1
87.1

58.4
34.1
17.5
6.8

61.7
37.3
17.5
6.8

58.7
33.9
18.0
6.8

60.6
35.8
17.6
7.2

420.1

446.7

426.1

439.9

Contributions for social insurance .

505.6
492.7
10.8
2.0

114.2
23.6
90.6

505.5
493.2
10.3
2.1
104.1
22.7
81.4

60.5
36.5
17.3
6.7

61.0
36.7
17.5
6.7

64.6
40.4
17.5
6.7

72.7
48.9
16.6
7.1

444.0

450.6

452.3

465.5

95.1
22.2
72.8

1,187.2 1,275.7 1,205.8 1,248.8 1,271.7 1,271.6 1,310.8 1,256.8

Expenditures
Purchases of goods and services
National defense
Nondefense

400.0
301.1
98.9

424.0
313.6
110.4

399.9
299.2
100.7

410.6
307.2
103.4

421.9
309.6
112.3

425.8
312.6
113.2

437.6
325.0
112.6

443.5
330.8
112.7

Transfer payments
To persons
To foreigners

471.9
458.6
13.4

511.4
496.8
14.6

487.9
470.5
17.3

503.4
490.3
13.1

510.4
491.4
18.9

513.2
496.1
17.0

518.5
509.3
9.2

458.4
534.3
-75.9

....

Grants-in-aid to State and local
governments
Net interest paid ...
Interest paid
To persons and business
To foreigners

,

Less: Interest received by government
Subsidies less current surplus of
government enterprises
Subsidies
......
Less: Current surplus of government
enterprises
Less: Wage accruals less disbursements
Surplus or deficit ( ! ), national
income and product accounts ..
Social insurance funds
Other

118.2

131.4

121.5

128.5

131.5

129.8

135.8

143.7

172.0
191.7
155.7
36.0

186.3
206.4
167.7
38.8

175.2
194.8
157.7
37.1

178.1
198.6
161.0
37.6

184.3
203.0
164.3
38.7

189.8
210.4
171.4
39.0

193.0
213.8
174.1
39.7

193.8
215.9
175.7
40.2

19.6

20.2

19.6

20.5

18.7

20.6

20.8

22.1

25.0
27.9

22.7
26.9

21.3
27.6

28.3
32.4

23.8
25.6

13.1
17.3

25.9
32.3

17.4
29.5

2.8

4.2

6.2

4.2

1.9

4.2

6.4

12.0

0

0

0

0

0

0

1990

0

0

-134.3 -166.0 -150.1 -168.3 -166.0 -145.7 -184.3 -118.0

Receipts
PersonaLtax and nontax receipts
Income taxes
Nontaxes
Other

•.

Corporate profits tax accruals
Indirect business tax and nontax
accruals
Sales taxes
Property taxes
Other

1991

1990

1989

n

I

IV

I"

1,052.9 1,109.7 1,055.7 1,080.6 1,105.8 1,125.9 1,126.5 1,138.8

Indirect business tax and nontax
accruals
Excise taxes
Customs dudes
Nontaxes

1989

1991

III

IV

I"

749.9

800.5

764.6

783.6

792.2

808.6

817.5

827.9

194.8

206.6

200.0

201.5

204.4

209.4

211.1

213.3

101.7
77.6
15.6

106.2
83.8
16.6

104.2
79.8
15.9

104.0
81.3
16.2

105.0
83.0
16.5

108.0
84.7
16.7

107.8
86.3
17.0

108.1
87.9
17.3

24.7

23.6

22.1

23.3

23.9

24.9

22.4

20.1

355.6

378.6

362.8

371.2

372.5

383.9

386.7

388.7

170.9
139.9
44.7

181.4
150.1
47.2

173.8
144.0
45.1

178.5
146.4
46.3

177.5
148.8
46.3

184.2
151.4
48.2

185.2
153.7
47.8

183.8
156.0
48.9

56.7

60.2

58.1

59.0

59.9

60.7

61.4

62.1

Federal grants-in-aid

118.2

131.4

121.5

128.5

131.5

129.8

135.8

143.7

Expenditures

Contributions for social insurance

703.5

765.1

726.1

745.5

753.6

769.4

791.8

797.5

Purchases of goods and services

625.6

674.1

643.4

659.6

664.6

677.0

695.3

697.4

Compensation of employees
Other

373.0
252.6

400.9
273.2

383.3
260.1

390.4
269.1

397.5
267.1

404.5
272.6

411.2
284.0

417.8
279.6

Transfer payments to persons

145.9

162.9

152.0

156.5

160.6

164.9

169.7

174.4

Net interest paid ............... . , »

-40.2

-41.6

-40.7

-41.0

-41.4

-41.8

-42.2

-42.6

Interest paid
Less: Interest received by government

59.1
99.3

63.0
104.6

60.5
101.2

61.5
102.5

62.5
103.9

63.6
105.3

64.6
106.8

65.6
108.2

Less: Dividends received by government

9.1

10.1

9.5

9.7

10.0

10.2

10.5

10.8

-18.8

-20.3

-19.2

-20.1

-20.6

-20.5

-20.9

.7

.8

.8

.8

.8

.8

.8

.8

19.5

21.0

19.9

20.6

20.9

21.3

21.3

21.7

Subsidies less current surplus of
government enterprises
Subsidies
Less: Current surplus of government
enterprises

-19.8

Less: Wage accruals Ipss disbursements

0

Q

0

0

0

0

0

0

Surplus or deficit ( ! ), national
income and product accounts

46.4

35.4

38.5

38.1

38.6

39.3

25.7

30.4

66.4
-19.9

69.4
-34.0

67.6
-29.1

68.3
-30.2

69.1
-30.4

69.8
-30.5

70.4
^4.8

71.1
-40.7

Social insurance funds
Other

63.8
59.3
64.0
65.2
55.9
64.0
62.3
67.5
-198.1 -230.0 -212.4 -227.5 -230.0 -213.2 -249.5 -173.9

Table 3.7B.—Government Purchases of Goods and Services by Type

Table 3.8B.—Government Purchases of Goods and Services by Type
in Constant Dollars

[Billions of dollars]

[Billions of 1982 dollars]
Seasonally adjusted at annual rates

1989

1990

IV
Government purchases of
goods and services
Federal
National defense
Durable goods
Nondurable goods
Services
Compensation of employees
Military
Civilian
Other services
Structures
Nondefense
Durable goods
Nondurable goods
Commodity Credit Corporation
inventory change
Other nondurables
Services
Compensation of employees
Other services
Structures
State and local
Durable goods
Nondurable goods
Services
Compensation of employees
Other services
Structures




I

II

Seasonally adjusted at annual rates

1991

1990

1989

III

IV

1989

1990

r

1,025.6 1,098.1 1,043.3 1,070.1 1,086.4 1,102.8 1,132.9 1,140.9

IV
Government purchases of
goods and services

400.0

424.0

399.9

410.6

421.9

425.8

437.6

443.5

301.1
80.9
10.4
203.3
119.0
78.8
40.2
84.3
6.4

313.6
85.1
13.0
209.2
124.4
82.5
41.8
84.8
6.3

299.2
77.3
10.7
204.9
120.0
79.0
41.0
84.9
6.3

307.2
78.6
10.0
212.3
123.5
82.1
41.4
88.8
6.2

309.6
81.7
11.6
209.6
124.0
82.2
41.8
85.6
6.7

312.6
86.6
11.9
207.5
124.3
82.4
41.9
83.2
6.6

325.0
93.6
18.4
207.3
125.8
83.5
42.2
81.5
5.7

330.8
92.8
15.5
217.4
132.1
88.1
44.1
85.3
5.1

National defense .. .
Durable goods
Nondurable goods
Services ...
Compensation of employees
Military
Civilian
Other services
Structures

98.9
5.3
1.4

110.4
5.7
4.4

100.7
5.4
2.8

103.4
5.4
0

112.3
5.6
5.6

113.2
5.8
7.2

112.6
6.0
4.8

112.7
5.6
3.7

-5.3
6.7
85.1
49.5
35.6
7.0

-2.4
6.8
91.9
54.1
37.8
8.3

-3.4
6.1
85.3
49.7
35.6
7.3

-6.8
6.8
89.9
53.1
36.8
8.1

-1.9
7.5
92.8
55.2
37.6
8.3

.4
6.8
92.1
54.1
38.1
8.1

-1.4
6.2
92.9
54.1
38.8
8.9

-1.4
5.1
93.9
56.3
37.6
9.4

Nondefense ..
Durable goods
.
Nondurable goods
Commodity Credit Corporation
inventory change
Other nondurables
Services
Compensation of employees
Other services
Structures

625.6

674.1

643.4

659.6

664.6

677.0

695.3

697.4

30.5
49.9
472.4
373.0
99.4
72.9

33.0
53.9
506.6
400.9
105.7
80.5

31.5
51.2
484.8
383.3
101.5
75.9

32.1
52.3
494.2
390.4
103.8
81.0

32.7
51.5
502.3
397.5
104.8
78.0

33.4
54.1
510.6
404.5
106.1
78.9

33.9
57.9
519.4
411.2
108.1
84.1

34.5
54.5
528.3
417.8
110.5
80.1

Federal

State and local
Durable goods
Nondurable goods
Services
Compensation of employees
Other services
Structures

1990

1989

I

II

1991

III

IV

I"

798.1

820.8

802.2

807.9

820.2

822.7

832.3

829.1

334.9

343.7

332.7

333.0

345.9

346.0

349.9

348.8

256.3
81.5
13.1
156.7
89.6
59.8
29.9
67.1
5.0

258.7
84.5
14.7
154.7
89.1
59.5
29.6
65.6
4.7

255.5
79.9
13.8
156.9
90.0
59.9
30.1
66.9
4.8

254.4
79.3
12.0
158.3
89.0
59.5
29.5
69.3
4.7

256.5
81.5
14.7
155.2
88.8
59.2
29.6
66.4
5.1

258.2
86.6
13.8
152.9
89.0
59.3
29.6
64.0
4.9

265.7
90.7
18.4
152.4
89.7
60.1
29.6
62.7
4.3

266.8
90.3
17.6
155.1
90.6
61.0
29.6
64.4
3.8

78.7
5.9
1.2

85.0
6.3
3.9

77.2
5.9
.1

78.6
6.1
-1.3

89.4
6.2
7.6

87.8
6.3
7.0

84.2
6.6
2.4

82.1
6.5
1.3

-4.7
5.9
65.8
36.9
28.9
5.8

-1.8
5.7
68.1
38.5
29.6
6.7

-5.0
5.1
65.3
36.8
28.5
6.0

-7.0
5.7
67.3
38.1
29.2
6.5

1.1
6.5
68.9
39.4
29.5
6.7

1.3
5.7
68.0
38.4
29.6
6.5

-2.5
5.0
68.1
38.1
29.9
7.1

-1.5
2.8
66.8
38.1
28.7
7.4

463.2

477.1

469.5

475.0

474.3

476.7

482.4

480.3

26.2
48.3
329.7
257.0
72.7
59.0

27.7
49.1
335.8
262.1
73.7
64.4

26.9
48.8
332.5
259.2
73.4
61.2

27.2
48.9
333.9
260.4
73.5
64.9

27.6
49.0
335.2
261.7
73.6
62.5

27.9
49.2
336.5
262.7
73.8
63.0

28.2
49.4
337.7
263.6
74.0
67.2

28.3
49.5
338.6
264.4
74.2
63.9

14

SURVEY OF CURRENT BUSINESS
Table 3.9.—National Defense Purchases of Goods and Services

May 1991

Table 3.10.—National Defense Purchases of Goods and Services in Constant
Dollars

[Billions of dollars]

[Billions of 1982 dollars]
Seasonally adjusted at annual rates

Seasonally adjusted at annual rates

1989

1990

1989

IV
National defense purchases
Durable goods
Military equipment
Aircraft
Missiles
Ships
Vehicles
Electronic equipment
Other
Other durable goods
Nondurable goods
Petroleum products
Ammunition ..
Other nondurable goods
Services
Compensation of employees
Military
Civilian
Other services
Contractual research and
development . .
Installation support '
Weapons support23
Personnel support
Transportation of materiel
Travel of persons .
Other
Structures
Mf'itary facilities
Oiner .

1990

I

II

1991

III

IV

1989

1990

IV

I"

301.1

313.6

299.2

307.2

309.6

312.6

325.0

330.8

80.9

85.1

773

78.6

81.7

86.6

93.6

92.8

71.6
26.6
13.0
9.9
3.6
6.4
12.2
9.3

75.8
26.6
15.1
10.8
3.6
6.1
13.5
9.4

68.8
27.5
12.5
10.0
3.1
6.0
9.6
8.5

70.1
24.7
14.7
10.0
3.3
7.0
10.4
8.6

73.0
25.2
14.2
10.6
3.8
5.8
13.4
8.7

77.3
25.8
15.8
10.2
3.8
6.1
15.5
9.4

82.7
30.8
15.7
12.3
3.5
5.7
14.7
10.9

80.6
27.0
17.2
11.2
3.3
6.3
15.6
12.3

10.4

13.0

10.7

10.0

11.6

11.9

18.4

155

4.3
3.5
2.7

6.4
4.0
2.5

5.3
2.9
2.4

4.5
3.3
2.3

5.2
3.9
2.5

5.3
3.9
2.7

10.8
4.9
2.7

7.3
4.9
3.3

203.3

209.2

204.9

2123

209.6

207.5

2073

217.4

119.0
78.8
40.2
84.3

124.4
82.5
41.8
84.8

120.0
79.0
41.0
84.9

123.5
82.1
41.4
88.8

124.0
82.2
41.8
85.6

124.3
82.4
41.9
83.2

125.8
83.5
42.2
81.5

132.1
88.1
44.1
85.3

31.1
25.0
8.8
11.5
3.8
4.2
-.1

33.3
20.7
8.2
11.8
5.4
5.1
.2

32.4
23.6
8.4
11.6
3.9
4.3
.6

33.9
24.6
9.1
12.2
4.3
4.6
.2

34.2
21.6
8.7
11.6
4.4
4.7
.4

33.2
19.6
7.7
11.6
5.7
5.2
0

31.8
17.0
7.3
11.7
7.3
6.0
.3

30.9
19.7
8.3
12.4
7.5
6.2
.3

6.4

6.3

6.3

6.2

6.7

6.6

5.7

5.1

4.1
2.4

3.7
2.6

4.1
2.3

3.7
2.5

4.0
2.7

3.9
2.6

3.0
2.7

2.3
2.7

1. Includes utilities, communications, rental payments, maintenance and repair, and payments to contractors
to operate installations.
2. Includes depot maintenance and contractual services for weapons systems, other than research and development.
3. Includes compensation of foreign personnel, consulting, training, and education.

National defense purchases
Military equipment
Aircraft
Missiles
Ships
Vehicles
Electronic equipment
Other
Other durable goods
Nondurable goods
Petroleum products . .
Ammunition
Other nondurable goods
Services
Compensation of employees
Military
Civilian
Other services
Contractual research and
development
Installation support *
Weapons support2
Personnel support3
Transportation of materiel
Travel of persons
Other
Structures
Military facilities
Other

III

IV
265.7

I"

255.5

254.4

2565

258.2

815

845

79.9

79.3

815

86.6

90.7

903

69.6
26.8
14.5
7.9
3.9
5.8
10.6
11.9

72.1
26.3
16.3
8.4
3.9
5.5
11.5
12.5

68.6
29.2
14.4
7.9
3.3
5.5
8.2
11.3

67.8
25.1
15.9
7.9
3.7
6.3
8.9
11.6

69.7
25.3
15.3
8.3
4.1
5.2
11.5
11.8

74.1
26.1
17.0
8.0
4.2
5.5
13.3
12.5

76.8
28.8
17.2
9.5
3.7
5.1
12.5
14.0

74.4
25.3
18.4
8.6
3.4
5.6
13.1
16.0

13.1

14.7

13.8

12.0

14.7

13.8

18.4

17.6

8.5
4.2
2.0

9.0
2.8
2.0

6.9
3.3
1.8

8.7
4.0
2.0

7.4
4.2
2.2

11.1
5.2
2.1

156.7

154.7

156.9

155.2

152.9

152.4

89.6
59.8
29.9
67.1

89.1
59.5
29.6
65.6

90.0
59.9
30.1
66.9

89.0
59.5
29.5
69.3

88.8
59.2
29.6
66.4

89.0
59.3
29.6
64.0

89.7
60.1
29.6
62.7

90.6
61.0
29.6
64.4

24.9
18.8
7.2
8.2
4.1
3.9
-.1

25.9
15.1
6.5
8.0
5.5
4.4
.2

25.8
17.5
6.8
8.1
4.2
4.0
.5

26.7
18.0
7.3
8.6
4.6
4.0
.2

26.8
15.7
6.9
8.0
4.6
4.1
.3

25.6
14.1
6.1
7.7
5.8
4.5
0

24.3
12.4
5.7
7.9
7.2
5.0
.2

23.3
14.0
6.4
8.3
7.2
5.1
.2

5.0

4.7

4.8

4.7

5.1

4.9

4.3

3.8

3.1
1.9

2.7
2.0

3.0
1.8

2.8
1.9

3.0
2.1

2.9
2.0

2.2
2.1

1.7
2.1

7.4
3.5
2.2

< . .

n

I

258.7

2563

Durable goods

1991

1990

1989

1583

266.8

9|
5.1
2.6

155.1

1. Includes utilities, communications, rental payments, maintenance and repair, and payments to contractors
to operate installations.
2. Includes depot maintenance and contractual services for weapons systems.
3. Includes compensation of foreign personnel, consulting, training, and education.

Table 4.2.—Exports and Imports of Goods and Services in Constant
Dollars

Table 4.1.—Foreign Transactions in the National Income and Product
Accounts

[Billions of 1982 dollars]

[Billions of dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates

1989

1990

IV
Receipts from foreigners 1
1

Exports of goods
and services
Merchandise2 . 2
Durable goods
Nondurable goods
Servicesl
Factor5 income 3 4
Other
.

Capital grants received by the United
States (net)
Payments to foreigners6
Imports of goods and services6
Merchandise2 2
Durable goods .
Nondurable goods
Services6 ...*
Factor income3
Other7
Transfer payments (net)
From persons (net)
From government (net)
Interest paid by gpvernment to
foreigners
Net foreign investment

626.2
626.2
369.9
240.8
129.2
256.3
135.2
121.0
0

II

I

672.8

642.8

6613

672.8
397.9
262.5
135.4
274.9
137.4
137.4

642.8
378.7
247.8
130.9
264.1
137.6
126.5

661.3
394.2
258.9
135.3
267.1
134.7
132.4

0

0

1991

1990

1989

0

III

IV

I"

697.4

687.5

659.7
395.0
263.2
131.8
264.7
130.5
134.2

672.7
393.5
262.0
131.4
279.3
139.6
139.7

697.4
409.1
266.1
143.0
288.3
144.8
143.5

687.5
410.5
262.9
147.6
277.0
140.0
137.0

0

0

0

672.8

642.8

661.3

659.7

672.7

697.4

687.5

672.3
480.9
309.6
171.3
191.4
97.7
93.8

704.0
502.7
311.6
191.1
201.3
95.7
105.6

678.1
488.0
310.3
177.6
190.1
94.7
95.4

691.3
497.8
306.8
191.0
193.5
93.1
100.4

684.6
484.1
307.6
176.5
200.5
98.9
101.6

714.1
508.1
316.5
191.6
206.0
96.7
109.2

726.2
520.9
315.4
205.5
205.3
94.0
111.2

675.4
484.6
302.4
182.2
190.7
84.7
106.1

14.8
1.4
13.4

15.5
.9
14.6

18.5
1.2
17.3

14.0
.9
13.1

19.4
.4
18.9

18.3
1.3
17.0

10.2
1.0
9.2

-74.9
1.0
-75.9

36.0

38.8
-85.5

37.1
-90.9

37.6
-81.6

38.7

39.0

39.7

40.2

-82.9

-98.7

-78.7

46.8

1. See footnote 5 and the box on page 21 of the July 89 SURVEY OF CURRENT BUSINESS.
2. Estimates beginning with the first quarter of 1986 exclude repairs and alterations of equipment, which
was reclassified to "other" services.
3. Line 7 less line 16 equals rest-of-the-world product as shown in table 1.7.
4. Estimates beginning with the first quarter of 1986 exclude noninterest income of banks, which was reclassified to "other" services.
5. Estimates beginning with the first quarter of 1986 cover many business, professional, and technical services and incorporate improved measurement of telecommunications services and insurance services; incorporate
new source data on travel and passenger fares; cover foreign students' expenditures in the United States; cover
repairs and alterations of equipment; and cover noninterest income of banks.
6. See footnote 7 and the box on page 21 of the July 89 SURVEY OF CURRENT BUSINESS.
7. Estimates beginning with the first quarter of 1986 cover many business, professional, and technical services and incorporate improved measurement of telecommunications services and insurance services; incorporate
new source data on travel and passenger fares; cover U.S. students' expenditures abroad; cover repairs and
alterations of equipment.




l

1991

1990

1989

I

II

III

IV

r

5933

6315

611.6

628.1

620.1

6305

647.2

643.0

Merchandise2
Durable goods2
Nondurable goods

390.8
268.9
121.9

423.9
296.2
127.7

405.2
279.0
126.2

422.4
292.8
129.6

418.4
293.4
125.0

421.0
296.3
124.6

433.8
302.3
131.4

441.3
303.7
137.5

Services l
Factor income3 4
Other5

202.6
105.1
97.5

207.6
102.2
105.4

206.4
105.4
101.0

205.7
101.9
103.9

201.7
97.4
104.3

209.5
103.2
106.4

213.4
106.2
107.2

201.7
101.2
100.5

Exports of goods and services

672.7

626.2

-96.8

1990

IV

659.7

0

1989

Imports of goods and services6
Merchandise2 2
Durable goods
Nondurable goods
Services 6
Factor income3
Other7

:

647.4

6653

659.4

6635

664.7

677.0

656.0

636.6

499.3
302.9
196.4

517.0
313.3
203.7

514.3
312.4
201.9

517.8
308.5
209.3

515.2
310.2
205.0

526.5
317.5
209,0

508.4
317.0
191.5

501.2
309.6
191.6

148.2
74.9
73.2

148.3
70.3
78.0

145.1
71.6
73.5

145.6
69.5
76.1

149.4
72.9
76.5

150.5
70.6
79.9

147.6
68.1
79.5

135.4
60.4
75.0

1. See footnote 5 and the box on page 21 of the July 89 SURVEY OF CURRENT BUSINESS.
2. Estimates beginning with the first quarter of 1986 exclude repairs and alterations of equipment, which
was reclassified to "other" services.
3. Line 6 less line 13 equals rest-of-the-world product as shown in table 1.8.
4. Estimates beginning with the first quarter of 1986 exclude noninterest income of banks, which was reclassified to "other" services.
5. Estimates beginning with the first quarter of 1986 coyer many business, professional, and technical services and incorporate improved measurement of telecommunications services and insurance services; incorporate
new source data on travel and passenger fares; cover foreign students' expenditures in the United States; cover
repairs and alterations of equipment; and cover noninterest income of banks.
6. See footnote 7 and the box on page 21 of the July 89 SURVEY OF CURRENT BUSINESS.
7. Estimates beginning with the first quarter of 1986 cover many business, professional, and technical services and incorporate improved measurement of telecommunications services and insurance services; incorporate
new source data on travel and passenger fares; cover U.S. students' expenditures abroad; cover repairs and
alterations of equipment.

15

SURVEY OF CURRENT BUSINESS

May 1991

Table 4.3.—Merchandise Exports and Imports by Type of Product and
by End-Use Category

Table 4.4.—Merchandise Exports and Imports by Type of Product and
by End-Use Category in Constant Dollars

[Billions of dollars]

[Billions of 1982 dollars]
Seasonally adjusted at annual rates

Seasonally adjusted at annual rates

1989

1990

IV

1991

1990

1989
I

II

369.9

397.9

378.7

394.2

395.0

393.5

409.1

410.5

Foods, feeds, and beverages
Industrial supplies and materials
Durable goods
.
Nondurable goods
Capital goods, except autos
Autos
Consumer goods
Durable goods
Nondurable goods
Other1 2
Durable goods 1 3
Nondurable goods3

36.6
96.0
34.3
61.7
138.0
34.7
35.4
19.1
16.3
29.3
14.6
14.6

35.4
102.4
36.0
66.4
153.5
36.3
43.0
23.1
19.9
27.4
13.7
13.7

35.7
94.9
34.1
60.8
140.8
35.6
38.0
20.5
17.5
33.7
16.9
16.9

38.9
100.5
35.6
64.8
152.9
34.7
40.7
22.3
18.4
26.5
13.3
13.3

36.8
97.8
35.0
62.7
154.2
38.5
42.0
22.5
19.5
25.7
12.9
12.9

33.6
100.0
35.8
64.2
151.8
36.1
43.7
24.1
19.5
28.3
14.2
14.2

32.5
111.1
37.4
73.7
155.1
35.9
45.7
23.3
22.4
28.8
14.4
14.4

36.3
110.3
36.0
74.3
155.0
32.9
45.8
23.9
21.9
30.2
15.1
15.1

480.9

502.7

488.0

497.8

484.1

508.1

520.9

484.6

25.1

26.5

25.0

27.8

26.8

25.5

26.0

25.5

78.3
42.3
36.0
50.9
113.1
86.0
102.8
55.8
47.0
24.7
12.4
12.4

76.8
38.5
38.3
62.3
117.2
86.2
105.0
55.3
49.7
28.7
14.4
14.4

76.9
41.0
35.8
53.3
116.5
83.0
106.4
56.4
50.0
26.9
13.4
13.4

76.6
38.9
37.7
62.4
115.7
83.9
103.4
54.3
49.1
28.1
14.0
14.0

76.7
38.6
38.1
48.7
115.6
84.9
103.3
54.4
49.0
28.1
14.0
14.0

77.1
38.5
38.6
62.8
116.7
90.4
106.2
56.1
50.1
29.4
1.4.7
14.7

76.8
37.9
38.9
75.3
121.0
85.6
107.1
56.4
50.7
29.2
14.6
14.6

73.2
35.1
38.0
55.8
119.8
82.0
100.7
51.7
49.0
27.6
13.8
13.8

41.5
328.5
430.0

40.4
357.6
440.4

40.9
337.8
434.7

43.8
350.4
435.4

41.3
353.7
435.5

38.9
354.5
445.3

37.4
371.7
445.6

39.3
371.2
428.8

Merchandise imports l
Foods, feeds, and beverages
Industrial supplies and materials,
excluding petroleum
Durable goods
Nondurable goods
Petroleum and products
Capital goods, except autos
Autos
Consumer goods
Durable goods
Nondurable goods
Other 1
Durable goods 1 3 3
Nondurable goods

I

II

HI

IV

V

l 2

390.8

423.9

405.2

422.4

418.4

421.0

433.8

441.3

Foods, feeds, and beverages
Industrial supplies and materials
Durable goods
Nondurable goods
Capital goods, except autos
Autos
Consumer goods
Durable goods
Nondurable goods
Other 12
Durable goods 1 3
Nondurable goods3

35.8
92.2
32.8
59.4
176.4
28.9
30.9
17.6
13.4
26.5
13.3
13.3

36.6
97.7
34.6
63.1
198.8
29.6
36.6
20.9
15.7
24.4
12.2
12.2

37.2
92.4
32.9
59.5
182.6
29.2
33.1
18.9
14.2
30.7
15.4
15.4

40.1
97.2
34.4
62.8
197.6
28.4
35.2
20.4
14.8
23.9
12.0
12.0

36.9
95.2
34.1
61.1
196.1
31.4
35.8
20.3
15.5
23.0
11.5
11.5

34.9
95.9
34.2
61.7
198.1
29.4
37.3
22.0
15.4
25.3
12.7
12.7

34.7
102.6
35.8
66.8
203.6
29.2
38.3
21.0
17.2
25.4
12.7
12.7

38.1
103.5
34.0
69.5
208.8
26.3
37.9
21.3
16.7
26.7
13.3
13.3

499.3

517.0

514.3

517.8

515.2

526.5

508.4

501.2

23.9

24.8

24.9

26.4

25.6

23.5

23.7

23.6

72.3
39.2
33.1
93.8
143.7
63.8
81.5
46.1
35.4
20.4
10.2
10.2

72.5
37.1
35.4
95.5
156.4
63.3
81.1
44.8
36.3
23.4
11.7
11.7

72.7
39.2
33.5
95.0
154.9
61.0
83.5
46.2
37.3
22.3
11.1
11.1

72.2
37.9
34.3
100.8
153.3
61.8
80.4
44.0
36.3
23.0
11.5
11.5

72.3
37.0
35.2
96.9
154.3
63.3
79.8
44.0
35.7
23.1
11.5
11.5

73.0
36.8
36.2
100.9
156.1
66.8
82.2
45.8
36.4
24.0
12.0
12.0

72.6
36.6
36.0
83.3
161.7
61.6
81.9
45.3
36.6
23.6
11.8
11.8

68.0
33.9
34.1
87.4
165.6
58.0
76.6
41.1
35.5
22.0
11.0
11.0

39.6
351.2
405.5

40.1
383.8
421.5

40.8
364.3
419.3

'43.4
379.0
417.1

39.9
378.5
418.3

38.6
382.4
425.5

38.3
395.5
425.1

39.5
401.8
413.8

Merchandise exports

Merchandise imports1
Foods, feeds, and beverages
Industrial supplies and materials,
excluding petroleum
Durable goods
Nondurable goods
Petroleum and products
Capital goods, except autos
Autos
Consumer goods
Durable goods
Nondurable goods
Other l
!.
Durable goods l 3
Nondurable goods3
Addenda:

Addenda:
Exports of agricultural products4
Exports of nonagricultural products ...
Imports of nonpetroleum products

1991

1990

1989
IV

2

Merchandise exports '

1990

Y

IV

HI

1989

Exports of agricultural products4
Exports of nonagricultural products ...
Imports of nonpetroleum products

1. Estimates beginning with the first quarter of 1986 exclude repairs and alterations of equipment, which
was reclassified to services other than factor income.
2. Beginning with 1987, reexports—that is, exports of foreign merchandise—are assigned to end-use categories in the same manner as exports of domestic merchandise. For earlier periods, all reexports are included
in the "other" categories.
3. Because no data are available to distribute exports and imports of "other" merchandise between durable
and nondurable goods prior to 1986, or to distribute imports of "other" merchandise for all time periods,
estimates were distributed equally.
4. Includes parts of line 2 and line 5.

1. Estimates beginning with the first quarter of 1986 exclude repairs and alterations of equipment, which
was reclassified to services other than factor income.
2. Beginning with 1987, reexports—that is, exports of foreign merchandise—are assigned to end-use categories in the same manner as exports of domestic merchandise. For earlier periods, all reexports are included
in the "other" categories.
3. Because no data are available to distribute exports and imports of "other" merchandise between durable
and nondurable goods prior to 1986, or to distribute imports of "other" merchandise for all time periods,
estimates were distributed equally.
4. Includes parts of line 2 and line 5.

NOTE.—Beginning with 1985, the definitions of the end-use categories have been changed. For a description
of the new definitions, see the technical notes in "U.S. International Transactions, First Quarter 1988," SURVEY OF CURRENT BUSINESS 68 (June 1988): 34-39 and 57.

NOTE.—Beginning with 1985, the definitions of the end-use categories have been changed. For a description
of the new definitions, see the technical notes in "U.S. International Transactions, First Quarter 1988," SURVEY OF CURRENT BUSINESS 68 (June 1988): 34-39 and 57.




Table 5.1.—Gross Saving and Investment
[Billions of dollars]
Seasonally adjusted at annual rates

1989

1990

1989
IV

Gross saving
Gross private saving
Personal saving .
Undistributed corporate profits with
inventory valuation and capital
consumption adjustments
Undistributed profits
Inventory valuation adjustment
.•
Capital consumption adjustment
Corporate capital consumption
allowances with capital
consumption adjustment
.....
Noncorporate capital consumption
allowances with capital
consumption adjustment
Wage accruals less disbursements
Government surplus or deficit ( ! ),
national income and product
accounts a.
Federal
State and local
Capital grants received by the United
States (net)
Gross investment
Gross private domestic investment
Net foreign investment
Statistical discrepancy

691.5

657.3

779.3
171.8

1990
II

I

664.8

1991

V

HI

IV

665.9
772.2
166.5

619.2
777.8
167.5

702.9
790.5
164.1

787.9
180.1

674.8
786.4
174.1

795.0
191.3

679.3
806.7
195.1

53.0
49.1
-21.7
25.5

32.2
38.7
-11.4
4.9

39.8
38.6
-14.5
15.6

36.7
36.8
-11.4
11.3

40.5
33.2
-.5
7.7

26.5
44.3
-19.8
2.0

25.2
40.4
-13.8
-1.4

35.5
30.2
8.3
-3.0

346.4

363.0

356.5

356.7

359.7

365.5

370.3

375.1

208.0
0

212.6
0

216.0
0

210.3
0

211.4
0

213.8
0

214.8
0

215.8
0

-87.8 -130.6 -111.6 -130.2 -127.3 -106.4 -158.6 -87.6
-134.3 -166.0 -150.1 -168.3 -166.0 -145.7 -184.3 -118.0
35.4
46.4
30.4
38.5
38.1
38.6
39.3
25.7
0

0

0

0

0

0

674.4

655.6

671.8

0

665.6

0

676.1

661.0

619.6

711.0

771.2
-96.8

741.0
-85.5

762.7
-90.9

747.2
-81.6

759.0
-82.9

759.7
-98.7

698.3
-78.7

664.2
46.8

-17.0

-1.7

-3.0

.7

-3.2

-4.9

.4

8.1

16

SURVEY OF CURRENT BUSINESS

May 1991

Table 5.9.—Change in Business Inventories by Industry in Constant
Dollars

Table 5.8.—Change in Business Inventories by Industry
[Billions of dollars]

[Billions of 1982 dollars]
Seasonally adjusted at annual rates

Seasonally adjusted at annual rates

1989

1990

1989

1990

IV

in

II

I

IV

-5.0

25.0

13.4

9.0

-30.8

-3L2

5.0

2.4

.9

5.3

.5

2.2

1.5

2.9

23.3
51.9
-28.6

-7.4
16.0
-23.4

24.1
43.8
-19.7

-17.0
-1.3
-15.7

13.0
14.1
-1.1

6.8
53.9
-47.0

-32.4
-2.5
-29.8

-34.1
-47.3
13.2

Manufacturing
Durable goods

5.0
5.3
-.4

-4.6
-4.4
-.2

-5.3
.1
-5.4

.3
-3.4
3.6

-3.5
-4.9
1.4

5.4
3.4
2.0

-20.7
-12.8
-7.9

-3.6
-10.0
6.4

Wholesale trade
Durable goods
Nondurable goods

2.3
2.6
-.3

2.2
2.2
-.1

5.9
2.7
3.2

-.4
1.9
-2.2

3.2
.1
3.1

1.8
5.7
-3.9

4.0
1.2
2.9

5.4
6.5
-1.2

3.1
2.8
.3

1.8
2.6
-.8

10.8
4.8
6.0

-2.6
2.1
-4.7

1.9
0
1.9

1.1
6.1
-5.0

6.7
2.2
4.6

7.7
7.5
.2

-.8
-.1
-.6

.4
-.4
.8

-4.9
-2.1
-2.8

2.3
-.2
2.5

1.3
.2
1.1

.7
-.4
1.1

-2.7
-1.0
-1.7

-2.3
-.9
-1.4

Retail trade
Durable goods
Automotive
Other
Nondurable goods

8.1
2.2
2.8
-.6
5.9

-7.9
-7.5
-8.1
.6

14.6
6.9
8.6
-1.8
7.7

-30.8
-24.6
-26.9
2.4
-6.2

9.2
6.5
3.4
3.1
2.7

.8
3.0
3.8
-.9
-2.1

-10.8
-14.8
-12.6
-2.2
4.0

-28.0
-26.3
-22.0
-4.3
-1.7

Other
Durable goods
Nondurable goods

7.9
1.8
6.2

3.0
-1.4
4.3

8.9
3.6
5.4

13.9
4.5
9.4

4.1
-1.7
5.8

-1.2
-2.3
1.1

-4.9
-6.0
1.1

-7.9
-9.4
1.5

Farm
Nonfarm
Change in book value
Inventory valuation adjustment 1 ....

...

Merchant wholesalers
Durable goods
Nondurable goods
Nonmerchant wholesalers
Durable goods
Nondurable goods

.

-11.8

1990

r

28.3

Change in business inventories

1989

1991

1990

1989

I

IV

II

1991

III

IV

r

23.8

-3.6

18.9

-2.2

5.0

1.5

3.6

6.0

-2.1

0

2.1

3.1

18.7

-5.1

15.3

-8.2

11.6

4.7

-28.5

-26.8

Manufacturing
Durable goods
Nondurable goods

3.8
4.2
-.4

-3.9
-3.9
0

-5.7
-.5
-5.2

1.7
-2.9
4.7

-2.6
-4.3
1.7

3.7
2.9
.8

-18.3
-11.3
-7.0

-2.0
-8.2
6.2

Wholesale trade
Durable goods
Nondurable goods

1.3
2.3
-1.0

2.4
1.9
.5

2.0
2.0
0

2.0
2.0
.1

2.9
0
2.9

1.5
4.9
-3.4

3.2
.7
2.6

5.1
5.9
-.9

2.5
2.4
0

1.6
2.2
-.6

7.7
3.8
3.8

-1.1
2.1
-3.2

1.2
-.2
1.4

.6
5.4
-4.8

5.8
1.6
4.2

7.7
6.7
1.0

-1.2
-.1
-1.0

.8
-.3
1.1

-5.7
-1.9
-3.8

3.1
-.1
3.2

1.7
.2
1.5

.9
-.5
1.4

-2.5
-.9
-1.6

-2.7
-.7
-1.9

Retail trade
Durable goods
Automotive
Other
Nondurable goods

6.9
1.9
2.4
-.5
5.0

-6.6
-6.3
-6.7
.5
-.3

12.2
5.8
7.3
-1.5
6.4

-25.6
-20.5
-22.6
2.1
-5.1

7.6
5.4
2.8
2.6
2.2

.8
2.4
3.2
-.8
-1.5

-9.3
-12.4
-10.4
-2.0
3.1

-23.4
-21.8
-18.2
-3.6
-1.5

Other
Durable goods
Nondurable goods

6.8
1.5
5.3

3.0
-1.2
4.1

6.9
3.0
3.9

13.7
3.8
9.9

3.7
-1.4
5.1

-1.3
-1.9
.6

-4.1
-5.0
.9

-6.5
-7.8
1.3

Change in business inventories
Farm

.

Nonfarm

Merchant wholesalers
Durable goods
Nondurable goods

£w.'

Nonmerchant wholesalers
Durable goods
Nondurable goods

9.5

4.7

-26.4

-23.7

1. The inventory valuation adjustment (IVA) shown in this table differs from the IVA that adjusts business
incomes. The IVA in this table reflects the mix of methods (first-in, first-out; last-in, first-out; etc.) underlying
book value inventories derived primarily from Census Bureau statistics. This mix differs from that underlying
business income derived primarily from Internal Revenue Service statistics.

Table 5.10.—Inventories and Final Sales of Business by Industry

Table 5.11.—Inventories and Final Sales of Business by Industry in
Constant Dollars

[Billions of dollars]

[Billions of 1982 dollars]
Seasonally adjusted quarterly totals

1990

1989

IV
1

II

in

IV

1989

lf

IV

.

Manufacturing
Durable goods
Nondurable goods ... ...

•.

Wholesale trade
Durable goods
Nondurable goods
Merchant wholesalers
Durable goods
Nondurable goods
Nonmerchant wholesalers
Durable goods
Retail trade
Durable goods
Automotive
Other
Nondurable goods
Other
Final sales2
Final sales of goods and structures2

Nonfarm inventories to final sales of goods and structures

III

IV

r
899.6

908.6

911.0

912.1

905.9

70.5

70.0

70.0

70.9

71.3

Nonfarm
Durable goods
Nondurable goods

840.2
482.7
357.4

838.1
478.3
359.8

841.0
478.2
362.8

842.2
480.3
361.9

835.1
473.3
361.8

828.3
465.3
363.1

377 2
248 8
128 4

Manufacturing
Durable goods
Nondurable goods

333.6
219.7
113.9

334.0
219.0
115.0

333.4
217.9
115.5

334.3
218.6
115.7

329.7
215.8
113.9

329.2
213.7
115.5

234.0
150.0
84.1

234.2
151.9
82.3

Wholesale trade
Durable goods
Nondurable goods

193.7
123,1
70.6

194.2
123.6
70.6

194.9
123.6
71.4

195.3
124.8
70.5

196.1
125.0
71.1

197.4
126.4
70.9

203.0
132.9
70.1

205.0
133.9
71.1

206.8
136 1
70 7

Merchant wholesalers
Durable goods
Nondurable goods

168.7
109.0
59.7

168.4
109.5
58.9

168.7
109.5
59.3

168.9
110.8
58.1

170.3
111.2
59.1

172.3
112.9
59.4

28.0
16.4
11.6

30.2
16.3
13.9

29.1
16.1
13.0

15.8
11.6

Durable goods
Nondurable goods

25.0
14.1
10.9

25.8
14.0
11.7

26.2
14.1
12.1

26.4
14.0
12.4

25.8
13.7
12.0

25.1
13.5
11.6

234.5
115.6
57.2
58.5
118.9

237.0
116.9
58.5
58.4
120.1

235.4
113.8
55.7
58.0
121.6

199.3
101.5
52.8
48.7
97.7

192.9
96.4
47.2
49.2
96.5

194.8
97.8
47.9
49.9
97.0

195.0
98.4
48.7
49.7
96.6

192.7
95.3
46.1
49.2
97.4

186.8
89.8
41.5
48.3
97.0

79.4

79.1

77.3

76.1

972.9
567.1
405.8

970.0
563.3
406.7

970.2
562.0
408.2

992.8
567.6
425.2

985.0
559.9
425.1

967 5
550.4
417 0

382.7
255.4
127.3

382.5
255.4
127.1

377.8
252.5
125.4

390.2
255.3
134.8

383.5
251.6
131.9

226.6
146.0
80.6

227.3
147.0
80.4

233.2
149.2
84.0

198.8
129.5
69.3

199.2
130.4
68.8

228.2
147.1
81.1
200.2
130.7
69.5

27.8
16.5
11.3

28.1
16.5
11.6

238.0
119.8
63.0
56.8
118.2

231.6
113.8
56.1
57.6
117.8

228.7
107.4
57.1
121.3

125.6

128.6

129.6

132.5

132.1

127.3

371.5
209.7

380.3
216.3

383.3
2163

387.5
218.0

390.2
217.9

391.1
215.7

2.74
2.53
4.49

2.76
2.56
4.55

2.72
2.52
4.52

Inventories

Retail trade
Durable goods
Other
Nondurable goods

.

.

Other
Final sales2
Final sales of goods and structures2

113.6

117.0

117.9

117.6

116.6

115.0

295.5
181.2

298.5
184.1

298.1
182.8

298.8
183.2

299.4
183.3

296.5
179.7

3.08
2.84
4.64

3.04
2.81
4.55

3.06
2.82
4.60

3.05
2.82
4.60

3.03
2.79
4.56

3.03
2.79
4.61

Ratio of inventories to final sales

2.83
2.62
4.64

2.76
2.55
4.48

2 47
4.49

1. Inventories are as of the end of the quarter. The quarter-to-quarter change in inventories calculated from
current-dollar inventories in this table is not the current- dollar change in business inventories (CBI) component
of GNP. The former is the difference between two inventory stocks, each valued at their respective end-ofquarter prices. The latter is the change in the physical volume of inventories valued at average prices of the
quarter. In addition, changes calculated from this table are at quarterly rates, whereas CBI is stated at annual
rates.
2. Quarterly totals at monthly rates. Business final sales equals final sales less gross product of households
and institutions, government, and rest of the world, and includes a small amount of final sales by farms.




II

69.0

77.9

Ratio of inventories to final sales
Inventories to final sales

1

1991

1990

I

909.1

1,050.8 1,049.4 1,049.3 1,070.1 1,061.1 1,046.3

Inventories

Nonfarm
Durable goods
..
Nondurable goods

I

Seasonally adjusted quarterly totals

1991

No f
'
to ' final al
Nonfarm inventories to final sales of goods and structures

1. Inventories are as of the end of the quarter. Quarter-to-quarter changes calculated from this table are at
quarterly rates, whereas the constant-dollar change in business inventories component of GNP is stated at annual rates.
2. Quarterly totals at monthly rates. Business final sales equals final sales less gross product of households
and institutions, government, and rest of the world, and includes a small amount of final sales by farms.

May 1991

17

SURVEY OF CURRENT BUSINESS
Table 5.12.—Fixed Investment by Type

Table 5.13.—Fixed Investment by Type in Constant Dollars

[Billions of dollars]

[Billions of 1982 dollars]
Seasonally adjusted at annual rates

Seasonally adjusted at annual rates

1989

1990

I

IV

II

1989

1991

1990

1989

III

IV

1990

r

1991

1990

1989
II

I

IV

III

IV

V

Fixed investment

742.9

746.1

737.7

758.9

745.6

750.7

729.2

695.4

Fixed investment

693.1

692.3

690.2

702.9

691.2

692.3

682.7

649.9

Nonresidential

Nonresidential

511.9

524.1

511.8

523.1

516.5

532.8

524.0

504.2

Structures
Nonresidential buildings,
excluding farm
Public utilities
Mining exploration, shafts, and
wells .. .
Other

146.2

147.0

147.1

148.8

147.2

149.8

142.1

139.8

104.3
25.7

103.5
25.8

104.5
24.9

104.9
25.4

104.6
25.8

106.1
25.9

98.3
25.9

95.7
26.2

11.1
5.1

11.7
6.1

12.0
5.7

12.4
6.1

10.9
5.9

11.5
6.2

12.0
6.0

11.9
6.0

Producers' durable equipment ....
Information processing and
related equipment
Industrial equipment
Transportation and related
equipment
Other

365.7

377.1

364.7

3743

3693

383.0

381.9

364.4

116.0
93.1

120.2
92.4

118.2
93.8

120.4
95.1

118.6
90.6

119.1
91.3

122.8
92.6

120.7
87.9

76.2
80.4

83.2
81.2

70.7
82.0

77.9
80.9

79.4
80.7

91.7
80.8

84.0
82.4

81.3
74.5

231.0
1 16.7
23.3
90.9

222.0
111.0
20.1
90.9

225.9
113.8
21.6
90.5

235.9
122.6
20.8
92.4

229.1
115.1
20.9
93.1

217.9
107.4
19.6
90.9

205.2
99.1
19.1
87.0

191.2
87.3
17.9
86.1

Residential
Single-family structures
Multifamily structures
Other
;

506.1

515.4

508.4

514.6

508.4

519.3

519.4

497.4

Structures
Nonresidential buildings,
excluding farm
Public utilities
Mining exploration, shafts, and
wells
Other

|22.4

120.9

123.1

123.8

120.9

122.4

116.4

114.0

81.2
21.3

78.6
20.6

80.6
20.2

80.2
20.5

79.7
20.7

80.2
20.7

74.1
20.5

72.1
20.6

15.7
4.1

16.9
4.8

17.7
4.6

18.2
4.9

15.8
4.7

16.5
5.0

17.0
4.8

16.6
4.7

Producers' durable equipment ....
Information processing and
related equipment
Industrial equipment
Transportation and related
equipment
Other

383.7

394.6

385.4

390.8

387.5

397.0

403.1

383.4

179.0
74.9

191.3
71.4

186.0
74.6

188.4
74.4

188.1
70.6

187.9
70.3

200.9
70.3

196.5
65.8

63.8
66.1

67.3
64.6

58.2
66.5

63.3
64.7

64.4
64.5

74.5
64.2

67.0
64.9

63.1
58.1

187.0
93.5
18.7
74.8

176.8
87.6
15.9
73.4

181.8
90.6
17.2
74.0

188.3
96.9
16.4
75.0

182.8
91.1
16.6
75.2

173.0
84.2
15.4
73.4

163.3
78.2
15.1
70.0

152.4
69.1
14.1
69.2

Residential
Single-family structures
Multifamily structures
Other

•.

Table 6.18B.—Corporate Profits by Industry

Table 6.3B.—National Income Without Capital Consumption Adjustment
by Industry

[Billions of dollars]

[Billions of dollars]

Seasonally adjusted at annual rates
Seasonally adjusted a: annual rates

1989

1990

1989
IV

National income without
capital consumption
adjustment

1990
I

II

1989
1991

III

IV

r

4,228.5 4,445.8 4,287.6 4,371.0 4,435.4 4,483.2 4,493.8 4,496.3

Domestic industries

4,190.9 4,404.1 4,244.8 4,329.3 4,403.8 4,440.4 4,443.0 4,441.0

Private industries

3,584.9 3,755.7 3,625.9 3,694.9 3,758.8 3,788.3 3,781.0 3,762.5

Corporate profits with inventory
valuation and capital consumption
adjustments

98.7
37.4
227.8

111.0
39.3
232.1

104.5
40.4
227.7

96.0
41.2
225.0

102.1
48.0
215.6

Rest of the world

Manufacturing
Durable goods
Nondurable goods

803.8
465.6
338.2

806.5
461.5
345.0

793.8
458.3
335.6

800.6
464.8
335.8

819.8
471.5
348.4

814.7
464.5
350.1

791.0
445.4
345.6

Domestic industries

Transportation and public utilities ..
Transportation
Communication
Electric, gas, and sanitary
services

314.2
136.6
87.4

328.8
144.0
92.8

314.6
136.4
89.8

322.8
140.8
91.1

328.3
144.8
91.9

332.7
145.8
93.5

331.5
144.7
94.6

90.2

92.0

88.4

90.9

91.7

93.3

92.1

Wholesale trade
Retail trade
Finance, insurance, and real estate .
Services

247.4
360.1
613.8
883.0

261.7
377.1
647.5
963.4

255.8
366.3
621.6
910.0

256.5
372.4
630.6
929.6

260.4
381.5
643.6
952.5

263.7
377.2
658.5
979.4

266.0
377.3
657.3
992.2

606.0

648.4

618.9

634.4

645.0

652.0

662.0

678.5

37.6

41.7

42.8

41.6

31.6

42.9

50.8

553

Rest of the world




II

1991
III

IV

311.6 298.3 290.9 296.8 306.6 300.7 288.9 288.0

50.9

Corporate profits with inventory
valuation adjustment

56.9

56.9

52.9

48.9

57.6

68.0

286.1 293.3 275.3 285.5 298.8 298.7 290.3 291.1

15.4
20.7
-5.2

6.9
18.7
21.5 20.8
-2.8 -13.9

16.1
20.8
-4.7

18.2
21.1
-2.9

21.7
22.6
-.8

18.8
21.7
-2.9

96.1

88.8

83.7

90.1 100.8

91.2

Durable goods
Primary metal industries
Fabricated metal products
Machinery, except electrical
Electric and electronic equipment
Motor vehicles and equipment
Other

37.1
6.2
6.7
4.7
7.4
-1.9
13.9

31.1
4.0
4.9
6.7
6.8
-7.0
15.6

30.2
4.3
4.6
5.7
8.9
-5.8
12.6

37.4
4.9
6.4
7.3
8.6
-7.2
17.4

39.5
5.4
6.0
7.9
7.8
-4.3
16.7

30.2 17.2
2.4
3.6
2.4
4.8
6.3
5.2
6.6
4.3
-5.4 -11.2
14.3 14.1

Nondurable goods
Food and kindred products
Chemicals and allied products
Petroleum and coal products
Other

59.0
14.0
21.7
.3
23.1

57.7
14.2
21.3
4.3
17.9

53.5
12.4
20.1
-.1
21.1

52.7
10.9
21.9
1.0
18.9

61.3
15.3
22.7
3.7
19.6

60.9
15.7
22.1
3.7
19.4

55.8
14.8
18.6
8.7
13.8

43.6
38.7
41.4

41.6
41.5
45.9

40.2
41.9
45.7

41.5
39.2
45.7

41.9
44.4
44.6

42.8
39.5
45.9

40.2
42.8
47.4

50.9

56.9

56.9

52.9

48.9

57.6

68.0

Rest of the world

19.8
21.2
-1.4

219.8 217.7 211.5 216.5 231.7 219.3 203.4 201.9

Nonfinancial

Transportation and public utilities
Wholesale and retail trade
Other

69.4

235.2 236.4 218.4 232.6 249.9 241.1 222.3 221.7

Financial
Federal Reserve banks
Other
Manufacturing

I-

19.7 21.8 10.3 19.3 21.8 24.3 21.7 22.8
241.0 219.5 223.8 224.5 235.8 218.8 199.1 195.8

Financial
Nonfinancial

103.4
42.2
225.1

1990
I

260.7 241.4 234.0 243.9 257.6 243.1 220.8 218.7

Domestic industries

101.0
36.4
225.1

:::::::::::

1989
IV

Agriculture, forestry, and fisheries .
Mining
Construction

Government and government
enterprises

1990

,

73.1

69.4

18

SURVEY OF CURRENT BUSINESS

May 1991

Table 7.1.—Fixed-Weighted Price Indexes for Gross National Product,
1982 Weights

Table 7.2.—Fixed-Weighted Price Indexes for Gross National Product
by Major Type of Product, 1982 Weights

[Index numbers, 1982=100]

[Index numbers, 1982=100]
Seasonally adjusted

Seasonally adjusted

1989

Gross national product
Personal consumption expenditures
Durable goods
Nondurable goods
Services

1990

1990

1989

1991

rv

IV

I

II

III

129.5 135.4

131.2

1333

134.6

136.0

1375 1393

138.4

133.7

136.1

137.1

139.1

141.5

131.6

142.6

114.3 116.8 115.2 116.4 116.5 116.7 117.4 118.7
123.9 132.3 125.7 129.7 130.3 132.8 136.4 136.6
141.7 148.4 144.2 145.7 147.3 149.3 151.1 153.0
115.0
112.6
110.3
114.1
123.3

118.1
116.0
112.6
118.2
125.5

116.1
113.8
110.9
115.7
124.1

117.3
115.0
111.6
117.2
125.1

117.6
115.5
112.2
117.6
125.2

118.4
116.2
113.0
118.2
126.0

119.2
117.3
113.6
119.7
125.8

120.0
118.4
114.2
121.2
125.6

Net exports of goods and services
Exoorts
Imports
Government purchases of goods and services ...
Federal
National defense
Nondefense
State and local

Gross national product

129.5 135.4

Final sales
Change in business inventories
Final sales
Change in business inventories .
Durable goods
Final sales
Change in business inventories

130.6

136.5

132.1

134.4

135.5

137.0

139.0

140.6

122.4
121.8
123.9
136.7

127.3
127.1
127.6
143.3

123.0
122.3
124.9
138.9

125.8
125.6
126.6
140.8

126.5
126.0
127.6
142.1

127.5
127.2
128.0
144.0

129.2
129.6
128.3
146.3

131.6
131.7
131.2
147.3

129.3
129.2
97.8
136.4

135.2 131.1 133.2 134.4 135.8
137.1 131.4 135.8 136.1 137.5
106.4 98.3 102.3 100.6 105.5
142.7 138.7 140.3 141.9 143.6

137.4
139.2
117.0
145.1

139.0
141.3
109.4
147.1

..

.

I

II

in

131.2

1333

134.6

136.0

IV

F

137.5 1393

119.9

125.8

119.7

125.5 121.1 123.7 124.8 125.9 127.5 128.9

121.3

123.9

125.1

126.1 127.7

129.2

126.0
125.8

133.6 127.6 130.9 132.5 134.1 136.3 137.8
133.3 127.3 130.7 132.2 133.8 136.0 137.5

143.0

146.6

145.3

144.1

145.7

147.4 149.2 151.5

117.3

119.5

118.0

118.9

119.2

119.9

120.2

120.4

Table 7.3.—Fixed-Weighted Price Indexes for Relation of Gross National
Product, Gross Domestic Purchases, and Final Sales to Domestic Purchasers, 1982 We ights
[Index numbers, 1982=100]
Seasonally adjusted

NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.




1991

1990

IV

110.8 114.2 112.0 113.4 113.9 114.2 115.1 116.3
110.9 114.2 112.1 113.5 113.9 114.3 115.1 116.3

Nondurable goods
Final sales
Change in business inventories
Structures

1989

129.3 135.2 131.1 133.2 134.4 135.8 137.4 139.0

Goods

Services
114.4 117.4 114.4 115.9 116.7 117.6 119.0 120.0
109.5 113.9 109.9 112.3 110.0 113.6 120.1 116.5

Addenda:
Final sales
;
Personal consumption expenditures, food
Personal consumption expenditures, energy
Other personal consumption expenditures

1990

I"

Gross private domestic investment
Fixed investment
Nonresidential
Structures
Producers' durable equipment
Residential
Change in business inventories

1989

1989

1990

1989

1990

1991

IV

I

II

III

1333

134.6

136.0

IV

lr

Gross national product

129.5 135.4

131.2

Less: Exports of goods and services
Plus: Imports of goods and services

114.4 117.4
109.5 113.9

114.4 115.9 116.7 117.6 119.0 120.0
109.9 112.3 110.0 113.6 120.1 116.5

Equals: Gross domestic purchases '

129.1

135.2

130.9

133.1

134.1

135.7

137.8

139.1

129.0

135.0

130.7

132.9

133.9

135.5 137.6

138.8

137.5 1393

Less: Change in business inventories
Equals: Final sales to domestic purchasers2

1. Purchases in the United States of goods and services wherever produced.
2. Final sales in the United States of goods and services wherever produced.
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.

May 1991

19

SURVEY OF CURRENT BUSINESS
Table 7.7.—Implicit Price Deflators for the Relation of Gross National
Product, Net National Product, and National Income
[Index numbers, 1982=100]

Table 7.4.—Implicit Price Deflators for Gross National Product
[Index numbers, 1982=100]
Seasonally adjusted

1989

1990

1989
IV

1990
I

II

Seasonally adjusted

1991
III

1989

V

IV

1990

IV

Gross national product
Personal consumption expenditures
Durable goods
Nondurable goods
Services
Gross private domestic investment
Fixed investment
Nonresidential
Structures
,
Producers' durable equipment
Residential
Change in business inventories
Net exports of goods and services
Exports
.
Imports
Government purchases of goods and services ...
Federal
National defense
Nondefense
*..
State and local

1263 131.5 128.0
129.9 136.4 131.8
1.10.9 112.4 111.4
122.8 131.0 124.5
141.0 147.7 143.4

129.5
134.0
112.5
128.3
145.1

131.0
135.2
112.1
129.4
146.6

132.2
137.0
112.3
131.5
148.5

133.1
139.3
112.7
134.9
150.4

134.8
140.5
113.0
135.2
152.1

107.2
101.2
119.5
95.3
123.5

107.8
101.7
121.6
95.6
125.5

106.9
100.7
119.5
94.6
124.3

108.0
101.6
120.2
95.8
125.3

107.9
101.6
121.8
95.3
125.3

108.4
102.6
122.4
9615
126.0

106.8
100.9
122.1
94.7
125.7

107.0
101.4
122.6
95.0
125.4

105.5
103.8
128.5
119.4
117.5
125.8
135.1

106.5
105.8
133.8
123.3
121.2
129.8
141.3

105.1
102.8
130.1
120.2
117.1
130.4
137.1

105.3
104.2
132.5
123.3
120.8
131.5
138.9

106.4
103.0
132.5
122.0
120.7
125.6
140.1

106.7
105.5
134.0
123.0
121.1
128.9
142.0

107.8 106.9
110.7 106.1
136.1 137.6
125.1 127.1
122.3 124.0
133.8 137.3
144.1 145.2

NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
Table 7.5.—Implicit Price Deflators for Gross National Product by Major
Type of Product
[Index numbers, 1982=100]
Gross national product
Final sales
Change in business inventories
Goods
Final sales
Change in business inventories
Durable goods
Final sales
Change in business inventories
Nondurable goods
Final sales

1263 131.5 128.0 129.5 131.0 132.2 133.1 134.8
126.3 131.5 127.9 129.7 131.0 132.2 133.0 134.8

....
;

Services
Structures

128.0

II

129.5 131.0

1991

m

IV

V

132.2

133.1

134.8

109.6 110.8 110.1 110.6 110.6 110.9 111.0 111.1
128.6 134.4 130.5 132.2 133.9 135.3 136.3 138.3
132.0 141.8 134.8 136.8 139.6 145.4 1.45.6 153.2
124.2 129.0 125.8 127.1 128.6 129.8 130.4 131.9
128.3 133.7 130.1 131.7 133.3 1343 135.4 136.8

Table 7.8,-—Implicit Price Deflators for Command-Basis Gross National
Product
[Index numbers, 1982=100]
Gross national product
Less* Net exports of goods and services
Exports
Imports
Equals: Gross domestic purchases
Plus: Command-basis net exports of goods and
services
Command-basis exports
Imports
Equals: Command-basis gross national product

1263

131.5

128.0

129.5 131.0

132.2

133.1

103.8 105.8 102.8 104,2 103.0 105.5 110.7 106.1
103.8 105.8 102.8 104.2 103.0 105.5 110.7 106.1
126.0 1313 127.6 1293 130.4 132.0 133.6 134.6

999 1008 1003 1006 1012 1013 1001 1000
997 1010 100.0 1010 101.2 101 1 100.6 100.8

Table 7.9.—Fixed-Weighted Price Indexes for Personal Consumption
Expenditures by Major Type of Product, 1982 Weights
[Index numbers, 1982=100]

126.5 133.7 128.3 130.8 133.3 135.5 135.4 137.0
126.6 133.9 128.2 131.9 133.3 135.0 135.5 137.3

1394 146 1 141.6
1226 1247 123.1

143.6 145.2 146.9 148.6 150.7
124.0 124.6 125.2 124.9 125.0

1263
1263
124.2
124.4
1225
1453
112.4
124.2
139.3
1074
1415
1412
1333
145.1
128.7

131.5
131.5
129.0
129.3
127.1
151 9
116.5
129.0
145.5
1109
1478
148.7
139.9
153.0
134.4

128.0
128.0
125.8
126.2
124.1
148.1
109.3
125.8
140.9
107.7
143.3
143.3
133.9
147.9
130.6

129.5
129.5
127.1
127.3
125.3
148.8
120.5
127.1
142.5
1085
144.9
146.3
139.0
149.9
132.2

131.0
131.0
128.6
128.8
126;8

150.6
119.1
128.6
144.2
109.9
146.6
147.9
139.8
151.9
133.9

132.2
132.2
129.8
130.1
127.9
153.6
116.1
129.8
146.3
111.7
148.6
149.4
140.0
154.0
1353

133.1
133.1
130.4
130.9
128.6
154.7
110.3
130.4
148.6
113.5
151.0
151.0
140.7
156.0
1363

1223

NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.

134.8
134.8
131.9
132.3
130.1
155.6
113.2
131.9
150.5
114.9
152.9
154.3
146.5
158.0
1383

Personal consumption expenditures ........
Durable goods
Motor vehicles and parts
Furniture and household equipment
Other
Nondurable goods
Food
Clothing and shoes
Gasoline and oil
Other nondurable goods
Fuel oil and coal
Other
Services
....
....
Housing
Household operation
Electricity and gas
Other
Transportation
Medical care
Other

134.8

1055 1065 105 1 1053 1064 1067 107 8 1069
1038 105 8 1028 1042 1030 1055 1107 106 1
125.8 131.1 1273 129.1 130.2 131.8 133.5 134.7

NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.

Table 7.6.—Implicit Price Deflators for Gross National Product by Sector
[Index numbers, 1982=100]




Equals: Net national product
Less: Indirect business tax and nontax liability
plus business transfer payments less subsidies
plus current surplus of government enterprises .
Statistical discrepancy ..
Equals: National income

126.3 131.5

I

1133 117.2 114.4 115.6 117.2 118.0 117.8 118.9
1132 1172 114.2 1162 117.1 1 17.8 117.8 119.1

NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.

Gross national product
Gross domestic product
Business
Nonfarm
Nonfarm less housing
Housing
Farm
Statistical discrepancy
Households and institutions
Private households
Nonprofit institutions
Government
Federal
State and local
Rest of the world
Addendum:
Gross domestic business product less housing

Gross national product
Less: Capital consumption allowances with capital

1990

1989

131.6
1143
118.7
104.9
1235
123.9
1292
118.5
86.8
135.5
80.4
1429
141.7
1429
1226
115.7
129.7
131.9
1534
1435

138.4
116.8
120.1
106.6
1303
1323
137 1
123.6
99.0
145.6
97.7
1520
148.4
1504
1249
117.6
132.4
137.7
1625
1497

133.7
115.2
119.3
105.8
125 1
125.7
131 4
119.2
85.7
139.0
84.4
1463
144.2

1459
1236
117.2
130.2
132.7
1572
1457

136.1
116.4
120.2
106.3
128.4
129.7
1358
122.3
90.5
142.1
95.6
148.3
145.7
147.2
1250
118.4
131.8
135.2
1589
147 1

137.1
116.5
119.6
106.4
130.4
130.3
1361
124.2
90.0
143.2
85.5
150.8
1473
148.9
1247
117.3
132.3
136.8
161 1
1489

139.1
116.7
119.7
106.7
130.8
132.8
137.5
123.8
99.7
146.3
93.7
153.4
1493
152.1
123.9
115.7
132.3
138.0
163.7
150.7

141.5
117.4
120.7
106.9
131.7
136.4
1392
124.0
115.6
150.8
116.1
155.4
151.1
153.3
1260
119.0
133.2
140.7
1664
1522

142.6
118.7
122.6
107.3
133.3
136.6
141 3
127.8
100.9
151.8
100.8
158.4
153.0
154.7
128.7
122.1
135.6
145.4
168.8
153.1

Table 7.14.—Fixed-Weighted Price Indexes for Exports and Imports of
Goods and Services, 1982 Weights
[Index numbers, 1982=100]
Exports of goods and services
Merchandise
Durable goods
Nondurable goods
Services
Factor income
Other
Imports of goods and services
Merchandise
Durable goods
Nondurable goods
Services
Factor income
Other

114.4
106.2
107.0
105.2
126 1
1295
120 1
109.5
103 1
1200
85.1
1296
1287
1304

117.4
107.3
109.3
104.6
1320
1353
126 1
113.9
1062
121 0
91.3
1364
1344
1379

114.4
105.4
107.6
102.4
1276
1314
1208
109.9
1026
1196
85.2
131 2
1306
131 7

115.9
106.4
108.5
103.4
1296
1330
1236
1123
105 1
1204
89.5
1336
1322
1346

116.7
106.8
109.0
104.3
131 0
1347
1245
110.0
101 7
1200
83.5
1347
1339
1353

117.6
107.0
109.4
103.9
1329
1362
1269
113.6
1055
1207
89.9
1376
1354
139.4

119.0
108.5
110.0
106.5
1343
137 1
1293
120.1
1136
1225
104.3
1395
1363
1420

120.0
108.6
110.9
105.5
1366
1391
1322
116.5
1080
1239
91.7
141 4
138 3
1437

20

SURVEY OF CURRENT BUSINESS

May 1991

Table 7.15.—Fixed-Weighted Price Indexes for Merchandise Exports and
Imports by Type of Product and by End-Use Category, 1982 Weights

Table 7.16.—Fixed-Weighted Price Indexes for Government Purchases
of Goods and Services by Type, 1982 Weights

[Index numbers, 1982=100]

[Index numbers, 1982=100]
Seasonally adjusted

1989

1990

II

HI

106.2 107.3 105.4

106.4

106.8

107.0

108.5 108.6

Foods, feeds, and beverages
Industrial supplies and materials
Durable goods
Nondurable goods'
Capital goods, except autos
Autos
Consumer goods
Durable goods
Nondurable goods
Other
Durable goods
Nondurable goods

102.0
104.0
104.5
103.8
104.7
120.1
116.1
108.6
121.9
106.1
103.8
108.4

96.7
104.8
104.0
105.2
107.7
122.5
119.5
110.3
126.8
107.7
105.4
110.1

96.0
102.6
103.4
102.3
105.5
122.0
116.6
108.5
122.9
105.6
103.3
107.9

97.0
103.3
103.7
103.2
106.9
121.9
117.8
109.4
124.5
106.6
104.2
108.9

99.6
102.7
102.8
102.7
107.5
122.5
119.3
111.1
125.8
107.5
105.2
109.9

96.3
104.2
104.8
104.0
107.7
122.6
119.4
110.0
126.7
107.6
105.3
109.9

93.8
108.7
104.5
110.3
108.4
123.0
121.4
110.7
129.8
109.2
106.8
111.5

95.4
106.7
106.0
106.9
109.0
125.1
122.9
112.3
131.2
109.0
106.7
111.4

Merchandise imports
Foods, feeds, and beverages
Industrial supplies and materials, excluding
petroleum
Durable goods
Nondurable goods
Petroleum and products
Capital goods, except autos
Autos
Consumer goods
Durable goods
Nondurable goods
Other
Durable goods
Nondurable goods
..

103.1

106.2

102.6

105.1

101.7

105.5

113.6

108.0

105.0

106.8

100.5

105.0

104.6

108.5 109.4

108.2

108.1
107.6
108.6
54.3
116.3
134.7
126.0
121.2
132.8
121.3
121.3
121.3

105.8
103.6
108.1
65.2
119.0
136.1
129.0
123.4
137.1
122.6
122.6
122.6

105.8
104.7
106.9
56.1
115.4
136.1
127.0
122.1
134.0
120.6
120.6
120.6

106.5
103.2
109.8
61.9
118.1
135.9
128.2
123.2
135.2
121.9
121.9
121.9

105.9
103.7
108.0
50.2
118.0
134.2
129.1
123.4
137.1
121.7
121.7
121.7

105.5
104.3
106.7
62.2
119.1
135.4
128.7
122.5
137.6
122.6
122.6
122.6

105.6
103.3
107.9
90.4
121.2
139.0
130.2
124.4
138.4
124.1
124.1
124.1

107.4
103.2
111.5
63.9
122.5
141.4
130.8
125.8
138.0
125.4
125.4
125.4

IV

1989

Table 7.17.—Fixed-Weighted Price Indexes for National Defense Purchases
of Goods and Services, 1982 Weights
[Index numbers, 1982=100]

Government purchases of goods and
services
Federal
National defense
Durable goods
;
Nondurable goods
Services
Compensation of employees
Military
.
.
Civilian
Other services
Structures

.

Nondefense
Durable goods
Nondurable goods
;
Commodity Credit Corporation inventory
change
Other nondurables
Services
Compensation of employees
Other services
Structures
State and local
Durable goods
Nondurable goods
Services
Compensation of employees
Other services
Structures

..

..

.

National defense purchases
Durable goods
Military equipment
Aircraft
Missiles
Ships
Vehicles
Electronic equipment
Other
Other durable goods
Nondurable goods

..
..
.

.

Petroleum products
Other nondurable goods
Services
Compensation of employees
Military
Civilian
Other services
Contractual research1 and development
Installation support
Weapons support2
Personnel support
Transportation of materiel
Travel of persons
Other
Structures
Military facilities
Other

1990

IV

I

II

HI

IV

Y

127.1

1223

125.6

126.0

127.2

129.6

131.7

110.9

111.4

110.1

111.0

110.6

111.3

112.6

113.1

112.2
106.9
115.3
131.7
91.1
111.1
115.4
105.4

112.4
106.1
111.8
134.4
94.1
111.7
118.2
106.8

111.0
104.2
112.2
132.6
92.5
111.6
116.4
106.0

111.9
105.9
112.3
133.1
92.3
111.7
117.0
107.1

112.0
105.8
111.2
133.7
93.9
111.6
117.9
104.3

112.3
105.2
112.5
135.1
94.8
111.7
118.3
106.9

113.4
107.6
111.1
135.5
95.3
111.9
119.7
108.7

114.7
108.6
113.9
136.9
95.4
112.5
121.0
105.9

76.0

87.5

77.5

80.9

79.2

85.8

104.2

91.8

59.7 75.7 61.2 65.9 63.5 73.6 99.9 81.3
102.3 102.7 103.5 103.5 103.4 102.1 101.8 104.1
119.0 122.9 120.5 121.9 121.7 121.9 126.1 124.3
130.7 137.2 131.5 135.8 136.6 137.6 138.8 143.0
139.6
138.7
141.4
132.6
128.9
139.3
126.2
178.6
95.8
119.1

128.9

133.3

130.2
126.9

133.3
131.9
136.1
128.0
125.8
135.0
123.9
167.7
88.5
111.5

138.8
138.0
140.4
129.9
126.9
136.3
124.8
171.6
93.8
116.2

139.6
138.8
141.2
130.8
127.8
137.1
125.8
173.0
94.0
117.5

139.7
138.8
141.5
133.5
129.8
141.2
125.9
180.2
95.8
118.9

140.2
139.0
142.6
136.0
131.1
142.6
128.1
189.5
99.5
123.6

145.8
144.4
. 148.7
137.5
133.0
143.1
129.4
191.0
102.2
126.2

131.3 131.7 131.7 134.8 135.0 135.5
135.9 133.7 133.9 133.6 137.8 138.4 139.3
129.3 127.6 128.5 128.8 130.2 129.8 129.8

1. Includes utilities, communications, rental payments, maintenance and repair, and payments to contractors
to operate installations.
2. Includes depot maintenance and contractual services for weapons systems.
3. Includes compensation of foreign personnel, consulting, training, and education.




IV

III

II

Y

130.6

136.5

132.1

134.4

135.5

137.0

139.0

140.6

122;4

127.3

123.0

125.8

126.5

127.5

129.2

131.6

121.8
110.9
76.0
130.7
132.8
131.9
134.6
126.6
128.9

127.1
111.4
87.5
137.2
139.6
138.7
141.4
132.6
133.3

122.3
1 10.1
77.5
131.5
133.3
131.9
136.1
128.0
131.3

125.6
111.0
80.9
135.8
138.8
138.0
140.4
129.9
131.7

126.0
110.6
79.2
136.6
139.6
138.8
141.2
130.8
131.7

127.2
111.3
85.8
137.6
139.7
138.8
141.5
133.5
134.8

129.6
112.6
104.2
138.8
140.2
139.0
142.6
136.0
135.0

131.7
113.1
91.8
143.0
145.8
144.4
148.7
137.5
135.5

123.9 127.6 124.9 126.6 127.6 128.0 128.3 131.2
104.5 107.7 105.5 106.4 107.1 108.0 109.3 110.3

104.7
130.4
134.5
124.0
119.8

106.9
136.1
140.7
128.9
123.3

106.6
131.6
135.3
125.7
121.4

105.0
134.6
139.6
126.8
122.2

107.8
135.6
140.4
128.1
122.7

104.5
136.5
140.8
129.7
123.7

110.2
137.5
141.8
130.9
124.4

"ibYs

136.7

143.3

138.9

140.8

142.1

144.0

146.3

147.3

117.4
103.7
143.8
145.3
137.2
123.3

120.4
110.2
151.4
153.1
143.8
124.8

118.7 119.2 119.9
105.3 107.2 105.5
146;4 148.6 150.4
148.1 150.1 152.1
138.8 141.7 142.9
123.7 124.6 124.7

121.0
110.3
152.3
154.1
144.1
124.9

121.7
117.6
154.4
156.2
146.5
124.9

123.2
110.6
156.6
158.2
149.1
124.8

141.8
148.0
132.1
125.0

Table 7.18.—Current-Dollar Cost and Profit Per Unit of Constant-Dollar
Gross Domestic Product of Nonfinancial Corporate Business
[Dollars]

121.8

132.8
131.9
134.6
126.6
124.7
133.2
122.0
163.3
91.4
110.3

I

1991

1990

1989

1991

1990

1989

IV

Seasonally adjusted

1989

1990

V

I

IV
Merchandise exports

Seasonally adjusted

1991

1990

1989

Seasonally adjusted

1989

Current-dollar cost and profit per unit
of constant-dollar gross domestic
product '
Capital consumption allowances with capital
consumption adjustment
Net domestic product
Indirect business tax and nontax liability plus
business transfer payments less subsidies
Domestic income
Compensation of employees
Corporate profits with inventory valuation
and capital consumption adjustments
Profits tax liability
.
Profits after tax with inventory valuation
and capital consumption adjustments
Net interest

1.140

1990

1.178

1989

1991

1990

IV

I

II

III

IV

r

1.150

1.161

1.175

1.185

1.191

1.208

.127

.132

.130

.130

.131

.133

.136

.140

1.013

1.046

1.020

1.031

1.044

1.052

1.055

1.069

.109
.904
.760

.116
.930
.791

.111
.909
.769

.113
.918
.777

.113
.931
.787

.117
.935
.797

.119
.936
.804

.124
.944
.813

.096
.041

.088
.038

.089
.039

.090
.038

.094
.039

.087
.040

.080
.037

.080
.033

.056
.048

.049
.051

.051
.051

.052
.051

.055
.051

.047
.051

.043
.052

.047
.052

1. Equals the deflator for gross domestic product of nonfinancial corporate business with the decimal point
shifted two places to the left.
NOTE.—Estimates have been revised back to 1977. See "Reconciliation and Other Special Tables."

SURVEY OF CURRENT BUSINESS

May 1991

21

Table 8.1.—Percent Change From Preceding Period in Selected Series
[Percent]
Seasonally adjusted at annual rates

1989

1990

IV

Gross national product:
Current dollars
1982 dollars
mp^ i price e ato
p.

, " . .

.

."•••;""

Personal consumption
expenditures:
l
Current dollars
1982 dollars l
Implicit price deflator
Chain price index
Durable goods:
Current dollars ....
1982 dollars
Chain price index
Fixed-weighted price index
Nondurable goods:
Current dollars
1982 dollars
Implicit price deflator

...

Fixed-weighted price index
Services:
Current dollars
*
1982 dollars 1
Implicit price deflator
F' eH

ht d

."•••;••••

Gross private domestic investment:
Current dollars
1982 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index

Implicit price deflator
Fixed-weighted price index
Nonresidential:
Current dollars
1982 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index
Structures:
1982 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index
Producers' durable equipment:
Current dollars
1982 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index
Residential:
Current dollars
1982 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index
Exports of goods1and services:
Current dollars
1982 dollars l
Implicit price deflator
Chain price index
Fixed-weighted price index
Imports of goods and services:
Current dollars '
1982 dollars '
Implicit price deflator
Chain price index
Fixed-weighted price index

i

1
•

II

HI

IV

I'

3.8
3.7
3.8

6.7
1.7
4.8
6.1
6.6

5.1
.4
4.7
4.1
3.9

5.3
1.4
3.7
3.7
4.2

.9
-1.6
2.8
3.6
4.7

2.5
-2.6
5.2
5.1
5.1

4.0
-.8
5.0
4.9
4.7

8.2
1.1
6.8
6.8
7.4

8.0
3.9
.2
2.7
5.4
3.6
5.2
3.4
3.1 . 5.7

3.5
-3.4
6.9
6.5
7.1

2.1
-1.3
3.5
3.3
3.3

3.9

6.7
25
4.1
4.3
4.5

5.1
10
4.1
4.3
4.6

6.5
1.9
4.6
4.7
4.8

6.0
.9
5.0
4.9
5.2

3.7
2.3
1.4
2.0
2.1

1.2 -12.4
-.1 -13.0
.7
1.4
2.6
1.9
2.2
2.6

19.0 -10.7
14.4 -9.5
4.0 -1.4
.2
3.7
4.4
.5

123
3.3 -11.0
2.6 -12.3 -13.1
1.4
1.1
.7
2.4
3.5
.5
4.3
2.5
.6

6.6
1.2
5.3
5.4
5.7

5.6
-1.0
6.7
6.6
6.8

4.1
-.2
4.3
4.8
4.5

9.3
-3.2
12.8
12.9
13.2

1.5
-1.9
3.5
3.0
2.0

9.1
2.3
6.7
7.0
7.7

3.7
-6.5
10.8
10.6
11.5

-1.2
-1.9
.9
1.0
.5

7.3
2.4
4.8
4.9
4.8

7.5
2.6
4.8
4.7
4.7

8.6
3.1
5.2
5.5
5.4

4.9
.1
4.8
4.1
4.3

9.5
5.1
4.2
4.5
4.4

8.6
3.0
5.3
5.4
5.5

7.0
1.8
5.2
5.0
5.1

7.7
3.0
4.6
4.7
5.0

3.2
1.6

Fixed investment:
Current dollars

I

Seasonally adjusted at annual rates

1991

1990

1989

-3.9
-3.9

-6.6
-7.1

-7.9
-4.7

6.5
0

.4 -28.6 -18.1
-2.1 -21.4 -17.2

3.1
1.6
1.4
3.2
3.4

.4
-.1
.6
2.2
2.7

-4.8
-4.2
-.7
2.2
2.6

12.0
7.6
4.2
3.7
4.2

-6.8
-6.5
-.4
.6
1.3

4.8
3.9
1.0
3.0
3.4

2.4
1.8
.5
2.5
3.0

-4.8
-3.8
-.8
3.0
3.2

9.1
5.0
3.6
3.8
4.4

-5.0
-4.7
0
.8
1.6

4.5
0
4.5
3.5
3.0

.5
-1.2
1.8
2.5
2.1

.3
1.3
-1.0
2.4
1.4

4.7
2.3
2.4
3.0
2.8

-4.2
-9.0
5.4
1.6
1.9

5.0
5.2
-.2
2.8
3.6

3.1
2.8
.3
2.5
3.5

-6.6
-5.2
-1.7
3.2
4.4

11.0
5.7
5.2
4.1
5.4

-5.2
-3.3
-2.1
.6
1.4

-.6
-4.1
3.5
3.6
3.6

-3.9
-5.5
1.6
1.7
1.8

-5.1
-5.5
.3
.4
.5

18.9 -11.0 -18.2 -21.4 -24.6
15.1 -11.2 -19.8 -20.6 -24.1
2.3 -.9 -1.0
0
3.3
-.6
.1
-.9
2.3
3.3
-.5
2.4
-.6
.3
3.5

13.4
11.0
2.2
2.3
2.7

7.4
6.4
.9
2.3
2.6

12.8
13.5
-.8
-.3
0

12.0
11.2
.8
4.7
5.0

-1.0
-5.0
4.2
2.6
3.4

7.4
6.0
1.3
3.2
3.6

4.7
2.8
1.9
3.4
4.0

3.1
1.7
1.2
3.1
4.0

8.0
2.5
5.6
7.8
9.2

-3.8
.7
-4.5
-6.3
-7.0

2.8 -11.0 -17.3
.6 -5.4 -17.9
.8
1.9 -5.8
2.1
2.0
1.8
2.9
2.5
2.8

13.2
8.9
4.0
1.8
2.5

-6.4 -14.3
.1 -15.9
2.0
-6.5
3.1
2.9
4.0
3.9

7.3 -19.0
5.1 -18.2
2.0 -1.0
3.1
1.5
2.2
2.9

15.7
10.2
5.1
1.4
2.2

8.1
6.9
1.1
2.7
2.6

-6.3
-8.0
1.6
1.7
2.3

-1.1 -17.1
6.3 -18.2
1.3
-7.3
3.6
3.5
5.1
4.9

15.5
11.0
4.2
4.6
5.0

1990

1989
IV

Government purchases of goods and services:
Current dollars
1982 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index
Federal:
Current dollars
1982 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index
National defense:
Current dollars
1982 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index
Nondefense:
Current dollars
1982 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index
State and local:
Current dollars
1982 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index
Addenda:
Gross domestic purchases:
Chain price index
Fixed-weighted price index
Final sales:
1982 dollars
Chain price index
Fixed-weighted price index
Final sales to domestic purchasers:
1982 dollars
Chain price index
Command-basis gross national product:
1982 dollars
Implicit price deflator
Gross domestic product:
1982 dollars
Implicit price deflator
Business:
1982 dollars
Implicit price deflator
Nonfarm:
1982 dollars
Implicit price deflator
Disposable personal income:
Current dollars
1982 dollars

1990
I

II

1991
HI

IV

I"

6.6
2.3
4.2
4.4
4.7

7.1
2.8
4.1
4.2
4.5

6.2
3.0
3.1
3.1
3.4

10.7
2.9
7.6
7.5
7.2

6.2
6.2
0
3.0
3.0

6.2
1.2
4.6
4.6
4.6

11.4
4.7
6.4
6.5
6.1

2.9
-1.5
4.5
4.4
4.7

5.2
2.1
3.0
3.6
4.2

6.0
2.6
3.3
3.4
4.0

.7
-.4
1.0
1.1
1.8

11.1
10J
10.3
9.5

11.5
16.4
-4.2
2.3
2.0

3.7
.1
3.3
3.0
3.1

11.6
4.6
7.0
6.4
5.7

5.5
-1.3
6.5
7.4
7.4

1.3
-1.7
3.1
3.3
3.8

4.2
.9
3.1
3.4
4.4

-9.0
-7.0
-2.0
.4
1.5

11.1
-1.7
13.3
10.9
11.2

3.2
3.3
_3
10
1.4

3.9

16.8
12.1
4.0
7.7
7.7

7.3
1.7
5.7
6.0
6.7

19.0
16.6
2.1
4.9
5.4

11.6
8.0
3.2
3.3
3.0

37.5
26.5
8.4
3.3
2.4

11.2 39.1
75 67.4
3.4 -16.8
8.6
3.3
3.5
5.5

7.4
2.4
5.0
5.0
5.0

7.8
3.0
4.6
4.8
4.8

9.8
5.6
4.2
4.4
4.5

10.5
4.8
5.4
5.7
5.7

3.1
-.6
3.5
3.4
3.7

7.7
2.0
5.5
5.6
5.6 f

1.9
4.4
4.6

.5
4.4
4.7

-1.2
4.1
4.2

.5
6.5
7.0

1.3
2.9
2.9

2.5
4.3
4.5

1.6
4.3
4.6

.9
3.7
3.8

3.8
6.1
6.5

1.9
4.4
4.6

1.1
4.4
4.7

-.7
4.1
4.2

2.7
4.0

.8
4.2

2.5
4.0

l!1
3.4
4.0

3.2 -2.1
.4
-7.0 -15.4 -9.6
10.9 16.1, 10.9
2.0
111.7
9.2
1.0

?
11.3
4.9
6.0
6.6
6.4

1.2
-1.7
3.1
2.5
2.9

1.6
4.7
5.1

-5.1
5.8
6.3

-4.0
3.5
3.6

-.7
4.1
3.8

1.9
3.7
4.2

1.4
3.7
4.7

-2.8
5.0
5.0

2.5
6.5
6.9

.2
2.9
2.9

2.1
4.6
5.1

-2.2
5.8
6,3

-4.2
3.4
3.5

3*.9

1.0
5.4

1.8
3.4

.2
5.0

-3.9
4.9

-.5
3.0

.9
4.1

-.1
3.5

1.8
4.8

1.2
4.7

.7
3.7

-2.1
2.8

-2.8
5.2

2.4
4.0

.7
3.9

-.4
3.6

1.8
4.2

.8
4.8

.4
3.8

-2.7
1.9

-3.6
4.7

2.1
3.9

.3
3.9

-1.8
3.9

1.5
3.5

1.1
4.8

.5
4.1

-3.3
2.5

-4.3
4.3

7.1
2.4

5.9
.9

6.1
1.2

9.6
2.5

4.0
.3

4.5
-.7

3.3
-3.5

1.6
-1.8

-5.6
-2.6
-3.3
3.3
3.4

18.4
7.0 -25.2
7.6 -11.8 -11.3
10.1 21.2 -15.6
10.7 22.1 -8.4
12.6 24.9 -11.6

1. Percent changes for 1986 and the first quarter of 1986 reflect discontinuities in the series.
NOTE.—The fixed-weighted price index and the chain price index, both of which are weighted averages of
the detailed prices used in the deflation of GNP, are measures of price change. In calculating changes in these
indexes, the composition of GNP is held constant. Consequently these changes reflect only changes in prices.
The fixed-weighted price index measures price change over any period, using as weights the composition of
GNP in 1982. The chain price index measures price change between two consecutive periods, using as weights
the composition of GNP in the first period. The implicit price deflator is a byproduct of the deflation of GNP.




1989

It is derived as the ratio of current- to constant-dollar GNP (multiplied by 100). It it the average of the detailed
prices used in the deflation of GNP, but the prices are weighted by the composition of GNP in each period.
Consequently, the implicit price deflator reflects not only changes in prices but also changes in the composition
of GNP, and its use as a measure of price change should be avoided.

22

SURVEY OF CURRENT BUSINESS

May 1991

NIPA Charts

Dec. Nov.
P T

Nov.
P

Jan. July July
P T
P

Mar.
T

Nov.
T

Billion 1982 $; seasonally adjusted annual rates

Personal consumption expenditures-

Gross f rivate domestic inves ment

Charuie in busme >s inventor* s

Net exports of goods and services—

Governme nt purchas >s of goods and servi ;es-

1964

65

66

67




68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

90

91

1992

Percent Change

Percent Change
101

101
1

1 GNP PRICE INDEX (FIXED WEIGHTS)1
! GROSS DOMESTIC1 PURCHASES PRICE INDEX
(FIXED WEIGHTS)

REAL GNP
REAL GROSS DOMESTIC PRODUCT1

-10

23

SURVEY OF CURRENT BUSINESS

May 1991

1988

1989

1990

1991

1988

1989

1990

1991

Billion $
5001

Percent Change

H REAL GROSS DOMESTIC PURCHASES1
• REAL FINAL SALES TO DOMESTIC PURCHASERS1

• CORPORATE PROFITS WITH IVA AND CCAdj2
« CORPORATE PROFITS BEFORE TAX2
400

300

200

-10

1988

1989

1990

1991

100

1988

1989:

1990

1991

1990

1991

Percent
,10

Percent Change
10

PERSONAL SAVING RATE3

REAL DISPOSABLE PERSONAL INCOME1

iliLt*
-10

1988

1989

1990

1991

1988

1, Percent change at annual rate from preceding quarter; based on seasonally adjusted estimates,
2, Seasonally adjusted annual rate; IVA is inventory valuation adjustment, and CGAdj is capital consumption adjustment,
& Personal saving as percentage of disposable personal income; based on seasonally adjusted estimates.
US. Department of Commerce, Bureau of Economic Analysis




1989

24




SURVEY OF CURRENT BUSINESS

May 1991

Reconciliation and Other Special Tables
Table 1.—Revisions in Selected Component Series of the NIPA's, First Quarter of 1991
Seasonally adjusted at annual rates
Advance

Preliminary

Percent change from preceding quarter at annual rates

Difference

Advance

Preliminary

Billions of current dollars
GNP

>

5,562.3

National income . . .

5,561.7

-0.6

2.6

2.5

1.3

.1

4,461.1

Compensation of employees .
Corporate profits with inventory valuation and capital
consumption adjustments
Other
Personal income

3,297.8

3,297.7

-.1

1.3

872.8

288.0
875.3

2.5

-4.9

4,735.2

4,737.0

1.8

1.4

-1.2
-3.8
1.6

Billions of constant (1982) dollars
GNP

. . .

.

. .

-2.8

-2.6

-.4
-6.9

-2.6
-11.3

4,123.9

4,126.5

646.5
644.3

643.0
636.6

-3.5
-7.7

4,121.7

4,120.1

-1.6

-3.8

-4.0

2,664.1
403.9
894.6
1,365.5

2,664.9
401.3
896.8
1,366.7

.8
-2.6
2.2
1.2

-1.4
-10.8
-2.9
2.6

"-1.3
-13.1
-1.9
3.0

Fixed investment
Nonresidential
Residential
Change in business inventories
Nonfarm

650.8
499.6
151.2
-20.7
-25.5
4.8

649.9
497.4
152.4
-23.7
-26.8
3.1

-.9
-2.2
1.2
-3.0
-1.3
-1.7

-17.4
-14.4
-26.5

-17.9
-15.9
-24.1

Government purchases
Federal
State and local

827.5
346.8
480.7

829.1
348.8
480.3

1.6
2.0
-.4

-2.3
-3.5
-1.4

-1.5
-1.3
-1.7

Less: Exports
Plus: Imports
Equals' Gross domestic purchases
Personal consumption expenditures
Durables
Nondurables
Services

2.6

Index numbers, 1982=100 J
GNP price index (fixed weights)
GNP price index (chained weights)
GNP implicit price deflator
Gross domestic purchases price index (fixed weights)

139.3

139.3

0

134.9
139.1

134.8
139.1

-.1
0

5.1
5.1
5.5
3.6

5.1
5.1
5.2
3.6

1. Not at annual rates.
NOTE.—For the first quarter of 1991, the following revised or additional major source data were incorporated.
Personal consumption expenditures: Revised retail sales for February and March.
Nonresidential fixed investment: Construction put in place in February (revised) and March, revised manufacturers' shipments of equipment for
February and March, and partial information on plant and equipment expenditures for the quarter.
Residential investment: Construction put in place for February (revised) and March.
Change in business inventories: Manufacturing and trade inventories for February (revised) and March.
Net exports of goods and services: Merchandise exports and merchandise imports for February (revised) and March.
Government purchases of goods and services: Federal outlays for March, and State and local construction put in place for February (revised)
and March.
Wages and salaries: Revised employment, average hourly earnings, and average weekly hours for February and March.
GNP prices: Detailed merchandise export and import price indexes for October through March, values and quantities of petroleum imports for
March, and residential housing prices for the quarter.

SURVEY OP CURRENT BUSINESS

May 1991

25

Table 2.—Reconciliation of Changes in BEA-Derived Compensation Per Hour with BLS Average
Hourly Earnings
[Percent change from preceding period]
Seasonally adjusted at annual
rates

1990

1989

1988

m

5.1

2.5

3.5

4.9

4.7

Less: Contribution of supplements to wages and salaries per hour

0

.1

.2

-.1

0

Plus: Contribution of wages and salaries per hour of persons in housing and in
nonprofit institutions

0

-.1

.2

.2

Less: Contribution of wages and salaries per hour of persons in government
enterprises unpaid family workers, and self-employed

0

0

Equals: BEA-derived wages and salaries per hour of all employees in the private
nonfarm sector

5.1

2.3

3.4

-.1

Less ' Other differences *

-.1

-1.5

1.4

.

IP

IV

BEA-derived compensation per hour of all persons in the nonfarm business
sector (less housing)
.

Less: Contribution of wages and salaries per hour of nonproduction workers in

1991

1990
II

3.9

4.0

.3

.8

.3

.2

.3

0

-.2

.3

.3

53

5.3

3.5

33

-.2

.4

-.4

0

.1

0

.2

1.3

1.4

.6

Equals: BLS average hourly earnings of production or nonsupervisory workers
on orivate nonfarm oavrolls

3.7

3.9

3.6

4.7

4.4

2.1

2.5

Addendum:
BLS estimates of compensation per hour in the nonfarm business sector2

4.4

3.2

3.5

5.0

4.7

3.9

4.0

r

Revised.
Preliminary.
1. Includes BEA use of non-BLS data and differences in detailed weighting. Annual estimates also include differences in BEA and BLS
benchmarking procedures; quarterly estimates also include differences in seasonal adjustment procedures.
2. These estimates usually differ slightly from the BEA-derived estimates (first line) because the BLS estimates include compensation and hours
of tenant-occupied housing. The larger differences in 1988 and 1989 primarily reflect a BLS adjustment to make the 1988 compensation data, which
cover 53 Fridays (the most frequent pay day), consistent with the hours data, which are based on a constant 52-week year.
NOTE.—The table incorporates revised BLS estimates released in May 1991.
BLS Bureau of Labor Statistics
p

Table 3.—Cyclically Adjusted Federal Receipts, Expenditures, and Surplus or Deficit (—) Based on 6-Percent Unemployment Rate Trend GNP
[Billions of dollars; quarters at seasonally adjusted annual rates]

1989
Receipts:
Level
Percentage of trend GNP
Expenditures:
Level
Percentage of trend GNP
Surplus or deficit (—):
Level
Percentage of trend GNP
Addenda:
6-percent unemployment rate trend GNP:
1982 dollars




.

1990

19 89
I

II

1990
III

IV

I

II

1991

m

IV

I

1,025.5
20.1

1,100.8
20.3

1,014.3
20.3

1,032.2
20.4

1,020.2
19.9

1,035.4
19.9

1 0617
200

1 0934
203

1 1160
204

1 132 1
204

1 163 4
206

1,189.6
23.3

1,278.1
23.5

1,181.0
23.7

1,187.3
23.4

1,182.0
23.0

1,208.2
23.2

1 2522
236

1 2754
236

1 2736
232

1 311 2
236

1 2533
222

-1641
-32

-1773
-33

-1667
-33

-155 1
-3 1

-161 8
-32

-1728
-33

-190 5
-36

1820
-34

-1576
-29

-179 1
-32

-899
-1 6

5,101.5
4,038.9

5,432.6
4,132.5

4,989.4
4,004.3

50663
4,027.3

51359
4,050.4

5,214 3
4,073.7

53057
4,097.1

53980
4,120.6

54788
4,144.3

55477
4,168.1

56507
4,191.9

26

SURVEY OF CURRENT BUSINESS
Table 4.—Gross National Product in 1987 Dollars

May 1991

Table 5.—Gross National Product in 1982 and 1987 Dollars; Annual
and Quarterly Percent Changes

[Billions of 1987 dollars]
Seasonally adjusted at annual rates

II

III

IV

4,849.8

4,869.9

4,831.6

4,801.8

Personal consumption expenditures
Durable goods
Nondurable goods
Services

3,205.8
456.6
1,023.0
1,726.1

3,201.8
455.6
1,023.3
1,722.8

3,223.0
458.8
1,028.7
1,735.6

3,199.4
443.2
1,012.7
1,743.5

3,189.9
426.0
1,007.6
1,756.2

Gross private domestic investment
Fixed investment
Nonresidential
Structures
Producers' durable equipment
Residential
Change in business inventories

687.1
692.0
488.3
132.4
355.9
203.7
-4.9

704.1
693.5
482.9
133.1
349.8
210.6
10.6

703.2
694.5
495.3
134.4
360.8
199.2
8.8

646.2
673.3
485.2
127.0
358.3
188.0
-27.1

610.3
638.5
463.0
124.4
338.6
175.5
-28.2

Net exports of goods and services
Exports
Imports

-15.8
614.5
630.3

-24.7
605.2
629.9

-27.1
613.4
640.6

4.9
628.7
623.8

22.1
616.7
594.6

Government purchases of goods and services
Federal
National defense
Nondefense
State and local

969.8
384.4
285.8
98.6
585.4

968.7
386.6
284.6
102.0
582.1

970.7
385.7
284.8
100.9
585.0

981.1
389.4
291.3
98.1
591.7

979.5
390.0
293.4
96.6
589.5

4,862.7
4,851.8

4,874.6
4,839.2

4,897.0
4,861.1

4,826.6
4,858.7

4,779.7
4,830.0

113.1

112.5

113.5

114.7

116.1

Addenda:
Gross domestic purchases
Final sales
GNP price index (fixed weighted), 1987=100
r

Revised.
P Preliminary.
NOTE.—For background information about tables 4 and 5, see "Alternative Measures of Real GNP" in the
April 1989 SURVEY OF CURRENT BUSINESS. Revised estimates appeared on pages 21-22 of the August 1990
SURVEY and page 26 of the November 1990 SURVEY.




II

GNP:
1987 dollars
1982 dollars
Personal consumption expenditures:
1987 dollars
1982 dollars
Durable goods:
1987 dollars
1982 dollars
Nondurable goods:
1987 dollars
1982 dollars .
Services:
1987 dollars .
1982 dollars ..
...

1.7
1.4

-3.1
-1.6

-2.4
-2.6

1.0
.9

.4
.2

2.7
2.7

-2.9
-3.4

-1.2
-1.3

-12.9
-12.3

-14.6
-13.1

-.5
-.1

-10.8
-9.5

2.8
2.6

-.8
-1.0

-1.6
-1.9

2.1
2.3

-6.1
-6.5

4.8
5.1

3.0
3.0

1.8
1.8

5.4
0

-.5
-2.1

-28.7
-21.4

-20.4
-112

-11.7
-5.4

-19.1
-17.9

-1.6
-.1

-7.3
-6.5

.6
.6

L8

-5.6
-4.7

10.7
8.9

-5.8
-9.0

4.0
5.1

.9
2.8

-5.5
-3.3

13.2
10.2

-5.5
-5.5

-11.1
-11.2

-20.0
-19.8

5.2
6.4

-3.5
-5.0

-1.9
-1.2

Government purchases of goods and services:
1987 dollars
1982 dollars
Federal:
1987 dollars .
1982 dollars
National defense:
1987 dollars
1982 dollars
Nondefense:
1987 dollars
1982 dollars
State and local:
1987 dollars .
1982 dollars

....

IP

1.1
.4

-5.7
-3.9

Net exports of goods and services:
1987 dollars
1982 dollars ....
...
Exports:
1987 dollars
1982 dollars
Imports:
1987 dollars
1982 dollars

IV r

III

.8
1.0

2.6
2.6

Gross private domestic investment:
1987 dollars
1982 dollars
Fixed investment:
1987 dollars
1982 dollars
Nonresidential:
1987 dollars
1982 dollars
Structures:
1987 dollars
1982 dollars
Producers' durable equipment:
1987 dollars
1982 dollars
Residential:
1987 dollars
1982 dollars
Change in business inventories:
1987 dollars ..
.. .
1982 dollars
......

1991

1990

1990

IP

4,846.9

GNP

Seasonally adjusted at annual rates

1991

1990

1990

5.5
6.9

-7.9
.1
-20.3
-18.2

-2.7
6.3
-20.7
-20.6

10.4
11.0

-2.0
-1.9
2.9
3.0

-17.1
-15.9

-7.9
-8.0
-20.2
-18.2
-24.1
-24.1

-7.4
-2.6
-17.4
-11.3

1.4
2.8

1.9
.7

7.0
7.6

2.6
2.8

4.2
6.2

.8
1.2

4.4
4.7

-.7
-1.5

2.0
2.6

11.8
16.4

-.9

3.9
4.6

.6
-1.3

.5
.9

2.7
3.3

.3
2.7

9.4
12.1

2.9
1.7

6.6
8.0

42.8
67.4

2.9
3.0

-.4
-.6

2.0
2.0

.3
.5

1.8
1.3

L9
1.6

1.4
1.6

-.7
-.7

1.8
1.9

-.2
1.4

4.4
4.6

3.7
3.9

3.9
4.2

4.1
4.7

.8

1.0

1.5

-4.2
-7.0

-10.1
-11.8

-10.6
-15.4
4.7
4.9

-6.0
-9.6
1.5
-1.7

Addenda:
Gross domestic purchases:
1987 dollars
1982 dollars
Final sales:
1987 dollars
1982 dollars
GNP price index (fixed weighted):
1987-100
.
1982-100 . ..
Real GNP, chain output measure
r

Revised. (1987-dollar estimates only).
p
Preliminary.

. ..
. ..

-5.6
-5.1

-2.6

-3.8
-4.0
-2.3
-2.8
4.9
5.1

-2.5

May 1991

27

SURVEY OF CURRENT BUSINESS

Estimates of gross domestic product of nonfinancial corporate business in 1982 dollars, and the corresponding current-dollar cost and profit per unit have been revised from 1977 forward. The revised series
reflect the incorporation of improved implicit price deflators for gross product originating by industry; the
improved deflators are derived from industry estimates that appeared in the January 1991 (for 1977-86) and
April 1991 (for 1987-89) issues of the SURVEY OF CURRENT BUSINESS.

Table 1.16.—Gross Domestic Product of Nonfinancial Corporate Business Constant Dollars
[Billions of 1982 dollars]

1978

1977
Gross domestic product of nonfinancial corporate business
Capital consumption allowances with capital consumption adjustment
Net domestic product
Indirect business tax and nontax liability plus business transfer payments less
subsidies
.
Domestic income

1979

1980

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

1,682.1

1,781.5

1,840.0

1,803.6

1,836.8

1,782.2

1,871.8

2,049.2

2,132.3

2,2143

2,310.9

2,443.4

2,503.0

2,506.5

177.2
1,504.9

185.7
1,595.8

196.4
1,643.6

205.7
1,598.0

214.6
1,622.2

223.0
1,559.3

230.0
1,641.8

238.3
1,810.9

249.7
1,882.5

260.4
1,953.9

269.6
2,041.2

279.1
2,164.3

290.7
2,212.3

298.0
2,208.5

166.1
1,338.8

173.8
1,422.0

175.2
1,468.4

168.0
1,430.0

167.7
1,454.5

166.9
1,392.4

175.0
1,466.8

184.6
1,626.3

190.8
1,691.7

199.3
1,754.6

202.7
1,838.6

209.9
1,954.4

213.3
1,999.1

212.8
1,995.8

Seasonally adjusted at annual rates

1980

1979

1978

1977

II

III

IV

I

II

III

IV

I

n

1,719.7

1,784.3

1,795.7

1,826.2

1345.0

1,840.2

1,842.2

1,832.6

1,836.3

1,783.5

182.1
1,537.6

184.4
1,599.9

186.8
1,608.9

189.3
1,636.9

191.9
1,653.2

195.6
1,644.6

198.6
1,643.6

199.4
1,633.2

202.1
1,634.1

204.6
1,578.8

169.9
1,367.7

173.9
1,426.0

174.5
1,434.4

177.1
1,459.8

178.2
1,475.0

175.4
1,469.2

173.4
1,470.2

173.8
1,459.4

170.7
1,463.4

165.6
1,413.3

IV

I

II

III

IV
1,951.7

I

II

m

IV

I

Gross domestic product of nonfinancial corporate business .

1,619.9

1,673.7

1,717.9

1,716.8

Capital consumption allowances with capital consumption adjustment
Net domestic product
Indirect business tax and nontax liability plus business transfer payments less
subsidies
Domestic income

173.9
1,446.0

177.1
1,496.6

177.8
1,540.0

179.9
1,536.9

165.2
1,280.8

164.3
1,332.3

166.1
1,373.9

168.6
1,368.2

.

Seasonally adjusted at annual rates

1980

Gross domestic product of nonfinancial corporate business
Capital consumption allowances with capital consumption adjustment . .
Net domestic product
Indirect business tax and nontax liability plus business transfer payments less
subsidies
.
... .
Domestic income
.. .

I

IV

III

II

1983

1982

1981

HI

IV

I

H

III

1,783.7

1,811.1

1,840.5

1,838.7

1,849.1

1^18.8

1,799.1

1,790.8

1,777.5

1,761.6

1,789.8

1,848.9

1,896.8

206.7
1,577.0

209.1
1,601.9

211.5
1,629.1

213.6
1,625.1

215.7
1,633.4

217.6
1,601.3

219.7
1,579.3

221.9
1,568.9

223.8
1,553.7

226.4
1,535.1

227.0
1,562.8

228.7
1,620.2

231.8
1,665.0

232.5
1,719.2

166.7
1,410.3

169.1
1,432.8

168.1
1,460.9

168.0
1,457.1

168.3
1,465.1

166.4
1,434.9

166.7
1,412.7

166.7
1,402.2

166.1
1,387.6

168.0
1,367.2

169.2
1,393.5

173.7
1,446.4

176.9
1,488.0

179.9
1,539.3

Seasonally adjusted at annual rates

1984

1987

1986

1985

I

II

m

IV

I

II

HI

IV

I

II

III

IV

I

U

Gross domestic product of nonfinancial corporate business

2,007.0

2,047.4

2,058.3

2,084.1

2,099.2

2,116.4

2,148.0

2,165.4

2,203.8

2,2003

2,212.4

2,240.8

2,2563

2,291.7

Capital consumption allowances with capital consumption adjustment

234.6
1,772.5

236.9
1,810.5

239.5
1,818.8

242.4
1,841.7

245.3
1,853.9

248.3
1,868.1

251.3
1,896.7

254.1
1,911.3

256.7
1,947.2

259.3
1,941.0

261.7
1,950.7

264.0
1,976.7

266.2
1,990.0

268.4
2,023.2

181.7
1,590.8

184.8
1,625.7

185.2
1,633.6

186.7
1,655.0

189.2
1,664.8

189.5
1,678.7

191.7
1,705.0

192.8
1,718.5

195.5
1,751.7

198.3
1,742.7

202.1
1,748.6

201.5
1,775.3

199.9
1,790.1

202.8
1,820.5

Indirect business tax and nontax liability plus business transfer payments less
subsidies
Domestic income
.....

Seasonally adjusted at annual rates

Gross domestic product of nonfinancial corporate business
Capital consumption allowances with capital consumption adjustment
Net domestic product
Indirect business tax and nontax liability plus business transfer payments less
subsidies
Domestic income




1990

1989

1988

1987

III

IV

I

II

III

IV

I

II

HI

IV

I

II

III

IV

2,330.8

2,364.8

2,402.6

2,432.5

2,455.9

2,482.5

2,487.0

2300.7

2,522.0

2,502.2

2,503.8

2,519.6

2,514.4

2,4883

270.7
2,060.1

273.1
2,091.7

275.5
2,127.0

277.9
2,154.6

280.3
2,175.6

282.5
2,200.0

284.8
2,202.3

287.1
2,213.6

294.0
2,228.0

296.9
2,205.3

294.6
2,209.2

296.9
2,222.7

299.1
2,215.3

301.4
2,187.0

204.1
1,855.9

203.8
1,887.8

207.3
1,919.7

209.0
1,945.6

210.6
1,965.0

212.6
1,987.4

211.9
1,990.3

211.9
2,001.8

214.5
2,013.5

214.7
1,990.7

213.5
1,995.8

212.4
2,010.2

214.5
2,000.8

210.6
1,976.3

28

SURVEY OF CURRENT BUSINESS

May 1991

Table 7.18.—Current-Dollar Cost and Profit Per Unit of Constant-Dollar Gross Domestic Product of Nonfmancial Corporate Business
Pollars]
Seasonally adjusted at annual
rates

1977

1978

1979

1980

1981

1982

1983

1984

1985

1986

1988

1987

1989

1990

1977
II

Current-dollar cost and.
profit per unit of constant-dollar gross
domestic productl

III

IV

.669

.715

.770

.854

.946

1.000

1.023

1.048

1.063

1.069

1.093

1.114

1.140

1.178

.653

.665

.673

Capital consumption allowances with capital consumption adjustment .

.068

.073

.082

.096

.109

.125

.123

.117

.118

.121

.122

.122

.127

.132

.068

.068

.068

.070

Net domestic product

.601

.642

.759

.837

.875

.900

.930

.945

.948

.971

.992

1.013

1.046

.585

.597

.605

.616

.062
.539
.441

.064
.578
.476

.066
.622
.523

.077
.682
.583

.090
.747
.632

.094
.781
.676

.098
.802
.676

.100
.831
.683

.102
.S42
.699

.104
.844
.708

.104
.867
.720

.105
.886
.737

.109
.904
.760

.116
.930
.791

.062
.523
.434

.062
.535
.437

.062
.544
.439

.063
.553
.452

.080
.036

.082
.038

.076
.038

.068
.037

.079
.035

.063
.026

.088
.032

.109
.036

.106
.033

.097
.034

.106
.040

.109
.042

.096
.041

.088
.038

.072
.034

.081
.036

.086
.036

.081
.036

.045
.018

.044
.020

.038
.024

.031
.031

.044
.037

.037
.043

.057
.037

.073
.039

.073
.038

.063
.040

.066
.040

.067
.040

.056

.049
.051

.038
.017

.045
.018

.050
.019

.045
.019

,

Indirect business tax and nontax liability plus business transfer payments
less subsidies
Domestic income
'.
Compensation of employees
Corporate profits with inventory valuation and capital consumption
adjustments
Profits tax liability
Profits after tax with inventory valuation and capital consumption
adjustments
Net interest

Seasonally adjusted at annual rates

1978

1979

1980

1981

IV
Current-dollar cost and profit per unit of constant-dollar gross
domestic product1

.819

.846

.865

.916

.934

.959

.977

.988

.996

.089

.095

.098

.101

.103

.107

.110

.116

.120

.123

.709

.730

.751

.767

.788

.813

.827

.848

.861

.067
.628
.529

.068
.641
.546

.071
.659
.559

.076
.675
.579

.079
.687
.589

.081
.706
.604

.725
.613

.090
.737
.625

.091
.758
.636

.092
.769
.653

.092
.776
.666

.092
.780
.672

.078
.039

.075
.038

.069
.036

.071
.042

.064
.031

.067
.036

.071
.039

.038

.077
.034

.082
.035

.075
.031

.066
.027

.063
.027

.040
.023

.037
.024

.033
.026

.028
.030

.033
.031

.031
.031

.033
.030

.041
.032

.043
.034

.046
.040

.044
.041

.038
.044

.037
.045

III

IV

.694

.709

.722

.734

.746

.762

Capital consumption allowances with capital consumption adjustment ...

.072

.072

.074

.075

.077

.081

Net domestic product

.622

.637

.648

.659

.669

.681

.695

.064
.558
.465

.064
.573
.468

.064
.584

.064
.594
.489

.065
.604
.502

.066
.616
.515

.073
.033

.085
.039

.041
.020

.046
.020

Indirect business tax and nontax liability plus business transfer payments
less subsidies
Domestic income .
Compensation of employees .
Corporate profits with inventory valuation and capital consumption
adjustments
Profits tax liability
Profits after tax with inventory valuation and capital consumption
adjustments
Net interest

.085
.040
.045
.020

.042
.022

.045
.021

IV

.778

.872

Seasonally adjusted at annual rates

1982

1984

1983

1985

IV
Current-dollar cost and profit per unit of constant-dollar gross
domestic product *

IV

1.015

1.019

1.025

1.031

1.037

1.045

1.052

1.056

1.058

1.062

1.066

1.066

1.063

1.064

1.074

1.075

Capital consumption allowances with capital consumption adjustment .

.127

.123

.122

.119

.117

.116

.117

.118

.118

.119

.118

.119

.118

.121

.122

.122

Net domestic product

.887

.896

.903

.912

.919

.929

.934

.939

.940

.943

.948

.948

.944

.944

.952

.953

.097
.822
.678

.099
.829
.678

.101
.834
.687

.101
.838
.689

.101
.839
.696

.104
.840
.698

.102
.846
.697

.102
.845
.704

.105
.839
.701

.102
.842
.706

.105
.847
.711

.104
.849
.713

Indirect business tax and nontax liability plus business transfer payments
less subsidies
Domestic income
Compensation of employees
Corporate profits with inventory valuation and capital consumption
adjustments
Profits tax liability
Profits after tax with inventory valuation and capital consumption
adjustments
Net interest

1.006

1.010

.094
.786
.680

.096
.783
.685

.097
.791
.683

.098
.797
.674

.673

.065

.057

.069
.023

.086
.031

.095
.036

.102
.036

.108
.040

.113
.039

.106
.033

.107
.032

.103
.033

.103
.031

.112
.034

.105
.033

.100
.033

.097
.032

.096
.034

.094
.038

.038
.041

.034
.042

.046
.039

.055
.037

.058
.037

.066
.037

.068
.036

.074
.038

.073
.040

.075
.042

.070
.040

.072
.038

.078
.037

.071
.037

.067
.038

.064
.039

.062
.041

.057
.041

Seasonally adjusted at annual rates

1988

1987

1989

IV
Current-dollar cost and profit per unit of constant-dollar gross
domestic product*

1.084

1.090

1.097

1.098

1.101

1.110

1.116

1.127

1.131

1.139

1.142

1.150

1.161

1.175

1.185

Capital consumption allowances with capital consumption adjustment ...

.123

.122

.121

.121

.121

.121

.122

.123

.124

.125

.128

.130

.130

.131

.133

.136

Net domestic product

.961

.968

.976

.977

.980

.989

.994

1.004

1.007

1.014

1.014

1.020

1.031

1.044

1.052

1.055

.103
.858
.719

.104
.864
.716

.105
.872
.719

.104
.873
.726

.104
.875
.726

.105
.884
.734

.106
.888
.742

.106
.898
.747

.107
.900
.756

.108
.905
.758

.110
.904
.757

.111
.909
.769

.113
.918
.777

.113
.931
.787

.117
.935
.797

.119
.936
.804

.098
.035

.107
.040

.113
.044

.108
.042

.110
.041

.110
.043

.106
.041

.110
.042

.099
.043

.099
.041

.097
.039

.089
.039

.090
.038

.094
.039

.087
.040

.080
.037

.063
.041

.066
.041

.069
.040

.066
.040

.069
.040

.067
.039

.064
.040

.067
.041

.056
.044

.059
.048

.057
.050

.051
.051

.052
.051

.055
.051

.047
.051

.043
.052

Indirect business tax and nontax liability plus business transfer payments
less subsidies
Domestic income
Compensation of employees
Corporate profits with inventory valuation and capital consumption
adjustments
Profits tax liability
Profits after tax with inventory valuation and capital consumption
adjustments
,
Net interest

1. Equals the deflator for gross domestic product of nonfinancial corporate business with the decimal point
shifted two places to the left.




1.191

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6/91

By MAHNAZ FAHIM-NADER

U.S. Business Enterprises Acquired or Established by
Foreign Direct Investors in 1990
OUTLAYS by foreign direct investors
to acquire or establish U.S. business
enterprises decreased to $64.4 billion
in 1990 from $71.2 billion in 1989. Despite the decrease, outlays remained
substantially higher than they were
before 1988, a record year (table 1).
The share of outlays financed by foreign parents declined in 1990, which
contributed to a reduction in capital inflows for foreign direct investment in
the United States, but the use of funds
from other sources increased.
The estimates for 1990 are preliminary and will be revised next year. The
revisions will probably be smaller than
in previous years because, this year,
for the first time, the preliminary estimates include bias adjustments for late
reports. See the box on page 31 for
more detail.
As in past years, acquisitions accounted for most—nearly 90 percent—
of total outlays, and large transactions
dominated the results. Eleven investments of $1 billion or more accounted
for 41 percent of outlays and 86 investments of $100 million or more accounted for 72 percent of outlays. (See
tables 2A and 2B.)
The decline in outlays in 1990
mainly reflects changes in domestic
and international economic conditions.
The economic slowdown in the United
States that began in 1989 became
an economic downturn in the second
half of 1990.
Business conditions
abroad were also sluggish; some of the
major European countries, especially
the United Kingdom, were in recession. The resulting deterioration in
NOTE.—Joseph F. Cherry III, Chief, New Investment Section, Foreign Direct Investment in
the U.S. Branch/International Investment Division, supervised the conduct of the survey from
which the data were drawn. Edward J. Kozerka was responsible for compliance, and James
R. Barker, Jr., Laura S. Carlstrom, and Erik
A. Kasari performed the document review. Angela Roberts designed the computer programs for
data retrieval and analysis.
30




the earnings of both foreign companies
and their U.S. affiliates reduced funds
available for investment; the reduced
availability of bank credit here and
abroad also contributed to the shortage
of investment funds. Further, economic uncertainty, which was heightened by the downturn in the United

States and later reinforced by the Persian Gulf crisis, dampened business
expansion plans.
Although outlays declined, the decline was moderated by a continuation
in 1990 of several factors that have
provided foreigners with opportunities
and incentives to invest in the United

Table 1.—Investment Outlays, Investments, and Investors, 1984-90
Number

Outlays (millions of dollars)

1984

1985

1986

1987

1988

1989 r

1990'

1984

1985

1986

1987

1988 1989 ' 1990'

Investments, total
Acquisitions
Establishments

15,197 23,106 39,177 40,310 72,692 71,163 64,423
11,836 20,083 31,450 33,933 64,855 59,708 56,773
3,361 3,023 7,728 6,377 7,837 11,455 7,651

764
315
449

753 1,040
390 555
363 485

978 1,424 1,580
543 869 837
435 555 743

1,565
796
769

Investors, total
Foreign direct investors
U.S. affiliates

15,197 23,106 39,177 40,310 72,692 71,163 64,423
4,181 4,225 8,602 11,773 18,569 22,538 12,498
11,016 18,881 30,575 28,536 54,123 48,625 51,925

831
434
397

817 1,121 1,051 1,542 1,742
320 476 480 566 727
645 571 976 1,015
497

1,682
628
1,054

r
p

Revised.
Preliminary.

Table 2B.—Percent Change in Investment Outlays
and Number of Investments, 1985-90

Table 2A.—Number of Investments by Size of
Outlays, 1984-90
1984 1985 1986 1987 1988 1989r 1990'
Total
$2 billion or more ....
$1 billion-$1.9
billion
$100 million-$999
million
$10 million-$99
million
Less than $10 million
r

Revised.
' Preliminary.

764 753 1,040

978 1,424 1,580

1,565

5

4

5

7

6

6

0

1

2

1

0

1

3

5

31

33

63

70

98

110

75

324 291
648 611

429
885

483
977

476

176 228
557 490

1,003

1985
Investment outlays
Number of investments ..

52
-1

Addenda:
Percent of total outlays
accounted for by:
Investments of $1
billion or more ....
Investments of $100
million or more ...

17
62

1986

70
38

1987

1988 1989 r 1990'

-2
11

-9
-1

40

36

41

78

74

72

3
-6

80
46

27

23

70

72

r

Revised.
' Preliminary.

Data Availability
Only summary data are published in this article. A set of supplementary tables containing
additional detail for 1987-90 on the number of investments and investors (for 1987-89 only),
investment outlays, and selected operating data for the U.S. business enterprises acquired or
established will be available in July for $10.00 from the Public Information Office, Order Desk,
BE-53, Bureau of Economic Analysis, U.S. Department of Commerce, Washington, D.C. 20230.
Orders may be placed by telephone at (202) 523-0640 if charged to Visa or Mastercard. When
ordering, refer to the "BE-13 Supplementary Tables for the May 1991 SURVEY Article," Accession
No. 50-91-20-105, and make checks payable to the Bureau of Economic Analysis. Comparable
tables for 1980-86, Accession No. 50-89-20-106, are also available for $18.00.
In addition to the data on new foreign direct investments presented here, BEA also publishes
estimates of quarterly balance of payments flows and the annual direct investment position
for new and existing investments. The position estimates first appear in the June issue of the
SURVEY OF CURRENT BUSINESS; more detailed estimates follow in the August issue. Estimates
covering the operations of U.S. affiliates of foreign companies are also available from BEA's
annual survey or, in a benchmark year, from its quinquennial benchmark survey of foreign
direct investment in the United States. This year, as in the 2 previous years, these estimates
will appear in the July issue of the SURVEY; revised estimates for 1988 and preliminary estimates
for 1989 will be presented.

May 1991

31

SURVEY OF CURRENT BUSINESS

States. The U.S. corporate restructur- 1,101 to 1,580 (tables 1 and 2A). Also
ing that began several years ago made in 1989, a correction to industry classiU.S. businesses available for foreign fication was made to reclassify an affilpurchase. In an effort to become more iate from retail trade to food products
efficient or to reduce debt incurred manufacturing.
in financing leveraged buyouts, many
Organization of the article.—The recorporations streamlined operations by mainder of this article consists of two
selling off unprofitable units or units parts. The first part discusses inunrelated to their main lines of busi- vestment transactions by industry, by
ness. Although such transactions had country, and by source of funding; the
occurred in previous years, they were second part presents selected data on
particularly significant in 1990. In ad- the operations of the U.S. businesses
dition, the strategy of a number of Eu- acquired or established. In the analyropean and other foreign multinational sis, information from outside sources,
Companies to expand geographically mainly press reports, has been used to
and to gain additional markets within supplement BEA's survey data.
industries that complement their core
businesses led to a number of acquisitions of U.S. companies. Further,
Investment Transactions
the ongoing public debate about the
U.S. trade deficit may have encouraged
By type of investment, most outlays
some foreign manufacturers to build or in 1990, as in past years, were for acacquire U.S. plants as a contingency quiring existing U.S. businesses ($56.8
against any measures that might limit 'billion) rather than for establishing
their ability to service U.S. markets new U.S. businesses ($7.7 billion) (tathrough exports.
ble 3). By type of investor, most
Revisions.—Estimates for 1989 have outlays—$51.9 billion—were made by
been revised to reflect reports received U.S. affiliates; only $12.5 billion were
too late to be included in the prelimi- made by the foreign direct investors
nary totals published last year. Total themselves. However, according to
outlays were revised up from $64.6 bil- data by source of funding, about onelion to $71.2 billion, and the number half of total outlays of $64.4 billion
of investments was revised up from were financed with funds provided

by foreign parents or foreign (nonU.S.) affiliates of foreign parents; these
funds included both those used directly
to acquire or establish U.S. businesses
and those provided to existing U.S.
affiliates for the purpose of financing
acquisitions and establishments. Existing U.S. affiliates financed the remaining one-half of total outlays, either from U.S. or foreign borrowing
(other than from the foreign parent
groups) or from internally generated
funds. (For further discussion, see
"Source of funding.")
Industry
By industry of the U.S. businesses
acquired or established, the largest
outlays, at $24.1 billion, were in manufacturing (table 4). Within manufacturing, outlays were largest in "other
manufacturing" and in chemicals.
In "other manufacturing," outlays
were $9.4 billion. The largest investment involved the acquisition of
a Massachusetts-based manufacturer
of abrasives and high-technology ceramics by the U.S. affiliate of a large
French glass manufacturer. The acquisition reflects the French firm's longterm strategy of strengthening its position in industries that complement
its primary businesses. The second

BEA's Survey of New U.S. Affiliates:
Coverage and the Adjustment for Late Reports
The data in this article are from BEA's annual survey of new foreign
direct investments in the United States, which covers (1) existing U.S.
business enterprises in which foreign investors acquired, directly or
through their U.S. affiliates, at least a 10-percent voting interest, and
(2) new U.S. business enterprises established by foreign investors or
their U.S. affiliates. Acquisitions of additional equity in existing U.S.
affiliates are not covered.
The data are limited to U.S. enterprises that had total assets of over
$1 million or owned at least 200 acres of U.S. land in the year they
were acquired or established. Although U.S. businesses that did not
meet these criteria were required to file partial reports, primarily for
identification purposes, the data from these reports are not included in
the accompanying tables. For 1990, total assets of the U.S. enterprises
that filed partial reports were only $123 million, or about 0.1 percent
of the total assets of $95.0 billion of the U.S. enterprises that met the
criteria for filing a complete report.
Each year, preliminary estimates for the previous year are revised to
reflect survey reports received after publication of the preliminary results and any corrections to reported data or to the country or industry
classification of affiliates. In past years, the value of investments that
were reported too late to be included in the preliminary totals had been
large; for example, during 1979-87, the average upward revision in the
total value of investments was 23 percent. In recent years, revisions
have been smaller: The value of investments was revised up 12 percent
in 1988 and 11 percent in 1989. These smaller revisions may reflect the
increased resources devoted to the conduct of the survey, the identification of additional sources of information on new investments, and the
greater awareness of the survey by U.S. legal and accounting firms that
serve foreign-owned firms and advise them of reporting requirements.
For the first time, bias adjustments for late reports have been
included in the preliminary estimates. These adjustments added 8 per-




cent to the total value of reported outlays in 1990. In making the
adjustments, the historical pattern of revisions was examined; heavier
weight was given to the pattern in recent years. Because, in the past,
revisions have tended to be larger for real estate than for other industries, a larger adjustment factor was applied to outlays in real estate
than to those in other industries. Adjustments were made only to the
larger data cells by country, industry, and type of transaction, because
reported data in the smaller cells did not provide a reliable basis for
estimation.
Adjustments for late reports were made for all the data items collected in the survey except net income, which is difficult to predict for
new affiliates, often tends toward zero, and can be negative. Although
the same adjustment factors were used for all data items, the effect
of these adjustments on the global total varied somewhat from item to
item because of differences among items in the composition of the total
by country, industry, and type of transaction. For example, the adjustment for total employment was comparatively low, because the share
of the total accounted for by real estate affiliates (which, as mentioned
above, received a larger adjustment than other industries) was lower
for employment than it was for the other items.
An adjustment for late reports also was made, at a much more aggregated level, to the numbers of investments and investors. These
adjustments raised the reported number of investments of 1,135 by 38
percent and the reported number of investors of 1,229 by 37 percent.
Because every effort is made to include large transactions in the preliminary estimates and because, as a result, reports of transactions in
the two largest size classes shown in table 2A are usually received in
time for publication, data for these size classes are as reported; the
adjustments were largely concentrated in the two smallest size classes.

32

SURVEY OF CURRENT BUSINESS

largest transaction also involved a
French company; the U.S. affiliate of
a French tire manufacturer acquired

May 1991

an Ohio-based tire producer. As a re- sitions in the world tire industry, the
suit of this acquisition, which follows French firm became the world's largest
several other major mergers and acqui- tire manufacturer.

Table 3.—Investment Outlays by Type of Investment and Investor, by Industry of U.S. Business Enterprise, 1989-90
[Millions of dollars]

1989 r

199QP

By type of investment
Total
Establishments

Acquisitions

By type of investor
Foreign direct investors

U.S. affiliates

By type of investor

By type of investment
Total
Acquisitions

Establishments

Foreign direct investors

U.S. affiliates

71,163

59,708

11,455

22,538

48,625

64,423

56,773

7,651

12,498

51,925

1,189
604
586

1,125
584
542

64
20
44

122
0
122

1,068
604
464

833

829

8

8

4
0
4

6
0
6

827
(D)

35,958

33,236

2,723

12,073

23,885

24,123

23,491

632

5,442

18,681

s( )

£
( )

79
10
69

164
31
133

(D)
118
(D)

1,083
108
976

1,001
104
897

82
4
79

225
4
221

858
104
754

11,584
2,204
6,360
1,732
1,288

10,766
2,175
5,928
1,731
933

818
30
433
1
355

6,842
477
5,883
15
467

4,742
1,727
477
1,717
821

7,724
141
4,045
1,329
2,210

7,583
68
4,045
1,329
2,142

141
73
0
0
68

1,961
35
1,834
0
93

5,763
106
2,211
1,329
2,117

Primary and fabricated metals
Primary metal industries
Ferrous
Nonferrous
Fabricated metal products

3,545
1,386
595
792
2,159

3,409
1,292
567
724
2,118

136
95
27
68
41

743
640
218
422
103

2,802
746
376
370
2,056

2,116
987
615
372
1,129

2,061
951
583
368
1,109

55
36
32
3
20

1,264
372
355
16
893

851
615
260
355
236

Machinery
Machinery, except electrical
Computer and office equipment
Other
....
Electric and electronic equipment
Household audio and video and communications equipment
Electronic components and accessories
Other

4,346
2,475
1,625
850
1,871
282
1,257
332

4,281
2,455
1,615
840
1,825278
1,222
325

65
20
10
10
46
4
35
7

1,878
1,330
1,204
126
548
135
188
226

2,468
1,145
421
725
1,323
148
1,069
106

3,785
2,084
567
1,517
1,701
(D)
1,225

3,555
1,977
466
1,511
1,578
(D)
1,102
(D)

230
107
101
6
123
0
123
0

1,286
922
210
711
364
0
335
29

2,499
1,162
356
806
1,337
(D)
890
(D)

Other manufacturing
,
Textile products and apparel
Lumber, wood, furniture, and fixtures
Paper and allied products
Printing and publishing
Newspapers
Other
Rubber products
Miscellaneous plastics products . .
Stone, clay, and glass products
Transportation equipment
Motor vehicles and equipment
Other transportation equipment nee
Instruments and related products
Other

(D)
397
(DD)
( )
3,254
75
3,179
669
450
923
1,396
(DD)
( )
1,631
(D)

(D)
391

1,625
6
1
9
1,251
0
1,251
56
47
43
183
183
0
24
5

2,447
153
1
14
79
0
79
133
128
142
1,021
1,021
(*)
400
377

(D)
243
(D)
(D)
3,176
75
3,101
537
323
781
375
(DD)
( )
1,231
(D)

9,415
679
105
159
1,087
(D)
(DD)
( )
127
(D)
658
(DD)
( )
1,545
871

9,291
656
82
159
1,081
(D)
(DD)
( )
123
(D)
635
(DD)
( )
1,534
846

124
22
23
0
7
0

705
182
7
4
48
0
48
1
2
0
19
19
0
39
403

8,710
497
98
155
1,039

1,747
0
34
1
(DD)
( )
24
56
0
1,050

887
86
27
11
51
16
221
131
7
337

1,490
69
46
(D)
13
114

1,351
66
43
(D)
10
105
(D)
31
(D)
469

139
3
2
4
3
9
(D)
95
(D)

328
11
4
(D)
12
47
(D)
27
0
64

1,162
57
42
3
1
67
D
( )
99
(D)
406

299
6
(DD)
( )
196

1,562
3
(D)
(D)
1,427

1,152

8
41

1,112
(DD)
(D)
( )
949

40
(D)

32
(D)

1,120
(D)

12

956

All industries
Petroleum
Petroleum and coal products manufacturing
Other
Manufacturing
Food and kindred products
Beverages
Other

D

Chemicals and allied products
Industrial chemicals and synthetics
Drugs
Soap, cleaners, and toilet goods
Other

. . . . .

Wholesale trade
.
Motor vehicles and equipment
Professional and commercial equipment and supplies
Metals and minerals, except petroleum
Electrical goods
Machinery, equipment, and supplies
Groceries a n d related products
Farm product raw materials
..
Other nondurable goods

,

.

.

Retail trade
General merchandise stores
Food stores
Apparel and accessory stores
Other

.

..

D

8

2,003
75
1,928
613
404
880
1,212
(DD)
( )
1,607
(D)

2,634
86
61
12
(D)
(D)
245
187
7
1,386

2,504
73
44

(D)
(D)
238
140
7
1,356

130
13
17
9
3
4
7
47
0
31

1,861
9
(DD)
( )
1,623

1,838
8
(D)
(D)
1,602

23
1
0
0
22

(D)

8

(D)
470

(

i
( )
D

23
23
0
11
24

( }
n
D

( )

20

8

C£

8
()
D

125
(D)
638
(DD)
( )
1,506
468

8

349

280

69

78

271

865

819

45

48

817

4,186

2,853

1,334

2,564

1,623

1,773

812

961

297

1,476

Insurance

1,901

1,768

133

28

1373

1,974

1,973

1

Real estate

6,438

1,409

5,029

2,329

4,109

6,586

2,137

4,449

3,429

10,058
2,833
2,268
303
1,965
3,642
(D)
70
(D)
865

8333
1,245
2,244
301
1,943
3,575
(D)
61
(D)
828

1,725
1,588
25
2
23
67
0
9
0
37

3,057
1,104
1,742
39
1,703
74
20
28
1
89

7,001
1,728
527
264
262
3,568
(D)
42
(D)
776

20,001
6,927
1,742
169
1,573
9,882
287
(D)

18,775
6,110
1,663
118
1,545
9,882
284
(D)
(D)
611

1,225
817
79
51
28
0
3
2
2
322

766
289
20
17
3
98
125
3
2
228

19,235
6,638
1,723
152
1,570
9,783
162

6,587
255
392
(D)
(D)
224
3,843
1,873

6,362
145
383
(DD)
( )
177
3,820
1,837

225
110
9
(*)
9
48
22
37

242
81
1
0
1
42
117
0

6,346
175
391
(DD)
( )
182
3,725
1,873

5,626
112
1,412
(D)
(D)
125
134
3,843

5,473
52
1,389

154
61
23
0
23
52
14
4

1,014
67
856
0
856
43
45
2

4,612
45
556
(DD)
( )
82
89
3,841

Banking
Finance* except banking

Services
Hotels and other lodging places
..
Business services
Computer and data processing services
Other business services
Motion pictures including television tape and film
Engineering architectural and surveying services
Accounting research management and related services
Health services
Other
Other industries
Agriculture forestry and fishing
Mining
Coal
Other
Transportation
Communication and public utilities
r
Revised.
P Preliminary.




.. '•

D

(D)

933

D
(<?
)
72
120
3,840

Suppressed to avoid disclosure of data of individual companies.
* Less than $500,000.

1,137

837

3,158

8

705

May 1991

In chemicals, where foreign investment in the United States was already substantial, outlays were $7.7
billion, and they were mostly accounted for by four investments, three
of which involved outlays of $1 billion or more. Two of these investments were in Pharmaceuticals and
mainly reflected continuing consolidation in the pharmaceutical industry
aimed at lowering research costs and
gaining global markets. The largest
investment was by a U.S. affiliate of
a Swiss Pharmaceuticals group that
acquired a California-based biotechnology company—the largest company in
its industry. In the second largest
transaction, a French Governmentowned chemical company that had
been seeking opportunities to expand in the United States acquired
a Pennsylvania-based pharmaceutical
company. (In a separate transaction,
the same French company purchased,
through a U.S. affiliate, a large chemicals business based in New Jersey.)
In the third largest transaction, a U.S.
affiliate of a Japanese conglomerate
acquired a Pennsylvania-based industrial chemicals manufacturer and, in
the fourth largest transaction, a diversified New York-based drug manufacturer sold its household products business to the U.S. affiliate of a British
consumer products group. As several
other large U.S. drug companies have
done recently, the manufacturer divested its non-health-care business in
order to concentrate on more profitable
pharmaceutical and consumer-health
operations.
In other manufacturing industries,
outlays were largest in machinery and
metals. Outlays in machinery were
$3.8 billion. The largest transaction
was in electronic components and accessories: A U.S. affiliate of a Japanese
manufacturer of electronic parts and
equipment acquired a New York-based
manufacturer of capacitors. In another
large transaction, a Kentucky-based
manufacturer of power tools and related parts was acquired by a German
electrical and electronic equipment
manufacturer.
In primary and fabricated metals,
outlays were $2.1 billion.
In the
largest transaction, a British manufacturing company acquired an Ohiobased manufacturer of building and
vehicle components. In another large
transaction, a French Governmentowned steel company purchased a
large Pennsylvania-based producer of
stainless steel. Additionally, the U.S.




SURVEY OP CURRENT BUSINESS

33

affiliate of a large Japanese steel company bought a minority interest in an
Illinois-based steel company.
Outside manufacturing, outlays were
largest, at $20.0 billion, in services.
The outlays in services were mostly accounted for by six transactions, five of
which involved outlays of $1 billion or
more. Two of these transactions were
in the motion picture industry. The
largest transaction was the purchase,
by the U.S. affiliate of a Japanese
consumer electronics manufacturer, of
a California-based entertainment conglomerate that has a major moviestudio subsidiary. (This transaction
was the largest one reported in 1990,
and it is the largest Japanese investment to date in the United States.)
In a similar transaction in 1989, a
large U.S. movie studio was acquired
by another Japanese electronics producer. The second largest transaction
was the purchase of another movie studio by the U.S. affiliate of an Italian
financier. These three transactions reflect a major move by manufacturers
of audio and video equipment (such

as high-fidelity equipment, videocassette recorders, and televisions) and
by providers of related services (such
as movie theater operators) into the
production of entertainment products
(such as records, movies, and television
programs).
Three of the six large transactions
in services were in the hotel industry.
In one of these transactions, a U.S. affiliate of a French hotel, catering, and
tourism company acquired a Texasbased budget-motel chain. The U.S.
company's well-known brand name in
the economy-lodging field, the fastest
growing and most profitable segment
of the industry, made the acquisition
particularly attractive. In the other
two transactions, a nationwide hotel
and motel chain was acquired by the
U.S. affiliate of a leading British brewing company, and a California-based
resort hotel was purchased by the
U.S. affiliate of a Japanese real estate
investor.
The last of the six large transactions
in services was in the equipment rental
and leasing industry. A California-

Table 4.—Investment Outlays by Industry of U.S. Business Enterprise and by Country of
Ultimate Beneficial Owner, 1984-90
[Millions of dollars]

Total

.. . .

By industry:
Petroleum
Manufacturing
Food and kindred products
Chemicals and allied products
Primary and fabricated metals
Machinery
Other manufacturing
Wholesale trade
Retail trade
Banking
Finance except banking
Insurance
Real estate
Services .
Other industries

1986

1987

1988

1989'

1990'

15,197

23,106

39,177

40,310

72,692

71,163

64,423

3263
3,106
340
378

2970
12,140
3,556
3,280
1,015
1 556
2733

1035
16,772
1,007
7,063

1 107
19751
4,177
4,041
1,091
2834
7608
1 271
1 212

4,740
36,136
3,287
2,918
3,394
7737
18800
2454
8022
1800

1 189
35,958
6,515
11,584
3,545
4346
9969
2634
1861

24,123
1,083
7,724
2,116
3785
9415
1 490
1 152

558
535

France
Germany 2
Netherlands
United Kingdom
Other Europe
Latin America and Other Western Hemisphere
South and Central America
Other Western Hemisphere
Africa
i
Middle East
Asia and Pacific
Australia
Japan
Other Asia and Pacific
United States •*

r

1985

840

804

1 154

1 217

288

924

865

1 604

972

349

165

2227
1,008
1 735

1921
1,350
1050

1 781
1 668
5 171
4,276
1 298

5855
3518
5,597
3597

4 186
1901
6438
10,058
6587

1773
1974
6586
20,001
5626

2,587
6,463

2,914
15,382

11,360
37,173
4,199
2090
2,214
22,559
6,111

4,403
40,724
3,469
2435
3629
23,047
8,144
1,084

1,876
35,947
10,886
2 162
2366
13,100
7,433

910
802
152

257
489
908

754

330
685
562

2270

3714
1,172

6,732
4,855

771

(D)
196

( )
919

589
88
501
57
986

1806

3138
1 630
1 152

(D)
D

(D)
D

356
40

251
(D)

*

776

833

2426
5500
1 640
5249

1 295

By country1:
Canada

Addenda:
European Communities (12)4
OPEC5

1984

855

"

910

6,503
21,126
2,491
1 351
4700
8,572
4,012

771
397
375
(D)

4765
7,630
1 881
1,276
25,517
2,044
4664

391

15 142
3,276
1,483

355

1,128
D

680

( )
925

9450
3 194
5416

10928
2691
7006
1231

840

(DD)
( )
187
296

1,613
21,819
4,556
16,188
1,075

650
434
(D)
243

735
365
370
(D)
422

24,530
4,574
17,410
2,546

23,309
1,105
20,459
1,745

(D)

(D)

(D)

(D)

(D)

19,034
878

22,895
1,077

33,737
1,919

33,869
430

30,905
307

Revised.
Preliminary.
Suppressed to avoid disclosure of data of individual companies.
1. Where more than one investor participated in a given investment, each investor and each investor's outlays are classified by country of each
ultimate beneficial owner.
2. Prior to 1990, this line includes data only for the Federal Republic of Germany. Beginning in 1990, this line also includes the former German
Democratic Republic (GDR). This change has no effect on the data prior to 1991 because there were no U.S. affiliates of the former GDR.
3. See footnote 1 in text for explanation.
4. European Communities (12) comprises Belgium, Denmark, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, United Kingdom,
Portugal, and Spain.
5. OPEC is the Organization of Petroleum Exporting Countries. Its members are Algeria, Ecuador, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya,
Nigeria, Qatar, Saudi Arabia, the United-Arab Emirates, and Venezuela.
p

D

34

SURVEY OF CURRENT BUSINESS

based aircraft-leasing company was acquired by a U.S. affiliate with an ultimate beneficial owner (UBO) in the
United States.1
In real estate, outlays were $6.6 billion. Japanese investors made numer1. The UBO is the first person in the ownership chain
of the acquired or established U.S. business, beginning
with the foreign parent, that is not owned more than
50 percent by another person. The foreign parent is the
first foreign person in the ownership chain. The country
of UBO is often the same as that of the foreign parent,
but it may be a different foreign country or, as in this
case, the United States.

May 1991

quired communications businesses in
California and Washington State.
In insurance, outlays were $2.0 billion. The largest transaction was the
merger of a New York-based insurance
broker with a London-based insurance
broker; it created the world's fourth
largest insurance brokerage firm.

ous purchases. In the largest transaction, a real estate firm purchased
a majority interest in a New Yorkbased corporation that owns several
well-known buildings.
In "other industries," outlays were
$5.6 billion. In the largest transaction, the U.S. affiliate of a British
communications company acquired a
New York-based broadcasting and publishing company.
This acquisition
strengthened the communications company's position in the U.S. telephone
market; in 1989, the company had ac-

Country
Outlays are classified by country
UBO in tables 4, 5A, and 5B.
1990, UBO's in 21 countries made
least one investment of $100 million

of
In
at
or

Table 5A.—Investment Outlays, Country of Ultimate Beneficial Owner by Industry of U.S. Business Enterprise, 1989
[Millions of dollars]
Manufacturing
All industries

Petroleum

Food
Chemi- Primary
and kin- cals and and fabdred
ricated
allied
products products metals

Total

Other
Machin- manufacery
turing

Wholesale
trade

Retail
trade

Banking

Finance,
except
banking

Insurance

Real
estate

Other
industries

Services

6,587

71,163

1,189

35,958

6,515

11,584

3,545

4,346

9,969

2,634

1,861

349

4,186

1,901

6,438

10,058

Canada

4,403

392

2,361

(D)

(D)

(D)

334

(D)

51

(D)

(D)

(D)

0

241

474

283

Europe

40,724

(D)

27,527

6,121

9,636

2,433

2,795

6,541

2,125

1,137

(D)

926

1,852

1,648

2,650

2,380

Austria
Belgium
Denmark
Finland
France

(D)
498
26
628
3,469

0
0
0
D0

27

(52)

(D)
0
0
(D)
1,143

0
0
0
(*)

0
0
2
192
873

(DD)
(D)
( )
357
534

0
(D)

582
2,608

0
0
D0

1
(D)
0
0
(D)

0
2
0
0
0

(D)
0
0
(DD)
( )

0
0
0
0
0

0
77
0
0
28

0
(D)
0
D
( )
388

0
0
(D)

Germany, Federal Republic of
Ireland
Italy
Liechtenstein
Luxembourg
Netherlands

2,435
107
436
77
67
3,629

1,328
82
395
(D)
0
2,439

0

655
0
(D)
0
0
1,774

0
0
0
0
0
0

272
0
(D)
0
0
(D)

401
(DD)
(D)
( )
0
(D)

( )
0
(D)
0
0
85

8
0
0
D0

0
D0

( 0)

()

0
0

(D)
0
0
0
0
0

(D)
0
0
0
D0

202
(D)
0
16
(D)
564

8
0
(DD)
(D)
( )
20

55
0
0
(D)
0
(D)

0
0
(D)
8
5,969
0

0
0
0
1,920
506
0

(D)
D0

0
0
24
686
3,866
0

0
0
(DD)
( )
1,192

0
0
D0

D0

0
0

0
3
115
74
497
0

5
0
10
563
1,572
0

(D)
(D*
(D)
2,053
0

( )

126

(D)

4

0
0
0
0
0
0

8
(D)

4
0
0
4
0
0

1
0
1
0
0
0

(D)
D0

3
0
0
0
3
0

All countries

Norway ..
Spain
Sweden
Switzerland
United Kingdom
Other

...

15
(D)
754
4,923
23,047

i

()
(D0)

0
0
D0

()

0
0
0

(D0)
(DD)
( 0)

8

(D)
0
368
2,860
16,775
0
491

8

( 0)

0
0
5

434
1
57
83
293
0

0
0
0
0
0
0

<•*0

Africa
South Africa
Other ..

8

(DD0)

Middle East
....
Israel
Kuwait
Lebanon
Saudi Arabia
United Arab Emirates
Other

243
0
7
5
208
(DD)
( )

5
0
3
0
2
0
0

24,530
4,574
810
17,410

455
383
0
(D)
0
0
0
0
0
D0

1,084

Latin America and Other Western Hemisphere
South and Central America
Brazil
Mexico
Panama
Venezuela
Other

<

Other Western Hemisphere
Bahamas
Bermuda
Netherlands Antilles
United Kingdom Islands, Caribbean
Other

Asia and Pacific
Australia
Hong Kong
Japan
Korea, Republic of
Malaysia
New Zealand
Philippines
Singapore
Taiwan
Other

,

Addenda:
European Communities (12)^
OPEC3
Suppressed to avoid disclosure of data of individual
* Less than $500,000.
1. See footnote 1 in text for further explanation.
2. See footnote 4, table 4.




4
D0

8
0

0
0

(D)

0
0

8

5,745
0
D

( )

D

( )

0
0
0
0
0
0

(DD)
( )
0
0
0
0

0
D0

0
0
0
0
0
0

(D0)
( 0)

((D))
690

0

D

()

199
0

()
0
(D0)

0
(D0)
D
(D)

( 0)
(D)
(D)

( )

4

D

( )

38

D

( )

0

<S>
(D)

0
0
0
5

0
0
0
0
0
0

(D)
0
(D)
0
0
0

(D)
0
(*).
D0

(D)
0
D0

0
0
0
0
0
0

(D)

0
0
0
0
0
0

4
0
0
0
4
0

(D)
0
D0

0
0
0
0
0
0

D

( 0)
(D0)

( 0)

0

0

1

0

0
0
0

0
0
0

0
0
0

0
0
0

1

<J

0
0
0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
0
0

136
0
.(*)

1
0

0
0
0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
0
0

308
0
3
236
0
0
0
0
(D)
D0

1,912
0
0
1,207
0
(D)
0
0
D0

((D))

1,206
(DD)
( )
1,021
2
0
(D)
0
0
17
0

420
(D)
9
272
(D)
0
0
0
0
6
0

211
0
8
203
0
0
0
0
0
0
0

0
8
0
0
0
0
D0

()

818
(D)
0
790
(D)
0
0
0
0
0
0

1,327
216
0
1,092
(D)
0
0
0
D0

()

5,570
247
(D)
4,346
8
(DD)
( )
0
(D)
371
(D)

( 0)

2,963
(D)
0
2,851
0
1
(D)
0
(D)
0
0

(D)

0

4

0

0

0

4

0

0

0

0

0

33,869
430

190

23,674
5

6,074
0

9,570
0

513
0

2,063
0

5,454
5

1,997
(D)

715
0

(D0)

464
0

8

(D)

118

0
0
0

4
4
0

166
0
351
561
185

(D0)

(D)
0
2

0
0
0

0
0
0

0
0
0
0

0
D

D
(n>
)
(D)
0

(

0
0
0

1

((DD))
315

( 0)

((D))
0

0
D0

0
0
0

()

()

0
0
0
0
0
0

160
0

4
4
0

88

United States l

D

650

8

0
117

0

0
0
0
0

()

(D0)

0
D0

( 0)

(D)
70
(D)
0

( 0)

0
0

D

63

( 0)

5
5
0

(D)
D0

98
0
0
D0

((D))
0

3
0
3
0
0
0
0

4,212
19
141
3,609

6,750
84
(D)
5,921
(D)

4
0
(DD)
( )
20

0
0
4
0
0

3,911
3,700
0
121
0
0
(D)
0
0
37
(D)

0

(D)

(D)

0

834
0

1,443
124

2,030
98

2,234
(D)

(D0)
0
(D0)
0
0
0
0
0
0

()

8

(D)

3. See footnote 5, table 4.
NOTE.—Data for 1989 are revised. Where more than one investor participated in a given investment, each
investor and each investor's outlays are classified by the country of each individual ultimate beneficial owner.

35

SURVEY OF CURRENT BUSINESS

May 1991

more. UBO's in Europe accounted for
56 percent of total outlays, and those
in Asia and Pacific for 36 percent.
Within Europe, UBO's in the European Communities (EC(12)) accounted
for 86 percent of outlays. Swiss UBO's
accounted for most of the remainder.
Of total outlays of UBO's in the EC(12),
British and French UBO's accounted
for 42 percent and 35 percent, respectively; UBO's in the Netherlands and
Germany accounted for most of the
remainder.

alluded to hereafter were discussed in
the preceding section of this article.
French outlays in 1990, at $10.9 billion, were almost triple the 1989 level.
The increase reflects both the French
Government's favorable attitude towards investment abroad and French
companies' apparent strategy of investing in industries that complement their
core businesses, of gaining market position, and of building industries to
world-class size to withstand foreign
competition as the European Commu-

By country, British UBO's accounted
for $13.1 billion of outlays, down
from $23.0 billion in 1989. The decline may have reflected the recession in the United Kingdom, a shortage of cash and credit, and the reluctance of British banks to finance
takeovers. Each of the five largest
British investments—all $500 million
or more—was in a different industry:
"Other industries," services, chemicals,
insurance, and metals. These transactions and most of the transactions

Table SB.—Investment Outlays, Country of Ultimate Beneficial Owner by Industry of U.S. Business Enterprise, 1990
[Millions of dollars]

*

Manufacturing
All industries

Petroleum

Chemi- Primary
Food
and kin- cals and and fabricated
allied
dred
products products metals

Total

Other
Machin- manufacery
turing

Wholesale
trade

Retail
trade

Banking

Finance,
except
banking

Services

Real
estate

Insurance

Other
industries

64,423

833

24,123

1,083

7,724

2,116

3,785

9,415

1,490

1,152

865

1,773

1,974

6,586

20,001

Canada

1,876

(D)

661

(D)

(D)

45

88

514

(D)

698

(D)

0

3

93

30

(D)

Europe

35,947

151

18,214

776

6,567

1,384

1,519

7,967

1,130

(D)

551

(D)

1,970

1,197

7,650

4,205

2
136
117
423
10,886

0
0
0
D0

a

0
(D)
0
(DD)
( )

0
(D)
D0

J)

2
0
0
0
4,170

0
2

2,604

0
0
0
(D)
437

0
(D)
0
0
0

0
0
0
0
0

0
0
0
(D)

0
0
0
0
0

0
(°)
0
(D)
2,947

0
•1
(D)
0
91

0
0
0
0
0
192

(D)
0
0
0
0
0

29
0
(*)
0
0
1

691

(DD)
( )

0
(D)
0
0
0
0

0

0
D0

0
0
0
0
D0

((DD))
0
0
(459D)

0
0
0
6
(°)
129
0
4
(D)
0
650

(D)
0
1,446
0
0
7

1
0

0
0
0

0

D0

<3

0
4
50
0
(D)
0

2,593
0

8

3«

0
(D)
82
94
163
0

0
0
5
171
2,743
0

(*)

(D)

(D)

(*)0

0
0
0
0
0
0

All countries

Austria
Belgium
Denmark
Finland
France

.

Germany 1

Italy ...ZZZZZZZZZZZZZ"ZI""" "!!"

Liechtenstein
Luxembourg
Netherlands

2,162
258
1,772

8

2,366

Norway
Spain
Sweden
Switzerland
United Kingdom
Other

50
90
675
3,887
13,100
0

Latin America and Other Western Hemisphere

735

()

384
7,313

5
0
0
2
0
(D)

1,424

0
0
0
D0

( 0)
(D)
ffl
o

South and Central America
Brazil
Mexico
Panama
Venezuela
Other

365

(D)

( 0)

Other Western Hemisphere
Bahamas
Bermuda
Netherlands Antilles
United Kingdom Islands, Caribbean
Other

370
8
126
(D)
206
(D)

0
0
0
0
0
0

Africa
South Africa
Other

§

0
0
0

Middle East
Israel ..
Kuwait
Lebanon
Saudi Arabia
United Arab Emirates
Other

422
85

0
0
0
0
0
0
0

Asia and Pacific
Australia
Hong Kong
Japan
Korea, Republic of
Malaysia
New Zealand . .
Philippines
Singapore
Taiwan .
Other
"V".&

$
19

;

•"'•15

. . .

2

United States

Addenda:
European Communities (12) 3
OPEC4
.
D

.

*

8
26
5
0

23,309
1,105
223
20,459
169
(D)
26
4
50
1,106
(D)
D

( )

30,905
307

Suppressed to avoid disclosure of data of individual companies.
* Less than $500,000.
1. See footnote 2, table 4.
2. See footnote 1 in text for further explanation.
3. See footnote 4, table 4.




0
D0

D

( 0)

0
0
2
0
0
0
D0

( 0)
0
149
D

()

$0

641

(D)

()

0

()
2,203

D0

( 0)

(°)

8
()

479
2,876
4,696
0

<J0

(D)

0

0

D

( )
0
(D)
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0

W

8
0

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
0
0

8

o

0

((DD)
6>

0

(D0)
0

5,060
643
2
3,892
79
(DD)
( )
10
395
4
D

( )

14,456
(*)

304
D

( 0)

146
2
0
0
0
D0

( 0)
(D)

282
0

1,061
0

1,145
0
0
1,145
0
0
0
0
0
0
0

(D)

4,276
0

(

*^

0
0

686
(D)
0
403
°0
0
D0

( 0)

0
0

1,101
0

(D0)

(Dt
381

1
0
(D)

48
(D)
0
0
0
(D)

()

(D)
0

0
0

8

0
0

0

0
42
0

0
0
0
0
1
0

(D)

0

2

0
0
0
0
0
0

2
0
2
0
0
0
0
0
0
0
0
0

D

( )
0
(D)
0
0
0

(D0)

s

.

D

( )

0
0

1

1 ^

^°00
0

0
0
0
0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
0
0

D

D

0
0

0
0

0
0
0
0
0

(D0)
0
D0

( 0)
0

2,005
0
2
1,743
(D)
0
0
D0

921
(D)
0
455

((D))

0
0
2

4

0

1,434
0

7,363
(*)

235
0
(D)
169
2
0
0
0
0

( 0)

(D)

0

0

0

D

( 0)

(°)
1
9
3,885
0

0

161

<D>

25

23
0
5
16
0
2

0
0
0
0
0
0

(D)
(D)
0
3
0
0

0
0

0
0
0
0
0
0

138
8
0
(DD)
( )
0

(D)
(*)0

0
0
0

0
0
0

1
0

1

3
3
0

0
0
0
0
0
0
0

29
0
4
0
20
5
0

(D)
(D)
0
(D)
0
0
0

5,106
75
151
4,659
41
0
0

10,863
(DD)
( )
10,775
0
0

°0

509
(DD)
( )
115
2
0
8
0
0
0
0

(D)

a
(9D>

°0
0

0

2
0
0
2
0
0
0
0
0
0
0
0

0

(D)

0

.8

1,267
0

1,013
31

7,462
0

8

3
0
0
0

(D0)
(D0)

(*l)
D

0
0
0
0

«1
q

0

<")

0
0
0
0
0
0

502
0
(D)
0
D0

0
0
0

( 0)
0
(D)

<i ^

( 0)

<20D0

101
0

()

509
0

0
324
(D)
0
0
0
0
0
0

1,038
0

0

D0

D0

5,626

(*)

( 0)

(D0)
0

(D)
0

(D0)
0
(D)

8
0

D0

()

*l

0

4. See footnote 5, table 4.
NOTE.—Data for 1990 are preliminary. Where more than one investor participated in a given investment,
each investor and each investor's outlays are classified by the country of each individual ultimate beneficial

36
nity moves closer to implementing the
1992 single-market initiative. Of the
six largest French investments, four—
two in chemicals, one in metals, and
one in wholesale trade—were undertaken by Government owned or controlled firms. Such firms also made
a number of smaller investments in
1990.
Outlays of Netherlands UBO's were
$2.4 billion, most of which was accounted for by the acquisition of an
Illinois-based bank by the U.S. affiliate
of a Netherlands bank and the acquisition of a California-based wholesaler of recorded music products by the
U.S. affiliate of a consumer products
conglomerate.
Outlays of German UBO's were $2.2
billion. All of the investments were under $500 million. The largest transaction was in chemicals: A New Jerseybased household products firm was acquired by the U.S. affiliate of a German
manufacturing company.
Swiss UBO's accounted for $3.9 billion in outlays.
The largest investment was the acquisition of the
previously mentioned California-based
biotechnology company.
Outlays of Japanese UBO's were
$20.5 billion in 1990, up from $17.4
billion in 1989. Japanese investors
accounted for 71 percent of total outlays in real estate and 54 percent of
total outlays in services. In services, the largest transaction was the
purchase of the major entertainment
company .by the Japanese consumer
electronics manufacturer. Numerous
hotel investments, including the resort
hotel in California, also contributed
substantially to the outlays in services. Japanese UBO's made two of
the three largest investments in real
estate, including the purchase of a majority interest in the New York-based
real estate corporation. Other sizable
Japanese outlays included one investment in Pharmaceuticals and one in
machinery.
Taiwanese UBO's accounted for $1.1
billion in outlays. The largest investments were the purchase of a Texas oil
and gas exploration firm by the U.S.
affiliate of the Government-owned energy company and the acquisition of
a California-based bakery by Taiwan's
largest food conglomerate.
Outlays of Canadian UBO's were
$1.9 billion; the largest investment
was the acquisition of a nationwide
fast-food restaurant chain by the U.S.
affiliate of a Canadian manufacturing
company.




SURVEY OF CURRENT BUSINESS

May 1991

sources other than the foreign parent
groups. For example, the U.S. affiliOf the $64.4 billion in total outlays ates may have borrowed the funds from
in 1990, $32.0 billion, or nearly 50 unaffiliated foreign persons or from
percent, was funded by foreign par- U.S. persons, or they may have genent groups, which consist of the for- erated the funds internally. In 1989,
eign parents and the foreign (non-U.S.) these other sources of funds financed
affiliates of the foreign parents (ta- $23.0 billion in outlays. The increase
ble 6). Some of these funds financed in the use of these funds maintained
investments made through U.S. affil- the high level of total outlays in 1990.
iates, and some financed investments
By country of UBO, a relatively large
made directly by the foreign parents. share—56 percent—of European outForeign-source funds were a relatively lays was financed by foreign parent
more important source of funds in groups. The percentage of financ1989, when they totaled $48.2 billion ing by foreign parent groups—at 43
and financed 68 percent of outlays.
The reduction in the amount of total
outlays financed with foreign-source equity, reinvested earnings, and changes in U.S. affilireceivables from their foreign parent groups—that
funds contributed to the relatively low ates'
are unrelated to foreign funding of new affiliates and
level of capital inflows for foreign di- for which net outflows of $22.0 billion were recorded
1990. In contrast, net capital inflows of $47.7 bilrect investment in the United States in in
lion were recorded for the components of capital flows
1990.2
that could represent foreign-parent funding of acquisiThe remaining $32.4 billion in out- tions and establishments—namely, increases hi equity
and changes in U.S. affiliate payables to their foreign
lays was funded by U.S. affiliates from parent
groups. Some of these inflows also financed the
Source of funding

2. Foreign-source funds used to acquire or establish
U.S. affiliates are also included in U.S. capital inflows
for foreign direct investment in the United States that
are recorded in the U.S. balance of payments accounts.
However, because these inflows also include funds that
are used for other purposes, the two measures are not
directly comparable.
The preliminary estimate of capital inflows for foreign direct investment in the United States hi 1990 was
published in "U.S. International Transactions, Fourth
Quarter and Year 1990," SURVEY OF CURRENT BUSINESS 71
(March 1991): 57. This estimate, at $25.7 billion, was
lower than the $32.0 billion estimate of foreign-source
funding. However, capital inflows are recorded as a net
figure that includes components—namely, decreases in

operations of existing U.S. affiliates.
It should be noted that the estimates of acquisitions
and establishments of U.S. affiliates include some investments that were reported too late to be included
in the preliminary estimate of capital inflows. The revised capital flow estimate to be published in the June
1991 issue of the SURVEY will include these late-reported
transactions. Until then, comparisons between the data
for outlays funded by foreign parent groups presented
in this article and the data for total capital inflows for
foreign direct investment in the United States should
be made with caution. Furthermore, it should be noted
that, when disaggregated by country, the outlays data
in this article are shown by country of UBO, whereas
the capital flow data are shown by country of foreign
parent.

Table 6.—Source of Funding of Investment Outlays, by Industry of U.S. Business Enterprise
and by Country of Ultimate Beneficial Owner, 1989-90
1989 r

Funds from

Funds from
foreign parent groups

ent groups
as a percent
of total

Total
outlays
Total
By industry:
Petroleum
Manufacturing
Wholesale trade
Retail trade
Banking
Finance, except banking
Insurance
Real estate
Services
Other industries
By country1:
Canada
Europe
France
Germany^
United Kingdom
Other
Latin America and Other Western
Hemisphere
Africa
Middle East
Asia and Pacific
Japan
Taiwan
Other
United States3
Addenda:
European Communities (12)4
OPEC5
r
p

Revised.
Preliminary.

199QP

Millions of dollars
Other

Millions of dollars
Total
outlays

Funds from
foreign parent groups

Other

Funds from
foreign parent groups
as a percent
of total

71,163

48,161

23,002

68

64,423

32,024

32^99

50

1,189
35,958
2,634
1,861
349
4,186
1,901
6,438
10,058
6,587

441
27,956
2,031
764
347
3,524
823
4,801
4,804
2,669

748
8,002
603
1,097
2
662
1,078
1,637
5,254
3,918

37
78
77
41
99
84
43
75
48
41

833
24,123
1,490
1,152
865
1,773
1,974
6,586
20,001
5,626

260
12,570
1,240
435
347
721
1,951
5,330
7,957
1,212

573
11,553
250
717
518
1,052
23
1,256
12,044
4,414

31
52
83
38
40
41
99
81
40
22

4,403
40,724
3,469
2,435
23,047
11,773

2,999
31,252
2,317
1,768
19,569
7,598

1,404
9,472
1,152
667
3,478
4,175

68
77
67
73
85
65

1,876
35,947
10,886
2,162
13,100
9,799

738
19,998
7,603
1,060
5,993
5,342

1,138
15,949
3,283
1,102
7,107
4,457

39
56
70
49
46
55

1,084
(D)
243
24,530
17,410
561
6,559
<°>

725
(D)
210
12,899
11,153
465
1,281
(D)

359
(D)
33
11,631
6,257
96
5,278
(D)

67
(D)
86
53
64
83
20
(D)

735
(D)
422
23,309
20,459
1,106
1,744
(°)

265
(D)
261
9,968
8,429
601
938
<°>

470
(D)
161
13,341
12,030
505
806
(D)

36
(D)
62
43
41
54
54
(D)

33,869
430

26,604
374

7,265
56

79
87

30,905
307

18,069
234

12,836
73

58
76

D

Suppressed to avoid disclosure of data of individual companies.
See footnotes to table 4.

May 1991

percent—was below average for investments of Asian and Pacific UBO's.
Within Europe, the share of outlays of
EC(12) UBO's financed by foreign parent groups was 58 percent. Within
the EC(12), the share of French investment financed by foreign parent
groups, at 70 percent, was particularly large, perhaps reflecting a tendency by Government-owned UBO's to
rely mainly on funds generated, or
obtained, in the home (investing) country.
In contrast, only 46 percent
of outlays for investments of British
UBO's were financed by foreign parent groups. Within Asia and Pacific,
the share of Taiwanese investment financed by foreign parent groups, at
54 percent, was slightly above average.
Only 41 percent of outlays of Japanese
UBO's were financed by foreign parent
groups.




SURVEY OF CURRENT BUSINESS

Selected Operating Data
Total assets of U.S. businesses acquired or established by foreign investors were $95.0 billion in 1990,
down from $127.5 billion in 1989
(tables 7A and 7B). Assets of U.S.
businesses acquired by foreigners, at
$82.5 billion, were much larger than
those of U.S. businesses established by
foreigners, at $12.6 billion.
Assets in manufacturing and in services were $30.5 billion and $28.8 billion, respectively; together, these assets accounted for 62 percent of the
total assets of U.S. businesses acquired
or established by foreign investors in
1990. Within manufacturing, assets
in "other manufacturing," at $10.9 billion, were largest. In services, the
acquisitions of the entertainment con-

Tables 7A and 7B follow.

37

glomerate and of the California-based
aircraft-leasing company accounted for
a sizable share of total assets. Assets
in real estate were also large.
Acquired
businesses
employed
393,000 workers. Within manufacturing, "other manufacturing" accounted
for the largest share of these employees, mainly reflecting the acquisitions
of the tire manufacturing company and
of the manufacturer of abrasives and
high-technology ceramics. Newly established businesses employed 11,000
workers.
Foreign investors obtained 309,000
acres of land as a result of acquisitions.
Manufacturing affiliates accounted for
52 percent of all acreage obtained as a
result of acquisitions. By establishing
new businesses, including purchases of
real estate, foreign investors obtained
166,000 acres.

38

SURVEY OF CURRENT BUSINESS

May 1991

Table 7A.—Total Assets, Sales, Net Income, Employment, and Acres of Land Owned by U.S. Business Enterprises Acquired or Established,
by Industry of U.S. Business Enterprise, 1989
[Millions of dollars or number]
Total assets
of all U.S.
business
enterprises
acquired or
established
AH industries
Petroleum
. .
Petroleum and coal products manufacturing
Other .
Manufacturing
Food and kindred products ..
Beverages
.'.
Other

U.S business enterprises established

U.S. business enterprises acquired
Total assets

Sales1

Net income

Number
of employees

Number of
acres of
land
owned

Total assets

Number
of employees

Net income

Sales1

99306

72,710

345

705,069

364,787

28,204

6,237

-120

3,169
1,673
1,496

2,859
(D)
(D)

1,854
1,400
454

-69
44
-113

4,126
2,108
2,018

(D)
1,731
(D)

310

8

(DD)
(D)
( )

14
(DD)
( )

40,256

36,790

39,306

302

380,467

289,032

3,466

1,463

-3

9,323

(D)

8,050

125
(DD)
( )

104
(D)
<°)

-3
-4

228
108
120

(DD)
(D)
( )

(D)

838
(D)
433

3
3
(*)
0
(*)

371
(D)
11
0
(D)

243
(D)

(D)

(DD)
( )
(*)
0
(D)

293
244
(DD)
( )
49

(DD)
( )
(*)
(D)

2
3
-1
4
-1

473
361
(DD)
( )
112
857
142
(DD)
( )
715

D

3,850
(DD)
( )

6,385
47
6,337

49
4
46

( )
590
(D)

11,196
2,837
4,001
3,037
1,321

10,358
(D)
3,569
3,036
(D)

6,553
1,869
2,393
1,492
800

420
245
135
8
32

(D)

10,122
20,692
16,365
(D)

8,633
6,143
659
(D)

Primary and fabricated metals
Primary metal industries
Ferrous
Nonferrous
Fabricated metal products

6,775
3,262
2,138
1,125
3,513

6,482
3,018
(DD)
( )
3,464

8,166
3,560
2,092
1,468
4,605

61
(D)
(D)
38
(D)

61,048
22,292
14,269
8,023
38,756

(D)
9,449

Machinery
Machinery, except electrical
Computer and office equipment
Other
...
Electric and electronic equipment
Household audio and video, and communications equipment
Electronic components and accessories
Other

6,633
4,825
1,841
2,984
1,808
119
1,246
442

6,457
4,779
1,828
2,950
1,678
(D)
1,173
(D)

9,021
7,094
2,759
4,335
1,927
73
1,218
636

-8
-33
17
-50
25
(*)

72,269
45,968
12,215
33,753
26,301
5,292
14,875
6,134

1,994
913
157
756
1,081
(D)
864
(D)

176
46
13
34
130
(D)
73
(D)

92
37
5
32
55
1
33
21

-3
-2
(*)

11,678
522
72
439
3,727
60
3,666
390
567
1,291
2,111
(DD)
( )
1,752
807

9,643
(D)

9,181
874
(
?
(D)
1,513
24
1,489
582
584
1,533
1,458

-221
19
2
9
47
3
44
18

88,260
12,049

134,811
310
(D)
646
634
7
627
373
330
130,214
496
(D)
(D)
1,669
(D)

2,035

1,148
(D)
9
(D)
567
0
567
(D)
99
163
159
159
0
(D)

-2
(*)

(DD)
(D)
(D)
( )
(D)

. ......
....

Other manufacturing
Textile products and apparel
Lumber wood furniture and fixtures
Paper and allied products
Printing and publishing ..
Newspapers
Other
Rubber products
Miscellaneous plastics products
Stone, clay, and glass products
Transportation equipment
Motor vehicles and equipment
Other transportation equipment, nee
Instruments and related products
Other

.

... .

..

.. ..

...
...

8

2,406
60
2,346
355
430
1,032
1,909
/D\
(°)

19

8

4,018
190
(D)
23
840
197
600
610
(D)
1,286

-52
10
3
(*)
-127
-5
13
1
-1
54

17,520
1,371
(D)
64
6,127
708
3,127
1,400
(D)
3,649

729
(DD)
(D)
( )
(D*
361
55
6
198

9
93
0
120

()

0
167

(*>
(*)
-9

69

175,329

8

41

2,931
162,784

2,143
0
(DD)
( )
2,034

51
6
0
0
45

(D)

(D)

Retail trade
General merchandise stores
Food stores
Apparel and accessory stores
Other

5,539

5,488

205
4,951

205
4,907

8,139
(DD)
( )
247
6,821

9,278

(D)

(D)

(D)

8

.

Banking

.

D}

8

8
21

1,314
831

113
249
155
7
628

(

1,320
0
1,320
34
138
259
202
202
0
(DD)
( )

-1
-1
-1
(*)

14
(DD)
( )
(*)
(D)
5

2,093
137
179
32
367
117
259
249
7
747

(°)

8

8

14,507
584
13,923
5,601
3,545
14,833
11,935
(DD)
( )
14,415
6,916

Wholesale trade
Motor vehicles and equipment
Professional and commercial equipment and supplies
Metals and minerals, except petroleum
Electrical goods
Machinery equipment and supplies
Other durable goods
Groceries and related products
Farm product raw materials

.

307,936

127,511

3,975
92
3,883

Chemicals and allied products
Industrial chemicals and synthetics
Drugs
Soap, cleaners, and toilet goods
Other

Number
of acres
of land
owned

1

0
21
-6
-9
5
-4
-4
0
(D)

16,925

(D)
(DD)
( )

£
()
D

7,394
(D)

8

2,967
0
2,967
(D)
955
(D)
1,202
1,202
0

$

0
(D)
(D)

8( )
D

65

197
(D)
D°

182
(D)
525
(DD)
( )
0
1
0
1
(D)

8

349
349
0
(D)
0
136
0
0

0
2

1,703
(DD)
( )
(DD)
(D)
( )
12
76
0
533

95
0
0
0
95

-3
0
0
0
-3

739
0
0
0
739

18
(D)
0
D0

(D)

(D)

(D)

206

(D)
()

5

501

8
$
D

8(*)i

(

^

0

((DD))
0
(D)

32,053

22,054

2,447

186

6,977

4,180

9,999

392

54

104

Insurance

7,208

(D)

3,346

32

8,066

67

(D)

(D)

(*)

(D)

0

Real estate

8,068

1^29

(D)

(D)

(D)

3,391

6,538

491

47

646

217,029

10,161
3,012
2,107
192
1,915
3,877
83
(D)
(D)
877

8,066
1,246
2,011
(D)
(D)
3,800
83
(D)
(D)
737

4,799
299
1,829
253
1,577
1,711
84

8

56,465
20,359
19,228
3,014
16,214
2,898
1,307
(D)
(D)
7,894

5,487
1,368
320
(D)
(D)
161

3,223

2,095
1,766
97
(D)
(D)
77
0
15
0
140

375
294
39
(D)
(D)
3
0
1
0
39

-8
-7
1
(*)
1
-4
0
(*)
0

700

-34
-44
(*)
1
-1
26
4
-9
-5
-7

3,407
2,593
359
(DD)
( )
51
0
14
0
390

2,554
2,180
(D)
0
(DD)
( )
0
0
0
368

9,686
393
646
356
290
539
5,546
2,563

9,417
251
631

8,213
189
413
242
171
697
6,253
661

-129
-3
25
10
15
(D)
152
(D)

52,657
1,232
2,379
994
1,385
2,041
41,416
5,589

35,160
7,233
23,495
14,186
9,309
3,121
333
978

269
141
14
(DD)
( )
53
26
34

49
20
3
3
(*)

(*)
-1
(*)
-1
(*)
-1

457
193
34
(DD)
(D)
( )
(D)
(°)

66,424
65,635
(D)
0

Finance, except banking

..

..

Services
..
Hotels and other lodging places
..
Business services
.
. ...
Computer and data processing services
Other business services
.
Motion pictures including television tape and film
..
Engineering architectural and surveying services
Accounting research management and related services
Health services
Other

. ...

Other industries
Mining
Coal
Other
Transportation
Communication and public utilities
D

..

Suppressed to avoid disclosure of data of individual companies.
* Less than $500,000 (±)
1. Sales, or gross operating revenue, excluding sales taxes.




<5

(D)
486
5,519
2,529

§

3
19

1

1

8
21
(D)

NOTE.—Data for 1989 are revised. For acquired businesses, data are for, or as of, the fiscal year preceding
the year of acquisition; for newly established businesses, data are projections for, or as of the end of, the
first full year of operation.

39

SURVEY OF CURRENT BUSINESS

May 1991

Table 7B.—Total Assets, Sales, Net Income, Employment, and Acres of Land Owned by U.S. Business Enterprises Acquired or Established,
by Industry of U.S. Business Enterprise, 1990
[Millions of dollars or number]
Total assets
of all U.S.
business
enterprises
acquired or
established
All industries
Petroleum
Petroleum and coal products manufacturing
Other

Total assets

Sales1

Net income

Number
of employees

Number of
acres of
land
owned

Total assets

Net income

Sales1

Number
of employees

82,458

51^68

1,407

393,007

309,205

12,550

2,542

83

11,285

166,053

643

639
(DD)
( )

631
(DD)
( )

14
-1
15

2,839
(DD)
( )

1,552

4
0
4

(*)
0
(*):

(*)
0
(*)

(D)
0
(D)

0
0
0

•8

30,512

29,556

31,511

890

235,431

162,207

956

750

-2

Food and kindred products
Beverages
Other

1,385
77
1,308

1,285
73
1,212

1,339
101
1,237

15
-1
16

8,638
623
8,015

682

101
4
97

(D)
e)

-1
(*)
-1

Chemicals and allied products
Industrial chemicals and synthetics
Drugs
Soap, cleaners, and toilet goods
Other

5,922
214
2,136
1,309
2,263

5,643
(D)
2,136
1,309
(D)

3,737
79
1,112
645
1,901

222
2
77
36
107

15,358
415
7,063
1,852
6,028

(D)
15
446
101
<D)

279
(D)
0
0
(D)

162
(D)
0
0
(D)

-9
-2
0
0
-7

743
(D)
0
0
(D)

7,665
4,471
(DD)
( )
3,195

7,563
4,410

9,775
6,075

3,153

3,700

8

§

102
61

8

57,427
28,663

8

337
218
201
17
119

28,764

633
1,286

8
41

aD
ft
(>

6
7
4
3
-1

(°)
185

4,624
2,431
735
1,695
2,194
29
1,459
706

4,348
2,287
C>.
(D)
2,062
29
1,327
706

4,982
2,744
817
1,927
2,239
(D)
1,499
(D)

-183
-38
-56
18
-145
-4
-100
-41

47,087
22,346
4,738
17,608
24,741
894
17,841
6,006

1,944
1,269
135
1,134
675
(D)
441
(D)

276
144

4
12
13
-1
-8
0
-8
0

1,003
589

132
0
132
0

142
103
101
3
38
0
38
0

10,915
929
315
178

10,717
900
285
178
759
(DD)
(D)
( )
109
(D)
1,002
(D)
(DD)
( )
2,589

11,678
991
433
237
338
(D)
(DD)
(D)
( )
1,441
1,216
(DD)
( )
1,249
3,149

500
33
8
3
10

117,081
545
92
93
43
21
22
(D)
181
(D)
757
(DD)
( )
579
(D)

197
29
30
0
(D)
0
(D)

254
(D)
27
0
(D)
0
(D)

5
( )
42
42
0
(D)
34

(DD)
( )
68
68
0

-2
-2
-1
0
(*)
0
(*)
(*)
1
2
-1
-1
0
-3
2

1,965
(DD)
( )
0
(D)
0
(DD)
( )
(DD)
( )
440
440
0

-31
217

106,921
13,359
2,739
1,214
3,399
(D)
(D)
18,885
1,767
12,034
12,617
(DD)
( )
13,431
27,476

2,207
141
45
(DD)
( )
223
511
130
(D)
493

1,958
137
42
(D)

3,927
(D)
59

(D)
73
(DD)
( )
0
19
(DD)
( )
(D)
83

509
(D)

14
(*)

(^
(D1
11
(DD)
(D)
( )

8
43

(*)

8
501
(D)

8,106
864
292
(DD)
( )
745
927
450
(D)
2,349

249
3

224
382
141
(D)
654

34
6
(*)
(DD)
( )
8
4
2
3
36

8()

6
(*)
6
(*)
(*)

415
(D)
0
6
(D)
148
(D)
6
(DD)
( )

886

843

1^33

-9
2
-1
1
-10

34,275

'8

43
0
0

(D)

n

30,456

(D)
0
0
0
(D)

Primary and fabricated metals
Primary metal industries
Ferrous ...
Nonferrous
Fabricated metal products

.

.

Machinery
Machinery, except electrical
Computer and office equipment
Other
Electric and electronic equipment
Household audio and video, and communications equipment
Electronic components and accessories
Other
Other manufacturing
Textile products and apparel
Lumber wood, furniture, and fixtures
Paper and allied products
Printing and publishing
Newspapers
Other
Rubber products
Miscellaneous plastics products
Stone, clay, and glass products
Transportation equipment
Motor vehicles and equipment
Other transportation equipment, nee
Instruments and related products
Other .

.

8

8

»

115
1,811
1,044
(DD)
( )
1,098
2,623

«. .
....
.

.

.

Wholesale trade
Motor vehicles and equipment
.
Professional and commercial equipment and supplies
Metals and minerals, except petroleum
Electrical goods
Machinery, equipment, and supplies
Other durable goods
Groceries and related products
Farm product raw materials .
Other nondurable goods

'

Retail trade
General merchandise stores
Food stores
Apparel and accessory stores
Other

Number
of acres
of land
owned

95,008

8

Manufacturing

U.S. business enterprises established

U.S. business enterprises acquired

8

8

8

9
5
172
75

8

8

$

D

8

8-

D

0
0

1
(DD)

o

0
(*)'
(*)

5,331

1,263
6

8
9
0
0

(D)

$8
18

223

8

414
0
414
0

8'

156
0
0
0
156

0
(D)
0
452

<s>

(D)
0
(D)
D0

( 0)

0
0

8D
0

((D))

135
(D)
0
0
0
7
0
(D)

8
(D
D^
0
0

7,135

5,278

219

60

1,589

(D)

1,858

()

(D)

143

()
(D)

7,696

4,696

816

(D)

3,941

(D)

3,000

179

(D)

275

13

Insurance

4,008

4,008

1,546

94

9,124

(D)

(*)

(*)

(*)'

(D)

0

Real estate

9,781

4,895

1,200

(D)

2,853

4,134

4,887

467

80

591

116,257

28,761
8,406
5,130

27,456
7,591
O

7,969
1,714
872
569
303
3,835
945
(DD)
( )
470

113
23
39
15
24
98
(D)
(*)
(D)
-22

80,052
37,253
8,421

17,542
6,778

3,751
1,396
1,407

16,638

19,638
6,211
856
1,675
5,998

0

9,590

(°3)
(D)
288

320
99
(D)
137
(D)
0
(*)
(*)
D
( )
38

-37

6
796

1,305
815
(D)
107
(D)
0

(D0)
((DD))

2,217
66
278
(DD)
(D)
(D)
( )
478

64
-5
30
1
28
-4
10
34

14,797
1,201
1,808

116395
(D)
113,352

248
69
(D)
0
(D)
74
(
?
(D)

160
19
(*)
0
'(*)
131
3
7

4
(*)
(*)
0
(*)

Banking
Finance, except banking

. ..

Services
Hotels and other lodging places
Business services
Computer and data processing services
Other business services
.
Motion pictures, including television tape and film

8

Accounting research management and related services
Health services
Other
Other industries
Agriculture, forestry, and fishing
Mining
Coal "'
Other
..
Construction . . . .
Transportation
Communication and public utilities
15

Suppressed to avoid disclosure of data of individual companies.
* Less than $500,000 (±).
1. Sales, or gross operating revenue, excluding sales taxes.




985

738

..

8

13,336
(DD)
( )
149
911

13,336
(D)
61
(D)
623

3,378
161
1,348
(DD)
( )
401
365
1,103

3,130
93
(D)

(D)
1,283
327
(DD)
( )

8

2,942
6,393
2,453

8

8

1,522
(D)
898

(°)
a
0
(*)
<°>
(*)

(*)

8
0
(DD)

()

710

618
45
(D)
0
(D)
488
0
(D)

T0
0
0

31,214
29,456
(D)
0
(D)
(D)
D0

()

NOTE.—Data for 1990 are preliminary. For acquired businesses, data are for, or as of the end of, the fiscal
year preceding the year of acquisition; for newly established businesses, data are projections for, or as of the
end of, the first full year of operation.

By J. STEVEN LANDEFELD and ANN M. LAWSON

Valuation of the U.S. Net International Investment Position

T

Revaluation of direct investment.—
HIS article reviews the issues surAs a result of its review, BEA has
rounding the valuation of the U.S. net
Current-cost, market-value, and historicalcost estimates of direct investment for 1990
developed two measures—current-cost
international investment position and
and revised estimates for 1987-89 will apand market-value—to revalue its espresents revalued estimates for direct
pear in the annual article on the U.S.
timates of the USDIA and FDIUS
investment, for U.S. gold reserves, and
international investment position in the
positions in prices of the current pefor the international investment poJune 1991 SURVEY OF CURRENT BUSINESS.
riod. The current-cost method revalues
The revised estimates will reflect the insition. The article describes two alcorporation of information from the 1987
the U.S. and foreign parents' share
ternative methods for valuing direct
benchmark survey of U.S. affiliates of forof their affiliates' investment in plant
investment in prices of the current
eign parents and the most recent annual
and equipment using a perpetual inperiod, presents estimates of the disurvey of U.S. parents of foreign affiliates.
ventory model to estimate the net stock
rect investment totals for 1982-89 that
Detailed estimates by country and industry
are available only in historical costs.
of direct investment capital at current
are prepared using these methods, and
costs, revalues direct investment in
compares these estimates with BEA's
land using general price indexes, and
existing historical-cost estimates and
revalues direct investment in inventowith current-value estimates from several earlier studies. (Estimates for from a significant misstatement of the ries using estimates of their current
1990 and revised estimates for 1987- relative positions for U.S. direct in89 will be presented in the regular vestment abroad (USDIA) and foreign
article on the international investment direct investment in the United States
position next month—see the box on (FDIUS). Because most USDIA in the
last 30 years, the International Monetary Fund's
1989 stock occurred in the 1960's and the
this page.)
world price index has risen more than 4 percent a year,
In the mid-to-late 1980's, concerns 1970's, it seemed likely that these amounting to more than a threefold increase over the
Such an inflation rate may hinder meaningbegan to arise about the mix of valua- assets would require a significantly period.
ful comparisons of dollar values at different points in
larger
adjustment
for
the
cumulative
tion methods used by BEA in deriving
time. As a result, measures of flows, which are in curthe net international investment posi- effects of inflation than would those for rent prices, are often restated to constant prices, and
measures of stocks, which are valued in acquisition (or
tion. Although many of the assets in FDIUS, most of which2occurred in the historical)
prices, are often restated to current (or to
the U.S. international investment posi- late 1970's and 1980's.
constant) prices. Consistent comparisons of business
income and assets over time and of rates of return, caption (such as portfolio investment and
2. Inflation drives a wedge between values expressed ital productivity, and capital/labor ratios require such
most reserve assets) were being valued in historical
valuations.
prices and those in current prices. During
at current-period prices, other assets
(such as direct investment and U.S.
gold reserves) were being valued at
the historical costs at which they were
Table 1.—U.S. Direct Investment Positions Using Alternative BEA Methods of Valuation, Amounts
Outstanding at Yearend, 1982-89
purchased. In 1990, BEA suspended
[Millions of dollars]
publication of the net international investment position of the United States
Valuation method
1982
1984
1983
1985
1986
1987
1988
1989
and announced that it was undertakU.S. direct investment abroad
ing a review of alternative methods
207,752
207,203
211,480
230,250
259,800
314,307
333,501
373,436
of valuing international investment to Historical-cost
Current-cost
374,003
357,900
350,007
379,556
414,091
485,178
499,500
535,870
Market-value
228,304
267,636
273,313
380,478
519,413
577,603
675,984
804,525
reflect current-period prices.1
The BEA review focused on direct
Foreign direct investment in the United States
investment because the largest differHistorical-cost
137,061
124,677
164,583
220,414
271,788
184,615
328,851
400,817
ences between historical and current Current-cost
266,541
207,159
322,725
227,223
384,009
457,566
173,223
181,289
177,726
322,579
227,949
283,153
543,703
133,044
157,548
397,535
costs in the international investment Market-value
position were thought to have resulted
Direct investment, net
1

2

1

2

1. See "International Investment Position: Component Detail for 1989," SURVEY OF CURRENT BUSINESS 70
(June 1990): 54-65. Before its suspension in 1990,
an annual estimate of the net international investment
position of the United States was published each year.
40




Historical-cost
Current-cost1
Market-value2

83,075
200,780
95,260

70,142
176,611
115,765

46,897
142,848
89,910

45,635
152,333
152,529

39,386
147,550
236,260

42,519
162,453
255,024

4,650
115,491
278,449

-27,381
78,304
260,822

1. Only tangible assets on the asset side of the balance sheet are revalued at their current cost. See "Technical Notes" for methodological details.
2. Only owners' equity on the liabilities and owners' equity side of the balance sheet is revalued to market value. See "Technical Notes" for
methodological details.

SURVEY OF CURRENT BUSINESS

41

vestment in a Hypothetical Balance
Sheet"). The market value differs from
the current-cost value in that it is an
estimate of firms' aggregate net worth,
including not only the current value
of tangible assets, but also the market value of intangible assets—such
as patents, trademarks, management,
and name recognition. The market
value may also reflect changes in the

general economic outlook or in the outlook for a particular industry—changes
that may not be related to the prices of
tangible assets.
BEA's revaluation of direct investment assets from historical cost to current cost raises the value of the USDIA
position at yearend 1989 by $162.4 billion, to $535.9 billion, and raises the
FDIUS position by $56.7 billion, to
$457.6 billion (chart 4 and table 1).
Revaluation of owners' equity from historical cost to market value raises the
value of the USDIA position at yearend
1989 by $431.1 billion, to $804.5 billion, and raises the FDIUS position by
$142.9 billion, to $543.7 billion. On
a historical-cost basis, the U.S. net
direct investment position at yearend
1989 was -$27.4 billion. Revaluation
to current cost raises the net position
to $78.3 billion; revaluation to market value raises the net position to
$260.8 billion. The difference between
the current-cost and market-value estimates reflects significantly different
rates of change in recent years in
stock prices and in replacement costs
of tangible assets.
Revaluation of U.S. gold reserves.—
BEA has revalued U.S. gold reserves
from the 1973 par value of $42.22
per fine troy ounce previously used in
the international investment position
to the yearend market price, as reported for gold on the London fixing.
The revaluation puts gold reserves on
the same current-cost valuation basis
as other reserve assets and values gold
reserves on the same basis as gold held
in private portfolios.
The following tabulation provides
the historical values for U.S. gold reserves based on the 1973 par value and
the current values based on market
prices.

May 1991

replacement cost. The market-value
method revalues the owners' equity
portion of the direct investment position for USDIA and FDIUS using indexes of stock market prices. Thus, the
two methods can be viewed as revaluing, respectively, the asset side of a
balance sheet and the liabilities and
owners' equity side of a balance sheet
(see the box "Revaluation of Direct In-

CHART 4

Alternative Valuation of Direct Investment, 1982-89
Billion $
900

U.S. DIRECT INVESTMENT ABROAD
800

Market-Value
700

600

500

400

300

200
100
600

FOREIGN DIRECT INVESTMENT IN THE UNITED STATES
500

400

300

200
100
300

[Millions of dollars]

NET DIRECT INVESTMENT POSITION
250

Year
200

1982
1983
1984
1985
1986
1987
1988
1989

150

100

Historical
11,148
11,121
11,096
11,090
11,064
11,078
11,057
11,059

Current
120,653
100,484
81,202
85,834
102,428
127,648
107,434
105,164

50

-50

1982

1983

1984

1985

U.S. Department of Commerce, Bureau of Economic Analysis




1986

1987

1988

1989

1990

Revaluing U.S. gold reserves to the
yearend 1989 market price of $401.50
per fine troy ounce raises the 1989
value of these reserves in the investment position by $94.1 billion, from
$11.1 billion to $105.2 billion.

42

SURVEY OF CURRENT BUSINESS

U.S. international investment position.—After the revaluations of direct
investment and U.S. gold reserves, the
major components of the international
investment position may be viewed as
valued at or near current-period prices
(table 2). The following list summarizes the valuations used for the major
investment position components:
• Direct investment has been revalued to current-period prices using
both stock market prices for equity investment and current-cost
values for tangible assets.
• Portfolio investments in foreign
and U.S. securities are valued at
current-period prices; for these
frequently traded assets held in
private and public portfolios, the
position estimates are based on
changes in stock market prices
and, in the case of bonds, on
changes in bond prices.
• Short-term loans and other shortterm liabilities to banks and nonbanks are recorded at historical
cost because the face, or claim,
value recorded on a firm's books

is normally roughly equal to the
current-period value.
• Official reserve assets are valued
at current-period private market
prices; U.S. gold reserves have
been revalued to current-period
private market prices.
• Long-term loans and other longterm liabilities are valued at historical cost. For loans held to
maturity, the maximum claim a
lender can collect is the book value
of the principal on the loan, so
loans and other long-term liabilities generally need not be revalued
to reflect inflation.
In recent years, the Third World
debt problem and the U.S. savings and loan problem have indicated that there may be sizable differences, reflecting increased risk
of default, between market values and book values.
Unfortunately, the available estimates
of market value—from secondary
markets, appraisals, or indirect
methods—are of limited value.

Table 2.—Valuation of Components of the U.S. International Investment Position
Type of valuation

Type of investment
U.S. assets abroad:
U.S. official reserve assets:
Gold .....
Special drawing rights ,
Reserve position in the International Monetary Fund
Foreign currencies

Current
Current
Current
Current

-...

U.S. Government assets, other than official reserve assets:
U.S. loans and other long-term assets

Current: Approximated by historical claim value with no
adjustment made for default risk.
Current: Approximated by historical claim value with no
adjustment made for default risk.
Current: Approximated by historical claim value with no
adjustment made for default risk.
Current: For U.S. foreign currency holdings, based on the endof-period exchange rates: for U.S. short-term assets,
approximated by historical claim value with no adjustment
made for default risk

Repayable in dollars
Other
U.S. foreign currency holdings and U.S. short-term assets

U.S. private assets:
Direct investment abroad
Foreign securities
Bonds
Corporate stocks
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns ....
U.S. claims reported by U.S. banks, not included elsewhere

Current
Current
Current
Current
Current: Approximated by historical claim value with no
adjustment made for default risk.
Current: Approximated by historical claim value with no
adjustment made for default risk.

Foreign assets in the United States:
Foreign official assets in the United States:
U.S. Government securities
U.S. Treasury securities
Other .
Other U.S. Government liabilities

»...,

U.S. liabilities reported by U.S. banks, not included elsewhere
Other foreign official assets
Other foreign assets,in the United States:
Direct investment in the United States
U.S. Treasury securities .
U.S. securities other than U.S. Treasury securities
Corporate and other bonds
,
Corporate stocks
,
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns ,
U.S. liabilities reported by U.S. banks, not included elsewhere




Current
Current
Current
Current: Approximated by historical claim value with no
adjustment made for default risk.
Current: Approximated by historical claim value with no
adjustment made for default risk.
Current
Current
Current
Current
Current
Current
Current: Approximated by historical claim value with no
adjustment made for default risk.
Current: Approximated by historical claim value with no
adjustment made for default risk.

May 1991

BEA's revaluation of the U.S. direct
investment position and the U.S. reserve gold position from historical cost
to current cost reduces the deficit in the
U.S. net international investment position at yearend 1989 by $199.8 billion,
to —$4640 billion. The revaluation
to market value reduces the deficit by
$382.3 billion, to -$281.4 billion (table
3).
It should be noted that unrecorded
capital inflows could have a significant impact on BEA's position estimates. During the 1980's, there was
a large and persistent statistical dis
crepancy between the current and the
capital accounts in the U.S. balance of
payments. The cumulative statistical
discrepancy, which amounted to $178
billion, indicated either an overstatement of the current-account deficit or
an understatement of net capital inflows into the United States. To the
extent that this statistical discrepancy
was due to unrecorded capital inflows,
particularly of portfolio capital, the foreign investment position in the United
States is understated. The Economic
Statistics Initiative in the Administration's fiscal 1992 budget calls for
improving the estimates of U.S. capital flows. Under this initiative, the
measures of international flows of portfolio capital would be strengthened to
take into account new channels of financing and new types of financial instruments, and the measures of direct
investment would be strengthened by
including estimates for small reporters
and nonreporters.3
Position estimates and measures of
wealth.—The current-cost estimates
presented in this article put the U.S.
international investment position estimates on a basis comparable with
BEA's current-cost estimates of total
U.S.fixed,reproducible tangible wealth
and with the Federal Reserve Board's
estimates of U.S. domestic net worth—
that is, the sum of tangible assets
located in the United States, including
plant and equipment, inventories, and
land.4 With consistent current-cost es3. See "Improving the Quality of Economic Statistics:
The 1992 Economic Statistics Initiative" in the March
1991 SURVEY.
4. BEA has produced estimates of the gross and net
stocks of domestic fixed reproducible assets on consistent current- and constant-cost bases since 1972. The
Federal Reserve Board uses BEA's current-cost estimates, along with an estimate of the market value of
land, to estimate total tangible assets located in the
United States, or domestic net worth, in its balance
sheets for the U.S. economy.

May 1991

SURVEY OF CURRENT BUSINESS

Table 3.—U.S. International Investment Positions Using Alternative BEA Methods of Valuation,
Amounts Outstanding at Yearend, 1982-89
[Millions of dollars]

1982

Valuation method

1983

1984

1985

1987

1988

1989

1,175,932
1,463,373
1,555,798

1,265,620
1,527,996
1,704,480

1,412,515
1,669,054
1,937,709

1,553,998
1,604,935
1,604,789

1,796,704
1,851,862
1,865,388

2,076,262
2,133,011
2,219,148

-378,066
-141,562
-48,991

-531,084
-323,866
-160,908

-663,747
-463,957
-281,439

1986

U.S. assets abroad
Historical-cost
Current-cost
Market-value

..

..
.

824,755
1,100,493
954,794

873,457
1,113,517
1,028,930

895,912
1,104,545
1,022,174

688,052
736,598
696,419

784,453
828,681
804,940

898,074
940,650
911,217

949,723
1,173,773
1,174,695

1,073,399
1,319,054
1,424,376

Foreign assets in the United States
Historical-cost
Current-cost
Market-value

1,066,937
1,109,545
1,110,271

1,347,085
1,393,212
1,409,824

International investment, net
Historical-cost
Current-cost
Market-value

136,703
363,895
258,375

89,004
284,836
223,990

timates of the value of foreign assets
in the United States and of U.S. assets
here and abroad, it is possible to evaluate changes in the size of national net
worth, the distribution of net worth between foreign and domestic saving and
investment, and changes in the rate of
return to such investments over time.
At yearend 1989, domestic net worth
in the United States was $16,017.2
billion.5 After BEA's revaluations, the
current-cost value of domestic assets
owned by foreigners was $1,579.3 billion, and the current-cost value of U.S.
assets abroad was $1,025.1 billion, and
the value of U.S. monetary gold and
of special drawing rights was $115.1
billion. Subtracting the current-cost
value of domestic assets owned by foreigners from domestic net worth and
adding the current-cost value of U.S.
assets abroad and the value of U.S.
monetary gold and of special drawing
rights produces a national net worth of
$15,578.1 billion at yearend 1989.
5. Board of Governors of the Federal Reserve System, Balance Sheets for the U.S. Economy, 1945-90,
Board of Governors of the Federal Reserve System,
Publication C (Washington, DC: March 1991).

-2,162
163,895
110,957

-117,214
64,228
64,424

-273,686
-74,158
14,552

Valuation of Direct
Investment
The question of undervaluation of
the U.S. direct investment position
abroad relative to the foreign direct investment position in the United States
was first explored in a series of papers
beginning in the late 1980's; the most
comprehensive were by Ulan and Dewald, Eisner and Pieper, and Lederer.6
These authors used a variety of techniques to estimate the current-cost
value of direct investment: Revaluation of the cumulative direct investment flows by using a replacement cost
index for capital goods or by using various stock market indexes; capitaliza6. Michael Ulan and William G. Dewald, "The U.S.
Net International Investment Position: Misstated and
Misunderstood," in James A. Dorn and William A.
Niskanen, ed., Dollars, Deficits, and Trade (Norwell,
MA: KluWer Academic Publishers for the Gato Institute,
1989).
Robert Eisner and Paul J. Pieper, "The World's
Greatest Debtor Nation?," in The North American Review of Economics and Finance, vol. 1, no. 1 (Greenwich,
CT: JAI Press, 1990).
Walther Lederer, "The Valuation of U.S. Direct
Investment Abroad," Unpublished (Washington, DC:
Board of Governors of the Federal Reserve System, May
8,1990).

Acknowledgments
BEA's direct investment revaluation initiative was conducted under the general direction
of J. Steven Landefeld, Associate Director for International Economics, with the assistance of
Christopher L. Bach, Chief of the Balance of Payments Division, and Betty L. Barker, Chief of
the International Investment Division. Ann M. Lawson, Chief of the Special Studies Branch,
Balance of Payments Division, Ralph Kozlow, Chief of the Special Surveys Branch, International
Investment Division, and John C. Musgrave, National Income and Wealth Division, coordinated
efforts within BEA to produce the final estimates. Henry Townsend, Michael A. Mann, Douglas
B. Weinberg, and Eric J. Troyer of the Balance of Payments Division provided assistance with
methodological research and preparation of the estimates. Special tabulations of historical
foreign direct investment data were provided by Smith W. Allnutt III, Arnold Gilbert, and Jane
Fry of the International Investment Division. The estimates and methods benefited significantly
by comments from BEA staff and from William G. Dewald, Robert Eisner, John A. Gorman,
Craig S. Hakkio, Walther Lederer, and Paul J. Pieper.




43

tion of the annual earnings flows from
FDIUS and USDIA by a common discount rate to derive an implicit current
value of the positions; and use of the
ratio of current-cost value to historicalcost value for the U.S. stock of property, plant, and equipment (PP&E) and
inventories to estimate the current replacement cost value of tangible assets
related to USDIA and FDIUS. In producing the current-value estimates of
the direct investment position, BEA
has built upon and refined the methods used in these exploratory studies. The remainder of this section
describes BEA's methodology and estimates and then compares them with
these studies.
BEA's current-cost estimates
Method.—The current-cost method
revalues tangible assets using a perpetual inventory model for plant and
equipment, general price indexes for
land, and special adjustment factors
for inventories. The model used for
revaluing the direct investors' shares of
investment in plant and equipment by
affiliates is the same one used to derive
BEA's estimates of total U.S. fixed reproducible capital. The parents' share
of equity in FDIUS and USDIA affiliates has averaged about 80 percent in
recent years.
The perpetual inventory model first
revalues each year's plant and equipment investment from historical cost
to constant cost using U.S. capital
goods price indexes for FDIUS and
a weighted average of country-byindustry price indexes for USDIA. The
constant-cost gross capital stock of
plant and equipment for a given year
is then obtained by cumulating past
investment in plant and equipment
and deducting the cumulated value of
plant and equipment investment that
has been discarded, using estimated
average service lives and retirement
patterns. The constant-cost net capital stock of plant and equipment is
obtained in a similar manner, using a
depreciation formula to write off the
value of the assets over their service
lives. The constant-cost net capital
stock is then revalued to current cost
using the appropriate capital goods
price indexes.
The current-cost values for the net
capital stock of plant and equipment
derived by this method are added to
current-cost estimates of the parents'

44

SURVEY OF CURRENT BUSINESS

share of their affiliates' land and inventories. Land is revalued using
U.S. and foreign gross national (domestic) product price indexes. Inventories
are revalued using ratios of currentcost to historical-cost values for U.S.
inventory stocks. The sum of the
revalued plant and equipment, land,
and inventories produces a currentcost replacement value for all tangible
assets.
One of the major advantages of the
perpetual inventory model is that it explicitly takes into account current-cost
depreciation, as well as the timing pattern of investments and differences in
prices across industries and countries.

Nevertheless, uncertainties about the
appropriate choice of service lives and
pattern of depreciation can have a
large impact on the resulting estimates
of capital stocks of plant and equipment. The sensitivity of the estimates
to changes in underlying assumptions,
as well as a more detailed discussion
of the methodology, is presented in the
"Technical Notes."
Estimates.—Although revaluation to
current costs significantly changes the
relative levels of the USDIA and
FDIUS positions, the trend in the
current-cost estimates is similar to
that in the historical-cost estimates—

May 1991

both show a smaller increase in the
USDIA position than in the FDIUS position during the 1980's. From 1982
to 1989, the USDIA position in current costs grew $161.9 billion, from
$374.0 billion to $535.9 billion. Over
the same period, the FDIUS position in
current costs grew $284.3 billion, from
$173.2 billion to $457.6 billion. As a result, the net direct investment position
dropped from $200.8 billion in 1982 to
$78.3 billion in 1989.
The sources of change in the yearto-year USDIA and FDIUS positions
in current costs are presented in table
4. In the table, changes attributable
to capital inflows and outflows are dis-

Revaluation of Direct Investme nt in a Hypothetical Balance Sheet
The balance sheet in table A is for a hypothetical wholly owned foreign affiliate of a U.S. firm; in this balance sheet, all of the figures are
recorded at historical cost. Table B shows the balance sheet after revaluation using the current-cost method, and table C shows the balance
sheet after revaluation using the market-value method.
In table B, using the current-cost method revalues only tangible
assets—inventories and property, plant, and equipment (PP&E)—on
the left side of the balance sheet. Net PP&E is revalued from $233,571
at historical cost to $359,092 at current cost, and inventories are revalued from $103,803 to $117,318. Thus, the value of the firm's tangible
assets is $139,036 greater at current cost than at historical cost. Financial assets (current and noncurrent) do not need to be revalued,
because the historical costs of these assets are assumed to equal or approximate their current-period prices. On the right side of the balance
sheet, owners' equity is revalued from $387,102 to $526,139 to reflect
the adjustment in the value of the tangible assets on the left side.
In table C, using the market-value method revalues owners' equity,
on the right side of the balance sheet, to reflect yearend stock market
prices. Owners' equity is revalued from $387,102 at historical cost to
$793,559 at market value. Liabilities, which are also on the right side
of the balance sheet, do not need to be revalued, because they are assumed to be approximately at current-period prices. The counterentry
on the left side of the balance sheet is assumed to be in goodwill, which
is included under "other" noncurrent assets. Goodwill is the balancing

item often used to reflect the difference between the acquisition price
of a firm and the net value of the firm's assets less its liabilities.
Table B.—Balance Sheet Using Current-Cost Method
Assets
Current:
Inventories

Current:
Inventories
Other
Total
Noncurrent:
Property, plant, and
equipment (PP&E).
Less: Accumulated
depreciation.
Net PP&E
Other
Total
Addenda: Net tangible assets ....
Total assets




407 341

Total

524,659

Noncurrent:
Property, plant, and
equipment (PP&E).
Less ' Accumulated
depreciation.
Net PP&E . .
Other
Total

$103,803
407,341
511,144
420,720
-187,149

Liabilities:
Current liabilities and longterm debt.
Other liabilities
Total
Owners' equity:
Owners' equity
Total

287 723

$504,956
107,942

Total

612,898

Owners' equity:
Owners' equity

526,139

Total

526 139

359092
255 286

Total assets

476,410
1,139,037 Total liabilities and owners'
equity.

1,139,037

Table C.—Balance Sheet Using Market-Value Method
Assets

$504,956
107,942
612,898
387,102
387,102

233,571
255,286
488 856

Current:
Inventories
Other
Total
Noncurrent:
Property, plant, and
equipment (PP&E).
Less' Accumulated
depreciation.
Net PP&E .
Other
Total

337,374
1,000,000 Total liabilities and owners'
equity.

646,816

Liabilities:
Current liabilities and longterm debt.
Other liabilities

614,378

Addenda: Net tangible assets ....

Liabilities and owners' equity

Assets

$117,318

Other

Table A.—Balance Sheet at Historical Cost

Liabilities and owners' equity

Addenda: Net tangible assets ....
1,000,000

Total assets

Liabilities and owners' equity

$103 803
407 341
511 144
420,720
187 149

Liabilities:
Current liabilities and longterm debt.
Other liabilities
Total
Owners' equity:
Owners' eouitv

$504,956
107 942
612 898
793 559

Total

793 559

1 406 457 Total liabilities and owners'
equity.

1,406,457

233 571
661 742
895 314
337,374

SURVEY OF CURRENT BUSINESS

May 1991

tinguished from changes attributable
to valuation adjustments for price
changes, exchange rate changes, and
"other changes."
The price change adjustment reflects
changes in capital goods prices (either from movements in the price of,
or from shifts in the mix of, capital goods) that cause changes in the
average age and price of the stock.
This price change adjustment is generally negative when PP&E prices are
declining—as they were in the United
States in 1982-84—or when currentperiod PP&E investments are large
enough, relative to earlier period investments, to lower the average age
of the PP&E stock. The price change
adjustment is generally positive under
the opposite circumstances.
The exchange rate adjustment reflects the effect of translating the
current-cost estimate into U.S. dollars
using the yearend exchange rate times
its percent change from a year earlier. The exchange rate adjustment to
the USDIA position moves inversely to
changes in the value of the U.S. dollar relative to other major currencies:
The rise in the dollar in 1982-84 and in
1988-89 reduced the value of USDIA
in foreign currencies, and the decline
in the dollar in 1985-87 raised the
value of USDIA in foreign currencies.
The "other changes" adjustment is
a statistical entry that includes re-

visions due to changes in coverage,
statistical discrepancies, the effect of
the interaction between exchange rates
and price changes, and other statistical
adjustments to the value of assets.
The change in the current-cost USDIA position was $36.4 billion in
1989, compared with $14.3 billion in
1988.
Capital outflows contributed
$31.7 billion to the 1989 change in position. Valuation adjustments for price
changes and for "other changes" increased the position by $8.7 billion, and
adjustments for exchange rate changes
lowered it by $4.0 billion.
The change in the current-cost
FDIUS position was $73.6 billion in
1989, compared with $61.3 billion in
1988.
Capital inflows contributed
$72.2 billion to the 1989 change in
position. Valuation adjustments for
price changes increased the position by
$2.2 billion, and adjustments for "other
changes" decreased it by $0.8 billion.
(Because U.S. affiliates of foreign parents generally maintain their financial
accounts in U.S. dollars, the adjustment for changes in exchange rates is
negligible.)
BEA's market-value estimates
Method.—The market-value method
for estimating the value of the direct investment positions in currentperiod prices revalues the historical-

Table 4.—U.S. Direct Investment Positions at Current Cost, Amounts Outstanding and Changes,
1982-89
[Millions of dollars]
Changes during year (decrease (-))
Year

Amounts
outstanding, beginning of year

Attributable to:
Valuation adjustments for:
Capital
flows
(a)

Total

Price
changes

Exchange rate
changes 1

Other
changes2

(b)

(c)

(d)

Amounts
outstanding,
end of year

(a-fb+c-Kl)

U.S. direct investment abroad

1982
1983
1984
1985
1986
1987
1988
1989

401,214
374,003
357,900
350,007
379,556
414,091
485,178
499,500

967
6,695
11,587
13,162
18,679
31,045
16,218
31,722

3,316
-6,699
-3,073
319
-1,475
1,395
1,650
-555

-13,268
-14,226
-18,832
14,448
15,182
30,737
-5,163
-4,032

-18,226
-1,873
2,425
1,620
2,149
7,910
1,617
9,235

-27,211
-16,103
-7,893
29,549
34,535
71,087
14,322
36,370

374,003
357,900
350,007
379,556
414,091
485,178
499,500
535,870

14,504
8,066
25,870
20,064
39,318
56,184
61,284
73,557

173,223
181,289
207,159
227,223
266,541
322,725
384,009
457,566

Foreign direct investment in the United States

1982
1983
1984
1985
1986
1987
1988
1989

158,719
173,223
181,289
207,159
227,223
266,541
322,725
384,009

13,792
11,946
25,359
19,022
34,091
46,894
58,435
72,244

-1,459
-4,450
-1,623
369
4,349
5,427
5,197
2,163

2,171
570
2,134
673
878
3,863
-2,348
-850

1. Represents gains or losses on foreign currency-denominated assets due to their revaluation at current exchange rates.
2. Includes changes in coverage, statistical discrepancy, the effect of the interaction between exchange rates and price changes, and other adjustments to the value of assets.




45
cost value of equity in foreign affiliates
of U.S. parents using weighted average
foreign stock prices. The method revalues equity in U.S. affiliates of foreign
parents using a broad-based U.S. stock
price index. BEA's estimates revalue
only the owners' equity portion of the
position; as noted earlier, the liabilities
portion is assumed to be approximately
valued at current-period prices.
The market-value method is similar
to that used by BEA to value portfolio investment in that both use stock
price indexes to revalue equity interests in companies. The major difference is that portfolio investments are
composed of frequently traded securities, whereas U.S. and foreign affiliates
are often wholly owned subsidiaries,
and their stock may not be publicly
traded. The key assumption is that
revaluation of direct investment using
general stock price indexes produces
on average a reasonable estimate of
the aggregate value of affiliates in a
country. See the "Technical Notes"
for a more detailed discussion of the
methodology.
Estimates.—On the market-value
basis, unlike on either the historicalcost or the current-cost basis, the USDIA position increased more than the
PDIUS position from 1982 to 1989.
Although both U.S. and foreign stock
market indexes rose to record levels
in the 1980's, stock market prices increased more rapidly abroad than in
the United States. From 1982 to 1989,
the USDIA position at market value
grew $576.2 billion, from $228.3 billion to $804.5 billion. Over the same
period, the FDIUS position at market
value grew $410.7 billion, from $133.0
billion to $543.7 billion. As a result,
the net direct investment position increased from $95.3 billion in 1982 to
$260.8 billion in 1989.
From 1982 to 1984, the marketvalue estimates of the USDIA position were lower than the current-cost
estimates. As foreign stock market
indexes jumped in 1985, the marketvalue estimate moved slightly higher
than the current-cost estimate. By
yearend 1989, the market value of USDIA was $804.5 billion, $268.6 billion
higher than the current-cost estimate.
Detailed information on the sources
of change in the year-to-year USDIA
and FDIUS positions on a marketvalue basis is not yet available. It
is clear, however, that changes attributable to stock prices and capital

46

SURVEY OF CURRENT BUSINESS

flows predominated over changes attributable to exchange rates and other
factors.

Table 5.—Alternative Valuations of the U.S
Direct Investment Positions, Amounts Outstand
ing at Yearend 1988

Comparison of BE A9 s estimates with
those of earlier studies

Table 5 presents the alternative valuations of the positions for USDIA and
for FDIUS that have been made by
BEA and by authors of earlier studies.
The methodologies used and results
obtained are compared in this section.
Current-cost method.—In addition to
using different source data, the BEA
current-cost estimates differ from the
current-cost estimates from various
earlier studies for two methodological
reasons.
First, BEA's current-cost measures
differ from those of Ulan and Dewald
and of Eisner and Pieper because BEA
applies the tangible-asset price indexes
only to the tangible assets. Both sets
of authors applied price indexes for
capital goods to the entire direct investment flow. As Lederer pointed
out, broad application of the tangibleasset price indexes to all flows is incorrect because these flows are used
by affiliates to finance a wide range of
investments, ranging from plant and
equipment to financial assets, a significant share of which are assets—such
as cash and trade receivables—that do
not need to be revalued. Among assets
other than tangible assets, only equity
stock in other corporations and intangible assets such as goodwill might
arguably be revalued.
Second, BEA's current-cost estimates, unlike Lederer's estimates,
are based on the perpetual inventory
model, which explicitly takes into account the timing and composition of
investment in plant and equipment
and of prices both here and abroad.
Lederer's estimates were based on the
single ratio of current cost to historical cost for the total U.S. capital stock
of plant and equipment and other tangible assets. This approach implicitly
assumes that the timing of investment flows, the distribution of assets,
and the rate of inflation are the same
for U.S. domestic investment, USDIA,
and FDIUS; however, three-fourths of
FDIUS included in the yearend 1989
FDIUS position occurred in the 1980's
and thus requires a smaller revaluation than the USDIA position, a large
share of which occurred in the 1960's
and 1970's.




[Billions of dollars]

Valuation method

Bureau of Economic Analysis:
Current-cost
Market-value
Historical-cost
Michael Ulan and William G. Dewald: » 2
Current-cost
Market-value
Capitalization of earnings

U.S. direct
investment
abroad

Foreign
direct investment in the
United States

500
676
334

384
398
329

715
1 016
808

299
496
162

747
749

338
389

May 1991

small differences in discount rates produce large differences in the capitalized value of earnings. In addition,
choosing a discount rate predetermines
the rate of return one can derive from
the capital stock, and thus yields no
independent information.

Valuation of Gold and Debt
17.5. gold reserves

In order to more accurately reflect
the current value of all assets in the international investment position and to
Walther Lederer:
provide consistent current-cost treatn a.
406
Current-cost
ment of U.S. gold reserves with other
n.a. Not available
1. Estimates are for 1987.
reserve
assets and private gold, BEA
2. Michael Ulan and William G. Dewald, "The U.S. Net International
has revalued gold reserves from the
Investment Position: Misstated and Misunderstood," in James A. Dorn
and William A. Niskanen, ed., Dollars, Deficits, and Trade (Norwell,
1973 par value of $42.22 per fine troy
MA: Kluwer Academic Publishers for the Cato Institute, 1989).
3. Robert Eisner and Paul J. Pieper, "The World's Greatest Debtor
ounce to yearend market prices, as
Nation?," in North American Review of Economics and Finance, volume 1, number 1 (Greenwich, CT: JAI Press, Inc., 1990).
reported for gold on the London fixing.
4. Walther Lederer, "The Valuation of U.S. Direct Investments
Using the yearend 1989 market price
Abroad," unpublished (Washington, DC: Board of Governors of the
Federal Reserve System, May 8, 1990).
of gold of $401.50 per fine troy ounce
raises the 1989 value of U.S. reserve holdings of gold by $94.1 billion,
from $11.1 billion to $105.2 billion.
Market-value method.—BEA's mar- Revaluation to market value signifiket-value estimates differ from those cantly raises the value of gold reserves
of Ulan and Dewald because the BEA throughout the 1982-89 period. The
method excludes the portion of the physical U.S. gold stock changed litmovements in stock prices that are tle throughout 1982-89, so virtually
attributable to the retention of earn- all of the changes in the year-to-year
ings. In this way, BEA avoids the position of gold at current cost reflect
double-counting of retained earnings in changes in the price of gold. From
the Ulan and Dewald estimates that 1982 to 1989, the current-cost value of
resulted from their applying an un- U.S. gold reserves declined from $120.7
adjusted stock price index to direct billion to $105.2 billion.
investment capital flows that included
reinvested earnings.
Furthermore, Long-term loans and other long-term
BEA's market-value estimates differ
debt
from those of Ulan and Dewald and of
The valuation of debt, particularly
Eisner and Pieper because BEA's adjusted stock price indexes are applied that of heavily indebted nations, is a
only to the owners' equity portion of major issue for the 1990's, both here
the direct investment capital flows; in and abroad. In the past, valuation at
contrast, both sets of authors applied historical cost seemed reasonable for
their price indexes to the entire flow of debt that was unlikely to be sold in secondary markets—for example, governdirect investment capital.
ment or bank debt. Bad debts, when
Capitalization of earnings.—BEA deemed uncollectible, were written off
has not produced an estimate based by banks or forgiven by governments,
on the capitalization of direct invest- and these writeoffs were reflected in
ment earnings because of the large the position estimates. Although a
uncertainties involved in choosing an large dollar volume of debt to Third
appropriate rate of discount. Given World nations was written off or forthe existence of exchange rate risks, given during the 1980's, much debt
expropriation risks, less than perfect that may yet have to be written off or
capital mobility, and persistent differ- forgiven is still being recorded at book
ences in interest rates across countries, value. In recent years, the reschedulit seems unreasonable to assume that ing, selling, repurchasing, and swapa single discount rate could be ap- ping of such debt has led to developpropriate for discounting investment ment of a secondary market for the
flows from USDIA and FDIUS; further, debt of these nations.
Robert Eisner and Paul J. Pieper:3
Current-cost
Market-value
4

May 1991

While there is some default risk attached to the debt of a substantial
number of countries, market attention
has focused on the debt of heavily indebted countries. For these countries,
the secondary market value of their
long-term bank debt has been estimated at about one-third of the book
value of that debt.7 Ulan and Dewald,
using these secondary market values,
estimated that discounting bank loans
to less developed countries would reduce the value of claims reported by
U.S. banks by $40-50 billion in 1989.
Such estimates are speculative because
secondary markets are extremely thin;
any large purchase can substantially
change the secondary market price.
Indeed, when Brazil bought back a portion of its own debt in March 1988, the
secondary market price of Brazilian
debt doubled. In addition, these secondary market discounts cannot sim7. Salomon Brothers, "Indicative Prices for Less
Developed Country Bank Loans," January 4,1990.

SURVEY OF CURRENT BUSINESS

47

ply be applied to bank debt to produce market-value estimates, because
the value of bank claims varies substantially according to the extent to
which loans have been collateralized
and/or subordinated. Moreover, many
of these loans have been written down
substantially from face value, and the
true market value of current bank
claims may be only half of the amount
implied by such estimates.
Although revaluation of debt was
not attempted in the work reported in
this article, BEA intends to examine
the question further. The issue will
face BEA—for both domestic and international debt—in the more general
context of moving to an integrated set
of national and international income
and wealth accounts.8

The constant-cost estimates measure
the net plant and equipment stocks in
the prices of a base year, according to
the following equation:

8. For a description of BEA's plans for moving to an
integrated set of national and international income and
wealth accounts, see The United Nations System of
National Accounts: An. Introduction," in the June 1990
SURVEY; and "Improving the Quality of Economic Statistics: The 1992 Economic Statistics Initiative," in the
March 1991 SURVEY.

Technical Notes
This section provides additional detail on the two methods—current-cost
and market-value—used by BEA to
revalue the USDIA and FDIUS positions. The discussion covers the
assumptions underlying each method,
including tests of the sensitivity of
the estimates to several of these
assumptions.
Current-cost method
Under this method, U.S. and foreign
parents' shares of affiliates' tangible
assets—inventory stocks and PP&E—
are revalued to current costs. Inventory stocks are revalued using ratios
of current-cost to historical-cost inventory stocks for nonfarm corporate business from the U.S. national income
and product accounts (NIPA's); these
adjustments convert inventories from
historical costs to current replacement
costs. For FDIUS, land is revalued
using the implicit price deflator for
gross national product; for USDIA,
land is revalued using country-specific
implicit price deflators for gross national (or domestic) product. Plant
and equipment is revalued using a
perpetual inventory model.




Perpetual inventory model.—The
current-cost method uses a perpetual
inventory model to estimate the gross
and net stocks of plant and equipment for foreign affiliates of U.S. parents and for U.S. affiliates of foreign
parents, by industry and geographic
area.9 The model starts with plant and
equipment investments in current and
constant dollars and obtains the gross
plant and equipment capital stock for
a given year by cumulating past plant
and equipment investments and deducting the cumulated value of plant
and equipment that has been discarded
or retired, using estimated average
service lives and retirement patterns.
Net plant and equipment capital stocks
are derived by deducting depreciation
for plant and equipment from the gross
stock. The depreciation estimates are
based on the straight-line formula used
in the NIPA's, in which annual depreciation for a fixed asset is equal to its
gross value divided by its service life.
9. For detailed information on the perpetual inventory model, see U.S. Department of Commerce, Bureau of Economic Analysis, Fixed Reproducible Tangible
Wealth in the United States, 1925-85 (Washington, DC:
U.S. Government Printing Office, June 1987): vii-x.

In this formula, Kn is the constantcost net stock of plant and equipment
in year n, expressed in the prices of
base year 6; It is plant and equipment
expenditures, net of discards of retired
plant and equipment, in year t\ Dt is
the estimated annual depreciation in
year n on the plant and equipment purchased in* year t; P& is the price that
would have been paid in the base year
for the mix of plant and equipment purchased in year t\ and Pt is the price of
the plant and equipment in period i.
The net plant and equipment stock in
a country or region is the summation of
net plant and equipment stocks across
all industries in the country or region.
Current-cost plant and equipment
estimates are derived by multiplying constant-cost plant and equipment
estimates by current-period price indexes. Thus, current-cost estimates
measure the plant and equipment
stocks in prices that would have been
paid if the stocks had been purchased
in the period to which the plant and
equipment estimates refer.
PP&E expenditures.— For USDIA
and FDIUS, PP&E expenditures are
derived from BEA's direct investment
surveys of foreign and U.S. affiliates. For USDIA and FDIUS, it is
assumed that the parents' share of
PP&E expenditures equals the affiliates' PP&E expenditures multiplied by
the parents' share of ownership in the
affiliates.
Gross PP&E stocks at historicalcost (book) value are also available
from BEA's direct investment surveys.
Yearend changes in the gross stock of
PP&E (also weighted by the parents'
share of ownership) that are not explained by current PP&E expenditures
or discards are the result of acquisitions or divestitures of affiliates and
of benchmark revisions. Such changes
are treated as transfers of used PP&E
to or from affiliates.
Annual PP&E investments—PP&E
expenditures adjusted for discards, acquisitions, divestitures, and benchmark revisions—are distributed into
the components of PP&E using detailed information from BEA's benchmark surveys of FDIUS and USDIA.

48
Additional adjustments are made to include expensed petroleum and natural
gas exploration and development expenditures in PP&E investments and
stocks. Although companies may expense certain petroleum and natural
gas exploration and development expenditures for financial reporting, BEA
treats these investments as capitalized
for the purpose of developing currentcost estimates consistent with NIPA
concepts.
For FDIUS, annual PP&E expenditures at historical cost by industry of
U.S. affiliate are available from the
1974, 1980, and 1987 benchmark surveys and from the 1977-79, 1981-86,
and 1988 annual surveys of FDIUS.
Estimates are made for 27 industry
groups of affiliates. Because such estimates are not yet available for 1989,
PP&E expenditures are estimated by
extrapolating the results by industry from the Census Bureau's Plant
and Equipment Expenditures Survey.
Gross PP&E stocks at historical cost
by industry of affiliate are available
for 1974 and for 1980-88. Foreign
parent ownership shares, by industry,
are available from the 1974, 1980, and
1987 benchmark surveys and for large
affiliates from the 1981-86 and 1988
annual surveys.
For USDIA, annual PP&E expenditures at historical cost by geographic
area and industry of majority-owned
foreign affiliates (MOFA's) are available from the 1957, 1966, 1977, and
1982 benchmark surveys and from the
1958-65,1967-76,1978-81, and 198389 annual capital expenditure surveys
of USDIA.1 Gross PP&E stocks for
MOFA's are available from the 1966,
1977, and 1982 benchmark surveys
and the 1983-88 annual surveys. Parent ownership shares, by geographic
area and industry, are available from
the 1966, 1977, and 1982 benchmark
surveys and from the 1983-89 annual
surveys.
For the estimates of PP&E expenditures and stocks for tfSDIA to be
consistent with those for FDIUS, data
on PP&E expenditures and stocks are
needed for both MOFA's and minorityowned foreign affiliates (MINOFA's).11
PP&E data for MINOFA's are not as
complete as those for MOFA's. As
a result, the relationships between
net PP&E stocks for MOFA's and MI10. MOFA's are foreign affiliates in which the U.S.
parent(s) ownership share is over 50 percent.
11. MINOFA's are foreign affiliates in which the U.S.
parent(s) ownership share is between 10 percent and 50
percent.




SURVEY OF CURRENT BUSINESS
NOFA's, by region and industry, as
reported in BEA's 1982 benchmark
survey are used to proportionally adjust the MOFA's PP&E expenditures
and stocks, by region and industry,
to an estimated total for MOFA's and
MINOFA's combined.
For USDIA, the revaluation adjustments were based on weighted averages of data from the following countries or groups of countries: Canada,
jrrance, Germany, Italy, Japan, the
United Kingdom, all other countries in
/Europe, and a residual for all other
countries in the rest of the world.12
Price indexes.—For FDIUS, currentand constant-cost values for plant and
equipment are derived using the annual price indexes for U.S. investments
in plant and equipment, by industry,
from BEA's capital stock estimates.
Current- and constant-cost estimates
of investment in land are derived using the implicit price deflator for U.S.
gross national product.
For USDIA in Canada, France, Germany, Italy, Japan, and the United
Kingdom, the current- and constantcost values for plant and equipment
are derived using the appropriate
country price index, available from
the Organisation for Economic Cooperation and Development (OECD),
for nonresidential structures and for
nonresidential equipment. Currentand constant-cost estimates of investment in land are derived for each country using its price deflator for gross
national (or domestic) product.
For USDIA in "other Europe," country price indexes, available from the
OECD, are used to develop weighted
price indexes for structures, equipment, and gross domestic product. For
USDIA in the rest of the world, U.S.
price indexes are used because reliable
weighted indexes for the developing
countries are not available; furthermore, foreign affiliates in developing
countries, particularly affiliates in the
petroleum industry, are believed to acquire much of their equipment from
the United States.
Average service lives.—The average
service lives and retirement patterns
used for FDIUS plant and equipment are the same as those used by
BEA to derive the estimates of total
12. PP&E is revalued according to its location rather
than to the location of the direct investment claim. This
treatment differs from the usual historical-cost treatment so as to allow for the use of price indexes and
currency exchange rates of the country in which the
PP&E is located.

May 1991

U.S. private fixed reproducible tangible
wealth.
The service lives used for USDIA plant and equipment in Canada,
France, Germany, Italy, Japan, and
the United Kingdom are those used in
the national economic accounts of those
countries, as reported to the OECD.13
The service lives for nonpetroleum investments in other developed countries
are based on service lives used in selected small European countries and
on service lives in Canada, France,
Germany, Italy, Japan, and the United
Kingdom. The service lives used for
nonpetroleum investments in less developed countries are based on those
for developed countries, but they have
been lengthened because less developed countries are assumed to have
slower technological obsolescence and
lower labor costs (and maintenance
costs) relative to capital acquisition
costs. The service lives used for petroleum investments are judgmental estimates and are considerably longer
than those used by BEA for the domestic petroleum industry; the use of
longer service lives reflects the slower,
more efficient rate at which oil is
extracted in foreign countries.
Alternative service lives and the depreciation formula.—BEA examined a
number of alternative assumptions
about the appropriate service lives and
formulas to use for depreciation. Several of these assumptions are discussed
in the following paragraphs.
It is possible that the longer average service lives used for USDIA do
not reflect actual differences in practice
between the United States and other
countries. If the USDIA position at
current costs were recalculated using
the shorter U.S. service lives (instead
of the OECD service lives) for U.S. affiliates abroad, the current-cost USDIA
position for 1989 would be $61 billion
lower, as would the resulting net direct
investment position.
Various studies of depreciation in
the United States suggest that depreciation for equipment may be more
rapid in the first years of the service life than that calculated using the
straight-line formula; studies also suggest that, for structures, either the
depreciation rates are less or the service lives are longer than those used by
BEA. BEA tested the effects of such
13. Derek Blades, "Service Lives Of Fixed Assets,"
OECD Working Paper No. 4 (Paris, France: Organisation for Economic Co-operation and Development,
March 1983).

May 1991

SURVEY OF CURRENT BUSINESS

assumptions using a declining balance end-of-year stock price indexes, while
formula with a depreciation rate of 1.8 adjusting for changes in annual intimes the first year's straight-line rate vestment and correcting for the effect
for equipment and using a straight-line of retained earnings on stock market
formula with 25 percent longer service prices during the year. The stock marlives for structures.14 Combining these ket data are first converted into U.S.
alternatives for equipment and struc- dollars, so exchange rate effects are
tures would raise the FDIUS position reflected in the market indexes.
by $1 billion in 1989 and the USDIA
An additional adjustment is needed
position by $23 billion; the resulting
for
foreign affiliates of U.S. parents
net direct investment position for 1989
that maintain their financial accounts
would be $21 billion higher.
in another national currency and later
translate these accounts into U.S. dolMarket-value method
lars. Investments made during the
Under this method, owners' equity year by these foreign affiliates must
of foreign affiliates of U.S. parents and be revalued from the average exchange
of U.S. affiliates of foreign parents is rate during the year to the yearend
revalued to current costs. Owners' eq- exchange rate.
uity included in the USDIA and FDIUS
Equity investment flows.—Data on
positions is the cumulative total of eqequity
capital flows are generally availuity capital flows and reinvested earn- able from
BEA's quarterly and benchings. Owners' equity is revalued to mark surveys from 1966 to 1989. For
current cost using the market-equity both USDIA and FDIUS, the necesmodel.
sary earnings, dividends, equity capMarket-equity model.—In the market- ital flows, and equity positions are
equity model, FDIUS is revalued at generally available beginning in 1966
the aggregate level, and USDIA is for incorporated U.S. affiliates of forrevalued by a weighted average coun- eign parents and incorporated foreign
try/region estimate. The revaluation affiliates of U.S. parents.
formula for parents' equity in affiliates
For FDIUS, the 1966 market value
tliat maintain their financial records in
of the foreign equity position in inU.S. dollars is
corporated U.S. affiliates is estimated
by multiplying the position by the ratio of market-to-book values in 1966
for the Standard and Poor's Index
for 400 Industrial Companies.15 This
method assumes that the relationship
between market and book values of inwhere Kt is the equity investment in corporated U.S. affiliates is similar to
affiliates in year t, valued at yearend that of a typical large U.S. industrial
stock market prices; Peoyt is the corporation in 1966.
yearend stock market price index and
For USDIA, comparable market-toPavgj is the annual average stock mar- book-value ratios for 1966 are unavailket price index, in year t; It is the total able for foreign stock markets. Thereequity capital flow in year t; and REt is fore, the 1966 market value of U.S.
the yearend ratio of retained earnings parents' equity in incorporated foreign
per share as reflected in the stock price affiliates is estimated by calculating
index for year t.
the dividends affiliates paid to U.S.
This formula revalues U.S. and for- parents, assuming market yields in
eign parents' equity in affiliates using 1966, and then dividing the value of
dividends by the market yield for the
year.
14. These assumptions about depreciation of equipment and structures are similar to the parameters
suggested in a study by Hulten and Wykoff; see C.R.
Hulten and F.C. Wykoff, "The Measurement of Economic Depreciation/' in Depreciation, Inflation, and the
Taxation of Income from Capital (The Urban Institute
Press, 1981): 94.




15. The equity position of FDIUS in 1966 is not
separately available. Therefore, an estimated equity
position is derived by multiplying the total 1966 direct
investment position by the ratio of equity to total direct investment in 1974, the first year equity is reported
separately from debt.

49
Time series data for unincorporated
U.S. and foreign affiliates are more
limited than data for incorporated affiliates. For FDIUS, distributed earnings, equity flows, and equity positions
are available for unincorporated U.S.
affiliates of foreign parents from 1980
to 1989. Because these data are not
available for earlier years, the valuation of unincorporated affiliates begins
with data for 1980. A starting position in current-cost values was created
by multiplying the equity position in
unincorporated U.S. affiliates by the
estimated market-to-book-value ratio
of incorporated U.S. affiliates in 1980.
In 1989, equity capital flows from foreign parents to unincorporated U.S.
affiliates accounted for 8 percent of total equity capital flows to the United
States from foreign parents.
For USDIA, complete data for unincorporated foreign affiliates are available from 1982 to 1989. An initial
position for 1982 was estimated by using the market-to-book-value ratio for
incorporated affiliates. In 1989, equity
capital flows from U.S. parents to unincorporated foreign affiliates accounted
for 12 percent of total equity capital
flows from U.S. parents.
Market indexes.—-For FDIUS, Standard and Poor's composite stock market data are used to revalue foreign
parents' equity in U.S. affiliates. For
USDIA, stock market data from Morgan Stanley Capital International are
used to revalue U.S. parents' equity in
foreign affiliates. OECD stock market
data are used for years in which the
Morgan Stanley stock market data are
incomplete or missing. Investments in
countries where country-specific stock
market data are not available are
revalued using the Morgan Stanley
World Index for stocks.
The market-value method, like the
current-cost method, is sensitive to
the assumptions used. For example,
FDIUS equity was revalued using the
Standard and Poor's 500 stock market
index because that index has broader
coverage than the Morgan Stanley index for the United States; if the Morgan Stanley U.S. index were used, the
1989 FDIUS position would be raised
by $16 billion.

How Does BEA Produce Balance of Payments Estimates?

OF PAYMENTS OF THE UNITED STATES:
Concepts, Data Sources, and Estimating Procedures
In this one comprehensive volume, BEA details how it constructs the U.S. balance of payments accounts. The publication explains
the conceptual basis for the balance of payments and presents a complete methodology for the accounts. It also discusses the
relationship of the balance of payments accounts to the national income and product accounts and how the international investment
position is derived. It discusses the concepts and sources for both the current and capital accounts, with a full review of all types
of transactions, including:

»Merchandise trade
»Services
»Income
»Direct investment
»Financial

In addition to showing detailed tables for individual balance of payments entries, the publication includes the complete set of
balance of payments tables from the June 1989 SURVEY OF CURRENT BUSINESS. Order a copy today!

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6/91

The Federal Government's Most Comprehensive Data on Foreign Direct Investment!

IN THE
This publication presents results from the latest benchmark survey of foreign direct investment in the United States
conducted by the Bureau of Economic Analysis (BEA). Benchmark surveys are BEA's most comprehensive surveys, both
in terms of companies covered and information gathered.
The publication contains 1987 data on the financial structure and operations of U.S. affiliates of foreign direct investors,
on the foreign direct investment position in the United States, and on balance of payments transactions between U.S.
affiliates and their foreign parents. Data on manufacturing employment by State and a breakdown of sales into goods,
services, and investment income are presented for the first time. The publication contains 164 tables, organized by industry
of affiliate, by country and industry of ultimate beneficial owner or foreign parent, and, for selected items, by State. It
presents a comprehensive view of foreign direct investment in 1987, including:
• Balance sheets and income statements
• Employment and employee compensation
• Property, plant, and equipment
• Merchandise trade
• Sales of goods and services
• Acres of land and mineral rights owned or leased
• Selected items by State
A complete methodology and a reprint of the survey forms and instructions are also included. Order today!
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New from BEA!

CD-ROM
Containing Over 20 Years of Economic Data
For All U.S. Counties and Metro Areas
Have local area economic data at your fingertips with this new product from the Bureau of Economic
Analysis. The CD-ROM contains annual data for 3,107 counties and 337 metropolitan areas for 196989, including:
• Personal income by major source

REIS

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Regional Economic Information System

• Earnings by two-digit Standard Industrial
Classification (SIC) industry
• Full- and part-time employment by
one-digit SIC industry
• Regional economic profiles
• Transfer payments by major program

'* " % U.S. DEPARTMENT OF COMMERCE
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The CD-ROM contains 450 megabytes of data and documentation. All the estimates are stored as ASCII
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BUSINESS CYCLE INDICATORS
Data tables
Footnotes for pages C-l through C-5
Charts

Business Cycle Peak in July 1990
The National Bureau of Economic Research, Inc. (NBER) has identified July 1990
as a cyclical peak in U.S. economic activity. In accordance with established
procedures, shading for the new recession will not be added to the charts on pages
C-7 through C-24 until the NBER designates a new cyclical trough. A table listing
the NBER-designated peaks and troughs of U.S. business cycles since 1854 is
shown on page C-25 in the April 1991 SURVEY OF CURRENT BUSINESS.

C-l
C-6
C-7

Series originating in Government agencies are not copyrighted and may be reprinted freely. Series from private sources are provided through the
courtesy of the compilers and are subject to their copyrights.
Current and historical data for the series shown in the C-pages are available on printouts, diskettes, and the Commerce Department's Economic Bulletin
Board. For more information, write to Statistical Indicators Branch, Business Outlook Division (BE-52), Bureau of Economic Analysis, U.S. Department
of Commerce, Washington, DC 20230.
NOTE.—This section of the SURVEY is prepared by the Statistical Indicators Branch.
Series
no.

Year
Series title and timing classification

1990

1990
Mar.

1 Apr.

May

June

July

1991
Aug.

1 Sept.

Oct.

Nov.

| Dec.

Jan.

| Feb.

Mar.

Apr.

1. CYCLICAL INDICATORS

1.1 Composite Indexes
910 •
•
•
(1)
(5)
(8)

(32)
(20)
(29)
(92)
(99)
(19)
(106)
(83)
950
•
•

The Leading Index
Composite index of leading indicators, 1982=100 (L,L,L).......
Percent change from previous month.
Percent change over 1-month span, AR.......
Percent change over 3-month span, AR
Contributions of leading index components: '
Average weekly hours, mfg (L L,L).
Average weekly initial claims for unemployment
insurance (inverted) (L,C,L) $.
New orders in 1982$, consumer goods and materials
(L.L.L).
Vendor performance, slower deliveries diffusion index
(L.L.L).
Contracts and orders for plant and equipment in 1982$
(L,L,L).
Building permits, new private housing units (L,L,L)
Change in unfilled orders in 1982$, durable goods,
smoothed (L,L,L) t.
Change in sensitive materials prices, smoothed (L,L,L) f ....
Stock prices, 500 common stocks, NSA (L,L,L)
Money supply M2 in 1982$ (L,L,L)
Index of consumer expectations, NSA (L,L,L).
Diffusion index of 1 1 leading indicator components:
Percent rising over 1-month span.
Percent rising over 6-month span
,

The Coincident Index
9204 Composite index of coincident indicators, 1982=100
(C,C,C).
Percent change from previous month
Percent change over 1-month span, AR
• Percent
change over 3-month span, AR
•
Contributions of coincident index components: '
(41) Employees on nonagricultural payrolls (C,C,C)
(51) Personal income less transfer payments in 1982$ (C,C,C)...
(47) Industrial production (C,C,C)
(57) Manufacturing and trade sales in 1982$ (C,C,C)
951 Diffusion index of 4 coincident indicator components:
* Percent rising over 1-month span
• Percent rising over 6-month span.
The Lagging Index
930* Composite index of lagging indicators, 1982=100
(Lg,Lg,Lg).
Percent change from previous month..
Percent change over 1-month span, AR
•
4
Percent change over 3-month span AR

(91)
(77)
(62)
(109)
(101)
(95)
(120)
952
+
•
940*

Contributions of lagging index components: '
Average duration of unemployment (inverted)
(Lg,Lg,Lg)$.
Ratio, mfg. and trade inventories to sales in 1982$
(Lg,Lg,Lg).
Change in labor cost per unit of output, mfg., smoothed
(Lg,Lg,Lg)t.
Average prime rate, NSA (Lg,Lg,Lg)
Commercial and industrial loans in 1982$ (Lg,Lg,Lg)
Ratio, consumer installment credit to personal income
(Lg,Lg,Lg).
Change in CPI for services, smoothed (Lg,Lg,Lg) t
Diffusion index of 7 lagging indicator components:
Percent rising over 1-month span
Percent rising over 6-month span
Ratio, coincident index to lagging index, 1982=100 (L,L,L)...

143.9
-.3
-3.6
-3.8

145.4
5
ll'.4

145.2

146.0
.6
6.8
2.2

146.2
.1
1.7
2.8

146.2
0
0
-4.3

144.4
-1.2
-13.8
-8.0

143.2
-.8
-9.5
-12.3

141.5
-1.2
-13.4
-12.4

139.7
-1.3
-14.2
r
-9.7

' 139.6
-.1

-l'.6
5.4

.01
-.06

0
.06

-07
-.08

.15
.08

07
-.04

-07
-.01

07
-.12

-.17

o

-22
-.23

- 15
-.21

-.50

.16

-.06

.17

-.14

-.03

.13

-.20

.04

-.32

.02

.11

.08

.04

-.12

,15

-.05

-15

.25

-.20

-.01

-.04

.21

-.28

.28

.03

-.24

-.12
-.09

-.15
-.03

-.30
-.07

-.12
-.10

.12
-.25

-.07
-.10

-.09
-.16

-.16
-.11

-.21
.02

'-.03
-.28

.03
-.03
-.08
-.10

.23
.13
.01
0

.37
0
.01
.10

.25
.19
-.10
-.17

.16
.16
-.09
-.10

.12
-.01
-.08
.03

.08
-.47
-.15
-.53

-.01
-.26
- 12
-.15

-.15
-.15
-16
-.29

38.3
32.2

727
54.5

364
63.6

54.5
45.5

455
27.3

273
31.8

364
9.1

136
9.1

133.1

134.2

133.7

134.4

134.9

134.6

134.4

-.3
-3.1
-3.1

.3
3.6
3.0

-.4
-4.4
1.8

.5
6.5
2.1

.4
4.6
2.7

-.2
-2.6
0

-.1
-1.8
-4.7

.04
-.03
-.03
-.92

.12
.16
.10
.15

.04
.05
-.03
-.24

.31
.01
.15
.23

.15
.06
.18
.15

-.06
.13
.08
-.16

54.2
52.1

100.0
100.0

50.0
100.0

100.0
100.0

100.0
50.0

118.9

119.0

119.4

119.1

-7^4

140.4
1.2
14.7

'141.4
'.7
'8.9
"10.2

15
.02

-23
.08

-08
-.21

- 15
-.20

P 08
.23

'-.29

.05

'.04

'-.17

" .46

-.13

-.15

0

-.04

.22

-.06

-.08

'-.07

"-.13

-.20
-.07

'-.18
0

'.25
.07

'.05
'-.02

.07
"-.13

-.30
.14
- 12
.07

'-.18
.23
-04
.03

'-.09
-.05
- 11
.06

'-.03
.59
17
.25

-.05
.15
23
.83

0
.11
"0
-.36

273
0

273
18.2

455
18.2

364
* 27.3

59 1

364

"59 1

133.3

131.8

130.4

129.3

' 127.3

-1.1
-12.7
-11.4

-1.1
-12.0
-11.5

-.8
-9.7
'-13.0

-1 5
'-17.1
'-11.2

' 126.6
_5
.'-64
'-10.1

' 125.9

-.8
-9.4
-8.1

-.09
-.23
.03
.29

0
-.19
03
-.46

-.13
-.55
- 18
-.06

-.19
.10
-41
-40

-.11
.22
-28
-53

-.14
'-.80
— 16
-22

-.21
'-.02
-24
' 11

'-.17
'.11
'- 18
p- 14

"-.12
"-.09
" 04

50.0
75.0

50.0
0

25.0
0

0

25.0

25.0

0
0

25.0

'25.0

2

118.7

119.2

118.7

118.7

118.6

118.4

'119.1

'119.7

'119.3

'119.2

-.3
-3.0
-10

-.3
-^.0
_7

.4
5.2
-1 3

-.4
-4.9

o

0
0
-20

-1
-10
r-l 0

'5
'62
'31

'-3
'-39
'3

'— 1
'-1 0
3
78

-.05

0

0

-.19

'-.09

.26

.26

-.13

"0

.11

-.04

.3
4.1
14

.3
4.1
17

-.04

-.15

-.05

.25

-.20

-.10

-.05

.20

.03

-.13

.26

-.13

-.13

.13

-.26

.26

.13

.07

.05

.05

.07

.03

-.03

-.05

-.03

-.02
-.03
-.11

0
.53
-.19

0
.04
-.06

0
-.27
.06

0
.08
-.22

0
.05
.09

0
-.25
.09

o

.02

.19

0

-.19

.05

.14

47.6
41.1
112.0

50.0
42.9
112.8

57.1
35.7
112.0

50.0
50.0
112.8

50.0
50.0
113.6

64.3
'50.0
112.9

.05

o

o

-1
-.4
-3

NOTE.—The following current high values were reached before March 1990: January 1984—BCI-940 (116.1)
and October 1989—BCI-930 (120.0).




" mi2

138.8
'-.6
'-6.7
2.0

r

r

-2
'-20
'14

-.20
.26

r_9

o

' 6
'7 3
'3 8

.02

.10

.78

o

o

o

2

".6
"7.0

.11

2

125.5
2

'-.6
'-6.4
2
-5.5

2

3

3

-.3
-3.7

33.3

117.3
3 i5
-17 5

"-.44

.18

.03

'0

"-.12

-28
'.05
.03

-28
'.15
'-.09

' 03
'.41
"-.25

"-.54

o

-.15
-.06

-.56
.12

'-.03
'-.16

'.05
'-.34

..14

.05

-.10

-.14

-.19

.24

.14

'-.14

"-.54

357
r
50.0
113.2

357
35.7
112.3

643
35.7
111.1

357
35.7
'110.1

57 1
'42.9
'108.6

786
MOO
106.3

429

'286

3

'106.1

' 105.6

100

" 107.0

See page C-6 for other footnotes.

C-l

C-2
Series
no.

SURVEY OF CURRENT BUSINESS
Year

1990

Series title and timing classification
1990

May 1991

Mar.

May 1 June | July

Apr.

1991
Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

| Feb.

| Mar.

Apr. *

1. CYCLICAL INDICATORS — Continued
1.2 Employment and Unemployment
1 4

21 •
54
46«
60
484
42
41 4

963

404
904
37
434

45

91 4

44

Marginal employment adjustments:
Average weekly hours mfg (L L L)
408
Average weekly overtime hours, mfg. (L,C,L)
3.6
380
Average weekly initial claims for unemployment
insurance, thous. (L,C,L) > |.
Job vacancies:
Index of help-wanted advertising, 1967=100 (L,Lg,U)
129
.559
. Ratio, help- wanted advertising to unemployment (L,Lg,U)..
Employment:
204.22
Employee hours in nonagricultural establishments,
fail, hours, AR(U,C,C).
114,728
Persons engaged in nonagricultural activities, thous.
(U,C,C).
110,321
Employees on nonagricultural payrolls, thous. (C,C,C)
Diffusion index of employees on private nonagricultural
payrolls, 356 industries:
49.2
Percent rising over 1-month span
Percent rising over 6-month span
44.8
Employees in goods-producing industries, thous. (L,C,U).... 25,001
Ratio, civilian employment to population of working age,
62.7
percent (U,Lg,U).
Unemployment:
6,874
Number of persons unemployed, thous. (L,Lg,U) $
5.5
Civilian unemployment rate, percent (L,Lg,U) $
2.4
Avg. weekly insured unemploy. rate, percent (L,Lg,U) ' $..
12.1
Average duration of unemploy. in weeks (Lg,Lg,Lg) |
1.2
Unemployment rate, 15 weeks and over, percent
(Lg,Lg,Lg)$.

40.8

3.7
346

407
3.5
356

409
3.8
346

41 0

3.8
351

410
3.8
368

409
3.7
352

410
3.7
391

40.7

3.6
425

405
3.5
459

407
3.6
455

404
3.4
442

403
3.3
476

40 1

3.2
512

'40.2
'3.3

472

139

137

134

132

132

127

122

116

107

108

100

97

'95

'95

.630

.609

.598

.599

.575

.539

.512

.483

.434

.423

.386

.354

'.330

".342

203.90

202.88

204.58

206.16

205.55

204.74

205.76

202.80

203.48

204.24

201.54

115,038

114,950

114,991

114,958

114,774

114,538

114,689

114,558

114,201

114,321

113,759

110,122

110,177

110,617

110,829

110,740

110,613

110,612

110,432

110,165

110,004

109,813 ' 109,527 ' 109,286 ' 109,162

53.7
55.5
25,259
63.0

49.9
55.9
25,180
62.9

55.8
51.4
25,191
63.0

49.9
48.3
25,162
62.9

50.8
45.4
25,105
62.7

48.2
39.9
25,013
62.5

45.8
36.8
24,931
62.6

42.3
33.6
24,777
62.4

38.8
r
29.9
24,511
62.2

41.4
•"27.0
24,416
62.3

'36.9
'38.5
41.7
"44.7
'27.5
24,193 "24,068 '23,899 * 23,833
62.0
61.7
61.8
61.9

6,563
5.3
2.3
11.9
1.1

6,691

6,662
5.3
2.3
11.6
1.1

6,560
5.3
2.3
12.0
1.2

6,827
5.5
2.3
12.1
1.2

7,015

7,087
5.7
2.5
12.4
1.3

7,142

7,337
5.9
2.7
12.4
1.4

7,600
6.1
2.8
12.4
1.4

5.4

2.3
12.1

1.1

5.6
2.4
12.3

1.3

5.7
2.6
12.0

1.3

7,715

'202.03 '201.05 ' 200.56
113,696

8,158

6.2

6.5

2.9
12.4

3.0
12.8

1.5

1.6

113,656

8,572
6.8
3.2
13.0
1.7

114,243

8,274
6.6
3.3
13.7
1.8

1.3 Production and Income
Output and income:
Gross national product bil 1982$ AR (C C C)
50 4

49
52
51 4
534

47 4
73 4

744
124
82 4

Value of goods output bil 1982$ AR (C C C)
Personal income, bil. 1982$, AR (C,C,C)
I
1.
Personal income less transfer payments, bil. 1982$, AR
(C,C,C).
Wages and salaries in mining, mfg., and construction,
bil. 1982$, AR(C,C,C).
Industrial production indexes, 1987=100:
Total (C C C)
Durable manufactures (C C C)
Nondurable manufactures (C,L,L)
Capacity utilization rates (percent):
Total industry (L,C,U)
Manufacturing (L,C,U)

3,428.5
2,919.6

4,170.0
14
1,839.7
3,414.9
2,906.6

3,404.2
2,896.1

3,375.9
2,865.5

539.8

537.5

532.0

529.3

522.1

513.4

515.9

506.4

109.4
1126
107.4

1101
1134
107.6

1104
1134
108.1

1105
1135
108.1

110.6
113.8
108.0

1099
1125
108.4

1083
1099
107.7

1072
1075
107.4

1066
' 1072
' 106.8

83.4
82.9

83.8
83.1

83.8
83.1

83.7
82.9

83.6
82.8

83.0
82.2

81.6
80.7

80.6
79.4

80.0
78.9

791
'780

'785
'772

'783
'77 1

104.35
92.32

107.54
93.07

95.40
87.67

98.70
'83.11

96.55
83.96

'96.19
' 84.55

'91.69
'81.93

' 94.54
'89.25

423,364 420,903 422,577 420,696 420,570
.29
1.67
-2.46
-1.88
-.13
1.62
.01
.53
.86
-.31

422,157
1.59
-.25

415,076
-7.08
-1.13

416,085
1.01
-1.35

48.7

49.9

46.8

41551

4 1573
10
1 8293
3,406.1
2,896.8

3,413.6
2,905.9

532.0

4

3,415.8
2,908.8

1 8313
3,415.7
2,909.2

3,422.3
2,912.5

540.6

536.0

540.4

1092
111 6
107.8

108.9
1119
107.2

1088
111 1
107.5

83.0
82.3

83.4
83.0

83.2
82.5

4 1534

'4 r1265

-16

-26

r i 793 i
1 821 0
3,383.2 3,400.2 '3,367.6 '3,367.4 '3,377.3 '3,374.8
2,871.0 2,883.2 '2,839.0 '2,838.1 '2,844.1 '2,840.5
' 502.9

'500.5

1057 ' 1050
' 1060 r 1049
' 106.0 ' ' 105.4

'500.4

' 105 1
P 1055
' 1052

1.4 Consumption, Trade, Orders, and Deliveries
Orders and deliveries:
Mfrs.' new orders, durable goods, bil. 1982$ (L,L,L)
.7 4
Mfrs.' new orders, consumer goods and materials,
84
bil. 1982$ (L,L,L).
Mfrs.' unfilled orders, durable goods, mil. 1982$ 0
Change from previous month, bil. 1982$
Change from previous month, bil. 1982$, smoothed
924
324
57 4
754
59 4
58
834
122

1234

Vendor performance, slower deliveries diffusion index,
percent (L,L,L).
Consumption and trade:
Manufacturing and trade sales, mil. 1982$ (C,C,C)
Index of industrial production, consumer goods,
1987=100 (C,L,C).
Sales of retail stores mil 1982$ (U L U)
Indexes of consumer attitudes:
Consumer sentiment,
U. of Michigan, 1966:1=100,
NSA(L,L,L)© 2 .
Consumer expectations,
U. of Michigan, 1966:1=100,
2
NSA(L,L,L)© .
Consumer confidence, The Conference Board,
1985=100 (L,L,L).
Consumer expectations, The Conference Board,
1985=100 (L,L,L).

1,251.12
1,106.31
416,085
-.25
.76

109.28
94.99

104.58
93.61

421,986 423,070
1.08
3.22
1.97
2.18

108.01
96.39

105.44
94.67

106.54
96.32

107.11
93.60

415,859 '415953 '413427 ' 409 587
-.23
'.09 '-253 '-384
-1.34
'-1.20 '-1.60
-1.13

48.0

50.1

5,747,412 '482,921 '478,778 483,199
107.4
107.2
107.5
107.3

485,973
107.8

482 801 488,778 479 875 478 691
107.5
108.6
108.7
107.8

471 024
106.5

461 198 '457 122 ' 459 047' 456 470
105.7
' 105.6 ' 105.0 ' 105.0 ' 105.4

1 467 353 ' 122,828 ' 122,195

47.9

45.8

47.1

50.9

47.3

49.7

43.3

43.3

42.4

45.1

117 118 r 1 19 724 r 120 462 "120 269

121,934

122,666

123 057

122 476

122 401

121 268

121 488

118849

81.6

91.3

93.9

90.6

88.3

88.2

76.4

72.8

63.9

66.0

65.5

66.8

70.4

87.7

81.8

70.2

81.3

83.9

79.3

76.6

77.3

62.9

58.8

50.9

52.8

53.7

55.2

62.0

84.5

74.7

91.5

110.6

107.3

107.3

102.4

101.7

84.7

85.6

62.6

61,7

61.2

55.1

59.4

'81.1

79.4

83.7

101.9

99.2

100.3

96.6

91.8

74.2

77.7

55.6

56.1

59.8

55.3

63.6

'100.7

99.7

119.7
52,382

118.6
52,454

117.2
52,181

116.1
51,422

115.2
' 52,060

'116.0 '115.6 '113.6
51,991 ' 50 384

'114.2

1.5 Fixed Capital Investment
Formation of business enterprises:
Index of net business formation, 1967=100 (L,L,L)
124
Number of new business incorporations (L,L,L)
13 4
Business investment commitments:
Contracts and orders for plant and equipment, bil.$
10
(L,L,L).
Contracts and orders for plant and equipment, bil. 1982$
204
(L,L,L).
Mfrs.' new orders, nondefense capital goods, bil. 1982$
274
(L,L,L).
Construction contracts awarded for commercial
and
94
industrial buildings, mil. sq. ft. (L,C,U) © 3 .
11
Newly approved capital appropriations, mfg., bil.$
(U,Lg,U).
Backlog of capital appropriations, mfg., bil.$ (C,Lg,Lg) 0...
97

121.6
53,616

124.7
56,172

123.3
55,000

459.01

41.25

'37.27

36.56

36.34

38.90

35.19

38.06

40.83

35.46

41.77

37.72

'37.30

' 35.04

' 33.35

540.35

47.92

'44.20

43.65

42.55

46.68

41.21

46.85

47.37

42.89

47.01

'45.93

'44.35

' 43.02

'40.75

499.71

44.02

40.42

39.92

39.48

43.81

38.38

43.97

44.52

39.27

44.46

'42.94

'41.54

'40.56

' 37.02

713.94

68.19

64.01

65.14

57.86

52.04

54.43

57.76

53.26

54.97

46.25

50.14

54.86

44.82

51.98

34.78

144.50
100.18

109.02

NOTE.—The following current high values were reached before March 1990: May 1983—BCI-123 (124.3);
November 1983—BCI-32 (67.5); March 1984—BCI-58 (101.0), BCI-83 (97.7), BCI-92 change (8.62), and BCI92 smoothed (4.61); September 1985—BCI-9 (93.19); December 1986—BCI-13 (65,691); November 1987—
BCI-46 (162); October 1988—BCI-5 (290) and BCI-53 (568.0); November 1988—BCI-1 (41.2); December
1988—BCI-7 (115.44), BCI-8 (99.79), and BCI-60 (0.741); January 1989—BCI-40 (25,399) and BCI-82 (85.1);




121.1
53,784

120.7
646,625

120.0
52,088

41.89

105.06

"3477
106.34

'100.18

February 1989—BCI-21 (4.0) and BCI-122 (120.7); March 1989—BCI-12 (126.5), BCI-37 (6,252), and BCI-43
(5.1); 1st Q 1989—BCI-11 (50.01); April 1989—BCI-124 (85.0); May 1989—BCI-45 (2.0); June 1989—BCI-91
(11.2); 2d Q 1989—BCI-97 (117.90); August 1989—BCI-59 (124,761); November 1989—BCI-90 (63.1); and
December 1989—BCI-10 (46.27), BCI-20 (51.62),. and BCI-27 (46.54).
See page C-6 for other footnotes.

Series
no.

C-3

SURVEY OF CURRENT BUSINESS

May 1991

1990

Year
Series title and timing classification

1990

Mar.

Apr.

May

1991
Aug.

June 1 July

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar. | Apr. *

1. CYCLICAL INDICATORS — Continued
1.5 Fixed Capital Investment — Continued
61
100 *
69 •
76*
86 •
87 *
88 •
28 *
29*
89 •

Business investment expenditures:
New plant and equipment expenditures by business, bil.$,
New plant and equipment expenditures by business,
bil. 1982$, AR(C,Lg,Lg).
Mfrs.' machinery and equipment sales and business
construction expenditures, bil.$, AR (C,Lg,Lg).
Index of industrial production, business equipment,
1987=100 (C,Lg,U).
Gross private nonres. fixed investment, bil. 1982$, AR:
Total (C,Lg,C)
Structures (Lg,Lg,Lg)
Producers' durable equipment (C,Lg,C)
Residential construction and investment:
New private housing units started, thous., AR (L,L,L)
Index of new private housing units authorized by local
building permits, 1967=100 (L,L,L) §.
Gross private residential fixed investment, bil. 1982$, AR
(L,L,L).

l
532.96

535.49

534.86

529.02

"540.82

524.18

527.06

520.80

524.30

"535.73

459.79

460.35

452.09

451.08

465.52

455.24

465.32

46250

463.06

454.52

462.95

123.1

122.2

121.6

123.5

124.4

125.0

125.4

126.4

125.4

122.9

121.2

508.4
120.9
387.5

515.4
120.9
394.6
1,193
89.5

1,298
'96.1

1,217
'89.6

1,208
'86.8

1,131
'84.1

1,155
'86.6

182.8

176.8

519.4
116.4
403.1

519.3
122.4
397.0
1,187
'89.6

'450.13 ' 456 02 '443 12
• '121,6

1,106
'78.9

1,026
'73.8

173.0

1,130
'73:0

' 120.5

' 120.2

' 120.5

901
71.1

"957
72.8

' 497.4
'1140
' 383.4
971
'68.1

847
'64.0

'992
'69.9
' 152.4

163.3

1.6 Inventories and Inventory Investment
Inventory investment:
Change in business inventories bil 1982$ AR (L L L)
30 •
Change in mfg. and trade inventories, bil.$, AR (L,L,L)
31 *
Inventories on hand:
Mfg. and trade inventories, bil. 1982$ (Lg,Lg,Lg) 0
70
Ratio, mfg. and trade inventories to sales in 1982$
77*
(Lg,Lg,Lg).

-36
16.7

'9.7

'14.9

95
52.2

-47.6

77.9

47
54.2

44.1

39.2

-264
24.6

-66.3

692.69
1.46

695.32
1.44

697.26
1.46

700.03
1.45

696.87
1.43

700.40
1.45

699.18
1.43

698.15
1.45

697.82
1.46

697.98
1.48

692.69
1.50

54.0

'-237
'-38.9

' -78.9

'695.51 '693.45 ' 688.53
1.52
1.51
'1.51

1.7 Prices, Costs, and Profits

994
98

23*

120*
19*
16*
18 •
22 *
81 •
26 •
35
63

62*

Sensitive commodity prices:
Index of sensitive materials prices, 1982=100
Percent change from previous month .
.
....
Percent change from previous month, smoothed
(L,L,L)t
Index of producer prices for sensitive crude and
intermediate materials, 1982=100 (L,L,L).
Cattle hides
Lumber and wood products
•.
Wastepaper news
Wastepaper, mixed, NSA
Wasteoaoer corrugated
Iron and steel scrap
Copper base scrap
Aluminum base scrap
Other nonferrous scrap, n.e.c., NSA
Sand gravel and crushed stone
Raw cotton
Domestic apparel wool
Index of spot market prices, raw industrial materials,
1967=100, NSA (U,L,L)©>.
Copper scrap, $ per Ib. ©
,
Lead scrap $ per Ib ©
Steel scrap $ per ton ©
Tin $ per Ib NSA ©
Zinc, $ per Ib., NSA ©
,
Burlap $ per yd NSA ©
Cotton $ per Ib ©
Print cloth $ per yd NSA ©
Wool tops, $ per Ib., NSA ©
Hides, $ per Ib., NSA ©
Rosin $ per 100 Ib ©
Rubber $ per Ib ©
Tallow, $ per Ib. ©
Consumer Price Index for services, 1982-84=100
Percent change from previous month, AR
Percent change from previous month, AR, smoothed
(Lg,Lg,Lg) t.
Index of stock prices, 500 common stocks, 1941-43=10,
NSA (L,L,L).
Profits and profit margins:
Corporate profits after tax, bil.$, AR (L,L,L)
Corporate profits after tax bil 1982$ AR (L,L L)
Ratio corporate domestic profits after tax to corporate
domestic income, percent (L,L,L).
Ratio, corporate domestic profits after tax with IVA and
CCAdj to corporate domestic income, percent (U,L,L).
Ratio, implicit price deflator to unit labor cost, all
persons, nonfarm business sector, 1982=100 (L,L,L).
Corporate net cash flow, bil. 1982$, AR (L.L.L)
Unit labor costs:
Index of unit labor cost, all persons, business sector,
1982=100 (Lg,Lg,Lg).
Index of labor cost per unit of output, mfg., 1987=100
Percent change from previous month, AR
Percent change from previous month, AR, smoothed
(Lg,Lg,Lg) f .

126.34
-.18
-.27

125.67
1.17
-.87

127.42
1.39
-.42

127.54
.09
-.10

127.36
-.14
.09

127.58
.17
.21

128.04
36
.30

127.79
-20
.29

126.53
-.99
.11

124.31 ' 123.91
'-32
-175
'-.47
-.25

123.48
'-35
'-.58

123.06
-34
-.61

121.93
-92
-.67

121.49
-36
-.67

140.43

138.41

141.05

142.50

141.46

141.94

142.59

142.33

141.13

139.33 '139.16

138.08

137.68

136.70

136.14

217.8
129.7
104.2
86.9
1660
1662
1815
1727
158.3
1255
118.1
89.6
310.7

217.6
130.4
105.4
80.6
166.5
156.2
1704
1592
156.0
125 1
115.2
101.7
304.5

218.6
131.6
105.6
91.9
1656
1634
1815
1677
164.2
1250
116.5
96.0
310.9

220.9
131.2
106.9
92.0
165.3
174.2
1862
1679
163.7
1254
117.5
89.8
314.7

224.4
130.3
106.8
90.6
1632
1696
1878
1683
160.3
1255
118.4
86.6
317.2

222.7
130.3
107.3
90.6
1586
1708
1902
1706
161.0
1254
124.2
84.1
319.7

220.1
129.9
105.6
89.0
1529
1744
1988
1776
168.4
1257
119.9
81.7
321.1

215.3
129.3
100.6
82.1
151 5
1746
1960
1841
172.4
1259
119.3
79.6
320.0

210.8
127.8
95.4
81.3
1656
1706
191 4
191 7
166.0
1260
121.3
78.0
313.9

212.3
127.4
94.4
81.9
171 1
1675
1773
1794
156.1
1265
119.6
75.8
303.2

203.6
128.4
1000
80.7
1845
1582
176 1
168 1
146.9
1272
120.2
75.5
298.6

196.4
127.5
1084
78.6
1956
1529
181 4
1663
146.5
1289
134.3
'66.8
293.9

1858
1278
1140
80.2
1945
151 9
1748
1603
145.8
1287
1289
580
292.4

185 1
1280
1156
81.6
188 3
1496
1727
1528
144.3
1280
1340
563
294.7

.904
234
107646
3462
.777
287
712
741
4.893
1.021
63 121
464
.133
139.2
5.8
5.9

.846
238
98000
3475
.762
286
.689
700
4.738
1.048
65347
462
.135
137.0
7.3
5.8

.951
234
109566
3528
.830
288
701
700
5.000
1.098
63370
454
.130
137.6
5.4
6.0

.938
227
116303
3480
.870
288
697
700
5.000
1.102
62874
457
.131
137.9
2.6
5.6

.883
226
117647
3362
.874
288
707
740
5.000
1.080
63 317
455
.133
138.8
8.1
5.8

.979
255
114757
3268
.866
288
763
740
5.000
1.067
64090
438
.127
139.6
7.1
6.0

.890
1.084
.990
236
256
263
1 1 1 765 111 881 106 195
3608
3 390
3495
.728
.810
.831
288
288
288
739
756
735
790
740
778
5.240
5.000
5.250
.947
1.011
.975
64483 64090 61 934
475
482
460
.136
.128
.129
140.4
141.6
141.1
4.3
6.1
7.1
6.2
6.4
6.3

.851
193
105 316
3548
.700
288
727
790
4.712
.930
59 901
483
.138
142.1
4.3
5.9

.823
184
106 339
3 328
.700
288
723
801
4.600
942
59 140
490
.139
142.7
5.2
5.5

.859
179
100873
3292
.700
288
736
798
4.600
915
59062
483
.133
143.9
10.6
6.0

.916
181
99902
3252
652
288
822
782
4600
858
58766
484
124
144.6
6.0
6.3

889
193
100200
3202
620
288
795
810
4312
868
58997
492
132
144.9
2.5
6.0

886
192
99001
3224
620
288
795
810
4260
958
61 538
453
135
145.1
1.7
5.2

334.59

338.47

338.18

350.25

360.39

360.03

307.12

315.29

328.75

325.49

362.26

372.28

379.68

' 104.3
'59
'6.3

' 104.5
'23
'5.8

315.41

179.4
141 8
48

166.1
131.1
4.6

172.5
136.3
4.6

330.75

' 205.4
' 128.0
' 105.8
81.5
'1899
'1647
1760
' 171 8
' 146.8
' 1264
124.9
75.3
301.2

177.6
1385
43

' 1676
P 1277
'39

4.3

4.9

4.1

37

"4 1

103.5

103.7

103.6

' 103.1

'1036

391.1

385.7

395.9

393.6

'3859

123.1

122.5

123.6

101.8
2.9
.3

101.6
6.1
-.6

101.6
0
-.3

101.7
1.2
.1

101.7
0
.3

101.5
-2.3
.1

' 125.0

101.4
-1.2
-.2

101.4
0
-.4

101.5
1.2
-.3

101.8
36
.3

.72
.43
598.6
2,426.3

.65
36
598.1
24174

-.07
09
594.2
2,405 6

.26
01
593.6
23970

' 126.0

104.2
32.3
5.0

103.6
-67
6.1

103.8
23
6.3

1.8 Money arid Credit
Money:
Percent change in money supply Ml (L,L,L)
85*
Percent change in money supply M2 (L,C,U)
102 »
Money supply Ml, bil. 1982$ (L,L,L)
105
Money supply M2, bil 1982$ (L,L,L)
106 •

.33
.27
599.6
2,431.1

.45
.45
603.2
2,451.0

.37
.32
604.1
2,453.2

-.02
.09
603.1
2,451.7

NOTE.—The following current high values were reached before March 1990: January 1983—BCI-102 (2.79);
November 1983—BCI-99 smoothed (2.09); February 1984—BCI-28 (2,260) and BCI-29 (158.5); 1st Q 1984—
BCI-22 (6.9) and BCI-30 (83.4); 2dQ 1985—BCI-87 (151.4); 3d Q 1985—BCI-81 (8.6); March 1986—BCI-62
index (104.4) and BCI-77 (1.58); October 1986—BCI-99 change (3.37); December 1986—BCI-85 (2.49); 4th
Q 1986—BCI-89 (200.3); May 1987—BCI-105 (637.9); May 1988—BCI-106 (2,472.3); 3d Q 1988—BCI-35




.50
.24
602.4
2,442.9

-.10
.15
599.6
2,437.4

.26
.16
1.17
'.79
'-.11
16
09
72
' 21
' 63
593.4
591.8
597.4 '602.6 '600.6
23940 '23858 ' 2 397 9'24147 '24146

(433.1); December 1988—BCI-31 (98.6); 4th Q 1988—BCI-16 (189.1), BCI-18 (163.8), and BCI-26 (104.6);
March 1989—BCI-99 index (135.82); April 1989—BCI-23 (335.0); November 1989—BCI-70 (705.14); and
February 1990—BCI-69 (471.80).
See page C-6 for other footnotes.

C-4
Series
no.

SURVEY OF CURRENT BUSINESS

May 1991

1990

Year
Series title and timing classification

Mar.

1990

Apr.

May

| June

July

1991
Sept.

| Aug.

Nov.

| Oct.

Jan.

Dec.

| Feb.

| Mar.

Apr. *

1, CYCLICAL INDICATORS — Continued
1.8 Money and Credit — Continued
107
108

112*
113 *

111
110 *
14
39

93
94
119 •
114*

116*
115*
117
118
109*
66
72
101 *
95 •

Velocity of money:
Ratio GNP to money suppy Ml (C,C,C)
Ratio, personal income to money supply M2 (C,Lg,C)
Credit flows:
Net change in business loans, bil.$, AR (L,L,L) §
Net change in consumer installment credit bil $, AR
(L,L,L)§.
Percent change in business and consumer credit
outstanding, AR (L,L,L) §.
Funds raised by private nonfinancial borrowers in credit
markets, mil.$, AR (L,L,L).
Credit difficulties:
Current liabilities of business failures, mil.$, NSA
(L,L,L)$.
Percent of consumer installment loans delinquent 30 days
and over (L,L,L)Ot.
Bank reserves:
Free reserves mil $ NSA (L U U) $ §
Member bank borrowings from the Federal Reserve,
mil.$, NSA (L,Lg,U).
Interest rates (percent, NSA):
Federal funds rate (L,Lg,Lg)
Discount rate on new issues of 91-day Treasury bills
(C,Lg,Lg).
Yield on new issues of high-grade corporate bonds
(Lg,Lg,Lg).
Yield on long-term Treasury bonds (C,Lg,Lg)
Yield on municipal bonds, 20-bond average (U,Lg,Lg)
Secondary market yields on FHA mortgages (Lg,Lg,Lg)
Average prime rate charged by banks (Lg,Lg,Lg)
Outstanding debt:
Consumer installment credit outstanding, mil.$
(Lg,Lg,Lg)v§.
Commercial and industrial loans outstanding, mil.$,
(Lg,Lg,Lg)§.
Commercial and industrial loans outstanding, mil. 1982$
(Lg,Lg,Lg)§.
Ratio consumer installment credit outstanding to personal
income, percent (Lg,Lg,Lg) §.

6.729
1.411
16.46
16.24

-10

'131.06
r
13.88
r

61

6.729
1.408

1.410

1.415

6.756
1.413

-17.41 '-19.61
r
!346 '2075

'5.05
'9.94

'42.61
' 28.74

'42.25
' 13.13

'-60

'4.8

1.404

1.405
r

'-6

'-17

64,044.0

3,579.7

257

246

'-.9

1.413

6.714
1.419

1.424

'55.44 '-23.58 '-^1.34 '-54.52
'11.75 '-15.72
'20.44 '-1.37
'-4.4

'-1.0

'-5.6

'-10.5

1.418

' 6.658
1.410

' 1.407

" 1.405

'21.22 '-43.33 '49.72 "-101.17
'-25.67 '-2.41 "-11.17
'-3.7

'-1.6

"-2.6

" 253,744

433,916

426 036

412 869

1.414

6,365.2 "4,932.2 "9,932.0 "3,087.0 "5,973.9 " 4,017.2 " 4,473.0 "3,591.9 "4,676.5 " 10,242.8 "11,997.2 "7,317.7 "5,069.1
260

255

255

2.53

2.43

2.56

2.47

2.47

2.57

507

687

672

385

68

741

1,628

881

757

927

'291
624

455

2,124

'502
1,335

239

928

410

230

1,362
326

' 1,661
534

1,591
252

'991
241

"887
"231

8.10
7.51

8.28
7.87

8.26
7.78

8.18
7.78

8.29
7.74

8.15
7.66

8.13
7.44

8.20
7.38

8.11
7.19

7.81
7.07

7.31
6.81

6.91
6.30

6.25
5.95

6.12
5.91

5.91
5.67

9.84

9.79

10.02

9.97

9.69

9.72

10.05

10.17

10.09

9.83

9.55

9.60

9.14

9.14

9.07

8.73
7.27
10.17
10.01

8.74
7.29
10.30
10.00

8.92
7.39
10.75
10.00

8.90
7.35
10.23
10.00

8.62
7.24
10.18
10.00

8.64
7.19
10.11
10.00

8.97
7.32
10.28
10.00

9.11
7.43
10.24
10.00

8.93
7.49
10.23
10.00

8.60
7.18
9.81
10.00

8.31
7.09
9.66
10.00

8.33
7.08
9.58
9.52

8.12
6.91
9.57
9.05

8.38
7.10
9.61
9.00

8.29
7.02
9.61
9.00

735,102 ' 726,676 '727,798 '729,528 '730,355 '732,750 '733,844 '735,547 '735,433 '736,411 '735,102 '732,962 '732,762 "731,830
467,049 "467,874 '466,423 '464,789 '465,210 '468,761 '472,282 '476,902 '474,937 '471,492 '466,949 '468,717 '465,106 '469,249 "460,818
401,717 '409,697 '408,784 '405,575 '407,008 '409,398 '405,392 '402,789 '393,160 '392,583 '393,386 '394,211 '396,848 '404,177 " 397,257
15.74

" 15.82

' 15.81

237.9
202.9

'236.7
'203.7

'235.8
'203.0

' 15.79

' 15.74

' 15.72

' 15.70

' 15.66

' 15.66

' 15.61

' 15.50

' 15.51

' 15.48

" 15.40

239.1
'203.9

240.5
'202.3

' 240.4
' 199.7

'234.8
'200.0

233.2
' 199.3

235.2
'197.7

'235.9
'198.5

"237.2
"200.5

1.9 Alternative Composite Indexes
990* CIBCR long-leading composite index, 1967=100 '
991 • CIBCR short-leading composite index, 1967=100 '

,

'236.6
'205.0

237.1
'204.9

237.4
'204.5

237.8
'204.9

2. OTHER IMPORTANT ECONOMIC MEASURES
2.1 Savings
290
295
292
298*
293*

665.9
605.8
166.5
-106.4
4.2

679.3
611.6
195.1
-127.3
5.0

6573
607.8
180.1
-130.6
4.6

Gross saving bil $ AR
Business saving bil $ AR
Personal saving bil $ AR
Government surplus or deficit, bil.$, AR
Personal saving rate percent

619.2
610.3
167.5
-158.6
4.2

"7029
"6264
'164.1
"-87.6
4.1

2.2 Prices, Wages, and Productivity
Price Movements
Implicit price deflator for gross national product 1982=100
Percent change from previous quarter, AR
Fixed-weighted price index, gross domestic business
product, 1982=100.

310
311

320
+
323
•
336
+
337
4
334
4

333
332 *
331 *
f

Consumer Price Indexes for all urban consumers:
All items 1982-84-100 NSA
Percent change over 1-month span
Percent change over 6-month span, AR
All items less food and energy 1982-84-100
Percent change over 1 -month span
Percent change over 6-month span, AR
Producer Price Indexes:
Finished goods, 1982=100
Percent change over 1-month span
Percent change over 6-month span, AR
Finished goods less foods and energy, 1982=100
Percent change over 1 -month span
Percent change over 6-month span, AR
Finished consumer goods, 1982=100
Percent change over 1-month span
Percent change over 6-month span, AR
Capital equipment 1982-100
Percent change over 1-month span
Percent change over 6-month span, AR
Intermediate materials, supplies, and components,
1982=100.
Percent change over 1 -month span
Crude materials for further processing, 1982=100
Percent change over 1-month span
Percent change over 6-month span, AR

131 5

131 0

1322

133 1

' 1348

133.3

132.5

133.9

1354

1369

37

45

1335
.6
6.7
1377

5
5.3

4
4.9

3
5.5

118.0
.3

119.3
1.1

8.9

9.0

126.4
.2
3.4
116.3
-.1
7.2
122.7

126.8
.3
3.5
116.6
.3
11.0
123.0

127.1
.2
3.5
118.3
1.5
10.9
123.4

120.8
1.3
'8.2
127.5
.3
3.5
120.2
1.6
'9.5
123.8

.3
3.6

112.9

112.8

112.8

114.3

1

1

-1

13

-1.2
102.8
-2.5
-10.7

2.9

6.1

9.2

9.4

103.1
.3

100.6
-2.4
20.3

101.0
.4
48.8

110.2
9.1
30.1

117.3
-1

117.2
-.1

117.6
0

.9

117.6
.3

3.7

3.3

6.1

125.4
.4
3.6
116.1
-.3
3.9
121.9

126.2
.5
3.6
116.4
.4
3.3
122.2

.3
3.4

.4
3.5

125.6
.2
3.7
115.9
-.2
0
122.1

114.5

112.7

112.8

119.2
.5

5.0
126.6
.3
3.7
118.2
.5
5.6
122.9

4

.5
5.5

0

3.7

.9

108.9
.6

105.4
-1.7
-7.7

8.6

4
5.7

.2
3.3

2
5.5

.1
3.3

5.7

NOTE.—The following current high values were reached before March 1990: July 1983—BCI-14 (829.2);
February 1984—BCI-39 (1.78); May 1984—BCI-93 (-2,380) and BCI-118 (15.01); June 1984—BCI-111
(23.2), BCI-115 (13.00), BCI-116 (14.49), and BCI-117 (10.67); August 1984—BCI-94 (8,017), BCI-109 (13.00),




129.9
.6
6.2
1353

.5
5.3

.4
3.1

130.4
.4
6.9
1360

5
5.1

.2
3.3

0

1316
.8
7.2
1367

'52

47
1327
.8
6.6
137 3

1292
.2
5.4
1346

1287
.4
5.8
1338

28

41

1289
.2
4.6
1343

1307
.5
5.8
1355

4
5.4

...

3.7

4.7

4.1

'45

1338
.3
5.4
138 1

133 8
.3
37
1386

1346
.4
29
1397

1348

1350

1352

1407

1409

141 2

122.3
1.2

122.8
.4

' 122.3
'-.4

.2

121.3
^6

121.1
2

3.4

127.8
.2
4.0
122.1
1.6
8.2
124.1

128.6
.2
4.0
'121.7
'-.7
-.8
1248

129 8

1300

1302

1197

1200

.3
3.5

.2
3.6

128.4
.5
4.3
122.6
.4
3.4
1244

122.0
'-.2
-2.0
129.3
.5
3.8
121.3
'-.3
-3.4
1252

120.9
-3

6.9

116.1

117.9

118.1

'117.2

16
'8.0
115.6
4.9
22.2

16

2

g
-2.7
111.2
-54
-23 1

3
5.9

2
3.4

6.7

2.5

125.4
8.5
27.6

117.6
-6.2

-96

4
5.3

3
3.3

8
5.1

.2
7

.4
1203

-.1

.2

.2

2

.2

-.8

-.5

.3

1255

125 8

1255

116.5

115.7

114.5

114.0

'-6
-6.5
114.1
26
-353

7

10

4

104.8
-82

101.4
-32

100.9
-5

3
2.3

2

2

_2

BCI-114 (10.49), and BCI-119 (11.64); 4th Q 1984—BCI-107 (7.029); September 1985—BCI-113 (132.08); 4th
Q 1985—BCI-110 (869,764); and October 1989—BCI-95 (16.06).
See page C-6 for other footnotes.

Series
no.

C-5

SURVEY OF CURRENT BUSINESS

May 1991

1990

Year
Series title and timing classification

1990

Mar.

Apr.

May 1 June | July

1991
Aug.

Sept. | Oct.

Nov. | Dec.

Jan.

Feb.

Mar. 1 Apr. *

2. OTHER IMPORTANT ECONOMIC MEASURES — Continued
2.2 Prices, Wages, and Productivity — Continued
Wages and Productivity
Index of average hourly compensation all employees,
nonfarm business sector, 1982=100.
Percent change from previous quarter, AR
Index of real average hourly compensation all employees,
nonfarm business sector, 1982=100.
Percent change from previous Quarter AR
. .
Index of output per hour all persons business sector
1982=100.

345
346
370
^
358 ^

Percent change over 4-quarter span AR

.

1362

1354

1370

1383

" 1397

3.5
100.5

4.8
101.0

4.7
100.5

'4.0
99.8

"4.0
"99.9
*5
"1120

r

-1 8
1119

9
111 9

-21
1121

-2.8
' 111 8

_7

6
'-.1
1107

9
". 3
1109

-12

t 7

' 110.7

"1110

1108

r

sector, 1982=100.

2.3 Labor Force and Employment
441
442

Civilian labor force, thous
Civilian labor force participation rates (percent):

451
452
453

Females 20 years and over
Both sexes 16-19 years of age

124,787
117,914

124,798
118,235

124,781
118,090

77.8
57.9
53.7

77.9
57.9
56.1

77.8
58.0
55.2

124,939 124,797
118,277 118,237

77.9
58.1
54.6

77.8
58.0
53.2

124,709
117,882

124,705
117,690

124,970
117,883

124,875
117,733

77.7
58.0
52.5

77.7
58.1
51.3

77.9
57.9
53.1

77.8
57.7
53.0

124,723 125,174
117,386 117,574

77.8
57.5
52.4

124,638
116,922

125,076
116,918

77.9
57.8
52.8

77.3
57.6
53.0

77.4
57.8
53.3

8,202

19434

125,326 125,672
1 16,754 117,398

77.6
57.8
536

77.7
58.1
526

2.4 Government Activities
Defense indicators:
Defense Department gross obligations incurred mil $
517
Defense Department prime contract awards mil $
. . 131,796
525
Defense Department gross unpaid obligations outstanding
543
mil.$0.
93,458
Manufacturers' new orders, defense products, mil.$
548
97.2
Index of industrial production, defense and space
557
equipment, 1987=100.
1,225
Employment, defense products industries, thous.
570
3136
564 •
e
national°dSe, bU^AR*

32,664 26637 " 29,150
4262
8,117
13,458
212 396 204 677 " 196 282

12,775

13,876

12,795

9,348

9,988

14,077

8,645
97.5

8,511
97.3

9,953
97.6

7,731
97.6

7,792
97.8

8,499
97.7

7,745
97.3

7,515
97.3

5,044
96.2

6,844
95.8

7,683
94.4

'7,922
'94.5

'6,804
93.8

1,249

1,245

1,238
3096

1,233

1,225

1,218
3126

1,211

1,202

1,191
3250

1,187

1,182

' 1,169
'3308

"1,164

' 33,099 ' 32,124 ' 32,616 ' 33,834 ' 32,154 '32,514 ' 32,229 ' 34,630 ' 33,586 ' 33,570 '34144 ' 33,599
* 3,404 '3,235 ' 3,229 ' 3,592 '3,182 ' 3,223 ' 3,021 ' 3,047 '3,158 '2,858
3,300
2,906
6,964
6,774
7,104
7,072
6,661
6,927
7254
6,912
6,767
6,883
6,977
7 069
'41,725 ' 39,748 '40,762 '40,168 '41,399 '41,868 '41,315 '44,527 ' 43,123 ' 39,894 '41,520 '39,103
4,365
3,594
3,563
4,095
3,988
6,332
6,927
6,502
5,158
3,846
5385
5,353
5,804
6,179
5,855
6,098
5,433
6,489
5,993
6,567
5,999
5,311
5904
5,475
' 97,088
'96,638
' 100,580
" 100 861
'121,178
' 125,398
" 1 19 228
' 128 308
'-24,090
'-28,760
'-27,728
"-18,367

33 990
3,081
6947
38037
3872
5544

13,411 " 1 1 480
"7,446
"92.7

2.5 U.S. International Transactions
602
604
606
612
614
616
618 •
620 •
622

Exports excluding military aid shipments mil $ §
Exports of domestic agricultural products, mil.$ §
Exports of nonelectrical machinery mil $
General imports mil.$ §.
,.. .
Imports of petroleum and petroleum products, mil$...
Imports of automobiles and parts, mil.$
Merchandise exports, adjusted excluding military mil.$ ' § ...
Merchandise imports adjusted excluding military mil.$ ' §...
Balance on merchandise trade, mil.$ ' §

393,576
38,753
83,098
495,310
60,884
70,527
389,550
497,665
-108,115

2.6 International Comparisons
47 •
721 *
728 *
725*
726*
722 *
727 *
723 *
320
738
735
736

732

+
4

4
4

+

Industrial Production Indexes (1987=100)
United States . ;
OECD, European countries 2
Japan
*
Federal Republic of Germany
France
United Kingdom
Italy
Canada
Consumer Price Indexes (1982-84=100)
United States NSA.
Percent change over 6-month span, AR
.
Japan NSA
..........
Percent change over 6-month span AR
Federal Republic of Germany, NSA
Percent change over 6-month span AR
France NSA
Percent change over 6-month span, AR...
United Kingdom, NSA

Italy NSA
Percent change over 6-month span, AR
733 • Canada NSA
t
Stock Price Indexes (1967=100, NSA)
19 • United States
.
748 • Japan
745 » Federal Republic of Germany
746 •
742 « United Kingdom
747 * Italy
743 * Canada
Exchange Rates
value of U.S. dollar, index: March 1973=100,
750* Exchange
NSA 3 .
Foreign currency per U.S. dollar (NSA):
758 4
Federal Republic of Germany (d. mark)
755 *
756* France (franc)
United Kingdom (pound)
752*
Italy (lira)
757 *
Canada (dollar)
....
753 *
737

See footnotes on page C-6.




....

109.2
110
121.3
114
109
103
110.2
101.5

108.9
111
118.8
113
108
105
112.5
102.6

108.8
109
117.9
110
110
106
111.0
102.3

109.4
110
121.0
113
109
105
108.6
102.8

110.1
111
121.1
113
109
107
108.8
102.7

110.4
111
123.2
115
112
103
110.7
1031

110.5
111
123.7
116
112
102
110.7
1020

110.6
111
1224
117
110
102
1117
1004

1099
111
1258
117
110
102
1084
1003

108.3
110
1246
116
108
'101
1077
'986

1072
110
1237
116
106
100
1105
'975

1066
111
1254
119
109
'99
1094
'973

130.7
5.8
111.4

128.9
4.6
110.8
2.6
111.6
1.8
132.1
2.9
147.0
12.4
157.7
6.0
133.9
3.3

129.2
5.4
111.6
2.4
111.8
2.0
132.3
3.7
148.3
13.4
158.0
6.4
134.6
3.0

129.9
6.2
111.0
3.3
111.9
2.9
132.6
4.1
148.9
12.8
158.7
6.3
135.1
3.6

1304
69
1109
51
111.9
44
132.9
4.8
149.0
10.0
1593
6.7
135.8
5.1

131.6
7.2
111.4
44
112.2
40
133.7
4.4
150.5
6.6
1603
7.5
135.8
5.9

1327
66
1124
49
112.6
36
134.4
4.1
151.9
6.3
161 2
7.1
1363
5.3

1335
67
1139
68
113.4
38
1352
43
153.1
6.1
1626
7.1
1374
10.3

1338
5.4
1135
54
113.2
32
1350
3.6
152.7
4.8
1636
7.1
1382
9.5

1338
3.7
1132

1346
29
114 1

112.1
2.9
133.1
3.5
148.2
9.4
159.5
6.5
135.4
5.7

128.7
5.8
109.9
3.0
111.4
2.2
131.6
2.6
142.6
12.8
157.1
5.6
133.9
5.2

113.3
2l
1349
22
152.6
3.8
1642
6.8
138 1
8.8

1140

114.3

1142

1355

1357

135 8

1530
29
1654
6.6
141 7
77

153.8

1544

156 4

1670

1674

1682

141 7

142 3

1423

364.0
1,974.9
355.6
835.0
1,043 0
408.5
386.6

368.2
2,175.1
3963
872.4
1,060 8
439.9
411.2

367.9
1,959.4
399.5
938.4
1,031.9
455.3
377.5

381.0
2,142.6
389.5
949.5
1,048 2
468.9
404.7

392.0
2,155.2
385.3
932.2
1,1180
485.6
400.4

391.6
2,119.1
3937
899.7
1 1096
457.4
4024

359.8
1,833.0
3489
796.5
1 030 1
387.9
3781

343.1
1,644.4
308 8
714.6
971 1
354.4
3570

3341
1,592 1
2978
726.8
974 i
338.4
3482

3430
1,572.2
2924
713.9
9693
302.2
3560

3576
1,5794
2999
719.4
9934
" 305.4
3680

354 1
15424
2805
694.7
9693
"3826
3698

394 1
16968
3008
74o!o

4050
1 7852
314 8
'8226

4130
1 8032
"324 6
820 1

"419.4
391 2

"4476
3950

"4567
3920

89.05

94.11

93.51

92.04

92.43

89.68

86.55

86.10

83.43

82.12

83.35

83.51

82.12

88.12

91.41

1057 ' 1050
"112
'1251 " 1232
"118
"109
" 101
" 108 8
"965
1348

135 0

" 105 1

1352

1138

144.82
153.31 158.46 154.04 153.70 149.04 147.46 138.44
12959 129.22 13389
13370 13054 137 39 137 11
1.6832 1.6375
1.6863 1.6630
1.6159
1.7053
1.5702 1.5701 15238 14857 14982
15091 14805 1 6122 1 7027
5.7555 5.6638 5.5989 5.6613 5.4924 5.2680 52575 51032 50020 50895 5 1253 50398 54862 57540
5.4449
.5962
.6108
.5847
.6156
.5630
.5525
5321
.5260
5091
5203
5140
5091
5169
5490
5715
1,198.05 1,257.67 1,238.38 1,221.93 1,235.60 1,199.65 1,157.07 1,172 87 1 141 62 1 11704 1 129 26 1 13438 1 111 19 1 201 96 1 261 57
1.1747 1.1730 1.1570
1.1800 1.1641
1.1670
1 1448 1 1583 1 1600 1 1635 1 1603 1 1560 1 1549 1 1572 1 1535

C-6

SURVEY OF CURRENT BUSINESS

May 1991

FOOTNOTES FOR PAGES C-l THROUGH C-5
a
AR
c
©
e
*

Anticipated.
Annual rate.
Corrected.
Copyrighted.
Estimated.
Available data for later period(s) listed in notes.

NSA
p
r
*
§
o

Not seasonally adjusted.
Preliminary.
Revised.
Graph included for this series.
Major revision-see notes.
End of period.

L,C,Lg,U Cyclical indicator series are classified as L (leading), C (coincident), Lg (lagging), or U (unclassified) at reference cycle peaks, troughs, and overall.
Series classifications are shown in parentheses following the series titles.
$ Cyclical indicator series denoted by $ are inverted (i.e., the sign is reversed) for cyclical analysis calculations, including classifications, contributions to
composite indexes, and current high values,
t Cyclical indicator series denoted by t are smoothed by an autoregressive-moving-average filter developed by Statistics Canada.
For information on composite indexes and other concepts used in this section, see "Composite Indexes of Leading, Coincident, and Lagging Indicators" in
the November 1987 SURVEY OF CURRENT BUSINESS and "Business Cycle Indicators: Revised Composite Indexes" in the January 1989 SURVEY.
References to series in this section use the prefix "BCI-" followed by the series number. Unless otherwise noted, series are seasonally adjusted.
Percent change data are centered within the spans: 1-month changes are placed in the ending month, 3-month changes are placed in the 3d month, 6-month
changes are placed in the 4th month, 1-quarter changes are placed in the ending quarter, and 4-quarter changes are placed in the 3d quarter.
Diffusion indexes are defined as the percent of components rising plus one-half of the percent of components unchanged. Diffusion index data are centered
within the spans: 1-month indexes are placed in the ending month and 6-month indexes are placed in the 4th month.
High values reached by cyclical indicators since the last reference cycle trough (November 1982) are shown in boldface type; high values reached prior to
the period shown in the table are listed at the bottom of each page. For inverted series, low values are indicated as highs.
Sources for series in this section are shown on pages C-27 and C-28 in the April 1991 SURVEY.

Page C-l
1. A component's contribution measures its impact, in percentage points, on the percent
change in the index. Each month, the sum of the contributions plus the trend adjustment factor
equals (except for rounding differences) the index's percent change from the previous month.
The trend adjustment factors are 0.142 for the leading index, —0.186 for the coincident index,
and 0.030 for the lagging index.
2. Excludes BCI-57, for which data are not available.
3. Excludes BCI-77 and BCI-95, for which data are not available.

Page C-2
* Preliminary May values: BCI-122 = 74.2 and BCI-123 = 93.5.
1. Data exclude Puerto Rico, which is included in figures published by the source agency.
2. Copyrighted. This series may not be reproduced without written permission from the
University of Michigan, Survey Research Center, P.O. Box 1248, Ann Arbor, MI 48106-1248.
3. Copyrighted. This series may not be reproduced without written permission from McGrawHill Information Systems Company, F.W. Dodge Division, 1221 Avenue of the Americas, New
York, NY 10020.

Page C-3
NOTE.—Major data revision: Index of new private housing units authorized by local building permits (BCI-29) has been revised from 1989 forward to reflect the source agency's annual
updating of basic data and computation of new seasonal adjustment factors. For further information, contact the U.S. Department of Commerce, Bureau of the Census, Construction Statistics
Division, Washington, DC 20233.
* Preliminary May values: BCI-23 = 290.9, BCI-19 = 376.35, BCI-85 = 0.44; anticipated
2d quarter values: BCI-61 = 547.91, BCI-100 = 542.48.
1. Copyrighted. This series may not be reproduced without written permission from
Commodity Research Bureau, Inc., 75 Wall Street, 22d Floor, New York, NY 10005.

Page C-4
NOTE.—Major data revisions:
Free reserves (BCI-93) has been revised by the source agency from 1959 forward to reflect
an adjustment in reserve requirements and the application of new seasonal adjustment factors.
For further information, contact the Board of Governors of the Federal Reserve System, Division
of Research and Statistics, Banking Section, Washington, DC 20551.
Series that include data on commercial and industrial loans outstanding (BCI-72, -101, and
-112) have been revised by the. source agency from 1988 forward to reflect changes in the
reporting panel. For further information, contact the Board of Governors of the Federal Reserve
System, Division of Research and Statistics, Banking Section, Washington, DC 20551.




Series based wholly or in part on consumer installment credit (BCI-66, -95, and -113) have
been revised by the source agency from 1988 forward to reflect benchmarks for some holders
of credit and recalculation of seasonal factors. For further information, contact the Board of
Governors of the Federal Reserve System, Division of Research and Statistics, Mortgage and
Consumer Finance Section, Washington, DC 20551 (BCI-66 and -113) and the U.S. Department
of Commerce, Bureau of Economic Analysis, Business Outlook Division, Washington, DC 20230
(BCI-95).
Change in business and consumer credit outstanding (BCI-111) has been revised from 1988
forward to incorporate the revisions in consumer installment credit (BCI-66) and commercial and
industrial loans outstanding (BCI-72), which are two of its components. Another component,
real estate loans of large commercial banks, has been revised by the source agency from 1988
forward to reflect changes in the reporting panel. For further information, contact the Board of
Governors of the Federal Reserve System, Division of Research and Statistics, Banking Section,
Washington, DC 20551 (real estate loans) and the U.S. Department of Commerce, Bureau of
Economic Analysis, Business Outlook Division, Washington, DC 20230 (BCI-111).
* Preliminary May values: BCI-119 = 5.82, BCI-114 = 5.52, BCI-116 = 9.11, BCI-115 =
8.33, BCI-117 = 6.95, and BCI-109 = 8.50.
1. This index is compiled by the Center for International Business Cycle Research (CIBCR),
Graduate School of Business, Columbia University, New York, NY 10027.

Page C-5
NOTE.—Major data revisions:
Exports excluding military aid shipments (BCI-602), exports of domestic agricultural products
(BCI-604), and general imports (BCI-612) have been revised by the source agency to reflect
the updating of basic statistics, structural changes, and computation of new seasonal adjustment
factors. Periods covered by these revisions are as follows: BCI-602 and BCI-612 from 1989
forward and BCI-604 from 1990 forward. For futher information, contact the U.S. Department
of Commerce, Bureau of the Census, Foreign Trade Division, Washington, DC 20233.
U.S. international transactions series on merchandise trade (BCI-618, -620, and -622) have
been revised by the source agency from 1989 forward. These revisions reflect the inclusion
of errata, retabulation of data to account for timing, revision of some balance of payments
adjustments, and computation of new seasonal adjustment factors. For futher information, contact
the U.S. Department of Commerce, Bureau of Economic Analysis, Balance of Payments Division,
Washington, DC 20230.
* Preliminary May values: BCI-19 = 409.4, BCI-748 = 1,766.1, BCI-745 = 332.2, BCI-746
= 825.0, BCI-747 = 446.4, BCI-743 = 388.0, BCI-750 = 92.30, BCI-758 = 138.25, BCI-755 =
1.7204, BCI-756 = 5.8285, BCI-752 = 0.5801, BCI-757 = 1,275.76, and BCI-753 = 1.1506.
1. Balance of payments basis: Excludes transfers under military grants and Department of
Defense sales contracts (exports) and Department of Defense purchases (imports).
2. Organisation for Economic Co-operation and Development.
3. This index is the weighted-average exchange value of the U.S. dollar against the currencies
of the other G-10 countries plus Switzerland. Each country is weighted by its 1972-76 global
trade. For a description of this index, see the August 1978 Federal Reserve Bulletin (p. 700).

SUKVEY OF CURRENT BUSINESS

May 1991

Composite Indexes
Aug. Apr.

P T

Apr. Feb.

P T

Dec. Nov.

P

Nov. Mar.

T

P

T

Jan. July July Nov.
P T P
T

2

910. Contyxflfe index of
(serlesim 8,19,20

920. Composite IndB of 4
(series 4f,47,« 57)

195556 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 911992
NOTE—The numbers and arrows indicate length of leads (-) and lags (+) in months from business cycle turning dates.
Current data for these series are shown on page C-1.




C-7

C-8

SURVEY OF CURRENT BUSINESS

May 1991

CYCLICAL INDICATORS

Composite Indexes: Rates of Change
Aug. Apr.

P T

Apr. Feb.

P T

Dec. Nov.

P

T

Jan. July July Nov.
F T P
T

1-month span
3-month span

Composite Indexes: Diffusion
1-month span6-month span

195556 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 911992
NOTE.—Current data for these series are shown on page C-1.




SURVEY OF CURRENT BUSINESS

May 1991

C-9

CYCLICAL INDICATORS
Composite Indexes: Leading Index Components
Aug. Apr.

P T

Apr. Feb.

F T

Jan. July July Nov.
F T P
T

£
41-

40- •
(

3938-

200 -|
300- ,
400- c

500600700-

8. Manufacturers new orders in
materials industries (bfl. dbl.)

llO-i
1009080-

70- 60- I
5040-

10075- .
SO- '
25-

60-j
5040,-:

20-

195556 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 911992
NOTE.—Current data for these series are shown on page C-2.




C-10

SURVEY OF CURRENT BUSINESS

May 1991

CYCLICAL INDICATORS
Composite Indexes: Leading Index Components-Continued
Aug. Apr.

Apr. Feb.

P T

P T

II

fii

Dec. Nov.

P

T

Jan. July July Nov.
P T P
T

195556 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 911992
1. This series is smoothed by an autoregressive-moving-average filler developed by Statistics Canada.
2. This Is a copyrighted series used by permission; it may not be reproduced without written permission from the University
of Michigan, Survey Research Center.
NOTE.—Current data for these series are shown on pages C-2 and C-3.




C-ll

SURVEY OF CURRENT BUSINESS

May 1991

CYCLICAL INDICATORS
Composite Indexes: Coincident Index Components
Aug. Apr.

Apr. Feb.

P T

P T

Dec. Nov.

P

Nov.

T

P

Mar.

T

Jan. July July
P T P

Nov.
T

41. Employees on mKricuKural

150195556 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 911992
NOTE.—Current data for these series are shown on page C-2.




C-12

SURVEY OF CURRENT BUSINESS

May 1991

CYCLICAL INDICATORS
Composite Indexes: Lagging Index Components
Aug. Apr.

P T

Apr. Feb.

Dec. Nov.

P T

P

T

Nov. Mar.

P

T

Jan. July July Nov.
F T P
T

!4- 16 - '
1820-i

IS-;

20 -j
15-|
Ui -! •

:i

:.li

13 -J

!?-!

109. Average prime rate ctaBd by
}[

i"

9-j

SCO
400

-ISO -••
!

.108 -i'.'.'.
260 -

155 -'

17 T

H-r

13-i .£
^ !

120. Chang* In Consumer
(ann. rate, percent)

JO--,

.10-

5

19S556 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 911992
1. This series is smoothed by an autoregressive-moving-average filter developed by Statistics Canada.
NOTE.—Current data for these series are shown on pages C-2, C-3, and C-4.




1

C-13

SURVEY OF CURRENT BUSINESS

May 1991

CYCLICAL INDICATORS
Employment and Unemployment
Dec. fto.
P
T

1964 65

66

67

68

69

70

71

NOTE.—Current data for these series are shown on page C-2.




72

73

74

75

76

77

78

79

Jan. July

July

Nov.

P T

P

T

80

81

82

83

84

85

86

87

88

89

90 1991

C-14

SURVEY OF CURRENT BUSINESS

May 1991

CYCLICAL INDICATORS
Production and Income
Dec.

Nov.

P

T

Jan. July
F T

July
P

Nov.
T

salaries In 1982 dosvs. m
(arm. rate, bit. dol

manufactures (Index: 1987=100)

1964 65

66

67

68

69

70

71

Norn—Current data lor these series are shown on page C-2.




72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88

89

90 1991

C-15

SURVEY OF CURRENT BUSINESS

May 1991

CYCLICAL INDICATORS
Consumption, Trade, Orders, and Deliveries
Dec. Nov.
P
T

Jan. July

F

T

July

Nov.

P

T

new orders 311
•able goods Industries ffir dot.
100-

60 J

1201008060!

Jil

J

120 -!
I

100-j'j!
I«
80-

1

i30 -i

11010090-

1964 65

66

67

68

69

70

71

NOTE.—Current data for these series are shown on page C-2.




72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88

89

90 1991

C-16

SURVEY OF CURRENT BUSINESS

May 1991

CYCLICAL INDICATORS
Fixed Capital Investment
Jan. July July
F T P

Dec. Nov.

P

T

Nov.
T

160-j

1401201008070605040-

30-

20J

60-

I

50

40-i

20-;

no
100

so
8C
70
60
50
40'

1964 65

66

67

68

69

70

71

72

73

74

75

76

77

78

1. TOB to a copyrighted series used by permission; it may not be reproduced without written penmssion tram McGraw-Hill
Intonation Systems Company, F.W. Dodge Division.
NOTE.—Current data for these series are shown on page C-2.




79

80

81

82

83

84

85

86

87

88

89

90 1991

SURVEY OF CURRENT BUSINESS

May 1991

C-17

CYCLICAL INDICATORS
Fixed Capital Investment-Continued
Dec. Nov.
?
T

Jan. July

F

T

July

Nov.

P

T

600 -J

plant and equipment
dollars, Q(ann. rate, WOW.)

500 400-

300-

i
'00
zoo

-I

600

Manufac
business

500 -

machinery and
expenditure* (ar

400-

300-

200-

trial production, but ss

(Index: 1987=100)
100 -

6(1-

<J:
600 -

Gross private
(anh. rate, bit. dot.)

500-

40C -

150-

100-

1964 65

66

67

68

69

70

71

NOTE.—Current data for these series are shown on page C-3.




72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88

89

90 1991

C-18

SURVEY OF CURRENT BUSINESS

May 1991

CYCLICAL INDICATORS
Fixed Capital Investment-Continued
Dec. Nov.

P

T

residential fixed invesBent h
(ann-JMIII. dol.)

Inventories and Inventory Investment
n business Inventories IH982
Ml. dol.)

In manufacturing
rate, oil. dol.; 6-term

1964 65

66

67

68

69

70

71

NOTE.—Current data for these series are shown on page C-3.




72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88

89

90 1991

May 1991

SURVEY OF CURRENT BUSINESS

C-19

CYCLICAL INDICATORS
Prices, Costs, and Profits
Jan. July
F T

July
P

Nov.
T

market prices, raw

(Index: 1967=100)

on

(ann. rate, bll. dol.)

prof its after tax In

dollars, Q(ann. rate, blLdol.)

domestic profits afte ix to

81. Ratio, corporate
corporate domestic

1964

65

66

67

68

69

70

prof Its after
Q (percent)

IVA and CCAd) to

Iclt price
(Index: 1

unit labor cost, norrfan
L,L,L

71

72

73

74

75

76

77

78

IVA Inventory valuation adjustment. CCAdj Capital consumption adjustment.
1. From June 1981 forward, this is a copyrighted series used by permission; it may not be reproduced without written
permission from Commodity Research Bureau, Inc.
NOTE.—Current data for these series are shown on page C-3.




79

80

81

82

83

84

85

86

87

88

89

90 1991

C-20

SURVEY OF CURRENT BUSINESS

May 1991

CYCLICAL INDICATORS
Money and Credit
Jan. July July
F T P

Dec. Nov.

P

T

Nov.
T

supply M1 (percent

M2 (percent; 6-term

d<rt.; 6-term moving ait)

In consumer
bll. do).; 6-term

ted by private nonf Inane
iarkets,Q(ann. rate, UUpl.)

1964 65

66

67

68

69

70

71

72

NOTE.—Current data for these series are shown on pages C-3 and C-4.




73

74

75

76

78

79

80

81

82

83

84

85

86

87

88

89

90 1991

C-21

SURVEY OF CURRENT BUSINESS

May 1991

CYCLICAL INDICATORS
Money and Credit-Continued

Alternative Composite Indexes

JOO--

1964 65

66

67

68

69

70

71

72

73

CIBCfl Center for International Business Cycle Research (Columbia University).
NOTE.—Current data for these series are shown on page CM.




74

75

76

77

78

79

80

81

82

83

84

85

86

87

88

89

90 1991

C-22

SURVEY OF CURRENT BUSINESS

May 1991

OTHER IMPORTANT ECONOMIC MEASURES
Other Measures
Price Movements
Jan. July
P T

July
P

Jan. July
P T

Nov.

July
P

Nov.
T

Percent change at annual rate
Personal saving rate, Q (percent)
business product (1-Q span)

Indexes for all urban consumers
Government surplus or deficit, Q
rate, bit dol.)
323c. All Items toss food arid energy

338c, Finished goods
output per hour, all persons,
sector (ann. rate, percent)

ed goods toss foods and energy

Finished consumer goods
purchases of goods
national defense, Q
dolT
333c. Capital equipment
materials, supplies, and components
Imports, adjusted, excluding
(arm. rate, bll. dol.)
materials for further processing

exports, adjusted,

1979 80

81

82

83

84

85

86

87

NOTE.—Current data for these series are shown on pages C-4 and C-5.




88

89

90 1991

1979 80

81

82

83

84

85

86

87

88

89

90 1991

C-23

SURVEY OF CURRENT BUSINESS

May 1991

OTHER IMPORTANT ECONOMIC MEASURES
International Comparisons: Industrial Production
International Comparisons: Consumer Prices
Jan. July
P T

July
P

Nov.
T

Jan. July
P T

July
P

Nov.
T

chw0A over (MnoHui spin, wtitual wte

721.IH European countries

Federal RepubDc of Genrany

1979 80

81

82

83

84

85

86

NOTE.—Current data for these series are shown on page C-5.




87

88

89

90 1991

1979 80

81

82

83

84

85

86

87

88

89

90 1991

C-24

SURVEY OF CURRENT BUSINESS

May 1991

OTHER IMPORTANT ECONOMIC MEASURES
International Comparisons: Exchange Rates
International Comparisons: Stock Prices
Jan. July
F T

July
P

Nov.
T

Jan. July
F T

July
P

Nov.
T

vaJutoftheU-S-dottar

745. Federal RwuHc of Gtrmwy

1979 80

81

82

83

84

85

86

NOTE.—Current data for these series are shown on page C-5.




87

88

89

90 1991

1979 80

81

82

83

84

85

86

87

88

89

90 1991

CURRENT BUSINESS STATISTICS

Series originating in Government agencies are not copyrighted and may be reprinted freely. Series from private sources are provided through the
courtesy of the compilers and are subject to their copyrights.
Current data for the series shown in the S-pages are available on diskette on a subscription basis or from the Commerce Department's Economic
Bulletin Board. Historical data, data sources, and methodological notes for each series are published in BUSINESS STATISTICS, 1961-88. For more information, write to Business Statistics Branch, Current Business Analysis Division (BE-53), Bureau of Economic Analysis, U.S. Department of Commerce, Washington, DC 20230.
NOTE.—This section of the SURVEY is prepared by the Business Statistics Branch.
Unless otherwise stated in footnotes below,
data through 1988 and methodological
notes are as shown in BUSINESS STATISTICS,
1961-88

IT

Annual

..

1991

1990

1990

1989

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

GENERAL BUSINESS INDICATORS
PERSONAL INCOME BY SOURCE t
Seasonally adjusted, at annual rates:
Total personal income
bil $
Wage and salary disbursements,
total .
do
Commodity-producing industries,
total
do
Manufacturing
do
Distributive industries
do
Service industries...
.....do...
Govt. and govt. enterprises
do ....
Other labor income.. . .
do
Proprietors' income: $
Farm
do
Nonfarm
do
Rental income of persons with capital
consumption adjustment
bil. $ ..
Dividends
.do....
Personal interest income
do
Transfer payments
do
Less: Personal contributions for
social insurance
do
Total nonfarm income
do
DISPOSITION OF PERSONAL INCOME t
Seasonally adjusted, at annual rates:
Total personal income
bil. $..
Less: Personal tax and nontax
payments
do.
Equals: Disposable personal income
do....
Less: Personal outlays
do
Personal consumption expenditures
do....
Durable goods
do
Nondurable goods ..
do
Services
do
Interest paid by consumers to
business
do
Personal transfer payments to
foreigners (net)
do
Equals: personal saving
do
Personal saving as percentage of disposable
personal income §
percent
Disposable personal income in constant (1982)
dollars
bil $
Personal consumption expenditures in
constant (1982) dollars
do....
Durable goods
do
Nondurable goods
...
do.
Services
do
Implicit price deflator for personal consumption
expenditures.....
......index, 1982=100 ....
INDUSTRIAL PRODUCTION 0
Federal Reserve Board Index of Quantity Output
Not Seasonally Adjusted
Total index
1987=100 ..
By industry groups:
Mining
do
Utilities......
do
Manufacturing
do
Durable
do
Nondurable
do
Seasonally Adjusted
Total index..
do
By market groups:
Products, total
do
Final products ..
do
Consumer goods
do....

r

4 724 7 '4 734 5 '4 751 8 47551

43843

46455

4 594 7

46045

46214

46407

46627

46750

46978

4 695 9

47162

47433

25732

2 705 3 26692

26824

26955

2711 1

2727 1

2728 3

2747 2

2731 6

2731 6

27536

7344
5514
6396
8433
511 0
2600

7360
552 1
6449
8528
5135
261 2

7304
5495
6386
8468
5158
2622

7210
541 1
6417
8508
5181
2632

7265
5478
6453
8613
5205
2642

42 9
356 6

38 5
357 0

39 1
357 1

545
357 6

529
3575

r

8.3
127.2
6882
7212

r
7.6
127.2
6864
r
7416

27400 '2 740 4 r2 743 5 27496

7206
5418
6047
771.4
476.6
2419

7293
5468
6372
8308
508.0
2581

7297
5458
6309
8090
4996
2540

7252
5439
6367
8179
5026
2552

7323
5488
6356
8217
5059
2564

7358
551 6
6396
8271
5086
2576

486
3307

499
3526

655
3494

550
3492

51 8
351 3

46 1
3518

7355
551 9
6436
8387
5093
2588
45 7
353 0

8.2
114.4
6432
6369

6.9
123.8
6804
6948

4.3
121.3
6714
6834

3.8
122.3
6745
6835

4.2
123.0
6779
6853

4.9
123.4
681 5
691 4

6.2
124.3
6836
692 1

9.1
125.0
6854
6959

10.0
125.3
6868
701 2

10.8
126.1
6875
710 0

8.8
126.8
688 1
7140

2128
43146

2262
45743

2238
4508 1

2214
45282

2239
45483

227 1
45732

228 1
45956

2282
46107

2295
46378

2284
46353

2284
46402

r
2372
2299
46688 '46635

4,384.3

4,645.5

4,594.7

4,604.5

4,621.4

4,640.7

4,662.7

4,675.0

4,697.8

4,695.9

4,716.2

4,743.3

6994
6588
3,725.5 39461
35537 37660
3,450.1 3,657.3
4803
4746
1 1300 1 1937
18455 19833

6788
39159
37069
3,598.5
4824
1 178 6
l'9375

6934
39112
37146
3,606.9
4806
11743
19520

6980
6980
39233 39426
37162 3761 1
3,608.1 3,653.2
4817
4729
1 174 2 1 188 4
19610 1 983 1

7048
39579
3 773 7
3,664.7
4829
1 1920
1 989 8

7086
3 966 4
3 801 4
3,692.1
4759
1 208 1
2008 2

7150
39828
3 832 6
3,723.4
4882
1 214 8
2 020 5

7138
39821
38295
3,720.5
4746
1 216 2
2029 8

7151
4001 1
38350
3,725.6
4687
1 219 3
20376

r
7189
7208
40225 r'4 005 8
38386 3 820 3
3,728.7 '3,710.7
r
4397
4622
1 2125 1 2059
r%
()65 I
20539

r
7092
r
534 1
r

6404
r
8615
532.4
2672

7106
5363
6414
8648
532.9
2682

r
587
3572

535
3581

'6.7
125.3
680.6
7502

6.8
125.2
678.6
7529

r
2372 r2374
4 665 6 r4,671.3

2378
4,679.7

4,734.5 '4,751.8

4,755.1

r

7164
5404
6397
8569
5270
2652

7130
5358
6392
r
8582
530.0
2662
r

472
3557

396
3542

r

4,724.7

r

r
7.2
127.6
6832
r
7442
r

r

r

r

722.0
7181 r719.5
r
4,016 4 r4,032.4 4,033.1
r
3 850 3 '3 891 5 3 887 2
'3,782.1 3,777.9
'3,740.8
r
455.8
4528 r467.8
1 215 4 1 215 8 1 210 6
'2 072 6 '2 098 6 2111 5
r

1022

1078

107 5

107 3

107 6

107 5

107 8

108 0

107 9

1080

108 4

1090

1087

1085

1084

1083

14
1718

9
1801

9
209 0

4
196 5

4
207 2

4
181 5

13
165 0

13
1502

10
152 5

10
166 1

10
1661

10
1409

1.0
1459

46

51

52

50

42

39

39

42

10
1839
45

10
185 4

46

13
1842
45

41

37

2 896 8

2 ggg 3

48

44
r

28568 '2 866 3 2 862 0

28690

28935

29087

2901 0

2 9004

2 907 1 2910 6

2,656.8
4280
9199
13090

26816 26729
4291
4274
911 1
9133
1343 1 13305

26753
4286
9099
13369

26674
4216
9092
1 336 6

r
4 2,680.9
26936 26950 26965 26988 26756 26723 26728 r2 645 4 '2 660 7 2,688
3 r4125
424 i
4034
'391 2 1-400
4105
4158
430 1
4205
434 0
430 5
r
896.2
8982 r9015
8907
8965
9034
9145
9038
911 6
9209
9168
1 349 1 1 347 7 1 351 5 1 353 2 1 351 3 1 353 1 13658 1 363 51 362 2 1 374 4 1 381 2

2 863 7

2869 9

2883 5 '28558

129.9

136.4

134.6

134.8

135.3

135.6

136.0

136.9

138.0

139.1

139.4

139.5

140.3

140.6

140.7

140.9

108.1

109.2

108.6

107.6

107.7

111.9

108.9

112.7

113.5

111.3

107.7

105.3

105.1

106.2

104.5

"103.8

1005
1070
1089
1109
1064

1026
1080
1099
1116
1078

102 1
1097
1092
1126
1049

1024
101 5
1087
111 0
1057

1005
939
1096
1124
106 1

101 1
1037
1136
115 8
1109

100 1
108 8
1098
110 3
109 1

101 6
108 9
1140
114 4
1136

103 1
106 2
1151
116 1
113 9

103 7
96 9
1133
114 6
111 7

1060
1012
1085
1098
1069

1047
1166
1044
105 6
1028

103 1 1050
129 5 1226
103 1 1048
1045 1060
101 2 1034

103 1
1102
104 1
1051
1027

P1004
P101 2
p
104.4
P1053
"1032

108 1

1092

1089

1088

1094

110 1

1104

110 5

1106

1099

1083

1072

1066

1057

1050

P

1086
109 1
106.7

110 1
1108
107.3

iio i

1098
1104
107.2

1105
111 2
107.4

1109
1117
107.8

110 9
1117
107.5

110 9
111 9
107.8

111 4
1126
108.7

111 0
1123
108.6

1093
1102
106.5

1084
1092
105.7

1078
109 1
105.6

1070
1084
105.0

1065
•"1082
105.0

P

1107
107.5

105 1

1066
P1084
"105.4

See footnotes at end of tables.




S-l

SURVEY OF CURRENT BUSINESS

S-2
Unless otherwise stated in footnotes
below, data through 1988 and
methodological notes are as shown in
BUSINESS STATISTICS, 1961-88

.fa
TT
Linu8

1990

1989

May 1991
1991

1990

Annual
Apr.

Mar.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

GENERAL BUSINESS INDICATORS—Continued
INDUSTRIAL PRODUCTION <>—Continued
Seasonally Adjusted— Continued
By market groups—Continued
Final products—Continued
Consumer goods—Continued
Durable
1987-100...
Automotive products
do ....
Autos and trucks
do ....
Other durable goods
do ....
Nondurable
do
Foods and tobacco
do ....
Clothing
....do...
Chemical products
do....
Paper products
do....
Energy products
.do ....
Equipment, total
do ....
Business equipment
do ....
Information processing
and related
do ....
Office and computing
machines
do ...,
Industrial
do
Transit
do ....
Autos and trucks
do ....
Defense and space equipment
do....
Oil and gas well drilling
do ....
Manufactured homes
do....
Intermediate products
do ....
Construction supplies
do ....
Business supplies
.do ....
Materials
do ....
Durable
do ....
Nondurable
do....
Energy
do
By industry groups:
Mining
do
Metal mining
do....
Coal
do ....
Oil and gas extraction #
do ....
Crude oil
. do
Natural gas
do
Stone and earth minerals
do ...,
Utilities
do
Electric
.. .
do
Gas
. do .
Manufacturing
do ....
Durable
do ....
Lumber and products
do ....
Furniture and fixtures
do
Clay, glass, and stone products
do ....
Primary metals
. ....do . .
Iron and steel
do ....
Nonferrous
do
Fabricated metal products
do ....
Nonelectrical machinery
do ....
Electrical machinery
do ....
Transportation equipment
do ....
Motor vehicles and parts
do ....
Instruments
do...
Nondurable. .
do
Foods
do
Tobacco products
do ...
Textile mill products
.do ..
Apparel products
do
Paper and products
do .
Printing and publishing
do ...
Chemicals and products
do...
Petroleum products
do ...
Rubber and plastics products
do ...
Leather and products
do...
BUSINESS SALES
Mfg. and trade sales (unadj.), total
Mfg. and trade sales (seas, adj.),
total

mil. $
1

110.8
109.3
107.7
112.0
106.6
105.8
97.0
111.0
116.4
103.1
114.9
122.2

107.3
102.4
95.8
111.2
107.1
105.6
96.0
113.5
118.1
104.1
114.7
121.6

109.3
107.0
105.6
111.1
106.9
105.2
96.4
113.0
118.6
104.1
116.2
123.5

112.1
112.2
112.9
112.0
106.6
104.4
95.7
112.8
118.3
105.3
116.8
124.4

108.3
106.7
104.8
109.5
107.3
105.1
95.6
112.4
120.3
106.7
117.2
125.0

107.4
104.6
101.5
109.6
107.9
105.7
94.6
114.3
119.3
109.0
117.2
125.4

110.4
111.8
113.0
109.3
108.2
105.3
95.3
115.1
121.9
108.0
117.8
126.4

106.9
107.1
107.5
106.8
109.1
106.7
94.2
115.9
123.4
108.8
117.0
125.4

99.4
93.5
84.2
104.1
108.5
107.8
91.7
113.5
122.8
106.4
115.1
122.9

96.0
86.7
74.6
103.4
108.4
107.5
92.1
113.5
122.7
106.6
113.6
121.2

90.6
79.6
103.2
107.8
106.3
r
90.6
114.7
122.1
106.5
113.6
121.6

88.4
75.2
101.2
107.5
106.1
'90.7
115.2
120.8
105.8
112.8
120.5

'96.2
'89.6
'77.3
101.5
107.4
105.8
'90.1
115.0
120.8
107.0
112.4
120.2

"99.1
"94.8
"85.6
"102.5
"107.2
"105.6
"89.8
"115.6
"120.0
"105.9
"112.3
"120.5

121.7

127.2

126.0

126.4

126.6

126.3

128.0

128.5

129.5

130.1

128.8

127.5

130.1

131.4

131.5

"131.jP

137.2
1138
123.8
103.9
97.4
93.7
92.3
106.8
106.1
107.3
107.4
111.6
105.3
1013

149.6
1152
130.0
96.7
97.3
109.3
90.6
107.7
105.2
109.4
107.8
111.8
106.0
1021

147.2
113.9
130.6
104.5
97.5
106.0
92.9
108.2
107.3
108.9
107.1
110.9
105.2
102.0

149.3
1142
126.2
95.2
97.3
114.3
89.7
108.0
106.4
109.1
107.3
110.9
106.1
101.8

148.9
115.8
132.5
105.7
97.6
118.6
91.3
108.3
105.5
110.2
107.7
112.5
105.2
101.1

150.6
116.0
137.4
112.2
97.6
119.5
92.8
108.3
106.0
109.8
108.8
113.8
106.1
102.1

152.7
117.2
135.5
103.1
97.8
116.2
90.0
108.4
106.7
109.5
109.6
114.0
107.8
103.3

152.2
117.9
135.4
101.5
97.7
106.9
93.4
107.9
105.3
109.7
109.7
114.9
106.8
103.0

153.6
117.4
140.5
111.0
97.3
107.4
91.8
107.4
103.8
109.9
109.4
114.1
106.9
103.0

155.3
115.4
137.5
106.5
97.3
107.1
89.0
107.0
103.1
109.7
108.3
112.5
106.5
102.3

149.8
115.3
126.3
83.9
96.2
109.7
87.3
106.2
101.8
109.2
106.8
110.4
105.6
101.6

148.9
112.3
123.4
75.3
95.8
107.3
83.4
106.0
101.0
109.4
105.3
107.5
104.9
102.0

155.0
111.5
124.0
79.8
94.4
i06.4
83.1
103.8
'97.7
108.1
104.8
106.8
104.9
101.1

157.1
109.1
121.1
'75.6
'94.5
108.2
77.3
102.5
96.3
106.8
103.8
105.4
103.6
101.2

156.1
108.6
120.6
77.3
93.8
107.7
'79.3
101.0
'93.9
105.9
102.8
103.7
102.9
101.2

"157.5
"107.6
"124.2
"85.0
"92.7
"105.1
"81.5
"100.7
"94.3
"105.2
"102.8
"104.1
"102.7
"100.7

1005
141.4
105.7
95.5
914
1027
113.9
1070
1081
1030
108.9
110.9
103.1
1053
1080
1092
1093
1090
107.2
121.8
1095
107.2
104.9
1164
1064
1055
99.6
101 9
1043
1032
108.5
1085
106.1
108.9
103.7

1025
152.8
113.4
95.5
87.5
1046
119.3
1080
1108
977
109.9
111.6
101.1:
1059
1058
1082
109.7
1061
105.8
126.5
111.4
105.5
96.8
116.9
1078
107 6
98.7
100.7
988
1054
112.0
110.1
108.3
110.2
99.9

1011
141.4
112.9
94.6
88.7
101 1
116.5
1062
1097
933
109.8
111.9
105.0
105 9
1077
1054
106.1
1043
105.5
125.2
112.3
107.9
103.5
1157
1072
107 1
100.0
99.8
998
1028
111.4
109.5
109.1
109.8
103.3

1029
152.7
114.2
95.7
87.8
1045
120.2
1067
1097
95.5
109.5
111.1
103.3
1076
1051
1064
106.7
1059
105.0
125.7
111.3
105.1
95.8
1158
1075
1070
98.8
100.9
987
1053
112.0
110.3
106.8
109.0
102.6

102.2
148.7
110.0
96.0
86.5
1063
119.9
107.1
110.3
95.2
110.3
112.6
101.7
1080
1064
1062
105.5
107 1
107.1
126.9
112.4
109.0
104.0
116.5
1074
1068
97.2
102.7
992
104.0
112.8
109.2
104.6
110.9
103.5

102.2
156.7
113.5
94.6
83.8
1064
121.1
1097
1131
97.4
110.8
113.4
102.0
1087
1061
1095
110.3
1083
106.7
127.5
112.8
111.0
108.0
115.0
1076
1061
95.6
103.6
993
104.2
112.0
110.3
106.5
112.8
102.0

104.0
164.8
118.5
95.5
86.1
1071
121.8
109.7
112.1
100.7
111.1
113.4
103.6
108.0
106.0
110.3
110.6
1098
107.7
128.3
112.2
109.3
102.7
116.9
1081
1071
98.5
102.9
992
107.8
111.4
110.4
110.5
110.9
102.5

102.4
155.7
110.2
95.8
87.6
1054
120.1
111.4
113.6
103.3
111.1
113.5
100.5
106.7
106.6
114.6
118.3
1094
107.9
128.8
112.5
107.9
101.0
117.5
1081
1077
96.3
100.4
98.8
106.5
110.9
111.1
110.2
112.0
99.6

103.9
163.6
116.8
95.8
86.8
105.7
121.7
110.3
112.9
100.9
111.2
113.8
100.3
106.9
104.5
111.6
113.9
108.4
106.8
128.5
112.5
111.1
107.5
118.4
108.0
107.6
96.4
100.7
98.4
107.5
111.6
110.9
109.3
110.3
100.3

102.6
146.8
114.7
95.8
87.5
104.8
118.0
109.2
112.1
98.1
110.7
112.5
98.2
104.4
104.4
108.6
110.3
106.2
106.4
128.1
110.8
109.2
103.8
118.1
108.4
108.8
97.8
101.2
97.2
106.8
112.9
110.7
108.6
110.6
95.3

103.3
153.4
112.9
97.3
89.0
106.5
113.5
106.9
109.6
97.0
108.9
109.9
95.5
102.3
103.8
109.1
112.6
104.1
104.3
126.3
110.4
100.1
85.8
118.1
107.7
109.6
99.0
97.4
95.5
105.1
112.4
110.0
107.8
109.6
89.9

103.4
162.0
110.6
96.7
90.5
103.4
118.9
108.8
111.8
97.6
107.5
107.5
93.5
102.0
100.7
104.2
107.3
99.8
101.9
124.7
108.7
96.6
78.5
117.3
107.4
109.]
101.1
96.1
94.9
105.4
112.8
109.9
105.6
106.9
92.6

101.7
143.1
108.4
'96.0
'89.9
101.8
119.2
107.6
110.4
'97.5
107.0
107.2
r
94.2
'99.0
97.2
-•99.7
r
99.0

102.9 .
148.0
112.8
'97.2
'89.0
106.4
112.6
105.2
108.0
'94.7
106.0
106.0
r
91.2
96.0
r
98.5
'99.4
97.9
101.5
'98.6
124.5
108.2
'95.6
79.8
119.1
106.0
108.0
99.4
'94.3
93.5
102.2
110.7
109.3
108.5
105.5
'88.6

102.1
147.0
109.9
97.3
89.2
106.1
108.2
106.0
108.9
'95.5
105.1
104.9
'90.8
'95.7
'95.2
'94.7
'92.5
97.7
'97.0
123.2
108.4
'95.0
'80.0
118.1
105.4
107.9
'98.7
'94.7
'92.5
100.7
109.7
108.6
109.3
104.9
'87.8

"101.0
"146.6
"106.7
"96.6

6,310,071 6,515,005

558,887

531,298

556,157

565,762

515,266

565,322

554,011 573,259

549,639

556,219

485,259 '491,129

533,188

550,660 555,145 546,714
247 916 251 953 245 827
125 783 127 692 122,693
122 133 124 261 123 134
152,512 152,191 152,711

534,361
236 575
118,578
117 997
149,750

527,074
234,548
117,648
116 900
147,803

'527,915
'233,215
117,432
'115 783
151,092

522,628
228,773
114,039
114,734
151,662

96,906 '97,857
144,723 '143,608
69,094 '69,022
75,629 '74,586

97,718
142,193
68,883
73,310

'462.4
'215.3
123.1
124.0

459.8
212.9
123.8
123.1

1

1

Durable goods industries
Retail trade, total
Durable goods stores
Nondurable goods stores
Merchant wholesalers total
Nondurable goods establishments
Mfg. and trade sales in constant (1982)
dollars (seas, adj.), total
Manufacturing
Retail trade
Merchant wholesalers
See footnotes at end of tables.




bil. $
do
..do.
.do..

r
95.6
r

106.1
102.2
97.2
109.3
1076
105.9
95.7
113.2
119.6
105.9
115.5
123.0

6 310 071 6 515 005 '540 938
2 840 264 1 2 917 465 241 975
do
1 494 388 1 504 650 126 769
1 345 876 1 412 815 115 206
do .. 1 1,741,748 1 1,807,219 r!49,850
do .... 652,184
654,757 r55,099
.do .. 1,089,564 1,152,462 '94,751
do 1 1 728 0591 1 790 321149 113
842 065 876 182 '74 320
do
885 994 914 139 '74 793
do

r
97.6
r

1079
106.9
105.7
108.8
1064
104.2
1016
109.5
114.3
106.7
112.3
119.1

486.6
2276
126.6
132.5

r

535 264
238663
123 885
114 778
148,956
r
54,430
'94,526
147 645
73 108
74537

540 991
243 214
127 891
115 323
148,759
54,342
94,417
149 018
74282
74736

544 850
244 602
129 167
115 435
150,143
54,219
95,924
150 105
74 511
75594

542 516
242754
126 531
116 223
150,745
54,754
95,99
149 017
73824
75 193

554 935
251 502
130 441
121 061
151,135
53,851
97,284
152 298
74 246
78052

482.1
2246
125.5
132.0

486.5
228.1
125.2
133.

489.5
229.2
126.2
134.2

486.5
227.0
126.8
132.7

492.2
232.0
125.9
134.3

97,962
150,232
72807
77 425

97,771
151,001
71 584
79417

98,559
148,176
69 739
78437

97,348
148,036
71 045
76991

483.2
227.9
125.8
129.6

482.5
228.9
125.0
128.6

474.3
2229
124.7
126.6

464.6
216.1
122.3
126.3

100.6
101.7
125.5
107.6
'97.6
83.0
119.0
106.8
108.3
100.0
r
94.0
92.J
104.2
112.1
110.1
104.7
108.8
89.6

460.5
215.7
120.5
124.3

CO Q A A

"107.2
"106.0
"108.8
"95.4
"105.4
"105.5
"91.2
"96.9
"95.0
"93.9
"90.5
"98.8
"98.1
"122.6
"108.3
"97.7
"86.2
"118.8
"105.2
"107.6
"97.3
"96.0
"92.6
"101.4
"109.3
"108.3
"106.7
"104.8
"86.3

Unless otherwise stated in footnotes
below, data through 1988 and
methodological notes are as shown in
BUSINESS STATISTICS, 1961-88

S-3

SURVEY OF CURRENT BUSINESS

May 1991
Annual

IT ..
Lnit8

1989

1991

1990
1990

Mar.

Apr.

July

June

May

Sept.

Aug.

Oct.

Nov.

Jan.

Dec.

Apr.

Mar.

Feb.

GENERAL BUSINESS INDICATORS—Continued
BUSINESS INVENTORIES
Mfg. and trade inventories, book value
(non-LIFO basis), end of period,
(unadjusted) total ..
Mfg. and trade inventories, book value
(non-LIFO basis), end of period,
(seas, adj.), total
Manufacturing, total
Durable goods industries
Nondurable goods industries
Retail trade total
..

823 540

843 061

847 768

815348

824 829 r827 742

822,091

812,457 818,951
386 235 384 373 387,104
254 564 252 877 254 521
131 671 131 496 132 583
237 711 237 445 239 657
118 485 118 830 120 165
119*226 118 615 119 492
192,479 190,639 192,190
126 337 125 405 126 204
65986
65234
66 142

823,468
387,986

827,145
390,992

830,414
391,460

832,464
392,370

826,941
388,811

831,445 r828,201
388,381 r388,459
252 170 r252 256

821,626
386,276
250,474
135,802
237,782

6969
333.4

700.4
335.2

699.2
334.2

698.2
334.3

697.8

698.0
332.6

692.7
329.7

1948
1687

1955
1696

1953
1696

1950
1689

1957
1693

1951
1703

1927
1703

815 348

811 991

816 598

818 312

mil. $..
.do
do
do
do

810,257
383,825

826,941 r810,830
388,811 384 947

812,075

816,425

253 261
130 564
238 159
120 663
117 496
188,273
123 436
64 837

252 836 252 994
135 975 131 953
242 563 236 303
120 629 118 354
121 934 117 949
195,567 ••189,580
128 619 125 092
66 948 r64 488

385 652
254 328
131 324
235 914
117 589
118 325
190,509
125 222
65 287

6953
3340

6973
334.5

7000
334.9

1929
1684

1932
1696

1946
1706

BUSINESS INVENTORY-SALES RATIOS
Manufacturing and trade total
ratio
Manufacturing total
do
Durable goods industries
do
Materials and supplies
....
do
Work in process
do
Finished goods
do
Nondurable goods industries
do ....
Materials and supplies
do
Work in process
do
Finished goods .
do
Retail trade, total
do
Durable goods stores
do
Nondurable goods stores
do ....
Merchant wholesalers, total
do....
Durable goods establishments
do
Nondurable goods establishments
do
Manufacturing and trade hi constant (1982)
dollars, total
do ....
Manufacturing
do
Retail trade
.
do
Merchant wholesalers
do
MANUFACTURERS' SHIPMENTS,
INVENTORIES, AND ORDERS t
Shipments (not seas adj ) total
mil $ 2 840 264 2 917 465
Durable goods industries, total
do .... 1,494,388 1,504,650
Stone, clay and glass products
do
62897
63 763
Primary metals
do
153 021
144 185
Blast furnaces, steel mills
do ....
58,921
62,740
Fabricated metal products
do ....
180,579
188,115;
Industrial machinery and
equipment
do
260 805
263 573
Electronic and other electrical
equipment
do
195 225 200 430
Transportation equipment
do
377 319
372 436
Motor vehicles and parts
do
233 203 226 050
Instruments and related products
do
120 219
118 000
Nondurable goods industries total
do
1 345876 1 412 815
Food and kindred products
do
379 543
397 090
Tobacco products
do
26 003
28 161
Textile mill products
do
68366
63 535
Paper and allied products
do
128 287
128 761
Chemicals and allied products
do
285 612
275*187
Petroleum and coal products
do
179 357
146 310
Rubber and plastics products
do ....
94*357
91 657
Shipments (seas, adj.), total
do
By industry group:
Durable goods industries, total #
do
Stone, clay, and glass products
.do ....
Primary metals
do
Blast furnaces steel mills
do
Fabricated metal products
do
Industrial machinery and
equipment
•.
do
Electronic and other electrical
equipment
.do
Transportation equipment
do ....
Motor vehicles and parts. ...
do
Instruments and related
products
.
do
Nondurable goods industries total # do
Food and kindred products
do ....
Tobacco products
do
Textile mill products
do
Paper and allied products ..
do
Chemicals and allied products
do
Petroleum and coal products
do
Rubber and plastics products
do ....




816 675

798 787

Nondurable goods stores
do
Merchant wholesalers, total
do ....
Durable goods establishments
do
Nondurable goods establishments
do
Mfg. and trade inventories in constant (1982)
dollars, end of period(seas. adj.),total
bil. $..
Manufacturing
do....
Retail trade
do
Merchant wholesalers
do

See footnotes at end of tables.

814 755

mil $

1 50
1 59

1 52
1 62

200
55
95
49

205
57
98
50

1.15

1.14

42
19
53
158
r
215

124
127

809 332

149

1 51

196
54
93
48

1 57

159
201
56
96
.49

148
154
195
.54
.93
.48

150
158
203
.56
.97
.50

155
200
55
95
.49

1.14

1.14

1.14

1.10

1.11

40
19
51
1.61
2.29
1.23
1.26

40
19
52
159

40
19
51
161

42
19
53
158
216
125

42
19
53
160
218
126

42
19
53
158
219
124

1.29

1.29
1 70

1.27
1 68

89

86

171
88

42
19
53
159
219
1.24
1.29

86

171
88

143
147

145
149

144
147

142
146

144
148

1 52

1 54

1 55

1 54

1 54

254 349
136,345
5420
12646
5,248
16,952

126

128

238 966 245 007
124,831 129,954
5487
5475
12 201
12 319
5,096
5,069
16,713
15,786

260 400
140,143
5812
12748
5,272
17,062

220 930
110,644
5070
11 394
4,620
14,354

25079

18 724

129

255 113 256 387 252 836
136 347 135 983 135 975
244 901 244,550 242,563
124 048 122 947 120 629
120 853 121*603 121*934
194,053 195,544 195,567
127 235 127971 128 619
66 948
67573
66818

199
55
95
49

1 51
1 59

1 68

127

254 721 255 278
133 265 135 714
242 893 243 217
123 271 123 559
119*622 119 658
192,589 192,936
127 375 127 614
65322
65214

128

1 50

152
160
209
58
1.00

136 211 136 203
241,179
121 217 119 239 116 338
122 854 121 940 121 444
198,993 198,563 197,568
131 331 1r31 254 130,793
66,775
67 662 67 309

244,071

r

r

695.5
r
329.5
192 5
1735

r

693.4
330.4

688.5
329.2

1897
1733

186.8
172.5

155
164

158
166

157
167

2.13

2.14

2.15
r
.60
1.01

.60
1.00

.61

1.01

157
1.69
2.20

.62

1.04

.51

.53

.53

.53

.54

1.10

1.10

1.15

1.17

1.18

1.18

42
19
54

43
19
.55

2.28
1.24
1.29

2.27
1.23
1.32

1.62
2.30
1.25
1.32

1.65
2.38
1.27
1.37

1.60

2.27
1.22
1.28

183
86

181
87

190
89

1.25
1.38
1.90
r
.90

1.57
2.16
1.24
1.39
1.90

1.42

1.45

1.45

1.47

1.49

1.51

1.50

1.50

144
155
126

147

153
160
140

153
154

155

172
84

175
84

1 55

178
84
145
1 57

130

132

248 339 262 422
125,921 133,787
5575
5 545
12409
12295
4,958
4,942
16,626
15,665

259 185

23989

21991

131,632
5535

12 743
5,213
16,578

41
19
51
160

149
1 56

134

153
158
135

244 210 234 271
121,237 119,684
4197
4 985
10578
11 447
4,198
4,720
14,304
14,901

.43
19
.55

r

2.24

1.40

.43
.19
.56

.91

1.51
1.40

214 255 r231 617 239 206
104,622 116,914 121,911
r
4,398
4,290
4033
10,663
10,617 10,728
r
4,115
4,299
4,499
15,373
13,350 14,819
r

20,308

23,152

23 834

17,830

18 015
37 276
23033
10 740
120 257
34 493
2*557
5*822
11 156
24*736
13 039
8*305
244 602

17 135
16925
17 151
18 134
16 695
14 965
29 803 28 476
34345
33 416
32458
25473
11784
17 212
22 197
19 682
14133 20 110
10810
10 305
10246
9 703 10*620
9 137
110 286 122 418 128 635 127 553 122 973 114 587
33511 33005
33411 35229 34 679
31872
2346
3 179
2393
2744
1726
2468
4655
5293
5510
5*603
5494
4 447
10093
10 473
10904
11 041
10982
10 542
23031
23929
24260
25*487
24 493
22049
18201 16 080
19604
18752
16683
13 035
6684
7215
8051
7426
8335
7867
242 754 251 502 247 916 251 953 245 827 236,575

14758
25107
15467

127 891
5334
11948
4 896
16 041

129 167
5373
12066
4 945
15 918

126531
5349

130441
5288
12307
5036
15879

125 783
5206
12118
4953
15876

127 692
5122
12352
5108
15854

122 693
4,983
11 754
4913
15309

118,578
4,832

12 360
5 005
15804

21 691

21 722

21 901

21 207

22 042

21 798

22433

22235

21,876

21,006

r

20,897

20,683

16 553
32,046
19925

16372
30989

16673
34773

21 687

16838
32626
20079

16 791
35,512
22280

16 536
32,118
18 994

17 026
32,674
20 111

16 869
29,439
16889

16,550
26,751

18 918

17023
32908
20647

16,599
28,106
16070

16,517
r
28,912
15,726

16,492
27,200
14,884

9875
115 206
33*023
2207
5465
10 778
23 169
12972
7,877

9907
114 778
32503
2571
5384
10 622
23406
12750
7,537

10 290
115 323
33 082
2357
5*434
10794
23486
12920
7,324

9920
115 435
33*171
2083
5*357
10685
23 624
12811
7,643

9986
116 223
33055
2431
5172
10901
23 700
12878
7,990

10 038
121 061
33,437
2591
5245
10884
24724
16,251
7,880

9 920
122 133
33,258
2440
5 123
10 856
24 643
18 Oil
7,809

10206
124 261
33,680
2532
5 166
10768
24816
19240
7,976

10217
123 134
33718
2792
5188
10758
24 974
17948
7,588

r
9797
9845
9803
783
117 997 116 900 115
r
32,111 32,917
33,660
r
2465
2286
1 844
r
4878
4889
4995
10216 10,218
10467
24,195 r23,816
23,902
15,464 14,099
15,874
••7,395
7,476
7,384

9,495
114 734
33,360
2462
4,926
10,027
23,149
13,433
7,317

25 339

21 425

21 507

17 549
15 846
31 978
35 048
20260
21 776
10605
9407
118 004 114 135
31 915
33639
2222
2617
5297
5759
10 614
11 054
24 252
24 548
12 442
12 687
8 146
7767
241 975 238 663

16 621
34 540
22*523
10 120
115 053
33 350
2663
5392
10 708
23 506
12 995
7616
243 214

126 769
5337
12022
4963
15821

123 885
5271
11 953
4 828
15449

22664

20532

21047

11 485
4568
15,606

- 13 515

8,714
109 633
29912
1548
4267
10030
23701
14935
6,953
234,548

17424
16 459
r
29318
29 488
16,089
17,002
r
10,194
9,462
114
703 117 295
r
32 651 34 142
2,944
1826
r
5,198
4,831
10264
10 334
r
24415
24 205
12823
13
261
r
7,529
7,482
r
233,215 228,773

117,648 117,432
r
4,544
4,610
11,140 10,620
r
4281
4623
14,846 14,616

114,039
4,374
10,191
3897
14,462

S-4
Unless otherwise stated in footnotes
below, data through 1988 and
methodological notes are as shown in
BUSINESS STATISTICS, 1961-88

SURVEY OF CURRENT BUSINESS
Annual

,T ..
Lmts
1989

May 1991
1991

1990
Mar.

1990

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

55652
38,105
7090

Feb.

Mar.

GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' SHIPMENTS,
INVENTORIES, AND ORDERS— Continued t
Shipments (seas, adj.)— Continued
By market category:
1 173 136 1 170 871
Home goods and apparel
mil $
14198
1
Consumer staples ..
do
54368
617 547 1 670 558
Machinery and equipment.
do.... 1 458,113 1 472,748
39,284
1
Automotive equipment
do
113 294
9176
Construction materials and supplies ....do... . 1 175,948 1 170 750 14574
Other materials, supplies, and
1
1
intermediate products
do
983 829 82164
974 969
Supplementary series:
1
Household durables
. do
6529
76 973 1 77 561
1
Capital goods industries
do
40733
471,469 '491 594
1
Nondefense
do
31838
364 922 1 384 663
1 106 547 1 106 931
Defense ...
do
8895
Inventories, end of year or month:
Book value (non-LIFO basis),
(unadjusted), total
do .
382135 385 737
377,201
Durable goods industries, total
do ....
247,615 253,857
248,011
129 190
Nondurable goods industries total
do
134 520 131 880
Book value (non-LIFO basis),
(seasonally adjusted), total
do
383,825
388 811 384 947
By industry group:
Durable goods industries,
total #
do
253 261 252 836 252 994
Stone, clay, and glass products
do....
7,713
8,157
7,780
Primary metals
do
22297
23651
22663
Blast furnaces, steel mills
do....
10928
11658
10,948
24,879
24,585
Fabricated metal products
do ....
24,600
Industrial machinery and
equipment
do
48315
47 724
48557
Electronic and other electrical
equipment
do
31065
30067
31,130
Transportation equipment
do ....
73,424
72,427
72,576
Motor vehicles and parts
do ....
12,159
11,919
13,039
Instruments and related
products
do
25341
24273
24998
By stage of fabrication:
70282
71,295
Materials and supplies
do .
71191
Work in process
do....
119,169 120,881
120,890
Finished goods
do....
61,831
62,476
61,076
Nondurable goods industries,
total #
do .
130,564
135 975 131 953
Food and kindred products
do....
27137
27784
26,880
Tobacco products
do ....
5,341
5,375
5,094
Textile mill products
do
8846
9095
8999
Paper and allied products
do
13 165
13362
12962
Chemicals and allied products . do.
30*858
32366
31098
Petroleum and coal products
do ....
11 529
13175
10688
Rubber
and
plastics
products
do
11223
11995
11430
By stage of fabrication:
Materials and supplies
do ....
48731
49710
48,456
Work in process
do....
22906
22,424
22360
Finished goods
do
60862
63359
59684
By market category:
Home goods and apparel
do ..
28080
28411
26567
Consumer staples
do
51075
52 175
54407
Machinery and equip
do ....
87135
87,474
87*001
Automotive equipment
do
6407
6698
6373
Construction materials and supplies., do
23957
23508
23488
Other materials, supplies, and
intermediate products
do ....
128,055
131 364 127 424
Supplementary series:
Household durables
do ...
13622
12901
13,548
Capital goods industries
do
124 243
121 951 124 072
Nondefense
do ....
83,334
84,141
83,523
Defense
do
40 102
40549
38617
1
New orders, net (unadj ) total
do
2 889 0921 2 923 715 260 668
1
Durable goods industries, total
do
1 543 806
141
963
'1
511501
Nondurable goods industries, total
do .... 1 1,345,286 1 1412 214 118 705
New orders, net (seas, adj.), total
do .... 1 2,889,092 1 2,923,715 246,422
By industry group:
Durable goods industries, total
do .... '1,543,806 1 1,511,501 131,030
Primary metals
do .... 1 149,818 '143,388
12,469
1
1
Blast furnaces, steel mills
do ....
5,014
60,458
58,201
Nonferrous and other pri1
mary metals
do
6293
77 325 '73 379
Fabricated metal products
do .... 1 177,552 '187,049
15,831
Industrial machinery and
equipment.....
do 1 262 898 '261443
22101
Electronic and other electrical
equipment
do 1 197 269 '201 261 16242
Transportation equipment
do .... 1 421,986 '393,599
36,868
1 162 805 ' 145 798 15357
Aircraft, missiles, and parts
do
Nondurable goods industries, total
do.... ' 1,345,286 '1,412,214 115,392
Industries
with
unfilled
1
orders $
do
29666
342 006 '351 172
Industries without unfilled
orders Q
do . 1 1,003 280 ' 1 061 042 85726
By market category:
1
Home goods and apparel
do
173 304 ' 171 099 14029
Consumer staples
.do
'617 551 '670419
54376
Machinery and equipment
do ... 1 506 138 '495,458
43,787
Automotive equipment
do .... 1 113,102 '103,683
9,138
1
Construction materials and supplies
do
14,490
174,531 '170,287
Other materials, supplies, and
1
intermediate products
do
82333
975 289 '980655
Supplementary series:
1
6,434
'77,099
76,893
Capital goods industries
do .... 1 526,797 '501,797
45,030
1
Nondefense
do
417 797 '408380
36385
/ 109 000
Defense ...
do
' 93 417
8645

Bosses

See footnotes at end of tables.




14033
58092
39,991
8900
14020

14353
59575
40,874
9282
13888

14320
59319
39,250

14414

57544
40,690
9963
14367

13498

14444
56705
38,310
6426
13348

14240
54807
39,003
9056

14114

14 039

13 930
r
55 603
'38,199
r
7045
12 789

13882
55588
36,599
6,699
12,518

r

75782

14241

9431
14581

14366
54211
40,268
9622
14544

80623

82355

83009

82573

85267

83408

84 145

82098

78870

78608

6253
40163
31274
8889

6424
40588
31295
9293

6427
41433
32378
9055

6384
40270
31223
9047

6429

6449

6515

41 610
32478
9 132

41 091
32416
8675

41539
32632
8907

6513
41 142

6658
41523
32722

6383
39923

131 917

389 654 383 994
257 462 253034
132 192 130 960

388 114 389 637
255 373 255 977
132 741 133 660

388 993
253 780
135213

391 165
254,748
136 417

391 216
255,440
135 776

382 135
247 615
134 520

387 733 r390 570 386843
251 035 r253 719 251,184
136 698 136 851 135 659

385,652

386 235 384 373

387 104

387 986

390 992

391 460

392 370

388 811

388 381 r388 459

386276

254 328
7,759
22431
10947
24,840

254564
7,686
22435
10838
24,736

252 877
7,760
22723
10,873
24546

254521

254 721 255278 255 113
8,039
7,828
7,911
23301
23612
23584
11 313
11304
11145
24,904
24653
24759

256 387
8,078
23544
11388
24,863

252 836
8,157
23651
11658
24585

252 170 r252 256
r
8,243
8,223
23257 r23 216
11*400 11 368
24519 r24717

250 474
8,128
23252
11 423
24293

48556

48731

48078

48289

48294

48457

48409

48 499

47724

47977

'48 198

47973

31022
73,261

30939
73,676
12,314

30 750
72,969
12,161

30975
73,921

30720
73,511
12408

30607
73,228
12370

30584
74,818
12,750

30067
73,424
13,039

29947
73,486
13085

r

12710

30856
73,523
12408

29698
'73,551
13228

29,683
73,178
13,054
23573

13863
54284
38,512
8665

388,122
256,205

12185

14409
54671
39,120

7,761
22974

11006
24683

7 753

32099
9043

8801

12941

31721
8202

77 547
r

6242

6167

'40 711
r
32 213
'8 498

39,651

31219
8432

25306

25170

25008

24931

24987

24982

25119

24826

24273

23975

r

70390

70599

70637

70044

70268

70741

121 509
62,375

121 956
62721

122 352
62658

121 692
62680

71191
119,169
62,476

r

121 617
62,348

71041
122,487
62,859

71208

121 720
62,218

70107
120546
62,224

119 015 119 010
61,947 r62,266

131 324
27126
5,329
9 133
13 153
31057
11 157

131 671
27292
5,273
9134
13 194
31 129
11062

131 496
27359
5,333
9026
13245
31 082
10813

132 583
27533
5,330
9005
13303
31 339
11008

133 265
27696
5,438
9021
13192
31 253
11736

135 714
28055
5,396
9096
13225
31 557
13328

136347

28 186
5,332
9080
13241
31897
13370

135 983
28047
5,225
8933
13247
32172
13304

135975
27784
5,375
8846
13362
32366

136 211 136 203 135 802
28091 '28 137 28189
r
5,675
5,720
5,642
r
8718
8861
8892
13776
695
13547 13
r
32871
32 651 32 762
11527
12279 11 871

11092

11280

11265

11373

11363

11629

11952

11940

11995

12054

11 959

11781

48461
22308
60555

48405
22476
60790

48275

48654
22286

49003
22683

49407

61 579

23 149
63158

49 981
22950
63052

49710
22906
63359

50034
22426
63751

r

61 643

49845
23155
63347

49706
r
22,369
r
64128

49,673
21,996
64133

28091
52022
87392
6533
23475

28090
52*126
87*687
6562
23*384

27910

27 569
52 593
87290
6710
23501

27618

53 288
87044
6552
23721

27 592
54 640
87498
6513
24005

27 158
54772
87421
6526
24107

26841
54573
87,914
6604
24035

26567
54407
87,135
6698
23957

26280
'54 616
87,645
6660
23 865

r

52 124
86425
6450
23423

25,803
54501
87,764
6500

127 869

127 975

128 025

129 460

129 379

130 432

131 188

131 513

131 364

22 171
61 050

13175

23928
70980

26,180
54589
87,612
r
6677

r
r

r

70,174
118,660
61,640

23 922

23 663

131 625 131 474

130,560

12,492
12,807 12,758
12,901
13,158
124 938 121 951 121 856 121 907 121488
84,002
84,132 '83,908
83,334
84,212
37486
37724 r37 999
38617
40726
238277 237 406 217 443 '234 071 239239
115 896 123 043 107 749 119 158 121299
122 381 114,363 109,694 114,913 117,940
239,237 238,196 234,462 '233,132 226,604

13577
125 045
84,200
40845
240 112 245 028
126 021 130 142
114 091 114*886
240,333 245,318

13246
13464
123 620 124266
83,906
83,018
40360
40602
255 799 223 035
135 658 113 055
120 141 109 980
242,396 245,039

13254
13371 13362
124 218 124 322 123 975
83,770
83,885
83,486
40205
40437
40732
244 225 263 029 260 229
121 242 134 528 133 369
122 983 128 501 126 860
250,592 248,987 254,976

125,603
12,177
4,949

129,936
12,299
5,204

127,057
12,103
5,062

129,387
12,411

129,020
12,219

5,103

5,160

126,893
11,993
4,857

130,875
12,653
5,223

116,193
11,190
4,204

120,221
10,459
3,786

6232
15,524

6074
15,634

5998
15,848

6298
16,093

5890
15,577

6 186
16,503

6448
15,156

6078
14,879

5926
15,532

21284

21878

21427

22400

21065

22398

21904

21984

20 492

16446
32,662

16927
33233
10573
115,339

16496
34228
12965
115,652

17233
35222
10356
121,572

16084
32915

114,730

17368
34623
12054
115,382

122,094

17 363
36784
14556
124,101

15950
26903
9085
123,044

17622
31,788
15679
117,975

29541

29510

29289

28842

30176

29507

29 126

29336

28609

28322

'28463

28471

85189

85872

86 050

86810

91 396

92587

94975

93708

89366

88351

'87 122

86383

13903
54239
39017
8,722
14,329

14464
39603
9508
14,545

14451
54287
40587
9,531
14,530

14218
54803
42542
9,041
14,546

14372
57571
39580
9967
14,374

14417
58082
41828
8884
14,267

14263
59564
46170

14 241
56664
44 161
6,375
13,204

13428
55660
39949

13,813

14707
59310
38327
7692
13,140

12,830

'13 668
'55 599
'39 282
'7049
'12,655

55615
37108
6,668
12,596

82086

83569

81482

82398

85 556

83 127

83624

80380

77001

77745

'77 449

74 780

6,263
41,067
32556

6,355
41,843

6,529
40,232
32501

6,414
43,066
35274
7 792

6,405
40,106

6,563
42,164
34419

6,388
44,738
37223
7*515

6,752
35,928
30884

6,397
45,404
38560
6844

5,932
41,640
33957

'6,092
'41,678

6,075
38,531
32073
6458

13604
124731
83,881
40850

11336

8 511

54 612

31 890
9953

7 731

31 607
8*499

12 571

7 745

9251

5 044

117,789 117,547
'9,776
9,506
'3,839
3,555

5215

111,750
9,683

3,616

5271

15,196

'5134
14,278

14,185

21785

'19 899

19 936

'18 067 15619
28,268
'29,758
11235 '12 801 11892
116,673 115,585 114,854
16243
29*837

7121

7 683

'33 756

'7 922

13861

Apr.

SURVEY OF CURRENT BUSINESS

May 1991
Unless otherwise stated in footnotes
below, data through 1988 and
methodological notes are as shown in
BUSINESS STATISTICS, 1961-88

TT ..
unils

1989

8-5
1991

1990

Annual

1990

Mar.

May

Apr.

June

Aug.

July

Sep..

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' SHIPMENTS,
INVENTORIES, AND ORDERS-Continued tt
Unfilled orders, end of period (unadjusted),
total
mil $
Durable goods industries total
do
Nondurable goods industries with
unfilled orders $ .
do
Unfilled orders, end of period (seasonally
adjusted) total
mil $
By industry group:
Durable goods industries total #
do
Primary metals
do
Blast furnaces, steel mills
do
Nonferrous and other primary metals
. do
Industrial machinery and
equipment
Electronic and other electrical
equipment
Transportation equipment
Aircraft,
missiles, and
parts
Nondurable goods industries with
unfilled orders $
By market category:
Home goods and apparel
Consumer staples
Machinery and equipment
Automotive equipment
Other materials, supplies, and
intermediate products
Supplementary series:
Household durables
Capital goods industries
Nondefense
Defense

517 822 524 072
497 280 504 131
20542

19941

530 662
509 010
21 652

531 808
510 200
21 608

531 829
510 388

21441

527 228
505903
21 325

529 333
508 314
21 019

525 219
503 635

21584

525 826
504 376
21 450

526 870
506 113

20757

520 937
500 772

20165

524 072
504 131

19941

527 260 rr529 714
507 258 509 502
r

20002

20,212

20,857

r

527 195

525,127

526 797

528 901

526 695

528,980

528,070

529,141

532,164

525,574

527,195

527,109 527,026

524,857

499 494 506 375
23927 23 122
8578
9308

503 851
23961
9282

505 569
24 185
9403

507 614
24 536
9711

505 504
24573
9828

508 360
24624
9926

506 939
24 536
10050

508 049
24411
9954

511 232
24712
10069

504 732
24 148
9360

506 375
23122
8578

631
506 516 r506
21,488 r20,644
r
7,068
7,510

504,342
20,136
6,787
10,422
27 146

520 837

11930
28 477

11416
27 411

11793
28 401

11868
28 476

11855
28 069

11732
27 999

11,682
28 288

11,301
27 986

11,313
28 613

11,481
27 915

11,632
27 485

11,416
27 411

10,981
27761

10,621
r
27 423

do

59354

57 185

59258

58851

59007

58533

59726

58749

59349

58820

58 569

57185

57964

r

do.
do

48377
261 092

49,185
277 502

48,374
266 934

48448
268 607

48793 49047
270 322 268 782

do

223 248 241 418

229 557

230 756

232 474

do..

21,343

20,820

0 OOQ
O,O£O

231 898

48,705 49,147
270 384 270 094
234 180

233 255

21,131

56,966

56,219

48,695 49,032 48,113 49,185
270 891 275 001 272 465 277 502

48,829 r50,379
279233 r280 079

49,506
281 147

241 418

242,391 r243,762

245,338

234 746

21,092

238 744

237 129

r

20,395

20,820
8,586
1283
229,017
1,843
12550

7,692
7,714
7,975
1,315
1,287
1,291
230,861 r231,945 232,453
1,848
1,879
1,875
12382
12439 12 304

127640

125 773

124910 124 810

20,593

21,191

20,620

7,873
1330
214 527
2012
12742

7,851
1326
218 066
1,997
12874

8,493
8,110
1344
1353
216,955 218,792
1,985
2,001
12881 13 128

130 358

131 571

130 045

129 870

130 160

129 880

5199
397,741
235 195
162 546

5130
398,996
235,790
163 206

5,262
5232
397,795 400,591
235,913 239,964
161 882 160 627

5,238
399,087
239,093
159 994

5,203
5,464
5225
5,352
400,160 403,359 398,145 402,026
241,096 245,687 244,472 250,310
159 064 157 672 153 673 151716

56210
55000

57 208
53316

49588
51440

53 115
52074

42002
52334

53068
51824

45714
51422

r
50 394
r

52 060

51,222
49,110

688
545
686
545
399
296
692

678
533
701
549
380
282
750

668
522
779
570
361
277
688

665
537
809
576
357
275
773

654
525
725
556
362
275
717

663
533
726
542
368
279
771

1477

1479

1,494

1,493

799
716

800
716

1089

1 108

8,586
1283
1420
206 341 229 017
1843
2026
12550
13024

do

129 044

125 773

128 896

do
do....
do..
do

5750
391,696
226,633
165 063

5203
402,026
250,310
151 716

5189
396,837
233 913
162 924

676 565 r643 022

63755
56271

21 228

55720
54097

20,515

20,842

8,790
8,403
1324
1333
224 088 223,166
1894
1955
12694
13052

20,932

21,287

7,692
7,788
7,733
1254
1313
1358
213 220 213 725 214 208
2104
2027
1970
12756
12791
12703

21,276

do....
do
do
do

BUSINESS INCORPORATIONS @
New incorporations (50 States and Dist. Col.):
Unadjusted
number
Seasonally adjusted
do

529 747
508,890

129 359

123,811

r
4,510
4,602
4,752
403,743 rr404,710 403,590
252,546 254,089 254,943
151 197 150 621 148 647

INDUSTRIAL AND COMMERCIAL
FAILURES @
Failures, total
number
50361 60432
Commercial service
do.
13679
17673
Construction
do .
8,072
7120
Manufacturing and mining
do. .
4,284
5090
Retail trade
..
do
11 120
12825
Wholesale trade
do
4376
3687
Liabilities (current), total
mil $ 42 328 8 64 044 1
Commercial service
do
45763 72780
Construction...
do
28378 29052
Manufacturing and mining
do
36758 68297
Retail trade
do
27215 77159
Wholesale trade
do.
11875 28150
Failure annual rate
No. per 10,000 concerns..
75.0
65.0

COMMODITY PRICES
PRICES RECEIVED AND PAID BY
FARMERS t
Prices received, all farm products
1910-14=100..
Crops #
do
Commercial vegetables
do
Cotton
do
Feed grains and hay
do....
Food grains
do
Fruit
do
Tobacco
do
Livestock and products #
do
Dairy products
do ...
Meat animals
do
Poultry and eggs
do....
Prices paid:
Production items
do ....
All commodities and services, interest, taxes,
and wage rates (parity index) . 1910-14—100
Parity ratio §
,
do
CONSUMER PRICES
(U.S. Department of Labor Indexes)
Not Seasonally Adjusted
ALL ITEMS, WAGE EARNERS AND
CLERICAL WORKERS (CPI-W) ...1982-84=100 ..
ALL ITEMS, ALL URBAN CONSUMERS
(CPI-U)
1982-84-100..
Special group indexes:
All items less shelter
do....
All items less food
do....
All items less medical care
..do....
See footnotes at end of tables.




673
580
775
502
405
428
704

684
554
769
543
389
338
708

1 318

1 435

769
826
983
314

821
841
1 088
2,988

956

987

1 220

1 265

55

55

122.6

129.0

124.0
121.6
123.7
122.4

686
557
700
540
386
392
685

r

690

r
568
r
586
r
556
r
409
r
392
r

703
580
620
552
428
382
754

691
557
590
526
419
349
707

694
564
661
531
415
319
759

1432

1400

1430

721
1432

822
838

818
820

831
826

831
844

831
863

838
875

1088

1 120

1 113

1 107

1 112

1072

330

302

1 432

288

289

r

286

982

983

1 260

1 265

1 387

293

1480

831
868

821
807

800
783

789
728

1 090

1 105

1 074

1 074

307

294

278

1,305

52

131.9

129.9

130.4

131.6

132.7

133.5

127.3
129.4
1280

127.5
130.0
128.5

128.6
131.3
129.6

130.1
132.6
130.8

131.2
133.5
131.5

126.5
128.4
1271

797
691

51

126.7
128.7
1273

128.9

126.2
128.1
1269

1,113

1,012

1292

128.7

128.2
130.3
128.8

1,488

813
697
1122
310
r

1295

131.1

130.7

279

787
1,486

1,004

129.9

127.5

306

680
568
828
606
395
305
798

1 289

128.7

127.3

293

'681
r
554
r
828
r
578
r
385
r
294
r

1,009

128.3

127.1

290

52

55

55

1 468

661
529
707
573
374
282
728

132.8

133.0

133.3

134.6

134.8

135.0

135.2

132.1
134.3
132.4

132.2
134.6
132.6

132.2
134.8
132.7

132.6
134.9
133.0

132.2

132.8

133.8

133.8

X31.5
133.7
131.7

131.5
133.7
131.8

132.2

SURVEY OF CURRENT BUSINESS

S-6
Unless otherwise stated in footnotes
below, data through 1988 and
methodological notes are as shown in
BUSINESS STATISTICS, 1961-88

..
IT
vnn

*

1989

May 1991
1991

1990

Annual
1990

Apr.

Mar.

July

June

May

Sept.

Aug.

Nov.

Oct.

Feb.

Jan.

Dec.

Apr.

Mar.

COMMODITY PRICES-Continued
CONSUMER PRICES—Continued
(U.S. Department of Labor Indexes)— Continued
Not Seasonally Adjusted
All items (CPI-U)— Continued
Commodities
1982-84= 100 ..
Nondurables
do
Nondurables less food
do....
Durables
do
Commodities less food
do....
Services
do
Food #
do..
Food at home
do
Housing
do
Shelter #
do
Rent, residential
do
Homeowners' cost
12/82—100
Fuel and other utilities #
1982-84=100..
Fuel oil and other household
fuel commodities
do
Gas (piped) and electricity
do....
Household furnishings and operation
.
do
Apparel and upkeep
do
Transportation
do...
Private
do....
New cars
do ....
Used cars
do
Public
do
Medical care
..
.
do

116.7
1182
111.7
1122
112.0
1319
125.1
1242
1230
1328
1328
1373
107.8

122.8
1260
119.9
1134
117.4
139.2
132.4
1323
1285
1400
1384
1446
111.6

121.1
1238
116.5
1134
115.4
136.9
131.5
131 9
1268
1378
1365
142.2
109.9

121.4
1242
117.4
113.1
115.9
137.1
131.3
131 1
1268
138.0
137.0
142.5
109.4

121.4
1242
117.5
113.2
115.9
137.6
131.3
1309
1271
138.3
137.3
143.1
109.9

121.6
1246
117.6
112.9
115.8
138.8
132.0
1317
1283
1395
137.9
144.4
112.2

121.6
124.6
117.0
113.0
115.5
139.9
132.7
1325
129.2
141.1
138.7
145.4
111.3

122.8
126.3
119.9
112.9
117.2
140.9
132.9
1327
130.2
142.4
139.4
146.5
112.7

124.6
128.7
124.1
112.8
119.8
141.4
133.2
1329
130.5
142.3
140.0
147.0
114.0

126.1
130.4
126.8
113.6
121.8
141.7
133.6
1334
130.6
142.4
140.5
147.2
113.4

126.3
130.5
126.6
114.1
121.8
142.0
134.0
133.8
130.4
142.4
140.7
147.3
112.9

126.0
130.0
125.7
114.5
121.4
142.3
134.2
133.8
130.5
142.7
141.1
147.5
112.7

126.0
129.8
124.0
115.0
120.6
143.8
135.8
136.4
131.8
144.0
141.2
147.9
114.8

125.7
129.3
123.2
115.5
120.3
144.5
135.5
135.7
132.4
144.6
141.5
148.2
114.7

125.7
129.2
122.9
115.5
120.1
144.8
135.8
136.0
132.6
145.2
142.0
148.4
114.1

126.4
130.2
123.9
115.5
120.7
144.7
136.7
137.0
132.5
145.2
142.5
148.8
113.1

817
107.5

993
109.3

91 5
107.9

896
106.8

880
107.8

849
112.4

827
111.7

918
111.6

104.4
112.4

118.5
109.0

117.0
108.0

114.1
108.6

111,2
111.5

105.7
111.5

99.3
110.8

94.4
109.4

1112
1186
114.1
112.9
119.2
1204
1295
1493

1133
1241
120.5
118.8
121.0
1176
1426
1628

1128
125.4
116.8
115.1
121.3
1166
1391
1587

112.8
126.7
117.3
115.5
120.7
1162
140.3
159.8

113.2
125.5
117.7
115.9
120.7
116.9
140.9
160.8

113.1
123.3
118.2
116.4
120.3
1176
141.5
161.9

113.6
120.8
118.4
116.6
119.8
118.2
141.6
163.5

113.3
122.2
120.6
119.0
119.5
1183
141.9
165.0

113.8
126.S
123.0
121.4
119.0
118.3
144.0
165.8

114.2
128.4
125.8
124.2
120.5
118.1
146.6
167.1

113.8
127.5
126.9
125.1
122.1
117.2
150.3
168.4

113.7
125.3
127.2
125.1
123.5
117.1
154.4
169.2

114.1
123.8
125.5
123.2
124.6
116.1
155.4
171.0

115.6
126.2
123.7
121.2
125.3
115.1
156.2
172.5

115.7
128.8
122.3
119.9
125.4
114.4
153.3
173.7

115.9
130.1
122.2
120.2
125.3
115.0
147.1
174.4

Seasonally Adjusted i
All items, percent change from
previous month
Commodities
1982-84—100..
Commodities less food
do....
Food
do
Food at home
do
Apparel and upkeep
.
do
Transportation
do
Private
do
New cars
do ..
Services
do

.2

-.1

.2

121.0
115.5
131 3
1314
1240
117.3
115.8
120.6
137 0

121.0
115.5
1312
1308
123.9
117.6
116.0
120.6
1376

121.1
115.6
1312
1305
123.9
117.6
115.9
120.6
1379

121.6
116.0
1321
1317
124.1
118.1
116.4
120.6
1388

122.0
116.3
1328
132.4
124.4
118.4
116.7
120.5
1396

123.2
117.9
1332
132.9
124.8
120.7
119.2
120.9
1404

124.6
119.8
133.6
133.3
125.5
123.4
122.0
121.1
141 1

125.8
121.3
134.1
133.9
125.1
125.8
124.3
121.2
1416

126.1
121.4
134.7
134.6
125.3
126.5
124.8
121.5
142.1

126.2
121.5
134.9
134.8
125.7
126.9
124.9
122.0
142.7

126.3
121.3
135.7
135.9
126.9
125.4
123.2
123.6
143.9

126.1
121.1
135.4
135.2
128.9
124.0
121.6
124.2
144.6

125.6
120.2
135.7
135.5
127.4
122.8
120.6
124.8
144.9

126.0
120.3
136.7
136.8
127.2
122.4
120.7
125.2
145.1

.4

.2

.2

.6

.4

.8

.8

.6

.3

.4

.3

PRODUCER PRICES §
(U.S. Department of Labor Indexes)
Not Seasonally Adjusted
All commodities
1982-100
By stage of processing:
Crude materials for further
processing.
do....
Intermediate materials, supplies, and
components
do ....
Finished goods #
do..
Finished consumer goods
do....
Capital equipment
do
By durability of product:
Durable goods
do
Nondurable goods
do
Total manufactures
do
Durable manufactures...,
do....
Nondurable manufactures
do
Farm products, processed foods and
feeds
do
Farm products
. .... .
do
Foods and feeds, processed
do....
Industrial commodities
do
Chemicals and allied products
do....
Fuels and related prod., arid
power
do
Furniture and household durables
do....
Hides, skins, and leather products
do....
Lumber and wood products
do....
Machinery and equipment
do....
Metals and metal products
do....
Nonmetallic mineral products
do....
Pulp, paper, and allied products
do....
Rubber and plastics products
do....
Textile products and apparel
do....
Transportation equip. #
do....
Motor vehicles and equip
..do....

1122

1163

1142

114.1

1146

1143

114.5

116.5

118.4

120.8

120.1

118.7

118.9

117.2

116.1

116.0

103.1

108.9

105.6

103.0

104.7

101.2

101.4

110.2

115.3

124.8

116.7

110.5

113.8

104.4

101.6

101.2

112.0
1136
112.1
1188

114.5
1192
118.2
1229

112.4
1172
115.9
1219

112.8
117.2
115.8
1222

113.1
1177
116.5
1222

113.1
1178
116.6
1225

113.1
118.2
117.0
1228

114.4
119.3
118.3
1231

116.3
120.4
119.8
1229

117.9
122.3
121.9
124.5

117.9
122.9
122.6
124.7

116.7
122.0
121.4
124.9

116.4
121.9
121.1
125.4

115.5
121.2
120.1
125.7

114.3
120.6
119.4
125.8

114.0
120.9
119.7
125.7

1190
107 1
1143
118.3
1102

1212
1122
118 1
120.7
1152

1204
1093
116 1
120.0
1122

1209
1089
1166
120.3
1128

1209
1097
117 1
120.4
1135

1210
1092
1170
120.4
1133

1212
1093
117 0
120.7
1132

121.6
1123
1183
120.9
1154

121.7
1152
1197
121.1
1178

122.5
1188
1213
121.9
1201

122.3
117.8
121.4
121.9
120.3

122.2
115.4
120.5
121.8
118.7

122.6
115.7
120.1
122.2
117.7

122.7
112.8
119.5
122.3
116.4

122.8
111.1
118.6
122.5
114.7

122.7
111.0
118.6
122.4
114.7

1154
1109
117.8
111 6
123.0

1186
1122
121.9
1158
123.6

1189
1153
120.9
1132
121.8

1185
1133
121.2
1132
121.9

1201
1137
123.5
113 5
122.3

1196
1136
122.8
1132
122.2

1200
1138
123.2
1134
122.4

119 1
1114
123.0
1159
122.5

1179
1092
122.4
1184
124.5

1179
1095
122.2
121.4
126.5

1173
108.5
121.7
120.7
128.2

116.8
107.2
121.7
119.0
127.9

117.0
106.9
122.1
119.3
128.8

117.1
106.7
122.3
117.2
128.3

118.3
109.6
122.8
115.6
126.0

118.2
109.4
122.7
115.5
126.2

729
116.9
136.3
126.7
117.4
124.1
112.6
137.8
112.6
112.3
117.7
116.2

822
119.1
141.7
129.7
120.7
123.0
114.7
141.3
113.6
114.9
121.5
118.2

746
1187
141.6
130.5
120.0
122.0
114.2
140.7
113.3
114.7
120.3
1170

73.4
119.0
142.9
132.4
120.2
122.9
114.3
140.9
113.3
114.9
120.5
116.9

741
119.0
143.7
132.0
120.4
123.1
114.5
141.1
113.5
114.8
120.4
116.6

728
119.2
143.0
130.7
120.5
122.6
114.6
141.0
113.2
115.0
121.0
117.6

72.7
119.1
142.8
131.3
120.8
122.9
114.6
141.1
113.1
115.1
121.2
117.8

82.4
119.2
142.2
130.2
120.9
124.2
114.7
141.1
113.2
115.1
121.1
117.2

91.3
119.3
141.4
129.3
121.2
124.6
115.0
141.3
113.4
115.1
121.0
116.7

101.0
119.5
140.9
127.5
121.4
124.5
115.3
142.0
114.2
115.1
124.0
121.6

97.4
119.8
140.5
126.9
121.7
123.3
115.8
142.3
115.0
115.3
124.2
121.5

r
90.5
120.0
140.6
126.8
122.0
122.4
115.8
142.3
115.4
115.2
124.2
121.5

90.2
120.2
140.3
127.4
122.3
122.4
117.0
143.5
115.9
115.4
124.7
121.8

82.9
120.8
140.2
127.1
122.7
122.0
117.1
143.7
116.0
115.8
125.1
122.3

78.4
120.9
140.6
127.9
122.9
121.7
117.3
143.7
115.9
115.9
125.2
122.0

78.1
121.0
141.2
128.8
123.1
121.3
117.3
143.1
115.8
116.0
124.9
121.5

1

3

0

3

11

13

12

.4

— 6

c

.2

1054

1028

103 1

1006

1010

1102

1156

1254

117.6

111.2

114.1

104.8

101.4

100.9

1127
1173
116 1
1242
1120
1194
1074
121 9

112.8
117 2
1159
1234
1122
1195
1076
1221

112.9
117 6
1164
1239
112.8
1198
1083
1222

112.8
117 6
1163
1237
1126
1204
107 8
1227

112.8
1180
1166
1243
112.9
1209
108 1
123.0

114.3
1193
1183
1250
1150
1207
111 1
123.4

116.1
1208
1202
1244
1181
1216
1150
123.8

117.9
1223
1221
1251
1206
121 2
1186
1241

118.1
1228
122.6
125.2
121.3
1218
119.3
124.4

117.2
122.3
121.7
124.8
120.2
1223
117.6
124.8

116.5
122.0
121.3
124.4
119.7
1230
116.7
125.2

115.7
121.3
120.3
124.7
118.2
123.5
114.5
125.5

114.5
120.9
119.7
125.0
117.2
124.1
113.0
125.8

114.0
121.1
120.0
125.5
117.4
123.9
113.3
125.5

853
777

853
776

850
774

849
770

846
767

831
754

818
749

814
748

820
747

820
743

825

.829
.741

.739

Seasonally Adjusted t
Finished goods, percent change from previous
month
By stage of processing:
Crude materials for further processing
....
1982—100
Intermediate materials, supplies, and
components
do
Finished goods #
do
Finished consumer goods
do
Foods
do
Finished goods, exc. foods
do
Durable
do
Nondurable
do
Capital equipment
do..
PURCHASING POWER OF THE DOLLAR
As measured by:
Producer prices.
1982—$! 00
Consumer prices
1982-84— $1 00
See footnotes at end of tables.




880
807

839
766

838
760

r

-.4

r

o

.742

827

Unless otherwise stated in footnotes
below, data through 1988 and
methodological notes are as shown in
BUSINESS STATISTICS, 1961-88

S-7

SURVEY OF CURRENT BUSINESS

May 1991
Annual

... ..

1989

1991

1990

1990

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

39606
28934
16789
11509

38995
28308
16 125
11418

35915
26283
14 722
10*233

31,180
23201
12210
8*461

26,703
19 993
10
495
r
7,366

8871
1*797
4643

8370
1*694
4*340

7911
1 777
4005

7 105
1*496
3586

Feb.

Jan.

Mar.

Apr.

CONSTRUCTION AND REAL ESTATE
CONSTRUCTION PUT IN PLACE t
New construction (unadjusted), total
mil. $.. 432067 433 999
Private, total #
do
333 515 324 435
Residential
do
196 551 186 851
New housing units
.do.... 139202 129,855
Nonresidential buildings, except farm arid
public utilities total #
mil $
103 358 102 427
Industrial
do
18507 20564
Commercial
do
59*388 54628
Public utilities:
Telecommunications
do
9261
9 132
Public, total #
:..
do
98551 109 564
Buildings (excl military) #
do
39202 45 255
Housing and redevelopment
do
3*926
3*841
Industrial
do ....
1,470
1*300
Military facilities
do
3 520
3733
Highways and streets ...
do
29502 31 988
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:
Telecommunications
do
Public, total #
do....
Buildings (excl. military) # .
do
Housing and redevelopment ...
do
Industrial
do .
Military facilities
do
Highways and streets
do
CONSTRUCTION CONTRACTS
Construction contracts (F.W. Dodge
Division, McGraw-Hill):
Valuation, total
mil. $..
Index (mo. data seas, adj.)
.1982=100 ..
Public ownership
mil. $..
Private ownership
do....
By type of building:
Nonresidential.
..
do
Residential
do
Non-building construction
:'
.....do....
New construction planning
(Engineering News-Record) §
do
HOUSING STARTS AND PERMITS
New housing units started:
Unadjusted:
Total (private and public)
thous..
Privately owned
do
One-family structures
do....
;.
Seasonally adjusted at annual rates: 0
Total privately owned
do....
One-family structures
do....
New private housing units authorized by building
permits (17,000 permit-issuing places): t
Monthly data are seas. adj. at annual rates:
Total
thous
One-family structures
do....
Manufacturers' shipments of mobile homes:
Unadjusted
thous
Seasonally adjusted at annual
rates @
do....
CONSTRUCTION COST INDEXES
Bureau of the Census:
Composite fixed-weighted price
index *
1987—100
Implicit price deflator *
...do....
Boeckh indexes: tt
Average, 20 cities:
Apartments, hotels,
office
buildings
1987-100
Commercial and factory buildings
do....
Residences
do
Engineering News-Record:
Building...
1967=100..
Construction
do
Federal Highway Adm.— Highway construction:
Composite (avg for year or qtr ) $$ 1987 — 100
See footnotes at end of tables.




32 954
25751
14 803
10737

35096
26939
15907
11,165

38283
28787
17061
11683

39934
29632
17 661
11895

40465
30248
17*921
12231

8 184
1 622
4*430

8272
1*646
4415

8687
1749
4634

8927
1760
4*796

9329
1*956
4915

768
7203
3296
*322
151
425
1492

720
8157
3 531
316
132
421
1971

848
9496
3735
315
100
455
2823

782
10 302
4076
355
136
489
3147

775
10217
3986
311
124
276
3192

877
11 653
4583
332
150
241
3927

808
10672
4226
328
178
212
3576

904
10686
3945
*367
92
165
3885

880
9633
3920
*373
95
249
3050

688
7980
3693
'343
112
158
2059

457.3
3474
2069
1453

4447
3388
2002
1400

443.8
3340
196 1
136.6

4411
3296
1895
1305

437.0
331 3
1871
1292

436.3
3235
1844
1270

423.9
3175
1797
123.3

420.2
3094
1746
1215

415.7
3019
1693
1173

406.6
2955
1648
1145

104.9
21 1
572

103.8
210
558

102.9
208
547

105.1
204
566

109.2
236
570

103.9
202
553

102.3
199
536

99.1
196
519

96.4
195
498

96.3
207
495

94
109.9
440
39
18
51
324

94
106.0
435
38
16
51
297

95
109.8
444
3.8
1.2
55
307

93
111.5
463
43
16
59
303

92
105.7
436
37
1.5
33
288

94
112.8
477
40
18
29
31 9

97
106.4
462
3.9
2.1
25
313

96
110.8
462
44
1.1
20
332

98
113.9
478
45
1.1
30
353

261,163 233,042
rI
156
"173
71305 69573
189 859 163 471

22,220
168
6352
15869

'21,195
153
r
5,668
15,527

23,576
166
7320
16256

23,027
165
7356
15671

20,893
159
6431
14462

21,539
151
6675
14865

19,248
148
5783
13465

20,066
153
6,309
13,758

93058
120 436
47,670

81 692
105 352
46,001

7723
10211
4,288

r
7238
r
9932
r

4,025

7 502
10946
5,128

7903
10433
4,692

7323
9745
3,825

7 174
9941
4,424

7 173
8463
3,612

275 118 213 389

22343

18230

17 134

15 279

15564

19935

1085
83.2

1190
90.0

117 8
88.9

111 2
85.5

1298
988

1217
901

42 120
30467
17956
12,128

r

r

26,029
19 364
1-9730
''6,682
r

7091
1 565
3497

7175
1599
3496

r

718
6,665
r
3r 552
301
114
163
1,266

7,032
3616
298
122
169
1,465

r

r

r

r

397.4
2876
155.2
103.9

391.4
283.2
155.1
101.7

r
95.8
r
209
r

r
96.0
r

48.6

212
48.3

92.2
20.7
45.5

79
111.2
477
41
13
19
346

r
89
103.6
r
47.1
3.7
1.5
22
273

104
109.8
r
48.6
r
3.6
1.4
r
20
r
330

108.2
48.6
3.6
1.5
2.0
32.1

17,200
150
5,000
12,200

13,405
134
4,326
9,079

14,034
134
5,116
8,918

13,376
134
4,925
8,450

16,276
129
5,803
10,473

20,929
145
6,700
14,229

7805
8678
3,584

6 100
7008
4,091

5393
5308
2,704

5923
5091
3,021

5,091
5,185
3,100

5,747
6,785
3,744

7,076
8,712
5,141

18901

16895

13 169

15344

14365

8136

24 983

1028
75.6

93 1
71.9

942
75.6

81 4
54.9

574
43.1

525
39.2

r
59 1
r

r
73.4
r

1 131
835

1106
858

1,026
839

1,130
769

971
751

847
648

r
992
r

r

1r 055
756

r
989
r

r
925
r

r
916
r

r

668

854
645

r
802
r

9386
1 796
5084

9 158
1 809
4899

r

r
583
6710
3 479
*304
123
180
1236

396.0
2924
161.7
108.3

r

(3)

1 376 1
1,003.3

1 192 7
894.8

121 1
92.4

1208
897

1 187 1 155
890
876

28,102
21,070
11 121
7,596

60.8

98.0
80.6

901
736

957
778

r
876
r

r
892
r

865
694

46.1
788

1338
932

1 111
798

1 232
912

1981

188 1

162

162

18 1

174

151

195

159

181

142

103

11.7

10.9

12.8

193

189

191

191

184

195

181

188

181

167

168

157

157

1088
109.8

1088
109.5

1092
109.8

1096
110.0

110 1
110.8

110 5
111.2

110 5
110.9

1106
110.7

1106
110.6

1106
110.5

1106
110.5

1105
110.4

1102
110,1

1072
108.0

1097
110.2

1
123 1r 088 1
123 1r 086
r
r
816
801
808
781

730

703

611

695

111.7
112.7
110.9

111 5
112.3
1107

390.7
4288
107 7

399.9
4405

1085

395.6
4367
111 2

396.0
4369

398.3
4382

401.9
4405

1060

402.0
4407

402.0
4424

404.1
4444

1092

403.8
4442

404.1
4457

402.6
4447

1085

402.7
444.8

689

402.1
444.4

402.0
444.3
114.3

2
401.0
2

443.7

SURVEY OF CURRENT BUSINESS

8-8
Unless otherwise stated in footnotes
below, data through 1988 and
methodological notes are as shown in
BUSINESS STATISTICS, 1961-88

Annual

IT .,
Umts

1989

May 1991
1991

1990
1990

Mar.

May

Apr.

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Mar.

Feb.

Apr.

CONSTRUCTION AND REAL ESTATE—Continued
REAL ESTATE <)
Mortgage applications for new home construction:
9.4
8.2
6.7
8.0
5.8
8.1
9.5
applications
thous. units.
9.3
9.0
10.4
12.8
10.2
11.6
10.3
95
86
87
106
85
119
127
Seasonally adjusted annual rates..
do...
129
119
133
118
112
110
112
6.0
6.9
6.1
3.5
7.1
9.2
Requests for VA appraisals
do....
8.3
7.7
8.9
9.5
8.9
8.0
8.5
109.6
60
87
82
57
98
128
122
Seasonally adjusted annual rates
do....
98
91
106
85
87
85
Home mortgages insured or guaranteed by:
Fed. Hous. Adm.: Face amount
mil. $..45,893.24 51,863.74 4,442.46 4,267.19 4,381.55 4,288.59 4,509.24 4,764.17 4,319.28 4,476.07 4,224.89 3,686.16 4,459.53 3,651.85 3,630.56 3,765.79
931.01 1,501.67 1,259.86 1,183.14 1,210.77
Vet. Adm.: Face amount §
do..., 14,041.80 15,787.10 1,537.57 1,157.15 1,236.42 1,308.89 1,253.50 1,572.64 1,180.04 1,612.16 1,206.52
Federal Home Loan Banks, outstanding advances
to member institutions, end of
period
mil. $.. 141,794 117,096 132,853 131,210 130,752 126,296 122,544 121,988 117,887 116,514 116,675 117,096 112,647 111,513 107,004 102,827
New mortgage loans of SAIF-insured
11,137
'8,115
'8,217
10,224 10,520
12,291
11,766
14,217
12,940
14,491
14,624
13,704
institutions, estimated total @...
mil. $., 2186,567 152,384
14,311
By purpose of loan:
976
709
698
899
938
1,189
1,163
1,385
1,546
1,694
1,744
Home construction
do .... 2 24,952 216,202
1,387
1,628
'6,984
9,690
'7,038
'8,758
'8,629
9,998 10,541
12,128
Home purchase
do... 2142,432 127,297
12,049
11,076
12,142
11,282
11,765
2
472
'421
'481
'992
527
558
609
495
815
8,769
All other purposes
do... 219,183
785
785
799
803

DOMESTIC TRADE
ADVERTISING
Magazine advertising (Leading National
Advertisers):
Cost total
Apparel and accessories
Automotive incl accessories
Building materials
Drugs and toiletries
Foods, soft drinks, confection-

ery
Beer, wine liquors
Houshold equip., supplies, furnishings . . . .
Industrial materials
Soaps, cleansers, etc
.
Smoking materials
All other

mil $
do
do
do
do

do ...
do
do
do
do
do
do

Newspaper advertising expenditures (Newspaper
Advertising Bureau, Inc.):
Total
mil $
Classified
do
National
do .
Retail
do

32,368
11,916
3,948
16,504

8,301
2,841
1,086
4,374

32,280
11,506

4,122
16,652

WHOLESALE TRADE t
Merchant wholesalers sales (unadj.),
total
mil $ 1,728,059 1,790,321
Durable goods establishments
do
842,065 876,182
Nondurable goods establishments .
do
885,994 914,139
Merchant wholesalers inventories, book value
(non-LIFO basis),
end of period (unadj.), total
mil. $.. 188,586 195,861
Durable goods establishments
do
121,484 126,560
Nondurable goods establishments
do
67,102
69,301




959
4,017

966
3,508

155,346
77,607
77,739

146,529
73,133
73,396

156,128
77,756
78,372

150,991
76,138
74,853

144,617
71,438
73,179

158,740
77,529
81,211.

145,254
71,411
73,843

162,605
78,872
83,733

149,343
70,015
79,328

142,295
67,374
74,921

140,101 130,923
64,989 '62,188
75,112 '68,735

144,354
69,929
74,425

190,421
124,950
65,471

191,929
126,752
65,177

191,532
127,551
63,981

189,884
125,848
64,036

190,739
127,291
63,448

188,864
126,723
62,141

191,489
127,597
63,892

195,482
127,298
68,184

196,474
127,118
69,356

195,861
126,560
69,301

200,792 '200,356
130,628 131,344
70,164 '69,012

198,369
130,464
67,905

155,022

154,371

149,719

58,482

56,090

158,243
57,880

146,335
52,561

151,469
54,092

156,086

59,037

52,271

179,653
56,505

130,903 128,589 149,628 149,556
43,954 '45,320 '53,184 ' 56,367

9,171
35,187

9,052
34,931

8,558
33,568

8,543
34,432

7,707
31,005

8,082
31,603

7,443
28,953

6,558
26,507

5,626
25,656

'5,683
'27,112

'6,925
'32,326

7,793
95,985
17,153
30,950
10,683
7,789
15,736
5,653

7,731

7,494
93,629
15,466
30,855
10,988

7,377
93,774
15,970
30,010
11,781
7,599
15,176
5,454

97,377
17,027
29,970
12,562
7,728
15,289

9,784
123,148
32,454
32,809
11,709
12,696
15,075
7,500

6,705
86,949
12,335
29,451
10,667

'6,495
'83,269
12,965
'27,452
'9,484
'5,784
13,809
'5,686

'7,324
'96,444
16,695
'31,267
10,270
'7,906
15,617
'6,240

1,693
148,759
54,342

1,778
150,143
54,219

5,481
1,794
150,745
54,754

7,750
100,363
17,702
31,622
12,112
8,542
16,654
5,770

8,118

95,889
16,913
31,211
10,896
7,675
16,156
5,549

1,820
151,135
53,851

1,666
152,512
54,550

7,658

7,878

7,827

7,763

7,640

7,549

7,633

7,341

7,270

'7,645

'7,488

5,558

5,596

5,554

5,460

5,403

5,448

5,364

'5,419

5,344

1,098

1,113

1,111

1,103

1,081

1,133

1,106

31,122

31,931

31,858

31,839

30,531

5,141
1,085
29,186

'30,758

'31,297

1

31,391

1

28,731

RETAIL TRADE t
All retail stores:
Estimated sales (unadj.), total .. .
mil $ 1,741,748 1,807,219 149,192 145,803
Durable goods stores #
do.... 652,184 654,757
54,665
55,759
Building materials, hardware, garden
supply, and mobile home dealers
mil. $.. 92,700
7,997
92,524
7,427
Automotive dealers
do
383,596 381,961
32,919
34,000
Furniture, home furnishings,
and equipment
do
91,493
7,317
7,727
92,983
Nondurable goods stores
do.... 1,089,564 1,152,462
91,138
93,433
General merch. group stores
do .... 204,387 211,933
16,114
16,350
Food stores
do
345,069 362,410
29,064
30,499
Gasoline service stations
do.... 117,791 131,725
10,046
10,014
Apparel and accessory stores..
do....
7,660
94,731
91,426
7,587
Eating and drinking places
do.... 173,894 182,044
15,034
15,221
Drug and proprietary stores
do ....
68,557
62,495
5,489
5,429
Liquor stores
do
20,033
1,575
1,606
20,813
Estimated sales (seas, adj.), total
do....
149,850 148,956
Durable goods stores #
do
'55,099 '54,430
Bldg. materials, hardware, garden supr
ply, and mobile home dealers*
mil. $..
'7,625
7,858
Building materials and
supply stores
do
5,571
'5,703
Hardware stores
do
1,130
1,099
Automotive dealers
do
'31,961 '31,536
Motor vehicle and miscellaneous
auto dealers
do...,
'29,316 '28,923
Auto and home supply
stores
do
'2,645
'2,613
Furniture, home furnishings,
and equipment #
do...,
'7,917
'7,935
Furniture, home furnishings stores
do.
'4,401
'4,369
Household appliance, radio, and
TV stores
do
'2,851
'2,797
See footnotes at end of tables.

6,778
2,305

8,771
3,226
1,114
4,431

7923
2,947

7,150
16,253

7,710

103,815
21,783
30,472
12,271
8,807
14,722
5,943

5,841
1,694
1,785
152,191 152,711
54,152
54,420

2,501
149,750
52,402

5,641
13,927

1
8,559
' 33,978
1

7,295
93,189
16,234
1
29,473
1
10,424
1
7,447
1
15,586
1
5,965
1

5,771
1,761
1,537
1,629
147,803 151,092 151,662 151,539
50,897 '53,235 '53,944 ' 54,264

1,105

1,141

31,511

31,524

5,571
1,123
31,980

28,906

28,922

29,401

28,568

29,410

29,322

29,287

27,981

26,656

'28,180

'28,735

2,605

2,602

2,579

2,554

2,521

2,536

2,552

2,550

2,530

'2,578

2,562

7,970

7,708

7,782

7,650

7,723

7,686

7,537

7,380

7,303

'7,487

'7,597

4,357

4,292

4,308

4,244

4,276

4,247

4,173

4,056

4,012

'4,105

4,086

2,920

2,735

2,788

2,722

2,762

2,748

2,660

2,609

2,616

'2,690

2,727

' 7,753

1

7,736

Unless otherwise stated in footnotes
below, data through 1988 and
methodological notes are as shown in
BUSINESS STATISTICS, 1961-88

S-9

SURVEY OF CURRENT BUSINESS

May 1991
Annual

IT .,
Units

1989

1991

1990

1990

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Apr.

Mar.

DOMESTIC TRADE—Continued
RETAIL TRADE t— Continued
All retail stores—Continued
Estimated sales (seas, adj.)—Continued
Nondurable goods stores. ...
mil $
General merch. group stores .
do
Department stores excluding
leased departments
do...,
Variety stores
do...,
Food stores
do
Grocery stores ...
do
Gasoline service stations .
do
Apparel and accessory stores #
do .,
Men's and boys' clothing and
furnishings stores
do....
Women's clothing, specialty stores,
and furriers
do
Shoe stores
do
Eating and drinking places
do
Drug and proprietary stores
do . ,
Liquor stores
do
Estimated inventories, end of period:
Book value (non-LIFO basis),
(unadjusted), total ... ..
mil $
Durable goods stores # ... .
do
Bldg. materials, hardware, garden supply, and mobile home dealers
do....
Automotive dealers
do
Furniture, home furnishings,
and equipment
do
Nondurable goods stores #
do
General merch group stores
do
Department stores excluding
Food stores
do
Apparel and accessory
stores
do
Book value (non-LIFO basis),
(seas, adj.), total...
do
Durable goods stores #
do
Bldg. materials, hardware, garden supply, and mobile home dealers
do ....
Automotive dealers
do
Furniture, home furn.,
and equip...
do
Nondurable goods stores #
do
General merch group stores
do
Department stores excluding
leased departments
do
Food stores
do
Apparel and
accessory
stores
. do
Firms with 11 or more stores:
Estimated sales (unadj ) total
mil $
Durable goods stores.
do
Auto and home supply stores
do
Nondurable goods stores #
do
General merchandise group
stores
do
Food stores
do
Grocery stores
do
Apparel and accessory stores
do
Eating places
do
Drug stores and proprietary
stores
do
Estimated sales(sea adj ) total*
do
Auto and home supply stores
do ..
Department stores excluding
leased departments
do
Variety stores
do
Grocery stores
•
do
Apparel and accessory stores
do
Women's clothing, specialty stores,
and furriers
do
Shoe stores
do
Drug stores and proprietary
stores.....
do....

r

94 751
17 800

r
94 526
17 464

94417
17212

95924
17,791

95991
17 860

97284
17,932

97962
17681

97771
17,589

98559
17687

97348
17,446

96906
17,484

r

97,857
18,109

r

97,718
17,981

1
97,275
1

14,362
r
606
29852
r
27 882
10302
r
7,977

14,089

13,810

14,338

14,339

14,443

14,174

14,160

14,140

14,255

' 14,802

612

611

615

618

615

637

561

582

29926
27959
10194
7,986

30201
28226
10407
8,114

30260
28260
10279
8,079

30316
28311
11 309
8,088

30761
28757
11888
7,883

30487
28511
12196
7,828

30701
28 727
12547
7,799

30639
28,670
11,887
7,696

30650
28,680
11,409
7,475

14,815
r
593
r
30,483
r
28,509
10,926
r
8,002

14,713

606

14,266

812

804

797

796

792

781

776

766

749

607
r
30 156
r

28 156
10 158
r
7,764
r

r

781

826

r

r

2826
2,817
1,444
1,503
15,110
15,191
r
r
5,636
5,429
1 714 1 708

2,936
2836
1,490
1,457
15,270
15,175
5,680
5,603
1 685 1725

2859
1,522
15,319
5,733
1 732

2,790
1,572
15,223
5,805
1762

2717
1494
15,252
5,865
1759

2,697
1,488
15,168
5,942
1765

2666
1,507
15,240
5,961
1773

2,599
1,499
15,166
5,869
1785

778
2,698
1,450
15,617
r
6,209
1887

236,304 r236,816
120,298 119,389

236,879
117,320

16,241
r
63 807

16,795
61377

16 597 16,386
116 006 117,427
40626 r42,030

16,331
119,559
43,417

r
33 194
r

24,757

34570
25,093

18,771

19,241

244,071 241,179
121 217 119 239

237,782
116 338

16,241
r
61,942

16,165
59,643

17,005 16,893
940
122 854 121
44824 r44 341

16,613
121,444
44,019

35,563
25,325

r
34,941
r

25,178

34,954
25,314

19,804

19,738

19,674

49 228
r
5,265
r
611
r
43 963

47757
5,211
42546

11,275
17,034
16,820
r
3039
r
3515

11,883
15,614
15,371
3224
3433

r
3,450
57 630
r
720

3,435
58370

13,872
r
451
17 093
r
4,361

14,403

235 833
119,650

236,547
119,044

237 126
120,328

235,454
120,150

235,902
118,154

238,174
117,887

243,058
119,194

256,414
124,645

260,078
126,967

237,352
121,195

15,893
66391

15,782
65292

17,252
63028

17,479
61 677

17,619
62350

17,381
62448

16,632
61 064

16,416
60347

16,276
60281

15,948
63662

15,836
65545

15,782
65292

17003
111 755
40091

16843
116 157
40348

17022
116 183
43044

17033
117 503
43306

17069
116 798
42086

16921
115 304
41168

16827
117 748
42338

17 157
120287
43547

17766
123 864
45983

18649
131 769
50359

18640
133 111
51004

16843
116 157
40,348

31248
23,397

31 946
25,249

33870
23,250

34212
23,383

33 114
23,833

32307
23,910

33210
23,867

33989
23,950

35724
24,222

39507
25,068

40431
25,559

31 946
25,249

32291
25,193

17667

18021

19 183

19668

19542

19204

20387

21 151

21263

22364

22084

18021

17645

16,590
64179
17140
117 496
44095

242,563 236,303
120 629 118 354

235 914
117 589

237 711 237 445
118 485 118 830

239,657
120 165

242 893 243 217
123271 123 559

244 901 244,550
124 048 122 947

242,563
120 629

16,620
61 017

16,791
59950

16,876
60521

16,809
60797

16,566
62459

16,498
65737

16,574
65555

16,441
66102

16,427
65062

16,440
63071

16$96 17 316
121 934 117 949
44357 r43 637

17310
118 325
43248

17347
119 226
43373

17249
118 615
43 185

17294
119 492
43 338

17330
119 622
43534

17 469
119 658
43624

17364
120 853
44032

17,291
121 603
44286

16,996
121 934
44357

16,440
63 071

r

34226
23 198

34990
25008

r
34 247
r

23 430

33940
23594

33998
23975

33936
23968

34237
24099

34263
24267

34186
24397

34595
24373

34854
24604

34990
25008

19,436

19 847

19 594

19907

19941

19983

20387

20202

19891

20057

19,895

19,847

54 265
6683

58470
6715

57074
6562

63525
7152

82 401
10,544

789

54 606
6315

770

714

767

727

702

49594

47582

51755

48291

50512

56373

71857

15697
17 185
16960
4291
3942

15508
17250
17039
4335
3983

14061
17039
16828
3953
4071

16 171
17285
17064
4902
4 143

14555
16608
16407
4288
3828

15 572
16893
16680
4290
3*901

20087
17264
17,028
5163
3725

30149

3367
56170

3434
56 136

3366
57254

3493
57 572

3539
58046

3,670
58274

4,993
57825

708

701

725

721

3293
57908

724

3287
57357

711

718

721

13903

13649

13 359

13 925

13973

13730

13715

13823

13702

16 475
4487

16594
4241

16 498
4443

13897
'479
16672
4601

16761
4526

16551
4537

17020
4454

16934
4411

17045
4462

16959
4393

648 387
77143
7940
571 244

685 851
81 101
8597
604 750

55 211
6308

53 676
6284

56718
6973

56 440
6846

759

786

48903

47392

49745

187 508
192 960
190,359
50 066
44 384

194 464
202 872
199 992
53297
45964

15027
17233
16 986
4269
3910

14746
16237
15980
4228
3856

37 521

41947

3273
56673

716

722
477

1 569

963

3,323

700

475

1 515

912

3,422

474

1 575

932

3,420

1683

948

3,470

482

1 595

959

3,489

471

1 563
1003

3,553

711

472

466

1 576

1 555

953

926

3,595

472

1566

956

18,316
7570
3761

431

15,893
64692

r

16,401
63,580

r

r

466

1,580

3,531

3,762

3,615

15,696
6,188

1

16910
4,663

1,538
r
896

3,696

1

744

r

3,683

1
30,564
'28,563
1
10,403
1
7,982

581

1 546

905

28,884
10,698
r
7,815

782

237,352
121,195

238,159
120 663

584
r
30,870
r

2,685
1,532
15,710
r
6,154
1845

2,470
1,430
15,304
5,925
1826

233 000
121245

r

r
r

17,984

967

LABOR FORCE, EMPLOYMENT, AND EARNINGS
LABOR FORCE AND POPULATION
Not Seasonally Adjusted
Noninstitutional population, persons 16
years of age and over ... .
Labor force @
Resident Armed Forces..
Civilian noninstitutional population
Civilian labor force total
Employed
Unemployed
Seasonally Adjusted 0
Civilian labor force, total
Participation rate t
Employed, total
Employment-population
ratio °f
•
•
Agriculture
Nonagriculture
Unemployed, total
Long term, 15 weeks and
over
See footnotes at end of tables.




thous
do
do
do....
do
do
do
do
percentthous ..

188 081
125,557
1,688
186,393
123 869
117 342
6,528

189 686
126 424
1,637
188,049
124 787
117 914
6874

189 198 189 326
125 458 125 473
1,657
1,669
187,529 187,669
123 789 123 816
117 093 117 359
6457
6,697

189 467
126 279
1,639
187,828
124 640
118 277
6,363

189 607
127937
1,630
187,977
126 307
119 605
6,702

189 763
128 527
1,627
188,136
126 900
119 954
6945

189 901
127 652
1640
188,261
126 012
119 174
6837

190 002
126 380
1,601
188,401
124779
117 961
6,818

190 095
126 590
1,570
188,525
125 020
118 299
6722

190 312
126,436
1,615
188,697
124 821
117 611
7,211

190 483
126,247
1,617
188,866
124 630
117,287
7,343

190,592
125,200
1,615
188,977
123,585
114,990
8,595

190,717
125,672
1,602
189,115
124,070
115,151
8,919

190,703
125,903
1,460
189,243
124,443
115,639
8,804

190,836
126,183
1,456
189,380
124,727
116,678
8,049

124,798
66.5
118,235

124 781
66.5
118,090

124,939
66.5
118,277

124,797
66.4
118,237

124,709
66.3
117,882

124 705
66.2
117,690

124 970
66.3
117,883

124 875
66.2
117,733

124,723
66.1
117,386

125,174
66.3
117,574

124,638
66.0
116,922

125,076
66.1
116,918

125,326
66.2
116,754

125,672
66.4
117,398

622
3,185
114,201
7,337

62.3
3,253
114,321
7,600

61.9
3,163
113,759
7,715

61.8
3,222
113,696
8,158

61.7
3,098
113,656
8,572

62.0
3,156
114,243
8,274

1.739

1,829

1,975

66.5

66.4

percent
thous ..
do
do....

630
3,199
114,142

627
3,186
114,728

630
3,197
115,038
6,563

629
3,140
114,950
6,691

630
3,286
114,991
6,662

629
3,279
114,958
6,560

627
3,108
114,774
6,827

625
3,152
114,538
7,015

626
3,194
114,689
7,087

624
3,175
114,558
7,142

do....

1.375

1.504

1.370

1.417

1.404

1.436

1.508

1.568

1.605

1.591

1.727

2,184

2,229

S-10

SURVEY OF CURRENT BUSINESS

Unless otherwise stated in footnotes
below, data through 1988 and
methodological notes are as shown in
BUSINESS STATISTICS, 1961-88

.,
units

May 1991
1991

1990

Annual

?T

1989

Mar.

1990

May

Apr.

June

Aug.

July

Sept.

Nov.

Oct.

Dec.

Mar.

Feb.

Jan.

Apr.

LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
LABOR FORCE— Continued
Seasonally Adjusted 0
Civilian labor force — Continued
Unemployed—Continued
Rates(unemployed in each group as percent
of civilian labor force in the group):
All civilian workers .
Men, 20 years and over. .
Women, 20 years and over
Both sexes, 16-19 years
White
Black
Hispanic origin
Married men, spouse present
Married women, spouse present
Women who maintain families
Industry of last job:
Private nonagricultural wage and
salary workers
Construction...
Manufacturing
Durable goods
Agricultural wage and salary workers ....
Not Seasonally Adjusted
Occupation:
Managerial and professional specialty
Technical, sales, and administrative
support
Service occupations
Precision production, craft, and repair....
Operators, fabricators, and laborers
Farming, forestry, and fishing
EMPLOYMENT §
Employees on nonfarm payrolls by industry:
Total, not adjusted for seas, variation
thous..
Private sector (excl. government)
do
Seasonally Adjusted
Total employees, nonfarm payrolls...
do....
Private sector (excl. government)
do....
Nonmanufacturing industries
....do....
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
Industrial machinery and
equipment
do
Electronic and other electrical
equipment
do
Transportation equipment
do....
Instruments and related products
do
Miscellaneous manufacturing....
do....
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 misc. plastics products do....
Leather and leather products
do....
Service-producing
do
Transportation and public utilities
do
Wholesale trade
do
Retail trade
do
Finance, insurance, and real estate
......do....
Services
do
Government.....
do
Federal.
do
State.....
do
Local
do
Production or nonsupervisory workers on private
nonfarm payrolls, not seas, adjusted
thous...
Manufacturing
do
Seasonally Adjusted
Production or nonsupervisory workers on private
nonfarm payrolls
thous
Goods-producing
.
do
Mining .
do
Construction .
do
Manufacturing
do
Durable goods
do
Lumber and wood products
do....
Furniture and fixtures
do....
Stone, clay, and glass products
do....
Primary metal industries ....
do....
Fabricated metal products
do....
Industrial machinery and
equipment
do ....
Electronic and other electrical
equipment
do
Transportation equipment
do
Instruments and related
products.
do
Miscellaneous manufacturing
do . . . .
See footnotes at end of tables.




53
45
47
150
45
114
80
30
3.7
81

55
49
48
155
47
113
80
34
3.8
82

53
46
47
146
46
107
77
32
3.7
83

54
47
48
148
47
106
79
32
3.6
78

53
47
46
154
46
106
77
33
3.6
75

53
47
46
147
45
107
73
32
3.7
80

55
49
47
158
47
11 4
79
33
3.6
83

56
50
49
166
48
117
79
35
3.9
84

57
51
49
157
48
11 9
85
35
3.9
87

57
52
49
162
49
11 7
82
35
3.9
85

59
54
51
164
50
122
86
37
4.1
87

61
56
53
166
53
122
93
38
4.1
87

62
56
53
182
55
12 1
93
40
4.1
90

65
63
54
17 1
59
118
95
43
4.4
91

68
65
57
187
62
123
103
45
4.8
90

66
62
55
181
58
126
9.0
4.4
4.5
9.9

53
10.0
51
48
9.6

57
11.1
58
58
9.7

55
10.0
55
53
10.1

56
10.5
58
56
10.5

55
11.3
55
55
8.1

54
9.8
52
52
9.8

55
10.5
57
57
10.1

57
11.2
58
59
9.5

58
12.0
58
60
9.3

59
13.0
58
59
8.5

62
13.3
65
69
9.8

63
14.0
65
66
12.3

64
14.5
64
68
11.9

69
15.5
74
81
11.5

72
14.1
76
82
13.8

70
15.0
76
83
9.9

2.0

2.1

1.8

1.8

1.9

2.2

2.4

2.6

2.5

2.2

2.0

2.1

2.7

2.4

2.5

2.4

39
6.5
5.2
8.0
6.4

42
6.6
5.8
8.6
6.2

38
6.4
6.0
9.5
7.8

38
6.3
5.7
8.9
67

37
6.7
5.1
8.0
44

41
6.2
4.8
7.3
47

42
6.5
4.9
7.6
56

44
6.4
5.3
7.4
53

45
6.9
5.8
7.3
54

43
6.5
5.6
8.0
51

45
7.1
6.5
9.2
70

44
6.6
7.1
9.9
82

50
7.2
9.1
12.3
103

52
7.5
9.6
13.0
105

52
7.9
8.8
12.3
112

49
6.7
8.2
11.0
6.4

108,413
90644

110,321
92031

109,343
90807

110,059
91 456

111,073 111,774
92211 93 150

110,477 110,304
93008 93 147

110,910
92879

110,122
91,963
72,746
25259
729
5313
19217
11 261
751
518
565
754
1 418

110,177
91922
72,732
25 180
734
5256
19 190
11 229
750
516
560
755
1 419

110,617 110,829 110,740
92120 92282 92300
72,953 73,134 73,169
25191 25162 25105
745
744
'738
5229
5270
5286
19 167 19 148 19 131
11*217 11 201 11 179
742
743
748
515
516
511
552
556
559
759
756
755
1 419
1 417 1 415

108,413 110,321
90,644 92,031
71,218 72,969
25326 25001
735
700
5204
5200
19426 19062
11422 11 122
758
739
526
511
554
569
752
772
1 410
1 446

110,613 110,612
92320 92306
73,236 73,287
25013 24931
736
735
5 176
5 194
19084 19019
11*129 11 068
737
739
510
513
547
551
755
751
1 410
1 419

111,168 111,099 110,826
92613 92385 92 212
110,432
92112
73,161
24777
73g
5093
18 951
11*026
730
507
546
751
1 405

110,165
91840
73,096
24511
738
5029
18 744
10*865
716
496
541
744
1 389

" 109,087
108,346 108,307 108,578
90048 rg§ 662 r89 837 P90 399

109,286 "109,162
110,004 109,813 109,527
91701 91501 r91 183 r90 930 "90 831
'72,561 "72,504
72,886 '72,721
73,008
24 193 r24r 068 r23r899 P23P833
24416
735
738
740
740
737
'4 792 P4771
4 841 '4 866
4983
P
18
327
18
369
18 693
18615 18 462
P
10 831
10 775 10 641 10r577 10P549
689
689
693
704
712
P
r
479
481
481
491
494
P
516
518
526
529
538
P
r
717
720
722
738
738
1 382 1 378 1 350 1 342 "I 338

2 132

2 100

2 119

2 112

2 112

2 108

2 104

2096

2082

2081

2067

2058

2055

1 753
2,054
1026
386
8004
1,645
49
724

1 692
1,982
997
385
7940
1,650
47
700

1718
2,022
1 008
388
7 956
1,648
46
709

1 713
2,014
1 005
385
7961
1*651
46
708

1 711
2,010
1 002
387
7950
1,650
46
703

1 703
2,021
1 000
384
7947
1,643
47
702

1 695
2,015
996
386
7 952
1,645
46
702

1 685
1,997
990
384
7955
1,650
48
701

1 674
1,981
991
385
7951
1,652
47
697

1 665
1,969
988
384
7925
1,654
46
688

1 652
1,897
983
380
7 879
1,647
46
687

1 644
1,904
982
379
7 862
1,654
47
680

1 638 1 629
1,849
1,886
'974
976
377
380
7 821
7 840
1,663
1,655
46
46
668
675

2040

r

2029

P2014

1 618 p l 616
" P1,837
1,836
969
'972
P
r
372
374
T
7 792 pP7778
l,652
1,659
P
46
45
P
670
667

1074
697
1,564
1,074
157
884
136
83087
5648
6271
19580
6,724
27096
17769
2988
4 175
10606

1028
698
1,578
1,086
160
867
127
85320
5839
6361
19788
6,832
28209
18291
3085
4284
10922

1 037
698
1,578
1,083
159
867
131
84863
5808
6361
19764
6,821
27950
18 159
3 089
4249
10821

1 036
699
1,579
1,084
159
869
130
84 997
5*809
6363
19778
6,823
27 969
18255
3 151
4 252
10 852

1 031
698
1,581
1,085
159
868
129
85426
5833
6369
19 795
6,838
28094
18497
3 346
4 262
10 889

1 029
699
1,582
1,086
160
871
128
85 667
5846
6383
19822
6,844
28 225
18*547
3 338
4 296
10 913

1 027
701
1,583
1,088
160
874
126
85635
5841
6374
19 851
6,842
28 287
18 440
3 164
4 298
10 978

1 026
702
1,582
1,086
161
874
125
85600
5*846
6376
19 846
6,852
28 387
18 293
3*045
4*305
10 943

1 027
700
1,581
1,088
161
873
125
85681
5 870
6370
19 844
6,851
28 440
18 306
9 QQQ
4 309
10 998

1 021
698
1,579
1,087
161
869
122
85655
5 g7Q
6355
19 792
6,843
28 475
18 320
2 983
4 323
11 014

1 008
696
1,572
1,087
161
855
120
85 654
5866
6343
19 739
6,833
28 548
18*325
2 Qfil
4 323
11 041

1 000
694
1,570
1,088
161
849
119
85588
5882
6*331
19670
6,829
28 573
18 303
2 943
4 325
11 035

995
694
1,565
1,087
160
845
118
85 620
5883
6292
19 682
6,829
28 622
18 312
2 951
4 333
11 028

r
991
994
691
693
1,550
1,557
1,083
1,086
160
160
'830
837
116
117
r
85 387
85459
r
'5831
5*843
r
'6252
6271
19 564 19 505
'6,825
'6,824
r
28 613 '28 618
18356
18
344
r
'2 951
2 951
'4 333
'4 332
11 061 '11 072

73,474
13257

74,559
12936

73,432
12968

74,051
12 984

74,733
12992

75,590
13 090

75,438
12 919

75,580
13 034

75,318
13 031

75,092
12 944

74,888
12749

74,707
12 654

72,615
12 446

'72,265
12 327

'72,443
'12 274

P
72,999
P

73474
17 815
499
4059
13257
7615
627
420
444
589
1,071

74 559
17 508
529
4 043
12936
7375
608
404
431
571
1,039

74545
17742
523
4 158
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7479
620
411
440
573
1,044

74496
17 667
527
4 094
13 046
7461
619
409
436
574
1,047

74651
17 673
530
4 120
13 023
7450
617
408
434
574
1,045

74827
17 651
537
4 107
13 007
7439
612
408
432
574
1,043

74799
17613
537
4 066
13 010
7 438
610
404
429
577
1,047

74 779
17 527
528
4 031
12 968
7 395
607
406
428
572
1,046

74 753
17 435
528
4 008
12*899
7 337
606
403
426
570
1,039

74 606
17 314
531
3 934
12 849
7 gos
599
400
425
570
1,034

74 342
17 076
*531
3 874
12*671
7 171
*588
390
420
563
1,021

74 195
16993
534
3 833
12 626
7 146
584
386
418
558
1,016

73 998
16 779
530
3 684
12 565
7 104
576
385
409
558
1,013

'73 706 '73 489
16 r682 '16 548
'529
532
r
3 720 '3 660
'12 359
12*430
r
'6 943
6 985
'563
566
'375
377
399
407
542
'544
'977
984

P
73 419
P
16P489
525
P
3 629
P
12
335
P
6P930
563
P

1,286

1,263

1,276

1,274

1,274

1,270

1,271

1,263

1,247

1,247

1,238

1,230

1,226

1,217

1 108
1280

1 068
1 219

1 084
1 246

1 082
1*239

1 080
1 238

1 078
1 250

1 073
1 253

1 065
1 239

1 056
1 224

1 052
1 220

1 040
1 156

1 034
1 166

1 023
1 157

1 017 '1 009
1 123 '1 118

509
281

493
279

503
282

502
279

499
281

495
277

493
281

490
279

487
279

484
,277

481
274

481
273

483
274

P
986
"687

r

r
480
r

270

1,211

'481
'268

p
l,547
p

l,085
"161
P
829
P
115
P
85
329
P
5828
P
6 237
P
19
466
P
6,828
P
28 639
P
18
331
P
2 944
P
4
323
p
ll 064
12 278

377
"397

P
539
P

976

p

1,202

p
l
p

010
l 119
P
480
P

267

Unless otherwise stated in footnotes
below, data through 1988 and
methodological notes are as shown in
BUSINESS STATISTICS, 1961-88

S-ll

SURVEY OF CURRENT BUSINESS

May 1991
,...
units

1989

1991

1990

Annual

1990

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Mar.

Feb.

Apr.

LABOR FORCE, EMPLOYMENT, AND EARNINGS-Continued
EMPLOYMENT §— Continued
Seasonally Adjusted
Production or nonsupervisory workers—Continued
Nondurable goods
thous
Food and kindred products
do ...
Tobacco manufactures
do...
Textile mill products
do...
Apparel and other textile
products .
do *
Paper and allied products
do...
Printing and publishing
do...
Chemicals and allied products
doPetroleum and coal products
do ...
Rubber and misc. plastics products do...
Leather and leather products
do...
Service-producing
do
Transportation and public utilities
do ...
Wholesale trade
do
Retail trade
do...
Finance, insurance, and real
estate
do
Services
do
AVERAGE HOURS PER WEEK §
Seasonally Adjusted
Average weekly hours per worker on private
nonfarm payrolls: 6
Not seasonally adjusted
hours
Seasonally adjusted
. d o .,
Mining
do
Construction $
.
do
Manufacturing:
Not seasonally adjusted
do ....
Seasonally adjusted
do
Overtime hours
..' do
Durable goods
do....
Overtime hours .
do
Lumber and wood products....
do....
Furniture and
fixtures
....do..,.
Stone, clay, and glass products
do ....
Primary metal industries
do....
Fabricated metal products
do....
Industrial machinery and
equipment .
do
Electronic and other electrical
equipment.
do
Transportation equipment
do
Instruments and related
products
do
Miscellaneous manufacturing
do....
Nondurable goods
do
Overtime hours
do
Food and kindred products
do....
Tobacco manufactures $
. do .
Textile mill products
do....
Apparel and other textile
products
do
Paper and allied products
do ....
Printing and publishing
...do....
Chemicals and allied products
do....
Petroleum and coal products $.
do....
Rubber and misc. plastics products
do....
Leather and leather products
do....
Transportation and public utilities....
do....
Wholesale trade
do
Retail trade
do
Finance, insurance, and real
estate $
do ....
Services
i
do....
AGGREGATE EMPLOYEE-HOURS §
Seasonally Adjusted
Employee-hours, wage & salary workers in nonagric. establish, for 1 week in the month,
seas adj at annual rate
bil hours
Total private sector
do
Mining
do
Construction
do..
Manufacturing
do
Transportation and public utilities
do ....
Wholesale trade
.
do
Retail trade
do
Finance, insurance, and real
estate .. ..
do
Services
do
Government
do
Indexes of employee-hours (aggregate weekly): 0
Private nonfarm payrolls, total
1982=100..
Goods-producing
do....
Mining
....
do
Construction
do
Manufacturing
do
Durable goods
.. .. ...do
Nondurable goods
do....
Service-producing
do
Transportation and public
utilities
do....
Wholesale trade
do
Retail trade
do
Finance, insurance, and real
estate
do
Services
do
See footnotes at end of tables.




5582
1,183
35
609

5585
1,188
33
609

5573
1,187
34
604

5568
1,179
34
603

5572
1,182
34
602

5573
1,187
35
602

5562
1,189
35
598

5541
1,190
34
589

5500
1,186
34
589

5480
1,192
35
582

5461
1,194
34
579

906
522
868
603
103
688
113
55,660
4,694
5048
17,353

862
524
875
599
105
671
104
57052
4,853
5 107
17,522

870
524
876
601
105
670
109
56803
4,833
5 111
17,506

869
525
875
601
104
673
108
56829
4,831
5 109
17,517

865
523
876
601
104
672
107
56978
4,848
5106
17*533

863
525
877
600
105
676
106
57176
4,866
5 130
17,563

860
526
880
602
105
677
104
57186
4,852
5118
17,588

860
527
879
597
105
678
103
57 252
4,843
5117
17,573

859
526
875
597
105
676
102
57318
4,868
5 109
17,570

854
525
874
597
105
673
100
57292
4,870
5095
17,525

842
521
869
595
106
660
98
57266
4,874
5084
17461

836
520
865
594
105
654
97
57202
4,892
5074
17,405

829
522
862
591
103
650
97
57219
4,892
5045
17393

830
521
854
r590
104
642
95
r
57 024
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r
5022
r
!7,'279

4870
23 695

4958
24 613

4960
24393

4961
24411

4970
24521

4970
24647

4965
24 663

4 973
24746

4964
24807

4957
24845

4947
24900

4930
24901

4938
24951

r

343
346
435
379

344
345
434

344
34.5
436
382

348
347
444
39 1

349
345
437
383

348
345
439
390

348
347
447
390

343
342
440
380

343
344
448
382

347
346
447
383

338
341
444
36 1

339
343
449
37 0

39.8
407
35
41.2
35
40.2
39.0
42.0
41.8
41.2

40.9
409
38
41.5
39
40.4
39.2
42.1
43.0
41.7

41.1
410
38
41.6
39
40.3
39.3
42.3
43.0
41.6

40.5
409
37
41.5
38
40^2
39.6
41.7
43.1
41.7

40.8
410
38
415
39
40.4
39.4
42.3
42.9
41.6

41.3
410
37
417
38
407
39.1
42.2
43.0
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40.9
407
36
413
36
398
38.6
41.2
42.9
41.2

40.8
405
35
409
35
395
38.5
41.8
42.6
40.8

41.3
407
36
412
36
399
38.8
42.0
42.3
41.1

40.2
404
34
408
33
394
38.5
41.0
42.0
40.7

39.9
403
33
r
406
32
39.3
37.5
r
41.7
r
41.5
40.7

418

421

420

420

421

421

421

418

421

416

346

345
440
382

41.0

40.8

38
41.6
39
40.1
39.5
42.3
43.0
41.6

36
413
37
40.2
39.1
42.0
42.7
41.3

40.7
408
37
414
38
40.4
39.2
42.0
42.7
41.5

42.4

420

420

408
424

408
420

41 0
420

409
41 9

409
425

41 0
426

407
428

406
426

41 1
428

407
425

407
41 1

408
41 5

403
41 5

5416
1,199
33
r
570

5445
1,203
34
572

5561
1,186
35
601

430
379

r

r

5642
1,177
37
626

r
4 934
24 931

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"574

r

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826
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520
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r
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587
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103
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94
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56,941
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4,846
r
5015 "4990
17,223 "17,202
r

r
4933 "4,948
24 924 "24,946

372

"34.1
"34.1
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"37 8

40.1
40 1
32
40.4
32
r
39.1
r
38.1
'41.2
r
41.4
40.3

"40.1
"402
"3.3
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415

r

"41.1

405
r
409

T

40 1
406

"403
"40.9

r
408
r

"408
"39.3
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"40.5
"38.2
"39.5

r

364
43.1
37.5
r
42.6
r
43.6
40.6
r
37.1
r
38.5
r
38 1
r
287

"363
"42.9
"37.6
"42.5
"43.7
"40.7
"37.0
"38.5
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"284

r

"35.7
"32.4

41 1
39.4
402
36
40.7
385
40.9

41 1
39.5
400
36
40.8
392
40.0

41 1
39.4
400
36
40.7
388
40.0

41 2
39.2
400
34
40.6
38 1
40.0

41 1
39.4
40 1
36
40.8
392
40.2

412
39.4
403
36
40.9
395
40.4

41 2
39.5
40 1
36
40.5
386
40.2

413
39.9
402
37
41.0
394
40.0

41 3
39.9
402
36
41.2
409
40.0

410
39.8
400
36
40.6
408
39.9

410
39.6
399
36
40.8
404
39.3

41 2
39.2
400
36
40.9
399
39.4

408
39.0
398
34
40.7
395
39.4

410
39.3
398
34
40.6
r
384
r
39.2

369
43.3
37.9
42.4
44.3
41.4
37.9
38.9
380
289

364
43.3
37.9
42.6
446
41.1
37.4
38.9
38 1
288

363
43.2
38.0
42.5
442
41.4
37.7
39.0
38 1
290

364
43.3
37.8
42.6
445
40.9
37.5
39.0
38 1
290

366
43.3
37.9
42.6
442
41.4
37.4
39.1
380
290

367
43.5
38.0
42.6
468
41.6
37.5
39.2
38 1
290

366
43.5
38.0
42.4
447
41.5
37.4
39.0
38 1
289

366
43.5
38.2
42.3
438
41.3
37.7
38.9
38 1
287

366
43.2
38.0
42.7
453
41.4
37.5
39.1
382
289

364
43.5
37.9
42.6
439
41.1
37.2
38.4
379
284

363
43.4
37.8
42.6
460
40.9
36.8
38.7
38 0
287

366
43.5
37.8
42.8
439
41.0
37.4
38.9
383
288

363
43.0
37.7
42.5
43.0
40.8
36.9
38.7
379
284

365
42.9
37.6
42.4
43.8
40.6
'37.2
r
38.5
r
380
286

35.8
32.6

35.8
32.6

35.6
32.5

36.1
32.6

35.5
32.5

35.8
32.6

36.2
32.6

35.7
32.5

36.1
32.8

35.5
32.3

35.6
32.5

36.2
32.8

35.7
32.2

35.8
32.6

340
342

r
446
r

41.4

39.3
398
33
r
40.5
r
39.0
r
39.4

r

35.7
32.4

201 54 r202 03 r201 05 "200 56
16466 165 16 164 16 "163 79
"169
1 73 r171
1 70
r
"9.40
971 r 934
933
r
3925
3858 "3857
3885
"11.67
11.67
11.70
11.84
1239 "1232
1239
1240
r
r
29 11 "2875
29 10
2907

201 21
16536
1 56
1025
41 38
11.43
1239
2943

204 15
167 53
168
1034
4044
11.81
1260
2964

203 94
167 55
1 65
1056
4081
11.78
1260
2980

20284
16747
1 66
1022
4068
11.78
12 61
2983

204 62
16776
1 67
1043
4078
11.86
12 59
2985

206 17
16864
172
1057
4083
11.92
12 65
2989

205 55
168 23
1 69
1022
40 70
11.85
12 63
2983

204 74
167 86
1 68
1031
40 63
11.83
12 63
2962

205 76
168 90
1 71
1036
4056
11.94
12 65
2982

202 80
166 12
1 68
983
40 21
11.72
12 52
2923

203 48
166 60
1 72
10 12
3959
11.81
1253
2946

204 24
167 44
1 72
1008
3962
11.90
12 61
2946

1252
4641
3585

1272
4830
3662

1263
4772
3639

1281
4790
3537

1262
4796
3687

1274
4833
37 52

1288
4843
3732

1272
4845
3689

1286
4899
3686

1263
4830
3669

1265
4872
3689

1286
4920
3680

1268
4839
3688

r
48 98
r

r

3687

1267
4868
3689

"1268
"4872
"3677

122.8
112.1
61 3
1397
1095
1097
109.3
1276

124.3
110.0
664
1402
1063
1056
107.4
1307

124.4
111.5
649
1446
107 5
1073
107.8
1302

124.2
110.1
652
1386
1070
1065
107.6
1305

124.6
111.2
659
142 1
107 5
1073
107.9
1306

125.3
111.7
680
1443
1076
1071
108.2
131 4

124.8
110.5
669
1384
1074
1071
107.7
131 2

124.6
110.5
66 1
1398
107 1
1065
108.0
1309

125.3
110.3
673
1397
1068
1059
107.9
1320

123.1
108.0
666
132 1
1056
1046
106.9
1299

123.4
107.0
679
1354
103 5
1018
106.0
1308

124.0
107.0
68 1
1350
1035
1019
105.8
1317

121.8
104.1
67 1
124 1
1023
1004
104.9
1298

122.2
104.1
r
68 1
1297
1009
r
98.4
104.5
1303

121.4
102.5
r
67 3
1246
1001
97.3
103.9
1299

"121.0
"102.4
"662
"1245
"100.0
"97.4
"103.7
"1293

111.6
1177
1236

115.4
1192
1244

115.3
1194
1249

115.2
1193
1250

116.0
1189
1251

116.7
1198
1253

115.8
1195
125 1

115.2
119 5
124 1

116.4
1196
1249

114.4
1184
1225

115.4
1184
1233

116.4
119 1
1233

115.8
117 2
1215

114.4
1170
121.6

"114.1
114.1
117 1 "1162
1216 "120.2

1205
1401

1226
1455

1223
1439

1226
144 4

1225
144 6

1229
1458

123 1
1459

1229
1460

124 1
1477

121 2
1457

1220
1469

1236
1482

121 7
1458

122 0
147 5

122.0
1466

1270

"121.0
"1467

S-12
Unless otherwise stated in footnotes
below, data through 1988 and
methodological notes are as shown in
BUSINESS STATISTICS, 1961-88

SURVEY OF CURRENT BUSINESS
T7 .,
Lnits

1989

May 1991
1991

1990

Annual

1990

Mar.

June

May

Apr.

July

Aug.

Nov.

Oct.

Sept.

Jan.

Dec.

Apr.

Mar.

Feb.

LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
HOURLY AND WEEKLY EARNINGS §
Average hourly earnings per worker: <)
Not seasonally adjusted:
Private nonfarm payrolls
dollarsMining
,
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....
Industrial machinery and
equipment $$
do
Electronic and other electrical
equipment $$
do....
Transportation equip. ££
do....
Instruments and related
products
do ....
Miscellaneous manufacturing
do
Nondurable goods
do....
Excluding overtime
do....
Food and kindred products.
do
Tobacco manufactures
do....
Textile mill products
do....
Apparel and other textile
products
do
Paper and allied products
do....
Printing and publishing
do
Chemicals and allied products
do....
Petroleum and coal products
do....
Rubber and misc. plastics products do ....
Leather and leather products
do . . . .
Transportation and public utilities....
do ....
Wholesale trade
do....
Retail trade
do
Finance, insurance, and real
estate
do
Services
do ....
Seasonally adjusted:
Private nonfarm payrolls
dollars..
Mining
do
Construction....
do
Manufacturing
do ..
Transportation and public utilities
do ....
Wholesale trade
do....
Retail trade
do
Finance, insurance, and real
estate
do
Services
do
Indexes of avg. hourly earnings, seas, adj.: 0
Private nonfarm economy:
Current dollars
1977—100
1977 dollars
do .
Mining.....
do .
Construction
do
Manufacturing .
do
Transportation and public utilities
do
Wholesale trade
do
Retail trade
do
Finance insurance and real estate
do
Services
do
Hourly wages, not seasonally adjusted:
Construction wages, 20 cities (ENR): §§
Common labor
$ per hr ..
Skilled labor
do
Railroad wages (average, class I)
do....
Avg. weekly earnings per worker,
private nonfarm: Q
Current dollars, seasonally adjusted
1982 dollars, seasonally adjusted t
Current dollars, not seasonally adjusted:
Private nonfarm, total
dollars
Mining
do
Construction
do
Manufacturing
do
Durable goods
do
Nondurable goods
do....
Transportation and public
utilities
do
Wholesale trade
do
Retail trade
do
Finance, insurance, and real
estate
do
Services
do

9.66
1325
1352
1049
1002
1101
1052
8.84
826
10.83
12.42
10.57

10.03
1365
1373
1084
1038
1135
1086
9.10
8.53
11.15
12.90
10.83

9.93
13 57
1363
1075
1030
1125
1078
9.05
8.43
11.03
12.71
10.75

9.97
13 66
1358
1075
1037
1122
1084
9.09
842
11.18
12.86
10.65

9.97
1356
1368
1081
1036
1133
10.84
9.11
8.47
11.15
12.82
10.79

9.98
1366
1363
1085
1037
1137
10.86
9.09
8.52
11.17
12.90
10.85

10.00
1369
1370
1088
1041
1138
1090
9.16
8.50
11.21
13.04
10.86

10.00
1363
1374
1082
1033
1135
1084
9.14
8.56
11.17
12.94
10.84

10.16
1382
1392
1094
1042
1149
10.95
9.22
8.64
11.27
13.04
10.95

10.16
1369
1392
1095
10.46
11.50
10.99
9.15
8.62
11.22
13.06
10.95

10.17
1378
1382
10.98
10.49
11.48
10.98
9.12
8.64
11.26
13.12
10.94

10,20
13.84
13.87
11.06
10.58
11.59
11.08
9.12
8.70
11.28
13.11
11.05

10.24
14.16
13.97
11.06
10.63
11.59
11.15
9.12
8.62
11.27
13.15
11.01

10.24
14.07
13.86
11.03
10.62
11.55
11.14
9.11
r
8.66
r
!1.24
13.00
11.01

10.25
14.06
13.85
11.07
10.65
11.60
11.17
r
9.11
r
8.69
11.26
13.16
11.08

"10.30
"14.15
"13.90
"11.12
"10.70
"11.65
"11.22
"9.23
"8.71
"11.43
"13.27
"11.11

1140

1177

1164

1155

1170

11.75

1178

1180

1194

11.90

11.96

12.11

12.05

12.06

12.13

"12.11

10.05
13.68

10.31
14.10

10.17
14.02

10.17
13.89

10.22
14.14

10.27
14.20

10.34
14.06

10.33
14.07

10.42
14.31

10.47
14.41

10.53
14.21

10.57
14.42

10.60
14.41

10.59
14.34

10.56
14.44

"10.60
"14.53

10.83

11.32

11.19

11.20

11.23

11.27

11.37

11.35

11.47

11.47

11.49

11.62

11.65

11.66

11.69

"11.63

8.29
9.75
9.33
938
15.36
7,67

8.62
10.14
9.71
963
16.46
8.01

8.59
10.04
9.63
9.61
16.46
7.94

8.56
10.10
9.73
961
17.09
7.91

8.59
10.10
9.68
9.63
17.17
7.98

8.61
10.12
9.69
9.67
17.24
8.02

8.60
10.20
9.76
9.68
17.42
8.01

8.59
10.12
9.66
9.55
16.34
8.04

8.63
10.20
9.71
957
16.12
8.09

8.62
10.21
9.75
9.57
16.03
8.12

8.66
10.31
9.85
9.77
16.71
8.13

8.81
10.35
9.89
9.83
16.18
8.16

8.78
10.35
9.94
9.80
16.37
8.16

8.70
10.33
9.94
r
9.77
16.32
8.13

'8.75
10.37
r
9.97
r
9.84
17.64
r
8.16

"8.76
"10.40
"10.00
"9.85
"17.70
"8.18

635
11.96
1088
13.09
1541
9.47
6.60
12.61
10.39
653

659
12.30
1125
13.54
1623
9.79
6.91
12.95
10.80
678

653
12.11
1117
13.34
1611
9.68
6.87
1283
10.66
6 74

656
12.25
1112
13.53
1631
9.66
6.94
12.96
10.78
675

660
12.25
11.17
13.46
16.13
9.75
6.92
12.82
10.73
675

661
12.23
11 16
13.51
16.23
9.77
6.91
12.86
10.76
675

659
12.36
1125
13.58
16.22
9.85
6.79
12.99
10.82
674

662
12.29
1130
13.57
16.06
9.81
6.85
12.96
10.77
675

670
12.42
1141
13.62
1640
9.90
6.97
13.07
10.94
685

6.67
12.43
11.36
13.72
16.40
9.90
6.98
13.07
10.87
6 85

6.65
12.53
11.38
13.73
16.60
9.95
7.00
13.07
10.94
688

6.67
12.54
11.45
13.75
16.51
9.98
7.09
13.13
11.05
686

6.65
12.51
11.37
13.85
16.65
10.04
7.10
13.17
11.05
692

6.62
12.51
11.37
13.81
17.02
10.01
r
7.11
13.15
11.09
6.91

6.65
12.57
11.38
13.84
16.98
10.04
r
7.12
13.16
11.07
r
6.93

"6.72
"12.57
"11.35
"13.97
"16.85
"10.11
"7.17
"13.22
"11.14
"6.99

954
9.39

999
9.86

984
9.76

997
9.82

9.90
9.77

990
9.75

1000
9.79

9.96
9.78

1012
9.98

10.10
9.99

10.14
10.05

10.25
10.14

10.26
10.15

10.32
10.18

10.35
10.19

"10.38
"10.21

9.66
1325
1352
1049
12.61
1039
6 53

10.03
1365
1373
1084
12.95
1080
678

9.93
1351
1366
1073
12.87
1067
673

9.96
1359
1362
1075
12.96
1074
674

9.98
1358
1371
1081
12.88
1074
676

10.03
1373
1373
1086
12.92
1080
678

10.07
1379
1376
1089
13.02
1084
679

10.09
1373
1378
1090
13.00
1084
682

10.13
1383
1382
1093
13.02
1094
683

10.12
13.79
13.82
10.97
13.03
10.89
684

10.14
1384
13.79
10.97
13.02
10.93
687

10,19
13.77
13.79
11.00
13.10
11.03
685

10.19
14.03
13.93
11.04
13.16
11.01
687

10.21
13.93
13.90
11.02
13.11
11.06
688

10.24
14.00
13.88
11.05
13.20
11.08
r
6.92

"10.29
"14.08
"13.94
"11.12
"13.22
"11.10
"6.98

954
939

999
986

982
972

988
979

987
980

9 98
9 85

1008
992

1006
993

10 17
998

10 11
996

1012
999

1027
1007

10.18
10.05

10.21
10.10

10.33
10.15

"10.29
"10.18

2321
15.68

18.31
24 10
16.08

18.21
2371
16.10

18.22
2377
16.22

18.16
23 88
16.06

18.27
2405
15.93

18.27
24 05
16.08

18.40
24 12
15.98

18.42
2525
16.08

18.45
2427
15.77

18.57
24.33
15.97

18.58
24.34
15.99

18.58
24.35
15.65

18.61
24.35
15.85

18.61
24.35
15.60

334.24
26422

346 04
25998

34358
261 88

34362
261 51

34431
261 44

34804
26287

34742
261 61

34811
25978

35151
260 19

346.10
25467

348.82
25592

352.57
257.92

347.48
25327

'350.20
r
255.06

r
350.21
r

334 24
56975
51241
43009
45802
391.95

34604
60060
52449
44227
46876
405.60

34060
583 51
51658
437 53
46575
399.59

34297
58875
506 53
42785
452 17
395.92

34297
58579
52258
442 13
47020
404.00

34730
60650
53293
44594
474 13
407.84

34900
59688
52471
44064
46658
406.98

34800
59972
53586
441 46
46876
407.84

353 57
62328
54288
451 82
48028
414.12

34849
61057
52896
44786
47610
410.44

34883
618 72
52792
44798
47412
415.49

353.94
62834
53122
45678
48562
419.18

346.11
62870
50432
44461
47171
409.86

347.14
624 71
51282
44010
466.62
407.00

r
348.50
r
620.05
r
515.22
r

49053
39482
18872

50376
411 48
19526

496 52
40401
192 09

504 14
41072
19575

49870
40774
19440

50668
41103
19778

511 81
41441
200 18

50803
41034
19845

51234
41900
197 97

50450
414 15
194 54

507 12
41572
19539

512 07
42432
20100

50309
41659
191 68

r
502 33
r

r
502.71
r

341 53
306 11

357 64
321 44

35030
316 22

359 92
320 13

351 45
31557

35442
31883

36200
32307

35557
32078

36533
32635

35855
32368

36098
32562

371 05
331 58

36628
32582

r

r
369
r

(2)
(2)
(2)
(2)
(2)
(2)
(2)
(2)
(2)
(2)

17.79

EMPLOYMENT COST INDEX @
Civilian workers t
.6/89=100
Workers, by occupational group
White-collar workers
do
Blue-collar workers
do
Service workers
do...
Workers, by industry division
Manufacturing
do..
Nonmanufacturing
do
Services.....
;
do...
Public administration
do
HELP-WANTED ADVERTISING
Seasonally adjusted index
1967 — 100
See footnotes at end of tables.




151

128

r

41920
19348

369 46
32983

"350.89
255.07 "254.82

"351.23
"621.19
"525.42
443.91 "445.91
469.80 "471.83
'410.65 "410.80
"507.65
419.55 "423.32
195.43 "197.82
50 "370 57
329 14 "330.80

104.3

105.4

106.9

107.6

109.1

lt)46 •
1036
104.2

1058
1048
105.1

107 5
1058
106.6

1083
1065
108.0

1098
1080
109.4

104 0
104 3
1055
1051

1053
1055
106.6
1055

1064
1070
109.0
107 8

107.2
107 8
110.2
1087

108.6
109.4
111.5
110.8

139

137

134

132

132

127

122

116

107

108

100

r

97

18.69
24.37

94

Unless otherwise stated in footnotes
below, data through 1988 and
methodological notes are as shown in
BUSINESS STATISTICS, 1961-88

S-13

SURVEY OF CURRENT BUSINESS

May 1991
..
unus

1991

1990

Annual

tT

1989

1990

Mar.

May

Apr.

June

Aug.

July

Nov.

Oct.

Sept.

Apr.

Mar.

Feb.

Jan.

Dec.

LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
WORK STOPPAGES
Work stoppages involving 1,000 or more: workers:
Number of stoppages:
Beginning in month or year
.number
Workers involved in stoppages:
Beginning in month or year
thous
Days idle during month or year .
do
UNEMPLOYMENT INSURANCE t
State programs:
Initial claims
thous
Average weekly insured unemployment ... .
do
Rate of insured unemployment @
percent..
Total benefits paid
mil $
Weeks of unemployment compensated
thous
Average weekly benefit
dollars
Federal civilian employees unemployment
insurance (UCFE):
Initial claims
thous
Average weekly insured unemployment
do
Total benefits paid
mil $
Weeks of unemployment compensated
thous
Average weekly benefit
dollars
Veterans unemployment insurance (UCX):
Initial claims .
thous
Average weekly insured unemployment
do
Total benefits paid
mil $
Weeks of unemployment compensated .. .
thous
Average weekly benefit
dollars..

51

44

r

l

5

'5
T

1
'514

'6
15
r
528

5

1

6
'486

r

31
'684

r

3

2

3

2

0

'2

1

7

10
r
429

3
r
451

11
484

4
436

0
354

2
242

1
255

298
916

2039

2483

3066

2051

1864

2452
2.3
1483

2976
2.7
1738

3941
4.1
2530

3,995
3.5
2,368

3,874
3.7
2,458

10903
16533

15831
16674

14429
16954

14942
17029

452
16996

185
5926

17 126

20 184

1 417

1 362

1 320

1 333

1763

1 451

1 221

1755

2 154
2.2
14260

2514
2.4
18060

2765
2.7
1716

2541
2.4
1 503

2273
2.1
1 467

2 165
2.1
1 265

2390
2.3
1 397

2241
2.1
1 430

2 140
1.9
1 178

2230
2.1
1 402

97937
151 68

115 954
161 63

11 161
15960

9417
16321

114 4

131 7

74

74

81

98

137

108

102

196

138

11 5

153

91

79

22 1
143 5

24 1
1590

21 3
126

192
106

177
104

188
98

215
114

232
133

233
11 5

284
157

320
178

347
189

389
23.2

36.0
19.6

30.5
17.7

10856
13221

1 0775
14804

845
149 01

701
151 78

692
15065

648
15077

753
151 20

909
14632

792
14503

1078
14579

1217
14625

129.4
14635

155.8
149 15

129.5
151 33

115.1
153 63

1169

1329

128

110

10 1

95

11 1

124

103

120

104

94

113

82

9.3

151
1047

184
1317

194
116

196
104

192
12.3

175
106

173
104

167
104

173
95

185
116

184
114

188
113

205
13.2

18.3
10.5

18.1
10.6

6440
162.57

7733
170.58

698
166.40

66 1
157.95

720
170.51

622
171.11

603
173.36

60 1
173.20

544
175.19

666
173.99

653
175.41

64 1
175.62

749
176.06

595
175.78

613
173.47

50,469

52,093

53,968

'42
r
722

33
r
638

9 640
16202

9407
16202

8 125
161 91

9023
15991

9 189
16046

7 527
162 11

8855
16401

FINANCE
BANKING
Open market paper outstanding, end of period:
Bankers' acceptances.... ..
mil $
Commercial and financial company
paper, total
do
Financial companies
do
Dealer placed
do
Directly placed
do
Nonfinancial companies
do
Loans of the Farm Credit System: t
Total, end of period
.'....mil. $..
Long-term real estate loans
do....
Short-term and intermediate-term
loans
do
Loans to cooperatives
.do....
Federal Reserve banks, condition, end of period:
Assets, total #..
mil $
Reserve bank credit outstanding total #
do
Loans
do
U.S. Government securities....
.....do....
Gold certificate account
.do....
Liabilities total #
do
Deposits, total
do ....
Member-bank reserve balances
do....
Federal Reserve notes in circulation
do ....
All member banks of Federal Reserve System,
averages of daily figures: 0
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, last Wed. of mo.:
Deposits:
Demand total #
mil $
Individuals, partnerships, and
corporations
do ....
States and political subdivisions
do....
U S Government
do
Depository institutions in U.S
; do....
Transaction balances other than demand
deposits . .
do
Nontransaction balances, total
do ....
Individuals, partnerships, and
corporations
do
Loans and leases(adjusted),total §
do . .
Commercial and industrial
do....
For purchasing and carrying
securities
do .
To nonbank depository and other
financial
do
Real estate loans
do....
To States and political subdivisions
do..
Other loans
do
Investments total
do
U.S. Treasury and Govt. agency securities,
total
do
Investment account
do.
Other securities ..
do
See footnotes at end of tables.




62,972

"64,771

55,865

521,859
398,456
188,580
209,876
123,403

'557,811
'420,398
221,362
119,036
137,413

540,732
398,548
185,202
213,346
142,184

52,006

52,324

552,256 547,170 542,543 543,609
402,941 401,405 397,649 399,480
186,959 188,017 194,335 198,070
215,982 213,388 203,314 201,410
149,315 145,765 144,894 144,129

547,364
402,570
198,900
203,670
144,794

53,945

54,766

53,750

54,771

56,498
568,936
419,754
216,148
203,606
149,182

566,133 562,257
421,941 416,039
222,169 225,990
199,772 190,049
144,192 146,218

326,206

325,016

50,707
30,245

51,196
29,923

51,208
29,595

51,110
29,440

10,020
10,442

9701
11,572

10,542
11071

10,977
10,693

304,465 327,573

295,137

236,991 262,002
481
190
228,367 252,103
11,059
11,058
304,465 327,573
46,430
48,228
38,327
38,658

228,894 232,124
1,012
2,163
219,322 224,468
11,060
11,060
295,137 297,270
41,565 42,036
36,129
36,076

235,475 239,064
586
1,100
227,455 231,383
11,065 11,065
301,646 306,354
39,132 42,429
34,094 36,336

241,739 .267,657

238,944

241,068

246,398

297,270

301,646

306,354

308,798

310,386

r

561,773 558,375 555,994 557,811
410,134 404,718 408,578 420,398
206,734 199,092 205,203 221,362
203,400 205,626 203,375 199,036
151,639 153,657 147,416 137,413

311,031 315,881

318,871

327,573

315,305 318,978

240,561 244,450 243,082 245,851 252,279 262,002
190
131
591
505
465
942
232,313 236,434 234,373 237,763 244,985 252,103
11,058
11,059
11,060
11,063
11,065
11,064
308,798 310,386 311,031 315,881 318,871 327,573
44,226 43,331 48,228
41,546 40,600 42,206
38,658
34,546 37,359
33,834
34,651 35,592

258,471 260,090 250,069 251,848
291
244
506
180
249,194 251,404 240,965 244,493
11,058
11,058
11,058
11,058
258,471 260,090 250,069 251,848
48,165 46,505 35,405 36,330
22,081
24,067
19,902 22,109
263,751 265,915 267,391 267,445

247,983 249,319

253,544

252,738

255,860

260,243

267,657

2
62,810
2
61,888
2

59,150
57,456
1,665

60,658
59,797
861

62,512
61,615
897

60,232
59,269
962

61,197
60,422
774

60,943
60,081
862

60,728
59,860
868

61,452
60,544
909

61,052
60,206
847

62,045
61,099
947

59,150
57,456
1,665

50,992
48,824
2,168

48,551
46,743
1,809

'48,586
'47,408
1,179

50,319
49,269
1,050

2
265
2

677

326
1,362

2,124
687

1,628
672

1,335
502

881
239

757
385

927
68

624
291

410
455

230
741

326
1,362

534
1,661

252
2,971

241
'991

231
905

248,307

922

278,721

220,035

219,106

234,527

221,364

215,000

213,251 225,626

224,787

217,211

278,721

214,004

216,608

218,174

214,429

197,212 218,263
7,248
9,315
4,831
1,865
24,251 28,334

176,918
5,661
2,430
19,570

174,129
6,477
4,007
19,247

183,275
6,086
1,472
23,840

174,225
6,280
3,562
19,720

171,254
6,268
2,655
20,011

171,072
5,405
1,440
18,840

180,117
6,067
1,902
21,654

179,672
6,844
2,249
20,545

173,925 218,263
9,315
6,427
4,831
1,038
19,915 28,334

172,260
6,755
1,491
18,915

173,674
6,787
1,627
17,995

173,616
6,942
1,662
18,984

170,191
7,119
3,362
18,319

91,138
797,701

80,619
730,926

83,580
730,316

80,099
741,164

79,050
741,932

77,495 77,478 81,627
751,981 752,705 755,176

79,367
755,210

78,354
753,989

91,138
797,701

82,988
793,096

84,413 86,607
798,314 797,660

88,311
791,541

79,238
704,060

666,397 762,580 691,572 691,238 702,169 703,325 715,080 715,253 719,144 718,955 717,988 762,580 757,267 760,759 760,265 754,812
994,060 1,072,019 1,005,614 1,007,576 1,010,010 1,011,832 1,012,981 1,017,024 1,019,094 1,020,546 1,017,693 1,072,019 1,052,816 1,048,748 1,048,489 1,047,474
318,691 321,314 323,019 325,252 322,754 321,906 319,630 317,459 318,909 319,458 317,473 321,314 316,930 320,763 319,601 316,851
13,526

16,261

13,129

16,914

22,334
352,500
24,940
259,334
223,349

24,462
398,753
21,054
293,307
238,932

21,797
365,507
24,270
254,107
235,932

22,951 23,358
22,151 22,633 23,697
366,109 371,661 373,682 377,184 379,229
23,998 23,716 23,233 22,774
22,454
255,129 255,720 253,559 255,566 260,262
234,862 236,129 238,860 240,171 245,197

156,556
140,002
66,793

177,816
167,790
61,116

170,856
153,148
65,076

171,136
155,939
63,726

14,937

15,755

172,743 176,366
159,623 160,890
63,386 62,494

14,876

14,262

178,464 182,874
159,761 165,720
62,323
61,707

14,540

14,407

14,020

13,129

23,308 24,462
23,975 24,090
381,394 382,568 383,842 398,753
21,415 21,054
21,978 21,977
258,298 258,046 257,635 293,307
245,127 245,162 240,951 238,932
183,404 184,057
165,754 167,856
61,723 61,105

180,785
166,506
60,166

177,816
167,790
61,116

12,982

12,979

22,632
22,647 22,519
400,607 400,812 401,912
20,534
21,093 20,802
278,070 268,709 270,828
243,445 247,513 249,302

21,928
403,664
20,402
271,650
250,366

189,308
176,704
59,994

191,684
177,868
58,682

13,469

182,652
170,890
60,793

15,143

186,969
172,729
60,544

S-14
Unless otherwise stated in footnotes
below, data through 1988 and
methodological notes are as shown in
BUSINESS STATISTICS, 1961-88

SURVEY OF CURRENT BUSINESS
.,
1T
ljn118

1989

May 1991
1991

1990

Annual

1990

Mar.

Apr.

May

June

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

2,683.0
442.8
177.3
2,062.9

2,704.9
445.7
178.8
2,080.4

2,708.0
450.1
178.8
2,079.0

2,713.6
453.1
177.8
2,082.7

2,716.6
454.0
175.9
2,086.7

2,723.6
454.2
175.6
2,093.8

2,721.2
454.1
177.7
2,089.4

2,735.1
458.0
177.6
2,099.5

2,750.9
471.4
177.6
2,102.0

2,751.6
479.2
175.7
2,096.7

July

FINANCE—Continued
BANKING-Continued
Commercial bank credit, seas, adj.: §
Total loans and securities <^
bil. $ ..
U.S. Government securities
do ....
Other securities
do
Total loans and leases 0
do ....
Money and interest rates:
Prime rate charged by banks on
short-term business loans
percentDiscount rate (New York Federal
Reserve Bank) @
do....
Federal intermediate credit bank
loans.. .
do
Home mortgage rates (conventional 1st
mortgages):
New home purchase (U.S. avg.)
percent..
Existing home purchase(U.S. avg.)
do....
Open market rates, New York City:
Bankers' acceptances, 3-month
do ....
Commercial paper, 6-month $
do ....
Finance co. paper placed directly, 6-mo
..do . ..
Yield on U.S. Gov. securities (taxable):
3-month bills (rate on new issue).. .percent..
CONSUMER INSTALLMENT CREDIT t
Not seasonally adjusted
Total outstanding (end of period) #
mil. $..
By major holder:
Commercial banks
do
Finance companies
do
Credit unions
do .
Retailers
do
Savings institutions
do....
Gasoline companies *
do
Pools of securitized assets "("T
do
By major credit type:
Automobile *
do
Revolving *
do
Mobile home *
do....
Other *
do
Seasonally adjusted
Total outstanding (end of period) #
do....
By major credit type:
Automobile
do
Revolving .
do
Mobile home
do
Other *
do
Total net change (during period) #
do
By major credit type:
Automobile
do ....
Revolving
do
Mobile home
do ....
Other * ..
do

2,633.2
420.3
180.4
2,032.5

2,648.1
426.4
180.2
2,041.5

2,655.4
430.3
178.2
2,046.9

10.01

10.00

10.00

10.00

10.00

10.00

10.00

10.00

io!oo

10.00

10.00

9.52

9.05

9.00

9.00

6.98

7.00

7.00

7.00

7.00

7.00

7.00

7.00

7.00

7.00

6.79

6.50

6.00

6.00

5.98

9.77
9.81

2
9.68
2

9.73

9.70
9.74

9.83
9.82

9.87
9.83

9.80
9.85

9.75
9.85

9.75
9.70

9.60
9.70

9.68
9.67

9.61
9.69

9.45
9.58

9.36
9.54

9.28
9.49

9.16
9.26

9.24
9.24

8.87
8.80

7.93
7.95

8.15
8.23

8.21
8.29

8.12
8 23

8.00
8.06

7.86
7.90

7.75
7.77

7.83
7.83

7.85
7.81

7.82
7.74

7.60
7.49

6.96
7.02

6.36
6.41

6.24
6.36

5.92
6.07

7.74

8.04

7.79

7.66

7.46

7.50

7.50

7.42

6.95

6.59

6.14

6.20

5.91

7.780

7.780

7.740

7.660

7.440

7.380

7.190

7.070

6.810

6.300

5.950

5.910

5.670

2,582.6
394.5
180.3
2,007.9

2,723.6
454.2
175.6
2,093.8

10.87

6.93

2
2

8.16

7.53

7.49

8.120

7.510

7.870

2,670.1
438.4
177.5
2,054.2

'730,901

'748,300 '719,655 '722,166 '724,961 '727,956 '730,660 '736,480 '738,946 '736,091 '738,626 '748,300 '736,399 '729,264 724,855

'342,770
140,832
'93,114
'44,154
'57,253
3,935
'48,843

'347,466 '333,046 '336,026 '337,475 '334,138 '336,658 '340,525 '342,698 '341,755 '342,882 '347,466 '341,426 '339,282 335,803
'137,450 137,857 138,174 138,384 138,642 138,796 139,496 140,890 141,329 139,195 '137,450 '134,965 '133,021 131,552
'92,911 '91,470 '91,580 '91,730 '91,800 '92,260 '93,071 '92,996 '93,190 '92,918 '92,911 '91,991 '91,131 90,263
'43,552 '39,980 '39,579 '39,704 '39,767 '39,165 '39,557 '38,963 '38,282 '39,095 '43,552 '40,945 '38,864 38,497
'45,616 '57,619 '56,956 '55,485 '54,517 '53,541 '51,822 '50,683 '48,055 '47,121 '45,616 '44,939 '43,875 42,491
4,296
'4,404
'4,766
'4,822
'4,753
'4,749
4,723
4,722
4,396
4,192
4,024
3,928
3,792
'4,822
'76,483 55,891 '55,923 '58,159 '64,900 '65,844 '67,287 '67,993 '68,731 '72,662 '76,483 '77,367 '78,687 81,953

'290,705
'210,310
'22,240
'207,646

'284,813 '287,644 '287,564 '288,345 '289,259 '288,741 '289,371 '289,169 '287,304 '285,379 '284,813 '282,214 '279,913 277,445
'232,370 '202,676 '204,641 '207,796 '210,050 '213,140 '216,633 '218,279 '218,337 '222,643 '232,370 '223,606 '220,714 221,387
'20,666 '22,554 '22,299 '21,980 '21,724 '21,245 '21,185 '21,195 '20,773 '20,472 '20,666 '20,614 '20,362 20,013
'210,451 '206,781 '207,662 '206,840 '206,923 '207,534 '209,291 '210,303 '209,677 '210,132 '210,451 '209,965 '208,275 206,010
'726,676 '727,798 '729,528 '730,355 '732,750 '733,844 '735,547 '735,433 '736,411 '735,102 '732,962 '732,762 731,830
'290,755 '290,000 '289,416 '288,797 '288,136 '286,818 '285,627 '285,024 '284,412 '284,585 '283,746 '282,626 280,332
'205,783 '207,673 '210,618 '212,043 '215,119 '217,024 '219,090 '220,031 '221,690 '220,110 '219,588 '221,556 224,804
'22,672 '22,359 '22,073 '21,761 '21,211 '21,191 '21,073 '20,680 '20,492 '20,919 '20,459 '20,200 20,105
'207,466 '207,766 '207,421 '207,754 '208,284 '208,811 '209,758 '209,698 '209,817 '209,487 '209,170 '208,379 206,588
932
'978 '-1,309 '-2,140 '-200
'1,703
'1,094
'2,395
'827
'1,730
'1,122
'1,157
'-515
'1,532
'228
' 87

'-755
'1,890
' — 313
'300

'-584
'2,945
'-286
'-345

'-619
'1,425
'-312
'333

'-661 '-1,318 '-1,191
'2,066
'1,905
'3,076
'-20 '-118
'-550
'947
'527
'530

'-603
'941
'-393
'-60

'173
'-612
'1,659 '-1,580
'427
'-188
'119 '-330

'-839 '-1,120
'1,968
'-522
'-460 '-259
'-317 '-791

-2,294
3,248
-95
1,791

FEDERAL GOVERNMENT FINANCE
Federal receipts and outlays:
Receipts (net)
mil $
'990,701 "1,031,308 64,805 139,604 69,186 110,601 72,329 78,462 102,860 77,061 70,507 '102,939 100,713 67,657 64,805 140,380
Outlays (net)
do ' 1,142,691 " 1,251,766 118,128
97,775 111,668 121,706 98,253 131,181 82,012 '108,270 '118,142 '82,160 99,023 93,834 '105,876 110,249
1,690 -26,177 '-41,071 30,131
Total surplus or deficit (-)
do.... '-151,989 "-220,4& -53,324 41,829 -42,482 -11,105 -25,924 -52,719 20,848 -31,285 '-47,635 '20,778
Federal financing, total
do
7,311 -1,690 26,177 '41,071 -30,131
'151,989 "220,458
53,324 -41,829 42,482 11,105 25,924 52,719 '-20,778 31,285 '47,635
31,764 34,611 -9,913 -9,399
Borrowing from the public
do .... '140,369 '298,824
56,090 -5,935 23,380 23,519 24,233 47,329 -2,595 32,265 46,776 19,700
8,531 -50,758 20,732
Other
do
33,524
803 -1,274 12,389
' 11,620 '10,796 -2,754 -36,583 19,172 12,386 -1,701 -5,425 20,848
Gross amount of debt outstanding
do .... '2,881,112 "3,266,073 3,081,893 3,093,076 3,127,355 3,175,461 3,200,338 3,243,261 3,266,073 3,307,748 3,363,205 3,397,325 3,443,129 3,488,624 3,491,694 3,470,530
Held by the public
do '2,204,270 "2,470,166 2,359,054 2,353,119 2,376,813 2,400,365 2,424,598 2,471,927 2,470,166 2,502,431 2,549,207 2,568,907 2,600,015 2,634,626 2,624,714 2,615,217
Federal receipts by source and outlays by
agency:
67,657 64,805 140,380
Receipts (net), total
mil. $.. '990,701 '1,056,490
64,819 139,624 69,212 110,614 72,357 78,486 102,874 78,711 72,819 102,266 101,802
46,471 50,882 27,929 11,288 77,768
Individual income taxes (net)
do.... '445,690 '474,235
13,174 74,375 21,467 49,639 33,290 36,434 46,664 40,691 27,156
13,296
2,495 12,807
3,829
1,294 22,523
Corporation income taxes (net)
do . , . . '103,291 '96,945
1,614
1,608 17,344
2,057
18,569
1,557
13,375
12,655
Social insurance taxes and contributions
(net)
mil $.. '359,416 '388,944
39,604 29,872 33,045 42,478
26,598 33,723 25,480
32,961 43,821 37,450 34,326 29,610 32,047 31,010
6,838
7,665
Other
do
7,361
7,487
7,792
9,807 10,646
8,397
8,738
'82,392 '96,369
7,856
7,399
8,081
8,052
6,030
Outlays (net), total
do '1,142,691 '1,293,575 118,155 97,866 111,764 121,836
98,291 131,240 82,026 110,173 120,869 109,650 100,042 93,737 105,650 110,249
5,208
5,051
3,145
Agriculture Department
do.... '48,414 '50,117
4,553
5,353
6,474
4,818
2,346
3,349
3,015
4,216
3,320
5,109
5,058
Defense Department, military
do .... '294,876 '296,559
28,691 21,385 25,560 27,015 22,004 27,805 20,522 24,094 29,021 25,168 20,868 24,940 14,852 20,841
Health and Human Services
38,931 39,162 39,555 41,445
Department.
mil. $.. '399,774 '449,829
37,736 35,677 37,316 42,467 36,992 59,467 14,730 36,734 39,360 38,133
17,714
18,754 19,860
17,165
Treasury Department .
do
15,561 19,345 46,544
'230,573 '261,117
18,215 15,859 20,522 40,176 17,012
18,529 16,281
National Aeronautics and
1,220
1,139
1,063
Space Adm
do.... '11,036 '13,164
851
1,396
1,155
1,351
1,140
1,101
1,103
963
1,087
948
1,093
3,184
2,716
2,576
948
2,428
Veterans Affairs Department
do .... '30,041 '30,575
4,018
2,886
1,265
3,737
2,596
1,202
1,313
3,844
3,619
GOLD AND SILVER:
Gold:
Monetary stock, U.S. (end of
period)
mil. $ ..
Price at New York $$
dol. per troy oz..
Silver:
Price at New York $$
dol. per troy oz..
See footnotes at end of tables.




11,059
381.28

11,061
384.08

11,060
393.06

11,060
374.27

11,065
369.19

11,065
352.33

11,064
362.53

11,065
395.03

11,063
389.46

11,060
380.74

11,059
381.72

11,058
378.16

11,058
383.64

11,058
363.83

363.34

358.39

5.499

4.819

5.058

5.046

5.074

4.906

4.859

4.982

4.790

4.366

4.169

4.068

4.028

3.723

3.960

3.970

Unless otherwise stated in footnotes
below, data through 1988 and
methodological notes are as shown in
BUSINESS STATISTICS, 1961-88

S-15

SURVEY OF CURRENT BUSINESS

May 1991
TT ..
unus

1989

1991

1990

Annual

1990

Mar.

Apr.

May

June

July

Dec.

Jan.

Feb.

Mar.

Apr.

Aug.

Sept.

Oct.

Nov.

r
852.7
834.9
823.4
8332
8443
8261
3 328 3 rr3 344 0 rr3 343 3 r 3,347.8 rr3,377.4 3,398.8
4 117 1 r4,126 2 r4,132.9 r4,152.1 4,173.0 4,183.3
49627 4 979 6 4 995 2 5 004 2 5 016 8

FINANCE—Continued
MONETARY STATISTICS
Currency in circulation (end of period)
bil $
Money stock measures and components (averages
of daily figures): f
Measures (not seasonally adjusted):
Ml
bil $
M2
do
L (M3 plus other liquid assets)
Components (not seasonally adjusted):
Currency
.
Demand deposits
Other checkable deposits it
Overnight HP's and Eurodollars <}
General purpose and broker/dealer
money market funds
Money market deposit accounts
Savings deposits
Small time deposits @ .. .
Large time deposits @ .. ..
Measures (seasonally adjusted):
Ml
M2
M3
L (M3 plus other liquid assets)
Components (seasonally adjusted):
Currency
Demand deposits
Other checkable deposits $$
Savings deposits
Small time deposits @
Large time deposits @

2604

7837
31296
39877
47828

8122
3 293 2
4 091 4
4 929 6

7962
32677
40758
49122

8180
32928
4 090 8
49303

7973
32628
40643
48886

8108
32841
40808
4 914 1

8129
32986
40914
49192

8145
33102
41083
49336

8189
33168
41072
49560

8176
33218
41066
4951 6

do
do
do....

217 5
2804
278.5

2355
277 5
291.2

227 1
271 6
290.1

2296
2800
301.1

231 8
2689
289.1

2349
2752
292.7

2373
2773
289.7

2394
2768
289.4

241 0
2782
291.1

2428
2780
288.4

2457
2805
291.9

do...

791

811

819

794

832

824

840

82.6

815

83.5

77.7

70.6

70.5

339.2
5059
4117
11595
5243

341.3
5056
4126
11612
5183

344.5
5098
4104
11598
5159

372.5
364,7
356.6
347.8
r
521.8
513.3
5089
5103
420.7
412.0
4090
4073
1,160 2 1 163 91,163.3 1,156.9
r
510.6
513.9
509.6
507.1

371.2
526.6
428.7
1,149.1
503.2

r
3,330.0 rr3,333.0 r3,357.1
r
4 114 1 r4 126 8 r 41641
r

do

331.6
4983
4100
1 1497
5491

330.9
4996
412 7
1 1522
5406

321.7
4957
4125
11524
5399

322.2
4993
4146
11548
5372

325.0
4998
4169
11601
5332

334.6
5043
4140
1 160 2
5304

do....
do....
do
do....

8047
3 269 6
4 077 2
4,914.6

807.7
3,279.9
40827
4,920.5

807.5
40827
4,903.2

811.5
3,290.6
40858
4,922.8

810.7
3,295.4
40892
4,926.9

816.5
3,309.5
4 1033
4,935.4

821.8
3,321.5
4 1090
r
4,957.5

821.2
3,324.5
4 1095
4,955.8

823.3
3,324.7
4 1100
4,958.0

do
do
do ..
do
....dodo....

2284
2789
2898
4102
1,149.9
549.3

2303
2781
291.7
411.5
1,152,2
543.7

2319
2758
292.0
411.3
1,153.5
540.5

233.7
2763
293.7
411.8
1,154.6
538.0

2357
2756
2917
4127
1,156.8
535.0

2384
2780
292.1
412.7
1,158.3
529.2

2415
2791
2930
4123
1,160.1
521.9

2439
2771
291.8
411.5
1,161.4
515.1

2450
2772
292.8
411.1
1,161.8
512.5

do....
do
do
do
do

PROFITS AND DIVIDENDS (QTRLY.)
Manufacturing corps. (Bureau of the Census):
Net profits after taxes, all
manufacturing ... .
mil $
Food and kindred products
do
Textile mill products
do
Paper and allied products
do
Chemicals and allied products
do
Petroleum and coal products
do
Stone, clay, and glass products
do
Primary nonferrous metal .
do
Primary iron and steel. .... ..
do
Fabricated metal products
do
Machinery (except electrical)
do ..
Electrical and electronic equipment
do ....
Transportation equipment (except motor
vehicles and equipment)
mil $
Motor vehicles and equipment... .
do
All other manufacturing industries
do
Dividends paid (cash), all manufacturing
do .. .

276.3
4750
4099
1 355 5
5641

332.0
501 1
4109
1 1557
5339

2527
2681
294.8

r

r

r

826.7

836.4

4,961.3

4,979.3

5,013.6

19274
2288
19
579
5,265
4663
463
151
527
517
3,282
1,051

4315
8349

1 337
1 355

1 193
2 111

1 536
1 941

855
2107

22 674

3875

5519

4696

3739

65,244

15 141

16322

14740

17,612

8,887
T
915

12,251
14,355
r
r
9035
2298

r
8,242
r

3817

11,228
r
7478

14,066
1227

r

8,296 10,332
1 119 r 2360

255.6
270.1
301.4

r

r

14,397
1 977

r

7,700 12,002
1 681 r2 074

30760

31 060

31 600

31720

32 130

30350

29640

28650

27820

28210

27390

28860

6525
16510

6465
15 375

6215
15470

6490
15625

6385
17035

7 140
16745

7285
16 185

7245
15820

7300
17025

8050
19285

7435
18 825

7190
19,435

65.6

65.1

65.3

66.2

66.7

65.5

64.8

64.8

67.2

67.6

67.6

69.0

904.13

794.21

774.16

946.52 1,155.55

977.60

675.60

959.89

794.07

256.0
277.6
311.6

r
842.9
r
3,378.1
r

842.0
3,385.3
4 173 7 4,174.2
5,018.7

256.7
2551
251.6
246.4
277.2
276.2
272.9
276.9
r
300.9
296.8
293.7
293.9
r
420.8
415.5
412.0
410.8
1,157.7
1,164.2 1,163.1 1,162.2
r
r
511.2
515.8
511.7
507.1

29255
5 113
133
1246
6280
4781
569
656
312
1 302
2573
2032

r

71.1

825.4

36148
5167
252
1630
6327
4065
1 003
883
473
1 529
2921
2050

11,065
1 913

71.7

74.1

27 934
3493
56
1389
5495
4071
3
720
319
1 373
2380
2,053

SECURITY MARKETS
Stock Market Customer Financing
Margin credit at broker-dealers, end of year
or month
mil $
34320 28210
Free credit balances at brokers, end of year
or month:
Margin-account.. .
do
8050
7040
Cash-account
do
18505 19285
Bonds
Prices:
Standard & Poor's Corporation, domestic
municipal (15 bonds)
dol. per $100 bond66.1
66.0
Sales:
New York Stock Exchange, exclusive of some
stopped sales, face value, total...
mil. $.. 8,836.27 10,892.70




2498
2777
297.9

136 490
16545
1416
7047
24,523
19512
l'968
3785
1512
5515
9,666
9,663

SECURITIES ISSUED
Securities and Exchange Commission:
(i)
Estimated gross proceeds, total
........mil. $
By type of security:
(i) .
Bonds and notes, corporate ..
do
(i)
Common stock
do
(i)
Preferred stock
do
By type of issuer:
(i)
Corporate, total #
... mil $ •
(i)
Manufacturing
do
(i)
Extractive
do....
(i)
Public utility
do.
(i)
Transportation
•. .
do
(i)
Communication
do ....
Financial and real estate
do....
(*)
State and municipal issues (Bond Buyer);
Long-term
do .... 125,047 127,971
29 002 r34 332
Short-term ...
do

See footnotes at end of tables.

2496
2899
297.0

256.6
275.7
301.8
427.5
1,149.0
506.0

11,007 10,017
1 781 1692

(2)

(2)
(2)

67.3

67.1

820.37 1,074.13 1,689.18 1,248.14 1,094.59

S-16
Unless otherwise stated in footnotes
below, data through 1988 and
methodological notes are as shown in
BUSINESS STATISTICS, 1961-88

SURVEY OF CURRENT BUSINESS
..
IT
ljnits

1989

May 1991
1991

1990

Annual

1990

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

FINANCE—Continued
Bonds— Continued
Yields:
Domestic corporate (Moody's)
percent..
9.66
9.73
9.77
By rating:
932
Aaa
do
926
937
Aa
do
951
956
946
A
;
do .. .
9.82
9.74
9.82
Baa ... .
do
1021
1036
10 18
By group:
Industrials
do
970
977
9.66
Public utilities
do
975
9.76
9.66
(i)
Railroads
do
Domestic municipal:
Bond Buyer (20 bonds)
do....
7.33
7.31
7.23
Standard & Poor's Corp. (15
bonds)
do
7.25
7.24
7.29
U.S. Treasury bonds, taxable $
do....
8.74
8.74
8.58
Stocks
Prices:
965.24 1,006.45
Dow Jones averages (65 stocks)
966.86
Industrial (30 stocks)
2,508.91 2,678 94 2,700.13
205.72
Public utility (15 stocks)
211.53 216.96
1,194.30 1,040.24 1,160.31
Transportation (20 stocks)
Standard & Poor's Corporation: §
Combined index (500 Stocks)
1941-43=10..
334.59
322.84
338.47
391.71
370.28
Industrial, total (400 Stocks) #
do....
390.88
28247
Capital goods
do
294.80
278.70
Consumer goods
do....
433.92
398.17
418.06
Utilities (40 Stocks)
do ....
141.92
140.16
132.16
Transportation (20 Stocks) ...... 1982=100...
274.48
254.32
271.78
Railroads
1941-43=10..
197.31
202.85 209.18
Financial (40 Stocks)
1970=10..
26.12
30.24
28.50
85.50
116.14
Money center banks
194143=10..
97.69
95.53
122.18
Major regional banks
do ....
108.99
342.56
326.34
Property-Casualty Insurance
do ....
366.84
N.Y. Stock Exchange common stock indexes:
Composite
12/31/65—50
18346
180 02
18626
225 78 226 14
21623
Industrial
do
Transportation ..
do
15862
17528
175 08
Utility
do
9060
9300
8743
Finance
do
14309
13326
15188
NASDAQ over-the-counter price indexes:
Composite
2/5/71=100..
437.80
409.21 436.09
Industrial
do ....
430.57
428.38
447.48
Insurance
do
47143 50371
50475
Bank
do
45708
31903 37438
NASDAQ/NMS composite
7/10/84= 100 ..
191.02
179.36
190.91
Industrial
do
17625
17017
16751
Yields (Standard & Poor's Corp.):
Composite (500 stocks)
percent3.45
349
361
Industrials (400 stocks)
.
do
301
307
3 16
Utilities (40 stocks) ... ..
do
639
584
591
Transportation (20 stocks)
do
214
256
232
Financial (40 stocks)
do
373
482
425
Preferred stocks, 10 high-grade
do ....
9.04
8.96
9.02
Sales:
Total on all registered exchanges (SEC):
Market value...
mil $ 1 844,768 1 r615 771 147 670
Shares sold .
millions
54239
54 327
4568
On New York Stock Exchange:
Market value
mil $ 1 576 899 1 389 084 127 078
Shares sold (cleared or settled)
millions..
44,140
3696
43,826
New York Stock Exchange:
Exclusive of odd-lot stock sales
(sales effected).....
millions41,699
39,665
3,285
NASDAQ over-the-counter:
Market value
mil. $.. 431,381
40,117
Shares sold
millions
33,530
2909
Shares listed, NYSE, end of period:
Market value, all listed shares
bil. $ .. 3,029.65 2,819.78 2,904.13
Number of shares listed
millions..
82,797
90,732 84,471

9.82

9.87

) 9.67

9.65

9.84

10.02

10.03

9.85

9.63

9.62

9.36

9.43

9.33

946
964
9.89
1030

947
970
989
1041

926
949
970
1022

924
947
969
1020

941
963
989
1041

956
977
1009
1064

953
977
1006
1074

930
959
988
1062

905
939
9.64
1043

904
934
9.61
1041

883
9 16
9.38
1007

893
921
9.50
1009

886
912
9.29
994

977
9.87

984
989

964
969

964
966

983
984

1002
1001

10 11
994

993
976

968
9.57

968
956

9.41
9.31

9.47
9.39

9.35
9.30

7.54

7.26

7.27

7.15

7.47

7.53

7.43

7.08

7.14

7.00

7,01

7.14

7.01

7.36
8.92

734
8.90

722
8.62

715
8.64

731
8.97

740
911

740
8.93

710
860

704
8.31

705
8.33

6.90
8.12

7.07
8.38

7.05
8.29

92230 1,022.63 1,034.12 1,043.14
1,004.68 1,022.50 1,045.32 1,039 61 93430 88898 86889 88198 91630
2,708.26 2,793.81 2,894.82 2,934.23 2,681.89 2,550 69 2,460.54 2 518 56 2,610.92 2,587 60 2,863.04 2,920.11 2,925.53
210.68 212.37 211.16 204.95 210.09 199.83 207.18 21026 210.55 3 205.27 213.69 213.15 214.36
962.42 1,110.26 1,113.24 1,139.05
1,164.82 1,163.11 1,181.85 1,150.03 951.11 881.31 850.77 848.07 908.43
338.18
393.17
29419
426.68
140.89
273.52
206.20
27.53
92.79
102.95
356.63

350.25
408.10
305.65
445.52
143.66
277.39
212.18
28.73
94.63
107.48
358.70

360.39
421.49
31250
469.50
143.52
284.14
221.46
29.84
96.78
110.48
367.50

360.03
425.76
31290
481.61
137.86
276.97
220.90
28.46
90.56
102.52
354.19

330.75
390.78
28147
437.65
132.76
240.08
204.55
24.86
80.78
8952
325.99

315.41
372.81
26028
414.03
130.33
224.76
191.84
22.57
72.86
79.30
304.77

307.12
361.00
24170
408.36
137.91
216.47
169.59
20.07
58.25
6341
282.56

315.29
369.35
24994
424.91
141.58
218.87
183.63
21.52
65.88
7490
322.57

328.75
384.75
26673
450.62
144.46
232.89
195.87
23.53
75.38
83.51
343.99

325.49
382.78
26772
443.65
138.38
241.37
197.92
23.20
70.42
79.10
341.84

362.26
427.94
309.18
504.43
143.19
270.36
218.40
27.75
82.99
99.77
391.74

372.28
441.87
308.68
528.29
142.84
267.91
214.22
28.64
81.17
102.97
394.93

379.68
450.17
306.43
546.89
143.13
273.89
222.37
30.27
88.43
109.72
410.25

18561
22686
17354
91 92
13857

19135
23485
17352
9329
14294

19668
24242
17737
9365
14793

19661
24586
173 18
8985
143 11

18146
22673
14741
8581
128 14

17324
21681
136 95
8330
11859

16805
20858
131 90
8727
10801

17221
21281
13296
8969
11376

17957
22186
141 31
91 56
122 18

17795
22069
14589
8859
12139

197 75
24674
16606
9208
141 03

203 56
25536
16626
9229
145 41

20771
260 14
16689
9292
152.63

428.99
44738
49070
35323
187.74
17632

442.60
46797
49090
34783
193.92
18478

462.31
49350
50748
34686
202.76
195 16

455.82
49324
50298
33054
199.93
19521

396.32
423 90
46022
29384
173.54
16745

368.58
39425
43285
271 42
161.35
15569

338.01
36041
391 57
24609
148.09
14251

347.69
37324
41386
24660
152.62
14850

370.21
40089
44944
255 16
163.42
16024

376.68
412.83
44896
25405
166.62
16544

442.59
491.45
50923
291 19
196.23
19717

469.10
527.06
53217
30359
207.51
21074

496.32
558.44
56243
32516
219.21
222.97

351
3 13
592
233
438
9.05

344
301
578
230
438
9.04

336
293
576
221
422
9.01

337
291
603
224
442
8.94

365
3 16
6 17
263
505
8.97

385
333
636
296
6 14
9.05

401
351
602
295
627
8.96

391
345
589
3 17
554
8.88

374
331
573
287
496
8.72

3.61
3 17
605
254
448
8.71

332
290
588
246
398
8.46

3.25
284
581
251
366
8.55

8.43

122 918 111,171 164,628
5516
3950
4312

168,715
5574

95441 142 066

145 301

115 381 143 013 148 706
4 380
5371
3646
98 732 123 055 128 367

2906

4561

3576

138 813 177 524
5449
4080
120 494

152 819

3370

4402

96201 132 968 116 867
4200
3271
5581
83 385 116348

2665

4800

99541 107 530
3463

3,557

3,258

4,610

4,543

2,801

3,597

3,226

3,371

4,015

2,686

3,671

3,148

3,109

3,636

4,273

3,900

4,011

35,371
2593

48,795
3469

44,887
3153

46,329
2985

44,058
3 121

26,152
2096

33,380
2695

28,252
2378

30,127
2495

45,375
2925

56,767
3,313

55,754
3,585

66,434
4,114

2,826.45 3,067.12 3,045.54 3,034.18 2,758.95 2,617.45 2,591.25 2,747.59 2,819.78 2,927.78 3,137.60 3,209.91 3,229.47
90,772 91,096 91,851 93,579
84,939 86,507 87,750 88,748 88,782 89,488 90,079 90,345 90,732

FOREIGN TRADE OF THE UNITED STATES
VALUE OF EXPORTS
Exports (mdse.), incl. reexports,
total @
Seasonally adjusted t
Western Europe . .
European Economic Community
Belgium and Luxembourg
France
Federal Republic of Germany
Italy
Nether-lands
United Kingdom
Eastern Europe
Union of Soviet Socialist Republics
See footnotes at end of tables.




mil. $.. 363,811.5 393,893.4 35,955.3 32,599.6 33,678.0 34,456.9 30,728.6 31,663 8 31,486.6
33 266 4 32 057 8 32 773 7 34 220 9 32 125 4 32 548 6 32 010 2
do
do
100 165 1 112 974 6 10 322 5 10 196 1 9 864 6 96247 84742 83183 9014 1
....do.... 86,330.8 98,026.8 8,988.2 8,861.9 8,345.6 8,414.9 7^300!8 72953 78020
do....
8,522.4 10,448.3
832.6
938.5
901.2
878:2
9216
900.6
8166
do
11 579 1 13 652 2 12133 10966 10177 1 1560
9760 10980 1 282 1
do... 16 862 3 18 693 3 17004 16965 18235 14011 1 4983 1 332 1 14278
do....
7 215.0
7425
7365
7,987 3
5194
5600
7195
6771
6541
do
11 364 1 13 015 8 1 1669 13017 1 0157
951 2
9963
7906 10605
do.... 20337.0 23,484.1 2,343.3 2,080.2 1,959.2 2,220.5 1,813 3 16740 1,7284
do ....
5,306.9
534.1
4,262.6
506.9
556.2
436.0
138.9
190.0
233.3
do

42835

30877

417 1

4448

3323

4296

171 1

503

789

35,295 9 33^689.2 32,922.8 r 33,150.1 rr32,682.8
35 006 3 34 194 3 33 305 1 34 144 0 33 599 4
99849 9 322 0 10 335 7 9 461 3 95177
87661 80927 87701 8,319 9 83072
970.1
923.9
923.4
955.8
9389
13534 1 1500 1 2084 1 2443 13207
2
1 6308 1 4703 1 8177 1 651 0 16530
6644
7697
6413
6680
6630
1 0899 1 202 2 1 1767 1 0875 1 1699
22239 l'8471 19768 18513 16682
478.4
286.4
259.5
277.3
157.9
848

1433

147 5

2169

3885

36,759.2
33 990 5
11 837 0
10,134.9
1,110.2
1 567 5
19192
8420
12129
2,226.3
608.2
5046

Unless otherwise stated in footnotes
below, data through 1988 and
methodological notes are as shown in
BUSINESS STATISTICS, 1961-88

S-17

SURVEY OF CURRENT BUSINESS

May 1991
IT ..
Units

1989

1991

1990

Annual

1990

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Apr.

Mar.

FOREIGN TRADE OF THE UNITED STATES—Continued
VALUE OF EXPORTS-Continued
Exports (mdse.), incl. reexports— Continued
Western Hemisphere:
Canada 0 ... .
..
mil $
Brazil
do
Mexico
do
Venezuela
.
do
Asia:
China
do
Hong Kong
do
Japan
do
Republic of Korea
do
Saudi Arabia
do
Singapore
.
do
Taiwan..
..
do
Africa:
Nigeria
do
Republic of South Africa
do....
Australia
do
OPEC
do
Exports of U.S. merchandise, total @
do....
By commodity groups and principal
commodities:
Agricultural products, total
do....
Nonagricultural products, total
do
Food and live animals #
mil $
Beverages and tobacco
do. ...
Crude materials, inedible, exc.
fuels # ...
do
Mineral fuels, lubricants, etc. #.
do....
Oils and fats, animal and vegetable
.
do
Chemicals
do
Manufactured goods classified chiefly
by material
mil. $..
Miscellaneous manufactured
articles...
do
Machinery and transport equipment,
total
mil. $..
Machinery total #
do
Transport equipment total
do
Motor vehicles and parts
do....
VALUE OF IMPORTS
General imports total @
Seasonally adjusted t
Western Europe
European Economic Community...,
Belgium and Luxembourg
France
Federal Republic of Germany
Italy...
Netherlands
United Kingdom
Eastern Europe
Union of Soviet Socialist Republics
...
Western Hemisphere:
Canada .
Brazil
Mexico
Venezuela
..
Asia:

78,808.9
4,803.9
24,982.0
3,025.2

83,865.5
5,061.9
28,375.3
3,107.2

8,047.9
373.8
2,300.9
227.7

7,363.2
305.6
2,042.5
238.3

7,914.5
288.6
2,559.8
258.6

7,518.5
403.4
2,534.6
295.4

6,154.5
412.3
2,332.6
246.6

6,683.0
512.9
2,519.5
278.4

6,447.5
474.2
2,370.4
279.6

7,455.8
497.6
2,779.5
287.6

7,359.4
461.8
2,503.7
303.0

5,943.0
444.0
2,226.8
326.2

6,777.9
348.3
2,400.7
296.2

5,755.4
6,246.3
44,493.7
13,478.0
3,573.6
7,344.7
11,334.5

4,807.2
6,840.6
48,584.8
14,398.7
4,034.8
8,019.1
11,482.3

356.4
556.3
4,222.6
1,339.6
341.1
664.1
1,172.3

374.9
613.8
3,603.4
1,138.0
260.1
601.0
971.8

381.4
734.1
3,735.9
1,156.6
293.0
597.0
931.1

499.8
655.3
4,181.8
1,343.8
270.3
809.6
941.4

385.7
503.9
4,220.0
1,104.5
290.7
631.8
886.7

422.7
519.5
3,917.6
1,198.6
356.3
746.1
908.4

354.8
595.8
3,992.0
1,109.0
288.8
793.5
874.1

452.7
526.7
4,250.2
1,337.1
489.9
704.8
971.2

329.9
527.8
4,350.5
1,270.4
436.2
639.2
962.4

372.8
542.1
4,370.8
1,181.3
477.1
671.9
983.2

411.0
715.8
3,819.5
1,461.7
509.5
794.0
1,015.6

r

6,369.5
388:8
2,355.6
315.0

7,016.0
421.3
2,346.8
358.9

486.3
590.9
4,263.0
1,231.0
392.7
776.7
1,020.2

472.9
629.7
4,240.5
1,352.0
627.6
847.1
1,037.0

58.9
51.1
55.7
53.2
73.2
55.2
35.1
43.7
34.8
46.1
45.1
41.6
42.3
551.5
490.3
170.8
134.3
258.8
136.5
136.2
149.2
143.2
157.2
169.5
143.0
121.1
146.2
1,732.4
1,659.4
167.3
592.3
706.5
603.5
955.9
580.3
608.4
625.4
883.1
760.5
615.0
677.1
694.5
722.7
8,534.7
8,331.3
955.2 1,310.0 1,291.9 1,326.9 1,281.3 1,254.1 1,594.2
1,323.5 1,059.2 1,093.7 1,168.4 1,033.2 1,127.6
13,195.9 13,678.7
r
349,650.5 375,454.2 34,333.6 31,109.2 32,078.3 32,424.6 29,257.8 30,153.4 30,028.5 33,755.3 32,249.6 31,461.3 31,526.2 31,138.8 34,744.6
40,003.9 38,783.4 3,986.8 3,291.7 3,202.7 3,178.7 2,714.6 2,893.5 2,734.4 3,031.7 3,456.2 3,116.7 3,164.7 3,434.9 3,580.1
314,551.0 341,914.0 30,124.6 27,940.5 32,020.1 29,319.4 26,443.5 27,342.2 30,153.4 30,488.9 28,215.9 28,496.1 28,543.8 27,687.3 31,164.5
29,723.8 29,280.0 2,718.6 2,470.0 2,520.2 2,527.7 2,432.5 2,497.1 2,190.6 2,456.3 2,473.5 2,083.9 2,126.5 2,538.6 2,621.6
649.0
646.6
765.0
776.7
744.4
766.4
533.3
486.0
549.7
510.9
613.3
594.4
614.8
7,118.6
5,509.8
26,946.7
9,865.3

26,984.9
12,174.8

2,774.2
964.1

2,291.7
848.6

2,168.8
866.3

2,230.8
869.0

1,915.6
831.2

2,153.6
1,057.3

1,957.0
1,176.0

2,121.8
1,299.5

2,291.5
1,393.9

2,238.8
1,216.2

2,289.2
1,205.7

2,358.1
1,304.7

2,469.5
938.4

1,349.7
36,485.1

1,190.6
38,983.3

122.8
3,347.4

81.0
3,427.3

126.2
3,358.8

121.0
3,259.6

102.7
3,007.8

97.5
3,234.4

100.8
3,125.3

85.5
3,615.7

80.0
3,320.2

81.7
3,298.3

87.5
3,550.2

75.6
3,591.6

86.8
3,923.4

27,242.8

31,670.3

2,767.6

2,655.6

2,696.5

2,665.9

2,499.7

2,619.6

2,579.8

2,921.8

2,774.0

2,520.1

2,812.7

2,753.6

2,914.0

'32,637.5

39,285.3

3,570.9

3,241.5

3,314.9

3,293.5

3,279.8

3,187.0

3,319.9

3,495.5

3,326.6

3,336.0

3,267.5

3,209.3

3,659.8

16,083.5 14,401.0 15,177.5 15,740.7 13,505.2

13,592.8

1,722.6

1,956.2

148,799.9 172,521.9
* 23,610.2 ""26^656.3

2,822.6

2,477.8

2,818.0

2,602.9




:::::::::::::::

13,779.5 15,410.8 13,877.6 14,020.0 14,269.0 13,216.5 16,176.6
1,985.2

2,523.8

2,210.8

1,533.2

2,167.5

1,880.0

2,310.5

r
do
473,210.9 494,903.2 42,081.7 38,711.5 40,602.6 40,653.0 41,238.3 42,178.9 41,059.1 48,100.5 43,684.9 39,152.4 40,167.3 r37,015.5 38,602.5
do
41,636.2 39,363.6 40,543.2 39,560.5 41,244.3 42,282.7 41,253.9 45,993.9 43,106.0 39,582.1 41,474.4 39,103.4 38,037.4
do
101,763.6 108,901.1 9,608.6 8,840.2 9,053.0 8,818.5 9,804.2 8,692.3 8,128.9 10,617.1 9,735.9 8,734.7 8,360.0 8,154.5 8,657.2
do.... 85,153.2 91,867.5
7,961.6 7,429.9 7,623.3 7,339.4 8,297.4 7,530.9 6,764.5 9,002.4 8,141.7 7,483.5 6,979.2 6,891.5 7,316.4
364.1
323.8
349.5
342.0
389.1
468.9
do....
347.7
285.9
481.2
4,555.0
333.8
372.5
394.5
4,578.5
447.6
1,066.3 1,027.0 1,116.7
996.8 3 1,461.0 1,149.8 1,037.7
13,013.4 13,124.0
do
951.1
1,086.2 1,074.8 1,053.8 1,085.2 1,216.7
do
24,832.3 28,108.7
2,580.1 2,371.3 2,361.7 2,220.3 2,497.2 2,475.7 2,061.3 2,522.9 2,387.4 2,312.9 2,073.4 2,215.8 2,369.9
974.4
973.1
961.7
955.7
do
748.2 1,173.1 1,144.5
11,933.1 12,723.3 1,055.5 1,064.2 1,046.1 1,066.3 1,213.7 1,201.7
386.2
334.8
318.4
370.2
433.6
447.5
408.1
do
375.6
490.2
435.2
4,809.6
391.0
358.0
461.3
4,971.9
1,559.0 1,427.2 1,523.6
do.... 18,319.1 20,288.2 1,659.2 1,506.4 1,660.0 1,529.6 1,615.9 1,511.8 1,711.4 2,183.2 1,971.4 1,789.8
207.7
141.3
155.3
213.8
192.7
do
257.1
186.0
190.0
2,064.2
163.8
144.7
139.0
2,275.2
189.1
184.7

do
mil $
do
do ....
do ....

709.5

1,065.4

77.2

48.6

57.4

70.5

53.8

87.9

87,953.0
8,410.0
27,162.1
6,770.7

91,372.1
7,976.4
30,172.3
9,446.4

8,077.7
639.6
2,616.8
686.7

7,321.2
645.9
2,185.5
558.3

8,473.5
674.7
2,490.4
669.2

8,227.1
676.2
2,465.9
601.0

7,050.4
747.3
2,337.9
552.4

7,158.2
691.0
2,557.5
744.8

90.8
7,598.1
579.1
2,590.3
917.3

154.6

109.9

120.5

66.7

66.2

118.9

8,809.9
770.8
3,120.8
1,269.6

7,948.0
536.0
2,794.7
1,193.0

6,867.8
631.6
2,243.4
929.8

7,227.1
673.2
2,479.9
906.3

6,875.6
553.8
2,236.6
563.6

7,498.0
438.6
2,412.3
633.1

974.3
11,988.6 15,223.8
988.9 1,159.2 1,291.5 1,515.5 1,566.6 1,425.0 1,627.6 1,407.8 1,127.8 1,325.1 1,259.7
937.0
541.1
616.7
806.5
678.3
808.4
Hong Kong
do ....
826.7 1,007.9
916.4
9,738.7
942.9
786.8
740.8
644.0
9,488.0
645.7
Japan
do
93,585.8 89,655.1 7,843.3 7,555.3 6,701.7 7,251.1 7,186.3 7,697.8 7,046.7 8,703.3 8,138.7 7,809.5 7,281.4 7,422.2 7,815.5
1,501.3 1,177.9 1,233.2
Republic of Korea
do
1,389.0 1,525.9 1,545.9 1,583.6 1,727.4 1,717.0 1,514.5 1,721.9 1,507.9 1,345.9
19,741.8 18,493.3
850.5
870.5
Saudi Arabia
do ....
7,181.3
812.8 1,162.8 1,296.6 1,426.9 1,152.6 1,202.7
550.0
538.9
451.8
9,974.3
444.1
665.8
797.5
690.7
795.3
838.8
844.0
885.0
Singapore
do
874.4
879.7
883.4
874.0
9,839,4
8,949.7
730.2
782.0
790.0
1,877.9 1,695.3 1,525.0
Taiwan
.
do.... 24,325.7 22,666.8 1,801.9 1,821.7 1,893.5 1,846.7 2,025.0 2,119.6 1,905.9 2,076.1 1,833.1 1,712.4
Africa:
507.7
422.1
468.5
405.0
Nigeria
do
420.6
643.3
518.7
400.9
390.6
605.0
5,977.2
5,226.4
401.8
483.7
586.3
149.0
144.5
170.1
140.4
202.4
156.4
Republic of South Africa
do
140.1
1,529.0
144.4
107.7
145.8
165.4
1,700.6
105.5
136.3
288.8
289.0
395.6
346.7
374.1
Australia
do
398.8
426.0
507.7
375.3
4,441.7
3,898.3
333.8
363.5
302.3
296.1
OPEC.
do
30,601.0 38,017.0
3,170.1 2,452.2 2,805.1 2,347.7 2,584.8 3,284.9 3,792.6 3,975.5 3,814.1 3,187.3 3,297.9 2,580.0 ,2,563.7
By commodity groups and principal
commodities:
Petroleum and products
mil. $ .. 49,623.9 61,356.8 4,774.4 3,799.2 4,369.8 3,757.3 4,038.6 4,867.5 6,224.8 7,298.9 6,358.0 5,209.7
Nonpetroleum products
do
423,772.8 433,902.6 37,172.4 34,904.3 36,208.6 36,697.4 37,317.6 36,992.1 34,750.1 41,185.3 37,546.2 34,081.5
Food and live animals #
do .... 20,685.5 21,932.5 2,170.6 1,880.8 1,876.7 1,728.7 1,696.4 1,633.5 1,683.6 1,780.3 1,757.3 1,791.8 1,883.8 1,754.2 1,885.5
336.0
298.2
385.4
490.4
383.1
484.3
417.1
348.4
Beverages and tobacco
do
355.8
378.3
4,364.0
385.8
343.5
342.6
4,633.1
Crude materials, inedible, exc.
1,113.4 1,038.5 1,040.1
fuels #
do.... 15,370.3 14,524.0 1,224.6 1,202.8 1,304.5 1,204.7 1,259.2 1,287.2 1,138.3 1,282.0 1,197.8 1,034.3
5,696.0 4,072.0 4,057.2
Mineral fuels, lubricants, etc
.do .... 52,648.7 64,561.5 4,942.7 4,099.3 4,593.3 3,975.7 4,286,7 5,115.4 6,469.1 7,621.0 6,616.0 5,513.8
Oils and fats, animal and vege75.4
70.7
63.8
63.1
57.4
84.3
63.7
60.3
92.3
67.1
66.8
730.8
table
do
82.9
47.4
802.3
Chemicals
do
20,752.3 22,468.2 2,015.2 1,931.8 .1,919.5 1,786.9 1,827.4 1,838.3 1,692.8 2,063.6 1,951.4 1,778.2 1,962.8 1,919.2 2,011.0
Manufactured goods classified chiefly
by material
mil. $.. 61,991.4 59,914.2 5,063.1 4,851.5 5,192.7 5,097.7 5,365.5 5,169.3 4,783.3 5,467.3 5,054.7 4,432.8 4,970.6 4,557.7 4,579.1
Miscellaneous manufactured
articles.
do
76,639.2 81,477.6 6,116.5 5,910.0 6,529.1 6,937.1 8,050.5 7,806.4 6,882.5 8,304.9 6,882.2 5,743.2 6,345.3 5,978.8 5,756.9
Machinery
and
transport
205,761.0 208,095.7 18,582.1 17,165.5 17,338.6 17,803.1 17,047.0 17,098.1 16,348.1 19,964.9 18,398.1 17,117.4 16,256.6 16,140.5 17,484.3
equipment
do
Machinery total #
do
Transport equipment
do
Motor vehicles and parts
do.... 2 69,340.5 69,382.1 6,675.5 5,653.8 6,216.3 6,068.5 5,234.9 5,367.5 5,275.2 6,867.8 6,368.5 5,560.3 5,359.9 5,162.6 5,628.5
See footnotes at end of tables.

.

:

8-18

SURVEY OF CURRENT BUSINESS

Unless otherwise stated in footnotes
below, data through 1988 and
methodological notes are as shown in
BUSINESS STATISTICS, 1961-88

Annual

..
IT
Units
1989

May 1991
1991

1990
1990

Mar.

Apr.

June

May

July

Sept.

Aug.

Nov.

Oct.

Apr.

Mar.

Feb.

Jan.

Dec.

FOREIGN TRADE OF THE UNITED STATES-Continued
Indexes
Exports of U.S. merchandise:
Unit value @
Quantity
Value

1977-100.
do ...
do

General imports:
Unit value @
Quantity
Value .

. . do
do ..
do

Shipping Weight and Value
Waterborne trade:
Exports (incl. reexports):
Snipping weight
.thous met tons
Value
r.
mil $
General imports:
Shipping weight
Value

(3)
(3)
(3)

(3)
(3)
(3)

381 099
143 184

33 816
13*823

31 463
12866

31 303
12757

32548

28867

32089

28808

12317

11 553

12 194

11 812

30 134
13383

32540
13275

493 864
thous met tons
mil. $.. 270,633

41 923
23,449

38616
22,150

44274
22,737

43 044
22/719

45042
23,532

41 398
24,705

40086
23,255

43776
28,009

37951
24,901

TRANSPORTATION AND COMMUNICATION
TRANSPORTATION
Air Carriers
Certificated route carriers:
Passenger-miles (revenue)
bil
Passenger-load factor
percent..
Ton-miles (revenue), total
mil ..
Operating revenues (quarterly) # §
mil. $ ..
Passenger revenues
do .
Cargo revenues
do....
Mail revenues
do ....
Operating expenses (quarterly) §
do
Net income after taxes (quarterly) §
do....
Domestic operations:
Passenger-miles (revenue)
Cargo ton-miles
Mail ton-miles

bil..
mil ..
do

Operating revenues (quarterly) §
Operating expenses (quarterly) §
Net income after taxes (quarterly) §
International operations:
Passenger-miles (revenue)
Cargo ton-miles
Mail ton-miles
.
Operating revenues (quarterly) §
Operating expenses (quarterly) §
Net income after taxes (quarterly) §

mil. $ ..
do....
do....

432.71

457.92

63.2

62.4

55,458
69,211
53,727
8,863

58,395

955
67,347

101
329.98

4,916
1,415
54,072
52,260
315

340.22
5,076

1,490

bil..
mil
do
mil. $ ..
do....
do....

102.74
5,359

117.70
5,524

464
1
15,076
1
15,019
'-213

514

mil

8,195

38.55

36.84

61.9
4,617

37.51
60.8
4,721

41.74
67.1
5,036
19,177
14,973
1,300
231
18,407
503

44.37

63.5
4,915
17467
13,479
2,283
231
18,074
614

67.8

71.2

5,478

5,782

29.68

27.98

27.90

30.35

446
126
13,719
14,049
329

393
116

425
119

258
113
14,870
14,080
451

31.78
416
108

8.87
448
40

8.86
385
37

9.60
389
37

11.40
455
38
4,307
4,327
52

743

769

730

3,748
4,025

-285

36.18
59.6
4,710

56.9

56.2

4,242

3,700

27.10
403
178

25.21
369
129

23.25

440
128

9.55
523
45

8.15
508
53

9.08
445
67

8.28
358
37

817

755

712

36.81
60.1
4,749

60.2

58.9

4,943

4,608

33.81
455
121

26.24

28.25

26.64

436
114

468
128

12.59
480
37

13.28
456
40

10.57
476
41

704

746

732

47.09

37.80

34.79

33.50

28.52

349
95

5:27
372 32

•

Urban Transit Industry
Passengers carried, total tt

8,962

Motor Carriers
Carriers of property, large, class I, qtrly.:
Number of reporting carriers
100
Operating revenues, total
mil. $.. 19,750
Net income, after extraordinary and prior
period charges and credits
mil. $..
Tonnage hauled (revenue), common and
contract carrier service
mil. tons ..
175
Freight carried—volume indexes, class I and II
intercity truck tonnage (ATA):
Common carriers of general freight,
seas. adj. &.....
....1967=100..
Class I Railroads *
Financial operations, quarterly (AAR),
excluding Amtrak:
Operating revenues, total #
mil. $..
Freight
do
Passenger, excl. Amtrak
do .
Operating expenses
do
Net railway operating income
do ,
Ordinary income f
do
Traffic:
Revenue ton-miles, qtrly. (AAR)
bil..
Producer Price Index, line haul
operations
12/84 — 100
Travel
Lodging industry:
Restaurant sales index....same month
Hotels: Average room sale Q
Rooms occupied
Motor hotels: Average room sale 0
Rooms occupied
Economy hotels: Average room
sale ^
Rooms occupied . ..
Foreign travel:
U.S. citizens: Arrivals (quarterly)
Departures (quarterly)
Aliens: Arrivals (quarterly)
Departures (quarterly)
Passports issued
National parks, recreation visits # #
See footnotes at end of tables.




1967=100..
dollars
% of total..
dollars ..
% of total-

805

100

100

100

100

21,810

4,964

5,366

100
5,621

5,762

442

74

123

145

86

172

44

46

43

44

168.5

174.9

1
27,956
1

1
28,516
1

173.4

174.0

176.2

173.8

179.0

183.4

174.2

182.6

177.3

163.7

7133
6,912
24
6,142
700
562

7110
6,891
24

7,098
6,868

6,089

6,242

1,953

7,104
6,875
23
6,226
751
252

710
595

491
529

1,013.8

1,034.9

260.4

256.7

258.3

258.8

106.4

107.5

27,059

91
1
25,038
1,896
1
2,010

27,616

1

24,736
2,676

1

107.1

107.1

107.1

107.1

107.1

107.3

245

264

229

296

276

259

224

87.77

101.15

100.74

99.20

92.00

87.72

87.02

68
46.97
66

75
52.38
76

71
51.65
72

72
48.21
70

71
49.33
74

68
48.96
74

48.82

dollars .,
% of total

38.57

44.42

44.13
69

43.56

42.83

40.71
77

39.92

thous .,
do...,
do....
do....
do
do....

18,120
1
17,603
1
15,099
13,550

73

66

3,691
56,422

19,478
19,008
16,897
15,008
3,689
56,948

70

4,469
4,059
3,440

3,143
437
2,268

76

397
4,888

4,156
3,564
385
7,769

164.9

24

108.3

108.5

108.5

2
1,513
2
1,397
2
1,396
2

2
1,335
2
1,333
2
1,219
2

2
1,253
2
1,584
2
1,450
2

246.6

2

109.6

108.5

108.8

109.7

237
1,445

198
1,759

268
2,183

72.7

75
79
6,022
5,562
5,300
4,705

351
10,538

174.0

71

4,994
5,237

399
3,378

107.3

180.3

284
10,134

213
6,705

1,329
228
4,453

1,195
196
2,413

1,178
174
1,390

351

S-19

SURVEY OF CURRENT BUSINESS

May 1991
Unless otherwise stated in footnotes
below, data through 1988 and
methodological notes are as shown in
BUSINESS STATISTICS, 1961-88

..
uniw

Annual

1991

1990

1T

1989

1990

Apr.

Mar.

June

May

July

Sept.

Aug.

Oct.

Nov.

Dec.

Jan.

Feb.

TRANSPORTATION AND COMMUNICATION— Continued
COMMUNICATION
Telephone carriers:
Operating revenues #
Station revenues
Tolls, message
Operating expenses (excluding taxes)
Net operating income (after taxes)
Access lines

mil. $..
do
do
do....
do....
mil ..

CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Inorganic Chemicals
Production:
Aluminum sulfate, commercial (17% Al2Os)
thous sh tons
Chlorine gas (100% C12) .
..
.
do
Hydrochloric acid (100% HC1)
.
do .
Phosphorus, elemental
. . ..do.
Sodium hydroxide (100% NaOH)
do....
Sodium silicate, anhydrous
do
Sodium sulfate (100% Na2SO4)
do
Sodium tripolyphosphate
(100% NasPaOio)
do
Titanium dioxide (composite and
pure)
.do....
Sulfur, native (Frasch) and recovered:
Production....
. thous met. 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) $
do
Nitrogen solutions (100% N) $....
do
Phosphoric acid (100% P2O5) t
do
Sulfuric acid (100% H2SO4) $
do ..
Superphosphate and other phosphatic
fertilizers (gross weight):
Production
thous sh. tons.
Stocks, end of period
.. .. do
Potash sales (K2O)
do
Imports:
Ammonium nitrate
thous met tons
Ammonium sulfate
do
Potassium chloride
do ....
Sodium nitrate
do
Industrial Gases
Production:
Acetylene
Hydrogen (high and low purity)
Nitrogen (high and low purity)
Oxygen (high and low purity)

mil cu ft
do....
do
do

Organic Chemicals §
Production:
Acetylsalicylic acid (aspirin)
thous. met. tons ..
Ethyl acetate
do.
Formaldehyde (37% HCHO)
do ..
Glycerin, refined, all grades
mil Ib
Methanol, synthetic
thous met tons
Phthalic anhydride
. do
ALCOHOL
Ethyl alcohol and spirits:
Production
Stocks, end of period
Denatured alcohol:
Production
Consumption (withdrawals)
For fuel use
Stocks, end of period
See footnotes at end of tables.




99
887
200
32
956
87
60

1 173
11 160
2628
365
11,075
873
799

94
901
201
30
965
73
60

103
942
204
29
1002
58
60

102
904
194
28
959
75
60

106
921
188
28
989
59
59

112
922
169
29
991
75
57

100
919
164
29
993
77
56

107
891
186
31
951
79
63

96
861
179
31
931
81
63

580

35

36

45

35

50

47

53

44

46

1,110

98

103

90

88

90

86

75

81

79

10 398
1302

10 255
1422

808
1188

794
1111

837
1 102

827
1152

911
1177

912
1191

882
1287

894
1381

868
1371

r
893
1422

16362

16958

1506

1415

1439

1341

1,399

1395

1334

1418

1427

1471

7871
2347
8349
2913
11737
43301

7 107
2495
7749
2853
12 175
44281

697
212
729
247
1016
3731

643
228
680
253
1019
3825

618
232
689
254
1026
3759

568
190
625
236
956
3534

492
208
555
205
1 048
3797

495
214
561
206
1 033
3776

520
205
615
223
1 029
3750

566
191
633
235
1037
3655

602
193
656
238
1037
3609

610
214
639
265
1063
3784

18128
942
5745

18887
738
5700

1 642
732
454

1 609
644
709

1 555
723
631

1 439
642
327

1 576
603
275

1 576
564
663

1 576
604
308

1 667
663
418

1 631
784
441

1700
738
549

4
411
4

4

307
5,498
4
150

5445
5 335
207 806 187 929
744 068 791 020
451 802 470 582

8.6
1298
28905
2933
32377
4996

12.8
1243
29085
2865
36222
4267

436
15882
68024
40676

1.6
285
6903
284
7530
104 1

464
15583
65 570
39386

397
16550
63 119
38541

232

25 4

31
282
7487
253
9927
1184

420
15461
64634
39*216

437
16947
65385
38890

494
16646
66 776
41 054

236

16 6

444
14956
65 145
40 109

485
14157
67891
41492

441
14972
68293
38878

449
15 266
67 883
38243

25
333
7309
21 2
9528
1075

259

257

330
7385
21 6
9237
963

mil. tax gal ..
do

9601
543

895
399

888
425

904
44 1

786
425

941
50 1

943
41 3

1004
373

mil. wine galdo ....
do
do....

5143
5022
2005
245

462
583
292
139

478
549
24 1
149

462
522
245
136

487
554
245
97

468
486
21 4
96

555
529
227
11 9

50 1
523
23 i
11 5

861
1489

777
1521

602

327

Mar.

Apr.

S-20
Unless otherwise stated in footnotes
below, data through 1988 and
methodological notes are as shown in
BUSINESS STATISTICS, 1961-88

SURVEY OF CURRENT BUSINESS
.,
TT
Umts

1989

May 1991
1991

1990

Annual

1990

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

CHEMICALS AND ALLIED PRODUCTS—Continued
PLASTICS AND RESIN MATERIALS
Production:
Phenolic resins
thous. met. tons ..
Polyethylene and copolymers
do
Polypropylene .
do
Polystyrene and copolymers
do
Polyvinyl chloride and copolymers
do ....
PAINTS, VARNISH, AND LACQUER *
Total shipments
mil $
Architectural coatings
do
Product coatings (OEM)
do
Special purpose coatings
do ....

7701 6
30045

85505
3 5247

1 941 9
8289

20774
8400

2 141 3
981 1

22778
8746

5,004.6

4,112.9

1,029.1

1,073.6

1,007.3

1,003.1

11 321 2
47136
42369
2,370.7

11 608 9
4901 2
40831
2,624.7

1 0204
442 1
3640
214.3

1 035 1 10763
4420
4694
3532
3709
240.0
235.9

9506
3897
3486
212.3

1 0324
402 5
3915
238.4

r
248 935 rr266 228 rr268 483 rr237 869
r
570 247
435 220 899
221
314 242
r
r
r

r
224 794
r

1 0772
4690
3590
249.2

10327
4657
3231
243.9

10843
4717
3654
247.1

8436
3349
3207
188.1

7219
3034
264.9
153.6

ELECTRIC POWER AND GAS
ELECTRIC POWER
Production:
Electric utilities total
mil kw -hr rr2 784 304 2 807 058 r225 254 r211 088 222 908
By fuels
do
812 185 701 195 907
2r 519 241 2 527 219 197
By waterpower
do
265 063 279 839 r28 042 r25 387 r27 001
Sales to ultimate customers, total (Edison
Electric Institute)
mil kw -hr 2 560 087
654 492
Commercial §
do
173 215
698 518
Industrial §
do
220 221
887,474
5,127
Railways and railroads
do
1,372
884,884
Residential or domestic
do .
236,436
Street and highway lighting
do
14537
3908
Other public authorities
do
18 194
65063
Interdepartmental
do
1 145
4483
Revenue from sales to ultimate customers
(Edison Electric Institute)
mil $
41 479
163,364

27 621

23 658

21 048 16 971

627 551
177 148
227 655
1271
199 176
3456
17747
1097

731 098
207 157
239 405
1,304
260,423
3 518
18323
967

40713

50793

r
213 596 237 257
206 188 193 603 213 305
18 605 19 993 23952

247 984
222 314
25671

1627
1380
1354

GASO
Total utility gas, quarterly
(American Gas Association):
Customers end of period total @ •
thous
Residential
.
do
Commercial
do
Industrial @
do
Other
do
Sales to customers, total
tril Btu
Residential. .
do
Commercial
do ....
Industrial
do
Electric generation
do
Other
do
Revenue from sales to customers, total
mil. $..
Residential
do....
Commercial
do
Industrial
do
Electric generation
do
Other
do ....

FOOD AND KINDRED PRODUCTS; TOBACCO
ALCOHOLIC BEVERAGES
Beer:
Production
mil bbl
Taxable withdrawals
do
Stocks, end of period
do
Distilled spirits (total):
Production
mil tax gal
Consumption, apparent, for beverage
purposes
mil wine gal
Stocks, end of period
mil. tax gal
Imports
mil proof liters
Whisky:
Production
mil tax gal
Stocks, end of period
do
Imports
mil proof liters
Wines and distilling materials:
Effervescent wines:
Production. .
mil wine gal
Taxable withdrawals
do
Stocks, end of period
do
Imports
mil. liters
Still wines:
Production
mil wine gal
Taxable withdrawals
do
Stocks, end of period
. do
Imports
mil. liters ..
Distilling materials produced at
wineries
mil. wine gal
See footnotes at end of tables.




19914
179 50
1460

20363
18556
1267

11289
37146
42667
3
368 54

3

3

77 88
36885
223 97

1747
15 23
15 10

1797
15 89
1449
1032

37441

18 58
16 89
1498

18 10
16 91
14 91

1001

1824
17 00
1457

1896
17 40
1424

1608
14 75
1306

8 14

525

4 10

9 68

28 82
430 17

2865
43529

r

3081
435 14

r

31 83
435 06

29 81
42840

2939
42501

27 26
41371

8 10
37487

7 65
378 53

r

1001
378 71

r

r
583
378 58

303
37497

291
371 63

5 84
36500

388
220
21 91

226
273
22 18

r

988
r

r

r

2957
2683
1584
3
54 96

1 70
1 30
19 13

41004
41123
58216
242.05

7 11
3704
57107

601
3533
58433

560
3842
57232

306
3908
42997

558
3276
41227

31 03
33 14
43640

18344
3238
54255

11411

248

3 52

356

448

200

1608

2242

142
1 52
1830

1 56
1 83
1875

1 55
1 64
1950

233
1 27
1983

1662
15 77
1387

1544
14 54
1334

1397
13 54
1267

31 10

3671

48 14

Feb.

Mar.

Apr.

Unless otherwise stated in footnotes
below, data through 1988 and
methodological notes are as shown in
BUSINESS STATISTICS, 1961-88

S-21

SURVEY OF CURRENT BUSINESS

May 1991
..
units

1991

1990

Annual

IT

1989

1990

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
DAIRY PRODUCTS
Butter:
Production (factory)
mil Ib 1 295 4 1 3022
Stocks, cold storage, end of period
do
'416 1
2562
Producer Price Index
1982=100 ..
71.3
88.0
Cheese:
Production (factory), total
mil Ib rr5,6154 6,061.2
American, whole milk
do
2 674 1 28908
Stocks, cold storage, end of period .. .
do
4578
3280
American, whole milk
do
3472
2348
8
Imports
thous. met tons
126 6
Price, wholesale, cheddar, single daisies
(Chicago)
$ per Ib
Condensed and evaporated milk:
Production, case goods . . . . . .
mil Ib
525 1
6026
Stocks, manufacturers', case goods, end of
period .
do
58 1
266
8138
Exports
thous met tons
luid milk:
'Production on farms t
mil Ib 122 531 125 714
Utilization in manufactured dairy
products
do
85714
Price, wholesale, U.S. average
$ per 100 Ib ..
13.29
13.75
Dry milk:
Production:
Dry whole milk....
mil Ib
175 1
1758
Nonfat dry milk (human food)
do
8766
8747
Stocks, manufacturers', end of period:
Dry whole milk
do
112
130
494
Nonfat dry milk (human food)
do
1146
Exports, whole and nonfat
8
(human food)
thous. met. tons
157 1
Price, manufacturers' average selling, nonfat
dry milk (human food)
$ per Ib
993
GRAIN AND GRAIN PRODUCTS
Exports (barley, corn, oats, rye,
wheat)
mil bu
Barley:
Production (crop estimate)
mil. met. tons..
Stocks (domestic) end of period total
do
On farms
do
Off farms
do ..
Exports, including malt §
thous. met. tonsProducer Price Index, No. 2 feed,
Minneapolis
1982-100
Corn:
Production (crop estimate, grain
only)
mil met tons
Stocks (domestic), end of period, total
do ...
On farms
do .
Off farms .. .
do
Exports, including meal and flour
do ....
Producer Price Index, No. 2, Chicago
1982= 100 ..
Oats:
Production (crop estimate).
mil. met. tons..
Stocks (domestic), end of period,
total
do
On farms
do
Off farms
do...
Exports, including oatmeal
metric tons
Producer Price Index, No. 2, Minneapolis
1982=100..
Rice:
Production (crop estimate).
mil. met tons
Southern States mills:
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
...thous. met tons
Producer Price Index, medium grain,
milled
1982—100
Rye:
Production (crop estimate)
mil. met. tons..
Producer Price Index, No. 2,
Minneapolis ,,
1982—100
Wheat:
Production (crop estimate), total
mil met tons
Spring wheat
;
do
Winter wheat
do .
Distribution, quarterly @
do....
Stocks (domestic), end of period, total
do....
On farms
do
Off farms
do
Exports, total, including flour
do
Wheat only
mil bu
See footnotes at end of tables.




121 6
3354
74.1

1192
3588
74.3

1186
3996
67.2

r
967
4200
68.4

r
846
4208
70.8

r
842
4279
70.1

r
531.7
r

r
521.1
r

r
542.8
r

r
522.8
r

r
502.2
r

r
4950
r

2560
3958
2918

r

2520
4134
3008

r

261 2
441 6
3221

r

2506
4650
3359

r

2410
4846
3606

563

r

2333
4757
3588

r

r
834
4123
70.5

1067
4136
70.5

110 1
4076
70.6

121 2
416 1
70.6

142 1
4708
67.2

472.6
1-2148
4599
3487

r
505.9
r

r
495.5
r

r
522.1
r

r

r

2327
4454
3383

r

2336
4373
3344

r

2482
4578
3472

r

1263
5248
68.1

1316
5559
68.2

501.7
2471
473.8
360.8

458.0
222.4
r
450.0
r
342.6

521.4
250.0
459.1
353.1

r

462

45.1

46.9

47.2

845

895

889

973

101 1

1045

1019

842

717

58 1

739

845

860

10986

10818

11252

10719

10691

10476

9973

10223

9998

10467

10,663

9,948

11,129

7943
13.90

7950
13.40

8,425
13.50

7,905
13.80

7546
14.10

7272
14.30

6,847
14.20

13.20

12.80

11.90

11.70

11.70

11.40

116
r
785

r

17 1
843

144
r
934

159
r
877

142
r
756

r

130
623

122
r
522

r

125
549

118
r
687

r

r
89
812

86
826

8.3
77.9

8.3
87.6

152
592

174
624

160
703

165
926

149
1078

122
1226

13 9
1153

116
1151

113
1148

112
1146

11 2
•114 6

95
955

98
954

798

927

1 072

1 118

1 087

1063

910

883

863

855

849

846

551

533

527

520

495

435

520

502

r

855

67.5

11.30

(5)

2
8
7

800
7 634
74059
7
3.574
8
1,841.8

2
9119
7
6656
7
3841
7

1179

1170

2
191 16
7
179 89
7

2
201 51
7
176 29
7
123 80
7

11936
70054
8
56.66

5.423

1165

121 2

100.9
2

118 1

99.2

108.8

113.5

1045

101 3

1102

1139

1071

1087

112.6

100.2

94.9

90.8

89.9

93.4

93.7

95.3

101.9

102.0

74.0

66.0

64.5

68.4

67.6

68.2

63.9

63.4

68.7

69.7

677

1103

1131

6
2278
6
1 203
6

1075

76.1
2

83.5

82.4

88.2

81.9

7027

10351

547

299

345

235

243

555

2401

2 150

828

8061

6942

713

579

496

490

433

510

616

785

557

586

2741
«3024

2 106

1 800

1 468

1 285

1 107

810

697

1 618

2276

2271

2 106

1079

102 4

107 5

108 3

106 6

104 0

103 9

104 0

97 6

94 0

94 2

942

961

1058

2

2

64 8

718

689

68 1

62 1

65 9

64 5

63 0

652

659

747

718

347

256

69 1

665

2
55 43
2
15 84
2

2
7453
2
19 19
2

7
38.71
7
16 11
7

7

22 60
8
3787
(5)

110.7

116.4

12918

39.59
64.04

112.8

121.64
77.84
4380

17629
12380
5249

34 15
19 17
1498

112.8

5.184

107.1
7007

1269

30 98

«1427
6
870
6
557
8
58 387

2

121 7

4581
2059
2.523

6656
3841
2.816

8 945
5626
3319

5
7222
3
41 24
3

52 49

102.4
2

*3501
4
1 058
4
2 443

2816

55 34

51.93
7 20 77
7
31 16

13.82
14.60
4
5 78
4
882

65.58
27 22
3836

51.93
2077
31.16

37.98
1450
23.48

71.8

S-22

SURVEY OF CURRENT BUSINESS

Unless otherwise stated in footnotes
below, data through 1988 and
methodological notes are as shown in
BUSINESS STATISTICS, 1961-88

Annual

.,
fl
IJIUIS

1989

May 1991
1991

1990
1990

Mar.

Apr.

June

May

Aug.

July

Nov:

Oct.

Sept.

Jan.

Dec.

Apr.

Mar.

Feb.

FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
GRAIN AND GRAIN PRODUCTS— Continued
Wheat—Continued
Producer Price Indexes:
Hard red winter, No. 1, ord. protein (K.C.)
1982=100..
86.3
109.1
Hard red spring, No. 1, ord. protein (Minn.)
91.1
108.7
1982=100..
Wheat flour:
Production:
Flour
thous sacks (100 Ib )
328 500 362 843
Millfeed
thous. sh. tons ..
6,128
5,828
Grindings of wheat
thous. bu.. 731,338 795,593
Stocks held by mills, end of period
thous sacks (100 Ib ) 1 5207
6288
Exports
thous met tons 1 195 53
Producer Price Index
6/83=100 ..
100.2
110.5

98.6

101.9

94.3

95.4

78.1

71.8

71.8

71.9

70.4

70.1

65.6

68.2

74.3

73.2

99.7

103.4

103.7

102.2

93.7

77.6

75.7

75.3

73.8

73.8

71.5

73.7

77.7

79.1

26958
478
61,567

27 634
492
63,566

26719
468
60572

27711
485
62,258

29833
512
67093

33 171
573
74690

106.9

108.8

107.9

106.0

99.7

93.4

92.0

91.2

89.4

'89.8

88.9

90.1

92.3

93.6

1 836

1 794

29213
512
66725
5072

33381
565
74373

33034 28660
'565 490,418
73463 64,043
6288

6205

5818

29560
517,493
66,728

POULTRY AND EGGS
Poultry:
Slaughter
mil Ib
Stocks, cold storage (frozen), end of period,
total j
mil Ib
Turkeys
do
Price, in Georgia producing area,
live broilers
$perlb..
Eggs:
Production on farms
mil. cases §.
Stocks, cold storage, end of period:
Shell
thous cases §
Frozen
mil Ib
Price, wholesale, large (delivered; Chicago)
$ per doz

22144

23669

2029

1872

2075

1951

1963

2186

2300

2054

2 108

1854

1888

469
236

562
306

569
318

621
355

667
406

752
481

800
542

846
593

855
624

862
625

582
338

562
306

551
301

r
606
r

339

633
362

.295

.352

.311

.350

.315

.335

.330

.370

.310

.335

.270

.265

.270

.290

.280

1868

1884

162

156

160

154

159

159

154

160

159

163

161

147

12
14

15
15

23
17

20
17

21
17

22
18

29
17

19
17

18
16

11
17

16
17

15
15

17
15

r
9
14

861

786

603

669

642

739

754

800

800

831

860

720

.858

165
2690

128
2550

137
2920

131
2873

139
2796

147
2918

132
2553

158
2877

149
2622

136
2380

151
2808

121
2407

120
2441

7252

7815

7936

7757

7563

7446

7622

7575

81 45
248.62

8750

9081

91 90

9474

9350

9230

91 50

7279

6785

6799

6153

5983

7110

6716

7546

7334

7140

7461

6469

7,044

5256

5463

6280

61 34

6254

5637

5564

21.6

21.4

23.4

22.9

23.2

22.3

23.4

25.9

23.1

21.5

22.0

22.5

430

463

422

490

465

449

495

449

546

.777

.280

14
14

LIVESTOCK
Cattle and calves:
Slaughter (federally inspected):
Calves
thous animals
Cattle
,,
do
Prices, wholesale:
Beef steers (Omaha)
$ per 100 Ib ..
Steers, stocker and feeder
(Kansas City)... ^
do
Calves, vealers (So. St. Paul)
dollars..
Hogs:
Slaughter (federally inspected) thous. animals ..
Prices:
Wholesale, average, all weights (Sioux City)
$ per 100 Ib
Hog-corn price ratio (bu. of corn equal in
value to 100 Ib. live hog)
Sheep and lambs:
Slaughter (federally inspected) thous. animals
Price, wholesale, lambs, avg. (San Angelo, TX) *
$per!001b..
MEATS
Total meats (excluding lard):
Production
mil Ib
Stocks, cold storage, end of period
do
Exports (meats and meat preparations)
thous. met. tons..
Imports (meats and meat preparations)
do ....
Beef and veal:
Production, total
mil Ib
Stocks, cold storage, end of period
do....
Exports
thous. met tons
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
do
Stocks, cold storage, end of period
do ....
Exports.
„
thous. met. tons ..
Imports .. .
do
Prices:
Producer Price Index, hams and picnics,
except canned *
12/88—100..
Fresh loins, 8-14 Ib. average,
wholesale (Omaha) *
$ per Ib .

2100
33010

86328




82901

4391
17.3

22.5

5295

5469

39418
535
J

r

21.5

481

466

465

426

6369

5475

5370

4800

38606
566

3259
631

3049
650

3321
629

3 175
591

3 101
'565

3430
507

3095
*507

3498
537

3273
535

3080
566

3427
585

2954
r
590

3083
598

22950
306

1 898
309

1770
298

2032
'275

2 006
262

1 970
271

2 091
247

1 841
249

2075
'273

1 870
283

1 708
306

1 999
308

1720
r
277

1,796
283

1 136

1 147

1 143

1 122

32
g

31
g

31
g

27
10

27
10

30
g

30
g

33
9

30
10

36
g

1 142
293

1 103
*256

66.06

5200

1301

'1,110
23319
256
1
568
J
682

1078
342
g

357
g

15757
256
'152
1
358

15299
234

1 329
295

1 248
320

1 257
320

30
9
1 310
225

27
9

1 392
232

1 373
221

1 342
234

1296

1333

130.7

99.7

1110

108.9

1128

1164

1199

1235

1222

11726

12668

13606

1 2562

14414

1 2494

1 2163

593
r

343

592
322

327

337

334

347

369

1 396
248

1r 204
281

r

356

r

351

r

343

1301
285

571

57 1

631

578
320

32
g

1 228
*226

1.0111

MISCELLANEOUS FOOD PRODUCTS
Cocoa (cacao) beans, imports
(including shells)
thous. met. tons.. 1 266.1
Coffee:
Imports, total
metric tons.. ' 1,162,920
From Brazil
do .... 1 249,295
U.S. Import Price Index
1985-100 ..
69.2
Fish:
Stocks, cold storage, end of period
mil. Ib..
430
See footnotes at end of tables.

1742
32391

r

314

290

267

20.7

S-23

SURVEY OF CURRENT BUSINESS

May 1991
Unless otherwise stated in footnotes
below, data through 1988 and
methodological notes are as shown in
BUSINESS STATISTICS, 1961-88

TT .,
units

1989

1991

1990

Annual

1990

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

FOOD AND KINDRED PRODUCTS; TOBACCO—Cont.
MISCELLANEOUS FOOD PRODUCTS-Cont.
Sugar:
Exports, raw and refined
metric tons 4 412,044
4
Imports, raw and refined.. . thous met tons
1 542
Producer Price Indexes:
Raw (cane)
1982=100 ..
115.5
Refined
do
1182
4
Tea, imports
metric tons
85 257

119.2
1227

TOBACCO
Leaf:
1
Production (crop estimate)
mil Ib
1 367
Stocks, dealers' and manufacturers',
end of period .
do
3803
Exports, incl. scrap and stems . . metric tons 4 224 382
4
Imports, incl. scrap and stems .......
do
180 286
Manufactured products:
Consumption (withdrawals):
Cigarettes (small):
Tax-exempt
.>
millions.
Taxable
do
Cigars (large), taxable . . . .
do
Exports, cigarettes
do .... 4 41,755

118.8
1217

120.3
1224

119.7
1225

119.3
1228

119.6
1232

119.6
1226

119.3
123 1

119.8
1230

119.5
1227

114.5
1229

117.9
1224

111.4
1228

113.4
1225

113.1
122.1

'1607
3674

3624

3247

3463

3458

3674
'

15,815
48496
189

13,726
45315
172

14,229
47205
205

14,366 11,909 15,286
45897 39790 49893
222 164 450 210 822

LEATHER AND PRODUCTS
LEATHER
Exports:
Upper and lining leather
Producer Price Index, leather

thous. sq. ft ..
1982-100 ..

170.4

177.6

177.7

179.5

181.2

18492

16669

179.6

179.0

177.3

1765

175.4

174.9

174.7

12596

174.8

175.2

173.1

172.7

138.4
1219
110.7

140.1
1223
110.7

140.3
123.9
113.5

141.2
124.1
11.1.4

LEATHER MANUFACTURES
Footwear:
Production, total
thous pairs
210 490 201 648
Shoes, sandals, and play shoes,
except athletic
thous. pairs..
Slippers
do
57534 41 184
Athletic ..
do
Other footwear .. .
do
3680
3405
Exports
do
Producer Price Indexes:
Men's leather upper, dress and casual
1982=100..
127.5
135.8
Women's leather upper
do
1162
1209
Women's plastic upper
do....
110.0
113.4

18918

16 734

14274

18 844

16 531

18221

15 359

12475 11450 12676
4329
3579
4050
1 688 1 640 2 192
323
347
381

11019
3 440
2275
'337

10357
2 183
1734
156

13177
3514
2 153
291

11319
3616
1*640
'309

(5)

3694

10381
3208
1770
261

8808
1946
1 842
*29 1

136.4
121 3
114.3

134.3
1213
114.3

134.4
121 3
113.4

135.7
121 5
113.2

135.7
1214
113.9

137.3
121 7
113.9

137.3
121 9
110.9

138.0
121 9
110.7

136.5
1200
114.3

136.4
1199
114.2

(5)

(5)

LUMBER AND PRODUCTS
LUMBER— ALL TYPES #
National Forest Products Association:
Production, total
mil bd ft 22 58 749
Hardwoods
do
10 869
2
Softwoods
do
47 880
2 49 003
Shipments, total .
do
2
Hardwoods
do
11 347
2
Softwoods
do
37 656
Stocks (gross), mill, end of
period, total
do ....
Hardwoods
do ....
Softwoods
,
do
4898
Exports, total sawmill products
do 3 4
Imports, total sawmill products
thous. m
64,355
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
thous m3
Sawed timber
do ..
Boards, planks, scantlings, etc
do....
Producer Price Index, Douglas fir, dressed
1982=100..
See footnotes at end of tables.




2

r

54 638
9 480
45 159
2
46 083
2
10 102
2
35 981

4300
939
3361
4317
954
3363

4 121
'866
3255
4 173
858
3315

4084
*936
3 148
3 952
887
3065

3944
839
3 105
4 176
871
3305

3976
'870
3 106
3 912
754
3 158

4060
1 025
3'035
3 987
'928
3059

3602
886
2716
3 453
794
2659

4015
961
3054
3890
846
3044

3412
857
2555
3357
789
2568

2914
736
2178
2873
624
2249

3534
851
2683
r
3240
755
r
2485

3374
810
2564
3265
711
2554

4734

5020

4961

5043

4831

4783

4752

4810

4834

4809

4734

4925

4949

9 552
501
9620
9687
809
4
24 781
335
4
2,450

9032
452
8978
9081
716

945
559
912
916
845

808
527
845
840
850

783
537
785
773
862

875
559
780
855
803

704
546
707
717
793

609
420
734
735
792

736
473
680
683
789

695
431
722
737
774

615
432
605
614
765

565
452
496
545
716

633
437
689
648
757

664
434
673
667
463

151.6

138.0

139.9

136.1

2

2

146.7

149.5

141.8

137.4

143.2

126.8

125.3

127.8

r

129.4

127.0

856
560
741
730
774

125.0

130.4

S-24

SURVEY OF CURRENT BUSINESS

Unless otherwise stated in footnotes
below, data through 1988 and
methodological notes are as shown in
BUSINESS STATISTICS, 1961-88

1T

Annual

..
1989

May 1991
1991

1990
1990

Mar.

Apr.

May

June

July

Sept.

Aug.

Nov.

Oct.

Jan.

Dec.

Apr.

Mar.

Feb.

LUMBER AND PRODUCTS—Continued
SOFTWOODS— Continued
Southern pine:
1
Orders, new
mil bd ft
12 366
Orders, unfilled, end of period
do
635
Production
do . 1 12 544
1
Shipments
do ..
12,567
Stocks (gross), mill and concentration yards,
end of period
mil bd ft
2050
Exports, total sawmill products
cu meters ' 1,206 526
Producer Price Index, southern pine,
dressed
1982= 100 ..
108.0
Western pine:
Orders new
mil bd ft
11 143
Orders, unfilled, end of period
do ....
506
Production ...
do
11229
Shipments. ...:
do
11 174
Stocks (gross), mill, end of period
do
1402
Producer Price Index, other softwood,
dressed
1982=100..
127.1

1

12 705
692
1
12 787
1
12,646

1 155
784
1080
1069

1 098
709
1 121
1 166

1 015
685
1091
1037

1 233
739
1 142
1176

2006

1 251
733
1239
l'264

r

881
643
990
901

1 181
687
1147
1136

890
653
947
929

859
692
867
815

892

943
677
890
926

2021

2 111

2 135

2 143

2190

2242

2219

102.8

103.1

99.3

103.5

1 024
670
1 114
1092

855
665

r
950
r

2 190

2050

2006

2058

2027

111.0

112.4

116.8

119.5

116.0

116.3

114.0

110.5

104.0

104.7

1 084
652
1028
1 042
1429

889
591
951
950
1430

859
535
922
915
1437

1 004
582
876
957
1302

817
531
852
868
1285

885
506
876
910
1251

776
502
756
780
1227

874
510
869
866
1230

713
454
749
769
1210

693
483
609
664
1155

702
472
761
713
1203

712
470
740
714
1229

836
548
785
758
1,256

129.9

132.7

131.3

129.0

127.7

125.7

125.5

120.9

119.8

119.0

119.2

118.8

122.1

10600
483
10414
10623
1155

126.3

109.8

125.6

HARDWOOD FLOORING

Oak:
Orders, unfilled, end of period
Shipments
Stocks (gross), mill, end of period

.mil. bd. ft ..
do
do....

9.5
2065
7.6

8.3
2053
10.0

15.9
199
6.6

16.4
164
7.1

16.5
187
7.1

15.4
185
7.4

15.5
154
7.2

13.0
192
7.9

11.9
187
7.9

8.2
17 1
9.3

9.2
152
9.6

8.3
142
10.0

8.2
143
12.2

8.1
151
11.4

9.5
187
10.0

344
792
2

425
1 232

I

494
868
1

412
826
1

439
732
1

486
851
1

368
863
1

1598

1552

1655

METALS AND MANUFACTURES
IRON AND STEEL
Exports:
Steel mill products
thous sh tons
Scrap.
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..
Composite price, No. 1 heavy melting scrap:
American Metal Market
$ per long ton

Ore
Iron ore (operations in all U.S. districts):
Mine production
thous. met tons
Shipments from mines
do
Imports
do
U.S. and foreign ores and ore agglomerates:
Receipts at iron and steel plants
thous met tons
Consumption at iron and steel
plants
do
Exports (domestic)
do
Stocks, total, end of period
do....
At mines
do
At furnace yards .
do
At U.S. docks
do
Manganese (manganese content),
general imports
do
Pig Iron and Iron Products
Pig iron:
Production (including production of
ferroalloys)
thous sh tons
Consumption
do
Stocks, end of period
do
Castings, gray and ductile iron:
Shipments, total
thous. sh. tons..
For sale
do
Castings, malleable iron:
Shipments, total
do ....
For sale
do....
See footnotes at end of tables.




4578
13305
12

4303
12765
16

365
1045
2

335
1 274

17321
1 120
488

17162
1 424
383

1 120
91
47

25454
46731
73105
4620

25445
43678
70223
4397

10730

107 15

59032
58299
19596

55468
55266

4522
1 976
691

4741
5 123
1 157

71 156

73797

3 128

5 936

73059
5365
22,476
4575
15730
2171

73681

6079
3

22978
4795
15910
2273

20958
12810
7313
835

6056
565
20609
12436
7 246
927

55873
56335
303

54925
55 137
143

4681
4319
224

4549
4630
217

7,490
5323

283
129

(3)

318
1 164
3

302
1086
3

1313
96
26

1456
118
58

1466
145
9

1591
118
25

1629

1381

1513

130
65

88
20

170
31

162
52

160
28

2134
3797
6138
4296

2045
3 659
6014
4105

2236
3787
6212
4083

2210
4 142
6366
4079

2015
3568
5601
4 125

2141
3754
5993
4 130

2142
3600
5797
4 171

2138
3*807
5886
4*177

2007
3584
5567
4385

1803
3117
5086
4397

10002

10605

11093

10765

10570

11433

11259

11063

10733

104 83

5067
6299
1 550

5333
6 162
1 743

5777
6849
2 144

4274
5273
1 669

4235
5053
1 848

4069
5*140
2 010

3677
4540
2075

4646
5452

7 095

7 490

8 205

8 163

7 080

7 521

(3)

352
1 193

6315
6390
662
586
20501 21 019
11 206 10377
9 234
8 091
1 204 1408

4746
4768
217

4530
4682
213

269
1032
(3)

6200
6867
6573
21
168
585
21863 22 110 22268
7461
8277
9287
12045 12929
10748
1 788 1878
1 828

4656
4*650
230

4788
4788
206

4629
4*630
198

81
56

1,291

92
70

6923

6347

3220

1831

6075
6353
151
85
22,042
22027
5535
6398
14969
14 116
1 513 1*538

5436

5296

4,475

22,978
4795
15910
2273

13 820
2259

11 174
1,862

4523
4541
182

4264
4197
143

4077

3470

4673
4745
194

1,231

87
48

4047

9.7
17.1
9.8

Unless otherwise stated in footnotes
below, data through 1988 and
methodological notes are as shown in
BUSINESS STATISTICS, 1961-88

S-25

SURVEY OF CURRENT BUSINESS

May 1991
IT .,
Unito

1990

1989

1991

1990

Annual

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

NOV;

Dec.

Jan.

Feb.

Mar.

Apr.

METALS AND MANUFACTURES—Continued
Steel, Raw and Semifinished
Steel (raw):
Production '.
thous sh tons
Rate of capability utilization
percent
Steel castings:
Shipments, total
thous sh tons
For sale, total
do
Steel Mill Products
Steel products, net shipments:
Total (all grades)
thous sh tons..
By product:
Semifinished products
do
Structural shapes (heavy),
steel piling
do
Plates
do
Rails and accessories
do
Bars and tool steel, total
do ....
Bars: Hot rolled (including
light shapes).
do
Bars: Reinforcing..
do
Bars: Cold finished . . .
do
Pipe and tubing
do
Wire-drawn and/or rolled
do
Tin mill products
do .
Sheets and strip (including electrical),
total
.
do
Sheets: Hot rolled
..
do
Sheets: Cold rolled
...
do
By market (quarterly):
Service centers and distributors
do ....
Construction, incl. maintenance
do ....
Contractors' products
do....
Automotive
do
Rail transportation . .
.
do
Machinery, industrial equip, tools
do
Containers, packaging, ship,
materials
do
Other
do
Producing steel mills, inventory, end of period:
Total..
.
mil sh tons
Steel in process
do
Finished steel
do
Steel service centers (warehouses), inventory,
end of period
mil. sh. tons ...
NONFERROUS METALS AND PRODUCTS
Aluminum:
Production, primary (dom. and foreign ores)
thous met tons
Recovery from scrap
do
Imports:
Metal and alloys, crude
< do
Plates, sheets, bars, etc
do
Exports:
Metal and alloys, crude
do
Plates, sheets, bars, etc. . . .
do
Price, U.S. market, 99.7% purity,
monthly average
$ per Ib
Aluminum products:
Shipments:
Ingot and mill prod (net ship )
mil Ib
Mill products, total .
do
Sheet and plate
do
Castings
do....
Inventories, total (ingot, mill products, and
• • scrap), end of period
mil Ib
Production:
Mine, recoverable copper
thous. met. tons.
Refined from primary materials
do
Electrolytically refined:
From domestic ores @. ..
do
From foreign ores.
do
Electrowon
do
Refined from scrap
do
Imports, unmanufactured:
Refined, unrefined,
scrap (copper cont.)
do
Refined
do
Exports:
Refined and scrap
do
Refined
do
Consumption, refined
(reported by mills etc )
do
Stocks, refined end of period
do
Price, avg. U.S. producer cathode, delivered §
$ per Ib
See footnotes at end of tables.




1

98015
840

8505
857

8209
852

8529
857

8142
845

8 101
820

8452
855

8094
846

8424
851

8021
838

7 422
750

7 577
746

6705

84100

84981

7569

7023

7523

7,493

6890

7366

6893

7643

6937

6,187

6786

6,039

6236

6313

555

515

538

561

479

488

486

548

546

446

533

550

5355
7384
562
14,171

6093
7945
519
14,727

472
695
54
1,347

503
684
38
1,240

500
718
39
1,351

526
708
40
1,322

520
657
32
1,256

557
694
34
1,284

517
630
35
1,232

532
660
46
1,314

494
680
44
1,199

474
586
37
1,006

506
675
44
1,107

470
551
52

7 617
5015
1472
4011
1002
4,126

7 878
5305
1486
4652
918
4,032

721
491
131
395
90
345

700
406
130
374
90
329

738
465
142
411
86
366

696
488
133
427
82
342

704
433
115
364
73
341

713
439
127
424
78
368

692
420
116
373
71
321

739
438
132
452
79
360

682
398
114
386
62
315

562
355
85
368
51
406

660
317
125
414
69
335

586
349
112
398
67
292

41 261
12898
13854

39784
13388
13199

3615
1 144
1221

3250
1021
1086

3 514
1 104
1 187

3485
1093
1183

3 166
1 100
1051

3439
1 165
1 129

3229
1 080
1049

3653
1 197
1218

3212
1 068
1099

2813
1 018
952

3 105
1 151
980

2608

18,185
6,861
2,863
11 180
1096
2162

18,250
7,391
2,793
10444
901
2104

4,565
1,776
673
2563
251
596

4,678
1,920
729
2898
'225
551

4 627
1843
686
2644
222
490

4,424
1,836
703
2 337
203
467

4458
37488

4,474
38,378

998
9554

1156
9910

1135
9511

1183
9,594

129
78
51

144
86
58

129
79
50

13 1
79
52

130
79
51

130
80
50

133
81
52

137
83
54

142
86
56

138
83
55

140
82
58

144
86
58

140

69

67

63

63

62

62

62

61

65

64

65

67

67

4030
2054

4048
1 915

345
153

331
151

342
161

330
159

340
174

341
183

332
160

347
172

337
155

347
152

349
174

39230
3
340 2

9596
3403

854
294

851
286

904
290

940
280

1026
273

82 1
285

764
283

668
309

587
306

606
23 1

795
239

3

5930
34461

6825
4377

553
363

61 4
400

41 4
40 0

486
409

41 5
349

39 0
395

53 6
367

596
397

622
338

760
249

61 1
34T8

8784

7404

7085

7156

7231

7308

7257

8035

8805

8223

7252

6975

6875

15468
12304
7611
2,200

14895
12006
7 544

1313
1 070
644

1 224
1 012
629

1 355
1090
679

1 318
1 071
661

1 257
991
659

1 282
1 093
'g96

1 233
976
616

1 289
1035
'650

1 107
908
572

1
121
r
840
r
571

1 181

r

4024

3914

3 974

3 907

3 911

4076

3 976

4039

4094

4014

r

4048

15776
1 5720

1234
1256

133 1
1388

1336
1297

1366
131 1

136 1
124 5

1360
1269

141 1
1401

139 0
1323

1352
1308

107 6

97 943
845

731

7283
71.7

1137
1122

4016
14975
1 476 8
1 164 9

1 187 1

1231
1337
999

932

1058

99 1

974

92 5

r

3119
4769

3849
447 2

338
r
40 1

324
r
390

33 0
r
41 8

30 6
r
41 2

338
346

31 9
382

r
305
r

34577
3
3001

480
265

466
253

572
31 3

409
240

329
206

3
565
3

417
122

334
76

537
156

39 1
122

6
130 2

4024

1005

97 6

296

325
340

r
31 7
r

332
364

287
180

31 4
214

31 6
184

460
208

546
239

577
20 1

536
224

51 0
21 5

409
172

964

r

370

2203
106

2160
107

207
74

192
79

196
87

190
92

154
102

174
95

180
79

185
77

165
r
91

148
107

13094

12316

12841

1 2694

12457

1 1735

12612

13496

1 3422

1 3018

11976

1 1561

2

1480
2

1,051

917
839
2

534
202
2
757
2
84
2
175
2

2

2
374
3179

1,137
2
496
2
178
2
659
2
87
2
150
2

2

313
3,018

0 0

57

941
593

317
155

6813

6831

6388

S-26
Unless otherwise stated in footnotes
below, data through 1988 and
methodological notes are as shown in
BUSINESS STATISTICS, 1961-88

SURVEY OF CURRENT BUSINESS

May 1991
1991

1990

Annual
TT it
unus

1989

1990

Mar.

May

Apr.

June

July

Sept.

Aug.

Oct.

Dec.

Nov.

Apr.

Mar.

Feb.

Jan.

METALS AND MANUFACTURES—Continued
NONFERROUS METALS AND
PRODUCTS-Continued
Copper-base mill and foundry products,
shipments (quarterly total):
Brass mill products
mil Ib
Copper wire mill products
(copper content)
do..
Brass and bronze foundry products
do ....
Lead:
Production:
Mine recoverable lead
thous met tons
Recovered from scrap (lead cont )
do
Imports ore (lead content)
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) Q
do
Scrap (lead-base, purchased), all smelters
Price common grade delivered @ @ $ per Ib
Tin:
Imports (for consumption):
Ore (tin content)
metric tons
Recovery from scrap total (tin cont )
do
As metal...
do.
Consumption, total
do..
Primary
do
Exports (metal)
do
Stocks, pig (industrial), end of
period
do
Price, Straits quality (delivered)
$ per Ib
Zinc:
Mine prod recoverable zinc thous met tons
Imports:
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, high grade
$ per Ib
MACHINERY AND EQUIPMENT
Industrial heating equipment, new
orders (domestic), qtrly #
mil $.
Electric processing heating equipment
do...,
Fuel-fired processing heating equip
do
Materials handling equipment, dollar value
bookings index f
1982—100
Industrial supplies, machinery, and equipment:
New orders index seas adj @
1987 100
Industrial suppliers distribution:
Sales index seas adjusted
1977 100
Inflation index, not seas. adj. (tools, material
handling equip., valves, fittings, abrasives,
fasteners, metal products, etc.)
1977 = 100 .
Fluid power products shipments indexes:
Hydraulic products
1985—100
Pneumatic products
do
Machine tools:
Metal cutting type tools:
Orders, new (net), total
mil $
Domestic
do
Shipments, total...
do...
Domestic
do
Order backlog, end of period
do...
Metal forming type tools:
Orders, new (net), total .
do
Domestic
do
Shipments, total
do
Domestic..
do
Order backlog, end of period
,
do...
See footnotes at end of tables.




1

470 1
410 6
r
'8086
9132
3
120 8
1
1 283 2 1 263 8

361
730
126
1119

337
694
55
101 1

370
669
93
1062

350
679
92
1032

41 1
670
79
977

459
71 8
63
1124

368
71 0

422
77 5

374
723

1046

1090

1043

r
355
r
r

53.9

60.3
242
60.6

201
3852

193
3452

53.9

59.7

51.1

56.6

51.9

58.8

63.7

61.8

52.3

55.7

156
827

255
r
628

165
582

211
618

193
599

196
632

208
666

199
623

206
639

237
626

228
604

184
5411

215
4873

213
4521

21 5
4516

235
5013

266
5036

242
4947

249
4616

223
4275

r

r

20 1
4602

3
216
3
33 988
1

104 4

973

255
628

73.5

174
3935

41 5
769

77 3

r

15 213
'569
46,371
39000
3
904

33810
6 768

1 805
623

2500
585

2601
572

3 178
578

4193
487

2606
544

2491
580

4090
600

2786
594

2280
439

2403
r
560

49,300
36900
658

4200
3200
95

4,100
3 100
11

4,200
3200
126

4,100
3 100
73

4,100
3 100
50

4300
3200
57

4,100
3000
36

4,100
3 100
22

4,200
3 100
10

3,900
2900
52

4,166
3000
25

6072
5 2018

3 8629

6401
38771

4959
39417

3298
38937

3792
37634

3592
36730

3 9026

3449
38019

4762
39932

4819
39440

4829
37321

36822

J

r

404

r

63.7

61.0

3323

3334

489

3,900
2900
6648
36488

3.6075

507 7

264

262

279

456

507

57 1

447

427

3

410
7116

6317

28
557

18
41 1

30
454

21
663

20
683

709

494

472

465

409

21
'2517

24
2503

2
206

2
206

2
206

2
21 1

2
21 1

2
21 1

2
21 1

.2
21 1

.2
21 1

.2
21 1

211

2053
1 1 060 0
3
80

2078
r
9970
58

185
880
5

178
740
7

187
794
4

162
91 0
4

176
1028
5

17 6
100 0
5

160
730
5

179
860
6

160
730
5

172
r
67 1
2

173
67 0

46
416
7459

40
443
7378

36
435
8074

29
41 4
8560

29
41 9
8719

36
440
8610

40
47 1
7898

53
46 1
7777

45
41 7
6754

47
417
6294

3945
843
138 1

4330
896
1403

961
173
267

1556

1319

1429

1508

1424

137 2

128 0

135 0

120 0

1302

121 4

1185

117 4

121 1

1200

123 4

121 8

124 2

127 4

125 0

123 8

118 8

114 0

1129

1049

1070

1074

1836

200 5

1864

189 6

196 1

199 9

212 8

229 1

213 3

2057

2032

1853

2034

2187

2033

182.0

189.4

190.1

190.2

190.7

193.0

193.3

194.4

2759
3

47
603
8206

r

46
416
6209

r

39
417
.5808

4

187.9

189.9

189.0

189.1

189.8

191.1

191.8

138
131

158
150

147
126

142
135

143
135

131
123

140
135

133
123

141
141

123
130

114
118

131
128

1 976 35 2 070 30
1 722 80 1 771 95
2,358.60 2,329.60
2 059 20 2 004 45
1,423.3 1,164.0

19820
13260
214.15
17980
1,333.1

20665
18745
168.95
141 65
1,370.8

13780
11680
194.15
17230
1,314.4

18860
151 20
275.70
240 10
1,227.4

14675
13255
161.80
14400
1,212.3

22855
21220
155.75
13585
1,285.1

209 15
19075
189.95
16830
1,304.3

18240
16605
188.80
16490
1,297.9

13665
113 10
182.20
16060
1,252.4

178 10
15110
266.45
20995
1,164.0

13005
10720
110.80
9325
1,183.2

6765
5695
7475
6645
348.9

8260
7725
89 15
7670
342.4

6865
6450
7880
7100
332.2

7665
6990
7455
7085
334.4

8750
81 40
71 60
6735
350.2

4825
4795
7560
61 30
322.9

5520
4590
10895
9430
269.2

8570
68 10
6495
5720
289.9

66 10
4815
8525
6340
270.8

11770
10225
8405
7720
304.4

6980
5980
7175
6100
302.4

144
133

83160
71905
83700
70415
380.3

89440
76055
97030
85110
304.4

15.0

5.3

16.9

8.5

.5593

88.5
22.3
164

1550
204
856

934
296
11 7

439

436

124
129

195.2

130
141

18625 153.55
11380 127.20
133.15 173.85
10945 148.75
1,236.4 1,216.0

136.75
114.15
145.10
126.70
1,207.7

r
51.90
r

57.90
39.35
61.20
46.95
238.0

5890
5130
6900
5880
292.4

31.45
103.00
r
86.05
r
241.2

S-27

SURVEY OF CURRENT BUSINESS

May 1991
Unless otherwise stated in footnotes
below, data through 1988 and
methodological notes are as shown in
BUSINESS STATISTICS, 1961-88

Annual

.t
TT
Units
1989

1991

1990

1990

Mar.

Apr.

June

May

July

Sept.

Aug.

Nov.

Oct.

Jan.

Dec.

Apr.

Mar.

Feb.

METALS AND MANUFACTURES—Continued
MACHINERY AND
EQUIPMENT— Continued
Tractors used in construction, shipments, qtrly.
Tracklaying (ex. shovel loaders)
units..
Wheel (contractors' off-highway)
Shovel loaders
ELECTRICAL EQUIPMENT
Batteries (auto.-type replacement),
shipments
Radio sets, production total market $$
Television sets (incl. combination models),
production, total market $$
Household major appliances, industry
shipments # ..
Air conditioners (room)
Dishwashers
.
Disposers (food waste)
Microwave ovens/ranges . .
Ranges
Refrigerators
Freezers
Washers
Dryers, including gas
..
Vacuum cleaners (qtrly.)

(3)
(3)

mil $
units .
mil. $ ..
units
mil $

10,846
11837
4545
3832
60855
22257

thous
thous

65 187
21 585

4790

4599

4502

4908

1 673

1 974

6505
2075

1438

5163
1376

4063

1 411

6692
2923

4079

1 415

6477
2723

5366

1 547

5 127
1 619

6475

1 25 254

1345

1,298

thous

24859

21779

2297

1 566

1724

2163

1324

1846

2199

1772

1658

1753

1318

1,454

1,761

2837

3362

2984

3524

' 82

'l59

276

322

185
255

496
278

262
688

362
666

309
565

362
511

thous
do
do
do....
do
do
do
do
do
do
do...

GAS EQUIPMENT (RESIDENTIAL)
Furnaces, warm air, shipments
thous
Ranges, total, shipments
...
.do..
Water heaters (storage), automatic,
shipments
do....

64433

1 46 567
1
5 091
1

(3)
(3)
(3)
(3)

42739

4320

4 153

3670

3970

655
280

'764

308

604
335

297
644

347
521

431
586

3480

3287

3353

3509

2985

10 598
3048
'7099
7
1219
'6252
J
4574
11,373

4 150
3637
4,137
8 126
2989
7101
1296
6192
4320
10,963

2162
2167

1950
2167

136
192

124
181

129
177

145
184

167
167

188
168

220
190

216
209

192
186

153
167

150
190

128
159

126
193

4,130

3,906

360

328

308

324

294

299

287

378

315

372

347

318

332

'3668
4,363
2

822
313
394
764

311
602
87
550
370

241
527
90
500
323

257
643
103
538
353

262
765
126
566
359

260
298

306
472

242
790
155
518
345

82
321

54
303

2
345

348
587

419
676

347
899

252
656
136
515
357

278
590
101
535
392

265
792

228
451
100
417
319

253
494
97
446
339

268
483
95
555
418

236
434
75
486
344

2,513

3,035

2348

3067

248
626
123
518
359

10
280

277
533
100
507
344
2,850

PETROLEUM, COAL, AND PRODUCTS
COAL
Anthracite:
Production
thous. sh. tons
Exports
thous. met. tons .
Producer Price Index
1982—100
Bituminous and lignite:
Production
thous. sh. tons ..
Consumption, total
do
Electric power utilities
do ..
Industrial, total
do
Coke plants (oven and beehive)
do....
Residential and commercial
do....
Stocks, end of period, total
do....
Electric power utilities
do
Industrial, total
do
Oven-coke plants
do
Exports excluding lignite
thous. met. tons....
Producer Price Index
1982=100 ..

3,519
2
677
103.4

3,121
105.5

971,218 1,032,734
889,491
765,820
117,503
41,369

6,167

329

277

345

323

354

310

183

210

206

220

221

104.0

104.3

104.5

105.3

106.8

106.8

107.0

106.8

106.6

105.6

86,615

84,720

80,933

93,213

84,322

95,703

88,882

77,378

85,834

82,588

84,793

81,090

68,725
59,042
9,322

74,733
65,167

71,020

73,200

66,948

154,979

151,996

149,120

98.4

98.3

97.4

96.9

64.0

53.9

56.3

91,357
71,030
60,616
9,864
3,369

83,350
67,398
57,661
9,205

3,181
532
167,044
156,318
10,726
3,600

3,317
361
174,060
163,233
10,827
3,559

3,641

327
104.0

104.8

161,433
150,808
10,625

97.3

297
105.5

550

146,120
135,894
10,227
2,864
2
90,753

95.4

259
106.0

9,193
3,157
373
173,673
162,745
10,928
3,518

96.3

96.6

97.6

97.8

97.9

33,015
39,533

7,364
3,329

3,278

3,354

7,449
3,288

3,433

1,919
1,703
216
1,720
2
1,043

1,972
1,777
195
1,791

i,998

1,929
1,734
194
1,721

96.8

97.4

98.1

98.7

97.8

COKE
Production:
Beehive and oven (byproduct)
thous. sh. tonsPetroleum coke §
do
Stocks, end of period:
Oven-coke plants, total
do
At furnace plants
do....
At merchant plants
do .
Petroleum coke
do ....
Exports
thous. met. tons
PETROLEUM AND PRODUCTS
Crude petroleum:
Producer Price Index
1982—100
Gross input to crude oil distillation
units
mil. bbl'..
Refinery operating ratio
% of capacity..
All oils, supply, demand, and stocks:
New supply, total 0
mil. bbl ..
Production:
Crude petroleum
do....
Natural gas plant liquids
do....
Imports:
Crude and unfinished oils
do....
Refined products
do....
Change in stocks, all oils
...do....
Product demand, total
do....
Exports:
Crude petroleum
do....
Refined products
do....
See footnotes at end of tables.




56.3

70.9

1,885

1,505

3,612

7,003
3,304

3,387

3,349

i',514

1,840
1,649
191
1,450

1,430

1,509

46.3

75.2

91.0

416.6
89

446.3

441.0
91

429.0

60.0

52.6

54.5

47.9

420.9

420.7

118.0

97.3

40

1,479

r

41

1,426

79.3

88.5

400.2

400.8

86

84

410.3
85

91

83

6,304.7

524.2

499.2

544.8

518.7

545.1

539.4

484.6

492.6

481.3

477.1

502.2

2,778.8

229.2

212.3
45.8

221.5
48.0

223.7

231.1
53.9

219.2
53.1

230.0

50.4

215.0
49.6

225.7

49.3

219.9
46.6

225.0

586.1
2,283.7
656.2

203.5

215.2
55.6
-22.8
543.5

207.9

224.3

556.8

184.2
48.5
-35.7
522.8

537.4

51.4
-26.9
544.1

212.3
53.0
-9.9
582.3

183.0
37.0
.5
493.1

172.8
34.9
-22.6
551.8

170.1
38.8
-20.6
532.9

155.7
43.6
-34.5
551.3

4.1
23.2

3.3
19.4

3.5
17.9

2.7
21.4

2.8
18.8

2.0
24.3

2.0
23.3

3.2
26.1

4,959.7

-15.8
6,634.9

51.7
259.5

42.1
45.5

87

48.9

52.8
66.7

93

405.4

395.6

84

41.3
28.4

82

52.0

7.5
31.7

83

53.2
180.1
38.9
-36.8
560.5
1.6
35.6

SURVEY OF CURRENT BUSINESS

S-28
Unless otherwise stated in footnotes
below, data through 1988 and
methodological notes are as shown in
BUSINESS STATISTICS, 1961-88

,,

Annual

May 1991
1991

1990

jt

1990

1989

Mar.

Apr.

July

June

May

Sept.

Aug.

Nov.

Oct.

Jan.

Dec.

Apr.

Mar.

Feb.

PETROLEUM, COAL, AND PRODUCTS—Continued
PETROLEUM AND PRODUCTS— Continued
All oils, supply, demand, and stocks—Continued
x-,

n

"

|.

'

T^

1604
527 2

1560
5308

1646
5378

164 1
5488

161 6
5828

1593
5822

1636
6050

153 1
5898

1575
575.7

1461
525.4

355.6
531.7

25507
179 1

2056
1879

2036
1863

2054
1803

2134
1777

2249
1820

2278
1754

2183
190 5

2142
1839

2089
1803

2140
1839

2061
1891

do
do
868

Refine'd Droducts
Refined petroleum products:
Gasoline (incl. aviation):

Stocks
d of neriod
do
Prices, regular grade (excl. aviation):
Producer Price Index
1982—100.
Retail, U.S. city average (BLS):
Leaded
$ per gal.,
Unleaded
do ....
Aviation gasoline:

St k
d f
Kerosene:
Production

' d

Producer Price Index (light
distillate)
Distillate fuel oil:
Production
Q, ",

671

.997
1.022

71.6

73.8

73.5

84.6

95.0

100.3

99.7

90.5

79.8

71.5

61.6

63.4

1.027
1.044

1.044
1.061

1.077
1.088

1.089
1.084

1.198
1.190

1.297
1.294

1.354
1.378

1.351
1.377

1.335
1.354

1.246
1.247

1.137
1.143

1.047
1.082

1.062
1.104

75.9

66.4

59.5

7
18

9
19

9
18

g
17

11
18

8
18

6
17

.7
18

.5
17

.6
19

do

269
51

22
51

19
52

16
55

9
51

23
60

1.8
59

2.2
64

2.4
65

2.6
66

2.6
59

2.4
55

60.9

59.4

57.0

56.6

65.2

87.8

108.7

107.4

94.2

82.3

823
87
997

841
92
99 5

891
64
1028

898
77
1094

932
71
1252

97.1
91
131 1

89.0
68
1365

90.9
59
1368

87.5
71
1328

90.4
74
1322

88.4
59
112.1

73.5

60.4

61.0

58.4

53.0

51.6

72.3

87.3

104.8

98.9

89.3

82.8

74.3

61.6

60.0

572

302
10 4
46 2
552

264
16 6
49 0
51 8

272
15 7
49 6
500

278
16 1
46 8
43 i

306
16 6
49 0
41 3

293
17 8
48 2
458

27 3
93
49 5
61 0

249
118
495
745

253
11 6
503
827

316
150
486
r
741

310
13 1
47 6
68.0

62.8

47.2

44.3

75.4

578
1 0580
111 7
1057

62.0

1982-100.

584

mil bbl
•? "'
1982—100

348 1
229 6
43 8
476

mil bbl

512 1
40 9

442
489

400
468

423
468

407
47 3

434
509

434
482

458
500

49.5
51 3

47.3
506

47.7
519

46.7
505

61 4
138

50
123

52
124

51
123

47
124

54
13 0

54
120

54
11 7

50
109

55
120

50
124

5.2
12.5

154 9
20 6

107
28 5

11 5
29 9

14 9
29 1

17 1
27 o

194
26 3

186
21 3

17 9
19 2

155
16 4

120
162

92
187

77
21 5

653 5

54 5

52 1

54 6

51 7

54 2

56 5

53 6

553

51 8

521

532

451 3
2022
80.2

37 8
167
78.0

35 5
166
82.0

37 0
17 6
90.7

34 4
173
104.2

36 3
180
112.3

38 5
180
122.6

38 2
154
124.3

41 3
140
117.0

41 4
104
109.5

403
118
97.9

41 2
12.0
76.3

H

At gas processing plants
(L P G )
At refineries (L R G )
Stocks (at plants and refineries)

70.5

.999
1.023
6
18

do
do

St rk
d f
' d
Liquefied petroleum gases:

67.6

92
2i

mil bbl
a ....

Lubricants:
Production
Stocks end of period
Asphalt:

80.3
1.149
1.164

H

1982-100.

Producer Price Index (middle
distillate)
Residual fuel oil:
Production
St k '""j""f
."' j
Producer Price Index
Jet fuel:
Production

5233
2064
31
1040
35.1
480
4.8
5.3
663
15867
8434
3201

1520
5083

do

Jet fuel

Stock^end* f ^riodltot^
Crude net leu
'
Strategic net oleum
e e
Unfinished oils, natural gaso-

512 1
5004
2168
2183
34
15
878
929
403
289
470
466
43
42
74
129
545
495
1 658 1 16236
9087
9249
5857
5860

do

Distillate fuel oil

6

5224
493 1
556 0
223 9
2077
241 8
16
18
18
91 8
987
867
31 7
293
392
478
47 5
45 1
54
53
61
191
21 4
248
553
462
434
17007 1 701 3 1 6787
9358
9592
9327
5894
5896
589 6

Ho
do

*j ""

Asphalt

522 5
522 1
513 4
500 0
529 6
230 8
225 3
227 3
214 2
227 8
15
15
13
20
27
83 5
89 8
885
91 8
101 2
39
6
40
5
379
34
3
373
42 1
437
456
446
44 1
46
41
47
44
56
21 1
167
105
204
87
42 8
43 9
36 7
45 8
50 2
1 643 5 1 639 9 1 617 1 1 683 8 1 7106
966 2
9709
9687
953 1
955 9
5867
5862
5867
5834
582 3

6 3237
2 684 1
30 8
1 152 2
500 1
5436
58 1
1652
608 9
1 581 4
921 1
579 9

^ ' j

'

do
do
do...

PULP, PAPER, AND PAPER PRODUCTS
PULPWOOD
Receipts
thous cords (128 cu ft )
Consumption
do
Inventories end of period
,
do

1 99 279
i gg 414
5462

1 99 304
1
99 109
5961

8 260
8*341
5433

8 138
8260
5209

8 014
8 113
5 177

8006
8042
5 167

8395
8467
5 106

8452
8333
5239

8271
8243
5651

8712
8517
5,751

8 180
8120
6,375

7920
8,012
5,961

8,779
8,801
5,732

8,171
8,115
5,554

1 805
1*031

1 739
1 007

1 800
1 017

1 798
1 031

1 738
1 035

i 844
1052

1 785

1 822
1,024

1778
r
981

1717
r
909

1r 816
927

1669

63 068
1293
51 192

5272
123
4 275

5254
98
4 220

5 156

5 175
4 202

5200
126
4 190

91
4395

4 163

5428
123
4392

r

4 158

5366
125
4374

5123

114

5490
107
4 457

5410

103

5,579
115
4530

5,033
104
4098

6029
4363

6363
4219

509
365

540
397

522
373

519
341

555
371

541
327

536
349

569
355

543
347

554
359

563
371

503
329

193
342
519

226
476
392

202
487
475

196
455
431

184
451
437

214
438
485

209
526
432

218
527
418

228
461
423

210
484
422

201
505
358

201

216
552
409

WASTE PAPER
Inventories, end of period

do

1 19 490 n 21 039
r
1 082
909

976

917

WOODPULP
Production:
Total
Dissolving pulp
Groundwood and thermomechanical
Semi-chemical
Inventories, end of period:

thous sh tons
do
do
do

Producers' market
do....
Consumers' purchased
do
Exports, all grades, total .
...thous met tons
Dissolving and special alpha
do
All other
do..
Imports all grades total
do
Dissolving and special alpha
do
All other
..
do
See footnotes at end of tables.




i 61 998
1 425
50 181

1

5 653
759
'4896
1
4 673
162
'4513

1

71

226
'

476

392

r

r

521

419

.-. . • •

Unless otherwise stated in footnotes
below, data through 1988 and
methodological notes are as shown in
BUSINESS STATISTICS, 1961-88

S-29

SURVEY OF CURRENT BUSINESS

May 1991
Annual

..
TT
ljmts
1989

1991

1990
1990

Mar.

Apr.

May

June

July

Sept.

Aug.

Oct.

Nov.

Jan.

Dec.

Mar.

Feb.

Apr.

PULP, PAPER, AND PAPER PRODUCTS—Continued
PAPER AND PAPER PRODUCTS
Paper and board:
Production (API):
Total
thous sh tons n 7g <785 rl78834
Paper
do
38266 r 39411
r
Paperboard
do
38 519 39 423
Producer Price Indexes:
Paperboard
1982-100 ..
135.9
140.1
Building paper and board
do....
112.2
115.6
Selected types of paper (API):
Groundwood paper:
Orders, new
thous. sh. tons' 1,741 '1,834
r
Orders, unfilled, end of period
do
!68
193
J
Shipments
do
l 743 *1 768
Coated papers:
l
Orders, new
do
lr 171 '7423
r
Orders, unfilled, end of period
do
602
706
Shipments
do
7521
7215
Uncoated free sheet:
Orders, new
do
Shipments .
do
Unbleached kraft papers:
Shipments
thou^ sh tons
Tissue paper, production
do
Newsprint:
Canada: t.
Production. . .
thous metric tons
Shipments from mills
do
Inventory, end of period
do
United States:
Production
do
Shipments from mills
do
Inventory, end of period
do
Estimated consumption, all
users A...
do
Publishers' stocks, end of period #
thous metric tons .
Imports
do .
Producer Price Index,
standard newsprint
1982=100..
Paper products:
Shipping containers, corrugated and solid
fiber shipments
mil. sq. ft. surf, area..

1 11 097 1 11 499
*11 081 i\\ 510
'2681

J£377

'5636

1

5 802

6 452
3 190
3262

6 556
3279
3277

6 744
3439
3305

6 507
'3251
3257

6828
3484
3344

6528
3294
3234

138.9
115.5

137.6
113.7

136.0
113.4

135.5
111.9

135.0
111.2

133.4
110.3

132.9
109.8

134.3
109.4

134.2
109.1

132.8
108.9

173
172

156
175

125
185

149

158
170

115
140

140

138

142

164
197

147

173
226

163
222

152

137

168

r

6520

3 181
3 339

136
213

161
215

151

147

r

6 821

r
3341
r

3480

132.7
110.4

r
r

6540

6 131
3006
3 126

3217

132.1
109.6

130.2
111.3

r

3324

126
r
231

153
224

133

147

599
r
534
r
635

r

493
r
477
^565

588
475
588

r

792

881
896

186
459

202
485

171

r

234

145

r

647
658
618

648
728
562

614
761
620

647
717
611

639
721
634

680
733
678

607
693
636

671
693
689

589
643
642

531
591
564

1 042

990

977
958

1 007

986
904

899
947

1 019
1 Oil

936
928

996

957

1009

888
942

862
930

915
982

196
500

187
467

206
494

208
479

208
482

198
501

198
487

208
507

196
477

173
484

202
485

846

r

9068
9074

321

315

794
825
401

786
815
372

847
861
358

762
804
316

826
752
391

758
750
399

661
698
362

711
710
363

664
688
340

715
740
315

836
765
385

761
698
448

786
748
486

5523

5997
6007

492
493
56

491
493
53

495
502
46

489
486
49

508
508
49

519
518
50

498
509
39

511
506
44

512
511
45

519
517
46

523
527
42

473
465
50

523
511
61

1 059

1 038

1 070

1 005

960

996

1 017

1 045

1 030

1 Oil

821

805

802

825

859

912

850

810

780

802

9 640
9607

5515
56

46

12241

12 127

749

802

2

6 576
3*284
3292

r

3 352

6 371
3 168
3*202

6692
3340

r

856

947

919

922

925

853

r

7678

122.5

119.5

115.6

115.5

116.6

121.6

122.2

122.2

122.3

122.5

122.3

122.7

125.7

126.8

126.9

121.3

313,398

315,800

26,698

26,679

27,398

26,330

26,494

28,115

25,410

30,526

24,955

21,412

27,440

24,137

24,495

28,033

59.78

75.55
89.63

RUBBER AND RUBBER PRODUCTS
RUBBER
Natural rubber: §
Consumption
thous metric tons
Stocks end of period
do
Imports, incl. latex and guayule
do
U.S. Import Price Index
1985-100
Synthetic rubber: $
Production
thous metric tons
Consumption
do
Stocks, end of period
Exports (Bu. of Census)
TIRES AND TUBES
Pneumatic casings:
Production ...
Shipments, total . .
Original equipment
Replacement equipment
Exports
Stocks, end of period
Exports (Bu. of Census)
Inner tubes:
Exports (Bu. of Census)..
See footnotes at end of tables.




do
do

866.87

91.98
2
887.62
110.3

839.03
''94.34
2
860.34

104.1

2,261.37 2,114.53
2,050.97 1,820.78
404.03
403.66
2
579.08

thous .' 212,870 1 210,663
do
261,659 260,424
do
54,192
59,347
do
186,328 188,839
do
17,393
15,985
do
42,649
39,308
2
do....
19,118
do....

128.3
112.6

2

1,813

78.98
101.63

81.87
102.7
182.51
161.62

65.22
97.15
63.08

r

64.18
97.30
r
66.24

73.92
99.80
77.66

57.37
101.56
60.38

74.11
87.18
60.96

385.91

174.62
161.53
397.57

171.99
151.63
395.11

19,522
22,634
5,382
15,750

17,680
21,207
4,780
14,974

17,990
23,432
5,589
16,391

18,186
23,728

1,504
48,446

1,453
49,601

1,452
48,728

5,311
17,066

68.76
90.35
82.97

84.71
55.67

r

81.69

69.78
94.34
75.70

r

414.95

180.94
149.54
420.92

180.42
155.63
419.56

190.30
175.29
404.95

167.35
147.04
393.90

153.14
119.06
403.66

14,996
22,225
3,572
17,376

18,555
24,185
4,696
17,785

17,612
22,595
4,687
16,443

19,965
24,467
5,433
17,306

16,077
20,203
3,872
14,821

13,687
16,946
2,829
12,913

171.94
137.11

103.5

102.9

105.4

105.4
187.76
144.06
406.92

r

17,713
18,370
3,738
13,051

1,351

1,277

1,704

1,465

1,727

1,509

1,205

1,578

47,893

45,351

43,492

42,047

41,553

41,582

42,649

45,295

S-30
Unless otherwise stated in footnotes
below, data through 1988 and
methodological notes are as shown in
BUSINESS STATISTICS, 1961-88

SURVEY OF CURRENT BUSINESS
Annual

», ..

May 1991
1991

1990

UIUWJ

1989

1990

Mar.

May

Apr.

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

STONE, CLAY, AND GLASS PRODUCTS
PORTLAND CEMENT
Shipments, finished cement

thous. bbl..

CLAY CONSTRUCTION PRODUCTS
Shipments:
Brick, unglazed (common and face)
mil. standard brick ..
Structural tile, except facing
thous. sh. tons..
Sewer pipe and fittings, vitrified...
do....
Floor and wall tile and accessories, glazed
and unglazed
mi. sq. ft..
Producer Price Index, brick and structural
clay tile
12/84=100 ..

1

474,344 467,211

6,698.2

6,777.6

(2)

(2)

35,205

38,744

44,828

46,513

44,687

48,159

42,567

46,272

37,888

25,425

578.8

591.1

631.0

630.8

631.5

658.1

556.3

609.9

538.3

416.0

(2)

255.7

210.2

21.5

21.9

17.3

16.4

18.8

18.7

18.9

16.0

15.3

13.0

545.3

477.6

44.0

40.3

43.2

40.4

38.3

41.4

37.1

42.8

36.3

36.1

112.2

115.1

114.9

115.0

115.3

115.3

115.4

115.4

115.3

115.4

115.4

115.4

GLASS AND GLASS PRODUCTS
Flat glass, mfrs.' shipments
thous. $.. 1,543,242 1,438,265 357,010
Glass containers:
Production
thous. gross.. 287,511
25,228
Shipments, total .
do
24,689
285,586
Narrow-neck containers:
Food
..do
2,160
22,010
Beverage
do .... 63,813 5,706
Beer
do
7,819
88,556
Liquor and wine
do
2,221
26,059
Wide-mouth containers:
Food and dairy products
do.... 67,973 •
5,887
••Narrow-neck and wide-mouth containers:
Medicinal and toilet
.
do
818
13,826
Chemical, household, and industrial
do.
77
1,318
Stocks end of period
do
43,094
42,053
GYPSUM AND PRODUCTS
Production:
Crude gypsum (exc. byproduct) thous. sh. tonsImports, crude gypsum
Sales of gypsum products:
Uncalcined
.
Calcined:
Industrial plasters
(incl. Keene's cement)
Board products,
total
Lath
Veneer base
Gypsum sheathing
Regular gypsum board
Type X gypsum board
Predecorated
wallboard
5
A & mobile home board .
Water/moisture resistant board

1
15,500
' 17,500

. do
7

do

5,i70

25,790
26,478

24,882
24,943

25,185
24,775

25,843
26,652

25,288
22,599

1,840
5,493
7,891
2,345

2,529
6,253
7,990
2,507

2,033
6,058
7,603
2,635

2,089
6,065
7,962
2,173

2,436
6,110
8,024
2,262

1,778
4,995
7,197
1,859

5,300

6,266

5,764

5,729

7,022

881

873

795

700

75
43,262

60
42,265

55
42,287

57
42,526

1,318
1,530
784

1,373
1,402
815

1,342
1,372

428

496

495

1,869
2
43
22
1,131
540
8
59
63

1,649
1
35
23
975
484
8
66
57

1,710
1
37
21
1,014
505
8
68
55

21,599
21,159

17,915
19,362

22,465
20,974

1,847
5,134
7,234
2,081 .

1,360
4,364
6,962
1,986

1,210
4,038
6,159
1,174

1,429
4,219
6,849
1,735

6,061

6,923

5,685

5,073

5,983

745

661

662

720

750

676

53
41,396

48
41,197

64
42,948

82
43,235

58
40,773

83
42,417

583

2620

7959

12,436

25,868
23,945

4

do....
„
do....
mil. sq. ft..
do
do
do
do....
do.
do
do
do ....

24,099
23,825

115.7

115.3

332,560

372,826

375,869

115.3

()
1

20,870
18
475
266
12,523
6,071
113
717
687

TEXTILE PRODUCTS
FABRIC
Woven fabric, finishing plants:
Production (finished fabric)
mil. linear yd..
Cotton
do....
Manmade fiber and silk fabrics
do....
Inventories held at end of period
do....
Cotton
do
Manmade fiber and silk fabrics
do
Backlog of finishing orders
do
Cotton
do ....
Manmade fiber and silk fabrics
do....
COTTON AND MANUFACTURES
Cotton (excluding linters):
Production:
Ginnings Q
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.




11,884
12 196
S
7444

15 064

12,803
12,803
1,457
10,762
584

11978
11,978
1,522
9,875

8383

581

120
3

794

624

641

8033
8033
771
6,566
696

6975
6975
843
5,447
685

5778
5778
879
4,224
675

3

826

559

680

4337
4337
485
3185
667

3228
3228
369
2187
672

15974
15974
13740
1615
619

835

671

610

14519
15 617
3
601

14 514
14514
11,532
2,451

13855
13 855
7210
6,126
519

13173
13,173
3,729
8,930

11 978
11978
1522
9,875

3

531

514

5

581

7

6,929
'6,929
7
761
5,518
7
650

7

115.7

Unless otherwise stated in footnotes
below, data through 1988 and
methodological notes are as shown in
BUSINESS STATISTICS, 1961-88

S-31

SURVEY OF CURRENT BUSINESS

May 1991
Annual

,, ..

1989

1991

1990

1990

Apr.

Mar.

May

June

July

Aug.

Sept.

Nov.

Oct.

Dec.

Jan.

Mar.

Feb.

Apr.

TEXTILE PRODUCTS—Continued
COTTON AND MANUFACTURES— Cont.
Cotton (excluding linters)— Continued
Exports
thous. running balesImports
thous. net-weight bales §..
Price(farm), American upland <>
cents per Ib ..
Price, Strict Low Middling, Grade 41, staple 34
(IVie"), average 10 markets
cents per Ib
Spindle activity (cotton system spindles):
Active spindles, last working
day, total
mil
Consuming 100 percent cotton
do
Spindle hours operated, all
fibers total
bil
Average per working day
do
Consuming 100 percent cotton
do
Cotton cloth:
Cotton broadwoven goods over 12" in width:
Production (qtrly.)
mil sq yd
Orders, unfilled, end of period, compared
with average weekly production
no. weeks' prodInventories, end of period, compared with
avg. weekly production
no weeks' prod ..
Ratio of stocks to unfilled orders (at cotton
mills), end of period
Exports, raw cotton equivalent
thous net-weight bales §
Imports, raw cotton equivalent
do
Producer Price Index, gray cotton
broadwovens
1982—100 ..
MANMADE FIBERS AND MANUFACTURES
Fiber production, qtrly:
Acetate filament yarn
mil Ib
Rayon staple, including tow
do
Noncellulosic, except textile glass:
Yarn and monofilaments
do
Staple, incl. tow
do
Textile glass
fiber
do. ..
Fiber stocks, producers', end of period:
Acetate filament yarn
mil. Ib..
Rayon staple, including tow
do
Noncellulosic fiber, except textile glass:
Yarn and monofilaments
do
Staple, incl. tow
do....
Textile glass
fiber
do....
Manmade fiber and silk broadwoven fabrics:
Production (qtrly.), total
mil. sq. yd ..
Filament yarn (100%) fabrics
do.
Chiefly rayon and/or acetate
fabrics
do
Chiefly nylon fabrics
do
Spun yarn (100%) fabrics
do....
Rayon and/or acetate fabrics, blends
do ....
Polyester blends with cotton
do....
Acetate filament and spun
yarn fabrics
do
Producer Price Index, gray synthetic
broadwovens
....1982=100 ..
Manmade fiber textile trade:
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 products, apparel,
furnishings
do ....
Apparel, total
do
Knit apparel
do....
WOOL AND MANUFACTURES
Wool consumption, mill (clean basis):
Apparel class
mil. Ib..
Carpet class...
do
Wool imports clean yield t
do
Unimproved and other grades
not finer than 46's
do
48's and finer *
do
Wool prices, raw, shorn, clean basis, delivered
to U.S. mills:
Domestic— Graded territory, 64's, staple 2%"
and up
dollars per Ib..
Australian, 64's, Type 63, duty-paid
do....
Wool broadwoven goods, exc. felts:
Production (qtrly.)
mil. sq. yd..
FLOOR COVERINGS
Carpet, rugs, carpeting (woven, tufted, other),
shipments, quarterly
mil sq yds

5

6 704
5
5
63.6

63.9

65.8

66.2

64.0

63.9

64.7

65.1

67.5

68.0

65.9

64.2

67.9

68.5

71.8

3

681

713

746

77 i

795

763

710

705

695

699

705

777

779

79.9

106
42

105
42

104
42

103
41

101
39

100
39

101
40

98
38

98
39

97
38

53
264
20

4

52
260
21

47
240
18

1125

1161

113.0

113.2

113.7

114.0

114.5

698
107
43
808
294
27 8




97
38

4

69
276
27

658
254
258

4589

4

54
271
21

53
267
21

<64
255
<26

44
220
17

1122

1 194

1140

4

63
255
*25

4

<49
196
19

4

1082

1109

1138

1138

217 5
3628

2062
299 i

468
733

523
720

536
742

535
769

42254
4,290 3

41937
39908

10301
9844

10848
10607

1 035 4
9625

10434
9832

9.9
224

9.4
173

8.8
140

8.7
10 1

8.3
92

3642
3408

3042
3470

375 1
3343

114.0

115.7

115.6

113.0
14 i
1069

1142
14 1
71 7

6

299
770

3.70
4.31

1141

109.9

115.1

1151

3746
3847

1123

1164

9.4
173

^_^
iff.

3480
3628

..._—-

3042
3470

115.7

115.5

115.6

115.7

115.2

115.3

115.6

115.8

116.1

115.4

114.9

114.7

299
6
38
47

82

50

301
36
48

34

55

256
38
50

69

75

285
30
42

107

69

54

21 4
503

24
23

26
56

24
26

21
27

15
19

13
42

15
35

14
55

13
62

6
36

19
87

12
57

15
39

2.56
3.70

2.87
4.03

2.84
4.14

2.75
4.06

2.57
3.42

2.42
3.38

2.35
3.52

2.35
3.55

2.35
3.43

2.25
3.32

2.20
3.32

2.17
3.34

2.10
3.35

1.63
2.09

r

328

31.4

3567

3504

3172

3760
47252
1752
21 838

3842
44836
1728
22550

4930
41297
1 836
21955

69,165
10389

76842
9 158

74397
8422

1763

141 8

388

388

1 3572

1 3590

3347

APPAREL
Women's, misses', juniors' apparel cuttings, qtrly:
Coats
thous. units.. 16895
Dresses
........do.... 181,967
Suits (incl pant suits, jumpsuits)
do
8372
Skirts
do
97689
Slacks, jeans, dungarees, and
jean-cut casual slacks
do.... 300,907
Blouses
thous dozen
37 180
See footnotes at end of tables.

r

3

1.67
2.17

S-32
Unless otherwise stated in footnotes
below, data through 1988 and
methodological notes are as shown in
BUSINESS STATISTICS, 1961-88

SURVEY OF CURRENT BUSINESS
IT
u

..

1989

May 1991
1991

1990

Annual

1990

Mar.

Apr.

May

June

July

Sept.

Aug.

Oct.

Nov.

Dec.

Jan.

Feb.

30,537

27,741

24,586

24,863

25,170

1,096

Mar.

Apr.

TEXTILE PRODUCTS—Continued
APPAREL-Continued
Men's apparel cuttings, qtrly:
Suits
thous units
13896
Coats (separate) dress and sport
do
18012
Trousers, slacks, jeans, pants etc
do
470 820
Shirts, dress and sport
.. thous doz
113 085
Hosiery, shipments
thous. doz. pairs.. 353,692 328,622

3273
3779
113 188
26989
'29,362

30,941

26,617

2724
3517
116 317
27353
27,770

28,280

2704
3646
120,207
23,483
26,228 25,003

TRANSPORTATION EQUIPMENT
AEROSPACE VEHICLES
Orders, new (net), total
mil $
U.S. Government
•.
do
Prime contract
do..
Sales (net), receipts, or billings,
total
do
U.S Government
do
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 $
Aircraft (complete):
Shipments
do
Exports commercial
do
MOTOR VEHICLES (NEW)
Passenger cars:
Factory sales (from U.S. plants):
Total
thous..
Domestic
do
Retail sales, total, not seas, adj .....
do....
Domestics §
do ....
Imports §
.
do
Total, seas adj at annual rate ..
mil
Domestics §.
..
do
Imports §
. do
Retail inventories, domestics, end of period: §
Not seasonally adjusted
thous ..
Seasonally adjusted
do
Inventory-retail sales ratio, domestics §
Exports (BuCensus) total
do
To Canada
do
From Canada total
Registrations Q total new vehicles
Imports, including domestically

do
do

3

176 474
81,727
170,989

3
3
3

121 218
71 553

3

3
246 817
3
102 429
3
128,720
3

28 511

3

34 104

3

18 502
.

17
467 3
4
13 711

18399

6,807
6 181
9,903
7,078
2825

6,050
5502
9,499
6,898
2601

See footnotes at end of tables.




1 976 5
1653

19556
1552

24747
2048

21290
1,556

21658
1,399

1,323

1,311

1,212

1,693

1,291

617
546
866
626
240
96
68
28

509
449
817
599
218
94
66
28

625
564
890
644
246
94
67
2.7

627
569
875
635
240
6
98
6
71
6
2.7

346
322
822
596
226
9.7
7.1
2.6

530
488
807
572
235
9.4
6.9
2.5

542
507
785
585
200
101
7.6
2.5

625
585
805
598
207
9.3
6.9
2.4

438
402
679
486
193
8.6
6.2
2.4

369
332
669
476
193
8.9
6.6
2.3

435
391
570
421
149
7.6
5.7
1.9

411
373
636
479
157
8.3
6.1
2.2

436
384
749
545
204
8.7
6.2
2.5

1,479
1338
24

1,422
1 301
24

1,471
1306
23

1,505
1316
6
22

1,318
1382
2.3

1,337
1,425
2.5

1,340
1,404
2.2

1,483
1,430
2.5

1,510
1,397
2.7

1,407
1,259
2.3

1,467
1,221
2.6

1,431
1,143
2.3

1,360
1,060
r
2.1

318 1
89 3
751

335 2
128 2
824

335 5
128 1
858

2883
846
779

2980
632
777

2930
93 1
825

3996
127 6
769

375 i
1106
683

3544
945
683

3251
81 1

294 6
677

r

1,669
1682
28
4
769 75
56923
43 944 g
4
l 2202
ig 853

9 160

372 1
129 4
773

13 4gi

3 486

292

268

319

328

300

321

325

284

259

271

389
355

327
298

401
368

399
371

252
238

319
302

313
297

355
336

253
235

175
155

214
194

r
202
r

4,649.9
3,947.5
404.0
298.4

431.2
363.2
40.5
27.4
3909
328 1
373
256

410.1
350.7
33.2
26.2
391 6
3350
329
236

443.0
374.0
42.4
26.6
3880
326 1
373
246

431.5
365.2
39.9
26.4
4006
3335
421
250

423.4
364.9
30.7
27.9
4114
3565
273
27.6

391.9
326.9
39.5
25.4
3838
3269
31 5
254

361.2
310.0
27.7
23.5
3927
3393
284
24.9

364.8
307.7
31.5
25.6
3709
3134
337
23.8

322.1
275.1
27.0
20.0
357.0
3043
303
22.4

318.4
267.1
28.1
23.2
334.2
2795
31.4
23.3

270.2
229.1
22.5
18.6
300.0
2554
24.0
20.6

292.7
250.7
23.6
18.4
321.5
271.9
28.2
21.3

1,074 3
1 1169

11106
10492

11039 1 158 4
1 047 1 1095 1

11932
1 1295

1 081.6
1 1633

1,073.0
1 1686

1,095.3
1 1920

1,170.8
1 2030

1,166.4
11665

1,074.3
1,1169

1,071.1
1,049.7

1,022.5
972.6

4805

404

413

424

453

429

419

410

381

343

355

14265
10597

12403
8676

13206
9305

12015
8551

10,645
7442

13,128
9490

11,737
8481

11,317
7885

9,098
6586

8,615
5485

994

976

3429

1 284

Trucks and buses:
Factory sales (from U.S. plants):
Total
do
4062
Domestic.
do
3752
Retail sales:
Total, not seasonally adjusted *
do.... 4,941.5
0-10,000 Ibs. GVW, domestics
do.... 4,106.4
0-10,000 Ibs. GVW, imports *
do....
504.2
331.1
10,001 Ibs. GVW and over t
do....
Total, seasonally adjusted *
....do
0-10,000 Ibs. GVW, domestics
do
0-10,000 Ibs. GVW, imports *
do
10,001 Ibs. GVW and over T
do....
Retail inventories, domestics, end of period:
Not seasonally adjusted
thous.. 1,1349
Seasonally adjusted @
do
1 180 1
4
Exports (BuCensus)
. do
211 28
Imports (BuCensus), including separate
chassis and bodies
do 4 1022 17
Registrations <>, new vehicles, excluding buses
15 100
not produced on truck chassis
thous
Truck trailers and chassis, complete (excludes
detachables), shipments
number . , 181,478
Van type...
. ..
do
130 163
Trailer bodies (detachable), sold
(5)
separately
do
Trailer chassis (detachable), sold
5
separately .
..
do
24 779
RAILROAD EQUIPMENT
Freight cars (new), for domestic use; all
railroads and private car lines (excludes
rebuilt cars and 7cars for export):
Shipments
./.
..
number
Equipment manufacturers .. ..
do
New orders ..../..
do
Equipment manufacturers
do
Unfilled orders, end of period
do...
Equipment manufacturers
do...
Freight cars (revenue), class I railroads(AAR): t
Number owned, end of period
thous..
Capacity (carrying), total, end of month
mil. tons .,
Average per car
tons

17484
1415

29617
29617
31002
31002
16,691
16,691

24
. ..

3719
3448

r

1 576

32063
32063
27197
27197
11328
11,328

915

1 088

6

1 551

7659
7659
3996
3996
12214
12214

8892
8892
5556
5556
13537
13,537

688

684

681

678

675

5973
8687

5957
87 13

5928
8705

5902
8708

5879
87 15

1 503

7 659
7659
3996
3996
12,214
12,214

238
208

!77

r

e

707
510
197
e
7.9
5.5
'2.4

1,371
1,046
2.3

(2)

355.2
'305.8
27.3
r
22.1
r
335.0
r
287.2
26.5
r
21.3

353.6
304.9
26.6
22.1
332.7
288.5
24.5
19.7

955.1
902.5

953.5
905.2

715

7541
7541
6655
6,655
11,328
11,328

(2)

6,397
6,397
5,873
5,873
10,683
10,683

S-33

SURVEY OF CURRENT BUSINESS

May 1991

FOOTNOTES FOR PAGES S-l THROUGH S-32
General Notes for all Pages:
r Revised,
p Preliminary,
e Estimated,
c Corrected.

Page S-l
t Revised series. See Tables 2.6-2.9 in the July 1990 SURVEY for revised estimates for
1987-89.
t Includes inventory valuation and capital consumption adjustments.
§ Monthly estimates equal the centered three-month average of personal saving as a
percentage of the centered three-month moving average of disposable personal income.
0 See note **<>" for p. S-2.

Page S-2
1. Based on data not seasonally adjusted.
0 Effective April 1990 SURVEY, the industrial production index has been revised back to
1977 and has a new base year of 1987. A more detailed explanation of this revision is in the
April 1990 Federal Reserve Bulletin. Historical data are available from the Industrial Output
Section, Mail Stop 82, Division of Research and Statistics, Federal Reserve Board, Washington,
DC 20551.
# Includes data not shown separately.

Page S-3
# Includes data for items not shown separately.
f Effective with the April 1991 SURVEY, M3 data have been revised to benchmark the data
to the 1987 Census of Manufactures and 1988 Annual Survey of Manufactures, and to convert
the series to the 1987 SIC codes. Revisions related to benchmarking affect all categories back
to 1982. Revisions resulting from the SIC conversion affect about half the Categories back to
1958. The coverage for some of the series in the market category has been changed.

Page S-4
1. Based on data not seasonally adjusted.
# Includes data for items not shown separately.
J Includes textile mill products, leather and products, paper and allied products, and printing
and publishing industries; unfilled orders for other nondurable goods industries are zero.
<0> For these industries (food and kindred products, tobacco, apparel and other textile products,
petroleum and coal, chemicals and allied products, and rubber and plastics products) sales are
considered equal to new orders.
t See note "t" for p. S-3.

Page S-5
@ Compiled by Dun & Bradstreet, Inc.
# Includes data for items not shown separately.
§ Ratio of prices received to prices paid (parity index).
J See note "i" for p. S-4.
t In the Feb. and July issues of the SURVEY each year, data for the most recent six to eight
years are subject to revise and are available upon request,
ft See note "f" for p. S-3.

Page S-6
§ For producer price indexes of individual commodities, see respective commodities in the
Industry section beginning p. S-19. All indexes subject to revision four months after original
publication.
# Includes data for items not shown separately.
| Effective with the Feb. 1991 SURVEY, data have been revised back to 1986 and are available
upon request.

Address requests for data to:
Business Statistics Branch
Current Business Analysis Division (BE-53)
Bureau of Economic Analysis
U.S. Department of Commerce
Washington, D.C. 20230

# Series first shown in the July 1990 SURVEY. The fixed-weighted price index is a weighted
average of the individual price index series used to deflate the Value of New Construction Put in
Place (VIP) series. In calculating the index, the weights (the composition of current dollar VIP
in 1987 by category of construction) are held constant. Consequently, the index reflects only
changes in prices. The implicit price deflator is a derived ratio of total current to constant dollar
VIP (multiplied by 100). It is the average of the individual price indexes used in the deflation
of VIP, but the prices are weighted by the composition of VIP each period. As a result, the
implicit price deflator reflects not only changes in prices, but also changes in the composition
of VIP, and its use as a measure of price change is discouraged.
ft Effective May 1991 SURVEY, the Boeckh indexes have a new base year of 1987.
it Effective Sept. 1990 SURVEY, the construction cost index for the Federal Highway
Administration has been prevised back to 1986 and has a new base year of 1987=100.

Page S-8
1. Advance estimate.
2. Beginning with Feb. 1989 data, associations in conservatorship are excluded.
0 Home mortgage rates (conventional first mortgages) are under money and interest rates
on p. S-14.
§ Data include guaranteed direct loans sold.
# Includes data for items not shown separately.
@ Data are for closed mortgage loans of thrift institutions insured by the Savings Association
Insurance Fund (SAIF)—FSLIC-insured institutions prior to Sept. 1989.
f Effective April 1991 SURVEY, estimates of wholesale sales have been revised back to
January 1988 and wholesale inventories have been revised back to January 1989. Revised data
and a summary of changes appear in the report Revised Monthly Wholesale Trade, Sales and
Inventories January 1984-December 1990, BW90-R, available from the Bureau of the Census,
Washington, DC 20233.
t Effective March 1991 SURVEY, retail trade data have been revised. Estimates of retail sales
have been revised back to January 1988 and inventories have been revised back to January 1989.
(In 1990 data were revised back to 1982.) Revised data and a summary of changes will appear in
the report Revised Monthly Retail Sales and Inventories, January 1981-December 1990, BR90-R,
available from the Bureau of the Census, Washington, DC 20233.

Page S-9
1. Advance estimate.
# Includes data for items not shown separately.
^ Effective with the January 1991 SURVEY, the seasonally adjusted labor force series have
been revised back to January 1986. The January 1991 issue of Employment and Earnings contains
the new seasonal adjustment factors, a description of the current methodology, and revised data
for the most recent 13 months or calendar quarters. Revised monthly data for the entire 1986-90
revision period appear in the February 1991 issue of Employment and Earnings.
t The participation rate is the percent of the civilian noninstitutional population in the civilian
labor force. The employment-population ratio is civilian employment as a percent of the civilian
noninstitutional population, 16 years and over.
@ Data include resident armed forces.
$ See note "J" for p. S-8.

Page S-10

^ See note "0" for p. S-9.
§ Effective Sept. 1990 SURVEY, data have been revised to reflect annual benchmark revisions,
the conversion of the industry series to 1987 SIC codes, and updated seasonal adjustment factors.
Page S-7
All series have been revised back to April 1988, unadjusted, and Jan. 1985, seasonally adjusted.
Industry series affected by revisions in the SIC have been revised back to the inception of
1. Computed from cumulative valuation total.
the series, to the extent possible; In addition, all constant-dollar and indexed series have been
2. Index as of May 1, 1991: building, 403.7; construction, 447.4.
recomputed on a 1982 base. The Sept. 1990 issue of Employment and Earnings contains a
3. Beginning Dec. 1988, series has been discontinued by the Bureau of the Census.
| Effective July 1990 SURVEY, data have been revised back to 1985. Revised data are available detailed description of the effects of these revisions and revised data for all regularly published
tables. All historical data will be published in a historical bulletin, Employment, Hours, and
from the Construction Statistics Division at the Bureau of the Census, Washington, DC 20233.
Earnings, United States, 1909-1990.
# Includes data for items not shown separately.
§ Data for June, Aug., and Nov. 1989, and Mar. 1990 are for five weeks; other months four
weeks.
Q Effective Feb. 1990 SURVEY, data for seasonally adjusted housing starts have been revised
back to 1987. These revisions are available upon request.
@ Effective Feb. 1990 SURVEY, data for seasonally adjusted manufacturers' shipments of
mobile homes have been revised back to 1987.
t Effective May 1990 SURVEY, data for seasonally adjusted building permits have been revised
back to 1988 and are available upon request.




Page S-ll
§ See note "§" for p. S-10.
t 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.
•Q Production and nonsupervisory workers.

S-34

SURVEY OF CURRENT BUSINESS

May 1991

Page S-12

Page S-16

1. This series is not seasonally adjusted because the seasonal component is small relative to
the trend-cycle and/or irregular components and consequently cannot be separated with sufficient
precision. Use the corresponding unadjusted series.
2. The hourly earnings index has been discontinued.
§ See note "§" for p. S-10.
0 Production and nonsupervisory workers.
J Earnings in 1982 dollars reflect changes in purchasing power since 1982 by dividing by
Consumer Price Index. Effective Feb. 1990 and 1991 issues of the SURVEY, this series has been
revised, respectively, back to 1985 and 1986 to reflect new seasonal factors for the CPI-W.
Revised data are available upon request.
§§ Wages as of May 1, 1991: Common, $18.87; Skilled, $24.54.
t Excludes farm, household, and Federal workers.
@ Effective with the April 1990 SURVEY, the employment cost index is based on June
1989=100, rather than June 1981=100. Historical data for both June 1989 and June 1981 bases
are available from the Bureau of Labor Statistics, Division of Employment Cost Trends, 441 G
Street, N.W., Washington, DC 20212.
Jt These series were affected by an error in the Sept. 1990 SURVEY. The stub for "Transportation equipment" was omitted. Hourly earnings for "Transportation equipment" were shown
following the stub for "Electronic and other electrical equipment". Hourly earnings for "Electronic and other electrical equipment" were shown following the stub for "Industrial machinery
and equipment". Hourly earnings for "Industrial machinery and equipment" were shown following the stub for "Machinery, except electrical", which was the former name for that industry
(SIC 35).

1. The railroad average was discontinued by Moody's on July 13, 1989. Therefore, the July
average reflects only eight working days.
2. Effective Oct. 3,1990, the German Democratic Republic (GDR; East Germany) ceased to
exist as a sovereign state and became a part of the Federal Republic of Germany. Accordingly,
effective with the statistics for Oct. 1990, all merchandise imported from or exported to the
former GDR will be included as trade with the Federal Republic of Germany.
3. Beginning Jan. 1991 data* Roadway Services, Inc. will be included in the Dow Jones
Transportation Average replacing Pan Am Corp. Roadway Services is listed on the NASDAQ
National Market System. Comparability with earlier averages is not affected by this change.
@ See note "4" for p. S-19 regarding the new commodity classification systems introduced
Jan. 1989. Data may not equal the sum of the geographic regions, or commodity groups and
principal commodities, because the revisions to the totals are not reflected in the component
items.
§ Number of issues represents number currently used; the change in number does not affect
the continuity of the series.
t For bonds due or callable in 10 years or more.
# Includes data for items not shown separately.
f Effective with the Mar. 1990 SURVEY, seas. adj. exports and imports have been revised
back to Jan. 1988, and are available upon request.

Page S-13
1. Effective Feb. 28, 1989, there was a break in the series due to the enlargement of the
panel of reporting dealers to 17 and of reporting direct issuers to 36. End of month figures on
the old basis are as follows: All issuers, 481,734; financial companies, 373,717; dealer placed,
172,330; directly placed, 201,387; and nonfinancial companies, 108,017.
2. Average for Dec.
# Includes data for items not shown separately.
§ Excludes loans and federal funds transactions with domestic commercial banks and includes
valuation reserves (individual loan items are shown gross; i.e., before deduction of valuation
reserves).
| Covers 50 States and the District of Columbia. Only regular benefits are included.
@ Average weekly insured unemployment for 12-month period divided by average monthly
covered employment (lagging 4 full quarters for annual figure and 2 full quarters for monthly
figure).
t Effective Oct. 1989 SURVEY, loans by loan type are provided by the Federal Farm Credit
Banks Funding Corporation.
^ Effective with the April 1990 SURVEY, the reserves of depository institutions have been
revised back to 1984 and are available upon request.

Page S-14
1. Data are for fiscal years ending Sept. 30 and may include revisions not distributed to the
months.
2. Weighted by number of loans.
3. Beginning Feb. 1988, data suspended by the Farm Credit Administration, which is revising
the information it collects and amending the reports it distributes.
§ Effective Mar. 1990 SURVEY, data have been revised to reflect new benchmark and seasonal
adjustments and are available from the Banking and Money Market Statistics Section of the
Division of Monetary Affairs at the Federal Reserve Board, Washington, DC 20551.
# Includes data for items not shown separately.
^ Excludes loans to commercial banks in the U.S.
,
t Rates on the commercial paper placed for firms whose bond rating is Aa or the equivalent.
IJ Courtesy of Metals Week.
\
@ Average effective rate
t Effective May 1990 SURVEY, the consumer installment credit series have been revised back
to 1980 to incorporate new information and updated seasonal adjustment factors. These revisions
are available upon request.
# Series first shown in the June 1990 SURVEY.
f t This series, first shown in the June 1990 SURVEY, represents the outstanding balances of
loans that the loan originator has sold and are no longer carried on the loan originator's books.
The loans are pooled and securities are issued on the pools.

Page S-15
1. Beginning Jan. 1989, the primary public offering statistics have been discontinued by the
Securities and Exchange Commission.
2. Effective April 1991 SURVEY, the Security Markets series have been discontinued.
t Effective Feb. 1990 SURVEY, the money stock measures and components have been revised
and are available from the Banking Section of the Division of Research and Statistics at the
Federal Reserve Board, Washington, D.C. 20551.
\\ Includes ATS and NOW balances at all depository institutions, credit union share draft
balances, and demand deposits at thrift institutions.
^ Overnight (and continuing contract) RP's are those issued by commercial banks to the
nonbank public, and overnight Eurodollars are those issued by Caribbean branches of member
banks to U.S. nonbank customers.
@ Small time deposits are those issued in amounts of less than $100,000. Large time deposits
are those issued in amounts of $100,000 or more and are net of the holdings of domestic banks,
thrift institutions, the U.S. Government, money market mutual funds, and foreign banks and
official institutions.
# Includes data for items not shown separately.




Page S-17
1. Beginning with Jan. 1989 data, undocumented exports to Canada are now included,
resulting in a break with Dec. 1988 data.
2. Beginning Jan. 1989, buses are excluded from "Motor vehicles and parts" and included
in "Other manufactured goods," resulting in a break with Dec. 1988 data.
3. See note "2" for p. S-16.
@ See note "@" for p. S-16.
t See note "t" for p. S-16.
# Includes data not shown separately.
0 Data include undocumented exports to Canada, which are based on official Canadian
import totals.

Page S-18
1. Reported annual total; quarterly or monthly revisions are not available.
2. For month shown.
3. Beginning Aug. 1989, the export and import indexes have been discontinued by the Census
Bureau.
# Includes data for items not shown separately.
§ Total revenues, expenses, and income for all groups of carriers also reflect nonscheduled
service.
J The threshold for Class I railroad status is adjusted annually by the Interstate Commerce
Commission to compensate for inflation.
^ Average daily rent per room occupied, not scheduled rates.
## Data represent entries to a national park for recreational use of the park, its services,
conveniences, and/or facilities.
t Before extraordinary and prior period items.
@ Changes in these unit value indexes may reflect changes in quality or product mix as well
as price changes.
f t Effective with the Dec. 1989 SURVEY, data for 1981-88 have been revised and are available
upon request.
it Effective with the Mar. 1990 SURVEY, data for 1985-89 have been revised and are available
upon request.

Page S-19
1. Reported annual total; monthly or quarterly revisions are not available.
2. Less than 500 metric tons.
3. Figure suppressed because it did not meet Census publication standards.
4. Beginning with 1989 data, merchandise trade data are based upon two new commodity
classification systems; the International Harmonized System and, Revision 3 of the Standard
International Trade Classification and, as a result, data may not be directly comparable to 1988
and earlier years.
# Includes data for items not shown separately.
§ Data are reported on the basis of 100 percent content of the specified material unless
otherwise indicated.
J Effective with the Jan. 1990 SURVEY, revisions for 1987-88 are available upon request.

Page S-20
1. Reported annual total; monthly or quarterly revisions are not available.
2. Quarterly data are no longer available.
3. See note 4 for p. S-19.
§ Data are not wholly comparable from year to year because of changes from one classification
to another.
@ Includes less than 500 electric generation customers not shown separately.
t Effective with the Jan. 1990 SURVEY, revisions for 1987-88 are available upon request.
0 Effective with the Dec. 1989 SURVEY, revisions for 1987-88 are available upon request.

Page S-21
1. Previous year's crop. New crop is not reported until Sept. (crop year: Sept. 1-Aug. 31).
2. Crop estimate for the year.
3. Stocks as of June 1.
4. Stocks as of June 1 and represents previous year's crop; new crop not reported until June
(beginning of new crop year).
5. Series has been discontinued.
6. Stock estimates are available once a year as June 1 stocks and shown here in the May
column and (as previous year's crop) in the annual column.
7. Stocks as of Dec. 1.
8. See note 4 for p. S-19.
§ Excludes pearl barley.
@ Quarterly data represent the 3-month periods Dec.-Feb., Mar.-May, June-Aug., and SeptNov. Annual data represent Dec.-Nov.
t Coverage for 21 selected States, representing approximately 85 percent of U.S. production.

Page S-22
1. See note 4 for p. S-19.
§ Cases of 30 dozen.
# Series first shown in the Jan. 1991 SURVEY.

Page S-23
1. Crop estimate for the year.
2. Reported annual total; revisions not distributed to the months.
3. Data suppressed because they did not meet Census publication standards.
4. See note 4 for p. S-19.
5. Data withheld to avoid disclosing figures for individual companies.
# Totals include data for items not shown separately.

Page S-24
1. Reported annual total; monthly revisions are not available.
2. See note 4 for p. S-19.
3. Less than 500 tons.
4. Beginning in 1990, monthly data have been discontinued. Annual data will continue to
be available.

Page S-25
1. Reported annual total; monthly revisions are not available.
2. For month shown.
3. Effective with Jan. 1989, import data are for consumption; earlier periods of data are
general imports. See also note 4 for p. S-19 regarding the introduction of new classification
systems.
4. Beginning in 1990, monthly data have been discontinued. Annual data will continue to
be available.
@ Includes foreign ores.
§ Source: Metals Week.

Page S-26
1. Reported annual total; monthly revisions are not available.
2. Less than 50 tons.
3. See note 3 for p. S-25.
4. Break in comparability beginning Jan. 1, 1991, because of a change in the Metals Week
pricing series for zinc.
<> Includes secondary smelters' lead stocks in refinery shapes and in copper-base scrap,
t Source for monthly data: American Bureau of Metal Statistics. Source for annual data:
Bureau of Mines.
# Includes data not shown separately.
t Effective April 1991 SURVEY, the materials handling index has been revised back to 1982
and now includes lift trucks. The index also includes new orders for automatic guided vehicles,
automated storage and retrieval systems, below hook lifters, cranes, hoists, monorails, racks,
shelving, casters and floor trucks, and conveyors. Revised data are available upon request.
@@ Price represents North American Mean.
@ Effective with the Sept. 1990 SURVEY, the new orders index numbers have been converted
to a new base year of 1987=100. Data back to 1988 are available upon request.

Page S-27
1. Annual total includes revisions not distributed to the months.
2. See note 4 for p. S-19.
3. Beginning in 1990, quarterly data have been discontinued. Annual data will continue to
be available.
# Includes data for items not shown separately.
§ Includes nonmarketable catalyst coke.




S-35

SURVEY OF CURRENT BUSINESS

May 1991

^ Includes small amounts of "other hydrocarbons and alcohol new supply (field production),"
not shown separately.
tt March, June, September and December are five-week months. All others consist of four
weeks.

Page S-28
1. Reported annual total; revisions not allocated to the months.
2. See note 4 for p. S-19.
# Includes data for items not shown separately.

Page S-29
1. Reported annual total; revisions not allocated to the months.
2. See note 4 for p. S-19,
^ Source: American Paper Institute. Total U.S. estimated consumption by all newspaper
users. See also note "t" for this page.
§ Effective with the October 1990 SURVEY, data have been revised back to 1989 to reflect
adjustments made by the Rubber Manufacturers Association's Rubber Statistical Committee.
t Effective with the October 1990 SURVEY, synthetic data consisting of Butyl, polyisoprene,
polychloroprene, silicone, and other elastomers have been revised in keeping with data provided
by the Census Bureau's MA30A report beginning in 1990. Also see note "§" on this page.
# Compiled by the American Newspaper Publishers Association.
t Effective with the March 1990 SURVEY, Canadian newsprint statistics have been revised
back to Jan. 1982 to exclude supercalendered and some soft-nip calendered paper that was
originally classified as newsprint and is now classified as uncoated groundwood papers. This
revision also affects estimated consumption. Revised data are available upon request.

Page S-30
1. Reported annual total; revisions not allocated to the months.
2. Data are being withheld to avoid disclosing data from individual firms.
3. Data cover five weeks; other months, four weeks.
4. Beginning Jan. 1989, sales of industrial plasters are included with building plasters.
5. Jan. 1, 1991 estimate of the 1990 crop.
6. Total for crop year, Aug. 1-Jul. 31.
7. Beginning in 1991, data are available only on a quarterly basis.
# Includes data for items not shown separately.
<£ Cumulative ginnings to the end of month indicated.
§ Bales of 480 Ibs.

Page S-31
1. Less than 500 bales.
2. Annual total includes revisions not distributed to the months.
3. Average for crop year; Aug. 1-Jul. 31.
4. For five weeks; other months four weeks.
5. See note 4 for p. S-19.
6. Beginning in 1990, data are available only on a quarterly basis.
^ Based on 480-lb. bales, preliminary price reflects sales as of the 15th; revised price reflects
total quantity purchased and dollars paid for the entire month (revised price includes discounts
and premiums).
§ Bales of 480 Ibs.
t The total may include some miscellaneous wool imports.
* Series first shown in the July 1990 SURVEY.

Page S-32
1. Annual total includes revisions not distributed to the months.
2. Production of new vehicles (thous. of units) for Apr. 1991: passenger cars, 463; trucks
and buses, 302.
3. Data are reported on an annual basis only.
4. See note 4 for p. S-19.
5. Beginning Jan. 1989, shipments of trailer bodies are included with trailer chassis to avoid
disclosure of data from individual firms.
6. Effective with the August 1990 SURVEY, data have been revised back to 1987 and are
available upon request.
* Total includes backlog for nonrelated products and services and basic research.
§ Domestics comprise all cars assembled in the U.S. and cars assembled in Canada and
imported to the U.S. under the provisions of the Automotive Products Trade Act of 1965. Imports
comprise all other cars.
^ Courtesy of R.L. Polk & Co.; republication prohibited. Because data for some States are
not available, month-to-month comparisons are not strictly valid.
* Series first shown in the August 1990 SURVEY.
t Includes some imported trucks over 10,000 Ibs. GVW.
| Excludes railroad-owned private refrigerator cars and private line cars.
@ Effective with the Mar. 1991 SURVEY, seasonally adjusted retail inventories for trucks and
buses have been revised back to 1989, and are available upon request.

SURVEY OF CURRENT BUSINESS

S-36

May 1991

Index to Current Business Statistics
Sections
General:
Business indicators
Commodity prices
Construction and real estate
Domestic trade
Labor force, employment, and earnings
Finance
Foreign trade of the United States
Transportation and communication

1-5
5,6
7,8
8,9
9-13
13-16
16-18
18,19

Industry:
Chemicals and allied products
Electric power and gas
Food and kindred products; tobacco
Leather and products
Lumber and products
Metals and manufactures
Petroleum, coal, and products
Pulp, paper, and paper products
Rubber and rubber products
Stone, day, and glass products
Textile products
Transportation equipment

19,20
20
20-23
23
23,24
24-27
27,28
28,29
29
30
30-32
32

Footnotes

32-35

Individual Series
Advertising
8, 12
Aerospace vehicles
32
Agricultural loans
_____
.................
13
Air carrier operations
18
Air conditioners (room)"
...............
27
Aircraft and parts ..." ........ ......
...............
4, 5, 32
Alcohol, denatured and ethyl
.....................
...
19
Alcoholic beverages
...........
...................
8, 20
Aluminum
____
.................................
25
2, 4-6, 8-1 2, 31 , 32
......................
28
Automobiles, etc.
.................
... 2-4, 6, 8, 9, 14, 15, 17, 32
Banking

13,14
21

Barley

27
22

Battery shipments.
Beef and veal
Blastfurnaces, steel mills
Bonds, issued, prices, sales yields
Brass and bronze
Brick
Building and construction materials
Building costs
Building permits
Business incorporation (new), failures
Business sales and inventories
Butter

,

8, 17, 20
3-5
15,16
26
30
2,4, 5
7
7
5
2,3
21

Carpets
31
Cattle and calves
22
Cement
30
Chain-store sales, firms with 11 or more stores
9
Cheese
21Chemicals
2-4,10-12,15,17,19,20
Cigarettes and cigars
23
Clay products
2-4,30
Clothing (see apparel)

Coal

Cocoa
Coffee

Coke

Combustion, atmosphere, heating equipment,
Communication
Construction:
Contracts
Costs
Employment, unemployment, hours, earnings
Housing starts
New construction put in place
Consumer credit
Consumer goods output, index
Consumer Price Index
Copper and copper products
Corn..
Cost of living (see Consumer Price Index)
Cotton, raw and manufactures
Credit, commercial bank, consumer
Crops
Crude oil
Currency in circulation
Dairy products
Debt, U.S. Government
Deflator, PCE
Department stores, sales, inventories
Deposits, bank
..
Dishwashers and disposers




2,27
22
22

27

26
15,19
7
7
10-12
7
7
14
1,2
5,6
25,26
21
5, 6
5,30,31
14.
5,21-23,30
3, 27
15

Disposition of personal income .
Distilled spirits
Dividend payments
Drugstores, sales

1
20
1,15

Earnings, weekly and hourly
.........................
12
Eating and drinking places
..........................
8, 9
Eggs and poultry
................................
5, 22
Electric power ____ .....
.........................
2, 20
Bectrical machinery and equipment
.............
2-5, 10-12, 15, 27
Employee-hours, aggregate, and indexes ,
...............
11
Employment and employment cost
....................
10-12
Exports (see also individual commodities)
................
16-18
Failures, industrial and commercial
....................
5
Farm prices ......... .
..........................
5, 6
Fats and oils
...................................
17
Federal Government finance
........................
14
Federal Reserve System
................
, ..
.........
13
Federal Reserve member banks
......................
13
Fertilizers
.....................................
19
Fish
..................
:
.....................
.
22
Flooring, hardwood
...............................
24
Hour, wheat
...................................
22
Ruid power products
..............................
26
Food products ....... .
.............
2-6, 8, 10-12, 15, 17, 20-23
Foreign trade (see also individual commod.)
..........
.... 16-18
Freight cars (equipment)
......................
.
.....
32
Fruits and vegetables ......... ...............
.
____
5
FueToil
.......................................
6,28
Fuels
....................................
2, 6, 17, 27, 28
Furnaces
......................................
27
Furniture ........ .
............................
2, 6, 8-12
Gas, output, prices, sales, revenues
...................
Gasoline
......................................
Glass and products
...........
.
...................
Glycerin
.................
....
.................
Gold
.........................................
Grains and products
..............................
Grocery stores .
.................................
Gypsum and products
...........
..................

2, 6, 20
28
30
19
14
5, 21, 22
9
30

8
Hardware stores
26
Heating equipment
12
Help-wanted advertising index
..........
6
Hides and skins
22
Hogs
..................
....
.....
8
Home loan banks, outstanding advances
8
Home mortgages
.
.....
18
Hotels, motor hotels, and economy hotels
11
Hours, average weekly
Hous&furnishings ....... , . ,
.....................
2, 4-6, 8, 9
Household appliances, radios, and television sets
..........
27
Housing starts and permits
.......................
...
7

Imports (see also individual commodities)
................
17, 18
Income, personal
................................
1
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, 8, 9
Inventory-sales ratios
...........
..................
3
Iron and steel
....................
............
2, 15, 24, 25
.Laborforce
....................................
9, 10
Lamb and mutton ......... .
......................
22
Lead
........................................
26
Leather and products .
........................
2, 6, 10-12, 23
Livestock
......................................
5, 22
Loans, real estate, agricultural, bank (see also Consumer credit)
8,13
Lubricants
.....................................
28
Lumber and products ...... .....
............
2, 6, 10-12, 23, 24

26
Machine tools
Machinery
2-6,10-12,15, 17,26,27
3-5
Manufacturers' sales (or shipments), inventories, orders
Manufacturing employment, unemployment, production workers,
10-12
hours, earnings
,
1,2
Manufacturing production indexes
5, 22
Meat animals and meats
6
Medical care
Metals
2-6,10-12, 15, 24-26
21
Milk
2,10-12
Mining
7,14
Mobile homes, shipments, installment credit
15
5,21;
14
Money and interest rates
14
15
Money supply
1
9 ' Mortgage applications, loans, rates
, 8,13,14
18
13,15
Motor carriers
Motor vehicles
2-4, 6, £ 15,17,32
27

National parks, visits
Newsprint
New York Stock Exchange, selected data
Nonferrous metals
Oats
Oils andfats
Orders, °new and unfilled, manufacturers'
Outlays, U.S. Government

18
29
16
.. 2, 4,5,15, 25,26
21
17
4,5
14

Paint and paint materials
20
Paper and products and pulp
2-4, 6,10-12,15, 28, 29
Parity ratio
5
Passenger cars
2-4, 6, 8,9,15,17,32
Passports issued
18
Personal consumption expenditures.
1
Personal income
1
Personal outlays
1
Petroleum and products
2^, 10-12,15,17, 27, 28
Rg iron
24
Plastics and resin materials
20
Population
9
Pork
22
Poultry and eggs
5,22
Price deflator, implicit (PCE)
1
Prices (see also individual commodities)
5,6
Printing and publishing
2,10-12
Private sector employment, hours, earnings
10-12
Producer Price Indexes (see also individual commodities)
6
Profits, corporate
15
Public utilities
1, 2, 7,15,16,20
Pulp and pulpwood
28
Purchasing power of the dollar
6
Radio and television
Railroads
Ranges and microwave ovens
Rayon and acetate
Real estate
Receipts, U.S. Government
Refrigerators
Registrations (new vehicles)
Rent (housing)
Retail trade
Rice
Rubber and products (ind. plastics)

8,27
13,16,18, 32
27
31
8,13
14
27
32
6
2, 3,5, 8-12,14,32
21
2-4,6,10-12, 29

Saving, personal
Savings deposits
Savings institutions
Securities issued
Security markets
Services
Sheep and lambs
Shoes and other footwear
Silver
Spindle activity, cotton
Steel and steel manufactures
Stock market customer financing
Stock prices, yields, sales, etc
Stone, day, glass products
Sugar
Sulfur
Sulfuric add
Superphosphate
Synthetic textile products

1
13
8,14
15
15,16
6,10-12
22
23
14
31
24,25
15
16
2-4,10-12,15, 30:
23
19
19
19
31

Tea imports
Telephone carriers
Television and radio
Textiles and products
Tin
Tires and innertubes
Tobacco and manufactures
Tractors
Trade (retail and wholesale)
Transit lines, urban
Transportation
Transportation equipment
Travel
Truck trailers
Trucks
Unemployment and insurance
U.S. Government bonds
U.S. Government finance
Utilities
Vacuum cleaners
Variety stores
Vegetables and
Wages and salaries
Washers and dryers
Water heaters
Wheat and wheatflour
Wholesale trade
Wood pulp....
Wool and wool manufactures
Zinc

23
19
27
... 2-4,10-12,15,30-32
26
29
2-4,10-12,23
27
2, 3, 5,8-12,32
18
6,10-12,15,16,18
2-6,10-12,15,17, 32
18
32
2,32

•.

fruits

9,10,13
16
15
2, 6, 7,15,16, 20
27
9
5
1,12
27
27
21,22
2,3, 5, 8,10-12
28
31
.'..
26

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Schedule of Upcoming BEA News Releases
Subject
Summary of International Transactions, 1st quarter 1991
,.
Gross National Product, 1st quarter 1991 (final)..
Corporate Profits, 1st quarter 1991 (revised)
Personal Income and Outlays, May 1991
Composite Indexes of Leading, Coincident, and Lagging Indicators, May 1991
*.*...»
State Personal Income, 1st quarter 1991
«...-*.*
Gross National Product, 2d quarter 1991 (advance)
Personal Income and Outlays, June 1991
.*........
Composite Indexes of Leading, Coincident, and Lagging Indicators, June 1991
State Per Capita Personal Income, 1990 (revised)
Merchandise Trade (balance of payments basis), 2d quarter 1991
Gross National Product, 2d quarter 1991 (preliminary)
,
Corporate Profits, 2d quarter 1991 (preliminary)
Personal Income and Outlays, July 1991
Composite Indexes of Leading, Coincident, and Lagging Indicators, July 1991




Release
Date
June 11
June 26
June 26
June 27
June 28
July 23
July 26
July 29
July 31

Aug. 20
Aug. 27
» * . Aug. 28
Aug. 28
Aug. 29
Aug. 30

For information, call (202) 523-0777, Bureau of Economic Analysis, U.S. Department of Commerce.